Lionel Lim

Novo Nordisk’s Wegovy may have just two years to take over China’s market for weight-loss drugs

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The CEO behind Singapore’s largest realtor thinks the city’s housing market will stay cool through the year—but he’s ‘very excited’ about 2025

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Europe and China agree to talk about EV tariffs, a ‘first step’ to avoid a potential trade war between two of the world’s largest economies

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Malaysia’s China-friendly stance is a bid to get its biggest trading partner to help keep the economy stable: ‘You can’t be choosy’

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Cybersecurity is now a ‘team sport’ amid a wave of generative AI–based attacks, say tech experts

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Nicholas Takahashi

Bloomberg

Warren Buffett–backed BYD’s ultra-affordable EVs are struggling in one market: Japan

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Chinese banks ask staffers to return some of their pay to comply with Beijing’s drive for ‘common prosperity’

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Singapore retains its title as the most expensive city for rich people to live ‘extremely well’ while Hong Kong rises to second place, Julius Baer says

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Beijing backtracks on a law punishing clothing that hurts ‘the feelings of the Chinese people’ after public outcry

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Fortune Asia

Fortune Asia | Fortune Asia

Scott Wilkie, Global Lead, Emerging Technology Security, Accenture, Maria Milosavljevic, Group Chief Information Security Officer, ANZ, Banking Group, Jennnifer Tiang, Regional Head of Cyber Practice, Asia, WTW (Willis Towers Watson), Calvin Ng, Director of Cybersecurity Programme Centre, Singapore, Cyber Security Agency Moderator: Nick Gordon, Editor, Asia, Fortune

Experts reveal how deepfakes and phishing are transforming cybersecurity

Conferences

Scott Wilkie, Emerging Technology Security, Accenture, Maria Milosavljevic, ANZ, Banking Group, Jennnifer Tiang, Asia, WTW (Willis Towers Watson), Calvin Ng, Cyber Security Agency Moderator: Nick Gordon, Editor, Asia, Fortune

Scott Wilkie, Accenture, Maria Milosavljevic, Banking Group, Jennnifer Tiang, WTW (Willis Towers Watson), Calvin Ng, Cyber Security Agency, Nick Gordon, Editor, Asia, Fortune

Ellevest's founder Sallie Krawcheck climbed the glass cliffs at Wall Street only to see a growing issue once she reached the top. The wealth inequality between men and women was staggering, and women's wealth was even going backwards compared to men's. Knowing that the investing industry tends to mostly serve men, Krawcheck took it into her own hands to build a $2 billion empire dedicated to helping women build their own wealth. 

Ellevest's founder is using her $2 billion empire to help women build their own wealth

Features

Ellevest's founder Sallie Krawcheck climbed the glass cliffs at Wall Street only to see a growing issue once she reached the top. 

How Ellevest's founder survived a handful of glass cliffs to now help women amass wealth through investing.

