Gong Xi Fa Cai
Cheers to Bumbling your way through Valentines Day
Happy Valentine’s Sunday! 🍾💝
Let’s talk about
Bumbling into hearts and listings
Everyone fell in love with the sight of Whitney Wolfe Heard, holding her young son on her hip at the Bumble (ticker BMBL) IPO this week. It was done with all the fanfare of a big fat Greek wedding (during Covid).
Maintaining the love is going to be a little harder. Wall Street’s made Whitney a billionaire at 31. Her company checks all the boxes for feeling the love! Bumble claims it has more than 500 million global users across its four apps: Bumble, Badoo, Chappy and Lumen. It also has a female led executive team (cause du jour these days), and the platform is all about women having the first mover advantage in dating.
An $8 billion valuation and offer price of $43 was left in the dust as it opened trading at $76, valuing the app at $14 billion. Bumble’s performance has given even the most discerning doyennes of the market pause for thought, and celebration.
Consider this: a) Bumble’s competitor Match Group (Tinder) is already listed (Whitney was part of Tinder’s development team, left and sued the company for sexual harassment; and used her settlement to build Bumble). b) Young people now primarily meet through dating apps. Covid and lockdowns didn’t cause a drop in users, instead dating apps became a loneliness panacea. c) Bumble gives women the power, in an online dating world where men usually dominate the user experience. Put those together and Bumble and the market’s love affair makes sense.
But all good things do come with a warning. Bumble’s IPO is all about funding its global expansion. But can it dominate in global markets where local players have a better grasp of cultural nuances? Then there is the money question. Investors desperate for a home for their cash have driven tech valuations through the roof, and out of sync with company fundamentals. Warnings of a bubble about to burst, like in 2000 are loud and clear.
Gong Xi Fa Cai
Watch till the end for the full impact of the CGI Chinese New Year Ox in Kuala Lumpur (it is pretty cool)! (Edited to fix a broken web link)
The lunar new year began on Friday, February 12th. The year of the Rat is over! So begins the year of the Ox, the ‘Metal Ox’ - a year of stability.
The Ox has traits of strength, reliability, fairness, conscientiousness, and inspires confidence. Those born in Ox years are said to be calm, patient, methodical and trustworthy - although also very opinionated, strong-willed, and potentially stubborn (hence the Ox). If you believe in the zodiac, then those born in 2021 as well as 1961, 1973, 1985, 1997 and 2009 would have these traits.
For the uninitiated, there are 12 animals in the lunar calendar. Each gets a 1 year cycle. The 12 animals are further represented by the 5 elements (wood, fire, earth, metal, and water). Each element’s animal cycle therefore is once in 60 years.
I’m an ‘earth’ goat myself!
Baby girls and the year of the ‘Metal Ox’
Zodiac following and a preference for sons has traditionally skewed the gender ratio in countries like Korea, Japan, and China.
Korean parents as an example, have used strategies like abortion to maximise their chance of having sons and avoiding birthing girls, in certain years. The horse years of 1978, 1990 and 2002, were some of the worst for female foetuses. Horses are strong-willed, independent-minded, and overactive (all purportedly undesirable in daughters, future wives, and mothers).
But demographics suggest Ox years have been lucky for female foetuses. With 2021 also being the year of the ‘Metal’ Ox, it symbolises ‘longevity, stability and self-control’ (all purportedly desirable in Korean girls). Looks like 2021 could be a lucky one for them.
Policy matters, as does the U.S.
The WTO finally has its chief!
Ngozi Okonjo-Iweala is set to take on the job as the first woman (and first African) to head the World Trade Organisation. A job she was earmarked for ages ago but blocked by Trump, and now supported by Biden. The WTO is in a mess and who better to clean it up than Nigeria’s corruption cop!
(Story by DW)
Driving force
After 1,001 days in prison, Saudi women’s activist Loujain al-Hathloul is free. Even as women in Saudi Arabia legally got behind the wheel, the force behind their battle was jailed three years ago. She became a symbol for critics of the country’s de facto leader, Mohammed bin Salman, and his human rights record. Despite being hailed a hero by the Obama administration, we never heard a peep against her incarceration, from the Trump administration. The move to release her now seems calculated to engage with the new White House. Joe Biden’s prompt response to Loujain’s release said it all.
