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A couple unloads boxes from moving van.
The Fed's fight against inflation has led to high mortgage interest rates, cooling housing demands.
As demand falls, Ivy Zelman, a real-estate anaylist, said national home prices could fall by 20%.
Zelman's view is more bearish compared to that of her peers, who mostly forecast single-digit drops.
For months, homebuyers and real-estate experts have debated the merits of a possible housing crash following the dramatic housing boom durig the pandemic. And as high inflation and a series of aggressive rate hikes from the Fed weaken US consumer sentiment, Ivy Zelman, the CEO of Zelman & Associates and the analyst who famously predicted the 2008 housing bust, believes a dramatic downturn isn't only probable, but is guaranteed if the economy doesn't shape up.
"If we don't see any type of improvement in the economy and rates are higher than 6%, then I think you're going to see pricing continue to decline nationally in the magnitude of 20%," Zelman said in a recent interview with Ted Oakley of Oxbow Advisors.
Although Zelman believes that markets without supply constraints, mostly those in the midwestern and northeastern states, could see declines "in the mid singles," she says their health will largely depend on the economy's trajectory.
While Zelman's prediction is bearish in comparison to her peers — many of whom have forcasted single digit declines — the prognosis has become increasingly likely as price cuts become more widespread across the country.
Indeed, numbers from financial data and research firm Black Knight shows that the country's stratospherically-high home prices have taken a sizable hit this year as mortgage rates add hundreds of dollars to the typical borrower's monthly payment. With fewer Americans willing to shell out the considerable cash needed to close on a home purchase, prices are now falling at the fastest rate in the past 15 years.
It's a stark contrast to the housing market of 2020, a time in which rock-bottom interest rates, a flood of stimulus money, and intense buyer competition all led to historically high demand and home values across the country. But entering the tail-end of 2022, things couldn't be anymore different.
The massive $2 trillion stimulus from the CARES Act issued at the onset of the pandemic — which was meant to mitigate the economic fallout from the global health crisis — had led to a surge in inflation throughout much of this year. Although inflation has eased in recent weeks, several interest rate hikes from the Federal Reserve have pushed mortgage rates (which recently peaked at 7%) to levels not seen since the housing crash of 2008.
As long as mortgage rates remain elevated, Zelman says housing demand will continue to shrink — ultimately resulting in even steeper price cuts from sellers.
There's a long way to go before buyers return to the housing market
While mortgage rates are still twice as high as they were last year, the average rate for a 30-year fixed-rate mortgage is beginning to fall as the US economy continues to cool off.
The downturn is attributed to a shift in trader sentiment, following statements made by Fed chairman Jerome Powell, during last week's speech at the Brookings Institution, where he said smaller interest rate hikes "may come as soon as the December [Fed] meeting."
His comments fueled speculation among bond investors that inflation has peaked, resulting in a rally in the 10-year Treasury bond price and a drop in its yield to its lowest in more than two months. The average rate on a 30-year mortgage — which is closely correlated to long-term Treasury yields — also fell to 6.49% on Thursday. This latest slide in rates is just 0.59 of a percentage point below the two-decade high that was hit just three weeks earlier.
As rates have now fallen for the third consecutive week, data from real estate brokerage Redfin shows that homebuyer demand may be starting to improve. However, Taylor Marr, Redfin deputy chief economist, said in the brokerage's December housing outlook, that the housing market is "far from out of the woods."
"Key indicators of homebuying demand will likely be teetering on a knife's edge with every data release that comes out related to the Fed's path to eventually bringing rates down," Marr said in the report, adding that although the US is likely past peak inflation and mortgage rates, "there's further cooling ahead for the housing market, as sales and prices have further to fall before buyers and sellers become comfortable with home buying costs again."
In an interview with Insider, Alan Ratner, the managing director for homebuilding at Zelman & Associates, said this housing downturn could be "a multi-year process" as buyers and sellers are both likely to stay on the sidelines if they are unsatisfied with the offers they receive, or if higher rates dismay them.
But as Zelman herself suggests, if the Fed continues with further rate hikes and mortgage rates remain elevated in 2023, this will become the likely culprit to a protracted housing slump.
us home prices mortgage rates CashCall Mortgage mortgages | 2022-12-07T19:04:18Z | www.businessinsider.com | Home Prices Could Dip If Mortgage Rates Remain High | https://www.businessinsider.com/home-prices-could-cater-if-mortgage-rates-remain-high-2022-12 | https://www.businessinsider.com/home-prices-could-cater-if-mortgage-rates-remain-high-2022-12 |
Peru's president dissolved Congress hours before he faced an impeachment trial and is now calling to rewrite the country's constitution
Peruvian President Pedro Castillo.
Peruvian President Pedro Castillo said Wednesday that he will dissolve the nation's Congress.
The embattled president made the annoucement hours before he was set to face an impeachment trial.
Castillo assumed office a year ago and has so far survived two impeachment attempts.
Embattled Peruvian President Pedro Castillo announced on Wednesday that he will dissolve the nation's Congress just hours before he was set to face a third impeachment trial.
Castillo, speaking during a televised address from the presidential palace in Peru's capital of Lima, called for new legislative elections and said he will install an emergency government. He also called for the country's constitution to be rewritten.
"In response to the clamor from citizens throughout the country, we make the decision to establish an emergency government aimed at restoring the rule of law and democracy," Castillo said, Reuters reported.
Castillo, who assumed office more than a year ago and has so far survived two impeachment attempts, said he would rule by decree and declared a national nightly curfew starting Wednesday, according to the Associated Press.
The president pushed the Andean nation into a fresh political crisis just before lawmakers were scheduled to try for a third time to unseat him from office.
Castillo's foes in Congress have claimed that he has shown a "permanent moral incapacity" to govern, according to the AP, which noted that it was unclear whether lawmakers had enough votes required to impeach him.
A certain portion of Congress, Castillo said in his speech, "has as its only agenda item removing me from office because they never accepted the results of an election that you, my dear Peruvians, determined with your votes," the AP reported.
Castillo's announcement prompted resignations by multiple cabinet members including, Foreign Affairs Minister Cesar Landa.
"I have decided to irrevocably resign from the position of Minister of Foreign Affairs, given the decision of President Castillo to close Congress... violating the Constitution," said Landa, according to Reuters.
Castillo is currently facing several ongoing investigations alleging corruption.
Speed desk Breaking Peru | 2022-12-07T19:04:24Z | www.businessinsider.com | Peru's President Dissolved Congress Before Impeachment Trial | https://www.businessinsider.com/perus-president-dissolved-congress-before-impeachment-trial-2022-12 | https://www.businessinsider.com/perus-president-dissolved-congress-before-impeachment-trial-2022-12 |
Pilots are seeing big pay bumps across the industry. That could keep airfare prices rising.
Delta Air Lines and its pilot union have come to a preliminary agreement to increase wages by over 30%.
Pilot pay raises could increase airfare as labor is the number one cost for airlines.
Regional markets may also take another hit as airlines scale back frequencies to small cities.
Sky-high airfare might not go away after airlines have been forced to cough up huge bumps in pay for pilots, flight attendants, and other staff.
During the coronavirus pandemic, thousands of commercial airline pilots left the cockpit as carriers reorganized their schedules to cope with plummeting demand for air travel. Many were furloughed or laid off, while others permanently stopped flying through airlines' early retirement offering.
But, as travel roared back in 2021, it was apparent that too many pilots were let go, and now the industry has to battle a challenging pilot shortage that has contributed to operational meltdowns, higher airfare, and dozens of regional market cuts.
Pilots have threatened to strike over working conditions
The shortage has caused many pilots to complain of draining work schedules and burnout. In October, Delta Air Lines' union, the Air Lines Pilots Association, voted to authorize a strike, while pilots from carriers like American Airlines, Southwest Airlines, as well as Delta, have picketed in recent months.
Airlines have tried to alleviate the issue with aggressive hiring campaigns, as well as requesting lower hourly requirements for new hires and opening new pilot training centers, like United Airlines' Aviate Academy.
But pilot pay raises may be a more effective way to attract and retain talent. Pilots at American wholly-owned regional carriers PSA Airlines, Piedmont Airlines, and Envoy Air solidified huge wage increases in June, with other regionals offering similar raises.
For example, Piedmont new hire first officers previously started at $51 per hour and first-year captains made $78 per hour. Now, they make $90 and $146 per hour, respectively, with line-check airmen, who train other pilots, now making $427.50 per hour.
The raises are on top of the up to $180,000 in retention bonuses Piedmont pilots can now earn.
While the regionals have scored a big win, major airlines are still fighting for better contracts. Delta and its union have reached a preliminary agreement, which would offer over 30% in raises worth more than $7.2 billion. American and United are still in negotiation, though Alaska Airlines managed to update its contract in October.
Increased pay could mean higher fares
As more major carriers potentially solidify additional pay raises, it's possible the industry's already high airfare could increase even more as labor is the number one cost for airlines.
Colon Scarola of CFRA Research told Insider that Delta's airfare in the third quarter of this year was 23% more than in the same period in 2019 — suggesting high operating costs are pushing up ticket prices.
"Airlines are trying to keep healthy profit margins," he said. "So, with these higher wages, they can't back off on this post-pandemic surge in airfare pricing."
It's not just Delta charging higher fares. Data crunched by Nerdwallet reveals prices across US carriers jumped by 9% in October 2022 compared to October 2021, and a staggering 43% compared to the same month in 2019.
In fact, travel website Hopper revealed fares in October were averaging $430 for Christmas flying, which was 17% higher compared to 2019 and 53% higher than the same time in 2021.
While Hopper analysts expected prices to continue to rise, as of Tuesday, average fares were steady at $339 roundtrip, but last-minute tickets are expected to go for over $400.
"I don't think flying is going to get any cheaper next year," Scarola told Insider.
Small cities may lose even more airline service
In addition to increased airfare, Mike Stengal, senior analyst at consulting firm AeroDynamic Advisory, told Insider the pay raises, coupled with high fuel costs, could incentivize airlines to ditch more of their regional flying to smaller cities.
Specifically, he explained 50-seater planes are now even more expensive to operate, so parking them could further reduce airlines' frequencies to small markets, cutting or limiting connectivity to the rest of the US.
Airlines American Airlines Delta Air lines | 2022-12-07T19:04:30Z | www.businessinsider.com | Higher Pilot Pay Could Keep Airfare Expensive | https://www.businessinsider.com/pilot-pay-could-keep-airfare-expensive-2022-12 | https://www.businessinsider.com/pilot-pay-could-keep-airfare-expensive-2022-12 |
A person in a wheelchair at an airport.
A passenger said he was left at the airport after he told flight attendants on a Qatar Airways flight he'd need assistance to the bathroom.
He was charged a $400 'no show' fee despite boarding the flight and being escorted off the plane, according to reports.
"I only needed help to be pushed from my chair to the toilet, which is part of their job description," he told The Guardian.
Craig Nolan, 43, told The Guardian he was traveling home to Finland when his trip to Doha via Qatar Airways was cut short after he told flight attendants he'd need assistance to the bathroom.
Nolan's friend, Bridget Mullahy, called out the airline in a thread on Twitter detailing Nolan's experience, writing the incident was "not acceptable treatment of someone in a wheelchair with a disability."
—Bridget Mullahy (@Bridget_Mullahy) December 6, 2022
Nolan, a former travel agent, experienced a "typical plane journey" at first, as he was transferred from his wheelchair into an aisle chair onboard the airplane, Mullahy wrote.
According to Mullahy, the situation changed when Nolan informed a flight attendant that he'd need to be pushed to the bathroom and back to his seat since he was traveling alone.
Nolan, who uses a wheelchair due to his spina bifida, informed the airline he'd be traveling alone when he checked in for the flight, Mullahy wrote, but said this was the reason he was escorted off the flight.
He was eventually taken to customer service where he was charged a $400 "no show" fee despite being seated on the flight, Mullahy wrote. Nolan has reportedly traveled to over 30 countries and often uses an aisle chair on his journeys.
Nolan told The Guardian the incident was a misunderstanding, and he believes he was removed because the crew assumed he'd need their help throughout the entirety of the 14-hour flight, which was not the case.
"Had they listened they would have realized I only needed help to be pushed from my chair to the toilet, which is part of their job description. I wasn't asking for help in the plane or in the bathroom," Nolan told The Guardian.
Mullahy's thread garnered hundreds of shares and likes from users offering support to Nolan. In one tweet, she thanked Melbourne Airport for offering Nolan a hotel stay while he tried to get back to Finland.
According to The Guardian, Nolan has attempted to get a refund for his plane ticket and was told the $400 no show fee would be deducted from his refund.
As of Wednesday at midnight ET, Nolan was still stuck in Melbourne. Qatar Airways didn't immediately respond to Insider's request for comment.
Planes Travel Disability | 2022-12-07T19:04:36Z | www.businessinsider.com | Australian Man Says Qatar Airways Kicked Him Off Flight for Disability | https://www.businessinsider.com/qatar-airways-kicked-australian-man-off-flight-for-diasability-wheelchair-2022-12 | https://www.businessinsider.com/qatar-airways-kicked-australian-man-off-flight-for-diasability-wheelchair-2022-12 |
Sponsor content Home Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Finance
Created by LightStream with Insider Studios
The Federal Reserve continues to raise interest rates to highest-in-over-a-decade levels, in an effort to ward off the wallet-emptying effects of inflation. And there appears to be no end in sight, as pundits speculate that periodic rate increases will continue from the Fed well into 2023.
For many consumers, the short-term impact of rising rates and prices can mean pulling back on spending, especially if you are burdened with credit card balances and loans from big-ticket purchases. If your revolving credit rates are variable and thus rising in today's economic environment, it may take longer to pay off debt and cost more than you had planned as interest owed continues to pile up.
If unexpected large expenses arise, as they often do – such as an emergency medical procedure or a big home repair – paying off your debt and managing your budget might seem impossible.
But there's a solution you may not have considered. If you have good credit history and a high credit score, put them to good use and consider taking out an unsecured debt-consolidation loan. The benefits can be immediate, for both your financial condition and your peace of mind.
Lower interest, lower stress
Debt-consolidation loans have long been a smart option for credit-worthy consumers. And they can be especially helpful when inflation is roiling the economy.
Here's how they work: Instead of juggling multiple creditors (credit cards, auto loans, healthcare providers, etc.) and making several payments each month, you can take out a personal loan for debt consolidation and pay off each of those debts. What's remaining is your "new" loan, with one fixed monthly payment and at a fixed interest rate that may be lower than the variable, high-rate credit card balances or loans being replaced. You may save thousands in interest costs over the life of the loan. As an added advantage, you won't have to post any collateral for the loan. The loan balance is "unsecured," because the lender knows you have a solid history of managing credit well.
"The ongoing rise in interest rates is opening people's eyes into what they are now paying in variable-rate credit costs," said Todd Nelson, senior vice president at LightStream. "Since the interest rate on a fixed-rate loan is typically much lower than on credit cards or other forms of debt, the savings can be substantial. A debt-consolidation loan can be a really smart financial strategy."
Weighing your options
Compared to costs of variable-rate credit cards, you can often eliminate thousands of dollars in future interest with a debt-consolidation loan.
Loan Consideration
LightStream Debt-Consolidation Loan
Balance $15,000
Average APR 20.49%*
9.77%**
Balance Payoff 321 months 36 months
$450 (3% minimum payment)
Total interest saved with a debt-consolidation loan = $18,190.89
*Average credit card according to Mintel data from August 2022
**Average APR for a LightStream debt-consolidation loan from January 2022 - October 2022
"Interest rates have been so low for so long, that many consumers haven't experienced rising rates for many years," Nelson added. "Today's financial environment demands attention and smart thinking. Debt-consolidation financing offers consumers an opportunity to get a handle on their debt at a locked-in rate and pay it off more quickly – with one balance to manage and one payment to make every month."
With one fixed monthly payment, it's easier to manage your debt — and you will know exactly when you'll be debt-free, compared to variable-rate credit cards where interest costs continue to climb, and debt is carried over long periods of time.
For thousands of consumers with good credit, debt consolidation – with lower interest rates and streamlined, predictable payments — is an affordable and easy-to-manage way to lower the anxiety often associated with debt and regain control of your finances.
"If you're striving to save money and increase your savings during these changing economic times, a debt consolidation loan might be the best financial strategy," Nelson said.
LightStream debt consolidation financing is available for up to $100,000 with no fees. Loans are unsecured, so there are no liens, collateral, or appraisal requirements. You can apply in minutes from your laptop or smartphone, get approved, and receive funds directly into your personal bank account as soon as the day you apply when all considerations are met.
Click here for more information and to see if a debt-consolidation loan is right for you.
This post was created by LightStream with Insider Studios.
*Truist Bank is an Equal Housing Lender
Studios Finance Brand Supplied Studios Consumer | 2022-12-07T19:04:48Z | www.businessinsider.com | Americans With Good Credit Can Leverage Debt-Consolidation Loans | https://www.businessinsider.com/sc/americans-with-good-credit-can-leverage-debt-consolidation-loans-to-save-money | https://www.businessinsider.com/sc/americans-with-good-credit-can-leverage-debt-consolidation-loans-to-save-money |
How to prevent against increasingly personalized attacks from hackers
For today's hackers, it's personal. Rather than the massive "spray and pray" tactics of yesteryear, today's cybercriminals are getting creative with highly targeted and highly personalized attacks. And it's working.
It used to be that hackers primarily targeted institutions with generic phishing campaigns. Armed with better intel, today's cybercriminals are carrying out individually targeted, highly personalized attacks. According to IBM's X-Force Threat Intelligence Index, phishing was the top infection vector at 41% with password spraying representing a meager 1%. This personalized approach is paying off big time. According to the Cost of a Data Breach Report 2022, conducted independently by Ponemon Institute, and sponsored, analyzed, and published by IBM Security®, the average cost of a data breach with a phishing initial attack vector cost $4.91 million.
"By utilizing open-source intelligence gathering and social engineering techniques, bad actors not only know who to target for maximum access and impact, but how best to capture that person's attention based on their interests," explained Stephanie "Snow" Carruthers, Chief People Hacker for IBM X-Force Red, whose job as a social engineer is to find an organization's weaknesses and exploit them before the hackers do. Through a specific employee, hackers can gain access to vital networks and move laterally through the system without raising so much as an eyebrow, let alone a red flag.
In one of her penetration testing campaigns, Snow crafted a phishing email targeting a group of employees who had complained about their company's parking situation online. The email, which came from an employee in human resources, alerted employees of a new parking policy. Fifty-seven percent clicked the would-be malicious link.
"I put myself in the shoes of someone I want to hack and try to craft something specific to them," Snow said.
"People are an organization's strength, but they can also be its weakness," she explained. "When we receive a message that is personal — be it an email or a text — we let our defenses down and can let hackers in."
Riding in on their (remote work) coattails
With the rapid migration to the cloud and increase in hybrid and remote work, we're seeing that greater flexibility also presents new vulnerabilities. According to the Cost of a Data Breach Report 2022, by Ponemon Institute and sponsored by IBM, 45% of data breaches occurred in the cloud. However, the report also finds that organizations in the mature stage of securing their cloud environments were able to identify and contain a data breach much more quickly than organizations in the early stages of cloud security.
How can organizations stay one step ahead?
For many organizations, security is still viewed through a static and defensive lens. Once a year, security officers might buy new software or upgrade what they have. Maybe they run through a crisis scenario and require employees to sit through an annual security training module. To gain a more proactive security stance, security professionals need to more closely consider the hacker's perspective, taking both an inside-out and outside-in approach, to accelerate their ability to respond to threats.
So, what can security professionals do to stay one step ahead of attackers as their tactics become increasingly creative, personalized, and costly? Stop thinking defensively and start thinking proactively and creatively. In short: think like a hacker.
Unify existing tools
You don't know what you don't know. Today's attack surface is sprawling, with myriad end points, and organizations who are cobbling together disparate tools are struggling to gain a comprehensive view. Unify existing tools to gain better visibility and clarity.
Use AI and automation
Security analysts may be drowning in a sea of alerts, many of which are false positives. Apply AI-powered automation to identify the alerts that matter most and generate meaningful insights that can help you remediate threats faster.
Among those organizations surveyed for the Ponemon Institute 2022 Cost of Data Breach report, sponsored by IBM, breaches at organizations with fully deployed security AI and automation cost $3.05 million less than breaches at organizations with no security AI and automation deployed, and experienced on average a 74-day shorter time to identify and contain a breach.
Make a plan, test it regularly, and tweak as necessary
Build resilience into your business and stay protected, proactive, and compliant. Organizations surveyed who not only had an incident response team with a plan, but who tested that plan regularly, saw an average breach cost savings of $2.66 million.
Attackers are constantly adapting, trying new ways to get in undetected. So you have to adapt as well. Fine tune your plan regularly by learning from your report logs, testing your systems, and adapting your security strategy to match current threats, not just the threats you identified six months ago.
"There is no single, out-of-the-box solution for hacking," explains Snow. "And there's no one-and-done solution for security officers looking to protect their organizations."
Snow urges cybersecurity professionals to think creatively about their cybersecurity strategy. Buy the tools, build the plan, but then test it, learn from what you find, and adapt to meet the threat that has evolved.
"Think about which of your assets are the most attractive," Snow said. "What are the ways in which an attacker could get in with the least detection? Where could they move from there? You have to ask yourselves these questions because you can bet the hackers are."
Learn more about offensive cybersecurity strategies here.
Sponsor Post IBM New Creators Brand Supplied | 2022-12-07T19:04:54Z | www.businessinsider.com | How to Prevent Against Increasingly Personalized Attacks From Hackers | https://www.businessinsider.com/sc/how-to-prevent-against-increasingly-personalized-attacks-from-hackers | https://www.businessinsider.com/sc/how-to-prevent-against-increasingly-personalized-attacks-from-hackers |
How to use MyHeritage's AI Time Machine, a tool that shows what you would look like throughout history
MyHeritage's AI Time Machine is surreal, but accurate.
MyHeritage's "AI Time Machine" can generate pictures of what you might have looked like hundreds of years ago.
Once you upload your photos to the AI Time Machine, it'll transport you back to World War II, Ancient Rome, and more.
MyHeritage claims they won't share your photos with third parties, and that you completely own the resulting images.
Between Open AI and DALL·E mini, fun AI tools are all the rage these days. And now, even companies that don't have anything to do with AI are jumping into the game.
MyHeritage is known for their DNA testing kits and online ancestry trackers. But they've just released a new feature called AI Time Machine, which uses AI to create pictures of you living in all sorts of different time periods.
Here's a guide on how to use MyHeritage's AI Time Machine, and everything you need to know about your privacy protections when using it.
How to use MyHeritage's AI Time Machine
The AI Time Machine is only free for certain users, and only for the first few dozen images created — depending on the promotion in effect, you might be restricted to only 40 images, or up to 160 images. After that, you'll need to pay $12 for more.
To get started, head to MyHeritage's AI Time Machine homepage and click Try it now or Try it now for free. You can use your computer or smartphone.
You'll now have to upload anywhere between 10 to 35 photos of the person you want the AI to replicate. These should include at least three full-body shots, five upper-body shots, 10 close ups, and two side profiles. The photos should also fit a few different criteria:
The subject of the photo should be the only one pictured
The photos should be taken on different days, and at different times of day
The subject should show a "range of expressions," including pointing their eyes in different directions
The subject should wear "minimal or no" makeup, and avoid wearing sunglasses
You also can't upload photos of minors, nude photos, photos of politicians, or photos of Nazis.
The page recommends you upload 10 to 25 photos, but you can add up to 35.
Tap Continue, then enter in the subject's "Title" — this can be their name or anything you'd like — and a Male or Female option, then tap Continue again.
You'll now have to sign up for a MyHeritage account, if you haven't already. You can use your email address, Facebook account, or Google account.
And if you weren't offered a free trial, this is the point that you'll have to pay. For $12, you can generate twenty different sets of eight AI images, totaling 160 images.
Now it's time to wait. MyHeritage estimates that it takes between 30 to 90 minutes to prepare your AI-generated images — it only took about 20 minutes for me. You'll receive an email when it's done.
Once you get your email, open it up and click the View images link. It'll take you to a page where you can find all the images the AI tool generated. Scroll down to find them all, or tap a specific image in the collages to see that photo bigger.
To make more images using the same uploaded photos, use the menu at the bottom or left side of the screen to pick a new option.
Every theme comes with eight images.
MyHeritage; William Antonelli/Insider
Is the AI Time Machine safe to use?
For all the hype around artificial intelligence, it's easy to forget that not all these AI tools are safe. Plenty of viral AI tools use your photos to train more AI tools, retain the right to use your picture in advertisements, or even sell the photos to third parties.
That's why I'm pleased to report that compared to these other AI tools, MyHeritage's AI Time Machine is surprisingly ethical in its stated terms.
MyHeritage claims in an FAQ section on its landing page for the tool that any photo you upload stays solely on the company's private servers, and that they won't sell your photos to third parties. MyHeritage's PR director Sarah Vanunu also says that "photos uploaded by a user are not used to train [or] refine any AI algorithm," just to make your individual pictures.
Additionally, according to the company, once you receive your AI-generated photos, you own them — MyHeritage won't use them in advertising materials or anything else. Same goes for the raw photos that you've uploaded.
However, MyHeritage's AI is a version of Stable Diffusion, an AI model that's been criticized in the past for enabling art theft. Although the AI Time Machine might not help train this model, it still uses an engine that's trained on others' work without their consent.
MyHeritage also recommends that you don't remove the "AI" watermark that appears on the images. That's there so viewers don't get confused about whether the generated pictures are real or not.
And all this said, if you're wary about any company saving photos of you — third party or not — you're better off not using the AI Time Machine at all.
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MyHeritage AI Time Machine | 2022-12-07T20:03:35Z | www.businessinsider.com | How to Use MyHeritage's AI Time Machine | https://www.businessinsider.com/guides/tech/myheritage-ai-time-machine | https://www.businessinsider.com/guides/tech/myheritage-ai-time-machine |
Aisha Taylor Issah, founder and CEO of Sistahs in Business Expo, joined Insider's 8-week mentorship program to work with a mentor on building a benefits package for her small business.
Rita Harper for Insider
Story by Rachel DuRose
Despite fears of a possible recession next year, job openings rose to 10.7 million in September, and there were about 1.9 job openings per unemployed person that month, according to the Bureau of Labor Statistics.
Small-business owners who want to scoop up top talent and retain their employees need to offer prospective hires more than competitive salaries in today's challenging labor market. Aisha Taylor Issah, the CEO and founder of Sistahs in Business Expo, a small-business expo and community designed for entrepreneurial women of color, wants to create an attractive benefits package for her staff that is also prudent for her company.
Insider created a mentorship program, in partnership with Indeed, to help five entrepreneurs overcome these talent-related hurdles. We paired them with five experts to help them solve specific problems, like increasing DEI efforts, hiring to scale up, and crafting robust benefits packages.
Issah worked with Leslie Neitzel, the chief human-resources officer of the fertility-benefits provider Carrot Fertility, to proactively craft a benefits program.
Leslie Neitzel, chief human-resources officer at Carrot Fertility.
Rachel Jessen for Insider
"Leslie was very helpful in exposing me and introducing me to the possibilities around benefits for my team," Issah said. "She was very helpful in opening my eyes to what options were out there and really showed me that you don't have to be a huge big business in order to give benefits to your team."
Over the course of this eight-week coaching program, Neitzel introduced Issah to nontraditional benefits solutions that can give Sistahs in Business Expo the boost it needs to retain its best workers and grow.
Waiting for the right moment
Issah, who in the past had to pay out-of-pocket for medical treatments due to a lack of coverage, understands how important benefits can be for attracting and retaining talent. She knows that in order to grow Sistahs in Business Expo, which currently has a staff of 15 people, she needs to be a competitive employer.
Meanwhile, Neitzel, who has years of experience crafting benefits plans, including those at Carrot's 335-person workforce, knows that benefits are fundamental to keeping current workers satisfied.
In their initial conversation, Neitzel talked about current social, political, and economic circumstances, such as the overturning of Roe v. Wade, as a catalyst for setting up benefits programs. But Issah isn't ready to offer benefits yet and wants to wait until her team grows in size.
"I'm just being forward-thinking," Issah said. "I'm just trying to plan ahead for when we are ready to do it, making sure that we are as well-informed and in the best position possible to do so."
With this in mind, Neitzel reframed their conversations to discuss useful benefit offerings that could be implemented at a later date. For example, employers can create online resource hubs with articles, tips, and reminders about wellness and self-care, Neitzel said.
How they moved forward
Knowing that cost was a factor for Issah, Neitzel proposed alternatives that can often be overlooked by employers.
The pair discussed wellness and employee-reward options such as lifestyle wallets, a set amount of money workers can use for anything that relates to their well-being, like gym memberships or therapy.
Issah previously told Insider she's had to pay for medical expenses out-of-pocket in the past, helping her understand the importance of a good benefits package.
"I had been thinking about benefits in terms of what I received, and it was kind of the standard, traditional packages," Issah said. "But I was very surprised to just hear about the new and innovative ways that companies are offering benefits to their employees."
During the mentorship relationship, Neitzel was reminded of the importance of benefits plans that can grow with the business. If she were to mentor an entrepreneur again, she said, she would want to dig into their business plan a bit more to understand how benefits could and should play a larger role in the company's development.
"It was a reminder to me around how complex and how different organizations and companies are, whether they're five, 5,000, or 50,000 individuals," Neitzel said. "I was reminded of just how important things like benefits are, regardless of the industry and the size of the company."
Talent Insider Small Businesses Entrepreneurship | 2022-12-07T20:03:39Z | www.businessinsider.com | How to Create a Competitive Benefits Package in Today's Labor Market | https://www.businessinsider.com/how-to-create-competitive-benefits-package-in-todays-labor-market-2022-12 | https://www.businessinsider.com/how-to-create-competitive-benefits-package-in-todays-labor-market-2022-12 |
President Joe Biden and Florida Gov. Ron DeSantis.
Mandel Ngan/AFP via Getty Images and Joe Raedle/Getty Images
Democrats who want to run for president in 2024 are approaching the time to build an organization.
But they may be reluctant to jump in the race if President Joe Biden plans to run for reelection.
If he keeps Democrats waiting too long, other possible contenders may have to start running or get left behind.
Democrats who want to run for president in 2024 are approaching the time when they need to start raising money, building an organization, and honing their messages. But there's one major obstacle for all of them — President Joe Biden.
"No one's going to get in before Biden will, before Biden makes his decision," said Rep. Seth Moulton, of Massachusetts, who ran in the 2020 Democratic presidential primary.
Biden has said his intention is to run for reelection, and he expects to make his official decision early next year. That timing would be in keeping with the last four presidents, who all announced their reelection campaigns in the spring during the year preceding the election.
But if he keeps Democrats waiting too long, other possible contenders may be left with a choice: Start running or get left behind.
A delayed open race without Biden, starting in perhaps June or beyond, would undermine other Democratic candidates' ability to fundraise, campaign and get their message out — all while Republicans will likely be holding primary debates and town halls and getting media exposure, said one Democratic strategist who has worked on multiple presidential campaigns.
"Most candidates who would run in '24 if Biden doesn't would like to get out of the box in the spring of next year," said the strategist, who declined to be named to speak candidly. "Could you survive if you waited till June, July? Maybe. That doesn't sound optimal to me. But I think post Labor Day of '23, I think, is disastrous."
First Lady Jill Biden reportedly told French President Emmanuel Macron at last week's state dinner that she and her husband, President Joe Biden, are ready for his reelection campaign, The New York Times reported.
But Biden faces questions about his age as the oldest US president ever and his electability. He has proven he can beat Donald Trump, but there's no guarantee that the twice-impeached, legally challenged former president will be the Republican nominee.
Other possible Republican contenders have shown they aren't intimidated by Trump, even if they haven't declared candidacies yet. That means Biden could end up facing, say Florida Gov. Ron DeSantis, in a 2024 campaign that will likely look far different from the COVID-era 2020 campaign, with more in-person visibility and media questions. The prospect of Biden facing a younger GOP candidate has concerned some of his aides, CNN reported.
California Gov. Gavin Newsom and Sen. Bernie Sanders of Vermont have said they won't run against Biden, but that doesn't mean he won't face a primary.
"If the country falls into a recession next spring and Biden has a rocky moment/incident or two and his job approval falls into the 30s again, some long-shot but credible candidate might give it a go," the strategist told Insider.
'The presidential cycle has begun.'
During 2020's Democratic primary, Pete Buttigieg, now the Transportation Secretary, and Kamala Harris, now vice president, were among the early birds in the race, announcing their bids in January 2019. Sens. Bernie Sanders, Amy Klobuchar, Cory Booker, and Elizabeth Warren formally announced campaigns in February 2019 after Warren launched an exploratory committee on December 31, 2018.
Biden was the 20th Democrat to join that crowded field in April 2019.
"January '23… we're on. The presidential cycle has begun," Sheila Krumholz, executive director of OpenSecrets, told Insider. "All of the focus for the media, certainly, but also really for the nation, turns to the next consequential election."
There's no set date when candidates must declare, although state filing deadlines for ballot access would start around November 2023 and early state contests in February 2024, if the 2020 schedule is any indication.
Launching an early campaign helps, both for setting up field offices and fundraising. Potential candidates can raise money while "testing the waters" for a possible bid, but donors may withhold contributions until they hear from Biden, Krumholz said. They can also raise money through a super PAC, but those funds will be off limits once they declare their candidacy.
"It takes time to not just fundraise, but to assemble your team," she said.
If Biden delays a decision until after May 2023, Democrats who wait for him and can't self-fund will be disadvantaged, said another Democratic strategist, who has worked on multiple congressional campaigns.
"Beyond the money, the time might be an even bigger challenge," the strategist said. "Each day that passes where you're not building a campaign infrastructure to mobilize voters and communicate with them is a day that you can't get back. There's a reason why a late entrant in recent history hasn't been successful on either side of the aisle."
After months of speculation about his future, Biden — then the vice prsident — determined in October 2015 that he had exceeded the window for mounting a winning 2016 campaign, nearly six months after the death of his son Beau from brain cancer. "Unfortunately, I believe we're out of time," he said then during a speech at the White House.
Moulton said Biden as president can "wait as long as he wants" to announce his candidacy and he disputed the idea that other potential candidates would be harmed by a late launch. Asked whether he wants Biden to run, Moulton deferred to the president. He also noted that Biden has "surprised us often" with his campaign decisions.
"Everyone thought he was gonna run in 2016, and then everyone thought he wasn't gonna run in 2020," Moulton said.
Rep. Seth Moulton of Massachusetts
Biden's 'own timetable'
Other Democrats who ran against Biden in the 2020 primary said there's no rush for Biden to decide.
"Joe Biden can make his own decision about when he wants to announce and it will be just fine," Warren told Insider recently. Asked about other Democratic candidates, Warren responded: "What about 'em? Joe Biden - as far as I know - he's running."
The president has "earned the right to have his own timetable," Sen. John Hickenlooper, a Colorado Democrat, told Insider.
"If he's not going to run, my expectation is that he'll make that decision fairly quickly," he added.
There's also the chance that Biden waiting until the summer to bow out, severely impacting the the ability for some potential candidates to organize, "could be something they do on purpose" if he and party leaders have a favorite to replace him, Krumholz said. That strategy would clearly designate the candidate as the party's chosen replacement for mega-donors and party allies to get behind, she said.
"Being strategic about when they announce this and being ready with a one-two punch — 'Biden's out, but so and so's in' — can affect the opportunity, the chances for other candidates," she said.
Joe Biden 2024 Donald Trump | 2022-12-07T20:03:46Z | www.businessinsider.com | Biden Waiting Too Long to Announce 2024 Run Could Be 'Disastrous' | https://www.businessinsider.com/joe-biden-2024-announcement-democrats-trump-desantis-2022-12 | https://www.businessinsider.com/joe-biden-2024-announcement-democrats-trump-desantis-2022-12 |
McDonald's is turning to younger workers.
HotLunchPam/Reddit
13 McDonald's restaurants in Pennsylvania violated child labor laws, according to a federal probe.
The franchisee is paying a $57,332 fine and says it's taking steps "to ensure employees are scheduled appropriately."
The probe underscores the challenges of relying on teen workers.
A McDonald's franchisee in Pennsylvania is paying a nearly $60,000 fine after a federal probe found that the fast-food operator committed child labor violations involving 101 minors at 13 McDonald's locations.
The franchisee, Santonastasso Enterprises LLC, was accused of assigning shifts to 14- and 15-year-old workers that violated the Fair Labor Standards Act. According to the US Department of Labor, shift violations included teens working:
more than 3 hours per day and after 7 p.m. on school days
The Labor Department announced its conclusions on Wednesday. The fine was first reported by NPR.
"Permitting young workers to work excessive hours can jeopardize their safety, well-being, and education," John DuMont, director of the Labor Department's Wage and Hour District in Pittsburgh, said in a statement. "Employers who hire young workers must understand and comply with federal child labor laws or face costly consequences."
John and Kathleen Santonastasso, the McDonald's operators named in the probe, released this statement to Insider.
"We take our role as a local employer very seriously and we regret any scheduling issues that may have occurred at our restaurants," they jointly stated. "Our biggest priority is always the safety and well-being of our employees and we have since instituted a series of new and enhanced processes and procedures to ensure employees are scheduled appropriately."
The probe underscores a long-standing conundrum for the fast-food industry, which has relied for decades on teenagers – with limited work availability – to flip burgers. But, teens have been hard to hire in recent years – a shortage exacerbated by an overall drop in foodservice workers since the pandemic.
On Friday, BLS data showed that restaurants remained 400,000 jobs short in November compared to February 2020.
McDonald's and Burger King restaurant operators have advertised work to teens as young as 14. In September of last year, at the peak of the hiring challenges for restaurants, a McDonald's in Medford, Oregon, posted a banner outside the store stating it was seeking to hire 14- and 15-year-old workers.
The Oregon franchisee, Heather Coleman, told Insider last year that young workers are "a blessing in disguise" because they have the drive and understand new technologies restaurants are deploying to adapt.
Like the Pennsylvania McDonald's operator, some chains have been accused of breaking federal rules protecting teen workers.
In a statement sent to Insider, McDonald's USA said its franchisees make local decisions for their businesses, including hiring. The chain said it expects operators to "uphold our values."
"McDonald's and our franchisees do not take lightly the outsized impact we can deliver – and therefore the profound obligation we carry – when someone works at a McDonald's, particularly as their first job."
In January 2020, Chipotle paid nearly $2 million to settle a 2016 Massachusetts case where the fast-casual chain was accused of widespread child labor and wage violations.
Laws regulating the employment of minors vary by state.
The Fair Labor and Standards Act (FLSA) sets rules for minors based on different age groups. Teens 14 to 15 years old can work in restaurants and quick-service businesses during non-school hours, up to three hours on school days, and up to 18 hours on a school week. They are limited to 40 hours on non-school weeks. The FLSA doesn't define hours once workers hit age 16.
Mary Meisenzahl contributed to this report.
Fast Food McDonald's Child Labor Law | 2022-12-07T20:03:52Z | www.businessinsider.com | McDonald's Owner Violated Laws Protecting Teen Workers – Labor Dept. | https://www.businessinsider.com/mcdonalds-owner-violated-laws-protecting-teen-workers-labor-dept-2022-12 | https://www.businessinsider.com/mcdonalds-owner-violated-laws-protecting-teen-workers-labor-dept-2022-12 |
Katja Knupper/Die Fotowerft/DeFodi Images via Getty Images
China eased COVID restrictions Wednesday following protests and economic pain from lockdowns.
More flights to and from China could make sending packages from China to the US faster and cheaper.
The change could boost Chinese e-commerce powerhouses like Shein and Alibaba.
China's move to ease COVID restrictions is garnering cheers from the e-commerce industry.
As the country gradually rolls back quarantine and testing requirements, travel is poised to rebound. More passenger flights means more cargo capacity, which adds up to cheaper, faster shipping for Chinese e-commerce companies like Shein and Alibaba and the US logistics companies helping them take a bite out of the American market.
Though there are plenty of dedicated cargo flights in and out of China, more than half of air cargo worldwide travels in the belly of passenger planes. Without regular passenger flights, the price to move cargo via plane in and out of China has been sky-high. The fall has started though, and experts expect rates to keep going down.
Gap is one retailer already enjoying easing of air freight rates. The retailer told investors on its November 17 earnings call that falling air freight rates boosted its profit margins — and it expects the benefits to continue as rates fall even more next year.
Chinese online retailers stand to benefit even more, said Brian Bourke, chief commercial officer of Seko Logistics, a freight forwarding company that manages transportation for Shein, among other US and Chinese e-commerce giants.
Shein has become a dominant fast fashion brand in the US in part by focusing on the small but fast-growing field of cross-border e-commerce logistics, even though its packages come all the way from China. But shipping is still slow compared to US online stores. Shein's US president George Chiao told the Wall Street Journal in September that the company is in the process of shaving three to four days off normal shipping times of 10 to 15 days.
In China's $2.6 trillion e-commerce market, two-day delivery is table stakes. Meeting that speed for the US is a priority for Chinese companies that are serious about grabbing American consumers, Bourke told Insider.
Cheaper air cargo rates are likely to encourage even more investment in speed from Shein and others. And since US package carriers like UPS and FedEx have been trying hard to hold onto the high prices they were able to charge during the pandemic, international shippers now have a better chance of competing.
"It's so expensive to ship from the US to US consumers," Bourke said. "Imagine if all of a sudden all this capacity opened up and you can do a lot from China. Then they could beat a lot of the domestic retailers on price point."
Retail eCommerce global ecommerce | 2022-12-07T20:03:58Z | www.businessinsider.com | How Relaxed COVID Rules in China Could Boost Shein | https://www.businessinsider.com/relaxed-covid-rules-china-boost-fast-fashion-shein-2022-12 | https://www.businessinsider.com/relaxed-covid-rules-china-boost-fast-fashion-shein-2022-12 |
Benjamin Zhang/Business Insider
A federal judge denied Tesla's request for a retrial over the verdict of a case involving a former worker's claims of racism.
Last year, a jury determined that Tesla owed Owen Diaz $137 million over allegations of racism at its Fremont factory.
The new trial date has been set to redetermine how much Tesla will be required to pay Diaz.
A judge denied Tesla's request for a retrial on Wednesday in a lawsuit brought against the electric-car maker, alleging racial discrimination at its factory in Fremont, California.
US District Judge William H. Orrick halted Tesla's efforts to potentially overturn the racism verdict during a 20-minute motion hearing on Wednesday. Bloomberg was the first to report the judge's decision.
Last year, a jury awarded former Tesla elevator operator Owen Diaz $137 million in his lawsuit against Tesla. Judge Orrick cut the award down to $15 million earlier this year, calling the award "unconstitutionally large."
Diaz refused the lower amount and a new trial has been set to determine how much Tesla will have to pay Diaz in damages. The new trial date is set for March 27, 2023, court filings show. Tesla had originally argued that the amount should be lowered to $600,000.
Diaz's lawyer and a Tesla spokesperson did not respond to Insider's request for comment ahead of publication.
Last year, Diaz's award was believed to be the largest for a racial discrimination lawsuit in history after the jury agreed that Tesla had created a hostile working environment for Diaz, who worked at the carmaker's Fremont factory between 2015 and 2016.
Diaz alleged that Tesla ignored instances of racism at the factory, including claims his coworkers and direct supervisor verbally abused him and that racist graffiti was written on the bathroom walls.
Diaz was among the first of many Tesla workers at the Fremont factory to file a lawsuit against the company. Since, dozens of workers have alleged racial discrimination and sexual harassment at Tesla. Helen Rella, a New York labor lawyer, previously told Insider that a landmark case like Diaz's could "open the floodgates" to a slew of lawsuits for Tesla.
A California civil rights regulator also sued Tesla last year, alleging it had received "hundreds of complaints from workers" following a three-year investigation.
At the time, Tesla called the lawsuit an attack against "the last remaining automobile manufacturer in California," and said that it "always disciplined and terminated employees who engage in misconduct, including those who use racial slurs or harass others in different ways." The carmaker countersued the agency in September.
Cars Tesla Racial Discrimination | 2022-12-07T20:40:21Z | www.businessinsider.com | Tesla Denied Retrial Request Over Racism Case in Fremont, California | https://www.businessinsider.com/tesla-denied-retrial-request-over-racism-case-in-fremont-california-2022-12 | https://www.businessinsider.com/tesla-denied-retrial-request-over-racism-case-in-fremont-california-2022-12 |
British Airways finally gives you the option to pay dramatically less in fuel surcharges — but there's a catch
You can use British Airways Avios points for much more than just flights on British Airways.
EQRoy/Shutterstock.com
British Airways Avios is the rewards currency of British Airways, the UK's flag carrier.
You can redeem Avios for flights on many airlines, including British Airways — but the carrier often incurs huge fuel surcharges.
British Airways is now giving you the option to pay fewer surcharges in exchange for more points.
British Airways is the flag carrier of the UK, and one of the largest airlines in the world.
Its loyalty points, called Avios, have long been an extremely valuable rewards currency to collect. That's for two reasons:
British Airways has 15 airline partners that you can book with Avios points, including American Airlines, Japan Airlines, Fiji Airways, and Aer Lingus. You can get just about anywhere on the planet with British Airways Avios points.
British Airways Avios points are extremely easy to collect, with an impressive seven transfer partners. This allows you to effectively earn Avios with dozens of credit cards.
However, one huge deterrent of the loyalty program has been its sinfully high fuel surcharges on British Airways-operated flights.
Thankfully, British Airways now gives you the option to pay dramatically less in fuel surcharges — but there's a catch.
British Airways introduces 'Reward Flight Saver' option for all flights
Before this change, it wouldn't be uncommon to find round-trip transatlantic award flights on British Airways with between $550 and $1,900 in taxes and fees attached (depending on the cabin). Hard to swallow for most travelers, meaning Avios were most useful for:
Long-haul flights not operated by British Airways
Any short-haul flights (typically a distance of 650 miles or less)
Now, British Airways is making Avios slightly more enticing to use on its own flights. British Airways is allowing you to effectively pay for most of the fuel surcharges with points — and at a decent rate, often well above Insider's valuation of 1.3 cents each.
Here's how it works: You can now book British Airways award flights for a flat cash price in addition to your Avios. You can fly from the US to London for as little as $100 each way in economy or $350 in business class. The previous taxes and fees would have amounted to around $290 in economy and $950 in business class, so this is quite a discount.
The catch is that you'll pay quite a few more Avios in exchange for this lower cash price. Here's an example of a round-trip economy flight between New York and London. As you can see, you'll pay 50,000 Avios and $200 in taxes and fees. This flight previously would have cost 26,000 Avios and $578 in taxes and fees. That means you're paying an extra 24,000 Avios for a $378 discount — giving you a value of 1.57 cents per Avios point. That's not bad at all.
If you prefer the previous way British Airways priced its flights, that's still an option. Click the "More pricing options," and you can view a handful of Avios-to-cash ratios that you can use, including the old price.
It's also worth noting that when you book business class flights, you can find yourself getting a value of up to 2 cents per point with this new pricing structure.
You can also book long-haul flights between London to other countries for similar prices. Below is a round-trip economy flight from London to Dubai. As you can see, the price is identical to the route between New York and London.
Because British Airways uses a distance-based award chart, you'll pay more Avios (and cash) the farther away your destination is. For example, booking a round-trip flight from London to Singapore or Australia will cost hundreds of dollars — and many thousands of points — more than a quick jaunt from New York to London.
This change makes the British Airways credit card more appealing
British Airways Visa Signature® Card
75,000 Avios after you spend $5,000 on purchases within the first three months of account opening and earn an additional 25,000 Avios after you spend $20,000 in the first 12 months of account opening
Earn 3 Avios per $1 spent on purchases with British Airways, Aer Lingus, Iberia, and LEVEL. Earn 2 Avios per $1 spent on hotel accommodations when purchased directly with the hotel. Plus earn 1 Avios per $1 spent on all other purchases.
3 Avios per dollar on British Airways purchases is a generous earning rate
You can receive up to $600 in statement credits per year when you book an award flight to London and pay the taxes and fees with this card
Not the most rewarding card for non-British Airways purchases
Earn up to 100,000 Avios. Earn 75,000 Avios after you spend $5,000 on purchases within the first three months of account opening and earn an additional 25,000 Avios after you spend $20,000 in the first 12 months of account opening.
Earn 3 Avios per $1 spent on purchases with British Airways, Aer Lingus, Iberia, and LEVEL.
Earn 2 Avios per $1 spent on hotel accommodations when purchased directly with the hotel. Plus earn 1 Avios per $1 spent on all other purchases.
10% off British Airways flights starting in the US when you book through the website provided in your welcome materials.
Every calendar year you make $30,000 in purchases on your British Airways Visa card, you'll earn a Travel Together Ticket good for two years.
Pay no foreign transaction fees when you travel abroad.
Simply tap to pay with your contactless British Airways Visa Signature Card. Just look for the contactless symbol at checkout. It's fast, easy and secure!
The above changes make the British Airways Visa Signature® Card better than ever for two reasons.
1. The card offers up to $600 in credits to offset fuel surcharges
British Airways is fully aware of how frustrating exorbitant fuel surcharges have been. That's why they've baked into the British Airways Visa Signature® Card a benefit that gives you up to $600 in credits on award flights to London when you fly British Airways and pay with your card.
You'll get a $100 statement credit for economy and premium economy flights, or a $200 credit for business- and first-class flights, up to three times each year.
Because this was previously an unthinkable way to use your points for many travelers, this benefit wasn't terribly valuable. But now, the card will fully cover the taxes and fees of a round-trip coach flight from New York — and remove 50% of the fee for a business class flight.
