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Fem myndigheder under lup: Ingen efterlever minimumskrav til it-sikkerheden

Version2 - Seneste nyheder - Mon, 01/17/2022 - 14:32
En beretning fra Rigsrevisionen konkluderer, at ingen af fem statslige myndigheder efterlever de 20 minimumskrav for it-sikkerhed, der skulle være implementeret for over et år siden.
Categories: IT

Why the government is raising an eyebrow at Gen Z's favorite new way to spend: 'Buy now, pay later'

Businessinsider - Mon, 01/17/2022 - 14:30
Buy now, pay later companies like Affirm, Afterpay, and Klarna are making big marketing pushes.
  • Buy Now, Pay Later services have exploded in recent years, and the government is playing catch-up.
  • The Consumer Financial Protection Bureau opened an inquiry into the sector last month, citing debt concerns.
  • The firms' rapid growth and popularity with young shoppers bring a spate of credit risks, experts say.

Americans — and mainly Gen Zers — have been increasingly tapping Buy Now, Pay Later (BNPL) services for instant gratification and delayed payment.

That's sounding debt-risk alarms in Washington.

The services essentially do what they say on the tin. Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.

But the services' surging popularity has raised concerns over how much debt these BNPL businesses are letting people assume, and how quickly it's happening. Additionally, a lack of oversight has also clouded whether the lending is safe, or potentially the foundation for a broader financial mess.

The firms in question aren't just handing out free cash over the internet. Participating businesses pay BNPL services a small cut for the extra business — yet details around these terms and disclosures to consumers are murky.

BNPL has led to a pandemic-era spending and debt boom

BNPL services emerged before the pandemic, but the health crisis lit the fuse for their explosive growth. The businesses boomed as people stuck at home moved their shopping online. The option is most popular with younger consumers, with 61% of Gen Z having already used a BNPL service, according to a March survey conducted by The Ascent.

That meteoric rise has sparked some concern with regulators around just how much debt risk BNPL could be creating. The Consumer Financial Protection Bureau opened an inquiry into BNPL firms including Affirm, Klarna, and Afterpay on December 16, citing concerns around debt growth, data harvesting, and consumer disclosures. Since the services don't yet face the same regulations as other forms of borrowing, they pose new risks of a possible credit bubble, according to the agency.

"Buy now, pay later is the new version of the old layaway plan, but with modern, faster twists where the consumer gets the product immediately but gets the debt immediately too," Rohit Chopra, the bureau's director, said in a statement.

The debt pile could be massive. Cornerstone Advisors estimates BNPL purchases totaled nearly $100 billion in 2021. That's up from just $24 billion the year prior. Separately, CB Insights projects the global BNPL industry could surpass $1 trillion in yearly volume as early as 2025.

Gen Z could be facing a debt cliff

BNPL's top users are possibly an even bigger risk. The services have successfully attracted a younger audience that "might not be credit-worthy or have a lot of experience with traditional types of credit," Marisabel Torres, director of California policy at the Center for Responsible Lending, told Insider.

Gen Z is also the most likely to be caught off guard when student loan repayment is set to resume in May. The generation's oldest members have spent more time post-graduation with their payments frozen than not due to the federal government's pandemic moratorium. The May 1 deadline could be "concerning" for those who can't balance student loan obligations with delayed BNPL payments, Torres said.

It isn't just government authorities that are catching up to the BNPL boom. Credit-rating agencies including Equifax and TransUnion are still working on adding BNPL debt to their reports and aim to start the services in the coming weeks, American Banker reported earlier in January.

The firms probably aren't too late to catch a major bubble, but their slow action is some cause for concern, especially with the financial crisis still a recent memory, Susan Sterne, president and chief economist at Economic Analysis Associates, told Insider. 

"The three big agencies that follow consumer debt have yet to really get their hands around this as its a relatively new concept," Sterne said. "They've been diligent post-financial crisis, but I guess nothing has changed. They should have been more aware of this."

