ReportWire

Tag: Editor's Picks

  • Businesses are using ‘sociologists, psychologists, and anthropologists’ to get staff back to the office

    Businesses are using ‘sociologists, psychologists, and anthropologists’ to get staff back to the office

    [ad_1]

    Bosses have tried everything to convince staff they’ll be happier working in the office than at home, from free lunches to subsidized commutes. When that hasn’t worked, they’ve tried putting their foot down.

    Now, exasperated employers want to know what makes their workers tick.

    Neil Murray, CEO of Work Dynamics at real estate services group Jones Lang LaSalle (JLL), indicated businesses were examining every angle of a worker’s brain to find the right formula to get them back to the office. 

    Most bosses want workers back under their noses, at least in a hybrid model, but are struggling with resistance from employees who have grown used to flexibility. 

    Murray’s unit consults significant corporations on their real estate footprint, covering everything from a space’s sustainability to workers’ interactions with that space. The latter is becoming increasingly crucial to businesses before they shell out a fortune on Grade A office space.

    Changing space

    He describes a new approach to designing these spaces as “a moment in time of reinvention of space” that emphasizes human behavior.

    “Sociologists, psychologists, anthropologists. You get an input, and everybody has slightly different opinions,” Murray told Fortune.

    Murray says this way of thinking has shifted drastically since the COVID-19 pandemic, and businesses now need to consider how their office spaces can benefit employees. 

    “You completely shift that paradigm and think, ‘Why do I need space in the first place if I can conduct my business virtually? What’s its purpose?’ And then you need those inputs from various people to try and think about the psychology of what’s going to make people comfortable.”

    The Future of Real Estate, a new report from JLL published Thursday, looks at the requirements of corporate office space following the AI revolution. Companies will likely focus more on the social impact of spaces, prioritizing “wellness, hospitality, and entertainment,” the authors say. 

    But that doesn’t mean an array of attractive workspace additions, like gyms and cinemas, is the answer to increasing office attendance.

    JLL’s Murray says his group has tested every possible amenity that might entice workers back to the office, including free lunches or coffee machines. However, there isn’t a silver bullet.

    “The most attractive amenity to bring people back is other people,” he says.

    Creating an office that brings them together, Murray says, is becoming a generational battle.

    The psychological differences between Gen Z workers and their older colleagues are emerging as one of the factors behind a reevaluation of office space. Murray says attending university in a remote setting before graduating into hybrid work has altered young workers’ needs compared with their predecessors. 

    “There’s bound to be some collective psychological differences in that generation in terms of expectations,” Murray said.

    Office space

    Beyond generational- and incentive-based considerations, Murray says businesses who are taking the stick approach to bringing staff into the office aren’t seeing much success.

    “The ones that try to be prescriptive and try to mandate three days, we’re seeing pretty much exactly the same attendance for the ones that aren’t pushing a mandate, and it’s settling at that just under three days a week.”

    Murray says that businesses are typically settling on a three-day hybrid model, adding that younger and later career workers spend more time in the office than mid-career workers. 

    Speaking to Fortune in February, Murray’s colleague, EMEA CEO Sue Aspey Price, said companies asking staff to come back to the office four days a week were doing so with the expectation they would only return for three days.

    Aspey Price says this because changes to office space requirements led to a downsizing through the COVID-19 pandemic.

    “If everybody followed the policies that are being put out there, a lot of companies don’t have anywhere near enough space,” she said.

    “If every working team came in on those days, the chances of them having enough space are almost non-existent.”

    Murray thinks offices will see a return of designated workspaces for employees, countering the widespread uptake of hot-desking, even if it means workers alternating days at their desks.

    “You think about the notion of everybody moving toward total unassigned, well where’s the ‘me’ space in there, and where’s your own personality?”

    [ad_2]

    Ryan Hogg

    Source link

  • A Great Resignation 2.0 is simmering as employees feel overworked and underpaid, forcing them to look for greener pastures

    A Great Resignation 2.0 is simmering as employees feel overworked and underpaid, forcing them to look for greener pastures

    [ad_1]

    More people are now mulling their options as they increasingly feel overworked and underpaid amid relentless cost pressures. 

    Employees feel so bogged down by work that far more people are considering resigning now than during the mass resignations we saw in 2022, auditor PwC found in its Global Workforce Hopes & Fears Survey published Tuesday, covering over 56,000 workers worldwide.

    The report, with nearly half of its respondents being Millennial, followed by Gen X and Gen Z employees, found a staggering increase of 28% in the number of people who plan to change jobs, compared to 19% during the Great Resignation in 2022.

    Their reasons? Higher workload, career ambitions and new technology wriggling into the workplace. 

    Nearly half of those surveyed said their workload had increased “significantly” in the last 12 months. Workers are also nervous about how much they are being paid, with 43% keen to ask for a pay rise. That’s not all—62% of employees feel like the pace of change in the workplace has also ramped up during the same period, especially as they’ve had to adapt to new tech tools in their jobs and increased financial pressure. 

    To add to the mix, employees’ personal goals to expand their skill set and further their careers are also prompting them to consider jumping ship.

    Overall, more workers feel better off moving to a new role, hoping to find some respite. 

    “Workers around the world are increasingly prioritising long-term skills growth and looking to organisations that can help them facilitate this,” Carol Stubbings, PwC U.K.’s global markets and tax & legal services leader, told Fortune, adding that emerging technologies like generative AI and its applications at work remain front and center for employees.

    “Ultimately, employees may be looking to switch for a variety of reasons, many of which will depend on their unique circumstances and the broader trends facing their geography, industry, and role.”

    Other studies on the subject have also indicated similar results—for instance, a LinkedIn and Microsoft survey published earlier this year covering 31,000 people worldwide revealed that an even higher proportion of people were inclined to quit their jobs in the year ahead than during the pandemic.

    Europe and its growing pool of quitters

    The Great Resignation may have taken off in the U.S., but Europeans haven’t been spared. Countries like France and Germany have also faced dilemmas surrounding their job, pay and benefits in the last few years.

    Even in the U.K., more workers have considered quitting their jobs following the pandemic than during it. Worker dissatisfaction has come at a time of elevated interest rates and living costs, pushing more of them to consider looking for greener pastures. It doesn’t help that employees are also giving up on their jobs by quietly quitting from the workplace, impacting their productivity. 

    “It’s essential that leaders prioritise well-being as a core value and critical enabler of performance within their organisation. Overstressed and distracted workers are less likely to perform well,” the PwC report said.

    These trends point to a continuation of the Great Resignation. The only difference? We’ve moved from a period marred by lockdowns and remote working to one that’s relatively “normal” but still facing new challenges. 

    AI is one them, PwC’s report found. Such platforms can help increase efficiency, making them invaluable in the future workplace.

    Most CEOs think tech is the reason for new changes at work, but very few employees use generative AI-powered tools regularly. That doesn’t mean they aren’t optimistic about AI, Stubbings said.

    The study found that 72% of the infrequent AI users among the respondents think the tech will improve the quality of their work, while half of them believe it will lead to higher salaries.

    The catch for employees shifting their gaze elsewhere is that most of those who quit their jobs eventually regret their decision, data suggests.  

    But will that stop the burgeoning pool of workers considering quitting? Maybe not. However, PwC suggests managers step up in helping employees navigate the tricky balance between all the changes at the workplace and not feeling swamped while at it. 

    “Companies need to create guidance and mentoring about the types of skills employees need to build. It’s also important to create a culture of learning, where freeing up opportunities for learning is part of the organisation’s DNA,” PwC said in its report.

    [ad_2]

    Prarthana Prakash

    Source link

  • Could a $20 billion bond measure help solve the Bay Area’s affordable housing crisis?

    Could a $20 billion bond measure help solve the Bay Area’s affordable housing crisis?

    [ad_1]

    This November, Bay Area voters could decide on an unprecedented bond measure to raise up to $20 billion for as many as 90,000 desperately needed affordable homes across the nine-county region.

    Ahead of a crucial vote by a regional agency next week to put the measure on the ballot, the mayors of three of the Bay Area’s largest cities gathered in San Francisco on Thursday to rally support for the proposal.

    “If you’re concerned about homelessness, this is the measure to support,” San Jose Mayor Matt Mahan said. “If you’re concerned about the high cost of housing and the high cost of living, this is the measure to support.”

    San Francisco Mayor London Breed and Berkeley Mayor Jesse Arreguín were also at the event, held at an affordable housing complex near the Chase Center arena in San Francisco’s Mission Bay neighborhood.

    Absent was Oakland Mayor Sheng Thao, who was a no-show after the FBI raided her home early Thursday morning.

    Across the Bay Area, some 1.4 million residents — 23% of all renters — spend more than half their income on rent, according to regional officials. Meanwhile, an estimated 37,000 people in the region are homeless on any given night — more than the entire population of Menlo Park.

    To alleviate the region’s chronic affordable housing shortage, the Bay Area Housing Finance Authority, established by the state legislature in 2019, has worked for years to put the bond measure on the ballot. The measure now needs approval from the finance authority’s board — made up of local elected and appointed officials — on June 26 before going to voters.

    While the board is expected to approve the measure, there remains some uncertainty about the final bond amount. The financing authority has proposed either $10 billion or $20 billion.

    The bond would be funded by a new tax on businesses and homes. For a $20 billion bond, the tax would come to $19 per $100,000, or about $190 a year for a home with an assessed value of $1 million.

    The vote comes as the state is pushing Bay Area cities and counties to approve more than 441,000 new homes by 2031, a roughly 15% increase in the region’s total housing stock. More than half of the new homes must be affordable to low- and middle-income residents.

    On Thursday, Breed said that soaring interest rates and other economic headwinds currently holding back construction underscore the need for more affordable-housing funding.

    “How are we going to get the much-needed affordable housing units done without the financial support?” she asked.

    Some mayors also pointed to the shrinking role the federal government has played in subsidizing affordable housing in recent decades as a reason the measure is needed.

    “Local mayors are right to complain,” U.S. Rep. Ro Khanna, a Democrat representing the South Bay, said in an interview.

    Khanna said he supports the bond measure, adding that if President Joe Biden is reelected, he plans to push the administration to make housing a high priority.

    If approved, a $20 billion bond measure would allocate $4 billion to creating a regional fund to finance affordable projects. The rest would be split among the Bay Area’s nine counties and five of its largest cities to determine how to boost affordable housing.

    Santa Clara County would receive $2.4 billion, San Mateo County $2.1 billion, Alameda County $2 billion and Contra Costa County $1.9 billion. San Francisco would see $2.4 billion, San Jose $2.1 billion and Oakland $765 million.

    A recent report by researchers with the housing nonprofit Enterprise Community Partners found the bond could help build 433 already-approved affordable projects totaling more than 40,000 units, many of which lack enough funding to complete. That includes more than 10,000 units in both Santa Clara and Alameda counties. Officials estimate the bond would also help build tens of thousands more new units.

    Affordable housing is reserved for those earning less than a specified amount, generally a percentage of an area’s median income. That can be as much as 120% of the median income or as low as 15% or 30%. In Santa Clara County, 30% of the median income is $38,750 for a single person, according to the state housing department. Residents typically spend about 30% of their income on housing costs, though the amount can vary.

    Local officials could also use the bond money to help build homeless shelters, including tiny homes, motel conversions, group shelters and managed-encampment sites.

