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A captured Russian tank during an exhibition of destroyed Russian military vehicles in Kyiv, Ukraine, August 20, 2022.
The editor of Russia's RT outlet said Russia "practically" took Ukraine's capital in its invasion.
In reality Russia never took Kyiv, and instead retreated and never returned.
Margarita Simonyan glossed over that reality, saying "we already defeated Kyiv during the first week."
Russia's top propagandist said that Russia "practically" took Ukraine's capital city at the start of its invasion, when in reality Russia's army ended up making a humiliating retreat.
Margarita Simonyan, the editor-in-chief of Russian news outlet RT, made the claim in a TV appearance where she denied that Russia would strike Kyiv with nuclear missiles.
She said Russia would never use a nuclear weapon against Kyiv partly because Russia had almost taken the city earlier in the war, according to a translation by The Daily Beast's Julia Davis.
Simonyan said: "We will never conduct a nuclear strike against Kyiv. Never. This is something that is totally ruled out for several reasons."
She said one reason is that "it's totally senseless, it wouldn't solve anything, because we already defeated Kyiv during the first week. We were already in Hostomel and everywhere else. We practically took it, right?"
Russia started attacking Kyiv shortly after its invasion of Russia began on February 24. It hit the city with missiles as its troops moved closer.
Russia aimed to overthrow Ukraine's Kyiv-based government, but Ukrainian resistance and logistical issues within Russia's army meant that its troops never took the city, even though its missiles caused widespread damage.
A 40-mile-long convoy of military vehicles that was moving towards the city stalled, and then fell apart.
Satellite imagery of a 40-mile-long Russian military convoy seen north of Kyiv early in the invasion.
Russian troops retreated from the Kyiv region in April, leaving behind apparent atrocities in some of the cities and towns that it had taken.
Simonyan did acknowledge that Russia's army left Kyiv earlier in the war, but not that the army was effectively forced to retreat.
"I know the servicemen who were there and they were horrified that they were ordered to leave. I personally know these people. Since March, we aren't fighting against Kyiv, we're fighting against the West. So why the heck would we nuke Kyiv?" she asked.
She said the main reason that Russia would "never bomb Kyiv" is because "our holy sites" are in the city.
But Russia's attacks earlier in the war did cause damage to important religious sites in the city, as well as residential buildings and architecture.
UNESCO said that at least 33 significant sites in Kyiv were damaged, including multiple churches and museums.
Russian strikes have also destroyed multiple religious sites across Ukraine.
Simonyan hinted that Russia could bomb Washington, London, or Berlin, as Russia has no holy sites in those cities.
Russia currently has no military presence in or near Kyiv, though it is conducting missile strikes against the city and other built up areas far from the war's front lines, knocking out power infrastructure, damaging buildings and killing some civilians. | 2022-12-05T16:42:55Z | www.businessinsider.com | Top Putin Propagandist Says Russia 'Practically' Took Kyiv at War Start | https://www.businessinsider.com/top-putin-propagandist-says-russia-practically-took-kyiv-war-start-2022-12 | https://www.businessinsider.com/top-putin-propagandist-says-russia-practically-took-kyiv-war-start-2022-12 |
Writing on Telegram, Roman Busargin, governor of the Saratov region, appeared to confirm that several blasts occurred. "The incidents at military facilities [are] being checked by law enforcement agencies," he wrote, stating that no civilian infrastructure was damaged.
—Geoff Brumfiel (@gbrumfiel) December 5, 2022
Separately, a fuel tanker exploded at the Dyagilevo airbase, southeast of Moscow. The base is also home to strategic bombers. The Moscow Times reported that three people were killed and two planes damaged by the blast, citing state and independent media.
Mykhaylo Podolyak, an adviser to Ukrainian President Volodymyr Zelensky, obliquely referenced the explosions in a post on social media, writing: "if something is launched into other countries' airspace, sooner or later unknown flying objects will return to departure point." | 2022-12-05T17:34:04Z | www.businessinsider.com | Blasts Reported at Russian Air Base Where 'Unusual' Activity Occurred | https://www.businessinsider.com/blasts-reported-at-russian-air-base-where-unusual-activity-occurred-2022-12 | https://www.businessinsider.com/blasts-reported-at-russian-air-base-where-unusual-activity-occurred-2022-12 |
The chip shortage has pummeled the auto industry for years — but that may be ending soon.
The chip shortage has been hurting the auto industry for more than two years.
But the latest estimate suggests it may be improving.
That could mean car-buyers will soon be in luck.
Next year could be the light at the end of the tunnel for the chip shortage that slashed vehicle inventory for the past two years — and that could mean good news for weary car buyers.
The chip shortage has pummeled the global auto industry for years, depressing dealership inventory levels and driving up new and used vehicle prices. But experts from AutoForecast Solutions say that by the end of 2022, the semiconductor shortage won't be nearly as bad as it was last year. Better yet, 2023 could look even rosier.
Since 2020, auto companies have sacrificed production levels and valuable features like heated seats, while prioritizing money-making vehicles.
In 2021, automakers built 3.23 million fewer vehicles than expected in North America because of the chip shortage. This year, that shortfall's on pace to hit about 1.5 million, per an AutoForecast Solutions estimate last week.
Chipmakers have raced to ramp up their production of these critical components, which power smartphones, household electronics, and the tech-filled cars of future product lines. They're especially important for electric vehicles, which are even more technologically advanced than gas-powered ones. Automakers are already navigating supply shortages as they relate to EV batteries, and can't afford further constraints inhibiting their progress.
Rivian "saw a number of challenges in terms of the semiconductor space, as well as just overall ramping of the volume within our supply base," CEO RJ Scaringe said in a second-quarter earnings call earlier this year.
(One benefit to electric, though, is that EVs require the more complex chips that chip companies are eager to make, unlike the antiquated, less profitable chips that older cars require.)
Next year's potential chip shortage respite could bring relief to car shoppers if inventory levels recover, pushing down prices.
Still, automakers remain vigilant, and continue to cut back on production — and experts at management consulting firm Alvarez and Marsal don't think the industry will be out of the woods just yet. | 2022-12-05T17:34:09Z | www.businessinsider.com | The Chip Shortage May Be Ending, and Crazy Car Prices Should Go With It | https://www.businessinsider.com/chip-shortage-auto-industry-car-buying-dealerships-consumers-inventory-2022-12 | https://www.businessinsider.com/chip-shortage-auto-industry-car-buying-dealerships-consumers-inventory-2022-12 |
Danielle Cappolla's parents, around the time she was 10 years old.
Courtesy of Danielle Cappolla
When I was 10, my mother gave me a $5 bill every day to buy food and drinks at our town pool.
Through trial and error, I learned to keep track of my spending and gained valuable experience with money.
I still use these lessons today to monitor my spending, keep a budget, and compare prices for the best deals.
When I was 10, my mother would bring my little sisters and me to the town pool.
My baby sister was a year old, and my mom didn't want to stop feeding or changing her every time we asked her for money. She came up with a creative solution to build my independence with money.
Each day, my mother gave me a $5 bill to cover the cost of ice cream and soda for my 7-year-old sister and me. Since my middle sister was just learning addition and subtraction, the responsibility fell to me to make that $5 bill stretch.
A $5 bill gave me practical experience with money every day
I used problem-solving skills to make sure my sister and I had enough money for food and beverages without going over our budget. This required some trial and error. My favorite ice creams were King Cones and Choco Tacos, but they were among the most expensive items on the ice cream truck. If I bought a pricier ice cream, I would not have enough money for a second round of sodas from the soda machine.
Sometimes my sister and I split a soda with our last dollar, using a game of rock, paper, scissors to decide between Cherry Coke and Mountain Dew. Later, we learned we could buy two smaller items for the price of one Choco Taco, and felt proud of our discovery.
I also learned that even if I bought the same items, my change might look different. I learned how to count change and exchange larger coins for smaller coins. My mental math skills improved over time, as I added and subtracted sums in my head. One time, I counted my change using the condensation of my soda can. Without a pencil and paper, I made many mistakes, but I learned from them.
If I forgot my mistakes, my sister was there to remind me.
At the end of each day, I reported back to my mom with any change and told her how I spent the rest of the money. Staying under budget had no reward. My mom made it an expectation that we would bring change back to her. One time, my middle sister and I overspent our budget. When we asked our mom for more money, she reminded us to use our money more thoughtfully next time.
My mom's budget lessons spilled over into the grocery store. While we shopped, I became more aware of the price stickers on items. I liked to compare prices of the ice cream and soda sold at the town pool and those sold at the store. The price of food and beverages was much higher at the pool, so I learned that buying snacks and drinks at the store in bulk and keeping them in a cooler was a much more economical way to stretch my $5 bill.
My mother's lessons continue to help me be an informed consumer
My mother's lessons with the $5 bill remain with me today. Comparing prices online and between local stores has helped me to save money by finding cheaper or comparable resources. As food prices have been rising, this skill has enabled me to think critically about food and drink purchases so I can find the best deals. I consider my grocery purchases before I make them to see how they will fit into my meal plans for the week, which helps me to cut down on food waste.
Learning to stay at or below my budget has also been a valuable lesson. Being aware of what I can spend on food and drink within a month helps me to monitor my spending. When I stay below budget, I have money to put into savings or toward holiday expenses, when I need to buy more items to accommodate guests.
And while virtual quick-pay options have made it easier to pay for items, I still like to use cash to pay for inexpensive items. My $5 pool day budget would be close to $10 today, with inflation. Sometimes, I'll take a $10 bill to a takeout place near my job to see if I can stay under budget. The clink of the coins the cashier hands over gives me the same satisfaction it did when I was 10-year-old able to give my mom her change.
PERSONAL FINANCE My great-grandfather was a blue-collar worker whose 2 favorite savings tricks are still helping my family put away money | 2022-12-05T17:34:15Z | www.businessinsider.com | My Mom Used a $5 Bill to Teach Me Money Lessons As a Kid | https://www.businessinsider.com/personal-finance/kid-money-lessons-mom-five-dollars-2022-12 | https://www.businessinsider.com/personal-finance/kid-money-lessons-mom-five-dollars-2022-12 |
Katie Nixdorf and Noah Lewis
The serious injury rate at Amazon warehouses was double that of other distribution centers in 2021.
Workers suffer musculoskeletal disorders, or MSDs, which are caused by repetitive movements.
Amazon spent $300 million on safety initiatives to try and become "Earth's safest place to work."
The injury rate at Amazon fulfillment centers is double that of other warehouses. We accessed rare video footage from inside one of the most dangerous Amazon warehouses in the US and spoke to former employees to understand the true cost of Amazon's push for speed. | 2022-12-05T17:34:30Z | www.businessinsider.com | Why Amazon Warehouses Have Such a High Serious Injury Rate | https://www.businessinsider.com/true-cost-amazon-warehouse-nation-workers-free-shipping-2022-12 | https://www.businessinsider.com/true-cost-amazon-warehouse-nation-workers-free-shipping-2022-12 |
Bridgewater Associates chief investment strategist Rebecca Patterson.
The Fed could surprise markets by keeping the Federal Funds Rate elevated for an extended time, Bridgewater's chief investment strategist said.
The Fed may initiate multiple rounds of tightening to tame inflation, which poses risks to markets.
Only severe economic weakness would justify the Fed cutting rates.
Many investors are forecasting the Federal Reserve to begin easing its interest rate hike campaign soon, but Rebecca Patterson, Bridgewater's chief investment strategist, says there's a chance the Fed surprises markets and keeps rates elevated for an extended stretch of time.
"What's not priced in is the Fed going high, and holding," Patterson told Bloomberg on Monday. "The market's anticipating right now that we get significant rate cuts starting in the second half of next year, and we think without severe economic weakness to justify that, we're going to get the Fed pausing, but not cutting."
Odds are, the Fed will still believe it has work to do to tame inflation, she said, and that could result in postponing any rate cuts.
"I think we're going to see the Fed going at least to 5% on the Fed Funds, with a probability that's not de minimis that they may have to go higher," Patterson said, adding that if the central bank isn't satisfied with inflation by that point, it could initiate another round of tightening.
Sustained elevated rates will catalyze dramatic changes to the investing landscape, in Patterson's view. Bridgewater is currently cautious on assets, she said, even as traders seem to be pricing in a dovish pivot from the Fed.
"While there is going to be this tug of war how much will the Fed accept inflation versus force inflation to its target, how much growth pain will we get, we continue to believe that there's another shoe that has to drop, and that is the economy," Patterson said.
The easy-money era is ending, Patterson maintained, and the years ahead likely won't exhibit the same low inflation and low macro volatility as the recent past.
"We're really seeing the market move into a new paradigm," she said. "We haven't had short-term rates this high in a very long time, and so it is interesting to think about how our inventors are going to position for the next decade versus the last decade...we think we're going to get a lot of more structural, bigger market changes."
Rebecca Patterson Bridgewater Recession | 2022-12-05T18:17:54Z | www.businessinsider.com | The Fed Could Raise Rates Above 5% and Leave Them There: Bridgewater | https://www.businessinsider.com/fed-rate-hikes-investors-bank-markets-recession-economy-policy-bridgewater-2022-12 | https://www.businessinsider.com/fed-rate-hikes-investors-bank-markets-recession-economy-policy-bridgewater-2022-12 |
Read the memo Slack CEO Stewart Butterfield wrote to staff announcing his departure from Salesforce
Slack CEO Stewart Butterfield.
Slack CEO Stewart Butterfield announced Monday that he's leaving Salesforce, Slack's corporate owner.
The news comes days after Salesforce announced its CEO Bret Taylor is also stepping down.
Insider obtained a copy of Butterfield's memo to staff. Read the full text here.
Slack CEO Stewart Butterfield announced Monday morning that he is leaving Salesforce in January, according to an announcement Butterfield posted to a company Slack channel that was viewed by Insider.
The news comes just days after Salesforce, which bought Slack in 2020 for nearly $28 billion, announced its CEO Bret Taylor is departing the company in early 2023.
Insider obtained the full copy of the memo. Read the full text below.
"In early January, I'll be stepping down as CEO of Slack. Also, both Tamar and Jonathan Prince are leaving. Slack will have a new CEO: Lidiane Jones. This is good: Lidiane is amazing. More on this below.
(FWIW, this has nothing to do with Bret's departure. Planning has been in the works for several months. Just: weird timing!)
Tamar and Jonathan arrived within a month of each other at a critical point in Slack's development as a new company. There were more more experienced than me and taught me a lot (probably more than I know, even now). They helped us grow up. Their individual contributions as leaders were indispensable but they were also team players and helped make us an all-star executive team. Their impact will be felt for as long as Slack is around.
Cal remains the CTO which is good because he's plainly, no exaggeration, the best CTO in the world. And, Slack's own Noah Weiss is the new Chief Product Officer. In his seven years (!) as part of Slack he's led product development in nearly every area at one point or another, and the ambition of our product strategy owes a lot to his leadership. He's going to keep the bar high, and then keep pushing it higher. Congrats, Noah.
So: why?? Well, we started this company 13.5 years ago (though it's "only" been 1- years since we started development of Slack itself). It's been a long and wild run. I am not going off to do something entrepreneurial. Though it may sounds hackneyed, I actually am going to spend more time with my family. We have a new baby coming in January. Can I tell you something? I fantasize about gardening. So I'm going to work on some personal projects, focus on health, and try to learn as many new things as I can.
So, about this Lidiane. You're going to love her. She's pragmatics and practical, insightful, passionate, creative, kind, and curious. She's right at that little diamond-shaped heart in the four-circle Venn diagram of Smart, Humble, Hardworking, and Collaborative. Before Salesforce she spent four years leading product at Sonos where she fell in love with Slack. She has a deep respect for our approach to product, our customer obsession, and our unique culture. She's one of us.
She also has enormous credibility inside of Salesforce and will be an effective advocate for Slack's business, customers, and people. She earned that credibility as an EVP & GM, leading Marketing Cloud, Customer Cloud, and Flow through major technology and business transformations. This will be extremely helpful for us over the next few years.
Obviously, there are more details here, but I'm going to let each leader talk about it in their own words. I know this is pretty big news but, if you've known me for a while, you'll know that I just don't say things I don't believe. I can't. So you can trust me when I say that everything is going to be okay. Lidiane, Cal, and Noah already have a great chemistry and are committed to our collective and individual success. Bob is still out Chief Sales & Success Officer, Michael Peachey our SVP of Marketing, Stephen Lee our SVP of Legal, David Ard our SVP of Employee Success, and Robby Kwok is going to keep Cheifing the Staff for Lidiane.
Thank you for everything. I cannot begin to express my gratitude and it wasn't till I got to this line that I started crying, so I can tell that's the heart of it for me. Thank you [red heart emoji]" | 2022-12-05T18:18:06Z | www.businessinsider.com | Read Slack CEO Stewart Butterfield's Memo Announcing Salesforce Exit | https://www.businessinsider.com/read-slack-ceo-stewart-butterfields-memo-departing-salesforce-lidiane-jones-2022-12 | https://www.businessinsider.com/read-slack-ceo-stewart-butterfields-memo-departing-salesforce-lidiane-jones-2022-12 |
In April, the Education Dept. introduced its "Fresh Start" plan, which would help defaulted student-loan borrowers.
Last week, the department released updated guidance to the agencies that hold those borrowers' debt.
Borrowers will have one year after payments resume to make use of the program.
President Joe Biden's Education Department is preparing to help student-loan borrowers in default once payments resume.
On Friday, Federal Student Aid (FSA) Director Richard Cordray released guidance to the private companies that hold defaulted student loans — known as guaranty agencies — on how they should carry out the "Fresh Start" initiative the Education Department announced in April.
The initiative, which was detailed in a press release alongside an announcement of an prior extension of the student-loan payment pause through August, would allow borrowers behind on their payments, or in default, to reenter repayment in good standing. Approximately 7.5 million borrowers are currently in default, and the program would give those borrowers one year after payments resume to take necessary steps to return to good standing.
President Joe Biden recently extended the student-loan payment pause through June 30 or whenever the active lawsuits currently blocking the debt relief are resolved — whichever comes first.
"Today, more than seven and a half million borrowers have a loan in default," Under Secretary of Education James Kvaal said during a student aid conference last week. "That's about one in six student loan borrowers. Nothing good comes out of loan default. It drives borrowers already facing financial hardships into an even deeper hole."
According to Cordray's guidance, the agencies that hold defaulted student-loan borrowers' debt will be required to suspend collection attempts for borrowers in the Fresh Start program for a year following the end of the payment pause. They will also ensure those borrowers don't receive negative credit reporting, along with facilitating communications to borrowers eligible for the program informing them of the actions they need to take should they wish to return to good standing.
Along with guidance to the guaranty agencies, borrowers in default will also need to take action to return to good standing. They will need to request a transfer of their loans to Nelnet, a non-default student-loan company, which can be done by visiting myeddebt.ed.gov or calling the Default Resolution Group at 800-621-3115. Borrowers can find out more information on whether they are eligible for the program here.
This new guidance comes as Biden's broader plan to forgive up to $20,000 in student debt for federal borrowers making under $125,000 a year remains held up in court. So far, two federal judges have ruled that the implementation of the relief should be blocked, and the Supreme Court has already agreed to hear arguments in one of the cases early next year.
In the meantime, the administration maintains it will prevail in court — but millions of borrowers are waiting to see if the nation's highest court will end up granting them the relief they were promised. | 2022-12-05T18:18:12Z | www.businessinsider.com | Student-Loan Borrowers in Default Get Updated Guidance on Relief | https://www.businessinsider.com/student-loan-borrowers-in-default-get-updated-guidance-fresh-start-2022-12 | https://www.businessinsider.com/student-loan-borrowers-in-default-get-updated-guidance-fresh-start-2022-12 |
The Fleurty Girl of New Orleans
How a $2,000 tax refund and a leap of faith changed one small business owner's life and career
Fleurty Girl
Sponsored by State Farm®
Lauren LeBlanc Haydel founded Fleurty Girl in 2009 with a $2,000 tax refund and a vision for a different life. The single mom of three thought she was just creating a t-shirt business for women, but in the 13 years since, the business has created whimsical and fun spaces that celebrate the city, culture, and makers of her hometown of New Orleans.
The only plan Haydel really had back then was to come home to New Orleans from Baton Rouge, where she was living at the time. The not-a-plan plan took shape when an "aha" moment made her realize that life could be better.
I was living paycheck to paycheck with one kid in aftercare and twins in daycare, and by the time I paid my mortgage, there really wasn't much left at the end of the day. I just thought this is my one shot. Lauren LeBlanc Haydel, Owner of Fleurty Girl.
So, she took a leap of faith.
"I realized I'm going to start a t-shirt line about New Orleans and feminine cut t-shirts, and it's going to be called Fleurty Girl," Haydel said. "That became the plan."
The only exit strategy she had was to give the shirts away for Christmas if they didn't sell. It turned out she didn't need it because her shirts sold — so well that she opened her first brick-and-mortar store six months later.
Fleurty Girl / Getty
But it isn't just that leap of faith to which she attributes her early success. If it weren't for the landlord who took a chance on the burgeoning business owner by renting her a tiny house on Oak Street that doubled as her first store and the home she shared with her three children, Fleurty Girl might not have come to be.
"I did not have the credit. I asked the landlord, 'Can you please just give me a chance? I know this sounds crazy. But I want to open a shop,'" Haydel said. "'I want to take the window and make it a door and turn this into a shop and take these three small kids that you see running all over your yard and put them in one bedroom.'"
Unexpectedly, he said yes, and Fleurty Girl had its first store.
When the Saints go marching in
That wasn't the only unexpected event that would define the entrepreneur's journey. As the store on Oak Street started to gain momentum, the NFL sent a letter demanding she stop selling t-shirts with the New Orleans Saints' catchphrase "Who Dat?" because it said it owned the rights to the phrase.
The NFL didn't know that New Orleans would rally around Haydel.
The exposure from the cease-and-desist letter gave Fleurty Girl the buzz it needed because locals ate up her merchandise, and wanted more. She became a household name in New Orleans – even tourists now flock to her stores.
Along the way, Haydel leaned on the people of her hometown and her State Farm agent, Nora Vaden Holmes, who has supported, encouraged, and protected Haydel through Fleurty Girl's growth.
I watched Lauren grow in her business, even through the NFL incident. We all cheered her on. I'm going to buy her t-shirts. I'm going to do whatever to support her.
- Nora Vaden Holmes, State Farm ® Insurance Agent, Metairie, Louisiana.
So, it was no surprise that Haydel chose State Farm for her business insurance. Haydel had even worked at a State Farm office, and her grandfather, "Paw Paw," had been a State Farm agent at one point.
"We're a State Farm family. We grew up at my grandfather's agency. I worked at his agency," Haydel said. "He had seven children, and he had this wild idea that he wanted to be a State Farm agent. He even took a pay cut to become one."
Today, Fleurty Girl has nine stores, including one online, that sells carefully curated products like socks, jewelry, shoes – and yes, t-shirts – from local and internationally loved brands.
Haydel is still very much involved, and you can often see her (and Holmes) at one of her stores. Haydel often credits luck and those who have supported her as integral to her success. But Holmes thinks it's Haydel's tenacity and hard work.
"She's the hardest working person I know," Holmes said. "You see her on Sundays, in her van, running around you. She was walking to the store today. She is always working."
State Farm and Holmes have proven they're more than good neighbors. They are Haydel's biggest fans, willing to champion her through her wins – and challenges.
And for Haydel, working for and with State Farm has always been about relationships.
"It's the people behind the policies. That's the story we have to tell," Haydel said. "Nora is amazing, and so was my Paw Paw. It's a relationship, not a transaction."
Learn more about how State Farm can help grow your small business.
This post was created by Insider Studios with State Farm.
State Farm Fire and Casualty Company
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State Farm Florida Insurance Company
State Farm Lloyds | 2022-12-05T18:18:18Z | www.businessinsider.com | A $2,000 Tax Refund and a Leap of Faith Changed One Small Business Owner's Life | https://www.businessinsider.com/the-fleurty-girl-of-new-orleans-small-business-owner | https://www.businessinsider.com/the-fleurty-girl-of-new-orleans-small-business-owner |
Amy Robach and T.J. Holmes have reportedly been taken off 'GMA3'
"GMA3" co-anchors Amy Robach and T.J. Holmes have been temporarily removed from the show, according to reports.
The pair have been engaged in an affair for some time, tabloids reported last week.
ABC News' president reportedly said the relationship didn't violate policy, but was a "distraction."
"GMA3: What You Need to Know" co-anchors Amy Robach and T.J. Holmes have been reportedly removed temporarily from the show amid a reported affair.
Multiple outlets — including Variety, Deadline, The Hollywood Reporter, and Washington Post — reported on Monday that the pair have been benched, but not suspended, as ABC News decides next steps.
Interim anchors have not been named beyond Monday, in which Stephanie Ramos and Gio Benitez stepped in, according to the Post.
Representatives for ABC News and "Good Morning America" did not immediately respond to Insider's request for comment.
"I want to say that while the relationship is not a violation of company policy, I really have taken the last few days to think about and work through what I think is best for the ABC News organization," ABC News president Kim Godwin said on Monday morning editorial call, according to THR.
"These decisions are not easy, they are not knee jerk, but they are necessary for the brand and for our priority which, you guys know, are all of is, the people here at ABC," Godwin continued, THR reported.
The reported benching gives credence to tabloid reports last week about the apparent affair.
Page Six first reported that Robach and Holmes had been engaged in a "months-long affair." Both of them are married to others, though People reported last week that they had separated from their spouses in August.
Godwin said that Robach and Holmes' relationship had become "an internal and an external distraction," according to the Post.
ABC News Amy Robach Good Morning America | 2022-12-05T19:06:45Z | www.businessinsider.com | Amy Robach and TJ Holmes Reportedly Taken Off 'GMA3' | https://www.businessinsider.com/amy-robach-tj-holmes-taken-off-gma3-reports-2022-12 | https://www.businessinsider.com/amy-robach-tj-holmes-taken-off-gma3-reports-2022-12 |
ChatGPT is not only conversational, but well-versed in a large range of topics. It can create code, social media posts, and even scripts for television shows.
The AI language model "is a sibling" to InstructGPT, a model that also responds in detail to a user's instructions, and a newer version of GPT-3.5, AI that predicts what words will come next after a user starts typing text.
ChatGPT was trained with "Reinforcement Learning from Human Feedback," according to OpenAI's website.
"We trained an initial model using supervised fine-tuning: human AI trainers provided conversations in which they played both sides—the user and an AI assistant," the website says.
—Amjad Masad ⠕ (@amasad) November 30, 2022
—Corry Wang (@corry_wang) December 1, 2022
—Justin Torre (@justinstorre) December 4, 2022
—Ben Tossell (@bentossell) December 1, 2022
—steven t. piantadosi (@spiantado) December 4, 2022
The OpenAI CEO asked Twitter users what features and improvements they want to see with ChatGPT, then responded that the company would work on "a lot of this" before Christmas.
"Language interfaces are going to be a big deal," he said on Twitter. "Talk to the computer (voice or text) and get what you want, for increasingly complex definitions of "want"! this is an early demo of what's possible (still a lot of limitations — it's very much a research release)."
OpenAI ChatGPT Chatbot | 2022-12-05T19:06:48Z | www.businessinsider.com | What Is ChatGPT, AI Chatbot That Can Code, Write Music, and More | https://www.businessinsider.com/chatgpt-new-ai-chatbot-conversation-with-questions-answers-examples-2022-12 | https://www.businessinsider.com/chatgpt-new-ai-chatbot-conversation-with-questions-answers-examples-2022-12 |
Juliana Kaplan and Hannah Towey
Many railroad workers weren't surprised that Congress intervened to block a strike, but they were disappointed because they say the deals lawmakers imposed didn't do enough to address their quality of life concerns about demanding schedules and the lack of paid sick time.
Some rail investors are calling for companies to adopt a proposal to give workers paid sick leave.
Currently, rail workers technically have no paid sick leave, a key demand in their contract negotiations.
Now, some railroad shareholders want reasonable paid sick leave to be included as a benefit.
After Congress voted to push through a contract for rail workers without additional paid sick leave, investors are stepping in — and they want workers to have time off.
Shareholders at both Norfolk Southern Corporation and Union Pacific Corporation filed proposals Monday that would require companies to give workers a "reasonable amount of employer-paid sick leave" as a permanent benefit.
Impact Shares and Trillium Asset Management, the two investor groups behind the proposals, both own less than .01% of the two railroad companies. The proposals will be put up for a vote at shareholder meetings if they're accepted.
"There's a really strong business case for paid sick leave," Kate Monahan, Director of Shareholder Advocacy at Trillium Asset Management, an ESG-focused investing firm that holds over 3,000 shares of Union Pacific, told Insider. "Getting workers paid sick leave cuts down on disease spread dramatically, leading to fewer absences. But it's also really considered a return on investment for companies — you have reduced turnover, reduced incidents where workers are coming to work but are not as productive because they're sick."
Norfolk Southern declined to comment, and Union Pacific did not immediately respond to Insider's request for comment. The railroads have previously estimated that guaranteeing 15 days of paid sick leave would cost the industry $688 million a year.
Three years of negotiations between rail companies and workers culminated in the potential for an economically disruptive December strike, all hinging on access to time off.
The workers, who technically have no paid sick leave but instead just general PTO, wanted 15 days. In a tentative agreement mediated by the Biden administration, rail companies offered just one additional personal day for workers. Ultimately, four out of twelve unions voted down that proposal. Paid sick leave — which has taken on particular importance in a covid-addled economy where workers are pushing for better conditions — was the key demand for rail workers.
But the risk of an economy-shuttering strike was too high for the Biden administration. President Joe Biden asked Congress to step in and vote to pass the tentative agreement, a unique power that the government can exercise over railroads and airlines due to the Railway Labor Act. Biden asked Congress to pass the agreement as is, in an attempt to quickly act and head off a strike that could cost the US economy $2 billion a day and jeopardize access to clean drinking water.
Some progressives stepped in to try and add a resolution that would give workers seven days of paid sick leave. That proposal passed the House, but fell short in the Senate — leaving the tentative agreement to be passed as is.
"I know that many in Congress shared my reluctance to override the union ratification procedures. But in this case, the consequences of a shutdown were just too great for working families all across the country," Biden said in a statement on the bill's passage.
"I have long been a supporter of paid sick leave for workers in all industries – not just the rail industry – and my fight for that critical benefit continues," he added.
Workers expressed disappointment, but not surprise over that outcome.
"This vote was a blatant endorsement of corporate America and the too big to fail corporations that are allowed to have free reign over the US economy," Michael Paul Lindsey, a locomotive engineer in Idaho who is a steering-committee member for Railroad Workers United, previously told Insider.
Now, additional paid sick leave could be put to a vote, if the shareholders pushing rail companies to consider it get their way.
"We believe paid sick leave to be essential to protecting and maintaining one of a company's – and the economy's – most important assets: workers," Marvin Owens, Chief Engagement Officer of Impact Shares which owns 451 shares in Norfolk Southern Corp., said. "Paid sick leave should not be seen by companies as an expense, but as a prudent investment – an insurance policy that will promote a strong workforce and, by extension, a healthy economy." | 2022-12-05T19:06:53Z | www.businessinsider.com | Investors Ask Rail Companies to Give Their Workers Paid Sick Leave | https://www.businessinsider.com/investors-ask-rail-companies-to-give-workers-paid-sick-leave-2022-12 | https://www.businessinsider.com/investors-ask-rail-companies-to-give-workers-paid-sick-leave-2022-12 |
Russian servicemen from the units of the 150th Motor Rifle Division of the Southern Military District take part in exercises on the training grounds in the Rostov Region, Russia, on January 28, 2022.
Russian Defence Ministry / Handout/Anadolu Agency via Getty Images
Russia is rapidly expending its stockpiles of munitions, the top US intelligence official said.
Avril Haines said Moscow can't replace these stockpiles as quickly as it is going through them.
In dealing with limited precision munitions, Russia has turned to Iran and North Korea for support.
Russian forces are expending their stockpiles of munitions at a greater speed than the country's arms makers can replenish them, the top US intelligence official said recently.
Avril Haines, the director of national intelligence, told the Reagan National Defense Forum on Saturday that Russia is burning through its munitions stockpiles "quite quickly," though she did not elaborate on any precise figures.
"I mean it's really pretty extraordinary, and our own sense is that they are not capable of indigenously producing what they are expending at this stage," Haines said during a fireside chat with NBC News journalist Andrea Mitchell. "So that is going to be a challenge, and that is why you see them going to other countries effectively to try to get ammunition."
"And of course, we've indicated that their precision munitions are running out much faster. In many respects, they have a lot of stockpiles," Haines continued, and added that "how viable those stockpiles are, how much they have, what they can use in different conflicts are obviously all questions that we look at quite carefully with our allies and partners."
For months now, Russia has been using long-range precision munitions to target civilian areas and civilian infrastructure across Ukraine while Moscow's forces continue to suffer battlefield defeats and lose territory to Kyiv's troops. War experts previously told Insider that in doing so, Russian President Vladimir Putin has been drawing from an increasingly limited stockpile of munitions for these attacks.
As recently as Monday, Russia launched a fresh barrage of missiles into Ukraine, the country's air force said. Ukraine's foreign minister, Dmytro Kuleba, said Moscow targeted "critical civilian infrastructure trying to deprive people of power, water, and heating amid freezing temperatures."
It is not exactly clear how many of each type of munition Russia has stockpiled, though Ukrainian Defense Minister Oleksii Reznikov shared a graphic to social media in late November claiming to show the status of Russia's high-precision missile arsenal. The post included various missiles launched from the ground, sea, and air, and how much of a specific missile's stockpile has been exhausted over the course of the war.
—Oleksii Reznikov (@oleksiireznikov) November 22, 2022
US officials have said that while Russia expends massive amounts of artillery and precision-guided munitions in Ukraine — and also deals with crushing international sanctions — the country has turned to pariah governments like Iran and North Korea for weapons and military hardware.
"We've indicated we've seen some movement, but it's not been a lot at this stage, and it is one of the ones we're watching quite carefully because it would be significant, potentially," Haines said of the transfer of weapons from North Korea on Saturday.
Iran, meanwhile, has provided Russia with various drones — including the Shahed-136 suicide loitering munition — which Moscow has used to relentlessly target Ukraine's civil infrastructure. These kamikaze drones, as they have been called, are cheaper than precision munitions, making them a suitable though less destructive supplement as Russia's stockpiles run low.
"We've also seen the Russians looking for other types of precision munitions from Iran," Haines said, adding that this "will be very concerning in terms of their capacity, more generally."
Speed desk Ukraine artillery | 2022-12-05T19:07:05Z | www.businessinsider.com | Russia Uses Munitions Faster Than It Can Replace Them: US Intel Chief | https://www.businessinsider.com/russia-uses-munitions-stockpiles-faster-than-replacing-them-us-intelligence-2022-12 | https://www.businessinsider.com/russia-uses-munitions-stockpiles-faster-than-replacing-them-us-intelligence-2022-12 |
With a recession looming next year, some Gen Zers are postponing the search for their dream job. Instead, they're working to ensure they have a job at all if an economic downturn comes.
"At this point, I can barely scrape together enough to stay afloat," one Gen Zer who is over $20,000 in debt previously told Insider.
At the same time, experts continue to forecast a recession next year, and there have been high-profile layoffs at tech and media companies like Twitter, Meta, and CNN. The environment has some Gen Zers prioritizing job security.
At the same time this survey was taking place, Millennials were on TikTok telling Gen Z that job stability is overrated, and that they should instead spend their twenties figuring out what they're passionate about.
For now, however, the US unemployment rate remains near the lowest level in 50 years, and there are still over 10 million job openings. If security is what Gen Zers value, then many should be well positioned — at least in the short term — to retain their jobs.
Economy gen z Recession | 2022-12-05T19:07:17Z | www.businessinsider.com | Gen Z Wants Job Security As Their Finances Tank and a Recession Looms | https://www.businessinsider.com/what-gen-z-wants-jobs-security-financial-stability-career-2022-12 | https://www.businessinsider.com/what-gen-z-wants-jobs-security-financial-stability-career-2022-12 |
The best online institution for getting a competitive interest rate on a high-yield savings account is UFB Direct, which pays 3.91% (as of 12/01/2022) APY on UFB Direct UFB High Rate Savings. National brick-and-mortar banks generally pay much lower interest rates than online banks. For example, Bank of America pays 0.01% to 0.04% APY on the Bank of America Advantage Savings Account.
Best interest-earning bank accounts: December 5, 2022
BrioDirect High-Yield Savings Account
Open an account with at least $500
On BrioDirect's website
Must maintain at least $1 in account to earn interest
Why it stands out: The BrioDirect High-Yield Savings Account could be a good option if you'd like a savings account with zero monthly service fees and a competitive interest rate.
What to look out for: You'll need a minimum of $500 to open an account. Other online banks may allow you to open an account with a lower initial deposit. | 2022-12-05T19:51:47Z | www.businessinsider.com | 9 Best High-Interest CDs and Savings Accounts Today: Dec. 5, 2022 | up to 4.65% APY on a 1-Year CD | https://www.businessinsider.com/personal-finance/todays-best-high-interest-accounts-december-5-2022-12 | https://www.businessinsider.com/personal-finance/todays-best-high-interest-accounts-december-5-2022-12 |
We're looking for outstanding social media pros working in Hollywood. Here's how to nominate a star candidate.
Insider is crafting a list of Hollywood's standout social media professionals.
We want to read your nominations for the social media pros helping to shape the entertainment industry.
Please submit your noms through this Google Form by Monday, December 19.
Film and TV audiences are more fragmented than ever, which makes reaching them more difficult than ever. Where billboards and TV commercials were once the key tools for spreading the word about a new show or movie, Hollywood studios and networks now have to cut through the noise and find viewers where they are — which increasingly is on TikTok, Instagram, Twitter, Snap, Facebook, and other social media platforms.
Major entertainment conglomerates have their own in-house teams of social media experts and audience engagement pros who work to boost awareness of upcoming projects and shape a studio's, network's, or brand's voice online. Even titans like Marvel and Lucasfilm, which boast legions of devotees, work to continually engage with younger generations of viewers to create new Avengers and Star Wars fans.
Independent production shops and other smaller companies in Hollywood also work to amplify their missions, storytelling, and projects via social media — regardless of the organization's size, we want to hear about the innovative pros in filmed entertainment who are making the most of social platforms by crafting smart campaigns, effectively jumping on the latest trends, and creating attention-grabbing memes.
Insider is compiling a list of standout social media professionals working at companies that create, develop, distribute, and promote filmed entertainment. Please submit your nominations through this Google Form (also embedded below) by Monday, December 19.
Social Media Hollywood Entertainment | 2022-12-05T19:51:53Z | www.businessinsider.com | Seeking Nominations for Outstanding Social Media Pros in Hollywood | https://www.businessinsider.com/seeking-nominations-outstanding-social-media-experts-hollywood-2022-11 | https://www.businessinsider.com/seeking-nominations-outstanding-social-media-experts-hollywood-2022-11 |
Charley Dehoney, vice president of Zebox, a supply chain startup accelerator, told Insider there's a reckoning going on that will bring about better supply chain technology in the coming years.
Zhang Jingang/VCG via Getty Images
Venture capital funding of supply chain startups was down 56% year-over-year in the third quarter.
Investment in the area boomed in 2021 as investors saw challenges brought on by the pandemic.
Investors will follow companies that are on track to profitability and those offering automation.
Venture capital investors' passion for supply chain tech companies appears be cooling as supply chain snarls untangle and the shipping delays of the pandemic fade from view.
Venture funding for supply chain startups in the third quarter fell to $3.3 billion — down 56% year over year and 37% compared to the second quarter, according to Pitchbook. That's a slightly bigger decline than the broader startup scene.
Before the pandemic, supply chain tech startup funding grew by a few billion every year for most of the last decade. In 2021 investors below up that steady growth, increasing the total by 80% year over year. This year it appears as if 2022's total will land somewhere between the measured growth of 2020 and the extreme heights of 2021.
Startups focusing on last-mile delivery to consumers' homes still receive the largest share of investor dollars, even in an overall depressed environment. Nearly half of the cash invested in supply chain startups went to last-mile companies.
Itamur Zur, CEO of last-mile startup Veho which raised $170 million in February, told Insider the reason investors never seem to tire of the last mile is that even despite any near-term hiccups, they see the long-term growth of e-commerce as inevitable.
The current economic uncertainty "may slow down e-commerce for a little bit, but the shift from physical retail to e-commerce is going to continue for the foreseeable future," Zur said. "And that's because e-commerce is easier for customers."
A temporary reckoning
Venture investment in other types of supply chain startups — like technology for trucking and broader supply chain management — traditionally doesn't reach the heights of delivery startups. But Charley Dehoney, vice president of Zebox, a supply chain startup accelerator backed by ocean shipping giant CMA CGM and a cohort of big names in global logistics, said there's a reckoning going on that will bring about better technology in the coming years.
"Deals are still getting done," Dehoney said. What investors are looking for is tech that can reduce the number of people needed for supply chain transactions, he said. Throughout the pandemic, human labor has been a major point of uncertainty. Startups digitizing paper documents and automating mundane tasks like email are of particular interest, he said.
"They're looking for solutions that can take people out of seats. Companies are looking to do more with fewer people," Dehoney said. The upshot is that companies are more willing to pay for software that can prove that ability, he said.
"The crisis has totally illuminated that there are massive problems and big businesses to be built in supply chain, so you're seeing a lot more legit technology here," Dehoney said.
Supply Chain Logistics Startups | 2022-12-05T19:51:59Z | www.businessinsider.com | VC Investment in Supply Chain Startups Tanked in the Third Quarter | https://www.businessinsider.com/vc-investment-supply-chain-startups-tanked-third-quarter-2022-12 | https://www.businessinsider.com/vc-investment-supply-chain-startups-tanked-third-quarter-2022-12 |
There are more dads staying home to care for kids. It could be why some middle-aged men are missing from the workforce.
Research shows women overwhelmingly bore the brunt of childcare and household demands, but many men also stepped up. A small number even moved from working full time to caring for their kids full time; some made the switch on their own accord, others as a result of layoffs or furloughs.
Of course, it's uncertain how a feared recession might scramble parents' calculus on who should work outside the home — or whether both parents will have to. For now, though, the job numbers remain stronger than many economists had forecast.
Cooper noted that while women in the US continue to earn less than men on average, they are bringing in more money than ever, making it easier for some women in opposite-sex relationships to take on the role of the breadwinner.
Careers Dad Fatherhood | 2022-12-05T21:22:06Z | www.businessinsider.com | Men Are Dropping Out of the Workforce to Be Stay-at-Home Dads | https://www.businessinsider.com/men-are-dropping-out-workforce-be-stay-at-home-dads-2022-12 | https://www.businessinsider.com/men-are-dropping-out-workforce-be-stay-at-home-dads-2022-12 |
Shopify told employees not to engage with tweets about its hosting of the controversial Libs of TikTok store, leaked messages show
Tobi Lütke, Shopify's founder and CEO.
David Fitzgerald/Sportsfile via Getty Images
Shopify told employees not to engage with tweets about its business ties with Libs of TikTok.
It recently received a large number of messages calling on it to remove the controversial store.
Shopify's acceptable-use policy has been a topic of debate many times.
Calls for the controversial Libs of TikTok store to be taken down from Shopify have intensified in the wake of the November 19 shooting at an LGBTQ nightclub in Colorado Springs, Colorado.
Now, so many people have contacted Shopify about its hosting the Libs of TikTok online store that the Canadian e-commerce company issued specific guidance to customer-support representatives about how they should handle inquiries about the topic, screenshots of internal messages viewed by Insider showed.
Libs of TikTok is known for its Twitter account that reposts TikTok videos and other social-media posts largely from people in LGBTQ communities. The posts are reshared in a way that often provokes outrage among conservative people and spreads anti-LGBTQ sentiment. Libs of TikTok's Twitter account has about 1.5 million followers.
Advocates say Libs of TikTok's content promotes hate against LGBTQ communities. Its Shopify store sells products like T-shirts and mugs with the phrase, "Stop grooming our kids," which many have interpreted as an allegation of child abuse among LGBTQ communities.
While Libs of TikTok's products don't say so explicitly, many right-wing groups have falsely accused LGBTQ communities of child abuse and grooming.
