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If you're looking for capitulation in 2022, it's in the bond market. And that tells you that investors' confidence in the global economy is very low. Inside the stock market, it's all about defense. Defensive stocks, which include big healthcare companies and dividend-paying value stocks, have been driving the gains. An index of global defensive stocks put together by Goldman Sachs, which is heavy in healthcare giants, has climbed to more than an 18-month high relative to the MSCI AC World Index. Inside the U.S., the defensive ETF ticker DEF has been outperforming the Spider ETF SPY all last week and all year. For market watchers, this feels a whole lot like a recession trade. While investors in the capital markets are battening the hatches for a recession, money in the private markets is also drying up. The value of venture capital deals in the U.S. dropped more than 25% in the second quarter to just $1 trillion, according to Dealogic . M&A activity in the United States … [Read more...] about What the Business Cycle is Telling us About a Recession

A Sri Lanka Air Force member checks the tokens of people queueing for fuel due to fuel shortage, amid the country's economic crisis, in Colombo, Sri Lanka, June 27, 2022. - A + A COLOMBO (June 28): Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis. The Cabinet decision came as the minister, Kanchana Wijesekera, headed to Qatar and a ministerial colleague was due to arrive in Russia on Sunday for talks on energy deals. Sri Lanka is suffering its worst economic crisis since its independence, with foreign exchange reserves at a record low of US$1.92 billion, according to the Central Bank, though analysts estimate a lower level of useable funds. The island of 22 million people is struggling to pay for essential imports of food, medicine and, most critically, fuel. Sri … [Read more...] about Cash-starved Sri Lanka to end fuel duopoly to ease shortages

- A + A LONDON (June 28): Walgreens Boots Alliance Inc is abandoning the sale of the Boots drugstore chain in the UK citing "unexpected and dramatic change" in the global financial markets since launching the sales process in January. The American healthcare group had been in talks with a consortium between Reliance Industries Ltd and Apollo Global Management Inc over the more than £5 billion (US$6.1 billion) sale of Britain's biggest pharmacy chain. As a result of "market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots", Walgreens said in a statement on Tuesday. The recent strong performance of Boots, and its key No7 beauty brand, is also behind the decision to retain the business, the company added in the statement. The Boots sale was considered a litmus test for dealmaking in the UK with credit markets becoming increasingly fragile. The easy financing … [Read more...] about Walgreens abandons Boots sale amid volatile debt market

- A + A IPOH (June 28): The High Court here, which is scheduled to decide on the case of Tronoh state assemblyman Paul Yong Choo Kiong, who is charged with raping his maid, has postponed the matter to July 27. Deputy Public Prosecutor (DPP) Liyana Zawani Mohd Radzi, when contacted by Bernama , confirmed the matter. "Yes, the decision of the case has been postponed to July 27,” the DPP said, adding that the defence had requested to postpone the matter following the death of their client’s mother. It is learnt that Yong’s 83-year-old mother died on Saturday (June 25) at the Sungai Buloh Hospital due to heart failure. On March 31 this year, the defence closed their case after calling three witnesses, namely Yong, 52,  his wife Too Choon Looi, 46, and the maid’s uncle Muhammad Rusdi, 51. Yong is accused of raping the 23-year-old maid in a room on the first floor of his house in Meru Desa Park between 8.15pm and 9.15pm on July 7, 2019. The charge, framed under … [Read more...] about Decision on Paul Yong’s rape case postponed to July 27

- A + A KUALA LUMPUR (June 28): AMMB Holdings Bhd’s 51%-owned subsidiary AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). AGHB had on July 19 last year inked an implementation agreement with LIB for the disposal of AGIB at a price tag of RM2.29 billion (subject to adjustment), to be satisfied via cash and a 30% stake in LIB. “AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (IAG). Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB’s shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares. As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB,” AMMB’s statement said. Following the approval from MoF for the sale of AGIB to LIB, AMMB anticipates signing the sale and purchase … [Read more...] about AMMB unit secures MoF approval for stake sale of AmGeneral Insurance to Liberty Insurance

