Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

If only Boeing’s problems were just about a nightmare flight — a screw loose, a blown-out door plug, and 177 people who will probably need therapy for the rest of their lives. But as the iconic American plane manufacturer tries to make amends for the disastrous Alaska Airlines flight in January, it’s become clear that Boeing’s problems run far deeper. They expose decades of American corporate philosophy gone awry. Boeing is a quintessential example of America’s rotting business culture over the past 40 years. The company relentlessly disgorged cash to shareholders when it could’ve spent it on building a better (and safer) product. Investments that could’ve benefited employees, communities, and other corporate stakeholders were often sacrificed at the altar of efficiency and free cash flow. Boeing focused on pleasing Wall Street because that’s how American executives believe companies should operate.“The people who are at the top are there for a reason, and it’s basically to maximize shareholder value,” the University of Massachusetts economist William Lazonick told me. “It’s so ingrained in their thinking they don’t understand the problem itself. It’s built into the structure of these companies.”Simply changing CEOs or hiring more engineers won’t make Boeing’s problems go away. The company needs to rethink its very reason for existing and what it should provide to society as an enterprise. A good American company isn’t just a vehicle for financial returns; it is first and foremost an employer, a contributor to economic and/or technological innovation, and a source of US power. Whether the recent disasters shake Boeing out of its somnambulance remains unclear. It’s also questionable whether other major companies with a similar maximize-shareholder-value-at-all-costs ethos will learn from the mistakes. But it’s clear that what Boeing — and the entire American corporate body politic — needs is nothing short of a philosophical counterrevolution. There was a time when pilots had stickers on their bags that said, “If it ain’t Boeing, I ain’t going.” Founded in 1916, the manufacturer helped the US launch NASA and win World War II. For decades it was the pinnacle of American engineering. “Boeing was America’s crown jewel,” William McGee, a journalist, advocate, and aviation-industry old hand, told me. “It was one of the most important and impressive companies in the US.”This started to change in the late 1980s when T.A. Wilson, the last Boeing CEO with an engineering background, was replaced by Frank Shrontz, an attorney and businessman. The choice was a signal to Wall Street that engineering excesses would be curbed in favor of cost discipline and investor rewards. Lazonick’s research indicates that from 1998 to 2018, Boeing did $61 billion worth of share buybacks to pump its stock price and paid out $29.3 billion in dividends. Over these three decades of plenty for Boeing’s shareholders, the company’s staff was asked to penny-pinch. An investigation into battery fires on Boeing’s 787 Dreamliner in 2013 found that it wasn’t allowing engineers to stress test its products enough, that it wasn’t catching manufacturing defects, and that passengers could be in danger as a result. But he finance guys loved Boeing’s new focus, and the C-suite — which receives the lion's share of its compensation in stock — loved it too. In the first quarter of 2019, Boeing announced a $2.7 billion stock buyback, and the market rewarded the company with an all-time-high share price of $426.76. But later that year, it all fell apart. The 737 Max 8 was supposed to be the most efficient, cost-effective, environmentally friendly narrowbody on the market. Instead, the plane exposed the rot at the core of the company’s culture. In his book “Flying Blind: The 737 Max Tragedy and the Fall of Boeing,” the journalist Peter Robison wrote that when the new model was being built, managers asked for a detailed accounting of every test flight and talked frequently about how any change had to “buy its way onto the airplane.” A manager lamented to one of Robison’s sources that people would “have to die” before Boeing made changes to the aircraft. And so they did: Two crashes — which were the result of the company’s attempt to work around a technical failure — claimed the lives of more than 300 people and grounded the 737 Max 8 for about 20 months. Boeing’s stock cratered, and <a target="_blank" href="https://www.businessinsider.com/airbus-set-to-break-order-records-beat-boeing-fifth-year-in-a-row-2023-12">France’s Airbus</a>, a rival once colloquially known as “Scare Bus,” started to <a target="_blank" href="https://www.businessinsider.com/airbus-struggling-outsider-beating-boeing-737-max-a320neo-2024-1">eat the American company’s lunch</a>. Executives promised to fix the problems that plagued the 737 Max 8, but the recent Alaska Airlines Max 9 mess has returned the focus to Boeing’s communication, supply chain, and overall quality-control failures. In Boeing’s quarterly earnings call at the end of January, President and CEO Dave Calhoun (who was hired after the previous 737 Max disaster) promised more of a focus on quality and encouraged employees to speak up about issues on the factory floor. “Since day one, we’ve been focused on