“She was a powerful advocate for women’s rights and releasing her was the right thing to do.” - Joe Biden, President of the United States
(Story by The Guardian)
Nikki Haley, Trump & the tale of 2024
Trump was acquitted in his second impeachment trial by the U.S. senate yesterday. But his former U.N. Ambassador and self-declared “friend,” Nikki Haley timed her repudiation of him, a day before that acquittal. A contender for 2024’s Presidential run, she’s backed Trump’s actions and claims all the way until this week (when it was already pretty clear how the dice would roll). Makes you wonder, what exactly is her strategy to get the Republican party ticket, if she is serious about a Presidential run.
(Story by Politico)
Business not as usual
Parlez-vous anglais?
Looks like I’m finally going to have to take proper French lessons. Post Brexit, it seems I’m stuffed if I don’t. Rosetta stone won’t cut it anymore, and neither will my feeble, Bonjour! Désolé! Je ne parle pas français! Merci beaucoup. (Story by BBC)
Who runs the world?
Mercia Geises starts in May as Standard Bank Namibia’s new CEO. Now 4 of Namibia’s biggest banks are now headed by women. But their journey hasn’t been easy. The first ever woman to be bank CEO, says she was told by a teacher: “Jy is dom.” That is Afrikaans for “you are stupid”.
(Story by The Namibian)
Tech stuff
Want funding? Be a man
Think all the chatter about equality might have made a few more women founders get funded? Think again! The pie has shrunk! In a study of 48,000 companies by Santa Clara University, having a Y chromosome is “the primary determining factor for attaining funding.”
“In the third quarter of 2020, funding given to female-only teams dropped to 1.8% with mixed-gender teams receiving just 11.1%.”
(Story by Forbes)
Grab’s losing its grip on women
Chandrima Das, is exiting the Grab. The head of wealth management at Singapore based ride-hailing and food delivery firm, which is making a big push into financial services (GrabInvest) is leaving. Sources claim so is Huey Tyng, the head of Grab’s payments business.
(Story by Reuters)
Banks be block chaining
Headed by chief venture and investment officer Mukaya (Tai) Panich, SCB 10X (the venture arm of Thailand’s Siam Commercial Bank) has set up a new US $50 million fund to invest in blockchain, de-centralised finance, and digital assets.
(Story by Tech Asia)
Have you met
Carol Nelson, Status quo challenger & Monzo’s new U.S. CEO
Carol Nelson, is a finance wiz and brings a wealth of experience to her new role as CEO of the U.S. operations for U.K.’s challenger bank Monzo. She starts this week. Carol has been a strategic advisor to Monzo for more than a year and was CEO of Cascade Bank for 10 years. She was a long-time senior vice president of Bank of America. Her experience is going to be needed, as Monzo figures out its U.S. market fit, pandemic impact and the departure of its founder.
(Story by Tech Crunch)
Claudia López, Glass ceiling breaker and Mayor of Bogotá
Claudia López became the first woman and first LGBTQ person to be the elected mayor of Columbia’s capital Bogotá, in early 2020. A relative outsider to the country’s politics she came to power promising to tackle inequality, climate change, and gender poverty. But the pandemic has forced her to re-evaluate her social contract promise for the city. Despite the trolls on social media, discontent about the vaccination rollouts, employment and shutdowns, her poll numbers are still high.
(Story by The Economist)
On the move
In the U.S.
Suzanne Clark will become the first woman to lead the century-old U.S. Chamber of Commerce and will be its first new leader in 24 years, as of March 11.
ESSENCE has rejigged its entire executive leadership team. The 100% Black-owned media company dedicated to Black women and communities has appointed Caroline Wanga, officially as CEO (She’s been in an interim role for the past 7 months). Latraviette D. Smith-Wilson is the new Chief Strategy & Engagement Officer. Avani Patel is Chief Operating Officer. Cori Murray is Deputy Editor. Stephanie Hodges-Dunivan is Vice President, Experiential, Branded Content & Video
In Barbados
Keeley Holder has become the Barbados Ministry of Agriculture and Food Security’s first female and youngest ever Chief Agricultural Officer. She was the CEO of HydroGrow Farm and Go Bananas Inc.
