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What is a virtual credit card?
How does a virtual credit card work?
Virtual credit card pros and cons
When to use a virtual credit card
Jake Safane
Even though virtual credit cards alleviate many security risks, they can introduce new ones if someone hacks your account.
mapodile/Getty
A virtual credit card replaces your regular credit card number when making a purchase.
Using a virtual credit card can protect your financial information from fraudsters.
A downside for merchants is that virtual credit cards can make it harder to identify customers.
If you've ever lost your credit card and worried about someone using it, or found unexpected charges on your bill while the card's still in your wallet, you're not alone. Almost half of American adults have experienced credit or debit card fraud, according to Security.org.
Since this problem likely won't disappear anytime soon, it might be worth taking the extra precaution of using a virtual credit card to obscure your real card number whenever you make an online, or even in-person, purchase.
A credit card is identified by a permanent 16-or 15-digit number. Maybe you've memorized it to the point where you can type those digits in when shopping online, or perhaps you have that information saved with a retailer for easy checkouts.
A virtual credit card consists of a new set of numbers tied to that original credit card that you can enter whenever you're asked for your credit card information when making a purchase.
If someone gets your regular credit card information by hacking a retailer, for example, they might use it fraudulently as many times as possible. But with a virtual credit card, there's a layer of separation that can protect you. A virtual credit card number can be set up for a certain number of uses, only allowed at particular stores, or limited to a specific dollar amount.
Even if the virtual card doesn't have these guardrails in place, you could potentially freeze a virtual card if you suspect fraud while keeping your original card number in use.
Plus, virtual credit cards can help you maintain more privacy from merchants, as they're not seeing your regular credit card number. Each time you purchase from a retailer, you might be using what looks like a different credit card.
Virtual credit cards have "become more popular, not only because e-commerce has become more popular over the last few years, but primarily because of more privacy concerns or security concerns from consumers," says Kevin Lee, vice president of trust and safety at Sift, a startup that helps businesses manage online security.
Note: Some consumers like the privacy of virtual credit cards, but the lack of consistency can also make it harder for retailers to provide a smooth customer experience. That could lead to issues like declined purchases if merchants don't know to trust that new virtual card.
One way to get a virtual credit card number is to generate one via your credit card issuer. Not all credit card providers offer this, but if you log into your credit card account, you might see an option to enroll and create virtual credit cards. The same can also be true for debit cards, where your bank might offer options to create virtual cards online.
Your credit card issuer might have tools like browser extensions or apps that you can use to generate new virtual credit cards, often for free.
Sometimes you'll have the option to generate one-time use virtual cards, and other times you might create virtual cards that can be used indefinitely. Much depends on the issuer and your own use for the card.
Note: When generating virtual credit cards, there's typically no impact on your credit score like there is when opening a new credit card.
If you use Apple Pay or Google Pay, you may already be using a virtual credit card. To use these digital wallets, you have to first enter your regular credit card number (or perhaps a virtual card that you generated via your credit card issuer). Then the wallet automatically provides merchants with a tokenized version of your card.
"When you tap to pay the merchant, they're not receiving your actual 16-digit credit card number," explains Lee. "They're getting a tokenized credit card number, which is basically a virtual credit card number. And that certainly [provides] a high degree of security and convenience for a consumer."
The same applies to click-to-pay options via providers like Visa and Mastercard. In general, says Lee, "digital wallets use tokenized/virtual cards by default," but you can check with wallet providers or sites that store your card to confirm whether they're using the regular credit card number or generating virtual ones.
Virtual credit cards have many advantages for consumers in terms of security and privacy. Businesses can also benefit from providing employees with virtual cards rather than physical ones.
However, there are also some potential drawbacks, like having to go through a few extra steps to generate a virtual credit card when making a purchase. And even though they tackle some other security challenges, virtual cards can introduce new fraud concerns if someone hacks your account.
Enhanced security: Since virtual credit cards sometimes can have limited uses, they can increase security. Even if a fraudster got ahold of your virtual card info, they might not be able to make any purchases with it if there are spending or merchant limitations in place.
Shopper privacy: Virtual credit cards can provide consumers with privacy by obscuring their regular credit card numbers. That can make it harder for merchants to associate purchases with particular users.
Good for business uses: Virtual credit cards can also give you more control, particularly in a business context. For example, companies can create virtual cards for one-time use, specify which merchants cards can be used at, and create spending limits for employees.
May add friction: Virtual cards can be relatively seamless to use, as you might be able to just tap and pay. But sometimes they add friction to the consumer purchasing process, such as if you have to switch tabs or apps to generate the virtual card number before completing the purchase.
Doesn't eliminate fraud risk: While virtual credit cards can increase security in many ways, they also introduce new fraud risk. If a cybercriminal accesses your credit card account, for example, they could generate multiple virtual credit card numbers to potentially bypass fraud alerts. Even if credit card companies do not hold consumers liable for this type of fraud, someone else will bear the burden, like the merchant or the credit card issuer.
Potential inefficiency: Another potential downside to virtual credit cards is confusion. Not only might merchants struggle to link purchases to specific customers, but consumers using multiple virtual cards have to keep track of which card numbers are associated with which accounts.
Virtual credit cards have many different use cases for both individuals and businesses. That's because you're generally not creating new lines of credit — which require a credit check and may ding your score — you're just creating new numbers, explains Laurens Eckelboom, chief commercial officer at Tappit, a cashless payments system.
"The services around virtual credit cards are more advanced, and there's more stuff that can go wrong with physical credit cards, like losing them or using them for stuff they're not meant for," Eckelboom says.
Some examples of virtual credit card use cases include:
Shopping online: If you're worried about cybercriminals stealing your credit card data, you might use a browser extension or app that lets you generate one-time virtual credit cards for each e-commerce transaction.
Tap to pay: When shopping in physical stores, you can use tap to pay technology that essentially relies on virtual credit cards. For example, at the grocery store you might use Apple Pay or Google Pay, which then gives that grocery store tokenized information, not your real credit card number. Or, you might have a physical credit card that you can tap to pay, which also generates a token.
Managing employee credit cards: Rather than sending all employees physical credit cards for work expenses, you could provide virtual credit cards for both convenience and control. For example, a marketing team might receive virtual credit cards that can only be used for specific types of purchases, and the finance team can get direct insight into those transactions so that there are no surprises, explains Eckelboom.
Overall, virtual credit cards are part of a growing effort to enhance credit card safety. While there are some potential pitfalls, especially for merchants, they can help protect consumers. At the same time, they're helpful as an organizational tool, such as for businesses that want to give more employees access to the company credit card without giving them free rein.
Jake Safane is a freelance writer who specializes in finance and sustainability. For over a decade, he has worked as a journalist and content marketer, including roles as a B2B finance reporter and as a thought leadership editor at The Economist Intelligence Unit. He is a graduate of Boston University and lives in the Los Angeles area.
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PERSONAL FINANCE 14 best small business credit cards of December 2022 | 2022-12-21T18:29:51Z | www.businessinsider.com | What Is a Virtual Credit Card? How It Works & When to Use One | https://www.businessinsider.com/personal-finance/what-is-a-virtual-credit-card | https://www.businessinsider.com/personal-finance/what-is-a-virtual-credit-card |
When many authors set out to write about political economy, they first finish writing the book and then find charts that illustrate their points. But NYU business-school professor and popular podcaster Scott Galloway decided to work backwards when drafting his latest book, "Adrift: America in 100 Charts": He selected 100 striking charts that highlight America's growing inequality from 1945 to the present day, then wrote about the findings.
This process offered him several important new insights into the decaying of the American middle class — and a surprising sign of optimism for the future. "If you look at some of the darkest moments in history over the last hundred years, it usually begins with economic problems," Galloway said on a recent episode of the "Pitchfork Economics" podcast.
Until the early 1970s, Galloway said, productivity and wages "were like two snakes intertwined." Now, "the delta between flat wage growth and increased productivity in America is literally trillions of dollars in surplus values" — money that's gone to the richest shareholders, he added.
Galloway said the federal government has also built elaborate safety nets to protect the superrich and corporations in times of crisis. While recessions used to present opportunities for young professionals looking to buy homes and launch small businesses, government policies are now geared toward bailing out banks and making it hard for entrepreneurs to borrow money when the markets are soft.
For example, America now produces nearly as much economic activity in any given month than it did over the course of an entire year in the 1950s. We've eliminated diseases, helped to get the AIDS epidemic under control, and made great strides in cutting poverty.
Scott Galloway Economy Pitchfork Economics | 2022-12-21T18:30:09Z | www.businessinsider.com | Scott Galloway Book 'Adrift' Review: How to Solve America's Economy | https://www.businessinsider.com/scott-galloway-adrift-america-in-100-charts-book-review-2022-12 | https://www.businessinsider.com/scott-galloway-adrift-america-in-100-charts-book-review-2022-12 |
Oracle cofounder and CTO Larry Ellison
TikTok has been under scrutiny in the US for the past few years over national security concerns.
Now as bans on TikTok are being considered, it could hurt one of its biggest US partners: Oracle.
TikTok's US user data is on Oracle servers, so a ban would hurt its fast-growing cloud business.
President Donald Trump's administration made a big and controversial — but ultimately unsuccessful — attempt to have viral video app TikTok banned in the United States over concerns about its relationship with parent company ByteDance, headquartered in China.
Now, the political pressure is back on for TikTok, as Congress considers two bills that would follow through with banning the app. One bill would ban it on the devices of federal government workers, while the other more sweeping bill would have it banned for use by American consumers entirely. Meanwhile, several states have already banned TikTok on government-issued devices.
Any federal TikTok ban would have far-reaching implications for the future of tech regulation, for America's relationship with China, and for the growing ecosystem of creators on the app. But the entity that might take the hardest impact from any TikTok ban is one you may not expect: Oracle, one of its biggest partners in the US.
One previous case could provide some hint at how Oracle could be affected is to look at the impact of how Fastly, a cloud computing company, was affected when TikTok took its business elsewhere in mid-2020. TikTok was its single biggest customer; without its business, Fastly's revenue dipped and its stock price fell.
While it's unclear how much of Oracle's cloud infrastructure business is from TikTok, it is clear that the two companies' fates are linked, and a ban on TikTok would likely spell bad days ahead for Oracle.
"This is a strategic partnership that works extremely well, I think, for both companies," said Wedbush analyst Dan Ives. "It's been a coup for Oracle to get this, and if they lost it because of the TikTok ban, those are tough shoes to fill."
Losing TikTok would mean losing a big opportunity
Earlier this year, TikTok said that it will move all its US user data to Oracle servers, in a bid to assuage lawmakers' concerns around privacy and security. The deal was a huge boon to Oracle's cloud business, and is likely one important reason the cloud infrastructure business is growing so quickly, analysts told Insider.
That cloud business, in turn, is key to Oracle's overall growth story. The company's stock is down some 7% for the year, amid a larger market downturn. Oracle execs including CTO and cofounder Larry Ellison have pegged the cloud business as its biggest growth opportunity ahead, as it pushes to take market share away from industry leader Amazon Web Services. That business has grown 50% in the last two quarters, its financial filings show.
The deal also gave Oracle a chance to take on a large customer with national security and privacy concerns and show how its technology could manage that. That gives Oracle more credibility when going after deals, analysts said. It had a similar boon from working with Zoom when its business was booming during the beginning of the pandemic.
So a ban on TikTok in the US would hurt Oracle because it would see a decline in the user data going through its cloud platform, and therefore a slowdown in growth, analysts said. The experts also suggest that it would mean losing TikTok as a potential customer for Oracle's other products, including its core lineup of database software.
"Knowing that officially TikTok just moved US customer data to Oracle in June you gotta figure that's a significant contributor" to Oracle's cloud revenue, said Valoir analyst Rebecca Wettemann. "There are a lot of TikTok users in the US and that number is growing. So you cut that out, you cut out a significant chunk of Oracles not just current, but growth potential for cloud infrastructure."
A ban on federal devices won't have as much of an impact on Oracle as a complete ban would, but the severity of any legislation will ultimately determine how much impact Oracle feels, Futurum Research analyst Dan Newman said.
"The severity of the restrictions will correlate with Oracle in the sense that if the restrictions become broader based than your federal or core defense related employees. Then it could end up becoming a larger and larger impact," he said.
Got a tip or thoughts about Oracle or TikTok? Contact this reporter via email at pzaveri@insider.com or Signal at 925-364-4258. (PR pitches by email only, please.)
TikTok TikTok ban Oracle | 2022-12-21T20:01:00Z | www.businessinsider.com | A Ban on TikTok Could Be Bad News for Oracle | https://www.businessinsider.com/a-ban-on-tiktok-could-be-bad-news-for-oracle-2022-12 | https://www.businessinsider.com/a-ban-on-tiktok-could-be-bad-news-for-oracle-2022-12 |
Some Tesla owners and buyers tiring of Elon Musk's Twitter antics, according to various reports.
Since buying Twitter for $44 billion in October, Elon Musk has become an increasingly erratic and polarizing presence on the web. He's attacked Dr. Anthony Fauci, suspended journalists' Twitter accounts without explanation, and laid off thousands of employees.
The Tesla and Twitter CEO's ceaseless antics are repelling some Tesla owners and potential buyers from the electric-car company, which historically had some of the best brand loyalty in the business.
But there's good news for dejected Tesla fans: Although Tesla is by far the most popular maker of electric vehicles in the US, nowadays there are plenty of other appealing EVs to choose from.
The Mercedes-Benz EQS is one excellent alternative. An electric take on the German brand's flagship S Class, the EQS offers up 350 miles of range, a buttery smooth ride, and — for tech-obsessed buyers — an optional 56-inch array of screens. Pricing starts at around $102,000, and a souped-up AMG version is available for $147,500.
You could instead consider the Polestar 2, the first all-electric car from Volvo's luxury-EV subsidiary. It handles nicely, delivers up to 270 miles of range, has hatchback practicality, and features a minimalist, uncluttered interior just like a Tesla. Plus, its Google-based software looks great and is exceptionally easy to use.
And, much like Musk's company, Polestar sells its cars online without the fuss of dealership markups.
The new Rivian R1S is a mind-blowingly good family-hauler that's equally competent at school drop-offs and off-road adventures. The second consumer model from California startup Rivian, the R1S has seven seats, tons of cargo space, and a powerful four-wheel-drive system that makes light work out of treacherous trails.
Rivian SUVs are backordered into oblivion as the company ramps up production, but they are available lightly used.
The Hyundai Ioniq 5 stands out. The SUV-hatchback-thing turns heads with its bold, retro futuristic looks — complete with hard creases and lights comprised of teeny-tiny pixels. Inside, it feels remarkably spacious and relaxing, thanks to a modern aesthetic, a totally flat floor, and a center console that can slide fore and aft to make room. | 2022-12-21T20:01:06Z | www.businessinsider.com | Electric Cars to Buy Instead of a Tesla: BMW, Mercedes, Kia | https://www.businessinsider.com/electric-cars-instead-tesla-alternatives-rivian-mercedes-hyundai-polestar-2022-12 | https://www.businessinsider.com/electric-cars-instead-tesla-alternatives-rivian-mercedes-hyundai-polestar-2022-12 |
A new house, with a $600 bow on top: Whimsical homebuyers and brokers are turning newly purchased pads into presents
Zoe Rosenberg, Jordan Pandy, and Dan Latu
According to Amber Hughes of King Size Bows, house bow popularity is increasing.
Paul Taramona
House bows are becoming a popular way for real-estate agents to add pizzazz to newly sold homes.
The bows vary from a few hundred dollars to thousands and can be as big as 15 feet.
Whether for holiday decor, transaction closings, or even gifts, bows get put on homes year-round.
Inspection, check. Closing date, check. New keys, check. A new addition on real estate agents' to do lists: a giant bow for their clients' new home.
Orders are up for the oversized house adornments, according to the niche group of larger-than-life bow makers, even as they're down on their more popular offering: the big red car bow.
The Wall Street Journal reported that sales for car bows, a hood or roof embellishment that was popularized by a Lexus ad campaign 20 years ago, may be an economic indicator that foreshadows a drop-off in the number of cars given as gifts this holiday season.
While the house bow market gets a boost during the holidays, it's more of a year-round business, which might contribute to its buoyancy this year despite being a much smaller piece of the equation for the bow makers.
House bows are often purchased by local realtors to celebrate closings or drum up interest in a property, and by particularly spendy gifters looking to surprise their family members or spouses with a new abode.
"It's something that we've done for several years, and it has really become popular in the last couple years," said Amber Hughes, owner of King Size Bows in Costa Mesa, California. "This year we've seen a huge jump in people doing bows on their houses. Business went up a good 15%, at least."
The biggest bow Hughes has been commissioned to make, pictured here, measured 15 feet across. It adorned a commercial building.
King Size Bows
Steven Rosenfield, the owner of Giant Bows in Old Lyme, Connecticut, has observed a similar bump in business. "It was a bit surprising, because it's a pricey item and I get the drift that the economy is withdrawing a little bit," he said, noting that the decoration can range in cost from the hundreds to the thousands of dollars. And shipping for the oversized goods can often exceed the product cost, depending on the size of the bow.
Hughes charges around $600 plus shipping for an average 6-foot, two-loop house bow. "And the wrapping — the part that looks like a ribbon — that's additional," she added.
Rosenfield specializes in full-house bows that wrap around the facade of the building like a ribbon on a present. Like shipping, he said installation can sometimes exceed the cost of the bow itself. The extra-large bows are often hung by putting screws or attachment points into the building, but if a building owner doesn't want to alter the facade, it takes some creativity — which comes at a greater expense.
Rosenfeld loves to see his products installed, and often asks customers to send photos of their decorated homes. "When somebody sends a photo of their finalized installation, and they're just beaming with pride that they wrapped a new house or a new addition, it's just nice to see that joy that comes out of it," he said. "It's an intangible fringe benefit for our products."
A King Size Bow used for decoration.
The bows aren't one and done. They're weather-resistant and often reusable. Hughes's clients are worldwide, so being able to contend with inclement weather is a must. She said the bows have a structure inside of them and a weather-resistant fabric on the exterior. She wasn't willing to go into the details — it's a trade secret.
Hughes said realtors often nab her extra-large door bows, which run a more modest $49.99, for their clients on closing day to welcome them to their new home. "They'll order a dozen at a time so that they have them on hand," she said.
Not everyone in real estate is on board with the trend.
"When I first heard about bows being put on homes I thought it was absolutely ridiculous," New York agent Lauren Hurwitz told Insider.
She doesn't foresee it catching on in her area of Westchester County, though she admits after some contemplation she can see why agents might spring for the holiday gesture.
"The special touch could help a realtor show they go the extra mile," she said.
Real Estate Marketing Holiday Decor | 2022-12-21T20:01:24Z | www.businessinsider.com | The House Bow Business Is Booming, Even As Home Sales Decline | https://www.businessinsider.com/giant-bow-house-real-estate-marketing-2022-12 | https://www.businessinsider.com/giant-bow-house-real-estate-marketing-2022-12 |
Self-driving-car developer George Hotz tweeted last month he was starting a Twitter internship.
Now, Hotz has resigned because he "didn't think there was any real impact" he could make.
Hotz said that he doesn't have regrets and is "still rooting for the success of Twitter 2.0."
George Hotz, who tweeted last month that he was starting a 12-week internship at Twitter to improve the platform's search quality, resigned yesterday.
The self-driving-car developer and noted hacker said he "didn't think there was any real impact I could make there," but that he appreciated the opportunity.
—George Hotz 🐀 (@realGeorgeHotz) December 20, 2022
Hotz tweeted a poll on Monday, asking if he should "step down as a Twitter intern?"
The poll referenced Elon Musk's tweet from this weekend asking if he should step down as Twitter CEO. Like Musk, Hotz added, "I will abide by the results of this poll."
63% of voters voted "No" to Hotz's poll, but he tweeted about his resignation the next day.
In a Twitter Space with Musk held after he announcing his resignation, Hotz still seemed invested in the platform, saying "we're going to build something way better" than social media platform Mastodon.
Hotz did not immediately respond to Insider's requests for comment ahead of publication. But two people familiar with Hotz's departure from Twitter confirmed to Insider that he resigned and has been removed from internal company systems, like Slack.
In a Twitter response to a user who asked if Hotz had regrets, Hotz said, "Nah, it is what it is. Still rooting for the success of Twitter 2.0!"
In another response, Hotz said he "did that with the appropriate people, not the public" when asked if he'd do an exit interview.
After Musk's November email asking Twitter employees to commit to an "extremely hardcore" work culture, Hotz tweeted that "is the attitude that builds incredible things. Let all the people who don't desire greatness leave."
He was hired soon after, tweeting that Musk told him his job at Twitter would be fixing the platform's search function and that he would also try get rid of the pop up that appears for users who go to the website but are not logged in.
In the Twitter Space with Musk, Hotz said he removed the login popup "entirely," but that it was added back by other engineers who "messed up."
While at Twitter, Hotz was critical of Twitter's brief policy of banning links to accounts on other social media platforms.
In 2007, Hotz gained recognition when he became the first person to carrier-unlock the iPhone to let people use their iPhone on networks other than AT&T's. He was also sued by Sony for hacking the PlayStation 3.
George Hotz Twitter Elon Musk | 2022-12-21T20:01:54Z | www.businessinsider.com | Self-Driving-Car Developer George Hotz Resigns From Twitter Internship | https://www.businessinsider.com/self-driving-car-developer-george-hotz-resigns-from-twitter-internship-2022-12 | https://www.businessinsider.com/self-driving-car-developer-george-hotz-resigns-from-twitter-internship-2022-12 |
People walk in front of the Hallgrimskirkja church during snowfall in downtown Reykjavik, Iceland on December 17, 2022.
JEREMIE RICHARD/AFP via Getty Images
Travelers are stuck in an Icelandic airport after a blizzard dumped snow on the country.
Stranded travelers couldn't even get to nearby hotels to wait out flight cancelations.
One passenger told Insider he is very upset with how Icelandair has handled the chaos.
Holiday travelers have been trapped in an Icelandic airport after weekend blizzards left them unable to make it home — or even to their hotels — as streets and highways piled high with snow.
Keflavík International Airport, southwest of Iceland's capital of Reykjavík, all but shut down on Saturday when extreme weather dumped feet of snow on the country. Dozens of flights were canceled because of the storm, and the airport is working on a backlog of delays to get passengers to their final destinations.
Airlines, including Icelandair and easyJet, offered hotel accommodations and reimbursements for their stranded customers at Keflavik Airport, but because of the deluge of snow on roads — including the 30-mile highway that connects Keflavik to Reykjavík — passengers couldn't even get to their hotels, the Independent reported. And according to NBC News, many hotels nearby were already fully booked over the weekend.
Photos posted to Twitter show stranded travelers sleeping on luggage belts and the floor because they couldn't get to hotels.
The highway was cleared as of Tuesday, and flights out of the airport have resumed with delays, according to a statement from Icelandair.
And while easyJet said it will operate extra flights between Keflavik and the UK starting on Thursday, passengers have voiced their frustrations over conditions at the airport following the storm.
Keflavík Airport, easyJet, and Icelandair did not immediately respond to Insider's requests for comment.
Passengers are frustrated by the lack of communication from the airlines
Travelers told NBC News that there was little access to food and almost no communication from the airlines during the days they were stuck at the airport.
Despite multiple warnings from The Icelandic Meteorological Office, Iceland's government, and The Foreign Office, passengers told NBC that the airlines seemed under-prepared and barely communicated through the chaotic weekend of cancelations.
"I understand that weather factors can affect things but I think the lack of preparation and foresight ... You should have never let people come here knowing the forecast," Tom Stirling, 43, who was stranded at the airport with his wife and two sons, told NBC News.
Ryan Stevens, a traveler from London who is still stuck in Iceland, told Insider that Icelandair poorly handled the situation.
Stevens, who originally planned to fly back to Gatwick via Keflavik on easyJet on Monday, said he "kind of knew there could be issues" with the amount of snow Iceland faced, "but hoped that all would be well by the time Monday came."
"I thought that Iceland would be prepared for this weather, so you would presume everything would still run like clockwork. Boy, I was wrong," Stevens told Insider.
Stevens said "Reykjavik was snowed under" and called the capital city "one big ice rink."
Stevens said he was on his way to the airport on Monday morning after a late-night Northern Lights tour when he heard his flight with easyJet was canceled. He said he made the choice to get a refund for that flight and booked a flight with Icelandair the next day along with a hotel room for the night.
Although the flight cost him an additional 400 euros, he thought going with a national airline over the low-cost easyJet was a good move and said he "was willing to forfeit the money to ensure I was home by Christmas."
His Tuesday flight was also canceled, and when Icelandair didn't have any updates for him, he booked another hotel room for that night.
"I received a generic email saying basically, 'We're working on it.' Tried to call. All phones still off. Chat feature offline. I'm stressing because again what do I do about accommodation?" Stevens said.
Stevens said he eventually booked himself on a flight on Christmas Eve — the "earliest flight I could get." He said once he heard what easyJet was doing to get passengers home, he wished he had stuck with the budget airline.
Stevens is out 1,500 euros due to three nights in a hotel and two additional booked flights and said he hasn't heard anything about reimbursements or assistance.
"I'm lucky, I didn't go to the airport. I'm not stuck there. But I don't know what to do," Stevens told Insider. "Nobody can blame airlines for cancellations, but the aftercare after such an event needs to be handled better. I'm stuck. No idea what next move is. No support whatsoever."
Speed desk Iceland Snow | 2022-12-21T20:02:00Z | www.businessinsider.com | Travelers Trapped in Iceland Airport Due to Blizzards, Snowy Roads | https://www.businessinsider.com/travelers-trapped-in-iceland-airport-blizzards-snow-covered-roads-2022-12 | https://www.businessinsider.com/travelers-trapped-in-iceland-airport-blizzards-snow-covered-roads-2022-12 |
I charge $1,000 to help couples write their wedding vows. I've seen some magical and devastating moments.
