Tag Archives: boss

Business

Ant Group Boss Tries to Quell Employee Discontent With Promise of Eventual IPO

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Facing discontent among employees, Ant Group Co.’s leader said the Chinese financial-technology giant would eventually go public and that the company would look for ways to help workers monetize some of their shares.

In a lengthy post on Ant’s internal website, Executive Chairman Eric Jing said the company’s management is reviewing its remuneration and incentive policy and working on a “short-term liquidity solution” for employees that would take effect in April, according to people who saw his message. Mr. Jing was responding to an employee who had asked about Ant’s future and how the company plans to retain talent.

The liquidity solution Ant is working on will likely be a program to buy back some of the employees’ shares, according to people close to the firm. April is typically the month when Ant awards discretionary annual bonuses to employees.

Employee morale has been low at Ant since Chinese regulators forced the company to call off its blockbuster initial public offerings in Hong Kong and Shanghai in early November.

Many of Ant’s 16,000-plus workers had received share-based compensation, and they were on the cusp of reaping a windfall from Ant’s listing, which had valued the company at more than $300 billion last fall. That represented a doubling in Ant’s valuation from mid-2018, when its last round of private fundraising valued the company at $150 billion.

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Technology

Xbox Marketing Boss Says ‘Nothing Coming Soon’ on Game Announcement Events

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Xbox Marketing Boss Aaron Greenberg has said that there is “nothing coming soon” with regards to Xbox events that would “feature game announcements or world premieres.”Greenberg made the comments on Twitter while rebuffing reports that claimed a new trailer for Elden Ring – the hotly anticipated collaboration between From Software and George R. R. Martin – would be showcased during a rumoured March 23 Microsoft event.

Fans have been clamouring for more Elden Ring information to follow-up on the tantalising clip shown during E3 2019. “Just to set expectations: this is not happening,” Greenberg said, before going on to explain that while “there are always things we have in the works,” there are no events coming soon that would feature ‘world premieres’ or game announcements of a similar calibre.

This suggests that we won’t see a ‘big’ Microsoft reveal event for some time. Microsoft reporter Paul Thurrott had previously made the claim that an Xbox event would be held on March 23.

Rumours about Elden Ring have also been swirling recently, with Bloomberg reporter Jason Schreier recently tweeting “there is strong evidence floating around that the game will be shown relatively soon.” GamesBeat’s Jeff Grubb also said on a recent podcast that we could potentially see more of the game by the end of March.

In other Elden Ring news, here’s an article covering the game’s wild subreddit, which has been dealing with the lack of information in a number of interesting ways. Head of Xbox Phil Spencer said in November 2020 that he had played “quite a bit” of the game, calling it Miyazaki’s “most ambitious” project yet.

Jordan Oloman is a freelance writer for IGN. Follow him on Twitter.



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Business

Petrol problems – Why the sacking of Petrobras’s boss spooked markets | Finance & economics

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THE PRESIDENT of Brazil, Jair Bolsonaro, likes to call his University of Chicago-educated economy minister, Paulo Guedes, his “Posto Ipiranga”, a chain of full-service petrol stations. The nickname charmed markets during the election campaign in 2018, but Mr Guedes’s reform agenda has lost ground to populist moves aimed at winning re-election. When on February 19th Mr Bolsonaro fired Roberto Castello Branco, the boss of Petrobras, to appease lorry drivers upset about rising fuel prices, markets saw it as a sign of more meddling to come. The state-run oil firm’s share price dropped by 21%, wiping 100bn reais ($18bn) off its market value. Brazil’s benchmark stock index fell by 5% and the real lost 2.4% against the dollar(all have since recovered some of the losses).

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What is unusual is not that Mr Bolsonaro intervened, but how he did so. With the oil price rising, the real falling and an election approaching in 2022, “no government could resist the populist temptation”, says a former executive of Petrobras, which has had 16 bosses in 30 years. But Mr Bolsonaro fired Mr Castello Branco, a friend of Mr Guedes, on Facebook, without consulting Petrobras’s board. To fans gathered outside the presidential palace, he mocked Mr Castello Branco for working from home during the pandemic and echoed a nationalist slogan: “Is petroleum ours, or does it belong to a small group of investors?”

Mr Bolsonaro has paid lip-service to the need for reforms to stabilise public debt, which is nearing 100% of GDP, but the former army captain and back-bench congressman never fully embraced a liberal agenda. Tax and public-sector reforms have stalled.Now, with inflation rising and the pandemic still crimping growth and employment, “the pendulum has swung in a more interventionist direction”, says Mário Mesquita of Itaú, a bank. The army general tapped to run Petrobras may stop short of price controls, in part because of new rules that protect minority shareholders, introduced after a corruption scandal and excessive intervention under Dilma Rousseff, a former president. But the firm’s plans to sell off unprofitable assets will suffer from greater uncertainty.