2. The card comes with an annual Travel Together companion ticket
After you make $30,000 in purchases in a calendar year, the card will give you a "Travel Together" ticket, valid for two years. This allows you to take a companion with you for only the cost of taxes and fees when you redeem Avios points for an award flight on British Airways.
That's a great benefit, but the crippling taxes and fees associated with the ticket made this difficult to use. But the fact that you'll pay much less cash and more Avios makes this companion ticket an excellent deal. Add to this the fact that the card will cover up to $600 in fuel surcharges, and you could use this benefit to book two round-trip flights from New York to London for:
50,000 points and $100 in economy
160,000 points and $800 in business class
You can read our British Airways Visa credit card review to learn more about the card.
If you're short on Avios, you can transfer Amex Membership Rewards, Chase Ultimate Rewards, Capital One miles, and Bilt Rewards points to British Airways at a 1:1 ratio.
While British Airways isn't technically lowering its fuel surcharges, it's giving you the ability to redeem Avios for a large chunk of the would-be cash price at a solid rate. If you've got an abundance of Avios, award tickets on British Airways flights are a reasonable option for the first time ever.
These changes are also a boon for holders of the British Airways Visa Signature® Card, as its Travel Together companion ticket and up to $600 in credits towards taxes are much more valuable. | 2022-12-07T23:42:20Z | www.businessinsider.com | British Airways Now Lets You Pay for Fuel Surcharges With Avios Points | https://www.businessinsider.com/personal-finance/british-airways-avios-points-fuel-surcharges-2022-12 | https://www.businessinsider.com/personal-finance/british-airways-avios-points-fuel-surcharges-2022-12 |
Donald Trump's real-estate empire faces little immediate fallout from Tuesday's tax-fraud conviction.
NY law limits the penalties Trump faces to $250K per tax count and $10K per crime.
But the Manhattan DA's victory could embolden the office to pursue more cases.
Thanks to the penalty limits in New York's tax and penal codes, the Trump Organization — found guilty of tax-fraud on Tuesday — faces the slightest of wrist-slaps at its January 13 sentencing.
But the conviction could embolden the Manhattan DA's office to pursue more cases against the former president and his company, insiders say.
Donald Trump's real-estate and golf-resort empire faces a maximum of about $1.6 million in penalties at sentencing, essentially a rounding error for a company worth more than $2 billion.
The number is so low because strict limits in New York law essentially tie the hands of the trial judge, state Supreme Court Justice Juan Merchan. The potential fines come to just $250,000 per tax count and $10,000 per crime.
But while no one will be hauled off in handcuffs — Trump was not charged in the case, and there were no defendants beyond the two subsidiaries — there could be more in store for the former president than next month's relatively painless sentencing.
Even before Tuesday's verdict, District Attorney Alvin Bragg was at least considering further charges involving Trump and/or his company, as the New York Times reported last month, possibly involving the 2015 Stormy Daniels hush-money case.
Then on Monday, the office hired Matthew Colangelo to beef up what has been a more than three-year Trump probe started by Bragg's predecessor, Cyrus Vance, Jr.
"Just recently he has brought in outside counsel," Vance told CBS News on Wednesday, speaking of the apparent re-energizing of Bragg's Trump probe.
"It looks as if he is reengaging in a broader investigation which could include potential culpability of the former president himself," Vance told the station.
"Personally I think it's the right move, to continue the investigation and I'm glad to see that is the direction that DA Bragg is taking."
The tax-fraud case against the Trump Organization and its CFO, Allen Weisselberg, has been the probe's only prosecution, and it's been a clear success.
Weisselberg pleaded guilty in August, agreeing to testify against the company. And thanks in part to that testimony, a Manhattan jury rendered a unanimous, 17-count guilty verdict that took just 10 hours to reach.
That victory may embolden the DA's office to go after Trump himself, former prosecutors said Wednesday.
Another tax case — this one involving Trump's own personal taxes — could turn out to be that case, two former prosecutors told Insider.
While nothing else has materialized against the former president after three years of DA investigation, Trump's tax records are a relatively new acquisition. The office has had eight years of Trump's tax returns for about a year and a half, ever since Vance won a landmark Supreme Court battle for their access.
"To me, the question is, is there anything in Trump's personal tax returns?" said Adam Kaufmann, a former Manhattan DA investigations chief and financial crimes prosecutor for the office.
"They've had them for a while," added Kaufmann, a partner specializing in white-collar criminal defense at Lewis Baach Kaufmann Middlemiss.
The Trump Organization trial showed that tax fraud was rampant just one tier down the corporate ladder from Trump himself, Kaufmann noted.
Trump's own taxes, which he fought so hard to keep private, may likewise not hold up to scrutiny.
"And given everything else that is going on," with the upcoming presidential election, "it seems to me that if they're going to bring that case, they would probably bring that pretty damn soon."
Another former top executive in the DA's office agreed that of all the possible remaining cases against Trump in New York, a personal tax-fraud case may be the most likely. He asked not to be identified by name because he was not authorized to share information about his former employer.
He noted that Bragg's hiring of Colangelo is a sign the DA is getting serious about taking one more shot at a Trump indictment.
Still, "these kinds of tax cases are hard to make, because of the complicated structures of his organization," he said.
"He has 500 subsidiaries" he said of the Trump Organization. "Tracking his income could be very problematic because it goes through so many sources."
He added, "Eventually, if you have to go to court, you better have the goods. It really has to be a slam dunk, the way the country is divided.
"If you're going to go after the king," he added, speaking figuratively, "you better f----ing kill him."
Trump Organization Trump org Trump tax fraud | 2022-12-08T00:38:52Z | www.businessinsider.com | After Trump Org Conviction, What's Next for Trump in NY? | https://www.businessinsider.com/after-trump-org-conviction-whats-next-for-trump-in-ny-2022-12 | https://www.businessinsider.com/after-trump-org-conviction-whats-next-for-trump-in-ny-2022-12 |
Gen Z is more likely to donate credit card rewards to charity.
Peter Dazeley/ Getty Images
Imprint, a co-branded credit card issuer, finds generational trends in how consumers use their rewards.
Millennials are more likely to save their credit card rewards for "the next big thing," while Gen Z is using their rewards in smaller increments.
Gen Z is donating card rewards to charity, particularly environmental causes and womens' shelters.
There are tons of ways to use your credit card cash back or rewards points (options differ depending on your specific card), but some of the most common redemptions are statement credits, direct deposits, gift cards, and travel. But you can also donate your rewards to charities, a rising trend among Gen Zers.
Imprint, a credit card issuer, analyzes the data collected from its co-branded cards to personalize its reward programs with customer-trusted brands. In doing so, Imprint noticed striking differences in how millennials and Gen Z are using their rewards.
Imprint's data shows that while millennials are holding onto their credit card rewards for longer periods of time, Gen Zers are using their rewards in smaller increments and even often donate them to charity. In general, Gen Z is showing overall smarter credit card behavior compared to how millennials were spending at that age.
"We know our cardholders intimately well. We see everything in real-time, minute by minute. That's how we get our data. That's how we see how people are spending, but also how people are spending their rewards," says Daragh Murphy, cofounder and CEO of Imprint.
As a Gen Zer myself, I was at first surprised to hear that my generation was donating a lot of their rewards. I really value my credit card rewards and sometimes even rely on that little extra pocket change, so at first I was shocked. But after talking with Murphy, it was easy to see why donating rewards appeals to Gen Zers.
However, it's important to recognize that data on Gen Zer's credit card use is fairly recent and subsequently limited. So although new data can give us a look into trends, it can't be taken as an absolute truth for all credit card users.
Millennials are getting older and saving their rewards longer
Millennials (ages 26 to 41 years old) are getting older and settling down with their own mortgages and families. With age often comes wisdom (or at least more experience) and it's now being reflected in their spending habits. Over the past three years, Imprint has been able to track millennials' credit reward spending habits, and found underlying trends that reflect how the generation has aged.
"People (millennials) are aging into buying a home or having a baby. That naturally just changes your buying habits and how you think about your personal finances, and what you do with rewards," says Murphy.
Imprint is seeing that millennials often hold onto their credit card rewards for longer periods of time. Millennials are "saving up towards the next big thing," as Murphy describes it. This could be anything from big vacations to paying down debt.
But these weren't the only trends that Imprint discovered. In fact, what made millennials' card use stick out so much is how the data differed from Gen Z's habits.
Gen Z is showing savvier credit card use
Gen Zers (otherwise referred to as zoomers) range roughly from 10 to 25 years old. Since Gen Z is just aging into credit cards, the data is limited. Still, Imprint was able to see credit card trends that hint toward the generation's future financial savviness.
"What we see with Gen Z is that they are much savvier. They are more willing to think about 'what's the best deal', and 'how do I stack coupons with my rewards,'" says Murphy. Gen Zers, at least the ones old enough to own a credit card, are doing more research and being more selective in their credit card use.
Murphy reflected on his own experience as a millennial and speculated that since many millennials grew up around the financial crisis that they might have an aversion to most financial products (even helpful ones).
On the other hand, Gen Z seems to be taking a drastically different approach to financial products, and by and large, credit cards. Murphy says Gen Z is "savvier about how they use their rewards than millennials were at that age."
I wasn't surprised to hear that my generation is finding better and smarter ways to use credit cards. Although Gen Z is lacking in experience, the internet is starting to make up for the difference. With an endless database of information at our fingertips, being smart about credit cards has never been easier.
For most of my life, if I wanted to know about something, I relied on the internet to teach me about it. Even when I started researching credit cards, the first place I turned to was Google. With a few clicks, I was able to access hundreds of blogs, credit card reviews, guides, and first-hand accounts on every card to ever exist (honestly, it gave me information overload).
That said, knowing about credit cards doesn't automatically make you good at using them. Sometimes applying learned knowledge takes time and practice — something that Gen Z (and even some millennials) are still getting the hang of.
Gen Z is donating more rewards to charities
Unlike millennials who are storing away their credit card rewards for a rainy day, Gen Zers are cashing in their rewards faster and in smaller increments. But the most fascinating part is not when Gen Zers are using their rewards, it's how.
Although cash back, statement credits, direct deposits, and gift cards are among some of the most popular redemption options, Gen Zers are increasingly donating their rewards to charities.
"Gen Z is asking, 'how can I donate my rewards?' and 'how can I use what I'm getting for free impact'," says Murphy. "Gen Z gives a lot to environmental causes. We've seen an uptick in people giving money towards women's shelters, especially with the change in the supreme court ruling."
The internet has provided an accessible means of sparking activism and spreading awareness that Gen Zers have grown up with. By the time I was in middle school I was already retweeting posts about workplace discrimination and watching YouTube videos about the effects of global warming. So it's not surprising that Gen Zers are taking advantage of their credit card rewards for the betterment of others, even if it's only a little at a time. They are giving what they can (no matter how small) whenever they can.
In my own experience, I've noticed more and more credit cards adding charity donations as a redemption method. This has been partially appealing to me as a young adult with a limited income as I can now donate money without touching my own bank account.
If this donation trend continues, it's possible that more credit cards will add charities as a common redemption method. However, it's unclear whether or not Gen Z will continue to donate their rewards as they get older, or if their priorities will change with age and financial stability to better resemble how millennials' are currently using their rewards.
PERSONAL FINANCE The best credit cards for online shopping of December 2022: Earn bonus rewards with PayPal and at Amazon, Costco.com, Target, and other popular retailers
PERSONAL FINANCE The best credit cards for holiday shopping of 2022 | 2022-12-08T00:39:10Z | www.businessinsider.com | Gen Z Is Donating Credit Card Rewards to Charities, While Millennials Are Saving Longer | https://www.businessinsider.com/personal-finance/gen-z-millennials-credit-card-trends-imprint-2022-12 | https://www.businessinsider.com/personal-finance/gen-z-millennials-credit-card-trends-imprint-2022-12 |
Rep. Adam Schiff of California.
The January 6 committee is set to release its final report this month.
Rep. Adam Schiff said the "facts support" indicting Trump but didn't name specific charges.
Schiff said the committee is still weighing potential criminal referrals to the Justice Department.
Rep. Adam Schiff, a California Democrat, said Wednesday facts gathered by the House select committee investigating the January 6 Capitol attack support an indictment of former President Donald Trump.
Schiff, a member of the committee, made the comments in an interview with NPR. The committee is set to dissolve at the end of the year and is highly unlikely to be renewed in a Republican-controlled House. Their final report is expected sometime this month, with sources telling NBC News it could be released on December 21.
NPR's Steve Inskeep asked Schiff if he believed Trump had committed "specific prosecutable crimes on January 6."
"Yes, I do," Schiff said. He alluded to a federal judge who ruled in March that Trump had likely "corruptly attempted to obstruct the Joint Session of Congress on January 6, 2021" — which could amount to felony obstruction.
"I think that illustration I gave, that example I gave is just one instance, one particular offense that I think the facts support a potential charge against the former president," Schiff added.
He also said the committee is still deciding on any referrals it may make to the Justice Department for potential criminal prosecution.
CNN also reported Wednesday, citing unnamed sources, that the committee was considering criminal referrals for Trump and some of his allies. Those referrals could include people who refused to cooperate in the committee's investigation or for specific crimes committed on January 6, Schiff said.
The congressman added the committee plans to release the evidence it has gathered before Republicans take over the chamber.
"We intend to make our evidence public and in that way make sure that is accessible to everyone, to the Justice Department, so that when the Republicans take over, they can't cherry-pick certain evidence and mislead the country with some false narrative," he said.
Adam Schiff Donald Trump January 6 committee | 2022-12-08T02:48:39Z | www.businessinsider.com | Adam Schiff: 'Facts Support' Indicting Trump Over January 6 | https://www.businessinsider.com/adam-schiff-facts-support-indicting-trump-over-january-6-2022-12 | https://www.businessinsider.com/adam-schiff-facts-support-indicting-trump-over-january-6-2022-12 |
Unionized New York Times staffers are staging their first full-day walkout since the 1970s amid a heated contract fight
Nighttime view of the New York Times Building
Photo by Oliver Morris/Getty Images
New York Times staffers walked off the job on Thursday for one day.
Union staffers are in heated contract negotiations with the paper over issues like pay.
The threat of a longer strike looms if the two sides can't reach a deal.
Union staffers at The New York Times walked off the job on Thursday, the first such protest at the paper since the late 1970s.
More than 1,100 union members had pledged to stop working at midnight on December 8 if an agreement had not been reached over a new union contract, with the stoppage planned for 24 hours.
"We're asking readers to not engage in any @nytimes platforms tomorrow and stand with us on the digital picket line!" tweeted Amanda Hess, a critic-at-large at The Times. "Read local news. Listen to public radio. Make something from a cookbook. Break your Wordle streak."
The action comes as the union and Times management remain at odds. Insider reported in September that the two sides were clashing over the biggest sticking point: money. The union has been pushing for an 8% raise each year over the next four for its members, while the Times has countered with lower hikes. The previous contract expired in March of last year.
"Strikes typically happen when talks deadlock. That is not where we are today," New York Times executive editor Joe Kahn wrote in a memo to staff, according to an unbylined Times story about the one-day strike beginning. "While the company and the NewsGuild remain apart on a number of issues, we continue to trade proposals and make progress toward an agreement."
Talks have dragged on for months, with union members becoming increasingly frustrated. They have pointed to the paper's business success and are asking for a greater share. Union members plan to picket outside of the New York Times headquarters on Thursday.
"Management continues to refuse the $65K salary floor proposed by the Times Guild and their wage proposal still fails to meet the economic moment, lagging far behind both inflation and the average rate of wage gains in the U.S.," the union said in a statement.
As Vanity Fair reported, the threat of a walkout sent managers scrambling for a contingency plan, requesting that staffers submit work early as they would ahead of a holiday and leaning on nonunionized managers and international staff to keep the paper and website humming.
While the walkout is only one day, it's the most significant action that the union has taken in years, and it suggests that a future longer strike is in the cards, as Insider previously reported.
"I think people feel that management doesn't listen unless everybody is beside themselves and ready to walk out the door, so if that's what it's going to take, then that's what it's going to take," Frances Robles, a Florida-based Times correspondent, told Insider in September.
Read Insider's full look inside The New York Times' heated union fight, where a potential strike looms and the biggest sticking point is pay
New York Times Media Unions | 2022-12-08T09:39:50Z | www.businessinsider.com | New York Times Staffers Walk Off Job Amid Contract Fight | https://www.businessinsider.com/new-york-times-staffers-walk-off-job-amid-contract-fight-2022-12 | https://www.businessinsider.com/new-york-times-staffers-walk-off-job-amid-contract-fight-2022-12 |
Trips to the salon are common for many people. But not everyone knows the ins and outs of going.
Insider asked three hairstylists the things they wish clients knew, and not all of them are obvious.
For example, "a trim and a haircut are the same thing," New York stylist Eric Canarick said. "The scissors open and close the same amount of times."
It wasn't too long ago that getting a haircut was a luxury. Remember those quarantine haircut disasters? There was nothing quite like bad bangs and layers gone wrong to make us appreciate the subtle skills stylists employ to make haircut magic.
Now that salons are back with full steam, it's as good a time as any to brush up on salon etiquette. Insider spoke with seasoned and newer hairstylists in urban and suburban salons to find out their best customer etiquette tips across the board. Here are some of their universal truths.
Like every service-based industry, time management is tantamount. Many hairstylists work hours around their appointments, such as Angela Fernandes of Isla and Wolf in New York.
Eric Canarick, co-owner of Imbue Beauty in New York City.
Courtesy of Eric Canarick
In her experience, "Some places want you there regardless for walk-ins, but most allow employees to block themselves out so they're not just sitting." In other words, your stylist may not have "office hours."
Eric Canarick, co-owner of Imbue Beauty and a senior stylist in New York City, agrees: It's just not realistic for clients to expect him to always be available. Don't count on being squeezed in, even if you're a loyal customer.
As Raven DeGarmo, a hairstylist at Salon Posta in Marietta, Georgia, puts it: "Sometimes, every minute of my day is scheduled, and arriving even 10 minutes late can throw everything off."
Better late than never … but both are bad
"[Being late] cuts back on my time to consult with them, and this is such an important part of the creative process," Fernandes said. "This is where I learn about the client, their hair, and what they're looking for."
But late is certainly better than never.
"Not showing up for your appointment with little to no warning is a challenge as well," DeGarmo said. "I often have a waitlist that is practically impossible to pull from last minute, and when I'm only making money for the time I use, it's not ideal to have gaps on your book just because someone chose not to show up."
Know that some styles or services take more than one visit
"Some clients may have this idea that their service will and should be completed in one sitting," DeGarmo said. "Usually, this is in regards to color."
Fernandes echoes the wish that clients "knew a little more about color services and the amount of time and technical skill that goes into achieving looks they may like. For instance, if someone comes in with very dark hair and shows me a photo of a blonde, they may not understand that this desired look can take several hours and appointments to achieve."
Understand what you're asking for
Canarick wishes clients understood better that "a trim and a haircut are the same thing. The scissors open and close the same amount of times."
Angela Fernandes of Isla and Wolf in New York.
Courtesy of Angela Fernandes
Plus, Fernandes told Insider: "A very common unrealistic expectation is when a client comes in with a photo inspiration of someone with a completely different type and texture of hair. A client who has super thick, dense, and unruly hair that is frizzy and hard to smooth [recently] showed me a photo of Christie Brinkley and wanted a curtain bang that framed the face really nicely. The problem is that Christie's hair is much thinner, and there was a very obvious difference in texture."
The change in texture would change how the hair laid, and Fernandes had to point out that the end result just couldn't be the same, and that her client would have to style her hair to look this way — she couldn't just wake up like that.
Don't be shy to show photos
"I absolutely love photos," DeGarmo said. "Even if they only like certain parts of the pictures they show me, it tells a story of their personality and what they do and don't prefer."
When clients have already Googled their ideal look, DeGarmo takes that time saved and puts it toward the service and post-cut advice.
"It's really vital to get a little education from the stylist on what products will help you maintain your style at home," DeGarmo said. "All of these things add up and make the appointment worth every penny."
Expect to get what you pay for
When you enlist the service of a professional, you're not paying for that one service — you're paying for the years of experience that led to it. That's why level of expertise impacts the cost of a cut.
Raven DeGarmo, a hairstylist at Salon Posta in Marietta, Georgia.
Courtesy of Raven DeGarmo
"Ongoing education can be expensive and usually comes out of the stylist's own pocket," Fernandes said. "Apprenticeships can be hard, even brutal, and long. I wanted to quit the beauty industry more than once during my own."
You're also paying for the salon experience
Stylists pay into technical details when they work at a salon, including the latest in haircare treatments and products, hair coloring, assistants, and new client leads. Geography and rent prices also matter, and Fernandes said "the average price of a good haircut and style varies greatly depending on where the salon is."
Beyond location, there are other bonuses that come with price tags.
"An upscale salon experience will include a really in-depth consultation, most likely a scalp massage, comfortable seating, beverages, even a silky robe," Fernandes said.
Tips are not only appreciated, but essential
Whether your stylist is a freelancer who makes an hourly rate or a professional simply renting a chair, hair is an industry that relies heavily on gratuities.
A 15% to 20% tip on the total service is the standard, but a simple, quick cut — like a men's trim — can warrant a 10% minimum. Of course, you're always welcome to tip more!
"There's one lady that comes to my salon who always tips $40 for a blowout, which is a lot," Fernandes said. "But it happens, so everyone wants her in their chair. And I have a male client who always generously tips $20 on his $35 cut."
NOW WATCH: This hair salon is dominating the market with its incredible Instagram game
Hair Hair stylist Hair styles | 2022-12-08T11:37:30Z | www.businessinsider.com | The 8 Rules of Salon Etiquette, According to Hairstylists | https://www.businessinsider.com/8-rules-of-salon-etiquette-according-to-hairstylists-2022-12 | https://www.businessinsider.com/8-rules-of-salon-etiquette-according-to-hairstylists-2022-12 |
Happy Friday eve, team. I'm your host, Phil Rosen, reporting from New York.
As it turns out, one benefit of the pandemic is that it made money-savers out of us. Investors have built up a $1.9 trillion cash pile since the onset of COVID-19.
Some commentators say it's just about time to unload their wallets into markets as the new year sets in on hopes of loosening Fed policy and thus a stock rally.
But that may not be the best playbook to follow for 2023, according to one Wall Street firm, as strategists say "timing is everything."
1. It won't be time to buy into stocks until after the Fed makes its last rate hike. That's what Bank of America's Research Investment Committee said.
The firm is predicting that policymakers will make their last interest rate hike in the first quarter of 2023, and that will give investors a promising entry point into the stock market.
Remember, the Fed right now is looking to cool down a hot economy in an effort to tame inflation, which is at multi-decade highs. It does that by raising benchmark interest rates, which makes borrowing costs for everything from homes to credit cards more expensive.
Specifically, the Fed is looking to stifle a searing-hot labor market. This could happen either via companies dialing down the number of open positions they want to fill or by laying off workers, or both. This "cooling down" would likely push unemployment higher and be the signal for the Fed to take a break from raising rates.
"Once rate hikes bite labor markets, the Fed will pause, and investors should deploy the $1.9 trillion," Bank of America strategists said. "History reveals superlative returns after the last Fed hike."
Traders expect the Fed to lift interest rates by 50 basis points next week, and then by 25 basis points at the February meeting, CME's FedWatch Tool shows.
In terms of how to approach the market, BofA said investors should focus on owning companies that have resilient earnings, especially given the increasing number of flashing recession signals.
"High free cash flow stocks outperformed the market by 7 percentage points per year since 1991, and during major economic downturns, companies with steady profits outperformed by 10 percentage points," the bank said.
Analysts will be monitoring equity flows to judge when exactly to buy into stocks — specifically, outflows from equity funds and ETFs, which have been oddly absent this year, according to the bank.
With a new normal of elevated inflation, BofA expects equal-weighted stock market indices to perform better than market-cap-weighted ones. That means, effectively, smaller companies will outperform larger ones.
"We resist buying the dip in beaten down growth stocks. $100 of small cap value in 1926 is worth $36 million today vs $0.8 million for large cap growth," BofA said.
How will you adjust your stock market investing strategy for the new year as recession signals heat up?
Bridgewater Associated founder Ray Dalio visits "Mornings With Maria" hosted by Maria Bartiromo at Fox Business Network Studios on November 30, 2018 in New York City.
2. US stock futures rise early Thursday, as investors expect the Federal Reserve to slow its interest rate hikes to 50 basis points from 75 next week. Meanwhile, November was the dollar's worst month in over a decade — but at least one strategist thinks the greenback's dominant run might not be over just yet. Here are the latest market moves.
3. Earnings on deck: Broadcom, Costco, and Cisco Inc, all reporting.
4. Here's a point-by-point look at how stocks would perform as a recession begins, according to Deutsche Bank. The bank's chief US equity strategist said the current rally will fade in the first quarter of 2023, but stocks can rebound later in the year. He explained what to buy into as the recovery follows the downturn.
5. Fundstrat says the data the Fed is responding to may not be reliable. The plunging response rate of various economic surveys could call into question the Fed's forecasts, the firm's head of research, Tom Lee, said. "How accurate is the surge in 5 million additional job openings, when there are 1/3 fewer respondents?"
6. A key recession indicator is pricing in nearly a 100% chance of a "Powell recession" next year. The New York Fed's Recession Probability model is flashing odds of a downturn at 38% — but given how reliable that indicator is, DataTrek said that's really a near-guaranteed chance.
7. Billionaire Ray Dalio said stocks aren't yet pricing in the Fed pushing rates near a "very harmful" level. The legendary investor estimated that policymakers may push the benchmark rate as high as 5.5%, which he warned could weigh especially heavily on the stock market.
8. This real-estate investor sets aside $10,00 a month for his next investment. In his view, "speed is not your friend" right now. He broke down his two-step process for finding great deals in an uncertain landscape.
9. The stock market's recent run is due to fail even as investors are anticipating a Fed pivot ahead. That's according to $38 billion Glenmede. The firm's strategists shared three reasons why the recent rally is set to fizzle and what to learn from bear market history.
CARVANA CO REGISTERED SHS -A- stock price on December, 08, 2022
10. Carvana stock plunged as much as 45% on Wednesday. Carvana's corporate debt maturing in 2029 was trading at just 32 cents Wednesday, a steep discount that suggests traders think bankruptcy may be imminent. Shares hit a record low as major creditors reportedly formed a pact to cooperate on a restructuring of the company. | 2022-12-08T11:37:48Z | www.businessinsider.com | Bank of America Explains How to Invest in the Stock Market in 2023 | https://www.businessinsider.com/bank-of-america-explains-invest-stock-market-recession-economy-2023-2022-12 | https://www.businessinsider.com/bank-of-america-explains-invest-stock-market-recession-economy-2023-2022-12 |
Meet the small hedge fund that thinks it can oust Larry Fink from BlackRock
BlackRock CEO Larry Fink, pictured last month, has drawn scrutiny from an activist investor.
Thos Robinson/Getty Images for The New York Time
Bluebell is taking on BlackRock in a highly rare activist move against the largest asset manager.
The fund has a tiny stake in BlackRock and is calling for the firm to replace Larry Fink as CEO.
A Bluebell executive told Insider he recently met with BlackRock to discuss his ESG concerns.
On one side stands a small, relatively unknown activist hedge fund with a tiny stake in a giant company. On the opposite side is the large corporation, one with a household name that's drawn ire from the public over its policies and the role it plays in American and global society.
This is how the stage was set for the proxy fight that played out last year between Engine No. 1, the young hedge fund run by a longtime activist investor, and ExxonMobil. By now, the story of Engine No. 1's success against the oil giant is widely known and the fund made a name for itself on the back of its high-profile campaign.
The backdrop will sound familiar to investors tracking the interaction that came into view this week between Bluebell Capital Partners, a small London-based activist hedge fund with $250 million in assets under management that launched three years ago, and BlackRock, the largest money manager with some $8 trillion of assets.
Bluebell has a tiny 0.01% stake — some 12,000 shares — in the company. Last month Bluebell sent a 17-page letter to BlackRock's board detailing its concerns, which center on the firm's approach to investing while considering environmental, social, and governance factors, or ESG. Joining a wave of heavy scrutiny of BlackRock and Fink over ESG, Bluebell accused BlackRock of a hypocritical posture toward sustainable investing, according to the letter, which was viewed by Insider.
Giuseppe Bivona, Bluebell's co-chief investment officer, said he targeted Fink in his demands because he views BlackRock's ESG-related reputational risk as more of an issue with Fink's public comments than with BlackRock as an institution. Bivona said he met with BlackRock in recent days, but declined to specify what they spoke about.
The hedge fund said it found contradictions in BlackRock's commitment to limit companies involved in thermal coal production in its discretionary active portfolios, not passive funds. It also criticized BlackRock for not supporting Bluebell's campaigns at companies including Solvay, a chemical company, and the mining company Glencore.
"What I'll consider a success on this campaign is if, in a few months' time, we do come to the conclusion that BlackRock's board of directors has taken seriously our concerns and has taken remedies. We are suggesting certain remedies, and there could be others," Bivona said in an interview with Insider on Wednesday.
"Our position is not about whether BlackRock should be doing more or less about ESG. Our main concern is that we see that BlackRock is not doing what they say they're doing," Bivona said, adding that he has "a lot of respect for BlackRock and we have a lot of respect for Larry Fink."
A BlackRock spokesperson said: "In the past 18 months, Bluebell has waged a number of campaigns to promote their climate and governance agenda. BlackRock Investment Stewardship did not support their campaigns as we did not consider them to be in the best economic interests of our clients."
Small fund, big target
Whether Bluebell will be successful in any of its demands is unclear. Christopher Davis, a partner at Kleinberg, Kaplan, Wolff & Cohen who chairs the firm's investor activism practice, said Bluebell is doing what any activist investor is entitled to do — make an argument on the merits and plainly lay it out for others to assess.
"People, including shareholders, can judge those arguments precisely on the merits rather than — does Bluebell have enough of an ownership position to cause something to happen? And the answer to that is no," Davis said.
Bluebell is run by founding partners and co-chief investment officers Bivona and Marco Taricco, two veteran finance executives who both previously worked at Goldman Sachs and Morgan Stanley.
Marco Taricco, co-CIO and partner at Bluebell Capital Partners.
The firm typically focuses on large-cap European public equities and has roughly a dozen names in its portfolio, with eight employees and offices in tony West London. The fund was named after Taricco and Bivona went into business together and Taricco's daughter, who was young at the time, suggested Bluebell.
Bluebell has taken on other large companies.
Last year Bluebell and other activist investors waged a successful campaign against French food and beverage giant Danone, where it had an undisclosed stake, reports said at the time. Two months after a letter Bluebell sent to Danone's board of directors calling on the replacement of Danone's now-former CEO became public, the board ousted him. Bloomberg News ran the headline: "Tiny Activist Bluebell Quickly Becomes CEOs' Worst Nightmare."
BlackRock is decidedly different from the usual targets of activist investors, who seek out poorly run or badly performing companies to shake up and make money off of.
The New York-based investment giant doesn't have a history of performance problems, and analysts are overwhelmingly bullish on the stock. Yet investor sentiment has showed signs of turning. Its vocal position on embracing ESG factors has become fodder for government officials, some of which have pulled out of funds managed by BlackRock. UBS equity analyst Brennan Hawken in October downgraded BlackRock shares over risks posed by the skepticism of ESG investing.
"Does Bluebell really expect to win on all points? I'd be surprised," Davis of Kleinberg Kaplan told Insider on Wednesday. "Is it part of a fairly effective strategy thus far to sort of highlight its name and increase its profile? The coverage suggests that part of the strategy has worked out quite well."
BlackRock Larry Fink Activist investors | 2022-12-08T11:37:54Z | www.businessinsider.com | Meet Bluebell Capital Partners, Activist Investor Taking on BlackRock | https://www.businessinsider.com/bluebell-capital-partners-activist-hedge-fund-activist-taking-on-blackrock-2022-12 | https://www.businessinsider.com/bluebell-capital-partners-activist-hedge-fund-activist-taking-on-blackrock-2022-12 |
Here's the ranking of Google's most to least profitable businesses as investors press it to cut costs
Pressure to cut costs could force Google executives to see which teams need to be slimmed down.
Google's most profitable businesses are its search ads and the fees from Android app purchases.
Hardware like Pixels helps Google retain market share but are unprofitable, Bernstein estimates.
Despite numerous calls from investors to conduct layoffs, Alphabet continues to resist while layoffs impact tech industry peers like Meta and Amazon.
As more companies cull their ranks in the face of a possible recession and as activist investors push for cost cutting, investors have begun looking through Alphabet's many business units to see what areas perform the best and where there could be cuts.
One way to do that is by analyzing the profitability of each of Alphabet's businesses. While the company doesn't break out the profit margins of all its units, Bernstein analyst Mark Shmulik recently put together a report that used publicly disclosed information, along with estimates, to pencil out which units are the most and least profitable. At the top of that list are its Play Store, which takes transaction cuts from in-app purchases, and its search ads business. Bernstein estimates those businesses have 60% and 55% margins respectively.
At the bottom are Google's hardware bets, like Pixels and Chromebooks, which have high research and development costs and are often sold at a low cost. Bernstein estimates that unit has large negative margins.
The more profitable the business is, the less pressure Google has to cut employee costs to improve the margins. It's not a perfect gauge—for example, a quickly growing business like Google Cloud isn't yet profitable, but Google might be hesitant to make major layoffs there for fear that it could harm its growth.
Still, as the economic slowdown continues, it gives a sense of what's working for Google as a business and where the more and less successful areas in the long term lie.
Insider reached out to Google for comment.
Below is a ranking of Google's businesses from most to least profitable, according to Bernstein estimates:
Play Store (not including ads)
Google takes a cut on transactions within apps that are downloaded through its app store Play. It's a low cost business for Google and a mandatory fee for any app that runs on Android. In an antitrust court case brought by an attorney general alleging Google's app store was anticompetitive, Google generated $11.2 billion in revenue in 2019 from its app store, with profits of $8.5 billion. That pales in comparison to the more than $200 billion that advertising brought in last year—but it's an efficient business. The figures from the 2019 case showed that the Play store's transaction business generated 60% profit margins.
Search advertising is Google's revenue engine. These are the ads that appear below a search result, along with other smaller search ads like ones that appear in Gmail, Maps, and the Play store. Last year, Google generated $149 billion from this business. Bernstein estimates the business has around 55% margins.
Shohei Miyano/Reuters
The ads that appear on YouTube videos have significantly driven advertising growth for Google in recent years. Last year, it generated $29 billion for the company. But because YouTube often has to share more than half that revenue with many of the video creators, the margins on this business is far less than its search ads business. Bernstein estimates that it has 15% margins.
Google's Ad Network
Passers-by will be able to use their smartphones to interact with the Google ad on the new Times Square mega billboard.
Google's Ad Network involves the ads that appear across the web and inside apps that are served using Google's ad technology. Because Google splits the revenue with the website or app where the ad is placed, it's less profitable than search ads. The business is still substantial. Last year, Google generated over $31 billion from this business. But the margins are slimmer—Bernstein estimates Google only makes 10% margins with these ads.
Google Cloud CEO Thomas Kurian
This business of providing cloud hosting and computing services for businesses has been another growth engine for Google. It made $19 billion last year, up from $13 billion the year before. But it's been a longterm investment for Google. The business isn't profitable, although its divisional CEO Thomas Kurian has said the company has a "line of sight" to profitability. The unit also covers its Google Workspace enterprise software business, which is likely more profitable because it sells subscription software. Bernstein suggests that the unit will break even next year and hit 10% margins by 2025.
YouTube Subscriptions
YouTube subscriptions include the paid subscriptions services that YouTube offers like YouTube Premium, its ad-free version of YouTube, and its digital cable bundle YouTube TV. YouTube pays media companies for their content, and while YouTube keeps raising the prices for all of its subscription services (YouTube TV now costs $65 a month up from $50 two years ago), it's still a lower margin business than ads. Bernstein estimates that YouTube currently loses money on its subscription offerings, but in the next few years, it could work its way to profitability and 7% margins.
Google's hardware
Google has been investing for years in building its own hardware that runs on Android's operating system. That includes Chromebook laptops and Pixel phones. It also builds products like the Nest and Fitbits. Google's goal is less about building a successful hardware business and more about ensuring that Android, and by extension Google Search, has a broader reach and competes for market share with Apple. But it's an expensive gambit, and Bernstein estimates that Google loses money on the division.
Waymo car
"Other bets" include the longterm projects and moonshots that Google invests in, like the self-driving car group Waymo and the data driven health-tech company Verily. These are notorious money losers for Google, many of which generate no real revenue, although some do. Google has offloaded some of the costs of running these groups onto outside investors to take off some pressure, but these products are years, if not decades, away from being profitable.
Google Alphabet Google Cloud | 2022-12-08T11:38:22Z | www.businessinsider.com | Here Are Google's Businesses From Most to Least Profitable | https://www.businessinsider.com/google-alphabet-businesses-most-profitable-2022-12 | https://www.businessinsider.com/google-alphabet-businesses-most-profitable-2022-12 |
The best-performing large-cap fund manager of 2022 shares what he got right as high inflation and interest rates tanked the market this year — and where he's investing heading into 2023
Daniel Peris of Federated Hermes oversaw the top-performing large-cap fund of 2022.
Daniel Peris of Federated Hermes is the top-performing large-cap fund manager of 2022.
A long-term approach and a laser-focus on dividend growth and yield lifted his fund.
Here's where Peris is investing heading into 2023 after his outstanding year.
Historian-turned-mutual fund manager Daniel Peris is making some history of his own this year.
For the second time in eight years, the Federated Hermes Strategic Value Dividend Fund (SVAAX) that Peris runs is on pace to beat 99% of its peers, according to Morningstar. The $10.7 billion fund is also the best performing large-cap fund in 2022, according to Kiplinger.
With such an extraordinary performance over the last few years, it should come as no surprise that Peris isn't your ordinary portfolio manager. Instead of pursuing finance in college, he opted for Russian studies and went on to earn a PhD in Russian history shortly after the Soviet Union collapsed. Facing dismal job prospects, Peris became a stock researcher before landing at Federated Hermes in the early 2000s, where he's managed money ever since.
Nearly as unconventional as Peris' background is his approach to running his dividend fund. Absolute and relative performance matter little compared to dividend growth and yields, Peris told Insider in a recent interview. As long as his fund averages a 4% to 5% yield and increases that return over time at that same rate, he's pleased — regardless of what happens in the economy.
That long-term mindset likens him more to a business owner than a stock trader, he said.
"It looks like 2022 is going to add another data point to justifying that value proposition of being a business investor in the stock market — of having a certain targeted yield, targeted dividend growth rate, targeted internal rate of return, and an implied total return," Peris said.
Peris continued: "And while the US stock market's all over the place — much higher, much lower, whatever — in 2022, it's been a very quiet year for us."
How an outside-the-box method led to strong gains in a down year
Back in July, Peris shared his investing process with Insider and explained how he delivers steady, reliable income to grandma, even as high inflation and interest rates crippled stocks.
Many investors prefer sizzle to substance and try to improve their returns by timing the market or maximize income by chasing high yields, even though the risk is higher. Peris does neither, and instead acts like the manager of a privately held real estate business. Cash flow is the critical component for any company he considers, not its valuation or future growth prospects.
At-home investors can replicate Peris' success — not only by sticking to his strategy of picking dividend stocks that have yields of 4% to 5% which grow at an annual rate of 4% to 5%, but also by following his approach to sector allocation.
Unlike momentum investors who identify trendy sectors and ride them, Peris trims exposure to companies in hot sectors, since their dividend yields fall as their share prices rise.
In 2022, that meant reducing exposure to the red-hot energy sector as its dividend yields slid, and using profits to invest in other high-yielding and fairly valued parts of the market, including financials and real estate investment trusts (REITs), Peris said.
As 2023 approaches, Peris said he's targeting dividend stocks in other parts of the market, including regional commercial banks, phone companies, and industries within consumer staples like food, beverage and tobacco, household products, and pharmaceuticals.
Regional banks are beaten down now but have stronger capital positions that will allow them to increase their dividends, Peris said, adding that their loan books look nothing like they did in 2008.
Large phone carriers are unlike other companies in the communication services sector because of their juicy dividends that can yield anywhere from 6% to 7%.
Lastly, consumer staples stocks have been "whipsawed" this year, Peris said, despite their defensive attributes as some firms struggled to pass on higher costs to consumers. However, the fund manager said that as inflation starts to settle down, stocks in the aforementioned food, beverage and tobacco, household products, and pharmaceuticals industries are his favorites.
While Peris didn't recommend any specific stocks or funds for compliance reasons, anyone seeking investments in the aforementioned industries can target the groups broadly with the following exchange-traded funds (ETFs): the iShares U.S. Regional Banks ETF (IAT), the SPDR S&P Telecom ETF (XTL), the First Trust Nasdaq Food & Beverage ETF (FTXG), the Vanguard Consumer Staples ETF (VDC), and the VanEck Pharmaceutical ETF (PPH).
Investing Daniel Peris | 2022-12-08T11:38:28Z | www.businessinsider.com | How to Invest in 2023: Top-Performing Fund Manager of 2022 | https://www.businessinsider.com/how-to-invest-2023-dividend-stocks-strategy-top-fund-manager-2022-12 | https://www.businessinsider.com/how-to-invest-2023-dividend-stocks-strategy-top-fund-manager-2022-12 |
Phil Camporeale is a portfolio manager of the $3.4 billion JPMorgan Global Allocation fund.
Traditional 60-40 portfolios are having their worst year since 1980.
Portfolio manager Phil Camporeale of JPMorgan Asset Management sees a recession coming.
Here's how investors can minimize risk in a deteriorating economic environment.
This year was a historic one for US stocks — but not in the way that investors had hoped.
The classic portfolio of 60% stocks and 40% bonds is on pace to fall more than 16.5% this year, which would be the worst year for a 60-40 setup in at least four decades, said Phil Camporeale, a fund manager at $2.3 trillion JPMorgan Asset Management, in a recent interview with Insider.
"I think the uniqueness of this year lies in the fact that there was nowhere to hide," Camporeale told Insider.
One of the ugliest years on record for stocks and bonds has been unforgiving for the $3.4 billion JPMorgan Global Allocation Fund (GAOSX) that Camporeale co-manages. The fund's 17.5% loss year-to-date is slightly worse than its index's 15.7% decline, though it still has outperformed 81% of competing funds over the past decade, according to Morningstar.
The fund's slight underperformance came as Camporeale and his colleagues bet on a rebound for stocks in developed markets outside the US. Risk-on bets stemmed from a belief that foreign stocks would roar back as the global economy reopened and interest rates rose.
"We were under the assumption that a reopening and a trip out of negative interest rate policy from the European Central Bank would be really good for those indices that were just absolutely hammered by negative interest rate policy that was put in place by the European Central Bank over the last decade," Camporeale said.
While the risk-on trade looked strong in January and February, it faded as Russia invaded Ukraine and inflation caught fire, which led central banks to raise rates to restrictive levels.
Heading into 2023, the global economy is on the brink of a recession and inflation remains an issue. But Camporeale still sees compelling opportunities for those who focus on investing in the right assets.
What to expect in 2023 — and where to invest
Investors should count on a mild recession next year as growth weakens while interest rates spike, Camporeale said. The greatest risk for stocks and the economy, in his view, is that inflation doesn't come down and the Federal Reserve has to hike rates past their target of 4.5% to 5%.
"If we even go into a recession, something like that is so much less severe than the worst-case scenario of the Fed breaking the back of the economy in order to get inflation under control," Camporeale said.
In that environment, it can't hurt to have plenty of cash on hand, Camporeale said. But those who want to put their money to work should target four investments next year, in his view: high-quality stocks, profitable technology stocks, US government bonds, and investment-grade coupons.
Compared to a traditional 60-40 portfolio, Camporeale said his fund has a 6% underweight in stocks, is neutral US names, and is roughly split between growth and value. He emphasized that as unprofitable companies struggle in an economic downturn, higher quality firms that are financially healthy will separate themselves from the pack and outperform.
"Ironically, in a world where growth might be scarce — GDP growth or economic growth might be scarce next year — I think higher quality, profitable tech inside of the growth index can be very attractive," Camporeale said.
As for fixed income, Camporeale sees bonds bouncing back in 2023 after a spike in rates led to one of their worst years in decades. The fund manager said he favors US government bonds over those of other developed countries and investment-grade coupons over junk bonds, given that yields on higher-quality bonds are still high and carry much less liquidity and default risk.
"What I think is the real story next year is that bonds are going to come back with a vengeance because of the high current coupons," Camporeale said. "And if we do slip into migrating from a world where growth is challenged, fixed income is going to be a really nice option for more portfolios."
Investing Phil Camporeale | 2022-12-08T11:38:34Z | www.businessinsider.com | How to Invest in 2023 As a Recession Hits: JPMorgan Asset Management | https://www.businessinsider.com/how-to-invest-2023-market-outlook-recession-risk-jpmorgan-camporeale-2022-12 | https://www.businessinsider.com/how-to-invest-2023-market-outlook-recession-risk-jpmorgan-camporeale-2022-12 |
Here's what a 2023 recession could mean for entrepreneurs and how they can prepare
Business owners can prepare now for a 2023 recession.
JGI Jamie Grill/ Getty Images
If we're heading into a recession, entrepreneurs will have to prepare their businesses now.
Sales could slump, budgets may tighten, and securing capital could become a lot harder.
Founders can audit their finances and find creative ways to make sales to combat these challenges.
A recession in 2023 is probable. JPMorgan reported in November that the US economy will likely slow down, despite the Federal Reserve's attempts to tamper inflation.
If these predictions are accurate, entrepreneurs will need to begin preparing their businesses now for the challenges ahead. Sales could slump, budgets could tighten, and securing capital could become a lot harder.
Insider spoke with founders and experts to understand how a recession could affect entrepreneurs' bottom lines and the steps they could take now to prepare.
Challenge: Funding will be harder to come by but not impossible
Widespread tech layoffs and drops in venture-capital investment signal that an era of high-growth, high-spending startups is over, Jack Newton, a cofounder and the CEO of the software company Clio, said. While investors are pulling back and averting risk, the market isn't drying up entirely.
"There's still a lot of dry powder out in the market and a lot of capital for investors to deploy, but it's going to be at a different price," he said, adding that entrepreneurs would need to adjust their expectations from the big venture deals of the past decade.
"Investors are writing checks at multiples that are half or three-quarters less than what they were a year ago," he said.
It's not just venture capital that's affected — as interest rates climb, bank loans become more expensive to acquire.
Ryan Niddel, a serial entrepreneur and growth specialist, said a recession was not an ideal time to be in debt.
"The best time to go after debt is when you don't need it and when it's inexpensive," he said.
Advice: Audit your financial standing and standard operating procedures
Now is the time to audit your books and ensure you have the cash reserves to weather the bad times. Accounting can be an afterthought for new founders, so Niddel recommends hiring a third party to audit your books.
"It's a great way to catch things that you might not know to look at," he said. "There could be small amounts of money leaking out in places you didn't even know to look."
While you're at it, audit your processes too, he added. When a company is in a high-growth stage, it might adopt ad-hoc systems that are fine for the moment but will need to be revamped in slower months to be sustainable and efficient.
"We get mired down in the day-to-day grind that is our business," he said. "All of a sudden, we don't realize that we're doing things that aren't as efficient as they could be because they're familiar."
Challenge: Sales are probably going to dip
Isabel Guzman, the Small Business Administration administrator, told Insider that while inflation had shown signs of cooling, business owners would continue to deal with price adjustments through the new year.
"They have to either adapt their model or figure out the right pricing structure so they can continue to survive during this time," she said.
Inflation and interest rates often indicate how willing people are to spend. Americans are cutting back as their household savings dwindle. Even so, we saw a record $35.4 billion in sales between Thanksgiving and Cyber Monday.
But decreased spending isn't all doom — it also means consumers will be shifting their focus to items they deem essential and highly valuable.
"In times of recession, people certainly don't want to spend as much money," Niddel said. "But what it really comes down to is they need to experience a larger value for the money they do spend."
Advice: Look for new sales avenues and talk to customers
Earlier in the pandemic, small-business owners grew accustomed to adapting to customer needs and environmental restrictions — they learned how to make their services available online and substituted products when supply-chain issues prevailed.
Similarly, Richard Bliss, a finance professor at Babson College, said business owners would need to find new avenues of growth by adapting their products and services "to be more attractive in a recessionary environment."
"Even in a recession, there are market sectors that continue to do well or even, in some cases, do better," he said.
Niddel advises founders to get ahead of a sales plummet by reaching out to their top 20 clients or suppliers as early as possible. Ask them about their immediate concerns and how you can help.
"You might throttle back some of your marketing investments on new client acquisition and double down on how to help the customers that are already familiar with your brand," he said.
Small Business Entrepreneurship Recession | 2022-12-08T11:38:40Z | www.businessinsider.com | How to Prepare Your Business for a Recession in 2023 | https://www.businessinsider.com/how-to-prepare-your-business-for-a-recession-2022-12 | https://www.businessinsider.com/how-to-prepare-your-business-for-a-recession-2022-12 |
Most adults in China and the US view the other side as unfriendly or an enemy, a new poll shows.
66% of Chinese adults and 64% of US adults hold this view, a Morning Consult poll showed.
With strong public backing, leaders in both countries could look to exploit soaring tensions.
Roughly two-thirds of adults in both China and the US view "the other side as an enemy or unfriendly," according to a new Morning Consult poll.