Tanya Pushkine.
Phil Van Nostrand
Tanya Pushkine is a wedding-vows writer and officiant who was inspired after her own wedding.
Her pricing starts at $995 for a consultation and help from conception to delivery of the vows.
She credits cold emails and advertising on wedding websites in helping her business grow.
This as-told-to essay is based on a conversation with Tanya Pushkine, a 61-year-old wedding-vows writer and officiant known as "The Vow Whisperer" based in New York City, about her job. It has been edited for length and clarity.
I graduated from the Juilliard School with a BFA in acting. After a 10-year career as an actor, I ran public-relations and corporate-philanthropy departments at Sephora, L'Oréal, Clarins, and Nestlé. In 2014, I left the full-time corporate world to consult and manage corporate social-responsibility platforms for a number of large companies before pivoting in 2019, when I founded The Vow Whisperer.
I had a blast planning my own second wedding in 2019. It was a lot of work and an exercise in creativity that I absolutely loved, and the positive feedback I received about the ceremony was extraordinary. That was the "aha!" moment for me.
My pricing starts at $995, which includes a primary consultation to determine what's best for a client's needs. I offer help with vow creation and delivery, officiant services, speeches and toasts, ceremony planning, and public speaking. The standard offering for vows includes help with everything from conception to delivery. Everything is highly customized to each person, so there are no set packages.
I've helped more than 150 couples in the last two-and-a-half years with their vows, coached more than 50 people who had never officiated before, and officiated 75 weddings. I couldn't imagine a better way to spend my days than being surrounded by couples in love.
I consult with couples on how to creatively and lovingly write their vows in their own words
Pushkine marrying Dan and James.
Samantha McNulty Photo
I don't write the vows for them but guide them as they write and coach them on how to speak in front of a crowd, as many haven't spoken publicly since school. I also assist in the ceremony planning and coach participating family and friends with their speeches and toasts. A large component of my corporate life was spent training executives on how to give the perfect speech and talk concisely and informatively to the media. With this pivot, I've transferred these skills to the wedding party.
Pushkine officiating.
In Sync Weddings
As an officiant, I'm also often hired to run the ceremony. When there's another officiant, specifically a friend or family member, I'll work with them in crafting the ceremony and guide them through all the logistics to execute the couple's plan seamlessly.
My first clients in 2019 were friends who came to my wedding
They flew me to Jamaica to help rehearse their vows, which was an amazing experience. I immediately created a website and started building up my social-media accounts after working with them. I announced the launch of the business to my very large Rolodex of friends, family, and corporate colleagues I met over the decades, and it quickly took off via word of mouth.
Additionally, I sent cold emails to hundreds of wedding planners introducing myself, and I advertised my business on WeddingWire and The Knot. I also reached out and secured press and interviews on podcasts, including Brides, "Betches Brides," "The Big Wedding Planning Podcast," Elle UK, Martha Stewart Weddings, and Grace Ormonde. People now find me through word of mouth, couple referrals, planners, venues, Instagram, press, podcasts, and Google.
My typical day includes anywhere from 5 to 8 Zoom sessions
We practice vows, craft ceremonies, and edit speeches. I also may have "discovery calls," which are meeting a couple for the first time.
During the wedding season from May to June, the days are very long, as I also marry people and often need to travel. Being a part of the wedding allows me to stage-manage on-site and do a bit of improvisation if needed.
The offseason is a bit slower, but I spend my time speaking with prospective clients, researching wedding trends, and speaking with and constantly learning from others in the industry.
One cute story involved a lovely couple who had identical vows
They had the exact same memories and vows, almost word for word. My process starts with a questionnaire, which I ask people to work on over a period of a month, as it requires a lot of thought, reflection, memories, and anecdotes.
One question is, "When did you know for sure he/she was the one?" This couple chose the exact same moment and used identical language to describe every single detail of that event. As I work individually with each person, since vows should be top secret, I decided to leave it as is. There are pictures of the couple reading the vows hysterically laughing at this coincidence.
Once I was hired to help a couple with their vows and marry them
It was lovely working with them. I get to know all my clients intimately. Writing vows is a bit like affirmation therapy, as we discuss the wonderful elements of their relationship. We crafted the vows together, practiced over a few months, and then it was time to get married.
I drove around four hours to the magnificent venue in Lenox, Massachusetts, and as I pulled into the parking lot, I received a text from the wedding planner that announced, "the groom is a no-show." I walked into the gardens of the mansion where the wedding was to take place and found the wedding planner, the bride (already changed out of her dress), and the photographer sitting there in stunned disbelief.
I stayed for a while hoping to help calm the bride, who was in total shock, and then I drove back to New York City saddened by the state of affairs. Nothing can be more devastating than being left standing at the altar, and my heart wept for this bride.
I wish I'd had a business plan when I started, but I didn't realize I'd started until I was knee-deep in it
But I eventually did write a business plan, and I cannot say enough how important one is to moving any business forward. It's really easy to be afraid of tackling it, but it truly is a thought exercise that helps you actualize and manifest what you want.
I also did a lot of research. I bought a bunch of books on officiating and creating ceremonies such as Christopher Shelley's "Best Ceremony Ever: How to Make the Serious Wedding Stuff Unique" and "Do-It-Yourself Wedding Ceremony: Choosing the Perfect Words and Officiating Your Unforgettable Day" by Dayna Reid. I dug deep into wedding ceremonies both religious and secular and learned about what different cultures value in a marriage ceremony.
I also joined the Wedding International Professional Association (WIPA) determined to meet other wedding professionals and worked my way up to where I am now, serving on the board as director of membership. I get to meet new people all the time in this role. Additionally, I advise all who want to be a wedding pro to attend wedding vendor events such as Party Slate, where it's vitally important to network.
BI-freelancer Weddings vows | 2022-12-21T20:02:12Z | www.businessinsider.com | I Charge $1,000 to Help Couples Write Their Wedding Vows | https://www.businessinsider.com/wedding-vow-writer-help-couples-write-marriage-vows-2022-12 | https://www.businessinsider.com/wedding-vow-writer-help-couples-write-marriage-vows-2022-12 |
3 unique and cheap ways I've built strong connections with customers to grow my multimillion-dollar jewelry business
Priyanka Murthy.
Courtesy of Priyanka Murthy
Priyanka Murthy is the CEO of the multimillion-dollar fine-jewelry business Array.
She says paying for ads and influencer marketing hasn't been sustainable or worthwhile.
Instead, she throws celebratory events for customers and runs a VIP loyalty program.
This as-told-to essay is based on a conversation with Priyanka Murthy, the 40-year-old CEO and founder of Array, about the customer-engagement tactics that have helped grow her business. Insider has verified her business' revenue with documentation. The following has been edited for length and clarity.
When I founded my fine-jewelry business, Array, four years ago, I felt I wanted to do marketing a little differently.
For one, when I sat down and crunched the numbers, I realized a lot of traditional marketing methods would not be the most effective way to use our budget. Trying to compete with Tiffany & Co. on Google would be an uphill battle. I'd never have the same ad-spending power as Swarovski. Going down these paths felt like a waste of money.
I also thought about my target customer, and traditional marketing didn't feel like the best way to reach her, either. Our clients are warm, fun, and high-achieving women — kind of like me. I rarely make purchasing decisions, especially for higher-ticket items, from a social-media ad. But when my peer group introduces me to a brand they love, I'm more likely to buy again and again.
I decided that customer engagement would be the main focus of our marketing efforts. Here are three twists on traditional marketing I use to connect more deeply with clients, grow our company reach — and, ultimately, build a multimillion-dollar business.
We celebrate our customers instead of doing traditional event marketing
Events are a great way to show prospective customers our products in person and let them try them on for size. While we do some standard event marketing — like trunk shows or pop-ups with other brands we love — we've found the most marketing power in throwing intimate, personalized events for our clients and their communities.
This year, we invited our clients to tell us about a milestone they'd reached: They can share why they're purchasing a piece of jewelry as part of the checkout process, and we're connected with many of them on LinkedIn. We chose the most compelling stories to celebrate with an event — a book launch for a tech CEO who was publishing her first book and celebratory dinners for a professor who was getting tenure and a lawyer who was being sworn in as a federal judge.
These events don't cost us very much — we've never spent more than $3,000 to throw one — and have been a word-of-mouth wildfire, tripling our customer acquisition.
Array event attendees picking out jewelry to wear.
Courtesy of Array
For one, the clients we're celebrating can invite all their friends for free, most of whom are professionals themselves. We never push the brand hard but always offer up some of our jewelry for everyone to wear for the evening. People organically share photos from the event on their social feeds, furthering our brand's reach.
By the end of the evening, many attendees ask to purchase their jewelry (without any prodding from us). Even for those who don't, we ask for their emails and, the next day, send them a personalized email asking if they'd like to be on our mailing list. They're often happy to connect, and our reach grows with real connections.
We spoil our most loyal shoppers instead of spending money on ads
While I've experimented with both digital ads and paid influencer marketing, I found them both lackluster on returns. Instead, we've found more value in shifting those budgets to create a VIP program to nurture our most loyal clients.
Based on our average order value, we determined that any client who had spent more than $1,200 in a calendar year with us was eligible for the VIP program. As part of the program, clients receive try-on boxes of jewelry throughout the year so they can test the pieces at home for 10 days, have access to an expert personal shopper 24/7, get 25% off anything they purchase, and receive gifts on their birthday and at the end of each year (like free jewelry or a special bottle of bubbly).
Obviously, it costs us some money to make this program so perk-filled. But it costs us less than digital ads and influencer marketing — and we've found that the cost has paid off in spades by increasing the lifetime value of clients and encouraging them to talk about the brand and refer their friends. In less than a year, this strategy has helped us nearly double our revenue, while spending 60% less on marketing. We also think this strategy is more sustainable because we're engendering client connection and brand loyalty, rather than a one-time sale from an ad.
We work with customers on cause marketing
Cause marketing has been on the rise in the past couple of years, and consumers increasingly want to buy from brands that align with their values and that aren't afraid to take a stand on social issues. We've also seen how easy it is for a cause-marketing campaign to fall flat and feel disingenuous.
We've found the most success by working with our clients to create a cause-marketing campaign. In the height of the COVID-19 pandemic, for example, we polled our community about the causes they cared about and found that science resonated. Then, we reached out to some female physicians we had connected with from sponsoring a health conference asking them to help us design a science necklace, proceeds from which would be donated to Project Hope.
Array's "science" necklace.
Because our community had been involved from the start, and we knew they were inspired by the cause and mission, they were excited to share it. With the help of the doctors, we worked with on designing the necklace, we asked the female medical and scientific community to help us promote the necklace, and hundreds were happy to help get the word out.
Our client acquisition increased by 30%, and there was very little additional cost associated with the campaign. Plus, we got to support a cause that was just as meaningful to us as to our customer base.
SMB Marketing for Small Business Events | 2022-12-21T21:32:20Z | www.businessinsider.com | 3 Cheap Ways I Market My Business and Get Loyal Customers | https://www.businessinsider.com/cheap-ways-market-jewelry-business-array-get-loyal-customers-2022-12 | https://www.businessinsider.com/cheap-ways-market-jewelry-business-array-get-loyal-customers-2022-12 |
Behind a Wall Street headhunter's rapid ascent lie accusations of harassment and abuse
Durlston Partners wooed employees with the promise of fast cash, epic parties, and an unbeatable culture. Some people who worked there say its CEO, Vax Bahram, also created a culture of fear, made racist and sexist comments, and potentially violated UK pension requirements.
Alex Morrell
n late June, Vax Bahram received an upsetting email: A young rising star at his fast-growing financial-services-headhunting firm, Durlston Partners, was resigning.
She was the second employee on his data-science recruiting team to quit that month. A week earlier the leader of the team had quit the London-based firm.
At Durlston, a staff of more than 50 serves a bevy of marquee names on both sides of the Atlantic Ocean, including Citadel, Blackstone, Schonfeld, Two Sigma, and WorldQuant, among many others. Its four-person data-science team, which placed brainiac researchers and statisticians at investment and financial-technology firms, punched above its weight and had become a lucrative source of revenue.
Vax Bahram called a departing employee a "thieving little whore" in a companywide email.
Provided to Insider
Bahram smoldered over the defections. The spurned founder forwarded the latest resignation email to the entire company, adding choice commentary of his own: "Goodbye thieving little whore."
Since then, the other two members of the data-science team have quit as well. At least 10 people have left Durlston Partners, or DP as it is called in company parlance, over the past year.
Seven former employees spoke with Insider about their experiences at Durlston. Themes that emerged from conversations with former employees, as well as court records, emails, and WhatsApp messages Insider reviewed, were grievances over the leadership and an extensive range of abusive, erratic, and often unprofessional behavior by Bahram.
Allegations from former employees include bullying, going on tirades, making threats and sexist comments, and engaging in other forms of harassment.
Bahram made bigoted comments. In one text seen by Insider he wrote, "I've had incredibly disappointing experiences with Jewish people sadly - been conned in a smart way many times and always to do with money."
Bahram pressured employees to opt out of the company pension plan, a potential violation of UK pension requirements, according to former employees and messages from Bahram seen by Insider.
In one message to a former employee reviewed by Insider, he ripped into a billionaire hedge-fund client, calling him a "dumb ass."
Most employees spoke to Insider under the condition of anonymity for fear of retribution from Bahram, an exec they say frequently managed with intimidation. Several said Bahram's behavior has left them with lingering trauma.
One former employee who says she was scarred by bullying, sexism, and harassment from Bahram tried to kill herself last year, saying her experience at Durlston contributed to a breakdown in her mental health.
Two industry sources who knew Bahram early in his career painted a picture of a talented but volatile recruiter prone to surprising emotional outbursts.
Bahram, speaking through his attorneys, said the characterization of him as an abusive boss is "divorced from reality." In a statement provided by the lawyers, he said: "Durlston has worked immensely hard to build an inclusive and professional company culture over many years. This story arises from a small number of former employees, some of whom are attempting to form a competitor firm, making false allegations against the company and its founder. This cynical tactic to discredit the company for commercial gain is unethical and bound to fail."
Bahram did acknowledge sending racist and sexist text messages, as well as asking employees to opt out of the company's pension plan. He said he had apologized and worked to make amends.
The allegations against Bahram come amid a period of record growth for Durlston, which quadrupled its headcount during the pandemic. A New York office opened in September, and the company continues to recruit.
In the inconspicuous world of Wall Street recruiting, Durlston's lively culture — flaunted on social media and a spotless Glassdoor listing — made it an alluring destination to work. But some who worked at Durlston felt this was a facade behind which lurked an enigmatic and at times bullying leader who could inflict emotional damage at the drop of a hat.
The unbridled world of Wall Street recruiting
he raucous excesses of Wall Street, memorialized in bestsellers like "Liar's Poker" and "The Wolf of Wall Street," are largely artifacts of a bygone era.
Trading floors are no longer boisterous dens of machismo; they hum with quiet, intense efficiency as algorithms and mobile apps shoulder much of the heavy lifting. Bawdy party culture has been largely relegated to the industry's fringes and shadows.
One of those fringes is Wall Street recruiting, an unregulated landscape of hundreds of firms that battle to fill vacancies and build out new ventures at banks and investment firms.
At one end of the spectrum is the handful of global white-shoe executive-search firms like Heidrick & Struggles or Spencer Stuart — large institutions known for filling high-profile, senior roles and board positions at blue-chip corporations.
Far more numerous are the small to midsized headhunting shops that focus on the breadth of roles beneath that level, from fundamental portfolio managers to quants to junior analysts and tech-support staffers.
No special education or accreditation is required to run such a firm, and the overhead is minimal. As a result, the caliber and culture of such firms can vary dramatically.
As with other sales-oriented industries, entertaining and drinking are part of the fabric, though some firms embrace partying with more gusto than others. Boiler-room hustlers and bespoke boutiques coexist in the same terrain and even serve the same clients, and companies can appear and disappear as quickly as British prime ministers.
"It's an unregulated industry with loads of egos. It breeds eccentric, quirky personalities," a former Durlston employee said.
In this sea of recruitment firms, Durlston Partners presents itself as an ideal destination for Wall Street recruiters.
A polished, modern website boasts of "an extremely mature, collaborative and supportive environment" and an "endless list of benefits," including commissions of up to 40%, free food, extensive vacation time, and "epic end of quarter parties."
On Glassdoor, Durlston holds an unblemished five-star rating and 100% approval for Bahram, who's listed as its chief executive. Employees heap praise in the "pros" section, while the "cons" are absent or spun as positives. "Sometimes you have to remind yourself to be grateful for being part of such an amazing team," one review reads; two reviewers say it's difficult to stay on a diet ("so much food and Deliveroo for afternoon tea!").
"You go into it thinking it's the best of the best within the industry," one ex-employee said.
Most of the nearly 100 photos on the Glassdoor profile showcase the company's vibrant social life: black-tie dinners, a polo match, boat trips, rooftop bars, excursions to the countryside — typically accompanied by alcohol.
On Glassdoor, Durlston fosters the image of itself as a vibrant culture filled with outings.
Durlston/Glassdoor
One person who eagerly bought the sales pitch in early 2021 was Ailish Morrison. Shortly after her 23rd birthday, and fresh from completing her master's degree, Morrison, a young aspiring filmmaker, was desperate for a paycheck to cover the notoriously steep cost of living in London. Morrison found herself interviewing at Durlston, where she met with the entire firm over the course of several days in April.
"It was a complete whirlwind, and it felt too good to be true," Morrison told Insider. "The biggest thing they sold to me was culture."
On her first day, her optimism was dealt a reality check. She felt that she was welcomed icily by Bahram, who instructed her not to become a distraction to the mostly male staff. Bahram denies making this comment.
"Something had changed. It was scary, and I felt very uncomfortable," Morrison said.
Six months later she was in a mental-health clinic, explaining to medical personnel how she'd spiraled so far that she'd tried to take her own life and that abusive behavior from Bahram she'd been replaying in her head had contributed.
Behind the enviable Glassdoor rating, and pressure on pensions
ne of the small mysteries of Durlston Partners is how the company maintained such an impeccable external presence to would-be hires.
On Glassdoor, even the companies heralded as the best places to work, both large and small, have impressive yet imperfect ratings, including at times critical feedback in employee reviews.
Durlston's perfect rating and glowing reviews on Glassdoor were no accident, ex-employees say.
"Everyone is given a calendar reminder of when they have to submit a review," one former employee told Insider. "They press you to write one and naturally monitor what is written."
Dan Franco — the former data-science team lead who left this summer, setting off a months-long legal brawl with Bahram — also said employees were instructed when to write a review.
Bahram wrote in a WhatsApp message to Franco seen by Insider: "If you can help DP with a stonking but deserved Glassdoor review that would be great - going to get everyone to do one a week."
One ex-employee recalled being hounded to write a review. Another told Insider that Durlston was "very pushy" about having employees post a Glassdoor review. This person said they were initially thrilled to land a job at the company — based on the Glassdoor reviews and an overwhelmingly positive interview experience, Durlston seemed best in class. Then they realized the company repeatedly pushed people to write reviews, often within weeks of joining the firm.
"It's upsetting because you see all these amazing Glassdoor reviews, and then you see the context behind them," this ex-employee said.
Durlston denied pressuring employees to write Glassdoor reviews. Durlston said that it sends out calendar invites to write a review only after an employee's sixth month at the firm and that it makes clear to employees that they can say anything they want, positive or negative.
Glassdoor wasn't the only system Bahram tried to influence, according to former employees, WhatsApp messages, and court records.
In the UK, with few exceptions, companies are required to offer employees a pension plan. At Durlston, employee contracts say the company will comply with that part of the law.
But employees were pressured to opt out of the pension plan, according to four ex-employees and WhatsApp messages seen by Insider.
In a message from January 2021, Bahram told Franco he was "holding up payroll" and needed to "log on and opt out from the pension scheme please."
In a WhatsApp message to Durlston's team leads earlier this year, Bahram wrote: "Pension scheme - please get your team members to opt out, it's not something we offer and it's so small it's just damage to both DP and the employee. Lobbied by the powerful pension funds in parliament as a must. It's just another stealth tax like the student loan."
When one senior leader asked how to track down those who hadn't opted out, Bahram advised him that he could get the list from the operations team.
An ex-employee said in documents submitted to a court that some employees were "shocked and deeply upset" by the incident, adding that it contributed to her decision to quit what she called "a toxic workplace." The claim was settled before Durlston could respond to the allegation in court. Durlston told Insider she wasn't a credible source given the acrimonious nature of her departure from Durlston.
A representative for the Pensions Regulator said in an email to Insider: "Employers who seek to induce staff to opt out risk enforcement action and financial penalty — they cannot encourage their staff to reduce their contributions below the statutory minimum or opt out. It can only be the saver's decision."
Through his attorneys, Bahram denied that employees were pressured to opt out of the pension. Nonetheless, he said that Durlston self-reported the "potential breaches" to the Pensions Regulator, and that Durlston told employees to disregard "any previous communications that asked employees to consider opting out." His attorneys said Durlston has worked to remedy any concerns the regulator may have had about this specific issue, including speaking to individual employees who may have been affected to help them join the pension.
The rise of Durlston Partners
akhruddin "Vax" Bahram has broad shoulders and doughy cheeks, carrying the slight paunch of a 40-year-old father of two. Defining features include a helmet of straight, brown hair that shields his forehead like a stage curtain, as well as a penchant for dapper suits.
He has a baritone voice and a proclivity for speaking in the third person.
"I've never heard someone say their name so many times," one former employee said.
His flair for fashion — and entrepreneurship — is longstanding. In 2006, after graduating from Kingston University with a degree in economics, he put together a charity runway show at a London nightclub featuring clothing designed by recent fashion graduates, according to local news reports.
Bahram got his start in recruiting not long after, landing at the London headhunting giant Aston Carter, where he focused on technology and quant roles for hedge funds until he was laid off in 2009 amid the financial crisis.
Fakhruddin "Vax" Bahram founded Durlston in 2010.
Two recruiters from this era who knew him described him as a gifted networker who was plugged in with some notable buy-side clients. But he could also be mercurial, controlling, and quick to hostility and excessive profanity when he didn't get his way.
In 2010, Bahram was hired to help get a fledgling search firm, Radley James, off the ground. His tenure was short-lived.
He was appointed and removed as a director in swift succession that spring, according to corporate records from Companies House. People familiar with the matter say he had a falling-out with the founders within weeks of joining and was fired for gross misconduct, including expletive-laden abuse. Bahram denies that he was fired, saying he left Radley James of his own volition to set up Durlston.
Shortly after, Bahram did indeed found Durlston Partners.
As a boss, Bahram embraced the corporate cliché of the business as a family — a dynamic heightened by the fact that his two brothers hold senior positions at the company.
Bahram could be exceedingly generous with his time and money, former staffers said. Junior and senior employees alike get face time with the exec, and he has no problem shelling out cash to take care of his team well beyond team meals, outings, and retreats.
Morrison, for example, had been surprised and grateful when Bahram offered her £500 to furnish a bare-bones apartment in London she'd just moved into.
Bahram has housed new hires from outside London in his home or put them up in a hotel, a former employee told Insider.
"He would always have time for you," another ex-employee recalled. "You could always go up to him and ask him for advice, and you could go for a walk and he'd be there for you. Take you to nice dinners. He'd shout about you if you did really, really well."
But he was also prone to unprofessional behavior that alienated people on staff.
A company outing this March to a comedy club was a notable debacle, former employees said.
Bahram arrived at the Comedy Store in Soho and sat front and center. He had been drinking, former employees said, and he began heckling the comedians on stage, who dished it right back. At one point Bahram opened his wallet and threw £50 notes at one of the comics, who asked Bahram what he did for a living. According to several former employees who were there, Bahram responded, "I own a pornography company!"
"We were just cringing," one of them said of the incident. (One of the performers who witnessed Bahram's behavior said he was "incredibly disruptive" and later received a gift basket with an apology note.)
For the comedians and the venue, heckling is commonplace. For several Durlston staffers who were there, the display — and especially the implication that they worked for a pornography company — was disturbing and embarrassing.
"It was incredibly mortifying," one of the employees who attended said. The next day, Bahram apologized to employees for drawing attention to himself.
Bahram also made antisemitic and racist comments. Bahram espoused concerns about being conned by Jewish people. In a text, he said that if one of the Black male employees at the firm "ever pulls the angry black dude stunt at DP, he'll be out the door before his feet can touch the ground!"
Such remarks were not limited to WhatsApp, another former employee said, adding that Bahram would casually make racist jokes and appear to "think nothing of it."
In another message to Franco, he called the billionaire hedge fund manager Alan Howard, whose firms Durlston worked with, a "dumb ass" and boasted that if Howard were to show up at a meeting he would "slap his little bald head and tell him to pipe down."
Bahram said this comment was intended as a joke and he deeply regrets making it.
Bahram acknowledged through lawyers making comments "that could be perceived to be racist" during private conversations with Franco. But Bahram said the comments "do not in any way reflect company policy or culture at Durlston."
He said he also deeply regrets other comments including calling an employee a "whore" in a companywide email.
A taste of 'the billionaire lifestyle'
n Durlston's office on Maddox Street in Mayfair, hanging on the wall where the desks begin is an imposing photo the size of a car windshield. Bahram is front and center, a glass of Champagne in hand, flanked by boxes of Veuve Clicquot and a bottle of Cartier bubbly. Confetti and cash rain down from the ceiling, a Shiba Inu — hired specifically for the photo shoot — rests at his feet, and surrounding him in eccentric outfits and poses are the Durlston rank and file.