    Earlier this year, San Jose, which under Mahan has made building new shelters the centerpiece of its homelessness response, agreed to spend about 28% of its potential bond money on shelter options. In an interview, Mahan said affordable housing is too expensive and takes too long to build to be the primary strategy to fight homelessness.

    “I’m not going to support an approach that’s only going to support one strategy, especially one that’s the slowest to get people off the streets,” Mahan, a voting member of the finance authority board, said in an interview.

    [ad_2]

    Ethan Varian

    Source link

  • San Jose homeless encampments face Shigella outbreak, public health department says

    San Jose homeless encampments face Shigella outbreak, public health department says

    [ad_1]

    An outbreak of the gastrointestinal illness Shigella has been identified in encampments of people experiencing homelessness in San Jose since June 3, according to Santa Clara County’s public health department.

    There have been three confirmed cases of Shigella related to the outbreak, as well as four cases under evaluation and at least 19 suspected cases, said Dr. Monika Roy, assistant health officer and communicable disease controller for Santa Clara County. Two of the cases have resulted in hospitalization, which is how officials learned of the outbreak, she added at a Tuesday news conference.

    Shigella is a gastrointestinal illness that causes nausea, vomiting, diarrhea and abdominal cramping, Roy said. It primarily spreads through contact with infected stool or eating or drinking contaminated food, according to the county’s Shigella fact sheet. While most individuals will resolve the disease on their own, some cases require antibiotics, Roy added, and it is only fatal in “rare cases.”

    Shigella is an “extremely infectious disease,” Roy explained. It takes only a small amount of bacteria to cause the illness, and it spreads quickly in areas with limited access to sanitation and hygiene, making encampments particularly prone to spread.

    “What’s concerning about this outbreak isn’t the absolute number. We do regularly see Shigella cases,” Roy said. “What’s concerning more is the number that are related to each other.”

    The cases have primarily affected encampments in the Columbus Park area, Roy said, but other encampments in San Jose have also experienced cases or suspected cases.

    “We are working aggressively to get testing out to all these individuals and get those test kits back, but it is a challenge,” Roy said. “It will be difficult to identify every single person that may be infected.”

    The public health department is focusing primarily on two areas to address the outbreak, Roy said: identifying cases to provide testing and treatment, and preventing further spread of the disease. The department sent out field teams to encampments of concern to provide hygiene and test kits, then returned later to collect completed tests. Disease investigators, physicians and nurses have also been working with the effort.

    “The best way to address this outbreak or contain it is really by improving sanitation, hygiene and offering clean water to residents who may be ill or at risk,” Roy said.

    This outbreak is particularly challenging to address because the county suspects more individuals contracted the illness but were not sick enough to seek treatment, Roy said. “That is why we have a large number of suspect cases,” she added.

    [ad_2]

    Caelyn Pender

    Source link

  • How to move past a painful breakup, according to relationship therapist

    How to move past a painful breakup, according to relationship therapist

    [ad_1]

    One month after I ended my relationship, I went to see Esther Perel speak at the 92nd Street Y. She polled the audience, as she always does, asking, “How many of you are in a relationship or married?” For the first time in a long time, this wasn’t me. Then she asked, “How many of you are single?” As I raised my hand, a tear ran down my face. I felt vulnerable. It seemed so official.

    This may seem overly dramatic, but if you’ve ever de-partnered from a long-term relationship, you will know that it is a trauma that requires a major dose of deprogramming. Breakups, even when self-inflicted, are like undergoing open heart surgery. Nothing prepares you for this type of loss. Culturally, we don’t hold space for the complexities of a relationship’s ending. Whether family, friend, or partner, we don’t acknowledge or honor the depth of such losses. After an ending, getting closure and moving on become the primary focus.

    Let’s talk about rom-coms for a sec. Romantic comedies often depict a straight woman in the “getting back to me” phase, with men being portrayed as less emotionally complex. The narrative typically involves the woman’s taking time for herself, going on a trip, dating again, or experiencing some wacky misadventures before meeting her next partner. Alternatively, she may end up living happily ever after, but alone, in a state of self-acceptance, independence, and strength.

    Welp. It’s a wonderful fantasy, but it isn’t reality.

    I was not prepared. I too thought it would be a rom-com. I booked retreats. I searched for myself. I practiced yoga. I meditated. I “got back to me.” Well, sorta. Ending my relationship forced me to (again) confront a variety of past, present, and future challenges. It was an algebraic equation: Childhood + trauma + being gay + family estrangement / breakup = prolonged grief. What’s the equation for your context?

    It’s usually childhood + trauma + personal identity + social community + career + financial safety + access to resources and healthcare. It is important to acknowledge all the factors present during any life transition, as neglecting one of them could result in leaving out a significant piece of your story.

    This isn’t some “happily ever after” love story. I’ve been single since Alex and I broke up. I wanted him back on several occasions, but only when he didn’t want me back. I still think about him every day. I still dream about him at night.

    I’ve been alone for a long time. And it’s hard.

    I have had great success with work. I’ve made new friends. And my self-confidence? I finally know who I am, am confident, and have landed on a self-definition I can say I genuinely like. But I remain stuck romantically. Everyone I date frustrates me. No one communicates. It seems impossible to get someone interested to the point where they’ll stick around. Plus, it’s not just other people. It’s me. I haven’t felt something in a long time.

    Birthdays and holidays have been absolutely awful. They are only reminders of my loss and loneliness. My first Christmas without Alex was terrible. I of course spent it with Alex; we cried. His family expressed their wish that we remain together. Alex and I had sex. It was a mess. Nevertheless, I am glad I spent that time with them. They still felt like my family. He still felt like my family.

    Subsequent holidays were just as hard. I dreaded them. I missed his family (and still do). I missed our routines. I missed having someone to surprise, to go holiday shopping with for cute gifts. To buy beautiful wrapping paper and fancy bows. (I used to go all out.) The absence of such moments had left a void; I missed them dearly. Alex felt the same way, and during these times of the year, my yearning for these shared experiences was particularly acute.

    OMG and don’t even get me started on Valentine’s Day! Alex and I had this tradition where we would make sushi and exchange presents. It was very sweet, and I used to look forward to it. So, I wasn’t prepared for what it would be like to be an observer and not a participant on this stupid holiday. It really sucked.

    I still miss Alex often. It’s not just him that I miss. It’s the metaphor. It’s the life we had. It’s being able to say “we.” “We” are doing this, “we” are visiting friends, “we” are going to France this summer. Instead of, “I booked flights alone. I don’t know who I am going with yet.”

    Whenever I talk to people about these feelings, they’re quick to say, “Do you think you’re over it?” When they do, I’ll scream inside while politely saying, “I think so.” But my relationship with Alex played such a huge role in my life that I’m not sure how one gets over something like that.

    I know they’re thinking, Wow, he is still so not over it.

    But we don’t get over loss; we move through it, but the loss stays with us. If you lose a family member, do you simply move on and get over it? No. Your life changes. You add to your life, and the loss evolves into something smaller and more manageable, something you may not even think about very much. But the loss remains. Alex was my family, and losing him was significant. Will I “move on”? Will meeting someone new alter my perspective on my relationship with him? Undoubtedly, time and new experiences will bring healing and change. Nonetheless, the memories of our time together will always remain with me.

    It’s undeniably hard to be alone, yet culture, family, and friends rarely provide us with the space to navigate the emotional difficulties that accompany single life. Instead, there are all those reductive phrases that convey implicit judgment—comments like “You should enjoy being single” or “Maybe you need to love yourself more.” They are only reminders of society’s expectations regarding independence and grief rather than empathy.

    Some people do in fact “move on,” no longer feeling preoccupied by thoughts of their ex. Others don’t. Neither response is inherently “healthier” than the other. You might think, Well, I would choose never to think about them again. But our feelings aren’t a matter of choice. We have to accept where we are, tolerate it, and resist the urge to judge ourselves against some imagined ideal. It’s a flawed assumption to think that if you stop thinking about your ex, your life will automatically improve. Life will remain complex and challenging regardless of who occupies your thoughts.

    It’s often through (not around) pain and heartbreak that we learn the most about ourselves and what it means to be alive. While ending my relationship was difficult, discovering who I was as an independent person without any relationship to shape my identity was even more challenging. This is where I became myself.

     Rodale Books

    Excerpted from HOW TO LOVE SOMEONE WITHOUT LOSING YOUR MIND by Todd Baratz. Copyright © 2024 by Todd Baratz. Used by permission of Rodale Books, an imprint of Random House, a division of Penguin Random House LLC, New York.  All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.

    [ad_2]

    Todd Baratz

    Source link

  • As Shein’s IPO approaches, what will it mean for the ultra-cheap online retailer and for London?

    As Shein’s IPO approaches, what will it mean for the ultra-cheap online retailer and for London?

    [ad_1]

    Shein is kind of a big deal.

    In 12 years, the Chinese fast-fashion behemoth has exploded in size and now reaches over 150 countries. Its $5 dresses and accessories have caught the attention of younger shoppers looking to get more for less. 

    As it has grown, Shein has been in the crosshairs of American lawmakers. It initially planned to list its shares in the U.S., but it has since shifted its gaze to London, where it reportedly plans to float in the coming weeks. 

    Although Shein has not officially announced a date, its eventual IPO would be London’s most high-profile in years.

    What do we know about the IPO?

    It is coming very soon and it’s probably going to happen in London.

    Singapore-headquartered Shein is preparing to file a prospectus for its IPO that could value it at around £50 billion ($63.7 billion), Sky News reported Sunday. It could go public as early as this week. 

    Shein was preparing to list in the U.S., but ran into problems over the company’s alleged use of cotton from China’s Xinjiang region, where ethnic minorities, including the Uyghurs, live. The company has argued that it has a zero-tolerance policy for forced labor.    

    Its environmental practices have also been a cause for concern for countries that see them as unsustainable. 

    The online retailer tried to swiftly move on by courting a London listing, but may find these issues continue to make life awkward, AJ Bell’s Russ Mould suggests. 

    “Shein may find the glare of a public market listing uncomfortable given concerns about its governance, supply chain and business practices,” he said in a note Monday. 

    Shoppers queuing up at a Shein pop-up inside Forever 21 in Ontario, California.

    Allen J. Schaben—Los Angeles Times/Getty Images

    Why does it matter?

    Shein’s float has been long coming, and could be one of the most significant ever in the retail sector. It would certainly be among London’s biggest IPOs in recent memory, following commodities company Glencore’s in 2011. 

    In 2022, the company was valued at $100 billion, overtaking the combined size of H&M and Zara parent Inditex. 

    That’s been driven by Gen Z’s strong appetite for low-cost clothing and Shein’s savvy use of social media to appeal to users—whether in the U.S., U.K., or elsewhere.

    “Shein has succeeded in tapping into the rising popularity of online-only fashion retailers among young British women and it is now a key competitor in the world of young fast fashion in the U.K.,” Tamara Sender Ceron, the associate director of fashion and retail at market intelligence firm Mintel said in a 2022 report

    What would Shein’s IPO mean for London?

    If Shein lists in London, it could not come at a better time for the U.K. markets. Over recent years, a number of companies have either delisted from the London Stock Exchange or chosen to list elsewhere, in large part over concerns about being undervalued. Arm, the British chip company, is a particularly striking example of a major IPO that could have ideally been London’s, but wasn’t. 