In China, 66% of adults view the US as an enemy or unfriendly. Meanwhile, 64% of US adults said the same about China, though more Republicans (73%) held that view than Democrats (63%).
Enmity toward the US among Chinese adults has softened over the past six months, Morning Consult said in its summary of the findings, but "US views of China have hardened."
Morning Consult cited House Speaker Nancy Pelosi's visit to Taiwan over the summer, which prompted China to hold provocative military drills near the island, as a flashpoint in this dynamic.
"Beijing's militant response to the visit saw a spike in Chinese fears of escalating military tensions, while the share of US adults, and especially Democrats, who cite Taiwan as the most important bilateral issue to address has trended upward," Morning Consult said.
This new data comes amid a period of historic animosity between Washington and Beijing. As China's influence has grown across the globe in recent years in concert with rising authoritarianism from Chinese leader Xi Jinping, politicians on both sides of the aisle in the US have become increasingly hawkish toward Beijing. President Joe Biden has said that the US and China are in a competition to win the 21st century, as Chinese leaders constantly rail against the US and accuse it of harboring a "Cold War mentality."
Morning Consult's polling suggests that this trend is likely to continue, as leaders look to capitalize on the enmity.
"Republican control of the House of Representatives after the midterms risks putting relations on a more antagonistic footing owing to Republicans' greater enmity toward China," Morning Consult said in its report on the data.
That said, the polling also showed that majorities in both countries — more than seven-in-10 adults in China and the US respectively — "agree the two countries should work together to reduce military and economic tensions."
After a meeting between Biden and Xi last month, the White House underscored that the US would continue to compete with China but also emphasized that the president told his Chinese counterpart that Washington and Beijing "must work together to address transnational challenges."
Overall, relations between the two remain historically contentious, with few signs that either side is willing to take substantive steps to lower the temperature.
China Nancy Pelosi Xi Jinping | 2022-12-08T11:39:10Z | www.businessinsider.com | Most Americans and Chinese View Other Side As Enemy or Unfriendly: Poll | https://www.businessinsider.com/most-americans-and-chinese-view-other-side-as-enemy-or-unfriendly-poll-2022-12 | https://www.businessinsider.com/most-americans-and-chinese-view-other-side-as-enemy-or-unfriendly-poll-2022-12 |
NATO Secretary General Jens Stoltenberg in Oslo, Norway, on December 8, 2022.
NTB/Terje Bendiksby
Russia wants a pause in Ukraine fighting to prepare for a bigger attack next year, NATO's head said.
Jens Stoltenberg said Russia is trying to enact some kind of "freeze" of the war.
Russia would then try to "launch a bigger offensive next spring," he said.
Secretary General Jens Stoltenberg, the head of the Western military alliance, said on Wednesday that "what we see now is Russia is actually trying to have some kind of 'freeze' of this war at least for a short period of time so they can regroup, repair, recover."
On Wednesday, Russian President Vladimir Putin warned that the war in Ukraine could be a "long process."
Winter conditions have started to set in across Ukraine, where temperatures often hover below freezing between December and March.
On December 3rd, Avril Haines, the US National Intelligence Director, said that winter conditions were expected to slow the war, and that they were already seeing a "reduced tempo." | 2022-12-08T11:39:10Z | www.businessinsider.com | NATO: Russia Wants 'Freeze' in Ukraine War to Prepare for Bigger Fight | https://www.businessinsider.com/nato-russia-wants-break-in-ukraine-war-prepare-bigger-fight-2022-12 | https://www.businessinsider.com/nato-russia-wants-break-in-ukraine-war-prepare-bigger-fight-2022-12 |
Mortgage rates are holding relatively steady across the board this week, with 30-year fixed mortgage rates hovering near 6% — a full percentage point lower than they were a month ago.
For borrowers looking to save money on their mortgages, a shorter fixed-rate term could be a good deal right now. Average 15-year fixed rates have been trending down recently. As of Wednesday, they were near 5.3%.
But a shorter term means a larger monthly payment. Average 20-year fixed rates are a bit higher than 15-year rates, but could be a good compromise between a more affordable rate and a manageable monthly payment.
Mortgage rates are likely to start trending down in 2023, when the Federal Reserve is expected to ease up on rate hikes. As inflation comes down further, the Fed may decide to stop raising the federal funds rate, though it's unlikely to lower it any time soon. So while mortgage rates may decrease throughout next year, they probably won't go back down to the historic lows borrowers enjoyed in 2020 and 2021. | 2022-12-08T11:39:16Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: Dec. 8, 2022 | Rates Steady Around 6% | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-thursday-december-8-2022-12 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-thursday-december-8-2022-12 |
The Soho Lounge.
American Airlines and British Airways are officially co-living in Terminal 8 at John F. Kennedy International Airport.
The $400 million renovated facility boasts new gates, exclusive check-in areas, and grandiose lounges.
Three new lounges recently opened, which can be accessed by both American and British Airways flyers.
American Airlines and British Airways' premium customers are in for a treat at New York's biggest airport.
On December 1, the Oneworld partners opened their new $400 million Terminal 8 at John F. Kennedy International Airport.
The recently renovated facility was a joint project by both carriers, who codeshare on flights out of JFK but previously operated out of different terminals.
American Airlines at JFK.
Wangkun Jia/Shutterstock
For over 50 years, British Airways flew out of Terminal 7, forcing passengers connecting on a codeshared American flight to make the trek to Terminal 8.
A British Airways Concord supersonic jet at JFK, where it operated for 26 years at Terminal 7.
But, to better streamline their operation, British Airways has moved into Terminal 8, and the pair are now officially "roommates," as American CEO Robert Isom put it at a press conference in November.
Renovations include improving the airport experience. Specifically, two new check-in areas have been built: one private room for the pair's highest-tier passengers…
American Flagship First, Flagship Business Plus, Conciergekey, and American Executive Platinum and Platinum Pro members can use the private room, as well as British Airways first and gold members.
…and a second open-air space for business class passengers and other premium status levels.
American Flagship Business and AAdvantage Platinum members can use this check-in area, as well as British Airways Club World and silver members.
While the renovations also include adding more gates and upgrading the baggage handling system, the brand-new lounges are the crown jewels.
There are three new lounges: the Greenwich Lounge, the Soho Lounge, and the Chelsea Lounge, all of which were named after neighborhoods in both London and New York City.
American and British Airways co-branded Soho Lounge.
Greenwich is not necessarily newly built but is the rebranded American Flagship Lounge that opened in 2017. The renovated space features "a premium wine table, expansive seating, and chef-inspired meals."
Access will be restricted to American customers flying Flagship Business or with AAdvantage Platinum status on "qualifying Flagship itineraries," and British Airways passengers who can enter the Club lounge.
The two other lounges — Soho and Chelsea — were built in partnership by American and British Airways, and are co-branded spaces.
The welcome lobby for both lounges.
Both are located near Gate 14 and share a welcome lobby where agents will direct passengers to the appropriate lounge based on their ticket or status.
Soho, which features a beautiful green and brown color scheme, is the bigger space at 12,000 square feet and can hold up to 282 travelers.
Travelers with British Airways Executive Club Gold, AAdvantage Executive Platinum, AAdvantage Platinum Pro, and those with Conciergekey status can enter.
Upon entering the lounge, travelers will find a row of desks, which will be staffed with American and British Airways agents, and a cocktail area and bar where guests can sip on beer, wine, mixed drinks, or mocktails.
For dining, passengers will head to the large center area of Soho, which has been fit with dozens of tables and booths.
The lounge shares a kitchen with Chelsea next door, so passengers can order meals on-demand using a QR code.
There is also a buffet available for those wanting a quick bite. There is space for plenty of cold and hot food, as well as things like salad and soup.
The airlines have made sure to provide power outlets or USB ports at each table or chair throughout the lounge after feedback from customers.
Just beyond the dining area on the right side of the lounge is a refrigerator full of drinks, like water, soda, and beer, as well as a coffee station…
…as well as private rooms for calls and bathrooms with showers.
The phone booths are completely enclosed by a glass door.
Towards the back of the space is a wine bar made of petrified wood…
…and a so-called "library." While there were no books, it felt like a cozy space to work or rest before a long flight.
On the left side of the lounge is a long set of floor-to-ceiling windows that overlook the ramp, accompanied by plenty of armchairs.
There was a recently landed British Airways Boeing 777 sitting outside Soho during Insider's visit.
Tucked away in the back left corner of the lounge is also a handful of cubby seats that can fit two people, as well as offer a nice view.
Next door is Chelsea, which is the smaller of the two lounges but is also grandiose.
American travelers who purchased Flagship First or Flagship Business Plus, and American Conciergekey travelers on Flagship itineraries can access Chelsea. British Airways first class guests can also enter.
Entering the 10,000-square-foot space, travelers will come upon a circular champagne bar, which is the centerpiece of the lounge.
150 pieces of specially-made hand-molded glass rain down from the ceiling, boasting the elegance of the design.
Also adding to the ambiance are beautiful digital wallpaper displays that change color and scene throughout the day.
To pass the time, passengers can sit at the bar and enjoy a drink, or relax at one of the other sitting areas throughout the space.
If you'd like to eat, the back of the lounge has a dining area with tables and booths. American and British Airways put together a few small bites for the media to try, which are offered a la carte at Chelsea.
According to the carriers, the meals have been inspired by both American and British cuisine. Media tried food like Shepard's pie…
…and butternut squash curry, among other offerings like beet salad and a lox bagel. The dishes were delicious, and I appreciated the vegan option.
In addition to a dining room, there is also a living room, which will eventually feature a fireplace…
…plenty of cubicle-like workspaces along the sides of the room…
…and a quiet room in the back.
Like Soho, travelers will find power outlets or USB ports within reach anywhere they sit…
…a large drink station…
…and several bathrooms and showers.
Overall, I thought both lounges were beautifully done, especially since they felt very open with plenty of food and seating options.
I particularly liked the inclusion of spacious showers, the plethora of charging ports, and the quiet areas to relax or work. | 2022-12-08T11:39:30Z | www.businessinsider.com | See Inside American and British Airways Luxurious New Lounges at JFK | https://www.businessinsider.com/see-inside-american-british-airways-luxurious-new-lounges-jfk-terminal-82022-12 | https://www.businessinsider.com/see-inside-american-british-airways-luxurious-new-lounges-jfk-terminal-82022-12 |
Author Anna Malzy.
My mom taught me to keep little pots of savings in different places for when I need them.
Today, I do this mostly virtually, although I still keep track of my change.
I find it simpler and more fun, to know exactly what I'm saving for and how much progress I've made.
I may be the last person in the world still using a piggy bank.
It sits by the front door and whatever change I have at the end of my day gets dropped in, then fished out later for odds and ends like milk or bread.
In one of my clothes drawers is an envelope with some notes. These are bits of birthday money or from the occasional cash-in-hand gig. My current account is divided up into at least four different savings accounts. Some of my income is paid to me via an app and there's money there, too, in an account I named 'A Rainy Day.'
My money avatar is definitely a squirrel.
My savings strategy goes back to childhood
I get this attitude from my mum. Growing up she had two piggy banks in her room, one with the words 'Immoral Holidays,' and the other 'Immoral Earnings,' written along the sides. Mine and my sister's pocket money always came out of one of these pigs, with change my mum had gathered during the week.
When I turned 18, my mum gave me the account book for a savings account she'd opened when I was born that she'd been putting little bits of money away in over the years. It had £500 in it that I used for driving lessons. A few months ago, she took me through the finer details of a new feature on her banking app where you can round up change from each transaction and put the pennies into a stock investment account.
The 'saving for a rainy day' mentality means that I have lots of different places to put my money (some physical, but mostly in terms of different accounts) and am very intentional about sorting out my money when it arrives into my account. Many of my individual savings accounts have names like 'Summer Travel - Goal €1000'. This means that I can immediately see the goal I have set myself and see how close I am, plus there's an element of gamification to the whole process that I enjoy.
A lot of my savings accounts have silly names (the one for my rent is called 'La Vie Bohème' — hello Rent The Musical fans!) which makes the whole thing feel more fun and less like a chore.
'Hiding' money means I always have a some available
Sometimes, when I've talked to friends about this approach, they've asked if it wouldn't be simpler to have one single savings account where everything can go, and money just be taken out as needed? Personally, I think I would find that stressful; the fact of having lots of different pots is what allows me to keep track of my money, and it encourages me to save. It keeps me focused on my goals, means I know what I've earmarked my money for, and there's satisfaction in sending money out of my 'Chitty Chitty Bang Bang' (car repayment) account each month.
Following my mum's lead and being a financial squirrel has encouraged me to save, and to make putting money away into savings my first priority when I get paid. It has meant that, even when I was an exceptionally poor student, I still tried to keep bits of money set aside here and there that I had earmarked as 'Fun Money' and I could set myself clear and visible financial goals with various savings accounts.
As I've become more financially literate, I've extended this mentality into opening some stock and crypto accounts to squirrel money away for my future self, as well as opening life insurance and retirement funds. You can never have too many pots of savings!
Anna Malzy is a freelance writer, editor, and translator. She is part of the editorial team for the independent publisher Pirate Press Co, and helps curate their Monday Stories creative writing project. She also co-hosts the podcast "The English Have Disembarked," which explores the oddities of living abroad. A Brit based in France, she is passionate about travelling, mugs of tea, and cheese.
PERSONAL FINANCE 28 savings accounts that let you easily withdraw money with a debit card or ATM card
PERSONAL FINANCE The best mobile banking apps of December 2022 | 2022-12-08T13:35:13Z | www.businessinsider.com | Squirreling Money Into Different Accounts Makes Saving Easier | https://www.businessinsider.com/personal-finance/multiple-savings-accounts-makes-saving-easier-2022-12 | https://www.businessinsider.com/personal-finance/multiple-savings-accounts-makes-saving-easier-2022-12 |
Hiya! Dan DeFrancesco in NYC, but mentally I'm in the premium suites at Jimmy Buffett's Margaritaville in the Bahamas, which was reportedly a favorite of SBF's Alameda staff.
Today we've got stories on another fintech getting hit with layoffs, the biggest mistakes you're making with digital transformations, and how one of the most grueling races in the world is trying to soften the experience for the wealthy.
But first, nice to meet you, where you been?
Taylor Swift in the "Bejeweled" music video.
1. Taylor Swift has better due diligence than half of Silicon Valley
It's SBF.
He's the problem.
It's him.
Just when you thought the FTX debacle couldn't get any weirder, let's add Taylor Swift into the mix.
The now-bankrupt crypto exchange was reportedly in talks with the pop star about a potential sponsorship worth upward of $100 million before discussions eventually fell apart this spring.
Part of the deal, which was first reported by the Financial Times, was tied to sponsorship of Swift's upcoming tour, her first in four years, and included plans to offer tickets as NFTs.
I have so many questions:
Could NFTs have actually prevented Ticketmaster's disastrous general sale of the Swift tickets?
What was FTX, an exchange that specialized in the trading of complex derivatives, hoping to gain by marketing itself to Taylor Swift fans?
What Taylor Swift album does Sam Bankman-Fried most identify with?
Perhaps the most pressing question, however, as pointed out by senior finance editor Michelle Abrego, is this: How does Taylor Swift have better due diligence practices than half of Silicon Valley? What does it say about venture investing in general that a pop star with no background in finance could vet a deal better than them?
It is worth noting that Swift might have a sharper eye in negotiations than your typical entertainer. Swift famously was in a very public dispute with talent manager Scooter Braun over his purchase of the masters of her back catalog. (Click here to read a fantastic profile on Braun.)
Part of me wonders whether this is the biggest indication of SBF wanting to get caught. Swift's fanbase is, to put it mildly, rabid. The so-called Swifties keep a keen eye on any potential slight against their star.
If a deal were to go through and malfeasance was uncovered on the part of FTX toward Swift, her fans might have personally extradited SBF from the Bahamas.
Also, was Swift trying to warn us about SBF all along?
Check out this lyric from "Anti-Hero," the first hit of her latest album, "Midnights."
Did you hear my covert narcissism I disguise as altruism
Like some kind of congressman? (Tale as old as time)
Swift has said the majority of the work done on the album was with Jack Antonoff while both their partners were filming a movie in Panama. Swift and Antonoff's partners — Joe Alwyn and Margaret Qualley, respectively — both starred in "The Stars at Noon," which shot in Panama last December.
And what else occurred in December, you may ask? A certain crypto executive, one who preached his belief in effective altruism, spoke before the House Committee on Financial Services.
By that point, Swift was already aware of SBF. According to the FT report, that fall was when FTX first approached Swift about a potential deal.
Was she calling out what she perceived to be a fake persona from SBF?
Click here to read more about the FTX-Taylor Swift deal that almost was.
Yasmine Lacaillade, founder and managing partner at Sinefine.
Drive Capital
2. These are all the mistakes you're making during your digital transformations. Sumeet Chabria, a former top Bank of America tech executive who is launching his own consulting firm, detailed why the firm's tech overhauls end up going off the rails. Here are three key errors you should avoid.
3. A real-estate analyst who called the last housing crash is predicting a 20% drop in home prices if things don't turn around. Ivy Zelman, who famously called the housing market's peak before the 2008 crash, has a bearish view on the market as mortgage rates continue to rise and demand drops. Read more about her latest prediction.
4. Plaid is the latest fintech to get hit by layoffs. The startup, which plays a key role behind the scenes connecting financial apps to users' banks, is cutting roughly 20% of its staff. Read CEO Zach Perret's note to staff about the layoffs.
5. Bargain hunting for crypto companies is under way. Galaxy Digital has plans to acquire the self-custody arm of Celsius at a 60% price cut from what the bankrupt crypto lender paid for it a year ago, Bloomberg reports. More on the deal here.
6. Carvana's creditors are driving it crazy. The online used-card retailer saw its stock price plummet in the wake of some of its largest debt holders agreeing to work together on credit negotiations with Carvana. Read more here.
7. The job market isn't a complete disaster if you're a tech worker. Indeed mapped out the top 20 companies that have recently posted job listings for tech roles. Check out the entire list, which includes plenty of finance firms.
8. Meet 27 of the women who became executives at top VC firms in 2022. We mapped out women who were named investing or general partners for the first time in 2022 (including Yasmine Lacaillade, founder and managing partner at Sinefine, who is pictured above). Here's our list of the new women leading investing strategies at top firms.
9. Ironman is rolling out races specifically catered to wealthy executives. For when you want to push yourself hard, but not that hard. Read more about the races that cost nearly 25 times more than typical entry fees.
10. If you're feeling nostalgic, check out this Blockbuster pop-up bar. We've got plenty of photos from the bar, which is in Los Angeles. Grab a drink and take stroll down memory lane. | 2022-12-08T13:35:25Z | www.businessinsider.com | Taylor Swift Dodges $100 Million FTX Sponsorship Deal | https://www.businessinsider.com/taylor-swift-ftx-sponsorship-deal-sbf-2022-12 | https://www.businessinsider.com/taylor-swift-ftx-sponsorship-deal-sbf-2022-12 |
A conservative group that blocked Biden's student-debt relief asked SCOTUS to take on the case.
This is in addition to SCOTUS already agreeing to hear another case against the relief.
The group argued Biden overstepped his authority to enact relief.
President Joe Biden's administration and a conservative group that blocked student-loan forgiveness can agree on one thing: the nation's highest court should hear arguments on the legality of the relief.
On Wednesday, the Job Creators Network, a conservative group representing plaintiffs who sued Biden's debt relief in October, wrote in a legal filing that the Supreme Court should take up the case.
It's the second case elevated to the Supreme Court on the matter after the highest court last month agreed to hear arguments early next year on a suit brought by six GOP-led states against the relief.
The Job Creators Network represents two plaintiffs who sued because they did not qualify for the full amount of relief — one did not receive a Pell Grant so could not qualify for $20,000 in loan forgiveness, which is only awarded to Pell Grant recipients, and the other had commercially-held loans that were not eligible.
They wrote in the filing that Biden's administration overstepped its authority by using the HEROES Act of 2003 to cancel student debt, which gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, like COVID-19.
"Congress never could have fathomed that the HEROES Act would be used to justify an agency action like the Program," the filing said.
"The Department identifies not one legislator who believed that the HEROES Act authorized the Department to cancel debts—let alone to cancel nearly half a trillion dollars in debt for millions of borrowers," it continued. "The Department also can't identify any other agency action of similar size, scale, and importance that was lawfully created through the stroke of a pen, without notice and comment or any other similar process."
The group argued that Biden should have gone through the typically rulemaking process and solicited public comment rather than decide to cancel student debt without input from the public or Congress. But the administration has regularly argued the HEROES Act gave it the authority to enact one-time debt relief to ensure borrowers do not resume payments in a worse place financially than they were pre-pandemic.
The Supreme Court has already agreed to hear arguments for a separate case that blocked the relief — the 8th Circuit Court of Appeals ruled last month that the temporary pause it placed on the relief will remain in place, in response to a lawsuit filed by six Republican-led states who argued loan forgiveness would hurt their states' tax revenues. It's likely the Supreme Court could agree to combine both cases and hear them early next year. | 2022-12-08T15:24:04Z | www.businessinsider.com | Conservative Group Asks SCOTUS to Take up Second Student-Debt Relief Case | https://www.businessinsider.com/will-scotus-take-second-student-debt-relief-case-group-asks-2022-12 | https://www.businessinsider.com/will-scotus-take-second-student-debt-relief-case-group-asks-2022-12 |
13 BIPOC-led influencer management firms and talent agencies helping their clients build careers in the creator economy
Shriya Bhattacharya and Amanda Perelli
From left to right: Pamela Zapata, Mylen Yamamoto Tansingco, Mariam Sinminsola Abass, Julian Andrew, and Jashima Wadehra.
Pam Zapata, Mylen Yamamoto Tansingco, Mariam Abass, Julian Andrew, Jasima Wadehra, Tyler Le/Insider
Influencer-management agencies help content creators land brand deals and increase their income.
Some in the industry noticed a lack of opportunities for BIPOC creators and started their own firms.
Insider highlights 13 influencer-management firms and talent agencies founded by a person of color.
The creator economy is booming as millions of people around the world turn to social media to become influencers. Creators on platforms like YouTube, TikTok, and Instagram are now earning up to six figures annually through brand sponsorships, affiliate marketing, and other revenue streams.
As influencers build their brands, some of them have turned to influencer-management agencies to help them navigate the industry. These agencies help clients decide between different business opportunities, connect them with other creators and industry experts, and earn a consistent income. While some management firms and agencies have established broad client rosters, others are focused on specific criteria, like creators in the lifestyle category or those from diverse backgrounds.
Like any industry, the creator economy still has a long way to go in terms of diversity, equity, and inclusion (DEI). A December 2021 report conducted by public-relations network MSL Group and The Influencer League found a 29% racial pay gap between white and Black, Indigenous, and People of Color (BIPOC) influencers, and that gap widened to 35% between white and Black influencers.
"Until we can bridge that gap and provide tools not only for BIPOC creators to succeed but also for BIPOC-led management agencies to thrive, we'll continue to see and experience the inequities in the industry," Brittany Bright, founder of The Influencer League told Insider. "You generally see slightly more equity in influencer pay when a creator reaches a certain follower tier and is able to secure a management team equipped to help them secure higher paying higher quality brand deals."
One BIPOC-led agency supporting creators of underrepresented backgrounds was founded by New York City-based entrepreneur Julian Andrew. Before launching Talentiish in June, 31-year-old Andrew was a talent manager at Select Management Group where he focused on managing LGBTQ+ creators, like TikTok stars Ian Paget and Chris Olsen.
He founded his own talent-management agency after feeling that there was a lack of a dedicated space for LGBTQ+ and BIPOC creators.
"I wanted to create a home for those that fall under both communities, a home where upper management also reflects those communities that they are serving," Andrew said.
Insider chose these power players based on reader nominations as well as reporting and conversations with industry professionals to highlight some of the top BIPOC-led influencer-management firms and agencies in the industry. Our list includes firms across the US, the UK, and Africa.
Here are 13 influencer-management agencies led by a person of color, listed in alphabetical order by company name:
Campbell Francis Group, founded by Annelise Campbell
Campbell Francis Group CEO and founder Annelise Campbell.
Rell Rugely
Annelise Campbell, 29, founded in November 2019 Campbell Francis Group.
Campbell, the agency's CEO and founder, works with Gen Z talent on TikTok and YouTube. The company's roster is primarily focused on lifestyle and beauty creators.
Campbell's background is in paid media, digital strategy, and influencer strategy on the agency side. Prior to founding CFG, she spearheaded the consumer-influencer program at a global PR firm. Her former clients include NARS, Magnum Ice Cream, Keurig, and Hyatt.
"There wasn't a huge prioritization of diversity in the influencer space, which was a problem for me, especially as a Black woman," she told Insider. "I felt that most brands were not seeing the value of diverse creators and the audiences they serve. It was really important for me to start an agency that could advocate for diverse and underrepresented creators but also educate brands on how to work with diverse creators in an intentional and equitable way."
Campbell said she signed six creators to the company prior to its official launch, and that most of the creators came from word-of-mouth referrals because she was freelancing as a talent manager for a creator before starting the agency.
Talent includes: Monica Style Muse (420,000 YouTube subscribers) and Jaelan AKA Face Over Matter (132,000 Instagram followers)
Read more on Campbell: A 27-year-old digital marketer quit her job to start an influencer management firm. Here's what she learned in her first year.
Clique-Now, founded by Mylen Yamamoto Tansingco
Clique-Now CEO and founder Mylen Yamamoto Tansingco.
Jonas Moan
Before founding Clique-Now, Mylen Yamamoto Tansingco, 35, was a clinical professor of entrepreneurship and communication at California State University, Los Angeles.
While she was teaching, she would invite speakers — many of whom were digital creators — to talk to her class and she stayed in contact with many of them.
In 2012, she decided to launch a talent-management firm after noticing a gap in agencies focused on AAPI representation. Now, she serves as the CEO of Clique-Now.
Clique-Now represents more than 20 diverse creators across YouTube, TikTok, and Instagram. The firm is based in Los Angeles, and it currently has 8 employees. Early clients include David Choi, Justin Chon, Kevjumba, and The Fung Bros.
Talent includes: Leenda Dong (17 million TikTok followers), Sam Li (235,000 Instagram followers), The Fung Bros (2 million YouTube subscribers), Steven Lim (2 million YouTube subscribers), and FashionByAlly (967,000 YouTube subscribers)
Diversifi Talent, cofounded by Prasuna Cheruku
Diversifi Talent cofounder Prasuna Cheruku.
Prasuna Cheruku
Diversifi Talent is a full-service talent-management agency that was cofounded in March 2020 by Prasuna Cheruku.
The agency aims to bring diversity to the entertainment industry by working with underrepresented creators to secure access to opportunities like brand collaborations and media campaigns. In addition to creators, it also works with choreographers, dancers, models, and artists, who reach an audience of more than 80 million.
A graduate of Emerson College, 26-year-old Cheruku began thinking about starting her own agency while working for Madison Square Garden's marketing team. At the time, she was in charge of TikTok strategy, including helping well-known TikTokers Charli and Dixie D'Amelio create content on the company's social-media accounts. She noticed that more white creators were getting opportunities to work with brands like MSG and being paid for it, while BIPOC creators were rarely hired and were paid less. She decided to start her own agency to help creators of color land more brand deals and be paid what they were worth.
"I noticed the people who were growing were all white and all would have the mindset that they should do anything they can to get ahead, which was completely against all of my values," the New Jersey-based founder told Insider. "It got me thinking how there must be so many young creators out there taken advantage of while they are doing the work of a marketing agency and providing results for the brands that are astronomical."
Now, Cheruku manages more than 80 dance, lifestyle, and comedy creators, most of whom identify as Black, brown, or LGBTQ+.
Talent includes: Drew Jeezy (620,000 TikTok followers), Roman Parks (78,700 TikTok followers), and Aishu (740,000 TikTok followers)
Kensington Grey, founded by Shannae Ingleton Smith
Kensington Grey cofounder Shannae Ingleton Smith.
Shannae Ingleton Smith
Shannae Ingleton Smith, 41, founded in 2019 Kensington Grey Agency and now serves as its president and CEO.
Prior to launching Kensington Grey, she worked in media sales. She launched Kensington Grey with her husband and, at the time, the two of them were working out of their kitchen with a few influencers, including KarenBritChick, HighlowLuxxe, and Shaneice Crystal.
In March 2019, the firm was featured in Forbes Women, and by the following March the agency had hired its first full-time employee. Now the company has more than 20 full-time employees, and is actively looking to add more people to its team.
The firm aims to help creatives of color earn better pay, while also working to help brands tell their stories.
The agency is focused on working with Black creators, on every social platform, with an emphasis on lifestyle, parenting, fashion, and beauty.
The firm represents more than 50 creators. It's currently based in Toronto, but the team often travels with clients to cities like New York, Dallas, Miami, and Los Angeles for events and meetings.
Talent includes: KarenBritChick (328,000 YouTube subscribers), HighlowLuxxe (332,000 Instagram followers), and Shaneice Crystal (596,000 YouTube subscribers)
Malc Agency, founded by Mariam Sinminsola Abaas
Malc Agency's Mariam Sinminsola Abaas.
Mariam Sinminsola Abaas
Malc Agency was launched in 2020 by Mariam Sinminsola Abass, who was raised in Ibadan, Nigeria, completed higher education in the UK, and now lives and works in Lagos, Nigeria.
Before founding the company, she freelanced as a senior brand consultant and celebrity fashion stylist, and worked in digital and influencer marketing at the communications firm Tally.
During this time, she noticed that creators of color weren't getting a lot of visibility in brand campaigns. She did some research about the pay gaps, and decided that she wanted to be a part of changing the industry.
"Studies showed they were underpaid and undervalued and I wanted to use my experience to help," the 30-year-old said. "It became my drive to create more visibility for underrepresented groups."
Abass launched the agency when she was still living in London, but she is now based in Nigeria. The company represents talent in the US, the UK, and Africa. To manage the business, Abass works with a team of three permanent staff and four freelancers who were all hired in 2021.
Talent includes: Joeboy (1.1 million TikTok followers), Priscilla Anyaby (66,000 TikTok followers), and Sunita Rai (59,000 Instagram followers)
Matter Media Group, founded by Evegail Andal
Matter Media Group CEO and founder Evegail Andal.
Anthony Furlong
Prior to starting Matter Media Group, Andal worked in PR and social-media marketing on the brand side for five years, and then as a talent manager at several firms.
Now, as is the CEO and founder of Matter Media Group, Andal heads a team of 11 employees across Los Angeles and New York.
She launched the agency in July 2016, and her first official hire that September was an assistant. She was also supported in those early days by her brother (who is now the director of business affairs), her lawyer, and Salomon Miranda (who is now a talent manager at the agency). The firm started with eight clients that Andal brought over from her previous company.
Matter Media Group represents entrepreneurs and storytellers across all platforms. The firm currently has a roster of 39 clients across the US, Canada, and Japan.
Talent includes: Alisha Marie (8 million YouTube subscribers), Remi Cruz (2.5 million YouTube subscribers), Louie Castro (2.7 million YouTube subscribers), and Adelaine Morin (2 million YouTube subscribers)
Ode, cofounded by Jashima Wadehra
Ode cofounder Jashima Wadehra.
Jashima Wadehra
Prior to launching the talent-management and brand-strategy agency Ode in 2020, 25-year-old Jashima Wahedra worked as a freelance writer, consultant, and producer, and was the music-partnerships lead at Brown Girl Magazine. Through her work, she met several BIPOC creators and saw that those who were in music, acting, or subject-specific content were often neglected by teams that didn't know how to integrate them into brand deals.
"The creator economy had an influx of 'representation'-based initiatives without any knowledge of what true inclusion looked like for talent from POC communities and minimal safeguards for talent in those campaigns and initiatives," she said. "Existing agencies and collectives didn't know how to not tokenize talent while still helping them develop global audiences around the world."
She started Ode so that there would be a space that caters to children of immigrants, as well as immigrant brands, businesses, and artists.
She and her cofounder Suswana Chowdhury work with a team of more than ten contractors to manage a roster of six exclusive creators and 30 campaign-based creators. The agency represents creators from different industries, but places a special emphasis on music creators and DJs. Ode was launched in New York City, but now has another headquarters in Los Angeles, California. Wahedra also works with teams in India, the UK, and Canada to scout talent and explore brand partnerships.
Talent includes: Avanti Nagral (521,000 YouTube subscribers), Joy Cookes (193,000 YouTube subscribers), and Yung Raja (95,000 Instagram followers)
Season25, founded by Jessica Joseph
Jessica Joseph.
Twenty-eight-year-old Jessica Joseph launched in June 2020 the talent-management agency Season25 with four clients. She now manages 10 creators and has worked on more than 600 brand campaigns with her four-person team.
Initially, Joseph's agency focused on representing Black creators, but has expanded to creators from all socioeconomic, cultural, and ethnic backgrounds.
The agency was founded in London, and most of the creators that Season25 represents are also UK-based.
Joseph, who was born and raised in the UK, decided to start her own talent agency after working for the influencer-marketing platform Whalar, where she managed building the UK arm of its exclusive talent division. Before that, she worked for the talent-management agency Gleam Futures, which she said was her first introduction to the creator economy.
"The space was almost exclusively young, white, and middle class," she told Insider.
She connected with a lot of Black creators while working at Whalar, and said she became hyper aware of the lack of diversity in the space. The early days of the pandemic gave her time to think about how she could help more Black creators access opportunities, and Season25 was born.
"It gave us all time to reevaluate what is truly important," she said. "For me, I knew I wanted to see change within the industry."
Talent includes: The Kabs Family (2.2 million TikTok followers), Onyi Moss (166,000 Instagram followers), and Madame Joyce (558,000 TikTok followers)
Society 18, founded by Pamela Zapata
Pamela Zapata.
Pamela Zapata began her career in Los Angeles where she worked for companies such as E! Entertainment, Ryan Seacrest Productions, Style Haul, and Sweety High.
During that time, she cultivated valuable relationships with influencers and talent for digital and on-air programming, brand sponsorships, and events.
After relocating to New York, she became the director of influencer marketing at United Entertainment Group. There, she led influencer partnerships, strategy, procurement, negotiations, and campaign reporting for various personal-care brands within the Unilever portfolio.
Through her 10 years of industry experience, she saw a gap when it came to diversity, she told Insider.
"Not only were people of color underrepresented in campaigns, I also found that many diverse creators did not understand their value when comparing what their counterparts were receiving for branded projects," she said. "This gap is what fueled me to take the leap and start my own company in 2019."
In 2019, she founded Society 18, an influencer management and consulting agency with a focus on multicultural and multi-ethnic content creators and digital strategy. She initially launched the company by herself with six clients.
From there, she made her first hire in 2020 once she had hit about 15 creators. Since then, the company has grown to represent 35 creators with a total of six full-time staff. The company is based in New York, Los Angeles, and Boston.
Talent includes: Charlize Glass (919,000 Instagram followers), Sara Escudero (1 million Instagram followers), and Franchelli Rodriguez (330,000 Instagram followers)
Talentiish, founded by Julian Andrew
Talentiish founder Julian Andrew.
Daniel Prakopcyk
In June, 31-year-old Julian Andrew founded Talentiish, a talent-management firm that represents creators and celebrities in the digital and traditional entertainment spaces. He helps his clients land brand partnerships, prepare for live appearances, and secure book, film, and TV projects. He manages the agency by himself, but plans to expand in the very near future.
Before Talentiish, Andrew worked in the talent-management industry for more than 10 years and had an established roster of clients. Insider previously named him in 2021 as a top TikTok manager and in 2022 as a top YouTube manager.
Ten of the creators he managed in his previous roles followed him when he launched his own venture and are now represented by him. Most of them are also based in New York City, where Andrew resides, or in Los Angeles, California.
"Though I don't exclusively represent BIPOC creators, I put a bigger focus on representing talent within that community as they are often overlooked," he said.
Talent includes: Jae Gurley (1.7 million TikTok followers), Dexter Mayfield (872,000 TikTok followers), and Anthony Bowens (119,000 Instagram followers)
The Paul Harville Group, founded by Gigi Harville
The Paul Harville Group CEO and founder Gigi Harville.
KmaKontent
Based in Los Angeles, The Paul Harville Group was founded by Gigi Harville, who now serves as the CEO and founder.
Her professional background before founding the firm was in music. She still works in that space, and many of her creators are music artists and creators that she has helped develop.
She decided to launch her own firm after wanting to help a family member turned into something more. When she entered this space, she didn't see much support for creators of color, and so, she wanted to provide for creators who had the talent but needed strategies, resources, and opportunities, as well as a way of making money from doing something they love, she told Insider.
The company began in 2013 with a team of two, and Bryce Xavier, Sydney Bourne, and Inaya Ashanti were its first clients.
By 2018, the firm had been recognized by publications including the Hollywood Reporter and The New York Times. The agency now works with all types of creators across most platforms (except for OnlyFans). It manages 15 creators, plus a digital sorority content house with 15 female creators.
The company has five remote employees.
Talent includes: Bryce Xavier (590,000 Instagram followers), Tyeler Reign (115,000 Instagram followers), Dre2Cray (4.7 million TikTok followers), Paris Simone (2.2 million TikTok followers), and The Sorority Girlz (3.2 million TikTok followers)
Rare Global, founded by Ashley Rachel Villa
Rare Global CEO and founder Ashley Rachel Villa.
Emilynn Rose
Prior to founding Rare Global, Ashley Rachel Villa, 36, was a legal counsel at StyleHaul, a YouTube multi-channel network focused on fashion and beauty.
Before that, she was an in-house counsel in film and entertainment, first at Lionsgate Entertainment Corp., then at Sierra/Affinity LLC, where she specialized in international film distribution, feature-film production, film finance, and TV development.
She launched in 2015 Rare Global, after Jenn Im, who became her first client, reached out to ask about negotiating a brand contract.
"I realized that there was no one I knew who I could refer her to — because precedent had not yet been established in these types of deal," Rachel Villa said. "I realized the immense opportunity then, to be able to help talent build their digital media careers by growing together."
Now as the CEO and founder of Rare Global, she works with top creators across YouTube, TikTok, and Instagram, and with talent in celebrity and commercial photography, makeup, hair, nails, and the performing arts. These artists work with the top names in fashion, beauty, and entertainment, with features in leading editorial magazines as well as global advertising campaigns.
The firm is based in Los Angeles and New York, and has 10 employees.
Talent includes: Jenn Im (1.7 million Instagram followers), Michelle Phan (8 million YouTube subscribers), Chloe Morello (2.6 million YouTube subscribers), Pokimane (6 million YouTube subscribers), and Christen Dominique (4 million YouTube subscribers)
RHM, founded by Ray Hughes
RHM CEO and founder Ray Hughes.
Ray Hughes.
Ray Hughes, founder and CEO of Ray Hughes Management (RHM), has a background in entertainment that includes producing and working as a production assistant on sets.
He decided in 2008 to launch his own Hollywood talent-management firm, and at the time, he worked closely with actors including Verne Troyer.
A few years later, Hughes signed his first digital creator, Megan Batoon, and since then he has managed both traditional actors and content creators.
The firm works with 27 clients, split between traditional actors, digital talent, and athletes.
RHM is based in Los Angeles, and the company has five employees.
Talent includes: Tway Nguyen (400,000 Instagram followers), Megan Batoon (1 million YouTube subscribers), and Jacques Slade (1 million YouTube subscribers). | 2022-12-08T17:07:47Z | www.businessinsider.com | 13 Top BIPOC-Led Influencer Management Firms and Talent Agencies | https://www.businessinsider.com/bipoc-led-influencer-management-firms-talent-agencies-2022-12 | https://www.businessinsider.com/bipoc-led-influencer-management-firms-talent-agencies-2022-12 |
The Fed could raise rates to an "Armageddon" level of 6.5%, which hasn't been done since 2000, JPMorgan analysts said.
A rate that high would weigh on equities, bonds, and credit, but total downside would remain limited.
That's because equities and bonds have already seen big losses in 2022, so another steep decline would be unlikely.
There's an "Armageddon" scenario where the Federal Reserve lifts rates to 6.5%, but the overall downside would be limited for stocks given that they've already seen sizable losses in 2022, according to a JPMorgan note to clients.
Markets widely expect the Fed to lift rates to about 5%. The last time the fed funds rate hit 6.5% was in 2000, and stocks endured heavy losses after previously soaring amid the dot-com bubble.
JPMorgan put the odds of rates reaching that level again at 28%. In its hypothetical, the Fed would hike rates to 5% by mid-2023, then keep them steady. But the economy still may not slow enough to lower inflation to its target due strong cash balances among American households, sustained consumer spending, and high corporate profits.
So tightening would have to resume, sending rates toward 6.5% in the second half of the year and resulting in a deep global recession, JPMorgan strategists wrote. This "Armageddon" scenario would conclude with steep Fed easing in 2024.
But the S&P 500 is down about 18% this year, and that should help cushion stocks against further upward surprises on rates, the bank said.
"In our opinion while there is little doubt that scenario 3 would be negative for most asset classes including equities, bonds and credit, the eventual downside is likely to be more limited that an Armageddon would suggest," the note said. "The main reason is that demand for both bonds and equities declined by so much in 2022 that it would be more difficult for another big decline in demand to take place in 2023."
Stock Market Bonds Federal Reserve | 2022-12-08T17:08:00Z | www.businessinsider.com | Fed Hike Rates to 'Armageddon' Would Have Limited Downside: JPMorgan | https://www.businessinsider.com/fed-hike-rates-armageddon-stock-market-downside-inflation-recession-jpmorgan-2022-12 | https://www.businessinsider.com/fed-hike-rates-armageddon-stock-market-downside-inflation-recession-jpmorgan-2022-12 |
Two women filed a lawsuit saying that Twitter "disproportionately targeted" female staff for layoffs.
Two women said in a lawsuit that female Twitter staff were "disproportionately targeted" for layoffs.
The pair were among those to lose their jobs shortly after Elon Musk took over Twitter.
Attorney Shannon Liss-Riordan said the women "never had a decent shot at being treated fairly."
Two women who lost their jobs at Twitter under Elon Musk's cuts have filed a lawsuit claiming female workers were "disproportionately targeted" for layoffs.
Carolina Bernal Strifling and Willow Wren Turkal jointly filed the complaint on Wednesday. It stated that 57% of Twitter's female employees were laid off on November 4, but the proportion for male staff was only 47%.
Strifling of Miami, Florida, joined Twitter in June 2015, while Turkal who lives in San Jose, California, started in June last year, according to the lawsuit.
It is the latest class-action claim filed by attorney Shannon Liss-Riordan, who is representing a number of former Twitter employees.
The complaint is partly based on new analysis of who was targeted for layoffs since Musk took over. It found that women were more likely to have lost their jobs at a rate that made it highly unlikely to be random or performance-based, according to the court papers that were reviewed by Insider.
Liss-Riordan said in an emailed statement to Insider: "Women at Twitter never had a decent shot at being treated fairly once Elon Musk decided to buy the company."
"Instead, they had targets on their backs and regardless of their talent and contributions, they were at greater risk of losing their jobs than men. This is the fourth federal complaint we have filed against Musk's Twitter and, because we know he thinks he is above the law, I don't expect it to be the last."
The lawsuit contains this spreadsheet showing the number of Twitter staff affected by the layoffs.
The complaint relies also on public information such as lawsuits against Tesla, another company controlled by Musk.
The lawsuit alleges that an analysis of the documented lay-offs combined with the previous complaints depicts a picture where women have been "disproportionately targeted" and that more women exited the company than men, the court papers show.
Liss-Riordan filed an amended complaint in a separate discrimination lawsuit against Twitter. It claimed that employees who were on or about to go on parental leave were disproportionately targeted for termination. Insider reviewed a copy of the amendment.
Twitter Elon Musk lawsuit | 2022-12-08T17:08:06Z | www.businessinsider.com | Female Twitter Staff Had 'Targets on Their Backs' in Layoffs: Lawsuit | https://www.businessinsider.com/female-twitter-staff-targets-on-backs-musk-layoffs-lawsuit-2022-12 | https://www.businessinsider.com/female-twitter-staff-targets-on-backs-musk-layoffs-lawsuit-2022-12 |
Michael Yan and Gigi Robinson are Gen Z founders.
courtesy of Yan and Madison Lane/Her Campus
Many Gen Z founders are creating better workplaces for themselves and their staff.
They're placing a large emphasis on supporting their employees' mental health and wellness.
These founders are also forcing leaders of other generations to rethink their ways.
As a senior in college, Gigi Robinson was balancing her studies, a chronic illness that dictated her schedule, and efforts to build a personal brand online. She felt that her teachers didn't understand the extent of her personal and professional loads.
"I dealt with teachers not believing that I was sick because it was not visible," she said. "It wasn't something they could see was wrong with me."
Robinson, who was reprimanded for missing class because of doctor's appointments, worried that she'd face similar experiences when entering the workforce — especially because her frequent and time-consuming appointments often took place at 10 a.m. on Wednesdays or 3 p.m. on Fridays.
"My chronic illness has taken so much away from me socially, mentally, and in the workplace," Robinson said, adding that the "lack of compassion and empathy towards the situation has been the true thing that inspired" her to build something of her own.
Gigi Robinson creates content across Instagram, TikTok, and LinkedIn.
Samantha Sybo
She turned her personal brand into a media business called It's Gigi, which gave her the freedom to practice what she preached in terms of flexibility with her physical and mental health.
Robinson is part of a growing group of Gen Z founders who are defying the norms of traditional jobs — empowered by the work-life-balance reckoning sparked by COVID-19 — to create better workplaces for themselves and their employees. They're rejecting antiquated rules like the 9-to-5 schedule and prioritizing aligned values over higher salaries.
"The way Gen Z is treating mental health and well-being is so different, " Dr. Nina Vasan, the chief medical officer at the mental-health startup Real, said.
Gen Zers are more open about addressing mental-health struggles, more willing to help others manage theirs, and more proactive in getting help than any other generation, she added. The generation is "leading the way to so many dramatic transformations around how we as a society are addressing mental health," she said.
Young founders who implement companywide mental-health support systems are also forcing leaders of other generations to rethink their ways, Vasan said.
Insider spoke with Robinson, Vasan, and other entrepreneurs to understand Gen Z's take on work and wellness. With the future of business in the hands of Gen Z, corporate American companies may need to follow its lead to succeed.
Gen Z founders' experiences inform their policies
Larissa May, a nonprofit founder, and Robinson spoke on a mental-health panel earlier this year.
While the young generation has made waves in mental health, Gen Z founders aren't immune to the emotional damage that comes with promoting a business online.
"A lot of Gen Z founders burn themselves out more than ever because of how much they're posting on social media to support their brands," Larissa May, the founder of the mental-health nonprofit #HalfTheStory, said.
To address this stress, Gen Z founders are implementing policies like flexible schedules, internal support systems, referral programs, and time away from the screen for themselves and their teams.
Gen Z "founders are speaking for their generation and trying to create a world where they themselves, their companies, their employees are able to have more of that balance," Vasan said.
Robinson — who prioritizes daily movement, a schedule that allows her to travel, and passion projects — ensures her hires have the same benefits, she said.
Similarly, Michael Yan, a Gen Z cofounder of the job-search platform Simplify, works with an executive coach to mitigate burnout and better manage workplace conflicts. He also prioritizes talking with employees about work, life, and any support they need.
"Balancing mental health and the success of the company almost seem opposite," Yan said. "If you're not prioritizing your own health, it's hard to prioritize the success of the company."
Gen Z employees expect this progress in the workplace
Yan and his two cofounders launched Simplify in 2020 to help job seekers land roles.
courtesy of Yan
When working at some of the world's largest tech companies, Yan never experienced the kind of open and vulnerable conversations about mental health that he creates with his staff today, he said.
But Gen Z employees are not putting up with burnout cultures, May said. That's why benefits like mental-health support and wellness stipends have increased employee retention in several industries.
Connecting with job seekers at college career fairs is one of Yan's many responsibilities as a cofounder.
Along with prioritizing balance, job seekers want to find an employer that shares their beliefs.
"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," Yan said.
In fact, a June survey by the job site Handshake found a trend of Gen Z students who wanted to work for companies they felt aligned with them on factors like diversity, representation, and benefits.
"As Gen Z continues into more positions of power, they will be able to change policy and culture in a way that will permeate and change the older generations," Vasan said. "We're going to see a wonderful cultural and social shift."
Lifestyle Management Mental Health | 2022-12-08T17:08:18Z | www.businessinsider.com | Gen Z Startup Founders Who Prioritize Mental Health for Workers | https://www.businessinsider.com/gen-z-startup-founders-who-prioritize-mental-health-for-workers-2022-12 | https://www.businessinsider.com/gen-z-startup-founders-who-prioritize-mental-health-for-workers-2022-12 |
Rep. Virginia Foxx, R-N.C., speaks during a news conference with other House Republican members in Washington on Tuesday, March 9, 2021.
GOP Rep. Virginia Foxx received a waiver to run for chair of the House education committee.
She has been the leading Republican on the committee since 2017.
She has been highly critical of Biden's student-debt relief and plans to bolster oversight over the reforms.
A top Republican lawmaker is setting her sights on leading the House education committee next year — and cracking down on student-debt relief is on the agenda.
On Wednesday, Rep. Virginia Foxx — currently the top Republican on the House Education and Labor Committee — received a waiver from the Republican steering committee to allow her to run for chair in the next Congress and avoid term-limits rules. She has been the leading Republican on the committee since 2017, and rules typically bar members from serving three consecutive terms as a leader or ranking member.