I, I think my gender was always a factor. Um I think it was a factor in my success and I think it was a factor in times when I stumbled. It seems weird to sort of paint gender over everything. But it's such a core to who I am. It's sort of hard to say no gender had nothing to do with anything because it's so poor. I found as a research analyst because I was the only woman or one of the only two women, whether I wanted to or not. I stuck out, you know, and I use that to my advantage. There is a reason that I was successful very quickly as a research analyst. When I worked hard two, I was very analytical. Three, I took risks. But part of it was, you couldn't forget me. You just couldn't forget me. I'm Sally Krawcheck. I'm 59 years old CEO and co founder of Ella. And this is my secret to success. You may find this hard to believe. But I'm a Charles Stoney and I'm from the South. I have three siblings. My dad was a lawyer, he was a sole practitioner lawyer even in his young twenties, my mother worked within the home. So those early days when I was younger things were, you know, pretty tight. You know, I remember sitting in the breakfast room and peeling the wallpaper off the wall and actually not getting in trouble for it because that's sort of how run down the place was at the time. Charleston. You think of it as hot? But it has a chilly winter. My parents who save money used to turn off the heat at night. And so you'd wake up at five or five 30 in the morning to take that shower. It was freezing cold. I remember putting on my pants and they were freezing cold when I put my legs in them and getting back in bed to warm up. First of all, I always wanted money and I had my little savings account and how could I earn money? I worked for my father, um, filing for him and I got 25 cents an hour to work for him. So that's where I started. I babysat of course, for all the neighborhood kids. And then we had a family store which was on King Street. It's called Jack Project. And I think from ninth grade, I was on the, I was on retail so I can't think of a time that I wasn't working. So I went to the University of North Carolina and I was a journalism major poli sci major there. I worked at Fortune, um, one summer as a, I guess, a cub reporter. I remember seeing the first fax machine that I'd ever seen when I was here, didn't get the, the full time job. So I went to Wall Street instead. I think it worked out well for Fortune and worked out well for me when I graduated, Wall Street was going absolute gangbusters. So, even though I was a journalism major, but let me go to Wall Street if I can for a couple of years, learn a lot, learn about business and then I can come back and be a business journalist or do something with, with that business. I think I got job offers with Solomon Brothers, bankers trust at the time. Goldman Sachs Morgan, Stanley JP Morgan. So I mean, I got some job offers and I remember calling my dad and saying, I've got these job offers. What do you think? He said that's great. But let's, you know, forget about Goldman Sachs. And I said, why? And he said because I've never heard of them. So I said, excellent, excellent. Thank you for that, excellent advice, dad but chose Solomon Brothers because John good friend had just been on the cover of Business Week as the king of Wall Street. Never knowing what I was getting into. Never having any idea of what a rough environment it was. I was in investment banking for a few years. I came back to go to Columbia Business School with a sole goal of let me get out of investment banking, worked at Time Magazine in the business office for the summer so I could get back in the media. And I'm like, here I go. Here goes the dream, my journalism major, my business degree, I'm gonna work at Time Magazine and I did not get the ongoing job offer. So I ended up right back in investment banking on Wall Street. I didn't last long. Never anybody ever do this. But I quit my job. I was like, I've had it with investment banking. This is not where I want to be at some point. Right before I turned 30 had the epiphany that I wanted to be an equity research analyst, the cide research analyst. So the first time I was on the glass cliff was after the research scandal of the early two thousands in the run up of the internet bubble, research analysts really had two jobs. One job was to write research, telling individual and institutional investors to buy low and sell high. And the other was to be part time investment bankers and to advise the Corporates to issue the stock high and buy it low, which was a direct conflict to each other. At Sanford Bernstein. We too were in those two businesses. But when I had the opportunity to run the business, I took a out of the conflicted investment banking business, the business struggled for a while. But when the internet bubble burst and it was clear, Spitzer came in and found all the emails and it was clear that there was these conflicts, our business did this and I was on the cover of Fortune magazine as the last honest analyst, which then brought me job offers. I got a call from Sandy, we who was in the Titan of Wall Street Running City, which was the largest financial services company at the time, I think in the world and the stock was under pressure because of the research scandal. And so I got a call. Would you come and turn around our research business and to which I was, no, I don't know about that. But would you run Smith Barney? And for those who don't know, Smith Barney was a Merrill lynch of its time. And so I got the opportunity of the first woman to ever have run that company. It was a glass cliff because it was a turnaround. Um It was a turnaround that I got in part because I, I was a woman in part because of course, I had a different strategy than others, but a very visible. You're out there. The Wall Street Journal is watching Fortune magazine is watching, your parents are watching. The world of Wall Street is watching, you know, can you get this business turned around? And I knew very well that the only reason I got the opportunity was because it was a turnaround that if I had not had this other set of career successes, no way I would have ever made it to the top of Smith Barney. And so it was only through having that glass cliff moment that I got an opportunity to go run a business of that size and scale. I was putting on my mascara one morning and I came up with the idea for Vester, I came up with the idea that led idea that led to Ella Vest and the idea that sort of dawned on me, you know, boom retirement savings shortfall in this country, which we really don't talk about nearly enough. But if there's not enough money for retirement, it's actually a gender issue. It's actually a woman's crisis. Why? Because women live 6 to 8 years longer than men and half a marriage is in a divorce. The stats are so compelling about how much less wealth women have and about how women's wealth has been going backwards. In comparison to men, there simply has to be something that we can build and do in order to solve this in this big issue. What I know is investing, what I know is that the really scalable way for individuals to build wealth has been through investing the industry, you know, tends to look sort of past women tend to mostly serve men. Maybe there's an opportunity to build something that can help and invest and make them comfortable investing we launched at the end of 2016. Right before the election, we raised $144 million of venture funding. We're fortunate because we've got a number of prominent women investors, including Melinda French Gates, Melody Hobson, Penny Pritzker. The folks that rethink impact a number of the all raise venture capitalists who have invested in l of the process was individualized. Penny Pritzker. I remember going to sleep one night and right before I was going to sleep, to myself, if I could have one investor and forget about whether they're a venture investor or whether they, they do this often, who would that investor be? And I woke up at about three o'clock in the morning, like Penny Pritzker and I was in her office. Two days later, I talked to Melody Hobson about investing in Ella Vest at the fortune Most powerful women's conference one year. We were both there and I said, can you come over here? I'd like to sit down and walk this through with you. Um So for each of them, I think for Melinda Gates going up to Seattle a couple of times and visiting with her team there. So each one was individualized. But I was fortunate to be able to know these incredible women and be able to get in front of these incredible women in order to make the case for something important. So Ella Best really engages with women who have agency over their money. And I know whenever people ask me that question, they want me to say her average age is 32 which is about what it is and her income is about this and her ba ba ba is about that. The truth is we serve women who are in college and who have just got their credit card debt paid off and are ready to invest through to women who've got multiple tens of millions of dollars with us. It's really trying to solve the same problem across the entity. It's a digital advisor, also known as a Robo advisor. We also have financial planners, all of us just hit 2 billion of assets under management and our success is really driven by. We've got a fantastic team who is willing to build differentiated products and really focus on our clients who are women who have been underserved by the industry.

