Rare Beauty is not just another celebrity-based beauty brand. Gomez’s vision goes beyond makeup products; she aims to inspire self-acceptance and promote mental health awareness through her brand. As an advocate for mental health herself, Gomez ensures that her products contribute to a positive and inclusive beauty experience.

Through her empire, Gomez has built a community of people who resonate with her message and values. From inclusive shade ranges to empowering campaigns, Rare Beauty serves as a platform for individuals to embrace their unique beauty and celebrate their individuality.

Join us as we take a closer look inside Selena Gomez’s Rare Beauty empire, exploring how she has redefined and revolutionized the beauty industry with her vision and unwavering commitment to making a difference.

Inside Selena Gomez’s Rare Beauty Empire

In the highly competitive beauty industry, it’s rare for a celebrity-backed brand to not only dominate but also sustain its success. However, Selena Gomez has defied the odds with her beauty empire, Rare Beauty. With a focus on inclusivity, empowerment, and mental health advocacy, Selena Gomez has built a brand that resonates with millions of people worldwide.

Selena Gomez’s journey to creating Rare Beauty is deeply rooted in her personal experiences and challenges. As a pop sensation, Selena faced the pressures of the entertainment industry and dealt with mental health issues, including anxiety, depression, and bipolar disorder. These struggles motivated her to create a beauty brand that celebrates individuality, self-acceptance, and inner beauty.

Rare Beauty stands out in the beauty industry for its commitment to inclusivity. The brand offers a wide range of foundation shades, ensuring that everyone can find a match for their skin tone. This dedication to diversity extends beyond just makeup shades. Rare Beauty also considers accessibility in its packaging design, with a focus on ease of use for those with reduced hand mobility.

But Rare Beauty is not just about makeup. Selena Gomez has made it a mission to raise awareness about mental health and reduce the stigma surrounding it. The brand’s philanthropic arm, the Rare Impact Fund, dedicates 1% of all sales to initiatives that provide mental health resources and support. Selena aims to raise over $100 million to help underserved communities access the mental health care they need.

Selena Gomez’s Net Worth: The Beauty Empire’s Impact

With the incredible success of Rare Beauty, Selena Gomez’s net worth has skyrocketed. The brand’s booming sales have undoubtedly contributed to her financial success, making her almost certainly a billionaire. This achievement speaks volumes about the power of a well-executed beauty brand and the influence of a celebrity entrepreneur.

What sets Rare Beauty apart from other celebrity-backed beauty brands is its commitment to authenticity and value. The products are not just about capitalizing on Selena Gomez’s fame; they are well-formulated and perform exceptionally well at an attainable price point. Rare Beauty understands that consumers are looking for both quality and affordability, and it delivers on both fronts.

Rare Beauty has mastered the art of creating social media buzz. With millions of followers on platforms like TikTok and Instagram, the brand tailors its content to resonate with its audience. From goolgy-eye stickers on blush tubes to posts about mental health, Rare Beauty knows how to engage its followers and create a sense of community.

Selena Gomez herself plays an active role in promoting the brand. From sharing tutorials to showcasing the products in her own life, she connects with her fan base and creates an authentic connection with her audience. This personal touch has undoubtedly contributed to the brand’s success.

Rare Beauty’s Growth and Impact

Since its launch less than three years ago, Rare Beauty has experienced remarkable growth. The brand’s sales have tripled year over year, and its bestselling products, like the Soft Pinch liquid blush, have generated millions in revenue. Rare Beauty’s impact goes beyond financial success; it has become a symbol of empowerment and inclusivity in the beauty industry.

While Selena Gomez’s star power is undoubtedly a driving force behind Rare Beauty’s success, she is not alone in this venture. The brand has a talented executive team made up of industry veterans who bring their expertise to the table. Joyce Kim, Rare’s chief product officer, has played a crucial role in creating a line of products that meet the highest standards of quality and performance.

With its strong foundation and unwavering commitment to its mission, Rare Beauty is poised for continued success. Selena Gomez and her team are dedicated to expanding the brand’s reach and making a positive impact. As the beauty industry continues to evolve, Rare Beauty will likely remain at the forefront, setting new standards for inclusivity, empowerment, and philanthropy.

A Celebration of Selena Gomez’s Rare Beauty Empire

Selena Gomez’s journey from pop sensation to beauty mogul is an inspiring tale of resilience, empowerment, and authenticity. Rare Beauty’s success is a testament to the power of a well-executed vision and a strong brand mission. As the beauty industry continues to evolve, Rare Beauty stands out as a symbol of inclusivity, empowerment, and positive change. Selena Gomez has not only built a beauty empire but also created a movement that celebrates individuality and inner beauty.

The post Selena Gomez’s Rare Beauty Empire: “Who Says” I’m Not Enough? appeared first on Industry Leaders Magazine.

To understand the current state of CEO compensation, we need to take a trip down memory lane. Back in the early days of capitalism, CEOs were not the well-paid titans we see today. In fact, their salaries were relatively modest compared to their counterparts in the modern era. So, how did we get from there to here?

Why are CEOs paid high salaries?

One key factor that fueled the surge in CEO salaries is the shift towards shareholder capitalism. In the late 20th century, there was a growing emphasis on maximizing shareholder value, which led to a change in the way CEOs were compensated.

As companies started linking executive pay to stock performance, CEOs had a powerful incentive to drive up share prices, resulting in hefty paychecks when they succeeded.

• The Celebrity CEO Phenomenon: Another factor that contributed to the rise in CEO salaries is the emergence of the celebrity CEO phenomenon. In the 1980s and 1990s, high-profile leaders like Jack Welch of General Electric and Lee Iacocca of Chrysler became household names. Their success stories and charismatic personalities elevated the role of the CEO to that of a superstar, deserving of superstar compensation.
• The War for Talent: As the business landscape became increasingly competitive, companies realized the importance of attracting top talent to lead their organizations. The demand for exceptional CEOs skyrocketed, leading to intense competition and bidding wars for the best executives. This fierce battle for talent drove up CEO salaries as companies were willing to pay a premium to secure the services of the most sought-after leaders.

Drivers of CEO Pay Trends

Now that we have a historical context, let’s dig deeper into the factors that influence CEO compensation. It’s not just one thing that determines their sky-high salaries; rather, it’s a combination of various elements that make us question ‘Why CEOs earn so much money?’.