People have called for Shopify to take down the Libs of TikTok store since at least July, but the criticism has grown since the Colorado Springs shooting, where five people were killed.
In the days that followed, Shopify's social team received a large number of messages and mentions on Twitter, according to screenshots of guidance that was provided to employees working on the company's customer-support teams. They were told not to engage with tweets about the Libs of TikTok store or discuss details of any store except with the owner of that store.
CEO Tobi Lütke also appeared to block people who posted or engaged with tweets about the Libs of TikTok store and its use of Shopify's platform.
In addition, customer-support representatives were told they could respond to chat inquiries from Shopify merchants by pointing them to a webpage where they could report violations of the company's acceptable-use policy.
"We know that having a store such as this leveraging Shopify can be incredibly frustrating and disheartening for many," the internal guidance page said.
It then listed resources that employees could turn to if they found the store or an interaction that they had about it "triggering."
In a statement, a Spotify spokesperson said Libs of TikTok's online store was "not currently in violation" of its acceptable-use policy.
"Shopify's growth has meant that we have increasingly become the platform of choice for anyone looking to sell to their consumers online," the spokesperson said. "We host businesses of all stripes and sizes, with various worldviews. We take concerns around the merchants on our platform very seriously, and Shopify's AUP outlines the activities that are not permitted on our platform."
Some Shopify employees have been frustrated
Shopify's acceptable-use policy prohibits a number of activities on its platform, including harassment, bullying, and threats. It also says Shopify's platform cannot be used to "promote or condone hate or violence against people based on race, ethnicity, color, national origin, religion, age, gender, sexual orientation, disability, medical condition, veteran status or other forms of discriminatory intolerance."
The company has a team dedicated to evaluating reports about potential violations of its acceptable-use policy. How the policy is enforced often leads to debate, both inside and outside Shopify.
"When hate speech begins to appear and the lines become blurred, it becomes a more complex conversation and tricky to either allow or remove," one Shopify employee told Insider, speaking on condition of anonymity because they were not authorized to talk to the media. Their identity is known to Insider.
Workers also turned to company Slack channels for LGBTQ employees to offer support for each other and express frustration that Shopify was not taking steps to remove the Libs of TikTok store.
"I personally don't condone this business making a profit by using the Shopify platform," another employee said. "That said, they are using clever slogans displaying a message that can pass ambiguously."
Lütke.
Shopify's policies have been criticized before
It's not the first time that Shopify's acceptable-use policy has been a topic of intense discussion.
In 2020, a legal-defense fund was set up for Kyle Rittenhouse via Shopify. After several weeks of criticism, Shopify shut the store down. It additionally took down sites affiliated with President Donald Trump after a group of pro-Trump rioters stormed the US Capitol on January 6, 2021.
Shopify also faced some internal backlash over its handling of employee discussion of race in 2020. Lütke closed some internal Slack channels where conversations grew tense after an employee pointed out that an emoji depicting a noose had been added to Shopify's Slack system.
Some employees compared Shopify's handling of the issue to how the startup Basecamp banned political discussions in the workplace. A Shopify spokesperson said at the time that the company was not trying to emulate Basecamp in its handling of political issues and that it welcomed discussion of current events.
Even the Basecamp cofounder David Heinemeier Hansson weighed in on the Libs of TikTok debate, publishing a blog post on Tuesday titled "May Shopify's immunity spread to the whole herd."
"Even people who have no sympathy for Breitbart or Libs of TikTok can recognize that Shopify is simply an awesome platform that serves stores from across the political spectrum (and, thankfully, even more outside of it!)," Heinemeier Hansson wrote. "They don't have to love or agree with all the customers on this platform. Just like they don't have to love or agree with everyone who buys the same car as them, the same phone as them, or eat at the same restaurant as them."
Lütke wrote that he did not see it as Shopify's role to police points of view when the company faced questions in 2017 about why it continued to host Breitbart's online store.
In 2020, he sent a lengthy email to managers saying the company should focus on staying true to its mission of helping entrepreneurs and avoiding "divisiveness." In the email, Lütke said the company should not be thinking of itself as a family or as a government that can solve all of people's needs.
"We will try our best to take care of the ones that ensure you can support our mission. Shopify's worldview is well documented — we believe in liberal values and equality of opportunity," he wrote. "Sometimes we see opportunities to help nudge these causes forward. We do this because this directly helps our business and our merchants and not because of some moralistic overreach."
If you're an employee at Shopify and have a story to share, contact this reporter at mstone@insider.com or via the encrypted-messaging app Signal at (646) 889-2143 using a nonwork phone.
Shopify E-Commerce TikTok | 2022-12-05T21:22:12Z | www.businessinsider.com | Shopify Addressed Workers on Tweets About Hosting Libs of TikTok Store | https://www.businessinsider.com/shopify-libs-of-tiktok-store-hosting-tweets-leaked-messages-2022-12 | https://www.businessinsider.com/shopify-libs-of-tiktok-store-hosting-tweets-leaked-messages-2022-12 |
Rolex officially launched a program for certified pre-owned watches in December.
The watches will be available for purchase Bucherer boutiques, Rolex's official retailer.
The price of Rolex watches has been dropping steadily for the past several months.
Rolex, the iconic retailer of luxury watches, is making its first foray into the second-hand market.
Last week, the Swiss company launched a "Certified Pre-owned Programme" for watches that are at least three years old. High-flying customers can now purchase a second-hand Rolex through Bucherer, the brand's official retailer, in six European countries, according to a company press release.
Rolex has historically certified its products with a guarantee card and green seal. Now, certified pre-owned watches will be minted with the brand's official insignia as well.
New watches usually receive a five-year warranty, but certified pre-owned ones will only receive a two-year warranty, according to a Rolex press release.
Rolex's decision comes at a volatile time for the second-hand luxury watch market as prices for iconic timepieces have come crashing down. The price of the Rolex Daytona — one of the brand's flashiest models — has dropped from a peak of $48,500 in mid-March to around $30,151, according to watch price tracker WatchCharts.
Prices for models from brands like Audemars Piguet and Patek Philippe have been steadily declining as well.
The drop in prices comes amid a recent surge in supply. According to a report by Morgan Stanley reviewed by Bloomberg in October, analysts noticed a "dramatic" increase in the supply of second-hand watches. Morgan Stanley told Bloomberg the surge was likely due to watch dealers and individual watch dealers "off loading their stocks."
Rolex might be stepping into the second-hand arena as a way to mitigate the declining prices and keep control over the market.
"The new programme makes it possible to purchase pre-owned watches that the brand itself has certified and guaranteed. Its aim is to bring added value to the existing supply of pre-owned Rolex watches. Because when these watches change hands, their authenticity must be attestable at the time of resale by the Official Retailers," Rolex noted in the press release.
Just months ago, Rolex watches were actually in short supply. Prices had surged through the roof.
Over the course of 2021, the average price for a Rolex Daytona — one of the brand's most prized models— shot up by 34%, according to Insider.
Some customers — with money to spend and nowhere to go amid the pandemic — began directing their funds to second-hand watches through lively online auctions. Others likely saw them as a more stable asset class that would retain value amidst shakier investments in stocks and crypto.
Still others, who had made money off their investments in crypto, wanted to put their newfound wealth toward luxury timepieces in what Bloomberg called the "bling boom."
All of that contributed to a hot market for second-hand luxury watches. A report from McKinsey in June 2021 predicted that the market would swell from $20 billion in 2021 to $29 billion in 2025.
While prices for second-hand luxury watches have dropped considerably over the past few months, they haven't completely wiped out their pandemic gains. Prices for Rolex watches are still up 21% since January 2021, according to Bloomberg's review of Morgan Stanley's report.
Gear Patrol noted that other pre-owned watch dealers may need to drop their prices even lower to compete with Rolex which might "bring the Rolex price bubble back down to earth."
Rolex did not immediately respond to Insider's request for a comment.
NOW WATCH: Why Rolex watches are so expensive
Rolex Retail | 2022-12-05T22:08:03Z | www.businessinsider.com | Rolex Is Selling Officially Certified Pre-Owned Watches | https://www.businessinsider.com/rolex-is-selling-officially-certified-pre-owned-watches-2022-12 | https://www.businessinsider.com/rolex-is-selling-officially-certified-pre-owned-watches-2022-12 |
An Uber Eats delivery bag.
When the pandemic hit, cities like Chicago enacted delivery-fee caps to help restaurants save profits.
Chicago investigated whether Uber Eats violated those caps and listed restaurants without consent.
Today, the city and Uber announced a $10 million settlement. A suit against DoorDash remains active.
Uber Eats and Postmates are paying the price for following in the footsteps of one of their chief rivals, DoorDash.
The two Uber-owned apps have reached a $10 million settlement with the city of Chicago after an investigation found they listed restaurants on their food delivery platforms without consent and violated city fee-cap laws enacted during the pandemic, according to an agreement announced Monday.
One of the strategies that helped DoorDash win the food delivery war was adding hundreds of restaurants to its app without permission. The policy infuriated restaurants, many of whom went public on social media when it happened. In-N-Out sued DoorDash as early as 2015 accusing the delivery company of listing the notoriously private burger chain on its app without consent.
But the fast-tracking of restaurant listings helped DoorDash grow its market share rapidly in the US. To keep up, rivals Uber Eats and Grubhub began adding restaurants without their consent.
The settlement stems from a probe Chicago said it launched against Uber Eats two years ago. The Uber Eats investigation followed allegations that the app was listing restaurants without their consent and charging marketplace fees beyond the city's 15% cap.
An Uber Eats spokesperson said the delivery company was happy with today's settlement.
"We are committed to supporting Uber Eats restaurant partners in Chicago and are pleased to put this matter behind us," the spokesperson said in a statement sent to Insider.
The city said in a press release that part of the $10 million settlement includes Uber paying more than $5 million in damages to Chicago restaurants that were listed without permission and paid fee caps beyond 15%. Some of those funds were already paid by Uber Eats last year, including $3.3 million in refunded marketplace fees.
"Today's settlement reflects the City's commitment to creating a fair and honest marketplace that protects both consumers and businesses from unlawful conduct," said Mayor Lori Lightfoot in a statement. "Chicago's restaurant owners and workers work diligently to build their reputations and serve our residents and visitors. That's why our hospitality industry is so critical to our economy, and it only works when there is transparency and fair pricing. There is no room for deceptive and unfair practices."
After the pandemic hit, several major US cities, including San Francisco, New York City, Los Angeles, Chicago, and Seattle, enacted fee caps to protect profits for restaurants that relied solely on delivery to survive in-restaurant dining losses. California also passed a law that went into effect in 2021 that makes it illegal for delivery apps to list restaurants on their platforms without consent.
Separately, last year, Chicago filed a lawsuit against DoorDash and Grubhub alleging unfair business practices. DoorDash, for example, was accused of using tips to pay itself, according to the lawsuit.
The DoorDash and Grubhub lawsuits remain active. A hearing on both cases is set for December 13, according to a city representative
NOW WATCH: I tried to eat healthily while ordering all my meals from food delivery apps for a week — here's what happened
Uber Eats DoorDash food delivery | 2022-12-05T22:08:09Z | www.businessinsider.com | Uber to Pay $5 Million to Chicago Restaurants Listed Without Consent | https://www.businessinsider.com/uber-to-pay-5-million-chicago-restaurants-listed-without-consent-2022-12 | https://www.businessinsider.com/uber-to-pay-5-million-chicago-restaurants-listed-without-consent-2022-12 |
This graphic shows how many more stars you can see under truly dark skies vs. city, suburban, and rural areas
Astronomers classify night skies from dark to bright using the Bortle Scale, ranked from one to nine.
Light pollution is when artificial light washes out the night sky and makes it hard to see stars.
Studies have indicated that exposure to light at night can disrupt the body's biological clock.
Level nine classifies inner city skies, the worst for stargazing.
Tony Flanders
A sky with extremely bright light pollution, which is mostly found over major cities, glows orange-ish. While it might not be as potentially harmful as other kinds of pollution, light pollution can affect human health. Multiple studies have indicated that exposure to light at night can disrupt the body's biological clock, which is linked to health complications, including obesity, depression, and sleep disorders.
Level eight classifies city skies, where you may only be able to see faint constellations.
Sriram Murali
Level seven classifies the transition from urban to suburban areas, the third-worst for stargazing.
The light pollution in these areas makes the entire sky appear light grey in colour, and the Milky Way is effectively invisible.
Level six classifies bright suburban skies where some stars are visible.
Level five classifies suburban skies where you might be able to faintly see the Milky Way.
Level four classifies the transition from suburban to rural areas, where you can see the Milky Way.
Level three classifies rural skies where you can see the dusty Milky Way.
Level two classifies typical dark-sky sites, the second-best for seeing the cosmos.
Level one classifies excellent dark-sky sites, the best for stargazing.
NOW WATCH: This is what the world's greatest cities would look like without light pollution | 2022-12-05T22:08:15Z | www.businessinsider.com | Photos Show What Night Sky Looks Like in Cities V. Dark Sites, Suburbs | https://www.businessinsider.com/what-dark-skies-look-like-how-many-more-stars-than-cities-suburbs | https://www.businessinsider.com/what-dark-skies-look-like-how-many-more-stars-than-cities-suburbs |
The ad industry's revenue growth will slow next year, but it's not bad news for everyone. Here's who will make the most and lose the most in 2023.
WPP-owned GroupM expects for retail media and streaming TV to grow in 2023.
The ad industry's growth rate dropped this year due to inflation and concerns about an economic downturn.
Forecasts from two top ad agencies show how the ad market will shake out next year.
Digital-native companies are struggling, and automotive will come back, according to agencies.
The ad industry is bracing for a tough 2023, but not everyone will be hard hit or even reduce spend.
Executives from three of the largest ad agencies — Magna Global, GroupM, and Zenith — spoke at UBS' Global TMT Conference about how the ad industry will shake out next year.
While both Magna Global and GroupM reduced their growth forecasts for 2023 — Magna estimates global ad revenue will grow 5% year-over-year and GroupM expects it will grow 6% year-over-year — both provided more detail regarding how the ongoing economic volatility will impact different parts of the ad industry.
Here are the parts of the industry that will see more spend and those that will see less next year, according to these forecasts.
Winner: Automakers' ad spend
Vincent Letang, managing director of global market intelligence at Magna Global, said at the UBS conference that he expects carmakers to advertise more in 2023, because supply-chain issues are starting to get resolved.
In 2022, cars were tough to keep in stock, and although carmakers invested in longer-term campaigns to keep their brands in front of consumers, US ad spend by automakers that year dipped 10% while car sales dipped 14%.
Winner: Streaming TV and retail media
Retail media and streaming TV will each grab a bigger portion of ad budgets.
Kate Scott-Dawkins, global director of business intelligence at GroupM, said that retail media was the fastest-growing area within digital advertising this year. GroupM is optimistic about retail media's future prospects. It upped its retail media forecast to $110 billion this year, up from $100 billion in September. By 2027, GroupM expects retail media to make $160 billion.
Streaming TV is also starting to compensate for dips in linear TV ad spending. Streaming advertising is becoming more popular because it helps advertisers reach cord-cutters and can be purchased easily and measured with more precision, like digital advertising.
"Connected TV has not seen the declines in the last couple recessions that linear TV has," Scott-Dawkins said.
Loser: Digital-first advertisers
Digital-native advertisers like Airbnb, Amazon, and Google invested heavily in advertising in 2021 and 2020 but are now struggling to acquire customers through advertising at the same pace, said GroupM's Scott-Dawkins. Ad budgets are also slowing as people spend less money on e-commerce and travel, she added.
Fintech and sports betting apps are also seeing a slowdown, said Magna Global's Letang.
Loser: CPG ad spend
Big consumer-packaged goods brands are typically immune to ad budget cuts during economic downturns because people need to buy essential products. But continued inflation means that CPG brands will continue to cut ad budgets into 2023, Letang said. With prices going up, people will also look for cheaper CPG brands when buying products.
"That's a big dilemma for big brands," he said.
Loser: Linear TV and social media ad sellers
And in terms of ad formats, both TV and social media will take a hit in 2023, he said. TV advertising will dip because it lacks annual commitments from advertisers, causing ad prices to come down to pre-covid levels. Social media ad spending will also take a hit because use is plateauing, and Apple's App Tracking Transparency feature makes it difficult for advertisers to measure ads, Letang said.
Advertising Agencies Ad Tech | 2022-12-05T22:08:21Z | www.businessinsider.com | Winners and Losers of Advertising During an Economic Downturn | https://www.businessinsider.com/winners-and-losers-of-advertising-during-an-economic-downturn-2022-12 | https://www.businessinsider.com/winners-and-losers-of-advertising-during-an-economic-downturn-2022-12 |
Meet incoming Slack CEO Lidiane Jones, who will take over when co-founder Stewart Butterfield departs in January
Lidiane Jones is the new CEO of Slack.
Lidiane Jones is taking over Stewart Butterfield's role as CEO of Slack.
Jones was formerly EVP and GM of Salesforce experience, commerce, and marketing clouds.
"You'll love her," Butterfield wrote to staff. "She's one of us."
Slack CEO Stewart Butterfield is exiting the company in January, and Salesforce has confirmed that Lidiane Jones will be his successor.
Butterfield, who co-founded the workplace messaging platform and oversaw its 2021 acquisition by Salesforce, posted to a company Slack channel on Monday morning that he is leaving next month.
"Slack will have a new CEO: Lidiane Jones. This is good: Lidiane is amazing," Butterfield wrote in the post, which was viewed and published in full by Insider.
Jones, who updated her LinkedIn on Monday to reflect her new position, was previously executive vice president and general manager of experience cloud, marketing cloud, and commerce cloud at Slack parent Salesforce. She joined the company in 2019 after a stint at Sonos Inc. as vice president of software product management and nearly thirteen years as a software engineer and product manager for Microsoft.
"You're going to love her," Butterfield wrote of Jones in his post to staff, describing the executive as "pragmatic, practical, insightful, passionate, creative, kind, and curious."
A spokesperson for Salesforce wrote in a statement to Insider that Butterfield was "instrumental" in choosing Jones as his successor.
"She has a deep respect for our approach to product, our customer obsession, and our unique culture," said Butterfield in his post. "She's one of us."
Butterfield referenced Jones's "enormous credibility" inside Salesforce, adding that she will "be an effective advocate for Slack's business, customers, and people."
Jones also took to Twitter to announce her new role as Slack CEO.
"As we look forward, we are grounded by Slack's mission: to make people's working lives simpler, more pleasant and more productive," she wrote in a thread. "We have so much opportunity to bring the digital HQ to every Salesforce customer and many more as we continue to grow together."
Butterfield co-founded Slack over thirteen years ago and led the company through a period of rapid growth during the pandemic, culminating in its acquisition by Salesforce for nearly $28 billion last year. His departure announcement comes amid a wave of other exits by top executives at Salesforce that have left employees shocked.
The company announced in its third quarter earnings last week that co-CEO Bret Taylor is leaving the company in January after just a year on the job. Taylor was seen as the heir apparent to Salesforce founder and co-CEO Marc Benioff. He was at the company for over six years and oversaw the acquisition of Slack in 2020 as COO.
Butterfield wrote to staff in his note on Monday that his departure isn't related to Taylor's, and that the announcements were just "weird timing." He also noted that two other key Slack executives — chief product officer Tamar Yehoshua and senior vice president of marketing, brand, and communications Jonathan Prince — are also leaving the company.
Last week, Tableau Software CEO Mike Nelson and Salesforce chief strategy and chief revenue officer Gavin Patterson also announced they're departing the company.
Even before the mass exodus of top brass executives, Salesforce has been under pressure to improve its operating margin and profitability. The company's stock has fallen nearly 50% this year amid a broader tech industry downturn. Salesforce share price fell again last week after Taylor's departure announcement, and another 7% today after Butterfield's news broke. | 2022-12-05T23:34:44Z | www.businessinsider.com | Meet Lidiane Jones, the New Slack CEO Succeeding Stewart Butterfield | https://www.businessinsider.com/meet-lidiane-jones-the-new-slack-ceo-succeeding-stewart-butterfield-2022-12 | https://www.businessinsider.com/meet-lidiane-jones-the-new-slack-ceo-succeeding-stewart-butterfield-2022-12 |
Allstate life insurance cost
Filing claims with Allstate
Ideal customers for Allstate
No medical exam life insurance
Allstate vs. State Farm
Allstate vs. Northwestern Mutual
Allstate vs. workplace life insurance
Allstate; Insider
A+ (Superior)
Affordable life insurance
Offers reliable term, whole, universal, and variable life insurance
Works with trusted life insurance companies
Policies are sent to third party life insurance companies
Allstate doesn't cover some seniors, foreign nationals, or other unusual groups
Term, whole, universal and variable life
Allstate is a highly-rated insurance company offering various insurance and financial products since its founding in 1931. With nearly 100 years of experience serving clients nationwide, potential customers can rest assured Allstate has a long and storied history of satisfying its insurance customers.
While Allstate is known for its auto and homeowners insurance offerings, the company also offers life insurance. Life insurance policies can be purchased alongside other insurance products or as a standalone product.
It's important to note Allstate no longer underwrites life insurance policies after selling its life insurance and annuity business to Blackstone. However, the company still offers life insurance alongside partners such as Protective Life, Lincoln Financial, and John Hancock.
In short, you can buy life insurance through Allstate, but another highly-rated insurance company will provide coverage and pay out benefits if you file a claim. In the case of permanent life insurance that builds cash value, the insurance partner underwriting your policy will also oversee the payment of dividends.
Read on to learn about the types of life insurance coverage Allstate offers and other details about this popular insurance provider.
Life insurance plans from Allstate
Allstate offers both term and permanent life insurance coverage, which helps it stand out from competing online life insurance providers. Also, Allstate provides a LifeTrek tool to help customers determine the ideal range based on details like how long they want their coverage to last and what they hope to accomplish with life insurance.
The main types of life insurance offered through Allstate include the following:
Types of life insurance Coverage length Builds cash value
Term life insurance 10-40 yrs No
Universal life insurance Lifetime Yes
Whole life insurance Lifetime Yes
Universal variable life insurance Lifetime Yes
The chart above shows Allstate offers both term and permanent life insurance coverage. Here's an overview of how each type of coverage works.
Term life insurance provides coverage for a specific period, during which consumers pay regular premiums in exchange for a death benefit. When a term life insurance policy ends, coverage is suspended. Some companies allow insured parties to convert term policies to a whole or permanent life policy at specific mile markers. But the insured would have to complete a new medical exam and application and qualify just as they would for a new life insurance policy.
Terms for life insurance policies from Allstate last anywhere from 10 to 40 years, and coverage amounts range from $25,000 to $1 million. Individuals ages 18 to 60 may qualify. In addition, Allstate offers policies with no medical exam required.
Universal life insurance is permanent life insurance with a savings component that builds cash value over time. This coverage can last a lifetime, provided you pay the required premiums and meet other requirements for the specific policy you buy. In addition, universal life insurance is known for its flexibility regarding when you pay premiums and the death benefit.
Amounts of universal life insurance offered through Allstate vary, although customers can often increase or decrease coverage to suit changing needs. Some consumers also use this type of plan for retirement planning with options to withdraw money early or take out a loan against the policy.
Whole life insurance is another type of permanent life insurance coverage with a set benefit. In short, you purchase a policy with a max lifetime limit and make payments on a set schedule. Many whole life insurance policies have waiting periods. In short, if you die within the first 1-2 years, an insurance company might pay your beneficiaries back for the premiums you paid up to that point. After the waiting period, beneficiaries would qualify for the full benefit. Consumers who choose whole life must pay premiums and meet other policy-specific requirements for the coverage to last a lifetime. Amounts of whole life insurance offered through Allstate vary.
Universal variable life insurance
Universal variable life insurance is a type of permanent life insurance that builds cash value and offers an investment component. In short, some buyers withdraw money while they're still alive on a set schedule for retirement or other investment needs. Then Allstate pays the remaining number minus penalties as applicable as a death benefit. This policy also has some flexibility regarding when you pay premiums and the death benefit. Coverage can last a lifetime if the insurance policy is adequately funded.
Amounts of universal variable life insurance offered through Allstate vary. This type of coverage is often considered risky since the cash value component of each policy is invested directly in the stock market through subaccounts.
Additional coverage options from Allstate
Buyers can customize permanent life insurance policies from Allstate with add-ons or "riders." These riders come with extra fees. But the right combination of riders can improve families' coverage to meet immediate and long-term needs. A few standard insurance riders include:
Accelerated death benefit: This add-on coverage lets consumers access part of their death benefit during their lifetime if certain events occur, such as the diagnosis of a terminal illness. Allstate allows insured parties to withdraw the lower of 25% of the maximum benefit or $250,000 each year until the policy balance is $0.
Accidental death benefit: This rider secures an added death benefit for insured customers who die in an accident. It is commonly referred to as "double indemnity."
Automatic premium loan provision rider: This rider ensures your life insurance premium is paid using a loan against your policy's cash value if you forget. Buyers should discuss the exact terms of this type of loan with an Allstate agent.
Guaranteed insurability rider: This rider lets the insured purchase more life insurance coverage over time, regardless of health and other factors.
Spouse & children's riders: This rider provides add-on coverage for the insured's spouse and children. Of note, additional coverage is limited to a set term. So unless it's converted to a permanent life insurance policy, the benefits of any add-ons would expire. Allstate agents can quote this rider to compare to permanent life policies for each individual.
Term rider: Term riders let the insured adjust their level of life insurance for a specific length of time, such as during a person's highest earning years. In other words, insureds can buy a permanent life policy and increase the death benefit if they die within a specific term. After the term expires, the policy will not lapse. The death benefit would decrease to its original value.
Waiver of premium: This rider makes it possible to maintain coverage without paying premiums if the insured becomes disabled before a specific age. Generally, the cutoff age is 60 or 65.
How much does life insurance from Allstate cost?
The cost of life insurance from Allstate can vary widely based on the type of coverage purchased, riders added to the policy, and the age and health of the insured. This said term life insurance policies are more affordable since this coverage lasts only 10 to 40 years, depending on which policy you buy. However, if you convert your term policy, premiums would rise based on the factors listed above, at which time it would be more expensive overall.
Customers have to speak with an Allstate insurance professional to get a quote for permanent coverage, but the company also offers an online quote engine for term insurance policies. Using the quote engine, we found a 30-year-old woman in excellent health could purchase $150,000 in term life insurance without a medical exam starting at $11.79 per month.
Life insurance coverage costs increase based on the time the insured wants to maintain term coverage. For example, a term policy built to last 30 years will cost more than a 10-year term life insurance policy.
Permanent life insurance policies cost more in general, but there are notable benefits that shouldn't be ignored. Some permanent coverage options also pay dividends and build cash value the insured can borrow against. However, because of the temporary nature, insureds cannot borrow against term life insurance policies or make early withdrawals. To get a quote for permanent life insurance from Allstate, you'll need to speak with one of its representatives.
How do I file claims with Allstate?
Allstate offers customers several ways to file a claim, including through its website at Allstate.com. Once you're an Allstate customer, you can sign up for an online account and access a dashboard that includes details on your insurance policies. You can file a claim for life insurance, auto insurance, homeowners insurance, and other Allstate policies.
Allstate life insurance customers can also file a claim by calling 1-800-366-3495. In addition, claimants can fill out and email a life insurance claim form to LifeClaimReports@allstate.com.
Allstate customers can reach customer service around the clock at 1-800-ALLSTATE. Meanwhile, general life insurance inquiries should go to 1-800-366-1411.
Who are the ideal customers for Allstate?
Allstate offers nearly any type of life insurance coverage a consumer can buy. But its policies are meant for average consumers. By this, we mean the company cannot cater to high-risk insureds, whether drivers with a complicated driving record or life insurance applicants with a history of certain diseases or foreign nationals. Allstate's life insurance underwriting remains conservative as Allstate passes the underwriting off to equally conservative life insurance providers.
Life insurance companies avoid preexisting conditions like diabetes, cancer, and multiple sclerosis. But some companies offer life policies for high-risk groups like seniors, HIV patients who meet specific criteria, and others. Unfortunately, based on our search, Allstate partners do not offer these specialized life insurance policies.
What does "no medical exam" mean with Allstate?
Allstate offers some term life insurance policies with no medical exam required. So you can skip the hassle of an in-person medical exam and blood draw, but it does not mean forgetting questions about your health.
The application for no medical exam term coverage requires you to "answer some more detailed questions about health and lifestyle," according to Allstate's website.
Questions asked during the application process for no medical exam coverage involve:
potentially risky sports activities you participate in
usage of tobacco products
how often you drink alcohol
how often you travel outside the country
whether any of your biological siblings or parents have been treated, diagnosed, or died from cancer, heart disease, or stroke before age 60
current height and weight
your entire medical history, including all conditions you have been treated for during the last five years
Keep in mind Allstate also pulls data from public records, which includes age, certain medical records, and more. If Allstate is satisfied with your application, you may be offered term life insurance with no medical exam required. However, being dishonest could lead to being denied death benefits if your beneficiaries file a claim.
Note that Allstate's life insurance questionnaire adds the following:
Please respond honestly and accurately. All your info will be verified and will be the basis for any insurance issued. Inaccuracies could result in delays or terminated coverage.
Compare Allstate vs. State Farm
If you're looking for a highly-rated insurance company with high marks from third-party ranking agencies, consider State Farm for your life insurance needs. This company earned the top spot in J.D. Power's 2022 U.S. Individual Life Insurance Study with 839 out of 1,000 possible points. Not only that, but State Farm offers a range of coverage options, including term life, whole life, and universal life insurance.
Both insurance companies work with captive agents (insurance agents who only quote for one company). So if you are dissatisfied with the quotes you receive or are denied, you will need to find a new insurance agent to quote other options. Policygenius Allstate Life insurance and State Farm's prices, customer service, and available policies are comparable. The winner may differ based on the individual applicant.
Compare Allstate vs. Northwestern Mutual
If you're looking for a life insurance company offering robust permanent life insurance coverage through dedicated agents, check out Northwestern Mutual. It provides term life insurance, whole life, universal life, and universal variable life, just like Allstate. However, unlike Allstate, Northwestern Mutual underwrites its policies. Northwestern Mutual earned the 4th spot in J.D. Power's 2022 U.S. Individual Life Insurance Study with 794 out of 1,000 possible points. The company has also received an A++ rating with AM Best.
Northwestern Mutual is similarly conservative in its underwriting process. It does not take on high-risk life insurance applicants or offer specialized programs. What it does offer (that Allstate does not) are life insurance policies that can be robust investment tools for retirement and beyond. Plan strengths apply to accelerated death benefits in the event of severe illness or injury, along with options for a healthy senior retiring.
Compare Allstate vs. workplace life insurance
You may stick with life insurance offered through your workplace. Premiums are low, and acceptance is virtually guaranteed. But there are plenty of downsides to consider if you choose this route. For example, any life insurance you get through work is unlikely to be portable, meaning you'll lose coverage if you switch jobs or retire. In addition, most workplace policies offer a death benefit in the $25,000 to $100,000 range, depending on how much you are willing to pay each month. Benefits may cover funeral expenses and a small amount on top of that. But it's not meant to secure your family's financial future after you're gone.
By contrast, a life insurance policy through Allstate means you can continue coverage whether you switch jobs or retire. You can also buy the exact amount of life insurance coverage you need rather than an arbitrary number your employer picks. However, insured parties will have to apply for an Allstate partner life insurance policy regardless of the size. There's a risk of being denied based on medical history, lifestyle, etc. Premiums are also higher than a workplace plan.
To create this review, we compared Allstate life insurance policies and coverage options to life insurance policies from a wide range of insurers. We review products on carrier websites to explore riders, exclusions, and more. We also use customer review websites and other online resources. When all this is done, we rank companies based only on the facts we gather.
To find the right life insurance coverage for your needs, you should shop with a licensed insurance agent. Agents can customize a plan with the appropriate riders and limits while evaluating the likelihood of approval. Unfortunately, if you receive a denial from any life insurance company, insurers report it, which increases your chance of being denied again. So while Business Insider offers a comprehensive overview of the life insurance options offered by different companies, an insurance agent can guide you in finding the right life policy for your needs and goals.
Can you get Allstate life insurance with no medical exam? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Allstate offers term policies to eligible individuals with no medical exam required. However, applicants must answer questions about lifestyle decisions and medical history when applying. No medical exam life insurance policies are issued primarily to young, healthy individuals. Insurance agents can run quotes for a medical exam policy if you don't qualify for a no-exam life insurance policy.
Is Allstate getting out of life insurance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Allstate does not issue life insurance policies directly. Instead, it offers policies through partners such as Protective Life, Lincoln Financial, and John Hancock.
What kind of life insurance plans does Allstate offer? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Allstate offers term life insurance and permanent life insurance options like whole life, universal life, and universal variable life.
How long does it take for Allstate to pay a life insurance claim? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
According to Allstate, the life insurance claims process typically takes about one to two weeks, and beneficiaries receive payment shortly after that.
PERSONAL FINANCE The best whole life insurance companies of 2022
PERSONAL FINANCE Best no medical exam life insurance of 2022
Personal Finance Insider Insurance Life Insurance | 2022-12-05T23:34:50Z | www.businessinsider.com | Allstate Life Insurance Review: Plans, Rates, Benefits, and FAQ | https://www.businessinsider.com/personal-finance/allstate-life-insurance-review | https://www.businessinsider.com/personal-finance/allstate-life-insurance-review |
Chattermill helps Amazon and Uber understand customer feedback across social media and review sites. Check out the 14-slide pitch deck it used to raise a $26 million Series B.
Chattermill cofounders Mikhail Dubov and Dmitry Isupov.
Chattermill
London-based Chattermill has raised $26 million to analyze customer feedback for big firms.
Its two cofounders are Russian, but the UK-based pair say the firm has never had an office in their homeland.
We got an exclusive look at the 14-slide pitch deck it used to raise the fresh funds.
A startup helping companies collect and understand customer feedback from social media, review sites, and app stores has just secured $26 million in Series B financing.
London-based Chattermill uses artificial intelligence to collate customer feedback from internal sources, such as support tickets, and across the internet so companies have better understanding of their customer experience. It uses this data to identify pain points, which the company may then act on. The data is updated daily but customers can also receive alerts via email or Slack.
Founded in 2015, cofounders Mikhail Dubov and Dmitry Isupov joined Entrepreneur First after seeing the "immense potential" in analysing publicly available feedback. Isupov had been working at a market research company, manually looking at customer feedback and brand perception.
"What he saw there was that data has immense potential in terms of insight, but it was incredibly expensive, difficult, and time consuming to to do anything about it because it was all done by humans," said Dubov, Chattermill's CEO.
Traditionally, companies would send out surveys or ask customers to rate them after ordering. "Most companies don't do very much with that – at best, they hire an intern who maybe once a quarter would look through a sample of the data and try to pick out some kind of patterns. That essentially is a huge waste of opportunity because there is a lot of amazing insight in that data," Dubov added.
If a customer changes a supplier and that affects the quality of the product, Chattermill can diagnose the issue and know which supplier the issue refers to because it can see what product people are complaining about.
Customers also don't want to spend time answering lengthy surveys, he said, while the data itself is difficult to analyze at scale. The pair set about achieving the same result using machine learning. Today, they count the likes of Amazon, Uber, and H&M as customers. Chattermill is sector-agnostic, Dubov said, but they are particularly interested in ecommerce and retail, finance, and travel.
The current economic uncertainty strengthens Chattermill's business case, Dubov said. Pressure on retaining existing customers is high as customer acquisition slows, and widespread layoffs mean companies have to do figure out how to keep customers with fewer resources.
As well as scraping internet data, Chattermill plugs into SurveyMonkey, Typeform, and Qualtrics. It also "cleans" the data before analyzing it, accounting for things like different languages.
The round was led by London and Detroit-based venture firm Beringea, with participation from existing investors and new investor Blossom Street Ventures.
It came in two parts, Dubov said. He began thinking about it early this year but decided to do an internal bridge round, and closed the second tranche in summer.
Russia's war in Ukraine has made the fundraising environment tough, Dubov added. Both he and his cofounder Dmitry Isupov are Russian, but have lived in London for around 20 years, and studied at Cambridge and Bristol respectively. Dubov has a Ukrainian flag by his name on his LinkedIn profile, and said the pair have few ties to Russia and that it wasn't "a major part" of the conversation with investors.
Chattermill helped move its Russia contractors out of the country, he added, and worked to ensure its employees in Ukraine were safe. The firm has two contractors remaining in Russia who are currently trying to move, and never had a formal office or entity in the country. It is honoring some signed contracts with Russian customers, of which none are Kremlin-affiliated or on a sanctions list, Dubov said.
It currently has a team of 80 and would expect to be at 120 within the next 18 months, but Dubov said the company is being "extremely careful" with growth due to the wider economic uncertainty.
The cash will be used to double-down on existing markets of US and Europe. | 2022-12-06T00:23:34Z | www.businessinsider.com | Chattermill Used This Pitch Deck to Raise $26 Million for Its Customer Analytics Tools Used by Amazon and Uber | https://www.businessinsider.com/chattermill-pitch-deck-26-million-customer-analytics-tools-amazon-uber-2022-12 | https://www.businessinsider.com/chattermill-pitch-deck-26-million-customer-analytics-tools-amazon-uber-2022-12 |
Jasmin Baron, CEPF and Joseph Hostetler, CEPF
Priority Pass airport restaurants, like Big Smoke Taphouse and Kitchen at London Heathrow, will no longer be included with the Capital One Venture X card's membership starting in 2023.
The Capital One Venture X Rewards Credit Card offers Priority Pass Select airport lounge membership.
In addition to lounge access, the card offers discounts at 70 restaurants and access to non-lounge experiences.
Beginning January 1, 2023, the card will no longer provide any benefits outside of airport lounges.
Read Insider's guide to the best credit cards for Priority Pass.
The Capital One Venture X Rewards Credit Card has become top dog among credit cards that offer Priority Pass airport lounge access — a network of more than 1,300 airport lounges worldwide. There are three reasons for this:
It lets you bring in as many guests as you want. All other publicly available cards limit you to two guests (or sometimes immediate family).
You can add up to four authorized users to the card for no charge — and each authorized user will get their own full fledged Priority Pass Select membership. Other publicly available cards that offer a Priority Pass membership to authorized users charge a fee.
It comes with access to Priority Pass airport restaurants, spas, and other non-lounge experiences. The Priority Pass membership offered by many other credit cards doesn't offer this benefit.
But late last week, Capital One quietly updated the Priority Pass lounge access rules for the Capital One Venture X Rewards Credit Card. Starting January 1, 2023, members will no longer have access to Priority Pass non-lounge experiences.
Here's what to know about the changes to the Capital One Venture X Rewards Credit Card and what your options are if Priority Pass restaurant access is important to you.
Capital One Venture X Priority Pass losing airport restaurants, spas
If you've never used your Priority Pass membership for free food, you don't know what you're missing. At ~70 participating restaurants, you can receive up to $60 in free food simply by handing your Priority Pass card to your server. Here's how it works:
You'll receive a discount of up to $30 for your meal.
You'll receive an additional discount of up to $30 for a guest's meal.
It's a huge money saver for anyone who frequents major hubs like San Francisco (SFO), Miami (MIA), New York (JFK), and Houston (IAH) — but you'll also find them in smaller airports such as Syracuse (SYR), Cleveland (CLE), St. Louis (STL), and Indianapolis (IND).
In addition, Priority Pass Select gives you access/discounts for other experiences, such as things like Gameway, a pay-to-play video game room in Dallas (DFW), and Be Relax Spa locations which are found in San Diego (SAN) and Detroit (DTW).
While the Capital One Venture X Rewards Credit Card is still a great choice if you're looking for free airport lounge access, this removal of non-lounge experiences is disappointing. The change puts the Priority Pass membership from the Capital One Venture X Rewards Credit Card in line with cards such as The Platinum Card® from American Express . American Express removed Priority Pass restaurants from its memberships in 2019, leaving only a handful of cards from other issuers that include restaurant credits.
Now, instead of the Capital One Venture X Rewards Credit Card as the undisputed king of Priority Pass credit cards, your Priority Pass-conferring airport credit card will take a bit more deliberation. You must decide what's most important to you.
Is your main priority the ability to bring lots of guests into the lounge?
If so, the Capital One Venture X Rewards Credit Card is still the best card for you. No other card publicly available card gives you an unlimited number of guests. Just note that individual lounges may turn you away if they're really busy.
Do you want to pass along free Priority Pass membership to others?
The Capital One Venture X Rewards Credit Card is still the cheapest way to do that, as you can add up to four authorized users for free — and all authorized users will get their own Priority Pass Select membership with unlimited guests. All other publicly available cards charge an annual fee for authorized users.
Do you value Priority Pass restaurants and other non-lounge experiences above "unlimited guests" perk?
If so, the Chase Sapphire Reserve® is now your best bet. Again, this card allows you to bring up to two guests. If you tend to only travel with two guests or fewer, you have little need for a credit card that gives you unlimited guests.
If you do travel with more than two guests, you can add authorized users for $75 each. When you add an authorized user, you effectively allow for three more people into the lounge with you (the authorized user and their two guests).
The Ritz Carlton Credit Card, while not publicly available, is still the best credit card for Priority Pass lounges because:
It comes with a Priority Pass Select membership that gives you access to Priority Pass restaurants and non-lounge experiences.
It allows you to bring unlimited guests into the lounge with you.
It does not charge to add authorized users. And each authorized user gets their own Priority Pass Select membership.
You can only get this card by opening a Chase-issued Marriott credit card and contacting Chase one year after account opening to request that it be "product changed" into a Ritz-Carlton card.
While the Capital One Venture X Rewards Credit Card was once inarguably the best public credit card for Priority Pass, there is now a case to be made that the Chase Sapphire Reserve® is better.
The Capital One Venture X Rewards Credit Card is the first Visa credit card to drop access to discounts at participating Priority Pass restaurants and other non-lounge experiences. Because of this, it's possible that other Visa cards — Chase Sapphire Reserve® included — do the same in the near future. | 2022-12-06T00:23:52Z | www.businessinsider.com | Capital One Venture X Priority Pass Losing Restaurants, Spas, Experiences | https://www.businessinsider.com/personal-finance/capital-one-venture-x-priority-pass-lose-restaurants-spas-2022-12 | https://www.businessinsider.com/personal-finance/capital-one-venture-x-priority-pass-lose-restaurants-spas-2022-12 |
Twitter's former C-suite received $200 million in combined stock payouts after Elon Musk fired them
Former Twitter CEO Parag Agrawal (left) was fired by now Twitter CEO Elon Musk (right)
Kevin Dietsch, Carina Johansen/Getty Images
CEO Elon Musk quickly fired Twitter executives upon taking over the company in October.
Former Twitter executives Parag Agrawal, Ned Segal, and Vijaya Gadde are much richer for it.
Each former executive received tens of millions of dollars in stock payouts at $54.20 per share.
The Twitter executives who were immediately fired when Elon Musk took over the company walked away with much larger bank accounts.
Shares of company stock that had been acquired during years of work by Parag Agrawal, Twitter CEO at the time of Musk's late October takeover, Ned Segal, then CFO, and Vijaya Gadde, then chief legal officer, were allowed to convert to cash at $54.20 per share under the terms of the $44 billion merger agreement.
Upon being fired by Musk the day his ownership of Twitter became official, all of the executives were entitled to payouts of common stock and accelerated vesting of any unvested restricted stock, according to provisions of their contracts earlier disclosed with the SEC. All of them have received full payouts of their existing stock in the company, according to additional disclosures filed Friday with the SEC. The payouts belie Musk's earlier claim that all of the executives were fired "for cause" and therefore would not be paid out as their contracts called for.
Agrawal held roughly 927,000 shares of common stock at the time of his firing, which converted to $50.2 million at Musk's purchase price, according to an SEC filing. Agrawal had another 241,508 shares of restricted stock that vested upon his firing, giving him another payout of $13 million. He walked away from Twitter with a total of $63 million in converted stock.
Segal held roughly 945,000 shares of common stock when he was fired, converting to $51.2 million. The former CFO is the only member of Twitter's C-suite to have spoken publicly about the months-long acquisition process with Musk, saying in a Twitter thread last month the deal "pulled on every mental muscle" he had. Segal, too, had 241,508 shares of restricted stock that vested upon his firing, giving him another payout of $13 million. He walked away from Twitter with more than $64 million in converted stock.