The arresting image took weeks to plan and the better part of a workday to shoot, and it cost well over £4,000; employees were asked by the operations team to chip in to cover it as a birthday gift to the boss.
The photo's evocation of Jordan Belfort and "The Wolf of Wall Street" was by design.
The office and the photo are both markers of a recent, prosperous turn in Durlston's fortunes.
The company had taken some time to gain traction. A decade after its launch, its headcount had grown to about 10. But 2020 was the year everything changed.
Surging wealth for quantitative-trading firms — many of which benefited from the market volatility during the Covid-19 pandemic — as well as reverberations from the Great Resignation helped fuel Durlston's growth over the next three years. Bahram had also embraced cryptocurrencies and courted firms specializing in them well before their monumental growth spurt, positioning the company to capitalize on the crypto industry's recent hiring binge.
Durlston's business grew as mandates for data scientists, quants, software engineers, and other roles piled up, and Bahram hired more staff to keep pace. From the onset of the pandemic through early 2022, Durlston's headcount grew to more than 40 — a fourfold leap.
While Durlston's pay and benefits were a draw, its culture also helped make it an enticing destination for work-hard, play-hard zoomers and millennials.
Franco, 32, recalled his first few months at Durlston as a blur of revelry he'd associated more with professional athletes than Wall Street recruiters, including Champagne, table service at nightclubs, and women dancing in lingerie.
Former employees described Bahram as an avid drinker who splashed money around to give them a taste of the high life, or what one ex-employee called "the billionaire lifestyle."
"It feels like the sun is shining on you when you're with Vax," this person said.
The systematic bullying was something I'd not seen before. It was aggressive.
With Durlston's fortunes on the rise, Bahram was flush with cash. The cryptocurrency evangelist bragged about his multimillion-pound digital-asset portfolio, Franco said.
He wasn't bashful about spending it, especially on entertaining and building a lively atmosphere at Durlston. Company retreats have been held in Ibiza and on a yacht in Barcelona, and when cross-border travel wasn't feasible during the pandemic he took the team to palatial compounds in the English countryside.
These getaways were festive, enjoyable occasions for many, where booze flowed freely.
"Everyone gets pretty loose at these events," a former employee told Insider, noting the availability of alcohol throughout the day. Durlston insisted to Insider that events and holidays do not revolve around alcohol.
But some found the efforts at team building excessive and, in some cases, unsettling and uncomfortable.
One company getaway to the countryside was held over Easter, for instance, making several employees choose between going to a work retreat and spending the holiday with their families.
Many employees of Durlston regularly went to the office during the height of the pandemic. This at times stoked tensions between the exec and staffers who took the virus more seriously — people Bahram is said to have referred to as "panicky daisies," "self-righteous retards," and "fucktards."
At one gathering in March 2021 to mark the end of the first quarter, the police buzzed the intercom to investigate a complaint that the company was hosting a party in violation of national law. Durlston staff quickly hid the alcohol and threw on headsets, pretending to work until the coast was clear, former employees recalled.
Durlston said it did not break any COVID-19 laws, regulations, or restrictions, that there was no party, and that employees had ordered food and alcohol for an end-of-quarter presentation. The police took no action. Insider has seen videos from the evening in which loud music can be heard in the office and employees can be seen playing games, popping balloons, and drinking alcohol. Bahram was not in those videos. Significant lockdown restrictions were in place in London at the time, and Durlston would have needed to be able to demonstrate that the gathering of its employees was reasonably necessary for work purposes.
Employees weren't surprised by or even opposed to the partying culture at Durlston. It was Bahram's behavior, at times exacerbated by booze, that shocked and offended former employees Insider spoke with.
"A drinking culture was well intertwined — but that's a dime a dozen in the recruiting industry," a former employee said. "The systematic bullying was something I'd not seen before. It was aggressive."
'A culture of fear'
hile Bahram preached family, his comportment could flip from father figure to "Full Metal Jacket" in short order. Some employees perceived that Bahram's generosity came with hidden strings attached and that in return Bahram expected loyalty, obeisance, and gratitude.
"There was a culture of fear, definitely within members of staff," one former employee said.
Hostile exchanges with Bahram were common, whether via tongue-lashings or heated Slack or WhatsApp messages, former employees said.
A junior employee who ended up leaving the company said in court documents that Bahram berated her for delaying signing a contract. It contained a noncompete, and she told him she was seeking legal advice before signing.
"What the fuck is going on? Why haven't you signed the contract?" Bahram said, according to the ex-employee's submissions to court. "Why would you need legal advice? If you are not 100% involved and committed to Durlston, you can get the fuck out!" The employee's claim settled before Durlston could respond to it, but the firm told Insider it believes the woman isn't credible because she left acrimoniously.
Franco, the head of the data-science team and an outspoken, seasoned recruiter, was a frequent target of Bahram's ire, Franco and three other former employees said. "Dan was always the guy who never backed down. He was quite strong headed," one ex-employee said.
Franco said that in one instance, after he accused Bahram — in front of other people — of abusing him, Bahram sent him a tirade over WhatsApp. Bahram wrote to Franco, in part: "You're beyond help and beyond my patience you absolute cunt. Go be someone else's headache, I don't need a toxic shitbag to bill me anything. I'm so disappointed and angry with you, you're lucky you're not in front of me right now. I'd rip your fucking head off."
Last October, Franco was angling to move into a flat in East London with a friend who worked at a different recruiting firm, a move Franco said would significantly shorten his commute and provide more of a social life.
"It's a bit lonely being on your own 24/7," he wrote to Bahram in a WhatsApp message.
Bahram objected.
"Not comfortable with you living with someone from a direct competitor. Find an alternative solution," Bahram wrote back. "Things are just starting to look up for you don't fuck it up by getting too excited." Bahram told Insider this was not a prohibition but merely a suggestion that it would not be an appropriate arrangement.
Franco's tenure ended acrimoniously this June — roughly a month after Bahram had congratulated him for hitting an ambitious annual target of billing £1 million in five months, Franco says. In court documents, Franco described "constant abuse, intimidation and harassment."
The fractious separation resulted in months of litigation. According to court filings, Durlston brought a claim against Franco alleging that he had breached his contract and violated restrictive covenants when he quit and subsequently launched a new search firm, Adamas Knight. Durlston also claimed that Franco had deceived Bahram and procured a substantial loan from Durlston that needed to be repaid.
Franco countersued Bahram, arguing his employer's conduct forced him to quit against his will. Court filings show that Franco accused Bahram of withholding hundreds of thousands of pounds in commission payments.
Bahram also sued Franco's subordinate, the data-science teammate who quit less than a week after Franco and whom Bahram called a sexist slur in companywide email, alleging they stole confidential information and violated the company's 12-month noncompete.
She disputes the claims and alleged in court that Bahram "sexually harassed and discriminated against" her. Those claims included Bahram calling her while she was on vacation with her family and accusing her of having a sexual relationship with her boss, Franco, which she denied. She also learned that Bahram called her "a little ambitious dumb whore" in a text message to Franco. The employee asked that her name be withheld from this story so as not to further connect her to the embarrassing insults.
"I felt I had no other choice but to resign from a toxic workplace," she said in the court filings.
The cases were settled in October before a judge could determine the claims and counterclaims. Durlston said that Franco and his colleague who left shortly after him were not credible and were motivated competitors.
After Franco resigned, Bahram sent a stream of vitriolic messages.
Before resigning, Franco went dark and stopped responding to Bahram — he called in sick with a doctor's note citing stress. This provoked a cavalcade of calls and furious messages from his boss, according to records seen by Insider. Bahram believed Franco had stolen money and was in a romantic relationship with his subordinate, which Franco denied.
"I believe in karma - your life will never taste the same you son of a bitch with no father and now no family," Bahram said in a text on June 23. "The police and the courts and everything I have will come after you every day, this day and the next. Vax Bahram always settles his debts and no one steal a penny from Vax Bahram. You ugly disgusting excuse of a human being."
Bahram even attempted to reach Franco through his mother, whom he'd found on Facebook before messaging and calling her on WhatsApp. She declined to get involved.
Bahram thanked her for being a "great human being" and sent her a selfie. She blocked him.
A downward spiral
Not long after Morrison started recruiting in digital assets for Durlston in April 2021, Bahram began to criticize and insult her at the office. Three former employees recalled the founder treating her especially poorly.
Bahram chided Morrison for slouching and for not sitting and acting like a "lady," Morrison told Insider. Two other former employees said they saw the interactions.
He disapproved of her attire and offered her money to buy new clothes that were more "ladylike," which she declined.
Bahram denied making these comments. He said he offered Morrison money to buy clothes because he values presentability and had done the same with male employees.
At one Friday happy-hour event in the office, Morrison's background as a competitive cheerleader got brought up.
"We all know you like to spread your legs," Bahram said, people who were there told Insider. Others said they heard about the comment shortly after he said it.
Bahram said his comment had been misconstrued and was intended to dissuade Morrison from doing gymnastics stretches at work.
Morrison claims that on several occasions Bahram told her, a new employee who was in a probationary period, that he was firing her. He would then offer to keep her, she said, if she agreed to a list of written conditions — including that she quit smoking and not eat certain foods. Bahram denies this allegation.
Morrison said her mental health deteriorated during her time at Durlston. Two friends of Morrison's told Insider she confided in them about Bahram's behavior at work. They said they witnessed a deterioration of her mood and were concerned for her well-being.
The things he said always came into my brain.
"She's a really bubbly, great, incredible individual who was beaten down by this brute of a man," one of her friends said. "He went out of his way to literally put her spark out."
Less than a month after leaving Durlston, in September 2021, Morrison had a breakdown. She tried to kill herself, but a roommate found her and helped get her to the hospital, where she spent several days. While in the hospital, she detailed her anguish to staffers, describing experiences of trauma at Durlston and abusive behavior by Bahram, according to medical records seen by Insider.
Suicide attempts are complex and rarely the result of a single event — health issues, for instance, also contributed to Morrison's distress. But she and her close friends believe trauma from working at Durlston under Bahram played a significant role.
"I internalized the things he said and believed them," Morrison recalled. "The things he said always came into my brain."
Bahram told Insider that he was not aware of any former employees suffering mental-health issues as a result of their employment at Durlston and that he takes mental health very seriously. He described himself as very supportive of Morrison during her time at Durlston.
For some, Durlston was a genuinely attractive workplace
When he learned that Insider was asking questions of current and former employees, Bahram, presuming the inquiry was related to his legal dispute with Franco, initially declined to discuss the matter with Insider, saying it would be resolved in the courts.
When Insider asked him about allegations that he made inappropriate and abusive comments to employees, he said there was no truth to the claims.
"I can assure you we do things properly," Bahram said in a phone call.
Around that time, in early August, Bahram commissioned an employee survey through SurveyMonkey, which his representative shared with Insider. The results conveyed a blissful workplace.
Of the 39 employees surveyed, 97% reported feeling happy or very happy at work, 90% agreed or strongly agreed that communication between senior leaders and employees was good, and 90% reported being satisfied with the workplace culture. No respondents reported being unhappy or dissatisfied.
Between the fancy dinners, the company holidays, and the rich economic upside, it's not hard to see why for some it's a genuinely attractive workplace.
One employee who described his experience at Durlston as positive and Bahram as a great boss said he'd generally avoided drama and kept his head down. He also acknowledged that his experience as a white man may have differed from the experiences of others.
Another employee described positive experiences but said they were overshadowed by Bahram.
"I've had some of the most amazing times working there — that's what's sad about it," this employee recalled. "It's him, ultimately, that ruined it for me."
Through his lawyers, Bahram told Insider that there was no truth to the suggestion that it employed a toxic company culture that included sexism, bullying and harassment. He said Durlston takes great pride in its culture and ethos, which includes fostering a positive and empowering environment where its employees thrive. He said that sources for this article were disgruntled employees or competitors who had a clear interest in causing harm to Durlston's reputation.
After her suicide attempt, Morrison struggled for months to manage her anxiety and depression.
But she's worked through some of the trauma, and her life started to turn around last December. She built up a sizable following this year as a content creator, especially on TikTok, an outlet she said had been one of her "saving graces."
"My followers didn't know the stuff Vax had said about me, and it was like a fresh start being who I truly was, with no ridicule," Morrison said.
In early September, Bahram celebrated the launch of Durlston's US office at PHD Rooftop Lounge, the swanky club on the rooftop of the Dream Hotel in downtown Manhattan, pledging "the best comp in New York" for the first employees who join.
According to LinkedIn, it's still hiring.
Do you have a story to share? Contact the author at amorrell@insider.com
headhunting Quant trading | 2022-12-21T21:32:26Z | www.businessinsider.com | Ex-Staff Allege Abuse and Harassment at Durlston Partners | https://www.businessinsider.com/durlston-partners-vax-bahram-bullying-harassment-allegations-2022-12 | https://www.businessinsider.com/durlston-partners-vax-bahram-bullying-harassment-allegations-2022-12 |
Does Slack notify when you screenshot? What you need to know
Slack will not notify users of any screenshots.
Slack does not notify users if you take a screenshot within the app.
Users can capture conversations and user profiles without notifying the other person.
Here are the details and how Slack's screenshot notification compares to other apps.
If you're a frequent Slack user, you've no doubt had occasion to preserve a conversation outside of the Slack app. Perhaps you've taken a screenshot of a message to share with someone else or to save for your own purposes. Either way, you've probably wondered if, like some social media and messaging apps, Slack notifies the other party when you take a screenshot.
Does Slack notify users about screenshots?
Not all social media and messaging apps handle screenshots the same, but if you're concerned that someone was notified when you took a screenshot in Slack, you're in for a relief.
In a nutshell, Slack does not notify anyone if you take a screenshot within the app. You can capture a group conversation, a chat within a channel, a direct message, or even a user's profile and photo; there will be no notification or record that you did this whether you do it on the desktop or in a mobile app.
That means you can capture a screenshot of anything in Slack and share it with people outside the app, and no one else involved in the conversation will find out. On the other hand, that of course means that other Slack users can do this to you without notification as well.
How other apps notify users about screenshots
Slack is far from the only messaging app which doesn't inform users about screenshots; in fact, this is pretty much the standard among messaging apps. Apps on the desktop generally have no way to know when a screenshot occurs, and relatively few mobile apps can recognize when a screenshot occurs either.
In particular, Facebook Messenger doesn't notify users about screenshots, for example, nor do messaging apps like Google Chat, Microsoft Teams, or even the security-conscious Signal. In fact, the only major messaging app that notifies users about screenshots is Snapchat, though Telegram is able to notify the other party if you take a screenshot in certain situations, like in a "secret" chat.
TECH How to snooze and unsnooze your notifications in Slack, so you're not overwhelmed by alerts
TECH How to find someone on Slack on a computer or mobile device
TECH How to search in Slack for relevant messages and files on your computer or mobile device
Slack Screenshots Notifications | 2022-12-21T21:32:56Z | www.businessinsider.com | Does Slack Notify When You Screenshot? Here's What to Know | https://www.businessinsider.com/guides/tech/does-slack-notify-screenshots | https://www.businessinsider.com/guides/tech/does-slack-notify-screenshots |
Best for teens
Best for avoiding ATM fees
Best second chance checking account
Best for credit unions
Best for a traditional bank experience
Best for a cash bonus
Best free checking accounts of December 2022
Laura Grace Tarpley, CEPF and Sophia Acevedo, CEPF
A good checking account is essential for managing everyday purchases, and it shouldn't cost you a penny.
Below, you'll find our top picks for the best free checking accounts. These accounts do not charge any monthly service fees and stand out for their unique perks and flexible opening requirements.
Why it stands out: Capital One 360 Checking® is a well-rounded checking account and an excellent choice if your priority is to avoid common fees. With this Capital One checking account, there are no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options.
Capital One 360 Checking® also has several notable perks to make your banking experience manageable. For example, the account offers a two-day early direct deposit, and the ability to deposit cash at ATMs and nearby CVS locations. Furthermore, all balances earn 0.10% Annual Percentage Yield (APY).
What to look out for: Though Capital One Cafés are popping up in big cities around the US, the bank only operates about 470 branches in nine states. You'll likely have to be comfortable with a fully online banking experience.
Best for teens: Capital One MONEY Teen Checking Account
Capital One MONEY Teen Checking Account
Debit card included
Earns interest
Budgeting tools and alters to help teens save
Parental monitoring features to track spending
Link your Capital One account to any checking account
No reimbursements if you're charged by an out-of-network ATM
Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
Once teen turns 18 they can open a 360 Checking account
Why it stands out: The Capital One MONEY Teen Checking Account is featured in our best teen checking accounts guide and could be a good choice if want to teach your child how to manage a checking account.
This teen checking account has budgeting tools to help teens save and parental monitoring features to track spending and apply limits if necessary. You may open the Capital One MONEY Teen Checking Account for a minor over the age of eight. You'll also be able to link this teen bank account to any checking account, even if it isn't a Capital One account.
What to look out for: You'll only be able to open the Capital One MONEY Teen Checking Account online, not at a Capital One location.
Best for avoiding ATM fees: Schwab Bank High Yield Investor Checking® Account
Why it stands out: Charles Schwab doesn't charge ATM fees, and the bank offers unlimited refunds worldwide when an ATM provider charges you a fee. Charles Schwab also doesn't charge foreign transaction fees, and it has free overdraft protection.
What to look out for: You must open a brokerage account with Charles Schwab before opening a checking account.
Best second chance checking account: Chime Checking Account
Why it stands out: If you've struggled to open a bank account at a financial institution due to your bank account history, Chime is a great option. The Chime Checking Account is a second chance checking account, which is a bank account that does not require a credit check or review by ChexSystems to evaluate your trustworthiness.
Chime also stands out because it doesn't charge monthly service fees, and you may open an online account from anywhere in the US.
What to look out for: Chime's SpotMe feature allows you to overdraw by up to $200 with no overdraft fee — but you must receive $200 in direct deposits each month to qualify for SpotMe. Your transaction will be denied if you need to overdraw by more than the limit.
Best for credit unions: Consumers Credit Union Free Rewards Checking Account
Why it stands out: You may like Consumers Credit Union if you favor credit unions over banks.
While you can bank online, Consumers Credit Union also has more than 14 open branches in Chicago, Illinois, and nearby cities. Members also have access to the CO-OP Shared Branch and ATM network, which has over 5,600 shared branches and 60,000 surcharge-free ATMs.
The Consumers Credit Union Free Rewards Checking Account stands out for its competitive interest rate. You may earn up to 5.00% APY on the first $10,000 in your account and receive unlimited out-of-network ATM reimbursements if you meet certain requirements.
If you don't meet the requirements, though, you'll only earn 0.01% APY on your account balance.
Best for a traditional bank experience: First Citizens Bank Free Checking Account
First Citizens Bank Free Checking Account
On First Citizens Bank's website
Budget and trends tools
Multiple overdraft protection options
$10 overdraft transfer fee
$1.50 fee if you use an out-of-network ATM
Over 550 branches in 22 states: AZ, CA, CO, FL, GA, HA, KS, MD, MI, NE, NV, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI
Over 600 free ATMs
Multiple overdraft protection options: link to a savings account or apply for a revolving line of credit
If you use overdraft protection, you'll have to pay a $10 transfer fee
Why it stands out: Several national brick-and-mortar banks — like Chase, Bank of America, and Wells Fargo — charge monthly service fees on checking accounts if you do not meet certain monthly requirements. However, if you are more comfortable with traditional banking, you might consider First Citizens Bank.
First Citizens Bank has over 550 branches in 22 states throughout the US. The First Citizens Bank Free Checking Account doesn't charge any monthly fees, and you won't have to deal with any minimum balance requirements.
What to look out for: Branches are limited to the following states: Arizona, California, Colorado, Florida, Georgia, Hawaii, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.
To be eligible for the First Citizens Bank Free Checking Account, you'll need to sign up for paperless statements within 60 days of opening an account. Otherwise, it will be converted to a Select Checking Account, which charges a monthly service fee unless you meet specific requirements each month.
Best for a cash bonus: SoFi Checking and Savings
Why it stands out: SoFi Checking and Savings is a strong choice if you don't want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees.
It's also offering a cash bonus of up to $250. You may qualify for the bonus as long as you're a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn't set up direct deposits yet.
Open SoFi Checking and Savings by January 31, 2023
To earn a $50 cash bonus, you must receive between $1,000 and $4,999.99 in qualifying direct deposits during the first 30 days of opening an account
To earn a $250 cash bonus, you must receive over $5,000 in qualifying direct deposits during the first 30 days of opening an account
What to look out for: The account works best if you set up a direct deposit. That way, you'll qualify for the cash bonus and the highest-tier interest rate.
Why it stands out: With Quontic Cash Rewards Checking Account, you'll earn 1.50% cash back on debit card transactions, on up to $2,000 in purchases per day.
You also might consider Quontic if you would like access to a robust ATM network. You can use 90,000 ATMs nationwide for free since it's part of the AllPoint, MoneyPass, SUM, and Citibank ATM networks.
Best for a high interest rate: Wealthfront Cash Account
Why it stands out: The Wealthfront Cash Account may be appealing if you're looking for a high-yield checking account with minimal requirements for earning a high interest rate. You can also receive your paycheck up to two days early.
What to look out for: Wealthfront doesn't charge overdraft fees, but this also means you don't even have the option to overdraw from the account. Your purchase would just be denied.
Compare our top picks for no-fee checking accounts
Best for a traditional banking experience
Discover Cashback Debit Account : Discover currently isn't accepting new applications for this checking account. However, you can sign up to receive an email notification of when new applications will be accepted. Read Insider's review of Discover Bank here.
Alliant High-Interest Checking Account: Alliant offers a solid checking account, but our top credit union pick might be more appealing because of its perks. Read Insider's review of Alliant here.
Connexus Credit Union Teen Checking: Connexus might be worthwhile if you'd like to open a teen checking account at a credit union, but bear in mind that you'll need to become a member and open a share account before you open this teen checking account. Read the full review of Connexus here.
Chase First Banking℠: Chase First Banking could be a decent option if you'd like to open a kid's bank account at a brick-and-mortar bank, but you'll need to have a Chase bank account to get Chase First Banking. Read the full review of Chase First Banking here.
Fifth Third Bank Momentum Checking Account: Fifth Third Bank has a free checking account with a $0 minimum opening deposit, but it only has branches in 11 states in the Southeast and Midwest. Read the full review of Fifth Third Bank here.
Union Bank Freely Checking Account: You might consider Union Bank if you live on the West Coast. Its branch and ATM network aren't as robust as First Citizens Bank, though. Read the full review of Union Bank here.
KeyBank Smart Checking Account: KeyBank's checking account is featured in our best banks and credit unions in Colorado, but it isn't available in as many states as First Citizens Bank. Read the full review of KeyBank here.
Connexus Xtraordinary Checking Account: This is another good high-yield checking account, but you can earn a better rate with Consumers. Read the full review of Connexus here.
LendingClub Rewards Checking Account: LendingClub might be a good option if you're looking for rewards checking account, but you'll need at least $2,500 in your account to get the most out of the account. Read Insider's full review of LendingClub here.
Axos Bank Rewards Checking: Axos offers a good interest rate, but some of our top picks have an even higher interest rate. Read Insider's full review of Axos Bank here.
Ally Interest Checking Account: This is a solid online checking account that pays interest on your balance, but its features aren't as unique as what you'll find with some of our top picks. Read Insider's full review of Ally here.
CIT Bank eChecking Account: The minimum opening deposit for this account is $100, and it only offers up to $15 of fee-free ATM visits a month. Otherwise, it's a fine account paying 0.10% APY on balances below $25,000. Read Insider's full review of CIT Bank here.
Betterment Checking Account: This online checking account reimburses ATM and foreign transaction fees, and there are no monthly service charges or overdraft penalties. However, Betterment is still in the process of developing features like physical checkbooks and joint accounts. Read Insider's full review of Betterment here.
Axos Bank Essential Checking: A solid online-only checking account with unlimited ATM fee reimbursement, but nothing extra special. Read Insider's full review of Axos here.
TIAA Yield Pledge® Checking Account: No monthly service fees and all balances earn a competitive APY for the first year; after that, the rate drops. To enjoy unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at least $100 to open the account. Read Insider's full review of TIAA here.
USAA Classic Checking: USAA is specifically for military members and family, and new recruits get paid a day early with a checking account. Read Insider's full review of USAA here.
Aspiration Account: You have the option to plant a tree every time you swipe your debit card, and you can earn 3% to 5% cash back when you shop at companies like TOMS and Blue Apron. Read Insider's full review of Aspiration here.
Institution BBB
First Citizens Bank A
Wealthfront F
Capital One 360, Chime, and Wealthfront are the only institutions on our list that don't have at least an A rating from the BBB.
Capital One 360 has an A- rating because it's received a high volume of customer complaints on the BBB website.
Wealthfront has an F grade because it's received seven customer complaints and hasn't responded to two customer complaints. Chime's B- rating is because the company received a high volume of customer complaints on the BBB website.
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of nearly three dozen checking accounts available at over 20 national and online-only banks so you don't have to.
We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.
Methodology: How did we choose the best free checking accounts?
First and foremost, we wanted to provide you with options. To find the best free checking accounts, we considered over two dozen brick-and-mortar banks, online banks, credit unions, and online banking platforms that do not charge any monthly service fees.
We narrowed down our top picks by reviewing features and perks. We looked at how financial institutions charge other bank fees — for example, out-of-network ATM fees, overdraft fees, or foreign transaction fees. If a financial institution offered a unique perk, like a high interest rate or a cash bonus, we evaluated the criteria needed to get the reward.
What is a free checking account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
At some banks, you may have to pay a monthly service fee if you do not meet certain requirements each month. For example, you might have to keep an account balance of $250 in your account daily or receive a direct deposit of any amount each month.
A free checking account does not charge any monthly service fees.