• Company Performance: One of the most significant factors impacting CEO pay is company performance. CEOs are often rewarded handsomely when their companies achieve exceptional financial results and outperform their competitors. After all, if a CEO can deliver impressive returns to shareholders, it’s only fair that they reap the rewards of their success.
• Industry Norms and Peer Comparisons: CEO salaries are also influenced by industry norms and peer comparisons. Companies want to ensure that their executives are competitively compensated compared to their counterparts in similar positions and industries. Benchmarking against industry standards helps companies attract and retain top talent by offering salaries that are in line with market expectations.
• Complexity and Scope of the Role: Being a CEO is no walk in the park. The complexity and scope of the role often justify the hefty paychecks that CEOs receive. They are responsible for making critical strategic decisions, managing large teams, and navigating complex regulatory environments. The level of responsibility and accountability that comes with the position warrants a commensurate level of compensation.
• Supply and Demand Dynamics: As mentioned earlier, the war for talent plays a significant role in determining CEO salaries. The scarcity of qualified individuals who possess the necessary skills, experience, and track record to lead large organizations drives up their market value. When the supply of exceptional CEOs is limited, companies are willing to pay a premium to secure their services.
• The Controversy Surrounding CEO Salaries: Given the staggering disparity between CEO salaries and those of average workers, it’s no surprise that CEO pay has been a topic of intense debate and controversy. Critics argue that the exorbitant compensation of CEOs contributes to income inequality and widens the wealth gap. They question whether CEOs truly deserve such astronomical salaries and whether their pay is proportionate to their contributions.
• CEO-Worker Pay Ratio: One metric that highlights the disparity between CEO and worker pay is the CEO-worker pay ratio. This ratio represents the difference between the average compensation of CEOs and the average compensation of a company’s workers. In recent years, the CEO-worker pay ratio has been a focal point of discussions on income inequality, with some ratios reaching hundreds or even thousands to one.
• Shareholder Activism and Say-on-Pay: To address concerns about excessive CEO pay, shareholder activism has gained momentum. Shareholders now have the opportunity to voice their opinions on executive compensation through say-on-pay votes. These votes allow shareholders to approve or reject a company’s executive pay packages, creating a mechanism for accountability and transparency.
• Calls for Reform and Regulation: The controversy surrounding CEO salaries has prompted calls for reform and increased regulation. Some argue for stricter oversight and transparency in executive compensation, insisting that boards of directors should be more accountable to shareholders. Others advocate for changes to tax policies or the implementation of caps on executive pay to address income inequality.

CEO salaries have become emblematic of the wealth disparities in modern society. While the factors influencing CEO compensation are complex and multifaceted, it’s clear that a combination of company performance, industry norms, talent scarcity, and market dynamics is the answer to why CEOs get paid so much money. The controversy surrounding CEO compensation underscores the need for a broader discussion on income inequality and the role of executive compensation in shaping our economic landscape. As the debate continues, it remains to be seen whether changes will be made to address the perceived inequities in CEO salaries and bridge the wealth gap.

So, the next time you hear about a CEO earning a mind-boggling salary, remember that their compensation is a result of a complex interplay of factors and market dynamics. Whether you view it as a necessary reward for exceptional leadership or an egregious example of income inequality, CEO pay will continue to be a topic of intrigue and debate for years to come.

The post The Million-Dollar Question: Why Do CEOs Earn So Much? appeared first on Industry Leaders Magazine.

Soen’s journey as a techpreneur began at the tender age of 12, with a resolute ambition to forge her path. A decade later, she embarked on a mission to blend her passion with purpose—creating a tech startup that resonated with her deeply rooted desire to uplift lives. The result: Happy Things, a pioneering endeavor that converges cutting-edge technology with the transformative power of happiness.

Happy Things emerges as a catalyst for cultivating happiness as a skill, debunking the myth that joy is merely an external reward. Soen’s insights, nurtured by her background in psychology and a fervent pursuit of holistic wellness, have led to a dynamic platform that redefines well-being. As the first-of-its-kind happiness habit-building app, Happy Things epitomizes personalized progress, reminiscent of a “Duolingo, but for happiness.”

Diving into the essence of Happy Things, Soen intricately explicates the science of happiness. Rooted in positive psychology, the platform empowers users with simple, science-backed activities spanning relationships, mental and physical well-being, stress relief, and personal growth. Through Happy Things, Soen bridges the chasm between academic research and everyday application, fostering a kinder, happier world—one activity at a time.

Yet, Soen’s journey has not been without challenges. As a female entrepreneur, she navigates a realm often dominated by male counterparts, striving to build a girls’ club of mutual support. Her indomitable spirit and perseverance stand as a testament to overcoming biases, defying odds, and inspiring aspiring female entrepreneurs to forge ahead.

The future glimmers with promise as Soen envisions a world where happiness is embraced as a universal pursuit. With a resolute commitment to measuring and enhancing happiness, Soen forges a pioneering path that aligns business success with a profound social impact. In this candid interview, Talia Soen reveals how she is turning her vision of a kinder, happier world into an empowering reality, one Happy Thing at a time.

Industry Leaders: Can you tell us about your journey as an entrepreneur and how you came up with the idea for Happy Things? What motivated you to start this venture?

I’ve wanted to start my own company since I was 12 years old. 10 years later, when I started working in tech, it became clear that that company would be a tech startup, and it was just a matter of finding the right idea – a product that was needed, that answers a problem that I was passionate about but also uniquely fit to address.

Happy Things is really the product of my own journey – I spent most of my life feeling that I wasn’t happy enough, and searching for ways and solutions that will help me live a happier life. This journey led me to get a degree in psychology and various certifications in coaching, nutrition, fitness, and more. I was even a yoga teacher for a few years. The most important thing I learned during this journey was that happiness isn’t something external that happens to us, or a reward for our achievements (“I’ll be happy when…”). Happiness is a skill that can be practiced on a daily basis, just like playing the piano or learning a new language. 

However, just like any other skill, the hard part is building the habit and sticking to it – and even though I was incredibly motivated to incorporate more happiness into my life, I found it very difficult to maintain. I started looking for tools that would help me build the habit of practicing happiness – but couldn’t find any. Most apps in the wellness space don’t look at happiness as a whole, as something that is really multidimensional yet also very individual; they tend to focus on a specific element of wellbeing (i.e. meditation), and offer a one-size fits all solution. 