Gadde held just over 1 million shares in common stock when she was fired, having worked there for more than 11 years, which converted to $59.5 million. As Agrawal and Segal did, she also had 241,508 shares of restricted stock that vested, turning into an additional $13 million payment. Gadde walked away from Twitter with the most money, seeing all of her converted stock total $72 million. The former chief legal officer has continued to be something of a target of Musk in the weeks since he took over the company.
On Friday night, around the same time these stock disclosures were filed publicly, Musk through the newsletter writer Matt Taibbi released what he called "The Twitter Files." The report, done entirely via Twitter thread, consisted mainly of email correspondence with Gadde and other Twitter employees, including former CEO and co-founder Jack Dorsey, discussing the company's decision in 2020 to block access to a New York Post story regarding Hunter Biden's stolen personal laptop. It led to right wing politicians and commentators to again target and blame Gadde for their belief that Twitter's operations are politically biased.
Neither Agrawal or Gadde have yet to say anything publicly about Musk or his acquisition.
Insider has reached out to Twitter for comment.
Twitter Elon Musk Parag Agrawal | 2022-12-06T00:23:58Z | www.businessinsider.com | Twitter's Former Execs Received $200 Million in Stock Payouts | https://www.businessinsider.com/twitter-former-execs-stock-payouts-elon-musk-2022-12 | https://www.businessinsider.com/twitter-former-execs-stock-payouts-elon-musk-2022-12 |
Britney Toh and Nidhi Pandurangi
America: the land of the overworked.
The US has the fewest paid leave days and the second-lowest number of paid vacation days in the world.
It's the only developed country in the world with no statutory paid leave.
Iran has the most public holidays in the world and the most paid vacation days overall.
With ten paid vacation days and zero paid leave days, the US — dubbed the "no-vacation nation" — has the world's least paid leave. It's also the only developed country with zero statutory paid leave, compared to the global average of 18.2 days.
DC council members introduced a paid family leave bill that would create the most progressive system in the country and serve as a model for other cities that might be interested in paid leave.
That's according to a report published by Resume.io, a career resource website that analyzed data collected in August.
"The United States' lack of paid vacation days negatively impacts work-life balance in many ways," Lotte van Rijswijk, a content team lead at Resume.io, told CNBC.
"Studies show that 50% of American workers are not taking vacation time. This lack of downtime could lead to burnout and stress — and in more severe cases depression and mental health conditions," van Rijswijk added.
Conversely, Iran offers the most paid vacation days — 27 public holidays and 26 paid leave days, per the report.
To compile the report, Resume.io reviewed data on laws governing annual statutory paid leave and paid public holidays in 197 countries. Countries were ranked based on the combined number of statutory paid leave days and paid public holidays per year, the report states.
Keep reading for a look at the ten countries globally that offer people the least paid time off, ranked in descending order. Rankings denoted with a "T" symbolize a tie. Paid leave refers to the statutory minimum time off an employee can book in a year. Vacation days are the combined total of paid leave days and paid public holidays.
Resume.io did not immediately respond to Insider's request for comment.
T10. Nigeria
Lagos, Nigeria's commercial capita
Paid leave days: 6
Paid public holidays: 11
T10. Philippines
Makati skyline at dusk, Manila, Philippines - stock photo
T10. Taiwan
View on Beirut, Lebanon
Nanjing, Suzhou, China.
Fang Daqing/VCG/Getty Images
View of Culiacan, state of Sinaloa, Mexico
Paid public holidays: 8
REUTERS/David Gray
An aerial view of islands in Palau in this undated photo. Palau, a nation of sparsely populated Pacific islands surrounded by turquoise waters teeming with fish and giant clams, is so obscure most people must scour a map to find it.
REUTERS/Jackson Henry
T3. Nauru
T3. United States of America
Children play on an abandoned US tank from World War II on Falalop Island in Micronesia's Ulithi atoll, April 22, 2018.
De Agostini Editorial via Getty Images
Features Paid Leave Maternity Leave | 2022-12-06T08:46:22Z | www.businessinsider.com | Countries With the Least Paid Time Off Include US, China: Report | https://www.businessinsider.com/countries-with-least-paid-time-off-america-report-2022-12 | https://www.businessinsider.com/countries-with-least-paid-time-off-america-report-2022-12 |
The 5 best leadership books I read this year — and what they taught me about running a company
David Siegel
David Siegel is the author of "Decide and Conquer."
David Siegel was hired by Adam Neumann to serve as the CEO of Meetup in 2018.
For a roadmap for effective, kind leadership and smart decision-making, he shares 5 book recommendations.
He describes his past mistakes like making unilateral decisions too early and worrying too much about being liked.
I've been an avid reader of leadership and management books for over 30 years, but I never found a book that fully satisfied my interest in making better business and life decisions as a leader. So, I wrote it.
Publishing a leadership book gave me a newfound perspective on the genre. I have a stronger appreciation for what authors go through when putting their thoughts and experiences on paper for the public. Every leader can and should learn from others, and reading is one of the best ways to learn from world-renowned executives you'd otherwise never get to meet.
Here are the top five leadership books I read in 2022 and why I found each one particularly enriching.
1. "The Courage to Be Disliked" by Fumitake Koga and Ichiro Kishimi
I often struggled with the need to be liked. And while that challenge served me well in rising to a CEO by prioritizing relationships, it was also one of my greatest leadership flaws. An example: In the interest of comforting my team after a layoff, I made a guarantee of no further layoffs that I later had to retract, which jeopardized the trust my team had in me.
"The Courage to Be Disliked" can help any leader who struggles with wanting to be liked. It's a deft blend of psychology, Greek philosophy, and spirituality that ultimately encourages readers to embrace tension and pursue clarity in order to find peace in one's most important relationship, which is with oneself.
2. "The 5 Dysfunctions of a Team" by Patrick Lencioni
Jossey-Bass Publishers
Earlier in my management career, I often made the mistake of sharing my perspective and direction too early in the decision-making process. I didn't allow for enough healthy debate and disagreement within my executive team. That lack of debate ultimately led to less trust in me and to the team feeling less of a sense of ownership over their work.
That's why I continue to read and re-read "The Five Dysfunctions of a Team" every year to mitigate the natural inclination I share with many leaders: to jump into solution mode.
3. "The Promise of a Pencil" by Adam Braun
"The Promise of a Pencil" by Adam Braun, a colleague from my days at WeWork, is about Adam's life mission to enable every child in the world to have a better education. The takeaway that most resonated for me was how much of an impact a single individual can have on the world.
On a personal level, I often find myself disheartened and overwhelmed with global and societal challenges. After reading The Promise of a Pencil, I learned how seemingly small acts can make a world of difference in communities. This book motivated me to act.
4. "No Red Lights" by Alan J. Patricof
I've often struggled with whether being a nice leader is a demonstration of weakness. Venture capital pioneer Alan Patricof serves as a role model in his ability to lead while maintaining kindness and integrity over six decades.
In "No Red Lights," he shares examples of specific mistakes he made early in his career, like being overly loyal to managers and direct reports in a way that ultimately hurt his ability to lead. The book gives a true insider's view in the venture capital and private equity world and debunks myths about ruthlessness being necessary to succeed.
5. "Trillion Dollar Coach" by Alan Eagle, Eric Schmidt, and Jonathan Rosenberg
I was first introduced to Bill Campbell, widely regarded as the most important executive coach in the world, while reading another one of my favorite books, Ben Horowitz's "The Hard Thing About Hard Things." Campbell was an advisor to icons including Steve Jobs, Larry Page, Sergey Brin, Sheryl Sandberg, and other Silicon Valley titans.
His book makes the powerful claim that the best coach has a singular focus: the client's success. Too often managers within an organization believe they can assume the role of an impartial coach, but, as Campbell argues, the fact is they have too much skin in the game: ego, politics, pride, and conflicting ideas.
As I have worked with external coaches over the years, I've found that individuals outside of my organization — with whom I can be completely vulnerable and transparent — have been the most helpful in influencing my leadership. "Trillion Dollar Coach" makes it clear why. For anyone considering executive coaching or looking to find a coach, this book is a must-read.
David Siegel is the CEO of Meetup, an adjunct management professor at Columbia University, and the host of the Keep Connected podcast.
book list Meetup WeWork | 2022-12-06T10:17:43Z | www.businessinsider.com | 5 Best Leadership Books, According to the CEO of Meetup | https://www.businessinsider.com/5-leadership-books-ceo-meetup-read-this-year-2022-12 | https://www.businessinsider.com/5-leadership-books-ceo-meetup-read-this-year-2022-12 |
AWS CEO pitches cloud as a cost-saver despite rising customer concerns about runaway cloud bills
Ellen Thomas and Sage Lazzaro
AWS CEO Adam Selipsky.
AWS CEO Adam Selipsky pitched cloud as a cost-saver at the company's Las Vegas conference last week.
But expensive cloud bills are top of mind for customers, particularly amid the economic downturn.
This could lead to a boom for companies that offer services to help customers control cloud costs.
AWS CEO Adam Selipsky is pitching cloud as a cost-saver, while customers increasingly feel the burden of runaway cloud costs.
Last week at this year's AWS re:Invent conference, Selipsky acknowledged the difficult economic environment and emphasized that cloud could help companies' bottom lines.
"When it comes to the cloud, many of our customers know they should be leaning in precisely because of economic uncertainty, not despite it. The cloud is more cost-effective," Selipsky said, adding that "if you are looking to tighten your belt, the cloud is the place to do it."
But for customers, cloud bills are top of mind and putting pressure on their balance sheets, especially during the economic downturn. A few companies have even said they're planning to ditch the cloud because of costs and other reasons, though they're in the minority. Most customers are staying put, but they're increasingly looking for ways to control cloud costs.
This was on display onstage and in conversations at the conference. Ken Cheney, the chief revenue officer at Ternary, a startup that helps customers manage cloud spend, particularly on Google Cloud, said his company had seen a dramatic increase in inbound calls from firms looking for help bringing down their cloud costs.
"Especially in the past month and a half, the volume of inbound calls we're getting from startups saying, 'We need to cut our costs dramatically'" has increased, he told Insider. "It's the macro conditions, right? Suddenly spending money like a drunken sailor doesn't make sense."
Ternary's client base is mostly big companies that need to manage their cloud costs generally because of their size, he said. It's easy for cloud costs to get out of control for big companies that have a lot of data and workloads in the cloud. But more and more, Ternary is getting interest from smaller companies looking to lower their cloud bills, he said.
A session at the conference focused on cost optimization for multi- and hybrid-cloud environments. Jeremy Chaplin, a senior cloud-solutions architect at Flexera, another company that offers cloud cost-management services, opened his talk by suggesting that the days of competition between the major cloud providers keeping costs low was coming to an end. He echoed that cost optimization was "top of the agenda for many organizations."
"Looking ahead into 2023, we're not really going to see the same reduction in unit costs when it comes to cloud computing," he said. "Historically, we've seen the price of storage, the price of compute, decrease as the competitive landscape, of course, between the major vendors means that they're vying for business. But with the geopolitical situation, with the economy as it is today, and Gartner is predicting an increase in cloud spend for 2023, and so that makes optimizing what you're doing with cloud really, really more important."
Is the cloud boom over? Not quite
Among companies that have backtracked on the cloud, cost has been a significant factor.
DropBox said it saved almost $75 million over two years when it went the opposite way of its peers and ditched AWS to build its own infrastructure back in 2015, for instance.
David Heinemeier Hansson, who cofounded the workplace-management platform Basecamp and the email provider Hey, announced in a scathing October blog post that his companies were planning to leave the cloud behind. He noted that "Amazon, in particular, is printing profits" and likened continuing operating in the cloud to "paying an at times almost absurd premium."
"We've run extensively in both Amazon's cloud and Google's cloud," he wrote. "We've run on bare virtual machines, we've run on Kubernetes. We've seen all the cloud has to offer and tried most of it. It's finally time to conclude: Renting computers is (mostly) a bad deal for medium-sized companies like ours with stable growth."
But these companies are the exception. Sixty-nine percent of CFOs in a Gartner survey said they were urging their internal teams to accelerate their move to the world of digital and cloud to get a leg up on the competition. Especially with many large enterprise customers locked into long-term contracts, they're looking for cost-saving solutions, not to jump ship.
Insiders within the AWS ecosystem say now that companies have fully embraced cloud, they're shifting focus from the migration toward optimizing the costs.
Sid Nag, a Gartner vice president, told Insider the economic environment was leading companies to accelerate their efforts to better manage cloud costs. This could lead to a boom for companies that specialize in these types of services, he said.
"This whole issue of ditching the cloud is highly overblown," Nag told Insider. "Are organizations more discerning about spend? Yes, they are. Are they ditching the cloud and slowing down their cloud adoption journey? No, they are not." | 2022-12-06T10:17:49Z | www.businessinsider.com | AWS CEO Adam Selipsky Says Cloud Is a Cost-Saver Amid Customer Concern | https://www.businessinsider.com/aws-ceo-adam-selipsky-pitches-cloud-cost-savor-spending-concerns-2022-12 | https://www.businessinsider.com/aws-ceo-adam-selipsky-pitches-cloud-cost-savor-spending-concerns-2022-12 |
See the full leaked presentation that shows how Medly had big goals to open more pharmacies and become profitable in 2023 even as the startup was losing millions
Medly delivers prescriptions to patients' doors.
Medly pursued big plans to grow even as the startup ran out of cash, a leaked presentation shows.
Medly posted adjusted losses of $35 million in the first half of 2022, it shows.
The startup laid off more than half its staff and abandoned many patients to curb those losses.
Medly set out to transform the pharmacy experience for patients and had aggressive plans to expand its business.
But in August, the startup slashed more than half its staff, closed dozens of its pharmacies, and left many patients in the dark, Insider reported.
A company presentation Insider obtained shows how Medly continued to pursue lofty growth targets, like opening new pharmacies and achieving profitability next year, in the first half of 2022 even as the startup ran out of cash and its losses grew.
Medly, which operates pharmacies and provides prescription delivery, had brought in $270 million in revenue in the first half of the year, according to the presentation. But the company was still losing millions each month.
The startup was on the brink of shutting down in August, Richard Willis, the CEO of Medly, said during a companywide meeting on September 1. Insider obtained a recording of the call.
Instead, Medly laid off about 1,100 of its 1,900 workers, according to a lawsuit several laid-off employees filed against the company. The lawsuit claims Medly didn't provide notice of the mass layoffs in advance, as New York law requires.
Medly planned to close 24 of its 51 locations, Willis said during the September meeting. Medly did not respond to request for comment.
The presentation includes Medly's financials through June 2022 and shows how the startup planned to cement itself in the pharmacy industry before its business crumbled.
Medly got its start in 2017 as a pharmacy promising a better experience for patients.
Medly slide deck
Medly wanted to disrupt pharmacy giants like CVS and Walgreens with its app that helped patients arrange deliveries and find discounts on their prescriptions.
By June 2022, Medly was serving 32,000 patients in 51 stores across the US. But beginning in August, the startup closed down 24 of those stores.
According to a recording Insider obtained, Willis told Medly staff during a September 1 companywide meeting that the startup would close all the stores that were losing money. Willis said the Brooklyn location, Medly's original pharmacy, was the only store to remain that had been losing money.
Marg Patel cofounded Medly and served as its CEO until he quietly left in August. Richard Willis, the company's former CFO, then stepped into Medly's top role.
Former employees said Medly's trouble began when the startup acquired the retail-pharmacy startup Pharmaca in June 2021. Pharmaca's locations struggled to adapt to Medly's business model and to work with the software that Medly's pharmacies used to handle prescriptions, according to three former Medly employees.
The former employees who spoke with Insider requested anonymity out of concerns of retribution from the company.
Medly had an ambitious plan to grow over the next three years, but its existing pharmacies were already stretched thin, according to a former employee on Medly's provider-support team.
"We grew so fast that we were failing to support what we already had," the same former employee said.
Medly promised same-day delivery of medications, including specialty prescriptions for complex conditions. But Natalia Rzeszutek, a former Medly patient, told Insider that starting in the spring, the startup didn't always have her prescriptions ready on time and often delivered them late.
In 2020, the pharmacy startup raised $100 million from Volition Capital and Greycroft, bringing its total venture funding to $110 million.
The startup had captured a wave of interest in getting prescriptions delivered to patients' doors that took off during the COVID-19 pandemic.
But behind the scenes, Medly was burning through money, Willis said in the September 1 meeting.
Slide from a Medly presentation obtained by Insider.
In August, Medly laid off more than half its employees without notice, according to the lawsuit several laid-off employees filed against the company.
The lawsuit claims Medly didn't provide notice of the mass layoffs in advance, as New York law requires.
Medly wanted to keep increasing revenue from each of its patients to drive growth.
Medly relied on its ability to provide patients with a better pharmacy experience to grow that revenue, but many patients claimed in Google Reviews that Medly never notified them when it closed stores.
At least 20 Google reviews of Medly's Brooklyn pharmacy within the past six months warned others against using Medly, and some accused the pharmacy of holding their prescriptions hostage.
Insider hasn't independently confirmed the information in the Google reviews.
Healthcare providers also began to complain about prescription delays and unanswered calls to Medly's customer service starting in August, according to two former Medly employees who worked directly with providers.
The same month, the former employee on Medly's provider-support team said Medly's management gave instructions that if a medication was out of stock at a given Medly pharmacy, Medly would no longer be able to restock that medication.
Medly scrapped its plans for expansion after a deal fell through for a bank to help cover Medly's losses, Willis said during the September 1 companywide meeting.
A document the lawyer representing several laid-off Medly employees filed in November claims there's a "strong likelihood" Medly will file bankruptcy before the end of 2022. It's a stark departure from Medly's plan to keep acquiring new pharmacies and to ramp up sales across its locations.
Medly had originally planned to expand to 53 locations by the end of the year.
After an initial round of layoffs in early August, then-CEO Patel told staff that Medly was on track to be profitable next year, three former employees said.
Medly posted losses of $35 million in the first half of the year even before accounting for expenses like interest and taxes.
Medly has now moved away from building the technology that helped it land $110 million in venture capital and that was key to its plans for disrupting the pharmacy industry.
Medly said it was on track to deliver $600 million in revenue, a 100% increase over its 2021 numbers. Now, the startup's future is uncertain.
Medly's collapse is a grim example of what may be to come for other healthcare startups facing a looming recession as plans for transformation face off against dwindling funds.
Read the full story of Medly's downfall here.
Features Medly Pharmacy | 2022-12-06T10:18:07Z | www.businessinsider.com | Leaked Presentation Reveals Medly's Financials Before It Crumbled | https://www.businessinsider.com/leaked-presentation-reveals-medly-pharmacy-financials-before-crumbling-2022-11 | https://www.businessinsider.com/leaked-presentation-reveals-medly-pharmacy-financials-before-crumbling-2022-11 |
From Apple and Disney to Warner Bros. Discovery, here's the 2023 media deal outlook for Hollywood's biggest companies, according to 13 bankers and industry experts
Lucia Moses, Claire Atkinson, Reed Alexander, and Elaine Low
"John Wick" studio Lionsgate could be spun off in 2023.
Media bankers and investors predict dealmaking will rebound in 2023 as interest rates stabilize.
Continued pressure to get bigger has big media companies in Hollywood looking to scale up.
Companies' need for content to keep fickle streaming subscribers paying will also ensure deal flow.
Media bankers and investors predicted to Insider that dealmaking will rebound in 2023 as companies big and small size up their options for possible tie-ups.
What was expected to be a red-hot 2022 for deal activity turned tepid as the economic outlook darkened and interest rates leapt up, increasing the cost to finance deals.
But many financial players told Insider they expect rates will start to stabilize, leading transactions to pick up. And private equity firms are sitting on a lot of cash that didn't get deployed this year because of rising interest rates.
Other factors could lay the groundwork for an active year of dealmaking.
Pressure on big media companies to get bigger hasn't gone away. The Warner Bros.-Discovery merger that closed in April has other companies looking to scale up. WBD also could shed some weaker assets to pay down debt, kicking off smaller deals.
Bob Iger's return to Disney as CEO has stirred speculation that the Mouse House itself could get swallowed up eventually, with Apple being the most buzzed-about acquirer (though Iger dismissed such a deal as "pure speculation" during a company town hall in late November).
Meanwhile, the demand for more content to keep increasingly fickle streaming subscribers paying will ensure more deal flow. The tech giants have largely preferred to build their streaming entertainment offerings rather than buy, but recent deals have shown buying isn't off the table. Netflix could venture further into live programming, while Amazon, having acquired MGM for $8.5 billion, has shown it's open to buying to win the streaming race.
"Across the media spectrum, I think it's going to be a healthy M&A market, not necessarily because of the economic climate, but because we continue to see new, targeted, tech-based media options for consumers," said John Lambros, co-head of Houlihan Lokey's US Technology Group and head of Digital and Traditional Media. "Cord-cutting continues, and as it goes, so goes mass-market media bundles."
Video gaming has become a big way to lure audiences. If regulators allow Microsoft's $69 billion deal for Activision Blizzard to go through, it could trigger rival gaming studio Electronic Arts to pursue a partner; Amazon, Apple, Comcast, or Disney have shown interest, according to a report. Netflix has already acquired several gaming studios while also forming its own in-house studio.
"We're seeing media and tech are converging as much as ever before," said Drew Marcus, senior advisor at Guggenheim Securities. "Obviously you're seeing things like Amazon getting into sports programming and Netflix getting into the advertising business. So those are big crossover events between media and tech."
Insider spoke to more than a dozen media and entertainment investors, bankers, executives, and advisors who identified what deals they think the biggest Hollywood players are most likely to make in 2023 and beyond.
Apple: Could eye a big content prize
Tim Cook.
Apple isn't known for making big acquisitions, but it has the means and has spent big before to enter a category, plunking down $3 billion for Beats to catch up in music streaming. It could do the same with entertainment, which is becoming increasingly important to fueling its iPhone sales. Apple might look to Lionsgate's library of shows and movies. Or it could go bigger and buy Netflix or Disney for their wealth of content.
Amazon: Primed to snap up entertainment content
Amazon has made multiple moves to signal the seriousness of its entertainment ambitions, spending big on series including "Lord of the Rings: The Rings of Power," "Thursday Night Football," and most recently, its $8.5 billion acquisition of storied movie studio MGM. If the tech giant decided it wanted to buy more library content, it might look no further than streamer and studio Lionsgate. Or it could seek more sports rights or content to complement its growing presence in live sports like "Thursday Night Football"' Amazon has already eyed sports news outlet The Athletic (before it was acquired by The New York Times), and EA, the video game maker, according to reports.
Comcast: Time's running out for Peacock
Comcast CEO Brian Roberts recently dismissed deal speculation, but that hasn't squashed the idea of his company as either buyer or seller. Comcast could bulk up by combining with Paramount Global — uniting their studios, TV networks, and streaming services — though there would be a regulatory hurdle to one company owning both NBC and CBS. Many instead think Roberts' endgame could be acquiring Warner Bros. Discovery, especially if the economic downturn stretches on and keeps depressing WBD's stock price, which has fallen more than 54% since the merger closed.
Near term, Comcast could go after Lionsgate, or it could buy Disney out of Hulu — while most of Hollywood is expecting the opposite to happen — to bolster its also-ran streamer Peacock. Alternatively, Comcast could sell its Universal studios and theme parks to focus on its higher-margin internet broadband business, industry consultant Peter Csathy predicted.
Disney: With Bob Iger back as CEO, it could be a selective buyer
At a November company town hall, Bob Iger denied Disney would be a big acquirer or seller in the near future, but with his return to the CEO chair after Bob Chapek's troubled three-year tenure, everything could be up for review. Disney already has a strong content portfolio and is still expected to fulfill its long-term plan to acquire the 33% of Hulu that it doesn't already own from Comcast in 2024.
Disney also could look at buying a gaming company to go deeper with young audiences. The company could also sell its ABC TV stations or some smaller cable channels to fund its streaming plans. And Iger's return renewed speculation that he could sell Disney outright to Apple, which is cash-rich and shares an affinity for wholesome content with Disney, though such a deal would face regulatory and other hurdles.
Fox Corp.: Reunion with News Corp.?
Will Rupert Murdoch succeed in reuniting Fox and News Corp., after separating them years ago? The argument in favor of the move is that combining Fox News, The Wall Street Journal, the Fox broadcasting network, and streamer Tubi will bring money-making and cost-saving opportunities. But investors have expressed skepticism that the companies will benefit from being together; some think Fox should sell or separate some of its assets. Elsewhere, some see Fox buying a sports data company like Sportradar or Genius Sports to boost its sports betting business; or a streaming service to help it catch up in streaming.
Lionsgate: Post-studio spinoff, could be an acquisition target
Lionsgate is exploring a spinoff of its film and TV studio business, known for producing the "John Wick" and "Hunger Games" movie franchises as well as hit CBS series "Ghosts." Once the company finds a buyer for its studio, the remaining Starz network and streaming platform might become even more appealing targets. Perhaps Apple would find a studio-less Lionsgate, with its library of shows and movies, to be a more manageable acquisition than taking on the capital needs of a full-fledged studio.
Netflix: Could try to boost its ad business
Netflix isn't adding new subscribers as it once was, and churn is on the rise. So while it's invested in building its own content so far, it could buy a production company or studio like Paramount's. "They're going to have to keep spending because they need high-quality, original content to acquire subscribers," Davis Noelle, a senior managing director at Providence Equity Partners, said of the streamers. "It's so critical to their business."
Elsewhere, Netflix could continue its video game studio-buying spree as it looks for other ways to keep subscribers engaged, along with getting more into live programming, which will kick off with its first-ever live event, a Chris Rock standup special, in early 2023. Or it could acquire something to boost its fledgling ads business; a news network like CNN has been suggested, though WBD has maintained it's committed to CNN.
Paramount Global: Could sell all or in parts
Hardly had Shari Redstone put together CBS and Viacom in 2019 before industry observers started speculating about when Paramount Global, as it was renamed this February, would become the next meal for a larger company. With a $12 billion market cap, it's considered too small to win the streaming wars, but its library of film and TV content, sports rights, and news assets could make it attractive to a bigger player; Comcast is seen as the most likely buyer, although regulatory issues would make it tricky to house two broadcast networks (NBC and CBS). Paramount's library could help a streaming company bulk up its content; Netflix for one has explored Paramount's studio business before.
Roku: A buyer or seller?
What happens to Roku is the ongoing question. It's well positioned to capitalize on the shift of ad dollars from linear to digital and has a strong balance sheet. Having acquired Quibi's library, it also could make another content acquisition, like Lionsgate's Starz, to boost its streaming business.
On the other hand, its valuation dropping this year — as has befallen so many other tech-based companies — could make Roku a target. A Roku acquisition could facilitate Apple or Netflix's expansion into ad-supported streaming video; even Comcast, whose cable business isn't as profitable as it used to be and whose Peacock is need of an injection, could be a suitor. "There are a number of companies where valuations have dropped so far that they are now more realistic targets than they were a few years ago," said Michael J. Wolf, co-founder & CEO of Activate Consulting.
Warner Bros. Discovery: Could shed smaller assets
As if smushing together WarnerMedia and Discovery weren't hard enough, WBD CEO David Zaslav has to navigate the integration during an ad downturn that's made it hard to repay the company's $47.5 billion in debt and invest in streaming. WBD has already slashed costs through layoffs, cutting back on content, and selling its stake in the CW Network, and it could sell smaller assets like subscale cable channels, Warner Bros. Games, or Bleacher Report, whose sale was on the table under AT&T. The mounting challenges have fueled the idea that if the economic downturn stretches on, Comcast's Brian Roberts will pounce, although that can't happen till 2024 because of tax rules related to the terms of WBD's merger.
Comcast Netflix Amazon | 2022-12-06T10:18:13Z | www.businessinsider.com | M&A Deals in 2023 for Big Hollywood Companies: Netflix, Disney, Comcast | https://www.businessinsider.com/predictions-hollywood-media-deals-2023-netflix-wbd-comcast-disney-amazon-2022-12 | https://www.businessinsider.com/predictions-hollywood-media-deals-2023-netflix-wbd-comcast-disney-amazon-2022-12 |
Wall Street bonus survey shows that most bankers and traders think they will be the exception to the 2022 compensation slump
Jobs website eFinancial Careers queried 1,500 financial services pros about their 2022 bonus expectations. The average MD sees an 11% pay bump despite the economic downturn.
Wall Street bonuses are predicted to fall as much as 45% this year amid a dealmaking slump.
But a recent survey of traders and investment bankers suggests few think the slump will apply to them.
Only analysts predicted a decline. All other ranks said they see a bump with MDs leading the pack.
The word on Wall Street ahead of the holidays has been loud and clear: Bonuses won't be good this year. Compensation recruiting firm Johnson Associates predicted as much as a 45% decrease in bonuses for some investment bankers in November, and the Financial Times reported Friday that JP Morgan Chase, Citigroup, and Bank of America are considering cutting bonus pools by 30% within M&A and IPO teams.
A new survey from eFinancialCareers, a finance job website that produces several popular industry newsletters, suggests many Wall Streeters think their bonuses will actually be better than last year.
Most respondents reported feeling optimistic that their bonuses will be up from last year, when record payouts had financiers slapping down cash for matching Porches and 230-foot yachts. The main exception were the analysts, who rank lowest on the financial services hierarchy. They predicted a small decline in their end-of-year-payouts. But as seniority rises, so does confidence.
2022 bonus predictions defy gravity amid an economic slowdown
Of the people polled, managing directors predicted the biggest average increase, up 11% from last year, versus associates who foreshadowed a 5.8% bump.
The survey was conducted between October and November from across the financial services industry, including both buy-side firms, which consist of private equity and hedge funds, and sell-side firms, made up of investment banks. The survey had 1,500 respondents globally.
"There is obviously more confidence in the user base than we were probably expecting," said eFinancial Careers CEO Peter Healey.
That said, most talk about bonuses being down has been centered around M&A or IPOs, overlooking areas that have had a good year like commodities and macro trading, Healey said.
Indeed, bonus expectations were highest among respondents working in fixed-income sales and trading, and particularly in macro sales and trading, according to the survey results. Senior traders who predicted big bonus increases said they were expecting to be paid up because their personal P&L was up, according to the survey. Senior traders who predicted being paid badly said they expect to subsidize poorly performing colleagues in corporate finance.
But even on the advisory side of the business, which has been slow, managing directors said they expect to get paid more, the survey results show. They cited "strong business prospects and a revenue generating history," guaranteed bonuses, and a strong year for deals in their particular sectors. VPs pointed to a strong pipeline of business for 2023.
Some Wall Streeters, when asked why they think their bonuses will be higher this year despite the M&A and IPO slowdown and market collapse, cited the fact that "high performers are paid well regardless" of the performance of the firm as a whole, and strong individual and team performance.
Healey warned that some top performers may be disappointed when bonuses finally hit as banks may seek to spread the wealth around in an effort to retain staff amid an ongoing talent shortage. He foresees teams focused on macro trading or commodities, which have had a strong year, having to share a cut of the pie to keep their colleagues happy in areas like investment banking, which has had a decidedly slow year.
"What we've seen through a number of downturns was that when they cut too deep on the senior end, it can take a while to regain market share," said Healey. "I think many institutions are concerned about the ability to hire, and so decimating their teams by paying low bonuses or making huge cuts, I think people are reluctant to do that because they know the damage it can have when the market does return."
This has always been the case, said Healey, but it might be more acute this year in areas where revenues have fallen majorly. People who have done very well individually therefore might not see the full fruits of their labor.
"If they just looked at their own P&L in isolation, they may not get the true benefit of that because they are subsidizing the bonus of their colleagues that they're organization desperately wants to keep," Healy said.
"Whilst there is uncertainty in the market, lots of the indicators are showing that talent shortage isn't going to evaporate, even with potentially challenging market conditions next year. And I think that speaks to a lot of the confidence that candidates and professionals have within the space."
Do you work on Wall Street? Are you concerned about your bonus or taking steps to secure a bigger slice of the bonus pool? Contact this reporter to share your thoughts. Emmalyse Brownstein can be reached via email at ebrownstein@insider.com, or SMS/the encrypted app Signal at (305) 857-5516. | 2022-12-06T11:52:02Z | www.businessinsider.com | Bonus Predictions by Wall Street Insiders Defy Gravity | https://www.businessinsider.com/bonus-predictions-by-wall-street-insiders-defy-gravity-efinancial-careers-2022-12 | https://www.businessinsider.com/bonus-predictions-by-wall-street-insiders-defy-gravity-efinancial-careers-2022-12 |
A credit card payment can’t be made directly with another credit card.
Fiordaliso/Getty
Buy now, pay later usage surged 85% during Cyber Week, according to data from Adobe Analytics.
The services face growing scrutiny since they're unregulated and don't require credit checks for approval.
One financial advisor called it "predatory lending," but others have tips they said help shoppers make the most of BNPL.
As the holiday shopping season kicks off, more people are choosing to pay for purchases in installments through services like Affirm, Afterpay, and Klarna.
According to recent data from Adobe analytics, "buy now, pay later" usage surged 85%, and revenue increased 88% during Cyber Week compared to the week before.
Money experts are torn about whether or not the growing popularity of these products spells doom for consumers.
The downsides of BNPL
In an email to Insider, Anora Gaudino, a financial advisor at Wealthspire, called it a form of "predatory lending."
"People don't realize that they end up paying a lot more for that product than it's worth. Often it's the people who are already struggling with bills," she wrote.
Buy now, pay later (BNPL) services can be used for just about anything: big-ticket purchases like a Peloton bike and everyday necessities like groceries qualify.
Kay Dickens, who owns Dr. Budgets, a service that helps people manage household funds, said he has recently seen more clients already deep in debt continuing to get approval for buy now, pay later.
"One of the clients that came to me, she actually had seven or eight different ones. They all had different installment terms. She didn't know when she was paying, how much she was paying, and honestly didn't even realize she had that many," he said.
"Being unsure of how many payments you're making makes it very challenging to manage the budget," he added.
Most popular services, like AfterPay, owned by Jack Dorsey's company Block, are digital payment platforms that allow shoppers to delay payments. Unlike credit cards, most BNPL services don't require a credit check and don't charge interest. But so far, buy now, pay later remains unregulated in most countries.
Barry Coleman of the National Foundation for Credit Counseling said the lack of regulation poses more risk for users.
"They may not have some of the consumer protections that come along with other credit products, like credit cards," he said.
Is BNPL cast in too negative a light?
Dickens said that for many clients who don't qualify for a credit card, buy now, pay later has been a helpful resource to fund purchases.
"If you're actually pretty good at spending your money and managing finances, it can be something that is good... Even if you don't have a lot of credit, you still have the ability to spread purchases over a couple of installments," he said.
Ryan Payne, president at Payne Capital Management, believes the discourse around paying in installments skews too negative. He thinks the uptick in usage is a good sign for the overall economy because it means shoppers feel confident about their finances.
"I think the job market is very tight, and if people feel like they're gonna be able to pay off those charges later, it probably speaks to the fact that they think they're going to have their job next year," he said.
Many experts agree that using a buy now, pay later service can be helpful when shoppers exercise caution.
Coleman said people should try not to use the service too often so "they don't experience a situation where they're overexposed and have multiple plans going at the same time."
Dickens said he advises his clients to "Make sure you don't have more than two buy now, pay later installment loans. A lot of the trouble comes when you have multiple ones."
buy-now pay-later Affirm buy now pay later Affirm | 2022-12-06T11:52:08Z | www.businessinsider.com | Buy Now, Pay Later Use Is Surging. Is It a Useful Tool, or Predatory? | https://www.businessinsider.com/buy-now-pay-later-holiday-shopping-affirm-afterpay-personal-finance-2022-11 | https://www.businessinsider.com/buy-now-pay-later-holiday-shopping-affirm-afterpay-personal-finance-2022-11 |
Ex-'socialite heiressblogger' Emily Brill is back — and she's terrorizing the pet industry
Emily Brill says she's sinking "every dollar of my trust fund" into The Canine Review. The subscription publication "better make money," Brill said, "because I need to make money."
Courtesy of Emily Brill
Emily Brill might be the most hated woman in the pet industry.
The 39-year-old "socialite heiressblogger" rose to infamy in 2008, when her website Essentially Emily turned her into a Gawker target and a Page Six-certified "society outcast." Now, Brill — the preppy blond daughter of the media magnate Steven Brill — is reinventing herself as the founder of the dog-centric publication The Canine Review.
Brill started the digital publication in late 2019, touting herself as a lone voice exposing corruption and deceit in the pet industry.
"Who was doing reliable, credible, in-depth reporting on pet insurance?" Brill asked. "Answer: Nobody."
She's gone after everything from dog-food startups to animal shelters. And she's made enemies along the way. American Kennel Club Breeders of Merit formed a Facebook group to expose what they described as The Canine Review's "anti-breeder agenda" after an investigation into the American Kennel Club's methodology. Carlotta Cooper, the vice president of Sportsmen's & Animal Owners' Voting Alliance, urged dog breeders "to avoid speaking with anyone from this counterfeit publication." Even bird lovers sent angry letters in response to photos of Brill's Labrador, Nellie, on a hunting trip, delicately carrying a dead bird in her mouth.
Brill doesn't regret any of it, even if one reader threatened to cancel their Canine Review subscription post-"bird massacre" photo shoot. As Brill puts it, the photos reassure readers that "I'm not a stereotypical sort of Manhattan, head-up-my-ass, agenda, PETA person."
Brill was drawn to journalism from a young age. Her father is Steven Brill, the millionaire founder of The American Lawyer and Court TV. She attended Deerfield Academy, an elite East Coast prep school where she wrote for The Deerfield Scroll. Brill told Insider that her criticism of Deerfield's administration was so controversial that the headmaster started confiscating copies.
She went on to attend Brown University, spending her summers interning on Shepard Smith's Fox News show. After graduation, her parents helped her get a job on "Morning Joe" (this was, Brill says, "before MSNBC was this ultra-left-wing radical loony bin").
Brill, pictured in her Essentially Emily era, now says she started the website in part to "piss off my parents."
Photo by Adriel Reboh/Patrick McMullan via Getty Images
Less than six months later, Brill quit to launch Essentially Emily, a florid blog detailing her and other wealthy Manhattanites' party-hopping habits. She wrote about dancing with a fur salon's owner at GoldBar, road tripping to the Hamptons with a wannabe socialite named Devorah Rose, and staying thin, once writing that she felt like a "cancer survivor" after losing weight. (She later apologized for the comparison.)
Essentially Emily gave Brill an army of hate readers and D-list notoriety. Style.com listed her as a member of one of 2008's "coolest cliques": the "New Kids on the Blog." Gawker eviscerated her, describing Brill as the "idle, wealthy daughter of a media mogul — supporting herself with only a trust fund and a blog." Meanwhile, one "grande dame" sniffed to the New York Post that it "annoys people when someone is trying so hard."
Brill, who now says she started Essentially Emily in part because "I knew it was going to piss off my parents," shuttered the website in 2009. She began freelancing, worked on "Charlie Rose" and "Piers Morgan Live," then wrote for CBS News after moving to China on a student visa. When her parents' dog died in 2014, a devastated Brill moved back to the US. "I thought, OK, well, I can't go back to Beijing now," she said. "I'm a basket case. The only thing I really could do was be around like people who like dogs."
Brill volunteered at a shelter and had a short-lived gig working at a posh pet shop in Greenwich, Connecticut. In her free time, she spent hours in veterinary waiting rooms because of Nellie's plethora of medical issues including allergies, an enlarged spleen, and leg problems that one of the Labrador's veterinarians told Insider required intervention from an additional orthopedist and a neurologist. Brill estimates her vet bills surpassed $30,000. Struggling to find reliable information on pet insurance, Brill decided to combine her "two favorite things": journalism and dogs.
Brill and Nellie begin every day at 7:30 a.m. with an hourlong hike, traversing the many horseback-riding trails of Bedford, New York. Then "I come back from the hike, and then I go onto my computer and I don't leave," Brill said.
She says she works a minimum of 18 hours a day, seven days a week, writing articles until well after midnight. Instead of going to bed, she said, she naps — sleeping for a bit at about 3 a.m. and then again at 6 p.m. She lives alone with Nellie, and their primary social activity is their playgroup of neighborhood dogs. "The only time I travel is for work," Brill said. "I only get on a plane to go to a vet conference," though "sometimes at gunpoint I get dragged to a funeral or a wedding."
As The Canine Review's only employee, Brill writes deep dives on topics too obscure even for most pet owners — like pet-insurance fine print and dilated cardiomyopathy, a deadly heart condition linked to certain pet foods. "Emily doesn't ever write a story that doesn't have a truckload of information in it," said Ann Hohenhaus, a veterinarian at New York's Animal Medical Center who's become one of Brill's go-to experts.
Brill is considered an outsider — an aggressive one, at that — in a tight-knit pet community. Her unyielding techniques have alienated many, with the North American Pet Health Insurance Association's president once emailing Brill to accuse her of "bullying and badgering tactics."
In Brill's world, the villains are unequivocal: "spineless" trade groups, "devil" pet retailers, and the silent "media elites" (also known as the owners of the cute-animal-centric media brand The Dodo). When the American Veterinary Medical Association declined Brill's interview requests, she wrote an article lambasting what she called its "Kremlin-like practices." She occasionally makes room for lighter fare, regularly writing articles under her dog's byline with headlines such as "I Ate A Tin Can by Nellie Brill."
Photos from Brill and Nellie's hunting trip prompted angry letters from the New York birding community. Courtesy of Emily Brill
One reader even threatened to cancel their subscription because of the so-called bird-massacre photo shoot. Courtesy of Emily Brill
Brill says the photos reassure readers that "I'm not a stereotypical sort of Manhattan, head-up-my-ass, agenda, PETA person." Courtesy of Emily Brill
One might describe her as an investigative journalist, but as Brill emphasized in multiple emails, she is "fundamentally and morally opposed" to the phrase, which she called "redundant."
The Canine Review is modeled after Steven Brill's The American Lawyer. Like her father's publication, Brill is publishing paywalled articles about an under-covered industry. Subscriptions start at $12.99 a month, or $6.99 for veterinary professionals. According to Brill, The Canine Review now has more than 1,000 paying subscribers. Earlier this year, the pet insurer Trupanion — whose executives are among the few who deign to grant Brill interviews — purchased a bulk membership, the equivalent of 5,000 subscriptions. It isn't a bad start, but "she's got a long way to go to make it really thrive," Steven Brill told Insider.
Emily Brill covered all startup costs, sinking "every dollar of my trust fund" into the venture, "which is kind of freaking out my family," she said.
According to Brill, she regularly turns down affiliate partnerships and "clickbait deals," which she believes could damage her credibility. She says she has about a year's worth of funding left. Then, The Canine Review "better make money," Brill said, "because I need to make money."
Though Brill has yet to make her own fortune, the world she covers is booming. The pet-insurance industry grew 28% from 2020 to 2021, per the North American Pet Health Insurance Association, and by one estimate Americans spent $34 billion last year on pet food. Louise Story, a veteran Wall Street Journal journalist who has known Brill since taking a Steven Brill course at Yale, said readers would be unwise to laugh off The Canine Review. "Everyone thinks pets are just cuddly — but it is a big, serious business," Story said.
At the same time, the pet industry is poorly regulated. Lax rules and little enforcement have allowed scammers to multiply. Writing about topics as seemingly simple as "fresh" dog food can be confusing and contradictory.
Brill is determined to take down the industry's snake-oil salesmen and corporate bigwigs. After a career spent battling her editors — none of whom "has the spine that I have," Brill said — she is free to publish whatever she wants without tempering her language. Brill used to hire freelance writers, but she found they lacked the "level of OCD" she demanded.
Her dream is to poach a New York Times reporter, and she's already crunching the back-of-napkin math for a salary of up to $300,000. Brill hopes her aggressive reporting — such as coverage of the Food and Drug Administration's canine-dilated-cardiomyopathy data — will attract applicants and mainstream attention.
"I want to get a Pulitzer Prize for this FDA story," Brill said.
