#Financial product company

[bizkonnect]

Bizkonnect has global customers in different domains. Their sales and marketing teams leverage BizKonnect’s sales intelligence and personalized campaign solution to reach to their target prospects

[dragonsareawesome123]

Love For Love’s Sake’s production company must be so relieved right now that they listened to the backlash and let the drama stay a BL ajsjsksks

[plushie-lovey]

A few weeks ago I was nearly at 200 followers, now I'm back down to 165. Ik why you guys left but it was for a silly reason. To each their own

[swordsonnet]

[ID: an interface message from fallout 4 reading "everyone disliked that". end ID]

watcher leaving youtube... for a streaming service????

[infinitelysordinary]

need to stop doomscrolling

[sybbi]

Right. All those super wealthy college graduates.

[jcmarchi]

Generative AI’s Role in Job Satisfaction

New Post has been published on https://thedigitalinsider.com/generative-ais-role-in-job-satisfaction/

Generative AI’s Role in Job Satisfaction

Generative AI (GenAI) is a pivotal technology that enhances work in a myriad of ways. From automating complex analysis to simulating scenarios that assist in decision-making, GenAI use cases are making a big impact across a broad swath of industries, including financial services, consultancies, information technology, legal, telecommunication and more.

Certainly, organizations recognize GenAI’s potential with the increasing adoption of AI within organizations. According to a PWC survey, 73% of U.S. companies have adopted AI in some areas of their business. Yet, discussion persists about GenAI’s role within the workplace, given fears over job displacement, bias, decision-making transparency and more. Despite this, GenAI has made AI technology much more accessible to employees within organizations, regardless of their specific roles.

In fact, a LexisNexis Future of Work survey showed that 72% of professionals anticipate a positive impact from GenAI, and only 4% see it as a threat to job security. GenAI can automate mundane tasks, allowing users to focus on more specialized, impactful and strategic tasks. This, in turn, can increase employee productivity and job satisfaction while ensuring human ambition and innovation walk hand in hand.

AI’s Productivity Boost

GenAI’s rapid rise marks a crucial shift in how organizations must operate and strategize to augment every role. GenAI applications are as diverse as they are impactful. It’s not just hype; GenAI is already poised to increase labor productivity by 0.1 to 0.6% annually through 2040.

GenAI has also created value across multiple sectors and industries. Significant business functions, including Sales, Marketing, Customer Operations and Technology have leveraged GenAI to increase productivity. In technology, for example, GenAI-based coding assistants are a massive help to software developers in suggesting code snippets, refactoring code, fixing bugs, understanding complex code, writing unit tests, documentation and creating complete end-to-end applications.

As employees experiment and explore with GenAI tools, their comfort level with the technology increases. Eighty-six percent of professionals ‘agree’ or ‘strongly agree’ with a willingness to embrace GenAI for both creative and professional work. Sixty-eight percent of employees plan to use GenAI tools for work purposes, while 69% are already using these tools to assist with daily tasks. The data makes it clear that organizations that adopt GenAI can boost productivity, and employees are willing to use it to accelerate efficiency.

Productivity Gains Are a Given, But Also AI Helps with Job Satisfaction

One of the most significant opportunities around GenAI lies in its power to help with job satisfaction. While professionals have fairly balanced expectations on how far adoption will go, 82% expect generative AI to take over a range of repetitive administrative tasks by automating routine tasks and data analysis, freeing them to focus on more strategic aspects of their work.

When asked how they perceive GenAI’s role in the work environment, more than two-thirds of professionals see it as a ‘helpful tool’ or ‘supportive co-worker.’ As a result, they recognize AI’s potential to enhance, not hinder, job performance and are embracing it with a positive mindset toward eliminating repetitive tasks and freeing up time for more rewarding, higher-value work.

Most professionals do not see generative AI as a detriment to job satisfaction, either. Over half (51%) say job satisfaction has improved significantly or moderately thanks to GenAI, while only 10% felt that it decreases job satisfaction. A fundamental rethink is necessary where and how organizations implement GenAI tools within the workplace.

Recommendations to Improve Engagement and Job Satisfaction

Organizations need to consider employee engagement throughout the adoption process of GenAI tools. Here are some recommendations to improve engagement and thereby increase job satisfaction:

Engage your employees to identify the use cases that are most impactful for a particular role or group. Pick tasks that are most time-consuming and tedious, such that solving them would free up time to focus on more critical items.

Identify the GenAI tools and large language models (LLMs) that are most effective for solving the identified use case. Take the time to experiment, test and validate the output. Ensure that you account for a diverse set of inputs for the use case and measure the output quality, including the hallucination rate, to help build trust within your employee base using the solution.