    Keen to avoid this happening again, officials from the U.K.’s opposition Labour Party—widely expected to win the country’s general election next month—recently held talks with Shein’s executive chairman Donald Tang in the hopes of nudging the company to list there, The Times of London reported. 

    Given its size, the company’s IPO would bring London a much-needed vote of confidence, but that doesn’t mean Shein would no longer be scrutinized, with Britain’s lawmakers recently also calling for the company to be probed. 

    Of course, London is calling but Shein isn’t guaranteed to answer. “The question for U.K. traders is will this [Shein filing its prospectus] lift the spirits of the FTSE 100, after the index fell 0.77% last week. If this does happen this week, then it would take London a step closer to being Shein’s IPO destination,” Kathleen Brooks, research director at XTB, said in a note. 

    As for Shein itself, whether you’re a fan of the fast fashion firm or not, there’s no disputing that its listing will be a major event in retail. If its IPO goes smoothly, it could help the company gain more credibility among investors, regulators and buyers, not to mention further growth capital. 

    Whether that will be enough to fend off the bad press and let its low-cost fashion do the talking remains to be seen. 

    [ad_2]

    Prarthana Prakash

    Source link

  • The Champs-Elysées hosted Paris’s largest picnic: A photo feature

    The Champs-Elysées hosted Paris’s largest picnic: A photo feature

    [ad_1]

    Around 4,400 Parisians descended on the French capital’s Champs-Élysées on Sunday for a giant picnic on a 216 meter red-and-white checkered blanket, in the shadow of the Arc de Triomphe.

    Needless to say, it wasn’t spontaneous. Le Grand Pique-Nique de Champs was organized by a committee of businesses aiming to get locals back to the area, which has become primarily a destination for tourists over the past few decades.

    Over 240,000 people applied for the tickets, which were free.

    Firas Abdullah/Anadolu via Getty Images

    Guests, drawn at random from over 240,000 applicants, were treated to free culinary delights—both on the picnic blanket and on long benches that were especially set up—that were provided by nearby restaurants, including the renowned Fouquet’s.

    Four picnicers pose for a photograph with baskets of bread.
    Food was provided by ‘ephemeral’ restaurants set up by local companies.

    Firas Abdullah/Anadolu via Getty Images

    While Champs-Élysées gets no shortage of visitors, its composition has changed significantly as real estate values have increased, pricing out shops and cinemas that catered to locals. LVMH for example reportedly paid over €1 billion ($1.08 billion) for the Louis Vuitton flagship store, on the corner of Champs-Élysées and the prestigious Avenue George V.

    The front entrance of a Louis Vuitton store, illuminated at night.
    Louis Vuitton reportedly spent over $1.1 billion on its flagship store, at a premier location on the avenue.

    JULIEN DE ROSA/AFP via Getty Images

    Alongside luxury boutiques, lower-price but still tourist-friendly chains like McDonald’s and Disney store have also set up shop.

    A model in long white veil exits a McDonald's.
    The McDonald’s on Champs-Élysées, which has previously hosted catwalks for Paris Fashion Week

    Victor Boyko/Getty Images

    Locals have additionally complained about rising crime and antisocial behavior on the avenue, which is on the intersection of several Paris Metro lines. As an iconic, central location, Champs-Élysées was also the site of large scale gilets jaunes protests, which began in 2018.

    Smoke fills a street with riot police and police vans in foreground
    Champs-Élysées was the site of Gilets-Jaunes protests in 2018.

    Pierre Suu/Getty Images

    The Grand Pique-Nique was not the first attempt by the organizing committee, Comité Champs-Élysées, to get locals back to the area: in previous years, it has hosted a giant spelling contest and open-air cinema. It also comes as rival European capital London has been trying to expunge its famous Oxford Street of its seemingly ubiquitous American candy and Harry Potter merchandise stores.

    The challenge is that there’s only so much that can be done in the face of high property costs, which are squeezing out retailers and food and drink businesses that aren’t highly profitable, or at least large enough to justify a location like Champs Élysées as a loss-leading shop window for their online offering.

    Revelers enjoy the picnic under an umbrella.
    The weather in Paris held up for the event.

    Firas Abdullah/Anadolu via Getty Images

    Tourists have money, so it shouldn’t be surprising that the most expensive areas adapt to cater to them. Indeed, the only way authorities and businesses may be able to get local customers back is by hosting more picnics. It’s unlikely Parisians would complain.

    [ad_2]

    Adam Gale

    Source link

  • A Chinese conglomerate loses control of its elite European soccer team, as Beijing fails to dominate the world’s favorite sport

    A Chinese conglomerate loses control of its elite European soccer team, as Beijing fails to dominate the world’s favorite sport

    [ad_1]

    About a decade ago, Xi Jinping, China’s president, had a dream: to turn the country into a global soccer powerhouse. That ambition was quickly backed by action and money. Chinese conglomerates poured money into the country’s domestic league, even attracting soccer stars based in Europe. Some firms splurged on buying up stakes in European clubs in order to raise the standards of Chinese soccer.

    But China’s ambitions never took off—and could be on the verge of unravelling entirely.

    On Wednesday, the U.S.-based asset management firm Oaktree Capital took over the Italian soccer club Inter Milan after its Chinese owner, Suning Holding Group, failed to repay a 395 million euro ($429 million) debt in time. Suning had offered its stake in Inter Milan as collateral.

    Suning losing its ownership of Inter Milan is part of a broader exodus of Chinese companies exiting European soccer. As many as 20 European clubs were owned by major Chinese investors in 2017; that had fallen to just 10 by 2021. 

    Claudio Villa—FC Internazionale/Getty Images

    Suning’s forced exit from European soccer caps a decade-long experiment as to whether flashy multi-billion dollar deals targeting elite sports could trickle down to build a true soccer-playing giant. 

    “Looking back, there haven’t been many great examples of success,” says John Duerden, a long-time Asia soccer reporter. Chinese ownership of these European clubs did not result in massive investments or significant victories on the field. Several Chinese owners sold their stakes in professional European clubs within years of buying them.

    Nor did these big foreign investments into elite professional soccer translate to gains at home. China’s national team has not taken part in the FIFA World Cup for over two decades.

    China’s entry level is “broken,” says Tom Byer, a Tokyo, Japan-based soccer youth development consultant with experience in China’s soccer system. “The biggest driver in football is culture, and there’s no culture in China. Most Chinese families look at football as a distraction to education, and they don’t want their kids to play.”

    A “world football superpower”

    China’s soccer performance are a big miss compared to the ambitious plans unveiled in the mid-2010s. 

    In 2016, Suning bought a 70% stake in Inter Milan in what was one of the highest-profile forays by a Chinese business into European soccer. That same year, organizations like the Chinese Football Association put forward plans to turn China into a “world football superpower.”

    Other Chinese companies, flush with cash from the country’s booming economy, bought stakes in European clubs. The Dalian Wanda Group bought a 20% stake in Spanish club Atletico Madrid in 2015, and then signed a five-year naming rights deal when Atletico moved to its new stadium in 2017. Fosun International bought the English club Wolverhampton Wanderers in 2016. 

    Soccer fans at the time weren’t concerned about a club’s new Chinese ownership. “Nationality is secondary. As long as the results are OK, fans tend to put those concerns aside,” Duerden said.

    Conglomerates also poured money into the Chinese Super League, the country’s top domestic soccer league. In 2010, China Evergrande Group—then one of the country’s largest real estate developers, years before its collapse triggered today’s real estate crisis—bought Guangzhou FC. From 2016, Evergrande funded costly transfers of players based in Europe to China. Other owners of Chinese soccer clubs, including Suning, also funded their own transfers from Europe. 

    Brazilian soccer player Ramires arrives at Nanjing Lukou International Airport in China on Feb. 9, 2016 after signing a four-year deal with Jiangsu Suning. Ramires was part of a wave of Europe-based players who moved to the Chinese Super League.

    VCG via Getty Images

    At one point, the CSL rivaled Europe’s biggest leagues for money spent on transfers. It spent 418 million euros ($453 million) in 2016 and 543 million euros ($589 million) in 2017, according to data from Transfermarkt, a soccer website that aggregates player transfer data. 

    But just as things started to take off, authorities called time on these ambitions.

    The Chinese Football Association ordered clubs to curb “irrational spending” on foreign players in 2017, as well as limit their presence in top-tier teams in order to support local talent. Three years later, in 2020, the CSL ordered sponsors to remove their brand names from local clubs.  

    Then money got tight. Beijing’s drive to rein in excessive borrowing in the property sector put Evergrande in a liquidity crunch. Government authorities took over the company’s soccer stadium in late-2021. (Evergrande had defaulted on its overseas debt by the end of the year).

    Former Inter Milan owner Suning also had a cash crunch. The conglomerate’s stakes in an Evergrande subsidiary sank in value as the parent company crashed. E-commerce competitors like JD.com also pressured Suning’s core retail business, constraining its ability to fund operations at its domestic club, Jiangsu Suning FC. The club disbanded ahead of the 2021 season, just after it won its first-ever CSL title. 

    Suning’s loss of Inter Milan last week has erased the net worth of company founder Zhang Jindong. The one-time billionaire was worth about $6 billion when his company bought Inter Milan in 2016, according to Bloomberg calculations. It’s now close to zero. 

    Suning made its name in retail, selling electronic appliances in thousands of brick-and-mortar outlets. With $35.5 billion in revenue for the 2020 financial year, the Chinese company ranked 328 on Fortune’s 2021 Global 500 list. 

    That was the last time Suning made the list, as revenue dropped to $10 billion in 2022. 

    Who owns Europe’s clubs now?

    Oaktree, in a statement soon after it seized control of Inter Milan, said its initial focus will be to ensure “operational and financial stability.” The firm is planning to bring in more Italian and European members to the club’s board. (At the time of Oaktree’s takeover, people of Chinese origin made up more than half of Inter Milan’s board, including its president.)

    The U.S. now has a bigger presence in world soccer. Half of the teams in England’s top league now have some level of U.S. ownership. And Inter Milan is now the seventh club in Italy’s top league to be owned by a U.S. firm.

    Gulf states are also starting to buy clubs in Europe’s top leagues. Paris Saint-Germain, owned by Qatar Sports Investments, dominates the French league, while British club Manchester City, owned by a company controlled by United Arab Emirates royal Sheikh Mansour, is winning both domestically and in Europe. 

    Oli Scarff—AFP/Getty Images

    But some ownership stakes are controversial. Human rights activists and some politicians have criticized the takeover of Newcastle by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, as “sportswashing,” or using soccer to help cover up the country’s human rights record.

    Will China ever be good at soccer?

    China’s male soccer players perform poorly on the global stage. The country’s national men’s team is ranked 88th out of 210 teams, low for a country of its population size. The team has only qualified for the FIFA World Cup once, back in 2002.

    Byer, who previously held positions in Chinese soccer at the youth level nationally and at the Beijing Guoan soccer club, says that “most people have no clue about youth development.”

    While China focused at the elite level, its neighbor Japan instead targeted younger players. That “automatically increases the elite player pool, because the gap between the best and least developed becomes smaller,” Byer explains. 

    Japan qualified for the FIFA World Cup for the first time in 1998, but has since qualified for every competition since. More Japanese players are playing in Europe’s top leagues, the pinnacle of professional soccer. (There are currently no Chinese soccer players in Europe’s top leagues after Wu Lei left the Spanish club Espanyol in August 2022.)