Media Steven Brill Dogs | 2022-12-06T11:52:14Z | www.businessinsider.com | Media Heiress Emily Brill Angers Pet Industry With Canine Review Site | https://www.businessinsider.com/court-tv-heiress-emily-brill-pet-insurance-industry-canine-review-gawker-2022-12 | https://www.businessinsider.com/court-tv-heiress-emily-brill-pet-insurance-industry-canine-review-gawker-2022-12 |
HR software firm Globalization Partners, a rival to Softbank-backed Remote, cuts jobs and says impact is less than 10% of staff
Globalization Partners CEO Bob Cahill and founder Nicole Sahin
Boston-based Globalization Partners has laid off approximately 100 staff, Insider understands.
A G-P spokesperson said the cuts affected "less than 10%" of staff.
The company helps other businesses hire talent in different countries and is valued at $4.2 billion.
Globalization Partners, a Boston-based HR and employment platform that rivals venture-backed upstarts like Remote, has cut jobs, with one source indicating around 100 staff have been impacted.
Founded in 2012 by Nicole Sahin, Globalization Partners, or G-P, was valued at $4.2 billion after raising $200 million in funding from Vista Equity Partners in January 2022.
"We've made a decision to restructure a select number of roles at G-P with an impact of less than 10% to employees globally," a spokesperson said in an email.
The company did not confirm the precise number of people affected, but a source with knowledge of the matter told Insider the cuts impacted more than 100 people. Posts on Linkedin from previous staffers the last couple of weeks also referenced layoffs.
G-P's Linkedin page indicates it employs around 1,300 staff.
G-P enables companies like Chime and CoinDesk hire talent and organize payroll in more than 170 countries with the help of artificial intelligence. It competes with firms such as Remote and Deel.
The cuts coincide with layoffs across the tech sector, with both big technology firms and private equity-backed and venture-funded players cutting staff as consumer and business spending slows. HR companies enjoyed a pandemic boom through 2020 and 2021 as firms began experimenting with hybrid work, requiring new processes and platforms.
That initial boost may not translate to long-term spend, especially as businesses look to cut costs. Remote, a venture-backed rival to G-P, cut 10% of staff earlier this year, Insider reported. Investors have also pulled back on the sector, with HR and remote work companies raising $11.3 billion from investors in 2022 across fewer deals, down from $15.8 billion in 2021, per Pitchbook data shared with Insider.
A recent survey of 3,000 managers in the US found that remote workers were most likely to be among the first to be laid off in a recession, per Beautiful.ai.
Remote Work Tech | 2022-12-06T11:52:27Z | www.businessinsider.com | Globalization Partners: Boston HR Company Cuts Jobs Amid Tech Layoffs | https://www.businessinsider.com/globalization-partners-boston-hr-company-cuts-jobs-amid-tech-layoffs-2022-12 | https://www.businessinsider.com/globalization-partners-boston-hr-company-cuts-jobs-amid-tech-layoffs-2022-12 |
House Speaker Nancy Pelosi at her weekly press conference on December 1, 2022.
Time has largely run out in this Congress to ban lawmakers from trading stocks.
But lawmakers are holding out hope that the popular ethics reform can be enacted in the future.
"I do think there could be bipartisan progress," said Democratic Rep. Raja Krishnamoorthi.
Despite months of talk in the US Senate and an aborted September vote in the US House, it's increasingly likely that this congressional session will end without a vote in either chamber on banning members of Congress from trading stocks.
Before Republicans take control of the House in January, Democrats are scrambling to keep the government funded, raise the debt limit, and reform the Electoral Count Act, among other priorities.
"I care deeply about this legislation, I want to push it, push it, push it," Democratic Rep. Abigail Spanberger of Virginia, perhaps the most vocal House Democrat on the issue, told Insider last week. "I also want us to fund the government."
And Democratic Sen. Jeff Merkley of Oregon told Insider last week that lawmakers were "holding meetings."
But no breakthrough appeared imminent.
"I'll be happy to update you after those meetings," he said. On Monday, he told Insider in a statement that he would "keep pushing to get this debated on the floor and get it passed."
As Insider's "Conflicted Congress" investigation revealed last year, members of Congress may hold and trade stock in companies whose financial well-being may be influenced by those same members' votes, plum committee positions, or other knowledge to which only lawmakers are privy. That's led to several clear instances of potential conflicts of interest.
While Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act in 2012, requiring lawmakers to disclose those trades, Insider continues to report that dozens of lawmakers and hundreds of senior staffers have failed to do so in a timely fashion, violating federal law in the process. Furthermore, enforcement of penalties for violations is severely lacking.
For a year now, Congress has trod a tortured road toward what could ultimately be their failure to pass meaningful reforms.
House Speaker Nancy Pelosi initially rejected the idea of banning stock ownership by members of Congress entirely last December, but a slew of new legislation and public outcry led her to reverse her position.
Democratic senators formed a working group, with Senate Majority Leader Chuck Schumer's blessing, to draft legislation to ban stock trading among lawmakers. The Committee on House Administration held a hearing on the matter in April.
But the Senate group never produced a product, punting the potential introduction of legislation toward the lame-duck period as the House teed up — and then promptly aborted — a vote on a bill drafted by Administration Committee Chair Rep. Zoe Lofgren of California that contained a massive loophole and was written without the input of members who'd been pushing the idea for months.
Meanwhile, Insider and other media have since last year identified 75 members of Congress who've violated the STOCK Act.
All of this comes despite polling consistently showing that wide majorities of Americans support a ban.
'The calendar is kind of short right now'
Following the November midterm elections, a new Congress will convene on January 3. Just two weeks in the House legislative calendar and two and a half weeks in the Senate remain before then.
Much of legislators' time and energy is currently taken up by the National Defense Authorization Act and an omnibus bill to fund the government — two sweeping pieces of legislation that lawmakers strive to pass each year.
House Majority Leader Steny Hoyer, who's tasked with setting the floor schedule for the House, pointed to those legislative efforts as he threw cold water on the idea of passing a stock trading ban.
"We've got to get these important pieces of legislation done, and we only have two weeks, or three weeks, left to go," he told Insider during a briefing with reporters last week.
And he reiterated his belief that the legislation was unnecessary, pointing to the current disclosures mandated by the STOCK Act and the fact that blatant insider trading is already illegal.
"There are a lot of members who want to go further on that," he said. "I'm not one of those, necessarily."
Democratic Rep. Raja Krishnamoorthi of Illinois noted the lack of time remaining on the calendar.
Democratic Rep. Raja Krishnamoorthi, another stock ban advocate, told Insider that his constituents are "bewildered by the lack of action on this issue" but also pointed to the "challenge" posed by the dwindling number of weeks left in the current session.
"The calendar is kind of short right now," he said.
Meanwhile, there's little indication that anyone else in House Democratic leadership is interested in moving legislation.
House Speaker Nancy Pelosi's office did not respond to Insider's request for comment, while Peter Whippy, spokesman for the Committee on House Administration, told Insider in an email that the committee didn't "have any comment or update on this right now."
House leaders could still put their stock-ban bill up for a vote. And prior ethics reforms — including requiring senators to file their personal financial disclosures digitally — have been included in larger bills before, and there's always the possibility that lawmakers could slip a stock-ban provision into another piece of last-minute legislation.
But Spanberger's comments signaled an unwillingness to potentially jeopardize must-pass legislation.
"The number one priority that I think should be our point of attention, from a responsible government standpoint, is ideally funding the government by December 16," she said. "I don't want even the threat of a potential shutdown."
In the Senate, Democratic Sen. Elizabeth Warren of Massachusetts told Insider that it was "not yet" time to declare the effort dead, pointing to ongoing discussions. But she, too, alluded to a winding-down calendar jam-packed with other priorities.
"There's a scramble here at the end," she said.
'The clock restarts in January'
Though fair number of Republicans have been even more critical of banning stock trading than Democrats, House Minority Leader Kevin McCarthy has said several times over the course of the last year that he supports banning members of Congress — something his Democratic counterparts have taken note of.
"There is a record of him supporting it in principle," said Spanberger.
House Minority Leader Kevin McCarthy has expressed support for a stock trade ban.
But the impending Republican takeover of the House complicates the effort to enact any bill into law. While McCarthy, the Republican most likely to serve as the next House Speaker, has expressed openness to the idea, it's unclear if he would be willing to work with whatever legislation Senate Democrats might propose.
The opposite is also dubious: he told Punchbowl News in October that he was opposed to the bill that House Democratic leadership had introduced.
In the Senate, talks could theoretically continue into the new Congress — Democrats will retain the majority, and have even gained a new vocal supporter of banning stock trading in Congress with the election of Democrat John Fetterman of Pennsylvania.
And Democratic Rep. Hakeem Jeffries of New York, who was just elected as House Democrats' new leader, has said he is supportive of the idea.
"I support a stock ban for members of Congress," he told reporters in September.
Both Spanberger and Krishnamoorthi said they were hopeful the issue could be an area of bipartisan consensus in the new Congress, pointing to the sizable number of Republicans who have co-sponsored their respective bills.
"This is one of those areas where I do think there could be bipartisan progress," said Krishnamoorthi.
"I mean, compare this to a year ago when there was zero action, and nobody was even talking about bringing this to a vote," he added. "We've come some distance, but we have a long way to go."
Spanberger said she would continue to work with her Republican co-sponsor, Rep. Chip Roy of Texas, to add more co-sponsors to her bill as well.
But when asked if House Democratic leadership had successfully "run out the clock" on the legislation — an accusation she first lobbed in May — Spanberger laughed, putting an optimistic spin on it.
"And the clock restarts in January," she said.
Congress House Speaker Nancy Pelosi Nancy Pelosi | 2022-12-06T11:52:33Z | www.businessinsider.com | Lawmakers Unlikely to Be Banned From Trading Stocks, at Least for Now | https://www.businessinsider.com/lawmakers-unlikely-banned-trading-stocks-for-now-2022-12 | https://www.businessinsider.com/lawmakers-unlikely-banned-trading-stocks-for-now-2022-12 |
Today's mortgage and refinance rates: December 6, 2022 | Rates hold steady below 6%
After dropping below 6% for the first time since September last week, 30-year fixed rates have stayed relatively flat. A month ago, rates were above 7%.
Lower rates are welcome news to homebuyers, who have watched their buying power shrink this year as rates have shot up more than three percentage points over the past 12 months.
On a $250,000 loan with a 7% rate, a borrower's monthly mortgage payment would be $1,663. With a 6% rate, that monthly payment goes down to $1,499.
Mortgage rates are responding to hints from the Federal Reserve that the central bank is gearing up to slow its pace of hikes to the federal funds rate. Though mortgage rates aren't directly impacted by Fed hikes, rates often trend up or down based on how investors expect Fed policy to affect the broader economy.
If inflation continues to slow, the Fed will likely opt for a few smaller increases to its benchmark rate before pausing in 2023. This would allow mortgage rates to trend down further.
But if price growth starts accelerating again, the Fed will need to double down on its aggressive stance and enact larger hikes, which could push rates back up. | 2022-12-06T11:52:39Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: Dec. 6, 2022 | Rates Hold Steady Below 6% | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-december-6-2022-12 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-december-6-2022-12 |
Good morning, readers. Phil Rosen here, reporting from Manhattan. Christmas is 19 days away and the weather's getting colder, but sooner still is the next Fed meeting, eight days out, and the economy's still running hot.
Traders are largely expecting policymakers to make a 50-basis-point rate hike, a smaller move than the previous four 75-basis-point increases.
But next week's adjustment isn't what's top of mind for Wall Street's top Fed commentators — they're looking ahead to next year.
Wharton professor Jeremy Siegel is a long-time market commentator.
REUTERS/Steve Marcus
1. Predicting Fed moves can be like reading tea leaves: It's not an exact science. There are so many inputs and so many voices (many from within the Fed itself) giving conflicting views that it can be a lot to decipher.
And right now, the debate is raging.
The latest jobs data came in much hotter than expected, and that's given markets renewed jitters that the Fed's going to have to keep this up if it's going to succeed in bringing down inflation.
Surging wage growth in the November non-farm payroll report is likely to hinder the Fed's mission, according to UBS strategists, and that will lead it to maintain its hawkish campaign.
The Swiss bank published a Monday note to clients forecasting that the Fed will likely raise benchmark rates higher than the 5% mark, which financial markets are currently pricing in as the likely peak.
The Fed Funds rate is currently set in the 3.75% to 4% range.
"Friday's jobs report indicated that the labor market remains tight," the UBS team wrote. "The 0.6% growth in average hourly earnings is too high for the Fed's liking and heading in the wrong direction."
To Bridgewater chief investment officer, Rebecca Patterson, the Fed would be justified in surprising markets by holding rates higher for longer.
"The market's anticipating right now that we get significant rate cuts starting in the second half of next year, and we think without severe economic weakness to justify that, we're going to get the Fed pausing, but not cutting," she said in a Bloomberg interview Monday.
The easy-money era is coming to a close, Patterson added, and the years ahead likely won't exhibit the same low inflation, low volatility qualities of the recent past.
Sustained elevated rates are going to usher in dramatic changes to the economic landscape — and former Treasury Secretary Larry Summers agrees. He said the Fed will have to hike rates even more aggressively, as inflation remains stubborn and persistent.
Yet Wharton professor Jeremy Siegel is on the other side of the debate. In a recent interview, he roasted Fed Chair Jerome Powell for failing to see signs of falling inflation.
"Very honestly, I don't know what planet he lives on," Siegel said on CNBC Friday, pointing to falling home prices and other indicators.
"To be blunt, here's a Fed that caused the inflation by expanding liquidity greater than any other time in history, is basically talking as if, to the worker 'we're not going to let you catch up to the inflation that I caused,'" Siegel said. "That's a slap in the face to the American worker, in my opinion…Is that good public policy?"
What's your outlook for Fed policy?
A) The Fed will hike in December and then hit pause
B) The Fed is going to keep hiking rates through the first quarter
C) The Fed will raise rates beyond the first quarter
2. US stock futures rise early Tuesday, attempting a comeback after data fired up concerns the Fed could stick with its aggressive rate hikes at its meeting next week. Meanwhile, Charles Schwab's chief strategist says it's overly optimistic to believe that the Fed will move quickly between a pause and a pivot. Here are the latest market moves.
3. Earnings on deck: AutoZone Inc., Ashtead plc, and more, all reporting.
4. Bank of America strategists recommended this batch of high-returning, high-yielding stocks right now. These names are set to hold up best as a slowing economy slips into a recession, according to the firm. See the list of 13 companies here.
5. The price cap on Russian oil is "immaterial" and won't make a significant difference on market pricing, according to Vanda Insights. The CEO of the energy firm explained the EU's $60-a-barrel price cap on Russian crude in a Monday interview. In her view, it will fall flat on its critical aim of crimping Moscow's export revenue.
6. The Fed cutting rates by 200 basis points and oil falling to $40 a barrel are among Standard Chartered's list of surprises for 2023. The group listed potential scenarios that could send shockwaves through global markets next year — and one prediction says the Nasdaq 100 will crater another 50%.
7. Morgan Stanley's top strategist has turned bearish. Mike Wilson, who Institutional Investor named the top portfolio strategist of the year, said investors should take their profits while they can as the bear market rally comes to an end. "This makes the risk-reward of playing for more upside quite poor at this point, and we are now sellers again."
8. A 26-year-old who ditched his 9-to-5 is now making up to $107,000 in revenue a month through Amazon. He uses three key data points to determine which products will sell best online — and explains the strategies that have helped him land suppliers and gain profits.
9. This real-estate investor just walked away from a 6-figure day job to retire early and live off his portfolio. He owns 16 units and said he follows the "four times" rule. Here are the four investment techniques that have prepared him to weather an economic downturn.
Madison Hoff/Insider
10. The job market is still hot and showing plenty of resilience. Based on the robust recent growth in earnings and employers adding jobs at a fast clip, workers still have bargaining power, according to one expert. Dig into the details. | 2022-12-06T11:52:57Z | www.businessinsider.com | Wall Street's Top Commentators Are Torn on What the Fed Will Do Next | https://www.businessinsider.com/wall-street-banks-commentators-fed-interest-rate-hikes-finance-recession-2022-12 | https://www.businessinsider.com/wall-street-banks-commentators-fed-interest-rate-hikes-finance-recession-2022-12 |
How 2 friends at Bain spotted a big compliance risk in the crypto industry — and raised $2.8 million from CRV and Y Combinator to help fix it
Stephanie Palazzolo and April Joyner
Argus cofounders Owen Rapaport and Omar Amjad.
Argus, which makes compliance software for crypto funds and trading firms, has raised $2.8 million.
The software guards against insider trading in crypto, which is now in regulators' crosshairs.
After FTX's fall, crypto firms are focused on compliance but worried about costs, Argus' CEO said.
While working as consultants at Bain's London office, Owen Rapaport and Omar Amjad felt stifled by the firm's strict compliance policies, which made it difficult for them to trade stocks, bonds, and other financial assets. But there was one area where they were free to buy and sell without interference: cryptocurrencies.
"This seems to be the story for lots of folks in places like consulting and banking and finance," Rapaport said. "If you have interest in markets and trading, which a lot of people in those types of jobs do, you very much are like, 'Oh, crypto, I don't have to go through three layers of approval before I can buy bitcoin."
Yet for some financial institutions, this Wild West approach could end up posing big risks. In July, the US Justice Department charged a former product manager at the crypto exchange Coinbase with insider trading. And after a string of bankruptcies among crypto companies — Celsius, Voyager, FTX, and BlockFi — financial regulators have signaled their desire to crack down on the industry.
Against this backdrop, Rapaport and Amjad see an opportunity for a new approach to compliance for crypto assets. In early 2021, they founded Argus, with Rapaport as CEO and Amjad as CTO. That summer, they entered the famed startup accelerator Y Combinator, and shortly thereafter, they raised $2.8 million in seed funding, led by CRV.
Argus makes software for funds, market makers, and exchanges to help combat insider trading and front-running, both of which involve trading assets based on knowledge of future transactions that could significantly affect asset prices. Through their work, financial employees often gather information on companies that is unavailable to the public, and they can run afoul of the law if they make trades based upon those details.
To prevent insider trading, Argus checks employee trades against a list of restricted assets, looking for overlap. The company's software also helps firms guard against front-running, by automatically comparing employees' trades to their firm's trades to ensure that employees don't trade their personal portfolios based on knowledge of the firm's future trades.
Although other startups, such as ComplySci, also offer financial compliance software, Rapaport says that Argus distinguishes itself through its focus on crypto, where compliance procedures are relatively new terrain. Against the backdrop of the collapse of the cryptocurrencies terra and luna in May and, more recently, FTX's implosion, Rapaport said, firms are now eager to put safeguards in place.
But there's also a paradox at play, Rapaport acknowledged: Given the financial fallout the crypto industry has faced, many funds aren't eager to add on costs by buying new software, even though they recognize the need for stricter compliance controls.
"I think it's going to be a tough end of year with FTX because potential funds who we've been speaking to maybe have just lost half of their capital," he said. "And so they're probably not thinking, 'Can we bring on a new compliance software?' They're thinking, 'Can we survive?'"
To counteract the pullback from firms affected by crypto market volatility and broader economic uncertainty, Argus has expanded into work with government clients, Rapaport said. But Argus' core customers — crypto-native funds, traders, and broker-dealers — have stayed the course in crypto despite broader market skittishness, and the company has been able to grow largely through word-of-mouth, he added.
"They're the true believers," he said. "The people whom we work with primarily are going to be the ones are who are touching liquid tokens and therefore are going to be the ones who are staying around."
Startups crypto | 2022-12-06T12:35:38Z | www.businessinsider.com | Y Combinator Crypto Compliance Startup Argus Raises $2.8 Million | https://www.businessinsider.com/argus-funding-crypto-compliance-insider-trading-y-combinator-crv-2022-11 | https://www.businessinsider.com/argus-funding-crypto-compliance-insider-trading-y-combinator-crv-2022-11 |
Wall Street Journal insiders are buzzing about what a leadership shake-up could mean for Murdoch world
Matt Murray, editor-in-chief of the Wall Street Journal
Sunday Times editor Emma Tucker is expected to replace Journal editor Matt Murray, Semafor reported.
News Corp insiders believe Murdoch might make changes ahead of a possible recombination of News Corp and Fox.
The move would reestablish a Murdoch lieutenant — and a Brit — at the help of his prized paper.
Is Rupert Murdoch planning to move his editorial chess pieces ahead of a potential recombination of News Corp and Fox?
That's been the question on the minds of staffers at his companies in recent weeks. Last month, Semafor reported that Wall Street Journal editor Matt Murray is expected to be replaced by Emma Tucker, who leads fellow News Corp title The Sunday Times in London. That report followed the October disclosure that Murdoch is considering recombining News Corp with Fox Corp, with both companies convening special committees to review options.
As journalists and executives read the tea leaves, Insider spoke with seven sources within the Murdoch universe for their takes. Some believe that editorial changes might solve a few different problems for Murdoch at once — in New York and London — ahead of a merger.
For one, moving Tucker paves the way for Murdoch to combine The Times and The Sunday Times, which operated separately, by legal requirement, since he bought the newspapers in 1981. Earlier this year, the UK government lifted the restrictions after News Corp argued the antiquated measures hurt its ability to be competitive in the cutthroat UK newspaper market, and the two papers now share resources but have separate news, business, and politics teams.
While both The Times and Sunday Times said in statements then that there are no plans to fully merge, "it's only a matter of time before that gets acted on," said one former News Corp executive in London. Others believe that since the two papers have long held differing editorial philosophies and serve different kinds of readers, they will continue to operate as separate.
In September, Times Deputy Editor Tony Gallagher took over the top editor job at The Times. In a Times-Sunday Times merger, Gallagher is seen as the more likely unified leader than Tucker, since he — as the former leader of the pro-Brexit Sun — is more closely aligned, politically, with the right-wing Murdoch. Unlike newspapers in the US, which separate news and opinion, British publications have a proud tradition of clear institutional positions.
"She would be to the left of Rupert, but most people are," the former London-based News Corp executive said.
A News UK spokesperson declined to comment. Tucker, who did not return request for comment, was also considered for the top Times job, according to The Guardian.
The Journal is the crown jewel in Murdoch's publishing operation, and journalists there expect the top editor to be a down-the-middle newsperson, like Tucker. Rumors have swirled for months that an editorial leadership change might materialize soon — in mid December, Vanity Fair reported.
"It could just be moving around three editor chairs, but I think it's bigger," another former News Corp executive said. "It's part of the planning for the potential successful re-merging of Fox and News Corp."
Murdoch split his media empire into two companies in 2013, with the publishing business under News Corp and its TV and entertainment assets under 21st Century Fox. He sold much of the entertainment piece to Disney in 2019, spinning off Fox News, Fox Sports, and the Fox broadcast network into a new company, Fox Corp. Reuters reported that a unified company might offer better scale to compete in the marketplace and help trim costs.
In this key period amid investor pushback, Tucker's appointment in New York would reestablish a Murdoch lieutenant at the helm at The Journal, where the mogul has a history of installing Brits and Australians in top posts. Murdoch acquired the paper as part of his $5 billion purchase of Dow Jones in 2007.
Some expect the WSJ shakeup to go beyond the top job, and are wondering about the fate of other editorial leaders.
'A habit of putting British people in charge'
Murray, who did not return a request for comment, was appointed editor in 2018, succeeding Gerry Baker, a Brit who had rankled some in the newsroom for at times softening coverage on Trump, as BuzzFeed News reported. According to two sources at the paper, Murray is generally well-liked within the newsroom. He has had rocky spells during his tenure, however, particularly in the wake of a 2021 New York Times story that depicted a rift between him and Dow Jones CEO Almar Latour.
"We don't comment on speculation," a News Corp spokesperson said. "Matt Murray is a distinguished journalist and principled editor, whose leadership has ensured that the WSJ is the most trusted media source in the country. He is steering the Journal at a time of genuine growth and success."
Rupert Murdoch, the executive chairman of News Corp.
The Journal has also spent the last few years retooling its digital strategy, which irked reporters who have been asked to write about trending topics more frequently, as Insider reported. Like many news leaders, Murray faced staff pressure on diversity and inclusion issues in the wake of the racial reckoning across corporate America following the murder of George Floyd.
But Murdoch has little patience for newsroom revolts, and Murray has had the difficult task of maintaining support of both journalists at the paper and News Corp management. One Journal staffer said that Murray had the backing of the newsroom. Another said Murray was largely "inoffensive," but that he seemed to prefer the hands-on nitty gritty of story editing rather than being a public figure championing the Journal brand, in contrast to Baker, who was seen as a "great lunch," according to the former London-based News Corp executive.
Those who know Tucker say she's somewhere in the middle, a journalist's journalist who honed her craft at the Financial Times but also someone who works well with the business side and management.
She would nevertheless face a tough environment as an outsider, particularly ahead of coverage of the 2024 presidential election.
"The newspaper clearly has a habit of putting British people in charge," one Journal staffer said. "We're kind of just used to it at this point. If they are making a leadership change, this woman does not seem to be odious in any way. I think she'll get some deference and respect at least at first to see how she does."
Disclosure: The author of this story previously worked at The Wall Street Journal.
Matt Murray The Wall Street Journal News Corp | 2022-12-06T12:35:50Z | www.businessinsider.com | Inside the Wall Street Journal Amid a Potential Editor Shakeup | https://www.businessinsider.com/inside-wall-street-journal-amid-potential-editor-shakeup-2022-12 | https://www.businessinsider.com/inside-wall-street-journal-amid-potential-editor-shakeup-2022-12 |
Sarah Silbert, CEPF
The average cost of travel insurance has increased over the past week, according to travel agency Squaremouth. The average premium is currently $312.99, up from $267.78 last week. Keep in mind that where you're traveling and how many people are taking the trip will affect your exact rate. Premiums are usually higher around peak travel dates like the holidays in December.
Some countries are naturally more expensive travel destinations due to higher flight and lodging costs, which could ultimately increase your travel insurance costs. But when controlled for cost, the destination doesn't change how much you'll spend to insure your trip.
Bahamas $2,877.29 $115-$230
According to data gathered by SquareMouth in the last six months, travelers tend to purchase cancellation travel insurance 53 days before their trip. Meanwhile, travelers without cancellation insurance will purchase a policy approximately 16 days before their trip.
A traveler's age is a significant factor in determining the cost of travel insurance. The older a traveler is, the more cost is associated with the trip. For instance, a senior traveler may need more insurance for health-related emergencies than a millennial.
If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. Many airline credit cards or travel credit cards offer trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with some travel coverage, including trip cancellation, interruption, and delay coverage, baggage delays, rental cars, accidental death, and dismemberment coverage.
Before getting a travel insurance policy, it's essential to make sure that the terms match your needs or concerns. During the COVID-19 pandemic, that's especially important — each travel insurance company has unique reimbursement rules and cancellation rules due to this event. Read the fine print of any travel insurance policy before purchasing.
Sarah Silbert is the Senior Reviews Editor at Personal Finance Insider. She oversees the vertical's guides and reviews, covering topics including banking, credit cards, insurance, investing, and mortgages. Her goal is to empower readers to make smart, informed financial decisions. She was a creator and editor of Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). You can reach Sarah at ssilbert@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Personal Finance Insider Weekly travel insurance rates Insurance | 2022-12-06T12:35:56Z | www.businessinsider.com | Travel Insurance Rates Today: December 6, 2022 | https://www.businessinsider.com/personal-finance/travel-insurance-rates-today-december-6-2022-2022-12 | https://www.businessinsider.com/personal-finance/travel-insurance-rates-today-december-6-2022-2022-12 |
Today we've got stories on another casualty in crypto, Credit Suisse heads to the Middle East for some help, and the new chatbot everyone is freaking out about.
The two largest single-family rental REITs — Invitation Homes and American Homes for Rent — have recently seen their ratings downgraded by Wall Street analysts, Insider's Alex Nicoll reports.
Rising interest rates are a key factor, but it's not the only issue facing these players. As Alex details in his story, there are a number of elements making SFRs lives difficult, from higher taxes to increased competition.
2. Circle punts on SPAC plans. The stablecoin issuer scrapped its plans to go public at a $9 billion valuation via the Concord Acquisition Corp. SPAC. Here's more on why the deal fell apart, and what's next for Circle.
3. Credit Suisse's investment bank taps Saudi Arabia for funding. CS First Boston, the new investment-banking arm of Credit Suisse, are close to nabbing an investment from Saudi Arabian crown prince Mohammed bin Salman, The Wall Street Journal reports. More on the potential deal, which also might have participation from a former Wall Street CEO.
4. The crypto exchange run by the Winklevoss twins is owed a lot of money thanks to the FTX blowup. Genesis, a crypto trading firm in crisis following the collapse of FTX, owes Gemini $900 million. More on that here.
5. If you want to leave Wall Street but don't know where to start, read this. Alessia Scauzillo worked at PwC and RBC before walking away from a six-figure job to get into the fitness industry. Here's tips on how to make a career change.
6. From investment banking to HR (but in a good way). Sara Wechter built a career at Citi working with high-profile executives like Jane Fraser and Michael Corbat before taking over the bank's human resources division, Bloomberg reports. More on Wechter here.
7. Meet the anti-ESG politicians. Florida's Chief Financial Officer Jimmy Patronis announced plans for the state's treasury to divest $2 billion worth of assets managed by BlackRock by early next year. Patronis is one of 12 Republican officials we identified pushing back against ESG investing.
8. It's time to kickstart your career as an influencer. Admit it, you've thought about trying to get paid sponsorships for your social media. Your friend Doug nabbed a deal, and his posts aren't as creative as yours . So check out these 9 templates used by actual influencers when reaching out to companies.
9. Here's everything you need to know about that creepy chatbot people are excited about. ChatGPT, a chatbot from OpenAI that can do everything from write code to come up recipes, has taken the internet by storm after an early demo of it drew over 1 million users in just five days. Here's more about ChatGPT and some examples of what it can do.
10. Rolex is getting into the pre-owned game. The iconic watch brand has launched a program for certified pre-owned watches amid a rocky time for the company. Here's everything we know about it, and why it might help stem a drop in prices. | 2022-12-06T12:36:14Z | www.businessinsider.com | Single-Family Rentals Are Facing a Series of Headwinds | https://www.businessinsider.com/single-family-rentals-sfrs-risks-to-business-reits-2022-12 | https://www.businessinsider.com/single-family-rentals-sfrs-risks-to-business-reits-2022-12 |
Here's the exclusive 14-slide pitch deck that Veriti used to raise a $12 million Series A for its AI-cybersecurity platform
L: Veriti co-founder Oren Koren; R: co-founder Adi Ikan.
Veriti.
Veriti uses AI to strengthen companies' cybersecurity defense.
It was co-founded by cybersecurity professionals Adi Ikan and Oren Koren.
It has raised a total of $18.5 million so far, according to the startup.
It's standard practice for companies to use different types of software to address various cybersecurity risks. For example, firewalls protect companies' networks — the connections between computers and other devices — while other tools like anti-virus software can protect devices, and there are tools that guard against email attacks and other types of breaches.
But even with multiple security tools, the coverage can be incomplete, and that's where Veriti comes in, Veriti CEO Adi Ikan said. The startup has developed an AI software that can find and fix the security issues that are not adequately covered by the various cybersecurity software that companies use.
Investors are also interested in Veriti's mission of finding holes in companies' cybersecurity coverage. Veriti said it has raised $18.5 million in funding so far, including a $6.5 million seed round in 2021 led by NFX and Israel-based VC firm Amiti. In September, the company closed a $12 million Series A round, led by Insight Partners, while NFX, Amiti and Merlin Ventures also joined the round, according to the company.
"We've noticed that there is a distinct pattern that organizations are being breached because of the associated overwhelming complexity of managing all those tools together," Ikan said. "Eventually this complexity leads to security gaps and misconfiguration."
Veriti uses AI technology to review security-related information, like logs, for instance, which refer to a record of threats flagged by security tools. Reviewing that type of information can help spot areas that need to be strengthened, and to fix them, Ikan said.
Ikan and his co-founder Oren Koren were both previously at the software firm Check Point in Tel Aviv, Israel. Ikan headed up the company's network security team, and Koren was a senior product manager there, Ikan said.
Veriti currently has dozens of customers, Ikan said, though he declined to identify specific companies, citing privacy reasons. But he said that the startup works with companies in a range of industries including retail, e-commerce, energy, and technology. Customers are based in the US, Europe, and Israel, Ikan said.
The company currently has 20 employees, and plans to use its funding to double its headcount in the near future, Ikan said. The startup currently has offices in Tel Aviv and D.C., and plans to open more offices, he said.
Veriti says that its technology works with other popular cybersecurity tools in the market from Microsoft, Crowdstrike, and others.
See the pitch deck that Veriti used to raise its $12 million Series A round.
Title slide
Company philosophy
Conditions creating demand for Veriti's technology
Cybersecurity is getting expensive, with consulting firm Gartner projecting some $169 billion in global spending this year, a more than 14 percent increase since 2021.
"And it becomes very complex to handle all the security products in the different verticals," Ikan said. "Think about the amount of data that it needs to process on an ongoing basis."
The burdens of security data
The cybersecurity tools that companies use create voluminous data in the form of information like security logs, Ikan said. That can strain companies' security teams and create delays in responding to threats, he said.
Veriti's platform visualizes security risks in company systems and helps to fix them, Ikan said.
Figures highlighting the problem Veriti is tackling
The company picked out data to illustrate the problem, citing survey reports by Gartner, McKinsey, and others showing how many cybersecurity tools companies typically use and the challenges that poses.
Companies want to figure out a way to make their tools work together
The cybersecurity tools that companies use don't necessarily interact with each other, so one of things that Veriti does is to help companies understand how they work, and where they need more support.
"What we have done at Veriti related to that is that we have normalized a unified language to understand the security posture of the company, and we are vendor agnostic," said Ikan.
Presenting Veriti as the solution
The goals and pillars of Veriti's product
Final slide | 2022-12-06T14:07:23Z | www.businessinsider.com | Veriti Used This 14-Slide Pitch Deck to Raise a $12 Million Series a | https://www.businessinsider.com/veriti-used-this-14-slide-pitch-deck-to-raise-a-12-million-series-a-2022-11 | https://www.businessinsider.com/veriti-used-this-14-slide-pitch-deck-to-raise-a-12-million-series-a-2022-11 |
A fund manager who's outperformed 99% of his peers over the last 10 years shares 2 beaten-down homebuilder stocks he's betting on — and says the housing market is set to turn around next year with mortgage rates making a U-turn
Bill Smead doesn't foresee a 2008-size crash in home prices.
A recession in 2023 and favorable demographics will support prices, he said.
Home prices have started falling on a month-over-month basis this year.
The US housing market has dramatically slowed this year. Demand has fallen off a cliff due to rising mortgage rates, and home prices across the country are starting to fall on a month-over-month basis, according to the S&P/Case-Shiller US National Home Price Index.
But the pain this is causing for homebuilders, investors, and home sellers won't last forever, and it won't be that severe, according to Bill Smead. Smead is the founder of Smead Capital Management and the co-manager of the Smead Value Fund (SMVLX), which has beaten 99% of other large-cap value funds over the last decade by returning 14% a year on average.
On Monday, Smead told Insider that he sees home prices on the national level falling 5-10% at worst, and that a reversal in home price declines would likely come in 2023. This is because Smead sees a recession unfolding next year as his base case scenario, in which case mortgage rates would reverse.
Fixed 30-year mortgage rates tend to move in step with 10-year Treasury note yields, as 30-year mortgages have an average lifespan of under a decade (homeowners usually sell or refinance before their mortgage term is finished). Yields on 10-year Treasury notes usually fall in a recession, as investors flock toward safehaven assets. Further, the Federal Reserve would likely cut interest rates in a recession.
Over the last few decades, 30-year fixed-rate mortgages have moved at a level around 1.6-1.7% above the 10-year yield, Smead said.
"If we line up with average of the last 30 years, you wind up with a 5.3% mortgage rate," Smead said. Yields on 10-year Treasury notes currently sit at around 3.58%. "And you're more likely to get to 5.3% mortgage rates if you have a recession."
Falling mortgage rates will raise affordability for prospective homebuyers, and will wake up demand that has been waiting on the sidelines for better buying conditions, he said. Housing affordability — when accounting for home prices, borrowing costs, and incomes — is at its lowest levels in decades.
The wave of re-energized buyers will help support prices, he said, and a bigger buyer base than existed after the mid-2000s housing crisis will mean a shorter down period.
"Today's temporarily difficult circumstances pale in comparison to the 2012 post-housing depression. There are 41.5% more people in the key home buying age group (27-42 years old) than ten years ago," he said.
Given his view that the housing market will turn around, Smead highlighted in a recent commentary to clients two homebuilder stocks he's betting on for the long-term: Lennar (LEN) and D.R. Horton (DHI).
Both stocks have gotten hit harder than the broader market this year and are undervalued, Smead thinks, with Lennar trading at 5.7x earnings and D.R. Horton trading at 5.1x, similar to their valuations a decade ago.
"At the price-to-earnings ratios these builders trade for, they are more than discounting worst-case scenarios," Smead said. "At the bottom in the fall of 2012, they were trading for five times after-tax profits. The bear case on these stocks stopped working in recent months. As builder sentiment got worse, the stocks rose in the face of the pessimism. Sir John Templeton would say we've passed the point of maximum pessimism."
Plus, the companies are in a better place financially than they were in the last downturn, with len
"Builders have stronger balance sheets, higher market share and more overall corporate discipline than anyone had in 2012," Smead said in the commentary.
"They're the best financial circumstances in a downturn in their industry pretty much ever," he added in a call on Monday.
Investing Homebuilder | 2022-12-06T14:50:54Z | www.businessinsider.com | Why Home Price Declines Will Reverse & 2 Homebuilder Stocks to Bet on | https://www.businessinsider.com/housing-market-crash-mortgage-rates-homebuilder-stocks-to-buy-smead-2022-12 | https://www.businessinsider.com/housing-market-crash-mortgage-rates-homebuilder-stocks-to-buy-smead-2022-12 |
NASB mortgage interest rates and fees
How NASB mortgages work
Is NASB a reputable lender?
NASB FAQ
NASB offers conforming, FHA, VA, jumbo, non-QM, and IRA non-recourse loans.
North American Savings Bank/Insider
The bottom line: North American Savings Bank (NASB) is a flexible and affordable mortgage lender. It's a particularly good choice for those looking for a non-qualifying mortgage, such as a bank statement or 1099 loan. But if you value an in-person process, this might not be the right lender for you unless you live near one of its 12 Missouri branches.
NASB Mortgages
Conforming, FHA, VA, jumbo, non-QM, IRA non-recourse loan
On NASB's website
Many non-QM options for non-traditional borrowers
Flexible approval requirements
Easily check customized rates
Physical locations in Missouri only
No USDA loans or home equity loan options
Offers jumbo loan amounts up to $1.25 million
Loan types 4.5
Choose from a wide variety of non-qualifying mortgage (non-QM) options
Flexible approval requirements, including mortgages for people with recent bankruptcies
See personalized mortgage rates online
Has only a handful of physical branch locations in Missouri
You can view sample mortgage rates for 15-, 20-, and 30-year conforming mortgages and 30-year FHA mortgages on NASB's website.
NASB also provides a convenient tool that allows you to input some basic information about your credit and the home you're purchasing to see customized rates. This can help you get an idea of how much you might pay based on your loan amount, down payment, and credit score.
The rate tool also provides an estimate of what you might pay in fees on your mortgage. However, NASB doesn't disclose what types of lender fees it charges or how much it charges for those fees.
NASB vs. Chase mortgages
North American Savings Bank
Conforming, jumbo, FHA, VA, Chase DreaMaker
Non-QM loans
DreaMaker mortgage
Chase is a good option for borrowers looking for affordable loan products thanks to the homebuying grants it offers. It also has the DreaMaker mortgage, which allows a minimum of 3% down with reduced PMI and less stringent credit requirements.
If you need to use non-traditional forms of documentation to qualify for a mortgage or you have negative events on your credit report, NASB's non-QM options will likely be a better fit for you.
NASB vs. Bank of America mortgages
Conforming, jumbo, FHA, VA, HELOC
NASB and Bank of America have similar loan offerings. Buth if you want a HELOC, Bank of America is the obvious winner, since NASB doesn't have any home equity options.
Bank of America also has an affordable loan product called its Community Affordable Loan Solution, which is geared toward low-income borrowers in a handful of historically Black and Hispanic neighborhoods throughout the country. But NASB could still be the better choice if you're a non-traditional borrower.
NASB is a bank based in Kansas City, Missouri. If you live near one of its 12 branches or loan offices in Missouri, you can start the mortgage process in-person. Otherwise, you can talk to a loan officer over the phone or apply online. NASB lends in all 50 states and Washington, DC.
With NASB, borrowers can get a conforming, FHA, VA, jumbo, non-QM, or IRA non-recourse loans. NASB's IRA non-recourse loan lets borrowers use their self-directed IRA to purchase property.
Its non-QM loan options include:
Bank statements loans for self-employed borrowers who want to use their bank statements, rather than tax returns, to show income
FLEX loans, which allow non-traditional sources of income and have shorter waiting periods following bankruptcy or foreclosure
Portfolio loans for borrowers with a bankruptcy that's at least two years old or a foreclosure that's at least four years old
Bridge loans so you can buy a new house before you've sold your current one
Asset depletion loans that let borrowers use their assets to qualify
Mortgages for self-employed borrowers or independent contractors who need to use 1099s to show income
Mortgages for real estate investors, including debt service coverage ratio (DSCR) loans that use investment property cash flow to qualify the borrower
Non-warrantable condo loans to purchase a condo that doesn't meet conventional guidelines
NASB currently has an A+ rating from the Better Business Bureau. A strong BBB grade indicates a company responds to customer complaints effectively and is transparent about business practices. This lender also has no recent public scandals.
On its Zillow lender page, NASB has a 4.96 out of 5-star rating based on 1,557 customer reviews.
Is NASB a real bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, NASB is a real bank based in Kansas City, Missouri. In addition to its mortgage lending, it also offers traditional banking services, including checking and savings accounts.
Does NASB sell mortgages? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
NASB offers a wide variety of mortgages, including conforming, FHA, VA, jumbo, non-QM, and IRA non-recourse loans. It has non-QM options for self-employed borrowers, real estate investors, those with rocky credit histories, and more.
Is NASB a good company? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
NASB has an A+ rating from the BBB and a lot of positive online customer reviews. It's an overall reputable company; however, if you're considering getting a mortgage with this lender, it's a good idea to shop around with multiple lenders. That way, you can see what kind of deal NASB can offer you and determine if it's the best fit for you.
NASB NASB mortgages North American Savings Bank | 2022-12-06T14:51:06Z | www.businessinsider.com | NASB Mortgage Review 2022 | https://www.businessinsider.com/personal-finance/nasb-mortgage-review | https://www.businessinsider.com/personal-finance/nasb-mortgage-review |
Jamie Dimon said the US economy remains strong.
Jamie Dimon, the CEO of JPMorgan, likened cryptocurrencies to "pet rocks" in a CNBC interview Tuesday.
He said regulators should be focused more on the crypto industry, as opposed to big banks.
"I think crypto is a complete sideshow," Dimon said.
JPMorgan CEO Jamie Dimon blasted the cryptocurrency and likened the tokens to pet rocks, adding that he believes that the fallout of FTX garnered too much media attention.
"I think crypto is a complete sideshow," Dimon said in a Tuesday CNBC interview. "Crypto tokens are like pet rocks."
He noted that his statement doesn't mean blockchain technology or smart contracts aren't real, but that he doesn't by into specific cryptocurrencies that don't do anything.
Dimon also warned that the digital assets is used for spending on illicit activities, and that regulators should look into them.
"The other thing the American public should look at when we look at crypto, if we look at all the buying and selling...$20 to $30 billion of ransomware that we know about, $20 to $30 million of exchange costs that we know about, lots of AML, terrorism financing, tax avoidance, sex trafficking. Why do we allow this stuff to take place?"
Regulators should be focusing more on cryptocurrency rather than big banks, Dimon added.
Meanwhile, Dimon in the same interview warned that the Federal Reserve's battle with inflation could go on for an extended stretch of time in 2023, as policymakers raise rates to 5% and keep them there for three to six months. Even at that level, the JPMorgan chief isn't sure if that will be enough to rein in prices.