That was my personal “A-HA” moment and the birth of Happy Things – an app that helps people practice happiness as a skill in just 5 minutes a day, with simple, personalized, science-based activities. We like to think about it as Duolingo, but for happiness. 

Industry Leaders: Happy Things is described as a platform that turns happiness into habit. Could you explain how your science-based, personalized happiness training programs work and how they contribute to building a happier, kinder world?

Happy Things is based on the field of positive psychology. There are thousands of studies that show that we have the ability to impact our happiness levels throughout our daily lives, and even tells us how! Yet these methods haven’t really reached the general population yet in a way that helps people build a habit and integrate it into their life.

Happy Things turns the science of happiness into habit by breaking it down into simple, science-based activities covering all areas of life – relationships, mental & physical wellbeing, stress relief, personal growth and more. We basically create the bridge between academic research – that has seen a lot of great breakthroughs in the field in the last decade – and the general public. 

Our mission is to make happiness an accessible and teachable concept, because happiness is much more than smiling, or waking up in a good mood. Happier people live longer, healthier lives, both physically and mentally. They are more productive and successful. They help others, volunteer, and give back more to their communities –  they truly create a better world. 

Industry Leaders: Traditional business models often prioritize profit over well-being. How did you approach reinventing the business model for Happy Things to align it with your vision of making happiness accessible to millions worldwide?

That’s a great question, because it can seem like two opposing motivations – on one hand, when building a product you want people to use it as much as possible and spend more time on it. It’s easy to use psychological principles to get people “addicted” to your platform in some way (we’re all familiar with infinite scrolling on social media…). 

But on the other hand, when building a product that’s meant to do good in the world and help people, you want to avoid using these methods – so it’s a really fine line, finding the balance between building a great product that people love and find value in, without using methods that don’t benefit them – in short, finding ways to use technology for good.

A few things were clear to us from the beginning:

1. It would be a challenge. A lot of the activities that are suggested in the app, actually take our users outside of the app – things like: take a 10 minutes walk, call a friend you haven’t spoken to in a while, or even unplug from all screens for 10 minutes! So we’re actually doing the opposite of what most apps do… and yet we’re seeing that our engagement and retention rates are extremely high! So people are responding really well to this method.

2. If we want to reach millions of people worldwide and really make an impact, we need to build a successful company, while staying true to our values and giving back to the community.

3. We do not want to incorporate ads into our product, it is kind of counterproductive to the user experience. That’s why we chose to implement a subscription model – we believe that good products and good content are worth paying for. While we do charge a subscription fee for our app, we offer discounted rates for teachers, social workers, healthcare employees and more, and are always looking for non-profit organizations to collaborate with, as well as universities, hospitals and mental health centers – who can provide the app to their employees, patients or students.

Industry Leaders: As a female entrepreneur, what challenges have you faced in the industry, and how have you overcome them? What advice would you give to other aspiring female entrepreneurs who are looking to disrupt traditional models?

Female entrepreneurs face many challenges that male entrepreneurs don’t. Since most entrepreneurs and investors are still men, we have less role models. When going to industry events, many times I’m still the only woman in the room, which can sometimes be demoralizing.

We might have less opportunities to create social relationships with investors, because while male entrepreneurs might go out for a drink with a male investor, I personally won’t feel comfortable doing that (and I heard enough stories about deals being closed over drinks at the bar). And while I never experienced it myself, there is no shortage of stories about sexual harassment by investors. 

Also, there are unconscious biases that work against women, such as the “familiarity bias” – a phenomenon in which people tend to prefer familiar options over unfamiliar ones, even when the unfamiliar options may be better. As most investors are men, they automatically relate and connect more to other men, making it easier for them to invest in male entrepreneurs than in female entrepreneurs. 

My advice for aspiring female entrepreneurs is first: just go for it. Women, more than men, have to feel like they’re 100% ready before pursuing their dreams and aspirations (in the same way that women don’t apply for jobs unless they are 100% qualified for them, while men will apply for a job when they meet only 60% of the qualifications). 

Second, take into account that it is a harder journey for us. Don’t compare yourself to men and their success stories. I did that at first, asking men how they raised their first round. More often than not, the answer was “this investor was a good friend”. Acknowledge it, but don’t let it deter you, or frustrate you (not too much anyway, it is very frustrating).

Last, create a “girls club”. Surround yourself with other female entrepreneurs, mentors, and advisors, who know what it’s like to be a woman in this world. I’m not saying not to take advice from male entrepreneurs or advisors (I’m part of a CEO forum where 80% are men, and having this forum is extremely important for me). But at the end of the day, being able to share this journey with other women, who have a better understanding of what you’re going through, makes a really big difference.

Industry Leaders: Happy Things aims to create personalized products to promote happiness. How do you ensure that your offerings cater to the diverse needs and preferences of your users? How important is personalization in your business model?

Even with the initial version of the app, it was important to us to build a dynamic and flexible experience for our users, offering them a variety of activities in different topics, but still allowing them to select what they want to do each day. Unlike other apps in this space, where you have to accomplish specific tasks in order to advance, our app offers a specific activity, but allows you to switch to a different activity if you want. So if our suggestion for you today was “make your bed”, but that doesn’t work for you today, you can switch and get a completely different recommendation. You can also go back and do your favorite activities again.

Moving forward, as we collect more data and learn more about our users, we’ll be able to tailor plans and activities specifically for them. This will be based on demographic information (age, gender, etc.), preferences, happiness metrics, in-app activity, and data from external sources, such as wearable devices, healthkit, location, weather services, etc. Research has shown that tailoring the activities to each individual is beneficial and can create a bigger impact – and that is what we’re aiming to achieve. 

The personalization is a huge part of our product vision, but an even bigger aspect is being proactive – acting as a personal happiness trainer to our users, accompanying them throughout their daily life and proactively suggesting the right activity at the right time.

Industry Leaders: Can you share any success stories or examples of how Happy Things has positively impacted individuals or communities? How do you measure the effectiveness of your happiness training programs?