    China is currently competing in the qualifiers for the upcoming 2026 FIFA World Cup, to be held in Canada, Mexico and the U.S.

    Even China president Xi jokes about his team’s performance. In November, after China’s team beat Thailand’s in a FIFA World Cup qualifying match, the Chinese president told Thai prime minister Sretta Thavisin that “there was a lot of luck involved,” according to a post from the Thai government’s official social media accounts. 

    “I’m not so sure about their level,” Xi said. “There are ups and downs.”

    [ad_2]

    Lionel Lim

    Source link

  • Women are now less likely to be in top earning 1% of U.K. finance and professional services jobs than before the pandemic

    Women are now less likely to be in top earning 1% of U.K. finance and professional services jobs than before the pandemic

    [ad_1]

    Women in the U.K. are four times less likely than men to be among the top 1% of earners in financial and professional services, according to analysis by the London School of Economics. And despite decades of efforts to narrow the gender gap in pay and career progression, it’s gotten slightly bigger since before the pandemic.

    In brief

    Women occupy 19.4% of the top 1% highest finance and professional services roles, down slightly from the three year pre-Covid average of 19.7%. 

    However, while still far from equal, women’s share of the top 10% of positions was higher, at 28.3%, and has shown signs of progress, increasing by 2.5 percentage points over the period.  

    The LSE analysis, which drew on the U.K.’s main survey of economic activity, the Quarterly Labour Force Survey (QLFS), from January 2017 to June 2023, also found some rebalancing in terms of seniority. Women now comprise 37% of senior managers and directors in professional services and finance, roughly the same as the percentage of female full-time employees.

    Why hasn’t gender equality improved more?

    The persistent gender seniority gap, which widens as you get closer to the top of the career ladder, suggests corporate efforts to narrow it—with all the well-documented benefits it brings of access to talent and more diverse thinking—have been insufficient. 

    The reasons behind it are complex, including a significant career penalty for mothers but not for fathers, bias—whether blatant or unconscious—and wider societal factors that disadvantage women’s careers, such as a higher average burden of household chores, and child and elder care responsibilities. 

    These factors have proven stubborn over many years, so in a way the question to ask is why would they have improved, in the absence of major changes in attitudes or behaviours?

    Indeed, the COVID-19 pandemic may have set back gender equality, as layoffs disproportionately affected women, while businesses have a tendency to defund diversity, equity and inclusion (DEI) programs when trading conditions are tough. In the U.S., this has been compounded by a conservative backlash against affirmative action, often through legal means.  

    “We are going backwards, but I am not surprised. For progress to be made there needs to be a bigger shift towards recognizing that diversity is good for business. There also needs to be significant investment in upskilling managers to become inclusive leaders recognizing that leading diverse teams is a skill. Without it, I will be giving the same quote 10 years from now,” said Dr Grace Lordan, founding director of The Inclusion Initiative at LSE and associate professor in its Department of Psychological and Behavioural Science.

    Hybrid working may have been expected to favor working mothers, but there is evidence that people who work remotely suffer a career disadvantage compared with those who come into the office, while return-to-office orders have started pushing moms out of the workplace

    What’s next?

    The trend towards more equal gender representation in mid-senior roles and among the top 10% of earners is encouraging, particularly coming in relatively male-dominated sectors like finance and professional services. 

    It would be reasonable to expect knock-on effects on the most senior and well-paid roles in the coming decade, simply because more women will have had the experience necessary to be considered. 

    However, the trend persists that women’s chances of progression decrease with every level of seniority. Until that dynamic changes, the gap will remain considerable. 

    [ad_2]

    Adam Gale

    Source link

  • Meet the 102-year-old healthy-living pioneer who was espousing ‘wellness’ long before it was a trend

    Meet the 102-year-old healthy-living pioneer who was espousing ‘wellness’ long before it was a trend

    [ad_1]

    Oprah Winfrey, Madonna, Kate Winslet, Jane Fonda, and Bill Moyers have all stayed at the famous Rancho la Puerta wellness resort and spa, an exquisite collection of mountain-edged casitas, pavilions, pools, and gardens on 4,000 acres in Baja California, Mexico. 

    But the property’s biggest star is Deborah Szkeley, who co-founded the ranch with her husband in 1940, and now—at 102 years old—is the embodiment of all the property aspires to deliver: health, longevity, and peace of mind.  

    “The morning I turned 100, I lay in bed and thought, ‘Huh, I’m 100. What’s different?’ I couldn’t think of anything,” Szekely tells Fortune, sitting down recently for an interview in her hotel suite in New York City, where she had flown in from her home in San Diego to speak at two different wellness conferences. “I’ve had a lovely life and when it ends, it ends. But I enjoy it,” she says. “I really, truly don’t take on worries that I cannot do anything about. Otherwise I’d be an old lady! But where I can do something, I do something.”

    The Brooklyn native has accomplished a dizzying amount in her life, including starting and running Rancho la Puerta and also the Golden Door, a luxe Japanese spa and resort in San Diego (which she sold in 1998). At 60 she ran for Congress and served as president of the Inter-American Foundation; at 80, she realized a long-held dream and founded the New Americans Museum and Immigration Learning Center in San Diego.

    All are extensions of her formative years, rooted in values such as healthy living, vegetarianism, and sustainability as put forth by her mother, a Jewish Austrian immigrant and “health nut” who was an RN and the vice president of the New York Vegetarian Society who put her family on an all-fruit diet. In 1934, she made a bold decision that changed their lives forever.

    “It was the Depression. And my dad was very depressed,” recalls Szkeley, née Shainman, who was 12 when her mother caught him examining his life insurance policy, and feared his suicide.

    “One day my mom came to dinner and she said, ‘We’re leaving in 16 days.’ And my brother and I and my dad looked at her, and my dad said, ‘Where to?’ ‘Tahiti.’ And we said, ‘Where is that?’ and she said, ‘I don’t know. But here are the tickets.’” She had chosen the destination because of its fresh air and fresh fruits—both in short supply in New York during the Depression—and soon they all boarded a steamship, spending several weeks traveling by sea to their new home.

    “And from then on, we had a different kind of a life,” the centenarian says, adding that she remembers “a lot” from the few years they spent in Tahiti, living a rustic lifestyle in a grass hut, and that she still “thinks in French much of the time” because of her schooling from that time.

    While there, the family met another health-minded transplant: Edmond Szkeley, aka “the professor,” a Romanian immigrant and burgeoning health guru known for his writings and lectures on philosophy and ancient religions, exercise, and the value of fresh organic vegetables. They all eventually returned to the U.S., and Deborah’s family attended his summer “health camps.” That’s when Deborah decided to work for him and when she and Edmond fell in love. They married when he was 34 and she was just 17.

    “I did it as a way of getting out,” she explains. “He was head of the British International Health and Education Society, and he was going to England. And I thought, ‘I will go to England, and if it works out, fine. If not, I’m free. I can go to France.’ And it worked out. So I stayed.”

    Founding Rancho la Puerta

    The new couple, in search of a place to create a health camp together, found their way to Baja, in part as a way for Edmond to sidestep the fact that he had no immigration papers allowing him to stay in the U.S. There, they settled on a vast piece of land at the foothills of Mount Kuchumaa, writing to friends with invitations to come and stay on the land.

    “For $17.50 a week,” she says, “it was bring-your-own-tent.” It took off, she adds, as “my husband was well-known.” 

    They created their own permanent tents, soon replaced with cabanas built from surplus army packing crates, and then added vegetable gardens, exercise classes, a dining hall with mostly raw vegan food (today the menu is pescatarian), and a printing press for Edmond’s books. Advertising in Los Angeles brought in the Hollywood crowd—as it did to the Golden Door, which Deborah created in 1958 after traveling to Japan a dozen times in one year for inspiration.

    The couple had two children, and today her daughter, Sarah Livia Brightwood, who has had thousands of trees planted on the property, runs the resort.

    “She’s the boss,” says Deborah. “She makes the decisions … I don’t interfere.” (One of her grandsons—a professional surfer—is on the board; the other is a recent high-honors graduate of University of Southern California.) 

    Today Rancho la Puerta, which she calls “the ranch,” is “a small town” with 400 employees. It charges guests $5,100 and up per person for weeklong packages and is replete with 20 full-time fitness instructors, 11 gyms, a cooking school, an organic farm, three spa treatment centers, programs including group hikes and workshops, and peaceful nature trails for walking—with not a single golf cart in sight. Of its 10,000 acres, only about 300 are actively used by guests, which is part of a conscious effort towards keeping the footprint as small as possible.

    “We do not grow,” says Deborah. “We’re smaller than we were, by design.”

    Deborah is at the property three days a week and still holds weekly Q&A sessions with her guests to an always-packed house, often fielding questions about how she’s managed to live such a long and healthy life. People want to know what kind of water she drinks—a question that makes her laugh—and what her skincare routine is, to which she replies, “Soap and water.” As she tells Fortune, “Those are not my occupations. The fact that I don’t worry is more important than the water. I really have accepted what I can do and can’t do.”

    But really: What’s her secret?

    Her healthy lifestyle—including having never eaten red meat and still walking a mile a day even after twice breaking a hip (she now uses a wheeled walker)—has certainly been a contributing factor to her longevity. But Deborah knows it’s not everything: Her father lived to 81, but her mother died of cancer in her 60s. Edmond died in his ’70s (after they had separated), albeit due to his refusal to have surgery on an umbilical hernia. “He died from a strangulated hernia, as soon as he went to the hospital,” she says. She’s outlived her brother. And then there was the greatest loss of her life: the death of her son (which she declines to go into detail about). 

    But when it comes to having outlasted so many people, Deborah says, “I don’t think about it. You just accept.” 

    She tends to have much younger friends, which helps. “I’ve always had friends that are younger—because of the conversation, the theater, the plays we go to see, the activities we do, you know? They’re in their 40s,” she says. “It’s fun.”

    Her advice to others seeking longevity is to keep both body and mind active—and to read a lot, as she does, favoring ninth-century Japanese mysteries. “I like Buddhism,” she says. “I call myself a Jewish Zen Buddhist.”

    But an active mind, for Deborah, does not include rumination.  

    “The thing is I do not allow negative thoughts. We are in control. And we can say, ‘I don’t want to go there.’ You just don’t go. I don’t,” she says. “I mean, the world is a terrible place and there’s terrible things happening all the time … But I’m trying to help as many people as I can to live healthier lives.”

    More on aging well:

    [ad_2]

    Beth Greenfield

    Source link

  • What women should know about Medicare coverage for health screenings and exams

    What women should know about Medicare coverage for health screenings and exams

    [ad_1]

    As women get older, our risk for certain chronic diseases increase. We can thank the aging process itself, and the loss of estrogen’s protective effects after menopause. Older women are more prone to conditions like osteoporosis, which can cause brittle bones. The chance of heart disease rises, as do the odds of developing dementia, in part because women tend to live longer than men, and risk increases with age.

    Diagnosing some conditions is more challenging, since the frequency, appearance and long term effects of many diseases often appear differently in women than in men. It’s a key reason not to neglect regular health screenings and wellness visits, since staying healthier through preventive care and screenings can make the health challenges of aging easier.

