Top business stories: Invasion of digital nomads

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Welcome to this weekly roundup of stories from Insider’s Business co-editor-in-chief Matt Turner. Subscribe here to get this newsletter delivered to your inbox every Sunday.

What we’re looking at today:

Relaxed woman unconscious on her laptop sitting on top of residential and commercial buildings in a tropical environment with blue footed boobies, pollution and gang violence around her.



Glenn Harvey for Insider



What’s new this morning:


It’s an invasion of teleworkers

Calling themselves “digital nomads,” expats are settling in some of the most remote places in the world, where they can live and work in paradise. But many don’t stay long enough to factor in the long-term effects of their lifestyle:

Many places, desperate to revive their COVID-ravaged economies, have made extraordinary efforts to welcome nomads. Countries ranging from Barbados and Aruba to Estonia and Georgia offer special work visas that allow foreigners to stay for up to six months, often with an option to renew. Tulum, according to Lonely Planet, is the “hotspot for digital nomads”.

But as more foreigners set up shop for a year-round Burning Man, Tulum is starting to look more like the upcoming Fyre Fest. The problems that already plague the city – shoddy electricity, rotten sewage system, polluted water – are exacerbated by the herds of bluetooth freaks.

Unlike the hordes of tourists who come and go for a few days, the nomads create a permanent strain on local infrastructure. They get all the benefits of living in the tropics, but they don’t pay taxes.

Learn more about the impact of digital nomads:

Read also :


Kraft Heinz merger causes burnout, stifles innovation

Kraft Heinz logo on black background, fading to black with cracks leading to Heinz and Kraft brand food products.


Kraft Heinz; Skye Gould / Insider


Led by private equity firm 3G Capital and Berkshire Hathaway, Kraft Heinz was supposed to be a powerhouse in the food world – but so far it hasn’t gone as planned:

Current and former employees have said that 3G-approved executives and a manic focus on cutting costs have hampered the two historic brands. Many are leaving and fearful for the future of the business, especially as the increase in sales from home consumption fades after the pandemic.

While other food companies, such as General Mills and Kellogg, face a similar slowdown as the company opens, Kraft Heinz is in a more difficult position, analysts say.

Insiders have said that the reduction in costs of 3G has prevented the company from introducing new products, such as plant-based meat. They also said the drastic cuts had lowered morale and boosted revenue.

Here’s what else employees said about the merger:

Read also :


One of Amazon’s most ambitious projects is in crisis

Jeff Wilke, CEO of Amazon Consumer Business, announces the company's Prime Air drone at his re: MARS conference in Las Vegas on June 5, 2019.


Amazon


The goal is to deliver packages to customers’ doors using fully electric drones. The problem is that Amazon’s Prime Air team is seeing internal conflicts, high revenue, and launch delays that threaten the success of the project:

Tensions came to a head in a bare-handed meeting in March, where Prime Air management responded to questions that employees submitted and voted on. Questions have focused on those contentious issues, including those between longtime employees and new hires, which the former accuse of moving too slowly. They also referred to the division’s high turnover rate, which was 20% in 2020.

The question that received the most upvotes highlighted a cultural conflict between the new leaders and the existing structure of the company, according to a transcript of the meeting obtained by Insider.

“One peer noted that over the past year, all four people in his chain of management have been replaced by expatriates from Boeing,” the survey said, referring to the multiple executives who joined Amazon from from Boeing last year. “What are we doing to preserve Amazon’s unique culture and principles within Prime Air while growing our organization with established industry leaders? “

Learn more about the barriers to Amazon Prime Air success:

Read also :


Black women argue to find their voice on Wall Street

From left to right: Kim Lew, President and CEO of Columbia Investment Management Company, Dekia Scott, CIO of Southern Company, Tina Byles Williams, CEO CIO and Founder of Xponance, and Michaela Edwards, Partner and Portfolio Manager at Capricorn Investment Group with magenta circles and a faded white grid behind them on a purple background


Colombia Investment Management Company; Southern Company; Xponance; Capricorn Investment Group; Samantha Lee / Insider


We spoke with eight black women in senior asset management positions, who spoke openly about micro-aggressions, mentors, and diversity on Wall Street:

“It’s a male-dominated industry and what some would call a good ol ‘boy’s club,” said Dekia Scott, chief investment officer for Atlanta-based energy company Southern Company, when asked if the industry understood why it was diverse. and equity issue.

“With the evolution and increase in the number of women in the investment field, those numbers have started to change. But the why of how we got here, I think everyone knows.

“Are we ready to change it? I think it depends who you talk to. I consider this problem to be spinning a 757 airplane in slow mode instead of just hitching a right in a Dodge van. It is an extremely important industry. going to make huge strides in a year or two or three. But we should make significant changes. “

Read more of their stories:

Read also :


Finally, here are a few headlines you might have missed over the past week.

– Matt


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