She is not running for the position unopposed, though — GOP Rep. Tim Walberg of Michigan announced his plans to challenge Foxx for the top position on Wednesday. Still, Foxx told Insider that she is "incredibly honored" to be considered for the role.
"One-party rule in Washington let House Democrats run amok and push toxic policies that prioritized special interest groups over students, workers, and job creators," Foxx said. "If I am selected to Chair the Committee, I will make oversight a priority and put the federal government in its place. I will also pursue policies that give every American the opportunity to be successful."
Since Biden took office, Foxx has been highly critical of the higher education policies and reforms he has enacted, specifically related to student debt. She has criticized the cost to taxpayers that the continued extension of the student-loan payment pause has brought, and after Biden announced his plan to cancel up to $20,000 in student debt for federal borrowers at the end of August, Foxx and many of her Republican colleagues slammed the policy.
They have since supported the two lawsuits that have blocked the implementation of the relief so far. After a Texas judge blocked the relief last month, Foxx said in a statement that "yet another nail has been added to the coffin of President Biden's illegal student loan bailout, and hardworking taxpayers across the country are rightfully rejoicing."
And in August, prior to the announcement of broad relief, Foxx joined two other GOP lawmakers in introducing a bill intended to counter Biden's plans by ending the student-loan payment pause and getting rid of targeted loan forgiveness programs like Public Service Loan Forgiveness, among other things.
She has already been gearing up to bolster oversight over the student-loan industry — in November, Foxx, along with Rep. Jason Smith who is the top Republican on the budget committee, sent a letter to Director of the Office of Management and Budget (OMB) Shalanda Young requesting the office preserve all records related to costs of student-debt reforms.
"It is critical the Biden Administration is as transparent as possible with the American people on the projected costs and economic impacts associated with these policies, particularly how such fiscal impacts were taken into consideration as policy specifics were debated and finally determined," the lawmakers wrote.
Biden's administration is continuing to fight for it's student-debt relief plan, with the matter now sitting at the Supreme Court. | 2022-12-08T17:08:24Z | www.businessinsider.com | Top GOP Lawmaker Opposed to Student-Debt Relief Runs for Leadership | https://www.businessinsider.com/gop-virginia-foxx-runs-house-leadership-opposes-student-debt-relief-2022-12 | https://www.businessinsider.com/gop-virginia-foxx-runs-house-leadership-opposes-student-debt-relief-2022-12 |
How to recession-proof your credit
1. Pay Off Existing Debt
3. Talk to Your Lenders
4. Revise and stick to a budget
4 ways to protect your credit during a recession
During a recession, creditors tighten lending standards, making good credit even more important.
A recession can put you in a financial bind that may require you to access credit to cover expenses.
Paying down debt, building an emergency fund, and sticking to a budget can help you protect your credit.
Creditors tend to tighten lending standards during a recession, making good credit very important.
A recession is a period in the business cycle when economic growth slows down, unemployment rates rise, and prices stall at inflated levels. This can be a difficult time to get through unless you're well prepared.
While a recession may not have a direct impact on your credit score, there can be issues that arise because of an economic downturn that can add up to a negative effect. Lay-offs, pay cuts, and higher-than-normal consumer prices can result in a financial squeeze that forces people to access credit to keep up with expenses. Here's what you can do to prepare for the worst.
The credit scoring models that calculate your credit score base their algorithm on several factors, notably how reliably you pay your bills and how much money you borrow at one time. These factors just so happen to be impacted by a recession, causing you to fall behind on payments or rely too heavily on credit. These are the pillars you will want to target in preparing your credit for a recession.
Here are a few strategies you can use before and during an economic downturn.
One of the best moves you can make to recession-proof your credit is to reduce your debt load. If you have high credit card balances with expensive interest rates, this can put you in an unstable financial position. If you don't have a high interest rate now, keep in mind that most credit cards have a variable interest rate, so that interest rate can increase during a recession. If that happens, your debt load can become more expensive.
Keeping debt on your revolving credit accounts will also increase your credit utilization ratio, which is the amount of credit being used compared to your total available credit. Credit utilization is the second most important factor in calculating your credit score. A high credit utilization ratio signals to lenders that you are in financial trouble and may not be able to pay back what you have borrowed. Credit utilization is considered on each credit account and all your accounts combined. You should keep these under 30% to avoid hurting your score, though the lower your utilization the better.
Take a look at your financial situation and if you can, take steps now by increasing your payments. For some that may find this difficult, consider increasing your income with a part-time job or side hustle, and add this income to your payments. During a recession, the less you owe the better.
For most people, the worst byproduct of a recession is job instability. Without a regular income, meeting your financial obligations and expenses can be extremely difficult if you do not have savings to fall back on. Your credit accounts offer a tempting financial cushion for your costs, though it puts your credit score in a precarious position. An emergency fund can give you that cushion so you don't have to immediately start borrowing money when you lose your primary source of income.
There is no better time than now to start building an emergency fund. Try to build at least four to six months of living expenses. During a period of economic uncertainty, there is nothing like having financial peace of mind that you have something to fall back on in the short term during a financial downturn.
Sometimes the worst happens. Due to job loss or an unexpected increase in expenses, you may realize that you are going to miss a payment. In this case, reach out to your creditors as soon as possible to see if they have any relief options available. If you explain your situation, some lenders may not report your late payments to the credit bureaus if you have a history of paying on time.
During a time of economic crisis, lenders may have options designed specifically for people struggling to make ends meet. These can include payment deferment, adjusted repayment schedules, and lower interest rates. This could offer some relief until you can resume your normal payment schedule. Talking to your lender and taking advantage of these options can provide the help you need when you cannot make timely payments and want to avoid damaging your payment history.
It's always a good idea to maintain a healthy and responsible budget. But this becomes even more important during an economic downturn. When a recession happens, having a budget in place will help you see exactly where and how you spend your money and quickly adjust your spending if there is an increase in expenses or a reduction in income.
A budget helps you assess which expenditures you can live without and which you need to maintain your lifestyle. Revising your budget to cut out unnecessary spending can help you get through a difficult financial period and even if your income is not affected during a recession, following a budget will ensure that you are living within your means and allow you to save more.
Why recession-proofing your credit is important
Your credit score is always important, but definitely during a recession. If your scores are low, you will pay more because the interest rate will be higher, making borrowing money more expensive. Credit can be a crucial lifeline during a recession, but a recession can also make it harder to get new credit as lenders become more risk-averse and tighten lending standards.
The strategies that you use to protect your credit during a recession will help you and your financial situation in any economy. You have no control over whether a recession happens or not, but you can control your savings and spending so economic hardship doesn't take a toll on your credit.
PERSONAL FINANCE 5 ways to 'recession-proof' your credit card portfolio
PERSONAL FINANCE 3 recession-proof side hustles that could protect me from a sudden income drop
PERSONAL FINANCE Recession vs depression: Two terms for economic constriction that vary in severity, duration, and scale
pfi Personal Finance Insider TOC-jump-to | 2022-12-08T17:08:54Z | www.businessinsider.com | How to Protect Your Credit During a Recession | https://www.businessinsider.com/personal-finance/how-to-protect-credit-recession | https://www.businessinsider.com/personal-finance/how-to-protect-credit-recession |
An Amazon driver carrying packages.
Patrick Fallon/AFP
DTC brands' ad spend is moving from Meta to Amazon with new urgency.
Meta's ad measurement challenges mean brands are looking to acquire customers on Amazon.
But DTC brands aren't able to collect data about their customers and sales on Amazon.
Since Apple's privacy changes, Meta has had trouble proving its ads drove results. That trouble has led to more ad budgets going to Amazon during the holiday season, according to direct-to-consumer brands and ad agencies.
Meta ads have long been the main way that direct-to-consumer brands acquire customers on their own websites, which they prefer over working with Amazon because the retail giant owns both their sales data and the direct relationship with shoppers. But the slowing growth rate of e-commerce sales in 2022 and the declining performance of Meta ads are pushing more direct-to-consumer brands into Amazon with new urgency.
Jack Ogilvie, partner at ad agency Acadia, said that DTC brands used to expect that every ad dollar put into Meta would drive $7 to $8 in sales, but performance is now closer to $1 or $2 in sales for every ad dollar.
Because Meta ads haven't been able to drive website sales, DTC brands are now selling on Amazon.
"There are a lot more brands willing to push money right now because they're looking for an immediate return," said Fahim Naim, head of Amazon at consultancy Advantage Unified Commerce.
Naim added that his DTC brands have moved between 20% to 30% of ad spend from Facebook and Google into Amazon during the fourth quarter.
Another reason why Amazon has become more viable for DTCs is that its ad prices have recently decreased while ad prices on other platforms have skyrocketed, Naim said. He said Amazon's ads have gotten cheaper because there is less competition as fewer brands buy ads due to softening e-commerce sales. He estimated that 75% of brands find that it's cheaper to acquire customers on Amazon than any other media channel.
"What they want is profitable sales growth, and that is something that Amazon can offer," said Acadia's Ogilvie, partner at ad agency Acadia.
Lauren Picasso, CEO and founder of drink mix brand Cure Hydration, agreed that Amazon's ad formats tend to have high payoffs. She said Cure Hydration's Amazon sales have grown by more than 10X this year compared to last year, overtaking sales from its own website and saw a particularly high sales spike from Prime Day.
By contrast, Meta ads were 70% of Cure Hydration's budget in January, and has since dropped to 40%, Picasso said. That budget is now going into TikTok, paid search, and affiliate programs. Cure Hydration has a separate ad budget for Amazon.
Amazon has massive limitations for DTC brands
While Amazon can generate sales for DTC brands, it also has disadvantages. Many brands prefer to sell on their own websites, where they can collect data like email addresses and sales to inform future marketing campaigns. Selling on their own sites also helps brands provide specific perks to drive customer loyalty. For example, Cure Hydration only sells specific flavors and subscription packs on its own website.
Fees are also a concern with Amazon, said Zel Crampton, president and CEO of pet care company Diggs. About 20% of Diggs' sales come from Amazon with the rest coming from direct-to-consumer and wholesale.
Amazon takes a 15% cut from sellers in exchange for selling on the platform and another 15% for being part of the Fulfillment by Amazon program, where Amazon handles shipping. Plus, sellers must pay Amazon for ads that direct to their products. All of those fees make it difficult for DTC brands to pull a profit on Amazon, Crampton said.
It's also hard to launch new products on Amazon. Consumers can't find them because older products rank higher in searches, he added.
"Amazon is a pay-to-play model at this point, especially for new products until you have the flywheel going," he said. "That limits how much of a share of our distribution strategy Amazon could be. It plays a role, but we're never going to want it to be a dominant channel."
Amazon E-commerce advertising Retail | 2022-12-08T17:38:21Z | www.businessinsider.com | DTC Brands Are Moving Ad Budgets to Amazon | https://www.businessinsider.com/dtc-brands-are-moving-ad-budgets-to-amazon-2022-12 | https://www.businessinsider.com/dtc-brands-are-moving-ad-budgets-to-amazon-2022-12 |
Rachel Schneider, founder of Canary, joined Insider's mentorship program to learn more about making the hiring process more inclusive and to encourage diversity.
Erika Ramirez for Insider
Rachel Schneider, the founder of financial startup Canary, wanted to put diversity, equity, and inclusion (DEI) at the core of her business from the beginning. But she knew she didn't have all the answers, so she turned to Rhonda Moret, the founder of DEI training and consulting firm Elevated Diversity, for guidance.
Schneider and Moret met over several weeks on Zoom as part of Insider's mentorship program, created in partnership with Indeed. "The opportunity to work with an expert who's really invested in developing expertise on this was phenomenal," Schneider, whose company helps employers ensure that their employees can access emergency funds in times of financial need, told Insider.
DEI is fundamental to Canary's mission, as women, people of color, and low-income individuals are more likely to experience financial crises, Schneider said. She added that her company will make better decisions when it incorporates diverse points of view and experiences. "If we're really going to be effective at delivering the best possible customer service, we really need to invest in empathy, and that means having a team who can really relate to the life experience of the people that we're working on behalf of," Schneider said.
Moret and Schneider shared how they worked together to develop DEI policies and best practices for Canary around recruiting, company culture, and people management.
Making equity a central part of the business
A key piece of advice Schneider received from her mentor was to think about equity in the same way a leader thinks about marketing, finance, or other parts of the business — as a central component of the company, not just a short program or initiative. "I found that to be really insightful, versus thinking of it as, 'Here's this project we're going to do,'" Schneider said.
Creating policies and putting DEI thinking at the center of the business early on will ensure it's in "the very fabric of the organization," Moret said. To start with implementing this mindset and policy, she suggested to Schneider that Canary write a brand statement that publicly states that its values center on DEI and belonging.
Rhonda Moret, founder of Elevated Diversity, used her years of experience and expertise to mentor Schneider on centering DEI within her company.
Cassidy Araiza for Insider
"You have to start with making it really clear to your external and internal audience that this is a part of how you're thinking about your work," Schneider said. "That creates space for activity, growth, and for other people to bring their ideas and creativity."
Creating space for new ideas and creativity internally
Schneider said Canary has been surveying its employees about "how they're experiencing and thinking about equity-related issues at work," and she was able to use some of Monet's survey materials at Elevated Diversity to help craft specific questions around this topic.
The surveys have helped "create space for equity as a topic" among her team, Schneider said. "People step into that space with their own creativity and ideas." For example, one employee asked to host a conversation about National Native American Heritage Month in November. In response, Moret shared several of her resources around creating diversity councils and employee-resource groups, which include setting up forums for employee conversations and ideas on DEI.
The next step is to establish metrics to assess how Canary is progressing on DEI priorities, which Schneider said she's still working on. "We want to make sure we're doing more than words, that we're holding ourselves accountable."
Updating the hiring process to attract top talent from all backgrounds
Beyond the company culture, Schneider also plans to put DEI at the center of Canary's recruiting and hiring processes by drawing from a broad range of candidates and becoming more mindful about how it interviews and evaluates applicants.
Schneider and Moret collaborated to develop DEI policies and best practices for Canary.
To help with this, Moret shared with Schneider her best practices for inclusive recruiting, which include being careful around a job posting's language, establishing panels of diverse employees to interview applicants, and crafting interview questions that are standardized for all candidates.
DEI has become an important factor for job-seekers, Moret said. "It's important for organizations vying for top talent."
Creating an equitable workplace isn't a cookie-cutter experience, and Schneider said working with her mentor enabled her to develop initiatives that were best suited to her business.
Moret said she admires Canary's mission and plans to share details about it with other companies that she works with. She also appreciated helping a fellow female business owner.
"I wanted to pay it forward," Moret said. "I've added another contact to my network, and I would love to see if there's an opportunity for us to work together in the future. I genuinely enjoyed working with Rachel."
Talent Insider DEI Diversity and Inclusion | 2022-12-08T17:38:27Z | www.businessinsider.com | How a DEI Expert Helped a Startup Founder Make Her Culture Equitable | https://www.businessinsider.com/how-dei-expert-helped-startup-founder-canary-culture-equitable-2022-12 | https://www.businessinsider.com/how-dei-expert-helped-startup-founder-canary-culture-equitable-2022-12 |
Rep. Vicky Hartzler, R-Mo. listens during a news conference on Capitol Hill in Washington, Wednesday, May 4, 2011, to discuss the No Taxpayer Funding for Abortion Act.
Harry Hamburg/AP.
Hartzler, who's been in Congress since 2011, will not be returning in 2023 after losing her campaign for an open Senate senate seat.
Vicky Hartzler Defense of Marriage Act politics enterprise | 2022-12-08T18:52:19Z | www.businessinsider.com | A Congresswoman Cried Begging Colleagues to Vote Against a Same-Sex Marriage Bill | https://www.businessinsider.com/a-congresswoman-cried-begging-colleagues-to-vote-against-a-same-sex-marriage-bill-2022-12 | https://www.businessinsider.com/a-congresswoman-cried-begging-colleagues-to-vote-against-a-same-sex-marriage-bill-2022-12 |
Inside SoftBank Vision Fund's awful, terrible, really bad year. How the venture fund tumbled, according to former employees, investors and rival VCs.
Hasan Chowdhury, Ben Bergman, and Samantha Stokes
Tomohiro Ohsumi/Getty Images; IStock; Vicky Leta/Insider
SoftBank's Vision Fund just experienced one of its most dismal years in its history.
The Japanese tech investor lost billions from failed bets like FTX and lost high-profile execs.
Eleven former employees and rival VCs spoke to Insider about the turmoil at the firm's venture arm.
When SoftBank investors tuned into the quarterly earnings call on November 11, a smiling Masayoshi Son — dressed comfortably in a dark mock-turtleneck and blazer — told them this would be his last time presenting the data.
For decades, the SoftBank chair and CEO had turned a routine call into a mesmerizing event with drawings, art, history, mysterious equations, and references to everything from Jesus to the golden goose. His quarterly earnings calls had become legendary.
But Son's eccentric leadership at the helm of the Japanese technology-holding company has created some spectacular misses for his venture investment unit, and the press has increasingly labeled those presentations as quirky, baffling, even delusional.
Despite the holding company announcing an overall profit for the first time in months, SoftBank posted a nearly $10 billion loss for the quarter on its venture investments, including its two Vision Funds and its Latin America fund. Venture-investment losses for the six-month period between April and September hit -3,350.7 yen, or about $24.53 billion, company representatives said.
During that final presentation, Son resignedly admitted "we have to be in defensive mode" so he was sending in Yoshimitsu Goto, the CFO of SoftBank, to handle future quarterly reports. Son said Goto is "more suitable than me" for "good defensive mode."
Son timed his public bow-out right before yet another big blow: The fund had invested $100 million into FTX and will write that down to zero, Insider understands, after the cryptocurrency exchange imploded into bankruptcy in early November.
Because of a controversial compensation plan that gave Son a personal stake in the investment funds without paying cash up front — but still accruing interest — Son also owes SoftBank about $4.7 billion as of November 17, Bloomberg reported.
SoftBank's Vision Fund was once a power broker, having raised a jaw-dropping $100 billion in 2017, followed by plans to raise $108 billion for Vision Fund 2 in 2019 — two of the largest venture-investing vehicles ever established. But insiders are now questioning if it will ever regain influence, according to 11 ex-Vision Fund investors, former employees, VCs, and industry analysts who weighed in on the future of the Vision Fund. All identities are known to Insider but some requested anonymity because they were not authorized by the company to speak to the press.
A management crisis at the top
Though industry executives consider Son a "great visionary" who never shies from a big idea — as one ex-Vision Fund investor told Insider — executing on those ideas has proven a tougher affair.
In July, Rajeev Misra, a close ally of Son and longtime head of the Vision Fund, stepped back to take on a much-reduced role, Insider reported, and is laying the groundwork to start his own investment fund with several other senior partners preparing to follow him out the door.
Misra, a former credit trader at Deutsche Bank who led the firm's fixed-income business during the 2008 financial crash, quickly became Son's point man for complex transactions pulled from his investment-banking playbook.
He helped SoftBank overcome key hurdles in financing its $32 billion acquisition of the chip designer ARM in 2016, for instance, and played a pivotal role in winning over the Saudi Arabian government as partners in Vision Fund 1. Son is now personally focused on preparing ARM for an eventual IPO, he said in November. A successful spin-out of ARM would provide some much-needed redemption.
Yet, Misra has also often been mired in controversy. The Wall Street Journal published an exposé on Misra in 2020 claiming that he worked to sabotage rival SoftBank executives' careers. SoftBank and Misra denied the accuracy of the report.
Masayoshi Son, the CEO of SoftBank.
SoftBank event/Insider/image capture
Executive exodus
Yanni Pipilis and Munish Varma, two managing partners at Vision Fund, are also leaving to join Misra at his new fund, Bloomberg reported, and one of Vision Fund 1's limited-partner investors, Mubadala Investment Company, is backing their new fund.
One London-based investor described Misra's ability to set up a new fund by poaching former colleagues and familiar LPs while continuing to oversee Vision Fund 1 companies as "baffling," given the usual noncompete clauses managers place in employment contracts.
"To leave your own fund seems kind of odd, and then to pull your entire team from your old fund into the new team seems odd, and then to have the same investors back you in the new thing seems odd," the investor said.
The setup is clearly a nonstandard one, though one SoftBank insider said that SoftBank has made efforts to improve its corporate governance and conflict-management processes in recent years.
The exodus leaves Son in a tight situation. One ex-Vision Fund investor described Son, now taking the reins of Vision Fund 2, as someone who is "not a manager."
"He doesn't pretend to be one," the investor said. "He's not trying to keep trains running."
Since 2020, 10 high-level executives at SoftBank have departed, including Deep Nishar, the Vision Fund's senior managing partner; Marcelo Claure, the chief operating officer; and Katsunori Sago, the chief strategy officer. Sumer Juneja, a managing partner, will lead European investments.
For Richard Kaye, analyst and portfolio manager at Comgest, a SoftBank Group shareholder, the recent string of departures gives Son the opportunity to reel in management back to Japan.
"I think that after Marcelo Claure's departure, and with the growing success of SoftBank's Japan businesses SoftBank Corp and Z Holdings, Mr. Son wants to use his Japan team — I imagine the excellent CFO Mr. Goto especially among them — a bit more in his global operations," Kaye said. Claure, in contrast, was based in Miami.
The Vision Fund has consolidated into one international unit to better handle portfolio management for what was becoming a sprawling startup empire, Insider understands, with a former employee believing that more reductions in staff could even be possible.
However, given Son's aversion to being "in the weeds," according to a former Vision Fund investor, the exodus of frontline investors raises questions about SoftBank's plans for making future investments.
The investor noted that SoftBank was likely to slow down its pace of investment given the greatly slimmed-down team now overseeing its portfolio, to the point it may not deploy further capital at all. "You don't need senior people to do portfolio management," the investor said.
Rajeev Misra, the CEO of SoftBank Investment Advisers.
Reuters / Mike Blake
The market comes back to bite
There are other reasons to wonder about SoftBank's future venture strategy. Using its mighty war chest to write big checks that launched startups to multi-billion dollar valuations was easy to pursue in 2017, a time of low interest rates.
One rival investor described SoftBank's original strategy as one where they would "really throw their weight around," coming into deals with "structure" that would impose tough terms on founders who, in turn, worried that turning down the deal would result in frightening consequences.
"It was like, if you don't take SoftBank's money, you're fucked, basically," the investor said, explaining that founders felt the implication was that if they didn't take the money, SoftBank would go invest in the startup's competitor. "They hurt a lot of people's feelings."
One source close to SoftBank pushed back on this idea, noting that the Japanese firm often invested in multiple startups in the same sector, such as ride-hailing.
Today, with rising interest rates and a free-falling economy, investors are cautious of speculative-equity investments in the kind of cash-burning tech startups that form a fundamental part of the Vision Fund portfolios.
In the early days, SoftBank vigorously protected its biggest investments during times of crisis. It infamously offered WeWork a multi-billion dollar bailout package after WeWork's failed attempt to go public in 2019.
One cofounder of a startup SoftBank backed told Insider that when the startup floundered, the investor "stepped up with the emergency liquidity" and "deployed an immense amount of human resources" to give their business "a chance when they didn't have to," the cofounder said. "They wanted to avoid bad press associated with another bad investment."
However, investors question how willing the firm will be to rescue startups in need of a lifeline today. Kaye, for instance, said that Son "will not bail out struggling companies" in this current climate. It's a reality that is already playing out.
Klarna, the buy-now-pay-later giant that earned a $46 billion valuation after raising $639 million in a round Vision Fund 2 led last year, was chopped down in size in July. A reduced appetite among investors for cash-burning startups led it to raise $800 million at a $6.7 billion valuation from investors including Sequoia, Silver Lake, and Mubadala. SoftBank did not participate.
Others in its portfolio have cut their workforces, such as GoPuff, OneTrust, Cameo, and Remote.
"Because they bailed out WeWork and because it was such a fiasco, the willingness of shareholders to endure another fiasco of a similar size has probably declined substantially," Richard Windsor, the founder and owner of the research firm Radio Free Mobile, said.
An image from a presentation to SoftBank investors by Masayoshi Son.
How can SoftBank rebound?
By August, the wisdom of SoftBank's go-big investing tactics became visible when it posted its worst performance ever — a $23.4 billion loss for the company, $17.3 billion of which came from marking down investments in the Vision Fund.
During his November presentation, Son admitted the folly of buying into startups at the height of the market and said he would pare back investing and slash costs to right the ship, including staff cuts at the Vision Fund.
"Again, Vision remains the same. Our beliefs remain the same. But like it or not, we know that we have to reduce operation costs," Son said.
At present, SoftBank is putting on a brave face about the state of its portfolio: In a results presentation in August, Navneet Govil, the CFO of Vision Fund, said that, as of June 30, 95% of portfolio startups have "cash runways of greater than 12 months."
In September, SoftBank floated the idea of raising a third fund, according to the Wall Street Journal, which would provide Son and company another chance at redemption. But there are signs that limited-partner investors, or even institutional investors of its public shares, have little appetite.
Elliott Management, which accrued a $2.5 billion stake in SoftBank at the start of the pandemic, sold the majority of that stake this year, according to the Financial Times, after losing faith in Son's ability to return value to shareholders amid rumors that SoftBank is weighing up going private.
Given its investing performance so far, the obvious question is what happens once Vision Fund 2 has reached full investment. For one London-based investor, the answer is clear — especially given the state of the economy.
"I just don't see Vision Fund 3 being an easy fundraise for these guys," the investor said. "Maybe that's the reason why all these guys are quitting." | 2022-12-08T18:52:55Z | www.businessinsider.com | Inside SoftBank Vision Fund's Awful Year: Former Employees, Rival VCs | https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12 | https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12 |
Crocs is suing Walmart, alleging copycat clogs
Dina Rudick/The Boston Globe via Getty Images
Morning Consult compiled a list of the fastest-growing brands of 2022.
Consumers turned to established brands as they faced inflation and economic worries.
The top three brands included Meta, Crocs, and Beats by Dre.
2022 was the year of Crocs, Meta, and cream cheese, according to a new report from Morning Consult.
Morning Consult's report ranks the fastest-growing brands of 2022. Inflation weighed heavily on consumers' minds this year, said Emily Moquin, food and beverage analyst at Morning Consult.
Consumers showed less of a willingness to spend as prices for most goods rose, she said. "There's also the emotional impact of the uncertainty, the economic turmoil that consumers might be, if not experiencing, anticipating," Moquin told Insider.
Last year's list was dominated by a mix of brands that did well during the pandemic, such as streaming services Paramount+ and HBO Max. Consumers were also more willing in 2021 to try new brands, Moquin said.
This year, consumers were less interested in new things. "I've seen that ticking down throughout 2022," she said.
Morning Consult created its list by conducting two surveys: One in January and the other in October. The surveys were conducted online and asked consumers which brands they were considering purchasing or using out of a pool of 1,689.
For each brand, Morning Consult calculated the difference between the percentage of consumers who were interested in the brand in January and the percentage who expressed interest in October. The brands with the largest increase made the list.
Different age groups had different favorite brands. The top 5 brands for Gen Z, typically defined as people born from 1995 to 2010, included more digital names:
Millennials, or people born between1981 and 1996, meanwhile, included more food brands among their top 5:
Stōk Cold Brew
Gatorade Fit
DiGiorno Pizza
Below are the 20 fastest-growing brands of 2022 for all US adults, according to Morning Consult.
20. Four Loko
Binny's
Description: Four Loko makes canned malt liquor beverages. The brand gained popularity among college students in the early 2000s because it mixed alcohol and caffeine. Four Loko removed caffeine and all stimulants from its beverages in 2010 after legal challenges and health concerns.
Growth in purchasing consideration: 1.8 percentage points
19. Boost Mobile
Boost Mobile's logo
Description: Boost Mobile sells cell phones as well as voice and data plans.
18. Frito-Lay
Description: Frito-Lay sells snacks including Doritos chips, Cheetos puffs, and Smartfood popcorn. The brand is a division of soft drink maker PepsiCo.
17. Häagen-Dazs
Description: Häagen-Dazs sells ice cream through supermarkets as well as its own chain of stores. The brand is owned by cereal and snack foods maker General Mills.
Description: Chobani makes yogurt, coffee creamer, oatmilk, and other dairy and dairy substitute products. The company was founded in 2005 when Hamdi Ulukaya bought an abandoned yogurt factory in upstate New York.
A screen at the Major League Baseball Winter Meeting in San Diego, California on Dec. 6, 2022
Description: The world's oldest professional sports league, Major League Baseball, includes 30 professional baseball teams in the US and Canada.
STEFANY LUNA DE LINZY/Shutterstock
Description: Google Sheets is one of the free programs that Google users can access as part of Google Docs.
13. Celsius Fitness Drinks
Celsius Heat energy drinks
Description: Celsius makes energy drinks marketed toward athletes and buyers with an active lifestyle.
12. T-Mobile
A T-Mobile sign on top of a T-Mobile retail store in New York.
Description: T-Mobile sells cell phones and service plans. It's among the top US cellular providers, along with Verizon and AT&T.
11. Chobani Yogurt
Sarah Schmalbruch / INSIDER
Description: Chobani Yogurt appears separately on Morning Consult's list from the main brand. Moquin said that the surveys asked consumers about brands as well as some specific products, leading some products that are particularly popular with consumers to get their own mention.
10. Office Depot
Office Depot store in Encinitas, California
Description: Office Depot operates a chain of just over 1,000 office supply stores across the US. Its parent company, ODP, also owns OfficeMax.
Bottles of Gatorade Fit
Description: Gatorade Fit is a line of sports drinks made without added sugar, unlike traditional Gatorade. The brand, which is owned by PepsiCo, rolled out the line at the start of 2022, according to trade publication Food Dive.
Description: Walmart makes a variety of food products under Great Value, one of its store brands. This year, Great Value Cream Cheese took eighth place on the fastest-growing brands list.
Moquin said the otherwise mundane product rose high in the ranking this year thanks to "an interesting confluence of factors that are all part of the story of what we've been seeing in terms of food and beverage trends this year," Moquin told Insider.
Inflation hit food, particularly dairy products, heavier than most other product categories over the past year, she said. At the same time, name brands like Philadelphia suffered shortages of cream cheese in late 2021 and early 2022, creating an opening for rivals, Moquin added.
SOPA Images/Contributor/Getty Images
Description: Adobe makes computer software. Its most popular consumer programs include Photoshop and Premiere Pro, a video editing software.
6. Zelle
Description: Zelle is a digital payments app that allows users to transfer money between their bank accounts.
Description: Milwaukee Tools makes household power tools such as chainsaws, drills, and leaf blowers.
4. STōK Cold Brew
Description: Stok makes cold brew coffee in ready-to-drink bottles as well as espresso shots that can be added to a regular cup of coffee.
Description: Founded by music producer Dr. Dre and record executive Jimmy Iovine, Beats by Dre makes headphones and earbuds. The brand has been a subsidiary of Apple since 2014.
Description: Crocs makes clogs in a variety of shapes and styles. The company has reported strong financial results and kept production rolling during the pandemic while other brands suffered factory shutdowns and other supply chain issues.
Crocs are "no longer your aunt's favorite gardening shoe," Morning Consult retail and e-commerce analyst Claire Tassin wrote in a report summarizing Croc's second-place ranking. "It's also a fastest-growing brand for each generation except for Gen Z — and that's just because the shoes are already so popular with young adults."
Growth in purchasing consideration: 3 percentage points
Description: Meta operates social media networks Facebook, Instagram, and Whatsapp. The company changed its name from Facebook to Meta in 2021 after CEO Mark Zuckerberg said he wanted Facebook to turn into a "metaverse company."
That rebrand is why Meta topped the list of fastest-growing brands, Morning Consult Tech Industry analyst Jordan Marlatt wrote in a report on the company.
"We're seeing a new brand expediently catch up to the universally recognized brand name that is Facebook," Marlatt wrote.
Features morning consult Millenials | 2022-12-08T18:53:08Z | www.businessinsider.com | Morning Consult Reports Crocs, Gatorade Fit Among Fastest-Growing Brands | https://www.businessinsider.com/morning-consult-reports-crocs-gatorade-fit-among-fastest-growing-brands-2022-12 | https://www.businessinsider.com/morning-consult-reports-crocs-gatorade-fit-among-fastest-growing-brands-2022-12 |
A Google marketing manager and former EY consultant shares 4 tips on how to land your dream job
Caitlyn Kumi is the founder of Miss EmpowerHer.
Courtesy of Caitlyn Kumi
Caitlyn Kumi is an associate product-marketing manager at Google and former EY consultant.
She says its important to set up networking calls every week.
Kumi also says that you should treat your LinkedIn like a professional Instagram.
This as-told-to essay is based on a conversation with Caitlyn Kumi, a 23-year-old product marketing manager based in New York City. It has been edited for length and clarity.
I landed a job as an associate product marketing manager at Google just one year after graduating from college. I'm also the founder of Miss EmpowHer, a women empowerment brand where I mentor younger women.
I wanted to work at Google because I loved the entrepreneurial spirit at the company. But there's a few steps I followed to help get me here.
Here are my 4 tips for landing the job you want.
1. Turn your interview into a conversation
I try not to jump right into questions during interviews. I usually start by asking someone about their day and try to get a real answer from them. Afterward, I'll usually tell them that I've been looking forward to the interview or tell them that it's the highlight of my day.
As the conversation goes on, I try to add follow-up questions if the interviewer says something interesting. I find that this makes the interview feel more like a natural conversation and you can really connect with them.
2. Look into the company culture
One thing that's really important to me when I choose the companies I work for, especially as a young person who recently graduated from college, is if there is a strong work culture.
To feel out company culture, I ask questions like, "What does success look like at your organization?" or "Can you tell me about a time when you had someone under you go above and beyond?" and "What kind of inclusion programming does your organization offer?" I'm looking to see if the company can give me specific examples.
I'll also ask personal questions like, "What advice would you give to your younger self?" And that gives me a sense of the people I would be working with and what they're like.
3. Set up 15-minute networking calls every week
When I first decided I wanted to transition into tech marketing, I wanted to talk to people in the field to double-check if it was a good fit for me.
I ask people for 15-minute coffee chats — I do at least one a week, but some weeks I'll have four. It's really hard for people to say no to 15 minutes because it's so short.
I do this for companies I'm currently working for and ones I would like to get more information about. I find people via LinkedIn.
During these chats, it's important to keep in mind that they don't owe you anything. The goal of the conversation isn't a referral every time but to connect with people and build a relationship. Your mindset has to be on networking first.
This is the first message I usually send:
Hi my name is Caitlyn Kumi and I really admire your career path and professional experience. If your schedule allows, I would love to set up a 15-minute chat with you about your career experience.
Don't say you admire someone if you don't because sometimes people ask follow-up questions and it's clear when you don't know much about them.
I do these reach-outs consistently because some people don't answer for months, but I get a lot of yeses. I think part of the reason is that I've developed my LinkedIn page and consistently post about my experiences and female empowerment. I think it's important to ask yourself what would people see if they saw your page.
4. Make sure your LinkedIn accurately reflects who you are
I always tell my mentees to think about LinkedIn as their professional Instagram.
So if someone's going to take you on a date, they'll probably check out your Instagram profile beforehand, just to get some background about you. It's the same thing when it comes to recruiters or you're connecting with someone you really admire.
It's really important to have a strong profile section and a great picture. I used to like to use UNC as my background photo because it made it easier to connect with alums. I also make my experience section very detailed.
One way to beef up your LinkedIn is to include references. Whenever I get a complimentary email, I ask that person to please write a referral on my page.
Prepare like this and you won't be stressed
At the final rounds of interviews, I always see people cramming to read the Financial Times right before going in.
But I'm not stressed — I'm in the corner listening to gospel music. I've spent a long time preparing by getting coffee chats, practicing with a friend, and tailoring my LinkedIn. You'll find success when you go beyond the bare minimum.
If you work in big tech and would like to share your story, email Jenna Gyimesi at jgyimesi@insider.com.
contributor 2022 as told to Thought Leadership | 2022-12-08T20:32:25Z | www.businessinsider.com | A Google Marketing Manager Shares 4 Tips on How to Land Your Dream Job | https://www.businessinsider.com/google-marketing-manager-4-tips-on-how-to-land-dream-job-2022-12 | https://www.businessinsider.com/google-marketing-manager-4-tips-on-how-to-land-dream-job-2022-12 |
But these days, as European Union countries crack down on some initiatives because of accusations of corruption, a different kind of international residency is edging into the spotlight: citizenship by investment, or a "golden passport."
The Grenadian government approves projects, like Ora Caribbean's Silversands resorts. Prices there range from $220,000 for a share of its Beach House property to $7 million-plus for ownership of one of the 5,000-square-foot turn-key villas.
CItizenship by Investment golden passport Travel | 2022-12-08T20:32:26Z | www.businessinsider.com | Grenada's 'Golden Passport' Starts at $150,000 — Here's How to Get One | https://www.businessinsider.com/grenada-citizenship-by-investment-golden-passport-buy-property-2022-12 | https://www.businessinsider.com/grenada-citizenship-by-investment-golden-passport-buy-property-2022-12 |
Russian President Vladimir Putin toasts with Russian soldiers at the Kremlin in Moscow on December 8, 2022.
Putin blamed Ukraine for Russia's bombing of civilian infrastructure.
"Yes, we do that. But who started it?" said Putin, who ordered the unprovoked invasion of Ukraine.
Top human rights groups have decried Russia's attacks on Ukraine's infrastructure as a war crime.
With a glass of champagne in hand at an awards ceremony at the Kremlin, Russian President Vladimir Putin on Thursday blamed Ukraine for Russia's bombing campaign that has targeted civilian infrastructure.
"There's a lot of noise about our strikes on the energy infrastructure of a neighboring country," Putin said, per BBC News. "Yes, we do that. But who started it?" added Putin, who ordered Russia's unprovoked invasion of Ukraine in late February.
Among other incidents that Ukraine is thought to have orchestrated, the Russian leader cited an October explosion that damaged the bridge connecting Russia and Crimea — the peninsula on the Black Sea that Putin illegally annexed from Ukraine in 2014.
Russia blamed Ukraine for the blast that partially destroyed the bridge. Much like drone attacks that hit airbases hundreds of miles into Russia on Monday, Kyiv did not publicly claim responsibility for the bridge incident but celebrated the explosion.
Russia has responded to these apparent Ukrainian attacks with waves of missile strikes on Ukraine's energy infrastructure — attacks that top human rights groups have decried as war crimes.
But Putin on Thursday said criticism of Russia's actions would "not interfere with our combat mission."
—Dmitri (@wartranslated) December 8, 2022
Russia's attacks on civilian infrastructure have left millions without water and electricity as the harsh winter begins in Ukraine.
"By repeatedly targeting critical energy infrastructure knowing this will deprive civilians of access to water, heat, and health services, Russia appears to be seeking unlawfully to create terror among civilians and make life unsustainable for them," Yulia Gorbunova, senior Ukraine researcher at Human Rights Watch, said this week. "With the coldest winter temperatures yet to come, conditions will become more life-threatening while Russia seems intent on making life untenable for as many Ukrainian civilians as possible." | 2022-12-08T20:32:44Z | www.businessinsider.com | Putin, Drink in Hand, Blames Ukraine for Russia Bombing Infrastructure | https://www.businessinsider.com/putin-drink-in-hand-blames-ukraine-for-russia-bombing-infrastructure-2022-12 | https://www.businessinsider.com/putin-drink-in-hand-blames-ukraine-for-russia-bombing-infrastructure-2022-12 |
The Campaign Legal Center's charitable arm ended last year with more than $26.8 million in net assets, including about $12.5 million in cash, according to its most recent IRS tax filing.
Bankman-Fried's FTX cryptocurrency exchange collapsed last month in dramatic fashion, and the 30-year-old billionaire now faces congressional, federal regulatory, and law enforcement investigations — say nothing of international scrutiny — for his role in what's been a financial wipeout for numerous investors.
"He understood that Washington, in particular, can be wooed through aggressive fundraising and political giving," Eric Soufer, a partner who leads the crypto and fintech practices for the strategic communications consultant Tusk Strategies, told Insider. "And that opens a ton of doors."
Sen. Kirsten Gillibrand, a Democrat from New York, donated her Bankman-Fried contributions to Ariva Inc., a Bronx-based nonprofit that offers free financial counseling, MarketWatch reported.
Its team of attorneys regularly files lawsuits and federal ethics complaints involving all manner of perceived political and governmental malfeasance, with a focus on campaign money, voting, redistricting, and political ethics.
But plenty of other politicians, from Sen. Ted Cruz, a Republican from Texas, to a slew of Democratic and Republican members of the US House, have also drawn the nonprofit's ire — as has President Joe Biden for failing to speak out against members of Congress' rampant conflicts-of-interests and legal violations regarding their personal stock trades.
The Campaign Legal Center even named its Washington, DC, headquarters conference room after "Ham Rove" — a canned ham, presented to resemble Republican operative Karl Rove, that served as chief strategist for the Colbert Super PAC.
politics enterprise SBF Sam Bankman-Fried | 2022-12-08T20:33:02Z | www.businessinsider.com | 'Crypto-King" Sam Bankman-Fried Gave $2.5 Million to Top Ethics Watchdog | https://www.businessinsider.com/sam-bankman-fried-sbf-donation-contribution-charity-campaign-legal-center-2022-12 | https://www.businessinsider.com/sam-bankman-fried-sbf-donation-contribution-charity-campaign-legal-center-2022-12 |
The FTC filed a challenge seeking to stop Microsoft from buying Activision Blizzard, known for blockbuster games like Call of Duty.
The agency said Thursday that the deal would "enable Microsoft to suppress competitors."
The $68.7 billion deal is Microsoft's largest and the biggest in the history of the video game industry.
The Federal Trade Commission is suing to stop Microsoft from buying Activision Blizzard.
The agency issued a complaint Thursday seeking to block the acquisition, saying the deal "would enable Microsoft to suppress competitors to its Xbox gaming consoles and its rapidly growing subscription content and cloud-gaming business."
The $68.7 billion deal is Microsoft's largest, not to mention the biggest in the video game industry.
"Microsoft has already shown that it can and will withhold content from its gaming rivals," said Holly Vedova, Director of the FTC's Bureau of Competition, in a press release. "Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets."
Activision Blizzard has 154 million monthly active users worldwide, according to the FTC. It's known for blockbuster franchises like Call of Duty and World of Warcraft.
The FTC's complaint highlighted Microsoft's history of gaming acquisitions, including its purchase of ZeniMax, saying Microsoft made titles like "Starfield" exclusive to Xbox after purchasing other gaming companies and assuring European antitrust regulators that it had no incentive to lock games to the console.
Shortly after the companies announced the deal in January, Microsoft president Brad Smith and Xbox head Phil Spencer both vowed Call of Duty wouldn't leave PlayStation as a result of the deal.
In a letter to employees Thursday, Activision Blizzard CEO Bobby Kotick reiterated his "confidence" that the deal will go through.
"The allegation that this deal is anti-competitive doesn't align with the facts, and we believe we'll win this challenge," Kotick wrote. "The competitive landscape is shifting, and, simply put, a combined Microsoft-ABK will be good for players, good for employees, good for competition and good for the industry. Our players want choice, and this gives them exactly that."
Microsoft microsoft activision microsoft activision blizzard | 2022-12-08T21:02:45Z | www.businessinsider.com | The FTC Is Suing to Stop Microsoft From Buying Activision Blizzard | https://www.businessinsider.com/ftc-suing-to-stop-microsoft-activision-blizzard-acquisition-2022-12 | https://www.businessinsider.com/ftc-suing-to-stop-microsoft-activision-blizzard-acquisition-2022-12 |
How to get an emergency loan
What are emergency loans?
How do emergency loans work?
How do I choose an emergency loan?
How can I get an emergency loan with bad credit?
Perhaps you've lost your job unexpectedly or are suddenly facing a big medical expense not paid for by insurance. An emergency loan can help you get you back on your feet and cover a cost you hadn't planned for in your budget.
Our picks for the best emergency loans give more weight to lenders with lower credit score requirements and faster funding times, as those are commonly among the most important factors for borrowers who need money fast.
Best emergency loans
Avant Personal Loan
Best Egg Personal Loan
OneMain Financial Personal Loan
Upgrade Personal Loan
Oportun personal loan
LendingPoint Personal Loan
18% to 35.99%
up to 35.99%
Not available in CO, DC, GA, HI, IA, MA, MD, ME, NY, and WV. Loans in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI are originated by Oportun Inc. California loans made pursuant to a California Financing Law license. NV loans originated by Oportun, LLC. In all other states, loans are originated by MetaBank, N.A., member FDIC. Terms, conditions, and state restrictions apply. See oportun.com for details.
Upstart's low minimum loan amount of $1,000 is perfect for a small emergency expense. Other lenders may have a higher minimum that forces you to borrow more than you actually need. The company also has fast funding times. You may be able to get your loan on the day after you apply with Upstart.
Additionally, the company has a low minimum credit score requirement of 600. Borrowers with poor credit may find it easier to qualify for a loan with Upstart than with other lenders on our list.
Watch out for: High origination fee. Upstart will charge you an origination fee of up to 8%, which will be deducted from your overall emergency loan proceeds. This will increase the total cost of your loan.
Administration fee up to 4.75%, undisclosed late fee and returned payment fee
Funds generally deposited by the next business day
Low maximum loan limit
Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
Loans made by WebBank, member FDIC
Avant has a fast funding speed, which is ideal for an emergency where you need your money quickly. If your loan is approved by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day.
You don't need an excellent credit score to qualify for an emergency personal loan from Avant. The company's minimum credit score is 600. Keep in mind that you'll likely pay a higher rate with a lower score.
Watch out for: Many types of fees. Avant will charge an administration fee of up to 4.75%, which it will take from your loan proceeds. If you miss a scheduled payment, you may incur a late fee, which will vary by state. If a scheduled payment is returned unpaid, dishonored payment fees may apply.
Read Insider's full review of Avant.
Origination fee between 0.99% and 5.99%, late fee of $15
Fast access to funds
You may get your money by the next business day after your loan is reviewed and approved
Loans made by Best Egg's lending partners
Like most of the lenders in our guide, Best Egg funds its emergency loans quickly. Around half of Best Egg customers will receive their money the day after applying for the loan.
There is no prepayment penalty on Best Egg loans, meaning you can pay your loan off early without any fees.
Watch out for: Higher minimum credit score. Best Egg's minimum credit score of 640 is still fairly low, but it is higher than many other lenders on our list. If your credit isn't in great shape, you might find it easier to qualify with a different lender.
Read Insider's full review of Best Egg.
On Prosper's website
Most loans from Prosper are approved within one day, and depending on your bank, it may take one to three business days to receive funds in your bank account.
You're able to enlist a cosigner to qualify for a loan you otherwise would not have or to get a lower rate.
Watch out for: Many qualification requirements. You need to meet several requirements to be eligible for an emergency personal loan from Prosper. This includes a minimum credit score of 640, a debt-to-income ratio below 50%, and fewer than five credit bureau inquiries (excluding duplicate inquiries) within the last six months.
Origination fee of up to 10% or $500, late fee up to $30 or 15% of your monthly payment amount, depending on your state
No minimum credit score
Small minimum loan amount
Quick loan funding
No minimum credit score for approval
You may be able to get your loan on the same day that you apply
Term lengths of 24, 36, 48, or 60 months
Loans made by OneMain Financial Group, LLC
One of the biggest pros of OneMain Financial is that the lender has no minimum credit score required for approval. Borrowers with bad credit may be more likely to qualify for a loan with this company than another.
You'll also get your loan funds quickly. It's possible you could even get your emergency loan on the same day you apply.
Watch out for: Hefty origination fees. You'll pay an origination fee on OneMain's loans, which can either be a flat fee or percentage-based, depending on what state you live in. Flat fees range from $25 to $500, while percentage-based fees range from 1% to 10% of the loan's value.
Read Insider's full review of OneMain Financial.
Origination fee between 1.85% and 8.00% and a late fee of up to $10
Low minimum credit score
Origination and late fees
You can get your money within one business day after your loan is reviewed and approved
Loans made by Upgrade's lending partners
With Upgrade, you can get an emergency loan as small as $1,000, which is lower than many competitors. This is a good choice for borrowers in need of just a little bit of cash to tide them over. You can also qualify for a loan with a credit score as low as 560.
Similar to many of the other lenders in this guide, you can get your money within one day of the company reviewing and approving your loan.
Watch out for: Sizable origination fees. Low credit requirements and fast funding times come with a drawback as well. Your origination fee with Upgrade will be between 1.85% and 8.00%. Some other lenders don't charge these fees.
Read Insider's full review of Upgrade.
Oportun's loan minimum of $300 is the lowest of any of the lenders in our guide and may be a good choice if you need to cover a minor expense. However, its loan maximum is only $10,000, so borrowers in need of a sizable chunk of change will need to choose a different lender.
Oportun may also be a good choice for an emergency loan for bad credit, as a prior credit history is not needed to qualify. That could also make an Oportun loan a good option for borrowers looking to establish a credit profile.
Watch out for: Limited availability nationwide. You'll only be able to get a loan if you live in AL, AK, AR, AZ, CA, DE, FL, ID, IL, IN, KS, KY, LA, MI, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NM, OK, OR, PA, RI, SC, SD, TN, TX, UT, , VA, VT, WA, or WI.
Read Insider's full review of Oportun.
Low minimum credit score required
Restrictive loan amount range
No loans in Nevada or West Virginia
Loan term lengths range from 24 to 60 months
Loans made by FinWise Bank, member FDIC
LendingPoint won't hit you with a prepayment penalty if you pay off your loan early. You can save on the overall cost of your loan by getting ahead on your payments.