    Wellness exams are critical for older women

    Medicare pays for annual preventive care with no co-pay. That’s especially relevant for women, who made up more than half (55%) of all Medicare beneficiaries in 2021. Nearly 1 in 8 (12%) were 85 or older; many had functional difficulties, an analysis from KFF found. That included difficulty walking, bathing, vision loss, or other issues that significantly impacted their quality of life. People age 85 and older tend to have five or more chronic conditions, which can become more complicated to manage with age.

    Women know they should focus on their health, says Alina Salganicoff, director of women’s health policy at KFF. But, “sometimes the system is not set up for women to take care of themselves, because they have competing demands, like work, or family caregiving responsibilities.” This often creates limited windows of time for women to prioritize themselves.

    And, if women don’t have access to a primary care provider or don’t receive regular care, they could skip important preventive measures like mammograms, she says.

    “Having coverage is the first step, but many other factors affect whether women get the services they need,” Salganicoff says. That includes their relationships with their clinicians, their own prior experiences, access to care, fears about conditions like dementia or cancer, or social supports like transportation, mobility or cognitive issues, or having someone to accompany them.

    That first wellness visit is probably key to everything else in managing an older patient, according to Segen Chase, an internal medicine physician in private practice in Manhattan, Kansas. About 35% of her clinic’s patients are Medicare beneficiaries, including many who live at a nearby retirement community.

    “It’s so important that we will do anything we can to have them visit and work with the practice’s wellness coordinator to go through all of the needed assessments,” said Chase, who is part of the American Medical Women’s WEL leadership training program.

    Wellness exams include annual tracking of numerous behavioral and physical markers like vision, hearing, fall risk, sexual health, nutrition, alcohol and tobacco use, as well as psychosocial risks like depression, stress, loneliness or social isolation, pain, and fatigue. Patients also undergo cognitive screening, which can reveal subtle changes in brain health.

    Wellness screenings may also include questions about someone’s living situation, because it helps us to determine whether they might need additional help at home, Chase says. “That also gives us an opportunity to discuss advance care planning, when they’re not in a crisis situation.” Medicare pays for this as part of the Part B annual wellness visit.

    Women with Medicare overall experience higher rates of certain health conditions compared to men, according to the KFF analysis. Urinary incontinence (37% vs. 18%), depression (31% vs. 21%), osteoporosis (29% vs. 7%), and pulmonary disease (20% vs. 16%) were more common among women than men. Women are also more likely than men to live alone. More than one-third of all women with Medicare (36%) live by themselves and more than half of those 85 and older live solo. This can increase the odds of  loneliness and social isolation, which are connected to increased risk of depression, dementia and stroke, according to the American Medical Association.

    The wellness visit can help uncover some of the hidden issues, and together, the physician and patient can create a care plan to manage these and other chronic conditions, Chase says.

    Which preventive women’s health services does Medicare cover?

    Medicare Part B covers a range of preventive services that benefit women’s health, including:

    There are no copays, deductibles or coinsurance charges for these and other covered screenings, although certain other criteria may apply, according to the Medicare Rights Center. Medicare Part A (hospital insurance) and Medicare Part B (medical insurance) will even help pay for an osteoporosis injectable drug and visits by a home health nurse to inject the drug if you are eligible.

    This partial list of Medicare-covered screenings may seem daunting, which is why it’s so important for women to speak with their clinicians and discuss their health history, risk factors, and priorities, according to Salganicoff. “It’s a complicated program and can be difficult for people to navigate,” she says.

    These shouldn’t be one-off conversations, either, Chase says. As we age, priorities and what is realistic for a person to achieve may shift. So ongoing dialogue is a key to maintaining health.

    We know certain conditions show up differently in women, so “a lot of medicine comes back to communication, keeping the sanctity of the relationship while honoring their independence and finding out what’s most important to that person,” she says. Chase finds these discussions help women open up more about both their physical and emotional challenges, especially those who are caregivers. “They’re often exhausted but don’t want to admit it.”

    Providing women with clear, simple information so they can learn about all of their Medicare benefits and receive the necessary support to get the preventive care and other needed services, can go a long way towards keeping women healthy well into older age.

    [ad_2]

    Liz Seegert

    Source link

  • Elon Musk travels to Bali to launch Starlink in Indonesia, his first trip after years of wooing from the Southeast Asian country

    Elon Musk travels to Bali to launch Starlink in Indonesia, his first trip after years of wooing from the Southeast Asian country

    [ad_1]

    Indonesian president Joko Widodo’s years-long wooing on Elon Musk may have finally paid off. The Southeast Asian leader, commonly known as Jokowi, openly courted the Tesla CEO for investment in the country’s fledgling EV sector, even making a personal visit to see the billionaire in Texas in 2022.

    Musk has now made his first visit to Indonesia after Jokowi’s charm offensive. The billionaire traveled to the resort island of Bali over the weekend—not for Tesla, but for one of his other companies: SpaceX. On Sunday, Musk inaugurated SpaceX’s Starlink satellite internet service in Indonesia, saying he was “excited to bring connectivity to places that have low connectivity.”

    Starlink received a license to operate in Indonesia earlier this month. It’s the third Southeast Asian country to approve the satellite internet service, following the Philippines in 2022 and Malaysia last year.

    Establishing internet connectivity in remote areas of Indonesia, the world’s largest archipelago with around 17,000 islands, is a challenge. More than 20% of Indonesians still lack internet access, according to Indonesia’s minister of communication and informatics Budi Arie Setiadi.

    Going beyond Starlink?

    On Sunday, Musk said it was “very likely” that his other companies would invest in Indonesia, without providing further details.

    Jokowi has tried for years to get Musk and Tesla to invest in Indonesia, touting the country’s nickel industry. Indonesia has the world’s largest reserves of nickel, a key material for both stainless steel and some kinds of EV batteries.

    The Indonesian government banned the export of nickel ore in order to encourage investment in local nickel processing and refining, but so far most of the foreign investment is from Chinese and South Korean companies.

    Yet Indonesia’s nickel bet is risky. EV manufacturers are starting to pivot to batteries that don’t use nickel, and electric car sales are slowing down after recent years of booming growth.

    Jokowi, who will leave office in October, has tried to court foreign investment and move Indonesia up the global value chain since taking office in October 2014. EV makers like China’s BYD and Vietnam’s VinFast have pledged to build manufacturing facilities in the country.

    It’s not just EV companies thinking about the Southeast Asian country. Microsoft is pledging $1.7 billion in investment towards AI and cloud computing services, as well as provide AI skills training for up to 840,000 Indonesians. Apple CEO Tim Cook also said he will “look at” Indonesian manufacturing after a meeting with Jokowi earlier this year.

    Jokowi has had less success in trying to attract foreign investment for his ambitious plans to move Indonesia’s capital from Jakarta to Nusantara, a still-under-construction city on the island of Borneo. Starlink will also test its internet services in Nusantara, according to state media outlet Antara.

    Musk is expected to meet Jokowi, who skipped the Starlink launch, on Monday, at the 10th World Water Forum in Bali.

    Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up for free.

    [ad_2]

    Lionel Lim

    Source link

  • It’s time to change your relationship with sugar. Here’s how

    It’s time to change your relationship with sugar. Here’s how

    [ad_1]

    If pressed to define their relationship with sugar, many people would say, “it’s complicated.” A 2018 study found that 70% of U.S. adults are concerned about how much sugar they consume, suggesting that plenty of us struggle with a toxic inner monologue when presented with cake, cookies, and other desserts.

    Why do so many of us have a confusing connection with sugar—and how do we heal our relationship with it? 

    Why so many of us have a complicated relationship with sugar

    If dieting had its own Disney princess movie, sugar would most certainly be the villain. “It’s hard to have a positive or neutral relationship with something that’s constantly labeled as bad or addictive,” says Claire Chewning, RD, certified intuitive eating counselor. “Additionally, many of us have likely been on restrictive diets that demonize sugar and tell us to cut out or strictly limit our carbohydrate intake. This kind of restriction can lead us to feel out of control around sugar.” 

    Feeling like we’re not in the driver’s seat when we find ourselves, say, eating birthday cake can lead to outsized panic about how much sugar we’re eating. “It’s true that eating ‘too much’ sugar is not great for your health. But in truth, eating some sugar every day is actually perfectly fine,” says Emily Van Eck, RD, of Emily Van Eck Nutrition and Wellness

    Telling ourselves that sugar has no place in our diet can actually result in the ingredient feeling “forbidden” and cause bingeing behaviors when we are presented with dessert. For example, maybe you eat a whole sleeve of cookies today so that you can start your diet with no sugar in the house tomorrow. 

    “If you’ve ever felt out of control around sweets or like you couldn’t stop eating them, consider how any food rules or restrictions could have played a role,” says Van Eck. 

    1. Resist the urge to label foods as “good” or “bad”

    Van Eck points out that the language we use to talk about sugar tends to worsen our relationship with it. “Labeling foods as ‘good’ and ‘bad’ keeps you stuck with anxiety about every detail of your diet,” says Van Eck. “Labeling foods as ‘bad’ can cause us to rebel against our own rules, and eat them in quantities that are out of attunement with what our body actually wants.” 

    Take a moment to reflect on how you currently think about sugar. Does it dredge up fear or anxiety? Does it make you feel out of control? What ‘rules’ do you have around it? See if you can shift your thoughts to be more neutral toward the ingredient. For example, try telling yourself, “Sugar is just one of the many types of food in my diet.” While it may be hard to rewrite your inner script in one go, sending yourself neutral messages about sugar can lessen your sweet-related stress over time. 

    2. Understand the vital role glucose plays in your body

    “[Sugar] is the preferred source of energy for your body,” says Chewning. “Carbohydrates found in grains, dairy products, fruits, and veggies are broken down by the body into glucose—a simple sugar—that serves as fuel for your cells.”

    When we deprive our bodies of glucose, they don’t function properly. “A preference for sugary foods (carbohydrates more generally) is deeply programmed into human physiology since so many of our body processes depend on carbohydrates to function properly,” says Van Eck. “It makes sense that it would be wildly disruptive to try to deprive our body of a core macronutrient.”

    Glucose is especially useful for people who love activities such as walking, hiking, or running. In fact, the National Academy of Sports Medicine (NASM) recommends consuming about one gram of carbohydrate per kilogram of body weight one hour before a workout to help you perform your best. For example, someone who weighs 155 lbs, or about 70 kilograms, should consume about 70 grams of quality carbs before a workout. Pre-workout supplements or whole food sources such as whole grain bread, nut butter, or bananas are great options for hitting this goal and respecting the role sugar has to play in your body. 

    3. Eat well-rounded meals 

    “If you’re not eating enough in general, you may end up craving foods that you wouldn’t if you were adequately fed,” says Van Eck. Serving yourself meals that include protein, carbs, and veggies will help you feel satiated. Over time, this style of eating can help you regain trust with your body. You respond to hunger cues with nourishing food; your body gives you the energy to show up cognitively and physically for your life.  

    And, of course, make sure you’re eating enough throughout the day. “Under-eating could be another reason why you fixate on sugar or feel out of control around it, so make sure you’re eating enough throughout the day,” says Chewning. “For most people, this will look like several meals with a snack or two in between as needed.”

    4. Practice mindful eating

    Yet another way to reconnect with yourself at mealtime is to practice mindful eating, says Van Eck. “Pay attention to how your body feels during and after eating. The more you can observe your body without placing judgment on the outcome, the easier it will be to make changes you want to make,” she says. 