inculcating safety and quality to everything that we do,” he said, “and getting back to our legacy of getting engineering excellence back at the center of our business.”To many talking-head Wall Street analysts and TV stock influencers, Calhoun’s comments were enough. Sure, this is a rough period for the company, but Boeing would be fine. Buy the dip. Others in the aviation industry aren’t so sure. United Airlines CEO Scott Kirby, one of Boeing’s customers, called the Max 9 fiasco “the straw that broke the camel’s back.” He expressed frustration at Boeing’s seemingly constant blunders and its nearly five-year delay in the delivery of the Max 10 (which hasn’t been certified by the Federal Aviation Administration). “We’re going to at least build a plan that doesn’t have the Max 10 in it,” he told CNBC. Rather than a blip on the radar, this should be a come-to-Jesus moment for Boeing — a moment when it puts engineering back at the center of its culture. Some have argued that Boeing’s problems go back further and are bigger than the recent quality issues. But the problems are the result of something even bigger than Boeing. The transition from an obsession with engineering to an obsession with financial engineering at Boeing, Lazonick told me, wasn’t just the case of one company suddenly changing strategy; it “reflected what was going on in the US.”Until the 1970s, he says, corporations were generally considered parts of a community with responsibilities to a plethora of stakeholders: the employees who work for them, the communities that house them, the customers who pay for their products.But then the US stock market flatlined, and the economy was in the doldrums, so Wall Street and Washington decided that the way American companies did business needed a shake-up. This wasn’t a simple tweak around the edges — refining regulations and adding a few new roles to executive teams — it was about an ideological full-court press to change American corporate culture.At the root of this shake-up was the influence of the economist Milton Friedman of the University of Chicago. In Friedman’s view, humans are selfish and look out for their own interests by nature. He argued that meant a company would see its social responsibility as being to its shareholders and its shareholders alone. One of Friedman’s disciples, the economist Michael Jensen, took the theory a step further in 1976 and argued that the corporation should be built to serve the interests of shareholders. Soon the two economists’ ideas were finding acolytes at business schools, think tanks, and congressional offices around the country. Jensen in particular pushed for CEOs to be paid in stock, arguing that they were being paid like bureaucrats and needed their compensation to be more in line with performance. This incentivized CEOs to maximize profits for shareholders. It’s probably no surprise that CEO pay increased by 1,322% from 1978 to 2020.The ideas also started to permeate Washington. Rule changes had allowed companies to repurchase their own shares, a practice that was previously considered stock manipulation and a general waste of capital that should be reinvested in the company. It also opened the door for Wall Street’s corporate raiders to pressure management to buy back stock to juice the price. Money that could have been spent investing in workers or products instead went straight to investors. By the 1990s, nary a thought was given to whether efficiency was enough of a reason to send jobs overseas. There was no time for that while politicians were busy talking about how America should be <a target="_blank" href="https://www.theatlantic.com/magazine/archive/2002/10/the-roaring-nineties/302604/">run as a business</a>.The CEO who best personified this ideology was Jack Welch, who helmed General Electric from 1981 to 2001. During his tenure, he was celebrated as one of America’s great CEOs for putting shareholder primacy into practice. He sliced costs for the things that had made the company innovative — like research, development, and quality control — and siphoned them off to shareholders in the form of buybacks and dividend payments. Wall Street rewarded his mentality richly, GE’s stock peaked at $318.26 in 2000, and Welch’s disciples at GE spread out all over corporate America. But a corporation can run on past innovation only for so long. In 2018, after over 100 years of prestige, GE was dropped from the Dow Jones Industrial Average because of the work Welch did to hollow it out. During the first few years of his tenure he fired a quarter of the company and continued to fire 10% of the workforce annually thereafter. He was such a fan of sending factories abroad — to American unions’ ire — that he infamously said, ''Ideally, you'd have every plant you own on a barge.'' GE was stripped to free up cash for shareholders time and time again — one of those, of course, being Welch. Even after he left the company, his pay package was so avaricious that the Securities and Exchange Commission fined GE in 2004 for failing to disclose its magnitude. The problem with playing Wall Street’s game is that you have to keep playing forever, and the efficiency doctrine has diminishing returns.