Jamie Dimon cyrptocurrencies crypto | 2022-12-06T15:38:25Z | www.businessinsider.com | Jamie Dimon Says Cryptocurrencies Are Like 'Pet Rocks' | https://www.businessinsider.com/jamie-dimon-crypto-tokens-ftx-exchange-pet-rocks-markets-economics-2022-12 | https://www.businessinsider.com/jamie-dimon-crypto-tokens-ftx-exchange-pet-rocks-markets-economics-2022-12 |
JPMorgan CEO Jamie Dimon.
Reuters, Mike Theiler
JPMorgan CEO Jamie Dimon warned that inflation is eroding everything even as consumer spending remains robust.
He added that the Fed will have to raise rates to 5% and holding them there for three to six months, but that may not be sufficient.
Geopolitical risks, too, threaten the US economy and could push rates higher, he said.
JPMorgan CEO Jamie Dimon expects the Federal Reserve to hike rates to 5% and hold them there for several months, but warned even that may not be enough to bring inflation back under control.
His forecasts come as residual pandemic savings that have been propping up consumer spending start to run out next year, with Fed rate hikes weighing further
"Inflation is eroding everything I just said, and that $1.5 trillion will run out sometime mid-year next year," Dimon told CNBC on Tuesday. "So when you're looking out forward, those things may very well derail the economy, and cause this mild-to-hard recession that people are worried about."
Comments from Fed Chair Jerome Powell and other central bank officials have left Dimon expecting a peak rate of 5%, which would be the highest since 2007.
He then sees the Fed holding rates at that level for about three to six months, but added, "That may not be sufficient."
Other risks to the US economy include the central bank's quantitative tightening campaign, persistent and stubborn inflation, and geopolitical tensions that could worsen oil, food, and humanitarian crises, according to the JPMorgan chief.
"We've not had a war in Europe like this since 1945, and back then we said never again," he said. "Add to that by the way, a lot of emerging market countries that a lot of people don't focus on are going to pay a heavy price to the strong dollar, higher rates, and higher oil prices. And so that stuff is really significant. I don't think we've seen that kind of turmoil in the global world in a long time."
Jamie Dimon JPMorgan Finance | 2022-12-06T15:38:31Z | www.businessinsider.com | Jamie Dimon Warns Fed Rate Hikes to 15-Year High May Not Be Enough | https://www.businessinsider.com/jamie-dimon-fed-rate-hikes-5-percent-inflation-recession-warning-2022-12 | https://www.businessinsider.com/jamie-dimon-fed-rate-hikes-5-percent-inflation-recession-warning-2022-12 |
12 stocks to outperform in a recession-free economy that are 'shared favorites' among mutual funds and hedge funds, according to Goldman Sachs
Hedge funds and mutual funds are positioned for a soft landing in the economy.
The share of mutual funds beating their benchmarks is set for its highest year since 2007.
Below is a list of stocks for a recession-free economy that is favored by both types of funds.
The risk of a recession is still looming over investors.
But you might not be able to tell based on the stocks hedge funds and mutual funds are betting on. Fund managers in both groups alike are pacing for a soft landing in which higher interest rates don't cause a recession, according to a Goldman Sachs note on December 2.
Typically, the strategies between hedge funds and mutual funds vary, with the former tending to use riskier strategies including short-selling and leverage with an aim to outperform the market.
This year has been an exceptional one for mutual funds, whose bread and butter is stock picking. The right stock picks combined with high cash allocations mean that 55% of large-cap funds are set to beat their benchmarks, the highest hit rate since 2007, according to David Kostin, Goldman's chief US equity strategist. The average mutual fund portfolio has outperformed the Russell 1000 by 105 basis points year-to-date, he added.
On the other hand, Goldman's Hedge Fund VIP basket, which tracks the most popular long positions of hedge funds, was down by over 29% year-to-date, lagging the S&P 500 by 13 percentage points as of November 21.
The average macro hedge fund did better, bringing in a return of 8% year-to-date. But the riskier equity long-short hedge funds were down 11%.
The good news is, investors don't need to play guessing games as to whether the economic tides will soon turn and flip the fate of these various funds. As the year wraps, portfolio managers from both sides of the table have piled up on stocks that would be expected to outperform if the US economy avoids a recession. Mutual funds are overweight on long-duration stocks and those with weaker balance sheets, while hedge funds are exposed to high-growth stocks with low margins. This indicates that if inflation and interest rates fall and there's no recession, these kinds of stocks could do well.
Below is a basket of 12 stocks that are favored by all: they are overweight positions in mutual fund portfolios while also part of the long positions for hedge funds in Goldman's VIP list.
1. Constellation Energy Corp
Ticker: CEG
Market Cap ($ billion): 29.55
YTD performance: 115.12%
2. Mastercard Inc
Ticker: MA
Market Cap: 342.03
YTD performance: -4.22%
3. UnitedHealth Group Inc.
Ticker: UNH
YTD performance: 6.32%
Ticker: DHR
5. ServiceNow Inc.
Market Cap: 78.14
6. Visa Inc.
Ticker: V
7. Fiserv Inc.
Ticker: FISV
8. Charles Schwab Corporation
9. Workday Inc
Ticker: WDAY
10. Humana Inc
11. Uber Technologies Inc.
Ticker: UBER
12. Wells Fargo & Co.
Ticker: WFC | 2022-12-06T16:26:22Z | www.businessinsider.com | Goldman Sachs: 12 Stocks Favored by Hedge Funds and Mutual Funds | https://www.businessinsider.com/goldman-sachs-stocks-outperform-no-recession-hedge-funds-mutual-funds-2022-12 | https://www.businessinsider.com/goldman-sachs-stocks-outperform-no-recession-hedge-funds-mutual-funds-2022-12 |
The Federal Reserve will hold rates at about 5% for an extended time, Goldman Sachs multi-asset solutions co-CIO, Maria Vassalou, said.
Markets haven't fully priced in the potential for a significant slowdown next year, she added.
"What the market is pricing in, in terms of terminal rate, may actually be way too optimistic."
Federal Reserve policymakers will have to keep benchmark rates elevated for an extended stretch of time, and markets haven't priced that in, according to Goldman Sachs' multiasset solutions co-CIO, Maria Vassalou.
Inflation remains much higher than where the Fed would like it to be, while the economy still appears strong, Vassalou told Bloomberg TV Tuesday, adding that the market has focused on the pace of rate hikes rather than the peak level.
"That means that what the market is pricing in, in terms of terminal rate, may actually be way too optimistic, and so we are very concerned in terms of a more significant slowdown than what the market is pricing into 2023," she warned.
And if inflation expectations become deeply entrenched, she added, the Fed may be forced to push the terminal rate higher than expected.
In her view, for the Fed to raise rates to a peak just to cut them immediately would not be consistent with the notion that the policy is effective, as rates aren't meant to be adjusted up and down on a quarterly basis.
"If they raise them and then subsequently have to cut them that means they overtightened, we have some financial crisis they need to deal with, and that's why they're doing it," Vassalou said. "So the expectation is they will raise rates, probably about 5% given incoming data, and they will have to stay at this restrictive level for a period to come."
Traders are largely expecting a half-point interest rate hike at the December 13-14 Fed meeting, according to CME's FedWatch tool, which would bring the target rate to the 4.25% to 4.50% range.
Early next year, additional increases are seen that would bring the fed funds rate at or just above 5%.
Federal Reserve Goldman Sachs Investment | 2022-12-06T17:09:58Z | www.businessinsider.com | Stocks Aren't Pricing in Potential Economic Slowdown: Goldman Sachs | https://www.businessinsider.com/fed-rates-economic-slowdown-goldman-sachs-finance-investing-markets-inflation-2022-12 | https://www.businessinsider.com/fed-rates-economic-slowdown-goldman-sachs-finance-investing-markets-inflation-2022-12 |
Ford and GM both announced commercial electric vehicle news this week as the delivery space races to electrify.
Ford has pursued the commercial EV space through Ford Pro, while GM has tackled it with BrightDrop.
Both companies announced big commercial EV news this week.
It's a sign that packages are getting closer to being delivered in electric vans.
Ford and GM both announced commercial electric vehicle news this week as the delivery space races to electrify even amid growing industry-wide challenges.
This week's news mirrors the past several years of the two automakers one-upping each other with major EV investments. It's also crucial given the momentum commercial EVs have as major corporations seek to make good on sustainability targets and race to electrify their fleets.
The commercial EV space has long been hindered by cost, a lack of viable products, and infrastructure questions. Now, however, the pros largely outweigh the cons, and experts expect this space to electrify much faster than the passenger car market.
Now, the segment's on track to surpass $370 billion in annual revenue by 2030, per Guidehouse Insights.
GM's commercial EV subsidiary, BrightDrop is focused on first- and last-mile delivery and fulfillment. Monday, it announced it would produce its delivery vans at its factory in Canada and named DHL Express Canada as its first international customer.
BrightDrop has been a success story for GM. It has booked 25,000 orders in less than two years of operation, including an order for 2,500 delivery vans for FedEx, 5,000 for Walmart, and 18,000 for fleet-management firm Merchants Fleet. The unit expects to hit $5 billion in revenue by 2025.
Ford Pro, the automaker's electric last-mile delivery unit, meanwhile, announced an order for 2,000 E-Transit vans from DHL this week.
The Detroit rivals aren't the only players trying to cater to logistics and e-commerce players. Rivian snagged a deal with Amazon early on, while Canoo made a deal with Walmart this summer.
FedEx, UPS (which has an agreement with startup Arrival), and DHL are also major target customers and have been increasingly signing deals.
But firms like these have such large fleets they'll need multiple vehicle suppliers.
DHL is particularly noteworthy for both GM and Ford as the firm already has 27,000 EVs in its global fleet already, per a release.
Transportation Ford General Motors | 2022-12-06T17:10:04Z | www.businessinsider.com | Ford and GM Go Head-to-Head on Electric Delivery Vans | https://www.businessinsider.com/ford-general-motors-rivals-electric-commercial-vehicles-delivery-vans-2022-12 | https://www.businessinsider.com/ford-general-motors-rivals-electric-commercial-vehicles-delivery-vans-2022-12 |
Alexandra York and Jacob Zinkula
Young workers are now taking financial market into account when looking for new jobs.
But prioritizing these factors while ignoring salary data could have financial consequences.
As a recession looms, Gen Zers might want to consider their financial futures when applying for their next role.
As Gen Z advances in the workforce, they're prioritizing a particular set of job preferences. But ignoring a salary floor to meet these wishes might affect their financial futures.
The youngest class of workers has expectations of a diverse work environment, flexible schedules, and careers built on passion. They're also prioritizing a company's mission, aligned values, and wellness benefits more than any older generations.
"A lot of Gen Zers feel more drawn by the mission of a company and what their goal is as opposed to things like salary," Michael Yan, founder of job search platform Simplify, previously told Insider.
Many are also valuing job security in response to high-profile layoffs they've seen at companies like Meta, Twitter, and CNN. Seventy-four percent of recent college graduates and current seniors are prioritizing job stability in their search, according to a June Handshake survey conducted between June 13 through June 31, 2022 among 1,432 jobseekers from the classes of 2022 and 2023.
However, if these priorities lead Gen Zers to turn down high-paying jobs, some could be missing out on the chance to build a financial cushion as a potential recession looms and save for expenses in the future.
Gen Z's ongoing fight for equality, diversity, and sustainability are important goals for the future of work and life. But it's also necessary for them to bolster their financial position in an uncertain economy.
At the start of 2022, only a quarter of Gen Z reported comfortably covering their monthly living expenses, while 46% said they live paycheck to paycheck, according to a Deloitte survey conducted among 23,220 Generation Z and millennial respondents from 46 countries between November 2021 and January 2022.
Additionally, over half of Gen Z could enter retirement without sufficient savings due to savings challenges and rising costs, Boston University economist Laurence Kotlikoff previously told Insider.
But while prioritizing job security might sound like a wise decision in the wake of the recent economic fallouts, it might not be as pressing of an issue as many think.
That's because, despite the substantial number of tech and media layoffs, the US unemployment rate was unchanged in November and remains near a 50-year low. Meanwhile, the Federal Reserve is only projecting unemployment to tick up from 3.7% in 2022 to 4.4% next year, suggesting the vast majority of young Americans won't fall victim to layoffs.
What's more, if a Gen Zer does lose their job, there's reason to believe there will be significant demand for workers not only next year, but in the years ahead.
Remaining too long in a stable role can result in opting out of job-hopping, which can garner salary bumps. As of October, job switchers saw wage gains of 7.3% over the prior 12 months, compared to 5.3% for those that remained in the same job, according to the Atlanta Fed's Wage Growth Tracker.
Those raises are key for workers who are just starting out and, oftentimes, earning lower salaries than their older peers. In fact, the typical annual salary for Gen Z employees was $32,500 in 2021, according to research from the personal finance site GoBankingRates.
To be sure, plenty of Gen Zers understand the financial pressures to come and are prioritizing salary in their job search. Seventy-four percent of those surveyed by Handshake, listed a high starting salary as a top job search priority, the same percentage that said they valued job stability.
Those looking for new roles right now should weigh the tradeoffs of their priorities when applying for their next job.
Job search gen z Generation Z | 2022-12-06T17:10:10Z | www.businessinsider.com | Gen Z Priorities at Work Could Hurt Their Financial Futures | https://www.businessinsider.com/gen-z-priorities-at-work-could-hurt-their-financial-futures-2022-12 | https://www.businessinsider.com/gen-z-priorities-at-work-could-hurt-their-financial-futures-2022-12 |
Enxhi Dylgjeri and Clancy Morgan
Bangjja yugi needs an exact alloy ratio of 78% copper and 22% tin.
Artisans must regularly reheat the bronze in fires over 1,000 degrees Celsius.
Bangjja yugi is reported to have antiseptic and antibacterial properties.
Bangjja yugi refers to traditional Korean tableware that's hand-forged and made of bronze. Today, it's less likely to be set out for everyday dinners than it is to be saved for special occasions, like official state dinners, or given as wedding gifts. Its production requires multiple skilled workers overseen by a master craftsman, who judges the final shape and quality of each piece by eye. So, why is bangjja yugi so labor-intensive? And is that why it's so expensive? | 2022-12-06T17:10:29Z | www.businessinsider.com | Why Korean Bronzeware Is so Expensive | https://www.businessinsider.com/why-korean-bronzeware-so-expensive-2022-11 | https://www.businessinsider.com/why-korean-bronzeware-so-expensive-2022-11 |
I drove the 2022 BMW iX, the brand's first electric SUV for the US market.
The Tesla Model X rival is striking, ridiculously quick, and supremely comfy.
The well-optioned iX that BMW lent me came out to $96,000. The 2023 model starts at $84,000.
Believe it or not, scrappy Tesla has shot past BMW and Mercedes-Benz to become the best-selling luxury car brand in the US.
But the German brands are clapping back to claim what's theirs: The driveways of America's dentists, doctors, and finance bros.
To that end, BMW recently unleashed the iX, a big, luxurious family-hauler that serves as its first all-electric SUV for US customers.
I got to drive the new model and am here to give you a full tour.
From the outside, the iX is definitely a head-turner. Whether that's for good or bad reasons is for you to decide.
The iX has caught heat for its divisive, beaver-tooth grille. But chuck all the insults you want at it — it's made of a plastic that heals itself of any nicks and scratches.
While I wouldn't say the iX is conventionally attractive, it definitely has a presence and a drama to it that makes it hard to look away from.
Like a lot of EVs these days, the iX gets slim, futuristic LED lights in front and in back.
In place of standard door handles, you get sleek slots with a button inside.
Read more: REVIEW: The $96,000 electric BMW iX's luxurious interior will make you forget all about its weird looks
From snout to tail, it's almost exactly as big as BMW's gas-powered X5 SUV.
The nicely optioned iX xDrive50 model that BMW lent me came out to $96,000. A base 2023 model will run you around $84,000.
It came with glitzy, gold-colored accents scattered across the exterior and interior.
The iX dazzles when on the move, too.
Read more: These are the 20 longest-lasting cars, trucks, and SUVs you can buy. Toyota dominates the list.
It glides smoothly down the road, absorbing bumps and potholes.
Read more: Tour the luxurious, leather-filled interior of BMW's $96,000 electric SUV, the iX
It's also remarkably quiet inside.
All you hear is the tires hitting the pavement and the Hans Zimmer-composed driving sounds pumped into the cabin.
And it's shockingly quick. Hit the accelerator a bit too eagerly and the iX bursts forward with a startling amount of force — especially for a 6,000-pound SUV.
The all-wheel-drive SUV has 516 horsepower and 564 pound-feet of torque.
It claims to hit 60 mph in a little over four seconds.
There's also a high-performance version for sale, but I don't see why anyone would need it.
Read more: I drove Mercedes-Benz's $141,000 Tesla rival. I loved its luxurious interior and extra-long range, but it's not perfect.
A range rating of up to 324 miles from the Environmental Protection Agency puts it near the top of the market and in the same league as Tesla's Model X.
The real star of the iX is its interior, a lavish lounge that feels incredibly refined and pleasant to spend time in.
My test car came with a massaging driver's seat and copious amounts of leather.
Read more: Why I'd buy the $41,000 Kia EV6 over the $66,000 Tesla Model Y after driving the two popular electric SUVs
Everything from the various knobs to the turn signals felt sturdy and high-end to the touch.
The seat controls on the door were the same metallic gold seen elsewhere in the vehicle.
There's a substantial and satisfying-to-use glass dial that controls the infotainment system.
And there are lots of other nice touches that set the iX apart from your standard e-SUV.
The digital instrument cluster and main touchscreen both lie on a single panel that's stylishly suspended above the dashboard.
The iX's glass roof goes from transparent to opaque at the press of a button, perfect for extra sunny days.
A thoughtful slot at the end of the center console perfectly fits a smartphone.
A hexagonal steering wheel makes little sense from a usability standpoint, but it is a quirky break from the norm.
If you can get past the iX's off-beat looks and appreciate its stunning interior and performance, the SUV is an awesome electric option. | 2022-12-06T17:57:37Z | www.businessinsider.com | BMW IX SUV: Photo Tour of the Luxurious Tesla Rival | https://www.businessinsider.com/bmw-ix-electric-suv-photo-tesla-model-x-rival-2022-12 | https://www.businessinsider.com/bmw-ix-electric-suv-photo-tesla-model-x-rival-2022-12 |
Elon Musk's Twitter purchase proved lucrative for one Texas congressman
Rep. Pat Fallon (left), a Republican from Texas, takes a selfie with Reps. Mayra Flores, a fellow Republican of Texas (center), and Lauren Boebert, a Republican of Colorado (right), on the steps on the US Capitol.
Rep. Pat Fallon recently called Elon Musk's Twitter takeover "the best $44 billion I've seen spent in recent history."
Fallon invested at least $65,000 in Twitter stock in January 2022 and sold his shares when Musk bought the company.
With Musk's purchase, Insider calculated Fallon could have earned as much as $35,000 in profit.
Rep. Pat Fallon, a Republican of Texas who cheered Elon Musk's purchase of Twitter, made a potentially significant profit from his own investment in the social media company, according to an Insider analysis of congressional financial documents.
Insider calculated that Fallon made a profit of between $34,000 and $35,000 from selling his shares in Twitter as part of the company going private.
Fallon, who was first elected in 2020, is both frequent tweeter — he posts from his official congressional account on a near-daily basis — in addition to being a Twitter investor.
While Fallon traded Twitter stock on and off in 2021, his annual financial disclosure notes he ended the year with no Twitter holdings.
But he purchased between $15,001 and $50,000 worth of Twitter stock on January 19, 2022, and $50,001 and $100,000 worth of stock just five days later. (Federal lawmakers are only required to report the value of their stock trades in broad ranges.)
A congressional disclosure detailing Rep. Pat Fallon's investments into Twitter in January 2022.
Records show that Fallon held onto his shares until Musk purchased the company in October and took it private. Stock holders received a payout of $54.20 per share if they held their shares to the end.
Fallon did not disclose the exact value of his stock purchases nor how many shares he held. But based on the share price of Twitter stock on the days Fallon bought his shares, compared to the significantly increased price of his Twitter stock on the day he sold them, it's clear the value of the congressman's investment grew by tens of thousands of dollars.
Insider calculated that Fallon gained more than $6,500 from his January 19 investment and at least $27,000 from his on January 24.
Fallon's office did not respond to Insider's request for comment.
But Fallon has been an outspoken fan of Musk's Twitter takeover — on Saturday, for example, he told Newsmax that Musk's recent purchase of Twitter was the "best $44 billion I've seen spent in recent history."
Since Insider first published its "Conflicted Congress" series in December 2021, which revealed numerous financial conflicts of interest and violations of federal disclosure law — including by Fallon — Congress itself has actively considered banning lawmakers and their spouses from trading individual stocks.
But Democratic leadership punted a vote on a bill until after the 2022 midterms, and time is running out for Congress to pass the legislation.
Prior to the election, House Minority Leader Kevin McCarthy said that he was open to the idea of a bill banning members of Congress from trading individual stocks.
McCarthy has been silent on such a bill now that it's clear the GOP has enough seats to control the House next term.
In his speech declaring to run for president, former President Donald Trump endorsed the idea of banning members of Congress from trading stocks.
Elon Musk Twitter Pat Fallon | 2022-12-06T19:29:09Z | www.businessinsider.com | Musk's Twitter Purchase Netted a Texas Congressman a Handsome Profit | https://www.businessinsider.com/elon-musk-twitter-congress-pat-fallon-stock-purchase-sale-2022-12 | https://www.businessinsider.com/elon-musk-twitter-congress-pat-fallon-stock-purchase-sale-2022-12 |
Nike basketball sales aren't expected to suffer after cutting ties with Kyrie Irving as anticipation builds for a Ja Morant signature shoe
Memphis Grizzlies star Ja Morant
Nike on Monday ended its relationship with Kyrie Irving.
Memphis Grizzlies star Ja Morant is expected to get the next Nike signature shoe.
Sneaker analyst Chris Burns expects a Morant sneaker to be a hit.
Ja Morant is known for show-stopping highlight-reel dunks. He might be making SportsCenter soon in a pair of sneakers with his name on them.
In the wake of Nike ending its business relationship with Kyrie Irving, anticipation is building that the Memphis Grizzlies star will be the next Nike athlete to get a signature shoe.
"It's happening," said sneaker analyst Chris Burns, who lives in Memphis. "When his signature shoe starts selling, it has the potential to be what Kyrie's was the first three years."
Nike hasn't confirmed that Morant is getting a signature shoe, but NBA reporter Shams Charania on Monday tweeted that one is expected and the "parties have been working on this for several months."
—Shams Charania (@ShamsCharania) December 5, 2022
The anticipated shoe comes as Nike looks to build on the recent success of its GT Cut basketball shoe and remain the dominant force in basketball as rivals Adidas, Puma, and Under Armour look to gain market share.
Adidas, as one example, recently named Bjorn Gulden CEO. He previously worked as chief executive at Puma, where he had success building the company's basketball division.
The Charania tweet followed Nike formally ending its relationship with Brooklyn Nets star Irving.
Nike previously suspended its relationship with Irving after he posted a link to an antisemitic film on Twitter. He subsequently removed the post and apologized.
Nike did not immediately respond to questions from Insider about plans for a Morant shoe, but his electric style of play would boost the company's roster of basketball endorsers with signature shoes, which already includes superstars like LeBron James and Kevin Durant.
"He's the future," Burns said of Morant.
Signature shoes come with risks, including the costs of the deals, the possibility of injury to the endorser, the expense of building high-performance sneakers from the ground up, and the potential for corporate embarrassment if a star misbehaves.
University of Portland marketing professor Ian Parkman, in an email to Insider, said Morant is a top player, but there's a sense among some that endorsements deals are losing some luster given how broadly the images of athletes appear across social media.
"Brands are becoming increasingly wary of direct athlete endorsements," he said. "The media world we now live in makes it much more difficult for firms to control the conversations around the co-brands they create with their athletes. While Ja Morant is a terrific player, we don't know if brands have the ability to leverage him as much as they used to."
Still, Burns noted Nike basketball is on the upswing, and Morant has a strong reputation.
The company no longer breaks out the financial performance of its basketball division on financial statements, but when it did in fiscal 2021, Nike reported a 12% annual increase to $1.7 billion.
In its most recent fiscal year, which ended May 31, 2022, Nike's Jordan brand, which makes some performance basketball products and is still broken out on financial statements, reported a 7% sales increase to $5.1 billion, outpacing the brand's 4% top-line growth.
On a June 2022 earnings call, Nike Chief Financial Officer Andy Campion said the company's GT Cut, a more general release sneaker, is the No. 1 product in performance basketball.
The shoe is nearly sold out on Nike's website, suggesting strong demand for performance basketball shoes and room in the market for a new signature shoe.
"Nike basketball has rebounded," Burns said, citing the popularity of the GT Cut. "In the last two years, sales are much better than they have been."
NOW WATCH: Why Nike Air Jordans are so expensive
Sneakers Sportswear Basketball | 2022-12-06T19:29:27Z | www.businessinsider.com | Nike Cuts Ties With Irving As Anticipation Builds for a Ja Morant Shoe | https://www.businessinsider.com/nike-cuts-ties-kyrie-irving-anticipation-ja-morant-signature-shoe-2022-12 | https://www.businessinsider.com/nike-cuts-ties-kyrie-irving-anticipation-ja-morant-signature-shoe-2022-12 |
Average interest rates on refinanced student loans are up for every type of loan from two weeks ago, according to Credible. Rates on five-year undergraduate loans have gone up the most, increasing 1.5 percentage points.
The average 10-year fixed student loan rate for borrowers with credit scores below 680 is 6.58%. This is slightly higher than the average rate of 6.25% for borrowers across all credit scores. Usually, the lower your credit score, the higher the rate you'll have to pay.
The cost of borrowing for college has risen sharply this year amid the Federal Reserve's aggressive moves to slow inflation by raising base interest rates. Those higher rates ultimately increase borrowing costs for everything from student loans to mortgages and credit cards.
Federal student loan rates for the 2023-24 school year have risen by the most in nearly two decades years. While private student loan rates aren't directly affected by federal rates, they may go up because they don't have to stay as low to remain competitive with federal ones.
Important: The repayment pause on federal loans was recently extended through the end of August 2023. You won't qualify for this pause if you refinance your federal loans into private ones. You may also pay higher interest rates with private loans, making federal loans the best choice in most cases.
Rates on five-year variable undergraduate loans are up more than 1.5% from two weeks ago. The rates are more than double what they were one year ago.
Graduate rates are up 50 basis points from two weeks ago, and 53 basis points from six months ago.
Both undergraduate and graduate rates have edged up slightly from two weeks ago. Graduate rates are 2.66% higher than they were 12 months ago, while undergraduate rates are up 2.5%.
You'll frequently get a better interest rate with a higher credit score — though that isn't always the case. The table below shows the 10-year fixed student loan rates by credit score:
Example: Suppose you're repaying $20,000 undergraduate loan over a 10 years with the interest rates listed below. If you are a borrower with a score below 680, the lifetime cost of your loan would be $27,349 with this past week's rate of 6.58%. For borrowers with a score over 780, paying an average rate of 5.77%, the same loan would have cost $26,369, or $980 less.
Why might it not be a good idea to refinance student loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
While opting for a lower interest rate is often a good reason for people to refinance, it doesn't come without drawbacks for certain types of loans.
If you have federal student loans, be careful before choosing to refinance them. You will lose key protections that come with federal loans if you refinance. For instance, you won't be eligible for the COVID-19-related student loan payment pause, currently in place through the end of August 2023, and federal student loan relief programs like Public Service Loan Forgiveness.
Is it difficult to get approved for student loan refinancing? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Your credit history is the biggest factor in your refinancing approval chances. If you have a poor credit score, it'll be harder for you to get the green light for a new loan, but you may be able to enlist a cosigner to boost your likelihood of approval.
Should I make student loan payments during the repayment pause? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. | 2022-12-06T19:29:39Z | www.businessinsider.com | Student Loan Refinancing Rates: December 5, 2022 | Rates Rise | https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-tuesday-december-5-2022-12 | https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-tuesday-december-5-2022-12 |
The cannabis industry is reeling from layoffs.
Cannabis tech firm Weedmaps is cutting up to 25% of employees, according to a filing.
The cuts come less than a month after former CEO Chris Beals stepped down.
Weedmaps cut 10% of employees in August.
Weedmaps is cutting up to 175 employees, or 25% of its workforce, amid a tough stretch for the cannabis-reviews site.
The company told Insider that the majority of the cuts were made last week. Weedmaps previously laid off 10% of its staff in August, as Insider reported. Weedmaps CEO Chris Beals stepped down on November 7 and Doug Francis, a Weedmaps cofounder, is running the company on an interim basis.
"The decision to eliminate these positions was a very difficult one, but it is necessary in order to drive line of sight to profitability and positive cash flow in 2023," Francis told Insider in an emailed statement. "I very much realize the difficulty this creates for the impacted employees."
Weedmaps' stock is down over 80% this year, and the company has a market value of just $200 million — down from a high of over $1.5 billion in December 2020. Its customers, cannabis companies, have pulled back on spending as they face regulatory uncertainty, slumping cannabis sales, and a difficult economic environment.
Weedmaps lists cannabis shops on its site, allowing consumers to browse dispensaries and see reviews of marijuana products. It provides a way for cannabis businesses to engage with customers and market products.
Weedmaps is far from the only cannabis company to lay off employees in recent months. Cannabis giant Curaleaf cut over 200 jobs last week, as Insider has reported.
Weedmaps estimates that it will pay out $10.7 million in severance payments, employee benefits, and other costs related to the layoffs, the company said in a regulatory filing.
Do you work in the cannabis industry and have a tip to share? Contact Jeremy Berke at jberke@insider.com or (508) 560-3813 on Signal for encrypted messaging.
Cannabis Marijuana WeedMaps | 2022-12-06T19:30:03Z | www.businessinsider.com | Cannabis Company Weedmaps Cutting up to 25% of Its Workforce | https://www.businessinsider.com/weedmaps-cannabis-company-layoffs-cutting-workforce-2022-12 | https://www.businessinsider.com/weedmaps-cannabis-company-layoffs-cutting-workforce-2022-12 |
Bill Clark/CQ-Roll Call, Inc via Getty Image
House Republicans continue to criticize Biden's student-debt relief plans.
They said Americans will be billed an "untold amount" from proposed reforms to repayment plans.
As broad debt relief remains stalled in court, Biden has moved forward with other targeted reforms for borrowers.
Even as President Joe Biden's broad student-loan forgiveness plan remains held up in court, some Republican lawmakers aren't holding back on criticizing other reforms for borrowers.
On Monday, the Republicans on the House education committee published a blog post claiming that Biden is "continuing to make false promises to students" after his announcement to forgive up to $20,000 in student debt for federal borrowers got blocked by two separate federal courts.
The lawmakers wrote that while the broad relief is the most widely discussed, other policies Biden has proposed and implemented, like extending the student-loan payment pause and reforming student-loan repayment programs, will foot taxpayers with a bill to come.
"There is an untold amount about to be billed to the American people," they wrote. They referred to Biden's new income-driven repayment plan, which would allow borrowers to pay no more than 5% their discretionary income monthly on their undergraduate student loans — down from the current 10% — while forgiving remaining student debt for borrowers after 10 years, instead of 20.
"The Biden administration is after mass student loan cancelation and wants to use your money to pay for it," they continued in the blog post. "In so doing, he is abusing his executive authority and subverting the Constitutional process of how laws are written and federal bills are paid."
The question of authority has been widely debated. Biden's broad debt relief plan is blocked in court because the conservative-backed lawsuits argued it was an overreach of authority using the HEROES Act of 2003, which gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, like COVID-19.
Republicans have long criticized the costs that have accompanied extending the student-loan payment pause that was first implemented under former President Donald Trump, and Biden just extended it for his sixth time through June 30, or whenever the lawsuits challenging the relief resolve — whichever happens first. With regards to that one-time broad relief, the Congressional Budget Office estimated in September that the plan would cost $400 billion, but as Insider previously reported, that number pales in comparison to other major expenditures like the defense budget, which cost $700 billion in 2022.
The Biden administration even expressed concerns with cost of continued relief, noting in a legal filing that extending the student-loan payment pause is not ideal due to the cost it would incur. But the administration, and Democratic lawmakers, have made clear any student-debt relief is worth the cost to help Americans recover from the pandemic and work toward reforming a student-loan industry that has blocked borrowers from relief for years.
"President Biden has the legal authority to cancel student debt—President Obama and President Trump both used the same power," Massachusetts Sen. Elizabeth Warren wrote on Twitter last week. "The sooner we defeat GOP officials' baseless legal action, the sooner we can deliver student debt relief to hard-working Americans." | 2022-12-06T20:11:32Z | www.businessinsider.com | Biden's Student-Debt Relief Costs Taxpayers an 'Untold Amount': GOP | https://www.businessinsider.com/biden-student-loan-debt-relief-billing-american-taxpayers-republicans-2022-12 | https://www.businessinsider.com/biden-student-loan-debt-relief-billing-american-taxpayers-republicans-2022-12 |
Hulu's ad-free Disney Plus add-on is $3 a month.
Hulu subscribers can bundle ad-free Disney Plus with their membership for an extra $3/month.
Since ad-free Disney Plus will cost $11/month starting December 8, this package could save you $8/month.
This add-on option will only be available through December 7, so you'll have to act fast to snag it.
Disney Plus is raising its ad-free price to $11/month on December 8, but there's still a way to lock in a discounted rate of only $3/month. To take advantage of the special pricing, you must be a Hulu subscriber.
Hulu offers the commercial-free version of Disney Plus as an add-on to any of its plans for an extra $3/month. The add-on is $5 less than the current price of a standalone Disney Plus membership, and $8 less than the new ad-free price starting December 8. But you'll have to act fast to snag these savings, as this ad-free option will only be available through December 7.
Starting December 8, Hulu's ad-free Disney Plus add-on will be replaced by an ad-supported Disney Plus option for $2/month. Though the new add-on will be $1 cheaper, you'll have to settle for streaming Disney Plus with commercials.
After buying Hulu's ad-free Disney Plus add-on, your total monthly cost will come out to $11/month with Hulu's ad-supported plan, or $18/month with Hulu's ad-free plan. There are other discounted bundles that include ad-free Disney Plus, Hulu, and ESPN+, but these packages cost more. Hulu's add-on is the cheapest way to get just Hulu and ad-free Disney Plus together.
Hulu (Ads) with Disney Plus (No Ads) Monthly Plan
You can add Disney Plus (No Ads) to your Hulu membership for an extra $3/month. To get this package, you must sign up for Hulu first and then add Disney Plus to your subscription through your Hulu account settings before December 8.
How to add Disney Plus (No Ads) to Hulu for $3 a month
In order to get the discounted ad-free Disney Plus pricing, you need to sign up for Hulu or have an existing Hulu subscription.
Only accounts billed directly through Hulu are eligible for the add-on, and the discounted pricing is only good for new Disney Plus members. If you meet these requirements, you can then follow these simple steps:
Log in to your existing Hulu account.
Click your profile icon in the upper right hand corner of Hulu.com and select "Account."
On the "Manage Your Account" screen, click "Manage Add-Ons" underneath "Your Subscription."
Select the "Disney Plus (No Ads)" add-on option.
Click "Review Changes," then confirm that you've chosen the correct bundle.
Your total monthly cost for ad-supported Hulu with ad-free Disney Plus will come out to $11/month. If you have ad-free Hulu, your total cost with ad-free Disney Plus will come out to $18/month.
If you lock in the ad-free Disney Plus option before December 8, you'll get to keep the $3/month add-on pricing as long as you don't cancel your Hulu or Disney Plus memberships.
Starting December 8, new buyers who purchase the add-on will only be able to choose ad-supported Disney Plus for $2/month. | 2022-12-06T20:11:38Z | www.businessinsider.com | Disney Plus and Hulu Bundle: Get Ad-Free Disney+ for Just $3 a Month | https://www.businessinsider.com/guides/deals/disney-plus-hulu-bundle-discount-2022-12 | https://www.businessinsider.com/guides/deals/disney-plus-hulu-bundle-discount-2022-12 |
Tanya Dalton, the founder of InkWell Press, had to create a new email list after closing her last business.
Courtesy of Tanya Dalton
Two small business owners shared how they launched their email-marketing campaigns.
They started by researching tools and formats of competitors.
Then they thought through how they would reward subscribers for signing up.
Whether you're about to start a company or just looking for new ways to help your small business succeed, launching a marketing channel can feel daunting.
That's certainly how Davis Nguyen, the founder of the consulting-job-search program My Consulting Offer, felt when adding email to his marketing mix two years into his business.
"There's so much to figure out," he told Insider. "What type of emails? How frequently should I send? Is there a best time? What software should I use?"
Two and a half years later, after having worked through these challenges, he's reached more than 50,000 email subscribers, and 75% of his clients come from that channel.
"They join because they're interested in what we do but might be a few months to even a year out from wanting to submit their résumé to firms," he said. "However, because we have an email list, we can stay in touch."
On the flip side, Tanya Dalton needed to spin up a new email list fast after closing down her first business and losing her sole source of income to open the planner company InkWell Press.
"We really needed to hit the ground running," she said.
It paid off — on launch day, she said, they had no problem receiving orders.
She added: "And that was because we were very intentional with growing our email list."
Nguyen and Dalton shared with Insider the steps they took to make their email programs simple yet successful.
1. Do your research and ask for help
Nguyen said if you're nervous about anything related to setting up email marketing, there's someone out there who could help.
Davis Nguyen was nervous to launch an email-marketing strategy until he did his research.
Courtesy of Davis Nguyen
For instance, when he was feeling overwhelmed picking an email-marketing platform, he crowdsourced some information.
"I emailed a bunch of my friends who had email-marketing campaigns going and asked, 'What software would you recommend if you were starting today?'" he said.
He also suggested posting on Facebook groups for advice, hiring someone on Upwork, or even reaching out to the email-marketing tool of your choice for help setting things up.
"All the email-software companies want you to get started, so their customer service is usually awesome," he said.
Beyond directly asking for help, Nguyen started paying attention to what other people in his industry or similar industries were doing with their email programs.
"I would hope they're not just spending money on campaigns that aren't working so you can see what resonates and how you can improve it," he said.
2. Think of an easy but enticing lead magnet
One of the best ways to grow your email list, Dalton said, is to give people something in exchange for their email address. In marketing speak, this is called a lead magnet, and both Dalton and Nguyen suggested creating one that's low-effort for you to provide but high-value for your target audience.
Nguyen figured out his early lead magnets by tapping into his existing marketing channels and materials he'd created.
"For example, if someone attended our free workshop, and they wanted the slides, I would send them to a page to input their email to get a copy," he said, adding that he would do the same when sharing resources on forums or during podcast interviews.
Dalton found success by doing a giveaway to win a planner every year for life.
"That sounds huge, but at the end of the day, how much does it cost me to give away one planner a year? Not much," she said.
Her target audience got super fired up about it, she added, and people were happy to share their emails to enter. She also increased visibility by giving people more entries if they shared the giveaway with others.
3. Test with abandon, measure, and repeat
Once you have people on your list, you have to figure out which kinds of emails to send out and how often, and which kinds of subject lines will get your audience's attention, among other things. Nguyen recommended not overthinking this in the beginning. Instead, he said you should make your best guess and then look at the data.
He said he started out by thinking about his goals with email marketing — to educate his audience and build trust — and which type of content he thought his audience would be most excited about. Then, his team started sending out emails and seeing what happened.
"Some of the emails got a bunch of responses back, so we figured people really loved this content," he said. "Others got low engagement and open rates, so we figured that's probably not relevant."
He also looked at more granular aspects of his emails, including by A/B testing his subject lines — something most email-marketing services allow you to do to understand what generates more engagement. That resulted in three email types Nguyen sent regularly: Consulting-industry updates and advice, information about upcoming workshops, and a behind-the-scenes look into his company.
But, he added, he's still constantly experimenting with types of emails and unafraid to ask his subscribers what they want.
"Twice a year, we send out an email asking our audience what kind of content they want in their inbox," he said. In other words, the simplest approach is often the best.
Marketing for Small Business BI-freelancer contributor 2022 | 2022-12-06T20:57:05Z | www.businessinsider.com | 3 Steps to Get Started in Email Marketing and Launch a Campaign | https://www.businessinsider.com/steps-get-started-email-marketing-launch-campaign-2022-12 | https://www.businessinsider.com/steps-get-started-email-marketing-launch-campaign-2022-12 |
Doug McMillon told CNBC that theft is 'higher than what it has historically been' at stores
He said that along with stores closing if theft doesn't slow down, prices could be higher.
Reuters previously reported that Walmart loses roughly $3 billion in theft each year.
Walmart CEO Doug McMillon issued a stark warning Tuesday: If theft does not slow down, the retailer will close stores across the country.
"Theft is an issue," he told CNBC. "It is higher than what it has historically been."
McMillon did not say during the interview how much money Walmart has lost in stolen items this year. Walmart did not immediately reply to an Insider request for that number.
But the world's largest retailer likely loses about 1% of its US revenue — or roughly $3 billion every year — to stealing by customers and employees, Reuters reported in 2015.
McMillon said the key to reducing theft is Walmart working with local law enforcement agencies and ensuring that those agencies are fully staffed.
The Bentonville, Arkansas-based retail giant is not the only retailer that has recently sounded the alarm on theft.
Missing inventory has reduced Target's gross margin by more than $400 million in 2022 compared with last year, and Target expects those profit losses to grow to $600 million by the end of the fiscal year, Target CFO Michael Fiddelke said in November during a company earnings call.
Target predominantly blamed the inventory shrink on organized crime.
"Along with other retailers, we've seen a significant increase in theft and organized retail crime across our business," Target CEO Brian Cornell said during the earnings call.
Walmart Theft Big Box | 2022-12-06T20:57:11Z | www.businessinsider.com | Walmart CEO: 'Stores Will Close' If Theft at Retailer Doesn't Decline | https://www.businessinsider.com/walmart-ceo-stores-will-close-if-theft-at-retailer-doesnt-decline-2022-12 | https://www.businessinsider.com/walmart-ceo-stores-will-close-if-theft-at-retailer-doesnt-decline-2022-12 |
Nothing Ear Stick review: You won't find another pair of $99 wireless earbuds quite like it
By Michael Nolledo
Nothing's budget-friendly wireless earbuds offer good sound and distinctive design.
Michael Nolledo/Insider
The Ear Stick is Nothing's new entry-level wireless earbuds.
The transparent design and cylindrical charging case make it a standout.
But the lack of eartips and active noise cancellation means it won't suit everyone.
If we're going by looks alone, Nothing's latest offering — the cheekily named Ear Stick — is one of the most intriguing wireless earbuds to release all year. The fact that they cost $99 only adds to the appeal.
But when you get down to the figurative (and literally visible) nuts and bolts, the lack of key features could be an instant deal-breaker for many. Namely, the earbuds do not come with silicone eartips for a customizable fit, and they don't have active noise cancellation. If that sounds familiar, it's because it should be: The open-style fit makes the Ear Stick akin to the standard AirPods.
Despite that, the Ear Stick is still a competitive pair of earbuds under $100 for tech-minded early adopters or anyone looking for options outside of the norm. If you enjoy tech that makes a statement and prefer earbuds with an open fit, the Ear Stick might offer just enough to win you over.
The Ear Stick is Nothing’s second set of earbuds. While the battery life, sound quality, and overall design are good, the fit means these earbuds won’t suit everyone. However, if you prefer earbuds with an open design, these are worth a look.
$99.00 from Nothing
$100.00 from Ssense
Attention-grabbing transparent design
Press controls work well
Light-as-a-feather fit and comfort
Fit won't work for everyone
Lack of bass in louder environments
The transparent design stands out from the crowd
The Ear Stick has an attractive design and price.
The design is undoubtedly a big selling point of the Ear Stick. The London-based tech company's first devices, the much-hyped Ear 1 and Phone 1, both garnered attention for their semi-clear designs, and the Ear Stick shares a similar aesthetic.
In a crowded market with boundless choice, the transparent design is Nothing's loudest declaration of differentiation. In terms of technical specs, the Ear Stick is competitive with every earbud at its price point: solid connectivity, great (but not the most premium) sound quality, and industry-standard battery life.
But what gives these earbuds the edge is how different they look. Between the clear stems that reveal the interior circuitry of each earbud to the radical charging case, Nothing has managed to successfully inject interestingness to an otherwise ubiquitous everyday tech item.