    While this practice may feel challenging at first, it will eventually help you pick up on hunger and fullness cues and enjoy the flavors of what you’re eating even more. If it feels daunting to focus on your food for an entire meal, challenge yourself to do it for the first bite, then the first three bites, and so on. Start small. 

    4. Combine sweets with other foods

    Rather than telling yourself that you can’t have sugar when you’re craving something sweet, try combining a cookie or a piece of chocolate with other ingredients. “Practice letting yourself eat sugar when you want it, but also keep in mind that your body will likely feel better—especially on an empty stomach—if you also have some fiber and protein. For example, if you like chocolate in the afternoon, have some fruit and nuts with it,” Van Eck recommends. 

    Not only will combining your sweets with other foods help you feel satisfied, but it will also help you realize that all foods can fit on one plate. In other words, the fruit, nuts, and chocolate aren’t “bad” or “good”—they’re just elements of your diet, each with a role to play. 

    5. Make small changes 

    If you’ve ever picked up a fitness routine or tried to meditate, you know that Rome wasn’t built in a day. Improving your mindset about sugar takes ongoing work, so Van Eck recommends choosing one of the tips above and focusing on that before moving on to the next tip. 

    “Healing your relationship with sugar is not going to happen overnight, especially if this can been a decades-long struggle,” she says. Be patient and remind yourself why reshaping your relationship with desserts mattered to you in the first place. 

    More nutrition advice:

    [ad_2]

    Kells McPhillips

    Source link

  • 44% of Americans feel they’ve lost time to poor mental health, survey says. It’s worse for people with depression or anxiety

    44% of Americans feel they’ve lost time to poor mental health, survey says. It’s worse for people with depression or anxiety

    [ad_1]

    Every now and then you may wonder, Where did the time go? Whether mystified at how quickly an afternoon slipped away or reflecting on years gone by at lightning speed, you’ve probably experienced periodic sensations of lost time. Yet 44% of Americans feel they’ve lost time in their lives due to a known culprit: poor mental health.

    Among people diagnosed with depression and/or anxiety, this percentage nearly doubles to 78%.

    That’s according to a new national survey from Myriad Genetics, dubbed the GeneSight Mental Health Monitor. In February, the genetic testing company and ACUPOLL Precision Research surveyed 1,000 U.S. adults about their mental health. The results, published in April, reveal the chronological toll of mental illness.

    Among respondents diagnosed with depression and/or anxiety, 50% said they’ve lost years of their life to poor mental health, while 12% said they’ve lost decades.

    “For a patient who is struggling, time ticks a lot slower than it does for the rest of us,” Debbie Thomas, EdD, a psychiatric nurse practitioner in Prospect, Ky., said in a GeneSight news release. “One of my patients told me that when they woke up in the morning, they counted how many hours before they could go back to bed. That’s pretty telling when someone is in the depths of depression and anxiety to that degree.”  

    Many people reported poor mental health has robbed them of not only time itself, but also fundamental moments. About 71% of respondents said it has kept them from being fully present during important events, and more than half of people with depression and/or anxiety said they’d missed out on a major life event because of their mental health. Respondents with these conditions said they felt guilty, hopeless, useless, worthless, and/or self-critical when missing milestones.

    In addition, 33% of respondents with depression and/or anxiety cited ineffective mental health treatments as a reason for missing significant events.

    The vast majority of people with depression and/or anxiety, 82%, said their mental health had prevented them from having fun or enjoying themselves in the past year, compared to 78% of all respondents.

    Patients with depression and/or anxiety tend to be as upset about the time they feel they lost due to poor mental health as they are about having a mental illness, said Sharon Philbin, MSN, an advanced practice registered nurse in Pawtucket, R.I.

    “Patients who have lost time due to depressive episodes or periods of anxiety often feel a sense of loss, which further complicates their mental health situation,” Philbin said in the news release. “Many of my patients say they are thankful they feel better, but they worry that it will happen again.”

    Just 16% of survey respondents said they feel “ready to take on the world” following a depressive episode. They also feel:

    • Exhausted: 60%
    • Coming out of a fog: 50%
    • Disappointed to have missed out on life: 47%

    The survey relied on respondents to self-report having been diagnosed with depression or anxiety by a medical professional. While polling included mental health screening instruments—the Patient Health Questionnaire-2 (PHQ-2) for depression and the Generalized Anxiety Disorder-2 (GAD-2) questionnaire for anxiety—it’s unclear what types of these disorders respondents had.

    If you need immediate mental health support, contact the 988 Suicide & Crisis Lifeline.

    For more on mental health:

    Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up for free today.

    [ad_2]

    Lindsey Leake

    Source link

  • Do men really sleep better than women? Experts explain

    Do men really sleep better than women? Experts explain

    [ad_1]

    Women and men sleep differently, so their sleep disorders shouldn’t be treated the same way, suggests new research that explores the biological sex characteristics of getting shut-eye.

    Men are more likely to have obstructive sleep apnea, while women are more likely to experience insomnia and report lower sleep quality. These are among the findings of a literature review published in April in the journal Sleep Medicine Reviews. The researchers hailed from Harvard University, Stanford University, and the University of Southampton in the U.K.

    This research is as much about precision medicine as it is sleep disparities between the sexes, says coauthor Renske Lok, PhD, a postdoctoral fellow at the Stanford Center for Sleep and Circadian Sciences.

    “We’re trying to move away from the one size fits all,” she tells Fortune. “[Medicine] needs to be more tailored.”

    Understanding how and why biological sex impacts various sleep disorders is a critical step toward individualized treatment. However, the long-standing lack of inclusion of women in biomedical and behavioral research is a hindrance. The National Institutes of Health didn’t require studies to account for sex as a biological variable until 2016.

    “The biggest finding is that we absolutely have to do better in including women in our research designs,” Lok says. “Historically, women have not been included as much as men, in part because it was always assumed results from men would translate automatically to women. And we’re starting to find out more and more that this is not the case.”

    Sex and circadian rhythm

    The mental, physical, and behavioral changes your body experiences in a 24-hour period are called circadian rhythms. Almost all your organs and tissues have their own rhythms, and together they form a kind of master biological clock that’s particularly sensitive to light and dark.

    At night, your brain produces more of the sleep hormone melatonin, which makes you feel tired. In one study reviewed by Lok and her colleagues, women secreted melatonin earlier in the evening than men. This aligns with other research showing men typically are later chronotypes; that is, they go to bed and wake up later than women. As such, men tend to have worse social jetlag, when their biological clock doesn’t align with the traditional timing of societal demands, like working a 9-5 job.

    Another study showed that core body temperature—which is highest before sleep and lowest a few hours before waking—also peaked earlier in women. Other research found that women’s circadian periods were about six minutes shorter than men’s: 24.09 hours compared to 24.19.

    “While this difference may be small, it is significant. The misalignment between the central body clock and the sleep/wake cycle is approximately five times larger in women than in men,” Lok said in a news release about her team’s work. “Imagine if someone’s watch was consistently running six minutes faster or slower. Over the course of days, weeks, and months, this difference can lead to a noticeable misalignment between the internal clock and external cues, such as light and darkness.

    “Disruptions in circadian rhythms have been linked to various health problems, including sleep disorders, mood disorders, and impaired cognitive function. Even minor differences in circadian periods can have significant implications for overall health and well-being.”

    Cognitive behavioral therapy is one option for getting your circadian rhythm on track—especially if your biological and social clocks don’t match up—says Alaina Tiani, PhD, a clinical psychologist at the Cleveland Clinic Sleep Disorders Center.

    “It differs patient to patient, but we have them take melatonin (supplements) earlier in the evening and then we have them use some bright-light exposure in the morning,” Tiani tells Fortune, referring to night owls who need to wake earlier. “Those two things help anchor their sleep window as they’re working on shifting things.”

    Man sleeping while wearing a CPAP mask for sleep apnea.
    Women and men sleep differently, so their sleep disorders shouldn’t be treated the same way, suggests new research that explores the biological sex characteristics of getting shut-eye.

    rdegrie—Getty Images

    Work-life stress may influence women’s insomnia

    You’ve likely experienced bouts of acute insomnia, stressful periods throughout your life when you’ve had difficulty falling asleep, staying asleep, or getting high-quality sleep. They may have lasted just days or as long as a few weeks. Chronic insomnia, though, is when you experience these sleep disruptions at least three times a week for more than three months, according to the National Heart, Lung, and Blood Institute. In addition, chronic insomnia can’t be explained by other health problems you may have.

    Insomnia is about 1.5 times more common in women, previous research has shown. Lok and her colleagues theorized this may be due to certain risk factors more prevalent in women, such as anxiety and depression.

    Dr. Eric Sklar is a neurologist and medical director of the Inova Sleep Disorders Program in northern Virginia. Insomnia is one of the most common sleep disorders he treats, and he was unsurprised by the review’s findings.

    “There is a high correlation with underlying psychiatric disorders and insomnia,” Sklar tells Fortune. “Some of the underlying societal stressors for men and women may be different.”

    Women still are often pigeonholed into the role of family caregiver, while also clawing their way up the career ladder, Sklar notes, not to mention fielding life’s other stressors. In addition, evening downtime is essential for healthy circadian rhythms and women sometimes have to fight harder for it, he says. And when so-called “revenge bedtime procrastination” involves screen time, women may be further disrupting their body clocks.

    By some objective measures, women sleep better than men, the review shows. Women have higher sleep efficiency, which refers to the percentage of time in bed actually spent sleeping. Women entered the dream-heavy rapid eye movement (REM) phase of sleep earlier, and spent about eight minutes longer in non-REM sleep. However, women self-reported poorer sleep quality than men.

    While new parents face a variety of sleep disruptions, Tiani tells Fortune a swath of her postpartum patients and women with young children report diminished sleep quality.

    “Almost like their brain was half-listening out for their children in the middle of the night, in case they needed something,” Tiani says. Patients who are caregivers in other capacities have reported the same thing, “that listening out in the night.”

    Why do men and women sleep differently?

    Women did catch a break with one common sleep disorder: obstructive sleep apnea, when the upper airway becomes blocked repeatedly during sleep. The disorder is almost three times as common in men, however, it’s only associated with an increased risk of heart failure in women, the review noted.

    “It is well known that men are at a higher risk,” Sklar tells Fortune, adding that biological sex is used in sleep apnea risk assessment. “Men tend to have larger necks, and neck size is also a risk factor.”

    Lok’s review also noted these sleep differences between the sexes, among others:

    One key factor remained inconsistent across the nearly 150 studies Lok and her colleagues analyzed: women’s menstrual phases. Menstruation correlates to numerous changes that impact sleep, such as elevated body temperature during the luteal phase of the cycle. What’s more, some research failed to consider subjects’ oral contraception usage, which may have skewed results.

    “It’s tricky because, for example, if somebody doesn’t use hormonal contraceptives, it means that you have to include women at the same menstrual phase,” Lok tells Fortune. “Otherwise, you get all kinds of variation due to changes in hormonal levels.”

    Having tackled some of the hurdles standing in her team’s way—namely, thin evidence of some biological sex differences—Lok is hopeful about future research.