The company will get you your money within one to two business days after you apply.
Watch out for: Significant origination fees. LendingPoint may charge you an origination fee of up to 6%, depending on the state you live in.
Read Insider's full review of LendingPoint.
SoFi. SoFi is an excellent option for borrowers with a great credit score, as it offers lower minimum rates than most of the lenders on our list. However, its minimum credit score of 680 may put it out of the reach of a decent chunk of borrowers.
LightStream. Similar to SoFi, LightStream also has excellent rates at the bottom end of its APR range – but those will be hard to qualify for without excellent credit. Additionally, LightStream's loan minimum is $5,000, so if you need a small amount of cash it isn't a good choice.
Wells Fargo. The brick-and-mortar bank boasts excellent minimum rates and a wide network of in-person support. However, Wells Fargo has a shaky ethical history and charges a hefty late fee of $39 if you fall behind on payments.
Navy Federal Credit Union. The military-focused credit union has loans of as little as $250, but you'll need to be a member to get a loan. Membership requirements are relatively strict too — you're only eligible if you are active military member, veteran, employee or retiree of the Department of Defense, or family member of someone in one of those groups.
We've compared each institution's Better Business Bureau score to give you another piece of information to choose your lender. The BBB measures businesses based on factors like their responsiveness to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:
Our top picks are rated A or higher by the BBB. Know that a high BBB score does not ensure a positive relationship with a lender, and you should keep researching and talk to others who have used the company to get the most complete information possible.
If you're uncomfortable with this history, you may want to use one of the other personal loan lenders on our list.
There are several factors that go into qualifying for an emergency loan, including your credit score, income, and credit history.
In addition to a solid credit score, you'll need proof of your employment and ability to repay to determine eligibility. Lenders will check your debt-to-income ratio to ensure you haven't borrowed more than you can feasibly pay back.
What are emergency loans? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Generally, emergency loans are personal loans you can use for unexpected expenses. Say you lost your job or are facing a costly medical bill. If you don't have an emergency fund saved up, you can use an emergency loan to cover the cost of your expense and provide yourself breathing room.
How do emergency loans work? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Emergency loans work just like any other personal loan — you'll fill out a short application with your personal details, including your income and Social Security number. Then, the lender you apply with will offer you loan terms. You'll want to pick a lender who will get you your money within one to two business days (same-day funding is a plus).
How do I choose an emergency loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Start by getting rate quotes and terms from various lenders, and then weigh your options to see what is best for you. For instance, you may get a lower rate with one company than another, but that company will charge you higher fees. Take into account rates, fees, term lengths, and loan amount range when deciding on a company.
How can I get an emergency loan with bad credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Most of the lenders on our guide will work with borrowers who have bad credit. Just beware that while you may qualify for an emergency loan with bad credit, you'll likely pay a higher rate.
Adding a cosigner with good credit to your loan may also improve your chances of qualifying for a loan if you have bad credit. Not all lenders allow cosigners, but some do.
To find the emergency loans, we combed through the fine print and terms of about a dozen personal loans to find the best ones for unexpected expenses. We prioritized five main features:
Credit score requirements: We prioritized borrowers with lower credit score minimums so they were accessible to borrowers with shakier credit histories.
Term lengths and loan amounts: We looked for emergency loans with a wide range of term lengths and loan amounts to cater to a variety of borrowers.
Personal Finance Insider pfi PFI-XAMP | 2022-12-08T21:02:57Z | www.businessinsider.com | The Best Emergency Loans for December 2022 | https://www.businessinsider.com/personal-finance/best-emergency-loans | https://www.businessinsider.com/personal-finance/best-emergency-loans |
Car dealership.
Over the past few years, record used-car prices have become emblematic of the sky-high inflation across the US. While this is finally changing, many car buyers may be forced to continue waiting on the sidelines.
Per Cox Automotive's Manheim Used Vehicle Value Index, which tracks the wholesale prices of used vehicles sold at its US auctions, used car prices are at their lowest level since August of 2021, with its index falling nearly 16% since peaking in January.
Economy Cars Auto Industry | 2022-12-08T21:03:03Z | www.businessinsider.com | Used Car Prices Going Down, Interest Rates on Loans Aren't | https://www.businessinsider.com/used-car-prices-lowest-year-but-still-not-able-afford-2022-12 | https://www.businessinsider.com/used-car-prices-lowest-year-but-still-not-able-afford-2022-12 |
Supporters cheer during an election night party for Georgia Sen. Raphael Warnock in Atlanta, Ga., on December 6, 2022.
Sen. Raphael Warnock's runoff victory was driven in large part by his support among young voters.
This year, Gen Z and younger millennial voters in the Peach State emerged as a critical voting bloc.
Organizers want to build on the turnout to continue youth engagement on issues like climate change.
Georgia voters on Tuesday sent Sen. Raphael Warnock back to Washington, DC, for a full six-year term after the Democratic lawmaker defeated Republican Herschel Walker by nearly three points in the Senate runoff election.
With nearly all votes in, Warnock led Walker 51.4%-48.6%, with nearly 97,000 votes separating the two candidates out of more than 3.5 million ballots cast.
The race had long been predicted to be close, with Warnock and Walker duking it out in a Southern swing state that in recent years has featured some of the highest-profile political contests in the country. But there were questions leading up to the November midterms about whether or not the youth vote would be a major force at the polls this year.
But young voters — with Gen Z and younger millennials flexing their political power — emerged as a critical demographic in the Georgia Senate race.
In the November general election, voters 18 to 29 years old made up 13% of the electorate and went for Warnock 63%-34%, according to CNN exit polling.
And according to data from the Georgia Secretary of State's office, voters under 30 cast roughly 156,000 early ballots in the runoff; more than 91,000 Gen Z voters aged 18 to 24 voted early in-person or by absentee ballot, surpassing 25 to 29-year-olds, who cast nearly 65,000 of the same ballots.
With young voters overwhelmingly supporting Warnock and other Democrats across the country this year, the results reflect how this bloc has responded to candidates who have focused on issues like climate change, abortion rights, and student loan relief.
Looking at the Georgia Senate runoff results, what actually happened to get more young voters to the polls?
Heightened voter engagement
Voters of Tomorrow, a Gen Z-led voter-engagement nonprofit organization, sent 2.5 million calls and texts to young Georgia voters urging them to participate.
The organization partnered with Plus1Vote to offer complimentary Uber rides to young voters in all of Georgia's 159 counties, a game-changer for those who lacked reliable transportation to their polling locations.
And Voters of Tomorrow also partnerned with 11 colleges and universities across the state — including the University of Georgia, Georgia Tech, Morehouse College, and Oglethorpe University — to hold canvass events and provide young voters with the information that they would need to navigate the voting process.
Warnock speaks with college students during a campaign stop at Georgia Tech in Atlanta, Ga., on November 18, 2022.
Last year, Republican Gov. Brian Kemp signed into law SB 202, the Georgia voting bill that tightened election regulations and also condensed the length of runoff contests from nine weeks to four weeks. With the changes, organizers knew it was imperative for young voters to be cognizant about the deadlines for voter registration and absentee ballot applications, along with having awareness about early-voting periods.
Jack Lobel, a spokesperson for Voters of Tomorrow, lauded "the hard work of our on-the-ground organizers and our volunteers across the country" in assessing the turnout among young votes.
"It looks like our efforts paid off, judging by the high voter turnout trend in the runoff," he told Insider. "I think this is momentum that's only going to continue to grow in Georgia and in every state."
'We have the passion'
For young voters, health care, college affordability, climate change, and reproductive rights are all major issues that can boost turnout, but many lawmakers have either paid little attention to such matters or are ideologically on the opposite end of the political spectrum.
Baby Boomer politicians have debated the aforementioned issues for decades, but only recently has Gen Z been able to truly become a part of the governing process.
Democratic Rep.-elect Maxwell Alejandro Frost of Florida, the first member of Gen Z elected to Congress, spent time in Georgia earlier this week to rally young voters on behalf of Warnock — who worked to engage with this demographic before the November general election and during the runoff campaign.
Frost on Monday headlined a "Students for Warnock" rally at Georgia Tech in Atlanta alongside Warnock and Democratic Sen. Jon Ossoff of Georgia, praising the enthusiasm of the students he encountered during the event.
"Had an amazing time at Georgia Tech this afternoon with @ReverendWarnock and @ossoff getting young people out to vote! We have the passion, we have the energy, and we have power to re-elect Reverend Warnock," the 25-year congressman-elect tweeted.
Many of those very same voters helped carry Warnock across the finish line in the runoff.
But it will take continued engagement with young voters to ensure robust participation in the future, especially in non-presidential election cycles.
"We're not stopping here," Lobel told Insider. "We're going to continue to work to harness the political power of young people through advocacy initiatives at every level of government."
Young Voters Raphael Warnock Georgia | 2022-12-08T21:03:09Z | www.businessinsider.com | Young Voters Boosted Warnock in Georgia Runoff, Gen Z Focus Continues | https://www.businessinsider.com/young-voters-boosted-warnock-georgia-runoff-gen-z-millennials-turnout-2022-12 | https://www.businessinsider.com/young-voters-boosted-warnock-georgia-runoff-gen-z-millennials-turnout-2022-12 |
Arielle Charnas' company, Something Navy, is floundering amid dwindling sales, an employee exodus, and furious suppliers
Neil Rasmus/BFA; Anna Kim/Insider
Katie Warren
The India-based supplier was incensed. It was June, and buzzy clothing brand Something Navy — founded by the influencer Arielle Charnas — was late in paying him for $364,000 in merchandise. Yet there Charnas was on social media, throwing lavish parties at her $150,000-a-month summer rental in the Hamptons.
First there was the rainbow-themed birthday party for two of her daughters, turning 1 and 4, replete with a ball pit, bounce house, and rainbow hair braiding and sand-art stations. Then came Charnas' 35th birthday party, where a circus performer floated inside a translucent ball in the swimming pool as guests drank Don Julio tequila under a massive white tent. As befitting a New York fashion influencer, both parties were documented by a photographer and videographer and splashed across the internet for all to see.
The tequila and other party favors were sponsored, but the sight of the festivities still stung for the supplier, who looked up Charnas on Instagram after Something Navy missed its first payment this spring.
Charnas "is having an amazingly awesome time in life," he said, but her "employees and suppliers are suffering."
From the outside, it doesn't look as if Charnas' company is in trouble. The fashion blogger turned designer launched Something Navy in July 2020 with the help of big-name investors including the Hong Kong billionaire Silas Chou — who invested in Michael Kors — the Rent the Runway cofounder Jenny Fleiss, and BoxGroup. Something Navy sells women's and children's clothing that range from $45 for a kids long-sleeve tee to $450 for a fringed wool coat. In its first year of business, the company said, it brought in $32 million in revenue, and it opened its first brick-and-mortar store in Manhattan. Since then, it's ventured into homewares and has collaborated with everyone from the sneaker company Superga to the clothing line Ba&sh Paris. In November 2021, Charnas said the company planned to open 15 more storefronts by the end of 2022.
Arielle Charnas and her husband, Brandon Charnas.
Jamie McCarthy/Getty Images for Breast Cancer Research Foundation
But behind the scenes, Something Navy has been in a tailspin amid an employee exodus, paltry sales, and delayed payments to suppliers, freelancers, and models, according to interviews with more than 20 people, including former and current employees and other associates of the brand. This year alone, at least 22 employees have left the company (28 full-time staffers remain). Employees told Insider that Something Navy CEO Matt Scanlan — also the CEO of the clothing companies Naadam and Thakoon — boasted to Charnas and other employees that business was booming, while things were actually falling apart. Things have gotten so bad that many of the factories with whom Something Navy works are refusing to ship any more product to the company until they get paid, former and current employees told Insider. A December business-credit report said Something Navy had a "higher than average risk of discontinued operations."
Something Navy was a clusterfuck. Like, bleeding.
Meanwhile, Charnas — despite being the face of Something Navy and its chief creative officer — is increasingly detached from her own business, people say, more often photographed wearing designer pieces like $2,600 Hermès boots and a $3,900 leather jacket from Khaite than clothing from her own brand. Last month, when Something Navy hired Betty Wang as president to focus on the brand's "opportunities for growth," Charnas didn't acknowledge the news on Instagram. For some former employees, Wang's hiring, viewed merely as "Matt's Band-Aid," came too late.
This week, Charnas and her husband, Brandon Charnas, who has a real-estate company, became enveloped in a tornado of speculation about the state of Something Navy's business and their personal lives. Charnas' representative issued a statement on Wednesday dismissing divorce chatter, and Scanlan, the CEO, issued his own statement, denying that Brandon Charnas had been embezzling from Something Navy, a rumor that had rapidly spread on Reddit and the gossip Instagram account Deux Moi.
But the assurances largely didn't address the internal concerns shared with Insider by current and former employees, who wonder whether Something Navy's days are numbered.
"Something Navy was a clusterfuck. Like, bleeding," one former high-ranking Something Navy team member who left the company in 2021 told Insider. She added, "I'm just shocked it hasn't tanked already."
This year, nearly half of Something Navy's full-time workforce has left, according to Insider's count through LinkedIn and conversations with former staffers.
The employee exodus includes the director of brand partnerships Erin Lauzen, who left in November, as well as the early employees Anna Sutton, the head of content and marketing, and Tara Moni, the vice president of strategic partnerships and marketplace, both of whom had been with the brand since 2018. Another early employee, the art director Sydney Mastrandrea, parted ways with Something Navy this summer, as did the senior vice president of media sales and partnerships Meghan Guffey and the senior vice president of product Nicole Peyser.
Four of the Something Navy employees pictured left the company this year.
Mark Sagliocco/Getty Images for Beach Magazine
Several former employees told Insider they cut ties with Something Navy because they saw signs the company was struggling. "They were constantly late on pretty much every payment," the former high-ranking team member said. (In a statement to Insider, Scanlan said he understood that some employees "may have decided that a start up was not the right environment for them at this time.")
The India-based supplier said that when Something Navy stopped paying him in June, he received constant excuses: It was waiting on a loan, or needed more time. "Then there's radio silence," he said. In July, he flew to New York City to confront Scanlan in person, but he still wasn't paid. Once Insider began contacting people for this story in September, Something Navy reached out to say it would pay the supplier in full, he said. The company paid off most of its $364,000 balance, the supplier said, but he was still short $20,000 — until Tuesday, when Something Navy paid him the remainder, four days after receiving a fact-check document from Insider detailing his complaints.
Something similar happened to Ayush Murarka, a supplier in the Indian city of Kolkata. In September, he texted Insider that Something Navy was several months late paying for a clothing order and that he hadn't been able to pay his workers as a result. Less than a week later, around the same time the other Indian supplier heard from Something Navy, Murarka said that the company had paid him in full and that they were on good terms.
Brand Design Switzerland, a small supplier that manufactured 3,000 euros' worth of samples for Something Navy in the spring, still hadn't been paid as of November. An employee at the company said they'd repeatedly emailed Something Navy and called Scanlan's cellphone but received no response.
Contract employees have also been left in the lurch. Dana Conlin, a model hired for a half-day shoot at New York City's Daylight Studio in March, said that Something Navy didn't pay her the $2,000 she was owed until November and that she'd been close to taking the company to small-claims court. Zhansaya Dixon, the mother of a 5-year-old model named Navy, said she enjoyed working with Something Navy but noted that she still hasn't been paid for two shoots in April and May.
A former freelancer who wrote for Something Navy's blog said she "cut ties" with the company after it repeatedly missed payment deadlines — in one case, an invoice for several hundred dollars was paid more than three months late. She said she'd never experienced such lengthy delays with other publications.
Several current and former Something Navy employees told Insider they'd been inundated with emails since the spring from suppliers, freelancers, and models asking where their money was.
One supplier emailed Scanlan that their business would be in jeopardy if they weren't paid; others threatened to terminate their contracts. Several people said they or their employees' livelihoods depended on being paid. Employees felt especially disturbed by the emails as they observed Charnas' party-filled summer in the Hamptons. "Why is the company involved or spending on a birthday party when the bills can't be paid?" asked one former employee, who was pulled from her normal work duties to plan Charnas' 35th birthday festivities.
Another former employee, who received dozens of these emails, said she asked the accounting department for an explanation but it never responded.
Not knowing what else to do, she said, she reached out to Scanlan, who told her to loop him in. In one email viewed by Insider, Scanlan told a supplier that cash was tight but promised payment was on the way.
At an all-hands meeting in August, Scanlan didn't directly address the payment issues. He said every company was going through a tough time because of the economic environment and told employees not to worry and that their salaries wouldn't be affected, current and former staffers said. There was "not much transparency about a plan moving forward, or why we're even in the position that we're in," a current employee said.
In early November, Something Navy employees were paid three days late after what management called a "payroll processing error," according to an email viewed by Insider. Staffers were spooked. The current employee said many believed it was only a matter of time before they, too, stopped being paid.
Scanlan told Insider the company made "every attempt to be transparent with our employees about the health of the organization" and acknowledged that Something Navy had felt the effects of changing consumer trends, COVID-19, and a "shifting investor climate."
A Something Navy representative claimed that all outstanding payments referenced in this article were made before Insider provided the company with fact-checks last week. But when Insider told the representative that the India-based supplier was, in fact, paid only after Insider reached out, the representative didn't respond, nor did they provide documentation for the other payments. Zhansaya Dixon told Insider she still had not received payment at the time of publication. Insider wasn't able to confirm proof of payment with Brand Design Switzerland.
Charnas was 22 when she started Something Navy as a fashion blog in 2009, years before "influencer" became a full-time job. While early style bloggers like Man Repeller's Leandra Medine stood out for their quirky rejection of fashion rules, Charnas' appeal was her girl-next-door quality.
A slender brunette from Long Island, Charnas grew up in the fashion industry: Her father, Oded Nachmani, cofounded a junior sportswear company that he sold in 2007 before focusing on real estate.
Charnas started a fashion blog called Something Navy in 2014 while working a retail job in Manhattan.
Astrid Stawiarz/Getty Images for American Eagle
After graduating from Syracuse University, Charnas moved to New York City and started working as a sales associate at Theory. She started her blog on the side, mixing designer pieces like an Isabel Marant sweater with a pair of H&M pants. She was one of the first fashion bloggers to share her life as a mother, discussing postpartum anxiety and showing her firstborn daughter, Ruby — who is now 6 — playing in the bathtub. It seemed as if nothing was off limits to Charnas' followers. She spoke about her ectopic pregnancy, filmed intimate family dinners, and candidly addressed accusations that she was too thin.
"I think she connects to a lot of people by being very real, whether it's about motherhood or moving into a new home," said Fleiss, the Rent the Runway cofounder who was an early investor in Something Navy.
As Charnas' following grew, so did her selling power. In 2016, she landed a partnership with Tresemmé, appearing in a TV commercial. That fall, she walked the runway for the fashion designer Rebecca Minkoff at New York Fashion Week. According to a Women's Wear Daily article, after Charnas posted on Snapchat about a mask from the skincare brand Peter Thomas Roth, the company sold 502 jars — about $17,500 worth of product — in a single day. Even her husband, Brandon Charnas, has said he uses Charnas' following to promote his commercial-real-estate business. "People will hire me because she's given me an audience," he said in 2018.
Charnas' star was on the rise when she walked the runway for the fashion designer Rebecca Minkoff at New York Fashion Week in 2016.
Brian Ach/Getty Images for TRESemme
By the fall of 2017, Charnas had amassed a million Instagram followers and signed a licensing partnership with Nordstrom. Her first collaboration with the department-store chain — a capsule collection with Nordstrom's in-house label Treasure & Bond — was "wildly successful" and sold out certain styles in a matter of hours, according to Nordstrom. The following September, Nordstrom and Charnas launched a standalone Something Navy line with pieces like an $89 floral blouse and a $100 pair of polka-dot slingback pumps. The collection was so popular that it sold more than $4 million worth of clothing and accessories in the first day, Business of Fashion reported, crashing Nordstrom's website.
I think she connects to a lot of people by being very real, whether it's about motherhood or moving into a new home.
But to Charnas — who once declared she wouldn't be satisfied until she was "the next Tory Burch" — collaborating with a major retailer didn't give her enough say in the design process or the quality of her clothing. She struck out on her own in the summer of 2019, tapping Scanlan to help build the company. "At the end of the day, I wanted more control," she told CNBC in 2020. "The whole purpose of this brand is to deliver exactly what my followers are asking for."
Charnas and Scanlan planned to launch Something Navy in March 2020. Then, the coronavirus shut down New York City and most of the world. On March 15, Charnas posted on Instagram that she was feeling sick with a fever, chills, sore throat, and headache. A doctor friend organized a drive-by COVID-19 test at an urgent-care facility on Manhattan's Upper West Side. Charnas documented the saga on Instagram, later informing her followers that she had indeed tested positive for the coronavirus.
Eight days later, Charnas decamped to the Hamptons with her family and their nanny, posting a photo of herself in front of her luxury rental with the caption "fresh air." The internet exploded, with people accusing Charnas of using her personal connections to secure a COVID-19 test amid a nationwide shortage and flouting the Centers for Disease Control and Prevention's recommendation to self-isolate after testing positive. The New York Post branded her a "Covidiot blogger," and The Daily Beast reported on her "trail of contagion." Brandon Charnas mocked Instagram followers who criticized his wife's behavior, calling one follower a "loser" in a direct message and telling another: "Who cares? You're irrelevant."
Charnas and her husband later apologized, but the damage was done. Brands including Amazon, Shopbop, Stuart Weitzman, and Josie Maran pulled their partnerships with Charnas, according to three former employees.
Charnas took a three-week hiatus from social media after she was branded a "Covidiot blogger."
The COVID-19 scandal was "a really big hit," one former staffer said, adding that Something Navy "basically lost all of our biggest partners — Amazon would never work with us again." (An Amazon representative said the company doesn't disclose details of its relationships with creators.)
After the scandal, Charnas took a three-week hiatus from social media. When she returned, she was never quite the same, former employees said. The former high-ranking Something Navy team member said Charnas became "very insecure" and hesitant to post, afraid that her followers would attack her.
The Something Navy launch got pushed back to July, but nonetheless, the rollout was a wild success, according to the company. The first 11-piece collection — which included dresses, jumpsuits, blouses, and denim that cost $65 to $250 — sold $1 million in the first 30 minutes, the company said at the time. Scanlan gushed about Charnas' following, telling CNBC: "I have never seen a community that is as passionate or engaged."
Something Navy continued to expand over the next two years. In the fall of 2020, the company opened its first store in New York City's West Village, followed by locations on the Upper East Side, in Newport Beach, California, and in Los Angeles. To finance these locations, Something Navy partnered with Leap, a startup that helps e-commerce brands open brick-and-mortar stores by covering most of the up-front costs.
Some brands, including Shopbop, eventually worked with Charnas again. Yet as Something Navy grew, so did signs of distress.
Several employees said lackluster sales were a major issue. The current Something Navy employee said that based on data she'd seen, the retail locations most likely don't turn a profit. "They sell, like, five pieces a day," she said. Sales reports viewed by Insider show that Something Navy's most popular styles sell only a handful of units in its four stores weekly.
While the company boasted about its $1 million in gross sales in the first 30 minutes of launching, the collection generated $831,000 in net sales in the first six days, according to an internal document viewed by Insider.
The launches became less and less lucrative over time, and ever-bigger markdowns weren't yielding the sales the company needed, current and former staffers said. During one weeklong sale in 2021, Something Navy sold only about $4,000 in merchandise both online and in stores, the former high-ranking team member said.
"The performance of the business was so poor," the former high-ranking Something Navy team member said. "They had more inventory than they knew what to do with."
At the same time, the high-ranking employee said, customer-service tickets were flooding in with complaints about the lack of racial and body-size diversity of the models, the restocking fee for returns — currently $12.75 — and the inconsistent sizing. (The Something Navy representative noted that they're a tiny team and "it costs us money and time to restock returns and our policies transparently reflect this.")
After the brand's launch, both Something Navy's and Charnas' Instagram accounts suffered from low engagement. A former employee familiar with the company's social-media performance said a 2021 analytics report showed a more-than-50% drop in engagement from the prior summer for both accounts. "I don't think it ever bounced back," the former employee said. A separate report viewed by Insider showed that engagement on Charnas' account dropped by more than 90% from June 2021 to January 2022.
The representative told Insider that "Something Navy and Arielle's specific engagement rates have followed industry wide shifts." Scanlan added that while there are "up and downs" for any start-up, Something Navy was "on solid footing."
But a person familiar with Charnas and her husband said the company is "struggling to maximize the potential Arielle has."
"Arielle is a great personal story of achieving this strong of a brand and level of influence," this person said. "While she's done a great job at continuing to evolve her brand, she has not been privy to the different financial decisions at Something Navy, but hopefully the company can catch up to her over time."
Since launching Something Navy, Charnas has grown increasingly disengaged from the day-to-day operation of her company. She's rarely seen at the Something Navy office. On Instagram earlier this year, Charnas said her typical working hours were 10 a.m. to 2 p.m.
"Arielle was kind of checked out," said a former staffer who worked at Something Navy in 2020 and 2021.
During the design process, Charnas would frequently flip-flop, approving certain styles one day and then deciding she didn't like them after the samples arrived, according to a former employee. ("Like any normal design process, some styles get dropped if sample updates have shifted from the original intent of the design direction," the representative said.)
Several former employees said Charnas seemed "checked out" of running her company.
Monica Schipper/Getty Images for Saks Fifth Avenue
Most notably, Charnas seemed reluctant to do the one thing that had made her so successful: Promote her company on social media. While she regularly tries on pieces from the collection in her apartment, she rarely steps out in them, something that hasn't gone unnoticed by fans and colleagues.
According to two former employees, Charnas disliked advertising Something Navy products because those posts didn't perform as well as those for brand partners like Shopbop. She'd also be accused of being too self-promotional by followers, or they'd complain that a style she'd worn wasn't available yet, the two former employees said. The Something Navy representative said this was false: "Arielle posts both Something Navy and content for brand partners, and affiliate revenue on her personal channel goes to Something Navy."
Something Navy made a significant amount of its money through brand partnerships, employees said — Charnas could pull in about $20,000 for a paid Instagram post in her feed, and $8,000 to $10,000 for three posts to her story with a swipe-up link, according to one former employee. But Charnas could be difficult to wrangle for photo shoots.
Charnas hated posting for certain brands. Three former employees said staffers had to beg her to make good on Something Navy's contract with Vivrelle, a luxury-accessory rental company, because she didn't want her followers to think she rented handbags. Charnas eventually agreed to do the posts — as long as she was photographed only with specific pieces from designers like Chanel and Bottega Veneta, said the former staffer who discussed the value of Charnas' paid posts. (Another former employee said Charnas resisted the partnership because she was worried her followers wouldn't believe she'd rented bags — "it would seem very fake.")
Charnas sometimes disregarded brands' partnership requests. She mispronounced the names of brands, including Vivrelle and the skincare brand Elemis, in videos, according to two former staffers (Elemis asked that Charnas reshoot the video).
"We collaborate closely with our partners to ensure their needs and goals are understood, met, and supported through our work together," the Something Navy representative said.
On other occasions, Charnas would inform employees she'd be unavailable for weeks at a time and demand to shoot the entire month's partnership content in a single day, the former staffer said. This was a headache for Something Navy staffers, who had to rush to prepare scripts and order samples amid a global supply-chain crisis. The Something Navy representative said, "In order to most efficiently utilize staff time and resources, Something Navy would shoot multiple sets of content within a single session."
Charnas' apparent aversion to brand partnerships bewildered her staffers, who didn't understand why she was kneecapping her own business.
"I think she was just sick of it," the former staffer said.
While Charnas is the face of Something Navy, Scanlan is the one steering the ship. Several former employees said they left the company because of Scanlan, who they said was not transparent about how the brand was doing or his plans for the future.
The former high-ranking Something Navy team member compared Scanlan to the WeWork cofounder Adam Neumann. Like Neumann, she said, Scanlan exuded a manic energy and had grandiose expectations for the business. He'd rave about Something Navy during rare companywide meetings, while confused employees fielded desperate emails from suppliers over payments.
CEO Matt Scanlan exuded a manic energy and had grandiose expectations for the business, one former employee said, reminding her of WeWork founder Adam Neumann.
Darian DiCianno/BFA
Scanlan, a 34-year-old former Wall Streeter and New York University dropout, cofounded the cashmere company Naadam in 2013. He bought the fashion brand Thakoon in 2019 under the umbrella of the Naadam Collective. Since then, Scanlan has acquired at least three other brands: the women's clothing brand Ivory Ella, the sustainable-packaging company Package Free, and the apparel company United by Blue, according to the fashion publication Glossy.
Scanlan said he met Charnas in 2018 when his company Naadam hired her to promote the brand. Naadam's partnership with the influencer "almost 10-timed our money in something like 48 hours," he later told Women's Wear Daily. In the summer of 2019, Charnas branched out on her own and brought Scanlan on board as CEO, with Charnas maintaining a minority ownership stake in Something Navy.
Scanlan seemed reluctant to respond to waning sales with measures like pulling back on inventory or furloughing, three former staffers said. Instead, he relied solely on flash sales and ever-larger discounts. And he spent as though business were great, insisting on launching a new collection every month (most contemporary brands launch about one-third that number). With each launch came a new photo shoot in Manhattan, the Hamptons, or Miami with models from the prestigious Wilhelmina agency. Something Navy spent $24,000 on three Wilhelmina models for a 2021 shoot, according to the former high-ranking team member.
The employee added that at one point in 2021, even as sales were meager, Something Navy spent $40,000 a week on paid social media on Facebook and Instagram, which generated minuscule returns and sometimes losses. Another former employee said $40,000 was an "extremely high" amount for a company of Something Navy's size to spend on paid social media. "Something Navy's return on acquisition spending is consistent with broader market trends in paid spend," the representative said.
Former employees said the CEO shielded Charnas from the company's struggles. "Matt was adamant that no one could talk to Arielle or her husband, Brandon, about the performance of the business," the former high-ranking team member said. "If she ever asked about something, you had to say it was amazing, that everyone loved it. The brand was great. Sales were great."
Two people close to the company confirmed that Scanlan concealed the business' poor performance from Charnas and said that she was devastated when she found out about the company's struggles this spring.
Matt was adamant that no one could talk to Arielle or her husband, Brandon, about the performance of the business.
For Charnas' 35th birthday in June, Scanlan directed employees across teams to set aside their usual work for two weeks to help plan and secure brand sponsorships for Charnas' party, three former employees said. The product and design team created Something Navy tote bags and baseball caps for guests to take home, and brand-partnerships staffers secured sponsorships for everything from ride shares to Vietri glassware. At one point Scanlan even offered to mix drinks himself when staffers were having trouble finding enough bartenders, the former employees said. Scanlan told staffers the party "was a big moment for the brand," one person said, but employees were skeptical. "We knew it was a big moment for Arielle."
"As Arielle is the face of the brand, Something Navy has leveraged opportunities like this party as a revenue generator," the Something Navy representative said. "While Arielle paid for the party personally, the company sold partnership opportunities for the event." The representative added that Something Navy paid for company activations and merchandise featured at the event, and that the party was "profitable for the company."
This fall, Something Navy has been in the midst of a rebrand that's been in the works for more than a year, according to a former staffer. The brand wants to transition from a "girly, almost juvenile" style, she said, to a more elevated aesthetic more in line with The Row, one of Charnas' favorite brands, where a pair of jeans can cost $750.
While Something Navy's first collection included a cutesy ruffle-sleeve top for $85 and a $165 leopard-print jumpsuit, its new one features a $325 halter-neck gown and a sleek one-shoulder cutout gown for $275.
The tone on Charnas' personal Instagram has likewise shifted: relatable, smiling posts have given way to muted, underexposed shots of the influencer hiding her face behind sunglasses. "Even the way she dresses now, it's just different. It feels older and more in the luxury space," one former employee said. But, she added, "that's not what people were following her for."
Scanlan bet big on Charnas' social-media following and her ability to sell. In 2020, the CEO said he'd "always planned" for Something Navy to be more profitable than Naadam. The company is part of his grand plan for a fashion empire, something akin to "the next LVMH." That means growing Something Navy beyond its influencer founder. "The only way the brand is successful long term is if you're walking into a store and you see the clothing hanging on a rack, and you go, 'I want that' — regardless of if you've ever heard of Arielle," Scanlan told Business of Fashion last year. "That was always our goal."
But former employees say that judging by Something Navy's sales numbers and money woes, the brand is falling short at attracting new customers. The December credit report from the business-analytics company Dun & Bradstreet raised "stability concerns" for Something Navy over the next 12 months and gave the company a maximum credit recommendation of $9,000.
In October, Charnas posted on Instagram that Something Navy — which has four stores — was holding off on opening more retail locations (apart from one in Miami in 2023) because of the current economic environment. In August, Charnas told People magazine that the brand was pivoting from releasing monthly collections to seasonal ones. As of November, many of Something Navy's factories (which total 10 to 15) still had not been paid and were refusing to send any product to the clothing brand until they received payment, according to the current employee. The India-based supplier called the company "the Bernie Madoff of fashion."
What staffers have realized is that Charnas is best at selling other people's clothes. Charnas herself has said buying clothes from an influencer-founded brand is "just not something that feels cool."
Not all influencer brands survive: The model and TV presenter Alexa Chung, who has quadruple Charnas' Instagram followers, shut down her fashion line in March after five years. The influencer Tati Westbrook closed her beauty brand in 2021 after just two years. Something Navy seems to be struggling with a paradox familiar to influencer-run brands: Charnas is what drew in customers in the first place. But for the brand to stand on its own, customers need to love the product.
"An influencer can convince their base to buy something once," Eric Fisch, the head of retail and apparel for commercial banking at HSBC, told Insider. "But they won't buy it again if the product isn't good."
Meanwhile, the gulf between Charnas and her company is as wide as ever, and employees wonder whether she's fully invested in the brand's success. "I think she's conflicted with what she really wants to do and how she wants to spend her time," one former employee said.
For many former staffers, seeing the lavishness of Charnas' lifestyle while her company stiffed contractors and suppliers was more than they could put up with, a recently departed staffer said.
"There's no future for the company," she said. "Because I don't think there's a company without Arielle. And at the end of the day, Arielle is just over it."
Additional reporting by Madeline Berg.
Do you have information to share? Email the reporter at kwarren@insider.com.
Arielle Charnas Brandon Charnas | 2022-12-08T23:47:37Z | www.businessinsider.com | Arielle Charnas' Company, Something Navy, Is Floundering | https://www.businessinsider.com/arielle-charnas-brandon-something-navy-matt-scanlan-sales-employees-exodus-2022-12 | https://www.businessinsider.com/arielle-charnas-brandon-something-navy-matt-scanlan-sales-employees-exodus-2022-12 |
Costco Wholesale.
Fifteen of those stores will open in the US, while 9 will open internationally.
CFO Richard Galanti said there will be 27 openings, including three 'relocations.'
Costco operates 847 stores globally, as of Thursday.
Costco plans to open up a net of 24 stores this fiscal year, Chief Financial Officer Richard Galanti said during a company earnings call Thursday.
According to Galanti, seven of those stores opened during the first quarter of Costco's fiscal year, which began on September 1. One of those new store openings was Costco's first store in New Zealand, and another was the retailer's first store in Sweden.
In total, there will be 27 new stores openings, including three "relocations" for stores.
Nine of those 24 net stores will open internationally, including Costco's third and fourth locations in China, Galanti said. The US will get 15 more stores.
"We plan three more in (the second quarter), four in (the third quarter) and 10 (in the fourth quarter)," Galanti said.
As of Monday, Costco operates 847 stores across the country, according to its website.
The announcement of new store openings comes as Costco reported it missed Wall Street expectations for the first fiscal quarter of the year, as it saw a year-over-year dip in ecommerce sales of 3.7%.
Costco earned $3.07 earnings per share for the quarter — short of the $3.12 analysts expected.
Got a tip about Costco? Ben Tobin can be reached by email at btobin@insider.com or via the encrypted app Signal or text at (703) 498-9171.
NOW WATCH: Sneaky ways Costco gets you to buy more
Costco Retail | 2022-12-08T23:47:55Z | www.businessinsider.com | Costco Says It Plans to Open 24 Stores This Fiscal Year | https://www.businessinsider.com/costco-plans-to-open-24-stores-this-fiscal-year-2022-12 | https://www.businessinsider.com/costco-plans-to-open-24-stores-this-fiscal-year-2022-12 |
Interest-free promotional credit card offers are used mostly by those who need to carry a balance.
But I chose to carry a balance during the promotional period, so I could pay off my car loan early.
I had to make the minimum payment, consider my credit score, and plan ahead to have enough cash.
As someone who loves to use credit cards to earn travel rewards, I'm always on the lookout for ways to earn points and miles.
And since I always avoid interest charges by paying my balances in full, having 0% APR financing on my credit cards is not something I ever look for. But after I was approved for a new rewards card, I later realized that it also came with 15 months of 0% introductory APR financing on both new purchases and balance transfers.
Because I'm always seeking to maximize the advantages of my credit cards, I couldn't let this valuable offer go to waste.
How I used 15 months of 0% intro APR financing
When I applied for the Chase Freedom Unlimited®, it was to take advantage of another intro offer, but I also knew that I could combine those rewards into Ultimate Rewards points from my other Chase accounts, such as my Chase Sapphire Reserve®.
But only after I received my first statement, did I remember that this card also included a 0% intro APR on purchases and balance transfers for the first 15 months (then a regular 18.74% - 27.49% Variable APR). I immediately dismissed the idea of utilizing this offer by performing a balance transfer, as I would incur an introductory 3% balance transfer fee (minimum $5) if transferred withing 60 days of account opening. However, it dawned on me that I could carry a balance on this card for 15 months, without incurring any interest charges.
I was using this card for all of my everyday expenditures, and even for purchases that might carry a similar or smaller bonus with other cards. With all of my household expenses going through this card, I would reach my card's credit limit of $18,000 within a few months if I was only making the minimum payment. And with no interest being charged, there was no cost in doing so, so long as I paid off the entire balance before the promotional financing period expired.
Considering the downsides
Interest-free financing can sound too good to be true, but as a credit card expert, I know that there are many potential pitfalls to these offers.
1. I still had to make the minimum payment
First, I would need to make the minimum payment every month — interest-free doesn't mean no payments. Making the payments reliably was easy to do by setting up auto-payments and configuring it to make just the minimum payment each month, as listed on the statements.
2. I had to consider the impact on my credit score
I also realized that carrying up to $18,000 each month in debt could have hurt my credit score. The amounts owed makes up 35% of your FICO score, more than any other factor. Thankfully, the amount that you owe is considered relative to your total credit extended, a factor called your credit utilization ratio.
Since I have many credit cards with little or no balances reported every month, having a substantial balance on this one card didn't drag down my credit score significantly. Nevertheless, had I been planning to purchase or refinance a home, I would not have carried a balance, 0% APR or not.
3. I had to make sure I had the cash to pay it off
More importantly, I had to make sure that I had the full amount available as cash 15 months later, or I would start incurring interest charges on any remaining balance. And as all credit card users must do, I had to fight any urge I had to spend more than normal, considering that I would be paying for it later.
4. I had to ignore my own advice
And finally, I had to go against every instinct I had, and every piece of advice I had ever written. I would be carrying a balance and making just the minimum payment, the two things that smart credit card users should never do! But by paying off the entire balance before the promotional rate expired, I was able to break this rule with no cost.
Using the 0% intro APR helped me pay off my car loan early
By carrying $18,000 in credit card balances for over a year, I was able to really smooth out my finances. I could make larger purchases before I received the income, but I was careful not to get too far ahead of myself.
And towards the end of the promotional financing period, I decided to pay off one of my car loans early, something that I would not have been able to have done otherwise. It was a very low interest loan, but it was nice to retire that debt early.
Interest-free promotional financing offers are used mostly by those who need to carry a balance. But for those who don't carry a balance, these offers can be a valuable way to give your finances some breathing room, and even to pay off some loans early.
By understanding the risks and benefits of these offers, you can make the right decision for your finances.
Jason Steele is a journalist who has specialized in covering credit cards, award travel, and other areas of personal finance since 2008. As one of the nation's leading experts in the credit card industry, Jason is a Senior Points and Miles contributor to The Points Guy and writes for several other top outlets. Jason also produces CardCon, The Conference for Credit and Credit Card Media. Jason lives in Denver, Colorado, with his wife and three kids.
Credit Cards Balance Transfer Card 0% APR | 2022-12-08T23:48:01Z | www.businessinsider.com | How I Used a 0% APR Credit Card Offer to Pay Off My Car Loan Early | https://www.businessinsider.com/personal-finance/low-apr-credit-card-pay-off-car-loan-early-2022-12 | https://www.businessinsider.com/personal-finance/low-apr-credit-card-pay-off-car-loan-early-2022-12 |
Best ways to use Southwest points
Low-value ways to redeem Southwest points
How much are Southwest points worth in 2022? Here's the value you can expect to get when you redeem Rapid Rewards points for flights, gift cards, and more
Southwest Airlines doesn't offer first or business-class service and has no airline partners to broaden its route network. As a result, Southwest Rapid Rewards has less upside than most frequent flyer programs, but what it lacks in high-end award opportunities, it makes up for with a consistent return on Southwest flights.
That consistency is what gives Rapid Rewards points an average redemption value of 1.4 cents per mile in Personal Finance Insider's most recent valuations. Read on to see which redemption options you should target and avoid to get the most out of your miles.
Find the right Southwest credit card for you
Southwest Rapid Rewards® Plus Credit Card
Southwest Rapid Rewards® Premier Credit Card
Southwest® Rapid Rewards® Premier Business Credit Card
Southwest® Rapid Rewards® Performance Business Credit Card
Best for occasional Southwest flyers
Best Southwest card with a sub-$100 annual fee
Best for frequent Southwest flyers
Best Southwest card for small-business owners
60,000 points after you spend $3,000 on purchases in the first 3 months your account is open
Earn 3X points on Southwest Airlines® purchases. Earn 2X points on Rapid Rewards® hotel and car partners. Earn 2X points on local transit and commuting, including rideshare. 1 point per $1 spent on all other purchases.
Best Southwest card for premium perks
80,000 points after you spend $5,000 on purchases in the first 3 months
Earn 4X points on Southwest® purchases. Earn 3X points on Rapid Rewards® hotel and car partners. Earn 2X points on rideshare. Earn 2X points on social media and search engine advertising, internet, cable, and phone services and 1X points on all other purchases.
You get 6,000 points each year after anniversary
You can earn Tier-Qualifying Points toward Southwest elite status for spending on the card
2 EarlyBird Check-In® each year.
All points earned count towards Companion Pass®.
Southwest uses dynamic award pricing, so the number of points you need to book a flight is connected to the cash price, but there's some wiggle room. Because of how Southwest prices awards, you can maximize redemption value by using points when the base fare for a flight comprises a relatively small percentage of the total fare, which includes various taxes and fees. This tends to happen on cheaper flights, as well as flights with taxes and fees that are not passed on when booking an award.
Since taxes and fees are generally fixed for a given itinerary, the base fare represents a smaller percentage of the total fare as the ticket price decreases. For example, consider this flight from San Jose to Las Vegas in February 2023. A one-way Wanna Get Away fare is available for a little under $46 on the later departure.
The base fare for this flight is just under $29 (about 63% of the total fare); the remainder is comprised of various taxes and fees.
The award price is calculated according to the base fare, and since the base fare is low relative to the total, the award price is also relatively low.
You still have to pay the $5.60 9/11 security fee when booking this award, but you're off the hook for the other charges, which add up to almost 25% of the total fare. As a result, you get a redemption value of 1.67 cents per point, which is a little over our high valuation of 1.6 cents for Rapid Rewards points.
Flights with high taxes and fees
While taxes and fees are generally fixed for a given itinerary, they may vary from one itinerary to another. In some cases, higher taxes and fees will increase the total fare without affecting the base fare.
For example, consider this flight from Fort Lauderdale to Nassau, Bahamas in January 2023. A one-way Wanna Get Away fare is available for a little under $65.
The base fare for this flight is $34 (about 52% of the total fare). The remainder is again comprised of various taxes and fees.
Once again, since the base fare is low relative to the total, the award price is also relatively low.
You still have to pay the $5.60 9/11 security fee and a $1 Bahamas passenger levy, but the remaining fees disappear when booking an award. This itinerary has both a low base fare and high taxes and fees; as a result, you get a redemption value of over 2 cents per point, which is about as high as you're likely to get from Rapid Rewards.
This approach only works if the taxes and fees are not passed on when booking an award. If you have to pay those charges in addition to points, then they don't have the same impact on your redemption value.
Wanna Get Away fares
Southwest offers four fare classes: Wanna Get Away, Wanna Get Away Plus, Anytime, and Business Select (from least to most expensive). Similar to the examples above, the cheaper Wanna Get Away fares provide the best redemption value because the base fare makes up a smaller portion of the total.
For example, here are cash prices for a flight from Denver to Phoenix in January 2023.
The base fare for the Wanna Get Away ticket is just over $28 (about 63% of the total), while the base fare for the Business Select ticket is just over $150 (about 85% of the total). That leads to the award prices below.
The Wanna Get Away fare has a redemption value of 1.68 cents per point, which is well above our high valuation. Meanwhile, the Wanna Get Away+, Anytime, and Business Select fares have redemption values of 1.53, 1.4, and 1.37 cents per point, respectively. That trend holds across other flights, with the upshot that Wanna Get Away fares are your best bet to maximize redemption value.
One nice aspect of the Rapid Rewards program is that while you're never going to get an amazing redemption value on flights, you're also never going to get far below average.
For example, consider this flight from Nashville to Los Angeles around the peak of the holiday travel rush. The one-way Wanna Get Away fare is $323.
Alternatively, you could book the same flight as an award for a little under 24,000 points plus the $5.60 security fee. That yields a redemption value of 1.33 cents per point, which is below our average valuation of 1.4 cents per point, but not by much.
This example is typical and illustrates how Rapid Rewards offers a more consistent return than most airline programs. The redemption value you get from booking Southwest award flights is reliably high enough that using points is always at least a decent option.
Rapid Rewards credit cardholders have a variety of additional redemption options through the More Rewards program, but none of them are good ones.
For example, the More Rewards menu offers a variety of gift cards and retail items, but the redemption value is below 1 cent per point. Gift cards top out at an abysmal 0.67 cents per point.
The More Rewards menu also offers VIP travel packages called Rapid Rewards Access Events. The redemption value of these awards is hard to pin down since the packages include features that aren't for sale publicly. But even if the redemption value is adequate, the opportunities are not. At the time of writing, the landing page lists only two Access Events: one that isn't on sale yet and another that's already sold out.
Finally, Southwest used to let Rapid Rewards members redeem points to book international flights on global carriers. Unfortunately, while the Southwest website still lists this as an option, the link to book flights has disappeared. Though the redemption value topped out around 1 cent per point, this was sometimes a useful alternative to paying cash or redeeming other rewards. Hopefully, it will return.
Redemption rates aren't the only variable we use to assess the value of points and miles. Here's how the Rapid Rewards program performs across other facets we take into consideration:
Expiration policy (+) — Rapid Rewards points don't expire as long as your account remains open and in good standing. That means there's no pressure to redeem until you're ready, which is a great feature for any travel rewards.
Award availability (+) — You can use Rapid Rewards points to book any available seat on a Southwest flight, though the cheapest (Wanna Get Away) fares tend to run out when flights are nearly full.
Sharing/pooling (-) — There is no complimentary way to share points between Rapid Rewards accounts. You can transfer up to 60,000 points to another member at a cost of 1 cent per point, which is only useful in very limited circumstances (for example, if you need a small number of points right away to book an award).
Ease of accumulation (+) — Earning rates for flight activity are good, and you can earn Rapid Rewards points from welcome bonuses and spending on an assortment of Southwest Airlines credit cards. You can also transfer points instantaneously from Chase Ultimate Rewards® at 1:1, or within a week from Marriott Bonvoy at 3:1.
Award change and cancellation policy (++) — You can change and cancel award flights with no fee up to 10 minutes before the originally scheduled departure time. Southwest also makes it incredibly easy to rebook award flights at a lower price when fares drop.
Surcharges (+) — Southwest Airlines doesn't add surcharges to Rapid Rewards flights. You'll only pay government-imposed taxes and fees, some of which are waived on award flights as described above. Southwest also doesn't tack on fees for booking awards close to departure or by phone.
Route network and partners (-) — Southwest serves over 100 destinations in the US, plus a dozen or so more in Mexico, the Caribbean, and Central America. That covers a lot of ground, but the lack of airline partners means there are no good options to use Rapid Rewards for flights beyond that region.
Southwest Companion Pass (++) — The Southwest Companion Pass allows you to book a companion into any available seat for only the cost of taxes and fees, and unlike most companion tickets (which only apply to cash fares), you can use the Companion Pass even when booking with points. It doesn't affect the redemption value of your points directly (since you can add a companion regardless of how you pay), but it inarguably adds value to the Rapid Rewards program as a whole.
Having no airline partners means the Rapid Rewards program has limited utility beyond Southwest flights, but it offers consistent (if unexceptional) value on Southwest flights. The lack of a free mileage pooling option is the only other clear negative among these miscellaneous factors, while the Companion Pass and award change policy are standout features.
Southwest Rapid Rewards is a utilitarian frequent flyer program: not a good fit for jet setters seeking a high-end travel experience, but favorable to domestic travelers who just want to get from A to B. The Companion Pass is a boon to those who travel with others, and the dependable redemption value means you'll never get gouged when booking an award.
While it isn't flashy, the Rapid Rewards program should not be overlooked.