What banks offer free checking accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You can find completely free checking accounts at Ally, CIT Bank, First Citizens Bank, Capital One, Charles Schwab, Discover, Axos, SoFi, and Quontic, to name a few.
You can also find online banking platforms that offer free checking accounts. An online banking platform isn't technically a bank, but it's partnered with another financial institution that provides FDIC insured to keep up to $250,000 in your bank account secure.
Which banks have free checking with no minimum balance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Several banks offer free checking accounts with no minimum balance or opening deposit requirement, including Ally, Charles Schwab, Betterment, and Capital One.
Chase First Banking: $3.00 for inquiries, transfers and withdrawals while using a non Chase ATM in the US, Puerto Rico and US Virgin Islands. Fees from the ATM owner/network still apply. $5 per withdrawal and $3.00 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands. Fees from the ATM owner/network still apply.
PERSONAL FINANCE What to know about being unbanked — and how to empower communities of color in choosing a financial institution
PERSONAL FINANCE 5 signs you're keeping too much money in your checking account
PERSONAL FINANCE Online banks are just as safe as brick-and-mortar banks, and you may like them if you're comfortable banking digitally | 2022-12-21T21:33:14Z | www.businessinsider.com | Best Free Checking Accounts of December 2022 | https://www.businessinsider.com/personal-finance/best-free-checking-accounts | https://www.businessinsider.com/personal-finance/best-free-checking-accounts |
Can you use PayPal on Amazon? Not directly, but try 2 workarounds instead
Though you can't use PayPal to pay for Amazon purchases directly, there are a few things you can do instead.
Amazon doesn't let you pay with PayPal when making purchases.
However, you can use the PayPal Cash Card to make purchases on Amazon.
You can also use PayPal to buy an Amazon gift card, and then make purchases on Amazon.
In the world of online shopping, Amazon and PayPal are widely used. However, if you've tried to use your PayPal balance to purchase something on Amazon, you'll already know that PayPal is not an accepted payment method.
Of course, you can transfer your PayPal balance to your bank account to use those funds however you please, but if you're set on using it to buy things on Amazon, there are some workarounds to make it happen.
Can you use PayPal on Amazon?
Amazon doesn't let you pay with PayPal directly, but you can use the PayPal Cash Card to make purchases. You can also use PayPal to buy Amazon gift cards.
Pay with the PayPal Cash Card
PayPal Cash Card is a debit card that draws funds from your PayPal account, and it works anywhere that accepts Mastercard payments; like Amazon. Since it's a debit card, not a credit card, you need to have a balance on your PayPal account to use a PayPal Cash Card.
To apply for a PayPal Cash Card, simply go to this link, log in to your PayPal account, and follow the on-screen prompts. While there isn't a credit check involved in the application process, note that PayPal charges fees for adding money to your account.
Once approved for a PayPal Cash Card, you can use it as a payment method on Amazon the way you would with any other credit or debit card.
Quick tip: Need to top up your PayPal account? Here's how to add money to your PayPal account.
Buy Amazon gift cards
One of the easiest ways to use PayPal to buy from Amazon is to purchase Amazon gift cards with your PayPal account. You can buy an Amazon gift card from a site like eGifter.com using a PayPal balance and then use that gift card to shop normally on Amazon.
Just be sure you verify that the site from which you're buying a gift card is safe and secure.
Quick tip: Check out our guide for more places to buy an Amazon gift card.
Which option is the best?
It really depends on your circumstances and needs. To help you decide, here are the various pros and cons that come with these two options:
PayPal Cash Card
It's a debit card, so you don't have to worry about getting a hit to your credit for opening the account
Earn cash back on some purchases
You could pay up to $4.95 to reload cash onto the debit card
Gift cards are reloadable, so it works for one-off purchases as well as long-term use
You have to buy the gift card from a vendor that accepts PayPal, which can be limiting
Why doesn't Amazon accept PayPal directly?
There are two major reasons that Amazon does not work with PayPal.
First, historically PayPal was a part of eBay, one of Amazon's direct competitors. From 2002 to 2015, PayPal and eBay were linked together. PayPal has since split into an independent brand, but their partnership with eBay remains strong.
Second, PayPal is a direct competitor to Amazon's own payment service, the rather bluntly named Amazon Pay. Just as with PayPal, Amazon Pay is accepted by numerous third-party retailers, letting you use Amazon payment methods beyond the immediate orbit of Amazon itself.
What other payment methods are accepted by Amazon?
Amazon accepts the following payment methods:
All major credit cards (Visa, MasterCard/EuroCard, Discover Network, American Express, and Diner's Club — provided you have a U.S. billing addresses)
Visa, MasterCard, or American Express prepaid credit or gift cards
Amazon Store Cards
Amazon Secured Cards
China UnionPay (credit card only)
How can I transfer money from Amazon to PayPal?
Unfortunately, there isn't a direct route. You'd have to initiate a transfer from your Amazon Payments account to your bank account, then transfer those funds into your PayPal account.
TECH How to set up a PayPal account and link a bank account or credit card
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TECH A complete guide to Amazon Prime: The benefits of Prime and whether it's worth the cost
PayPal Amazon Tech How To | 2022-12-21T23:03:46Z | www.businessinsider.com | Can You Use PayPal on Amazon? Not Directly | https://www.businessinsider.com/guides/tech/can-you-use-paypal-on-amazon | https://www.businessinsider.com/guides/tech/can-you-use-paypal-on-amazon |
Cash App provides several security features, like Venmo and PayPal, but falls short in some areas when compared to a traditional bank account.
Cash App is relatively safe due to its encrypted transactions, security features, and protections.
You should enable the app's security features and watch for scams or fraudulent transactions.
Cash App isn't a replacement for a bank account as your balance isn't federally insured.
Cash App is one of several popular peer-to-peer transaction services, similar in many ways to PayPal, Venmo, and others.
Cash App tries to differentiate itself from other apps by serving as a potential alternative to a traditional bank account; it can even receive direct deposits, for example.
The app is simple to set up and use, but you might wonder: Is Cash App safe and secure enough for regular use?
Cash App is relatively safe to use
Like Cash App's peers, it's a relatively safe way to pay for products and send money to friends, family, and co-workers.
Cash App encrypts all data in transit and can claim PCI-DSS level 1 certification — the highest level of compliance with a set of standards designed to ensure companies store, transmit, and process credit card data to the highest standards. The app also offers fraud protection for unauthorized charges.
Cash App also features security built into the app to prevent unauthorized users from gaining access to the app if they should get physical possession of your phone; these include Touch ID and PIN code security, depending upon which phone you have.
Even so, the weakest link in Cash App is often the user, so you need to be vigilant. "Cash App payments are instant and cannot be canceled," said tech expert and media personality Kim Komando. "If something goes wrong, such as you sent it to the wrong John Smith in your contacts, then hopefully that person is honest and sends it back to you. But there has been a surge of payment app scams. More people are using Cash App and scammers are getting very bold."
It's worth noting, though, that Cash App positions itself as a possible alternative to a traditional bank account, but this is an area in which its safety is lacking; your balance is not FDIC insured. "This could be a big problem if the company is hacked, if it were to go out of business, or if it were to experience some other catastrophe," said Ted Rossman, senior industry analyst at Bankrate.com.
Quick tip: Another key thing you can do to help keep your data safe is to make sure that your devices are up to date. Here's how to update an iPhone, Android, Mac, or PC.
Advantages of Cash App
You might start using Cash App because your group of friends, family or colleagues is already using it; alternatively, you might be interested in using it on your own. Regardless of what brings you to Cash App, there are many reasons to be attracted to this app:
In addition to simple peer-to-peer cash transfers, you can use Cash App as a bank account. Cash App gives you a routing and account number to enable direct deposits, so your paycheck can be sent directly to Cash App. Likewise, you can make payments from Cash App.
A debit card is available for making purchases at brick-and-mortar stores using your Cash App account.
There are no fees for making payments when you connect Cash App to a bank account or debit card.
If you are so inclined, you can invest in both stocks and cryptocurrency using your Cash App account.
Cash App transactions are encrypted and safe.
Quick tip: If you're going to set up an account, here's how to start sending money with Cash App.
Disadvantages of Cash App
While Cash App can take the place of a traditional bank account, you should be aware of the service's primary shortcomings:
First and foremost, money held in your Cash App account is not FDIC insured, which means that your entire balance is vulnerable if Cash App were to lose your money or shut down unexpectedly.
Unlike traditional bank accounts, Cash App balances do not earn interest.
If you use a credit card to make a transaction, you're charged a 3% fee.
Cash App's debit card can be used at ATMs, though there is a $2 transaction fee.
There are some limits on Cash App transactions – you can only withdraw up to $310 per transaction from an ATM, for example, and no more than $1,000 in a seven-day period.
Tips for protecting yourself on Cash App
Like many banking and payment services, Cash App is relatively safe as long as you are careful, stay vigilant for potential fraud and scams, and follow basic security best practices.
Here are some ways to protect yourself when using Cash App.
Enable security features in the app. Tap your profile icon on Cash App's home screen, select Privacy & Security, toggle on the Security Lock button, and enter a PIN or enable a Touch ID, depending on your device.
Don't store large amounts of money. Again, your balance in the app is not federally insured, so it's best to not use it as a bank account substitute.
Only send money to users you know and trust. Don't send money to accounts you don't know personally, and make sure to verify the account information of your recipients.
Be aware of potential transaction scams. Cash App warns its users against several common forms of transaction scams that involve scammers promising money, goods, or services in return for Cash App payments.
Watch out for customer support scams. You won't ever be contacted by Cash App technical support or customer service. "Since Cash App does not provide a direct line to customer care, scammers impersonate them to obtain access to mobile devices and steal personal details," said Chris Taylor, the marketing director at Profit Guru.
Cash App and taxes
If you use Cash App as part of your business, you'll have to report those earnings for goods and services if those come to $600 or more.
Cash App is required to provide you with IRS form 1099-K in those cases. That will show your total annual earnings via the app and the IRS will then be aware of those earnings — so you'll have to pay taxes on them, as you would with any other earnings.
Cash App doesn't have to report transactions for personal accounts.
How Cash App protections compare to other payment apps
Cash App has a lot in common with other peer-to-peer payment services like PayPal, Venmo, and Zelle. They all allow you to easily send payments to friends, family, colleagues, and businesses, and none of them charge fees when you're using a payment source other than a credit card. In addition, they're all highly secure with encryption to protect your transaction and various security tools like Face or Touch ID and PIN codes to prevent other people from gaining access.
However, there are significant differences in how Cash App works compared to these other apps, specifically regarding how money in your account is protected and insured.
Fraud protection: Cash App and Zelle do not offer fraud protection for authorized payments. While you can file a claim on Cash App for purchases which you can prove you did not authorize, if you don't receive the goods on an authorized payment, you don't have recourse like you do with PayPal and Venmo.
FDIC insurance: Cash App positions itself as a bank account alternative, though your balance isn't federally insured. In fact, no non-bank entity (including Venmo and PayPal) will be covered by FDIC insurance. But as long as your money stays in your linked (covered) bank account, you're golden. The one notable app here is Zelle, because it doesn't allow you to store money in the app itself, so your money is never in a non-FDIC insured account.
Here's a quick overview of the various apps to help you weigh your options:
Encrypted?
PIN entry, Touch ID, or Face ID verification
Unique one-time pin for each login attempt; key pinning
Ability to add a PIN to your account
Facial or fingerprint recognition (depending on device) for logins; doesn't require you to share any sensitive account details for transactions
Fraud protection for authorized payments?
FDIC insured?
Yes (in effect)
How to contact Cash App customer service
If you need to contact Cash App support, you can do so through the app, on the website, or by phone. You can also contact them via their various official social media accounts, such as Twitter, Instagram, Facebook, and TikTok.
TECH How does Cash App work? Cash App's primary features, explained
TECH How to send money on Cash App on your iPhone or Android
TECH How to receive money on Cash App by requesting or accepting payments
TECH 'How much can you send on Cash App?': It depends on whether or not your account is verified — here's what you need to know
cash app Tech How To Reference Library | 2022-12-21T23:03:52Z | www.businessinsider.com | Is Cash App Safe? Yes, but There Are Certain Drawbacks | https://www.businessinsider.com/guides/tech/is-cash-app-safe | https://www.businessinsider.com/guides/tech/is-cash-app-safe |
Kevin Reilly
Shiki Wraps are reusable gift wraps made from recycled plastic bottles.
Each wrap is made from up to seven plastic water bottles.
The startup wants to reduce the extra 7 million pounds of waste generated by single-use holiday gift wrap.
Meagan Downey is the founder of Shiki Wraps, a startup making reusable gift wrap out of plastic bottles. She aims to reduce America's extra 7 million pounds of holiday trash. | 2022-12-21T23:04:04Z | www.businessinsider.com | Shiki Wrap Is Making Gift Wrap From Recycled Plastic Bottles | https://www.businessinsider.com/shiki-wrap-gift-wrapping-paper-recycled-plastic-bottles-2022-12 | https://www.businessinsider.com/shiki-wrap-gift-wrapping-paper-recycled-plastic-bottles-2022-12 |
A 23-year-old brings in up to $10,000 a month teaching Manhattan's luxury real-estate agents how to make TikTok videos
Lizza Prigozhina, left, taught NYC real-estate agent Alexander Zakharin, left, how to grow his following on TikTok. He now has 700,000 followers.
Courtesy of Alexander Zakharin
Film student Lizza Prigozhina helps NYC real-estate agents market homes on TikTok, Curbed reported.
The 23-year-old brings in up to $10,000/month helping them film in ritzy apartments to lure buyers.
Alexander Zakharin shared what Prigozhina taught him to up his followers from 100,000 to 700,000.
It pays to be the TikTok whisperer for Manhattan's luxury real-estate agents.
Lizza Prigozhina, 23, charges brokers $700 per week to act as their TikTok consultant, demystifying the buzzy app and directing videos to help them sell million-dollar apartments, according to a profile of her on real-estate site Curbed. A "good month," she told Curbed writer Bridget Read, means up to $10,000 in income.
Prigozhina's tasks range from brainstorming concepts for video topics — often involving viral songs and skits in beautiful homes for sale or rent — to acting as the on-set camerawoman. It's all in the name of helping real-estate agents capture eyeballs on TikTok, which they can hopefully turn into potential buyers and renters who actually pay them in commission. So far, agents and teams from major brokerages including Christina Kremidas from Douglas Elliman, Jason Lau and Marko Arsic from Corcoran, and the Kim Team at Nest Seekers have hired her to make them TikTok stars, according to Curbed. Collectively, their three accounts have around 500,000 followers on the popular app.
"Some are like, 'I can't spend money on this,'" Prigozhina told Curbed. "But others say, 'I'll do anything to get out there.'"
New York agent Alexander Zakharin was Prigozhina's first client.
Zakharin, who says he closed $34 million in total sales this year, told Insider that Prigozhina pitched herself to him. They initially connected when he showed her apartments for rent during her own house hunt in 2020. Though she didn't end up taking one of his listings, she reached out in 2021 with ideas on how to rebrand his TikTok presence. Zakharin took her up on it.
Prigozhina brings her clients a "fresh perspective" and a set of eyeballs free from the "rut" of being an agent, he said. When Zakharin first started uploading videos, he merely recorded minimal pans across an apartment, showing off basic features like square footage and light.
But Prigozhina directed Zakharin to play with appliances, move around the space, and show himself having fun in the homes for sale. Leaning on her studies at the New York Film Academy, she even cajoled Zakharin to put himself in front of the camera. The videos, she told him, needed a character for the audience to follow.
Over three months in 2021, Prigozhina helped Zakharin grow from 100,000 followers to 400,000 — and he now boasts nearly 770,000.
"Alexander has a big personality," Prigozhina told Curbed.
Zakharin said Prigozhina's $700/week fee is worth it. Just last month, he added, he showed Upper East Side pieds-à-terre in the $1 million range to a California woman who first messaged him because her 14-year-old daughter follows him on TikTok.
Prigozhina's business took off when other agents saw Zakharin's social media footprint grow, he said. They asked him who was behind the scenes helping him out, and he gladly shared her contact information.
Now she organizes shoots and films content with multiple agents at a time. Curbed's Read described how some agents "gamely dart behind furniture" and make "oversize hand gestures" with Prigozhina's direction to show, for instance, an Upper West Side building where rents start just shy of $6,000/month. She even told one agent to "fling himself lightly on the bed to show its bounce."
Views don't necessarily translate into deals, or even offers. The Curbed report said one $6 million apartment featured in a TikTok video that's attracted 145,000 views has sat on the market for at least 66 days.
But Zakharin believes investing in a social-media presence with the help of an expert like Prigozhina is one way to lay the groundwork to find buyers for future apartments for sale.
"The more they see you, the more they remember about you," he told Insider. "Whether it's January 2023 or January 2024."
Real Estate New York City TikTok | 2022-12-21T23:21:04Z | www.businessinsider.com | A 23-Year-Old Makes $10,000/month Teaching TikTok to Brokers: Report | https://www.businessinsider.com/lizza-prigozhina-makes-money-teaching-tiktok-nyc-real-estate-brokers-2022-12 | https://www.businessinsider.com/lizza-prigozhina-makes-money-teaching-tiktok-nyc-real-estate-brokers-2022-12 |
A Ukrainian soldier checks a wrecked Russian tank outside a village east of Kharkiv on April 1.
Ukrainian troops fire a howitzer in the Zaporizhzhia Region on December 16.
Dmytro Smoliyenko / Ukrinform/Future Publishing via Getty Images
A Ukrainian recruit trains on a Javelin anti-tank weapon in southern England on October 11.
A Ukrainian border guard with an NLAW anti-tank missile launcher near the borders with Russia and Belarus on November 3.
Ukrainian artillerymen load a 2S1 Gvozdika self-propelled howitzer on the front line near Bakhmut on December 10.
NOW WATCH: Why the US military's M1 Abrams tank is still the king of the battlefield
Ukraine Russia Kyiv | 2022-12-21T23:21:10Z | www.businessinsider.com | Ukraine's Heavy Artillery Is What Halted Russian Military Rush to Kyiv | https://www.businessinsider.com/ukraine-heavy-artillery-stopped-russian-military-rush-to-kyiv-2022-12 | https://www.businessinsider.com/ukraine-heavy-artillery-stopped-russian-military-rush-to-kyiv-2022-12 |
Zelenskyy's sweatshirt, paired with cargo pants and boots, stood in stark contrast to the suit that would usually be expected on such a visit. But the outfit, which was similar to what Zelenskyy has often worn during his addresses over the past 10 months, served as a reminder that Ukraine is still very much at war. He told FT reporter Christopher Miller that he will go back to wearing a suit when the war is over. (Insider's Azmi Haroun broke down the importance of the sweatshirt.)
Volodymyr Zelenskyy Congress Ukraine | 2022-12-22T03:37:39Z | www.businessinsider.com | 5 Symbolic Aspects of Zelenskyy White House Visit, Speech to Congress | https://www.businessinsider.com/5-symbolic-moments-zelenskyy-white-house-visit-speech-to-congress-2022-12 | https://www.businessinsider.com/5-symbolic-moments-zelenskyy-white-house-visit-speech-to-congress-2022-12 |
A fair in Schuylkill County, Pennsylvania, where homeownership costs less than 15% of a typical annual paycheck.
MediaNews Group/Reading Eagle via Getty Images/Contributor
Nearly every US county is less affordable today than its historical average, according to Attom.
There are places where a typical wage earner still won't bust his housing budget, however.
Here are five counties where homeowners should have plenty of money to live on, after housing.
Homeownership is not impossible everywhere.
Despite the fact that median-priced homes in 99% of US counties are now less affordable than their historical averages, there are some beautiful places in the northern part of the country where just 15% of a typical income is needed for housing payments, according to a new report from housing data company Attom.
If you're planning on moving to these counties you'll be surrounded by nature: from the lakes, rivers and streams of upstate New York to the forests and parks of Illinois. But you'll definitely have to buy a good winter coat — temperatures in all five of these counties drop below freezing between December and March.
Still, these Attom findings are refreshing at a time when homeownership can feel impossible due to high prices and mortgage rates. The affordability crisis is especially severe in places like luxe Marin County, California, where the typical home payment takes nearly 110% of annualized weekly wages, and tropical Maui County, Hawaii, where the typical worker would need to put 104% of their income to housing costs, the data show.
Those numbers are staggering against recommendations cited by Insider's personal finance team. Its research suggests that people should spend no more than 30% of their salaries on housing costs.
But for those that live and work in places like Canton, a college town in upstate New York, or Pottsville, in Pennsylvania's coal region, owning a home at a reasonable cost should be within reach.
5. Cambria County, Pennsylvania
Percent of wages needed to afford a home: 14.1%
Typical annual wage: $44,746
Typical mortgage payment per month: $525
4. St. Lawrence County, New York
3. Peoria County, Illinois
2. Schuylkill County Pennsylvania
1. Macon County, Illinois
Percent of wages needed to afford a home: 12%
Real Estate home affordability Home Prices | 2022-12-22T05:26:30Z | www.businessinsider.com | Five US Counties Where Homeownership Won't Break the Bank | https://www.businessinsider.com/five-us-counties-where-homeownership-wont-break-the-bank-2022-12 | https://www.businessinsider.com/five-us-counties-where-homeownership-wont-break-the-bank-2022-12 |
I quit my IT job to install lights year-round. It's not easy but making people's days is worth it.
Melanie Carden
Left, a drone shot shows the 200,000-light display at the Shelburne Museum in Vermont. It's the work of the New England Holiday Light Co., co-owned by Doran Dal Pra, right.
The New England Holiday Lighting Company.
Doran Dal Pra first installed holiday lights in 2018 after a friend proposed the business idea.
By 2020, he'd quit his IT job to work full time at the New England Holiday Light Co.
Its jobs vary from lighting up an average-size house to installing 200,000 lights over two weeks.
This as-told-to essay is based on a transcribed conversation with Doran Dal Pra, who co-owns The New England Holiday Light Co. in Hooksett, New Hampshire. It's been edited for length and clarity.
My job as a professional holiday-lights installer started when my best friend, Jeff Paquin, came to me with the business idea.
In October 2018, while I was still working my full-time IT job, Jeff and I completed our first installations for a few friends, plus aunts and uncles who took pity on us.
We did 20 jobs the first year and 80 the next. Then I quit my job in 2020 and devoted all my time to building up the business.
This year, we'll log over 300 holiday-themed jobs between September and December, in addition to our year-round wedding, event, and landscape-lighting projects — relying only on social-media marketing and word of mouth.
I quickly realized that we're touching on something personal for our clients
It's not just lighting because what we're creating is tapping into nostalgia — whether through tradition, culture, or the client's memories.
During the holidays, I get to the warehouse at 7 a.m. to meet with the crew. Everyone has a scheduling app called ServiceM8 on their phone to see their daily job assignments, connect with their crew leader, get their boxes and tools together, and load trucks.
I divide the 12 staffers into crews of about three or four people, and each of the four teams can do $4,000 to $8,000 worth of installations a day, while traveling upward of 100 miles. I try to avoid too many 16-hour days, but it's tough if there's a storm delay. The holiday lights have to go up — snow or no snow.
Every bulb is inspected and prepped by a team at the warehouse, so once we're on the jobsite, it's easy to pull the bins off the truck
From there, we review the design plans and keep top of mind the safety protocols to avoid ladder issues, breaking lights, sunburn, or dehydration. We're working outside with tools and ladders in all sorts of weather, so our risk for injury is similar to that of a landscaper.
Most jobs — residential and commercial — include roofline lights, so the ladder is one of my most important tools, on top of all the wire cutters, pliers, drills, metal cabling, extension cords, timers, and zip ties. The prep team inserts all the bulbs into the sockets in advance so we can focus on clipping the socket wire in place to match the design plan.
Dal Pra installing lights.
The New England Holiday Lighting Company
It's incredibly satisfying to clip all the lights into place, and while every house is different, we can anchor up to 5,000 lights, just for an average-size house.
For comparison, large commercial projects — such as walk-through or drive-thru light exhibitions — combine specialty lighting like animation, spritzers, twinkling snowflakes, oversize present boxes, wreaths, glowing garland, up lights, and wash lights.
There might be hundreds of thousands of lights between the trees, shrubs, columns, railings, rooflines, and 3D objects. It's still the same clipping of bulbs and wrapping of mini lights, but it's a doozy, so we might stay at a nearby Airbnb.
When you're doing a roofline, it's about placing the ladders in the safest and most efficient spots possible to clip the lights.
We generally use specialty clips to secure the lights to either the shingles or gutter. We minimize the permanent equipment, like tacks or anchors, on a home but sometimes need to use small racks to secure an extension cord to the corner of a house or zip-tie the socket wire in a way to prevent it from moving around.
In general, shrubs are easier and don't take much time
Probably the most difficult part about lighting shrubs is making sure the lights are organized and even. But the exception is when we get into spiral-wrapping mini lights around the trunks and limbs. That can be challenging because the spaces between limbs are irregular, which makes it hard to create symmetry. Those situations are more difficult than doing a roofline.
We're not building rockets; we're hanging holiday lights, which is something almost any homeowner can do. But when the appropriate time has been taken to wrap something correctly, or a roofline has been installed in a way where every bulb is perfect, there's almost no better feeling.
What makes what we do different is taking things that final 10% — wrapping that one last branch, making sure lines are neat and even, fastening extension cords so they're out of the way, making sure the jobsite is clean. The details are what makes or breaks a job.
It's not just hanging up the sparkle and glow
There are $250,000 installations with nearly 200,000 lights and a two-week timeline, like the one at the Shelburne Museum, but the smaller jobs are equally important.
Dal Pra's company has installed the "Winter Lights" display at the 45-acre Shelburne Museum in Vermont.
