Welcome to the Level Ups. Modern business news in plain-Jane English.
Novo Nordisk surpasses LVMH as Europe’s largest company.
AI: New GPTs make life a little too easy.
WeWork files for bankruptcy.
Canadian Corner: New foreign worker rules.
Estimated reading time: 3 minutes & 30 seconds.
Skinny Life > Luxury Life
LVMH was dethroned by the people who manufacture drugs that allegedly make us skinny. Novo Nordisk (Novo), a Danish company known for diabetes and obesity drugs (Ozempic and Wegovy, respectively), has seen incredible growth this year. You’ve probably heard of Ozempic.
It’s believed their drugs can help people lose weight “nearly risk-free.”
I haven’t taken either one, so I can’t say much. But the good news is that I don’t have to because the market has spoken (and absolutely believes it).
Novo’s share price is up over 47% this year.
There’s even speculation that Wegovy specifically can help reduce the risk of heart attacks (consult a doctor for a professional opinion).
Is It As Good As It Looks?
Consult a physician before trying any of these medications.
New GPTs Are Too Easy:
This new feature letting users create their own custom version of the program has already blown up. There are already 700+ NewGPTs. Here are some favourites:
CanvaGPT: use Canva templates without leaving ChatGPT.
The Negotiator: helps you advocate for yourself to get better outcomes.
Creative Writing Coach: reads and gives you feedback to improve your writing.
Emoji Generator: create custom emojis from your instructions.
For example, I asked the Emoji Generator to make us a few custom emojis as logos. Here’s the outcome (the text needs work):
If you haven’t already, consider creating a free account.
This is the future; even just using it for reports and email work will save you hours every week.
It may not have a major impact on commercial real estate overall, but it is expected to impact smaller markets significantly. WeWork would be pulled from all existing agreements, leaving landlords on the hook since they still owe $100M in fees on top of those rental agreements.
Pay $20,000/month rent, or take your entire company on an annual retreat to the tropics? It’s tough out there.
Foreign Worker Rule Changes:
It’s a step towards getting foreigners working sooner, ideally boosting the economy.
However, even if companies can’t make it a requirement, they can still prefer it. Will this make much of a dent? Probably not, but it’s a step towards getting people to work sooner (arguably a good thing).
Business Insolvencies Hit 10-Year High
While it will take a few more months to confirm the total impact of the higher interest rates on businesses, the trend is worrisome.
This report cites insolvency data from before last week’s report. So when they say the “good news is fewer businesses are closing,” it’s not true anymore.
Rough to end on bad news for Canadian readers, but there is a sliver of hope.
The Canadian federal government has programs to help small businesses secure funding through financial institutions. Details here.