Paris Hilton, who reigned over the 2000s with an iron fist, or rather, a small chihuahua, welcomes back the Y2K resurgence with Motorola's latest Razr.

Paris Hilton says Gen Z loves flip phones ‘because they love things that are iconic’

Tech

I am so excited to be here tonight. It is 20th anniversary of the Razor phone. And tonight we're announcing the new Motorola Family of Razors and I love this phone. It is so iconic. So it's just special to be here tonight. I'm gonna be T Jing and it's gonna be so much fun. I've been a fan of the Motorola Razor for 20 years. I remember when I first got it. I was so excited because it was pink and I just thought it was the perfect accessory. So now I'm so excited that they are launching it again. It's so nostalgic. I love it. It's like flip phones. It's so cute. It looks like a little compact. You can take selfies, you can text this way. It's easily fits in your purse. I just think it's amazing. I think that flip phones are making a comeback right now because people want to flip the script, do something different. It's nostalgic. It's iconic and it's Motorola. I feel like Gen Z loves flip phones because they love things that are iconic. I invented the selfie and I love the new Motorola Razr because it is the perfect phone to take the perfect selfie with loves it. To me, success is about doing what you love and using what you have to make a difference in others lives and about spreading love and kindness and being an inspiration to others. The best business advice that I ever got was to make sure to surround myself with a team that I could trust and I'm so proud of my team at 1111 media because we're like a family and everybody just loves and supports each other. And it's such an amazing environment to work in and it just makes everyday feel, not like work because we're always having a great time. I'm so excited for everything that's happening and just been amazing. All the exciting things that I've been a part of and Nicole and I start shooting this Friday. So I cannot wait. It's gonna be so iconic and tonight is going to be a blast because we are celebrating this icon right here.

Affirm CEO Max Levchin recounts working alongside Elon Musk and Peter Thiel at PayPal, shares the best (and worst) leadership advice he ever received, and addresses “phantom debt” tied to the buy-now, pay-later industry. This interview was recorded on May 9, 2024.

Max Levchin On Being ‘Employee Zero’ At PayPal 

Finance

Max Levchin On Being ‘Employee Zero’ At PayPal

Affirm CEO Max Levchin recounts working alongside Elon Musk and Peter Thiel at PayPal, shares the best (and worst) leadership advice he ever received. This interview was recorded on May 9, 2024.