There's this home for older adults that goes bananas with its holiday lights each year. The residents look forward to it and come out to chat while we're working. Then they all gather about 4 p.m. It's timed so all the lights come on at once, and the whole crowd cheers like wild.
Of course, I'm incredibly grateful that some people spend upward of $5,000 to have their houses lit up; that's a lot of money for lighting you're going to keep up for only a few weeks. But there's magic around the holidays.
I'll never forget this one job
A couple hired us to wrap this tree right in front of their property. But it was really late. I was exhausted and just wanted to go home.
Then suddenly, the front door of the house opens, and their daughter, who has Down syndrome, comes racing out of the house. She was so excited to see the magic of the lights. The dad also came out and shared that he had just FaceTimed with his family in Brazil to show them the display.
He also shared the unexpected inspiration for lighting up their big evergreen — their older neighbor.
Their neighbor is a woman in her late 80s. Her bedroom window looked directly at the tree. When I looked over, I could see her petite frame in the window as she looked on.
And it was like, "OK, I'm not going to feel sorry for myself anymore."
In contrast to all that joy, I have a black eye
Dal Pra suffered a black eye during one installation.
I was on a ladder and pulling an extension cord through some branches when it got caught. I gave it a good yank, and it came whipping up and hit me in the face.
My instant reaction was, "Oh, my God, I just blinded myself," and it was a struggle to get my wits about me — and not fall off the ladder.
The bruise probably won't fully heal before I celebrate Christmas with my friends and family, but I get to play an important role in people's holidays, so my heart is full of gratitude.
Contributors 2022 as told to Christmas | 2022-12-22T09:56:31Z | www.businessinsider.com | I Install Holiday Lights on People's House and at Huge Events | https://www.businessinsider.com/install-holiday-lights-festive-house-huge-events-new-england-2022-12 | https://www.businessinsider.com/install-holiday-lights-festive-house-huge-events-new-england-2022-12 |
There are still smart investments to make as growth slows, according to Goldman Sachs Asset Management.
Goldman Sachs is expecting weaker growth in 2023 as interest rates stay elevated.
The firm's asset management arm sees four strong investing opportunities in 2023.
Here's why the firm is optimistic about emerging markets and willing to invest in China.
Top investment firms are divided about whether there will be an economic downturn in 2023, but nearly everyone agrees that global growth will continue to weaken.
"You can call it a recession; you can call it not a recession," said Ashish Shah, chief investment officer of public investments at $1.8 trillion Goldman Sachs Asset Management (GSAM), in an interview with Insider. "But it's going to lead to a slowdown in growth for sure."
Goldman Sachs' research and asset management teams agree that financial conditions will stay tight in 2023 as the Federal Reserve keeps interest rates elevated, even as inflation slows and the labor market weakens. But while the firm's view is that there's about a 33% chance of a recession, Shah admitted that the coming growth slowdown may be overblown — or undersold.
"We don't know how it's going to play out," Shah said. "Anyone that says that they know what's going to happen is actually being overconfident."
Although Goldman Sachs Asset Management's economic views are in line with its research division, the firm has a slightly different take on the assets investors should target in 2023.
While David Kostin, the chief US equity strategist in Goldman Sachs, sees opportunities in US markets — specifically in the consumer staples, energy, and healthcare sectors — Shah is less bullish on domestic stocks relative to their international peers.
Instead, the investing chief at GSAM prefers emerging markets equities and debt in 2023. However, he's also open to US small caps and fixed income.
"People are underowned in the emerging markets space, either in debt or in equity," Shah said. "And you could end up having really meaningful double-digit returns in the coming year. I think that would be a major surprise to the marketplace, based on current positioning and valuation."
Stocks and corporate bonds in emerging markets will thrive if there's a global growth slowdown without a deep recession, Shah said. He added that the groups can eventually benefit from a dovish pivot by central banks, as well as a weaker dollar and a global economic recovery.
"It's had the trifecta of rising US rates, strong US dollar, and weaker growth," Shah said. "And all those things are going to kind of reverse if we really are seeing the top out here of inflation and a slowdown of growth. And so there's some tailwinds to that broader set of assets."
Within emerging markets, Shah is most bullish on stocks in Asia, specifically India and China.
"I think there are a lot of opportunities when it comes to broad Asia to get good, strong, growing companies that will benefit from local consumers as they emerge from COVID and very scalable business models," Shah said.
Some investors have slammed China as "uninvestable" given its harsh policies against private businesses and COVID-19, but Shah disagrees. The level of uncertainty for investors in the country is falling — not rising — he noted, though caution is still necessary.
"Our view is that China is very much investable," Shah said. "You have to invest through a policy lens and incorporate in what government policies are because they're going to influence the business models that work well versus the business models that go up against policy."
Meanwhile, European stocks have beaten their US counterparts this year due to their cheaper valuations and the rise of the dollar, which made exports of countries in the bloc relatively cheaper. However, Shah said that a weaker dollar will become a headwind for the group.
Instead of having a strong opinion in the great growth vs value debate, Shah said his preference within US markets is to target small caps, which he sees as underappreciated. Many investors are still using last decade's playbook of hiding out in mega caps during market downturns, the CIO noted, which is why larger stocks are generally less attractive on a valuation basis.
Lastly, Shah said that fixed income is a strong, low-risk alternative to cash that also diversifies a portfolio. He listed municipal, investment-grade, and securitized bonds as viable investment options while economic growth slows.
"We think that you're going to generate really good returns in that broad space without having to take a ton of risk," Shah said.
Investing Stock Market | 2022-12-22T11:14:29Z | www.businessinsider.com | Where to Invest in 2023 As Recession Looms: Goldman Sachs AM CIO | https://www.businessinsider.com/2023-investment-outlook-recession-stock-market-global-economy-goldman-sachs-2022-12 | https://www.businessinsider.com/2023-investment-outlook-recession-stock-market-global-economy-goldman-sachs-2022-12 |
She says she was fired in retaliation. Hearst Magazines says she was insubordinate. Here's how Delish's hit YouTube show 'Budget Eats' came crashing down.
June Jiuxing Xie, Tyler
June Jiuxing Xie was a rising star at Hearst Magazines, where she charmed millions of viewers with her no-frills home kitchen YouTube show "Budget Eats," cooking eight dinners for two on just $15 or living off pantry staples for a week.
Produced by the Hearst-owned food brand Delish, "Budget Eats" was the kind of digital success story that traditional magazine giants crave. But on October 6, Xie was fired.
Delish staffers were stunned. "If they're going to fire her, nobody is safe," said Felicia LaLomia, the food and culture editor at Delish at the time.
But while the 33-year-old Xie embodied the company's hopes for a digital future, she also epitomized a new guard of workers that rankled the 135-year-old institution. Xie spoke openly, sometimes too openly. She was once reprimanded by HR for calling her boss a "shit manager," the company alleged in a final warning obtained by Insider; on other occasions she would publicly call out her managers in team wide Slack channels over issues like burnout. For some, Xie was a hero, a union organizer whose star power gave her the internal clout to make noise. But for Hearst, which owns legacy publications like Esquire and Cosmopolitan, Xie's behavior was simply a nuisance.
In September, Xie backed out of a project to turn "Budget Eats" into a TV program with A&E Networks, which Hearst Communications co-owns. It was the final straw. According to a recording of her termination she shared with Insider, a Hearst HR representative claimed Xie's actions negatively impacted the relationship between the two companies. Xie, for her part, said she believes she was fired in retaliation for being too outspoken about issues at Delish, such as a lack of communication from top managers and staffers being overworked.
Xie declined a separation agreement for $9,676.07 in severance pay that would have required her to sign a non-disclosure agreement. She said it was because she wanted to let "Budget Eats" viewers know what happened to her and because she believed her termination was tied to her vocal criticisms, not the breakup of the TV project.
The implosion of the Webby Award-winning "Budget Eats" is a modern digital media tragedy — one about a traditional publisher trying to expand a video hit into something larger, the simmering disputes between organized labor and management, the rise of a young woman of color inside a traditional magazine behemoth, and a generational workplace clash over what constitutes insubordination and what's just speaking out.
In a statement to Insider, a spokesperson for Hearst Magazines said, "The information you've been provided is not accurate — nevertheless and without addressing those inaccuracies, we do not discuss personnel matters."
"I just need to have some self respect," Xie told Insider. "I'm not saying I'm completely devoid of responsibility for being fired, but there were some very wrong things going on here."
Xie began working at Delish in 2018 as a freelance test kitchen assistant and was hired full-time as the test kitchen manager in 2019 with a pay of $45,000, according to her offer letter.
It was a boom time in online food media, with video shows like First We Feast's "Hot Ones" capturing the hot-sauce zeitgeist and the Bon Appétit test kitchen at Condé Nast introducing a youthful roster of celebrity chefs like Sohla El-Waylly to captivated viewers.
Then came the summer of 2020. Sparked by the demonstrations after the murder of George Floyd, the food media world was rocked by criticisms of institutional racism. An explosive Insider story revealed how nonwhite Bon Appétit video stars did not receive the same kind of lucrative contracts as their white peers, setting off wider discussions about equality in food media and beyond.
As the fallout raged in all corners of corporate America, Xie, who was born in China and moved to New York as a child, said she was given a raise to $81,000 per year in June of 2020. She was promoted to the role of senior food producer at Delish. Hearst launched the brand in 2008 in partnership with MSN as a digital recipe destination, expanding it in recent years with cookbooks and a quarterly print title.
As Xie climbed the ranks, she became increasingly active in Hearst's budding union drive, working as a point person at Delish. Over the last half decade, the media industry has become one of the most active battlegrounds for organized labor, with the New Yorker forming a union in 2018, BuzzFeed News in 2019, and Insider last year.
Hearst employees went public with their drive in 2019, organizing about 500 people between 28 digital and print brands, making it one of the largest unions in the industry. The movement was immediately met with resistance from Hearst Magazines brass, including former President Troy Young, who wrote to staffers that a union would "divide our company and culture." (Young resigned in 2020 following allegations of inappropriate workplace conduct.)
Xie had a desire to reform Delish from within, she said. During a social justice workshop organized for Hearst union members, she was struck by a slideshow that included a list of the common characteristics of "white supremacy culture." Xie believed that Delish exhibited the traits, which included "paternalism, sense of urgency, quantity over quality, power hoarding, right to comfort, defensiveness, and fear of open conflict."
Xie was public about her concerns, and brought them straight to the top. In May, Delish's top leader, Editorial Director Joanna Saltz, mandated that members of the Delish food team track the online performance of their recipes via Google Analytics. In a team-wide Slack, Xie posted a photo of her own job description, noting that it fell outside her stated role.
"I would like to point out that even the smallest task being added to my plate become contributors to burnout over time," Xie wrote in Slack. (Xie said that she and Saltz spoke directly afterwards and that Saltz later emailed to express appreciation for her candor.)
As Xie worked her day job developing recipes, "Budget Eats" was morphing from a pandemic experiment to a bonafide hit. Xie had pitched the show in the past, but the concept — where she stretches a modest grocery budget to great lengths — was deemed to be off-brand given the publication's aim to create high-end content out of its own kitchen, Xie said. Once the pandemic halted normal production, Xie, who had hosted other Delish cooking videos, was given the green light.
Xie first recorded the show on her phone. The first episode, "I Lived On A $5 A Day Budget For A Week In New York City," posted on May 6, 2020. The spare, unpretentious style struck a chord with housebound viewers, eventually collecting two million views and prompting comments like, "This woman needs her own entire channel." In the video, Xie takes viewers into her real life. A career recipe developer at work, the "Budget Eats" Xie doesn't even measure out ingredients. She shares her cooking pet peeves, like when you have to use the oven to only make one thing, and airs a brief black and white montage (set to "Ave Maria") to bid farewell to her foster dog, Tom. "Not dead, owner just picked up him," she clarifies.
Staffers at Delish were thrilled.
"It was like seeing Beatlemania happen in real life," said Zach Lennon-Simon, Delish's video editor for the show. "I was getting messages from people who didn't talk to me in high school saying they watched it."
"Budget Eats" regularly reached the company's internal list of most-viewed videos, Lennon-Simon said. In 2021, Xie won a "Hearst Spotlight Award," an honor highlighting a standout person from each Hearst title. That same year, "Budget Eats" took home a Webby Award.
In "Budget Eats," Hearst had a franchise that could lead to the sort of TV and film entertainment opportunities that media companies have been chasing to diversify their revenue streams. Xie caught the attention of A&E Networks, the TV company that operates the A&E, History, and Lifetime channels. A joint venture between Disney and Hearst Communications, A&E was a natural home for projects originating from Hearst-owned properties.
In June 2022, Jude Harris, Hearst's executive director of TV and film, connected Xie with A&E's lawyers to hash out a development deal, according to emails Xie shared with Insider. "Budget Eats" was ready to go Hollywood.
Xie's nascent stardom belied her increasingly perilous position at Delish, where she was having frequent run-ins with her manager, Food Director Robert Seixas. According to a 48-page dossier Xie shared with Insider, Xie compiled, in real time, examples of Seixas canceling meetings without rescheduling and offering, in her view, vague directives.
Xie's frustrations had been growing long before HR got involved, according to her dossier. In July, Xie and Seixas butted heads on a Delish team Slack channel after Seixas mandated that the outlet favor "sliced chives" over "chopped chives" in its copy.
Xie took issue with the new policy, writing that the switch could create inconsistencies across Delish's library of recipes, according to the Slack messages. Seixas was unmoved.
"We should only refer to them as sliced," he wrote. "'Finely sliced,' is great when appropriate. If, for example, one is looking for a thicker cut, you could say 'sliced ¼'' thick.'"
What appeared to be a straightforward mandate about an herb held more significance for Xie. "To me it was an exertion of ego that was pointless," she told Insider. (Seixas did not respond to requests for comment for this story.)
Xie was an outspoken organizer for the Hearst Union, which has been entrenched in contract talks with the company for about two years
The two colleagues butted heads again months later after Xie raised an issue in Slack with a recipe she developed for cat's tongue cookies. The cookies were photographed dipped in chocolate, a flourish that did not appear in the recipe as Xie had written it.
Seixas responded that he made the call to add chocolate.
"As I have seen cat's tongue with dipped chocolate — which is how we taught students at French Culinary," he said, referring to the cooking school where he previously served as director of education.
Xie was irked that a unilateral decision was made about her recipe without consultation, telling her colleagues in Slack that she found the process "upsetting." She invoked a previous incident where an incongruous garnish was added to another recipe writer's Korean dish during a print photoshoot.
"Especially with our parsley faux pas in the last quarterly fresh in our memories, this touches on a greater communication issue that I would like to explore," Xie wrote in Slack.
For Xie, it wasn't about chives or chocolate cookies. The incidents reflected how decisions were made without open discussion, leading to miscommunication, she said. It meant something larger.
Indeed, the contrast between Xie and Seixas was an example of the kinds of dynamics reshaping workplaces across the media and larger corporate ecosystem, between a new generation of employees pushing for open debate and "old school" managers, as one Delish staffer said Seixas described his operating style, who want their orders followed.
Xie was seen by some of her colleagues as a champion.
"I very much felt like June was our voice," said LaLomia, the former Delish editor. "She was never afraid to speak about working too much or people being overwhelmed on the team — just asking questions that might create problems."
As union contract negotiations dragged on, Xie was also eager to promote the cause both internally and on social media, an arena where media unions have ratcheted up the pressure on their bosses. In July, she tweeted about a union recap of a bargaining session with, "Fuck Hearst. Fuck. Hearst."
"She's a vocal person in general and does not mince words," said Lizz Schumer, a senior editor at Good Housekeeping and a member of the union's bargaining committee. "It's our opinion and our perspective that that had a huge role in how she was treated."
Xie's efforts to create change at Delish didn't resonate with everyone on her team. Lennon-Simon and Xie learned that an unknown staffer at Delish had taped a private meeting of rank-and-file staffers in August in which unionized staffers openly complained about managers. The recording was sent to management, with the unknown staffer reporting that Xie had made them uncomfortable.
In August, HR reached out to Xie for a series of meetings ostensibly to hear out her concerns about Delish's workplace. Sensing discipline was on the way, Xie brought along Lennon-Simon as her union representative.
The meetings were "classic June," Lennon-Simon said. He summarized how Xie laid out her position to HR. "'We need to fix the structure here at Delish,'" he recalled. "'We need to address these wrongs and solve them together.'" Lennon-Simon added that, "The HR person continuously kept turning it to, 'You see how your tone is the real problem?' As if she was just not calling 9-1-1 in the appropriate way."
Xie told Insider that she genuinely wanted to make Delish better for her and her teammates, whom she enjoyed working with. "I loved my work. I love food, which constitutes 90% of my waking life," she said.
But even after the preliminary HR meetings, Xie and her boss, Seixas, were still at odds.
On August 30, Xie was called into another meeting with HR. According to the HR recap, obtained by Insider, Xie had violated company policy by telling Seixas he was a "shit manager" and saying that "he had the personality of a scab," referring to a person who crosses a picket line to take on job responsibilities of a striking worker.
"I think I said, 'I find it really hard to work under someone who I perceive to be shitty at their job,'" Xie told Insider. Xie said the scab remark was a response to Seixas' claim that he had to work extra hours in order to complete all the tasks he needed to get done. Xie said she responded that this was "scabbing."
HR also reprimanded Xie for "the racially charged comments and statements that had no context over Slack." Xie said she believes this refers to the slide she shared with Seixas, who is Black, about white supremacy culture from the workshop.
"I was not accusing anyone of being a white supremacist," Xie told Insider, explaining that it was shared in the context of a conversation about whether Delish's workplace exhibited those traits.
In any event, HR alleged that the behavior violated Hearst's bullying policy and would not be tolerated.
"For these reasons, this will be your final warning," the notice said.
After the disciplinary meeting, Xie returned to working on recipes and "Budget Eats." She was determined, she said, to not break the rules. She told Insider that she recognized she had crossed a line "in a strictly professional decorum sense."
"I could've refrained from using certain tones and diction, but I simply ran out of energy to police myself that way considering we were coming up on two years of bad faith bargaining, combined with completely opaque managers who insisted they valued transparency and communication," Xie said.
There was also the matter of the "Budget Eats" TV project. For months, Xie had been in a back-and-forth with A&E over the details.
She was hesitant.
"It felt like she was afraid that putting 'Budget Eats' from her kitchen onto this cable network might dilute the honesty," Lennon-Simon said.
Plus, the economics of the deal concerned Xie. She said that she was verbally offered $1,750 that was not stipulated in the contract. It's not uncommon for development deals to be paltry. The real money comes only once a show actually gets made and reaches viewers.
Feeling "unsettled and unsafe" about her tenuous standing at Hearst, Xie said she discussed her concerns with Jude Harris, Hearst's development executive, via a Slack audio call. Harris told Xie that ultimately it was her decision whether or not to move forward, Xie said. Harris did not respond to requests for comment.
On September 6, Xie informed the A&E lawyers via email that she had been disciplined at work.
"I do not want to complicate my relationship with Hearst any further," Xie wrote. "While I am otherwise ecstatic to participate in the show's formulation, I do not feel comfortable engaging in this project if I am to be on Hearst's payroll, with Hearst's involvement. Respectfully, I have to turn down this exciting opportunity at this time."
A month later, Xie was pulled into the meeting with Hearst HR and fired.
"It was brought to our attention that you recently removed yourself from a project without consultation from the business or with management, and that decision had business implications and should have been discussed with the project lead," the HR representative told Xie, according to the recording.
Xie responded that she had consulted beforehand with Harris, her point of contact.
"Unfortunately, that was not communicated," the HR representative said. "There was an executive decision that was made by the most senior leader within Edit, and they see it as insubordination. In conjunction with the challenges of your recent behavior they do not feel that it's beneficial to continue this working relationship." The HR representative did not clarify which leader within the editorial department made the decision.
Before her access was cut off, Xie rushed into Delish Slack to drop her personal email address for colleagues, a message that was later deleted. Some who saw it were stunned that Xie, something of an office celebrity, could be let go.
Afterward, Delish video staffers held a contentious meeting with Saltz, the editorial director, for answers. Lennon-Simon said that Saltz pointed staffers to HR, saying she could not discuss Xie's firing, which she said also came as a surprise to her.
Some at Delish were puzzled by the explanation that Xie was terminated because she damaged the company's relationship with A&E, which Hearst Communications co-owns. A person familiar with the matter said Delish and A&E continue to correspond on other TV ideas, and a slide obtained by Insider from a Hearst internal video presentation this month spotlighted the "development partnership" between the two companies.
The union, for its part, has sensed an opportunity to add pressure as contract negotiations with Hearst drag on, filing a "unfair labor practice" complaint with the National Labor Relations Board over Xie's case. Earlier this month, union members rallied outside of the company's headquarters to demand the company agree to a first contract.
Xie told Insider her firing highlighted "how important it is to work towards coalescing solidarity to strengthen the union so that we can effect sustainable change together."
As for "Budget Eats," Delish recently posted what is presumably the last episode. In the video, Xie eats her way through the Queens neighborhood of Astoria on a $50 budget.
Xie told Insider that she is glad that her last episodes saw the light of day. She has been thinking about life and her career in a new way, she said, particularly after her mother passed away last year. She enrolled in a course in New York on urban farming and plans to produce her own video content next year.
"I love food," Xie said. "My life revolves around the making of food. I also think that there is a market that's maybe not very profitable, but is slightly more meaningful than making recipe videos." | 2022-12-22T11:14:47Z | www.businessinsider.com | How 'Budget Eats' Host June Xie Warred With Hearst, and Ended up Fired | https://www.businessinsider.com/budget-eats-host-june-xie-warred-with-hearst-was-fired-2022-12 | https://www.businessinsider.com/budget-eats-host-june-xie-warred-with-hearst-was-fired-2022-12 |
Complex insiders say owner BuzzFeed has shed key talent, failed to invest in core content, and threatens to dilute the hip culture brand: 'The BuzzFeed ethos does not get it'
Day 2 of ComplexCon 2019 in Long Beach, California.
BuzzFeed acquired Complex in 2021 in a bid to reach new audiences and advertisers before going public.
BuzzFeed recently cut 180 staffers, including several top Complex execs, and some feel Complex has been mismanaged.
Complex insiders worry that the cuts threaten their brand's future.
BuzzFeed celebrated its December 2021 IPO with a video portraying its units — the flagship site, BuzzFeed News, food vertical Tasty, and acquired brands HuffPost and Complex Networks — as ingredients in a cake, including a dash of Complex Hot Sauce.
Just a month earlier BuzzFeed had closed its acquisition of Complex for $300 million, the company's latest move in a rollup to reach new audiences and expand its advertising base.
The deal combined BuzzFeed — a digital media company known for aggregating content and collecting massive audiences via Facebook — with a platform whose leaders built it as "an anomaly," known for hip hop and sneaker culture coverage, video series, and live events.
Today, the recipe doesn't look so successful. BuzzFeed made its public debut via a special-purpose acquisition company, jumping on a trend that let companies sidestep some of the conventional IPO steps. But investors withdrew almost all of the $287.5 million raised by the SPAC, according to a securities filing, leaving BuzzFeed with just $16 million to fuel its growth.
Since then, the company's stock price has plunged below $1, leaving BuzzFeed with a market cap of just over $112 million, significantly less than what it acquired Complex for. This December, BuzzFeed laid off 12% of staff across its portfolio, for a total of 180 employees, including top Complex execs like president Justin Killion.
Insider spoke to seven current and former employees of both companies for this story; they were granted anonymity to speak freely. They painted a picture of a new owner misunderstanding and mismanaging Complex, losing some of its vital leaders, and putting at risk the long-form video and events that drove its success.
A BuzzFeed spokesperson shared a statement saying the company's December cuts impacted sales, production, and tech and the BuzzFeed brand along with Complex. "These changes were driven by macroeconomic factors, challenges facing our industry, and the integration of Complex Networks, which is essential context for any story about a media company in 2022," the statement said. "BuzzFeed Inc. is incredibly excited about what's in store for Complex Networks in 2023, including ComplexCon, more premium content from First We Feast's 'Hot Ones' and 'Sneaker Shopping,' and innovative products like ComplexLand and Volumes, which launched in 2022."
Clashing video strategies as some fear Complex culture is being 'completely gutted'
Kevin Hart appeared on Complex's "Hot Ones" series.
YouTube/First We Feast
BuzzFeed's not alone in its challenges — a lot of media companies have laid off staff in recent months as ad revenue softened. And rollups and associated cost-cutting have become inevitable in digital media as companies from Group Nine to Refinery29 have sought partners to scale up so they can compete more effectively for scarce digital ad dollars. Before joining with BuzzFeed, Complex's then-CEO Rich Antoniello had conversations with Vice Media and Vox Media.
But some Complex insiders said the promise of the BuzzFeed deal — that their brand would benefit from the larger platform's distribution while BuzzFeed would benefit from Complex's playbook — was never realized. Rubbing salt in the wound, Complex insiders said they felt their brand was scrappier and more culturally relevant than BuzzFeed, which many consider past its prime.
The culture of Complex is being "completely gutted," said one insider.
This person and others told Insider they felt that leadership at BuzzFeed, which is rooted in meme-driven listicles and short videos, failed to appreciate Complex's model — built on host-driven video series like "Hot Ones" and "Sneaker Shopping" for YouTube and other platforms.
Increased funding that was expected to expand Complex's shows and content on its website in 2022 never materialized, meaning some series shot fewer episodes than planned. And the December layoffs included deep cuts to full-time Complex video staff, a team insiders consider crucial to maintaining the quality of and consistency of their video series.
For some, the question is nothing less than existential. "My biggest worry is, will Complex keep its soul?" a second insider asked.