The fine print could trip up borrowers

The CFPB's inquiry represents a "great first step," but the BNPL industry needs more transparency if it's to keep growing at its current pace, Torres said. Regulation can put new protections in place so buyers aren't tripped up by each services' differences. Even something as simple as returning an item can be confusing and put buyers at risk, Torres said. Where people can expect refunds in a certain number of days with a traditional purchase, those guidelines don't exist for BNPL shopping. One service could require someone to pay off the remainder of their loan, while another could give refunds of only the amount paid back.

The complications around returning items are only one example where the law hasn't caught up to the industry. The longer the government waits, the greater the chance shoppers fall in the gaps between existing regulations, Torres said.

"We've been flooding the market with all this credit and no one's been keeping track of what's been happening," she said. "Unfortunately, if it seems too good to be true, it might be. This is not always the free financing option that it's marketed to be."

Read the original article on Business Insider
Categories:

No evidence of fraud found in GOP-backed audit of election results in Macomb County, Michigan, which Trump won anyway

Businessinsider - Mon, 01/17/2022 - 14:23
Nancy Galloway, a supporter of Donald Trump, protests the visit of President Joe Biden to Howell, Michigan, on October 5, 2021.
  • An audit of 2020 votes in Michigan's Macomb County found no signs of outside interference. 
  • The audit was commissioned by county clerk Anthony Forlini, a Republican. 
  • It's the latest audit to produce no evidence to back up Donald Trump's election-fraud claims. 

An audit of 2020 presidential election votes in Michigan's Macomb County found no evidence that voting machines had been meddled with as part of a plot to subvert the election. 

Macomb County Clerk Anthony Forlini, a Republican, commissioned the audit as conspiracy theories spread among supporters of Donald Trump that the machines had been hacked or tampered with.

Forlini commissioned Alabama-based Pro V&V, a company accredited by federal election authorities, to examine voting machines in the county for signs of interference, or other malpractice.

The $16,000 audit was ordered despite Trump having won the county with 53% of the vote to Joe Biden's 45% in the November 5 2020 election.

Joe Biden was the overall winner in Michigan with 51% of the vote to Trump's 48%. 

In a letter last week, Forlini said the inquiry found no evidence to substantiate the conspiracy theories. 

"As a result of the audit dated January 5, 2022, we learned that there was no outside interference in our election server, our election software, as well as our modem communication systems," Forlini wrote.

"This was just one step to restore confidence in the election process."

Forlini told Michigan Live that on taking office as county clerk in January 2021 he faced questions about mass fraud. He said he commissioned the audit because he had not personally supervised the election the previous year. 

The county Republican party has backed Trump's election-fraud conspiracy theories, calling for a more widespread audit of 2020 election results in the state, reported Detroit's Metro Times. 

No evidence has emerged to substantiate Trump's claims of mass fraud in Michigan, or any other state, in last year's election.

The claims have been rebutted or dismissed in a series of legal challenges, but supporters of the former president have continued to push for audits in battleground states.

Despite this, Trump has continued to claim that victory in last year's election was stolen from him, and has made support for the claim a litmus test of loyalty, boosting candidates in the mid-terms who have backed it. 

A Republican-commissioned audit of votes in Arizona's Maricopa County last year also found no evidence that Biden's win was the result of a miscount. Trump allies are seeking similar audits in states including Georgia and Pennsylvania. 

Read the original article on Business Insider
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Americans will drive less and make fewer shopping trips in 2022 because of pricey gasoline and soaring inflation, Target CEO says

Businessinsider - Mon, 01/17/2022 - 14:22
Target CEO Brian Cornell said Americans will make fewer shopping trips this year, Bloomberg reported.
  • Target CEO Brian Cornell said Americans will make fewer shopping trips in 2022, Bloomberg reported.
  • Shoppers are likely to eat at home and look for cheaper own brands, Cornell said, per Bloomberg.
  • It comes as gas prices are on the rise and inflation hit a nearly 40-year high in December. 