I can do better and share a testimonial we received from a Pediatric Oncologist:

“I absolutely love this app! I started using this during an especially difficult time both personally and professionally. Most people have struggled in the last couple of years with the pandemic. Being in the medical field brought its own emotional challenges. In a fast paced world with never ending to do lists, this app has helped me focus on self care and happiness. I love knowing that I will do at least 1 activity in the day that’ll either make me or someone else smile- be it appreciating something beautiful, leaving a kind note for a loved one, or doing something nice for someone who isn’t expecting it. I look forward to this one activity daily; this has consistently helped me focus on the good things in life. The app is simple, easy to use, and has an explanation for why an activity is recommended. And the customer service has been amazing! I highly recommend this self care app as a step to help you focus on happiness and work life balance.”  

In order to measure the effectiveness of the app, we use an in-app happiness questionnaire, which is based on the PANAS questionnaire, one of the most used methods to measure happiness. The original questionnaire includes 20 items, asking people “In the past week, how often have you felt ____?” with an array of positive and negative emotions (excited, nervous, proud, etc.). Working with a researcher from one of Israel’s top universities, we made adjustments so it’s suitable for the app – our questionnaire focuses only on the positive emotions, and has 6 items instead of 10. Users answer the 6 questions and receive a score on a scale from 1-5.

Our users fill out the questionnaire for the first time as they are signing up for the app, and that score serves as their baseline. The app then prompts them to check-in periodically, based on their usage (ideally, once a week), and this allows them and us to see their progress. 

Looking at the results, we’ve seen that after just one month, our users experience a 17.5% improvement in their score after just one month, and a 57% improvement after 7 months. 

Industry Leaders: The concept of happiness and well-being is increasingly gaining attention in various industries. How do you see the future of happiness-focused businesses, and what role do you think they will play in shaping the entrepreneurial landscape?

As I mentioned before, happiness isn’t this “fluffy”, nice-to-have concept. It has a significant impact on the macro level as well – happier people live longer, healthier lives, both physically and mentally – meaning lower costs on healthcare systems. They are more productive and successful – meaning greater returns for companies and organizations. They help others, volunteer, and give back more to their communities – creating a better world. 

As the importance of happiness and wellbeing gains more attention, I believe more and more organizations, and even governments, will prioritize and actively work to promote it, understanding the value it has not just for individuals. It will be a KPI that is measured, just like the number of sales, or bugs fixed. 

Our goal is to create a movement of happiness as a way of life, and turn the science of happiness from a niche into a mainstream concept. Quite similar to what Headspace and Calm did with meditation – 10 years ago, meditation was not a well-known concept, very few people were actually aware of its benefits and practiced it regularly. Today, you probably won’t find a person who hasn’t tried it, or at least heard about it. It’s become completely mainstream, and that’s what we want to accomplish with happiness as a skill. This trend has already started; there are more and more books and podcasts about happiness; the most popular courses in Yale and Harvard are about happiness; and the search for solutions is growing. 

Industry Leaders: Happy Things has a mission to create a kinder world. How do you infuse kindness and empathy into your company culture and operations? Have you faced any unique challenges in building a company that prioritizes kindness?

I believe that being kind and compassionate will only yield good results. 

This is something I have always emphasized – be a person first. It’s really not that difficult. Ask people how they’re doing, and if they need anything. Tell them to take the day off if they’re not feeling well. Make sure they feel appreciated and that they’re maintaining a work-life balance. When people feel like they matter, that you trust them and value their work and opinions, they’ll want to give more and be a part of what you’re creating. 

For me, there is no other way, and it’s always worked: when I was just getting started with Happy Things, I was able to build a team of people who contributed their time and expertise to me without getting anything in return (and some of them are still working with me today). 

Bio: Talia Soen is the Founder and CEO at Happy Things, the first platform that turns happiness into habit by offering science-based, personalized happiness training programs.

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We know that, on average, a third of our lifetime is spent at work, which accounts for a third of our energy, relationships, and time. Yet, 84% of workers report that the workplace does not support their mental health. While the workforce wants more support and access to mental health and well-being resources, the complexity and ethical implications of companies providing solutions are extremely difficult to navigate. 

It’s not like these dismal numbers are anything new, they’ve been building for some time, and for the most part, we haven’t noticed. Desmond Tutu is quoted saying, “There comes a point where we need to stop just pulling people out of the river. We need to go upstream and find out why they’re falling in.”

However, it’s tough to go upstream in a deluge of topics that rush at us daily. These include The Great Resignation, Quiet Quitting, Quite Firing, Bare-Minimum Mondays, 4-day work week and however we decide to rename our next shade of apathy, anxiety or passive-aggressive attitudes into a sexy hashtag.

But if we look deeper, all these phenomena, facts and figures have something in common. The relationships and narratives we have to work, life and to each other are in need of an upgrade. The values and beliefs that defined how we interpret and engage in our existence are worn out. The authorities, gurus and people we put on pedestals can no longer supply our sense of personal meaning, whether at home or work. We have to do it for ourselves. And guess what? Many of the systems and infrastructures that supported these old systems of meaning are exhausted and in need of a serious upgrade too.

All of these responses indicate a general attitude of triviality towards work and life. And triviality carries little to no meaning. The evidence is becoming clearer every day. Finding your meaning begets a better life experience with a lower occurrence of depression, anxiety and disease.

Meaning at Work

We might not see it, but leaders and workers are in the same river. Everyone must walk upstream, turn over rocks and discover their own sense of meaning. No one else can do it for us. When we begin the journey of knowing ourselves, we can begin a real journey of stewarding the organizations we work for with a sense of obligation to the work we do and the people we work with.

Inner Life as the Map

Self-transcendence is the bedrock of finding your meaning at work. This is the practice of discovering your innermost questions and orienting your quest, through a jungle of choice to find something within yourself that is bigger than yourself to serve. It’s a courageous and humbling journey, but well worth the struggle. 

At Pathways, I designed the Work with Meaning program to give people and organizations tools that work. Similar to Carl Jung’s concept of individuation in business and life, we seek out differentiation. We tend to value and pay a premium for goods and services that we believe to be unique. Why? Psychologically, this is because the uniqueness within is repressed; therefore, we project our own drive to individuate onto external objects and experiences.

There are a lot of varying approaches to self-understanding and self-authorship emerging as a response to the meaning challenge we all face. There are also a lot of rabbit holes that are roads to nowhere.

Finding the right intervention with the right tools at the right time will be most effective and save the most time. Programs, such as Work with Meaning, can help people and organizations dig into their patterns, basically mining meaning from the narratives and scripts, in an effort to analyze and synthesize them into a coherent, unique model. These courses are now designed for work-journey and to help organizations define and address meaning.