In Nigeria
Rolake Rosiji became the new CEO of Jobberman Nigeria. The site claims to be the country’s largest jobs portal and Rosiji has become the first Nigerian woman to be at Jobberman’s helm.
In Pakistan
Maheen Rahman left a massive impression on me when we met at the Fortune Most Powerful Women International summit, in Hong Kong. Maheen’s a trailblazer and was at that time, CEO of AlfalahGHP Asset management. It looks like she’s on her way to blaze yet another new path! She is now the new CEO of Infra Zamin Pakistan, a private infrastructure development group.
Caught my eye
Foot in mouth disease
Last week we talked about the unapologetic Tokyo 2020 Olympics chief Yoshiro Mori who said, women talked too much to be part of the boardroom. This week he’s had to eat humble pie and resign, with just 5 months to go for the games.
(Story by BBC)
Community building?
UK Home Secretary Priti Patel says she doesn’t have time to take the knee and thinks the Black Lives Matter protests have been “dreadful.” She’s now feeling the heat from those comments.
(Story by The Guardian)
Modest fashion, refugees, and German social enterprise
Nicole von Alvensleben, founded Stitch by Stitch toward the end of the refugee influx (1.2 million of them) into Germany. Finding a space for the refugee women to thrive in a new culture meant, finding opportunities to use their talents. Creating social change via ethical modest fashion was her answer.
(Story by Salaam Gateway)
Be a sport
Aussie aussie aussie! Oi oi oi!
After all the hullabaloo about quarantines, the quality of player hotels, and Covid positive results, a Zero Covid Australian Open, with no spectators, is well underway. With 8 days of matches to go, keep up with the official live scores and schedules here.
2021 Alpine Ski World Championship
26-year-old Swiss Corinne Suter had a winning downhill run and clinched gold at the Alpine Ski World Championships in Italy. The Championships continue into next week.
(Story by BBC)
The artsy stuff
Rock & Roll Hall of Fame!
The nominations for the Rock & Roll Hall of Fame’s class of 2021 has it’s nominees, and Tina Turner is leading it! Other amazing women on the nomination list include Mary J. Blige, Kate Bush, Chaka Khan, Carole King, and Dionne Warwick. The top vote-getters will be announced in May.
(Story by Rolling Stone)
Cancel culture
Cara Dune was a great character in the Star Wars projects (Mandalorian) with empathy, values, a desire to know the facts of a situation that looked dire and a desire for fairness and justice. It’s unfortunate actress Gina Carano’s character didn’t match up. She’s been cancelled at Disney+ and Lucas Films for “abhorrent” social media posts.
(Story by LA Times)
Dad doesn’t know best
Jamie Spears can’t manage Britney Spear’s investments by himself anymore. He lost his legal objection to Bessemer Trust becoming a co-conservator of her estate. It’s a big win for the singer who wanted a neutral financial institution to manage her estate. Britney was placed under her father’s legal conservatorship in 2008.
(Story by Rolling Stone)
Forget Fleabag!
Remember Brad Pitt and Angelina Jolie’s Mr. and Mrs. Smith? Now imagine the blockbuster movie as a TV series. Now also imagine Phoebe Waller-Bridge and Donald Glover as the Mrs and Mr. Yes. It’s happening.
(Story by Verge)
Must Watch
SNL asked: What Still Works (in America)?
Tip of the week
Clubhouse
I’ve started Chief Brief chats on the drop-in audio network Clubhouse App! (invite-only+i-Phone only but No android version yet!)
It is the hottest thing since sliced bread. Well, TikTok anyway!! In case you missed it, and if you don’t already have an invite to join, here’s the HACK to getting past the AI bouncers (since the app is rapidly opening its membership now).
Sign up, get on their waitlist, and email me/or any friend who you know is already on there.
Ensure I/your friend have your cell number (you need to be in our phone contact book).
If you’re in a member’s phone book, they’ll get a notification asking if you should be let in.
Et voila, I/your friend will let you into the Clubhouse ‘club’!
If you follow me on there (@maithreyi), I’d love to invite you to speak at/participate in our CB sessions. Bonus: we can connect with each other like real humans!
I’m still figuring it out, but audio-only networks look promising (FOR NOW)!