PERSONAL FINANCE Best Southwest credit cards of December 2022: Earn points that count toward the Companion Pass
Personal Finance Insider Credit Cards Southwest | 2022-12-08T23:48:07Z | www.businessinsider.com | How Much Are Southwest Points Worth in 2022? | https://www.businessinsider.com/personal-finance/southwest-points-value | https://www.businessinsider.com/personal-finance/southwest-points-value |
Meta wants managers to rank twice as many employees in its lowest performance-review categories
Meta laid off more than 11,000 employees in early November.
Now, the company is roughly doubling the range for its lowest employee performance ratings.
The range includes layoffs and "non-regrettable" exits by staff who managers aren't sad to see go.
Meta laid off more than 11,000 employees in November. Now it's making another change that could see even more people leave the company.
In annual performance reviews beginning in January, the quota for Meta's lowest employee performance review categories, from "met most" expectations to "needs support," will roughly double, according to two people familiar with the situation. They asked not to be identified discussing sensitive matters.
The quota will be 14.5% to 16.5% of employees company-wide, up from a previous range of 7% to 12%, the people told Insider.
The higher range includes already laid-off employees and "non-regrettable attrition," a term for staff considered not critical to operations who managers would not be sad to see leave. NRA, as it's also known inside Meta, includes people who quit of their own accord and those who are let go after being deemed underperformers.
The higher target leaves room for Meta to let go more employees during the performance review period starting in January. During those reviews, managers will also be harder on staff who are on the borderline of performance categories, like hovering between "consistently met all" expectations and "met most" expectations.
"We increased the bottom of our range for this cycle because it includes 12 months of non-regrettable attrition instead of 6 months like we had in our old system," an explanation provided to managers states. "Additionally, we included non-regrettable attrition from the November layoff. We will also be more rigorous in our assessment of borderline Met Most/Consistently Met All cases."
At Meta, managers in October were also told to select a certain percentage of their teams as underperforming, as Insider reported, in the run up to the mass layoffs in November. The company, formerly called Facebook, ended up cutting 13% of headcount.
When employees leave Meta, they are marked as either "regrettable" or "non-regrettable." If it's the latter, they must have an internal reference to be hired back in the future, according to one of the people familiar. Other tech companies have similar terms. Amazon uses "unregretted attrition," or URA, a target for the number of departing employees that it isn't sad to lose. "Unregretted attrition" includes employees Amazon considers low-performing who are often pressured out via notorious performance-management programs.
The higher targets comes as the company puts greater performance pressure on employees and looks to cut costs. Shortly after the recent layoffs, Meta revealed it was looking to shrink its office footprint and would continue its current hiring freeze well into 2023.
In the run up to layoffs, Lori Goler, Meta's HR chief, sent a memo laying out expectations for managers to operate with "increased intensity," as Insider reported. That and other company communications, including comments by CEO Mark Zuckerberg, made it clear that jobs were on the line. Employees were expected to build high-performing teams, ruthlessly prioritize, and make the most of time with teams.
Meta Layoffs Facebook | 2022-12-09T00:17:43Z | www.businessinsider.com | Meta Doubling the Target for Its Lowest Employee Performance Ratings | https://www.businessinsider.com/meta-layoffs-doubles-target-lowest-performance-ratings-non-regrettable-attrition-2022-12 | https://www.businessinsider.com/meta-layoffs-doubles-target-lowest-performance-ratings-non-regrettable-attrition-2022-12 |
Kyiv Mayor Vitali Klitschko announced the curfew on Saturday.
STR/NurPhoto via Getty Images.
Kyiv Mayor and former boxer Vitali Klitschko said that the city is bracing for a brutal winter.
500 shelters for 3.6 million people and a strained power grid could mean the 'apocalypse,' he said.
But he appeared to fire back at Ukrainian President Volodymyr Zelenskyy, who suggested Kyiv was unprepared.
The mayor of Kyiv clapped back at Ukrainian president Volodymyr Zelenskyy, acknowledging that an apocalyptic winter could lie ahead in Ukraine's capitol but that his administration is working to avoid it.
Kyiv Mayor and Hall of Fame boxer Vitali Klitschko fueled simmering tension with Zelenskyy with his firm remarks, a week after he brushed off Zelenskyy's criticism that Kyiv was not equipped for a harsh winter amid increasing Russian airstrikes.
In an interview with Reuters on Wednesday, Klitschko admitted that with a mere 500 heating hubs for 3.6 million people, Kyiv may have to call for widespread evacuations in some scenarios.
"Kyiv might lose power, water, and heat supply. The apocalypse might happen, like in Hollywood films, when it's not possible to live in homes considering the low temperature," Klitschko told Reuters on Thursday. "But we are fighting and doing everything we can to make sure that this does not happen."
In the interview, Klitschko claimed that 152 civilians had been killed by Russian forces in Kyiv, and that 678 buildings had been wrecked since the start of Russia's war on February 24. Klitschko and Zelenskyy's spat came partially out of Russia's increased targeting of Ukraine's power grid. According to the World Health Organization, Russia has crippled about half of Ukraine's power supply.
According to Reuters, in a video message last week, Zelenskyy stated that Kyiv did not have enough heating shelters, which Klitschko called a "strange" message.
"It looks strange when we are united against a single enemy, but we start to fight within the country," Klitschko told Reuters last week, blaming Zelenskyy's comments on "politics."
On Thursday, Klitschko admitted that "for a city of 3 million, 500 points is nothing," in reference to heating shelters set up by the city administration, but argued that it was more than other Ukrainian cities. Winter temperatures can fall as low as 5 degrees Fahrenheit in the dead of winter in Kyiv, Reuters reported.
"If electricity supply continues to be absent while outside temperatures remain low, we will unfortunately be forced to drain water from buildings," Klitschko told Reuters on Thursday. "Right now there is heating in Kyiv, there is electricity... everything works, there is no need at present (for evacuation)," Klitschko added.
The mayor told residents to remain calm, but to prepare for "various scenarios."
Ukraine Russia Vitali Klitschko | 2022-12-09T02:52:50Z | www.businessinsider.com | Kyiv Mayor Klitschko Working to Avoid 'Apocalypse' Winter in Kyiv | https://www.businessinsider.com/kyiv-mayor-klitchsko-apocalypse-winter-could-lie-ahead-in-kyiv-2022-12 | https://www.businessinsider.com/kyiv-mayor-klitchsko-apocalypse-winter-could-lie-ahead-in-kyiv-2022-12 |
Rebecca Cohen, Erin Snodgrass, and Kelsey Vlamis
Journalist and conservative commentator Bari Weiss published the latest thread, hyped up by Twitter's new owner Elon Musk, writing that "teams of Twitter employees build blacklists, prevent disfavored tweets from trending, and actively limit the visibility of entire accounts or even trending topics—all in secret, without informing users."
Twitter first announced in 2018 it would effectively hide some tweets from conversations and search results, according to The Washington Post's Will Oremus. Twitter at the time said it would look at the way other individuals reacted to an account in order to avoid showing tweets that "detract" from conversations.
Critics, and there were many, especially as prominent Republicans were impacted, referred to Twitter's practice of limiting certain tweets' visibility as "shadowbanning." But Twitter disputed the characterization and said it disliked the term "shadowban," noting the tweets were not being removed from the platform, but removed from search and more difficult to find.
She name-checked several conservative accounts that she said were impacted. But Weiss did not add any context in her thread as to why these accounts were impacted or if any Twitter rules were violated or not or who ultimately. made the call to add them to search or trending blacklists.
The Thursday tweet thread came nearly a week after the first, in which independent journalist Matt Taibbi wrote that Twitter received and granted some content moderation requests, including from the Trump White House and Joe Biden's 2020 presidential campaign. On his Substack, Taibbi said that in order to cover the story he "had to agree to certain conditions" but did not specify what they were.
Taibbi also said the content moderation favored Democrats, citing campaign donations made by Twitter staff, but did not provide evidence that tweets were removed even if they did not violate the terms of service.
Musk retweeted Taibbi's initial thread adding, "Here we go!" along with two popcorn emojis. He teased "episode 2" of the series, writing on Friday that the next installment come the following day, only to follow that announcement up a day later with: "Looks like we will need another day or so."
Despite, Musk's assertions, Twitter's actions were not in violation of the First Amendment because "Twitter is not a state actor and the First Amendment applies only to state actors," Doron Kalir, a professor at Cleveland-Marshall College of Law, previously told Insider.
Speed desk Elon Musk Twitter | 2022-12-09T04:23:29Z | www.businessinsider.com | 'Twitter Files' 2 Discusses Platform Limiting Reach of Some Accounts | https://www.businessinsider.com/elon-musk-bari-weiss-the-twitter-files-blacklisted-accounts-2022-12 | https://www.businessinsider.com/elon-musk-bari-weiss-the-twitter-files-blacklisted-accounts-2022-12 |
Marley Jay and Lisa Kailai Han
Citi Global Wealth CIO, David Bailin
Citi Global Wealth says investors should be cautious ahead of an oncoming US recession.
The firm says 2023 will be the weakest year for global economic growth in four decades.
It tells them what to buy to get through that period, and what to hold for long-term success.
Citi Global Wealth isn't mincing words about what's happening in markets right now. It says a long-lasting secular bull market is ending, a recession is coming, and stocks are going to hit new lows.
Chief Investment Officer David Bailin says that it's too soon for a real market rally because a recessionary decline in profits and employment hasn't even started. His firm expects the US economy to lose about 2 million jobs next year, including around 400,000 in the construction industry.
"It's highly unlikely that we've seen the lows" in stocks, Bailin said. Overall, Citi thinks that 2023 will be the worst year for the global economy in four decades.
With that in mind, in the short term the firm is positive on both defensive equities and fixed income. Chief Economist Steven Wieting says he's bullish on bank-preferred securities and two- and three-year Treasury bonds, although he's underweight European and Japanese bonds.
"We like our bonds because as interest rates peak, they give us a chance to be both defensive and to make a good total return over the next 18 months," explained Bailin.
A strong dollar means that investors can buy foreign stocks at deep discounts, so Bailin's also currently overweight Chinese assets, since he expects a recovery in the country at the beginning of 2023. He also recommends concentrating on dividend payers and re-investing their dividend proceeds, since these are outperforming other areas of the market right now.
Citi's Head of North America Investments Kristen Bitterly points out that municipal bonds in some states have risen to the high single digits. But Bailin emphasizes that investors shouldn't sell and go to cash because they'll cost themselves money in that eventual recovery.
"We don't want our clients to become prematurely bullish," said Bailin. "Valuations really have corrected but not fully to where they're going to be."
6 months of pain, then a 'very good decade'
The good news is that, like most firms on Wall Street, Citi doesn't expect an especially severe recession. The firm says inflation is peaking now, and later in the year, with job losses mounting, the Federal Reserve should start cutting interest rates and investors will start pricing in a recovery.
"Markets in 2023 will lead a recovery in 2024," Bailin said.
And by that point, around the middle of that recession, he expects stocks will go into a new secular bull market, meaning a long-lasting upturn in stocks that can outlast several growth and recession cycles and can even last for decades.
"Once that Fed pivot happens, we could have a real recovery in growth shares, including technology," Bailin emphasized. "You'll have a lot of activity in portfolios this year in changing from a conservative defensive dividend orientation to much more of a growth and ultimately cyclical orientation."
As the economy recovers, Bailin will increase his exposure to beaten sectors including financials, materials, consumer discretionaries, and technology. Going forward, the firm will also keep its overweight to pharmaceutical companies and more robust technology industries such as software and cybersecurity, as opposed to their more cyclical peers like IT equipment, PCs, and home electronics.
"This could be a very good decade for investors, but they have to live through these next six months to get to a period of time that we think could be quite robust," Bailin explained.
He continued: "We see a lot of opportunity in long term trends that have been beaten down." These include the four "unstoppable trends" the firm believes will propel markets forward in the future, including digitization, investing in population longevity, energy security, and polarization of the US-China relationship. | 2022-12-09T09:40:00Z | www.businessinsider.com | How to Invest for 2023 Recession, Long-Term Market Themes: Citigroup | https://www.businessinsider.com/how-to-invest-for-2023-long-term-market-themes-citi-2022-12 | https://www.businessinsider.com/how-to-invest-for-2023-long-term-market-themes-citi-2022-12 |
Grocery shopping in Rosemead, California on April 21, 2022.
With inflation and the rising cost of food, writer Jen Glantz wants to be more strategic with groceries.
She asked experts about the sneaky ways grocery stores get customers to buy and pay more.
"Outsmart the store by buying what you need, not falling for sales tricks," financial planner Andrew Rosen says.
One of the biggest financial drains on my wallet every month is from how much I spend on groceries. I'm not an extravagant cook, and most of my meals are basic and easy to throw together — such as pasta and vegetables for dinner or a hummus and chicken wrap for lunch — yet food bills can range from $160 to over $200 a week.
The rising cost of food due to inflation has made me attempt to be more strategic and cautious when filling up my cart at the grocery store. I started to wonder what tactics stores use to target customers and get us to spend more while we shop.
I asked five experts, from recipe developers to nutritionists, to share how I can outsmart grocery stores and lower my bill every week. Here are the five top tips they shared.
Grabbing prepared foods can hurt your wallet
When I know I have a busy week ahead, or am feeling extra lazy, I'll load up on prepared food options that my local grocery store offers. My go-to is a prepared chicken dish with two sides, which can cost me anywhere from $13 to $15 per meal.
MaryAnne Hoekstra-Shekar, a recipe developer and food photographer, said that while it might feel like I'm making my meal planning easier by grabbing a pre-made meal, it could be costing me more in the long run.
"You can avoid paying a significant markup for additional labor and packaging," Hoekstra-Shekar told me.
Instead, Hoekstra-Shekar said it's beneficial to spend extra time planning what to make for the week before you head to the store, so you have a general idea of what to get on your shopping trip and what things you can use that are already in your pantry and freezer.
Grocery stores target your cell phone
One long-standing tradition I have is hunting for coupons before heading to the grocery store. However, Dustin York, an associate professor of communication at Maryville University who's worked with PepsiCo in the past, said grocers can try to convince customers to buy more by targeting their cell phones.
York said digital coupons can cause shoppers to buy items they wouldn't have otherwise purchased.
"The grocers can then utilize the most powerful resource in the world to target you for personalized marketing, which is your data," York said.
This kind of targeting can encourage customers to make more impulse purchases, which is something I'm guilty of.
To prevent this, York advises to only use the grocery store app after your shopping cart is complete to avoid giving into any tempting deals.
Beware of the layout of stores
While I go to the grocery store weekly, I never thought about how the layout of the products could influence my spending habits.
Veronica Rouse, a registered dietitian and nutritionist, explained how grocery stores manipulate customers into buying certain items just through the setup of the store.
For example, Rouse said many stores will put the expensive items at eye level and the less expensive items on lower shelves. She recommends always looking below your line of vision to find a better price.
She also said stores will purposely place essential items like eggs and meat in the back of the store to get customers to travel through as much inventory as possible.
"Stores know what most people have on their grocery list," Rouse said. "Therefore, even if you're going for a quick trip to pick up eggs, you'll be exposed to many other items along the way that could influence you to impulse buy."
By being cognizant of this, shoppers can keep their eye on their grocery list and not get distracted by other items along the way that they don't actually need.
Buying in bulk isn't always best
Signs that alerts customers that there's a sale could just be a way that the store is tempting you to spend more, certified financial planner Andrew Rosen told me.
Rosen said it's important to watch out for items that are marked on sale, like purchasing 15 yogurts for the price of 12, because it can lead to people buying more of something than they usually would just to get a discounted price.
"Do you really need the 15 yogurts just to get $5 off?" Rosen said. "Outsmart the store by buying what you need and not falling for gimmicky sales tricks."
Healthy options can cost more
As someone who tries to exclusively buy organic produce, I often find the markup to be quite high. That's why Amy Shapiro, a registered dietitian, said it's a good idea to read labels closely.
Labels that use terms like vegan, organic, and Whole30 can cost more because clients who are focused on their health are willing to pay for it, Shapiro said.
"It is important to recognize that many brands still offer items with those same health benefits, but just don't pay for the certifications," Shapiro said. "This allows them to charge less. So read the nutrition label and ingredients."
Shapiro also recommends buying organic items that are expensive in stores on the brand's website instead — which might be cheaper than buying the product at a retailer — or searching for competitive pricing as a way to save money.
After speaking to these experts, It became clear that the only way I can save money when grocery shopping is to be extra prepared. I've started to plan meals and write out a shopping list before leaving my house. That way, I don't give into any of the temptations these stores are hoping my wallet and I succumb to during our weekly trip to the grocery store.
Grocery Grocery Chains Grocery chain | 2022-12-09T10:32:12Z | www.businessinsider.com | 5 Ways Grocery Stores Get You to Pay More — and How Not to | https://www.businessinsider.com/5-ways-grocery-stores-get-you-to-pay-more-2022-12 | https://www.businessinsider.com/5-ways-grocery-stores-get-you-to-pay-more-2022-12 |
Bob Iger's return as Disney CEO opens new possibilities for Hulu deal with Comcast
Disney CEO Bob Iger, left, and Comcast CEO Brian Roberts.
Charley Gallay/Stringer/Getty; REUTERS
Disney will write "a big check" for Comcast's 33% share of Hulu, said NBCUniversal CEO Jeff Shell.
With Bob Iger returning as Disney's CEO, Comcast is hoping for a broader conversation to seal the deal.
Comcast is eyeing assets such as ESPN, FX, and NatGeo in return for surrendering its stake in Hulu.
With Bob Iger back in the driver's seat at Disney, there are hopes at Comcast that conversations about the future of the 15-year-old streaming service Hulu could be on again, according to two people familiar with talks.
The two companies co-own the venture, and as part of a 2019 deal — a "put/call" agreement — Comcast can force Disney to buy (or Disney can force Comcast to sell) its 33% stake to the Mouse House, which holds the balance, as early as January 2024.
Former Disney CEO Bob Chapek, who was unceremoniously fired on November 20, refused to hold any talks on the topic with Comcast CEO Brian Roberts, according to a Comcast insider and a high-level Hollywood executive familiar with thinking inside Disney.
For most Disney and Hollywood insiders, a full acquisition of Hulu is considered a done deal, but how that deal will play out is still a question. While there are no live discussions at the moment, the Comcast insider suggested the company is noodling a host of potential scenarios beyond the 2024 transfer of Hulu.
"There's no indication that anything else is going to happen than Disney writing us a big check for the asset in '24," Jeff Shell, the CEO of Comcast-owned NBCUniversal, said at a UBS conference Monday.
Quite how big a check it will be depends on the valuation of Hulu, which could put Comcast's stake anywhere between $9 billion and $20 billion. While Disney has pointed to the dip in Netflix's market cap as an indicator for Hulu's value, Comcast sees the streamer's valuation tied to whatever Hulu would fetch as part of a competitive auction of the asset — a point made by Comcast CEO Brian Roberts at a Goldman Sachs conference in the fall and reiterated by Shell on Monday.
An August report from Credit Suisse suggested the overall value of Hulu could be close to $60 billion. At the time of sale, the value will be determined by independent experts — with the floor being $27.5 billion according to the terms of the put/call agreement.
With Disney already under considerable financial pressure in its streaming unit after reporting an operating loss of $1.5 billion loss last quarter — a figure that stunned Wall Street — Comcast might want to look for a deal that could benefit both Hulu and NBCU's Peacock, although that would require a completely new agreement between the two parties.
Peacock, which has an ad-supported tier and a premium ad-free offering, has struggled to establish itself among the top streamers; Shell at Monday's UBS conference noted that it has grown to 18 million subscribers. Hulu, which has a variety of plans including one combining live TV and VOD, counts 47.2 million subscribers through Disney's last reported quarter.
With big media companies still spending billions on loss-making streaming services, there's a wide expectation that one cost-cutting move in 2023 will be to share customer acquisition costs with partners. "There needs to be some form of rebundling of SVOD services," Integrated Media CEO Jon Miller told Insider. "There have to be new bundles to get more value for the companies, standalone is not affordable."
A tax-free asset swap could be another option for the two companies, with Comcast said to be interested in acquiring all or parts of cable network ESPN and also eyeing FX and NatGeo, according to the Comcast insider. A second Comcast insider pointed out that NBCUniversal has already shed some of its linear sports TV assets, merging its NBC Sports cable network into USA and selling its interest in regional sports network NBC Sports Washington to Ted Leonsis' Monumental Sports & Entertainment.
ESPN already has a silent partner with Hearst owning a 20 percent stake in the venture. Comcast accounts for one third of ESPN's revenue, according to the first company insider. ESPN is the most expensive cable network in pay-TV packages, costing distribution partners such as Comcast $8.23 per month per subscriber in 2021, according to S&P numbers. Comcast has 16.5 million video customers and 32.2 million broadband customers, according to its latest financials, through September 30.
Indeed, the former president of NBC Cable, Tom Rogers, proposed in a November interview on CNBC that Disney and Comcast continue to operate Hulu together in the future. Rogers noted that the two have not only shared Hulu for more than a decade, but had also been long-term partners previously in A&E Networks until Comcast-owned NBCUniversal sold out for $3 billion in 2012.
Representatives for Hulu, Disney, and Comcast had no comment.
Hulu Bob Iger | 2022-12-09T10:32:18Z | www.businessinsider.com | Bob Iger's Return As Disney CEO Could Change Hulu Deal With Comcast | https://www.businessinsider.com/bob-iger-return-disney-ceo-could-change-hulu-deal-comcast-2022-12 | https://www.businessinsider.com/bob-iger-return-disney-ceo-could-change-hulu-deal-comcast-2022-12 |
Elna Cain.
Courtesy of Elna Cain
Elna Cain is a freelance writer for B2B businesses who earns six figures a year.
She started finding higher-paying work when she optimized her website and guest-posted on blogs.
Engaging with potential clients on social media before reaching out directly also helped her.
Elna Cain, 42, started freelance writing in 2014 when her maternity leave was coming to an end. A special-education support worker and behavior therapist at the time, she wanted to continue staying home with her newborn twins, so she started looking for a way to earn money remotely.
"I was on sites like Elance (now Upwork) and Guru, but a lot of jobs on there were only paying two cents a word," Cain, who's based in Thunder Bay, Ontario, Canada, told Insider. "It wasn't a sustainable way to replace my former income."
So she turned to job boards like Freelance Writing, ProBlogger, and Blogging Pro, as well as LinkedIn, to find higher-paying gigs. But, she said, her business really took off once she optimized her website, started guest posting for blogs in her niche, and reached out to potential clients through social media.
Today, she makes six figures a year in income writing B2B SaaS content — essentially bridging the gap between a person's problem and how a particular SaaS product can help them solve it — for brands like Walmart, Optinmonster, and Blogging Wizard and selling online courses to aspiring freelance writers. (She declined to provide an exact number, but Insider has verified her income with documentation.)
All of this work only takes her five to six hours a day. She shared with Insider how she set up her marketing and lead-generation channels to provide her a steady stream of clients.
Building a website that showcased her skills and targeted her ideal client
When building her personal website, Cain said she started out by looking at other freelancers' websites that she found by searching on Twitter, Google, and LinkedIn. She took note of how easy they were to navigate as a potential customer and specific pages freelancers tended to include, such as an "about" page that didn't talk about the freelancer's education or love of writing but their client and how they could help them with their knowledge and expertise; a "hire me" page that detailed the freelancer's onboarding process and what they did to make their content stand out; and a testimonials section that outlined success stories they had with past clients. She also used other freelancers' portfolio pages as inspiration for jobs she wanted to chase.
She took a quality-over-quantity approach. "I don't have thousands of people coming to my website each month, only about 400," Cain said. "But of those 400, I'm converting a good amount of them."
Converting a website visitor into a client, she said, comes down to making it super clear what services you offer, what problems you can solve, and why you're uniquely qualified to solve them. "You have to ask yourself why a business is hiring a writer in the first place," Cain said. "Is it to save time? To help them grow their brand? Because they lack writing skills?" Figure out which problem you want to target, she said, and build your services around that. On Cain's "hire me" page, for example, she pinpoints one of her ideal client's biggest problems: finding time to create valuable copy.
Blogging to build up her portfolio and credibility
As she was never formally trained in writing before she began freelancing, nor did she have a background in writing, Cain set out to prove she could handle the task for clients by building up a portfolio of work through guest posting and blogging.
"I found that this was an easier avenue to get experience in writing quality content, even though I wasn't getting paid," Cain said.
She found opportunities and publications to write for by Google searching "Write for us" and her niche."Look at their guidelines, see how frequently they publish blog posts, and whether it's a topic you can speak to," she said. One guest post on Blogging Wizard, she said, drove an increase in potential clients reaching out to her.
Using 'warm engagement' to expand her services and clientele
In 2021, Cain decided to expand beyond small businesses to offer copywriting and email-marketing services for SaaS companies. She said she'd been feeling "jaded," and another writer in the industry inspired her to make a change.
But delving into a new speciality required climbing a "client ladder," she said — a pipeline of clients you have to take on to get to your ideal client. Cain's ultimate goal was to work on sales funnels for SaaS businesses, so she started out by finding fellow mompreneurs and following them on social media to see how she could potentially help them out.
"You want to think about warm engagement versus cold pitching," Cain said. "Comment on their posts, engage with their stories, show them that you're invested in their lives and what they have to say." She'll then take a look at her potential clients' websites and examine areas she can improve.
After two to three months of engaging with them publicly, Cain will send them a direct message and pitch her services. "I keep it casual," Cain said. "Usually I'll say, 'Have you thought about adding a funnel to your email? If you haven't already, I can help you with that.'" Having already landed several clients this way, Cain said she's ready to move to the next rung of her client ladder.
BI-freelancer freelance writing Six Figures | 2022-12-09T10:32:30Z | www.businessinsider.com | A 6-Figure Freelance Writer on How She Gets Clients Online | https://www.businessinsider.com/freelance-writer-how-get-clients-online-social-media-website-blogging-2022-12 | https://www.businessinsider.com/freelance-writer-how-get-clients-online-social-media-website-blogging-2022-12 |
Vladimir Putin's spokesperson complained about Time naming Zelenskyy its person of the year.
Time said that the choice of Zelenskyy was "the most clear-cut in memory."
In an editorial explaining its choice in 2022, the magazine said that Zelenskyy and the "spirit of Ukraine" were chosen "for proving that courage can be as contagious as fear, for stirring people and nations to come together in defense of freedom, for reminding the world of the fragility of democracy—and of peace."
TIME Person of the Year Volodymyr Zelenskyy russia ukraine | 2022-12-09T11:11:32Z | www.businessinsider.com | Kremlin Grumbles After Time Made Zelenskyy Person of the Year | https://www.businessinsider.com/kremlin-claims-zelenskyy-time-person-of-the-year-anti-russian-2022-12 | https://www.businessinsider.com/kremlin-claims-zelenskyy-time-person-of-the-year-anti-russian-2022-12 |
Goldman Sachs: Buy these 20 stocks that have growing profit margins and are set to expand in 2023 as the rest of the stock market flatlines
This year, stocks declined. Next year, there will be a lack of growth, says Goldman Sachs.
Companies that lack pricing power or need to borrow may have a bumpy ride.
The investment bank recommends sticking to stocks that have been able to grow margins.
Stocks are poised to flatline next year, according to Goldman Sachs.
Equity strategists led by David Kostin have placed a year-end target of 4,000 on the S&P 500, implying just 1% upside from where it closed on Thursday. The near-zero increase would be matched by zero earnings growth, they added in a December 5 note.
Whether the economy makes a soft landing or a hard one, there's no great news for the stock market. The better, soft-landing scenario, in which a recession is avoided, would only see the index match their year-end forecast by the end of the year. The hard-landing scenario would take the S&P 500 down to 3,750, they forecast, which would be the first time since the early 2000s that stocks decline in back-to-back years.
Investors may have a lot of time on their hands as they wait out a recovery that is impactful enough to bring us back into bullish territory.
Until then, high inflation, a culprit of this year's market declines, could be bad news for companies that don't have very much pricing power. And as the Federal Reserve continues to hike interest rates, it could bring about worse consequences for companies that will need to seek out more debt to survive.
One way investors could hedge the risk and the flatline Goldman expects is by sticking to stocks that have resilient margins.
Below are the top 20 of 39 stocks listed by Goldman Sachs that have continued to grow their margins amidst the economic turmoil of 2022 and are also expected to do so well into next year. Their estimated earnings-before-interest-and-taxes margin growth is above the list median of 58 basis points.
1. Air Lease Corporation
Ticker: AL
Market cap ($ billion): 4
EBIT margin growth YTD (bp): 116
EBIT margin growth 2023E (bp): 429
2. T-Mobile US, Inc.
Ticker: TMUS
Market cap ($ billion): 185
Ticker: LLY
4. Liberty Media Corp. Series C Liberty Formula On
Ticker: FWONK
Market cap ($ billion): 29
5. Lamb Weston Holdings, Inc.
Ticker: LW
Ticker: HXL
7. Illumina, Inc.
Ticker: ILMN
8. Booking Holdings Inc.
Ticker: BKNG
9. Euronet Worldwide, Inc.
Ticker: EEFT
10. Deckers Outdoor Corporation
Ticker: DECK
EBIT margin growth YTD (bp): 1434
11. Xylem Inc.
EBIT margin growth YTD (bp): 48
12. International Flavors & Fragrances Inc.
13. Armstrong World Industries, Inc.
Ticker: AWI
14. MSA Safety, Inc.
Ticker: MSA
EBIT margin growth 2023E (bp): 97
15. Aramark
Ticker: ARMK
16. Automatic Data Processing, Inc.
Ticker: ADP
17. Timken Company
Ticker: TKR
18. Paycom Software, Inc.
Ticker: PAYC
19. Sealed Air Corporation
Ticker: SEE
20. Waste Management, Inc.
Ticker: WM | 2022-12-09T11:11:44Z | www.businessinsider.com | 20 Stocks to Buy in 2023 With Growing Profit Margins: Goldman Sachs | https://www.businessinsider.com/stock-picks-to-buy-2023-goldman-sachs-profit-margin-growth-2022-12 | https://www.businessinsider.com/stock-picks-to-buy-2023-goldman-sachs-profit-margin-growth-2022-12 |
Sen. Kyrsten Sinema of Arizona departs the Capitol on August 1, 2022.
Arizona Sen. Kyrsten Sinema has announced that she is leaving the Democratic Party.
Sinema confirmed on Friday that she has registered as an independent.
Her move comes days after the Democrats won a narrow majority in the Senate.
Arizona Sen. Kyrsten Sinema has ditched the Democratic Party days after it won a narrow majority in the Senate.
In a tweet on Friday, Sinema announced that she has "joined the growing numbers of Arizonans who reject party politics by declaring my independence from the broken partisan system in Washington and formally registering as an Arizona Independent."
"Becoming an Independent won't change my work in the Senate; my service to Arizona remains the same," she wrote.
Her switch comes just days after the Democratic Party won a narrow majority in the Senate, after Georgia incumbent Sen. Raphael Warnock's won a run-off election in the state, beating out retired football player Herschel Walker.
Warnock's victory gave Democrats a razor-thin majority of 51-49 in the Senate, which has now been thrown into doubt.
Democrats can still relying on the tie-breaker vote of Vice President Kamala Harris.
Sinema told Politico that her closely held decision to leave the Democratic Pary reflects that she's "never really fit into a box of any political party"
In an op-ed for the Arizona Central, Sinema further explained her decision, saying that she is registering as an independent because of the national parties' "rigid partisanship", which she said had "hardened in recent years."
"Pressures in both parties pull leaders to the edges, allowing the loudest, most extreme voices to determine their respective parties' priorities and expecting the rest of us to fall in line," she wrote.
"In catering to the fringes, neither party has demonstrated much tolerance for diversity of thought," she added. "Bipartisan compromise is seen as a rarely acceptable last resort, rather than the best way to achieve lasting progress. Payback against the opposition party has replaced thoughtful legislating."
News UK Politics Kyrsten Sinema | 2022-12-09T12:03:44Z | www.businessinsider.com | Arizona Sen. Kyrsten Sinema Ditches Democrats, Registers As Independent | https://www.businessinsider.com/arizona-sen-kyrsten-sinema-ditches-democrats-registers-as-independent-2022-12 | https://www.businessinsider.com/arizona-sen-kyrsten-sinema-ditches-democrats-registers-as-independent-2022-12 |
Elon Musk acquired Twitter in late October.
Elon Musk said Thursday that Twitter will soon delete 1.5 billion inactive accounts.
He said this would free up "name space" — dormant Twitter handles attached to the accounts.
Users often complain that inactive accounts have desirable handles snared in Twitter's early days.
Twitter is preparing to delete 1.5 billion inactive accounts to free up dormant handles, or user names, on the platform, owner Elon Musk said Thursday.
Musk said the deletions would free up the "name space" of dormant accounts, adding that the accounts to be deleted were "obvious" because they had "no tweets" and "no log in for years."
Some Twitter users have complained that inactive accounts have unusual and desirable handles that were snared in Twitter's early days.
Musk has previously promised to remove inactive accounts from Twitter. In November, he said accounts that had been inactive for 15 years would be purged.
It's unclear at this point how long an account can be inactive before it's tagged for deletion. In October, Musk hinted that accounts that had been dormant for more than a year might also be at risk.
Representatives for Twitter did not immediately respond to Insider's request for comment, made outside normal working hours.
Twitter usage appears to have risen in the weeks following Musk's takeover: in the first weekend of November, Twitter saw its most daily active users ever, according to data from Apptopia, seen by Insider.
Elon Musk Twitter Musk | 2022-12-09T12:04:02Z | www.businessinsider.com | Musk Says Twitter Deleting 1.5B Inactive Accounts to Free up Handles | https://www.businessinsider.com/elon-musk-delete-inactive-twitter-accounts-free-up-handles-2022-12 | https://www.businessinsider.com/elon-musk-delete-inactive-twitter-accounts-free-up-handles-2022-12 |
Karthik Balakrishnan, the president and cofounder of Actual.
Alanna Hale/Insider
The cofounders of Actual said its SimCity-like software helps make decisions on climate solutions.
The startup modeled hundreds of sheep farms in New Zealand to show ways to reduce emissions.
The farms supply wool to global-fashion brands like Allbirds and Helly Hansen.
Merino wool is well known for its softness. The industry wants to broaden that reputation to include being climate-friendly.
So how do you get hundreds of sheep farmers to adopt new practices to reduce greenhouse-gas emissions and store more carbon in their land?
It's a major task for the New Zealand Merino Company, which markets wool products by connecting its network of farmers across New Zealand, Australia, and South Africa with global-fashion brands.
Each of these countries and companies has a climate goal of its own, but the problem of agriculture emissions is one of the trickiest to solve. Farms are both polluters and carbon sinks — making the math more complicated — and owners make countless decisions each day about how to run their operations.
"At the end of the day, we have to shift mindsets," Donna Chan, who manages the New Zealand Merino Company's regenerative-wool program, told Insider. Regenerative farming represents a range of practices aimed at meeting the needs of humans while preserving nature. "We need to show farmers where they are now, what action they can take and why, and how we will help them get there. We're trying to prove what's possible and give people hope."
Enter Actual, a Silicon Valley startup that's trying to make decarbonization efforts similar to playing the video game SimCity. The goal is to help break through what Actual's cofounders describe as analysis paralysis. Derek Lyons, Karthik Balakrishnan, and Rajesh Chandran found that companies want to take action to hit their climate goals but often can't decide where to start because the data is overwhelming and imperfect.
Creating a visual and interactive experience is more in sync with the way humans learn, Lyons, who has a background in cognitive-developmental psychology, machine learning, and game design, said.
In just over a year, Actual modeled more than 500 sheep farms participating in New Zealand Merino Company's new regenerative-wool program using a mix of data from the farms as well as from satellites, government agencies, and universities. The program plots the information across a map like building blocks and users can simulate the climate benefits and costs of actions that reduce emissions, which are based on scientifically validated models, Lyons said.
Actual relies on a visual and interactive experience to help companies better understand how to take action on their climate goals.
"We now have a first-cut model in New Zealand that can project out to net-zero emissions within 10 years just by the regrowth of native plants," Lyons said. "That isn't realistic because there are other commercial pressures on land use, but we have a ground floor that we can add to, like layering a cake."
Those layers might be how farmers manage a pasture, use fertilizer, or feed sheep so they emit less methane when they burp. But to start, Chan said the New Zealand Merino Company will roll out a native-planting pilot next year to help soak up more carbon from the atmosphere and store it in the soil.
Brands like Allbirds, Helly Hansen, and Icebreaker have bought in, too, because they are trying to reduce emissions in their own supply chains. The global-fashion industry is responsible for about 10% of annual greenhouse-gas emissions worldwide.
Allbirds, for its part, told Insider it hopes to cut its carbon footprint in half by the end of 2025, in part by making investments in the farms that supply its wool and by relying on regenerative agriculture.
"Brands have very public goals and commitments that they've set," Chan said. "One of the main things the platform has done is given them relief that these targets are possible."
Another feature that distinguishes Actual's software from other carbon- and sustainability-management platforms on the market is a return-on-investment calculator, something that enticed early investors in Actual.
Sarah Cone, a founder and managing partner of Social Impact Capital, said Actual is the only tool she's seen that helps organizations figure out how to get the highest return on investment, or ROI, from decarbonization.
"Net-zero goals will only be met if doing so can be done profitably," Cone said in an email. "Once you show that decarbonization is actually one of the most ROI-positive ways to invest corporate resources, it's easy to get everyone on board."
Actual has raised $5.65 million from firms including Social Impact Capital, Buckley Ventures, and Sequoia.
Balakrishnan, the president of Actual who formerly worked at Airbus and founded a wearable-payment company Fitbit acquired, said his latest venture has given him confidence that solving the climate crisis is within reach.
"The solutions are there and the money is there," he said. "If we can get people over some of these cognitive blocks and help them make decisions, we actually have a fighting chance."
Tech Sustainablity Climate solutions | 2022-12-09T14:14:08Z | www.businessinsider.com | Silicon Valley Startup Actual Uses Game Design to Solve Climate Change | https://www.businessinsider.com/actual-startup-silicon-valley-sheep-farmers-fashion-climate-change-2022-12 | https://www.businessinsider.com/actual-startup-silicon-valley-sheep-farmers-fashion-climate-change-2022-12 |
Elon Musk wants Twitter users to know if they've been "shadowbanned."
He said Twitter is developing a feature that will show if their account is being limited and why.
The move follows the "Twitter Files", which claimed to show the "secret" suppression of some users.
Elon Musk says Twitter is developing a feature that will show users if they've been "shadowbanned."
Shadowbanning generally makes a user's profile and posts more difficult to find, but the user is unaware this has happened.
Musk said the software will also show users the reason for the ban and instruct them how to appeal against the decision.
The Twitter CEO said in a tweet: "Twitter is working on a software update that will show your true account status, so you know clearly if you've been shadowbanned, the reason why and how to appeal."
The announcement followed the release of "episode 2" of the "Twitter Files" by conservative commentator Bari Weiss.
The internal Twitter documents shared by Weiss claimed to reveal a "secret" process that Twitter used to limit the reach of some accounts. One of the accounts mentioned in Weiss's Twitter thread was the anti-LGBTQ Twitter account, Libs of TikTok.
The files were met with a lukewarm response, with some commentators claiming Twitter's practice of limiting the visibility of some posts had never been secret.
The Washington Post journalist Will Oremus said that Twitter first announced "the set of moderation practices that critics would later dub 'shadowbanning' in May 2018."
Twitter has disputed the use of the shadowbanning term for its content moderation.
Thursday's Twitter thread followed a similar release of internal Twitter documents last week by journalist Matt Taibbi. | 2022-12-09T14:14:14Z | www.businessinsider.com | Elon Musk Says Twitter Is Developing a Feature to Reveal Shadowbanning | https://www.businessinsider.com/elon-musk-twitter-shadowban-users-limited-accounts-2022-12 | https://www.businessinsider.com/elon-musk-twitter-shadowban-users-limited-accounts-2022-12 |
India already experienced a crushing, weekslong heatwave earlier this year, where temperatures in several cities reached passed 110°F.
In India's capital of New Delhi, the temperature reached 114°F — and such heatwaves "are increasing with alarming frequency," the report said.
But, with the average income being $2 a day, conventional electric fans or air conditioning units are out of reach for many, it said.
India Climate Change Heatwaves | 2022-12-09T14:14:26Z | www.businessinsider.com | India Heatwaves May Soon Be Impossible to Survive: World Bank | https://www.businessinsider.com/india-heatwaves-could-soon-not-be-survivable-humans-world-bank-2022-12 | https://www.businessinsider.com/india-heatwaves-could-soon-not-be-survivable-humans-world-bank-2022-12 |
Some executives are motivated by how spending on environmental, social, and governance efforts can boost their reputations.
More than 90% of executives said ESG spending delivered returns within a few years in a new survey.
But companies remain more motivated by how ESG can improve their reputations than their profits.
The skepticism and possible recession could undercut ESG spending in 2023.
A possible recession and high inflation don't bode well for corporate investment in environmental, social, and governance initiatives in the new year — especially because many executives aren't convinced such efforts are linked to higher profits.
Companies are slightly more motivated by how sustainability can improve their reputations than their bottom lines, found a July-to-September online survey of more than 2,500 leaders involved in ESG efforts at large companies across the US, Europe, Australia, New Zealand, India, and China.
You can't blame some of the execs for being skeptical. The explosive growth in ESG spending has created a lot of confusion about its influence on corporate performance and investor returns, and research examining the trend has found mixed results.
In the US, ESG investing is under attack by Republican officials, and regulators are amping up scrutiny, muddying the waters.
The ESG survey commissioned by Infosys, a global IT consulting and outsourcing firm based in India, found that there was concern about budgets, the timeline for a return on investment, and whether there would be a payoff at all.
All this uncertainty explains why companies are more focused on ways ESG can enhance how customers and investors perceive them, Jasmeet Singh, executive vice president and global head of manufacturing at Infosys, said in an email. The benefits for a brand are the clearest path to a return on investment, Singh said.
But, he said, companies that see ESG efforts only as good public relations risk overlooking more-tangible benefits.
"Early initiatives — reducing energy and water usage, more efficient use of materials — provide measurable financial benefits in the form of savings," Singh said. "Some firms are able to parlay a commitment to ESG into new markets and business models, although that's rare."
Still, more than 90% of executives surveyed said ESG spending delivered "moderate" to "significant" returns within a few years. None reported losses. Further analysis by Infosys found that a 10-percentage-point increase in ESG spending correlated with a profit growth of 1 percentage point.
Singh added that many companies still didn't perceive ESG as a "value creator."
Budget increases for ESG work are unlikely because of the economic uncertainty and high inflation; spending in these areas could be on the chopping block. Even so, there are changes a company can make that don't cost any money but deliver returns, Singh said. Governance had one of the strongest correlations with profit growth.
Installing chief sustainability and diversity officers, putting an ESG committee at the board level, and allowing chief sustainability officers to sign off on funding for new projects all lead to better financial outcomes, the Infosys study found. But only about one-quarter of those surveyed said their company had all those elements in place, and 71% said there were no plans to hire a chief sustainability officer.
Embedding those roles at the senior-executive level ensures they have the authority to accomplish ESG goals, Singh said.
ESG Investing Sustainability Newsletter Sustainability | 2022-12-09T15:45:29Z | www.businessinsider.com | Companies Still See ESG As a Brand-Booster, Not a Moneymaker | https://www.businessinsider.com/esg-investing-sustainability-profits-recession-2022-12 | https://www.businessinsider.com/esg-investing-sustainability-profits-recession-2022-12 |
The cofounder of Wunderkeks cookie company wanted to build a culture where 'hungry' workers apply and thrive — and his mentor helped him get there
Hans Schrei, cofounder of Wunderkeks, joined Insider's 8-week mentorship program to work with a mentor on hiring for his small business.
Lizzie Chen for Insider
Story by Jennifer Ortakales Dawkins
After having a bad employee experience, Hans Schrei, a cofounder of the cookie brand Wunderkeks, swore he would approach hiring differently this time.
"How we build a team is going to impact the culture of the company and how it progresses," said Schrei, whose company is based in Austin, Texas. "Now, every time we approach something, we're thinking long term."
Through Insider's first mentorship program for entrepreneurs, which was created in partnership with Indeed, Schrei worked with Judy Nam, Indeed's vice president of SMB marketing. They started their eight-week mentorship in September with the goal of recruiting several key hires for Wunderkeks.
"It's been impressive to see Hans' thoughtfulness and patience in the process," Nam said. "When you're a small business, one bad employee can make or break your whole business."
Here's what the duo learned and implemented.
Entering the mentorship, Wunderkeks needed to hire a CFO, content manager, sales manager, and head of e-commerce as part of its focus on scaling up. Nam and Schrei started by unpacking his previous experience, then talked through ways he could prevent past mistakes from happening again.
Schrei is a thoughtful founder, but said that trait can become a hindrance when he has too many ideas. Nam's biggest role during the mentorship was helping him focus and establish a clear path forward.
Nam, vice president of SMB marketing at Indeed, has 15 years of experience working with small businesses.
"I need sounding boards because I tend to get up in my head," he said. "It was great to have someone who is experienced in the field, who is seeing all of these things at different scales."
His first priority was ensuring his future team would align with the company's culture. "That's a reflection of his dedication to who will be his future employees and preserving the culture of the company," Nam said.
In turn, Nam gleaned insight from Schrei's experience to take back to her role at Indeed. "Hans' thought process reinforced this notion of how important hiring is and how important our role is in helping small businesses hire," she said.
Establishing a hiring strategy
At the beginning of the mentorship, Nam expected to jump straight into helping Schrei write job descriptions and interview questions. But they ended up using much of their time to think strategically about the organization. After walking through some scenarios, Schrei was surprised to learn that his org chart wasn't as linear as he expected.
"I like Lego bricks and neat Excel tables, so in my head it was going to be like seven little interchangeable pieces and they're going to look the same," he said. "The reality is that a more accurate org chart will have different shapes."
Then, they discussed the right hiring pace and the roles that Schrei should prioritize.
"It is hard to hire five people out the gate," Nam said. "We talked a lot about the order of importance of the various roles that they're considering."
Through this process, Nam discovered Indeed could help business owners in the same way to think more strategically about timing.
Schrei and Nam worked together to make a plan for which hires needed to be made and how to know if candidates would be a good fit for his business.
Once they discussed the overall strategy, they set clear expectations for each role and mapped out how their functions should tie back to the company's performance. Ultimately, these steps will help Wunderkeks measure employee performance and hold workers accountable.
Nam compared this part of hiring to building a sports team. "You need players to have particular roles," she said. "You want to give people expectations and help set them up for success. That starts with being clearer in the beginning about what you expect but then also creating that culture."
One of Schrei's questions for Nam was, "How do I know if a person is going to be a good fit?" So they discussed the characteristics he values, such as commitment to the company's mission more than the brand itself. For instance, it can be tempting for a consumer brand to hire its target customer, Schrei said.
"Differentiate the serious people who want to be in it for the long haul," Nam added. "Versus those who want to do cool social and community stuff for this cool, fun brand."
As a young company, Wunderkeks also needs people who are comfortable with a lot of change, rather than needing stability. "They're going to be super hungry and super excited about what they can build," Schrei said.
Schrei and Wunderkeks' other founder, Luis Gramajo, have recently begun interviewing candidates for a partnerships manager, the role they determined they needed to fill first.
Through the mentorship experience, Schrei has learned that hiring should be personal and deliberate, thinking of employees as people, not numbers, he said.
"Being a small-business owner is like having a family," Nam said. "Every person who joins the team does feel like a member of that team."
Talent Insider Small Business Entrepreneurship | 2022-12-09T15:45:41Z | www.businessinsider.com | How to Make a Hiring Strategy for Your Small Business | https://www.businessinsider.com/how-to-make-a-hiring-strategy-for-your-small-business-2022-12 | https://www.businessinsider.com/how-to-make-a-hiring-strategy-for-your-small-business-2022-12 |
Sens. Joe Manchin and Kyrsten Sinema.
Sen. Kyrsten Sinema is leaving the Democratic Party to become an independent.
It changes the balance of power in the Senate, though Sinema sought to downplay the extent.
The Democrats believed they had enhanced their majority in the Senate after the Georgia runoff win.
Only days ago, the mood among Democrats was jubilant.
The victory of incumbent Sen. Raphael Warnock in the Georgia runoff strengthened their position in the Senate, giving them a precious 51-49 outright majority.
But Sen. Kyrsten Sinema's announcement early Friday that she is leaving the Democratic Party to become an independent soured that victory, and again altered the balance of power.
For the first two years of President Joe Biden's term in office, the Democrats had the narrowest of majorities in the 50-50 divided Senate owing to Vice President Kamala Harris' tie-breaker vote.
With the balance of power on a knife-edge, centrist Democrats Sinema and Sen. Joe Manchin of West Virginia wielded outsized influence, with the power to force sweeping changes to legislation under threat of withholding their support.
They could even torpedo bills outright. The party needed the support of all 50 of senators to pass legislation. Though that group already included two independents — Sen. Bernie Sanders and Sen. Angus King — it was signed-up Democrats, Sinema and Manchin, who caused the most trouble.
The two senators, sometimes individually and sometimes together, refused to back key Democratic initiatives on the economy, climate change, corporate taxation, and gun control, frustrating the party and blocking Biden's drive to enact core election pledges.
Both Manchin and Sinema opposed reforming the filibuster rule, which would've enabled the Democrats to sidestep GOP opposition and pass voting rights reform with a simple majority vote.