“The ones where the most value is being extracted are the ones that were the most innovative in the past,” Lazonick told me, “but then they go into decline.” <a target="_blank" href="https://www.businessinsider.com/how-baby-boomers-became-the-most-selfish-generation-2016-11">An entire generation</a> of politicians and executives preached the doctrine of efficiency in the name of maximizing profits for shareholders, and we’ve seen the results: stagnant wages, massive inequality, legislators captured by industry lobbyists, and companies that coast on past innovation and financialization because it’s easier than investing in something new.As Boeing has been forced to reckon with the corporate culture it developed over the past 40 years, corporate America has been forced to face the long-term cost of its obsession with shareholder primacy and efficiency. We’ve lost a sense of balancing stakeholder interests. Not every company is as rich as, for example, Meta, which has been able to invest $50 billion in Reality Labs (the “metaverse”) since 2020 and still buy <a target="_blank" href="https://www.businessinsider.com/meta-zuckerberg-dividend-stock-buyback-growth-shareholder-returns-buffett-berkshire-2024-2">back its own stock at its highs</a>. Meanwhile, Deutsche Bank has projected that across the S&amp;P 500 buybacks will surge to $1 trillion in 2024. Surely not all of these companies occupy the same reality — virtual, financial, or otherwise. Besides, part of Wall Street’s good vibes for Meta stem from the fact that the company has <a target="_blank" href="https://www.businessinsider.com/meta-layoffs-office-closures-stock-price-mark-zuckerberg-earnings-2024-2">cut 22% of its workforce</a> over the past year. In an economy where taxpayers kept some businesses afloat through the pandemic, widespread layoffs in the name of efficiency and shareholder value will hit a nerve that has been irritated for years now. Americans — whether they’re shareholders are not — have started to notice their contributions to the corporations as workers and taxpayers are being taken for granted, and they’re naturally angry. The populism that has taken over our political discourse is anger over inequality harnessed for political action. In response, executives have offered only lip service. In 2019, the Business Roundtable, an advocacy group formed in the 1970s for corporations, read the populist <a target="_blank" href="https://www.wsj.com/articles/how-short-termism-saps-the-economy-1475018087">tea leaves</a> and published a <a target="_blank" href="https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans">statement</a> that said the purpose of a corporation was to serve all stakeholders, “<a target="_blank" href="https://opportunity.businessroundtable.org/ourcommitment/">customers, employees, suppliers, communities and shareholders</a>.” The problem is it’s hard to see how corporate behavior has actually changed since then. Look at General Motors. Right now, the company is trying to keep up in a global race to electrify the car industry. If there was any time to focus on productive investments over shareholders’ wallets, this would be it. When the United Auto Workers union went on strike in September, CEO Mary Barra <a target="_blank" href="https://www.ineteconomics.org/perspectives/blog/how-gms-10-billion-buyback-may-ice-its-ev-transition">warned workers</a> that it would cost the company money that should be invested in that transition. But in November, after the strike, she announced a $10 billion stock buyback, the company's largest share-repurchase plan and a larger sum <a target="_blank" href="https://www.reuters.com/business/autos-transportation/gm-buy-back-10-billion-shares-cut-cruise-spending-2023-11-29/">than it gave its workers</a>. The size of the buybacks is even more staggering when you consider that the company promised to spend $35 billion total on developing EVs from 2020 to 2025. Companies like GM and Boeing are crucial to the American economy. Their success keeps people employed and enriches communities, which is good for society. Maintaining and growing these iconic companies is a long-term business, but the people who run the business are motivated to play a short-term game.“Boeing is vital, but we don’t treat it like it’s vital,” McGee said. “We treat it like a casino.”There are ways to change all of this, as Lazonick outlines in his 2023 book “Investing in Innovation.” Companies could decouple executive pay from stock prices or change the composition of boards to include employees. But more fundamentally, it will take a total rethink of America’s corporate incentive structure. Instead of favoring shareholders and playing a quarterly game with Wall Street, C-suites should prioritize sustainable, long-term businesses that employ as many productive workers as possible. This means companies won’t suddenly fall out of the sky when the economy sours or their products start to give way for lack of investment. In Boeing’s case, that could mean bringing suppliers closer to home, investing in more layers of quality control, and allowing more time for testing and research. It could mean a more expensive, more redundant company, but a better one. The first step is believing that the state of Boeing is not a natural one — that it can be changed with conscious effort. We just have to choose a better way.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

