Good morning,
I hope you are enjoying the last weekend of May. ✨ Stockholm is a treat at this time of year. I hope you're somewhere equally pleasant.
My week has been full of unusual experiences.
I'm participating in a Swedish-Finnish leadership exchange, and we just had our first three-day event outside Stockholm. It included former presidents, crisis management training, military officials in uniform, a World War III scenario planning exercise, and so much more.
It was incredibly valuable.
I'm participating because Cecilia Borg, the best person I know to pass good things forward, nominated me. She participated many years ago and is still an active alumnus. We could all be more like her, helping each other succeed and develop. She is also a regular newsletter reader and often recommends it to others. Small things matter.
It also reminded me how much I love hanging out with other intelligent and ambitious people. It was good for me to spend time in a context where it was expected of us all to believe we could change the world.
I often find it hard to accept that my actions in life could matter on a larger scale. I've told myself that only megalomaniacs could believe something like that about themselves.
Instead, I've focused more on what is reasonable to expect from life—rather than on what is possible.
But if you want to do great things in life, you need the courage to believe 1. that it will all work out in your favour and 2. that you can do much more than what is likely. People exceed expectations all the time.
Someone presented the idea of tricking your brain into being more audacious and confident by changing the story you tell yourself about your life. “The brain doesn't know if it is true or not; it believes it either way”.
The recommendation was to look at where you want to be in 5 or 10 years and plan your life backwards from there. When you know what you need to do to get there, you know what story you should tell yourself, and with time, you will start to believe it.
And since humans are all wired for stories, it might be less wild than it sounds. I will try to figure out what my story should be and give it a try.
What story do you tell yourself? I'd love to know!
Anna
WEBINAR — On Wednesday, I'm hosting a live webinar on LinkedIn about Disinformation and its impact on businesses with my friend Zach Schwitzky from Limbik. I've worked with Zach on several projects through the years, and I'm excited to share some of our knowledge on this topic with you. The webinar will start at 20.00 CET for the European audience and at 2 PM EST for the Americans. Sign up here!
TOOL — I recently started using Cushion again. It is the best tool for small businesses to manage their sales, budgets, and invoicing.
COURSE — I was just recommended the Coursera course Learning How to Learn. People claim it changed their life, so I signed up immediately.
BOOKS — The Washington Post published their Summer reading recommendations. Here are 28 books to read this summer.
RESOURCE — The Association of Swedish Engineering Industries (Teknikföretagen) has created a free image bank with images that help us showcase a representative tech industry.
Self-driving Waymo Robotaxis Under Federal Investigation After Crashes
Driving the news: Federal regulators in the United States are investigating Waymo’s autonomous vehicle software after receiving 31 reports of crashes and potential traffic safety violations.
Background: Waymo is a California-based company developing self-driving technology for autonomous vehicles. It aims to make transportation safer and more accessible, but it seems that it is struggling to deliver on its safety ambition.
Why it matters: The National Highway Traffic Safety Administration’s Office of Defects Investigation (ODI) is examining Waymo’s ability to safely operate on public roads, highlighting broader concerns about the readiness and reliability of autonomous driving technology.
Key details:
- The investigation is a "preliminary evaluation" to assess the software's capability to avoid collisions and respond to traffic control devices.
- Issues reported include driving in the wrong lane, entering construction zones, and collisions with stationary objects like gates and parked vehicles.
- Some incidents were discovered via public social media and forum postings, emphasizing the widespread scrutiny and public interest in autonomous vehicle performance.
The big picture: This probe comes just three months after Waymo’s first-ever recall of its autonomous software, following crashes involving the same towed pickup truck in Phoenix. It’s also the second investigation into autonomous vehicles announced by ODI recently, with Amazon-backed Zoox under similar scrutiny.
What’s next: Waymo must respond to NHTSA’s questions by June 11. The agency seeks to understand and address the safety concerns associated with autonomous driving technology.