The charging case is unlike anything you've interacted with before
The charging case is a semi-transparent tube charged via USB-C.
The charging case of the Ear Stick is just as quirky as the earbuds. It's a semi-clear case reminiscent of a tube of lipstick (hence the name). The case swivels open and close with a satisfying click to give you access to the earbuds, which are snapped into place by a magnet. It charges via USB-C, but has no wireless charging option — a notable feature that's missing.
The form factor is certainly pocketable, but in a different way than more traditional flat and oblong cases. The small flaw worth noting is when not positioned upright, the cylindrical case is inclined to roll away on uneven surfaces.
In terms of battery life, the Ear Stick offers more or less what you get from other earbuds. Nothing rates the battery life at seven hours of listening time, which is accurate in my testing. Overall, with the case, the earbuds can last up to 29 hours with 12 hours of talk time. The case can also deliver around two hours of playtime on a 10-minute charge.
Excellent overall sound quality, but the fit holds it back
Without silicone eartips, the fit won't work for everyone.
Whereas Nothing's now higher-end Ear 1 earbuds have swappable silicone eartips, the Ear Stick sports an open-style fit (Nothing calls it a "half in-ear" design). So instead of being lodged into the ear canal, the earbud rests against it.
The good news is that at 4.4 grams per earbud, they are extremely lightweight and comfortable to wear. In my ears, they feel like nothing is there at all. The not-so-great news is that the "perfect" fit is dependent on specific ears, so they won't be to everyone's liking — and if that's the case, there's no way to customize the fit like you could with silicone eartips.
The other big omission is active noise cancellation. The open design is ideal if you prefer an unobtrusive fit and to be aware of your surroundings, but otherwise, it has its disadvantages. Because they don't fit snugly in the ear, expect only a small degree of passive noise isolation. You'll hear a lot of background noise while wearing them. Sound leakage is another problem.
If you're looking for a pair of wireless earbuds to minimize distractions, you should look elsewhere. Nothing's Ear 1 — which costs $50 more but has silicone eartips and active noise cancellation — would be the next logical alternative to consider, but Anker's Space A40 is another excellent option at the sub-$100 price point.
The absence of a sealed fit and active noise cancellation also impacts sound quality, particularly bass performance. While the bass is perfectly adequate in quiet settings, it becomes obscured in louder environments, like riding public transportation. This is not particularly a critique of the Ear Stick, but rather any earbud with an open fit.
To mitigate this, the earbuds support what Nothing calls "Bass Lock," a software technology that measures the shape of your ear canal, calculates the amount of bass lost due to fit, and then adjusts the EQ settings accordingly. Even still, you'll find yourself going into the Nothing X app and bumping the bass up to maximum.
Drawbacks to the style aside, the Ear Stick offers impressive overall sound for its price. The 12.6mm full-range dynamic drivers housed in each earbud deliver a robust and balanced listen. Those who prefer the more spacious listening experience of open-design earbuds will appreciate the clarity and detail of the highs and depth of the lows.
Better all-around voice call quality
Despite what you might expect from open-style earbuds, conversations with the Ear Stick earbuds came through loud and clear in my testing. Unlike earbuds with a sealed fit, you're actually able to hear yourself more clearly on voice and video calls, which means a more natural call experience.
In terms of microphone quality, the Ear Stick sees an improvement from the Ear 1. Whereas the Ear 1 has two microphones per earbud, the Ear Stick has three microphones. The extra mic helps filter out background noise during calls in loud environments.
Responsive press controls with no hiccups
One of the best things about the Ear Stick is its pressure-sensitive controls, which are triggered by a pinch of the stems. Touch controls are notorious for being hit-or-miss, so this is a welcome change. I found the tactile action of the press controls more reliable than earbuds with touch controls.
When combined with the open design, the press controls take a little bit of getting used to, but when you do, they're intuitive and easy to operate. A single pinch plays and pauses, a double-pinch skips the next, a triple-pinch skips back, and pinching and holding turns the volume up or down. You can also customize these shortcuts with the Nothing X app.
The Ear Stick doesn't check enough boxes to recommend to most people.
There are many wireless earbuds that cost less than $100, but none look like the Ear Stick. If you prefer the open-fit design, the Nothing's Ear Stick stands as one of the best budget-friendly alternatives to the third-generation standard AirPods.
At $99, Nothing's Ear Stick checks a lot of boxes, but probably not enough for most people. With decent sound quality and standard features, these earbuds won't astound you. But its innovative design and singular charging case might.
It should be noted that the Ear Stick has nifty integrations with Nothing's Phone 1, but Nothing's flagship Android phone isn't available in the US — at least not yet.
Michael Nolledo
Executive Editor, Insider Reviews
Michael Nolledo is the executive editor of Insider Reviews, a desk at Insider dedicated to offering readers trusted buying advice and practical tips to make life better. Previous to Insider, Michael was a managing editor at BuzzFeed. He was the deputy editor of InsideHook, and his work has appeared in Pitchfork and Kinfolk Magazine. Michael has spent his entire career working in service journalism, and has covered various topics including food and drink, tech, health and wellness, fashion, music, and sustainable living. He currently lives in Brooklyn with his partner and their grouchy long-haired chihuahua, Bobby Fischer.
Headphones Earbuds Audio | 2022-12-06T21:43:49Z | www.businessinsider.com | Nothing Ear Stick Review: Exciting Design, but the Fit Holds It Back | https://www.businessinsider.com/guides/tech/nothing-ear-stick-review | https://www.businessinsider.com/guides/tech/nothing-ear-stick-review |
KKR's co-CEO says the firm is looking at investments in 'all things digital,' while avoiding tech companies with lofty valuations and no earnings
"All things digital, we love," said KKR co-CEO Joseph Bae, pointing to industries like enterprise software, so-called vertical software, and cybersecurity.
KKR's co-CEO said on Tuesday that the firm is staying away from unprofitable companies.
But it's sticking with its belief that digital-focused businesses, like cyber, are attractive.
The market downturn is also a good opening for bolt-on acquisitions, Joseph Bae said.
The private-equity behemoth KKR still has an appetite to invest in tech companies. In fact, it's a favorite area for the firm. But investors are unlikely to see the firm get behind overvalued startups that have yet to turn a profit — a genre of company that the private investment industry backed during boom-times but has fallen out of favor in a downturn.
"All things digital, we love," said Joseph Bae, the co-chief executive officer of KKR, on Tuesday during remarks at the Goldman Sachs US Financial Services Conference in New York. He pointed to industries like enterprise software, so-called vertical software, and cybersecurity, according to a transcript from research provider Sentieo.
In August KKR funds completed the purchase of security company Barracuda Networks from investment firm Thoma Bravo for an undisclosed sum, and in October KKR increased its investment in a large cybersecurity firm called NetSPI with $410 million in fresh funding. KKR has more than 100 portfolio companies globally, Bae said. KKR is a large shareholder in Axel Springer, which owns Insider.
"The things that we like less today, and have probably always liked less, are negative free-cash-flow businesses, big tech valuations with no EBIT positive EBITDA," Bae said, referring to measures of companies' profitability. "We've never really been a big investor in that space. I don't think you'll see us go back to that space."
KKR oversaw $496 billion as of September 30 as one of the largest managers of alternative assets such as private equity, private credit, and real-estate. Bae's comments reflect many private-equity shops' postures that they're bargain-hunting in a weak market and investors' cautious sentiment on so-called growth companies — often in technology — that are unprofitable.
"When valuations are down, this is a great time for bolt-on acquisitions, for consolidation opportunities, to use our existing platforms around the world to deploy incremental capital at really, really interesting prices with a lot of synergies and cost-savings, potentially," Bae said.
Bae, who runs KKR with co-CEO Scott Nuttall, said firms with consistent track records and attractive returns will have an easier time than smaller and first-time funds in a challenging market. He acknowledged the fundraising landscape for alternatives has been broadly challenging, but that the firm was well-positioned with dry powder. KKR said in April that it raised $19 billion from investors for a North America-focused private-equity fund — its largest fund ever.
KKR's own makeup has diversified dramatically in the last decade. Bae said on Tuesday that in the next year to 18 months, the firm will have 30 different strategies in the market outside of its flagship private-equity funds.
While it used to be far more heavily weighted toward private equity, KKR's fundraising has increasingly shifted toward other assets like private credit, liquid credit, and real estate, Bae said. Private credit has been a particular focus for alternative money managers like KKR, Blackstone, and Carlyle amid rising rates and big banks' retreats from some lending, Insider previously reported.
Finance KKR Asset Management | 2022-12-06T21:43:56Z | www.businessinsider.com | KKR: We're Seeking Digital Businesses, Avoiding Unprofitable Companies | https://www.businessinsider.com/kkr-private-equity-investment-strategy-digital-2022-12 | https://www.businessinsider.com/kkr-private-equity-investment-strategy-digital-2022-12 |
In new guidance, the IRS outlined what filers should know going into 2023. A key detail: Some enhanced tax credits are no longer available, and that could mean smaller checks for many, including lower-income taxpayers and parents.
Specifically, the enhanced Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC) will revert to their pre-pandemic levels. Both were beefed up as part of President Joe Biden's first stimulus package. For parents, the expanded CTC meant monthly checks up to $300 per child under the age of five — up to $3,600 for the year. Those checks, which went out from July to December of 2021, constituted just half of the expanded credit, meaning that some families got up to $1,800 when filing season rolled around. The credit kept millions of children out of poverty.
Tax refund checks can serve as a lifeline for some Americans. A 2019 study from the JP Morgan Chase Institute found that, for nearly half of families who get refund checks, those checks are larger than the balances of all of their cash accounts. Those families getting a major bump from refund checks more than triple their spending on things like bills the week after they receive refunds. Many families pointed to the enhanced CTC monthly checks as another economic lifeline.
Economy Tax refund Tax Refunds | 2022-12-06T21:44:26Z | www.businessinsider.com | There's a Good Chance Your Tax Refund Will Be Smaller This Year | https://www.businessinsider.com/tax-refund-probably-smaller-this-year-eitc-child-tax-credit-2022-12 | https://www.businessinsider.com/tax-refund-probably-smaller-this-year-eitc-child-tax-credit-2022-12 |
The exterior of Trump Tower in Manhattan, where the Trump Organization headquarters occupies the 25th and 26th floors, left. Donald Trump speaking at a rally in Dayton, Ohio, on Nov. 7, 2022, right.
David Dee Delgado/Reuters, left; Gaelen Morse/Reuters, right.
The jury has found Donald Trump's real-estate company criminally liable for its executives' tax fraud.
To acquit, jurors needed to believe that Trump's two top financial executives testified truthfully.
The Trump Org. faces up to $1.6 million in penalties — and felony status.
Former President Donald Trump's real-estate empire is criminally liable for the admitted tax frauds of its two top financial executives, a Manhattan jury found Tuesday afternoon.
The verdict was a fast and decisive one, following just 10 hours of deliberations over two days, and capping a total six-week trial.
The verdict means Trump's company now risks up to $1.6 million in penalties when it is sentenced on January 13.
The company also now has felony status, meaning a big black eye as Trump makes his third run for president.
"It was common sense. Both sides deserved a fair chance," a male juror told Insider of the verdict, as he left the courthouse with fellow jurors.
Another male juror told Insider that the verdict was not based on any single witness or piece of evidence. "It came down to a lot of things," he said.
They declined to comment further — but several nodded "Yes," when asked if they were worn out by the process..
"Exactly!" one said of being exhausted.
Defense lawyers promised to appeal the verdict; Manhattan District Attorney Alvin Bragg thanked the jury and the prosecution team.
"The former president's companies now stand convicted of crimes," Bragg told reporters. "That is consequential. It underscores that in Manhattan, we have one standard of justice for all."
Trump himself was not on trial. Instead, two Trump subsidiaries faced a total of nine tax-fraud counts.
The jury found that both subsidiaries — the Trump Corporation and Trump Payroll Corporation, both doing business as Trump Organization — were complicit in a decade-long tax-dodge scheme admittedly run by ex-CFO Allen Weisselberg and top payroll executive Jeffrey McConney.
In order to convict, the jury of four women and eight men needed to find that Weisselberg and McConney ran the scheme not only to save on personal taxes, but to benefit the company as well.
Both Weisselberg and McConney had denied on the stand that they had any motive beyond their own personal gain.
Without that admission, there was no direct evidence that Weisselberg and McConney indeed intended to benefit the company, a vital element under New York corporate liability law.
However, there was a breadth of circumstantial evidence that the two money men had more than lining their own pockets in mind.
Dozens of trial exhibits showed Trump or his sons, Eric Trump and Donald Trump Jr., had signed off on some of the luxury apartments, free Mercedes vehicles, pricey private school tuition payments and other tax-free "perks" involved in the scheme.
These perks were carefully logged in internal company records, but were left off of the company's W-2 tax forms.
The conviction indicates that the jury believed Weisselberg lied on the stand when he testified that he had no intention to help anyone beyond himself in the scheme.
"This was a case about greed and cheating. In Manhattan, no corporation is above the law," said Manhattan District Attorney Alvin Bragg in a statement.
"For 13 years the Trump Corporation and the Trump Payroll Corporation got away with a scheme that awarded high-level executives with lavish perks and compensation while intentionally concealing the benefits from the taxing authorities to avoid paying taxes. Today's verdict holds these Trump companies accountable for their long-running criminal scheme, in addition to Chief Financial Officer Allen Weisselberg, who has pled guilty, testified at trial and will now be sentenced to serve time in jail."
This is a breaking story; please check back for developments.
NOW WATCH: Barbara Corcoran on Donald Trump: 'He is the best salesman I've ever met in my life' | 2022-12-06T21:44:31Z | www.businessinsider.com | Trump Organization Found Guilty on All Counts in Manhattan Tax-Fraud Trial | https://www.businessinsider.com/trump-organization-found-criminally-liable-in-manhattan-tax-fraud-trial-2022-12 | https://www.businessinsider.com/trump-organization-found-criminally-liable-in-manhattan-tax-fraud-trial-2022-12 |
The 23 best romance books of 2022, according to Goodreads
Romance novels are heartwarming stories of people falling in love under all kinds of circumstances.
These romance books are the most popular and highest rated of 2022.
They include enemies-to-lovers, fake-dating, and romantic comedy reads.
Romance novels follow characters in their search for love through heartbreak, loss, and doubt. They include all kinds of romantic plots, from cute love stories with a little bit of magic to erotic romance reads that are almost too hot to handle.
These romance books are the best and most popular of 2022 on Goodreads — the world's largest platform where over 125 million readers rate, review, and recommend their favorite books. The books on this list had to be published in 2022 and are ranked by a combination of how often they were read this year and how highly they were rated: Any book with less than 3.5 out of five stars did not make the list.
So whether you're looking for a fun rom-com or a spicy romance novel, here are the 23 best romance books of 2022, according to Goodreads reviewers.
23. "Icebreaker" by Hannah Grace
Available at Amazon and Barnes & Noble, from $15.54
Anastasia Allen is focused on her goal of becoming an Olympic figure skater when a misunderstanding leaves her skating team and the hockey team sharing a rink. In this frenemies-to-lovers romance, Nate, the hockey team's captain, gets benched and Anatasia finds herself in need of a partner, he steps up.
22. "The Dead Romantics" by Ashley Poston
Florence Day has just gone through a breakup and can't get a deadline extension at her job as a ghostwriter when her father passes away, drawing her to her hometown for his funeral. But when she sees her new editor as a ghost at his funeral, they're both confused about why he's there in this paranormal contemporary romance.
21. "Something Wilder" by Christina Lauren
The daughter of a notorious treasure hunter, Luly Wilder now uses her father's hand-drawn maps as a tour guide in Utah while dreaming of buying back her family's ranch. But when her ex unexpectedly comes back into her life as a tour guest and their trip goes terribly wrong, Lily begins to wonder if her father's maps may lead to a real treasure after all.
20. "You Made a Fool of Death with Your Beauty" by Akwaeke Emezi
In this story about love and joy after loss, Feyi Adekola is almost ready to ease back into dating, five years after an accident that killed the love of her life. When a whirlwind summer brings her a perfect guy, a dangerous crush threatens to complicate everything as she's forced to face how far she's willing to go for another chance at love.
19. "The Kiss Curse" by Erin Sterling
In this sequel to "The Ex Hex," Wells Penhallow has come to the magical town of Graves Glen to re-establish his family's connection to the town they once founded, now run by a powerful coven of witches. When he opens a new witchy shop just across the street from Gwyn's, it's clear this is personal — until her powers begin to fade and she and Wells must work together to find out what's happening before Gwyn's magic is gone for good.
18. "Thank You for Listening" by Julia Whelan
"Thank You for Listening" follows Sewanee Chester, an audiobook narrator and former movie star, who learns that one of the most beloved audiobook narrators, the seductive and anonymous Brock McNight, wants to record a romance novel with her. Though Sewanee doesn't believe in romance novels, she feels compelled to help the book's prolific author. As she begins to form a bond with Brock, secrets are spilled in this story of self-discovery and love.
17. "Electric Idol" by Katee Robert
"Electric Idol" is a fantasy/romance retelling of the story of Psyche and Eros, the second novel in the "Dark Olympus" series. In this book, Eros has been ordered to kill Psyche but finds he cannot go through with it. When he marries her to keep her safe, Psyche is determined to ruin Eros — until the lines of loyalty begin to blur and she realizes her heart may be with him after all.
16. "Dating Dr. Dil" by Nisha Sharma
Kareena Mann needs to get engaged to keep her father from selling her mother's home when she gets in an argument with Dr. Prem Verma, the host of "The Dr. Dil Show," that goes viral, ruining her chance at finding someone. But when her aunts strike a deal with Prem to fund his clinic if he can convince Kareena they're soulmates, the two realize the line between love and hate may be thinner than they thought.
15. "Funny You Should Ask" by Elissa Sussman
10 years ago, Chani Horowitz was hired to write a profile about her movie star celebrity crush, Gabe Parker, but their interview resulted in a 72-hour tabloid whirlwind. Now, Chani still can't escape that profile when she's asked to do a second interview in this page-turning romance that jumps between Chani's world now and the interview she'll never forget.
14. "Delilah Green Doesn't Care" by Ashley Herring Blake
In this flirty, queer rom-com, Delilah Green returns to her hometown to photograph her stepsister's wedding when she runs into one of her stepsister's stuck-up friends, Claire Sutherland. With a host of problems of her own, Claire doesn't need Delilah's button-pushing charm until they're forced together in wedding preparations and begin to see each other's real sides.
13. "Part of Your World" by Abby Jimenez
When Alexis Montgomery needs a tow in a small town, she meets Daniel Grant, a gorgeous, 10-years-younger carpenter whose identity is closely tied to his tight-knit town. She decides to keep her identity as a wealthy, hot-shot ER doctor in the city a secret, and her fling with Daniel becomes a sanctuary from her stressful life until reality comes crashing down and she must find a way to have both her world and his — or risk losing everything.
12. "The American Roommate Experiment" by Elena Armas
From the author of reader-favorite "The Spanish Love Deception," this new romance follows Rosie Graham as she finally pursues her career as a romance writer. When Rosie suddenly needs a new place to stay, she finds herself staying with her best friend's cousin, Lucas. When Lucas offers to help Rosie get over her writer's block with a series of romantic dates, Rosie begins to wonder if the romantic inspiration is turning into real romance.
11. "The Wedding Crasher" by Mia Sosa
When Solange agrees to help her wedding-planning cousin on a stranger's big day, a secret she shouldn't have heard convinces her she needs to crash the wedding and stop the groom, Dean, from making a mistake. But Dean needs a significant other to get a promotion at work, so he pretends to be in love with Solange and begs her to pretend to be his girlfriend even though they're polar opposites.
10. "The Bodyguard" by Katherine Center
Though Hannah Brooks may look like a harmless schoolteacher, she's actually an Executive Protection Agent, hired to protect superstar Jack Stapleton from his stalker. When he returns to his family's ranch in Texas to help his sick mother, he doesn't want his family to know about his stalker or bodyguard, so he asks Hannah to pretend to be his girlfriend in this sweet fake-dating romance.
9. "Terms and Conditions" by Lauren Asher
In this "Dreamland Billionaire" series sequel, Declan needs to find someone to marry to inherit his family's empire when Iris, his assistant, steps up. Though their marriage is one of convenience, their fake relationship begins to feel real, against all their rules that should have kept them from falling in love.
8. "Every Summer After" by Carley Fortune
Percy and Sam spent six summers forming a friendship and slowly falling in love until everything fell apart 10 years ago. Now, Percy is returning to the lakeshore for Sam's mother's funeral and the two find they have one weekend to fix everything or go their separate ways in this story of forgiveness and second-chance love.
7. "Twisted Hate" by Ana Huang
In this third novel of the erotic, 18+ "Twisted" series, Jules Ambrose has consumed Josh Chen's thoughts, as she seems to be the only person impervious to his charm. Though the two have grown to despise each other, they arrange an enemies-with-benefits relationship with promises to not fall in love — until their pasts catch up with them in this steamy novel that can be read as a standalone from the rest of the series.
6. "Love on the Brain" by Ali Hazelwood
From the author of the award-winning "Love Hypothesis," this new "STEMinist" romance read is about Bee Königswasser, a scientist who is being forced to work with her sexy but sworn archenemy, Levi Ward. But when things start to go wrong on their project and Levi takes her side, Bee begins to wonder if there's a chance for something more between them.
5. "Hook, Line, and Sinker" by Tessa Bailey
In this bestselling sequel to "It Happened One Summer," Hannah Bellinger has managed to convince the producer at her job to move their film set to the fishing town of Westport, where her dad is from and her sister now lives. Though she's staying in Fox's spare bedroom, Hannah is determined to evade his ladykiller ways in favor of catching her producer's eye, but when her and Fox's moments turn into something more, Hannah finds she might be falling for the guy she thought was just a friend.
4. "Things We Never Got Over" by Lucy Score
When Naomi meets Knox, she's stranded in his small Virginia town with no money or car after running away from her wedding, being abandoned by her estranged twin, and left with her 11-year-old niece. Though Knox only plans to help Naomi get back on her feet and out of his life, he finds he can't walk away when her challenging situation turns into real danger.
3. "It Starts With Us" by Colleen Hoover
"It Starts With Us" is the highly anticipated sequel to "It Ends With Us" and continues almost a year later as Lily Bloom begins to navigate life once more after everything that happened with Ryle. In this book, readers follow Lily on her journey to a happy ending and learn more about her and Atlas' history together as teenagers. Readers everywhere love this book — check out our full review to find out why.
2. "Book Lovers" by Emily Henry
In this 2022 Emily Henry novel, Nora Stephens is a successful literary agent who is ready to take her story into her own hands when her sister, Libby, invites her to stay in the storybook town of Sunshine Falls, North Carolina. There, Nora is open to falling in love but keeps running into Charlie Lastra, a book editor from the city, in a series of not-so-meet-cutes too perfect for any romance novel. "Book Lovers" is one of our favorite beach reads of this year and you can check out our full review here.
1. "Reminders of Him" By Colleen Hoover
With nearly 600,000 ratings on Goodreads and over 530,000 4- and 5-star reviews, "Reminders of Him" is the most popular romance book of 2022 amongst Goodreads reviewers. The contemporary romance follows Kenna Rowan as she's released from prison and tries to rebuild her relationship with her daughter, though it seems everyone is trying to keep them apart. Colleen Hoover has become hugely popular on TikTok — check out more of her books here or, if you've already read every "CoHo" novel, check out our recommendations for what to read next.
Books Romance Novel Features | 2022-12-06T22:33:13Z | www.businessinsider.com | The 23 Best Romance Books of 2022, According to Goodreads | https://www.businessinsider.com/guides/learning/best-romance-books-2022 | https://www.businessinsider.com/guides/learning/best-romance-books-2022 |
John Haltiwanger and Ashley Collman
A composite image of Saudi journalist Jamal Khashoggi and Saudi Crown Prince Mohammed bin Salman.
Associated Press/Virginia Mayo; Nicolas Asfouri - Pool/Getty
A judge dismissed a suit against Mohammed bin Salman in connection to Jamal Khashoggi's death.
The suit was filed by Khashoggi's fiancée, who accused MBS of ordering his death to silence him.
Khashoggi was murdered after entering the Saudi consulate in Istanbul in October 2018.
A US federal judge on Tuesday dismissed a lawsuit against Saudi Crown Prince Mohammad bin Salman over the brutal murder of Washington Post journalist and Saudi dissident Jamal Khashoggi.
Khashoggi disappeared after visiting the Saudi consulate in Istanbul in October 2018 to obtain documents related to his upcoming marriage. It was later revealed that a group of Saudi assassins ambushed him inside the consulate, strangling him before dismembering and disposing of his body.
The following month, the CIA concluded that MBS ordered Khashoggi's killing.
A declassified intelligence report released by the Biden administration last year explicitly implicated MBS in Khashoggi's killing. "We assess that Saudi Arabia's Crown Prince Muhammad bin Salman approved an operation in Istanbul, Turkey to capture or kill Saudi journalist Jamal Khashoggi," the report said.
The lawsuit was filed two years after Khashoggi's death by his fiancée, Hatice Cengiz, and accused MBS of ordering the Saudi journalist's death in order to silence him.
The Justice Department made the controversial argument for Crown Prince Mohammed's immunity in a court filing last month.
The Justice Department contended that since MBS is prime minister of Saudi Arabia he is "the sitting head of government" of the kingdom and "is immune from this suit."
The State Department in the filing said it "takes no view on the merits of the present suit and reiterates its unequivocal condemnation of the heinous murder of Jamal Khashoggi."
Cengiz ripped into the Biden administration for recommending MBS be granted immunity.
"We thought maybe there would be a light to justice from #USA," Cengiz tweeted. "Jamal died again today."
When MBS was made prime minister of Saudi Arabia in September, he was already the de facto ruler of the kingdom. Critics suggested the move was designed to shield MBS from the lawsuit. Weeks later, the Biden administration argued that the Saudi leader should be granted immunity.
President Joe Biden has faced widespread backlash over his approach to US-Saudi relations.
On the campaign trail, Biden pledged to make the oil-rich kingdom a "pariah" over Khashoggi's murder.
When he came into office, Biden vowed to recalibrate the relationship between Washington and Riyadh, including by ending US support for the Saudi-led coalition in the devastating Yemen war. MBS is considered the architect of the war, which has fostered what's been described as the world's worst humanitarian crisis.
But US arms sales to Saudi Arabia have continued under Biden, and he controversially met with MBS in July as Washington sought to convince Riyadh to increase oil production amid a global energy crisis tied to the war in Ukraine. Biden was widely criticized after an image showed him fist-bumping MBS, which came less than a month after the president said he wouldn't meet with the Saudi leader.
MBS Jamal Khashoggi | 2022-12-06T23:15:49Z | www.businessinsider.com | Judge Dismisses Khashoggi Murder Lawsuit Against Mohammed Bin Salman | https://www.businessinsider.com/judge-dismisses-khashoggi-murder-lawsuit-against-mohammed-bin-salman-2022-12 | https://www.businessinsider.com/judge-dismisses-khashoggi-murder-lawsuit-against-mohammed-bin-salman-2022-12 |
The Cumberland Mall Apple Store in Atlanta, Georgia is one of three Apple stores with active union drives.
An Atlanta NLRB director found merit to allegations that Apple violated labor law.
The allegations included that Apple held captive audience meetings, interrogated workers, and made coercive statements.
The NLRB said a formal complaint will be issued against Apple if it doesn't settle the charges.
The National Labor Relations Board said Apple violated federal law at an Atlanta retail location in relation to union efforts at the store.
The board's regional director for Atlanta found merit to allegations of captive audience meetings, coercive statements, and interrogation, Kayla Blado, an NLRB spokesperson, told Insider.
Blado said the regional director will issue a formal complaint if Apple doesn't settle the charges, which would lead to a hearing in front of NLRB's Administrative Law Judge. Apple would be able to appeal any ruling from an NLRB judge, and such complaints can eventually make their way to federal court.
Apple, which did not respond to Insider's request for comment, has previously denied wrongdoing in a complaint with similar allegations concerning a New York Apple Store.
The Communications Workers of America, the union that filed an unfair labor practice report against Apple in May, accused the company of holding mandatory meetings at its location in the Atlanta Cumberland Mall that discouraged union membership, a press release from the group said.
"Apple executives think the rules don't apply to them," Tom Smith, organizing director of the CWA said in the press release. "Holding an illegal forced captive audience meeting is not only union-busting, but an example of psychological warfare. We commend the NLRB for recognizing captive audience meetings for exactly what they are: a direct violation of labor rights."
Jennifer Abruzzo, general counsel of the NLRB, urged in a memo in April that the NLRB should find mandatory meetings, where employees are forced to listen to an employer speak about their labor rights, a violation of the National Labor Relations Act. As Bloomberg notes, successfully arguing this in a case against a company would represent a change in precedent, as the meetings have previously not been considered a violation of the law.
Apple's retail chief, Deirdre O'Brien, told workers in May that they have a right to unionize, but they also have a right to decline union membership, Bloomberg reports. The company's relationship with its employees is based on "open and collaborative direct engagement," she said in a video address to staffers, according to the report.
"And I worry about what it would mean to put another organization in the middle of our relationship," she said, per Bloomberg. "An organization that doesn't have a deep understanding of Apple or our business, and most importantly, one that I do not believe shares our commitment to you."
CWA said in its press release that the evidence of anti-union practices at the Apple store in Atlanta "affirms that mandatory meetings to discourage union memberships are considered a direct violation of the National Labor Relations Act, which could help set a precedent for future infringements on workers' rights."
The Atlanta Apple Store in Cumberland Mall became the first Apple retail location to file for a union election in April. The employees in Atlanta eventually withdrew their call for a union vote days before the election, alleging intimidation from Apple.
Apple's Penn Square store in Oklahoma City and its store in Townson, Maryland have both voted to unionize. The CWA has also filed unfair labor reports related to the Oklahoma City store against Apple that it's waiting to hear back about from the NLRB.
Apple Unions Retail workers | 2022-12-07T00:49:09Z | www.businessinsider.com | Apple Illegally Interrogated Workers About Union, NLRB Says | https://www.businessinsider.com/nlrb-accuses-apple-violating-law-interrogated-workers-mandatory-union-meetings-2022-12 | https://www.businessinsider.com/nlrb-accuses-apple-violating-law-interrogated-workers-mandatory-union-meetings-2022-12 |
The Lensa app creates face-changing effects using machine learning and photos uploaded by users.
Some users have received images of themselves portrayed in the nude thanks to AI-generated edits.
The company says Lensa can be tricked into making nudes but some users say they didn't upload NSFW images.
The trending Lensa app — currently the top photo app in the Apple and Google Play stores — generates artistic edits based on user-uploaded reference photos, but its machine-learning technology appears to be creating unintentional nudes of its users.
"Ok so I put my hottest 20 pics into lensa instead of just the first 20 selfies I could find & it came back with a bunch of ai-generated nudes," one user wrote on Twitter. "To be clear, NONE of the photos I submitted included nudity, which the app specifically prohibits!"
That sentiment was echoed by dozens of others, mostly women, saying the app had automatically generated sexualized or outright nude photos of them, despite avoiding not-safe-for-work reference photos in their uploads.
While Lensa parent company Prisma Lab's CEO and co-founder Andrey Usoltsev told TechCrunch such images "can't be produced accidentally" by the app, he said it could be provoked to create nude images through "intentional misconduct," such as uploading nudes against the terms of service (which prohibit uploading content that is "obscene, pornographic, indecent, lewd, suggestive" or otherwise sexualized).
Though it is unclear how often the app generates nude imagery without prompting, multiple users report this was the case for them.
"Strange thing is I didn't submit any nudes since it would go against this Lensa app's policy yet it ended up generating nudes anyway???" another user posted on Twitter.
Of particular concern among some users are whether the app somehow accessed photos from internal storage that hadn't been uploaded and if the app's privacy policy allows data generated by the app to be used by third-party companies like Google Cloud Platform and Amazon Web Services.
"Lensa users: Did you receive a highly sexualized image in your avatar package?" one troubled user wrote on Twitter. "I received a topless, full-frontal nudity image in my package, and I'm concerned. I'm worried about whether the app accessed other images on my phone and about the rights to that image."
Usoltsev told TechCrunch the tech being used to generate the photo edits is learning as it goes and — though it has some content moderation practices — can still be outsmarted by users or act in unpredictable ways, resulting in the output of nude edits.
"We specify that the product is not intended for minors and warn users about the potential content. We also abstain from using such images in our promotional materials," Usoltsev told TechCrunch. "To enhance the work of Lensa, we are in the process of building the NSFW filter. It will effectively blur any images detected as such. It will remain at the user's sole discretion if they wish to open or save such imagery."
Representatives for Prisma Labs did not immediately respond to Insider's request for comment.
Lensa Lensa AI Prisma | 2022-12-07T02:16:21Z | www.businessinsider.com | Lensa AI Generating NSFW Images of Users Without Prompting | https://www.businessinsider.com/lensa-ai-photo-app-generating-nsfw-images-without-prompting-2022-12 | https://www.businessinsider.com/lensa-ai-photo-app-generating-nsfw-images-without-prompting-2022-12 |
Kimberly Leonard, Warren Rojas, and John L. Dorman
The new 51-seat Democratic majority in the US Senate will soften the influence of centrist Democratic Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona.
Kevin Dietsch/Getty Images, Win McNamee/Getty Images, and Drew Angerer/Getty Images
Sen. Raphael Warnock kept his seat in Georgia after the state's runoff elections.
His fourth victory in two years delivered the Democrats' 51st seat in the 118th Congress.
The win ends a nearly two-year power sharing agreement, giving Democrats true majority rule.
Democratic Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona's viselike grip on their party's priorities has loosened a bit, thanks to Georgia.
Incumbent Sen. Raphael Warnock's victory in the Peach State on Tuesday over retired football player Herschel Walker gives Democrats a true majority in the US Senate.
And while a 51-49 majority is minuscule, it's still better than what Democrats had to deal with over the last two years, when they couldn't afford to lose a single vote if they wanted to get anything done.
"No one senator has a veto," Senate Majority Leader Chuck Schumer of New York said in a memo he sent Tuesday to the Progressive Change Campaign Committee. "When you have 50 senators, any one senator can say, 'I'm not voting for it unless I get this, this, or this.' With 51, we can go bolder and quicker — to show Americans what Democrats stand for."
While a 50-50 landscape gave every senator sway, the most frequent, publicly vocal defectors have been Manchin and Sinema, who refused to gut the 60-vote filibuster required to pass most major legislation. Their refusal doomed President Joe Biden's push to enact sweeping voting-rights legislation and to codify Roe v. Wade and other abortion rights into law, among other things.
In a 51-seat world, Schumer shouldn't have to stress as much about what Sinema or Manchin want "in return for trying to pass the Democratic agenda," said former Senate Democratic leadership aide Jim Manley.
"Hopefully, the Democratic leadership doesn't have to spend all their time worrying about what Sen. Manchin is going to do to try and screw things up," Manley said.
The return of majority rule also means Schumer won't have to waste another January cutting deals with Senate Minority Leader Mitch McConnell of Kentucky on how things are going to work as he did in early 2021, Manley said.
Republicans will no longer be able to bottle up Biden administration nominees in committee, and select Democratic committee chairs will again be able to issue subpoenas.
"It may be just a small increase in number, but it's going to make all the difference in the world to Senate Majority Leader Chuck Schumer," Manley said.
President Joe Biden speaks to members of the press outside the White House on October 27, 2022.
Legislative agenda will halt
Manchin and Sinema's influence won't go away completely. Both are likely to stick to their bipartisan bona fides, particularly because they're up for reelection in 2024. They're among the two dozen Democrats up in the next cycle, compared to the 10 seats Republicans will have to defend.
The centrist Democrats haven't changed their position on abolishing the filibuster. Biden, in contrast, has called for a filibuster carve out specifically to enshrine voting and abortion rights. Both are effectively dead in the next Congress.
But now, as opposed to before, Democrats can afford to lose support from either Manchin or Sinema.
"Joe Manchin is a good person; he really is," Biden said Friday at a reception for the Democratic Senatorial Campaign Committee. "But Joe has a different view, and he represents a different constituency than most of us do, especially on environmental issues. And the same way with the senator from Arizona."
Still, the logjam will go beyond the two senators. Republicans will hold the US House in the next Congress, so Democrats won't be able to pass major legislation like the hard-fought climate and healthcare bill, formally known as the Inflation Reduction Act, without the other party.
"Expect stalemate out of Washington next year and gridlock on almost every issue," Henrietta Treyz, director of economic policy research at Veda Partners, wrote in her November 28 newsletter predicting the 51-49 Senate split.
She told Insider on Tuesday that while lawmakers might agree they need to legislate on antitrust, cryptocurrency, and social media issues, "they'll find small points of disagreement that will sink any real chance of bipartisanship."
"I think there will be bipartisanship only where there absolutely has to be," Treyz said. "So the debt ceiling and government funding bills are really the only major trains leaving the station for the next two years."
During Biden's first term, the president was able to get bipartisan support for infrastructure bill and gun control. But doing so again could get trickier ahead of the 2024 election, said Doug Heye, a former longtime Republican aide.
"The politics become much more difficult," Heye said. "At this point it's hard to see. You'll hear talk about energy, and you'll hear talk about immigration. But those are things that are difficult to move."
Former President Barack Obama signed bipartisan legislation into law when Democrats didn't hold both chambers. But the legislation, on provisions for medical breakthroughs, passed as he prepared to leave office.
Democrats can still move legislation out of committee and bring it up for a vote. Often, the Senate doesn't vote on bills that are actually intended to become law — but because they want to message their priorities ahead of the 2024 presidential election, or get the opposing party on record about a particular issue.
"This will allow us to set the national agenda on things like minimum wage, child care, the child tax credit, challenging big monopolies, creating more jobs, taking on Big Oil to tackle climate change, ensuring legal contraception, protecting democracy, and so much more," Schumer said in his Tuesday letter to the PCCC.
Either way, Democrats will be less likely to call in Vice President Kamala Harris to cast tie-breaking votes on the Senate floor. The vice president has had to run those types of rescue missions 26 times over the past two years.
Biden is also likely to lean heavily on executive action to enact his agenda.
The risk there, however, is that a future Republican president can more easily reverse his actions. On top of that, many of Biden's executive actions will almost surely get litigated in court just like the one on student loan forgiveness.
"On any issue where he sees it being stuck," Heye said. "We'll see Biden putting pen to paper."
Senate Majority Leader Chuck Schumer of New York speaks at a press conference at the Capitol on August 5, 2022.
Democrats can confirm nominees, oversee committees
Democrats could still use their authority as committee chairs to expand investigations into the Trump administration, particularly now that former President Donald Trump has made a 2024 White House run official.
They'll also have other advantages. For instance, the party in charge controls the standing committees, in which leaders set hearings agendas, decide which issues to investigate, and select which administration officials or business leaders to haul up to Capitol Hill for questioning.
Under the power sharing agreement that's been in place since 2021, both Republicans and Democrats had the same number of senators serving on each panel. That meant Democrats had to hold extra votes on the Senate floor when committee votes were tied, slowing down their day-to-day work.
Democrats will have an extra vote of wiggle room for Biden's judicial and agency nominees, giving Biden more leeway to tap his top picks, including those that might have been too controversial when facing a more narrow majority.
Last year, Manchin opposed the nomination of Neera Tanden to lead the Office of Management and Budget, joining the blockade of GOP resistance to the longtime political operative, who eventually withdrew from consideration for the post over her tweeting history. She now serves as White House staff secretary, a position that didn't require Senate approval.
And this past March, the West Virginia lawmaker opposed the nomination of Sarah Bloom Raskin as a top banking regulator at the Federal Reserve, effectively scuttling the nomination. Later that month, Manchin, Sinema, and Democratic Sen. Mark Kelly of Arizona voted against David Weil's bid to lead the Labor Department's Wage and Hour Division, which sank the nomination; every GOP senator also opposed the pick.
Federal judges are among the nominees who will be able to move through the confirmation process even faster. Democrats have already confirmed 90 of Biden's nominees as of Tuesday, which may sway the ideological balance of the judiciary given the conservative supermajority on the Supreme Court.
It additionally opens up the possibility of Biden nominating a more liberal Supreme Court justice to the bench, should there be another vacancy.
"It'll make life easier for the Biden administration, no doubt, but you're talking about a 51-seat majority," Heye said. "This is not something that is a runaway majority by any stretch."
Politics Raphael Warnock Herschel Walker | 2022-12-07T03:11:13Z | www.businessinsider.com | What Difference a 51-Seat Majority Makes for Democrats | https://www.businessinsider.com/warnock-manchin-sinema-difference-51-seat-senate-majority-democrats-georgia-2022-12 | https://www.businessinsider.com/warnock-manchin-sinema-difference-51-seat-senate-majority-democrats-georgia-2022-12 |
Gladys and Kenneth Sicknick, the family members of fallen Capitol police officer Brian Sicknick, walked past Senate Minority Leader Mitch McConnell and House Minority Leader Kevin McCarthy during a ceremony on Tuesday.
The family of fallen police officer Brian Sicknick snubbed Mitch McConnell and Kevin McCarthy.
Sicknick's family filed past McConnell and McCarthy when receiving his Congressional Gold Medal.
They appeared to ignore both men, and refuse to shake their hands.
The family members of Brian Sicknick, a Capitol police officer who died after being injured in the January 6 riot, were seen snubbing GOP leaders Sen. Mitch McConnell and Rep. Kevin McCarthy on Tuesday.
The moment happened during the medal ceremony to award Capitol police officers with Congressional Gold Medals. Sicknick's family was seen greeting Democratic Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer. They ignored McConnell and McCarthy and filed past both men without acknowledging them, even though McConnell was seen holding out his hand and waiting for a handshake.
—Howard Mortman (@HowardMortman) December 6, 2022
McConnell in January 2021 blamed Trump for the riot, saying he "provoked" the mob that descended upon the Capitol. He has remained critical of Trump, and the rift between the two only deepened over the midterms. However, in April, McConnell said he would still back Trump if the former president were to become the GOP's 2024 presidential candidate.
McCarthy has been more conciliatory toward Trump. In January 2021, McCarthy called for Trump to "accept his share of responsibility" for the riot. Recordings of McCarthy's phone conversations have revealed that he, at one point, told House Republicans he was going to urge Trump to resign. However, McCarthy visited Trump at Mar-a-Lago on January 28, 2021 — just weeks after the riot — in a show of loyalty. He visited Trump in Florida again in May after his revealing phone calls about Trump were leaked.
"They're just two-faced. I'm just tired of them standing there and saying how wonderful the Capitol police is, and they turn around and go down to Mar-a-Lago and kiss his ring and come back," Gladys Sicknick, Brian Sicknick's mother, told CNN reporter Daniella Diaz, referencing Trump's Florida residence.
Brian Sicknick's brother, Ken Sicknick, told CBS journalist Scott MacFarlane that McConnell and McCarthy did not deserve a handshake.
"Unlike Liz Cheney, they have no idea what integrity is," Ken Sicknick said. "They can't stand up for what's right and wrong."
Sicknick, 42, was a police officer who collapsed after being injured during the riot. Officials say he suffered two strokes and died of natural causes after the riot, per The Washington Post.
When asked about the snub from Sicknick's family, McConnell told CNN: "I would respond by saying today we gave the gold medal to the heroes of January 6. We admire and respect them. They laid their lives on the line and that's why we gave a gold medal today to the heroes of January 6."
A representative for McConnell told Insider the GOP leader had already addressed the matter at his press conference on Tuesday. Representatives for McCarthy did not immediately respond to Insider's requests for comment.
Mitch McConnell Kevin McCarthy Brian Sicknick | 2022-12-07T05:19:00Z | www.businessinsider.com | Family of January 6 Police Officer Snubbed McConnell, McCarthy: Video | https://www.businessinsider.com/family-of-january-6-police-officer-snubbed-mcconnell-mccarthy-video-2022-12 | https://www.businessinsider.com/family-of-january-6-police-officer-snubbed-mcconnell-mccarthy-video-2022-12 |
European startups are on course to raise $85 billion this year – over $18 billion short of 2021's record, new report shows
Hasan Chowdhury and Tasmin Lockwood
Atomico's principal Sarah Guemouri and head of insights Tom Wehmeier.
European startups are on track to raise $85 billion this year, a new report has stated.