Boeing lost its way. Other companies should take heed.

Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to <keyword id="11921772" type="UNKNOWN" weightage="60" keywordseo="insider-weekly" source="Orion">Insider Weekly</keyword>, a roundup of some of our top stories. <h3>On the agenda today:</h3><ul><li>Insiders say cracks are starting to show in the <a href="https://www.businessinsider.com/dennis-lynch-morgan-stanley-counterpoint-global-fund-performance-2022-3">"crown jewel" of Morgan Stanley Investment Management</a>.</li><li><keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> talks war, space travel, and loneliness <a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-war-in-ukraine-2022-3">in a new interview</a>.</li><li>When it comes to buying a home, <a href="https://www.businessinsider.com/older-millennials-hard-time-buying-a-home-student-loans-2022-3">older millennials are screwed</a>.</li><li>CEOs are hiring chiefs of happiness, purpose, and learning. <a href="https://www.businessinsider.com/the-c-suite-is-undergoing-a-metamorphosis-right-now-2022-3">Welcome to the new C-suite</a>.</li></ul>Let me know what you think of all our stories at <a href="mailto:mturner@insider.com">mturner@insider.com</a>.<a href="https://www.businessinsider.com/subscription"></a><a href="https://www.businessinsider.com/subscription">Subscribe to Insider</a> for access to all our investigations and features. New to the <keyword id="11894123" type="UNKNOWN" weightage="100" keywordseo="newsletter" source="Orion">newsletter</keyword>? <a href="https://www.businessinsider.com/subscription/newsletter/insider-weekly">Sign up here.</a> Download our app for news on the go – <a href="https://apps.apple.com/app/apple-store/id554260576?mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android.</a><a href="https://www.businessinsider.com/dennis-lynch-morgan-stanley-counterpoint-global-fund-performance-2022-3"></a><h3><a href="https://www.businessinsider.com/dennis-lynch-morgan-stanley-counterpoint-global-fund-performance-2022-3">Inside the 'crown jewel' of Morgan Stanley Investment Management</a></h3><a href="https://www.businessinsider.com/dennis-lynch-morgan-stanley-counterpoint-global-fund-performance-2022-3"></a>Dennis Lynch has long cultivated a reputation of doing things a little bit differently.The rock-star investor prefers to avoid the office, keeps a reading library to expose his colleagues to different ideas, and administers personality tests to his team. He was early to get into private markets as a mutual-fund investor, putting money into Facebook before it went public.His approach worked: He <a href="https://www.businessinsider.com/investing-advice-tips-growth-fund-manager-dennis-lynch-morgan-stanley-2020-11">tripled his clients' money</a> over a decade from 2010 to 2020, attracting billions in assets. He even closed two funds to new investors, a move that's more common for master-of-the-universe hedge-fund managers.Amid that growing success, Lynch increasingly avoided confronting cultural challenges on his Counterpoint Global team, Dakin Campbell and Danielle Walker reported. That left lieutenants to yell, bully, and wield power over their colleagues, their article said.The turn of 2022 has brought a harsh light to Lynch's investment and team-building strategy. Some of his funds were down 40% from January 1 to March 14, and assets across his portfolio have fallen sharply.Now, Lynch is facing what's likely been the biggest challenge of his illustrious career so far.Here, Dakin and Danielle walk us through their takeaways.What's the biggest thing readers should take away from this story?Danielle: Cultural issues are often overlooked when a star team or manager is flying high performancewise. If that streak ends, any cracks in the foundation can be more difficult for the team to smooth over.Did you learn anything in your reporting that surprised you?Dakin: <keyword id="11957019" type="UNKNOWN" weightage="60" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword> has spent years marketing Dennis Lynch as a bookish portfolio manager in charge of something more like a think tank or university group than an investment team. So I was surprised when our sources told us that some of Lynch's top lieutenants were known to bully, scream, and browbeat colleagues and contacts. It's always astonishing when reality is so different from a carefully crafted image — and this time was no different.What do you think the plunge in assets and performance will mean for Lynch and his team?Danielle: As mentioned by an analyst we interviewed, investors will only ride out the turbulence for so long — even knowing they are in a volatile fund. Within the company, the Counterpoint Global team has historically boasted a rare degree of autonomy at Morgan Stanley, by sources' descriptions. As evidenced by long-held concerns about the culture surfacing, performance woes have a way of lessening an investment team's halo effect.Read the full story here: <ul><li><a href="https://www.businessinsider.com/dennis-lynch-morgan-stanley-counterpoint-global-fund-performance-2022-3">Dennis Lynch's funds became the 'crown jewel' of Morgan Stanley Investment Management. Now, as performance and assets plummet, insiders say cracks in the star team's culture are starting to show.</a><a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-war-in-ukraine-2022-3"></a></li></ul><h3><a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-war-in-ukraine-2022-3">Elon Musk on war, nuclear power, and the ideal dinner guest</a></h3><a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-war-in-ukraine-2022-3"></a><div type="image" title="Mathias Döpfner speaks with Elon Musk at Tesla's Gigafactory in Berlin." height="1299" width="1732" msid="90624260" hostid="261"></div>In a conversation with Mathias Döpfner, the CEO of Insider's parent company, Axel Springer, Elon Musk discussed Russia's invasion of Ukraine, space travel, and what makes human beings special.The Tesla and SpaceX CEO shared his biggest fears (death isn't one of them), and his revelation that "for one to be fully happy," you must be happy at work and happy in love. (Musk himself is "medium happy," he said.)Read the full story here:<ul><li><a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-war-in-ukraine-2022-3">Elon