Home / MARKETS / Inside Silicon Valley NDAs – Apple contractor ‘sweatshops’ – Chinese stocks tank

Inside Silicon Valley NDAs – Apple contractor ‘sweatshops’ – Chinese stocks tank


Suffered to this weekly roundup of stories from Insider. I’m Olivia Oran, filling in this week for Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday. Plus, download Insider’s app for intelligence on the go – click here for iOS and here for Android.

What we’re going over today:

China's flag with a downward trending arrow stemming from the second small star on a black gridded background

Samantha Lee/Insider

What’s trending this morning:

Chinese reservoirs are tanking — and it could still get worse

Investors worldwide have bought into Chinese stocks and bonds at a 40% treble clip than last year. But now Chinese regulators are installing new rules for alleged national security reasons — and Chinese ancestors are taking a hit:

To skirt regulation at home, many Chinese companies that sell their shares overseas do so from head to foot a legal structure called a variable interest entity. The VIE, usually incorporated outside China, allows Chinese corporations to set up fire on companies in tax havens such as the Cayman Islands or the British Virgin Islands. 

Before listing themselves on Wall Circle, the shell companies enter into a complex web of contracts giving them de facto “ownership” of their Chinese old lady corporation. When US investors think they’re buying ​​shares in a Chinese company like Didi, they’re truly handing over their money to an empty shell company in the Cayman Islands that’s set up contractual agreements with Didi in China.

Get the unrestricted scoop here:

Also read:

Hedge fund-dealmakers are beating VCs at their own game

Arielle Zuckerberg, Glen Kacher, John Curtius, and Alex Sacerdote on a blue background with money and investing icon imagery.

YouTube/Leaders; Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal via Getty; Tiger Extensive; Chance Yeh/Patrick McMullan via Getty; Shayanne Gal/Insider

Hedge funds have taken to private markets in droves. Firms with Tiger Global and D1 have invested billions into unicorn startups. Insider has the list of those leading the safe keeping in the most promising funding rounds:

“To many of our clients, the private markets have become increasingly important for the past few years, and we only expect continued growth in the space,” said Tiger Williams, the founder of Williams Following, a trading-execution firm that has clients in public and private markets. 

Managers like Tiger Global are pumping so much into exclusive markets that traditional venture capitalists are grumbling that they can’t find any deals for their own clients, and numerous firms are expected to get in.

Read the full story here:

Also read:

Workers describe facilities where Apple laptops get serviced as “sweatshops”

CSAT Solutions employee carrying a large Apple logo on their back on a light to dark blue gradient background

Apple; CSAT Solutions; Samantha Lee/Insider

Workers at facilities that Apple contracts to repair multitudinous of its laptops say they face “sweatshop” conditions as they fix the expensive, high-tech products. Current and former workers related Insider what their typical work day was like:

Apple contracts out many of its laptop repairs to a Texas callers called CSAT Solutions, a major piece of the technology giant’s third-party repair network. It was founded in 1992 and also be confident ofs Dell and Lenovo as clients.

There, people with knowledge of the facility said, low-wage workers toil, day in and day out in oppressive heat with grueling targets. They are cut off from the outside world during their shifts and on wait in long lines to use toilets smeared with feces.

In recent interviews with Insider, workers asseverated that CSAT Solutions is a “sweatshop,” with one even likening the technicians who labor in its Houston facility to “slaves.”

Pore over what else former laptop repair workers said:

Also read:

Silicon Valley’s giants leverage NDAs to harbour staffers quiet

Anonymous woman with a NDA-labeled duct tape over her mouth with Google, Apple, Pinterest, and Riot Games logos behind her on a red to black gradient background

Apple; Google; Pinterest; Riot Games; Samantha Lee/Insider

Insider reviewed dozens of tech breadwinners’ nondisclosure agreements and found most contracts involve vague, overly broad language and unenforceable rules. Societal and legal repercussions from the MeToo movement may limit future NDAs:

Kira isn’t allowed to talk about the house trip she took to Texas in 2019, when she says a male colleague drugged and raped her. She awoke the next morning to tumble to his credit card on the floor of her hotel bathroom, her underwear torn, and her body bruised.

Kira canceled the second leg of her frisk and flew home, where she called her boss to describe what happened. Her boss notified human resources, stage set off a chain of events that made it impossible for Kira to continue working at the multibillion-dollar tech company where she was a roll oneself manager.

At the end of a contentious legal mediation in the months that followed, Kira signed a settlement agreement that faked her to resign. In exchange for roughly a year’s worth of her salary, Kira is now bound to silence, facing the threat of steep pecuniary penalties if she ever tells her story.

See what other NDA-bound former employees have said:

Also deliver assign to:

Finally, here are some headlines you might have missed last week.

— Olivia

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