Interest rate hikes and the Ukraine war have taken effect on Europe's ecosystem, according to Atomico.
We've analysed the key highlights from the industry-wide report on Europe's tech sector.
It was all going so well.
After hitting a milestone of just over $100 billion of investment last year, European startups flush with cash were in party mode; there was an air of inevitability to founders' ability to raise capital and the rumbling appetite of investors to keep backing them.
But the music stops eventually. European startups are on course to raise $85 billion by the end of 2022, which would leave it 17% – or $18.6 billion – short of last year's record dealmaking, according to Atomico's State of European Tech 22 report.
Though investment is on course to beat 2020 levels, the drop-off from 2021 marks a new chapter of uncertainty in Europe as it contends with a radical sea change in its environment.
"When you take the combination of the horrifying war in Ukraine, inflation soaring, the interest rate hike cycle … what you've had as a backdrop is the most challenging macro environment since the global financial crisis," Atomico partner Tom Wehmeier told Insider.
It is indeed the toughest period for European tech since 2008, giving way to the first downturn for many in Europe's startup ecosystem who have entered the industry since then.
Insider has broken down four key findings from the report to understand why Europe's startup ecosystem is decelerating and what the outlook is for 2023.
A market slow to adjust to reality
Given the real-time nature of public markets, listed tech stocks faced severe hits to market capitalization far sooner than their private market peers did, leading Europe's startup story in 2022 to be what Atomico describes as a "tale of two halves."
Investment in European startups was up 52% in the first quarter of 2022 to $29.2 billion. By the halfway point total funding raised was up 4% to $55.5 billion.
However, it was only several months after the Ukraine war started and interest rate rises kicked in that a slowdown began to take shape, with investment dropping to between $3 billion and $5 billion per month – investment levels last seen in 2018.
"There's effectively a lag from a private markets perspective," Wehmeier said. "When sentiment shifted and the market started to cool and the caution and uncertainty created from the macro backdrop really started to sink in, then the lag caught up with itself."
Growth capital is harder to come by as tourists flee
European tech startups in pursuit of scale have had a harder time coming by growth capital as the lag has set in. Atomico said there were 133 rounds of $100 million or more in the first half of 2022, but just 37 such rounds so far in the second half of the year.
In theory, this comes down to a cooling off of what Wehmeier described as "capital markets becoming overheated through cheap available capital."
In practice, this has manifested from a change in attitude from investors – particularly US-based crossover funds – who flooded Europe with growth capital in 2021. Atomico's research found the number of active US investors in rounds of $100 million or more has declined 22%.
Such investors typically have a large exposure to public markets, making them more sensitive to downturns that forces them to flee private markets to save public market bets.
A narrowed exit path puts returns into focus
With markets in turmoil, IPOs have been the last thing on the mind of entrepreneurs. Compared with the 86 public listings in 2021, just three with a market capitalization of over $1 billion have taken place in Europe and the US this year.
The impact is significant. For one, CEOs of growth-stage firms looking to take their companies to the next level risk being in ongoing purgatory, while investors face reduced opportunities to generate returns for their institutional partners.
Sarah Guemouri, principal at Atomico, said that this hadn't diminished LP appetite to invest in European VC, with 82% of LPs surveyed for their report signaling that they would invest in new partnerships next year.
However, Wehmeier acknowledged, a top concern for LPs is around distributions as the IPO window remains shut. "It's not going to be the case that there are no distributions, but I think what LPs understand is it's likely that the timeline may be delayed," he said.
The verdict on Europe's resilience is still out
How Europe fairs through 2023 remains to be seen. A looming recession means IPOs will almost certainly remain flat while dealmaking slows further still.
Despite this, Atomico sees a number of reasons for European tech to stay the course, particularly given that it says the total ecosystem has added $2 trillion in value since 2015.
Investors are sitting on $44 billion of dry powder Atomico said – giving them plenty of capital to support startups needing extended runways, even if that means they have to accept down rounds in the midst of a very different valuation environment.
Wehmeier acknowledged that "things have become overheated", whether it's in terms of the volume of capital available or on valuations, so a cooling-off period, by his measure, can help to build greater resilience into the ecosystem.
Or as he puts it: "A cold shower for the ecosystem can be a healthy thing."
Venture Capital Down Rounds | 2022-12-07T06:50:59Z | www.businessinsider.com | European Startups Are Set to Raise $85 Billion in 2022, Per Atomico | https://www.businessinsider.com/european-startups-are-set-to-raise-85-billion-in-2022-per-atomico-2022-12 | https://www.businessinsider.com/european-startups-are-set-to-raise-85-billion-in-2022-per-atomico-2022-12 |
A picture of Jeffrey Dahmer on the left, and Evan Peters playing Dahmer in Monster: The Jeffrey Dahmer Story on the right.
Netflix and Eugene Garcia/Getty Images
A man displays his Powerball lottery numbers after buying a ticket at a convenience store in Miami, November 2, 2022.
A man buys tickets for Tuesday's Mega Millions lottery drawing after the jackpot exceeded $1.6 billion in New York City.
The Ukrainian army liberated the town of Balakliya in the southeastern Kharkiv Oblast, Ukraine, on September 11, 2022.
Norman Ng/NBC/Getty
Queen Elizabeth II at her Platinum Jubilee celebrations in June 2022.
Democrat John Fetterman and Republican Mehmet Oz participate in a debate for US Senate in Harrisburg, Pennsylvania.
via NEXSTAR
Someone plays Wordle.
Features Wordle Election Results | 2022-12-07T08:25:59Z | www.businessinsider.com | 'Wordle' Among the Top 10 US Google Searches in 2022. See the List. | https://www.businessinsider.com/wordle-queen-elizabeth-top-ten-google-searches-in-2022-list-2022-12 | https://www.businessinsider.com/wordle-queen-elizabeth-top-ten-google-searches-in-2022-list-2022-12 |
Cheryl Teh and Huileng Tan
The Secret Service is accusing APT41, a Chinese state-sponsored group of cybercriminals, of stealing at least $20 million in COVID-19 relief.
A Chinese hacker group stole at least $20 million from the US government, the Secret Service says.
These funds were meant for COVID-19 relief, the Secret Service told NBC on Monday.
The Secret Service says the hackers responsible are APT41, Chinese state-sponsored cybercriminals.
A group of Chinese hackers stole at least $20 million in COVID-19 relief funds from the US government, the Secret Service said on Monday.
A Secret Service spokesman told NBC News that APT41, a Chinese state-sponsored cyber criminal group, was responsible for stealing millions of dollars from the government coffers. These funds included small business loans and unemployment relief in more than a dozen states, the spokesman told NBC.
The Secret Service also told NBC in a statement that it considers APT 41 a "Chinese state-sponsored, cyberthreat group that is highly adept at conducting espionage missions and financial crimes for personal gain."
A March report from Mandiant, a cybersecurity firm, revealed how the computer networks of at least six state governments were hacked by APT41 in 2021.
"The United States is target No. 1 because we are competitor No. 1," Nathaniel Fick, the head of the state department's cyberspace and digital policy bureau, told NBC. "It's a really comprehensive, multi-decade, well-considered, well-resourced, well-planned, well-executed strategy."
Roy Dotson, a pandemic fraud recovery coordinator at the Secret Service, also told NBC that he thought it was likely that APT41 targeted funds in all 50 states. On CNN on Monday, Dotson also said APT41 is a "notable player" in the "more than 1,000 ongoing investigations involving transnational and domestic criminal actors defrauding public benefits programs."
Speaking to Reuters, representatives from China's Washington embassy said China has "firmly opposed and cracked down on all forms of cyber theft and hacking." The embassy called hacking accusations against China "groundless."
Representatives for the Secret Service and the Chinese embassy in Washington did not immediately respond to Insider's requests for comment.
Maryland mounts retaliation against security threat
At least one US state has moved to retaliate against Chinese entities they suspect could pose a security threat. Maryland issued an emergency directive on Tuesday banning state agencies from using TikTok, as well as other Chinese and Russian technology including those from Huawei, ZTE, Alibaba, Tencent, and Kaspersky.
Products from these companies "present an unacceptable level of cybersecurity risk to the State," and the state has a "reasonable belief that they participate in activities including collecting sensitive personal information inappropriately, cyber-espionage disinformation or misinformation campaigns, and surveillance of government entities," Maryland's top information security officer said in the directive.
A TikTok spokesperson told Insider the concerns driving such bans are "largely fueled by misinformation."
"We are disappointed that the many state agencies, offices, and universities that have been using TikTok to build communities and connect with constituents will no longer have access to our platform," the spokesperson said.
Huawei, ZTE, Alibaba, Tencent, and Kaspersky did not immediately respond to Insider's requests for comment.
China Hacking COVID relief | 2022-12-07T09:57:29Z | www.businessinsider.com | Chinese Hackers Stole $20 Million in COVID-19 Relief: Secret Service | https://www.businessinsider.com/chinese-hackers-stole-millions-covid-19-relief-secret-service-2022-12 | https://www.businessinsider.com/chinese-hackers-stole-millions-covid-19-relief-secret-service-2022-12 |
An Amazon delivery worker pulls a delivery cart full of packages.
Americans stashed away savings at the lowest rate in 17 years in October.
It's not all due to inflation. We're buying more and more.
With a recession looming, some Americans may wish they had built more of a financial cushion.
Americans are slowly running out of money, and with a recession looming next year, it arguably couldn't come at a worse time. While elevated inflation can be blamed for some of this, strong consumer spending is a factor as well.
The personal savings rate — the share of Americans' income saved in a given month — fell to 2.3% in October, the Bureau of Economic Analysis reported last Thursday. This marked the lowest level since 2005 and the second lowest rate on record dating back to 1959. While households accumulated roughly $2.5 trillion in excess savings during the pandemic — due in part to stimulus checks and expanded unemployment benefits — inflation is causing consumers to spend more and save less, and economists estimate it will all be gone in less than a year.
But sky-high prices aren't the only reason Americans' savings are dwindling. Adjusted for inflation, consumer spending rose 0.5% in October, the largest increase since January.
"It's a real sign of a resilient economy," RSM's chief economist Joseph Brusuelas told The Wall Street Journal regarding the strong spending figure. Brusuelas expects the US to enter a mild recession next year, but right now, he said, "jobs are easy to get, and people are confident and they're going to keep spending."
Despite consumer confidence surveys suggesting Americans are quite pessimistic about the state of the US economy, many companies touted strong spending during third quarter earnings calls, as consumers continued the spending surge that began when COVID restrictions eased. With over 10 million job openings and the unemployment rate near a 50-year low, some Americans may feel they have less need of the financial cushion they would rely on if they were ever out of work.
The current economy might not last, however. Experts expect the US to enter a recession next year, which is expected to coincide with falling job openings and a rising unemployment rate. Inflation isn't expected to go away quickly either, leaving Americans with wage bumps that may continue to lag inflation. Many people are already taking on credit card debt, which saw the largest increase in over 20 years during the most recent quarter.
If a recession does come next year, some Americans could be left wishing they had more savings stored away to ride out the storm.
It's possible, however, that Americans' confidence in the economy — and their job security in particular — is justified. The Federal Reserve is projecting unemployment to tick up from 3.7% in 2022 to 4.4% next yea, Even if it overshoots this, this projection suggests the vast majority of Americans won't fall victim to layoffs.
If they do lose their job, there's reason to believe there will be significant demand for workers not only next year, but in the years ahead, as some companies continue to grapple with labor shortages.
But even for Americans who avoid layoffs and are able to continue spending at similar levels in the short term, not building up a nest egg could have financial consequences down the road.
At least 60% of Boomers will enter retirement without sufficient savings, Boston University economist Laurence Kotlikoff previously told Insider, and he said there's "every reason to think the situation will get worse" for the generations behind them.
Economy Savings Inflation | 2022-12-07T10:49:40Z | www.businessinsider.com | Americans Saving Money at Lowest Level in 17 Years As Recession Looms | https://www.businessinsider.com/americans-saving-money-for-recession-spending-finances-2022-12 | https://www.businessinsider.com/americans-saving-money-for-recession-spending-finances-2022-12 |
Elon Musk's SpaceX unveils Starlink-like satellite service for governments called 'Starshield'
SpaceX CEO Elon Musk.
SpaceX has launched a satellite network, called Starshield, to be used by governments.
Starshield is intended to "support national security efforts," according to Elon Musk's company.
Starshield will offer a higher level of security than its Starlink satellite service, SpaceX says.
Elon Musk's SpaceX has formed a satellite network called "Starshield," specifically created for governmental use.
SpaceX added a Starshield tab to the top of its website at the start of the week, but hasn't yet made any public announcements about the new network.
SpaceX says on its website that Starshield will use Starlink technology, which beams high-speed internet from satellites in orbit to terminals on the ground. Despite this, SpaceX indicated that Starshield will be different from the Starlink satellite constellation, which now has more than 3,200 satellites in low-Earth orbit.
"While Starlink is designed for consumer and commercial use, Starshield is designed for government use," SpaceX says on its website.
Starshield is designed to "support national security efforts" by launching satellites for Earth observation, providing global communications to governments, and building satellite buses for complex missions, according to SpaceX's website.
SpaceX says on the site that although Starlink offers end-to-end user data encryption, Starshield is expected to offer a higher level of security in order to meet government requirements.
SpaceX says it can work at "unprecedented speed" to deploy its Starshield network given that it provides "end-to-end" solutions from building rockets to user terminals.
At the bottom of the page, SpaceX says its ongoing projects with the US Department of Defense and other partners proves its "ability to provide in-space and on-ground capability at scale."
The US Air Force awarded a $102 million contract to SpaceX in January to help deliver military cargo and humanitarian aid worldwide via its rockets. SpaceX then landed a $2 million Air Force contract during the summer to provide Starlink in Europe and Africa.
SpaceX and Starshield didn't immediately respond to Insider's request for further comment on the launch.
Do you have tips about SpaceX's Starlink or Starshield? Get in touch with this reporter via email kduffy@insider.com, kate.duffy01@protonmail.com, or Twitter DM for Signal.
NOW WATCH: What Elon Musk's 42,000 Starlink satellites could do for — and to — planet Earth | 2022-12-07T10:49:41Z | www.businessinsider.com | Elon Musk's SpaceX Forms Starshield Satellite Network for Governments | https://www.businessinsider.com/elon-musk-spacex-starshield-starlink-satellite-internet-government-national-security-2022-12 | https://www.businessinsider.com/elon-musk-spacex-starshield-starlink-satellite-internet-government-national-security-2022-12 |
4 stats that show how much TikTok has taken over the media world
A new report breaks down TikTok's continued relevance in the creator economy.
Rafael Henrique/SOPA Images/LightRocket via Getty Images.
TikTok continues to be a popular app for users and investors, according to recent reports.
The app doubled its advertising revenue last year and is expected to continue its growth in 2023.
A new survey by The New Consumer and Coefficient Capital shows TikTok's rise in the media world.
TikTok is outshining its competitors as a key media platform for Gen Z, a new online survey by The New Consumer and Coefficient Capital shows.
TikTok's userbase has exploded in recent years, ever since the pandemic when millions of people turned to the social-media app to entertain themselves during quarantine. The platform's popularity has led to a boom in TikTok creators, many of whom now make up to six figures annually through income streams like affiliate marketing and brand collaborations. Amid that growth, a December report by the media-buying agency GroupM estimated that TikTok "is likely to roughly double revenue in 2022," even while the firm expects to see an advertising "pullback" at other social-media companies like Meta and Snap.
The new survey titled "Consumer Trends 2023," which was co-published in November by business publication The New Consumer and investment firm Coefficient Capital, found that most Gen Z and millennial users surveyed said they would choose TikTok over TV. The survey also found that the app is driving trends besides the music and dances that the app first became known for.
The two companies compiled the data through the media survey company Toluna, which gathered data in October by compiling responses from 3,273 people in the US aged 15 years and up.
"It's impossible to overstate how big TikTok has become, especially for younger audiences," Dan Frommer, founder and editor-in-chief of The New Consumer told Insider. "From what I've seen, the format, tone, and aesthetic of TikTok feels more natural to a younger generation compared to the older generations who grew up with 'picture-perfect' Instagram."
Here are the top four takeaways from the Consumer Trends 2023 report that show TikTok's rise:
1. TikTok is the platform Gen Z can't live without.
Twenty-six percent of Gen Zers cited TikTok as the app that they couldn't live without if they were trapped on a deserted island and could only choose access to one social-media platform for entertainment.
In fact, 66% of Gen Zers said that they would choose TikTok over traditional TV or streaming shows if given the choice.
However, this generation was an anomaly among everyone surveyed. Millennials and older respondents chose Facebook as their top social-media app.
2. Mindless entertainment and comic relief are TikTok's main purposes.
For many users like Nate White, TikTok is their career. They use the social-media platform to DM brands for collaborations, get paid through the app's creator-monetization features, and connect with other professionals in their industry.
However, this survey showed that many users on the app use it as an escape. Forty-three percent of the respondents said that they use TikTok for mindless entertainment, and 41% cited comic relief.
The data also found that keeping up with brands and education were on the bottom of the list among those surveyed.
An excerpt from the 2023 Consumer Trends Survey.
The New Consumer and Coefficient Capital
3. TikTok is driving new food trends in addition to music.
TikTok has already been hailed as the go-to platform for discovering music, but the platform has also allowed users to cultivate a new or deeper relationship with interests like cooking. Thirty-five percent of those surveyed used a TikTok video to prepare a food or beverage, like the viral baked feta pasta in 2021.
"Music and dance were the first mainstream formats, but it's so broad now," Frommer said.
4. TikTok is one of the top three social-media apps opened every day.
In addition to the approximate 3,000 responses gathered from respondents, the survey also pulled data from Sensor Tower Consumer Intelligence, a consumer intelligence platform that measured the global usage of each app by Android users. The data showed that 41% of active users opened Instagram every day, while 29% opened Facebook and TikTok. | 2022-12-07T10:49:47Z | www.businessinsider.com | 4 Stats That Show How Much TikTok Has Taken Over the Media World | https://www.businessinsider.com/how-tiktok-has-taken-over-media-industry-stats-2022-12 | https://www.businessinsider.com/how-tiktok-has-taken-over-media-industry-stats-2022-12 |
DEUTSCHE BANK: Here's a point-by-point look at how stocks would perform as the recession sets in, and what investors should buy to profit as a recovery begins
Bankim "Binky" Chadha is the chief US equity and global strategist at Deutsche Bank.
Binky Chadha of Deutsche Bank says the current bear market rally will probably last into 2023.
Chadha expects a more severe downturn in the second quarter and a recession soon after that.
He explained what investors should buy and what they should avoid ahead of a late 2023 rally.
It might not be possible to map out exactly how the stock market will perform if the US economy slides into a recession over the next year, but Deutsche Bank has a pretty detailed idea of what it might look like.
Chief US Equity and Global Strategist Binky Chadha says that the recent bear market rally could last into the first quarter, with the S&P 500 rising as much as 6% to 7% above current levels.
By the second quarter, he says, stock indexes will flatten out and could trade slightly lower as a recession draws near. Chadha and Deutsche Bank think the actual recession will start in the second half of 2023, which will lead to sharper losses in the third quarter.
"High initial valuations and our expected earnings decline (-12% vs an average -15%), point to a -33% decline (S&P 500 3250)," Chadha wrote in a recent note. That's a bit lower than the market's low point for 2022, set in mid-October.
From there, though, he expects a short recession and a rapid market recovery. Because stock market investors make their decisions based on what they believe will happen rather than on backwards-looking economic data, he expects a rally in the third and fourth quarters that would bring the S&P 500 back to around 4,500, a level it last reached in early April 2022.
If the recessions starts later than projected, Chadha added, the market should trade flatter for a longer period and any rally would materialize later. Regardless of the exact timing, Chadha is telling investors to adopt the following playbook for 2023.
How to invest heading into a recession in 2023
While many experts are negative on tech stocks today and say that the low interest rates that contributed to their 2010's performance are now a thing of the past, Chadha says tech, especially Mega Cap Tech, is likely to do well early in 2023 as investors shift their allocations.
"MCG & Tech stocks relative to the S&P 500 have underperformed to well below the bottom of their medium-term up trend channel," he said. "We think Tech stocks can bounce tactically through the Q1 squeeze which in our view will be driven by falling rates and rising positioning."
Chadha says financials and consumer cyclicals should also have a good run during the bear market rally.
"Financials completely skipped the rate hiking cycle and have directly priced in the growth slowdown," he wrote. That's remarkable because interest rates have skyrocketed this year and 10-year Treasury yields haven't been this high in more than a decade, although those yields have dipped over the last month.
"Financials can outperform if recession fears recede, and with rates remaining elevated or even if they fall slightly," Chadha said.
He added that consumer cyclical stocks are also oversold right now. Investors have dumped them because they expect the fallout from a recession to be brutal, but Chadha says the stocks are now a relatively good opportunity.
"Consumer cyclical stocks have already been amongst the worst hit in the selloff this year, with most groups pricing in well over a 2/3rd probability of a recession, even after the recent rally," he wrote. By comparison, he says the S&P 500 itself is almost exactly in the middle of where he thinks it would land in a recession or its peak in the event of a soft landing.
He also recommends a large allocation to European stocks based on their impressive performance in a very challenging environment marked by war, economic weakness, and high inflation.
"European equities are performing in line, which is remarkable given the disproportionate impact of the Russia-Ukraine war, gas crisis, and European recession," he said. Despite all of that, investors are collectively underweight Europe, but the stocks should get more support later on.
Chadha is also recommending underweight positions on the defensive sectors of healthcare, real estate, telecommunications, and utilities. Those stocks have collectively outperformed this year, but high interest rates tend to diminish their returns, and Chadha believes they have less upside than other parts of the market. | 2022-12-07T10:50:12Z | www.businessinsider.com | Recession Investing Playbook, 2023 Outlook: Deusche Bank | https://www.businessinsider.com/recession-investing-strategy-2023-stock-market-outlook-inflation-deusche-bank-2022-12 | https://www.businessinsider.com/recession-investing-strategy-2023-stock-market-outlook-inflation-deusche-bank-2022-12 |
Elon Musk said he's simply "providing beds for tired employees" at Twitter's HQ in San Francisco.
JIM WATSON/AFP/Avishek Das/SOPA Images/LightRocket via Getty Images
Elon Musk has defended his decision to install bedrooms in Twitter's San Francisco HQ.
Musk said he's simply "providing beds for tired employees."
San Francisco has reportedly launched an investigation into the installation of the bedrooms.
Elon Musk defended his decision to install bedrooms at Twitter's San Francisco headquarters after a local radio station reported that the city's buildings inspectorate had launched an investigation into the matter.
An editor at the station, KQED, tweeted Monday that San Francisco's Department of Building Inspection was investigating reports that Twitter has converted several office rooms into employee sleeping quarters, and quoted an official as saying: "We need to make sure the building is being used as intended."
Musk took to Twitter soon after to attack San Francisco's mayor, London Breed. The billionaire tweeted a link to a seemingly unconnected local news article about a reported child fentanyl overdose, saying: "So city of SF attacks companies providing beds for tired employees instead of making sure kids are safe from fentanyl. Where are your priorities @LondonBreed!?"
Twitter employees on Monday discovered some offices and conference rooms at Twitter HQ had bare mattresses and curtains inside, two anonymous people with knowledge of the matter told Forbes. One room also featured a plant, they added.
A person familiar with the situation told Insider's Kali Hays that the beds were a cost-saving measure intended for Twitter employees who came from out of town to work at the office. Jared Birchall, who runs Musk's family office, is staying in one of the rooms while Musk is having another converted for his own use, sources said.
Representatives for Twitter and the San Francisco Department of Building Inspection did not immediately respond to Insider's requests for comment, made outside normal working hours.
Twitter Elon Musk Musk | 2022-12-07T11:29:00Z | www.businessinsider.com | Musk Says He's 'Providing Beds for Tired Employees' at Twitter | https://www.businessinsider.com/elon-musk-twitter-san-francisco-beds-tired-employees-investigation-2022-12 | https://www.businessinsider.com/elon-musk-twitter-san-francisco-beds-tired-employees-investigation-2022-12 |
Howdy readers. I'm senior reporter Phil Rosen, writing to you from New York.
Today, we're diving into insights from one of Wall Street's most vocal executives.
He gave his two cents on the current state of the economy and its trajectory, as well as a sobering take on the digital asset sector in the wake of FTX's implosion.
1. There are few top executives who draw as much attention and speak as freely as Jamie Dimon, the CEO of JPMorgan.
In comments shared on CNBC Tuesday, the Wall Street luminary gave a bleak prognosis of the economy in the year ahead as the Federal Reserve carries out its aggressive monetary policy tightening campaign.
Recent signals from Fed Chair Jerome Powell and other central bank officials has left Dimon expecting them to raise benchmark rates higher than markets are expecting, and then hold it there for three to six months.
But even that, he warned, may not be sufficient to cool inflation.
That forecast comes as huge sums of residual pandemic savings have been propping up consumer spending, trillions of dollars worth in Dimon's estimation, though that may not last much longer.
"Inflation is eroding everything…and that $1.5 trillion will run out sometime mid-year next year," Dimon said. "So when you're looking out forward, those things may very well derail the economy, and cause this mild-to-hard recession that people are worried about."
The Fed's quantitative tightening campaign, too, poses another economic risk, the JPMorgan chief said.
That, he said, combined with persistent and stubborn inflation as well as geopolitical tensions could exacerbate oil, food, and humanitarian crises.
"We've not had a war in Europe like this since 1945, and back then we said never again," he said. "Add to that by the way, a lot of emerging market countries that a lot of people don't focus on are going to pay a heavy price to the strong dollar, higher rates, and higher oil prices…I don't think we've seen that kind of turmoil in the global world in a long time."
Never one to mince words, Dimon then blasted the cryptocurrency sector when asked what he thought of the FTX collapse.
In his view, the media has given the implosion too much attention.
Dimon, who has long been a crypto skeptic, clarified that he's not necessarily pessimistic on blockchain or smart contract technology, but certain assets simply look useless to him.
"I think crypto is a complete sideshow," Dimon said. "Crypto tokens are like pet rocks."
What's your first reaction to Jamie Dimon's comments?
2. US stock futures fall early Wednesday, as investors appear to lose hope that the Fed will be able to pull off a soft landing for the economy. Meanwhile, days after the EU's $60 per barrel price cap kicked in, oil prices slumped to levels not seen since before the invasion of Ukraine. Here are the latest market moves.
3. Earnings on deck: Campbell Soup, Gamestop, and Descartes Systems Group, all reporting.
4. These stocks are set to outperform in a recession-free economy. Between risky hedge funds and high-fee mutual funds, this group of companies are shared favorites to beat the market in the new year. See Goldman Sachs' full list of names to invest in.
5. Goldman Sachs also plans to spend millions on crypto-related investments even after the sector's so-called Lehman moment. The bank's head of digital assets told Reuters: "We have seen more client interest since the demise of FTX."
6. Investors should expect Chinese stocks to rally hard now that Beijing has set a clear path to reopening, according to Morgan Stanley strategists. The Wall Street firm upgraded its outlook for China equities and expects the easing of zero-COVID controls to bode well for markets. Already, major cities like Shanghai and Shenzhen have eased lockdown measures.
7. It'll take months for the real impact on Russian oil from the EU price cap to feed through. There's been much debate about how the measure will alter oil prices moving forward — but PIMCO commodities strategist Greg Sharenow said it's going to come down to three factors.
8. These five charts show why now is a good time to invest in bonds. They look the most attractive relative to stocks in years, as yields are up and stocks are tanking. Get the full details.
9. Zelman & Associates called the housing market's downturn long before it started. Too many homes were being built and prices were too high even before mortgage rates soared. The group's homebuilding expert explained why the current slump could last for several years.
Lumber prices on December 07, 2022
10. Lumber prices hit their lowest level since 2020. US housing market activity continues to slow down, and the average 30-year mortgage rate is sitting at 6.5%. Dig into the numbers behind the commodity's slump. | 2022-12-07T11:29:18Z | www.businessinsider.com | Jamie Dimon Sounds Off on the Economy, Fed, and Crypto | https://www.businessinsider.com/jamie-dimon-jpmorgan-economy-fed-markets-crypto-newsletter-finance-bank-2022-12 | https://www.businessinsider.com/jamie-dimon-jpmorgan-economy-fed-markets-crypto-newsletter-finance-bank-2022-12 |
PE wants to see some cash flow before it starts making deals
Happy hump day. Dan DeFrancesco checking in from NYC. We're onto the quarterfinals of the World Cup, and three of my four semifinalist picks are still alive.
Today we've got stories on cognitive dissonance among bankers when it comes to bonus season, the 100 most important people in cloud computing, and TikTokers creating their own made up currency (not a crypto joke).
But first, talk positive EBITDA to me.
Joseph Bae, the co-CEO of private equity giant KKR, said on Tuesday that
1. Show me the cash flow.
When will private equity get involved?
As the markets continue to sour, and a recession looms, everyone's wondering when PE firms will begin scooping up assets. It is the million (or perhaps billion) dollar question.
However, those hoping for a dealmaking free-for-all might be a bit disappointed, according to one PE executive.
Joseph Bae, the co-CEO of KKR, outlined areas the firm will be interested in and places it's steering clear of while speaking at Goldman Sachs US Financial Services Conference in New York, Insider's Rebecca Ungarino reports.
High on Bae's wishlist are "all things digital," he said, with one giant caveat: profitability.
Companies with high valuations that have yet to turn a profit are a no go, Bae said. And while that might seem fairly obvious — would you like to buy something that's expensive AND doesn't make money? — it's an important distinction. There are plenty of companies doing fascinating things in the digital space, but many have yet to reach profitability (*cough* fintechs *cough*).
Which begs the question: Where do those highly-valued-but-unprofitable companies end up?
Let's review the landscape:
Public markets: Not an option unless you have a death wish.
Venture funding: Can I interest you in a down round?
M&A market: See all of the above.
What we're left with is a game of chicken, as acquirers and companies stare each other down, waiting for the other to blink.
Can startups withstand their cash burn and wait until the market turns? Can PEs and VCs hold off investors pushing them to put their money to work, which has been sitting on the sidelines?
The only thing I'm sure of is that the bankers won't be happy until somebody blinks.
Click here to read more about KKR's investment strategy from its co-CEO.
Alfieri / Getty Images
2. Everyone on Wall Street realizes bonuses are going to suck, but no one thinks their bonus is going to suck. The majority of traders and investment bankers are expecting a bump in their year-end comp despite all signs pointing to a brutal bonus period, according to a recent survey. Read more about why Wall Streeters are all overly optimistic.
3. Meet the people leading the cloud revolution. Insider mapped out the 100 most important people working in cloud computing. Check out the entire list here to get up to speed on the key leaders in the space.
4. Jamie Dimon still thinks crypto is a scam, except for the stuff his bank is doing. JPMorgan's CEO, long a critic of digital assets, called crypto "a complete sideshow" and likened tokens to "pet rocks." However, smart contracts and blockchain tech, areas the bank are investing in, are fine. More on Dimon's comments here.
5. YOLO...but in case it's for a while you probably want a retirement plan. Robinhood, the trading app that played a key role in last year's meme-stock frenzy, is launching traditional and Roth IRAs for users. More on the company's plans.
6. Death of downtown. One of the biggest casualties of the rise of remote work has been cities' commercial districts, which, in some cases, have turned into ghost towns. Read more about the knock-on effects of people not returning to the office.
7. Goldman Sachs is going dumpster diving for crypto companies. Chaos in the crypto markets is creating investing and acquisition opportunities for the bank, according to Matthew McDermott, Goldman's head of digital assets. Read more here on the bank's plans.
8. Getting into risk management is a safe bet these days. Fintechs branching out into new industries that have to meet regulatory requirements are on the hunt for risk officers. Here's more on why risk management is so in demand right now.
9. Citi might actually get money back from that fat-finger mistake. The bank, which mistakenly sent $900 million to lenders of Revlon, is close to getting some of that money back, Reuters reports. Click here to read the latest.
10. A fake currency that works on an honor system and can be used to buy imaginary things is all the rage on TikTok. No, this isn't a joke about crypto. "Dabloons" are the latest viral trend on the popular app. This is what your kids are doing on their phone all day. | 2022-12-07T12:21:17Z | www.businessinsider.com | KKR Co-CEO Explains Investment Strategy Amid Market Downturn | https://www.businessinsider.com/kkr-ceo-investment-strategy-for-tech-companies-2022-12 | https://www.businessinsider.com/kkr-ceo-investment-strategy-for-tech-companies-2022-12 |
Check out the pitch deck the Y Combinator alum SilkChart used to raise $5.2 million from investors like SoftBank
Andreea Francis and Matthew Rajcok, the founders of SilkChart.
SilkChart
The marketing startup SilkChart seeks to help businesses better understand their advertising data.
It was in Y Combinator's spring 2022 class and says it was able to grow revenue during the program.
Now, SilkChart has raised $5.2 million in funding to scale its data-analytics business.
Andreea Francis stumbled upon the idea for her startup, SilkChart, while working as the head of product growth for the food-delivery giant Instacart. She realized that by combining Instacart's marketing data with its data around which products were performing best, she could prevent the company from spending a ton of cash on general ads where it was tough to tell whether those who saw them would become loyal customers.
By combining the data, she was able to serve personalized ads that could target people who would come back week after week, based on which products were selling well and were likely to be interesting to them.
She credits her tool with a 30% jump in quarter-on-quarter revenue for Instacart and says that's when the lightbulb went off. "I realized that this was actually something that had potential for a lot of other companies," she told Insider.
Francis teamed up with Matthew Rajcok, who had founded the Y Combinator-backed data startup Mystro, to found SilkChart and create a service for companies to target their advertisements based on similar types of data from product sales.
Unlike traditional ways companies analyze the data from their online ads, which requires data engineers to comb through advertising data points like ad click-throughs, product sales, which channels the ad performed best on, and time and day of purchases to produce reports, SilkChart automates this analysis and gives marketing teams direct recommendations on which ads are bringing in customers who will pay for their products or services and keep coming back.
In a world in which advertising platforms run by Apple and Google are planning to share less information about consumers over time, companies will increasingly turn to their own data about customer behavior to drive growth, Francis predicted.
SilkChart had raised a small pre-seed round before YC, but the startup got a massive influx of investor interest post-Demo Day, Francis said, and has now raised $5.2 million to date. Investors include Y Combinator, SoftBank, the ad agency Dentsu, Harlem Capital, and Global Founders Capital.
Francis and her cofounder, Rajcok, the chief technology officer, applied to YC's spring 2022 cohort, and the experience of attending the incubator really helped them hone their core pitches to investors and customers during the down market, Francis said, particularly around how their product could save startups money on hiring.
"Because we can make this argument that we provide an option that not only reduces costs, but also helps marketers grow revenue, we align with this profit focus that is so important in this current investor climate," Francis said. SilkChart was able to grow its revenue by 10x over the course of the accelerator, which made it much more attractive to investors as well.
Check out the 12-slide pitch deck that the founders of SilkChart used to raise $5.2 million in funding:
A slide in SilkChart's pitch deck. | 2022-12-07T12:21:23Z | www.businessinsider.com | See the Pitch Deck That YC Alum SilkChart Used to Raise $5.2 Million | https://www.businessinsider.com/pitch-deck-ycombinator-alum-silkchart-raise-52-million-2022-12 | https://www.businessinsider.com/pitch-deck-ycombinator-alum-silkchart-raise-52-million-2022-12 |
Hundreds of people have applied to Twitter job postings on LinkedIn.
The company listed over a dozen jobs on Sunday, but indicated they were "not for immediate hire."
Musk laid off about 50% of Twitter's workforce in November and has asked remaining staff to work "hardcore."
Hundreds of people are applying to job openings on Twitter, according to postings on LinkedIn. Just last month, Elon Musk laid off thousands — about half of the company's workforce — and over 2,000 more employees quit.
Twitter posted about 20 job listings on LinkedIn on Sunday. The listings cover a variety of engineering and design roles from web, iOS, and Android engineering positions to product design jobs both in California and New York.
The company has also listed 11 job opportunities on its careers page. All of the job postings specify that they are for "future opportunities" at the company, but already dozens of people have applied to several of the roles. One opening for a software engineer already has over 500 applicants on LinkedIn.
"Please note this job posting is not for immediate hire but rather an opportunity to submit an application for future consideration," the job postings on LinkedIn and Twitter's website read.
A Twitter spokesperson did not respond to a request for comment from Insider ahead of publication.
Since Musk's acquisition, Twitter has been largely thrown into chaos. Musk's time at Twitter has been characterized by sleeping at the office, the continual ranking and firing of employees, and the slashing of popular perks like free lunch, days of rest, and remote work.
The new job postings come only a few weeks after thousands of employees left the company.
The billionaire fired several top executives, including former Twitter CEO Parag Agrawal, within hours of taking over in late October. Musk later laid off about 50% of Twitter staff.
He issued an ultimatum to employees that remained, outlining plans for "Twitter 2.0,": commit to working "extremely hardcore" with "long hours at high intensity" or resign.
The ultimatum led more than half of the company's 4,000 remaining employees to leave and left Twitter scrambling to persuade some workers to stay at the company, Insider's Kali Hays reported. Still, some of the members who committed to stay were later laid off.
But there have been signs that the tides might be turning at Twitter. Last week, Musk shared slides from a presentation he made to the company that included one slide reading "We're recruiting."
On Monday, a reporter from The New York Times, Mike Issac, shared a recruiting memo that he said was circulating in Silicon Valley from Twitter.
—rat king 🐀 (@MikeIsaac) December 5, 2022
On the LinkedIn job postings, salaries range anywhere from $142,000 to $200,000 for software engineers with at least three years of experience to as high as $243,000 to $338,000 for senior staff software engineers with over 9 years of experience. The average salary for a software engineer in San Francisco is $108,603, according to GlassDoor.
Twitter employees might also be able to benefit from stock in the company. In November, Musk said in an internal memo that Twitter employees would still be able to receive stock options as part of an "ongoing compensation plan," even though the company is now private, CNBC reported. The billionaire said "exceptional amounts" of shares will be granted for "exceptional performance."
Do you work for Twitter or have a tip to share? Reach out to the reporter from a non-work email at gkay@insider.com
Elon Musk Twitter LinkedIn | 2022-12-07T13:52:50Z | www.businessinsider.com | Hundreds Are Applying for Chance to Work at Musk's Twitter 2.0 | https://www.businessinsider.com/hundreds-applying-for-chance-to-work-at-elon-musk-twitter-2022-12 | https://www.businessinsider.com/hundreds-applying-for-chance-to-work-at-elon-musk-twitter-2022-12 |
Andreessen Horowitz just led a $43 million round into real estate financing startup Setpoint after seeing this 10-slide pitch deck
Setpoint cofounders Stuart Wall, Michael Lam, and Ben Rubenstein.
Setpoint, a property tech startup that provides financing for real estate, has raised $43 million.
The Series A round was led by US investing giant Andreessen Horowitz.
We got an exclusive look at Setpoint's 10-slide pitch deck.
A startup that helps property tech companies and financial institutions provide loans to consumers who want to buy and sell homes in the US has raised $43 million in a round led by Andreessen Horowitz.
New York-based Setpoint, founded in 2021, has developed a SaaS platform that aims to improve access to warehouse lending by digitizing the process away from spreadsheets and paper documents to speed up the process of transacting in the housing market.
Setpoint's platform enables lenders to track assets and store property collateral, perform document verification, while also operating automated wire transfers from escrow accounts.
"Much time and investment have been spent in fintech innovating on the consumer-facing front-end of these transactions," Setpoint CEO Stuart Wall told Insider. "In reality, the headwinds are in capital markets workflows behind the scenes that are largely manual and driven by email, Excel, and FTP folders. We make these back-end capital workflows instant and error-free."
Setpoint provides access to financing for single-family residences (SFR), fractional ownership, and rent-to-own housing and works with property tech companies like Flyhomes. Two of the company's cofounders Michael Lam and Ben Rubenstein previously founded real estate lead referral service Opcity, which was acquired by realtor.com.
Setpoint's Series A funding round was led by Andreeseen Horowitz with participation from Stonecroft, 75andSunny, Fifth Wall, 645 Ventures, NextView Ventures, LiveOak Venture Partners, Vesta Ventures, and ATX Venture Partners.
"Venture investors are certainly being more cautious, but in our experience, companies that have found great product-market-fit are getting funding," Wall added.
"I tell other founders to stay lean and focus on solving problems for customers; once they've demonstrated clear product-market-fit they'll be able to find a capital partner. Going forward we do expect to find great people who were impacted directly or indirectly by tech layoffs."
Setpoint has aided around 25,000 home transactions to date and plans to hit 100,000 in 2023. Funding will go towards hiring and the development of its lending portal which helps warehouse lenders to examine a variety of asset-backed loan categories and a calculation tool to let borrowers and lenders fund assets in real-time," Wall said.
Check out Setpoint's 10-slide pitch deck below: | 2022-12-07T13:52:52Z | www.businessinsider.com | Setpoint: New York Property Tech Startup Brings in A16z Funding | https://www.businessinsider.com/setpoint-new-york-property-tech-startup-brings-in-a16z-funding-2022-12 | https://www.businessinsider.com/setpoint-new-york-property-tech-startup-brings-in-a16z-funding-2022-12 |
US shoppers will return more than one quarter of what they buy by dollar value in 2022.
Inflation and a phenomenon called 'bracketing' are driving returns, Insider Intelligence says.
Retailers are trying to make returns easy, but they also tend to be costly.
Shoppers will make returns equivalent to more than one quarter of their purchases this year, creating headaches for retailers and giving them more incentive to charge customers who make them.
In 2022, US consumers will send back $279.03 billion worth of merchandise, per a December 2 report from Insider Intelligence, a division of Insider's parent Insider Inc. That's equal to 26.5% of what consumers are expected to spend this year.
By contrast, returned merchandise accounted for 19.8% of all e-commerce spending in 2019, the last year before the pandemic forced many shoppers to buy more online.
As holiday shopping ramps up, retailers are fielding more online orders than ever before. Returns add another layer of cost and complexity for retailers, Insider Intelligence analyst Zak Stambor wrote in the report. Depending on the way they handle returns, retailers could be on the hook for packaging, shipping, and labor costs, he wrote. Some retailers have found alternatives to shipping returns, others are passing the cost of returns on to the consumer.
On average, online orders cost 21% of an order's value, Stambor said. "That ends up really eating into retailers' bottom line," he told Insider in an interview.
For consumers, though, easy and free returns have become an expectation, he added. "If you don't provide a good returns process, they'll go elsewhere," Stambor said.
Zara is among the stores that have started charging shoppers if they return items by mail.
Inflation, 'bracketing' are behind the spike in returns
The total value of e-commerce returns is increasing thanks in part to inflation, which continues to keep prices high for food, clothing, and a range of other consumer goods.
But Stambor also points to a phenomenon called "bracketing" for the increase. The term describes when someone buys multiple versions of a product, such as different sizes of a shirt, with the intent of sending back the ones they don't want to keep.
More than sixty percent of shoppers bracketed their purchases this year, Insider previously reported.
Retailers often pay shipping and other costs associated with returns. But once they're back, retailers often put them back into their inventory at a steep discount. In other cases, they simply throw the returned items away, which generates billions of pounds of trash.
Retailers have tried to keep the costs of returns down and the process convenient.
Amazon, for example, allows customers to return items purchased on its website at Whole Foods grocery stores, which the company owns. It also has a partnership with department store Kohl's, which serves as a drop-off point for Amazon returns. Walmart, meanwhile, is encouraging customers to make curbside returns during the holidays this year.
Other retailers are passing the costs on to consumers. Apparel retailers including Zara, Anthropologie, REI, Pacsun, and L.L.Bean say they'll refund customers for returned merchandise — minus a fee to cover the costs of handling the return by mail, trade publication Modern Retail reported earlier this month.
Charging consumers for returns is a risky bet, Stambor wrote. Roughly 54% of US shoppers say they won't make purchases from a retailer online if it charges for returns, according to a survey from retail reuse startup Loop that Stambor cited.
Some retailers are also experimenting with approaches that reduce the need to return items in the first place, Stambor said. One option is adding more details about products to their websites, such as whether a shoe's sizing runs large. Another involves using augmented reality to help potential buyers figure out what the item will look like on them or in their homes.
