Category: business

Steph Curry plans for future NBA ownership?

Posted on by scott.hodges

Steph Curry, four-time NBA champion and 10-time All-Star, is already planning his post-basketball career, with NBA team ownership as a key goal. In a recent interview with CNBC, the 36-year-old Golden State Warriors guard expressed his interest in joining the ranks of NBA team owners once his playing days are over.

Curry has built a diverse portfolio of business ventures, ranging from media, to bourbon, to his own line of shoes and apparel, and a youth golf tour. Looking to the future, Curry said, “For me, that’s definitely on the table. I think I could do a pretty good job of helping sustain how great the NBA is right now and what it takes to run a championship organization.”

Currently under contract with the Warriors until 2027, Curry will be 39 when his $62.6 million contract extension expires. Despite his business ambitions, Curry remains focused on his on-court career, stating, “I know I have a lot more to accomplish on the court before I move into other roles in the league.”

Curry’s interest in ownership follows the example of Michael Jordan and aligns with potential league expansion. NBA Commissioner Adam Silver hinted at expansion discussions after the NBA’s new $77 billion media deal, set to begin after this season. With ownership aspirations shared by LeBron James, Curry is positioning himself for a future as a business leader in the NBA.

Four-Day Workweek: Pros and Cons

Posted on by scott.hodges

The concept of the four-day workweek is gaining traction globally, with two primary models emerging. One model proposes condensing the standard 40-hour workweek into four days, resulting in four ten-hour workdays. This approach has been adopted by Belgium, where employees can choose between a conventional five-day week or a shorter, more intense four-day week, with total work hours remaining unchanged. While only .8% of Belgian workers have adopted the four-day workweek, a survey by Acerta showed that 47.8% of 20-30 year-olds prefer it.

In contrast, the second model envisions completing 100% of the workload in just 80% of the time while maintaining full salary. This model has been tested in several countries. Iceland conducted a trial from 2015 to 2019 to assess the effectiveness of a shorter workweek with identical pay. Following Iceland’s lead, Spain is launching a similar trial this spring for small and medium-sized companies, where 30% of employees will work 10% less while retaining their original salary. France is also planning to test a 35-hour workweek over four days for public administration employees. Countries like New Zealand, Japan, and the United States are exploring shorter workweeks as well.

Advantages of a Four-Day Workweek

Various pilot projects have demonstrated positive effects of a four-day workweek. A British study published in 2023 found that employees experienced less stress and a lower risk of mental illnesses such as burnout. The study involved 61 companies with around 2,900 employees, most of whom reported decreased anxiety, fatigue, and sleep problems. The majority of these companies decided to maintain the four-day week, citing improved employee well-being as a primary reason.

Additionally, employees working four-day weeks called in sick less frequently. Occupational psychologist Hannah Schade from the Leibniz Research Centre for Working Environment and Human Factors at the Technical University of Dortmund noted that reduced stress and adequate recovery time contributed to this decrease in sick days. This reduction in absenteeism is financially beneficial for companies, as it minimizes the impact of sick leave and mental health issues.

The four-day workweek also promotes greater equality. The British study found that men working four-day weeks were more involved in caregiving, such as looking after children or relatives. Furthermore, the four-day week could help address labor shortages by making jobs more attractive and increasing the number of applicants, particularly in fields where skilled workers are in high demand. This would allow families to better balance work and childcare responsibilities, enabling women to return to full-time work more easily.

Disadvantages of a Four-Day Workweek

However, the four-day workweek is not without its challenges. Economist Bernd Fitzenberger points out that compressing more work into fewer hours can increase stress. Belgium’s model, for example, requires employees to work 40 hours over four days, which can be intense. Alternatively, reducing working hours can lead to lower pay.

The business community remains skeptical about the four-day week due to difficulties in measuring productivity. Holger Schäfer from Cologne’s German Economic Institute (IW) notes that it is challenging to determine how a four-day week will impact productivity. Additionally, the four-day week could result in higher costs for companies if reduced hours are not offset by productivity gains.

Some industries may find the four-day workweek particularly challenging to implement, especially those requiring services to be provided at fixed times, such as nursing, security, or transportation. A rigid implementation across all industries could hurt competitiveness, according to Fitzenberger.

Despite these challenges, occupational psychologist Schade emphasizes the long-term benefits of fewer employees on sick leave, which could positively affect the economy. While change always entails risk and can trigger fears, a German survey from 2022 found that three-quarters of respondents would welcome a four-day week, particularly among employees younger than 40. The four-day workweek remains a popular and promising concept, albeit with some hurdles to overcome.