Target CEO Brian Cornell said on Sunday that Americans will drive less and make fewer shopping trips this year because of expensive gasoline and accelerating inflation, Bloomberg reported.

"Some of the historical ways consumers react to inflation will play out again in 2022," Cornell said at an event held by the National Retail Federation in New York cited by Bloomberg.

"You'll drive fewer miles, you'll consolidate the number of times and locations where you shop," Cornell said at the event, per Bloomberg.

Shoppers are likely to eat at home rather than in restaurants, and look for cheaper own brands compared to pricier national brands, Cornell said, according to Bloomberg's report. 

"We're going to learn a lot about how the consumer reacts in the next 60, 90, 120 days to rising prices," the Target CEO said at the event.

Inflation in the US hit a near 40-year high in December after the consumer price index rose 7% from a year earlier, the Bureau of Labor Statistics announced in January.

Insider previously reported that the cost of gas rose year-over-year by nearly 50% in November. Prices dropped slightly between November and December, but have again been on the increase in January, according to a report by the American Automobile Association.

Read the original article on Business Insider
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'Shark Tank' star Kevin O'Leary sees just a 9% return for stocks this year as markets go back to normal

Businessinsider - Mon, 01/17/2022 - 14:21
Kevin O'Leary.

After a stellar 2021, equity investors could be looking at returns of just 9% in 2022, according to "Shark Tank" investor Kevin O'Leary.

A common pattern in major US indices last year was that stocks hit record high after record high, as investors appeared unfazed by rising inflation. Corporate earnings largely flourished. Moreover, low interest rates also drove investors to seek returns in stocks, rather than low-yielding bonds. 

"The hallmark of that year (2021) was no volatility, even though it was horrific in terms of the pandemic and other issues," the O'Leary Funds boss, who goes by the nickname "Mr. Wonderful," said in a CNBC "Halftime Report" interview on Friday.

"But more normal markets are now here, and we're going to get volatility."

The S&P 500 has risen 23% and the Nasdaq is up 21% over the last year. But gains of more than 20% this year aren't likely, according to O'Leary. He said investors can expect 8% earnings growth and 1% in dividends.

"So you're looking at a 9% year," he added.

The investor's forecast comes after the US consumer price index jumped 7% in 2021, the largest 12-month gain since June 1982. The widely followed inflation index rose 0.5% from November, exceeding forecasts. Supply chain bottlenecks and a shortage of qualified workers in the labor market have driven up prices and eroded the spending power of people and businesses.

Tech names are known to be especially sensitive to rising prices. That's because rising interest rates, and resulting higher bond yields, make tech stocks less attractive

"Nobody thinks that's sustainable but it's still scary to see it," O'Leary said of the inflation print. "So, that's going to put a bit of a spook on equities too, particularly tech. And you're seeing that manifest itself in these flattish-to-down Nasdaq days."

The tech-heavy Nasdaq is already down 4.3% so far this year, as Fed officials are weighing up moving faster than previously expected to tackle the strongest inflation since the 1980s. This has sent some investors into a panic.

"But the inherent growth in those companies is still there. Nothing's really changed. And so, I think it will sort itself out," the famed investor said.

O'Leary also said he's expecting a higher rise in the Cboe Volatility index, known as the VIX, a gauge to help measure the level of nervousness among investors.

"I'm looking for muted returns with a lot more increase in the VIX," he said, adding that market participants should get used to it.

Historically, if the VIX is higher than 20, that's when fear is entering the market. It's a sign of a higher-risk environment. The VIX last closed at 19.19 on Friday, but that's a far cry from the highs above 70 at the start of the pandemic in early 2020. 

O'Leary's advice to investors is to get over volatility and still allocate to equities "because there's really nothing else to do if you want to beat inflation."

Read More: A gamer who makes up to $148 a day in a play-to-earn game explains how to onboard — and lists the top 10 metaverses releasing titles in 2022 that he says will have the highest earning potential and be fun to play.