A controversial ComplexCon expansion and a key exec departure
Complex started as a print magazine in 2002 from streetwear designer Marc Ecko, with Antoniello joining soon after. With a modest $40 million in fundraising over about a decade, it grew into a profitable, diversified media company by pushing into long-form video series that it adapted to various platforms; the company also developed other revenue lines, like events and merch. Its YouTube-based "Hot Ones," in which host Sean Evans interviews celebrities while they eat progressively hotter chicken wings, has featured the likes of Charlize Theron and Seth Rogen and been nominated for several awards. It even led to a line of hot sauce.
In 2016, Complex sold to Hearst and Verizon in a 50-50 deal meant to help those companies' reach with young men. Verizon paid Complex Networks roughly $150 million to produce shows that would appear on Go90, its free mobile video service.
But in 2018, Verizon shut down Go90, forcing Complex to reduce its staff to 300 from 400 and reset its goals. Verizon has since sold off its other media properties like Yahoo and TechCrunch, and Complex sought out other merger partners.
From left: Former Complex CEO Rich Antoniello, BuzzFeed CEO Jonah Peretti, and Complex president Christian Baesler announced BuzzFeed's plan to go public via a SPAC in June 2021.
Craig Barritt/Getty Images for Buzzfeed
BuzzFeed's acquisition of Complex would "expand our reach into new audiences, complement our entertainment, news, and lifestyle brands, and open the door to even more revenue opportunities," BuzzFeed co-founder and CEO Jonah Peretti said when the deal was first announced in June 2021. Complex, like BuzzFeed, was losing money at the time, though its addition boosted BuzzFeed's overall revenue.
Once the companies combined, two Complex execs, Christian Baesler and Edgar Hernandez, were promoted to C-level roles. And there were some mashups that made sense, like the Eat Your Feed Fest that brought together two food brands, BuzzFeed's Tasty and Complex's First We Feast, as an extension of ComplexCon — an annual, two-day hip-hop and culture festival in Long Beach, California.
But Complex insiders felt especially aggrieved when, this fall, BuzzFeed announced a global expansion for ComplexCon. The event has attracted as many as 60,000 attendees and brands from luxury streetwear maker Billionaire Boys Club to corporate mainstays like Gillette and UPS. Artists like Rihanna and Wiz Khalifa have been spotted there in years past. Its 2022 edition featured notables like Verdy, the streetwear designer behind Girls Don't Cry and Wasted Youth brands; hip-hop producer and designer Nigo, best known for the brand A Bathing Ape; and the rapper Lil Uzi Vert.
To Complex insiders, BuzzFeed's plan to take the event to Australia, Europe, and Asia simultaneously was unrealistic and under-resourced.
In another blow, Neil Wright, the exec who developed ComplexCon back in 2016 and has overseen it since, departed — for a VP role at Kevin Hart's production company — soon after the plan was hatched.
Some now wonder how BuzzFeed will be able to put on even the domestic ComplexCon in 2023, much less the global editions, without Wright's institutional knowledge and an increase in headcount. Sources have heard there's discussion of canceling the event entirely, which would be surprising — while not regularly profitable, ComplexCon has been used to open doors with advertisers.
As for BuzzFeed, it's been trying to jumpstart growth by pushing into the short-form, vertical video popular on social media, a pivot that has met with skepticism at both brands. After all, BuzzFeed's history of platform dependence is coming back to bite it now as Facebook has deprioritized publisher content in its feed.
The move also feeds into the feeling that along with failing to fully support Complex's model, BuzzFeed is missing the chance to emulate successful aspects of it.
Said one former Complex exec, "The BuzzFeed ethos does not get it."
BuzzFeed Buzzfeed News | 2022-12-22T11:14:53Z | www.businessinsider.com | BuzzFeed's Deal to Buy Complex Led to Cuts, Fears About Brand's Future | https://www.businessinsider.com/buzzfeed-complex-acquisition-staff-cuts-fears-brand-future-2022-12 | https://www.businessinsider.com/buzzfeed-complex-acquisition-staff-cuts-fears-brand-future-2022-12 |
Elon Musk is still cutting costs at Twitter, killing features and conducting layoffs as he tries to draw new investment
Musk recently compared Twitter's financial situation to a plane falling out of the sky.
Efforts to cut costs are ongoing, resulting in some Twitter features shutting down.
Layoffs have also continued, with more expected in the coming weeks.
Elon Musk is still very much in charge of Twitter and continues to drastically cut costs as he searches for new outside investment.
Even though Twitter's employee headcount is about 70% less than it was prior to Musk taking over at the end of October, the billionaire continues to trim expenses or areas of the company he deems too costly or unneeded, three people familiar with the company said. Meanwhile, he's begun in earnest to solicit new funding from previous investors in his Twitter takeover. Musk on Tuesday compared Twitter's financial situation to "a plane that's headed towards the ground at high speed" and admitted it's facing a $3.5 billion loss in 2023.
Certain features on Twitter are being shut down in order to further reduce costs and "streamline" the platform, according to two of the people familiar with the company. Moments, a curated selection of happenings and events on Twitter, is being closed after launching in 2015. It was run mainly by Twitter's Curation team, which was almost entirely let go during Musk's first round of layoffs. There's been discussion about closing Voice Tweets, audio messages that Twitter rolled out last year, along with a reduction in what's available from the Explore page and a "relaunch" of that search function, according to the two people and messages seen by Insider.
The planned redesign of Explore will only have two tabs, "Trending" and "For you," the latter of which will be an "infinite swipeable video feed," according to a message seen by Insider. Current Explore tabs like "News," "Sports" and "Country" will be removed.
Changes to Explore are supposed to be "quick and dirty," one message said, given Twitter's reduced headcount and limited bandwidth for such projects. "The initial launch is not the space to dream big dreams about Explore," the message added.
The "tech stack," essentially the data and programming behind applications and features, for Explore is also supposed to be rebuilt for faster experimentation and changes with fewer people, according to a message. Cost is top of mind in conversations that come up with Musk on any Twitter feature, the two people familiar said.
One such discussion happened when Twitter Spaces was last week briefly shutdown. The shutdown came after Musk joined a Space hosted by journalists discussing Twitter's recent suspensions of journalists (ostensibly over the tracking of Musk's jet), during which he was questioned by some of the suspended journalists, because of a glitch that allowed them to use Spaces even while suspended. After Spaces was shut off, it was suggested the feature was too expensive to run, according to the two people familiar. Spaces has since been restored, but its tech stack is also now slated to be rebuilt to reduce costs.
There are also talks of potentially closing some of Twitter's roughly two dozen smaller offices, like those outside of major hubs in California, New York and London, two of the people familiar said.
Despite Twitter's dramatically reduced headcount under Musk's two months as owner and CEO, layoffs continue to happen on a rolling basis, to further cut costs. Although Musk said last month no more layoffs were planned, a group of engineers got fired just before Thanksgiving and around 50 people working in Twitter's infrastructure department lost their jobs this past weekend, the three people familiar said. Affected workers were not informed beforehand, and simply lost access to their work computers and tools, as happened in the first round of layoffs early in November. More layoffs are expected to happen in the coming weeks, the people familiar added, including in engineering, which only has an estimated 600 people left.
Even with all of these efforts to reduce costs, which are in addition to Musk ending various benefits and perks, employee expenses not being paid, and performance being evaluated constantly, Twitter's apparent financial struggles continue. Musk is now looking for an outside cash infusion.
Last week, he sold $3.6 billion worth of shares in Tesla, angering investors of the electric car company, who widely agree Musk did so to have more money for Twitter.
Jared Birchall, who leads Musk's family office Excession and has been staying at Twitter HQ in one of the offices recently converted to sleeping quarters, sent an email to all of the investors that backed Musk's initial takeover of Twitter for $44 billion. Investors were told additional shares of the company were available, at the $54.20 Musk paid for it. Potential investors however received in the email no information on Twitter's current financial situation. | 2022-12-22T11:15:05Z | www.businessinsider.com | Elon Musk Kills Features on Twitter, Has New Layoffs, and Seeks Funding | https://www.businessinsider.com/elon-musks-twitter-kills-features-has-new-layoffs-seeks-funding-2022-12 | https://www.businessinsider.com/elon-musks-twitter-kills-features-has-new-layoffs-seeks-funding-2022-12 |
The Lanby just raised $1.2 million to launch a primary-care members club in New York. Here's the pitch deck it used to seal the deal with investors at Female Founders Fund and other VC firms.
The Lanby cofounder Chloe Harrouche.
Primary-care startup The Lanby just raised a $1.2 million seed round.
The startup provides members with unlimited access to its care teams for $250 a month.
Check out the 14-slide pitch deck it used to raise money from Female Founders Fund and other VCs.
Without spending a penny on marketing, the primary-care startup The Lanby has onboarded 240 members and just closed a seed round to expand its operations, according to the company.
The New York-based startup raised a $1.2 million seed round at an undisclosed valuation last month led by Female Founders Fund with participation from Launch, Goodwater Capital, and Magic Fund. Given volatility in the market and a difficult fundraising environment, the startup's scrappiness — as evidenced by its initial growth without relying on any marketing — ended up being a big draw for investors, The Lanby's cofounder Chloe Harrouche told Insider.
"Investors are, seemingly for the first time, paying attention to founders' ability to operate and grow leanly, as opposed to a 'grow at any cost' mindset," she said. "This organic traction was very compelling to investors, as it demonstrated both our scrappiness and the readiness of the market for our product."
Founded in 2019 by two women who struggled to navigate the healthcare system while in their early 20s, The Lanby is a healthcare club that replaces traditional primary care with access to a care team that includes a physician, wellness advisor, and concierge managers. The members connect with The Lanby's in-house suite of medical professionals to get unlimited access to in-person appointments as well as a telemedicine platform.
The startup charges $250 a month for all-inclusive care and does not take insurance, which means that members get unlimited access to virtual and in-person doctor visits as well as wellness assessments, on-site lab draws, programming, messaging with care providers, prescription management, and more — all without an insurance company putting limits on how much care it will cover.
Startups that provide primary care in person and via telemedicine are in vogue in Silicon Valley. Investors seem eager to discover the next One Medical, which was valued at $1.7 billion in its initial public offering in 2020 and has since been acquired by Amazon, or PlushCare, which was acquired by Accolade in 2021 for $450 million.
With its influx of seed funding, The Lanby's top growth priorities in 2023 include building out a propriety app for members to manage care, creating a provider dashboard to improve the employee experience, and creating an in-house training program for providers to deliver standardized care, according to Harrouche.
Check out the 14-slide pitch deck The Lanby used to raise its $1.2 million seed round:
Features Tech Startups | 2022-12-22T11:15:41Z | www.businessinsider.com | Pitch Deck for Healthtech Startup the Lanby's $1.2 Million Seed Round | https://www.businessinsider.com/pitch-deck-lanby-seed-round-healthcare-startup-2022-12 | https://www.businessinsider.com/pitch-deck-lanby-seed-round-healthcare-startup-2022-12 |
Google will soon kill the cookie, and 2023 will be the year to show whether the technology invented to replace it can save the ad industry's revenue
Choness/ iStock/Getty Images Plus
The loss of the cookie and other ways to identify people online has caused ad revenue to crater.
Millions have been spent to develop tech to replace that lost value.
2023 will be a big year for that tech to prove its value.
The digital ad industry was devastated by Apple's restrictions around its IDFA mobile identifier and will soon run into another buzzsaw when Google's Chrome browser restricts third-party cookies in 2024. The loss of these capabilities drastically devalues digital ads by making it much harder to precisely target people and measure whether ads drove sales.
The inability to identify people online using third-party cookies could cause publisher ad revenue to crater three to four times over, said Garrett McGrath, VP of product management at the adtech firm Magnite.
While Google is developing ways to target and measure ads without tracking people through an initiative called the Privacy Sandbox, a number of smaller firms have rushed to fill this coming vacuum and have attracted a slew of investment in recent years.
The Trade Desk, LiveRamp, and ID5 have focused a lot of their efforts on tech called identifiers to replace the cookie, while startups like InfoSum and Habu have each received millions of dollars in investment to develop ways for advertisers and publishers to share data with each other in privacy-focused environments, called "data clean rooms."
But neither of these technologies has definitively proven they can drive ad revenue the way the cookie currently does, and with the deadline closing in, 2023 will be a big prove-it year, experts said.
There are hundreds of cookie-replacement firms, but the ad industry only needs a few
The digital ad industry has been looking to cookie replacements — also known as identifiers — introduced by companies like The Trade Desk, LiveRamp, or ID5, to save their revenue.
Like cookies, these new identifiers power targeted advertising and measurement. But they are purportedly better than cookies at protecting privacy because people can opt out of being associated with them, and because the data they use can't be traced back to specific individuals.
But some experts believe there will be winnowing on the sheer number of identifiers available in the market in 2023.
"You can't trade with hundreds of currencies," said Mathieu Roche, cofounder and CEO of ID5. "I do think the industry will converge around maybe five."
While some identifiers, like Universal ID 2.0 which is championed by The Trade Desk, seem to have momentum via splashy partnerships with content owners like Disney and Amazon, the litmus test for success is whether digital ads are actually being transacted off of those identifiers — in other words, if they're actually driving ad revenue.
"Universal ID 2.0 is no further ahead than the other solutions like [LiveRamp's] RampID, and ID5, and the other solutions in the marketplace," said one ad agency source. Despite having years to test these identifiers, advertisers are still hesitant to rely on them, this source said.
Conor McKenna, a director at investment bank LUMA Partners, doesn't think the lack of a clear winner is the death knell for these identifiers. "People are spending more time making sure how they work within their organization, which is probably good for those businesses in the long run," he said.
But major platforms like Google and Apple have already come out against identifiers, and it's unclear if they could ever restrict their use.
"Too soon to say, but the platforms don't like it," said David Temkin, a Google executive who focuses on ads privacy. "Any alternative tracking method will be on their radar."
So-called data clean rooms need to quell issues of trust to hit the mainstream
When Google said it was killing the third-party cookie, companies like Habu and InfoSum built their businesses around tech that offered safe places where different companies can share their data for marketing purposes — so a car company could, for instance, find contractors who shop at a home improvement store and send them ads about pickup trucks.
Amazon and Google have also built out support for these types of technology. "Clean rooms we think are promising because they can respect user privacy," Temkin said. But advertisers and publishers have been slow using them en masse.
"They are accelerating more slowly than I would've expected personally," said Joe Stanhope, principal analyst at Forrester. He notes that clean rooms can be slow and expensive. In the current volatile economy, marketers are pulling back on budget for unproven technologies.
One of the other humps these technologies will need to get over next year is whether advertisers or publishers decide to trust them.
"Is it truly secure?" said Jason Webby, CRO of Newsweek. "Did any data get left behind?" Brands that use a clean room are having their customer data analyzed. "That's the personal property of that brand, and they can be reticent to let anybody near it," he said.
Matt Kilmartin, CEO of clean room provider Habu vehemently rejects that view. "These are a thousand times more privacy safe than the old way of doing things," he said, citing features like privacy controls that can determine who has access to what data.
Some experts think marketers and content owners will begin getting up to speed with clean rooms in 2023
While some marketers have been slow to adopt clean room technology so far, some experts in the space believe 2023 will be the year they begin to take off. The prevalence of retail media already jumpstarted the need for clean rooms in 2022, said Scott Howe, CEO of LiveRamp, which provides clean rooms and identifiers.
"You'll see cleanrooms be the thing that everyone is testing in the first half of next year," he said.
The growth of ad-supported streaming TV will also create demand for this tech, mostly because advertisers want to target ads there, according to June 2022 poll by the Winterberry Group.
Leading reasons why ID is used in streaming TV
Just over a third (37%) of streaming TV ad buyers and the same percentage of streaming TV content owners plan to increase investment in this technology, according to that same poll.
Kilmartin points to client, Pepsi, which has made heavy investments in using a clean room, and predicts that those early cases will drive business in 2023. "With the Pepsis and Disneys of the world talking about what they're doing, the fast followers will come," he said.
Google Digital Advertising Ad Targeting | 2022-12-22T11:15:47Z | www.businessinsider.com | Firms Like the Trade Desk and Habu Still Must Prove Their Tech Can Save Advertising From the Loss of the Cookie | https://www.businessinsider.com/post-cookie-trade-desk-habu-must-prove-tech-save-advertising-12 | https://www.businessinsider.com/post-cookie-trade-desk-habu-must-prove-tech-save-advertising-12 |
Restaurants on DoorDash, Grubhub, and UberEats aren't always what they seem. Here's how to spot 'ghost' menu.
Thousands of virtual brands are flooding delivery apps like Uber Eats, DoorDash, and Grubhub.
Some consumers mistake these ghost brands for real brick-and-mortar restaurants.
Here's how to spot a virtual restaurant on the three delivery apps.
Man vs Fries. Mama Roma. El Taco Loco. The Salad Station. Pizza Mania. MrBeast Burger.
One might think these are niche concepts serving diners classic American staples in restaurants across the US.
But, consumers are not dining inside any of these restaurants. Instead, they're ordering takeout or delivery from them on apps like DoorDash.
Menus made in ghost kitchens have erupted on delivery apps over the past five years. Uber Eats, for example, first began helping restaurants develop delivery-only brands in 2017. By 2019, Uber had more than 3,000 virtual restaurants listed in its app in the US. Today, the company said its app hosts "tens of thousands of virtual restaurant storefronts." But it's difficult to know if you're ordering from one.
These 'virtual restaurant' menus typically hawk one type of dish, like chicken wings. And most operate inside established restaurants looking to boost sales by creating their own menus or licensing and selling one or two delivery-only brands. Some virtual restaurants operate in food trailers run by Reef Technology, ghost kitchens like Travis Kalanick's CloudKitchens, or food halls like Kitchen United.
According to a joint report by Grubhub and the market-research firm Technomic, 41% of independent restaurants are operating virtual restaurants. Many of those operators say they plan to add multiple virtual brands to their existing kitchens in the next 12 months.
When the delivery movement accelerated during the pandemic, virtual restaurants went from an innovative menu trend to a bonafide disruptive industry. The trend spawned virtual restaurant companies such as Nextbite, Virtual Dining Concepts, Absolute Brands, and C3. The segment has the potential to become a $ 1 trillion business by 2030, according to Euromonitor.
Many diners still want their food from a 'real' restaurant, though. According to the National Restaurant Association's latest "State of the Industry" report, 74% of the adults surveyed said it was important for their food to be delivered from a place with a physical location that was accessible to the public.
But how do delivery users know when they're ordering from a virtual restaurant or a brick-and-mortar food joint?
Mariah Carey's Cookies are labeled as virtual brand on the DoorDash app.
Some concepts are easy to spot as they are well-publicized brands backed by celebrities, such as Packed Bowls by Wiz Khalifa, DJ Khaled's Another Wing, Guy Fieri's Flavortown Kitchen, and Mariah Carey's Cookies.
Still, some with generic names like The Chef Burger or Plant B are easy to mistake for brick-and-mortar restaurants.
Here are some tips on how to discover if a restaurant you're ordering from is a virtual brand:
Of the three major apps, DoorDash is the most transparent when it comes to identifying virtual brands.
DoorDash has been labeling virtual brands on its app for more than a year.
"Beyond disclosing the address where meals are prepared, DoorDash has labeled virtual brands with a standalone store page banner since March 2021," the company said.
The label typically appears at the top of the restaurant's page before the menu.
For example, DoorDash labels MrBeast Burger as "A concept from MrBeast. Brought to you by Virtual Dining Concepts."
Virtual Dining Concepts is a company that creates delivery-only brands and licenses them to ghost kitchen operators like Reef Technology. MrBeast Burger is one of the company's most successful virtual brands, delivering from more than 1,000 locations, according to the BBC. MrBeast Burger opened its first brick-and-mortar restaurant in September to throngs of fans.
Mama Roma's listing on DoorDash. Note, you can swipe to learn more.
DoorDash provides a "learn more" section for virtual brands, calling them "stores created exclusively for delivery or pickup through services like DoorDash."
"They may be owned by or closely affiliated with an existing company. They may also prepare their menu out of another store's facilities or in a kitchen without a storefront. We'll clearly label virtual brands, so you always know when you're ordering from one."
Uber Eats and Grubhub
Uber Eats and Grubhub do not label virtual brands.
"These brands are labeled as restaurants in the Uber Eats app. Our perspective is that a virtual restaurant is a real restaurant," Uber Eats told Insider.
With a bit of sleuthing, there's still a way to determine if you're ordering from a ghost restaurant from these apps.
All three delivery providers disclose the addresses of restaurants on their app – virtual or brick-and-mortar.
MrBeast Burger is not listed as a virtual brand on Grubhub.
Using a MrBeast Burger in Orange, California, on Grubhub as an example, here's how I determined that it was a virtual restaurant.
Plug the address on Mr. Beast's listing into Google Maps. In this case, the address is 1500 East Village Way. There's a Red Robin restaurant that shows up with the same address on Google. I called the restaurant to double-check, and an employee confirmed that the chain sells MrBeast as a delivery-only menu. It is unavailable to order for dine-in or on Red Robin's app.
On Uber Eats, it works the same. For example, a MrBeast Burger in Houston, Texas, has the same address as Kroger.
With help from Google, I learned the supermarket chain has a Kitchen United ghost kitchen inside the store.
Another tip? The Miami address for the virtual brand Sam's Crispy Chicken is listed as "MIA07-2" on the Uber Eats app. Whenever you spot an abbreviated city or landmark location like that, it means the menu is prepared inside one of Reef Technology's food trailers. The ghost kitchen, which has struggled with operations over the past year, works with virtual brands and chains like Wendy's.
Virtual Restaurants Ghost Kitchens Fast Food | 2022-12-22T11:15:59Z | www.businessinsider.com | How to Spot a Ghost Restaurant on DoorDash, Grubhub, and Uber Eats | https://www.businessinsider.com/virtual-restaurant-ghost-kitchen-doordash-grubhub-uber-eats-2022-12 | https://www.businessinsider.com/virtual-restaurant-ghost-kitchen-doordash-grubhub-uber-eats-2022-12 |
Your 30-day plan for bouncing back from a layoff and landing a new job in no time
Jerry Lee worked at Google and Lucid before co-founding his own company, Wonsulting.
Jerry Lee is the COO and co-founder of Wonsulting, a career consulting firm.
He says to maximize your first month after getting laid off to avoid a lengthy gap on your résumé.
Lee explains how to revamp your résumé, pick target companies, and address the layoff when applying.
Getting laid off is never easy, especially with a recession on the horizon. But if you structure your first 30 days after a layoff wisely, you'll maximize your chances of landing your next job and minimize the "job gap" in your résumé.
Before becoming COO and co-founder of Wonsulting, I was a senior strategy and operations manager at Google and led product strategy at Lucid. From what I've seen over the years, here's exactly what your first 30 days after getting laid off should look like.
It's the same 30-day plan I've recommended to friends and former colleagues — and they all started landing interviews shortly after they followed it.
Day 0: Document everything
If you sense that a layoff is coming, prepare by documenting every project you've worked on or are currently working on and your quantifiable impact throughout your tenure — emphasis on the impact (more on this below).
Be sure to capture any revenue you've driven, any exposure you've given the company, etc. — show, don't tell, how you've helped your previous companies succeed.
Then, create a spreadsheet with two lists:
Your job responsibilities: What were your scoped responsibilities when you were hired? If you're having a hard time remembering, find a similar job description on a job portal and see which are relevant for you.
Projects and tasks you've accomplished or been a part of: Break down each project and task into context, action, and — most importantly — result. List out projects and tasks you'd want to tell recruiters about— a project you led that improved an operational process, or an analysis of marketing data you oversaw that helped identify which campaigns ran the best. :
I recommend using Google's "X-Y-Z" formula to describe projects: Accomplished [X] as measured by [Y], by doing [Z]:
Accomplished [x]: highlights what you did. For example, if you organized an event for a consulting club, you'd write "Organized a consulting-oriented panel event."
As measured by [y]: should highlight the quantifiable impact of your actions. How many people attended your event? "Organized a consulting-oriented panel event that brought in 50 attendees"
By doing [z]: should highlight the "how." How did you organize the event? That would become, "Organized a consulting-oriented panel event that brought in 50 attendees by collaborating with five team members."
Day 1: Take a day to relax
A layoff is never anticipated or easy. Call your friends and family. Eat your favorite meal. Listen to your favorite podcast. Do what you need to do to relax and prepare yourself mentally and emotionally for the job-search process.
Day 2-7: Update your résumé with the information you've gathered
Next, you want to update your résumé.
Experience section: Your most recent role should be the biggest section of the résumé because it shows recruiters the experience most relevant to the roles you're applying for. If you're changing careers, then show the most transferable skills relevant to the role instead.
For example, if you're in marketing and looking to transition into data analytics, then focus on the data-related work you've accomplished in your marketing role.
Your other experiences should follow your most recent role.
Education: List your degree(s), certificate(s), and any other relevant qualifications. If you're a student of any level, make sure your education is at the top of your résumé to show recruiters that you're currently studying. Otherwise move it to the bottom.
Other tips: Be sure to include your best contact email, phone number, and LinkedIn URL at the top of your résumé. Your personal and professional interests at the bottom should act as the cherry on top that allows recruiters to connect with you on a personal level during the interview.
Once you finalize your résumé, share it with friends, mentors, or colleagues — ideally in your industry — for feedback. Ask them questions: What job title do you think I'm going for based on my résumé? Do you think it reflects the skills important for my target industry? What improvements would you make?
Make changes based on their feedback, send them a $5 Starbucks gift card for their time, and then stop editing your résumé. You're ready to move on to the next step.
Day 3-30: Research your target companies
In a period when layoffs are common, your goal is to find companies that are still hiring. Sign up for job alerts on all your favorite job boards. Check Google and Yahoo Finance to spot the top growing stocks of the past 24 hours, seven days, and 30 days. Those with a strong performance will often have the budget to hire.