Is Social Media this Generation’s Tobacco?

Posted on by scott.hodges

In a bold move to address the growing mental health crisis among teenagers, U.S. Surgeon General Vivek Murthy has called for warning labels on social media platforms. In a guest essay for The New York Times, Murthy highlighted the urgent need for such measures, likening the potential impact to that of warning labels on cigarettes and alcohol.

Murthy’s proposal comes amidst increasing scrutiny of social media’s effects on children and teens. He argues that the danger posed by social media is as extreme and widespread as those from unsafe cars, planes, or food, yet have not been adequately addressed due to a lack of safety measures, transparency, and accountability in the tech industry.

The release of the iPhone in 2007 marked a significant turning point, with reports of suicidal behavior and despair among adolescents rising sharply since then. Although some experts dispute this direct correlation, pointing to factors like economic hardship, the concern remains significant.

Murthy emphasized the need for congressional approval for such a label, advocating for legislative measures to protect young people from online harassment, abuse, and exploitation. He also recommended restricting platforms from collecting children’s sensitive data and curbing features like push notifications and autoplay, which encourage excessive use.

This call to action is part of a broader effort to regulate social media globally. In the U.S., states have sued companies like Meta over addictive features, and some have passed laws to shield young people from the negative effects of social media. In the European Union, regulations require social media users to be at least 16 to have their personal data processed without parental consent.

Despite tech companies’ claims of working to protect teens, Murthy’s appeal underscores that current efforts are insufficient. As Emma Lembke, a teenager, shared with NPR, social media significantly impacted her interactions with friends, highlighting the personal toll.

Clinical psychologist Lisa Damour notes that excessive social media use interferes with activities essential for teens’ growth, like sleep, physical activity, and face-to-face interactions. Murthy’s guidance includes keeping children off social media until they develop critical thinking skills, advocating for strategies like delayed social media profiles, using text messages as an intermediary, and maintaining “phone-free zones” around bedtime and meals.

Murthy’s proposal represents a crucial step towards addressing the youth mental health crisis, aiming to create a safer digital environment for the next generation.

Ad-Free TV No Longer

Posted on by scott.hodges

Initially, streaming platforms like Netflix captivated audiences with the allure of an ad-free experience, promoting a revolutionary approach to viewing. Giants such as Amazon Prime Video, Disney+, and HBO Max followed suit, painting a future unmarred by commercial interruptions.

However, this ad-free paradise was short-lived. The landscape of streaming services has been gradually infiltrated by commercials. Services have introduced cheaper subscription options that include 30- and 60-second ads, much to the chagrin of viewers. Amazon has even made ads a default feature, and no subscription tier is spared from ads during live sports broadcasts.

This shift was highlighted during the recent upfronts in New York, a traditional venue for TV networks to showcase upcoming content to advertisers. Both Amazon and Netflix made their inaugural in-person pitches, with Netflix bringing in Shonda Rhimes and Amazon hosting stars like Reese Witherspoon and Jake Gyllenhaal alongside a performance by Alicia Keys. The message was clear: streaming services were ready to embrace advertising fully.

The reintroduction of ads into streaming is largely financial. After a decade of prioritizing subscriber growth over profitability, which led to unsustainable losses, streaming companies are now recalibrating. They’re reverting to proven content like sitcoms and medical dramas and exploring bundled packages to discourage subscription cancellations. This strategy also includes ramping up ad-supported tiers, which now account for a significant portion of subscriptions.

Despite this, the ad experience on streaming platforms is touted as less intrusive compared to traditional TV. Disney+, for example, averages only four minutes of ads per hour, and platforms argue that streaming’s data capabilities allow for more personalized and less disruptive ads.

Executives reassure that the essence of streaming—choice and quality—remains, even as ads become more prevalent. Yet, for viewers nostalgic for the early days of streaming, or those irritated by the creeping normalcy of interruptions, it’s a stark reminder that in television, whether traditional or digital, ads remain a formidable constant. As streaming services evolve, they seem to be converging with the very model they once sought to disrupt, making the landscape of digital entertainment a cyclic battle of innovation and tradition.

Target Cuts Prices, Creates New Budget Brand

Posted on by scott.hodges

In a strategic move to alleviate financial strain on shoppers, Target announced on Monday a significant price reduction on over 5,000 everyday items, signaling a boon for consumers looking to stretch their dollars. Amidst ongoing economic challenges, this decision aims to make essentials more accessible and affordable, impacting a wide range of products from groceries to household necessities.