Read the original article on Business Insider
Categories:

Covid: Beijing city urges end to overseas deliveries over Omicron

BBC News - World - Mon, 01/17/2022 - 14:17
Health officials in the Chinese capital say a local woman may have been infected after opening a parcel.
Categories:

More than 1,300 US flights were canceled Monday after 3,000 cancellations Sunday, as a huge winter storm engulfed the southeast

Businessinsider - Mon, 01/17/2022 - 14:17
American Airlines cut 674 flights on Sunday, the most cancellations of any airline, FlightAware data showed.
  • More than 1,300 US flights have been canceled Monday amid bad weather, FlightAware data shows.
  • More than 3,000 flights to, from, or within the US were canceled Sunday, per FlightAware.
  • Charlotte Douglas and Hartsfield–Jackson Atlanta airports were the worst affected.

More than 1,300 US flights were canceled Monday as a winter storm engulfed the southeast, adding to Sunday's travel misery.

As of 8:00 a.m. ET on Monday, 1,314 flights to, from, or within the US had been canceled, per data from FlightAware, the flight-tracking website. This included 407 flights to or from Charlotte Douglas International Airport, making up almost a third of the airport's schedule for Monday.

Airlines canceled 3,058 flights to, from, or within the US on Sunday, according to figures from FlightAware. A further 4,671 flights were hit by delays, the data showed.

Sunday's cancellations included more than 1,200 flights that were scheduled to land in or depart from Charlotte, which represented more than 90% of the airport's schedule for Sunday.

Almost 400 flights set to land in or depart from Hartsfield–Jackson Atlanta International Airport were canceled Sunday, per FlightAware data.

Hundreds of flights to and from Ronald Reagan Washington National Airport in Virginia, Chicago O'Hare International Airport, Raleigh-Durham International in North Carolina, and LaGuardia in New York City were also canceled.

American Airlines, which has a hub at Charlotte International, had the highest number of cancellations, with 674 flights being cut on Sunday, according to FlightAware data. This amounted to almost a quarter of its US-wide schedule for the day.

More than 500 flights operated by American subsidiary PSA Airlines, or 71% of its schedule, were canceled.

A spokeswoman for American said: "This weekend's winter storm has had a significant impact on our operation. The vast majority of impacted flights have been canceled in advance so we could proactively notify and accommodate our customers and avoid last-minute disruptions at the airport. Additionally, we issued a travel notice to allow customers whose travel plans are impacted by the storm to rebook without change fees."

Delta said it canceled about 500 flights Sunday and 75 on Monday.

Southwest, Republic, and United all canceled at least 10% of their Sunday schedules, per FlightAware data. The airlines did not immediately respond to Insider's requests for comment, which were made outside normal working hours.

The cancellations were in part due to a winter snow storm which the National Weather Service said could lead to hazardous travel, fallen trees, and power outages for portions of the eastern US through Monday. The agency said parts of New England should expect heavy snow Monday and that the Atlantic coastline could face strong winds and coastal flooding.

American Airlines said in a statement Friday that "winter weather" may affect its operations, and issued travel alerts for some airports in parts of the Midwest, Northeast, and Southeast US, as well as Canada. Southwest warned customers that some flights over the weekend could be delayed, diverted, or canceled. Delta issued a travel waiver.

Airlines have canceled thousands of flights since Christmas Eve, citing bad weather alongside rising staff sickness as the Omicron coronavirus variant spreads.

Read the original article on Business Insider
Categories:

Moscow refuses to rule out Latin America military deployments

Al Jazeera - Mon, 01/17/2022 - 14:16
Russia 'exploring options to ensure security', Kremlin spokesman says against backdrop of Ukraine tensions.
Categories:

Mark Zuckerberg and Sundar Pichai personally oversaw an illegal deal that misled publishers and advertisers, unredacted suit alleges

Businessinsider - Mon, 01/17/2022 - 14:15
  • Unredacted court documents reveal a string of new allegations against Facebook and Google. 
  • The firms' CEOs signed off on a deal that misled advertisers and publishers, state AGs alleged.
  • Do you work at Google? Contract reporter Martin Coulter on mcoulter@insider.com or +447801985586. 