Russia-North Korea Alliance Sparks US Concerns Ahead of Fall Elections
GEOPOLITICS
The Biden administration is increasingly worried about the growing military partnership between Russia and North Korea, which could boost Pyongyang's nuclear capabilities and escalate tensions in the Asia-Pacific.
Why it matters: United States officials fear North Korea may stage significant military actions in connection to the United States presidential election, potentially at Vladimir Putin's urging. Such provocations could create global turmoil as Americans elect a new president.
Zoom in:
- Russia is believed to be exchanging nuclear submarine and ballistic missile technology with North Korea for munitions to aid its war in Ukraine.
- North Korea supplies more munitions to Russia than Europe does to Ukraine, including millions of artillery shells.
- Concerns are rising that Russia might help North Korea complete a nuclear-armed submarine.
Changing Teams: US relations with Russia collapsed after its 2022 invasion of Ukraine despite previous US-Russia cooperation to control North Korea's nuclear ambitions.
Between the lines: US officials are uncertain about the specifics of the military technology transfers from Russia to North Korea since they are difficult to track.
What to watch: Increased activity at North Korean nuclear test facilities suggests preparations for a possible nuclear test. The US coordinates with South Korea and Japan to respond to potential aggressive actions.
The bottom line: The evolving Russia-North Korea alliance marks a significant shift, with Russia now using its UN veto power to shield Pyongyang from sanctions. This new dynamic poses challenges for US national security and regional stability.
Possible to Use Revenues from Frozen Russian Assets to Support Ukraine
ECONOMICS, GEOPOLITICS
The Council of the Europan Union has approved legal measures to channel unexpected profits from central securities depositories holding frozen Russian assets into supporting Ukraine's defence and reconstruction.
What it means: Central securities depositories holding Russian sovereign assets and reserves of ****more than €1 million will contribute financially from their corresponding net profits, which have been accumulating since 15 February 2024.
Background: In February, the Council of the European Union mandated central securities depositories to set aside extraordinary cash balances from Russian assets frozen by EU sanctions.
How it will be used: The funds will be used for military support and rebuilding efforts in Ukraine amid Russia's ongoing aggression. 90% of the money will be allocated to the European Peace Facility and 10% to EU budget programs for Ukraine's defence and reconstruction.
Consensus: In a February 24, 2024 statement, the G7 countries endorsed these EU measures and emphasised ongoing support for Ukraine.
Mexico Faces Unprecedented Heat Wave, 48 People Dead in Heat-Related Causes
CLIMATE
Mexico is experiencing extreme heat that has already killed dozens of people across multiple states. In the next 10 to 15 days, Mexico will experience the highest recorded temperatures ever.
New heat records expected: Forecasts predict temperatures in Veracruz will reach 37°C, Tabasco 40°C, and Mexicali 40.5°C. Mexico City could see temperatures of 35°C within the next two weeks, a record high for the capital.
Heat Dome Effect: A "heat dome" has trapped hot air over much of the country, leading to record-breaking temperatures exceeding 45°C in some areas.
Health Impact: Hundreds of people have suffered heat stroke, sunburn, dehydration, and other heat-related conditions. 22 people have died from heat-related causes between May 12 and 21. Since the start of the hot season on March 17, the total death toll has reached 48. Most deaths were due to heat stroke, with some due to dehydration.
Lack of Air Conditioning: Most of Mexico City's 21 million residents do not have air conditioning, making the extreme heat particularly dangerous.
Drought and Energy Strain: The extreme heat has worsened a nationwide drought and strained the power grid, causing significant stress on infrastructure.
Wildlife Impact: The intense heat and drought have led to incidents, such as iconic howler monkeys dying from suspected dehydration in Mexico.
Work-From-Home Drives Billion-Dollar Shopping Surge
BUSINESS
The news: Remote work has significantly boosted online shopping during work hours, contributing billions in additional sales.
Why it matters: A new report from Stanford, Northwestern, and the Mastercard Economics Institute estimates a $375 billion increase in online shopping since the pandemic, driven primarily by remote workers.
Key points:
- Shopping during work hours provides a break and mimics in-office procrastination.
