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.
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!
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