Musk discusses the war in Ukraine and the importance of nuclear power — and why Benjamin Franklin would be 'the most fun at dinner'</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/elon-musk-really-thinks-putin-is-significantly-richer-than-me-2022-3">Elon Musk — officially the world's richest man — says he thinks 'Putin is significantly richer than me'</a></li><li><a href="https://www.businessinsider.com/elon-musk-us-has-ancient-leadership-innovation-gerontocracy-2022-3">Elon Musk says the US has 'very, very ancient leadership,' believes there's 'a serious issue with gerontocracy' in many countries</a></li><li><a href="https://www.businessinsider.com/elon-musk-reveals-existential-threats-he-fears-birthrate-extremism-ai-2022-3">Elon Musk reveals 3 existential threats he's scared of, including a declining birth rate, religious extremism, and 'artificial intelligence going wrong'</a><a href="https://www.businessinsider.com/older-millennials-hard-time-buying-a-home-student-loans-2022-3"></a></li></ul><h3><a href="https://www.businessinsider.com/older-millennials-hard-time-buying-a-home-student-loans-2022-3">Older millennials got the short end of the stick (again)</a></h3><a href="https://www.businessinsider.com/older-millennials-hard-time-buying-a-home-student-loans-2022-3"></a><div type="image" title="toddler sleeps on mother while mother looks at her iPhone" height="1500" width="2000" msid="90624261" hostid="261"></div>When they started their careers, between 2008 and 2010, older millennials were beset by the worst recession since the Great Depression. Then, two years ago, they faced a huge roadblock at a pivotal point in their careers when the economy lurched into another recession at the onset of the pandemic. Now, they're in the worst spot in the homebuying market.Adults ages 32 to 41 were the only group under 50 for which home prices grew faster than incomes last year. The typical home they bought in 2021 got 5% more expensive — while they made only 4.4% more.Read the full story here: <ul><li><a href="https://www.businessinsider.com/older-millennials-hard-time-buying-a-home-student-loans-2022-3">Older millennials have it the worst trying to buy a home right now, fueling a feeling of futility that will linger for decades</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/income-to-afford-home-in-austin-texas-price-increase-2022-3">Rich newcomers made buying a home in Austin, Texas, impossible for the average resident. And it's only getting worse.</a><a href="https://www.businessinsider.com/the-c-suite-is-undergoing-a-metamorphosis-right-now-2022-3"></a></li></ul><h3><a href="https://www.businessinsider.com/the-c-suite-is-undergoing-a-metamorphosis-right-now-2022-3">The C-suite is undergoing a metamorphosis</a></h3><a href="https://www.businessinsider.com/the-c-suite-is-undergoing-a-metamorphosis-right-now-2022-3"></a><div type="image" title="A figure in red stands out in front of a number of blue figures (image for new suite)" height="1433" width="1910" msid="90624262" hostid="261"></div>For decades, the C-suite focused on three core areas of business: leadership (CEO), money (chief financial officer), and operations (chief operating officer). But as America calls on companies to pay attention to workers' mental health, address how they're affecting the environment, and prioritize diversity, that model is changing. Enter the new era of the C-suite, or "new suite": one with a chief purpose officer, chief knowledge officer, chief people officer, and even chief joy officer.Read the full story here:<ul><li><a href="https://www.businessinsider.com/the-c-suite-is-undergoing-a-metamorphosis-right-now-2022-3">CEOs are hiring chiefs of happiness, purpose, and learning. Welcome to the new C-suite.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/toxic-work-culture-mit-lecturer-analyzed-millions-reviews-2022-3">How to diagnose and fix a toxic workplace culture, according to researchers who analyzed 1.4 million employee reviews</a></li></ul>More of this week's top reads:<ul><li>Leaked Slack messages show that Shopify leadership plans to address <a href="https://www.businessinsider.com/shopify-to-address-employee-pay-in-town-hall-according-to-leaked-messages-2022-3">pay and attrition woes</a>.</li><li>Insiders say Apple TV+ can be frustrating to work with — and <a href="https://www.businessinsider.com/apple-oscars-streaming-service-hollywood-partners-frustrated-operations-leadership-2022-3">some are calling for leadership changes</a>.</li><li>Big Pharma is betting billions on the next cancer breakthrough. <a href="https://www.businessinsider.com/13-top-tigit-cancer-research-programs-roche-gilead-gsk-2021-6">These 14 drug companies are leading the way</a>.</li><li>Employees say CoStar's CEO built a culture of fear with <a href="https://www.businessinsider.com/costar-ceo-andrew-florance-employee-treatment-2022-3">his ruthless, callous behavior</a>.</li><li>New patent filings show Lululemon isn't done developing <a href="https://www.businessinsider.com/lululemon-new-footwear-patent-applications-2022-3">its new line of sneakers</a>.</li><li>Students prepping for in-person Wall Street interviews will no longer have access to their <a href="https://www.businessinsider.com/how-students-used-cheat-sheets-online-interviews-wall-street-internships-2022-3">pandemic secret weapon: digital cheat sheets</a>.</li></ul>Plus: Stay updated with the latest business news throughout your weekdays by checking out <a href="https://www.insider.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://www.insider.com/therefresh">Listen here tomorrow</a>.Event invite: Join us on April 12 at 12 p.m. ET for "<a href="https://www.businessinsider.com/free-virtual-event-experts-discuss-the-net-zero-transition-2022-3">Accelerate the Net-Zero Transition</a>," in partnership with Bank of America. Experts will discuss how the net-zero transition is being financed and take a closer look at green bonds, sustainability bonds, and more. <a href="https://events.insider.com/financing-a-sustainable-future">Register here</a>.Curated by Matt Turner. Edited by Jordan Parker Erb and Lisa Ryan. <a href="https://www.businessinsider.com/subscription/newsletter">Sign up for more Insider newsletters here</a>.