So will the Brazilian economy as a whole. Markets are getting less tolerant of Mr Bolsonaro’s heavy-handedness, says Ana Carla Abrão of Oliver Wyman, a consultancy. On February 25th Congress will start voting on a constitutional amendment that would allow it both to bypass a spending ceiling (in order to finance a new round of emergency payments for poor workers) and to enact measures to curb the growth of spending (such as by freezing public-sector salaries). Both are necessary, but politicians may approve the spending without the savings, delaying reforms to an elusive future date. That would increase the chances, already high, that the central bank raises interest rates next month for the first time since 2015.

Mr Guedes’s silence amid the turmoil suggests that he is holding on to hope that Congress, which recently elected allies of Mr Bolsonaro as heads of its two chambers, will pass the fiscal measures and slimmed-down versions of tax and public-sector reforms. He may reckon that ambitious reforms can follow Mr Bolsonaro’s re-election. That thinking seems wishful. Still, says Chris Garman of Eurasia Group, another consultancy, just as Mr Bolsonaro underestimated the cost of firing Mr Castello Branco, those who think Mr Guedes will be next underestimate the strength of their relationship. “Our Posto Ipiranga is irreplaceable,” Mr Bolsonaro said in November. The problem is that the lights are out, service has been suspended and Brazil’s economy is sputtering. ■

This article appeared in the Finance & economics section of the print edition under the headline “Petrol problems”

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Entertainment

Rakhi Sawant on walking out of Bigg Boss 14 finale with Rs 14 lakh: I have zero bank balance, need money for mother’s surgery

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Rakhi Sawant is happy and satisfied with the way her journey on Bigg Boss 14 culminated. The Pardesiya girl was probably the only contestant this season to have taken an effort to entertain the audience. While Rubina Dilaik was announced as the winner, Rakhi Sawant walked out of the game show with Rs 14 lakh prize money.

The OG Bigg Boss champion spoke to indianexpress.com about her decision to quit in the finale, her experience and how host Salman Khan’s support helped her survive the game.

Excerpts from the conversation…

How does it feel to be touted as the ‘real entertainment queen’ of Bigg Boss?

I am so happy that I made the decision of coming back to the show. I really can’t express my gratitude for the way people have loved me. I have no regrets from my journey, especially on opening up about my marriage. All this while, I have been mum about it, and when you are in a show like Bigg Boss, and no one believes what you say, you tend to break down. I am thankful that I got the opportunity to open up about my life on the platform. The show gave me so much love that while I am here, I feel my soul is still in the house.

You were a part of the first season, and now this one. How different were both the journeys for you?

There were a lot of differences. When we did the first season, we had no idea about cameras or what kind of content works. People who kept a low profile like Rahul Roy went on to win the season. Now, there has been a natural upgrade, and contestants have realised the worth of entertainment. One has to fight, compete in tasks and assure they get enough audience votes to keep them safe. One has to be a package and not sit in a corner hoping to win. I am a born entertainer, and I did exactly what I do in real life. And I am so glad people loved me and made me reach so far.
Given you had so much love, what made you walk out of the show at the last moment, picking the money bag?

It was just a matter of a few hours, and at the end only one had to win. If I would have lost, I would be left with nothing. At least, I have a huge sum of money with me now. I have zero bank balance at the moment, and I needed the money for my mother’s medical needs. I have spent all my savings in the last few years on her surgeries, and needed financial backing. I have no regrets, as that moment all I could think of was the growing bills that I need to pay soon.

You were the only contestant who had no social media team or PR while inside the house.

It all happened so quickly that I got no time. I gave my phone to my maid, and she has no clue how to use social media. I didn’t even get time to shop for makeup and clothes. I am glad that even without a PR machinery, I managed to win audiences’ love.

A section of viewers feels that you spoke about your marriage and even created Julie just for content.

I spoke about my marriage during the low moments while in the house. As for Julie, Rahul Mahajan spoke ill about my profession and how my fans were cheap. I was really upset and did not know how to express myself. I was even lonely and had no one to talk. When I came back from my shower that day, Julie was in me. You may call it fake content or entertainment but Julie helped me survive the game. She is my strong alter ego.

You were also accused of crossing your lines with Abhinav Shukla, when you pulled his shorts strings.

I don’t think there’s any line when it comes to love. I just wanted to have some good moments with him. Also, I did not cross any lines. I know my boundaries. I was given the task to be around him, and in a reflex moment, I did pull the strings, but his shorts didn’t fall off. So why make a hue and cry about it.