Day 14-30: Start applying to jobs and networking
Now that your résumé is finalized and you have all your job alerts ready, set a goal on the number of jobs you should apply to per week and schedule out blocks of time on your calendar to apply. Your goal is to be consistent; there's no magic number. In addition, start networking.
There are four tiers of applying to a job, going from least effective (tier 4) to most effective (tier 1).
Tier 4: Applying to roles: You simply apply to a role without a referral. We call this a blind application because it's simply a "hope for the best" situation.
Tier 3: Referral: You get referred by someone at the company who's not on the team that's directly hiring — maybe you're going for an operations analyst position, and a software engineer submits an internal referral for you.
Tier 2: Hiring team member recommendation: Someone on the hiring team refers you for the role.
Tier 1: Hiring manager recommendation: The hiring manager who's directly responsible for the role recommends you.
Your goal is to focus on the first tier for your top five companies. Find recruiters and hiring managers on LinkdIn and send personalized messages similar to this:
Hi [their name]
I'm writing to you to introduce myself and reach out for the role you're hiring for. I have experience doing [your experience] at [the company you worked at previously] and am looking for [one specific element you're looking for in your next role].
Would be great to chat more.
I've personally used this template to land interviews at over 10 companies. A real example:
I'm writing to you to introduce myself and reach out for the role you're hiring for. Currently doing GTM Strategy work at Google in the SMB apps space and looking to grow my skill set at a smaller, high impact environment.
One question you should anticipate answering in interviews and while networking is, "Why are you looking for a new job?" or "What happened at your last job?"
It's important to be upfront about being laid off, but focus on the future — what you hope to gain from the new role you're applying to. Your answer can look something like:
"Unfortunately, I was part of my company's recent layoffs. That being said, one thing that I loved about my role was that my work was the perfect blend of strategy and operations. However, the biggest aspect missing from my role was the limited exposure to leadership. The leadership experience in this role will allow me to strengthen my ability to manage upwards."
Day 30+: Repeat applying & networking
It's only a matter of time before you land your next role. As we talk about in Wonsulting, you don't need 100 jobs, you only need one job.
That next job application you send out could be that one job that you need.
jerry lee Wonsulting career advice | 2022-12-22T11:16:05Z | www.businessinsider.com | A 30-Day Plan for What to Do Right After Getting Laid Off | https://www.businessinsider.com/what-to-do-after-getting-laid-off-30-day-plan-2022-12 | https://www.businessinsider.com/what-to-do-after-getting-laid-off-30-day-plan-2022-12 |
Good morning. I'm senior reporter Phil Rosen. It's good to be with you for the second-to-last Friday eve of 2022.
This year, we've watched (and felt) inflation hit historic highs, and seen the US central bank fight rising prices with very aggressive monetary policy.
The jury's still out on whether those Fed rate hikes are working and if they'll spark a recession, but everyday Americans have already had to endure the repercussions.
Don't shoot the messenger here, but today I'm breaking down the many troubles plaguing the housing market and homebuyers.
By the way, two of Sam Bankman-Fried's top associates, Caroline Ellison and FTX cofounder Gary Wang, plead guilty to fraud and are cooperating with authorities, US attorneys say.
A housing boom has caused lumber prices to soar in 2021.
1. US home sales notched their longest streak of declines in 23 years last month. Data released Wednesday showed existing home sales dropped for a 10th consecutive month in November.
November's annualized sales pace dipped 7.7% from October, and 35.4% compared to the previous year, the National Association of Realtors said.
Recall that earlier this month, this Fed made its fifth jumbo rate hike in a row, and is tightening policy at an unprecedented pace.
The Fed's interest rate maneuvering and the housing market are connected, and mortgage rates often move in lockstep with the central bank's benchmark rate.
"The residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020," NAR chief economist Lawrence Yun said. "The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes."
Earlier this year, mortgages climbed above 7%, and are currently hovering around 6.52%. This means new home buyers must dig deeper than they have in recent years to afford monthly payments.
Brian Jacobsen, a senior strategist for Allspring Global Investments, pointed to a triumvirate of headwinds weighing on the housing sector: labor shortages, rising costs, and soaring mortgages.
Each piece of this "triple whammy," he said, has weighed on demand.
Lumber prices, too, this week hit a new low for the year. The key building commodity has fallen almost 70% this year, as it's uniquely tied to how consumers are feeling about housing.
And speaking of feelings: Homebuilder sentiment dropped for a 12th straight month in December to its lowest mark since 2012, excluding pandemic months in 2020.
All this in mind, there's still little certainty for what comes next. The most recent inflation reading showed the Consumer Price Index clocking in above 7%, still well above the Fed's 2% target.
That means more rate hikes are effectively guaranteed, which raises the odds of a recession and can further squash housing demand.
Remember that more rate hikes mean people are borrowing less and saving more.
In other words, if borrowing costs are set to get more expensive before they get cheaper, the year-ahead housing outlook may be bleak.
What's your forecast for the housing market next year? Tweet me (@philrosenn) or email me (prosen@insider.com) to let me know.
2. US stock futures are wavering early Thursday, struggling for direction after a day of gains put down to an influx of bargain hunters in an oversold market. Meanwhile, the "Big Five" tech stocks have shed just under $3.7 trillion in market value this year so far. Here are the latest market moves.
3. Earnings on deck: Paychex, Apogee enterprises, and more, all reporting.
4. A strategist for $3.2 trillion State Street broke down how to drive returns in 2023. Even as the economy falters and enters a recession, Michael Arone said the market could recover relatively quickly. See the firm's three-part strategy for investing in next year's landscape.
5. The ruble dropped to a seven-month low against the dollar. Russia's currency has come under pressure from sanctions and trade restrictions, and the dip signals that those restrictions are beginning to weigh on Moscow's energy exports.
6. The S&P 500 rarely posts back-to-back losing years, but when it does happen, the second year is always more painful. Losses could be massive for stocks in 2023 if the key index doesn't rebound from its roughly 20% decline this year. Historically, the S&P 500 has only seen consecutive down years on four occasions.
7. Oil could surge nearly 50% when China puts an end to its zero-COVID policy. That's according to Dan Yergin, the vice chairman of S&P Global. The energy expert sees a base case for Brent oil to trade at $90 a barrel in the new year — but several factors could swing that price.
8. A top 1% fund manager explained why the S&P 500 is set to drop another 30% in the coming 3-to-9 months. James Abate has beaten just about all his competitors this year — and these are his favorite 11 stocks to buy right now.
9. This couple reached financial freedom from their real estate portfolio. They explained how they bought their first house for less than $2,000 — and the strategies they used to scale up to five properties that bring in $30,000 a month in revenue.
10. Nike soared as much as 14% Wednesday following its upbeat earnings report. The retail giant said it's getting an inventory bloat back under control. Get the full details. | 2022-12-22T11:31:53Z | www.businessinsider.com | The Housing Market Is Slumping and More Pain Could Still Be Ahead. | https://www.businessinsider.com/housing-market-economy-fed-rate-hikes-interest-mortgage-inflation-recession-2022-12 | https://www.businessinsider.com/housing-market-economy-fed-rate-hikes-interest-mortgage-inflation-recession-2022-12 |
6 predictions for Apple's growing ad business in 2023 — from ads on Apple TV+ to building and buying adtech
Jerod Harris/Getty Images Entertainment
Apple's $5 billion advertising division is a sleeping giant, experts say.
Experts predict Apple will bring ads to more of its apps and services next year.
It's also likely Apple will further tighten the screws on tracking, experts told Insider.
Apple's influence over the ad industry intensified this year and will grow even more in 2023.
Its 2021 privacy policy update, which forces app developers to ask permission before tracking users, is expected to wipe $16 billion in revenue from Facebook, YouTube, Snap, and Twitter this year according to one estimate.
The company has also been expanding its own advertising empire. Its App Store search ad business is growing at a clip and Apple has begun pitching advertisers Major League Soccer ad packages.
With dozens of open, advertising-related roles listed on its careers site, experts think this is just the beginning. Analysts at Evercore ISI predict Apple's advertising division could generate $30 billion in revenue in the next four years, up from an estimated $5 billion now.
Here's what experts think Apple might have in store for its advertising business next year, from TV ads to further privacy interventions. Apple didn't respond to a request for comment.
Prediction 1: Ads will come to Maps or Podcasts
Apple currently serves ads within its App Store and on its News and Stocks apps. Experts think it'll expand ads further across its app portfolio in the coming months.
Eric Seufert, media strategist and founder of the Mob Dev Memo blog, said Maps and Podcasts are the biggest advertising opportunities for Apple.
He noted that as of 2020, Apple said Maps had "hundreds of millions" of users, while Podcasts had around 28 million monthly users at last count.
Prediction 2: Ads will be placed on Apple TV+
Apple's 10-year, $250 million-a-season deal to broadcast Major League Soccer on Apple TV will air its first game in February 2023. In a first for the company, Apple is also selling the commercials, as well as other sponsorship integrations.
As Insider previously reported, the most expensive package starts at $4 million a season for the largest number of prominent placements.
Chas McCormick hits a two-run home run against the New York Yankees in the ALCS.
Apple might also extend its advertising pitch to baseball next year. Apple TV+ currently airs Major League Baseball on Friday nights and while the League will continue selling the ads for this broadcast through next season, that could change. It was reportedly in talks for NFL's Sunday Ticket, though The Wall Street Journal reported this week that YouTube has emerged as the frontrunner for that package of rights.
And there is also some industry speculation that Apple TV could launch an ad-supported plan, as Digiday previously reported, though experts told Insider they'd be surprised to see a 2023 launch.
"Its existing ad technology and tech background could spare it the expense of a costly ad partner, but because its reach is much lower than Disney or Netflix, it may not be able to cash in on the trend of higher and higher CPMs," said Insider Intelligence analyst Daniel Konstantinovic in a recent report.
Prediction 3: More details will emerge about Apple's demand-side platform
As Insider reported in November, Apple hired mobile ad pioneer Vishal Gurbuxani to begin work on what two sources familiar with the matter described as a demand-side platform.
A DSP is software that helps marketers automate and optimize their ad buying. It could become the key entry point for advertisers looking to reach Apple users across its portfolio of apps and services.
Experts said it was unlikely the DSP would offer ad inventory on apps that Apple doesn't own, at least not initially.
Prediction 4: Apple will look to make an adtech acquisition
While Apple has had a search ad business for some time, it may need to bolster its adtech infrastructure as it expands further into display and video advertising.
"Building adtech is not easy," said Ciarán O'Kane, chief strategy officer of marketing insights company WireCorp.
"Apple is about to find out how difficult it is to serve TV ads," he added, referring to its MLS telecasts. "You can't just throw something together."
O'Kane predicted Apple could be on the lookout for an ad server, or other buy-side technology to plug its video and CTV inventory into.
Prediction 5: Apple will quietly tighten the privacy screws again
After Apple restricted tracking, some companies found workarounds like "fingerprinting." That's the practice of stitching together information from a device — like a user's IP address, or their language setting — to identify which users clicked on ads and potentially build profiles on them.
While it's tricky to track fingerprinting, experts think Apple is going to get better at it — much like it continually tightened Intelligent Tracking Prevention on its Safari browser after companies found ways to circumvent it.
"History shows that Apple can still iterate and tighten technological enforcement," said Itai Cohen, senior vice president of marketing and strategy at Digital Turbine, a mobile monetization platform.
Prediction 6: Apple will make improvements to its own ad measurement solution, SK AdNetwork
Apple forbids advertisers and app developers from using its Identifier for Advertisers for targeting and measurement, unless users explicitly give their permission to be tracked.
In lieu of the IDFA, Apple offers SK AdNetwork, which offers aggregated, privacy-focused measurement data, such as the number of users who downloaded an app after seeing an ad for it.
SK AdNetwork will turn five years old next year, and with it, mobile ad experts are hopeful for improvements, though they are likely to be iterative, given Apple's sharp focus on privacy.
Roy Yanai, director of product for SK AdNetwork at mobile analytics platform AppsFlyer, is hoping for more detailed breakdowns of ad campaigns and aggregated insights into users' activities.
Apple Apple TV | 2022-12-22T12:45:51Z | www.businessinsider.com | 6 Predictions for Apple's Advertising Platform in 2023 | https://www.businessinsider.com/6-predictions-for-apple-advertising-platform-next-year-2022-12 | https://www.businessinsider.com/6-predictions-for-apple-advertising-platform-next-year-2022-12 |
How athletes are cashing in on 'the Netflix effect' as sports documentaries boom at Apple TV+, Amazon, and more streamers
Elaine Low and Ashley Rodriguez
"Formula 1: Drive to Survive" boosted the sport's popularity in the U.S. The docuseries has been renewed for a fifth and sixth season on Netflix.
F1/Netflix
A boom in sports documentaries has offered athletes more ways to be on screen and build their brands.
Players and their agents are looking for hits like Netflix Formula 1 doc series "Drive to Survive."
Apple TV+, HBO, and Amazon are all competing for sports docs that bring viewers into athletes' lives.
Thanks to the boom in sports documentaries over the past few years — ESPN's Michael Jordan-focused "The Last Dance," Netflix's "Formula 1: Drive to Survive" and "Cheer," HBO's "Being Serena" and "Shaq," Amazon's soccer series "Good Rivals, to name just a few — both amateur and professional athletes looking to become content creators have one more platform to burnish and amplify their brands.
"People have a natural appetite for sports," said WME partner and agent Josh Pyatt, who co-runs the agency's sports group and reps LeBron James' content business. "They want to see behind the curtains of what Leo Messi's life is like. They want to see behind the curtain of what Neymar's life is like, what Michael Jordan's life is like."
And soon audiences will be seeing even more amid a rash of new docs from streaming services, from Apple TV+'s "Super League: The War for Football" and Boris Becker documentary to Netflix's tennis-focused "Break Point."
Being featured in a sports doc can dramatically raise an athlete's profile, giving them more fans and more branding power. It can even serve to boost an entire sport.
Netflix's "Drive to Survive" was credited with doing wonders for F1 fandom, particularly stateside, where American interest has historically been scarce. ESPN viewership of F1 popped following the debut of the 2019 docuseries, which tracks the lives and careers of the elite drivers.
According to a March poll from Morning Consult, 53% of F1 fans surveyed said the series played a part in their interest in the sport — and 30% called the show "a major reason" they became fans of F1. "Drive to Survive" is now in its fourth season, and has been renewed for a fifth and sixth.
"The great byproduct of all of that was: There was a pop for F1," Pyatt said, adding that quality storytelling elevated the series. "I hope it works in golf, and I hope it works in tennis, because it makes those sports more valuable and it creates better opportunities for our clients."
No doubt the stars of Netflix's "Break Point" are betting on some of those opportunities. Players from world No. 3 Casper Ruud to "bad boy of tennis" Nick Kyrgios to Ajla Tomljanović — who memorably defeated the retiring Serena Williams at this year's US Open — have enthusiastically promoted the series on their social media accounts.
Leagues have also moved to capitalize on growing interest in the space: The NFL, for instance, has a new joint venture with David Ellison's Skydance Sports and is looking to expand its footprint in the TV and theatrical space as production companies hunger for more sports content.
For an athlete, being the subject of a well-produced doc can be redemptive. UTA partner and agent Ryan Hayden said that for his client Manti Te'o — who in 2012 was the victim of a high-profile catfishing incident while he was playing football for Notre Dame — being the subject of an episode of Netflix's "Untold" series was "therapeutic." It also created opportunities for speaking engagements.
"The Netflix effect of things really, really helped him and it's helped also in the sports marketplace for him as well, in terms of letting people know that he is this great guy, and he knows the sports space well," said Hayden.
But not all reps are keen to have their clients' lives documented so closely, especially when the storytelling is taken out of the athlete's hands. Klutch's head of basketball, Omar Wilkes, said plenty of the agency's stars have been approached to participate in sports docs, but he's been hesitant to have some younger clients commit at this stage of their careers.
"Our mindset is: Hold the content, own it yourself, and tell your story later," he said. "I think it's a little premature for some of them."
Maintaining ownership of a point of view can be crucial, and communicating with fans directly through Instagram or Twitter posts can in some ways be more valuable than a TV deal.
"These people can go on the air and broadcast their own content and they can capture and keep their own content," said Octagon VP of content and development Jason Weichelt. "These clients are sitting on huge assets of content their whole lives."
Streaming Sports | 2022-12-22T12:45:57Z | www.businessinsider.com | Athletes Are Cashing in on a Sports Doc Boom at Netflix, Apple, Amazon | https://www.businessinsider.com/apple-tv-netflix-hbo-amazon-sports-documentary-athletes-content-creators-2022-12 | https://www.businessinsider.com/apple-tv-netflix-hbo-amazon-sports-documentary-athletes-content-creators-2022-12 |
Hey besties. This is Jordan Parker Erb. I'm back in a very, very, very cold Montana for the holidays, meaning I missed Insider's year-end party. Apparently, some tech workers are also missing their companies' holiday festivities — but not because they're bopping around in the Mountain West.
As tech companies pull back on spending, big office holiday parties are on the chopping block. We spoke with tech founders and investors, who shared how they're saving money ahead of the new year.
1. Cost-cutting is coming for startups — and big office holiday parties are first on the list. For startup founders and venture capitalists, the office holiday party is a December tradition. But this year, holiday parties in startup-land look a little different.
After years of seemingly unstoppable growth, once high-flying companies across the digital economy have been hit by a tidal wave of layoffs and forced to slash spending on beloved passion projects.
Thanks to poor financial forecasts for the new year — think: impending "death spirals" — VCs are instructing founders to cut spending wherever possible, which now includes the beloved office holiday party.
Here's how startup founders are keeping the holidays bright.
2. Want to start your own company? You might have a brain parasite. A new study in wolves underscores a strange link between leadership and an infection caused by cat poop. As many as 80% of humans may have the parasite, too — and there's sketchy but tantalizing evidence that it alters our entrepreneurial behavior. But there are some important caveats you'll want to know.
3. This year, 174 US tech startups achieved unicorn status. Despite market turmoil and falling valuations, dozens of companies — from A24 Films to SeatGeek — raised money at a valuation of at least $1 billion. See the full list.
4. Leaked documents show Amazon has a rosier outlook for the US economy than other banks and institutions. According to an internal macroeconomic analysis from November, obtained by Insider, Amazon sees a 30% chance of a US recession within the next six months, a much lower estimate than other surveys. Take a look at what Amazon's predicting.
5. Silicon Valley's job cuts are everybody else's gain. New research suggests that high-paying tech jobs are abundant — especially in sectors including insurance, healthcare, retail, government, and banking. Where laid-off tech workers can hunt for jobs.
6. We outlined 21 proptech startups to bet your career on in 2023. With thousands of employees at companies like Zillow, Redfin, and Opendoor looking for new opportunities following layoffs, we created a list of proptech startups that have all the makings of future success. From firms pioneering "fix-now, pay-later" models to companies helping investors diversify their portfolios, here's our list of top startups.
7. If TikTok gets banned in the US, Oracle could be the secret loser. As Congress considers two bills that would ban the app, Oracle is in a bind: TikTok's US user data is on Oracle servers, so a ban would hurt its fast-growing cloud business. How a TikTok ban could hurt Oracle.
8. Google's management reportedly issued a "code red" amid the rising popularity of the ChatGPT AI. According to The New York Times, CEO Sundar Pichai redirected some teams to focus on building out AI products, as it's sparked concerns over the future of the Google search engine. What we know so far.
9. Review: The Amazon Kindle Scribe. After putting Amazon's first note-taking e-reader to the test, we think it's a solid addition to the Kindle collection, but its appeal is limited to a specific kind of user. Here's how the Scribe stacks up.
10. Unedited footage of a Tesla Full Self-Driving beta test shows just how stressful the software can be. The YouTube video posted by Marques Brownlee shows a Tesla failing to recognize a construction zone and a traffic cone, and then struggling to get around a semi-truck with its hazards on. See more struggles from his 23-minute commute.
Paychex and others are reporting earnings today. Keep up with earnings here.
Newsletters Newsletter Tech | 2022-12-22T12:46:03Z | www.businessinsider.com | Big Office Holiday Parties Are on the Chopping Block | https://www.businessinsider.com/big-office-holiday-parties-are-on-the-chopping-block-2022-12 | https://www.businessinsider.com/big-office-holiday-parties-are-on-the-chopping-block-2022-12 |
Ryan Hogg and Bethany Dawson
Juliana Nehme said she was blocked from boarding a Qatar flight last month.
Qatar Airways was ordered to pay nearly $3,700 to cover psychotherapy fees for a passenger.
Plus-size model Juliana Nehme said she was blocked from flying because she was too big for economy.
A Qatar spokesperson told Insider at the time that Nehme had been "extremely rude and aggressive."
Qatar Airways has been ordered to pay for psychotherapy sessions for a passenger who was denied boarding because she was "too big" to fit in an economy class seat, reports say.
Brazilian plus-size model Juliana Nehme said she was blocked from flying from Beirut to Doha by Qatar last month. She told her Instagram followers she was asked to pay $3,000 for a first-class ticket, and was refused a refund for the $947 she'd paid for an economy seat.
A court in Sao Paolo, Brazil has now ordered the airline to pay for psychotherapy for Nehme following the incident, Mail Online reported.
Judge Renata Martins de Carvalho told a Brazil court the treatment should consist of a "weekly therapy session" costing about 400 reais ($77) for at least a year, totalling 19,200 reais ($3,700), according to the Mail and news.com.au.
The judge said the order was a "reasonable and proportionate measure to ensure that the stressful and traumatic event is overcome" by the model and influencer.
Nehme's lawyer, Eduardo Barbosa, described the ruling as "a milestone in the fight against prejudice," the outlets reported.
Speaking to Brazilian media, Nehme said: "It was like I wasn't a human being to them. I was a fat monster that couldn't get on board. It was horrible. I'd never imagined going through something like this, ever."
Nehme was eventually able to board a flight using her original economy ticket after an official from the Brazilian embassy in Brussels contacted Qatar Airways, court documents showed.
In response to the incident, an airline spokesperson told Insider that Nehem was denied boarding when she became "extremely rude and aggressive" to check-in staff after a traveling companion failed to produce the necessary COVID-19 documentation required to enter Brazil.
The spokesperson also said that passengers could be asked to purchase an extra seat if they could not fit adequately into one alone.
"Qatar Airways treats all passengers with respect and dignity and in line with industry practices and similar to most airlines, anyone who impedes upon the space of a fellow traveller and cannot secure their seatbelt or lower their armrests may be required to purchase an additional seat both as a safety precaution and for the comfort and safety of all passengers."
Qatar Airways did not immediately respond to a request for comment from Insider.
Weekend BI UK News Qatar Airways Aviation | 2022-12-22T12:46:21Z | www.businessinsider.com | Judge Orders Airline to Pay for Therapy for Plus-Size Passenger | https://www.businessinsider.com/judge-orders-qatar-airways-pay-therapy-for-plus-size-passenger-2022-12 | https://www.businessinsider.com/judge-orders-qatar-airways-pay-therapy-for-plus-size-passenger-2022-12 |
A composite image of (left) Volodymyr Zelenskyy and soldiers signing a flag in Bakhmut, Ukraine, and (right) the same flag on display in the US Congress in December 2022.
Volodymyr Zelenskyy/Telegram/ Mandel NGAN/AFP via Getty Images/Insider
President Volodymyr Zelenskyy presented a Ukrainain flag to the US Congress Wednesday.
Photos he issued the previous day showed soldiers giving him the signed flag.
At the time it wasn't clear what the flag was for — Zelenskyy's visit was a secret until just before.
On Wednesday, towards the end of his landmark address to Congress, Ukrainian president Volodymyr Zelenskyy presented the chamber with a gift: a signed flag fresh from the battlefield.
The flag had come from Bakhmut, the site of the most intense fighting in Ukraine, where Zelenskyy made a high-risk visit on Tuesday.
During the trip, Zelenskyy issued photos of himself with soldiers there, including a seemingly unremarkable image of him with a flag.
At the time, plans for his visit to the US were a close-held secret. But, around a day and a half later, Zelenskyy was standing with the same flag in Washington, D.C., on his first trip outside of Ukraine.
"Together we are strength," one soldier had written in Ukrainian on the flag. "We are destined for success and victory," read the message from another.
Insider matched details of handwriting on the flag in each photo to confirm it they were the same, as seen below:
The same section of Ukrainian writing on the flag in Bakhmut, Ukraine, on December 20, 2022, and in the US Congress on December 21, 2022.
House Speaker Nancy Pelosi and Vice President Kamala Harris held up the flag, displaying the messages from Ukrainian soldiers.
Zelenskyy said: "Our heroes gave me the flag — the battle flag, the flag of those who defend Ukraine, Europe, and the world, at the cost of their lives. They ask me to bring this flag to you, to the US Congress, to members of the House of Representatives and Senators, whose decisions can save millions of people."
"So let these decisions be taken. Let this flag stay with you, ladies and gentlemen. This flag is a symbol of our victory in this war. We stand. We fight."
In return, Pelosi presented Zelenskyy with a folded US flag that had recently flown over the Capitol.
Lawmakers at the joint session applauded the exchange and gave Zelenskyy a standing ovation.
Bakhmut has been the scene of fierce fighting between Ukrainian troops and Russians in recent weeks, and Zelenskyy said the city was a symbol of Ukrainian resilience.
"We will win because we are united, Ukraine, America, and the entire free world," Zelenskyy said.
In his address, Zelesnkyy said that Ukraine would never surrender to Russia, and that US support for Ukraine was not charity but an investment in its own security.