Morgan Stanley star Dennis Lynch tripled his clients' money in 10 years. Now, he's facing the biggest test of his career as his fund hemorrhages assets and faces questions over culture.

IBM runs a public school in Brooklyn that could change the way we think about education - and it's one of the only things both Trump and Obama support

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Outdoor VoicesLeandra Medine of The Man Repeller.</div></div></div>Outdoor Voices swears it isn't like other athletic apparel brands.Rather than teaming up with athletes, the brand got a big press boost when Lena Dunham wore the brand in an episode in this past season's Girls. One of its key collaborations was with popular fashion blogger, <a href="http://www.manrepeller.com/best_of_internet/outdoor-voices-man-repeller-collaboration.html" target="_blank">Leandra Medine of The Man Repeller</a>, pictured right. Now, it just got a pretty big boost to help it further its mission: a $13 million round of Series B funding led by General Catalyst, the same company that led its Series A round and that has also helped back Warby Parker and Honest Company. Other investors in this round included Forerunner Ventures, Collaborative Fund, 14W, and Mark Vadon, who is the Chairman of online jeweler Blue Nile and the popular flash deal site Zulily. To date, the company has raised $22.5 million. Outdoor Voices prides itself on being a brand that centers itself around recreation, not competition."We're freeing fitness from performance," CEO Tyler Haney recently told Business Insider in an interview."How do we help people be active on an everyday basis without feeling pressure for it?" She asked. "It's really about making activity fun and social and participating together."The company has gained a lot of attention for the 27-year-old Haney, who founded the brand in 2013. She was named one of <a href="http://www.forbes.com/pictures/mlf45emgde/tyler-haney-27/#6545d3ab7b8b" target="_blank">Forbes' 30 Under 30 this year.</a><div class="KonaFilter image-container display-table"><div><div class="image on-image">Outdoor VoicesCEO Tyler Haney.</div></div></div>Following graduating from Parsons, she said she saw a space in the market for a new kind of activewear."I was sick of shiny black spandex and the idea of disposable activewear," Haney said to Business Insider, "the stuff that was bright neons and blacks and didn't look like the clothes that I was wearing in my daily life like, A.P.C or ACME Studios."Over the past few years, the company has garnered attention as it's grown.J. Crew's Jenna Lyons noticed the brand in late 2013, and in 2014, it became the first activewear brand ever sold at J. Crew. Its first full <keyword id="6354851" type="ORGANIZATION" weightage="100" keywordseo="Retail">retail</keyword> store opened in Austin later that year. There's currently a temporary pop-up in New York, and a permanent store will open up soon, amid more plans for expansion.The company's style has earned itself a reputation as an athleisure company for hipsters and fashionistas as opposed to athletes.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.facebook.com/OutdoorVoices/photos_stream">Outdoor Voices Facebook</a>Outdoor Voices</div></div></div>It's important for an up-and-coming brand to stand out, especially given how saturated the athleisure market is - there are more groups popping up by the day. But Haney believes that the market isn't evaporating anytime soon."I don't think activewear is going anywhere," she said. "People are becoming more and more healthy and interested in maintaining their well being."Fortunately for companies entering the athleisure field, it remains one of the few categories that consumers are <a href="http://www.businessinsider.com/people-will-pay-more-for-athleisure-apparel-2016-6" target="_blank">willing to pay a premium for</a>. And brands like Lululemon, Under Armour, and Nike have managed to win over young customers by selling more than just clothes, bu<a href="http://www.businessinsider.com/why-millennials-love-nike-under-armour-and-lululemon-2016-7" target="_blank">t communities, too</a>. Outdoor Voices is taking a cue from that, by having in-store events that are, appropriately, tied to casual, noncompetitive activity - like dog walks.Despite the comparisons, Haney doesn't believe that her company has any competitors. "There are different moments in someone's life to wear these different brands," she said.She does, however, aspire to be as big as those other brands."We want to be like a Nike, Under Armour or a Lululemon but just with a totally different positioning," she said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/pair-furniture-shopping-app-2016-2">This app lets you see how furniture will look in your home before you buy it</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dlam45MTE6UaqsgQamyzNGp1WeHE6H5z" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This up-and-coming athletic brand that is known as the 'anti-Nike' just got a huge boost