The price cuts span an array of essential goods, including staples like milk, meat, and bread, as well as other frequently purchased items such as soda, fresh fruits and vegetables, snacks, and yogurt. Not stopping at food items, Target’s markdown also extends to other significant everyday purchases like peanut butter, coffee, diapers, paper towels, and pet food.

Target’s Executive Vice President, Rick Gomez, emphasized the company’s commitment to supporting its customers during these tight economic times. “We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said Gomez. This initiative isn’t just a temporary promotion but part of a broader strategy to remain competitive and responsive to market demands and consumer needs.

Target has already reduced prices on approximately 1,500 items and plans to continue these discounts throughout pivotal shopping periods, including Memorial Day, the Fourth of July, and the back-to-school season. In some locations, customers will now find a 20-ounce package of Thomas’ Plain Bagels reduced from $4.19 to $3.79, a 75-count of Clorox Scented Wipes cut from $5.79 to $4.99, and a 1-pound container of Good & Gather Unsalted Butter dropped from $3.99 to $3.79.

Target has also created Dealworthy, a new house brand to compete with dollar stores and Walmart. Dealworthy offers 400 budget-friendly items, including phone chargers, underwear, and disposable plates. It will replace Smartly, Target’s former low-priced brand. Up&Up will be redesigned and priced slightly higher than Dealworthy, offering over 2,000 items, most under $15, and “higher quality standards.”

These price adjustments come at a time when inflation metrics such as the Personal Consumption Expenditures (PCE) price index report a 2.7% increase as of March, compared to the previous year, according to the Bureau of Economic Analysis. This index, a critical measure used by the Federal Reserve to gauge inflation, overshoots the Fed’s preferred target of 2%, highlighting the broader economic pressures that make Target’s price cuts even more pertinent. By lowering the cost of basic goods, Target is not just enhancing affordability but is actively taking a role in helping manage the economic wellbeing of its customers.

Anu Saad’s Journey from Cancer Leader to Patient Advocate

Posted on by scott.hodges

This article was originally posted on January 30, 2017.

Anu Saad had always dreamed of being a scientist. After completing her Ph.D., she headed to Cornell Medical College as a postdoctoral fellow, and then joined the faculty as an Associate Professor. Although she loved academia, in 1990, Saad decided to join a small startup, which was focused on optimizing cancer diagnosis for improved treatment outcomes. Excited by the possibility that her work could change the face of cancer treatment, she joined the company as a research assistant.

Saad stayed on board for 13 years, rising quickly through the ranks to CEO, and successfully taking the company public. She was pleased that her role was still largely science-oriented, with some business activities that included speaking to investors and analysts. Saad was interviewed by the New York Times, Fortune, and Forbes, and appeared often on television and radio regarding her work.

In 2003, Saad, who was by then the mother of two young daughters (the happy results of extensive fertility treatments), was notified by the Board of Directors that another executive in the company had brought up to them some issues with her reimbursed expenses.  Saad explained to the Board that the items in question were, according to her, legitimate perks and expenses related to her role as CEO and the busy bi-coastal life required by her position. However, Saad did admit that, on occasion, instead of submitting reimbursable expenses, she would charge other expenses on the corporate card to compensate for the money she had spent out of pocket. Saad highlighted the fact that her actions were the result of an overly informal environment in the company, and her expenses were in public view and were examined by the CFO and Controller. Having given many years of her life to nurturing and growing the company, Saad never intended to take anything illegally or unfairly from a company she loved. However, in light of the accusations, and with a one-month old at home, Saad made the difficult decision to resign from the company.

In 2005, two years after Saad left the company for a life away from the business world, several senior executives at her former company were charged with financial fraud regarding the company’s revenue. Saad was shocked to find out that she was included in that charge. Months later, she was relieved when, the US Attorneys in the Southern District of New York dropped all the major charges of financial fraud against her, clearing her of any connection to the financial manipulation at the company.

While the major charges were dropped, two charges remained: one related to the reimbursed expenses and the other that as CEO, she was responsible for having proper financial controls in place.  As it related to the expenses, the issue was not the expenses themselves but rather that they had not been included in the company’s filings with the SEC. As for the financial controls, the prosecutors argued that even though Saad was not a financial person, as CEO, she was responsible for any financial filings that the company made. Saad pleaded guilty to both counts. While prosecutors had asked for a sentence of 18-24 months, the judge was swayed by the “extraordinary” set of letters that were submitted by Saad’s family members, colleagues, and patients that spoke to her character, and he sentenced her to three months at a federal camp close to her Los Angeles home.

