Good evening.
Away's CEO is gone. The trendy luggage startup has ousted its CEO after a damaging leak of internal chats. Lululemon's COO has been brought on to fill the role and the outgoing chief executive will remain on the company's board and take on the role of executive chairman.
Signs of progress with the other trade deal. Reuters reports significant positive movement between the Trump administration and House Democrats on the new US-Mexico-Canada agreement intended to replace NAFTA. Mexican president Lopez Obrador is also urging swift ratification of the trade pact.
The New Purpose of Companies
What is the real purpose of companies? Only their behavior can tell us. The rules of business in the market of employee and consumer expectations have changed. It won’t be long before business leaders managing the expectations market catch up.
Sweetgreen employees address wage inequality in their own ranks. Sweetgreen's Family Fund "provides emergency financial support in times of need caused by catastrophic events like a natural disaster or a life-altering personal crisis" for frontline employees in their salad-making storefronts.
Exorbitant prices aside, companies can learn a lot from the employee-centric work that the Sweetgreen founders have always stuck to, from the diversity and approachability of employees to the packages they provide. It's a great ethos that ultimately speaks to its brand of purpose.
Living things, black markets
The illegal sea cucumber trade is serious. A US border arrest exposed the illicit sea cucumber trade, a global black market that extends from South America—where the protected species is currently being decimated—to the US for shipping to Asian markets where they can fetch up to $3,500 per kilogram.
Spotlight on international rhino poaching. A new documentary uncovers a dangerous world where poachers can earn $3,000 for rhino horns that get flipped for up to $300,000 in an illegal trade that could wipe out the species within the decade, Deadline reports.
So pleased to see Sides Of A Horn – a short film I was proud to executive produce on the global rhino poaching crisis – up for consideration for the Best Live Action Short Film Oscar. Watch the full film here.
Reflecting on Volcker's rule
They don’t make central bankers like Paul Volcker anymore. The towering economist battled sky-high inflation while leading the Federal Reserve during the Carter and Reagan administrations. He returned to the political forefront during the global financial crisis as Obama's point man on reducing bank lending risks. He has died at age 92.
When I was working full time on Wall St Volcker was a bit of a hero of mine. He was a true patriot and very astute. I often reading his occasional op-ed. I had hoped he was going to be involved more in the Obama administration. Unfortunately the the nature of central banks has changed a lot since his
When I was working full time on Wall St Volcker was a bit of a hero of mine. He was a true patriot and very astute. I often reading his occasional op-ed. I had hoped he was going to be involved more in the Obama administration. Unfortunately the the nature of central banks has changed a lot since his days and they have massively contributed to the record wealth gaps, something I'm surprised gets little press. Its sadly ironic that this last week people have been paying, $120,000 for bananas duck taped to a wall at this year's Art Basel, highlighting how dysfunctional monetary policy is. In fact if you are the wrong side of the wealth divide, the USD is quickly becoming worthless hence crazy stories like at Art Basel. I would expect current interest in gold and bitcoin to conti ue to pick up. People have long spoken about the demise of the dollar (not me, I thought it would survive a while), but now I'm finally seeing some important signals. By 2030 I'd be very surprised if its still the Global reserve currency, which means the next financial crisis will likely be the game changer, and/or a highly strategic move by China such as the introduction of a gold backed digital currency. Hopefully we will be done with fiat currencies...
It's hard to imagine a central banker upsetting the stock market for a single day, now. let alone taking the economy into a recession for 25 years of stable inflation.
The illusion of privacy
Beyond the fintech hype
Deep-pocketed investors are pouring money into fintech companies, but which are for real and which will fade? Quartz's latest field guide surveys ten unicorns to explain what's changing in financial services, and what's just driven by fear of missing out. ✦
Is there a fintech bubble? Our guide uncovered a distinct fear of missing out among investors—venture capital funds are shoveling cash into money losing startups, and even more money into the few that are profitable.
A few themes emerge from the haze of hype: many of the most valuable fintech startups
Is there a fintech bubble? Our guide uncovered a distinct fear of missing out among investors—venture capital funds are shoveling cash into money losing startups, and even more money into the few that are profitable.
A few themes emerge from the haze of hype: many of the most valuable fintech startups are in emerging markets, as investors hope to make bundle by extending financial services to people who have traditionally lacked them.
Another theme is that many of these companies have unremarkable business models. Among them are banks, brokers, and payment companies. They seem more like finance companies that tech companies. If that's right, they should be valued accordingly.
This paragraph stands out: "Perhaps the most surprising thing about the most highly valued fintechs is how ordinary some of them are. They usually rely on software that’s hosted in the cloud, and their apps have whizzy interfaces. Otherwise, many of them act a lot like regular financial companies. They
This paragraph stands out: "Perhaps the most surprising thing about the most highly valued fintechs is how ordinary some of them are. They usually rely on software that’s hosted in the cloud, and their apps have whizzy interfaces. Otherwise, many of them act a lot like regular financial companies. They process payments, take deposits, make loans, and, in one case, provide brokerage for stock and options trading."
The only thing that matters is how secure these companies are and what risk management policies and controls are in place. How it is done is immaterial. Just my opinion but the biggest value the fintech sector provides is spotlighting the potential of new technologies. The best will be bought by real
The only thing that matters is how secure these companies are and what risk management policies and controls are in place. How it is done is immaterial. Just my opinion but the biggest value the fintech sector provides is spotlighting the potential of new technologies. The best will be bought by real banks. As an aside my banks already provide all the services I need on a global basis. Additionally my accounts are insured and regulated.
Arguably a fintech could provide services in underbanked markets but then they become banks and should be treated as such.
Gender equality in sickness and in health
The gig is up
It's TikTok's world
Need a New Year's resolution?
Dance more. By bringing forth feelings of happiness and stimulating healthy changes in brain structure—movement and dance can help with depression, Parkinson’s, and other brain diseases. So get up, and hit the dance floor!
Celebrate making it to the end!
International sea cucumber kingpin implicated in new smuggling case
Quartz
Gender-neutral toys aren’t enough to beat toxic masculinity—but they’re a start
Quartz
How to break the spell of iPhone addiction
Quartz
They don’t make central bankers like Paul Volcker anymore
Quartz
Dancing could treat depression and other brain diseases
Quartz
Watch: Our call on the ongoing Trump impeachment inquiry
Quartz
The promise of the Big Tech CEO Africa tour is not always what it seems
Quartz Africa
What is the real purpose of companies? Only their behavior can tell us
Quartz at Work
What if the foundational theories about how to run a company have been corrupted?
Quartz at Work
Danone is showing multinationals the way to a less destructive form of capitalism
Quartz at Work