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Here is what you need to know.Google beat on the bottom line. The search engine giant announced <a href="http://www.businessinsider.com/google-q2-earnings-2015-7">earnings of $6.99 per share</a>, handily beating the $6.73 that Wall Street was expecting. Revenue jumped 11.1% to $17.7 billion, which was a whisker shy of the $17.79 billion estimate. Cost-per-click fell 11% year-over-year while paid clicks rose 18% YoY.General Electric blew past estimates. The industrial conglomerate <a href="http://www.businessinsider.com/r-general-electric-posts-5-percent-rise-in-industrial-profit-2015-7">earned $0.31 per share</a>, topping the $0.28 that Wall Street was looking for. Revenue of $32.75 billion easily beat the $28.81 billion that analysts were anticipating. The company issued full-year 2015 EPS guidance of $1.28-1.35, excluding non-recurring items. Schlumberger beat on earnings. The energy giant earned an adjusted $0.88 per share, beating the $0.79 that analysts were anticipating. Revenue plunged 12% YoY to $9 billion, just missing the $9.05 billion estimate. "<a href="http://www.businessinsider.com/schlumberger-q2-earnings-2015-7">We believe that the North American rig count may now be touching the bottom</a>, and that a slow increase in both land drilling and completion activity could occur in the second half of the year," CEO Paal Kibsagaard said in a statement.Lloyd Blankfein is a billionaire. Goldman Sachs CEO <a href="http://www.bloomberg.com/news/articles/2015-07-17/blankfein-becomes-billionaire-riding-goldman-s-shares-to-riches">Lloyd Blankfein is now a billionaire</a>, according to the Bloomberg Billionaires Index. Blankfein, who has been at the helm of the investment bank for the past nine years, now has a net worth of about $1.1 billion. Almost half of that, about $500 million, is in the form of Goldman Sachs stock.Chesapeake Energy must pay for early bond redemption. The energy company must <a href="http://www.businessinsider.com/r-chesapeake-energy-bond-payout-raised-to-4387-million-2015-7">pay bondholders an additional $59.1 million for redeeming its bonds early</a>. US District Judge Paul Engelmayer ruled the company must pay prejudgement interest at an annual rate of 6.775%, upping its total payout to $438.7 million. According to Reuters, Engelmayer ruled Chesapeake waited one month too long to notify the bondholders it planned to pay off the debt early.Samsung shareholders approved the merger between Cheil Industries and Samsung C&amp;T Corp. According to the Wall Street Journal, the <a href="http://www.wsj.com/articles/samsung-c-t-shareholders-approve-8-billion-merger-with-cheil-industries-1437105075">$8 billion merger</a> is "designed to solidify heir apparent Lee Jae-yong's grip on the conglomerate's crown jewel, Samsung Electronics Co." US hedge fund Elliott Associates, which held a 7.1% stake in Samsung C&amp;T could challenge the decision in court with a spokesman suggesting, "the takeover appears to have been approved against the wishes of so many independent shareholders."Iranian oil is headed to Asia. An Iranian tanker with two million barrels of oil has left for Asia. Reuters reports Iran has been storing millions of barrels of oil in tankers offshore in anticipation of a nuclear deal between the isolated country and world powers. ThomsonReuters Eikon shipping data says <a href="https://uk.news.yahoo.com/first-iranian-ship-storing-oil-sails-asia-nuclear-080019854.html#fQtHAZ3">the tanker is headed through the Gulf of Oman to Singapore</a>. Crude oil is lower by 0.1% at $50.84 per barrel.China's gold reserves surged. Beijing announced it's <a href="http://www.bloomberg.com/news/articles/2015-07-17/china-increases-gold-reserves-in-first-disclosure-since-2009">gold reserves have increased 57%</a> to 1,658 metric tons since it last reported its holdings in 2009. Bloomberg says, the surge in holdings has allowed China to pass Russia as the world's fifth largest holder. The United States holds the most gold with inventory of 8,133.5 tons, according to the World Gold Council. Gold is trading down 0.1% at $1142.50 per ounce. Stock markets around the globe are mixed. China's Shanghai Composite (+3.5%) led trade higher in Asia and Germany's DAX (-0.2%) lags amid a muted session in Europe. S&amp;P 500 futures are off 0.25 points at 2116.75.US economic data is moderate. CPI, housing starts and building permits are scheduled for release at 8:30 a.m. ET. US economic data concludes for the week at 10 a.m. ET with the preliminary reading of University of Michigan Consumer Sentiment. The US 10-year yield is lower by 1 basis point at 2.34%. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/map-shows-how-religion-spread-around-the-world-2015-6">This animated map shows how religion spread across the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="F5aHR4dTob1y4-cHP5qNzXITGcq1vPVW" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table"><div><div class="image on-image">BusinessWeekEddie Lampert on the cover of BusinessWeek in 2004</div></div></div><ul><li>Eddie Lampert failed at turning <a href="http://markets.businessinsider.com/stocks/shld-stock">Sears</a> around because the entire premise of his approach to the retailer is flawed.</li><li>Activist investors like him are the purest expression of shareholder primacy, the idea that shareholders are the most important part of a company and the only people companies have a responsibility toward.</li><li>This philosophy often puts shareholders in conflict with customers and employees - and that can mean game over.</li></ul>It would be nice if Wall Street could have an honest discussion about why Eddie Lampert's attempt to turn around Sears failed so spectacularly, and <a href="http://www.businessinsider.com/sears-ceo-eddie-lampert-wants-to-buy-kenmore-and-real-estate-assets-2018-4">why he's now proposing to acquire what's left of the 125 year-old company's crown jewels.</a>But frankly, Wall Street doesn't have the stones for that.Eddie Lampert failed because the entire premise of how he ran Sears is inherently flawed. Before he was consumed by Sears, Lampert was an activist investor. That meant he purchased shares in companies and then attempted to make changes to boost the company's stock price. On the surface this sounds like a good idea - get a good operator running a failing operation and you can make it healthy again. When he started with Sears, which he merged with Kmart, this was the plan. But the problem with the premise is who activist investors are turning a company around for. It's not for the customers or the employees, it's for shareholders - for themselves and for their investors. These are actors who care simgularly about a company's stock price, but a healthy company and a healthy stock price are not necessarily one in the same. Shareholders don't drive sales in a company. Customers do. So, putting shareholders first might lead to a high stock price for a while - but it won't last long if that means you're neglecting what matters. Lampert was clear about this in the early days. Here's what he <a href="http://www.businessinsider.com/sears-obsession-with-wall-street-2016-3">told investors in 2007</a>:"Unless we believe we will receive an adequate return on investment," he wrote in a 2007 letter to investors, "we will not spend money on capital expenditures to build new stores or upgrade our existing base simply because our competitors do. If share repurchases or acquisitions appear to be more productive, then we will allocate capital to those options appropriately."Quick recap: no spending on store upkeep, or improvements aimed at keeping up with the competition. Lampert kept his word by the way. If you're unsure of that, just go find a Sears that's still open and take a <a href="http://www.businessinsider.com/sears-store-photos-2017-7">walk through. </a> Activist investing is shareholder primacy - the idea that companies have an obligation to shareholders and shareholders alone - in its purest form. And Lampert shows that it's a disaster.