The past two years have seen more than a tenth of Americans move from low-paying labor jobs to positions in tech. Dubbed as “new collar workers,” many of these people used recent lockdowns to learn new skills that have helped them find higher salary roles with greater flexibility. This workforce of people from non-conventional backgrounds can bridge the tech talent shortage, but only if companies can adapt their recruitment processes accordingly. advertisement advertisement Players like Google, Apple, and IBM have taken the step of dropping college degree requirements to attract new collar workers, but bringing on board new workers requires more than eliminating formal education requisites. Even before the pandemic, nearly one third of developers considered themselves self-taught, meaning the relevance of the college degree had already slipped. With the tech industry adding 12,300 jobs from February to March this year, … [Read more...] about How ‘new collar workers’ can help companies push past the Great Resignation

Share to Twitter Share to Linkedin Here is a hack that will make you feel more confident in your job search: the interviewer and hiring managers are more nervous than you are. It’s hard to wrap your mind around this concept, as people are indoctrinated to think that job seekers should be the ones who are nervous and anxious going into an interview. They worry about being judged. Job hunters must contend with the shame of not moving onto the next level in the interview process. Even worse, they don’t receive feedback and get ghosted. The hiring process feels—to the job seeker—like the company, human resources, management and internal talent acquisition professionals hold all of the power. What Hiring Managers Obsessively Worry About A supervisor needs to hire. They want to make sure that the applicant possesses all of the requirements listed in the job description. The interviewer also wants to feel that they can click with the candidate and forge a … [Read more...] about Surprise: The Hiring Manager Is More Anxious Than The Job Seeker

Share to Twitter Share to Linkedin Alexa Grabell was running sales strategy for a billion-dollar company when she grew frustrated by the lack of tools available to answer company leadership’s questions about how customers were interacting with their product. “I was building these hacky solutions,” she says. “The tools did half the job.” Out of this frustration grew Pocus, a startup founded by Grabell and Isaac Pohl-Zaretsky. Pocus, which was on Forbes’ Cloud 100 Rising Stars List last year , announced $23 million in seed and Series A funding on Wednesday. Founders Grabell and Pohl-Zaretsky, who serve as CEO and CTO of the startup, respectively, are Forbes 30 Under 30 enterprise technology alums for 2022 . The company declined to share its valuation. “Valuable data about how users interact with a product lives in other places like a data warehouse where sales people can't get access,” Grabell says. It’s time-intensive for engineers to transform … [Read more...] about Pocus, Which Helps Companies Manage Product Data, Raises $23 Million

Share to Twitter Share to Linkedin Crypto may be down, but Jack Lu and Zhouxun Yin are continuing to build. The cofounders of Magic Eden, the top Solana SOL -based NFT marketplace by market share, announced today the close of a $130 million Series B venture round. The added capital brings the company’s valuation up to $1.6 billion and is one of the first major investments to be announced since the recent crypto plunge that saw bitcoin fall below $20,000 and ether drop under $1,000. Magic Eden now becomes the third NFT marketplace to achieve unicorn status alongside $13 billion OpenSea and $7 billion LooksRare. The funding was co-led by Electric Capital and Greylock and it comes three months after the company announced its $27 million Series A in March 2022. “Magic Eden’s ability to keep pace and drive innovation in a rapidly evolving NFT market is extremely impressive,” said Avichal Garg, cofounder and managing partner at Electric Capital. “They … [Read more...] about Billion Dollar NFT Marketplace Magic Eden Raises $130 Million Despite Signs Of Crypto Winter

Share to Twitter Share to Linkedin David is the Co-Founder of Aloa , a platform for outsourcing software development. Aloa has helped 200+ startups/companies build their tech. Software outsourcing is an inherently complicated space, where even highly technical individuals face pain points. In this article, I’ll create a simplified guide by walking through three main concepts that will help you understand what you need to know to kick off your software outsourcing journey. 1. The Analogy “Software development is like building a house.” Let’s look at some of the basic challenges of software development with this analogy in mind. Third-Party Limits: Your house doesn’t control your Wi-Fi signal; your internet provider does. The contractor who built your house is not responsible when you have an issue with your connectivity. With software development, you will have to rely on numerous third parties. Your devs will help implement them, but … [Read more...] about Why You Need To Look At Software Outsourcing Like Building A House