Apart from the audiences’ love you also had Salman Khan’s support throughout. What do you have to say about it?

He is a rockstar, and a legend in true self. He really supported me a lot, and I don’t think I would have managed to survive the game without him. When Jasmin hit me on my nose, I was in immense pain and wanted to leave but he gave me strength. Salman and the love of the audience helped me bear all the pain.

What has been the best and worst moments for you in Bigg Boss 14?

The worst was when Jasmin attacked me with the duck’s head. And I think every second I spent inside was best for me. I can still visualise each moment clearly. Bigg Boss is in my blood, in my DNA now, and whenever the show needs me, I will come running back.

Apart from Rakhi and Rubina, the other finalists of Bigg Boss 14 included Rahul Vaidya, Aly Goni and Nikki Tamboli.



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Technology

Former Nintendo Boss Reggie Fils-Aime Talks “Console Wars” In Gaming

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Retired gaming executive Reggie Fils-Aime, who led Nintendo of America for 15 years before announcing his retirement, has shared his thoughts on the idea of “console wars” in gaming. In an interview with GamerTag Radio, Fils-Aime said that while gaming is a massive business in terms of the money it brings in, the leadership is actually a small group of executives who are on friendly terms, even if they are competitive in the context of business.

Fils-Aime pointed out that the leaders from major game companies come together quarterly to meet with the Entertainment Software Association–the group that organizes E3 and represents the video game industry’s interests in Washington, D.C.–to discuss what’s best for gaming.

“As executives, we share a meal, as executives we may have the need to be on a phone call with each other, talking about industry-related issues,” he said. “So while the fans see the [air quotes] console wars. The battle. Look, make no mistake, every single executive wants to win. Every single executive wants to drive their business. But the fact of the matter is, it’s a very small industry.”

Fils-Aime said he understands why people might believe in the idea of console wars, and he hopes there are further opportunities in the future to dispel this. Fils-Aime was joined on stage at The Game Awards in 2018 by Xbox boss Phil Spencer and then-PlayStation head Shawn Layden to demonstrate a sense of unity among competitors, and he hopes there can be more events like this in the future.

“I wish there were more public opportunities to show the unity of the industry,” Fils-Aime said.

Fils-Aime is not alone in calling for the end to the idea of a console war. Spencer, the head of Xbox, has said he rejects the idea of a console war and has called for greater unity.

“I do know there are parts of the community that wish we were more aggressive in being competitive with each other. I think competition between us, from an innovation and business model and value standpoint, makes a ton of sense,” Spencer said. “Competition at a human level or a punitive level, I find isn’t really part of how we continue gaming’s growth. There’s much more to be gained by us at least having a joint point of view on issues that are important to gaming.”

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Business

KPMG UK boss resigns after telling staff not to “sit there and moan” during the coronavirus pandemic

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In a video of the meeting published by the Daily Mail, Bill Michael can be seen telling employees they “are in a very lucky sector,” and “can’t play the role of victim unless you’re sick, and I hope you’re not sick… And if you’re not, take control of your life, don’t sit there and moan about it, quite frankly.”

He also said he thinks “there’s no such thing as unconscious bias” and that the concept is “complete and utter crap” — a term the Daily Mail bleeped in the video but was widely reported by UK media.

A KPMG spokesperson said they could not confirm the words Michael used, but they did confirm to CNN that the video published on the Daily Mail was from Monday’s town hall meeting. The spokesperson said that Michael was asked at the meeting about some of his personal reflections on a wide range of topics, including life in lockdown.

“I am truly sorry that my words have caused hurt amongst my colleagues and for the impact the events of this week have had on them,” Michael said in a statement Friday. “In light of that, I regard my position as untenable and so I have decided to leave the firm.”

Board member Bina Mehta is stepping in as acting chair, and Mary O’Connor, head of clients and markets, has assumed Michael’s day-to-day executive responsibilities.

KPMG said it would launch a leadership election “in due course.”

CNN has reached out to Michael for comment.

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Business

Elon Musk sent Dogecoin soaring last week. Here are 6 times the Tesla boss has moved markets, from GameStop to Sandstorm.

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From GameStop to obscure gold miners, Tesla boss Elon Musk can move markets

Pool/Getty Images

Move over Warren Buffet, a new market sage has the ear of investors. At least, investors interested in buying joke cryptocurrencies.

That’s right: Elon Musk. A tweet to his 45 million Twitter followers sent “meme” cryptocurrency Dogecoin soaring on Thursday.