Provide training to your team. Take advantage of the vast information available on the web, with videos, code samples, tool vendor resources and tutorials on using the specific tool, LLM, associated prompts and guardrails. Create mentors and experts within the team to help coach the rest. Showcase examples of lessons learned and success stories to inspire team members who may not see the value.

Identify and measure KPIs. These could include adoption, productivity gains, costs saved or repurposed, employee satisfaction, quality improvement and other KPIs that may be specific to the team or business.

Gen AI isn’t just for technologists anymore; it’s making potent tools accessible to everyone. Most business professionals who once viewed these technologies with skepticism now accept and even welcome them. And it’s no secret why, given GenAI’s power to present organizations and employees alike with unprecedented opportunities toward the future of work.

[lurkiestvoid]

yeahhhhh pretty much, except the only thing is it's less individual investors and more Hedge Funds.

Hedge funds use algorithms to maximize profits by any means necessary, up to and including certain tactics that will deliberately tank a stock. If it's not performing well or if they just don't want it to, they can bet against it and whip out a variety of bullshit of varying legality to push the share price down, which causes other HFs to sell to stay ahead of the market, which leads portfolio managers and accountants and regular folks to sell, and then when the selloffs are done the original HFs make fucking bank off strangling the stock. (This also works in reverse: betting a stock will rise, baiting others to buy in, profit, then bet against it again)

So a "strong" company is one with lots of gains and very few/short losses (harder to break/less room to manipulate, generally Big Name stocks like Disney/Apple/etc) whereas a "weak" company with more losses than gains or lots of volatility is a prime target for the piranhas. The people running companies are terrified of stagnation, let alone losses, because it can very, very easily be taken advantage of and even outright kill the company in just a few weeks or months. Perpetual growth is virtually required to survive the market as it is today.

Individual, casual/hobbyist investors with at most a couple dozen shares in a handful of companies don't have the numbers/margins to seriously affect a stock price. Even hobbyist/semipro "traders" who obsess/hoard and attempt to imitate The Big Guys are comparitively few in number and just don't have the weight to affect much more than their own account balance. But hedge funds do have MASSIVE weight in the market, throwing around thousands of shares at a time, several times a day, for dozens of different tickers, in multiple markets and across multiple industries.

And then there are "market makers." These are giant companies whose SOLE purpose is to manipulate the market ensure "market liquidity," or, "a buy for every sell, a sell for every buy." What this means is that if demand is high but there aren't enough shares available to sell, they make more by "borrowing" them, potentially infinitely. If these market makers feel a stock is too "overvalued," they can dump loads of those borrowed shares to saturate the market and drive the price back down. There is extremely little regulation on this, which leads to situations where the same one share can have dozens or hundreds of "owners."

This can happen because regular everyday investors don't actually "own" stock at all. Like, very literally, their "shares" are 1) not real and 2) can be liquidated by their brokers at any time, because, as the go-between third party, their brokers own the shares "on their behalf," and brokers essentially just "deliver" digital IOUs. All Actual Real Shares are held in the DTCC by a company called Cede & Co, and everything else is traded on credit.

If you buy a "share" in a company through a broker, it's not your name on the company shareholder list, it's your broker's. If you're submitting paperwork to your broker for voting for that company's policies at their annual meeting, your broker is pooling aaaaall the votes and "proportionally" voting "on your behalf." And your broker can decide to lend out your shares without telling you (to their own profit) and you may or may not ever get them back -- this is called "failure to delivers" or FTDs and there is a massive backlog of them that just ... never get addressed.

this is hella over-summarized and sloppy but the tl;dr is that supply and demand economics are beyond broken, the entire stock market is more fake than you ever imagined, it's propped up entirely by computer programs trading IOUs-of-IOUs-of-IOUs, and is easily manipulated at the literal whim of bank-and-billionaire proxies.

companies really have got to be okay with stagnant profits. what is wrong with earning the same amount every year? why does it always have to be more? it's not sustainable. there are only so many people on the planet you can profit from 😭

[probablyasocialecologist]