Since our personal lives follow us to work every day, we often try to separate these issues, appropriately, with some success. But it’s clearly evident that suppressing our journey for one-third of our existence might be one of the main culprits of organizational stunting and mental health issues.

Work with Meaning

Through this work, and in partnership with Humanity by Design, our preliminary findings have revealed the long-term health and wellness benefits of finding your meaning. Mental health and wellbeing are at stake in the workplace, this cannot be underestimated. The fuel of engagement, entrepreneurship and leadership is meaning. It’s a necessary and courageous investment in yourself. Is there tension? Yes. We all need to put food on the table, but meaning can turn chronic stress into the type of tension that has a more harmonious strum.

Problematic misnomers of a larger issue in the workplace will persist, as it has for decades if we do not address and navigate our own unique sense of meaning. The priority of the Surgeon General to improve the workplace will remain and the opportunity of what we, as unique and vast individuals with various strengths, will be lost. But imagine what may be possible if taken seriously.

Synthesizing one’s inner life with their outer life offers no easy answers, but is transformational for our lives, work and world. It does not happen overnight. It takes small brave choices over time and investment in the self. When we forgo engagement in trivialities and take ourselves seriously, we begin to forge a deeper connection with who we are, which in turn generated agency, integrity and trust.

Bio: Danny Gutknecht, renowned for his dedicated pursuit of the relationship between meaning and work, lays bare the transformative potential of this connection in his book, “Meaning at Work: And Its Hidden Language.” As the CEO of Pathways and a dedicated scholar, Gutknecht brings to light the invaluable role that purpose plays in both business and society, urging readers to embrace its power.

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But what exactly are dupes? How did they become so popular? And what impact do they have on both consumers and brands?

The Birth of Dupes: From Beauty to Fashion

The term “dupe” has been around for quite some time, originating in the beauty industry in the early 2000s. It started as a way to describe duplicate products that resembled sold-out, limited-edition, or discontinued items from high-end brands like M.A.C. As beauty YouTubers gained popularity in the 2010s, they began creating dupe videos, offering alternatives to expensive makeup products. This trend quickly expanded beyond cosmetics, infiltrating the realms of fashion, accessories, home decor, and even food.

If there’s one platform that has propelled dupes into the mainstream, it’s TikTok. With billions of views, comments, and likes on dupe-related content, TikTok has become a hub for discovering and sharing affordable alternatives. Influencers with massive followings have built their reputation on recommending dupes in various product categories, from clothing and shoes to electronics and home goods. When a dupe goes viral, both the dupe itself and the original product often experience a surge in demand, leading to sold-out items and a frenzy of online shopping.

The Allure of Dupes

So, what makes dupes so appealing, especially to the TikTok generation? Two factors play a significant role: budget constraints and trend-driven culture. The majority of TikTok users are young adults and teens who may not have the disposable income to splurge on high-end products. Dupes provide an opportunity for them to stay on-trend without breaking the bank. In a society where social media dictates fashion and self-presentation, keeping up with the latest trends is essential. Dupes offer an affordable way to do just that.

While dupes may seem like a harmless way to save money, they raise ethical concerns, particularly when it comes to plagiarism. Dupes that are almost identical to the original products blur the line between inspiration and outright copying. Brands like MaisonCleo have spoken out against retailers stealing their designs and selling exact replicas. Unfortunately, fashion has limited legal protection against plagiarism, leaving smaller brands vulnerable to theft of their creative work. The promotion of dupes can also harm original designers by diverting sales and undermining their brand’s reputation.

Another consequence of the dupe culture is the overwhelming dominance of fast fashion. Brands like Boohoo, SHEIN, and AliExpress are major sources of dupes, offering inexpensive alternatives to luxury items. However, fast fashion comes at a cost. The industry’s lack of environmental and social responsibility contributes to climate change, water pollution, and unfair labor practices. Sustainable brands like MaisonCleo, which prioritize using deadstock materials and transparency in pricing, suffer as consumers choose cheaper, often low-quality dupes over their products.

From Knockoffs to Dupes: The Evolution of Consumer Behavior

Dupes are not a new phenomenon. Consumers have always sought lower-cost alternatives, and brands have competed by creating their versions of popular products. The internet has simply given rise to the term “dupe” and facilitated the sharing of affordable finds. However, it’s crucial to recognize that the relationship between price and quality is not always straightforward. While some dupes offer comparable performance and appearance to the original items, others may sacrifice quality for a lower price. Understanding the nuances of dupes and making informed purchasing decisions is key in this rapidly changing consumer landscape.

Despite the ethical concerns and challenges they pose, dupes can provide benefits to both consumers and brands. For consumers, dupes offer an opportunity to access trendy designs regardless of their budget. It allows them to participate in current fashion trends without the need for high-end labels. On the other hand, brands can benefit from the exposure and increased demand that dupes generate. Counterfeit products, including dupes, have been shown to enhance the public profile of luxury brands and lead to overall sales growth. By embracing the dupe phenomenon, some brands have even started creating and marketing their own alternatives.

In the past, buying dupes was often associated with embarrassment and the desire to pass off affordable alternatives as the real thing. However, the perception has shifted, particularly among younger generations. Owning a dupe is now seen as a demonstration of cleverness and resourcefulness. It’s a way to outsmart the marketing tactics of luxury brands and assert individuality in a world obsessed with material possessions. The rise of dupes reflects a broader cultural shift where young consumers question the value of conspicuous consumption and seek affordable alternatives that align with their values.

The Future of Dupes

As the dupe trend continues to grow, it’s important to consider its long-term implications. While dupes offer affordability and access to trends, they also raise questions about sustainability, ethics, and the impact on original designers. Consumers play a crucial role in shaping the future of dupes by making informed choices and supporting brands that prioritize transparency, sustainability, and fair labor practices. As the market evolves, it’s essential to strike a balance between affordability and responsible consumption.

In the end, the rise of dupes reflects a desire for both individuality and inclusivity. It’s a way for consumers to express their personal style without breaking the bank. Whether you love or loathe the dupe culture, one thing is clear: the allure of affordable alternatives is here to stay.