The Tesla boss and SpaceX founder was a vocal supporter of the Reddit crowd during the GameStop saga, and one word of his can send investors piling into a company’s stock.

Where does Musk’s market-moving power come from? He is a deeply attractive figure to many amateur investors, who see him as a genius maverick whose electric-car company Tesla has defied Wall Street naysayers.

On top of that, people can trade the savings they’ve built up during lockdown on commission-free apps such as Robinhood. So why not follow where Musk leads?

Neil Wilson, chief market analyst at UK trading platform Markets.com, told Insider he thinks it’s “worrying in some ways that people’s financial interests are at the whim of his tweets – but it’s up to them if they want to be in those assets.”

Good or bad, investors are increasingly aware of Musk’s tweets. Here are 6 times he’s moved markets.

1. Elon Musk sent Dogecoin soaring 60% in minutes with a tweet

On Thursday, cryptocurrency Dogecoin soared as much as 59% in moments.

Why? Because Elon Musk returned to Twitter after a two-day absence to post a picture based on the movie Lion King which showed him holding up Doge, the meme Shiba Inu dog upon which Dogecoin is based.

The digital currency touched as high as $0.0579 on Thursday, although this was some way from the all-time high of $0.0792 reached in January. As of Friday morning, Dogecoin was down around 11% to $0.0457.

Read More: Investors are flocking to trade Dogecoin and other hot digital tokens on Voyager. Its CEO says Bitcoin will hit $100,000 this year

2. Musk helped power the GameStop frenzy

One of Musk’s most high-profile interventions in the markets came at the end of January, when he waded into the day-trading frenzy that sent GameStop shares soaring and battered hedge funds.

On January 26 after markets closed, and as interest in GameStop shares picked up among day traders on social network website Reddit, Musk simply tweeted “Gamestonk!!” with a link to the Reddit forum Wall Street Bets.

The next day, GameStop’s shares rocketed as much as 157% and closed 135% higher, with Wall Street Bets members widely discussing Musk’s tweet. GameStop tumbled a week later, however, to $70.15 on Friday.

The Wall Street Journal reported that one hedge fund who had bet on GameStop decided to get out after Musk’s tweet. Senvest Management ended up making $700 million.

3. The Tesla chief sent investors piling into the wrong Signal

One of the more bizarre examples of Musk’s market-moving power saw investors pile into a firm called Signal after the SpaceX boss tweeted about it. The only problem was, it was the wrong Signal.

Shares of Signal Advance, a small medical technology company, soared more than 11,000% to as high as $70.85 from $0.60 before Musk’s tweet.

Investors seemed to have confused Signal Advance with the encrypted messaging platform that Musk praised in a two-word message: “Use Signal.”

Read More: A fund manager who’s beaten 97% of his peers over the past 5 years shares 6 of the stocks he’s most bullish on as Biden takes a friendlier stance toward cannabis and electric vehicles

Dogecoin is a cryptocurrency based on the Doge meme, started seemingly as a joke

Yuriko Nakao/Getty Images

4. He caused Bitcoin to spike with a hashtag

Bitcoin is a big market, with a capitalization of more than $600 billion. But Musk sent the price of each coin soaring more than 15% at the end of January by simply adding the word “#bitcoin” to his Twitter profile.

The Bitcoin price spiked to as high as $38,406 on January 29, having spent most of the week in a range between $31,000 and $33,000.

Edward Moya, senior market analyst at currency platform Oanda, said in an note: “Bitcoin got lost in the GameStop mania and Musk’s tweet brought cryptos back into the limelight.”

Bitcoin was up around 3% on Friday morning to $38,103.

5. Arts-and-craft retailer Etsy got caught up in the Musk effect

Etsy’s shares jumped as much as 8% on January 26, although they closed lower.

What was behind the spike? Why, Elon Musk saying he had bought a “hand knit wool Marvin the Martian” helmet for his dog, of course.

His satisfaction with his purchase caused the Tesla chief to tweet “I kinda love Etsy” and for the company’s share price to promptly rally in early trading.

Read More: A top-ranked manager at a firm that handles $50 billion in wealth told us 4 ways investors can smartly play day-trading favorites like GameStop without risking it all

6. Musk’s techno tweet boosts obscure gold miner

It’s perhaps the strangest of Musk’s market-moving moments. In his return to Twitter last week, he said “Sandstorm is a masterpiece”, likely referring to the hit 2000 song by Darude.

Day traders went searching for meaning in the stock market, sending shares in Sandstorm Gold – a $1.3 billion Canadian gold miner –  soaring as much as 55% in pre-market trading.

The rally was short-lived, however, with the stock down 1% just before normal trading opened.



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