The press was not as forgiving as the judge. The media coverage of Saad’s case was fraught with inaccuracies, blaming her for fraud despite the dropped charges. Even the press releases by the prosecutors focused on the expenses themselves rather than on the fact that the charges related to the federal filings. After completing her sentence, Saad has decided against returning to the business world and has instead been focused on raising her children, nursing her father through his cancer treatments, volunteering for various causes.

Furthermore, given her personal and work experience with cancer, Saad finds herself to be uniquely situated to help others navigate the complex maze of cancer diagnosis and treatment. She is adept at analyzing medical reports, finding the right doctor and treatment option, and supporting patients who have received a diagnosis.  As such, she is lending her hand pro bono to anyone with cancer who can benefit from her background and expertise. Though she once played a very public role in the field of fighting cancer, Saad’s story has helped her to understand that her true calling, and the path to her own healing, is to help others on their journey through cancer.

Post-Pandemic Peloton; Plans for Restructure

Posted on by scott.hodges

Peloton, the once-celebrated fitness company, recently announced that it is laying off about 15% of its employees – about 400 people. The company is also looking for a new CEO in its efforts to redefine its business model. Two years ago, Peloton hired Barry McCarthy, an experienced executive from both Spotify and Netflix, to replace co-founder, John Foley. However, McCarthy recently released a statement saying that he no longer saw a way to bring Peloton’s spending in line with its revenue.

Peloton is looking to expand its business model beyond selling stationary bikes, with McCarthy venturing into corporate wellness and revamping subscription models, in addition to phasing out free app memberships. The company also partnered with Lululemon and Hyatt hotels. However, despite these efforts, there was not a major uptick in subscriptions and the company’s stock dropped by over 90% since its peak during the COVID-19 pandemic.

The combination of consumers returning to gyms after the pandemic and a series of safety issues, such as a high-profile treadmill recall due to injuries and a death, have only compounded the challenge of reviving sales momentum.

Though Peloton has over $1 billion in debt, the company has expressed optimism over its latest restructuring efforts, which is aimed at slashing expenses by over $200 million by the end of the 2025 fiscal year. The company is focused on achieving sustainable growth and positive cash flow.

Peloton is an example of the evolving nature of tech-centric wellness ventures in a post-pandemic world. The coming months will be critical for Peloton as it aims to regain its footing in a wildly, rapidly evolving competitive market.

New Airbnb Policy Bans Indoor Security Cameras

Posted on by scott.hodges

In a significant move to protect their guests’ privacy, Airbnb announced a global ban on indoor security cameras. This policy shift, effective April 30, comes as a response to numerous complaints over the years about hidden cameras in rental properties. Although a vast majority of Airbnb’s listings, totaling over 7 million worldwide by the end of 2023, reported no indoor security cameras, the company has decided to update its policy.

Until now, Airbnb allowed the use of indoor security cameras within common areas, provided they were disclosed before booking and visible to guests. However, under the new policy, all forms of indoor surveillance devices are banned, regardless of their location or the hosts’ intention of disclosure. This policy revamp also extends to stricter regulations on outdoor security cameras and other monitoring devices like noise decibel monitors, which must be disclosed in the listing before booking.

In areas deemed private, such as saunas, the installation of outdoor cameras will be prohibited, ensuring guests’ expectations of privacy are respected. The revised guidelines aim to simplify Airbnb’s stance on surveillance, eliminating any ambiguity regarding the presence of security cameras inside listings.

Competitors like Vrbo have also adopted stringent policies against surveillance devices, allowing only non-invasive smart devices that guests are made aware of and can opt to deactivate. The issue of surveillance in vacation rentals has sparked widespread concern, highlighted by popular TikTok tutorials teaching users how to detect hidden cameras, with cybersecurity expert Marcus Hutchins’ advice reaching millions.

The Surveillance Technology Oversight Project, a group advocating against surveillance abuse, praised Airbnb’s decision. The organization emphasized the importance of privacy and safety in rental spaces, highlighting the potential for misuse of recording devices. Airbnb’s policy update is seen as a crucial step in protecting guests from unwarranted surveillance and fostering a safer rental environment.

