Poorer than the parents

Americans born between 1981 and 1996, the most educated and most diverse generation in US history, were once considered harbingers of economic progress and promise. But now, even well into their careers, most of them lag behind the financial and familial strides of previous generations. Now, as most millennials have reached their 30s, a point when many of their parents were able to own homes, they have been squeezed between the worst inflation rates of their lifetimes, eye-watering housing prices and the precarious fallout of the pandemic. The Times spoke to more than 30 millennials from around the US about their finances. Their anxieties were palpable and painfully familiar — many of them felt behind, indebted, and unable to live up to the expectations placed upon them. Even those who were doing well were vigilant.

(Adapted from “We Aren’t Asking For The Moon,” by Charlotte Cowles, published on July 11, 2022, by The New York Times)

How to lead better virtual meetings

Leading productive meetings is an essential skill for first-time managers. But this can be especially challenging when your team is remote or hybrid. If you find yourself adapting to this situation, here are some strategies: 1) Before the meeting, prepare a detailed agenda and send it to your team to give them time to prepare. 2) During the meeting, check in on everyone. Give people a couple of minutes to catch up or use the time to introduce new team members. As you move through the agenda, make sure that your talking points are clear and actionable. And finally, end the meeting with a concise summary of the next steps. 3) After the meeting, if someone took notes during the meeting, ask that person to email them out to the group. Take some time to privately reflect upon how things went, what you can do to improve in the future, or ask for feedback from your team.

(Adapted from “How to Lead Better Virtual Meetings,” by Shyamli Rathore, published by HBR Ascend)

Europe’s winter of discontent

As Vladimir Putin strangles supplies of Russian gas to Europe, the warning signs are flashing red. Gas is a market in which Russia holds the whip hand. Its economy would collapse without oil exports that on average have been worth 10pc of its GDP over the past five years — which is why Russia has gone to extraordinary and largely successful lengths to break the Western crude embargo. But Russia can live without gas exports, which are only 2pc of its GDP. Until a few weeks ago it seemed as if Europe might escape the worst, helped by more LNG cargoes from America and elsewhere. But the big problem now is the flow of gas to Europe from Gazprom, Russia’s gas monopoly. It was already running at about half the normal level and has dropped even further. Because traders think Mr Putin is deliberately squeezing supply, prices for delivery in two winters’ time, in 2023-24, are four times the normal level.

(Adapted from “Europe’s winter of discontent,” published on July 14, 2022 by the Economist)

NFT or champagne?

A bottle of champagne with digital tokens attached has sold to a pair of investors for $2.5m, likely breaking the record for the most expensive wine in history.⁠ Entrepreneurs and brothers Giovanni and Piero Buono bought the bottle, a magnum with a 2017 vintage sold by Champagne Avenue Foch, in a private sale. The value of the bottle is less about the bubbly inside and more about the sum of its parts, including the five NFTs (non-fungible tokens) whose images were printed on the outside and the purchase includes a transfer of digital ownership. The images are of cartoon creatures, including a monkey, a bat and a vampire. One is from Bored Ape Yacht Club, a well-known collection of tokens.⁠ “I don’t plan to drink it, I think it will be a good investment,” Mr Giovanni said. “Wealthy people will look for places to store their wealth for a while — and that could be a champagne with an NFT attached to it.”

(Adapted from “Most Expensive Bottle of Champagne Sold for $2.5 Million — NFTs Included,” by Anna Hirtenstein, published on July 12, 2022, by the Wall Street Journal)

Published in Dawn, The Business and Finance Weekly, July 18th, 2022