    In some instances, “we’re not sure if there are any sex differences because, simply, nobody has ever looked at it,” Lok says. “At the same time, it’s a very encouraging article because it definitely identifies where the gaps are still present.”

    For more on biological sex and health:

    [ad_2]

    Lindsey Leake

    Source link

  • Tata Consultancy Services cuts bonuses for employees who aren’t in the office 5 days a week

    Tata Consultancy Services cuts bonuses for employees who aren’t in the office 5 days a week

    [ad_1]

    Tata Consultancy Services, the main arm of Indian industrial giant Tata, is reportedly clamping down on office-shy workers by cutting their bonuses and hovering the threat of being passed up for promotions.

    The $168 billion Indian consultancy is using a carrot-and-stick approach to lure its consultants back into the office full-time after scrapping hybrid working for most employees last October.

    The consultancy plans to narrow its bonus payouts to exclude those shunning office work five days a week, and will also begin factoring in attendance to annual performance reviews, which are vital for promotion opportunities, Indian publications Mint and The Times of India reported.

    “The last quarter has seen most of you return to the workplace, creating shared experiences, nurturing greater learning, collaboration, and camaraderie,” TCS’s CEO K Krithivasan reportedly wrote to employees in March.

    Employees working less than three days in the office will not be paid any bonus, the publications reported. 

    From there, bonuses will be tiered, with staff working between 60% and 75% of their time in the office receiving half of their potential bonus, and those working between 75% and 85% of their time in the office receiving three-quarters of their “variable pay.”

    Only staffers working more than 85% of their time in the office can expect to receive full pay. 

    In effect, that means only those coming into the office five days a week are entitled to receive 100% of their prescribed bonus.

    A representative for TCS didn’t respond to Fortune’s request for comment.

    TCS clamps down on remote workers

    TCS is a major arm of the Tata group, hiring more than 600,000 people from 152 nationalities. The company hires 20,000 people in the U.K. across 30 locations, according to a 2022 press release. The company is the main sponsor of the London Marathon. 

    It has been hailed as a progressive employer and has the accolades to prove it.

    TCS was one of 16 companies recognized as a “Global Top Employer” for 2024 by the Top Employers Institute, a certification handed out based on employee surveys. The consultancy also made Fortune’s Most Admired Companies list for 2024.

    But TCS now risks flaring tensions among staffers as it goes beyond rules and rhetoric to actively punish workers who don’t make it into the office. 

    In October last year, TCS scrapped its hybrid work policy, ordering most employees back to the office five days a week. 

    The group’s CEO Krithivasan pointed out that in February nearly 40% of his workers joined the company during the COVID, and the company had no hope of assimilating them if they stayed at home.

    TCS’s chief operating officer NG Subramaniam said: “Around 40,000 employees joined us online and quit online without any offline interaction during the pandemic and that kind of situation cannot be helpful for any organization.

    “We are very clear that we have to get our original culture back.”

    The recent memo distributed to workers shows just how serious TCS’s C-suite is taking its own rhetoric.

    In addition to capping bonuses based on appearance, office attendance will also reportedly be factored into performance-related reviews.

    “Employees’ compliance to work from home will be reviewed every quarter. In the event an employee is found to be in violation of the laid down policies, there will be implications on the annual performance review, compensation, and career progression of the employee,” the policy reportedly reads.

    Tying company bonuses to attendance is a novel approach to getting staffers back to the office, but follows a familiar tactic from tech companies that involves using financial incentives to convince workers to come in.

    In 2021, several tech giants including Meta and Google said they would cut the pay of staff who had moved to remote areas with a cheaper cost of living than in their hubs in Silicon Valley.

    These companies have now introduced stricter hybrid policies that ask workers to come in at least four days a week. 

    [ad_2]

    Ryan Hogg

    Source link

  • High profile for-profit Bay Area coding school BloomTech hit by feds for allegedly tricking students

    High profile for-profit Bay Area coding school BloomTech hit by feds for allegedly tricking students

    [ad_1]

    High-profile Bay Area coding school BloomTech, which touts “dream” technology jobs at companies such as Google and Amazon, has been sanctioned by federal authorities for allegedly deceiving students about loan costs and making false claims about graduates’ hiring rates.

    The Consumer Financial Protection Bureau in an order banned the school’s co-founder and CEO Austen Allred from student-loan activities for 10 years, and permanently banned the for-profit vocational institute, formerly called the Lambda School and also known as Bloom Institute of Technology, from all consumer lending.

    The CFPB targeted the income-based repayment scheme used by nearly all BloomTech students that required payment of a percentage of income once graduates started earning at least $50,000 a year.

    “BloomTech falsely claimed its ‘income share’ agreements were not loans, did not create debt, did not carry a finance charge, and were ‘risk free,’” the CFPB said in a news release Wednesday. “In fact, the agreements are loans with an average finance charge of $4,000. The loans carry substantial risk, as a single missed payment triggers a default and the remainder of the $30,000 ‘cap’ becomes due immediately.”

    The school issued thousands of the income-share loans, but stopped offering them this year, according to the bureau’s order against the school.

    BloomTech’s six- to nine-month training programs in subjects including web development, data science, and computer engineering typically cost $20,000 to $30,000 in tuition.

    BloomTech, and Allred, enticed prospective students with job-placement rates as high as 86%, when internal metrics showed placement rates closer to 50% and sometimes as low as 30%, the news release said. “Allred tweeted that the school achieved a 100% job-placement rate in one of its cohorts, and later acknowledged in a private message that the sample size was just one student,” the news release said.

    BloomTech, backed by Silicon Valley venture capital firms, advertised that top tech companies and Fortune 100 firms employed many of its graduates. But the school knew as early as 2018 that large corporations “rarely hired its graduates into high-paying, program-related jobs,” the CFPB’s order said.

    Allred and the school violated the federal Consumer Financial Protection Act and Truth in Lending Act, the CFPB alleged.

    Allred and the school agreed to sanctions without accepting wrongdoing, according to the order. The CEO and the school did not immediately respond to requests for comment.

    [ad_2]

    Ethan Baron

    Source link

  • Europe is falling behind in generative AI, with the U.S. light years ahead. But the race is just getting started

    Europe is falling behind in generative AI, with the U.S. light years ahead. But the race is just getting started

    [ad_1]

    The potential of generative AI knows no limits. And what we have seen of it now might only be the tip of the iceberg. 

    For years, companies around the world have been working on mustering up their AI prowess—be it in the U.S., China, or France.

    Generative AI’s potential to boost productivity, ignite creativity, and overhaul workflows is now taking off within countless industries. Regardless of the business case, companies working with or making their own generative AI tools have been catapulted to the forefront of the conversation.

    Marking our inaugural Brainstorm AI conference at the Rosewood Hotel in London, where we’ll unpack some of these complex yet pressing subjects, Fortune took a deep dive into the state of play for generative AI across the world, with exclusive insights based on data from the Amsterdam-based intelligence company Dealroom.  

    Our analysis covers the world’s top 100 generative AI companies by funding. It’s little surprise that U.S.-based (and specifically, San Francisco Bay Area-based) companies dominated other regions by light years. The Sam Altman-led OpenAI is, by far, the highest-funded AI company, while its California neighbors Anthropic and Inflection AI follow closely after. Over in Europe, the likes of Mistral AI and Aleph Alpha have gained traction for their innovations. 

    Still, companies in France, the U.K., and Germany received a fraction of the funding—not because there aren’t enough of them, but because they haven’t reached the mammoth size their American peers have. Israel, which we’ve included in our analysis, also has a buzzing generative AI scene. 

    In numbers, that means Dealroom’s data on the 100 companies cuts off those that have raised below $70 million in total funding. That’s where the bulk of Europe’s fledgling companies fall. Since Dealroom data mainly considers funding figures in this case, some noteworthy players in the generative AI realm, like Google, aren’t part of the analysis below.

    But Europe has to pat itself on the back for some of the strides it’s made. For instance, three of the 15 companies on our list have female founders. Seven companies were initially founded in Europe but have since moved to the U.S., where they obtained about $1.7 billion in funding.  

    Given the technology’s various use cases, defining what qualifies as a generative AI company can be challenging. By definition, generative AI uses algorithms to create new and realistic content—including text, images, and audio—based on training data. Dealroom’s data, which is as of April 2024, looks at companies that either use or create large language models trained on massive data sets to produce new content. 

    The charts below give us a glimpse of how Europe compares to some of the world’s AI power players. They also show us where the biggest strides in generative AI are being made in Europe and who the movers and shakers are.

    Total funding for the world’s top 100 generative AI startups, by region

    It’s clear that the U.S. has received the lion’s share of funding. American companies are ahead with more than 10 times the funding–$36.8 billion in funds raised compared to European and Israeli companies, which have only raised $3.2 billion so far. OpenAI is a clear leader with $12.3 billion in funds raised, according to data compiled by Dealroom.

    Key European markets home to the biggest gen AI players by funding

    In our analysis, Israel has the lead over Europe as a hub for generative AI companies, based on how much they’ve secured in funding. Within continental Europe, Germany and France emerge at the top. 

    The majority of the funding for European companies originates from European investors, based on Dealroom data. Roughly 43% of the funding for European and Israeli companies comes from their home countries, about 13% comes from a different country within Europe, and 39% comes from the U.S.   

    Most funded companies in Europe and Israel

    Here’s a glimpse at the most funded companies in Europe and Israel–Aleph Alpha, the German answer to OpenAI founded by Jonas Andrulis, leads the category. In Nov. 2023, Bosch, SAP, and Hewlett Packard Enterprise backed a $500 million series B funding round, marking one of Europe’s biggest AI funding rounds ever.

    France’s Mistral AI, led by Arthur Mensch, comes up second. Microsoft said it would invest $16.3 million into the French company in February.

    See below for the full list of generative AI companies headquartered in Europe and Israel ranked by funding, per Dealroom data. 


    Aleph Alpha

    Launch year: 2019
    HQ city/country: Heidelberg, Germany
    Total funding (USD): $641.14 million

    Mistral AI

    Launch year: 2023
    HQ city/country:
    Paris, France
    Total funding:
    $553 million

    AI21

    Launch year: 2017
    HQ city/country:
    Tel Aviv-Yafo, Israel
    Total funding:
    $326.5 million

    Lightricks

    Launch year: 2013
    HQ city/country: Jerusalem, Israel
    Total funding: $305 million

    Cera

    Launch year: 2016
    HQ city/country: London, United Kingdom
    Total funding: $302.5 million

    Synthesia

    Launch year: 2017
    HQ city/country: London, United Kingdom
    Total funding: $155.58 million

    Stability AI

    Launch year: 2019
    HQ city/country: London, United Kingdom
    Total funding: $151 million

    Poolside AI

    Launch year: 2023
    HQ city/country: Paris, France
    Total funding: $126.01 million

    Pecan

    Launch year: 2016
    HQ city/country: Tel Aviv-Yafo, Israel
    Total funding: $112 million

    DeepL

    Launch year: 2009
    HQ city/country: Cologne, Germany
    Total funding: $110 million

    MDClone

    Launch year: 2015
    HQ city/country: Beersheba, Israel
    Total funding: $104.01 million

    Corti

    Launch year: 2016
    HQ city/country: Copenhagen, Denmark
    Total funding: $90.9 million

    Stratio

    Launch year: 2014
    HQ city/country: Pozuelo de Alarcón, Spain
    Total funding: $85.8 million

    Sana Labs

    Launch year: 2016
    HQ city/country: Stockholm, Sweden
    Total funding: $82.57 million

    Ready Player Me

    Launch year: 2014
    HQ city/country:
    Tallinn, Estonia
    Total funding:
    $72.55 million

    This feature was reported with assistance from Fortune’s executive editor Alex Wood Morton, list director Grethe Schepers, research analyst Elena Medina, and production editor Aslesha Mehta. 