But Stambor said that consumers are likely to stick to bracketing and similar approaches for now. "It's a newer habit, but it's a deeply ingrained habit," he told Insider.
Retail Shopping Holiday Shopping | 2022-12-07T13:52:54Z | www.businessinsider.com | Shoppers Are Returning More Than 25% of What They Buy Online | https://www.businessinsider.com/shoppers-are-returning-more-than-25-what-they-buy-online-2022-12 | https://www.businessinsider.com/shoppers-are-returning-more-than-25-what-they-buy-online-2022-12 |
Sam Bankman-Fried's FTX filed for bankruptcy on November 11.
Lawyers at Eversheds Sutherland represent FTX's non-US customers – 98% of its 1.2 million users.
The lawyers say that Chapter 11 debtors should file full financial disclosures.
But nearly a month into the case, they say there's "no real visibility" into FTX's records.
Lawyers for FTX customers have accused the company's debtors of failing to share financial records in the Chapter 11 bankruptcy case.
The law firm Eversheds Sutherland represents the Ad Hoc Committee of Non-US Customers of FTX.com, established to protect users outside the US. That's 98% of the crypto exchange's 1.2 million customers, per the New York Times.
Erin Broderick, an attorney at Evershed Sutherland, said "Chapter 11 debtors are typically required to file full financial disclosures shortly after the bankruptcy filing."
But almost a month into the case, nobody else has been given access to all the financial records available to FTX, according to the law firm.
FTX's bankruptcy is being handled by John J. Ray III, the newly appointed CEO who also oversaw Enron's bankruptcy.
He previously said he'd never seen "such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."
Ray and his team have split the 134 bankrupt entities controlled by Sam Bankman-Fried into four "silos" – owing to the complicated structure of the companies, per court documents.
Some of the assets – including venture capital and real estate – are owned by FTX Trading, but others are owned by the trading firm Alameda Research, and Bankman-Fried's investment arms West Realm Shires and Clifton Bay Investments.
But full financial documents beyond basic charts and the top 50 creditors are yet to be released.
"Parties in interests still have no real visibility as to the value of the estates, the composition of seemingly conflicting creditor groups, or the magnitude of liabilities at the FTX Trading Ltd. silo other than the customer claims," Broderick said.
"There cannot be a fair or value-maximizing outcome in these cases if the only parties with a seat at the table are conflicted in the interests they are obligated to represent," she added.
Sarah Paul, another Eversheds Sutherland attorney working on the case, pointed to the Wall Street Journal's report that FTX lent $10 billion of customer assets to Alameda to fund risky bets.
"In effect, Mr. Bankman-Fried and his other companies used the FTX.com exchange as a piggy bank," Paul added.
Bankman-Fried later told the New York Times' DealBook that he "didn't knowingly commingle funds."
Because FTX didn't have an accounting department, according to a court filing, Paul said "it may be impossible to trace where Alameda further transferred those funds. No one knows yet."
Adam Landis, the lawyer representing FTX and its entities, did not immediately respond to Insider's request for comment. | 2022-12-07T14:31:39Z | www.businessinsider.com | FTX Customers' Lawyers Slam Debtors' Lack of Visibility Into Finances | https://www.businessinsider.com/ftx-customers-lawyers-finances-2022-12 | https://www.businessinsider.com/ftx-customers-lawyers-finances-2022-12 |
Senate Herschel Walker addressing supporters of former President Donald Trump during a rally on March 26, 2022 in Commerce, Georgia.
Ex-girlfriends of Herschel Walker celebrated his loss in the Georgia runoff election, per the Daily Beast.
Some had previously accused him of abuse or of paying for abortions despite his pro-life stance.
Exes told the Beast that they felt vindicated and that Georgia had made the right choice.
Women who previously dated Georgia Senate candidate Herschel Walker celebrated his loss in the state's runoff election on Tuesday, saying they feel vindicated after some of them had publicly accused him of abuse.
Five women who were once involved with Walker spoke to The Daily Beast after his loss, saying they felt Georgia had made the right choice.
One woman, who had accused Walker of paying for her abortion and shared evidence including a check signed by Walker, told the Daily Beast that "Georgia made their choice today. Herschel will not be their voice. Your votes matter ... When we as a country demand more of our leaders, we will be heard!"
Cheryl Parsa, another ex-girlfriend of Walker who told the Beast earlier this month that Walker attacked her in 2005, said that she hopes "this encourages women everywhere—to feel heard, to come forward, and to stand in their truth and power."
She told the Beast after Walker's loss: "I am extremely proud of the outcome of this runoff. The great people of Georgia deserve better representation in the Senate than Herschel Walker, and today they have chosen better."
Another woman, who said she had an affair with Walker between 1996 and 1998, told the outlet that she was happy with the result.
"Finally, this violent liar, cheater, adulterer, abuser and deranged, manipulative idiot has been defeated. As a victim of this disgusting liar, I finally feel relieved, vindicated, and not alone," she said.
Other women who claim to have previously had romantic relations with Walker also spoke to the outlet.
One, who was involved with him in 2006, said: "Having Herschel Walker lose this very important Senate race tonight not only vindicates that democracy has won but the women that he betrayed, have won.
"The truth has won and I hope Herschel finds a way to start telling the truth. However, I highly doubt he knows what the truth is anymore."
News UK Georgia Senate | 2022-12-07T14:31:45Z | www.businessinsider.com | Herschel Walker's Exes Celebrate Georgia Senate Runoff Loss: Daily Beast | https://www.businessinsider.com/herschel-walkers-exes-celebrate-georgia-senate-runoff-loss-daily-beast-2022-12 | https://www.businessinsider.com/herschel-walkers-exes-celebrate-georgia-senate-runoff-loss-daily-beast-2022-12 |
'Context switching is the mind-killer': Elon Musk shared a strange, altered quote from 'Dune' as he juggles leading Twitter with running 4 other companies
Elon Musk has shared the quote at least three times.
Elon Musk has three times shared an altered version of a famous quote from sci-fi classic "Dune."
"Fear is not the mind-killer, context-switching is the mind-killer," Musk tweeted Wednesday.
The quote seemingly means that constantly switching focus is mind-numbing.
Elon Musk once again posted a bizarre altered clip from the 1984 sci-fi movie "Dune" in an apparent reference to his extremely hectic work schedule.
The nine-second clip, which Musk posted in the early hours of Wednesday morning, shows a scene from the movie featuring actors Siân Phillips and Kyle MacLachlan, with altered subtitles overlaid.
The text over the clip reads: "Fear is not the mind-killer. Context switching is the mind-killer," altering the words of a famous passage from the sci-fi series: "Fear is not the mind-killer."
Musk's post was captioned: "Oh, you know, keeping busy …"
Musk has repeated the edited quote before in an identical tweet in 2021, and again in a Clubhouse chat. Musk's altered quote is taken to mean that switching tasks and contexts repeatedly can be mind-numbing, while maintaining focus on one task is the real winner.
The billionaire CEO is currently juggling the leadership of five companies, including Twitter, where he has enacted a sweeping series of staff cuts and workflow changes in just six weeks.
His four other businesses include Tesla, the electric vehicle manufacturer; aerospace company SpaceX; a neurotechnology firm called Neuralink; and The Boring Company, a tunnel construction startup.
The original quote altered by Musk comes from the so-called "Litany against Fear," a text that makes up part of Frank Herbert's 1965 science fiction novel "Dune," on which the 1984 movie is based.
The original quote is: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain."
Dune's primary protagonist Paul Atreides reads the litany to himself when put to a test by a high ranking member of the Bene Gesserit, a secret sect.
The scene Musk posted to Twitter shows the sect member ordering Atreides to put his hand in a box filled with "pain." When Atreides puts his hand in the box, he recites the litany to himself to muster the courage to keep his hand inside, despite the agony.
The litany is one of the most famous lines from the novel and is even considered by some to be solid advice to overcome fear in real life.
While Musk has three times repeated his altered version of the quote, he has also shared the original quote, posting the first words of it to Twitter in March 2020, just as the COVID pandemic was beginning to sweep the globe. | 2022-12-07T14:31:57Z | www.businessinsider.com | Elon Musk Shares Altered Quote From 'Dune' As He Juggles 5 Companies | https://www.businessinsider.com/musk-posting-edited-dune-quote-fear-is-not-mind-killer-2022-12 | https://www.businessinsider.com/musk-posting-edited-dune-quote-fear-is-not-mind-killer-2022-12 |
Elon Musk opens Tesla's Berlin factory in March.
Tesla is struggling to recruit and retain enough staff at its German gigafactory, Wired reported.
The Berlin plant is falling behind on production goals, leaving it in "total chaos," per the report.
One worker told Wired: "Many people are signed off sick because the motivation isn't there."
Tesla is struggling to find and retain enough staff for its new factory in Germany, making it difficult for Elon Musk's EV maker to meet ambitious production targets, Wired reported.
One anonymous worker told the publication that the plant was in "total chaos" due to staffing issues.
"There are people who I haven't seen working for three weeks in six months. Many people are signed off sick because the motivation isn't there," the employee said. "Some people are off sick longer than they've actually worked."
The Berlin-Brandenberg factory is Tesla's first in Europe. At the official opening in March, Musk said he expected it to produce half a million cars this year, per Welt.
However, the plant is a long way from its goal of producing 5,000 vehicles a week, Wired reported, because it has only recruited 7,000 workers despite aiming for 12,000.
Tesla is advertising at least 400 roles in Berlin, including a "high-volume recruiter."
Union representatives told Wired that Tesla's recruitment and retention problems reflected the company's reputation as an unattractive employer in Germany's heavily-unionized automotive sector.
In June, IG Metall — the country's largest trade union — told Bloomberg that Tesla employees earned a fifth less than staff at rival car makers in Germany.
Tesla has sought to tackle its staffing shortages by recruiting in nearby Poland. It's even advertised in Polish, per Welt, but still demanded that workers speak German, which has proved difficult, Wired and Tabletowo reported.
Weekend BI UK News Tesla Elon Musk | 2022-12-07T14:32:09Z | www.businessinsider.com | Tesla's German Gigafactory in 'Total Chaos' Over Staff Shortages: Report | https://www.businessinsider.com/teslas-german-gigafactory-in-total-chaos-staff-shortages-report-2022-12 | https://www.businessinsider.com/teslas-german-gigafactory-in-total-chaos-staff-shortages-report-2022-12 |
Apple made a big move into women’s health just as startups go through a funding winter. 4 health investors and founders predict who’ll survive.
The Apple Watch Series 8 has added new women's health and fertility-tracking features.
The tech giant's moves into women's health coincides with a funding winter for startups in the sector.
Insider spoke to VCs about the challenges and opportunities this creates for women's health startups.
When Apple rolled out the Apple Watch Series 8 in September this year, it cemented its growing footprint in the global women's health market.
With new body sensor features, users can measure more granular changes in their fertility cycles, from temperature rises during ovulation to deviations in their cycle during over a period of time.
The aim is to give consumers a more consolidated view of their health data, an Apple representative said — but it's a step that could spell trouble for women's health startups.
"For consumer-grade wearables used for lifestyle and health, the dominance of Apple is pretty undisputed regarding design and distribution," said Andrea Zitna, partner at Speedinvest who specializes in health startups. She "would not be tempted to invest" in a wearables startup if it was touting just a wellness service that Apple also offered.
The tech giant dominates the global wearables industry, with its 30% market share far exceeding its nearest rival Samsung, according to IDC. The firm also quietly acquired asthma-tracking startup Tueo Health in 2018 to bolster its health ambitions. (Apple declined to comment on its acquisition strategy for startups, but a representative said it has created more avenues for collaboration with startups by making its HealthKit data available to external companies, with users' consent.)
"If you are a specific provider, or a wearables device to track women's health, you'd be quite worried," said Andrew Elder, healthcare partner at AlbionVC. "These startups are going to have a hard time."
There is also the aftermath of overturning Roe v. Wade, which has left consumers more vigilant about sharing sensitive fertility data with period-tracking apps — some of which may compete with Apple for users. Recently, 18 period-tracking startups, including Flo, Clue, and Glow, came under fire from browser-maker Mozilla for not adequately protecting consumer data, which could leave its users vulnerable to having their data shared with law enforcement.
German startup Clue told Insider that it understood that many of its American users are worried that their tracked data could be used against them by US prosecutors, and confirmed that it is "obligated under European GDPR to apply special protections to such health data", and to de-identify any health data which is used for scientific research.
A representative from London-based Flo, which has around 48 million monthly users, told Insider that it recently released an 'Anonymous Mode' update, which users would have to opt in to activate. While the app would have to comply with any legitimate law enforcement requests to hand over data, anonymizing user data would make it impossible to comply with a subpoena, the representative added.
Apple declined to comment on its specific data-storing practices, but said health data is encrypted on device.
Funding into women's health has taken a dip
The tech giant's gradual monopoly over health data comes at a time when its apparent competitors — consumer women's health startups — are feeling the tech downturn.
Startups in the sector have previously had difficulty raising the same level of funding as their counterparts in digital therapeutics and telemedicine, according to Dealroom data. A pandemic-fueled demand for virtual clinics and remote fertility services temporarily changed that, with with femtech startups securing a record $2.5 billion in 2021 globally.
But the boom was short lived. Funding into the sector dropped 68% by 2022 — the steepest of any sector, bar pediatrics and home living, according to Dealroom. VCs are also investing more cautiously in direct-to-consumer (commonly known as D2C) femtech, a sector that's disproportionately affected during recessions and downturns.
Amid a volatile economic environment for the women's health sector, coupled with Apple's increasing dominance in the same market, investors are bracing for a "double-edged impact on startups," said Elder. On the plus side, Apple's involvement will likely raise "awareness and adoption" for the sector as a whole. Apple has also experienced challenges trying to effect its grand vision to reinvent healthcare, Insider's Blake Dodgson reported in 2021, pointing to high-level resignations and employee dissatisfaction at the time.
Startups that succeed may be the ones that stay niche, according to Dr. Fiona Pathiraja, managing partner of Crista Galli Ventures. Communities for users dealing with certain conditions such as menopause or PCOS, startups with a focus "are meeting a need which Apple isn't," she said.
Clelia Morales, cofounder of fertility app Woom, said the growth of the ecosystem would create "bigger opportunities for users and companies, as well as their founders."
But, she added, founders need a differentiator to set them apart from rivals, pointing to Woom's social features. "So far we haven't seen a decrease in the number of users," she added.
Building clinically robust datasets, and differentiating themselves through the science and clinical process would also give startups a "headstart", said Elder, who noted that "Apple is not yet there in terms of having [health services] as medical-grade features — and it's not easy to make these medical-grade approvals."
Women's Health Apple | 2022-12-07T14:32:15Z | www.businessinsider.com | The Impact of Apple's Health Rollout on Women's Health Startups | https://www.businessinsider.com/the-impact-of-apple-health-on-womens-health-startups-2022-11 | https://www.businessinsider.com/the-impact-of-apple-health-on-womens-health-startups-2022-11 |
Ultium EV charger in Michigan
The difference for GM is that its chargers are not proprietary and will be developed and installed via a partnership with its dealers and FLO charging to set up Level 2 EV charging stations all over the US and Canada. The ultimate goal is to install some 40,000 chargers for EV drivers to access more easily.
According to Hassani, about 90% of the US population lives within 10 miles of a GM dealership. That's why the automaker decided to bring its dealers in on this program, he said.
EV charging Ultium General Motors | 2022-12-07T15:23:59Z | www.businessinsider.com | GM Building Its Own Tesla Charging Network With Dealers As Secret Weapon | https://www.businessinsider.com/gm-tesla-charging-network-expanding-ultium-charge-360-dealers-locations-2022-12 | https://www.businessinsider.com/gm-tesla-charging-network-expanding-ultium-charge-360-dealers-locations-2022-12 |
10 states with the most identity theft
10 states with least identity theft
Identity theft frequently asked questions (FAQ)
The 10 most (and 10 least) vulnerable states to identity theft and fraud
In 2021, the FTC documented 5.7 million fraud reports.
Oscar Wong/Getty
A 2022 study revealed which states are most susceptible to identity theft and fraud.
Rhode Island, Louisiana, and Colorado were the three most vulnerable states to identity theft.
If you live in a state where identity theft is common, you should think about signing up for a credit monitoring service.
Your identity is one of your most valuable assets, which makes it a common target for theft. Identity theft and fraud are growing problems. Fraud reports have steadily increased since 2017, rising from 2.7 million reports to 5.7 million in 2021. Of these 5.7 million reports in 2021, identity theft made up 25% of them. That's 1.4 million reports or one in 231 Americans.
While fraud is a growing problem across the country, residents in certain states are more vulnerable to identity theft and fraud than others. A recent survey from WalletHub has identified the states most vulnerable to identity theft as well as the states least susceptible.
If you live in a state where identity theft is common, it might be worth your time to shield your identity and your credit from fraudsters.
WalletHub's state ranking was calculated by looking at identity theft cases per capita, the change in cases per capita between 2020 and 2021, and the average loss per instance of identity theft. The results of the top 10 most vulnerable states were as follows:
10 states with the least identity theft
Protecting your identity is largely dependent on you practicing good data hygiene. This means shredding sensitive documents when you toss them. You should be using antivirus software on your computer. There are also several identity theft protection services on the market that digitally secure your online accounts.
You can also freeze your credit, which will prevent any new lenders from looking at your credit reports. This will prevent any bad actors from taking out a loan since their loan application will be rejected. The three major credit bureaus — Experian, Equifax, and TransUnion — have their own version of this feature called a credit lock, which works similarly to a credit freeze. Experian and TransUnion's credit locking services also come with $1 million in identity theft insurance.
While avoiding identity theft is the best-case scenario, the second-best scenario is catching identity theft early. This is where credit monitoring services come in handy. They will alert you of any changes in your credit report when they occur, such as a loan taken out in your name.
That said, most credit monitoring services cost money, and the free services only offer partial coverage. For free monitoring on all three bureaus, you can place a fraud alert on your credit for free. This service, which goes through the credit bureaus, encourages lenders to confirm your identity before issuing credit. However, fraud alerts only last a year before you need to renew them.
You may have done everything right. You shredded every sensitive document. You have individual randomly generated passwords on each of your accounts. You pay for the top antivirus software. And yet, one day you get a notification from your top-of-the-line credit monitoring service that someone tried to use your birthday and social security number to take out a loan.
Once the frustration passes, the first thing you should do is file a report with the Federal Trade Commission through IdentityTheft.gov. You also need to go to the credit bureaus. Once you report fraud to one bureau, that bureau is required to inform the others.
As a victim of identity theft, you have a handful of rights that you can exercise. You can place a 90-day initial fraud alert on your credit, which will require lenders to take reasonable steps to confirm your identity (usually a phone call) before they issue new credit. Once you place this fraud alert, you will be able to see your credit reports from all three credit bureaus for free. You are allowed to dispute any fraudulent information on those credit reports, which the bureaus are required to investigate and amend your report if it's indeed fraudulent.
Note: If you report identity theft over the phone, you will not get an identity theft report, which can be important documentation when you go to the credit bureaus.
You can also place an extended fraud alert on your credit, which works like that 90-day initial fraud alert. This alert lasts for seven years. You will need an identity theft report from your filings with IdentityTheft.gov to qualify for this fraud alert.
Why is protecting your identity important? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Identity theft comes in many different forms. If you're the victim of criminal identity theft, that means that someone used your name and identification when they committed a crime.
However, if you are the victim of identity theft, the biggest impact you will see is on your credit. Someone might use your credit card information to make a purchase through your card, which you can dispute. However, if a thief gains access to your birthday and your social security number, they will be able to borrow money in your name and at your expense. This form of identity theft is particularly damaging since it's very difficult to replace your social security number, even after it has been used by someone else.
How can I find out if someone is using my identity? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Finding out if someone is using your identity takes some vigilance on your part. You should look out for charges on your credit card bill that you don't recognize, which some credit card companies will do anyways. You are also allowed to request a free credit report from each of the three credit bureaus once a week until the end of 2023, at which point you will be allowed one free credit report from each bureau once a year.
Constantly checking your bills and reports for discrepancies can be exhausting, which is where credit monitoring services come in. These services do all the checking for you, noting any changes in your reports.
How do I freeze my credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You can request a credit freeze through the three major credit bureaus, which will prevent any new lenders from accessing your credit report. This will prevent someone from taking out a loan on your credit without your knowledge. You can do this online, over the phone, or through the mail. It's important to note that you will have to freeze your credit at each bureau individually.
PERSONAL FINANCE 5 tips to avoid common identity theft scams on social media
PERSONAL FINANCE Understanding what identity theft is — and how to protect yourself from it by protecting your personal information
PERSONAL FINANCE How to freeze your credit with the three major credit bureaus — Experian, Equifax, TransUnion | 2022-12-07T15:24:01Z | www.businessinsider.com | The 10 States With the Most Identity Theft and Fraud | https://www.businessinsider.com/personal-finance/identity-theft-by-state | https://www.businessinsider.com/personal-finance/identity-theft-by-state |
'Another bear market rally': $38 billion Glenmede shares 3 reasons why the stock market's recent run is due to fail — including the track record for every bear market since World War II
A grizzly bear roams through the Hayden Valley in Yellowstone National Park in Wyoming, May 18, 2014. The nearly 3,500 square mile park straddling the states of Wyoming, Montana and Idaho was founded in 1872 as America's first national park. Picture taken May 18, 2014.
The S&P 500 has risen as high as 14% since mid-October.
The rally is likely due to reverse, however, according to Glenmede.
In a recent note to clients, the firm shared 3 reasons they're bearish on stocks near-term.
Investors hoping that the stock market's rally since mid-October is sustainable are bound for disappointment, according to top investors at wealth management firm Glenmede.
Since October 12, the S&P 500 has risen as high as 14%, largely on hopes that the Federal Reserve will turn dovish as inflation cools. But in a note to clients on Monday, Glenmede's CIO of Private Wealth Jason Pride and Vice Presidents of Investment Strategy Michael Reynolds and Ilona Vovk laid out this is just "another bear market rally." Glenmede manages $38.5 billion in assets.
First, investors are betting unwisely on a Fed pivot to easier policy, they said. Last week, for example, stocks jumped after Fed Chair Jerome Powell said the central bank would slow the pace of rate hikes. But that doesn't mean they will start easing policy, said Pride, Reynolds, and Vovk.
"Powell pushed back on any notion that the recent moderation in price increases was indicative of a sure sign that inflation will continue to cool. In fact, he repeatedly emphasized that policy would need to remain tight 'for some time' to restore price stability," they said in the note.
Second, history shows stocks likely have further to fall. Pride, Reynolds, and Vovk looked at the 10 bear markets since World War II, and found that the average one lasted 14 months and resulted in a 35.7% drop. The current bear market (highlighted below in green) is 11 months in, and the S&P 500 is down 18% over that time. Usually, bear markets also bottom after a recession has started — the National Bureau of Economic Research has yet to call an official recession this year.
"The current bear market appears to be close to 2/3rds of the way through the typical bear-market decline. The current market appears to be following a similar trajectory of an average historical bear market so far," they said. "Based on past trends, on average, bear markets do not bottom until after a recession begins, but before a recession ends."
Back in June, Solomon Tadesse, the head of North-American equity quant research at Societe Generale, said that 150 years of bear market history showed that the S&P 500 would likely have to fall between 34-40% to match up with historical norms. That's because stocks rose too high too quickly after the 2020 bear market, thanks to government stimulus.
Third, Pride, Reynolds, and Vovk said that valuations are still too high, despite the fact that stocks have come down so much this year.
"After rebounding from the October lows, markets have returned to levels at which they command significant premiums to fair value," they said. "Even with this year's broad decline, equity valuations still do not appear to reflect the growing difficulty in the economic environment and have yet to decline to levels seen in past recessions."
Stocks are currently more expensive than they are 75% of the time, they said, but tight Fed policy will eventually catch up to earnings.
Pride, Reynolds, and Vovk said that a move to less-restrictive COVID-19 policy in China could be a boon for economic growth around the world, however.
The Glenmede trio aren't the only ones to say the current rally is doomed to fail.
Bob Doll, the CIO at Crossmark Global Investments and former chief US equity strategist at BlackRock, told Insider last month that the S&P 500 would fall back to 3,500-3,600 again. Right now, the index sits near 3,940.
"We've had a nice little run here in the stock market — it's the third double-digit percentage gain since the bear market started," Doll said. "Like the first two, my guess is this one will fade at some point in time."
Morgan Stanley's Chief US Equity Strategist Mike Wilson also said last week that the current rally is likely to reverse with earnings expectations too high. In his bear-case scenario where a recession unfolds, Wilson believes the S&P 500 could fall to around 3,000.
David Kostin, Goldman Sachs' chief US equity strategist, also sees near-term trouble for stocks. Over the next few months, he sees the S&P 500 dropping to 3,600. In a recessionary scenario, the bottom would be around 3,150, he said.
Investing Bear Market | 2022-12-07T15:24:10Z | www.businessinsider.com | Stock Market Rally Is Set to Fail: Experts Share 3 Reasons Why | https://www.businessinsider.com/stock-market-crash-bear-rally-fed-recession-sp500-forecast-glenmede-2022-12 | https://www.businessinsider.com/stock-market-crash-bear-rally-fed-recession-sp500-forecast-glenmede-2022-12 |
Gen Zers don't have to get a new job to find meaning and purpose at work
Danielle Farage is a Gen Z growth and marketing director at a tech startup.
courtesy of Farage
Many Gen Z employees want their jobs to matter and look for meaningful work.
Additionally, the US Surgeon General cited "mattering at work" as a pillar for wellness in the workplace.
Here's how Gen Zers can find meaning at work, from forming connections to shaping values.
When Danielle Farage was looking for a new role, she knew her priorities were: feeling seen by her bosses and colleagues, having a schedule that supported her mental health, and being excited by the work.
She, like many Gen Z employees, wanted her work to matter. For example, non-binary and women students between the ages of 18 and 25 said "meaningful work" is the first and second most motivating factor for staying in a job, respectively, according to a report published in June by student job site Handshake.
To be sure, Gen Zers aren't the only employees who want their work to matter. The US Surgeon General recently released a report citing "mattering at work" as one of the five essential pillars for wellness in the workplace.
"When you feel like you matter, you are secure in the knowledge that you have strong, meaningful connections to others and that you are not going through this life alone," Gordon Flett, a professor of psychology at Canada's York University and the author of "The Psychology of Mattering" told the Wall Street Journal.
For the young workers hoping to launch meaningful careers, here's how fellow Gen Z employees and job experts suggest you build a profession you're passionate about — from establishing your personal values to taking the leap.
Define your personal values
Gen Zers are mindful of working for companies that support missions they admire.
To find a role that fits with your beliefs, start by defining your personal values. This exercise can help you discover companies and positions that match your ethos and help you find meaning at work.
Even without formal training, it's possible to break into roles focused on climate tech, DEI, or other values that you're passionate about. Networking, newsletters, and online learning platforms are ways to learn about mission-driven communities and career opportunities, industry experts previously told Insider.
Craft your own job description
A job description is rarely all-encompassing, so take the initiative to shape your role into one you're excited about. In fact, job-shaping can spark your enthusiasm for work by encouraging you to take on adjacent responsibilities you're interested in, according to the Harvard Business Review.
Look for ways to "make new contributions so that your presence at your organization feels more meaningful," Hatice Necla Keleş, a professor in the Department of Organizational Management, at Bahçeşehir University in Istanbul, told the HBR.
Take your suggestions to your HR department or manager to see if they approve of your ideas.
Danielle Farage says connecting with coworkers and peers helps inspire and motivate her as a Gen Z worker.
The importance of intimate connections can not be ignored in establishing a meaningful work experience. Peers can act as accountability partners when you are struggling or need a push in the direction of motivation, Farage said.
"Having those touchpoints with other people and having that accountability is really important," she said. "If I feel that creativity boom, I wouldn't be as motivated alone as working with other people."
Plus, expressing gratitude for your colleagues can counteract feelings of negativity or uncertainty in work and life, the HBR reported.
Determine the reason for your dissatisfaction
If you've tried to implement personal values, connections, and future goals but are still dissatisfied with work, break down each aspect of your job to determine the root cause, the HBR reported.
For example, if you can identify aspects that trigger stress or anxiety, or people who you feel unsupported by, you'll be better able to decide your next move. And perhaps that change is a shift in mindset or a shift internally.
"People can find meaning from different things within the same company," Farage said, adding that employees should leverage their bosses or internal resources to find new opportunities or roles.
If you still "aren't finding much fulfillment, if you're bored by what you're doing and you're not feeling inspired by the work," Farage suggests taking the leap and trying something new.
gen z Job Hunt Job Hunting | 2022-12-07T18:29:04Z | www.businessinsider.com | How to Find Meaning and Purpose at Work As a Gen Z Employee | https://www.businessinsider.com/how-to-find-meaning-purpose-at-work-gen-z-employee-2022-12 | https://www.businessinsider.com/how-to-find-meaning-purpose-at-work-gen-z-employee-2022-12 |
Republican Rep. Paul Gosar of Arizona on Capitol Hill on April 27, 2022.
Far-right Rep. Paul Gosar endorsed Trump's call to 'terminate' the Constitution over the 2020 election.
"Unprecedented fraud requires unprecedented cure," he wrote on Twitter.
Kevin McCarthy has pledged to let Gosar serve on committees again after he was censured last year.
Republican Rep. Paul Gosar of Arizona, among the farthest-right lawmakers in Congress, endorsed on Wednesday former President Donald Trump's call to "terminate" the Constitution over false claims of a stolen 2020 election.
"I support and agree with the former President," Gosar wrote in a tweet that included a screenshot of Trump's original post on Truth Social, his proprietary social media website. "Unprecedented fraud requires unprecedented cure."
—Rep. Paul Gosar, DDS (@RepGosar) December 7, 2022
On Saturday, the former president said that the "Massive Fraud" of the 2020 election "allows for the termination of all rules, regulations, and articles, even those found in the Constitution."
Since then, Trump has claimed that the notion he wants to terminate the Constitution is "DISINFORMATION & LIES," though the original post remains up and he has continued to argue that he should be installed as president.
Gosar, who swore an oath to protect and defend the US Constitution like every other member of Congress, was previously censured and removed from committees in the House after he tweeted an anime video depicting him killing Democratic Rep. Alexandria Ocasio-Cortez of New York.
Since then, House Minority Leader Kevin McCarthy has pledged to return Gosar to his committees when Republicans reassume control of the chamber, musing at one point that he may even have better committee assignments next time.
Congress Paul Gosar Rep. Paul Gosar | 2022-12-07T18:29:09Z | www.businessinsider.com | Far-Right Rep. Paul Gosar Backs Trump on 'Termination' of Constitution | https://www.businessinsider.com/paul-gosar-donald-trump-termination-constitution-arizona-2020-election-2022-12 | https://www.businessinsider.com/paul-gosar-donald-trump-termination-constitution-arizona-2020-election-2022-12 |
Sam Bankman-Fried wanted his now-bankrupt cryptocurrency exchange to sponsor a Taylor Swift tour.
FTX was close to negotiating an over $100 million deal, but talks between teams ended in the spring.
The sponsorship was opposed by some FTX employees who thought it was too expensive and not worth it.
Sam Bankman-Fried is reportedly such a big Swiftie, he wanted his now-bankrupt cryptocurrency exchange, FTX, to sponsor a Taylor Swift tour for over $100 million.
FTX and Swift's team were close to finishing negotiations for the deal that started last fall, but ended talks in the spring, according to the Financial Times.
Part of the sponsorship deal included offering tickets as non-fungible tokens, or NFTs, from Swift, people familiar with the matter told the FT. They also said the negotiations showed the divide between Bankman-Fried's inner circle and other FTX executives.
Bankman-Fried did not immediately respond to a request for comment from Insider.
One employee told the FT Bankman-Fried wanted to make the deal because he's "a fan of Tay Tay," and had support from other executives and fellow Swift enthusiasts, including Claire Watanabe, a senior executive in FTX's business development team.
But some at the firm opposed the sponsorship because they thought it was too expensive and didn't believe Swift was a good fit to reach potential cryptocurrency traders, the FT reported. Others expressed hesitancy given a lack of lucrative returns from FTX partnerships with celebrities like Tom Brady, Gisele Bündchen, and Steph Curry — many of which are now being sued by investors in the aftermath of the company's downfall.
A former FTX employee told the FT the potential Swift deal also asked for a "light degree of endorsement" on social media, but another person close to that discussion confirmed with Insider that Swift never thought about doing an endorsement.
"Taylor would not, and did not, agree to an endorsement deal," the person told Insider. "The discussion was around a potential tour sponsorship that did not happen."
Employees on FTX's marketing team also opposed the sponsorship, with one person telling the FT that "no one really liked the deal" and they thought it was "too expensive from the beginning."
Brett Harrison and Ryne Miller, FTX's US president and general counsel, respectively, were among the senior executives who encouraged Bankman-Fried to halt talks for the sponsorship deal, according to the FT.
While scrapping the deal proved to be good karma for Swift, Bankman-Fried is continuing his run as the crypto-world's largest anti-hero at the moment.
Bankman-Fried's been on an apology tour since the collapse of FTX, explaining that he's more focused on helping the millions of customers and stakeholders who lost their money than he is about being held criminally liable. However, he may not be able to shake off the blame that easily — the company's Chapter 11 bankruptcy proceedings are set to continue later this month.
Taylor Swift Sam Bankman-Fried ftx | 2022-12-07T18:29:19Z | www.businessinsider.com | Sam Bankman-Fried Wanted FTX to Sponsor Taylor Swift Tour for $100 Million | https://www.businessinsider.com/sam-bankman-fried-ftx-100-million-sponsorship-taylor-swift-tour-2022-12 | https://www.businessinsider.com/sam-bankman-fried-ftx-100-million-sponsorship-taylor-swift-tour-2022-12 |
FTC chair Lina Khan
Graeme Jennings/Pool via REUTERS
Disastrous presales for Taylor Swift's Eras tour renewed controversy over Ticketmaster's dominance.
In 2010, Ticketmaster merged with Live Nation, raising antitrust concerns.
FTC Chair Lina Khan, a critic of Big Tech power, made the comments at a Wall Street Journal panel.
The head of the Federal Trade Commission understands Swifties' antitrust concerns all too well.
Lina Khan, who chairs the agency, said on Tuesday that Ticketmaster's now infamous presale for Taylor Swift's highly anticipated Eras Tour "ended up converting more Gen Z'ers into antimonopolists overnight than anything I could have done."
Khan's comments, which came at the Wall Street Journal's CEO Council Summit, highlight the intense and mobilized backlash from fans who found themselves thwarted last month by hours-long wait times, website crashes, and multi-thousand dollar ticket prices.
The Ticketmaster meltdown renewed longtime antitrust concerns over the company's dominance in the concert industry.
Since its 2010 merger with parent company Live Nation, the Justice Department has scrutinized the arrangement and extracted more concessions, requiring the website to play nice with other concert venues. Live Nation has been facing an ongoing DOJ antitrust investigation since before the Taylor Swift-Ticketmaster saga, the New York Times reported last month.
But lawmakers have continued sounding the alarm. Last year, a group of Democratic representatives called for the Biden Administration to probe the merger, and in November, progressive star Rep. Alexandria Ocasio-Cortez sought to galvanize the enraged Swiftie base, encouraging them to make their frustrations heard to the DOJ.
Fans have also taken matters into their hands. One group recently filed a complaint with the FTC, arguing that "Ticketmaster has held reign over the industry for years."
Representatives for Ticketmaster and Live Nation did not immediately respond to requests for comment Wednesday morning.
Khan, who joined the FTC last year as its chair, is a known critic of Big Tech power and has positioned herself as an advocate for leveraging antitrust laws to break up powerful companies.
US antitrust laws are enforced by both the Department of Justice and the FTC, whose five-member commission can weigh in on lawsuits over mergers it considers problematic.
The Eras Tour episode has become an "I told you so" moment for those who had warned long ago about the costs of permitting Ticketmaster's merger with Live Nation in the first place. Former FTC policy director David Balto previously told Insider that the Eras Tour ticket crisis shows the merger's anti-competitive effects on consumers, including exorbitant fees.
Ticketmaster has issued apologies to disappointed fans, but generally pointed to "extraordinarily high demands" as the primary culprit when it called off the general sale to Swift's tour.
Taylor Swift eras tour Ticketmaster | 2022-12-07T19:04:06Z | www.businessinsider.com | Ticketmaster Turned Gen Z Swifties Into 'Antimonopolists': FTC Chair | https://www.businessinsider.com/ftc-hed-ticketmaster-saga-turned-gen-z-fans-into-antimonopolists-2022-12 | https://www.businessinsider.com/ftc-hed-ticketmaster-saga-turned-gen-z-fans-into-antimonopolists-2022-12 |
The 19 best fantasy books of 2022, according to Goodreads
Fantasy novels include mythological retellings, epic adventures, and magical romances.
We turned to Goodreads to rank the best fantasy novels published this year.
These are the most read and highest rated fantasy books of 2022.
Goodreads is the world's largest platform where readers track their favorite books, find recommendations, and participate in annual reading challenges. There, readers rate and review books of every genre, including all kinds of fantasy novels, from highly anticipated sequels to magical new releases.
Fantasy novels let readers experience mythical worlds with daring characters on adventures for love, justice, or vengeance. These fantasy reads are the best and most popular of 2022, ranked by a combination of how often they were read and how highly they were rated. From fantastical romances to gripping historical reads, here are 19 of the best fantasy books of 2022, according to Goodreads reviewers.
19. "Thistlefoot" by GennaRose Nethercott
Inspired by the Slavic folklore of Baba Yaga, "Thistlefoot" is the story of the Yaga siblings who are reunited when they learn of a mysterious inheritance: a sentient house on chicken legs called Thistlefoot. Now in America, Thistlefoot came from their ancestral home in Russia and was followed by the Longshadow Man, who brings destruction and terrible secrets as he pursues the house and the siblings on their final tour of their family's traveling theater show.
18. "The Lost Metal" by Brandon Sanderson
"The Lost Metal" is the seventh novel in "The Mistborn Saga," a fantasy heist series set in a land ruled by the Dark Lord for a thousand years where a gang of thieves take destiny into their own hands instead of relying on a prophecy that failed to save them. In this new addition, new leads are discovered, strange abilities arise, and someone must step up to save Scadrial before the planet faces inevitable ruin.
17. "Ordinary Monsters" by J.M. Miro
Set in 1882 England, Charlie and Marlowe each have mysterious powers and are part of the Talents, a group of children with gifts like theirs. In this nearly 700-page historical fantasy, the dead and the living collide with terrible monsters, a dark Victorian world, and the truth about the children's abilities.
16. "The Stardust Thief" by Chelsea Abdullah
Loulie al-Nazari hunts and seals illegal magic but, after saving the prince's life, is blackmailed into finding an ancient lamp for the sultan. In "The Stardust Thief," Loulie teams up with the prince and her bodyguard to embark on an epic but dangerous adventure where they'll encounter more than they bargained for.
15. "The Book Eaters" by Sunyi Dean
In a fantastical world, there lies a line of book eaters who retain a book's content once it is consumed, from helpful maps to fun spy novels. Devon is a book eater whose brothers were raised on adventure stories while she was raised on fairytales, but when her son seems to be born with a darker genre of hunger, she must protect her son in this dystopian, feminist read.
14. "A River Enchanted" by Rebecca Ross
On the magic isle of Cadence, young girls have begun to disappear and Jack Tamerlaine must help find them, though he hasn't returned in 10 years. Adaira isn't thrilled to be working with her childhood enemy but knows the spirits will answer to his music. Together, they unearth trouble far greater than they expected as the fire that fuels their rivalry turns into something more.
13. "When Women Were Dragons" by Kelly Barnhill
Set in an alternate 1950's America, hundreds of thousands of women inexplicably transformed into dragons in the Mass Dragoning of 1955. Now, young Alex has countless questions and must face a world in which the Mass Dragoning isn't spoken of yet has affected nearly every aspect of life.
12. "Kaikeyi" by Vaishnavi Patel
"Kaikeyi" is the retelling of the Indian epic "The Ramayana," and follows Kaikeyi as she uses secret magic to transforms into a warrior and queen in a world controlled by men. But when her path clashes with fate, Kaikeyi must choose her legacy in this story of family, destiny, and courage.
11. "Elektra" by Jennifer Saint
Elektra, Clytemnestra, and Cassandra are three women whose lives have been cursed and irreversibly affected by a generational cycle of violence and vengeance. In this imaginative retelling of a Greek myth, Elektra is determined to break the cycle as a war devastates Troy.
10. "The Golden Enclaves" by Naomi Novik
The bestselling "Scholomance" trilogy concludes with "The Golden Enclaves," where El has escaped Scholomance, but her journey isn't done: She must return to the school to save everyone once and for all as war threatens to rise. Readers love this young adult urban fantasy novel and find the cliffhanger ending delightfully evil.
9. "Nettle and Bone" by T. Kingfisher
Loved for its dark but humorous tone, "Nettle and Bone" is the story of Marra, the third-born daughter, who seeks to kill the prince who's been torturing her sisters. As she finds help from an unlikely group that includes a fairy godmother and a chicken possessed by a demon, Marra must accomplish the impossible if she hopes to save her family.
8. "Legends & Lattes" by Travis Baldree
In this slice-of-life fantasy novel, Viv, an orc barbarian, wants to leave her warrior life behind to open the first coffee shop in Thune. Hugely popular on TikTok, "Legends & Lattes" is a sweet and cozy fantasy romance about friendship, community, and the chance to start anew.
7. "The Very Secret Society of Irregular Witches" by Sangu Mandanna
Mika Moon is used to hiding her magic except for her online account, where she "pretends" to be a witch. When she's summoned to a remote house to teach three young witches how to control their magic, she finds a protective librarian, a host of secrets, and a place she may finally belong.
6. "The Daughter of the Moon Goddess" by Sue Lynn Tan
Inspired by the legend of the Chinese moon goddess, "The Daughter of the Moon Goddess" is the story of Xingyin, who grew up on the moon, unaware she was being hidden from the Celestial Emperor. When her existence is discovered, Xingyin is forced to flee and leave her mother behind, but quickly hatches a plan to disguise her identity, learn how to fight alongside the emperor's son, and save her mother.
5. "The Atlas Six" by Olivie Blake
Every 10 years, six of the most talented magicians are chosen to qualify for initiation into the secret Alexandrian Society. As the six candidates spend a year together to prepare, they know five will join the ranks — and one will be eliminated.
4. "Babel" by R.F. Kuang
"Babel" is an epic fantasy novel set in 19th-century England that follows Robin, who is taken from his home in China to study at the Royal Institute of Translation at Oxford University, more commonly known as Babel. There, Robin studies languages and learns silver working, which transforms translation into magic, and discovers how Britain is using this power against the world. In this historical fantasy, Robin must choose between supporting the institution or siding with an underground organization determined to bring them down.
3. "Fairy Tale" by Stephen King
Written by the beloved "King of Horror," "Fairy Tale" is the story of a 17-year-old boy named Charlie Reade who is left a strange inheritance including gold, a cassette tape with an unbelievable story, and a house on a hill with a locked shed in the backyard. When Charlie discovers the key to a parallel world, he finds good and evil at war in this suspenseful novel that blends fantasy and horror.
2. "The War of Two Queens" by Jennifer L. Armentrout
In this highly anticipated fourth novel in the "Blood and Ash" series, Casteel is reeling from recent revelations while Poppy plans to destroy what the Blood Crown stands for to create a peaceful future. Together, they must stop the powers that have already begun to rise — even if it means Poppy must face the prophecy.
1. "House of Sky and Breath" by Sarah J. Maas
"House of Sky and Breath" is the highly anticipated sequel to "House of Earth and Blood," following Bryce Quinlan and Hunt Athalar as they search for a moment of peace after all the upheaval in the first book. But as they're pulled into rebel plans, the two know they can't stay silent while others are oppressed. Readers love this book for its gripping tension, plot twists, and satisfying ending.
Books Education & Personal Development Features | 2022-12-07T19:04:12Z | www.businessinsider.com | 19 Best Fantasy Books of 2022, According to Goodreads | https://www.businessinsider.com/guides/learning/best-fantasy-books-2022 | https://www.businessinsider.com/guides/learning/best-fantasy-books-2022 |
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