<h2>Hate mail and rent seeking</h2>Before you send me an angry e-mail delineating all the successful activist investor plays, let me clarify that sometimes the needs of the shareholder and the customer are in fact aligned. This is the ideal situation for an activist investor, and it's often the story they sell in interviews etc.But it doesn't always happen this way. Sometimes the needs of shareholders and customers are not aligned at all. This is what we saw in Lampert's case over and over again. You can't make shareholders happy while driving customers away and expect success. You can't make shareholders happy while driving employees away and expect success.Eddie Lampert did both.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Business Insider/Hayley Peterson</div></div></div>Both employees and customers are far more important than shareholders when it comes to the health of a company. Say that to an average person on the street and they'll agree easily. It seems obvious.Tell that to Wall Streeters and they'll look at you like you have three heads.Some academics think this obsession with shareholders is actually hurting the American economy overall."One factor contributing to sluggish economic growth is short-termism, a corporate philosophy that prioritizes immediate increases in share price and payouts at the expense of long-term business investment and growth," wrote researchers at <a href="http://rooseveltinstitute.org/untamed-how-check-corporate-financial-and-monopoly-power/">The Roosevelt Institute</a><a href="http://rooseveltinstitute.org/about/">(RI)</a> in a paper about shareholder primacy back in 2016.The paper pointed out that since the 1980s, companies have invested less than 10 cents of each borrowed dollar. Meanwhile, since from 2003 to 2012, S&amp;P 500 companies used 54% ($2.4 trillion) of their earnings for stock buybacks. This has led public firms to become far more risk averse than private firms, even though public firms are responsible for roughly two-thirds of all non-government R&amp;D expenditures. Often the C-suite would rather make their next quarterly earnings report than make a profitable investment longer term investment."In other words, the financial system is no longer an instrument for getting money into productive businesses, but has instead become an instrument for getting money out of them," the RI researchers write. "The sector overall is now predicated largely on seeking rents through payouts rather than increasing profits through growth."Wall Street is cheering on this ludicrous short-termism, of course. An example: Last year Disney announced it would invest in its streaming service. In response, Guggenheim analyst Michael Morris downgraded the stock."While we are optimistic that the company's proposed direct-to-consumer video products will create long-term value, we expect the initial investment and long lead time into the launch of the Disney-branded offering will weigh on sentiment over the next 12 months," Morris said.Oh. So Disney, a historic company with enough content to circle the earth many times over, should get docked for making a comparatively small investment that will bring it into the streaming age?Michael. <h2>The playbook</h2><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><a href="http://markets.businessinsider.com/stocks/shld-stock"></a><a href="http://markets.businessinsider.com/stocks/shld-stock">Markets Insider</a>Sears stock price</div></div></div>It wasn't always this way in America. Until the 1970s people generally believed that the purpose of the corporation was not solely to make money for shareholders, but rather to enrich communities by providing services and employment."The purpose of corporations used to be to innovate, creating universities, building railroads, designing self-driving cars, and looking into commercial space transport," Lynn Stout, a professor at Cornell Law School and the author of "The Shareholder Value Myth," said in an interview with <a href="http://www.marketplace.org/2016/06/09/economy/price-profits/shareholder-value-myth">Marketplace</a>. "These are really big long-term projects ... and what corporations are supposed to do."Instead, thanks to shareholder primacy, corporations are being forced to meet the Street's expectations (shout out to our friend Michael). More importantly for our purposes, they're being forced to do battle with activist investors - the purest expressions of shareholder primacy in the market.The playbook should seem obvious by now. It certainly is to the companies fighting off activists plays. Guys like Lampert (or Bill Ackman, who famously tanked JC Penney) go into a company, ask for board seats, then pressure stock buybacks and walk away confused when it seems like things are going there way.Lost in all of that, of course, are the people who really matter to companies.Until activist investors start considering customers, employees, and communities in their playbooks (not just accidentally but as a rule) they'll continue to act as a swarm of locusts - a Biblical plague on companies that takes what it wants only to move on leaving nothing for the people who actually matter.That's the truth, and Wall Street can't handle it.This column does not necessarily reflect the <keyword id="6356002" type="UNKNOWN" weightage="60" keywordseo="opinion">opinion</keyword> of Business Insider. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/shift-from-growth-to-value-could-signal-the-end-of-the-bull-cycle-2018-4">There's a major shift occurring that could signal the end of the historic bull market</a></h3> <div> </div> </div>

You Searched For "P C Jeweller" and got 8 results

Boeing lost its way. Other companies should take heed.

Linette Lopez

Morgan Stanley star Dennis Lynch tripled his clients' money in 10 years. Now, he's facing the biggest test of his career as his fund hemorrhages assets and faces questions over culture.

Matt Turner,Jordan Parker Erb

IBM runs a public school in Brooklyn that could change the way we think about education - and it's one of the only things both Trump and Obama support

Richard Feloni

This up-and-coming athletic brand that is known as the 'anti-Nike' just got a huge boost

Mallory Schlossberg

10 things you need to know before the opening bell

Jonathan Garber

Wall Street will never have the courage to admit why Eddie Lampert failed

Linette Lopez

Tata Sons slams Cyrus Mistry’s claims, accuses him of twisting facts. Read the full letter here

BI India Bureau

Jay-Z and Kendrick Lamar lead with the most 2018 Grammy nominations - here's the complete list of nominees

John Lynch

Popular Keywords

Buying Guides