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Iceland’s Abundance of Renewable Energy

Iceland’s unique geographical location and geological features have bestowed upon it a remarkable abundance of renewable energy resources. The country is blessed with vast hydro and geothermal energy sources, making it the world’s most electricity-rich nation. In fact, Iceland produces nearly twice as much electricity per capita as its closest competitor, Norway. Moreover, Iceland is one of the few countries in the world that relies entirely on renewable energy for its power needs, with hydro and geothermal power accounting for the majority of its electricity production.

This rich energy landscape has allowed Iceland to dedicate a staggering 120 megawatts of electricity to Bitcoin mining, which accounts for approximately 1.3% of the global Bitcoin hash rate. Considering Iceland’s relatively small population of just 370,000 people, it becomes evident that the country is the largest producer of hash rate per capita in the world. This combination of abundant renewable energy and a small population has created the perfect storm for Bitcoin mining to thrive in Iceland.

Political Stability and Government Support

Another crucial factor that has contributed to Iceland’s success as a mining hub is its political stability. Iceland is widely regarded as one of the most politically stable countries globally, attracting investors and businesses from around the world. The Icelandic government has recognized the potential of Bitcoin mining to stimulate the economy, create employment opportunities, and attract foreign investment. As a result, it has been supportive of the industry and has actively encouraged its growth.

Local companies such as Greenblocks, Advania Data Centers, and Borealis Data Center have been involved in mining operations in Iceland for over a decade, enjoying a relatively smooth relationship with the authorities. Additionally, international players like Genesis Mining, Bitfury, Hive Blockchain, and Startmining have also set up shop in the country, further bolstering Iceland’s reputation as a mining hotspot.

However, it’s worth noting that while the government is supportive of Bitcoin mining, it has expressed concerns about the environmental impact of this energy-intensive activity. The Icelandic authorities have urged the industry to adopt more energy-efficient technologies and promote sustainability. This highlights the delicate balance between the economic benefits of Bitcoin mining and the need to mitigate its environmental footprint.

Iceland’s Outsized Energy Dominance

To truly grasp the magnitude of Iceland’s energy dominance, let’s take a look at some compelling statistics. According to a report by Cryptoslate, Iceland is the world’s most electricity-rich country, producing approximately 50,000 kilowatt-hours (kWh) per capita annually. In comparison, Norway, the second-ranked country, produces around 25,000 kWh per capita annually. This staggering difference underscores Iceland’s unrivaled energy wealth.

Moreover, Iceland’s electricity generation is almost entirely derived from renewable energy sources. In 2020, 77% of the country’s electricity came from hydropower, while the remaining 23% was generated from geothermal sources. This remarkable reliance on renewable energy sets Iceland apart from most other nations and aligns perfectly with the ethos of the Bitcoin mining community, which seeks to minimize the carbon footprint associated with mining activities.

The Rise of Bitcoin Mining in Iceland

The recent surge in Bitcoin prices has propelled mining profitability to new heights. Since the start of 2023, mining profitability has increased by a staggering 35%, attracting both new and established miners to the industry. As a result, the global Bitcoin hash rate has reached a record high of 318 exahashes per second (EH/s), indicating the growing momentum of Bitcoin mining worldwide.

Iceland has not been immune to this trend, with mining operations flourishing in the country. However, the rapid expansion of the industry has also presented challenges. Iceland’s once seemingly endless supply of electricity has gradually become scarcer in recent years. As a result, obtaining electricity allocations for new data centers has become increasingly difficult for miners in Iceland. The country has essentially hit its mining limitations, and future growth potential is limited to the existing 120 MW allocation for the foreseeable future.

The Global Landscape of Bitcoin Mining

While Iceland has emerged as a significant player in the Bitcoin mining industry, it is by no means the only country attracting miners. The exodus of Chinese miners in 2021, driven by China’s aggressive policy towards mining, has led to a redistribution of mining activities worldwide. The United States, particularly the state of Texas, has become a new mining mecca, thanks to its favorable state policies and abundant renewable energy sources. Canada, with its cheap electricity prices and an abundance of natural gas, has also attracted a considerable number of mining companies.

In Latin America, El Salvador has positioned itself as a mining-friendly nation, going so far as to recognize Bitcoin as legal tender. The government has actively invested in Bitcoin and even plans to build a city that will be dedicated to the cryptocurrency, powered by volcano-fired geothermal plants. Costa Rica has also embraced mining, reopening a hydroelectric power plant to cater to the growing demand.

In Europe, the mining landscape remains relatively limited due to high electricity prices and regulatory skepticism towards cryptocurrencies. However, some countries have managed to attract miners. Georgia, with its surplus of cheap hydroelectric power, has become a popular destination for mining operations. Russia, with its low energy costs and cold climate, has also established itself as a significant mining hub.

The Future of Bitcoin Mining

As the global landscape of Bitcoin mining continues to evolve, miners must carefully consider various factors when choosing their operational locations. Geography, electricity costs, regulatory environment, and sustainability are all critical considerations. While Iceland has enjoyed a period of prominence in the Bitcoin mining industry, it is important to recognize the dynamic nature of the industry and the potential for new mining hubs to emerge in the future.

It is also crucial to address the sustainability concerns associated with Bitcoin mining. As the industry grows, so does its energy consumption. Miners and industry stakeholders must prioritize energy efficiency and adopt sustainable practices to minimize the environmental impact of mining activities. Renewable energy sources, innovative cooling technologies, and responsible energy consumption strategies will play a vital role in shaping the future of Bitcoin mining.

Iceland’s rise to prominence in the Bitcoin mining industry is a testament to its abundant renewable energy resources, political stability, and government support. The country has carved out a unique position as the world’s largest producer of hash rate per capita, attracting both local and international mining companies. However, as the industry faces new challenges and opportunities, miners must adapt and explore alternative locations that offer favorable conditions and align with their sustainability goals. The world of Bitcoin mining is constantly evolving, and the next mining destination may be just around the corner.

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In this interview, we delve into the leadership strategies and insights that have made Eduardo Dávila a formidable force at Aon. From his unwavering commitment to authenticity to his ability to empower and motivate his team, Dávila’s approach to leadership has proven to be a game-changer.

Through candid interviews and real-life examples, we explore the key lessons that Eduardo Dávila teaches us about leadership. Whether you’re an aspiring CEO or a seasoned executive, the wisdom shared by Dávila will undoubtedly leave a lasting impact on your approach to leadership.