    [ad_2]

    Prarthana Prakash, Alex Wood Morton

    Source link

  • These are the 10 worst U.S. states to live in for your mental health, according to a new study

    These are the 10 worst U.S. states to live in for your mental health, according to a new study

    [ad_1]

    Overall well-being is influenced by your financial standing, relationships, work, sense of purpose, and safety, but where you live and your community’s health care system also play a vital role. In an analysis published last month, Universal Drugstore, an online pharmacy, ranked the best and worst states to live in for mental health, after evaluating dozens of data points including the prevalence of mental illness and the cost of care. 

    Montana came in number one for the best place to live for mental health, scoring 8.06 out of 10. The state had the lowest number by population of “mentally unhealthy adults” who cannot afford care, and residents took the second-least mental health sick days in 2022. 

    By contrast, Nevada is ranked the worst state for mental health with a score of 2.06 out of 10. The Silver State placed in the top 5 for several measurements including the highest number of mental health sick days taken and the most youth reporting depressive episodes. Nevada also has one of the lowest ratios of psychologists to residents across the nation.

    Broken down further, South Dakota, ranked fourth as the best state for mental health, had the fewest reported mental health sick days (3), while West Virginia and Louisiana, ranked 34 and 44, reported the most (6). Adults in New Jersey, ranked 16th, have the lowest rates of mental illness diagnoses (16%), while adults residing in Utah, ranked 25th, have the highest rates of mental illness (27%). Oregon, in 50th place, ranked the second worst state for mental health with a score of 2.89 out of 10, tied with New Mexico, ranked 42nd, for the nation’s highest percentage of youth experiencing depressive episodes (19%); the lowest is in Washington, D.C. (11%). D.C., ranked 13th, is also home to the highest proportion of psychologists compared to Alabama, Maine, Georgia, and Louisiana, which have seven per 100,000 residents. 

    Researchers used data from the U.S. Bureau of Labor Statistics, the Kaiser Family Foundation, Mental Health America, the U.S. Centers for Disease Control and Prevention, and the Substance Abuse and Mental Health Services Administration to compile the ranking. They compared each state’s ratio of psychologists to residents, the average number of mental health sick days taken, the prevalence of mental illness for adults and youth, the number of beds available and mental health facilities, and the cost of prescription drugs. 

    Worst states to live in for mental health: 

    1. Nevada
    2. Oregon 
    3. Oklahoma 
    4. Arizona 
    5. Washington 
    6. Texas 
    7. Alabama
    8. Louisiana 
    9. Georgia 
    10. New Mexico 

    Best States to live in for mental health:

    1. Montana
    2. Vermont
    3. Massachusetts
    4. South Dakota
    5. Rhode Island
    6. Illinois
    7. Wisconsin
    8. North Dakota
    9. Nebraska and Iowa (tied)
    10. Arkansas

    [ad_2]

    Alexa Mikhail

    Source link

  • 1 in 3 employees—including in-office workers—regularly nap on the clock, survey says. Here’s who catches the most Z’s on the job and why

    1 in 3 employees—including in-office workers—regularly nap on the clock, survey says. Here’s who catches the most Z’s on the job and why

    [ad_1]

    If you work an office job, perhaps it’s happened to you. You didn’t get enough sleep last night. You’ve powered through the morning, yet your to-do list stretches on. You’re moving a bit slower, sated from lunch. Your computer screen becomes hazy. You glance out the window to see the sun starting its afternoon descent, and your eyelids droop with it. You decide to let yourself snooze just for a few minutes…

    Occasionally falling asleep at work is par for the course, according to a new survey by sleep wellness company Sleep Doctor, with 46% of respondents saying they nap during the workday at least a few times a year. What’s more, 33% reported doing so weekly—9% once per week, 18% several times per week, and 6% daily.

    Particularly if you didn’t get enough shut-eye the night before, taking a 20- to 25-minute nap may help you recharge and take on the remainder of your workday, says Sleep Doctor founder and clinical psychologist Michael Breus, Ph.D. But don’t make a habit of it.

    “While you might feel slightly sleepy between one and three in the afternoon—because everybody does, it’s due to a post-lunch dip in core body temperature—you should not require a nap,” Breus tells Fortune. “If you’re getting the sleep that you should be getting at night, you should not require a nap.”

    Midday snoozing is a big no-no for people with insomnia, Breus adds: “If you have difficulty falling asleep or staying asleep at night, napping, all that does is make it worse.”

    Nearly 1,300 full-time U.S. employees completed the survey in March via Pollfish. Sleep Doctor didn’t provide additional details about the respondents, such as their shift schedules, workplace environments, or socioeconomic statuses. Though the survey isn’t a scientific study, it offers insight into the post-pandemic habits of the nation’s workforce, Breus says.

    Half of in-person employees nap in their cars

    It’s not just remote and hybrid employees who are catching Z’s during work hours. About 27% of in-person workers reported napping at the office on a weekly basis, compared to 34% of remote and 45% of hybrid workers. In-person employees napped in these locations:

    • Car: 50%
    • Desk: 33%
    • Company-designated napping place: 20%
    • Return home: 14%
    • Bathroom: 9%

    Napping in the workplace is a luxury, says Dr. Rafael Pelayo, a clinical professor in the Division of Sleep Medicine at the Stanford University School of Medicine.

    “There are a lot of health care disparity issues related to sleep,” Pelayo tells Fortune. “You can only nap at your job if you have a place to nap and it’s accepted by your employer. So a lot of people don’t have a place to nap where they work.”

    Pelayo adds, “If you work in an assembly line and you take a train to work, you don’t have a chance to nap anywhere. Or, if you’re in a place where you don’t feel safe; somebody who is napping is vulnerable to being robbed or attacked.”

    Men, younger staffers more likely to nap during workday

    More than half of male employees, 52%, told Sleep Doctor they nap at least a few times a year during work hours, compared to 38% of females. It’s unclear whether the survey collected data on non-cisgender workers.

    A majority of younger adult employees admitted to workday napping, a higher percentage than more seasoned staffers:

    • 18–34: 54%
    • 35–54: 46%
    • 55+: 25%

    Younger adults tend to be more sleep-deprived because they have less control over their lives, Pelayo tells Fortune. They may have children interrupting their sleep, elderly parents to care for, longer commutes, and more demands on their free time.

    “When people get older and they have medical problems, medical problems interrupt our ability to sleep, like arthritis, chronic pain. But healthy elderly people sleep really, really well,” Pelayo says. “They get better sleep than healthy young people. Healthy older people, the reason they ended up being healthy old people is they had good lifestyles.”

    Middle age Asian businessman feeling sleepy during working on laptop and meeting at café office
    More than half of male employees, 52%, told Sleep Doctor they nap at least a few times a year during work hours, compared to 38% of females. It is unclear whether the March 2024 survey collected data on non-cisgender workers.

    Nattakorn Maneerat—Getty Images

    Remote workers take longest workday naps

    “Smart naps” lasting 20–30 minutes may temporarily make you feel more alert and awake, says Alaina Tiani, Ph.D., a clinical psychologist at the Cleveland Clinic Sleep Disorders Center.

    “This increases the likelihood that your brain will stay in the lighter stages of sleep and that you will wake up refreshed,” Tiani tells Fortune via email. “When we nap much longer, we may cycle into deeper stages of sleep, which may be harder to wake from. We also recommend taking the nap as far in advance of your desired bedtime as possible to lessen the impact on your nighttime sleep quality.”

    More than half of workday dozers keep their naps under 30 minutes, according to Sleep Doctor: 

    • Fewer than 15 minutes: 26%
    • 15–29 minutes: 27%
    • 30–59 minutes: 24%
    • 1 hour: 12%
    • 2 hours: 9%
    • 3+ hours: 3%

    On average, 34% of remote and 31% of hybrid workers nap for longer than an hour, compared to 15% of in-person workers.

    That napping is less common in the Western world than other cultures made the survey data stand out to Michael Grandner, Ph.D., director of the Sleep and Health Research Program at the University of Arizona College of Medicine – Tuscson

    “The fact that many people who are working from home are more likely to take advantage of opportunities to nap was very surprising,” Grandner tells Fortune via email. “It suggests that many workers would prefer to integrate napping into their lifestyle if they could.”

    Why are employees napping at work?

    Staffers primarily cited some form of exhaustion as a reason for snoozing on the job, while others were simply bored:

    • Re-energize: 62%
    • Recover from poor sleep at night: 44%
    • Handle long working hours: 32%
    • Stress: 32%
    • Boredom: 11%
    • Avoid work: 6%

    But why are they so sleep-deprived to begin with? Ironically, the flipside of napping at work is 77% of survey respondents said job stressors cause them to lose sleep nightly. About 57% reported losing at least an hour of sleep on an average night. Most cited work-life balance as their top job stressor: 

    • Work-life balance: 56%
    • Demanding projects: 39%
    • Long hours: 39%
    • Upcoming deadlines: 37%
    • Struggling to get to work on time: 30%
    • Issues with boss: 22%
    • Interpersonal conflict in workplace: 20%
    • Fears of being fired or laid off: 19%

    Employees who lose sleep over job stress only to crave rest during the workday aren’t the norm, but their predicament isn’t rare either, Breus tells Fortune: “They kind of get their days and their nights mixed up.”

    Hybrid workers were most likely to report job stressors impacting their sleep, 88%, compared to 73% of in-person and 71% of remote workers. In addition, more higher-level employees, such as CEOs and senior managers, reported losing sleep over career stress, 84%, than lower-level employees, 71%.

    Napping on the job may have health, performance consequences

    Dozing at your desk may seem inconsequential on a slower workday or when you think your boss won’t notice. But some employees have paid the price, Sleep Doctor data show.

    Among nappers, 17% miss deadlines and 16% miss meetings at least once a month because they’re asleep on the job. About 27% of workers admit to falling asleep during a remote meeting in the past year, and 17% have done the same in person.

    While just 20% of workers faced consequences, some were serious:

    • Check in with supervisor more often: 62%
    • Workload changed: 56%
    • Sit down with manager: 49%
    • Suspended: 24%
    • Fired: 17%

    “Limiting sleep to one major nighttime window can help to ensure that you obtain an appropriate amount of sleep at night and thus do not require a daytime nap, which could interfere with work or other responsibilities,” Tiani says.

    Strategic daytime napping can be an effective tool to boost energy and productivity, Grandner says, but falling asleep at work when you don’t mean to may indicate an underlying health issue. 

    “For people who are unable to maintain consciousness, I would recommend evaluating your nighttime sleep to see if you have any untreated sleep disorders like sleep apnea, or if there are other steps you can take to achieve healthier sleep,” Gardner says.

    You should also consult your doctor if you’re typically not a napper but begin having unexplained fatigue, Pelayo says: “An abrupt change in your need for sleep would indicate a medical problem being present.”

    For more on napping during the workday: 

    [ad_2]

    Lindsey Leake

    Source link