Google CEO Sundar Pichai and Meta chief exec Mark Zuckerberg personally signed off on an illegal advertising deal in 2018, according to newly unredacted US court filings that claim collusion at the very top of both firms.

According to the complaint, first filed by a coalition of states in 2020, the deal guaranteed that Facebook would both participate in and win a fixed percentage of Google's online ad auctions, in what the plaintiffs describe as an "illegal price-fixing agreement."

As Insider's Lara O'Reilly wrote in April, Google dominates how marketers buy ads, the tech which sites use to sell ads, and the exchange that connects the two. The suit alleges that Google used its dominant position and "exclusionary tactics" to distort competition in online ads.

Most of the allegations in the suit hinge on Google's fear of "header bidding," an alternative to its own ad auctioning practices described as an "existential threat" to the company.

Header bidding was developed by a roster of independent ad tech players that compete with Google as a way to democratize the way ad slots on publishers' sites get filled, and maximize their ad revenue.

Per the suit, Google executives were worried by Facebook's early moves into this space around 2017, and sought to bring the rival tech giant on board as a partner, rather than risk greater competition.

The lawsuit cites an email from Facebook COO Sheryl Sandberg, sent to Zuckerberg and other execs, in which she describes the potential partnership as "a big deal strategically."

The execs' names are redacted, but their titles are given in the suit.

Sandberg is alleged to have followed up with an email sent directly to Zuckerberg, writing: "We're nearly ready to sign and need your approval to move forward."

The email allegedly sent by Facebook's Sheryl Sandberg to CEO Mark Zuckerberg.

It was previously reported that this 2018 agreement, codenamed "Jedi Blue" internally, was allegedly signed by Sandberg and Google's chief business officer Phillip Schindler

The unredacted lawsuit also contains further details of "Project Bernanke," a secret initiative through which Google allegedly used bidding data collected from outside advertisers using its exchange to benefit its own ad system. The allegations around Project Bernanke appeared to back up industry concerns that Google dominating every aspect of the online ad ecosystem gives it an advantage over more specialist firms.

The lawsuit alleges Google's AdX exchange sometimes overcharged advertisers bidding for space on publishers' websites, allowing the tech giant to pocket the difference.

These additional funds were then placed in a pool and redistributed among advertisers bidding for space using Google tools, in order to artificially boost their performance, according to the complaint.

The antitrust lawsuit was first filed in 2020, fronted by Ken Paxton, the Attorney General of Texas, and was originally heavily redacted. The new revelations follow a judge order on Friday to unseal parts of the amended complaint.

Paxton led a coalition of states who alleged the tech giant had used "exclusionary tactics" in order to distort competition in the online ad market.

Google previously told Insider that's Paxton's lawsuit was "meritless," adding: "We will strongly defend ourselves from his baseless claims in court."

A Meta company spokesperson told the Guardian on Friday: "These business relationships enable Meta to deliver more value to advertisers while fairly compensating publishers, resulting in better outcomes for all." 

Insider approached Google and Meta for further comment. 

Do you work at Google? Got a tip? Contact reporter Martin Coulter via email at mcoulter@insider.com, or via encrypted messaging app Signal at +447801985586.

Read the original article on Business Insider
Categories:

Anne Frank betrayal suspect identified after 77 years

BBC News - World - Mon, 01/17/2022 - 14:14
A new investigation identifies a suspect who may have told the Nazis about the Jewish diarist's hideout.
Categories:

Voting rights: Is US democracy really in danger?