Industry Leaders: How would you define authentic leadership, and how does it manifest in your role as the CEO of Aon EMEA?

Being a leader requires focus and patience. However, to be an authentic leader you have to really know yourself, your strengths and weaknesses, where you shine and how you can bring out the best in others. It’s also crucial to take the time to get to know those around you. Listening is the ultimate leadership skill. Good listening helps you to navigate challenging situations, find solutions, and provide support when it’s needed most.

These are all important lessons that I learned in a very different setting as a golf caddie for Severiano Ballesteros. I learned how different people need different types and amounts of information. Some clients like a wealth of information and then filter it whereas others are more selective and will ask when they are unsure of something. This is actually more challenging because you need to be prepared for their questions. Being helpful, respectful, patient and providing the right information at the right time are all skills I honed thanks to Seve.

Industry Leaders: You also have experience in the professional sporting world. How do you draw on that experience when leading your team at Aon EMEA, and what lessons have you brought from the sports arena to the business world?

My leadership philosophy is deeply rooted in sports management and my practical experience in the world of golf. Formerly a golf caddie, I have translated the skills and experience from the golf world into my role at Aon, caddying for my clients and reinforcing a culture of partnership and guidance.

When you think about the role of a caddie and what they do for the player, they are responsible for thinking about where the wind is coming from, where the bunker is, and the position of the green. Aon’s role with clients is similar to the caddie’s role – a close-knit partner who is reading the environment, scanning for challenges and providing guidance on the best way forward. Aon helps clients make a better shot. One of the ways we do this is by harnessing data and everything we do around risk capital and human capital. Our clients make the decisions and play the shot but we both have responsibility for the outcome.

Industry Leaders: What specific qualities or characteristics do you believe are essential for an authentic leader, and how do you cultivate those qualities within yourself and your team?

Being respectful, proactive, having patience and being a good listener are all qualities I believe are critical to authentic leadership, and are all skills I strengthened thanks to my time on the golf course. As a leader, you need to know when to share advice at the right time, and have the courage to do so.

Not only is it vital to know yourself, knowing when to go fast and slow, and when you need help, but it’s equally important to get to know those around you. The team around any leader is critical to their success. I ensure I take the time to foster relationships with existing colleagues, supporting them to deliver their best work and motivating them through the good times and the bad, as well as bringing diversity of thought to the table. I firmly believe we can all learn from each other, whether that be experience, knowledge, style or decision-making.

Industry Leaders: Building trust is a crucial aspect of authentic leadership. How do you establish and maintain trust within your organization, particularly in a fast-paced and ever-changing business environment?

Amid economic turbulence and global uncertainty, employees are increasingly looking towards their employers as a source of truth. Leaders play a crucial role in building trust within their organization and set the tone for culture and establish behavioral norms.

For me, building trust is about championing authenticity, empathy and humanity. Trust has to be earned, and it comes from a conscious effort to align behavior with purpose and values. Once lost, it can be very difficult to recover. As a leader I take steps each and every day to ensure we have trust within the team, from encouraging collaboration between colleagues, providing regular team feedback, to highlighting successes within the team.

Industry Leaders: Authentic leaders often value open and transparent communication. How do you ensure effective communication within your team and across different levels of the organization?

Open and honest communication should be at the heart of every team. My approach to this is to have a very human leadership style. In practice, I assume a position with those that I lead which encompasses the role of mentor and teammate.

Our team is more than a group of colleagues, it’s almost a family. We talk openly about everything and have created this feeling of a team that is striving for the same thing beyond the professional. This to me is hugely rewarding.

Faced with the many challenges Covid and now the high inflationary environment have thrown at us, I have had to adapt the way I communicate and build trust with others. We have all had to learn how to be emphatic through the screen and how to build relationships when unable to physically be together.

Industry Leaders: In your experience, how does authentic leadership contribute to employee engagement and overall organizational success?

Authentic leadership is essential to employee engagement and organizational success. It promotes stronger collaboration and communication between employees which contributes to a positive work environment where employees openly celebrate successes and identify challenges that need to be addressed.

In my experience, when employees can feel and see that their leaders truly care about their physical and mental health, they are more productive, engaged and stay in their roles for longer. Creating a positive work environment, therefore, where employees can thrive, grow and be challenged, as well as enabling them to make their own mistakes and learn from them is key.

Industry Leaders: How do you balance the need for authenticity with the demands and expectations of stakeholders, such as clients, shareholders, and employees?

It’s not a balancing act. In my view, you have to bring your authentic self to every situation as a leader. Consistency as a leader is key and that includes how you turn up each and every day. This means building meaningful relationships with all of your stakeholders, and allowing your strengths and passions to be known and understood.

Bio: Eduardo Dávila is Chief Executive Officer for Europe, the Middle East and Africa of Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions. He is also a member of the company’s Executive Committee, the Executive Leadership Team and co-chair of Aon’s Global Inclusive Leadership Council.

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There was a time when special purpose acquisition companies (SPACs) held the crown as the favored vessel for companies to embark on their public voyage. Yet, as the tides of market conditions shift and whispers of regulatory scrutiny loom, a chill settles upon Wall Street, dampening its voracious appetite for risk returns.

After two years, during which investors showered SPACs with an influx of $250 billion, rising inflation, the crescendo of interest rate increases, and the ominous presence of an imminent recession are stirring doubts. The ardor of investors wanes in 2023 as they withdraw their investments from SPACs, which they’re allowed to do at the time of the merger. The once-coveted stocks of high-growth companies stumble under the weight of tribulations as investors become reluctant to place their bets on the success of SPAC mergers.

According to Dealogic, around 600 SPACs that went public in the past couple of years are still struggling to complete deals. Nearly half of them embrace failure as they struggle to find targets before their two-year window closes. Seven SPACs have surrendered their dreams since the beginning of the year. Another 73 SPACs that were yearning for a moment in spotlight have chosen to set aside their plans. A fund that tracks the performance of 400 SPACs has succumbed to a 40 percent decline over the passing year.

SPAC Risks: Unraveling the Risks of Investing in SPACs

Special Purpose Acquisition Companies (SPACs) have gained significant traction and attention in recent years. While SPACs offer a unique and unconventional route for private companies to become publicly traded, they come with their own set of risks that potential investors should be aware of. Industry Leaders aims to provide a comprehensive overview of SPAC risks, digging deeper into the factors that make investing in SPACs more risky than traditional IPOs.