With Warnock's victory Tuesday, the Democrats appeared to have enhanced their position in the Senate by one seat, giving them crucial breathing space, and mitigating Manchin and Sinema's influence.
But with Sinema's announcement, the Democratic majority in the Senate has been cut back, and Manchin's influence apparently enhanced.
But there are key differences between the situation now and that which existed for Democrats before the midterms, and Sinema herself insisted that the likelihood of sweeping change in the wake of her shift was low.
The overall balance of power in Congress shifted in the midterm election, with the Republicans now narrowly controlling the House. This means that chamber can now block the White House's legislative packages, regardless of dynamics in the Senate, meaning that a renegade senator is now only one of several potential holdups.
Sinema's new position is ambiguous. In an interview with Politico explaining the move, she said she would vote in a similar way to before and would not coordinate either with Republicans or Democrats (King and Sanders do coordinate with Democrats even though they are independent).
Sinema also said she wanted to keep her committee seats, which relies on maintaining ties with Democrats.
"Becoming an independent won't change my work in the Senate; my service to Arizona remains the same," she said in an op-ed announcing her departure from the Democratic Party.
Joe Manchin Kyrsten Sinema Democratic Senate | 2022-12-09T15:45:47Z | www.businessinsider.com | Manchin May Regain Influence After Sinema Leaves Democratic Party | https://www.businessinsider.com/manchin-may-regain-influence-after-sinema-leaves-democratic-party-2022-12 | https://www.businessinsider.com/manchin-may-regain-influence-after-sinema-leaves-democratic-party-2022-12 |
2. Decide how much you want to ask for
3. Understand the terms of your limit increase request
4. Apply through appropriate channels
5. Wait for approval
Credit limit increase frequently asked questions (FAQ)
5 steps to request a credit limit increase to improve your credit score
Paul Kim and Tanza Loudenback
You can request a credit limit increase every six months.
martin-dm/Getty
You can increase the credit limit on your credit card every six months by submitting a request to your bank.
You'll need to provide your employment status, annual gross income, and monthly housing payment.
A high credit limit helps keep your credit utilization ratio low, which boosts your credit score.
When FICO and VantageScore are putting together your credit score based on your credit report, one of the factors they look at is your credit utilization ratio, which compares the credit you're currently using against your total credit available on revolving credit accounts such as credit cards and lines of credit.
Guides on how to boost your credit score will typically advise you to rein in your credit utilization ratio by keeping your credit balances low and paying them off completely each month. This is a good piece of advice, to be sure. However, you can tug at this ratio from the other end as well by increasing your total credit available. It's also easier than it sounds. All you need to do is ask.
With all the algorithms and automated systems that drive the personal finance world, it's easy to forget how far you can get by just asking.
If you can't meet a monthly payment on a loan, you can ask for an extension. If you're not happy with your credit card's APR, you can ask your credit card issuer to lower it. And if you have a big purchase that exceeds your current credit limit, you can ask for your lender to raise the limit.
You can ask for a credit limit increase from your bank every six months. However, before you ask for a credit limit increase, there are some things you should gather first.
When banks and credit card companies make more credit available to their lenders, it's because they believe you'll be able to pay it back. Their belief in you is largely based on your credit score, which you can check for free on sites like Credit Karma, Credit Sesame, and Credit.com. Most financial institutions, such as your bank or credit card company will also let you see your credit score.
While it's good to keep tabs on your credit score, lenders will also look at how you maintain the account for which you're requesting the limit increase. They'll scrutinize your payment history and credit utilization when determining a person's credit limit. At a bare minimum, you should be making all your payments on time. They'll be more favorable toward someone who keeps their balances far below their total credit limit across all cards and pays their balance in full. If these factors are not in good standing, your likelihood of getting approved for more credit isn't great.
If you're responsible with your credit cards and move forward with your credit limit increase, you should decide how high of an increase you want to request. The typical increase amount is about 10% to 25% of your current limit. Anything further may trigger a hard inquiry on your credit. If the bank denies the request, you may be able to make a counteroffer.
Depending on the bank, you may not even have the opportunity to request a specific amount. The bank may just review your income and payment history and decide what's appropriate.
In any situation, personal finance included, it's important to look before you leap. You should understand the ramifications of applying for more credit. When a bank considers your application, they need to check your credit. They will either pull a soft inquiry, which will not affect your credit report or credit score, or a hard inquiry, which will drop your score a few points and will remain on your credit report for two years.
If your creditor pulls a hard inquiry, it could still be worth the dip in your credit score. They stay on your credit report for two years but stop factoring into your score after one year. However, if you incur too many hard inquiries over a short time span, the effect on your credit score will compound.
Note: Some banks won't grant a credit limit increase unless you've been an account holder for more than six months.
Each creditor will have nuances to their limit increase request process. Some banks will allow you to fill out a request for a credit limit increase through your online account or apply through an app. The easiest way to find this is through the site's search bar.
If you can't apply for a credit limit increase online — or you prefer talking over typing — call the number on the back of your card. Click through the automated directory until you're transferred to a customer service representative.
You need to be prepared with several pieces of information once you start the application process. Minimally, the bank will ask for your name and the answer to one (or all) of your security questions to verify your identity. They may also ask for your address and Social Security number.
You should also prepare to provide the following:
Annual gross income (of only the primary cardholder)
Monthly housing payment
Note: Annual gross income is your income before any deductions or taxes are factored in.
Approval times can vary depending on the bank and the application method you use. You might have to wait for your approval to come through in the mail, or you might get an instant response and credit increase through online accounts or apps.
Once your credit limit increases, you will be able to make larger purchases with revolving credit and spend more without your credit utilization ratio adversely affecting your credit score. It may be tempting to spend a little more liberally, but more available credit shouldn't change how you make payments. Keeping your bills in check will make the application process smoother the next time you go for a credit limit increase.
How often can I request a credit limit increase? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You can request a credit limit increase every four to six months, though six months is ideal. Note that you should have a spotless payment history within those months.
Can your credit limit increase on its own? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
If you've been making on-time payments and frequently swipe your card, your bank may increase your credit limit periodically. Usually, they'll ask for your approval before giving you a larger line of credit. Since the increase wasn't requested, it won't require a hard inquiry on your credit report since they've already determined that you're a responsible borrower.
What are alternatives to a credit limit increase? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
If increasing your credit limit will incur a hard inquiry, it may be worth your time to consider applying for a new credit card entirely. If you're debt-free and able to manage multiple credit cards, consider opening a new card and taking advantage of stellar introductory bonuses.
PERSONAL FINANCE How many credit cards should I have? If managed responsibly, having multiple cards can be beneficial
PERSONAL FINANCE Getting a free credit score is easier than ever, and knowing it is key to keeping your finances in order
PERSONAL FINANCE FICO is the most common credit scoring model. Its latest version looks at your monthly credit balances | 2022-12-09T15:45:59Z | www.businessinsider.com | How Request a Credit Limit Increase | https://www.businessinsider.com/personal-finance/how-to-increase-credit-limit | https://www.businessinsider.com/personal-finance/how-to-increase-credit-limit |
Erik Isakson/ Getty Images
By John J Thomas, Vice President & Distinguished Engineer, IBM Expert Labs
It is important to note that the promise of AI is not guaranteed, nor does it always come easy. To be successful, organizations need to have confidence when building, deploying, managing, and monitoring models across the AI lifecycle. This is where the implementation of AI governance becomes critical.
These days, if an AI model makes a biased, unfair decision involving the health, wealth, or well-being of humans, an organization can hit the news for the wrong reasons. Alongside the significant brand reputation risk, there's also a growing set of data and AI regulations across the world and across industries — like the upcoming European Union AI Act — that companies must adhere to.
Examine this checklist to help you build trust in your AI models:
Fairness: Can you confirm that the machine learning model is not providing a systematic disadvantage to any individual group of people over another, based on factors like gender orientation, age, or ethnicity?
Explainability: Can you explain why the model made a certain decision? For instance, if someone applies for a loan, the bank should be able to clearly explain why that person was rejected or approved.
Privacy: Are the right rules and policies in place to restrict access to the data at different stages of the AI lifecycle?
Robustness: Does the model behave consistently as conditions change? Is it scalable? How do you accommodate for drifting data patterns?
Transparency: Do you have all the facts relevant to the usage of the model? Are they captured throughout different stages of the lifecycle and readily available (much like a nutrition label)?
AI governance is the responsibility of every organization
Scaling the use of AI requires AI governance, the process of defining policies and establishing accountability throughout the AI lifecycle. It is important to establish and implement an AI ethics policy, as only by embedding ethical principles into AI applications and processes can we build systems based on trust. When discussing AI governance, it's important to integrate the following into your AI governance solution:
Lifecycle Governance: Manage and govern AI models across all stages of the AI lifecycle. Automated fact collection and cataloging play important roles through the stages of model proposal, development, testing, validation, deployment, and ongoing use. This helps the business identify how AI is used and where corrective action is needed. AI lifecycle governance enables the business to operate AI at scale.
Risk Management: Manage risk associated with the use of AI/ML, through automated facts and standardized enterprise workflows. The ability to manage, monitor, and report on risk and compliance initiatives at scale drives proactive remediation. Dynamic dashboards provide clear, concise results. Enterprise workflows provide consistency and enable collaboration between different stakeholders to help manage risk.
Regulatory Compliance: Proactively address compliance with current and future regulations, by translating external AI regulations into a set of policies for various stakeholders that can be automatically enforced. The use of dashboards can help to track compliance status across all policies and regulations.
At IBM, we believe AI governance will help businesses build AI that is transparent, explainable, fair, robust, and respecting of individual privacy. Building responsible AI requires upfront planning, automated systems, and the governance necessary to drive fair, transparent, and explainable results.
Learn more about how your team can leverage AI governance to address regulatory requirements and concerns around ethical use of AI in your organization.
Sponsor Post Brand Supplied Studios Enterprise | 2022-12-09T15:46:11Z | www.businessinsider.com | The Importance of Driving Responsible AI | https://www.businessinsider.com/sc/the-importance-of-driving-responsible-ai | https://www.businessinsider.com/sc/the-importance-of-driving-responsible-ai |
Alex Bitter and Ben Tobin
Great Value Cream Cheese
Walmart's cream cheese was one of the fastest-growing brands of 2022, according to Morning Consult.
The product's popularity shows the effects of inflation and supply chain problems on shoppers.
Dairy products in particular have been hard-hit by inflation, pushing consumers to save money.
One of the products that consumers reached for this year wasn't a new streaming service or an upstart product that blew up on TikTok. It was cream cheese from Walmart.
According to surveys conducted by Morning Consult, cream cheese sold at Walmart under the retailer's Great Value brand was the eighth fastest-growing brand in 2022. The ranking includes products and brands that saw consumer interest grow the most in 2022.
Store-brand cream cheese isn't a typical contender for most popular product, said Emily Moquin, food and beverage analyst at Morning Consult.
But the factors that likely made it popular with consumers highlight some of the most important dynamics of 2022, she told Insider.
"The fact that Great Value cream cheese is in our tracker this year... is an interesting confluence of factors that are all part of the story of what we've been seeing in terms of food and beverage trends this year," Moquin said.
Fastest growing brands 2022
Inflation is leading consumers to buy more store-brand groceries
Great Value cream cheese's growth is part of a larger trend of people pivoting toward Walmart's private label throughout the year. Company leaders have said during earnings calls that inflationary pressures on food have led cost-conscious consumers to opt for the retailer's less-pricey private brand items.
"Consumers are feeling inflation pressures as evidenced by an increase in grocery private brand penetration," then-chief financial officer Brett Biggs said during an earnings call in May.
Walmart US President and CEO John Furner said during the call that "categories like Deli, lunch meat, bacon, dairy are where we see customers trading from brands to private brands."
Dairy products, like cream cheese, have been hit exceptionally hard by inflation. According to the latest data from the Bureau of Labor Statistics, the average price of dairy and related products for October was 15.5% higher than the year prior. Food at large has seen a 10.9% year-over-year increase, according to the data, and the average price increase for all items is 7.7%
"It's been a strong year for private label, and inflation is part of it," Moquin said.
"But I think dairy specifically has had even higher inflation than the top-line food and beverage level," she added.
Supply chain issues at big brands gave others a chance to catch consumers' attention
Another reason store-brand cream cheese had a big year: Supply chain problems made it harder for shoppers to get the brands that they're used to.
Beginning in late 2021, dairy producers had trouble filling orders for the cheese. That led to shortages at bagel shops in New York City as well as on supermarket shelves. Kraft Heinz, the company that makes Philadelphia cream cheese, even ran a promotion that paid $20 to customers who couldn't find the key ingredient for holiday cheesecakes due to the shortage.
Philadelphia is the market leader in cream cheese, Morning Consult's Moquin said. But when it became harder to find, store brands became a solid second option, she said.
"They were having a lot of supply-chain issues getting their stock to grocery stores," Moquin said. "That is partially why we see this very specific category of cream cheese being on the list."
Fast Food Cream cheese Walmart | 2022-12-09T16:33:58Z | www.businessinsider.com | Why Walmart-Brand Cream Cheese Highlights the Problem With the US Economy | https://www.businessinsider.com/why-walmart-brand-cream-cheese-highlights-the-problem-with-the-us-economy-2022-12 | https://www.businessinsider.com/why-walmart-brand-cream-cheese-highlights-the-problem-with-the-us-economy-2022-12 |
In a tense all-hands, Google's CEO said it's 'tough to predict the future' when asked if the company will do layoffs
Google CEO Sundar Pichai said it's 'tough to predict the future' when asked if layoffs are coming.
Pichai said Google was making other changes to 'better weather the storm.'
Employees also raised concerns around a new performance tool, known as GRAD.
The possibility of layoffs were top of mind for Google employees during a company all-hands held Thursday, but CEO Sundar Pichai wouldn't firmly rule out cuts.
Leaders received multiple questions about layoffs during the Thursday all-hands.
"It's really tough to predict the future so unfortunately I can't honestly sit here and make forward-looking commitments," Pichai said, according to a record of the meeting reviewed by Insider. He was addressing a question on whether Google might "cull" the workforce in 2023.
"What we've been trying hard to do, and you've seen the messaging for the past many many months, is we are trying to make important decisions, be disciplined, prioritize where we can, rationalize where we can, so that we are set up to better weather the storm regardless of what's ahead," he added.
"I think that's what we should focus on and try and do our best there."
Some employees at Google have been nervous about the prospect of layoffs, which have hit other tech giants such as Meta and Amazon. But Google has taken other steps to brace for the souring economy, including a hiring slowdown earlier in the year and several organizational changes.
Employees can submit and vote on the top questions they want to ask leaders, with the top-ranking questions usually addressed during the meeting. Employees also asked about Google's new performance rating system, known as GRAD, which the company introduced earlier this year.
Some employees raised concerns about receiving "support check-ins" from their managers, or meetings used to discuss performance with employees who may not be meeting their goals. Google's chief people office Fiona Cicconi told employees that they must have had a support check-in in order to receive one of the two lowest ratings in their feedback, as Insider previously reported.
"We created them because we were hearing Googlers were not consistently receiving feedback outside of the two Perf cycles," she said at the all-hands. "The idea really is, if you weren't meeting all of your expectations, wouldn't you want to know ahead of time?"
Some employees have said GRAD, which replaced Google's previous performance tool earlier this year, has had a rocky start. One manager described it to Insider as "a mess."
Cicconi seemed to acknowledge as much during the all-hands on Thursday.
"I think this shift is needed and it will get easier with practice, so we're sticking with them," she said. "Thank you for your patience and hanging with us with GRAD, especially managers. I know it's been bumpy but it will start to feel like normal and it will get easier and easier each time that we do it."
A Google spokesperson declined to comment on this story.
Are you a current or former Google employee? Got a tip? Contact Hugh Langley at hlangley@protonmail.com or on the encrypted-messaging apps Signal and Telegram at +1 (628) 228-1836.
Google Alphabet Layoffs | 2022-12-09T17:16:56Z | www.businessinsider.com | Google CEO Says It's 'Tough to Predict the Future' When Asked About Layoffs | https://www.businessinsider.com/google-ceo-all-hands-layoffs-sundar-pichai-performance-rating-grad-2022-12 | https://www.businessinsider.com/google-ceo-all-hands-layoffs-sundar-pichai-performance-rating-grad-2022-12 |
Bryan Metzger and Nicole Gaudiano
That means her decision may be as much about side-stepping what was expected to be a tough Senate primary campaign in 2024 as it is a principled stand against partisan politics. And while it changes the Democratic vote margin on paper, it's unlikely to significantly shift the balance of power in the Senate in the wake of the party's midterm victories.
As a result of bucking her party over the last two years — voting against social spending, dooming a $15 minimum wage, and refusing to help kill the Senate's 60-vote filibuster — Sinema's approval ratings are underwater with Arizona Democrats. Arizona Democrats voted to censure her for supporting the filibuster and Democratic Rep. Ruben Gallego of Arizona was widely expected to launch a primary bid against her.
"I'm going to still come to work and hopefully serve on the same committees I've been serving on," Sinema told CNN in an interview.
"I don't anticipate that anything will change about the Senate structure," she also told Politico, deferring to Schumer on the exact mechanics of how her decision will affect partisan control.
Congress Kyrsten Sinema Arizona | 2022-12-09T17:17:02Z | www.businessinsider.com | Sinema's Party Break Means More for Her Re-Election Than Senate Control | https://www.businessinsider.com/kyrsten-sinema-independent-2024-primary-democrats-senate-control-2022-12 | https://www.businessinsider.com/kyrsten-sinema-independent-2024-primary-democrats-senate-control-2022-12 |
From left to right: Osahon Ojeaga, Ali Kaminetsky, and Olamide Olowe.
In 2021, VC investment nearly doubled year-over-year, with a record $128.3 billion funneled into startups, according to PitchBook data. Investment dollars dropped this year as economic uncertainty brews and a potential upcoming recession in the US looms, but funding is still available.
A perfect pitch should establish you as an expert in your field, connect investors to your story, and provide a clear sense of your business model. That's according to Alison Wyatt, an angel investor who invested in the working-mothers community HeyMama.
In her pitch deck, which she shared with Insider, Kaminetsky explained to investors that her top customers are women living in cities between the ages of 18 and 54 who have mid-to-high discretionary incomes. But to take it beyond the stats and the graphs, she highlighted her broad customer base, which includes everyone from doctors and teachers to moms and college students.
Read more: Read the pitch deck and 7-minute script that the founder of Modern Picnic, a fashion-forward lunch-box brand, used to raise $900K in pre-seed funding
Olamide Olowe started her skincare brand, Topicals, after growing up with chronic skin conditions. Her company creates skincare products for problems like dark spots, dryness, and ingrown hairs, which Olowe said can be difficult to treat.
Read more: How a 26-year-old Black female founder raised $14.8 million in venture capital for her skincare brand, Topicals
Read more: Read the pitch deck that Impossible Kicks, a sneaker-resale brand, used to close a $3 million Series A round
Features Pitch Decks Pitching | 2022-12-09T17:17:20Z | www.businessinsider.com | Pitching Tips for Founders Raising Venture Capital | https://www.businessinsider.com/pitching-tips-for-founders-raising-venture-capital-2022-12 | https://www.businessinsider.com/pitching-tips-for-founders-raising-venture-capital-2022-12 |
Carvana could be facing bankruptcy, but its vehicle buyers should feel relatively protected, experts say.
Used car retailer Carvana has come crashing down after a strong two years.
Now, many are wondering if the company will go bankrupt.
Consumers have a few things to keep in mind if that happens, experts say.
After a blockbuster few years during the COVID-19 pandemic, Carvana has seen 98% of its market value evaporate and its stock plunge to just $4.81 as of Friday morning. The upstart used car retailer is fading so fast, many industry players are wondering what happens if it goes bust.
When global supply chain constraints hampered new production, shoppers pushed used car prices to record highs and Carvana's peak valuation to more than $60 billion. The retailer built up inventory as it scrambled to cash in on demand for its online model, which included home delivery.
Now that auto production has largely recovered, used car prices are at their lowest level since August 2021, according to Cox Automotive's latest index.
Carvana reported a Q3 loss of $508 million. It's undergone layoffs and has admitted to being too bullish on buying cars to sell so fast — cars that it had acquired at a premium but has since had to sell at lower prices.
"Nothing focuses us like difficulty," CEO Ernest Garcia told investors on a third-quarter earnings call in November, "and the last several quarters have undoubtedly been difficult."
Carvana's biggest group of bondholders, led by Apollo Global Management and Pacific Investment Management, are banding together in negotiations with the retailer over the restructuring of its debts, as first reported by Bloomberg. Together, they own about 70% of Carvana's unsecured debt, or $4 billion, according to the report.
The move would ensure Carvana can't play its creditors against one another as it has secured emergency financing.
What its mean for car buyers — and legacy dealers
Carvana vehicle buyers should feel relatively protected. Used car sales are governed by state laws, and even if the company files for bankruptcy, a court is likely to honor existing warranties, according to auto research firm Kelley Blue Book.
KBB cautions that car buyers should be sure to have the appropriate paperwork when it buys from Carvana, as Carvana has had a history of vehicle title issues brought on by its rapid expansion.
In the meantime, it's possible Carvana will "sell off some property, close some sales lots, and shutter some brightly-lit car vending machines," according to KBB. But don't expect a going out of business sale that floods the market with inventory anytime soon.
A bankruptcy, however, could leave car dealers pleased, as Carvana was able to undercut its brick-and-mortar competition with vehicle prices.
NOW WATCH: How a DIY chrome delete and matte wrap are applied
Transportation carvana used vehicles | 2022-12-09T17:17:38Z | www.businessinsider.com | As Carvana Crashes, Car Dealers — Not Buyers — Can Win Big | https://www.businessinsider.com/used-vehicle-retailer-carvana-bankruptcy-car-buyers-inventory-2022-12 | https://www.businessinsider.com/used-vehicle-retailer-carvana-bankruptcy-car-buyers-inventory-2022-12 |
Connecting to your TV
Which gaming handheld is better?
Steam Deck vs. Switch: Valve's portable gaming PC is impressive, but Nintendo's handheld is the best option for most gamers
A docked Nintendo Switch OLED next to a docked Steam Deck from Valve.
Kevin Webb / Insider
Valve's Steam Deck is an impressive portable PC that launched in early 2022.
Steam Deck takes design cues from the popular Nintendo Switch, but is much more powerful.
While Switch is technically a weaker device, its innovative features provide better value and ease of use.
Valve's Steam Deck is a portable PC designed to take your video games on the go. At a glance, Steam Deck looks similar to the popular Nintendo Switch, but there are several big differences between the two portable systems.
Steam Deck is only sold through Steam, the most popular storefront for PC gaming. Orders placed online take one to two weeks to arrive. Meanwhile, the Nintendo Switch is widely available at various retailers, with more than 114 million consoles sold since its 2017 release.
Steam Deck is designed to be significantly more powerful than the Switch, but that doesn't mean it's a better overall console for most gamers. In practice, the complexities of the Steam Deck's operating system make it harder to use than the Switch, which has a huge library of exclusive games designed specifically for the platform.
PC enthusiasts will appreciate the performance and customizable nature of Steam Deck, but some of the device's shortcomings showcase why the Switch is so innovative and popular among young and casual gamers. Here's how both handhelds stack up against each other, and why you might want to pick one over the other.
The Switch is a versatile gaming console that can be played on the go or plugged into a TV at home. It's a great buy for casual gamers and fans of Nintendo's many franchises.
$299.99 from Gamestop
Valve's Steam Deck is a powerful handheld system with support for thousands of games. It's an impressive device, but is best-suited for tech-savvy players and PC gaming enthusiasts.
$399.00 from Steam
Steam Deck vs. Nintendo Switch: Specs at a glance
Steam Deck Nintendo Switch
Price $399 (64GB), $529 (256GB), $650 (512 GB) $200 (Lite), $300 (Switch), $350 (Switch OLED)
Processor AMD APU Zen 2, 2.4 to 3.5 GHz Arm 4 Cortex-A57 cores, 1.02 GHz
Storage 64GB (eMMC) to 512GB (NVMe) 32GB to 64GB (eMMC)
RAM 16 GB LPDDR5 4 GB LPDDR4
Screen size 7 inches 5.5 to 7 inches
Resolution 1280 x 800 1280 x 720
Screen type LCD LCD or OLED
Battery 2 to 8 hours 4.5 to 9 hours
Touch screen Yes Yes
MicroSD card Yes Yes
Connectivity 5 GHz Wi-Fi, Bluetooth 5.0 5 GHz Wi-Fi, Bluetooth 4.1
External TV or monitor support Yes, with dock sold separately Yes, with included dock (Switch and Switch OLED only)
Controls Four face buttons, four triggers, directional pad, two analog sticks, two trackpads, and four rear bumpers Four face buttons, four triggers, directional pad, two analog sticks
Steam Deck vs. Switch: Price
When it comes to price, Nintendo's Switch offers a more affordable portable gaming solution with prices ranging from $200 to $350. Meanwhile, the Steam Deck ranges in price from $399 to $650.
The Steam Deck has three options to choose from that are priced mostly based on storage space and drive speed, with the more expensive models offering bigger and faster NVMe drives. Meanwhile, the different Switch models — Switch Lite, Switch, and Switch OLED — offer different design features, like a better screen or the ability to hook up to a TV.
General graphic and CPU performance, however, remain the same across the Switch lineup and across the Steam Deck lineup.
Steam Deck vs. Switch: Size
Switch OLED (in white) is the largest of the three Switch models, but still feels much more portable than the Steam Deck.
While the Steam Deck and Switch are both portable consoles with similar screen sizes, the Steam Deck has a significantly larger build. The standard Switch and Switch OLED are also designed with removable Joy-Con controllers, which shrinks their footprint even further when sitting on their built-in stands.
At 11.7-inches wide, the Steam Deck is nearly two inches bigger than the Switch OLED, which is 9.5-inches wide. The Steam Deck is also about 1.8-inches thick from the front of the screen to the rear, compared to just 0.55 inches for the Switch OLED.
The Steam Deck's extra space allows for a pair of trackpad controls on the front of the console, four additional trigger buttons on the rear, and multiple internal fans for cooling.
The Steam Deck weighs 1.47lbs while the Switch OLED weighs just under 1lb with the Joy-Cons attached, making the Steam Deck feel even more hefty than the size difference suggests.
Steam Deck vs. Switch: Graphics and performance
Getting familiar with the Steam Deck performance menu is essential to maximize battery life.
In terms of graphical performance, the Steam Deck easily beats the Switch with more up-to-date and powerful hardware. The Steam Deck's visual output is comparable to a PS4, and the console is capable of running more games at 60 frames per second than the Switch.
Users can also manually adjust the performance of Steam Deck games, and use the system's built-in frame limiter to maximize battery life, which can range from two to eight hours depending on how demanding a game is. The Switch gets more consistent battery life ranging from 4.5 to nine hours, but its visual quality simply can't match Steam Deck.
Switch games are often limited to 30 frames per second and run even lower at times, with no options to adjust quality. Popular Switch games, like Animal Crossing and The Legend of Zelda, use stylized graphics to offset the console's limited hardware, but the difference in visual performance becomes apparent when comparing Switch versions of multi-platform games, like Fortnite and NBA 2K, to their Steam Deck counterparts.
Steam Deck vs. Switch: Games
Monster Hunter Rise was originally designed for Switch, but it looks better on Steam Deck.
Steam offers the largest library of PC games on any modern platform, but not all of them are playable on Steam Deck. With more than 5,000 games verified for Steam Deck, the available selection is huge to be sure, but some popular games, like PUBG: Battlegrounds and Tekken 7, remain unplayable. Some games, like Cyberpunk 2077, can also encounter glitches on Steam Deck that don't appear on regular PCs.
The largest benefit of the Steam Deck library is that PC gamers who already own Steam titles won't have to start a brand-new collection. Steam Deck can even be set up to run other PC storefronts, like the Epic Games Store.
On the other hand, the Switch library also offers thousands of games, including exclusive Nintendo franchises like Super Mario, Pokémon, and The Legend of Zelda, which add lots of value to the catalog. However, recent Switch titles, like Pokémon Scarlet & Violet, have begun to show the console's age with performance issues.
Games available on both platforms, like Monster Hunter Rise, will typically look much better on Steam Deck than they do on Switch. However, when a developer makes a Switch-specific port of a game, it ensures that it will at least run properly on the console; something that's not promised with PC releases on Steam Deck.
Steam Deck vs. Switch: Connecting to your TV
Valve's dock for the Steam Deck costs $90 extra, but it does offer Display Port and USB 3.1 connections.
The standard Switch and Switch OLED can both easily connect to a TV using their included docks, while you have to buy a separate USB-C dock to connect a Steam Deck to an external display. Valve's official dock costs $89, but you can find cheaper third-party options with similar features.
The Switch can output at a maximum of 1080p resolution, meaning 4K TVs will have to upscale the image. Steam Deck can be set to output at 4K or even 8K when docked, but most games won't run well at those settings. It's probably best to run a docked Steam Deck at 1080p, which will still allow it to beat the Switch in general performance.
Steam Deck vs. Switch: Playing with friends
The standard Switch and Switch OLED are designed with multiplayer in mind, starting with the console's two removable Joy-Cons. The Switch's built-in stand is ideal for portable split-screen play, while the Steam Deck requires a separate dock or stand for mobile setup.
Steam Deck does support multiple controllers via USB-C or Bluetooth, but individual games might require a bit more setup to get the second controller properly configured.
The Switch also supports local area connections so multiple Switch owners can use their own console to play multiplayer games like Mario Kart 8. This type of connection is technically possible on Steam Deck, but it's not a standard feature and requires a more complicated setup process.
Ultimately, the choice between a Steam Deck or Switch isn't as simple as picking a definitive winner or just going with the most powerful or affordable option. Both portable consoles are geared toward different kinds of players and you should make your choice based on your priorities as a gamer.
The Switch is a better buy for casual players, big fans of Nintendo's franchises, and younger gamers who don't care about top-of-the-line graphics. The standard Switch and Switch OLED also provide more value at a lower price than Steam Deck, thanks to their included docks and Joy-Con controllers.
Though the Switch's hardware is showing its age, it still has plenty of quality games. Buyers don't have to worry about customizing settings to get Switch games to work properly, and there's no need to buy extra accessories to connect the console to a TV or play with a friend.
Meanwhile, the Steam Deck is an impressive piece of hardware that's best-suited for people that are tech savvy and have a PC as their primary gaming platform. Players that already own a large library of PC games on Steam benefit the most, since they can bring them right over to Steam Deck.
Getting the best performance requires lots of tinkering, but the Steam Deck is widely customizable, giving users more choice over how games look. Fans of emulation and cloud gaming will also get more long-term use out of the Steam Deck, and it offers all the added benefits you get with a working PC.
Insider Reviews 2022 Insider Picks IP Versus | 2022-12-09T18:50:57Z | www.businessinsider.com | Steam Deck Vs. Switch: Which Handheld Gaming System Should You Buy? | https://www.businessinsider.com/guides/tech/steam-deck-vs-nintendo-switch | https://www.businessinsider.com/guides/tech/steam-deck-vs-nintendo-switch |
Who is USAA best for?
How USAA auto loans compare
Is USAA trustworthy?
How hard is it to get a USAA car loan?
Is USAA a good place to get a loan?
USAA auto loans review: Fast approval decisions but membership eligibility is very limited
USAA has services and products geared toward military members and close family.
USAA; Alyssa Powell/Insider
The bottom line: USAA is a great choice for military members and their families. It offers solid rates and quick approval decisions. However, the bank has restrictive membership eligibility requirements, meaning many borrowers won't qualify.
USAA auto loan
Starts at 4.59%
Fast approval decisions
New, used, refinancing, and lease buyouts available
Discount for automatic payments
Membership required for a loan
Fees, some term details are undisclosed
No prequalification
Loan terms range between 12 and 84 months
You can only become a member of USAA if you're a part of the military community or a family member of that group
Pros and cons of USAA auto loans
Fast approval decisions. USAA will give you your approval decision within a few minutes of applying for a loan. You'll then have a good sense as to whether to continue to the loan process with the company or to move on.
New, used, refinancing, and lease buyouts available. Whatever type of auto loan you need, you'll be able to get it with USAA. Some other lenders don't offer all four of these auto loan options.
Discount for automatic payments. You'll receive a 0.25% discount for enrolling in automatic payments, which will reduce the overall cost of your loan.
Membership required for a loan. USAA requires members to be a part of the military community or a family member of that group, so these auto loans aren't accessible to all borrowers.
Fees, some term details are undisclosed. The bank doesn't list a minimum credit score it requires for its loans, its fees, or maximum loan amount. You have to reach out to USAA for details on refinancing and lease buyouts. Other lenders are more transparent about the terms you can expect with their loans.
No prequalification. USAA doesn't offer prequalification on its auto loans, so you won't be able to check your rate without the lender performing a hard inquiry. A hard inquiry might temporarily reduce your credit score.
Who is USAA best for? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
USAA is best for existing customers who want to take out a loan at a bank they have a relationship with. The bank's customer service and reputation are top-notch, and it offers solid starting rates on its auto loans.
However, USAA is rather opaque about most of its loan terms. It doesn't list the fees it charges on its website, the minimum credit score needed, or its maximum loan amount. Borrowers who want more clarity about what to expect before deciding to apply should look elsewhere.
How USAA compares
Navy Federal Credit Union Auto Loans
PNC Auto Loans
New, Used, Refinance as low as 4.54%
From dealer: Starts at 5.24%, From private party: Starts at 7.39%, Lease buyout: Starts at 5.24%, Starts at 5.39%
On Navy Federal's website
Navy Federal has a lower loan minimum than USAA — you can take out as little as $250 with the credit union. PNC has a loan minimum of $5,000, the same as USAA.
USAA's offer is good for 45 days, while Navy Federal's last for 90 days. PNC doesn't disclose how long its offer is good for.
See our ratings methodology for auto loans »
Is USAA trustworthy? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
USAA has a top-notch A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines a company's ratings by evaluating if a company's response to consumer complaints, transparency about business practices, and truthfulness in advertising.
USAA has been at the center of a controversy over the past few years. The Office of the Comptroller of Currency forced the bank to pay an $85 million fine in 2020 after the regulator determined the bank failed to properly manage risk in their compliance and information technology programs.
Even though USAA has a great BBB rating, that doesn't guarantee you'll have a good relationship with the bank. Reach out to friends and family and ask them about their experiences with the lender before deciding to borrow. You may also not feel comfortable with the lender given its recent scandal, so you might choose to look elsewhere.
How hard is it to get a USAA car loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Generally speaking, its harder to get a USAA car loan than one from most other lenders.
Some borrowers may not be able to get a USAA car loan, no matter how good their credit score. Membership is restricted to the military community or family members of that group. If you don't meet those requirements, you won't be able to get a loan from the bank.
Is USAA a good place to get a loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
If you qualify for membership, USAA is a solid place to get a loan. It offers excellent customer service and a discount for making automatic payments. Additionally, you can get a new or used car, refinance, or buy out your lease with USAA.
PERSONAL FINANCE Navy Federal auto loans review: Excellent interest rates, but you must be a member to get a loan
PERSONAL FINANCE PNC Bank auto loans review: Great rates if you buy from a dealer, but limited options for older models
PERSONAL FINANCE The best auto loans of December 2022, whether you're buying or refinancing
PERSONAL FINANCE The average auto loan interest rate by credit score, loan term, and lender
Loans Auto Loans pfi | 2022-12-09T18:51:03Z | www.businessinsider.com | USAA Auto Loans: 2022 Review, Rates | https://www.businessinsider.com/personal-finance/usaa-auto-loans-review | https://www.businessinsider.com/personal-finance/usaa-auto-loans-review |
Best bank for a savings account
Best bank for a checking account
Best bank for checking and savings
Best credit union
Best local bank
Other institutions that didn't make our list and why
Are these banks and credit unions trustworthy?
Experts' advice on choosing the best bank
The best banks and credit unions in Massachusetts of December 2022
We selected Synchrony, Rockland Trust Bank, Salem Five Bank, Digital Federal Credit Union, and OneUnited Bank as the best banks and credit unions in Massachusetts.
These financial institutions were chosen because they offered bank accounts with distinct features and minimal bank fees. Learn more about our top picks below.
Our top picks for best banks and credit unions in Massachusetts
Synchrony High-Yield Savings Account
Rockland Trust Free Checking Account
Salem Five Open Savings Account
Salem Five Open Account
DCU Primary Savings Account
OneUnited Bank Black Wall Street Checking Account
Best savings account
Best checking account
Best savings and checking account
Best local financial institution
On Synchrony Bank's website
On Rockland Trust Bank's website
On Salem Five Bank's website
On Digital Federal Credit Union's website
On OneUnited Bank's website
Savings rates at the largest banks in Massachusetts
In December 2022, the average rate for a savings account is 0.24%, according to the FDIC. Below, you'll also find the savings rates from the 10 biggest banks in Massachusetts.
Financial institution Savings APY Number of Massachusetts branches Next steps
Citizens Bank 0.01% 209 Learn More
Bank of America 0.01% to 0.04% 190 Learn More
Santander Bank 0.03% 179 Learn More
TD Bank 0.02% 133 Learn More
Rockland Trust Bank 0.01% 119 Learn More
Eastern Bank 0.01% 89 Learn More
M&T Bank 0.01% to 0.02% 64 Learn More
Salem Five 0.05% 34 Learn More
Middlesex Savings Bank 1.00% 27 Learn More
Brookline Corp 0.15% 26 Learn More
None of these institutions offer particularly high interest rates. We chose an online bank for our category of the best bank to open a savings account because online high-yield savings accounts offer significantly more competitive interest rates than the top brick-and-mortar banks in the state.
That said, you may still decide one of the above banks is a good match for you.
Best bank for opening a savings account: Synchrony
Best bank for opening a savings account
Comes with an ATM card
No required opening deposit or minimum account balance
Only reimburses up to $5 of out-of-network ATM fees per month
Access your cash online, by phone or via ATM
Manage your accounts from virtually anywhere in the Synchrony app
Why it stands out: Synchrony is an online bank. The Synchrony High-Yield Savings Account offers a competitive interest rate that's higher than other savings accounts at most brick-and-mortar and online banks.
You'll also like Synchrony if you'd like to open a savings account with $0, or if you want to use an ATM card to make withdrawals from your account.
What to look out for: Synchrony doesn't have checking accounts or money market accounts. If you plan to open one of these accounts, you might prefer banking with another financial institution.
Best bank for opening a checking account: Rockland Trust Bank
Best bank for opening a checking account
$2 out-of-network ATM withdrawal fee
$1.75 out-of-network ATM balance inquiry fee
120 branches and 200 ATMs in Massachusetts and Rhode Island
Overdraft protection that lets you link your checking account to a savings account
There's a $5 overdraft transfer fee if you transfer money from a savings account to cover an overdraft
Why it stands out: Rockland Trust Bank is one of the five largest financial institutions in the state. It also might be appealing if you're specifically searching for a checking account.
The Rockland Trust Free Checking Account has a $25 minimum opening deposit and no monthly service fees.
You'll have access to over 120 branches and 200 free ATMs in Rhode Island and Massachusetts.
If you prioritize convenient customer support hours and availability, Rockland Trust also may be worthwhile. You may talk to a representative through live chat from 7 a.m. to 6 p.m. ET on weekdays or 8 a.m. to 5 p.m. ET on Saturdays. You may also call the Customer Information Center from 7 pm. to 8 p.m. ET on weekdays, 8 a.m. to 5 p.m. ET on Saturdays, or 10 a.m. to 3 p.m. ET on Sundays.
What to look out for: Rockland Trust Bank charges a $35 overdraft fee if you have a negative balance on your account. You can get overdraft protection that lets you link your checking account to a savings account. But, there's a $5 transfer fee if you utilize overdraft protection.
Best bank for opening a checking and savings account: Salem Five Bank
Best bank for opening a checking and savings account
Earn cash back for all debit card purchases
May be eligible for ATM fee reimbursements depending on your account balance
Can get annual overdraft protection
$25 annual overdraft protection fee
34 branches in Massachusetts
Access to over 55,000 sucharge-free ATMs through the Allpoint ATM network
Can add an option savings account
There are three rewards tiers: Open Prime, Open Prime Plus, and Open Premier
Open Prime: Earn $0.05 cash back on all debit card purchases
Open Prime Plus: Earn $0.05 cash back on all debit card purchases and $7.50 in ATM fee reimbursements monthly when you maintain an average monthly account balance between $3,000 and $4,999
Open Premier: Earn $0.05 cash back on all debit card purchases and unlimited ATM fee reimbursements when you maintain an average monthly account balance of $5,000 or more
Rewards will be added to your account at the end of each bank statement cycle
Overdraft protection that lets you link your checking account to a savings account or apply for a line of credit
There's a $25 annual overdraft protection fee
To get the Open Savings Account, you must have the Open Account
Why it stands out: Salem Five could be a good option if you like traditional banking — because there are branches in Massachusetts — but you still want to avoid monthly maintenance fees.
The Salem Five Open Account is an overall solid checking account with a low minimum opening deposit and zero maintenance fees. You also have the option to open the Salem Five Open Savings Account alongside this checking account, which also doesn't charge monthly maintenance fees.
If you maintain a certain balance in your checking account, you may be eligible for Open Rewards. To get the most out of your checking account rewards, maintain an average daily balance of $5,000 or more to receive unlimited ATM fee reimbursements and earn $0.05 cash back on all debit card purchases.
What to look out for: With the Salem Five Open Account, you'll want to be mindful of overdrawing from your account. The bank charges a $35 overdraft fee. You may get overdraft protection that lets you link your checking account to a savings account or apply for a line of credit, but you'll still pay a fee when the negative balance is covered.
The Salem Five Open Savings Account also pays a low interest rate You can find other banks with higher savings rates available.
Best credit union: Digital Federal Credit Union
Earn a high interest rate on the first $1,000 in your account
Low interest rate for balances over $1,000
To become a member of Digital FCU, you or a family member must meet one of the following requirements: 1) You work or are retired from a company that is listed as a participating employer; 2) You belong to an organization that is listed as a participating organization; 3) You live, work, worship, or go to school in a select area in a Massachusetts county (Chelmsford, Lowell, Tewksbury, Worcester are eligible counties)
Access to over 5,500 shared branches and 30,000 surcharge-free ATMs through the CO-OP Shared Branch and ATM networks
Earn 6.17% APY on the first $1,000 in your account
Interest rate drops on the remaining balance on your account
Must keep $5 in account to maintain membership status
Why it stands out: You'll find Digital Federal Credit Union appealing if you favor credit unions instead of banks.
All members must open the DCU Primary Savings Account. This account doesn't charge any monthly maintenance fees, and you can earn 6.17% APY on the first $1,000 in your account.
The interest rate will drop for account balances over $1,000. The account has a blended APY, which means the interest rate you'll earn will be different for separate account balances. It'll be anywhere from 0.16% to 6.17% APY, depending on how much money you have in your account.
Digital Federal Credit Union also offers free checking and money market accounts, and certificates with low minimum opening deposits.
What to look out for: You'll need to meet certain requirements to be able to join Digital Federal Credit Union.
There are several ways to become a member. You're automatically eligible if you live, work, worship, or go to school in select areas of Chelmsford, Lowell, Tewksbury, or Worcester county. You may also join if you or a family member are part of a company or organization on these lists.
Best local bank: OneUnited Bank
$15 overdraft protection transfer fee
No out-of-network ATM fee reimbursements
Black-owned bank with branches in California, Florida, and Massachusetts
Online accounts available nationwide
Why it stands out: OneUnited Bank is a Black-owned bank with three branches in the Boston area (the Roxbury branch is temporarily closed). It also has branches in Miami and Los Angeles.
OneUnited Bank is certified as a community development financial institution (CDFI). To receive this designation, a financial institution must show it serves low-income and disadvantaged communities.
OneUnited Bank offers a second chance checking account, which is a bank account you may use to build back your credibility if you can't open a standard checking account at a bank. The second chance checking account has a $12 monthly maintenance fee and a $25 minimum opening deposit.
OneUnited Bank also has a free checking account called the OneUnited Bank Black Wall Street Checking Account. This account has a low minimum opening deposit, no monthly fee, and two-day early direct deposit.
What to look out for: The OneUnited Bank BankBlack Savings Account charges a $5 monthly maintenance fee. However, if you set up direct deposits, you can waive the monthly fee.
Citizens Bank (Member FDIC): Citizens Bank has the most branches in the state, but its accounts do not stand out as much as our top picks. You'll need to meet certain requirements each month to waive monthly service fees on checking and savings accounts. Read the full review of Citizens Bank here.
Bank of America (Member FDIC): Bank of America has a variety of accounts and a large branch and ATM network, but you'll need to meet specific requirements to waive monthly maintenance fees on accounts. Read the full review of Bank of America here.
Santander Bank (Member FDIC): The bank's savings account pays a low interest rate, and its checking accounts have monthly service fees unless you qualify to waive them. Read the full review of Santander Bank here.
TD Bank (Member FDIC): TD Bank might be worthwhile if you're searching for accounts with low or no minimum opening deposits. However, both checking and savings accounts have monthly service fees unless you meet the criteria to waive the fee. Read the full review of TD Bank here.
Eastern Bank (Member FDIC): Eastern Bank checking and savings accounts do not charge monthly maintenance fees, but they lack distinguishing features. The bank also doesn't have as many branches in the state as most of our brick-and-mortar picks.
M&T Bank (Member FDIC): M&T Bank has a decent-sized branch and ATM network, but its savings accounts and checking account may entail monthly service fees. Read the full review of M&T Bank here.
Middlesex Savings Bank (Member FDIC): Middlesex Savings Bank has a variety of accounts, but our top picks have more branches throughout the state or pay higher interest rates on savings accounts.
Chase (Member FDIC): Chase has a substantial bank and ATM network throughout the US, but you'll need to meet specific requirements each month to waive monthly service fees. Read the full review of Chase here.
Brookline Bank (Member FDIC): Brookline Bank has free checking and savings accounts, but it has fewer branches than most of our brick-and-mortar picks.
Rockland Federal Credit Union (Federally insured by the NCUA): Rockland Federal Credit Union savings accounts pay low interest rates, regardless of your account balance. Membership is also limited to residents who live or work in Barnstable, Bristol, Middlesex, Norfolk, Plymouth, or Suffolk counties.
Metro Credit Union (Federally insured by the NCUA): Metro Credit Union has a solid free checking account, but its savings account isn't as strong.
Bank trustworthiness and BBB ratings
We include ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency. See each institution's rating below:
Feature BBB rating
Synchrony A+
Rockland Trust Bank B
Salem Five Bank A+
Digital Federal Credit Union A+
OneUnited Bank A
All the banks on our list have at least an A rating from the BBB except for Rockland Trust Bank. The BBB gave Rockland Trust Bank a B rating because it has received 25 complaints on the BBB website.
BBB ratings aren't necessarily the be-all and end-all. To see if a bank might be right for you, you may also read online customer reviews or talk to current customers.
None of the banks on our list have been involved in any recent public controversies.
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so under each section, we outline the advantages and limitations of each account or institution. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
Methodology: How did we choose the best banks in Massachusetts?
We reviewed the 15 biggest banks and credit unions in the state. We also looked to see if there were any CDFIs in the state that might be worth considering.
We compared bank account features and fees until we determined the top picks for our list. Institutions chosen for our list stood out from other options because they had minimal bank fees. Many of these accounts also offered perks. For example, some checking accounts come with early direct deposit or cash-back perks. In regards to our savings accounts, we chose picks with competitive interest rates.
For our best credit union and best local bank, we selected financial institutions with easy membership requirements, low minimum opening deposits, and unique bank accounts.
What is the best bank to bank with? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
It depends on what you're looking for. You might like banking with a brick-and-mortar financial institution if you frequently visit branches to get banking services or if you'd like a variety of bank accounts to choose from. (See our picks for the best national banks here.)
If you're looking for high savings rates and low fees, then you'll probably want to go with an online bank. (See our picks for the best online banks here.)
Which bank has the most branches in Massachusetts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Citizens Bank, Bank of America, and Santander Bank have the most branches in the state.
What is the safest bank to use? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
As long as an institution has federal insurance, your money should be safe. Banks need to be insured by the Federal Deposit Insurance Corporation (FDIC). Credit unions need to be insured by the National Credit Union Administration (NCUA).
An individual account is insured for up to $250,000, and a joint account is insured for up to $500,000. This means you won't lose all of your money should the bank go under.
Experts' advice on choosing the best financial institution
To learn more about what makes a good bank or credit union and how to choose the best fit, four experts weighed in:
We're focusing on what will make a bank most useful, including customer service, fees, rates, and more. Here's what they had to say about finding a bank. (Some text may be lightly edited for clarity.)
"I would look for the bank that charges you the least in fees. This means either no monthly fees, or you qualify to waive the monthly fees. If you never overdraw from your account, then a bank's overdraft fees won't matter much to you. But if you occasionally overdraw, then I'd look at the fees or overdraft protection options."
What should someone look for in a brick-and-mortar bank?
"How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that's going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser."
"How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?"
What should someone look for in an online bank?
"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"
"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"
"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average. What type of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that because you want to be a little more hypersensitive about the cyber security for a strictly online bank."