Al Jazeera - Mon, 01/17/2022 - 14:13
The US Senate is poised for a showdown debate over voting rights as Republicans in states pass restrictions.
Categories:

Christian Juhl (EL): Vestens forsøg på at svække Putin gør ham kun stærkere

Ræson: Magasin om politik - Mon, 01/17/2022 - 14:07
Putin bliver ikke mindre farlig eller mere demokratisk af, at NATO-landene spiller med de militære muskler. Hver gang Vesten sår frygt og usikkerhed blandt russiske borgere, høster Putin større opbakning. Artiklerne i RÆSONS KOMMENTARSERIE og udvalgte podcastserier er gratis. Det er KUN muligt at lave dette indhold gratis, takket være vores abonnenter: RÆSON er totalt […]
Categories: Politik

3 killed after suspected drone attack near Abu Dhabi airport that blew up fuel trucks

Businessinsider - Mon, 01/17/2022 - 14:02
  • At least three people are dead after fuel trucks exploded in Abu Dhabi airport on Monday, police said.
  • It may have been a drone attack, and six more people are injured, police added.
  • Houthi rebels, who have launched drone attacks in Saudi Arabia, claimed responsibility.

At least three people are dead after fuel trucks exploded near Abu Dhabi airport on Monday in a suspected drone attack, police said.

The city's police said that six people were also injured in the explosion, which happened after a fire broke out near oil company ADNOC's storage facilities, United Arab Emirates news agency WAM reported.

Police said those killed were two people from India and one from Pakistan, the report said. 

Abu Dhabi police said in a statement that "initial investigations found parts of a small plane that could possibly be a drone at both sites that could have caused the explosion and the fire," Reuters reported.

The police added that there was no "significant damage," according to Reuters.

The Houthi movement claimed responsibility, Reuters reported.

 The Houthi rebels overthrew the government in Yemen in 2015, and Iran is accused of supporting the group.

They often attack Saudi Arabia, 

Read the original article on Business Insider
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As one of only 2 Black women CEOs in the Fortune 500, I'm often asked about how to close the US's racial wealth gap. The key is helping people save for retirement.

Businessinsider - Mon, 01/17/2022 - 14:00
"Lacking resources to live out your final years in dignity inarguably is an injustice," says Duckett.
  • Thasunda Brown Duckett is the president and CEO of financial-services firm TIAA.
  • She is one of only two Black women CEOs in the Fortune 500.
  • Duckett says that policymakers and leaders must build more educational and employment opportunities for people of color.

Closing the wealth gap for people of color in America is one of the toughest issues we face as a nation, and it's one of the issues I have been asked about most often since becoming one of two Black women CEOs in the Fortune 500 last year.

My answer draws heavily from the teachings of the Rev. Dr. Martin Luther King Jr. on breaking the cycle of poverty. In fact, he originally intended his "I Have a Dream" speech as a call for an end to economic and employment inequality for all people. Dr. King continued to push for reforms that would increase access to work for people vulnerable to economic dislocations.

In speech after speech and through his writings, he urged U.S. policymakers and business leaders to create a path to financial stability for people who were drowning in debt, barely able to get by from one payday to the next, and utterly unable to save for the future.

We still have a tremendous amount of work left to do at a time when 83% of older Americans who are Black do not have enough savings to retire; when 1.8 million women — many of them women of color — have dropped out of the workforce due to COVID-related family needs and may never make up for lost earnings and retirement savings. And those inadequate savings sometimes have to last for decades, since half of those retiring at age 65 can expect to live past age 85.

All of this means we have to think harder about how to replace our income in retirement.

These issues are even more of a struggle in the Black community.

If you have suffered pay inequities throughout your lifetime, and you haven't been able to save enough for retirement, it's hard to take care of yourself.

When we can't cover our own bills in retirement, we often have to rely on our children, our younger family members, and then we are taking away resources they could be saving for their own future or their children. It's a cycle we have to break.

Every American is entitled to a secure, dignified retirement. As employers strive to create good jobs and opportunities for promotion for more people of color, especially women, I would implore my fellow leaders to also give employees access to retirement savings plans, the ability to save for guaranteed lifetime income, and the tools to provide the information we all need to know: "Am I on track? If not, what do I need to do?"