What is a SPAC?

A SPAC, or Special Purpose Acquisition Company, is a shell corporation with no existing business operations. Its primary objective is to raise capital through an initial public offering (IPO) to acquire a private company, thus taking it public without the complexities tied to a traditional IPO process. SPACs are often referred to as “blank check companies” since investors don’t have prior knowledge of the targeted acquisition.

Why are SPACs so popular?

SPACs have become increasingly popular for several reasons:

1. Simplified process: SPACs offer a quicker and less complicated path for private companies to go public compared to traditional IPOs.
2. Reduced regulatory scrutiny: SPACs bypass some of the regulatory and investor scrutiny that comes with the traditional IPO process.
3. Attractive to high-profile sponsors: Well-known investors and celebrities have backed SPACs, adding to their allure and popularity.
4. Flexibility: SPACs provide private companies with an alternative financing option to raise capital and gain access to public markets.

SPAC Risks: What are the risks of investing in a SPAC?

Investing in SPACs comes with its own set of risks, some of which are highlighted below:

Misaligned Goals

SPAC management teams may not have expertise in the target company’s market segment, leading to potential conflicts between the SPAC sponsors and the target company’s owners. Investors should be cautious of:

• SPAC management’s investment strategy and background.
• The alignment of interests between SPAC sponsors and target company management.

Deal Collapse

SPAC deals can fall through for various reasons, such as legal liabilities, financial issues, or changes in market conditions. Investors should be prepared for:

• The possibility of deal termination after months of negotiation.
• The potential loss of time and resources invested in the deal.

Delayed Timelines

SPACs typically have a limited time frame to identify and acquire a target company. Delays in the process can result in:

• The SPAC being unable to complete a deal within the required time frame.
• The return of capital to investors without any gains.

The Responsibilities of Being Public

Private companies that go public via a SPAC must adapt to the regulatory requirements and reporting standards of public companies. Challenges include:

• Implementing robust financial reporting processes and controls.
• Ensuring compliance with Securities and Exchange Commission (SEC) filing requirements.

Talent Attrition

SPAC-acquired companies may face employee turnover due to changes in the company’s culture and regulatory environment. Investors should consider:

• The potential loss of key management personnel.
• Disruptions in company operations due to employee departures.

Regulatory Scrutiny

Recent growth in the SPAC market has attracted the attention of regulatory bodies such as the SEC. This may result in:

• Increased regulatory oversight and scrutiny of SPACs.
• The possibility of new regulations impacting the SPAC market.

Dilution of Share Value

SPAC investors may face dilution of their share value due to compensation paid to the SPAC management team. This can negatively impact:

• The potential returns for SPAC investors.
• The overall value of the SPAC investment.

Limited Information and Transparency

Investing in SPACs involves uncertainty, as investors often have limited information about:

• The SPAC’s investment strategy during the IPO.
• The intended target company and its financial health.

SPAC Risks to be aware of

Before diving into a SPAC investment, it’s crucial to be mindful of the following risks:

• Misaligned goals between SPAC management and target company management.
• The possibility of deal collapse and delayed timelines.
• The responsibilities and challenges of being a public company.
• Talent attrition and its impact on the company’s operations.
• Increased regulatory scrutiny and potential changes in regulations.
• Dilution of share value and limited information about the target company.

SPAC Risks to consider

When evaluating a potential SPAC investment, consider the following factors:

• Thoroughly review the SPAC’s prospectus and objectives.
• Assess the experience and expertise of the SPAC management team.
• Evaluate the target company’s financial health and growth prospects.
• Understand the potential risks and challenges associated with the investment.

Are SPACs more risky than traditional IPOs?

While SPACs offer a streamlined process for private companies to go public, they come with their own set of risks that make them potentially more risky than traditional IPOs. Investors should weigh the potential risks and rewards of investing in SPACs and consider their overall investment strategy before taking the plunge.

Investing in SPACs can be an attractive option for some investors. However, it’s essential to understand the SPAC risks involved, conduct thorough due diligence, and evaluate whether a SPAC investment aligns with your investment goals and risk tolerance. By being aware of the risks and challenges associated with SPACs, investors can make informed decisions and potentially capitalize on the opportunities that this unconventional investment vehicle presents.

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In the wake of Credit Suisse’s government-backed rescue, UBS shares and bonds experienced intense turbulence, with the former plummeting by as much as 17% on Monday before rebounding to close 35% higher than their lows the following day. Meanwhile, the yield on the bank’s additional tier one (AT1) bonds soared to a record 29.8% on Tuesday, from below 10% just a week ago. This type of bail-in debt has been the subject of much scrutiny since Credit Suisse’s AT1s were written down to zero, leaving bondholders with nothing while equity holders retained the value of the share offer.

UBS’s own AT1 bonds were similarly affected, with their prices dropping dramatically. The bank’s decision to buy back its recently sold debt at the price at which they were sold, rather than at market prices, compensates investors following the recent sell-off. UBS cited a “prudent assessment of recent developments” and its commitment to its credit investors as the reasons for the buyback.

The announcement has been met with mixed reactions, with some analysts hailing the move as a smart one. “I would say this is almost funny as (the bonds) were issued so recently, but generally speaking, it makes sense,” said Jerome Legras, Head of Research at Axiom Alternative Investments. Others, however, have expressed concerns about UBS’s ability to weather the ongoing market turbulence.

UBS’s decision to repurchase the senior unsecured bail-in notes aims to restore investor confidence amid ongoing market turbulence and strengthen the bank’s financial stability.

UBS’s decision to repurchase its debt is part of its larger efforts to maintain financial stability and restore investor confidence. The bank has faced significant challenges in the wake of Credit Suisse’s bailout, and investors are keeping a close eye on its future moves. It remains to be seen how UBS will navigate the ongoing market volatility, but its decision to repurchase its recently sold debt is a step in the right direction.

UBS’s move to buy back its recently sold debt is a significant development in the ongoing saga of the banking industry’s struggles to navigate the turbulent markets. The decision is aimed at restoring investor confidence and stabilizing UBS’s financial position in the aftermath of Credit Suisse’s bailout. While the move has received mixed reactions, it is a clear indication of UBS’s commitment to its credit investors and its efforts to weather the ongoing market turbulence.

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