The economic indicators speak of nothing less than an economic catastrophe. Over 46,000 businesses have gone bankrupt, tourism has stopped, Israel’s credit rating was lowered, Israeli bonds are sold at the prices of almost “junk bonds” levels, and the foreign investments that have already dropped by 60% in the first quarter of 2023 (as a result of the policies of Israel’s far-right government before October 7) show no prospects of recovery. The majority of the money invested in Israeli investment funds was diverted to investments abroad because Israelis do not want their own pension funds and insurance funds or their own savings to be tied to the fate of the State of Israel. This has caused a surprising stability in the Israeli stock market because funds invested in foreign stocks and bonds generated profit in foreign currency, which was multiplied by the rise in the exchange rate between foreign currencies and the Israeli Shekel. But then Intel scuttled a $25 billion investment plan in Israel, the biggest BDS victory ever.  These are all financial indicators. But the crisis strikes deeper at the means of production of the Israeli economy. Israel’s power grid, which has largely switched to natural gas, still depends on coal to supply demand. The biggest supplier of coal to Israel is Colombia, which announced that it would suspend coal shipments to Israel as long as the genocide was ongoing. After Colombia, the next two biggest suppliers are South Africa and Russia. Without reliable and continuous electricity, Israel will no longer be able to pretend to be a developed economy. Server farms do not work without 24-hour power, and no one knows how many blackouts the Israeli high-tech sector could potentially survive. International tech companies have already started closing their branches in Israel. Israel’s reputation as a “startup nation” depends on its tech sector, which in turn depends on highly educated employees. Israeli academics report that joint research with universities abroad has declined sharply thanks to the efforts of student encampments. Israeli newspapers are full of articles about the exodus of educated Israelis. Prof. Dan Ben David, a famous economist, argued that the Israeli economy is held together by 300,000 people (the senior staff in universities, tech companies, and hospitals). Once a significant portion of these people leaves, he says, “We won’t become a third world country, we just won’t be anymore.” 

19 July 2024

[houseofwolvess]

power went out on the whole fucking block. yay

[mostlysignssomeportents]

Red Lobster was killed by private equity, not Endless Shrimp

For the rest of May, my bestselling solarpunk utopian novel THE LOST CAUSE (2023) is available as a $2.99, DRM-free ebook!

A decade ago, a hedge fund had an improbable viral comedy hit: a 294-page slide deck explaining why Olive Garden was going out of business, blaming the failure on too many breadsticks and insufficiently salted pasta-water:

https://www.sec.gov/Archives/edgar/data/940944/000092189514002031/ex991dfan14a06297125_091114.pdf

Everyone loved this story. As David Dayen wrote for Salon, it let readers "mock that silly chain restaurant they remember from their childhoods in the suburbs" and laugh at "the silly hedge fund that took the time to write the world’s worst review":

https://www.salon.com/2014/09/17/the_real_olive_garden_scandal_why_greedy_hedge_funders_suddenly_care_so_much_about_breadsticks/

But – as Dayen wrote at the time, the hedge fund that produced that slide deck, Starboard Value, was not motivated by dissatisfaction with bread-sticks. They were "activist investors" (finspeak for "rapacious assholes") with a giant stake in Darden Restaurants, Olive Garden's parent company. They wanted Darden to liquidate all of Olive Garden's real-estate holdings and declare a one-off dividend that would net investors a billion dollars, while literally yanking the floor out from beneath Olive Garden, converting it from owner to tenant, subject to rent-shocks and other nasty surprises.

They wanted to asset-strip the company, in other words ("asset strip" is what they call it in hedge-fund land; the mafia calls it a "bust-out," famous to anyone who watched the twenty-third episode of The Sopranos):

https://en.wikipedia.org/wiki/Bust_Out

Starboard didn't have enough money to force the sale, but they had recently engineered the CEO's ouster. The giant slide-deck making fun of Olive Garden's food was just a PR campaign to help it sell the bust-out by creating a narrative that they were being activists* to save this badly managed disaster of a restaurant chain.

*assholes

Starboard was bent on eviscerating Darden like a couple of entrail-maddened dogs in an elk carcass:

https://web.archive.org/web/20051220005944/http://alumni.media.mit.edu/~solan/dogsinelk/

They had forced Darden to sell off another of its holdings, Red Lobster, to a hedge-fund called Golden Gate Capital. Golden Gate flogged all of Red Lobster's real estate holdings for $2.1 billion the same day, then pissed it all away on dividends to its shareholders, including Starboard. The new landlords, a Real Estate Investment Trust, proceeded to charge so much for rent on those buildings Red Lobster just flogged that the company's net earnings immediately dropped by half.

Dayen ends his piece with these prophetic words:

Olive Garden and Red Lobster may not be destinations for hipster Internet journalists, and they have seen revenue declines amid stagnant middle-class wages and increased competition. But they are still profitable businesses. Thousands of Americans work there. Why should they be bled dry by predatory investors in the name of “shareholder value”? What of the value of worker productivity instead of the financial engineers?