ランウェイを超えて：モデルがビジネスと活動の先駆者になる方法

Posted on by scott.hodges

ファッション界には、ランウェイや雑誌での成功を熱望する若いモデルがたくさんいます。しかし、モデルとしてのキャリアは短いことが多く、ほとんどのモデルは30代後半から40代前半までに引退または転身してしまいます。経験を積むにつれ、多くのモデルはその知識、人脈、才能を活かして新たな成功の道へと進みます。ミランダ・カー、道端ジェシカ、リリー・コール、ロージー・ハンティントン＝ホワイトリー、カーリー・クロスなどの有名モデルは、そのプラットフォームを活かして、起業、女優、執筆、非営利団体などに転身し、自己改革能力はモデル業にとどまらない多様な才能を示しています。

オーストラリア出身のトップモデル、ミランダ・カーは、Maybelline、Victoria’s Secret、Cliniqueの広告に起用され、地位を確立した彼女は2009年にオーガニックスキンケア会社KORA Organicsを立ち上げました。KORAはクリスタルやアロマテラピーオイルなどの天然成分を使用することで国際的な知名度を得て、現在は10億ドル以上の価値があると言われています。彼女はまた、若い女性向けの自己啓発本「Treasure Yourself」も出版しています。

日本人モデルの道端ジェシカは、NikeやTag Heuerの広告や映画に起用されるなど引っ張りだこでしたが、執筆、養蜂、レイキ、パーマカルチャーを追求するため、人気絶頂期に一線を退きました。「I Love Being Me – 人種差別について子供たちに教える」などの日本語著書も出版している道端は、現在スポットライトから離れた静かな生活を送っています。

イギリス人モデルのリリー・コールは、2000年代にChanel、McQueen、Louis Vuittonといったトップブランドに起用されていました。彼女は女優業に転身する一方、環境問題をテーマにした「Who Cares Wins」を執筆、Impossible.comを設立し、アーティスト、エンジニア、デザイナーを集め社会問題や環境問題に取り組むプロジェクトを展開しています。

同郷のロージー・ハンティントン＝ホワイトリーは「Vogue」、「Harper’s Bazaar」、「GQ」でモデルとして活躍していました。モデルとして活躍した後、彼女は持続可能なメイクアップ、スキンケア、ヘアケアライン「Rose Inc」を立ち上げ、クリーンケミストリーを用いたバイオテクノロジー企業と提携しています。

アメリカのカーリー・クロスは、Bergdorf Goodman、Adidas、Calvin Klein、Versaceといった有名ブランドのモデルを務めました。しかし、優秀なコーダーでもある彼女は、2015年にKode with Klossyを立ち上げ、テックとSTEMに関心のある女の子たちにコーディング教育を提供する非営利団体を立ち上げ、2019年には「プロジェクト・ランウェイ」のホスト役に就任しました。

これらの例は、モデルがファッション界での成功と知名度を影響力のある新しいキャリアにどのように移行できるかを示しています。ビジネス、非営利団体、執筆、演技、その他の分野であろうと、彼らはより大きな目標のために自分のリソースとスキルを活用しています。彼らの野心、創造性、そして変わりたいという願望は、有名モデルという枠をはるかに超えています。華やかですが短期的なランウェイでの仕事は、多様な起業や慈善活動への第一歩となっていたのです。

Small Business Owners are Feeling Optimistic

Posted on by scott.hodges

In a refreshing wave of economic optimism, small business owners across the U.S. are expressing renewed confidence in the national economy. A recent survey by PNC Financial Services Group reveals that optimism among smaller employers has surged to a 22-year peak, with 55% of respondents declaring they are “highly optimistic” about the economic outlook for this year. This marks a dramatic increase from 34% last fall and just 26% one year ago.

The upbeat mood is most likely due to cooling inflation and diminishing fears about recession, causing people to be more hopeful about the future of the American economy. Nearly 80% of business owners are confident in their own companies’ financial futures, and over half anticipate profit increases in the next six months. Only 5% said they expected a downturn in earnings.

Gus Faucher, PNC Chief Economist, highlighted the economy’s robust growth in the latter half of 2023, propelled by consumer spending and business investment—a trend that’s expected to continue into 2024. This optimism is further evidenced by a decrease in the number of businesses planning to raise prices, signaling relief from inflation pressures.

Small businesses, employing nearly 62 million Americans, play a pivotal role in the U.S. economy, driving job creation and innovation. Despite challenges such as accessing loans and finding skilled workers, the sector’s resilience and bright outlook underscore its integral contribution to economic growth and stability. With the National Association for Business Economics forecasting a GDP rise of 2.2% in 2024 and a decline in inflation rates, the future looks promising for small businesses and the U.S. economy at large.