It's critically important for employees from all walks of life to understand that these opportunities, from financial education to saving for retirement, are for them.

My own father did not save enough through his company's retirement plan because no one explicitly told him about it, and he didn't think that information was relevant for him. That ignited a spark in me to get everyone better access to the information they need to achieve retirement security.

I believe that public policymakers and corporate leaders can work together to be the change.

The first step is working more systematically to increase access to opportunities for career advancement that can increase pay and savings. I am hopeful that we can continue to accelerate progress in educational and employment opportunity — including expanding the pipeline to good jobs through systematic measurement and tracking, seeking talent from new sources, and recognizing ways in which we inadvertently impede progress, such as requiring years of experience unlikely among otherwise qualified applicants.

When it comes to saving for retirement, I find hope in the leadership demonstrated by Congress with the SECURE Act in 2019, which paved the way for employers to offer investments that would provide lifetime income in retirement. Now, lawmakers are considering ways to make it even easier, possibly even letting employers match employees' student-loan payments with retirement contributions.

These are the kinds of critical actions we must take to ensure that all US workers can effectively save for the future with the peace of mind they deserve.

As Dr. King wisely observed in a 1963 letter from a Birmingham jail, "injustice anywhere is a threat to justice everywhere." Lacking resources to live out your final years in dignity inarguably is an injustice.

So many are struggling to support themselves and their extended families two years into the pandemic. Let's be the change needed to ensure that their burdens don't last a lifetime.

Thasunda Brown Duckett is the president and CEO of TIAA.

Read the original article on Business Insider
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Clara Tauson debuterer ved Australian Open: 'Hun har kvaliteterne til at nå rigtig langt'

DR Sporten - Mon, 01/17/2022 - 13:50
Den danske tennisspiller Clara Tauson spiller første kamp ved grand slam-turneringen Australian Open natten til tirsdag.
Categories: Sport

Cathie Wood's career advice for women: 'Make your boss look brilliant'

Businessinsider - Mon, 01/17/2022 - 13:49
Cathie Wood, founder and CEO of Ark Invest.
  • Ark Invest's Cathie Wood has advised women how to get ahead in the financial services industry. 
  • She told TIME: "Work hard, keep your head down, and make your boss look brilliant."
  • But she advised women to quit if their bosses didn't provide "growth opportunities."

Women working in financial services should make their bosses "look brilliant" if they want to get ahead, the veteran investor Cathie Wood has said.

However, in an interview with TIME, published Sunday, the founder and CEO of Ark Invest advised women to leave their jobs if their bosses didn't give them "growth opportunities."

Wood, who founded Ark in 2014, is one of a handful of women to lead a high-profile asset management firmA favorite among followers of the subreddit r/WallStreetBets, she shot to fame after making successful bets on Tesla and bitcoin.

Asked about the lack of women working in the upper echelons of the financial services industry, Wood told TIME: "As far as my own experience and advice, it has been: work hard, keep your head down, make your boss look brilliant."

She added: "If your boss does not give you growth opportunities, I would then suggest leaving and getting into a [better] situation. Because I really do think our industry is fantastic for women."

A 2021 study by Knight Foundation found that just 1.4% of an estimated $82.24 trillion of assets under management were handled by a female- or minority-led firm. Ingrained stigmas and structural societal inequalities were some of the barriers found to be behind the "glass ceiling" that exists in many industries. 

Wood said asset management can be a "wonderful" industry for women if they can move into a situation where their performance is measured objectively. The way to do this is to move into asset management positions, like portfolio manager and research analyst, she suggested.

Read the original article on Business Insider
Categories:

The prospects of another American (un)civil war

Al Jazeera - Mon, 01/17/2022 - 13:49
Trump, the GOP and corporate media are pushing America to the brink. Can they be stopped?
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