Flash forward a decade. Today, Dayen is editor-in-chief of The American Prospect, one of the best sources of news about private equity looting in the world. Writing for the Prospect, Luke Goldstein picks up Dayen's story, ten years on:

https://prospect.org/economy/2024-05-22-raiding-red-lobster/

It's not pretty. Ten years of being bled out on rents and flipped from one hedge fund to another has killed Red Lobster. It just shuttered 50 restaurants and declared Chapter 11 bankruptcy. Ten years hasn't changed much; the same kind of snark that was deployed at the news of Olive Garden's imminent demise is now being hurled at Red Lobster.

Instead of dunking on free bread-sticks, Red Lobster's grave-dancers are jeering at "Endless Shrimp," a promotional deal that works exactly how it sounds like it would work. Endless Shrimp cost the chain $11m.

Which raises a question: why did Red Lobster make this money-losing offer? Are they just good-hearted slobs? Can't they do math?

Or, you know, was it another hedge-fund, bust-out scam?

Here's a hint. The supplier who provided Red Lobster with all that shrimp is Thai Union. Thai Union also owns Red Lobster. They bought the chain from Golden Gate Capital, last seen in 2014, holding a flash-sale on all of Red Lobster's buildings, pocketing billions, and cutting Red Lobster's earnings in half.

Red Lobster rose to success – 700 restaurants nationwide at its peak – by combining no-frills dining with powerful buying power, which it used to force discounts from seafood suppliers. In response, the seafood industry consolidated through a wave of mergers, turning into a cozy cartel that could resist the buyer power of Red Lobster and other major customers.

This was facilitated by conservation efforts that limited the total volume of biomass that fishers were allowed to extract, and allocated quotas to existing companies and individual fishermen. The costs of complying with this "catch management" system were high, punishingly so for small independents, bearably so for large conglomerates.

Competition from overseas fisheries drove consolidation further, as countries in the global south were blocked from implementing their own conservation efforts. US fisheries merged further, seeking economies of scale that would let them compete, largely by shafting fishermen and other suppliers. Today's Alaskan crab fishery is dominated by a four-company cartel; in the Pacific Northwest, most fish goes through a single intermediary, Pacific Seafood.

These dominant actors entered into illegal collusive arrangements with one another to rig their markets and further immiserate their suppliers, who filed antitrust suits accusing the companies of operating a monopsony (a market with a powerful buyer, akin to a monopoly, which is a market with a powerful seller):

https://www.classaction.org/news/pacific-seafood-under-fire-for-allegedly-fixing-prices-paid-to-dungeness-crabbers-in-pacific-northwest

Golden Gate bought Red Lobster in the midst of these fish wars, promising to right its ship. As Goldstein points out, that's the same promise they made when they bought Payless shoes, just before they destroyed the company and flogged it off to Alden Capital, the hedge fund that bought and destroyed dozens of America's most beloved newspapers:

https://pluralistic.net/2021/10/16/sociopathic-monsters/#all-the-news-thats-fit-to-print

Under Golden Gate's management, Red Lobster saw its staffing levels slashed, so diners endured longer wait times to be seated and served. Then, in 2020, they sold the company to Thai Union, the company's largest supplier (a transaction Goldstein likens to a Walmart buyout of Procter and Gamble).

Thai Union continued to bleed Red Lobster, imposing more cuts and loading it up with more debts financed by yet another private equity giant, Fortress Investment Group. That brings us to today, with Thai Union having moved a gigantic amount of its own product through a failing, debt-loaded subsidiary, even as it lobbies for deregulation of American fisheries, which would let it and its lobbying partners drain American waters of the last of its depleted fish stocks.

Dayen's 2020 must-read book Monopolized describes the way that monopolies proliferate, using the US health care industry as a case-study:

https://pluralistic.net/2021/01/29/fractal-bullshit/#dayenu

After deregulation allowed the pharma sector to consolidate, it acquired pricing power of hospitals, who found themselves gouged to the edge of bankruptcy on drug prices. Hospitals then merged into regional monopolies, which allowed them to resist pharma pricing power – and gouge health insurance companies, who saw the price of routine care explode. So the insurance companies gobbled each other up, too, leaving most of us with two or fewer choices for health insurance – even as insurance prices skyrocketed, and our benefits shrank.

Today, Americans pay more for worse healthcare, which is delivered by health workers who get paid less and work under worse conditions. That's because, lacking a regulator to consolidate patients' interests, and strong unions to consolidate workers' interests, patients and workers are easy pickings for those consolidated links in the health supply-chain.