- Adobe data shows peak shopping times are Fridays from 10 AM to 1 PM
- Over 25% of women and 41% of Gen Z shop online during work hours.
- Retailers are timing product drops and marketing emails to midday to capitalise on this trend.
- Enhanced online shopping technologies and powerful algorithms drive sales.
The impact: Remote work's flexibility allows employees to blend personal tasks with work, making online shopping feel permissible and guilt-free. The convenience and certainty of online purchases provide immediate satisfaction and anticipation of delivery.
Wealthy Americans Drive $500B Wellness and Longevity Boom
HEALTH, BEAUTY
American Consumers, especially the rich, are pouring money into the growing longevity industry, including spas, food subscriptions, gym memberships, and pills.
The financials:
- Industry Value: According to McKinsey, the wellness sector is worth nearly $500 billion in the United States and $2 trillion globally.
- Economic Divide: There is a significant gap between wellness offerings for the wealthy and everyone else, with many new products lavishly priced.
- Consumer Priority: 82% of Americans prioritise wellness daily despite rising costs.
Spending 3X more than Europeans:
- North America: $5,108 per capita
- Europe: $1,596 per capita
Silicon Valley Influence:
- Tech leaders like Sam Altman, Jeff Bezos, and Mark Zuckerberg are heavily investing in anti-aging startups. Spotify's Daniel Ek has also started the health company Neko Health.
- Billionaires like Bryan Johnson spend millions annually on extreme health regimens, including weekly acid peels and blood transfusions.
Increasingly Luxurious:
- Exclusive offerings like $75 Pilates classes, $200,000 facelifts, and elite clubs charging thousands in monthly fees are targeting affluent customers.
- The gym Equinox has introduced a $40,000-per-year longevity add-on with tailored services and a waitlist.
Future Trends:
- The next generation is expected to prioritise health and wellness even more, with tailored workouts and diets becoming increasingly popular due to advances in personalised fitness data from our devices.
- Apple recently filed a patent for in-ear headphones that collect biometric data, an innovation that could be used for health monitoring. However, a patent does not mean a product will ever be developed.
Growing Concern over Climate Change and Work/Life Balance among Gen Z and Millenials
WORK, CLIMATE
Deloitte has published its annual Gen Z and Millennial Survey, which surveyed more than 22,800 respondents in 44 countries to explore their attitudes about work and the world around them.
The study reveals growing concerns over climate change, the importance of purposeful work, and the need for work/life balance and mental health support. Here are some of the key points:
Economic and Political Outlook:
- 32% of Gen Zs and 31% of millennials are optimistic about their country's economy improving within a year.
- 48% of Gen Zs and 40% of millennials expect better financial circumstances ahead.
- Financial insecurity remains high, with over half living paycheck-to-paycheck.
- Only 25% believe positive changes are coming to their country.
Climate Concerns:
- 62% of Gen Zs and 59% of millennials are anxious about climate change.
- 20% have changed jobs or industries to align with environmental values.
Workplace Purpose:
- 86% of Gen Zs and 89% of millennials value purpose for job satisfaction.
- 75% consider an organisation's societal impact when job hunting.
Work/Life Balance:
- Work/life balance is the top priority for both generations when choosing employers.
- Return-to-office mandates have mixed results on engagement and stress.
Mental Health:
- Only 51% of Gen Zs and 56% of millennials rate their mental health as good.
- 40% of Gen Zs and 35% of millennials feel consistently stressed.
- Financial concerns and family welfare are major stressors.
- Over half have noticed positive changes in workplace mental health initiatives.
The Bottom Line: Gen Zs and millennials remain cautious but see economic and personal growth opportunities. They prioritise purpose, flexibility, and mental health in their work environments.
✨ Thanks for reading. I hope you learned something new.
- If you have comments about this week's content, you can always email me (reply, and it will land in my inbox).
- If you enjoyed this newsletter, I hope you'll pass it on to friends and colleagues curious about the world.
See you next week!
Anna