PERSONAL FINANCE What to know about second chance banking — and how it opens up access for formerly incarcerated and underserved groups
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PERSONAL FINANCE What you can expect to pay in bank ATM fees
Rockland Trust Bank Salem Five Bank Digital Federal Credit Union | 2022-12-09T21:09:41Z | www.businessinsider.com | The Best Banks and Credit Unions in Massachusetts of December 2022 | https://www.businessinsider.com/personal-finance/best-banks-credit-unions-massachusetts | https://www.businessinsider.com/personal-finance/best-banks-credit-unions-massachusetts |
According to The Daily Orange, the independent student newspaper at Syracuse, the University Senate in April passed a resolution calling for the Board of Trustees to rescind Giuliani's degree, with 76% voting in favor, 11% opposing and 13% abstaining.
The university's Student Association collected comments from undergraduate students, the University Senate and the Graduate Student Organization Senate on Chancellor Kent Syverud's proposed honorary degree revocation process, according to The Daily Orange's reporting. These recommendations were submitted to Syverud and the University Senate, and were combined into a report presented to the Board.
Syverud's office did not respond this week to Insider's multiple requests for comment.
"All I know is the report has been circulated, has received widespread approval and support," Bruen said. "Hopefully we can move to fully revoke it in the spring. The university is going very slow with the process."
Insider reported in June that while several colleges had taken back honorary degrees they bestowed upon Giuliani during less contentious times, five colleges, including Syracuse University, refused to rescind honorary degrees awarded to Giuliani.
Rudy Giuliani Syracuse University Honorary Degree | 2022-12-09T21:09:53Z | www.businessinsider.com | Syracuse University Is Moving to Revoke Giuliani's Honorary Law Degree | https://www.businessinsider.com/rudy-giuliani-honorary-degree-syracuse-university-2022-12 | https://www.businessinsider.com/rudy-giuliani-honorary-degree-syracuse-university-2022-12 |
Worker at the Stellantis plant in Belvidere, Illinois in 2012
Jeep maker Stellantis confirmed it will idle an assembly plant in Illinois beginning in February 2023.
The company attributed the closure to the "increasing cost related to the electrification of the automotive market."
Reuters reports that about 1,350 workers would be laid off as a result.
Traditional automobile companies are experiencing growing pains as they transition toward producing more electric vehicles.
Stellantis, which oversees the production of 16 automobile brands, including Jeep, Chrysler, and Dodge, confirmed to Insider that it plans to idle an assembly plant in Belvidere, Illinois, beginning in February 2023.
"Our industry has been adversely affected by a multitude of factors like the ongoing COVID-19 pandemic and the global microchip shortage, but the most impactful challenge is the increasing cost related to the electrification of the automotive market," the company said in a statement.
Stellantis also said the action would result in "indefinite layoffs." The plant closure was first reported by Reuters, which reports that the plant employs about 1,350 workers.
The shutdown comes as more car companies pledge to prioritize producing electric vehicles over gas-powered vehicles to comply with new emissions regulations.
Last month, the EU reached a deal to require automakers to reach a zero-emission target by 2035, and in the US, more than one-third of states have signaled that they plan to ban the sale of new gasoline-powered cars by the same year.
There are no current plans to resume operations at its Belvidere plant, which produces Jeep Cherokee SUVs.
"The company also is working to identify other opportunities to repurpose the Belvidere facility and has no additional details to share at this time," Stellantis told Insider.
Have you been laid off due to the Belvidere plant closure? Contact Samantha Delouya at sdelouya@insider.com.
NOW WATCH: Go inside the Chrysler factory that makes Jeep Wranglers
Jeep Stellantis Belvidere | 2022-12-09T23:25:25Z | www.businessinsider.com | Jeep-Maker Stellantis Is Laying Off 1,350 Workers, Blaming EVs | https://www.businessinsider.com/jeep-chrysler-stellantis-halting-belvidere-illinois-plant-blaming-electric-vehicles-2022-12 | https://www.businessinsider.com/jeep-chrysler-stellantis-halting-belvidere-illinois-plant-blaming-electric-vehicles-2022-12 |
UFC 282's main event will decide the new light heavyweight champion — here's how to livestream the fight
Jan Blachowicz will fight for the UFC light heavyweight title on December 10.
UFC 282 will stream live on December 10, with the main card starting at 10 p.m. ET on ESPN+.
Jan Blachowicz will fight Magomed Ankalaev for the vacant UFC light heavyweight title.
The main card is a pay-per-view fight that costs $75 in addition to an ESPN+ subscription ($10/month).
UFC's last pay-per-view event of 2022 will feature a fight for the light heavyweight title between Jan Blachowicz and Magomed Ankalaev. UFC 282 will stream live from Las Vegas on December 10.
Blachowicz is a former champion, but lost the title to Glover Teixeira in October 2021. Ankalaev has been undefeated in nine straight matches dating back to 2018, and UFC 282 will be his first title fight. Jiri Procházka was the last fighter to hold the light heavyweight title but vacated it due to injury.
You can watch the main event of UFC 282 on ESPN+ at 10 p.m. ET on December 10. The main card requires an ESPN+ subscription ($10/month) and an extra pay-per-view fee of $75.
UFC PPV on ESPN+ (standalone event)
$74.99 from ESPN+
Before the main event, the early prelims will be broadcast at 6:30 p.m. ET on UFC Fight Pass, and the prelims will be aired at 8 p.m. ET on ESPN2 and ESPN+.
You can access the ESPN+ app on all major mobile and streaming devices, including Fire TV, Apple TV, Android TV, Chromecast, Roku, Samsung smart TVs, and more.
Ways to save on the UFC 282 pay-per-view price
If you plan on signing up for ESPN+ to watch UFC 282, you can take advantage of a special discounted package.
New subscribers can buy a year-long ESPN+ membership with access to UFC 282 included for a total of $124.98. That's more than 30% off the regular combined price of an annual plan and a PPV match. Following your first year of service, ESPN+ will then renew for the regular annual price of $100.
UFC PPV + Annual ESPN+ Membership (Bundle)
$124.98 from ESPN
Here's the fight card for UFC 282: Blachowicz vs. Ankalaev
Early Prelims — 6:30 p.m. ET on UFC Fight Pass
Billy Quarantillo versus Alexander Hernandez [Featherweight]
TJ Brown versus Erik Silva [Featherweight]
Cameron Saaiman versus Steven Koslow [Bantamweight]
Prelims — 8 p.m. ET on ESPN2 and ESPN+
Chris Curtis versus Joaquin Buckley [Middleweight]
Edmen Shahbazyan versus Dalcha Lungiambula [Middleweight]
Jairzinho Rozenstruik versus Chris Daukaus [Heavyweight]
Raul Rosas Jr. versus Jay Perrin [Bantamweight]
Main Card — 10 p.m. ET on ESPN+
Bryce Mitchell versus Ilia Topuria [Featherweight]
Darren Till versus Dricus Du Plessis [Middleweight]
Santiago Ponzinibbio versus Alex Morono [Catchweight]
Paddy Pimblett versus Jared Gordon [Lightweight]
Jan Blachowicz versus Magomed Ankalaev [Light heavyweight title fight] | 2022-12-10T00:10:43Z | www.businessinsider.com | How to Watch UFC 282 Blachowicz Vs. Ankalaev: Livestream, Fight Card | https://www.businessinsider.com/guides/streaming/how-to-watch-ufc-282-blachowicz-vs-ankalaev-2022-12 | https://www.businessinsider.com/guides/streaming/how-to-watch-ufc-282-blachowicz-vs-ankalaev-2022-12 |
YouTube has a cache you can clear to reclaim storage space.
You can clear YouTube's cache on Android from your phone's Settings menu.
If you have an iPhone, clear YouTube's cache by deleting the YouTube app and then reinstalling it from the app store.
If you're using YouTube on a Mac or Windows computer, you can use the Settings menu in your web browser to clear the browser's cache.
In normal day-to-day use, YouTube can store a considerable amount of data on your phone or computer. It does this to improve performance and run more efficiently, but over time you can lose many megabytes of storage space to YouTube.
If you need to reclaim that space — or if you are troubleshooting a problem with YouTube and you want to see if clearing the cache might resolve the issue — it's simple enough to clear the YouTube cache. But the steps will vary depending upon whether you are using the YouTube app on your phone or the YouTube website in a browser.
How to clear the YouTube cache on Android
If you're using the YouTube app on an Android device, it's very easy to clear the YouTube cache. On your phone, start the Settings app and tap Apps. If necessary, tap See all apps and then tap YouTube. Then tap Storage & cache, and then tap Clear cache.
To clear the YouTube cache on Android, go to the Apps section of Settings.
How to clear the YouTube cache on iPhone
Unfortunately, Apple doesn't offer a one-tap method for clearing an app's cache in the same way as you can do on Android, but even so the process is relatively straightforward. You need to delete the YouTube app from your iPhone, which doesn't just remove the app, but also clears all the stored cache data at the same time. After deleting the app, simply reinstall YouTube from the App Store and sign back into your Google account.
The easiest way to clear the cache for an app on an iPhone is to delete and then reinstall the app.
How to clear the YouTube cache in a web browser
If you're using YouTube in a web browser, the cache works a little differently. Your Windows or Mac computer doesn't maintain a separate cache for each website you visit. Instead, your browser has a single data cache that you can clear when needed, which you can generally find within the Settings menu in the browser. Here is how to clear the cache within Chrome, Firefox, Safari, and Microsoft Edge.
If you want to clear YouTube's cache data in a web browser, you need to clear the browser's entire cache, such as here in Chrome.
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YouTube Cache Clear cache | 2022-12-10T00:10:55Z | www.businessinsider.com | How to Clear Your YouTube Cache to Improve Performance | https://www.businessinsider.com/guides/tech/how-to-clear-youtube-cache | https://www.businessinsider.com/guides/tech/how-to-clear-youtube-cache |
Katie Warren and Lakshmi Varanasi
Arielle Charnas.
Influencer Arielle Charnas' clothing line, Something Navy, has been struggling for months.
The brand repeatedly missed payment deadlines with some of its suppliers.
It only paid one supplier in full right after Insider started reporting a story about delayed payments.
At first glance, Something Navy — the clothing line launched by influencer Arielle Charnas — appeared to be thriving.
When the brand launched during the height of the pandemic in July 2020, it claimed to have sold $1 million worth of merchandise within 30 minutes. Charnas, with her base of more than a million Instagram followers, seemed poised to take control of a large swath of the retail market.
Behind the scenes though, the brand had been struggling for months, Insider reporter Katie Warren recently reported.
Those struggles included missed payment deadlines to suppliers across the globe.
In one instance, Something Navy owed $364,000 to a supplier in India. The brand initially stopped paying the supplier in June 2022.
It was only after Insider began contacting people for the story in September that Something Navy started paying off the majority of the bill.
According to Warren's correspondence with the supplier, Something Navy paid the remaining $20,000 it owed on Tuesday, just days before Insider's story was published.
A Kolkata-based supplier named Ayush Murarka faced a similar issue. In September, he texted Insider saying that the brand was months late on a payment. Murarka was struggling to pay his own workers, he told Insider.
Murarka finally received the payment in full around the same time the other supplier received his payment, Insider reported.
In addition, Brand Design Switzerland, a small Swiss based supplier that produced 3,000 euros worth of merchandise for Something Navy, still has not been paid as of November.
Former Something Navy told Insider that they've been caught in a flood of emails since the spring from suppliers asking about late payments.
Some suppliers have threatened to terminate contracts with Something Navy. Others have noted that their own employees' wages depend on receiving payments. One even told Something Navy's CEO, Matt Scanlan, that their business would be in jeopardy if they didn't receive their money.
A Something Navy representative claimed that all outstanding payments referenced in Insider's story were made before Insider provided the company with fact-checks last week.
But when Insider told the representative that the India-based supplier was, in fact, paid only after Insider reached out, the representative didn't respond, nor did they provide documentation for the other payments.
Insider wasn't able to confirm proof of payment with Brand Design Switzerland.
Read Insider's full story here.
Influencers Arielle Charnas Something Navy | 2022-12-10T00:53:59Z | www.businessinsider.com | Something Navy Paid a Supplier Only After Story Was Being Reported | https://www.businessinsider.com/something-navy-arielle-charnas-paid-supplier-days-before-story-2022-12 | https://www.businessinsider.com/something-navy-arielle-charnas-paid-supplier-days-before-story-2022-12 |
Career cushioning is getting a lot of attention lately — likely in part because it's a catchy term akin to "quiet quitting" and in part because it helps to know that you have some control over your career trajectory.
Heitmann said the first — and potentially easiest — thing to do is update your LinkedIn profile. You can update your presence on other social-media platforms too while you're at it — to "demonstrate the scale of your expertise." She recommended making sure your profile reflects your latest job experience and skills, so that recruiters can see that you'd be a good fit for certain positions.
It helps to have on-hand copies of recent performance reviews, client testimonials, and "anything that you could use as fodder to help you update your LinkedIn profile and your résumé," Amanda Augustine, a career expert at TopResume, previously told Insider.
career advice Layoffs Laid Off | 2022-12-10T10:30:15Z | www.businessinsider.com | Career-Cushioning Advice: How to Prepare in Case You Get Laid Off | https://www.businessinsider.com/career-cushioning-advice-how-to-prepare-for-layoffs-2022-12 | https://www.businessinsider.com/career-cushioning-advice-how-to-prepare-for-layoffs-2022-12 |
The auction comes at a time when Twitter CEO Elon Musk is reducing expenses after purchasing the social media platform for $44 billion. Musk has cut everything from infrastructure budgets, employee perks like at-home Wi-Fi and travel allowances, and holiday pay for contractors.
However, in an interview with Fortune, Nick Dove, a representative at HGP, said the auction did not relate to the finances of the company, and that anyone who thought so was a "moron."
"They've sold for 44 billion, and we're selling a couple of chairs and desks and computers," Dove told Fortune. "So if anyone genuinely thinks that the revenue from selling a couple computers and chairs will pay for the mountain there, then they're a moron."
Some unique memorabilia featured include bikes that can charge your phone, a 3-ft Twitter Bird statue, and a 6-foot "@" sign with artificial plants that can be replaced with real plants.
—Eddie Codel (@ekai) December 9, 2022
Ever since Musk purchased Twitter, the company and its headquarters have undergone some serious changes, including the firing of thousands of employees, the elimination of the company's free lunch program, and a push towards a "hardcore" work culture.
Musk also began renovating some of the rooms at Twitter HQ into bedrooms and recently told employees that they should start exclusively working at Twitter's San Francisco office.
Twitter Elon Musk Auctions | 2022-12-10T10:30:34Z | www.businessinsider.com | Here Are the Items Being Auctioned Off From Twitter HQ | https://www.businessinsider.com/items-auction-elon-musk-twitter-hq-2022-12 | https://www.businessinsider.com/items-auction-elon-musk-twitter-hq-2022-12 |
Building a healthy relationship with money can be very difficult as a couple.
Money is second only to infidelity when couples file for divorce, according to a 2018 study.
That's because couples often find it impossible to discuss, according to Ramit Sethi.
He shares three steps to help couples discuss their finances in a healthy way before a recession.
Money is one of the most important things in life, but it can also feel awkward to discuss openly.
With a recession looking increasingly likely, personal finances could start to put a strain on your relationship. A 2018 study by Ramsey Solutions, a financial consultancy, found money was the second leading cause of divorce behind infidelity.
Ramit Sethi hosts couples with quarrels about money on his podcast "I Will Teach You How To Be Rich". Many of his interviewees share the same problem: an inability to talk about or organize money together.
Couples don't talk about money
"Couples don't talk about money, especially in the early days," Sethi told Insider.
"They don't talk about money until they have to. So people's relationship with money is highly fraught. It's almost always reactive. They wait until something bad happens, and then they fight about it. And then they paper over it until the next time."
Sethi said people often bring their baggage around money into a relationship.
"The real problem is that we each come to a relationship with a different perspective on money, the way we were raised about money, the amount of money we make, and then the way that we believe our relationship should interact," Sethi said.
It can be difficult to work on your relationship with finances as a couple if you haven't worked on it by yourself first.
"Because none of us really learn how money works, it's like taking one plus one equals 1000, and it's the genesis of many, many disagreements," Sethi added.
Imagine your 'rich life' together
Sethi asks couples to "imagine their rich life," whether it involves traveling, buying expensive items, or just feeling financially secure. If a couple wants to transform their relationship with money, Seith told Insider, they need to create a shared vision around finances is vital.
Sethi told Insider he then gets couples to take a look at the numbers and get a better understanding of their finances.
He has seen couples who have millions in savings quarreling over $20 expenses and takeaway food, he said. "Most people equate how much they have in their checking account to what their financial health is. That's a very rudimentary way of looking at money."
Creating a full picture of your shared and individual assets is a productive way of getting in touch with your financial goals and improving your understanding of money.
Once you have a shared vision and a deeper understanding of your finances as a couple, Sethi recommends partners strategize together financially.
He also suggested asking important questions on how to approach your finances moving forward: "How are you going to talk about money? What kind of proactive meetings are you going to set up? And when are you going to take that trip to Italy?"
Sethi doesn't think his advice always works — about 10% of the couples he brings on his podcast don't reply to his check-ins, something he calls a red flag. But Sethi also notes that money alone is rarely the problem if a couple is struggling.
The deeper issue can often be about how someone communicates or treats the other person. "Money is just a word. If you reverse engineer, it goes back to 'he wouldn't talk about money with me.' Or 'she wouldn't sit down with me and work through our spending plan.' It's the most minute things."
Personal Finance Finances Relationships | 2022-12-10T10:30:52Z | www.businessinsider.com | Recession 2023: How to Talk to Your Partner About Money Without Fighting | https://www.businessinsider.com/recession-2023-how-talk-your-partner-about-money-without-fighting-2022-12 | https://www.businessinsider.com/recession-2023-how-talk-your-partner-about-money-without-fighting-2022-12 |
'People need to temper their expectations': A former top TD Ameritrade technical analyst says stocks have another 19% to fall before bottoming as recession looms and investors wrongly anticipate a Fed pivot
Getty Images / Eduardo Munoz Alvarez
The S&P 500's rally since mid-October is due to retrace itself to new lows, Jeff Bierman says.
Bierman is the chief market technician at TheoTrade.
Year-to-date the S&P 500 is down 17% as the Fed tightens policy to rein in inflation.
Professor Jeff Bierman doesn't understand the bullish sentiment that has driven the S&P 500's performance in recent months.
Since October 12, the benchmark index is up almost 11% mostly on news of moderating inflation and Federal Reserve Chairman Jerome Powell acknowledging that the central bank will have to downsize its rate hikes.
Those things certainly sound bullish, but there are two problems as far as Bierman is concerned. Bierman is the chief market technician at TheoTrade, and held the same position at TD Ameritrade between 2007-2015.
One problem is that the market already knew the Fed likely wouldn't carry on with its 75-basis-point hikes, and some investors seem to be mistaking this admission from the central bank as a pivot. Instead, the Fed is likely to cut down to 50 or 25-basis-point hikes, and will probably keep rates high for an extended period.
The Fed has been tightening policy this year at the fastest pace in decades in an effort to cool the highest inflation rates since the early 1980s. Their stated long-term target for inflation is 2%, and officials have repeatedly said they're not done hiking rates yet.
The Consumer Price Index climbed as high as 9.1% in June and cooled to 7.7% in October, a reading that sent stocks soaring 3% in intraday trading on November 10. November's reading will be announced by the Bureau of Labor Statistics on December 13.
The second problem is that the US economy is already in a recession, Bierman says. That's debatable — US GDP posted negative year-over-year growth in the first two quarters this year, but unemployment remains historically low at 3.7% and the US added more jobs (236,000) than expected (200,000) in November.
As Bierman points out, however, spending is cooling and personal savings rates are at their lowest since 2005. At a time when interest rates are high, this will mean heightened defaults on things like credit cards, he said.
But the number one indicator for Bierman that the US economy is in recession is the yield curve. The gap between yields on 2-year Treasury notes and 10-year Treasury notes continues to grow. On Friday, the 2-year yield sat at 4.33%, while the 10-year was at 3.57%.
Usually, yields on longer-duration bonds are higher to compensate for higher risk. But when yields invert like this, like they have before every recession since the 1950s, it signals near-term fears about the economy as investors pile into safehaven long-term assets. Yields on bonds rise when their prices fall.
Recessions, Bierman said, usually last 16-18 months. That's true for recessions since the 1850s, but since World War II they've have been shorter at around 11 months, according to Kiplinger. The recession surrounding the Great Financial Crisis lasted 18 months, however.
"If we're in month 6-8 now, you've just got to pack it in and say well, give it another 6-8 months. Maybe we start to turn the corner past July," said Bierman, who's an adjunct finance professor at both Loyola University Chicago and DePaul University.
He added: "People need to temper their expectations. They're way too bullish here."
Bierman thinks it's probable that the S&P 500 will fall to around 3,200 (19% downside from here) and bottom around Q3 next year. The further the market falls, however, the more bullish he will be.
"3,000 or a tad below might be able to sort of rebuild a new bull market, but not until then," he said. "An overshoot would put the nail in the coffin."
Bierman's views in context
Bierman's call for a fall to around 3,200 or below is in line with some of the more bearish calls among Wall Street strategists and money managers.
Morgan Stanley's Chief US Equity Strategist Mike Wilson warned last week that stocks are in the midst of a bear-market rally.
"This rally will go further and will probably drag people back into thinking that this bear market is over," he told Bloomberg.
He told CNBC in late November that he sees the S&P 500 bottoming between 3,000-3,300 between before May 2023.
Goldman Sachs' Chief US Equity Strategist David Kostin also said that the index would bottom around 3,150 if the economy enters a recession. though his base case is for a near-term bottom at 3,600.
Glenmede's CIO of Private Wealth Jason Pride also said in a note this week that the bear market is likely only 2/3 of the way to its bottom. He put the current bear market in context with the average bear market since the 1940s.
Pride, like Bierman, also pushed back against the notion that a Fed pivot is near.
"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," Pride said in a note with his colleagues Michael Reynolds and Ilona Vovk. They referenced Powell's November 30 speech at The Brookings Institute.
Next Tuesday's CPI reading will be crucial to how stocks perform in the months ahead. If inflation continues to meaningfully subside, the Fed will sooner be able to back off of their hawkish tilt, helping the economic outlook. If it's higher than investors would like, it could signal further trouble ahead.
Economic data will also be important. If jobs gains substantially slow and the unemployment rate begins to rise above 4%, it could signal that economy is about to unravel, and the market will likely follow.
NOW WATCH: Jamie Dimon isn't losing sleep over the stock market's biggest fear | 2022-12-10T10:30:58Z | www.businessinsider.com | Stock Market Crash: S&P 500 Has 19% Further Downside, Expert Warns | https://www.businessinsider.com/stock-market-crash-recession-fed-pivot-sp500-prediction-bottom-bierman-2022-12 | https://www.businessinsider.com/stock-market-crash-recession-fed-pivot-sp500-prediction-bottom-bierman-2022-12 |
Mortgage rates are up slightly but still significantly lower than they were a month ago.
Even as rates have trended down in recent weeks, many buyers are still hesitant to enter the market. But because home prices are lower now than they likely will be when mortgage rates start dropping further in 2023, this could still be an advantageous time to buy.
Melissa Cohn, regional vice president of William Raveis Mortgage, says the price you're paying for the house is more important than the rate, because the ability to refinance means your rate isn't set in stone.
"Prices tend to be lower in a high-rate environment," Cohn says. "When rates start to move down and more buyers come back into the market, prices of homes will start to rise again. Mortgages can be refinanced at any time." | 2022-12-10T11:18:36Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: Dec. 10, 2022 | Rates Inch up but Remain Low Month Over Month | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-saturday-december-10-2022-12 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-saturday-december-10-2022-12 |
A group of strangers rented a minivan after their Frontier flight was canceled.
A group of passengers hired a minivan together after Frontier Airlines canceled their flight.
The airline said there wasn't another flight, so they drove 10 hours overnight and split the cost.
The passengers drove from Florida to Tennessee and documented their journey in TikTok videos.
Frontier Airlines passengers decided to hire a minivan and travel together overnight after their flight was canceled.
Alanah Story, her mother, and her godmother decided to rent a minivan with several other passengers to complete the 650-mile journey from Orlando, Florida, to Knoxville, Tennessee, after their flight was canceled on December 4.
They were told by Frontier it didn't have another direct flight to Knoxville, Tennessee, for three days, so Story and her family decided to rent a van and drive for about 10 hours – taking some other passengers along with them for the ride.
"They were like, 'well, we can get you out on the next flight, which is Tuesday night,'" one of the passengers, Michelle Miller, told Today Digital. She added: "That's like 48 hours later! We can't wait two days to go back, people have things to do!"
The group of travelers documented their trip in a TikTok video, which has since had some 775,000 likes.
One of the passengers said in the TikTok video that they were a keynote speaker at an event on Tuesday and chose to ride in the van so they to make the event. A family who took the minivan said they were planning to visit a university in Tennessee.
Another passenger gave a "shout-out" to Hertz for helping them hire the vehicle.
The group said in a follow-up TikTok video that they arrived in Knoxville, Tennessee at 8:30 a.m. the next day and that Frontier Airlines offered them a $50 voucher to compensate them for the inconvenience.
Story, the original van renter, said in a later TikTok video: "Frontier just emailed me and the way that they tried to correct this is by offering me a $50 voucher. That doesn't even cover our individual portions for the van we had to rent."
She added: "Obviously you can only use that $50 to put towards another flight but who wants to take that risk again? But I probably will book with them again because their flights are cheap."
Story and Frontier Airlines did not immediately respond to requests for comment from Insider.
Frontier Airlines Weekend BI UK News Minivan | 2022-12-10T13:33:37Z | www.businessinsider.com | Frontier Passengers Rented a Van to Get Home After Flight Canceled | https://www.businessinsider.com/frontier-passengers-rented-van-get-home-flight-canceled-2022-12 | https://www.businessinsider.com/frontier-passengers-rented-van-get-home-flight-canceled-2022-12 |
Some economists believe a 2023 recession will be short, shallow, or mild.
However, JPMorgan's David Kelly said in a note it could be challenging to get out of this recession nevertheless.
Kelly told Insider the recovery may be considered "tepid" given it will be a "mild improvement in things."
The US appears headed for recession next year, but how severe it will be and how long it will last is still up for debate.
While a slew of economists think that such a recession should be shorter and milder than the last two the US faced, one forecaster thinks that could be a double-edged sword with a small downturn leading to an equally small — and therefore disappointing — recovery.
David Kelly, chief global strategist for JPMorgan Asset Management, called it a "'swamp' recession" in a note, suggesting the "economy would likely struggle to get out of" what is potentially a mild recession.
"We are on the edge of a recession, we think, and the recession is quite possible in 2023, but it's not like standing on the edge of a cliff. It's like standing on the edge of a swamp," Kelly told Insider.
According to Kelly, the issue is that if the recession is mild, the economy won't need to bounce back very far.
"The reason is partly of course because recessions are measured from peak to trough, and recoveries start at the trough," Kelly said. "The further you fall, the easier it is to bounce out of that."
Kelly added in a "bad" recession, vehicle sales, inventories, and housing starts drop to low levels and need to be rebuilt, in turn helping the economy rapidly grow. If these areas don't fall by a lot though, then they won't need to recover much.
"And because of that, those cyclical sectors of the economy aren't likely to rebound very strongly because they never fell very far in the first place," Kelly said.
While Kelly calls the upcoming recession a "swamp," some economists and experts are also saying it will be mild. Many also believe it will be shallow, such as KPMG chief economist Diane Swonk, economists surveyed by Reuters, and LPL Financial chief economist Jeffrey Roach. Mohamed El-Erian, chief economic advisor of Allianz, isn't so sure, saying "there isn't enough evidence to suggest it's short and shallow" if the US does enter a recession.
While some economists think a recession could be mild, William Lee, chief economist at the Milken Institute, told Insider that he thinks a recession that the Fed wants would be "even less than mild. It'll be almost imperceptible in terms of the labor market."
The last few recessions took a while for the job market to recover losses. Insider's Andy Kiersz found that it took over six years for the labor market to return to where it stood after the Great Recession — much longer than the recovery seen in earlier recessions. While the pandemic recession was the shortest on record, with the National Bureau of Economic Research dating the downturn from February 2020 to April 2020, it took months for the labor market to recover from the large fall in nonfarm payrolls — returning to pre-pandemic employment levels just this past summer.
Kelly said the next recession may not see unemployment climb as quickly as it did in the Great Recession or pandemic recession, not only because the potential recession isn't likely to be deep, "but also because there's a chronic lack of labor supply," Kelly said.
"So the good news is you wouldn't see a big spike in unemployment, but the bad news is it would linger," Kelly said.
While the unemployment rate might not quickly climb, some workers may still be worried about their jobs. Lee thinks the US economy has the "trappings of a white-collar recession in the works right now" — pointing to layoffs in tech and other professional sectors.
"White-collar jobs are being put aside, whereas there's a blue-collar boom going on," Lee said. This "boom" is happening in leisure and hospitality as well as goods and shipping jobs, Lee said.
Businesses may also not be so willing to cut workers during a downturn as they deal with a long-term labor shortage in part because of demographic changes and an aging population.
"Significant fiscal stimulus" may not be on the horizon in the next downturn and its recovery
Kelly's note also cautions that there likely won't be "significant fiscal stimulus" in this recession unlike the last few ones.
"The problem this time around is two-fold," Kelly told Insider. "One, the last three recessions, really like every recession since the 1970s, people haven't been worried about inflation. They are worried about inflation now."
On the policymaker's side, Kelly said "from a philosophical perspective, I think a lot of politicians would be slow to pass stimulus because they're afraid it might reignite inflation," he said. One note from the Fed states that fiscal stimulus during the pandemic contributed to the current sky-high inflation — a roughly 2.5 percentage point increase.
Kelly added that with a divided government with the Republicans' control of the House that they probably wouldn't pass massive stimulus ahead of the next presidential election.
"I think fiscal stimulus will be off the table, but of course that means the Federal Reserve is gonna be under pressure to try and help the economy," he said.
A recession may be coming, but several economic indicators are still strong
The US isn't in a recession just yet, and it may yet avoid one entirely, so it's hard to say for sure how exactly recovery will pan out.
Lee said due to the fiscal stimulus during COVID, a lot of people have additional spending power. Real personal consumption expenditures each month for the last few months have increased, where the last dip in real consumer spending was from June to July. Kelly wrote in his note that consumer spending "could continue to grow over the next year but it will likely be at a very slow pace."
While a recession looms, the labor market right now is strong, surpassing economists' estimates of monthly job growth. Nick Bunker, economic research director at Indeed Hiring Lab, previously told Insider that the labor market has "far more momentum than the Federal Reserve would like."
Real GDP was positive in the third quarter of 2022 after the first two quarters of the year were negative. The second estimate from the Bureau of Economic Analysis was even higher than the advance estimate — an increase of 2.9% instead of 2.6% as stated as the advance estimate.
Other measures are more mixed. The total index of industrial production, one economic indicator of a recession, has been rising and falling; it fell 0.1% in October like it did in August and June. It increased 0.1% in September.
In short, Kelly told Insider that a modest recovery from a shallow recession could be viewed as "tepid" as it will be a "mild improvement in things." But this isn't new.
"In fact, in three out of the last four recessions, you'd have to call the recovery disappointing," Kelly said, noting the pandemic recession as an exception.
Economy Recession recession outlook | 2022-12-10T13:34:27Z | www.businessinsider.com | US Recession Outlook 2023: Likely Mild but May Be 'Hard to Get Out of' | https://www.businessinsider.com/recession-outlook-2023-what-recovery-may-look-like-mild-downturn-2022-11 | https://www.businessinsider.com/recession-outlook-2023-what-recovery-may-look-like-mild-downturn-2022-11 |
3 tips to earn extra holiday cash with a dog-sitting side hustle from a 30-year-old who made $16,000 at it this year
Vee Weir made an extra $16,000 from dog-sitting in 2022.
Courtesy of Vee Weir
30-year-old Vee Weir made an extra $16,000 this year from dog-sitting.
She used a pet-care app called Rover, and found clients in an affluent neighborhood.
Weir has three tips for beginner pet-sitters looking to make extra cash for holiday gifts.
When 30-year-old Vee Weir moved to Longmont, Colorado from Columbus, Ohio in September 2019, she joined a pet-care app called Rover to make extra cash.
"I've been watching animals my entire life," Weir says. "I got paid to watch an animal for the first time when I was 10. I've worked on two different farms. I've had all the animals you can think of, from guinea pigs to tarantulas. I knew I could make money doing this."
According to records reviewed by Insider, Weir earned an extra $16,118 from her dog-sitting side hustle so far in 2022.
"It's basically become another business for me," says Weir, who already owns her own digital marketing firm. "I now have a fully-funded emergency fund."
While she earned $5,841 from Rover, Weir says she made the bulk of her side-hustle income from word-of-mouth clients. Once she got settled in Longmont, she met new friends in an affluent apartment complex nearby who asked her to take care of their dogs. Her clients started recommending her to their friends, and soon she had amassed an extra $10,277.
If you're looking to make some extra cash during the holidays, here are three tips Weir has for beginner dog-sitters who want to start as soon as possible.
Pet-sitting apps like Rover and Wag! ask clients to leave testimonials for pet-sitters and dog-walkers. The more positive testimonials, the more likely it is that you'll get booked for jobs.
However, if you have prior experience caring for animals outside of the app, Weir recommends getting your friends and family to vouch for you to strengthen your profile.
"If you don't have verified reviews and testimonials [on the app], your testimonials are just an email that you send to friends and family vouching for you," she says.
2. Update your calendar frequently
"Make sure the times and dates that you're available are accurate," says Weir. Clients booking dog-walkers and pet-sitters on apps are often doing so because of last-minute travel or scheduling conflicts. An outdated calendar can lead to last-minute cancellations, added stress, or poor testimonials, she warns.
3. Leave a hand-written thank-you card
"What I did at the very beginning — and what I still do for new clients — I get a thank-you card and a treat from a bougie pet shop," she says. "I'll leave a thank-you note that says, 'Please make sure to leave me your review. Thank you for trusting me with your fur babies. Can't wait to watch your pet again!"
Above all, Weir credits her love of animals as the reason she makes so much money from her pet-care side hustle.
"It's about the personal touches," she says. "I really do care about these fur babies."
PERSONAL FINANCE 3 ways keep my holiday spending under control, since I don't earn enough to give expensive gifts
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side hustles Savings Emergency Funds | 2022-12-10T14:21:11Z | www.businessinsider.com | 3 Tips for Making Extra Cash by Dog-Sitting Over the Holidays | https://www.businessinsider.com/personal-finance/vee-weir-dog-sitting-side-hustle-extra-cash-holiday-gifts-2022-12 | https://www.businessinsider.com/personal-finance/vee-weir-dog-sitting-side-hustle-extra-cash-holiday-gifts-2022-12 |
I compared prices of organic produce, meat, and dairy at Whole Foods and Walmart in the same area.
Whole Foods has a far bigger selection, with nearly every item listed as organic.
Walmart doesn't primarily sell organic products, but the ones it had were mostly cheaper than at Whole Foods.
Whole Foods sells mostly organic and natural products, but it's also known for high prices.
Walmart, however, is known for affordable prices with the majority of shelf space dedicated to non-organic products.
https://www.businessinsider.com/walmart-amazon-prime-battle-streaming-disney-comcast-paramount-service-report-2022-8
I visited both stores in the Buffalo, New York area to see where to get the better deal on organic groceries.
Whole Foods easily has the greater selection, with organic products prominently displayed and organic varieties of just about every item.
Walmart has plenty of produce, but the organic options are much scarcer and all grouped together.
Walmart has the lower price on a bunch of organic celery, at $2.36 compared to $2.99 at Whole Foods.
Broccoli, though, is a better deal at Whole Foods at $2.99 per pound, a savings of 67 cents over Walmart.
Organic cauliflower had one of the biggest price disparities.
It was $5.46 for a head of cauliflower at Whole Foods, compared to $3.86 at Walmart.
Green kale was pricier at Walmart at $7.12 per pound, with a difference of nearly $2 per pound.
Walmart won the lower price on carrots at $1.96 per bunch, though Whole Foods wasn't too much pricier at $2.29.
Organic avocados came out to $2.50 at Whole Foods and $1.66 at Walmart.
Yellow onions were priced closely at both stores, at $1.42 per pound at Walmart and $1.66 per pound at Whole Foods.
Organic garlic is a slightly better deal at Whole Foods, with savings of about 20 cents per pound.
Bananas are a bit pricier at Whole Foods, at 79 cents per pound, versus 62 cents per pound at Walmart.
The same patterns in produce held true for meat.
Whole Foods was the more expensive destination for organic ground beef priced at $8.99 per pound, over a dollar more than Walmart's $7.28 price.
Boneless, skinless chicken breasts were $6.68 per pound at Walmart, much less than the $9.99 price at Whole Foods.
A half gallon of store-brand milk was slightly more affordable at Whole Foods, priced at $4.49 for a savings of 35 cents.
Generally, I found that organic items were priced lower at Walmart, with the biggest savings on meat.
The selection is much more limited at Walmart, though.
Despite its reputation, there are definitely some deals that are better at Whole Foods, so customers would have to visit both stores to truly get all the lowest prices.
Someone who tries to eat organic but doesn't mind buying some non-organic food would probably be better served by Walmart, where they could get the lowest prices.
A committed consumer of organic foods would probably want to stick to Whole Foods, which has hundreds of organic items that aren't available at Walmart. | 2022-12-10T14:21:29Z | www.businessinsider.com | Walmart Vs Whole Foods Organic Produce, Meat, and Dairy Prices | https://www.businessinsider.com/walmart-vs-whole-foods-organic-produce-meat-and-dairy-prices-2022-12 | https://www.businessinsider.com/walmart-vs-whole-foods-organic-produce-meat-and-dairy-prices-2022-12 |
"The White Lotus" season two was filmed at the San Domenico Palace hotel in Taormina, Italy.
Some members of the cast have said in interviews they thought the hotel was haunted.
It offers a luxury experience, but it won't be cheap.
HBO's "The White Lotus" has been a hit in its second season.
The network said that the season's penultimate episode on Sunday Dec was watched by 2.8 million viewers across linear and streaming, a series high.
The season was filmed at the San Domenico Palace Four Seasons luxury hotel in Taormina, a town in the Sicily region of Italy.
Duomo Square in Taormina.
If the show has inspired you to take a vacation, you have some time to plan: The hotel is closed for the winter and will open in mid-March.
But while Italy offers a 40% tax credit for foreign productions to film there, tourists don't get any sort of discount and staying there won't necessarily be cheap.
A quick glance at the website shows that a room with one king-sized bed runs for over $2,100 a night. A sea-view deluxe room, also with one king bed, could be over $2,400 a night. And those are on the less expensive side: a sea-view room with a terrace goes for closer to $3,000 per night.
Taormina is a resort town in Sicily off the Ionian Sea.
"It has so much personality," "White Lotus" executive producer David Bernad told People Magazine last month. "Taormina is this very ancient city up in the hills, and you feel the history and the life that's been lived there."
San Domenico Palace was built within a convent, according to Vulture, which visited the set while the hotel was closed for the winter last year (filming eventually crossed over with the hotel's opening, according to Vulture).
The cast thought the building was haunted after two actors had the same dream one night of a bald man standing at the foot of their bed, Vulture reported.
"I don't believe in that stuff, but I had dreams," actor Jon Gries, who plays Greg, later said. "I had dreams of people standing at the end of my bed in that hotel room, dressed from a whole other era, turning and looking at me. I was like 'Nah nah nah, you gotta go!' I'm not kidding, I was speaking out loud."
Bernad told People that he thought he heard someone knocking at his door "multiple times" in the middle of the night.
But if you can get past the alleged hauntings, the San Domenico Palace sounds like a beautiful place experience.
Here's how it's described on the website: "Perched on a rocky promontory high above the Ionian Sea, the iconic San Domenico Palace welcomes you to a 14th-century convent reimagined. Swim in our clifftop infinity pool, stroll in magnificent Italian gardens, soak in the history, savor Michelin-starred dining and escape into a Four Seasons world of timeless beauty."
According to People, guests can enjoy authentic Sicilian cuisine, poolside cocktails, and a spa that includes a "volcanic basalt hot-stone massage."
And if you want to explore, you can take another page from "The White Lotus" and take a day trip to the town of Noto, where Bernad told People that the Caffe Sicilia has the best dessert in Sicily.
The season finale airs on HBO and will be available to stream on HBO Max on Sunday at 9 am EST.
The White Lotus HBO TV | 2022-12-10T14:21:35Z | www.businessinsider.com | White Lotus' Season 2 Filming Location: Hotel Cost, Details | https://www.businessinsider.com/white-lotus-season-2-filming-location-hotel-cost-details-2022-12 | https://www.businessinsider.com/white-lotus-season-2-filming-location-hotel-cost-details-2022-12 |
Democratic Sens. Kyrsten Sinema of Arizona, right, and Chris Murphy of Connecticut.
Arizona Sen. Kyrsten Sinema announced she would leave the Democratic Party on Friday.
An Arizona Democratic official said Sinema "turned her back" on the people who voted for her.
Sinema has said she is now registered as an independent.
An Arizona Democratic party official said that voters in the state feel like Sen. Kyrsten Sinema has "turned her back" on the people who voted for her after she announced that she would no longer serve as a member of the Democratic Party.
Michael Slugocki, the vice-chair of the Arizona Democratic Party, said Sinema "has no constituency group in Arizona" anymore after her announcement on NBC's Meet the Press on Friday.
"They feel like she's totally turned her back on the people that got her into office," Slugocki said on Meet the Press. "She might have some support from independents, but she has no base. She has no coalition. She only has this personal interest in retaining her personal power in her Senate seat."
—Meet the Press (@MeetThePress) December 10, 2022
Sinema announced on Friday that she would be leaving the Democratic Party and registering as an Independent. Sinema wrote that becoming an Independent "won't change my work in the Senate; my service to Arizona remains the same."
In a series of tweets, Sinema said that she was "joining the growing number of Arizonans who reject party politics."
Slugocki acknowledged on "Meet the Press" that Independents make up "one-third" of the electorate in Arizona, but he said Sinema is still "very unpopular" among Independents.
"She does not have a good favorability rating among anybody," Slugocki said.
One AARP poll conducted in September showed Sinema has a favorability rating of 37% among Arizona Democrats. 36% among Arizona Republicans, and 41% among independents.
Sen. Kyrsten Sinema Politics State Senate | 2022-12-10T16:18:13Z | www.businessinsider.com | Arizona Democratic Leader Says Sen. Sinema "Turned Her Back" on Voters | https://www.businessinsider.com/arizona-democratic-leader-says-sen-sinema-turned-her-back-on-voters-2022-12 | https://www.businessinsider.com/arizona-democratic-leader-says-sen-sinema-turned-her-back-on-voters-2022-12 |
Elon Musk took over Twitter in late October.
Elon Musk sent an email threatening to sue Twitter staff who leak confidential information.
He gave the employees until 5 p.m. on Saturday to sign a pledge, a source told Insider.
Platformer's Zoë Schiffer tweeted extracts from the email, which she obtained.
Elon Musk has threatened to sue the "few" Twitter employees who keep leaking confidential information to the media, according to reports.
Zoë Schiffer of Platformer obtained a copy of the email on Saturday but didn't post the document online because "Twitter is doing everything it can to catch sources," she tweeted.
According to Schiffer's tweets, Musk wrote in the email: "As evidenced by the many detailed leaks of confidential Twitter information, a few people at our company continue to act in a manner contrary to the company's interests and in violation of their NDA."
Staff had until 5 p.m. PT on Saturday to sign a pledge, according to the email.
A Twitter source also told Insider that Musk had sent the email to Twitter staff.
One Twitter user quickly quipped: "Love that the email asking staffers to not leak information, got leaked."
The company is facing four lawsuits filed by former employees, accusing it of various unfair practices following their dismissals.
Four plaintiffs from the lawsuits being represented by Shannon Liss-Riordan spoke at a media conference in San Francisco on Thursday. It came before a court hearing for action brought by five former employees who alleged that Twitter did not provide adequate notice before its mass layoffs.
Many of them expressed their support for former colleagues with families or those who didn't feel comfortable appearing at the event.
Twitter didn't immediately respond to a request for comment from Insider.
Elon Musk Twitter Weekend BI UK News | 2022-12-10T16:18:25Z | www.businessinsider.com | Musk Threatens to Sue Twitter Staff Who Leak Confidential Info: Report | https://www.businessinsider.com/elon-musk-threatens-to-sue-twitter-staff-leak-confidential-info-2022-12 | https://www.businessinsider.com/elon-musk-threatens-to-sue-twitter-staff-leak-confidential-info-2022-12 |
Medly files for bankruptcy as the once-hot pharmacy startup crumbles under mounting losses
Medly filed for bankruptcy on December 9.
Medly filed for Chapter 11 bankruptcy protection on Friday.
The company has been tumbling since August, when it laid off over half its staff and closed 24 stores.
Former employees previously told Insider the startup tried to grow faster than it could handle.
Pharmacy startup Medly filed for bankruptcy on Friday after mounting losses caught up to the company that once sought to disrupt pharmacy giants like CVS and Walgreens.
Medly filed for chapter 11 bankruptcy protection in US Bankruptcy Court in Delaware.
Court documents show Medly may owe millions of dollars to other drug and software companies, including owing nearly $10 million to the pharmaceutical wholesaler Cardinal Health.
Medly did not respond to Insider's request for comment about the filings.
What happened at Medly as it grew too fast
Medly's business took off during the coronavirus pandemic, capturing a wave of interest in getting prescriptions delivered to patients' doors, sparing an in-person visit to a pharmacy. The business grew quickly, boosted by plenty of investor cash. The startup, which last raised $100 million in venture funding from Volition Capital and Greycroft in 2020, has been crumbling, and the company laid off more than half its staff in August and closed 24 of its pharmacies.
Volition and Greycroft did not immediately respond to a request for comment.
Former employees told Insider in November that Medly had been growing faster than it could handle, running 51 stores open and serving 32,000 patients by June 2022.
A presentation obtained by Insider shows that, before the August layoffs and store closures, Medly had plans to open more pharmacies this year and aimed to reach profitability in 2023.
But the startup posted losses of $35 million in the first half of the year even before accounting for expenses like interest and taxes, according to the same presentation.
After slashing its staff in August, Medly closed many of its pharmacies without notifying patients,leaving many patients stranded and unable to get necessary medications, according to former patients and employees.
Medly's cofounder and former CEO Marg Patel quietly left the company sometime in August. Court documents show Patel is still a shareholder in Medly. Patel didn't respond to Insider's request for comment.
Do you have a tip about Medly that you'd like to share? Contact Rebecca Torrence (+1 423-987-0320) using the encrypted app Signal.
Medly Pharmacy Bankruptcy Pharmacy | 2022-12-10T16:18:49Z | www.businessinsider.com | Medly Files for Bankruptcy Months After Mass Layoffs, Store Closures | https://www.businessinsider.com/medly-files-for-bankruptcy-months-after-mass-layoffs-store-closures-2022-12 | https://www.businessinsider.com/medly-files-for-bankruptcy-months-after-mass-layoffs-store-closures-2022-12 |
Donald Trump accused Jewish leaders of a lack of loyalty and claimed he was the best president for Israel.
Trump has been widely criticized for having dinner with Nick Fuentes and Ye, who have made antisemitic comments.
An unrepentant Trump has so far ignored calls to condemn the two men.
Former President Donald Trump accused Jewish leaders of a "lack of loyalty" as he continues to face criticism for his controversial dinner with Holocaust denier Nick Fuentes and Ye, the rapper formerly known as Kanye West, who has made a series of antisemitic statements.
Trump made the comment on Truth Social while linking to an article in The Gateway Pundit by Wayne Allyn Root, a Jewish conservative commentator, who defended Trump over the Mar-a-Lago dinner.
"How quickly Jewish Leaders forgot that I was the best, by far, President for Israel," Trump wrote. "They should be ashamed of themselves. This lack of loyalty to their greatest friends and allies is why large numbers in Congress, and so many others, have stopped giving support to Israel."
Trump has often claimed to have been the most pro-Israel US president, touting policies including moving the US embassy to Jerusalem and withdrawing from the Iran nuclear deal, and has several times criticized Jewish people for not voting for him.
The former president has drawn criticism from even his own party, such as from Senate Minority Leader Mitch McConnell, after his dinner with Ye and Fuentes.
"Kanye West is a deranged antisemite. I want absolutely nothing to do with that lunatic. He's totally bad news," POLITICO reported.
Trump has repeatedly claimed that he did not know who Fuentes was prior to meeting him and has blamed Ye, who he called a "seriously troubled man," for inviting him.
Israeli Prime Minister-Designate Benjamin Netanyahu said on Sunday that he hoped Trump, his longtime ally, would condemn antisemitism following the dinner.
Trump, whose daughter Ivanka Trump and son-in-law Jared Kushner are Jewish, has previously been called out for using antisemitic tropes himself.
In November, before the controversial dinner, Trump admitted that Ye had made "rough statements" but resisted calls to condemn him, saying he was "very sharp" and that he was "impressed by a lot of what he said."
Ye recently lost billions of dollars in brand deals following his antisemitic comments and other controversial behavior.
Since the dinner with Trump, Ye has made even more explicitly antisemitic comments, including saying that he likes Hitler and denying the Holocaust.
Donald Trump antisemitism Jewish | 2022-12-10T16:19:13Z | www.businessinsider.com | Trump Attacks Jewish Leaders Amid Kanye West, Nick Fuentes Dinner Fallout | https://www.businessinsider.com/trump-attacks-jewish-leaders-kanye-west-nick-fuentes-dinner-fallout-2022-12 | https://www.businessinsider.com/trump-attacks-jewish-leaders-kanye-west-nick-fuentes-dinner-fallout-2022-12 |
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