Starbucks Now Has a New Indian CEO; Laxman Narasimhan
Last Thursday, Starbucks announced the hiring of a new CEO, Laxman Narasimhan, who will replace Howard Schultz in April. Narasimhan came into the organization at a critical time, as both unionization and inflation are affecting the coffee retail chain.
Former CEO Howard Schultz joined the company just a year ago when it was in pretty bad shape. Taking over after Kevin Jhonson, Schultz is frequently referred to as the CEO who brought the company back from the brink.
Schultz, as the current CEO, participated actively in the hiring process. Narasimhan was selected because he was a servant leader who had a deep sense of humility. It is Laxman’s first and foremost qualities as a servant leader that make him stand out.”
Laxman Narasimhan has served numerous large organizations throughout his career. Previously, he served as an executive for PepsiCo and is currently CEO of Reckitt Benckiser, a maker of household products such as Lysol disinfectant and Durex.
The journey of Laxman Narasimhan began when he moved to the US to pursue his studies at the University of Pennsylvania’s Wharton School. Once he finished his studies, he joined McKinsey & Company as a senior partner. After joining PepsiCo in 2012, Narasimhan worked his way through the ranks and eventually began overseeing operations across Latin America, Europe, and sub-Saharan Africa.
According to Howard Schultz, Starbucks was attracted to Narasimhan because of his breadth of experience across industries and international borders. A true operator, he has the DNA of an entrepreneur.”
According to Starbucks, Narasimhan’s experience in Supply Chain and his connections in the corporate world will be of great value to the company. There will be a lot on Narasimhan’s plate, from handling a mainstream brand in inflation to fighting off unionization threats.
The achievement puts Narasimhan among the list of Indian Origin CEOs who have conquered big names in business despite humble beginnings. Among Indian-owned companies are IBM, Microsoft, Twitter, Adobe, Micron, Chanel, Pepsi, and now even Starbucks.
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Pakistani Workers Paid Only $0.75 For World Cup Football That Sells at $165 Each
Although the Al Rihla World Cup Football Balls are listed on the Adidas website for $165, the workers who create them only receive about $0.75 for each football.
The Fifa World Cup’s official soccer ball was made in Sialkot, Pakistan, for the largest football tournament of the year. Do you realize that these football manufacturers only make a minimum pay of Rs. 160 PKR ($0.75)?
At least two-thirds of all footballs in the world are made at the 1,000 firms in Sialkot, including Adidas Al Rihla, which is Pakistan’s center for sporting products.
The 60 000 workers in these factories are not paid the minimum wage despite having such a significant impact on the sports world and literally being its core.
Long hours are put in by the artisans, who manually stitch each panel of the ball. Hand-stitching sports equipment, especially balls, is a custom in the city. This is because hand-stitching provides balls with more longevity and aerodynamic stability compared to machine sewing.
Thus, it can take up to 3 hours to complete each ball. According to Bloomberg, a laborer can only make about Rs 9600 per month when taking into account their typical compensation. Given that the average cost of living in the city is Rs 20,000, it is clear that this expense doesn’t even register.
The majority of the balls are sewn by women within the workforce. Additionally, despite being the family’s primary provider, these women go home to work and prepare meals for their loved ones. On the other hand, men work in numerous manufacturing phases and receive incredibly little pay.
Globally, over 40 million soccer balls are produced and shipped annually. The production and sales are much higher during the World Cup Football year. Therefore, despite such a remarkable yearly sale, the issue remains: Why are the workers in the factories in Sialkot so grossly underpaid, and will any steps be done to grant them the rights they deserve?
Google to pay record $391m privacy settlement
Google to pay $391.5m (£330m) to settle allegations about how it collects data from users.
The technology giant tracked the location of users who opted out of location services on their devices, 40 US states said.
Google has been told to be transparent about location tracking in the future and develop a web page telling people about the data it collects.
It is the largest privacy-related multi-state settlement in US history.
A Google official said: “Consistent with improvements we’ve made in recent years, we have settled this investigation, which was based on outdated product policies that we changed years ago.”
Last month, Google agreed to pay Arizona $85m over similar issues concerning how it collects location data.
There remains one outstanding case on the topic in the US courts, after Texas, Indiana, Washington and the District of Columbia took legal action against Google in January.
Knowing a user’s location helps advertisers target products.
And location services help Google generate $200bn in annual advertising revenue.
Oregon Attorney General Ellen Rosenblum, who led the case – alongside Nebraska Attorney General Doug Peterson – said: “For years Google has prioritized profit over its users’ privacy.
“It has been crafty and deceptive.
“Consumers thought they had turned off their location-tracking features on Google – but the company continued to secretly record their movements and use that information for advertisers.”
The attorneys general said Google had been misleading consumers about location tracking since at least 2014, breaking state consumer-protection laws.
The company has been told to significantly improve user controls and the way it discloses location tracking, starting from 2023.
Binance backs out of deal to buy FTX
Binance, the world’s largest crypto exchange by volume, has walked away from a deal with FTX, the third largest.
It appeared that Binance may be in the process of bailing out its troubled rival, FTX, on Tuesday. The plan, however, crumbled just over 24 hours later.
According to The Wall Street Journal, Binance backed out after reviewing the company’s structure and books. We hoped to support FTX’s customers by providing liquidity, but we cannot do anything about the issues.
“In light of recent news reports regarding the mishandling of customer funds and the alleged investigation by the US government, we have decided to not pursue the potential acquisition of [FTX],” Binance tweeted.
Binance continued, “When a major player in an industry fails, retail consumers suffer.” According to us, the crypto ecosystem is becoming more resilient over the past several years, and we believe the free market will eventually weed out outliers who misuse user funds.
TechQuice did not immediately receive responses from Binance or FTX.
According to CoinDesk, FTX’s loan commitments have raised concerns among Binance’s top brass. It follows Binance CEO Changpeng Zhao’s tweet that FTX “going down is not good for anyone in the industry.”
We may update this story if new information becomes available.
Touse Ur Rehman
September 4, 2022 at 1:37 pm
Very proud moment for INDIA…many Indian origin people are now making waves as CEO in the US, UK, Germany, Canada…and doing good job….this shows if given the environment free of favoritism and non-merit pressures, Indian people can do wonders..