That's a pretty good model for understanding what's happened to Red Lobster: monopoly power and monopsony power begat more monopolies and monoposonies in the supply chain. Everything that hasn't consolidated is defenseless: diners, restaurant workers, fishermen, and the environment. We're all fucked.

Decent, no-frills family restaurant are good. Great, even. I'm not the world's greatest fan of chain restaurants, but I'm also comfortably middle-class and not struggling to afford to give my family a nice night out at a place with good food, friendly staff and reasonable prices. These places are easy pickings for looters because the people who patronize them have little power in our society – and because those of us with more power are easily tricked into sneering at these places' failures as a kind of comeuppance that's all that's due to tacky joints that serve the working class.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/05/23/spineless/#invertebrates

[reasonsforhope]

"The Biden Administration last week [early December, 2023] announced it would be seizing patents for drugs and drug manufacturing procedures developed using government money.

A draft of the new law, seen by Reuters, said that the government will consider various factors including whether a medical situation is leading to increased prices of the drug at any given time, or whether only a small section of Americans can afford it.

The new executive order is the first exercise in what is called “march-in-rights” which allows relevant government agencies to redistribute patents if they were generated under government funding. The NIH has long maintained march-in-rights, but previous directors have been unwilling to use them, fearing consequences.

“We’ll make it clear that when drug companies won’t sell taxpayer funded drugs at reasonable prices, we will be prepared to allow other companies to provide those drugs for less,” White House adviser Lael Brainard said on a press call.

But just how much taxpayer money is going toward funding drugs? A research paper from the Insitute for New Economic Thought showed that “NIH funding contributed to research associated with every new drug approved from 2010-2019, totaling $230 billion.”

The authors of the paper continue, writing “NIH funding also produced 22 thousand patents, which provided marketing exclusivity for 27 (8.6%) of the drugs approved [between] 2010-2019.”

How we do drug discovery and production in America has a number of fundamental flaws that have created problems in the health service industry.

It costs billions of dollars and sometimes as many as 5 to 10 years to bring a drug to market in the US, which means that only companies with massive financial muscle can do so with any regularity, and that smaller, more innovative companies can’t compete with these pharma giants.

This also means that if a company can’t recoup that loss, a single failed drug can result in massive disruptions to business. To protect themselves, pharmaceutical companies establish piles of patents on drugs and drug manufacturing procedures. Especially if the drug in question treats a rare or obscure disease, these patents essentially ensure the company has monoselective pricing regimes.

However, if a company can convince the NIH that a particular drug should be considered a public health priority, they can be almost entirely funded by the government, as the research paper showed.

Some market participants, in this case the famous billionaire investor Mark Cuban, have attempted to remedy the issue of drug costs in America by manufacturing generic versions of patented drugs sold for common diseases."

-via Good News Network, December 11, 2023

[i4technolab]

Microsoft Excel is an extensively used tool in the financial business for doing sophisticated calculations, analyzing data, and producing business reports. Because standard Excel software can only help with basic operations, businesses require a platform that can extend Excel functionality and boost business productivity. This is where Excel add-ins development comes into play.

[danray002]

https://www.msn.com/en-us/money/other/the-biggest-study-of-greedflation-yet-looked-at-1300-corporations-to-find-many-of-them-were-lying-to-you-about-inflation/ar-AA1lcmku

Link above is the same story without the paywall. (Because we're reading beyond the headline before passing on the info, right?)

"Profits for companies in some of the world’s largest economies rose by 30% between 2019 and 2022, significantly outpacing inflation, according to the group’s research of 1,350 firms across the U.S., the U.K., Europe, Brazil, and South Africa."

[longliveblackness]

Congo is silently going through a silent genocide. Millions of people are being killed so that the western world can benefit from its natural resources.

More than 60% of the world's cobalt reserves are found in Congo, used in the production of smartphones.

Western countries are providing financial military aid to invade regions filled with reserves and in the process millions are getting killed and millions homeless.

Multinational mining companies are enslaving people especially children to mine.

•••

La República Democrática del Congo vive un genocidio silencioso. Millones de personas están siendo asesinadas para que la parte occidental del mundo pueda beneficiarse de sus recursos naturales.

Más del 60% de las reservas mundiales de cobalto se encuentran en el Congo, y se utiliza en la producción de teléfonos inteligentes.

Los países occidentales están proporcionando asistencia financiera militar para invadir regiones llenas de reservas y en el proceso millones de personas mueren y millones se quedan sin hogar.

Las empresas mineras multinacionales están esclavizando a la gente, especialmente a los niños, para trabajar en las minas.

Street Art and Photo by Artist Eduardo Relero

(https://eduardorelero.com)