Ukraine War Volodymyr Zelenskyy US Congress | 2022-12-22T12:46:33Z | www.businessinsider.com | Photos: Ukraine Troops at Front Sign Flag Zelenskyy Gave to Congress | https://www.businessinsider.com/photos-ukraine-troops-at-front-sign-flag-zelenskyy-gave-to-congress-2022-12 | https://www.businessinsider.com/photos-ukraine-troops-at-front-sign-flag-zelenskyy-gave-to-congress-2022-12 |
Sam Bankman-Fried played crossword puzzles while being held in a notorious Bahamas jail, Bloomberg reported.
He was held in Fox Hill prison's sick bay, where inmates have running water, among other perks, per Bloomberg.
Bankman-Fried flew from the Bahamas to New York overnight Wednesday to face fraud charges in the US.
Sam Bankman-Fried spent his nine days in a notorious Bahamas jail playing crossword puzzles, reading local newspapers, and eating vegan meals, Bloomberg reported.
Officials at the Fox Hill facility told Bloomberg that Bankman-Fried was held for the duration of his stay in the prison sick bay, where inmates have access to running water, a toilet, and cable TV, among other perks.
A 2021 human rights report said the main jail in Fox Hill was infested with rats and maggots, inmates had to remove human waste by bucket, and some prisoners were denied food. Inmates were forced to lie on bare ground because there were no mattresses, the report said.
New arrivals at Fox Hill must spend two weeks in the jail's sick bay to check they don't have COVID-19, the Daily Mail reported a prison source as saying.
The acting commissioner of corrections in the Bahamas, Doan Cleare, told Eyewitness News that Bankman-Fried was "receiving no special treatment than any other inmate."
Fox Hill's sick bay may be an improvement on the rest of the jail but it's nonetheless a considerable downgrade from Bankman-Fried's $30 million Bahamas penthouse.
Bankman-Fried arrived in the US on Thursday to face eight criminal charges after waiving his right to challenge extradition from the Bahamas. The New York Times reported that bail conditions including house arrest and electronic monitoring in the US are being discussed.
Caroline Ellison, the former CEO of Alameda, and FTX cofounder Gary Wang have pleaded guilty to fraud charges.
The Bahamas Department of Corrections and Bankman-Fried's lawyers did not immediately respond to Insider's requests for comment, sent outside normal working hours. | 2022-12-22T12:46:39Z | www.businessinsider.com | SBF Played Crosswords, Ate Vegan Food in Bahamas Jail: Report | https://www.businessinsider.com/sam-bankman-fried-played-crosswords-ate-vegan-food-bahamas-jail-2022-12 | https://www.businessinsider.com/sam-bankman-fried-played-crosswords-ate-vegan-food-bahamas-jail-2022-12 |
It's almost Friday. Dan DeFrancesco checking in from NYC. I'd like to personally thank Steve Cohen, or "Uncle Stevie" to us Mets fans, for all-star Carlos Correa, the latest in a string of signings for the Mets this offseason that have totaled more than $800 million.
For more on how Cohen went from hedge fund shark to beloved sports owner (at least among his own fanbase), check out our profile.
Today, we've got stories on book recommendations that make a perfect last-minute gift for the Wall Streeter in your life, why some hedge funds are feeling generous with their clients, and what to do if you get bumped from your flight home over the holidays.
But first, inside a headhunter's rapid ascent.
1. Life at Durlston Partners.
Insider's Alex Morrell has a gripping report on life at Durlston Partners, a headhunting firm that places talent at some of Wall Street's biggest buy-side firms.
Durlston Partners, or "DP" as it was known within the company, promoted an unbeatable culture. But some employees who worked there allege CEO Vax Bahram also created a culture of fear.
Sometimes you just need to let the story (and the text messages) speak for itself.
Click here to read more about life inside Durlston Partners and allegations about the leadership of Bahram.
Celebrities made their mark on TikTok in 2022.
2. These books don't suck. If you're still scrambling to sort out some last-minute holiday gifts, we've got you covered. We asked our past few classes of Wall Street rising stars to recommend books. Here are the 35 they picked that'll be the perfect stocking stuffer for the banker or trader in your life. (And if I might add a personal suggestion, "Going Public" by Insider's own Dakin Campbell is a terrific read as well.)
3. Top hedge funds are up so big they're sharing the wealth with clients. While bankers aren't sure if they'll even get a bonus, hedge funds are doing so well they're planning to return some profits to their clients, The Wall Street Journal reports. Here are the funds who are feeling generous after a banner year.
4. What to expect in healthcare in 2023. We asked 7 bankers and investors to make some predictions about the space next year. From big bets being placed on AI to a rise in direct-to-consumer startups, here's how they see 2023 shaking out.
5. JPDimon. Jamie Dimon's 17-year tenure on the top of JPMorgan has made him the face of Wall Street. But, as this profile from Bloomberg digs into, who will take the throne at the bank when Dimon finally decides to step down? Here's more on JPMorgan's succession plan.
6. SBF arrives in the US to face fraud charges. The FTX founder was extradited on suspicion of committing "one of the biggest financial frauds in American history," authorities said. Meanwhile, US attorneys say two of Bankman-Fried's top associates, Caroline Ellison and Gary Wang, plead guilty to fraud and are cooperating with authorities. Ellison, the former CEO of Alameda Research, is facing up to 110 years in prison.
7. Learning TikTok dances could help you close some deals. Consolidation is coming to the creator economy, which means more dealmaking (and fees!). Here are a rundown of the 22 deals this year, along with top trends set to define the space in 2023, according to experts.
8. The secret to your success could be a parasite in your brain that's found in cat poop. The microorganism Toxoplasma gondii, or Toxo, leads to an elevated appetite for risk in its host. More on why this brain parasite could be what causes some people to start their own companies.
9. Your best investment might be the one on your wrist. Rolex watches have outperformed gold, real estate, and stocks over the past decade. Here's why a luxury watch is still a good bet in 2023.
10. In case your travel plans hit a snare, here's how you can get some money back. We break down how much money you're entitled to if your airline bumps you from an overbooked flight. Don't settle for a penny less. | 2022-12-22T12:46:45Z | www.businessinsider.com | Inside Vax Bahram's Wall Street Headhunting Firm Durlston Partners | https://www.businessinsider.com/vax-bahram-durlston-partners-wall-street-recruiting-headhunter-2022-12 | https://www.businessinsider.com/vax-bahram-durlston-partners-wall-street-recruiting-headhunter-2022-12 |
3 ways entrepreneurs are using QR codes to connect with customers
Kim Kardashian launched Skkn by Kim in June.
Kim Kardashian released an ad in December for her brand, Skkn by Kim, that included a QR code.
Kardashian is one of many entrepreneurs using QR technology in their marketing strategies.
Here's how small-business owners can find and retain customers with the tool.
QR codes are reemerging as tools for business owners, and now entrepreneurs like Kim Kardashian are using the barcodes for growth and outreach.
Kardashian released an ad campaign this month for her skincare line, Skkn by Kim, which featured QR codes designed to connect "with our consumers, driving purchases and measuring the impact of the campaign with real-time analytics," she told Digiday. Meanwhile, other entrepreneurs are tapping the tech to direct customers to sign up for brand emails, follow Instagram accounts, and watch related videos.
While the technology isn't new — the codes have been used since 1994 — the number of US smartphone users scanning a QR code is expected to increase from 83.4 million in 2022 to 99.5 million in 2025, Insider Intelligence reported. Additionally, QR codes saw a resurgence in the pandemic, as businesses used them for contactless payment or instead of physical menus.
Three small-business owners share how entrepreneurs can use QR codes to grow their brands.
Bring in customers and retain valuable info
In Kardashian's campaign, the QR code leads users to the Skkn website, where they're prompted to subscribe to its email list to get 10% off their next online purchase.
"Our goal with this campaign was to meet customers where they are to drive brand conversions and capture CRM for the brand," Kardashian told Digiday, referring to customer-relationship management.
Many business owners are using emails and text messages as methods of CRM. The strategy of capturing a customer's email, phone number, and other information is essential for a company's success and sustainability, Michael Burke, the founder of SMS-marketing startup Curated, said.
"The only thing that a business owns is their website, their email list, and their SMS list," he added. "Everything else is rented. You're renting space on Facebook; you're renting space on TikTok."
Give customers recurring support
An An-Erin nail-kit box.
Courtesy of Erin Robertson
Erin Robertson, the winner of season 15 of "Project Runway" and founder of the clothing brand An-Erin, launched a dip-nail kit in 2021. On the inside of each box is a QR code that directs customers to a YouTube tutorial where they can learn how to master the tricky technique, Robertson said.
She created the brand as a way for customers to get their nails done when salons were closed earlier in the pandemic, so the video tutorials serve as bonus content and nail-design guidance, she added.
The QR code can be rescanned every time a customer is doing their nails, eliminating the need to save it, which is why it's printed on the box next to the nail tools.
Turn interested shoppers into followers of the brand
A post shared by abbode (@shopabbode)
QR codes can also be used to introduce shoppers to brands.
That's how Abby Price, the founder of the home-goods brand Abbode, and Alyssa Coscarelli, the founder of the curated-collaboration platform Infinite, used the codes at their 2022 New York Fashion Week pop-up.
The pop-up included a collection of fashion, wellness, and home-goods items, each with a QR code that directed shoppers to the brand's Instagram account.
While a pop-up creates a special experience, the duo wanted to use technologies like QR to encourage customers to connect with participating brands online, Coscarelli said.
Marketing viral marketing Advertising | 2022-12-22T15:48:41Z | www.businessinsider.com | How to Use QR Codes to Promote Your Business and Collect Information | https://www.businessinsider.com/how-to-use-qr-codes-promote-your-business-2022-12 | https://www.businessinsider.com/how-to-use-qr-codes-promote-your-business-2022-12 |
Many influencers are leaning away from 'gifted' products as payment, but furniture is still a favorite
Victoria Paris, a TikTok creator who has 1.5 million followers, showing furniture she received from brands.
Victoria Paris/TikTok
For influencers, receiving "gifted" items from brands can feel "excessive and gluttonous," one said.
Many decline free products, or if they receive them, they don't always post about them.
But some items, like furniture and luxury products, can make such a collaboration attractive.
When the TikTok influencer Victoria Paris became famous on social media, she began to get so many free products from brands that she felt overwhelmed.
"A lot of it felt excessive and gluttonous," Paris, who has 1.5 million followers, previously told Insider. "At one point, packages just started showing up that I didn't even approve because companies will sell your address or use it for brands you don't even know about."
She said she started declining most free items, and when she moved across the US last summer, she didn't communicate it to brands so she could avoid being flooded with unwanted public-relations products.
Paris' decision fits into a broader effort among some influencers to reduce the number of items they're sent and to ask brands to pay them in cash, as opposed to products.
But there seems to be at least one big exception to this rule: furniture.
Paris and five other influencer-industry insiders said furniture was still a desirable category of products that worked for "gifted" collaborations — or when a brand pays using a product instead of cash.
"Brands are more inclined to gift higher-price-point items if they know they'll get content out of it," Paris added.
Creators and other industry insiders said gifted partnerships that involve furniture — as well as a few other types of luxury items — could be mutually beneficial.
Callie Wilson, who has 1 million TikTok followers, said that when furniture or luxury brands offered products in exchange for content, she considered that to be different from "average gifting" because the items are higher in value.
And when it comes to products that can benefit a creator or make their life easier (like fridges or dishwashers), it's more common for them to accept gifted collaborations, according to Annelise Campbell, the founder and CEO of the marketing agency CFG.
Harley Jordan, a micro influencer with 33,000 Instagram followers and the founder of All Influence Collective, said that while influencers should always strive to get paid when they create content for brands, big-ticket items could be important exceptions.
"My mattress is gifted, and that was the best gifting collaboration that I've ever done," she said. "It's high ticket, and that'll move mountains."
Read more about the world of 'gifting,' including why reselling products can be a big risk for influencers | 2022-12-22T15:48:47Z | www.businessinsider.com | Influencers Love Getting Furniture Despite Leaning Away From Gifting | https://www.businessinsider.com/influencers-love-getting-furniture-despite-leaning-away-from-gifting-2022-12 | https://www.businessinsider.com/influencers-love-getting-furniture-despite-leaning-away-from-gifting-2022-12 |
Premium Home Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Transportation
7 up-and-coming battery makers vying for the $370 billion electric commercial vehicle business
Andrew Moseman
Chinese battery giant CATL is building batteries for the Freightliner eCascadia electric semi.
The global electric commercial vehicle market is expected to top $370 billion in annual revenue by 2030.
Top battery manufacturers want to build the power sources these heavy-duty vehicles demand.
But startups, small firms, and surprising players are looking to carve out their own niche.
With a flood of new battery-powered autos set to transform the business of building passenger vehicles, it was natural that commercial vehicles would be next. The global electric commercial vehicles market is expected to surpass $370 billion in annual revenue by 2030, according to Guidehouse Insights.
Already, the world's biggest lithium-ion battery manufacturers have stepped in to build the power sources these heavy-duty vehicles demand. Chinese battery giant CATL, Japan's Panasonic, and Korea's Samsung SDI are building batteries for the Freightliner eCascadia electric semi, the much-anticipated Tesla semi, and the delivery vans that EV startup Rivian is building for Amazon, respectively.
However, a variety of startups, smaller firms, and surprising players are carving out their own niche building batteries and their supporting technical systems for a variety of commercial vehicles.
Magnis Energy
HQ: Sydney, Australia
A century ago, Endicott, NY was the birthplace of IBM. Today, it is home to the lithium-ion battery "gigafactory" operated by iM3NY (Imperium3 New York), a subsidiary of Australian firm Magnis Energy, which operates another one in its home country. The New York sits began production in 2022, and in December, Magnis reportedly sought funding to expand there.
iM3NY boasts a primarily American-based supply chain and claims it is the only li-ion battery company that can meet industry demand via domestic production. It has developed a cathode chemistry that uses neither nickel nor cobalt, materials that are notoriously problematic and expensive to mine. The battery systems can be used for large commercial vehicles, and Magnis plans to build bigger versions for energy storage solutions for the grid.
HQ: Mo i Rana, Norway
The Norwegian firm features a variety of sustainability projects, including stationary electric storage systems to help the electrical grid handle renewable energy sources. It also has its toes deep into electric mobility, building batteries not only for EVs but also electric buses, boats, and trucks. Freyr touts its 24M "semisolid" lithium design, which gets rid of much of the excess material inside a lithium-ion battery to make the system more efficient.
In December 2022, Freyr issued 13,500,000 ordinary shares to raise money for expansion plans in Norway and the United States, including plans for a new gigafactory in Coweta County, Georgia. Its list of current partnerships includes Siemens, Maersk, and Honeywell.
HQ: Auburn Hills, Michigan
Michigan-based BorgWarner has been embedded into the automotive industry for so long that the Indianapolis 500 winner's trophy is named for the firm. Now, through internal changes and acquisitions, BorgWarner is positioning itself for the electrified future, especially as that future comes to commercial vehicles.
In 2021, for example, the company acquired German battery developer Akasol, which has large contracts in place to build batteries for commercial giants such as Daimler and Volvo Group. This September, it acquired China's Hubei Surpass Sun Systems to bolster its capability in the DC fast charging technology that will power up all those trucks.
Microvast
HQ: Stafford, Texas
Operating since 2006, Microvast set its sights on the vertical integration of the lithium-ion battery. In November 2022, in partnership with General Motors, it received a $200 million grant from the Department of Energy as part of the new Bipartisan Infrastructure Law's emphasis on domestic battery manufacturing.
Microvast would use that funding to support a new American factory to make battery separators, which would, in turn, supply those components to Microvast's battery plant in Tennessee. Microvast is targeting those batteries at commercial vehicles including ATVs, city buses, semi trucks, and construction equipment.
Frey New Energy
HQ: Xu Zhou, China
Founded in 2010 in China, and operating in conjunction with the China University of Mining and Technology, Frey New Energy focuses its business on the specific engineering challenges for building batters for heavy duty applications including trucks, forklifts, boats, and mining equipment. For example, these big vehicles need batteries that discharge energy at a higher rate than an electric car's, but without degrading longevity or driving range.
It claims its cells are "durable, reliable, and explosion-proof," that last factor being critical for mining trucks and other vehicles that must operate within closed spaces or close quarters.
XALT Energy
HQ: Midland, MI
A brand of German titan Freudenberg, XALT Energy builds advanced batteries at a Michigan factory that are meant for commercial trucking, boating, and specialty vehicles. Its batteries have powered the EV-Series electric mining equipment built by Canadian mining equipment manufacturer MacLean as well as the Sea Change, the first hydrogen fuel cell ferry operating in the United States, and electric ferry boats running in New Zealand and the English Channel.
HQ: Västerås, Sweden
Formed in 2015 by now-CEO Peter Carlsson, a one time Tesla executive, Northvolt garnered investments from car companies like BMW and Volkswagen and financial firms like Goldman Sachs and Folksham hoping it could become a major player in building batteries for electric passenger cars as well as commercial vehicles.
As those prismatic lithium-ion cells begin production, the company is also touting its solutions for commercial vehicles and industrial operations. That includes large Voltpack battery systems that could charge up commercial vehicles on a remote construction site, for example, where a connection to the grid might be hard to come by.
commercial vehicles Electric Vehicles | 2022-12-22T15:49:17Z | www.businessinsider.com | Top Battery Makers in the Electric Commercial Vehicle Game | https://www.businessinsider.com/top-battery-makers-electric-commercial-vehicles-2022-12 | https://www.businessinsider.com/top-battery-makers-electric-commercial-vehicles-2022-12 |
A fast-moving, brutal winter weather system could jeopardize last-minute gift deliveries.
Danny Moloshok/Invision/Associated Press
Snowy, icy conditions are slowing deliveries three days before Christmas in the Midwest.
UPS and FedEx both released service advisories Thursday warning of possible delays.
Extreme cold will spread to the East Coast and South through Saturday.
A fast-moving, brutal winter weather system could jeopardize last-minute gift deliveries just three days before Christmas.
UPS and FedEx released service advisories ahead of the arctic blast weather system that's expected to bring "astronomical winter" conditions to nearly every state in the US ahead of the holiday weekend, according to the National Weather Service.
Arctic blizzards, below-freezing temperatures, and intense winds, which set in Wednesday, are forecast to impact millions of Americans from the Pacific Northwest to the Appalachian Mountains through Saturday afternoon, the government agency said in a notice.
FedEx's advisory said winter weather could affect shipments going through the company's Indianapolis and Memphis air hubs. Delays at these hubs could reverberate "throughout the network," the company warned.
"Potential service disruptions may not affect FedEx Express, FedEx Ground, FedEx Freight, FedEx Office, etc. the same. There may be different levels of impact depending on city, state and ZIP Code serviced," the alert reads.
UPS announced that severe winter weather is already affecting deliveries in North Dakota, South Dakota, and Nebraska — 314 zip codes in all.
Neither company will offer refunds for shipments that arrive late due to weather, each stipulated.
The United States Postal Service had not issued any new residential service advisories related to the "arctic blast" at the time of publication.
Though the weather system will be felt by most Americans Friday, some delivery drivers have already experienced snowy and icy conditions.
At least one UPS and one FedEx Ground driver posted on Reddit photos of trucks stuck in snowy drifts.
"I get worried for some other drivers who aren't exactly prepared that well, but there's no such thing as bad weather! Just bad attire!" said a Minnesota UPS driver, who declined to be named since he hadn't received permission from the company to speak to the media.
"I've never been stuck and don't plan on it," the driver told Insider, adding that many delivery drivers will be driving less-optimal rental trucks this time of year due to the holiday rush.
BITranspo Weather Gifts | 2022-12-22T16:06:05Z | www.businessinsider.com | Where Brutal Cold Is Disrupting UPS and FedEx Deliveries | https://www.businessinsider.com/where-disrupting-last-minute-ups-and-fedex-deliveries-weather-cold-2022-12 | https://www.businessinsider.com/where-disrupting-last-minute-ups-and-fedex-deliveries-weather-cold-2022-12 |
The world's top investment firms pay Rob Arnott for advice. He shares 2 trades he thinks will deliver 15% annualized returns over the next decade — and breaks down why inflation could remain elevated for much longer than investors are expecting.
Tim Boyle/Bloomberg via Getty Images
Inflation may stay above 3% for years, Rob Arnott said in an interview with Insider.
Tight monetary policy and high valuations make stocks vulnerable to downside risk, he said.
Arnott also shared multiple opportunities he sees for the long-term.
Investors and central bankers who are hoping that inflation falls back to the Federal Reserve's 2% target in an orderly fashion may be bound for disappointment.
After letting inflation run hot, the Federal Reserve is set on bringing price stability back to US consumers by hiking interest rates and reducing the assets it holds. Since June, the Consumer Price Index has indeed been coming down, but still remains historically high at 7.1%.
But according to Rob Arnott, the founder of Research Affiliates, inflation may not fall all the way to 2% for years.
Arnott, whose clients include PIMCO and Invesco, recently conducted an analysis of inflationary episodes in developed (OECD) economies over the five decades (US inflationary episodes weren't numerous enough for a meaningful sample size, he said). He found that, since 1970, almost every time inflation rises above 8% in these 38 countries, it has taken a median of 10 years for it to fall back below 3%.
The below chart shows the 29 instances where inflation has risen higher than 8% and how long it's taken to fall to 2%. Only two times has it fallen back to 2% in under two years.
Arnott doesn't completely rule out the possibility of inflation falling quickly, but this shouldn't be a base-case outlook, he said.
Given that inflation could stay elevated for longer than anticipated, and the recession implications that a hawkish Fed has, Arnott said stocks are vulnerable to further downside.
Exacerbating that downside risk is the fact that US stocks are still expensive relative to history, he said.
"It would be unsurprising to see a capitulation in the months ahead where the market goes to new lows — not necessarily deep new lows, it doesn't have to be a monster bear — but a decent likelihood that we see new lows," Arnott told Insider on Wednesday.
He added: "The Shiller P/E ratio for US stocks is now north of 30 again. So it took us a bear market to get us down to a 30 multiple, meanwhile the bull market that ended in 2007 peaked at 28x."
The S&P 500 hit lows in October at around 3,577. The index currently sits at 3,878, meaning new lows would represent at least 7.7% downside.
Where to invest over the next decade
While Arnott sees potential downside in the near-future, he said he sees US stocks returning 6-7% per year over the next decade.
But there are better returns to be had around the world, he believes. Arnott highlighted two trades he thinks will deliver 15% annualized returns over the next decade because of how undervalued they currently are.
The first opportunity is in international developed market value stocks, which are represented by the EAFE Value Index. He said the index's average Shiller P/E ratio is 16x.
Investors can gain exposure to developed market value stocks through funds like the iShares MSCI EAFE Value ETF (EFV) and the Vanguard International Value Fund (VTRIX).
The second is in emerging market value stocks, which he said have an average Shiller P/E of 10x.
The iShares Edge MSCI EM Value Factor UCITS ETF (EMVL) and the Dimensional Emerging Markets Value ETF (DFEV) offer exposure to emerging market value stocks.
"I've been called a perma-bear, but I'm not a bear when things are cheap," Arnott said. "Emerging markets value, international value represent bargains. Not screaming bargains, but bargains."
Arnott said US value stocks, by comparison, should return 10-11% annualized returns over the next decade. The Invesco S&P 500 Pure Value ETF (RPV) is one way to gain exposure to US value stocks.
He also added that it will be "a decade of diversifiers winning." Diversifiers, he said, include assets that are lightly correlated to stocks and low-risk bonds, such as Treasury-protected inflation-backed securities (also known as TIPS), high-yield bonds, and commodities.
One example of a diversifier Arnott likes is emerging market debt, due to lower risk of default and higher yields relative to US high-yield bonds, as well as the US dollar's still-relatively-high strength. | 2022-12-22T16:06:11Z | www.businessinsider.com | Rob Arnott: 2 Trades That Will Deliver Decade of 15% Yearly Returns | https://www.businessinsider.com/where-to-invest-long-term-stock-market-strategy-rob-arnott-2022-12 | https://www.businessinsider.com/where-to-invest-long-term-stock-market-strategy-rob-arnott-2022-12 |
Volvo isn't on board with charging extra for minor software updates, its COO told Bloomberg.
Car companies want to make extra money by charging car owners for software updates.
Volvo won't ask owners to pay up for minor upgrades like heated seats, its COO told Bloomberg.
Mercedes will charge $1,200 per year for an acceleration boost.
Car companies see that gym membership you never use and that streaming service you totally forgot about — and they're jealous. They want some of that sweet, sweet recurring revenue for themselves, so they're locking some features behind paywalls to get it.
But Volvo has its limits. As some rivals seek to monetize every corner of car ownership, Volvo won't charge extra for minor software updates and feature upgrades, according to an executive.
"If you are to charge for software updates, it must be a step change in consumer benefit," COO Björn Annwall told Bloomberg. "We will not ask people who have bought a car for 1 million kronor ($96,500) to pay another 10 kronor to get extra heat in the seat."
He said Volvo could ask owners to pay up for a significant update like a self-driving system.
In a bid to boost profits, carmakers are trying to make money on software services — in addition to selling cars. In some cases, that means charging car owners a monthly or annual fee to unlock extra perks like a remote-start feature, a heated steering wheel, or extra performance.
Volvo's approach is markedly different from competitors that are pushing the limits of what customers will pay extra for. Mercedes will soon let owners of its electric cars pay $1,200 per year for an acceleration boost. In some countries outside the US, BMW invites owners to pay over time for heated seats, adaptive headlights, and other features.
After BMW's pay-as-you-go butt warmers caused a stir, the company released a statement clarifying that it doesn't expect to implement that in the US.
Volvo may be on the right track here. An April study by Cox Automotive found that 75% of US consumers wouldn't subscribe to most vehicle features.
NOW WATCH: This BMW was once a vision for the future
Volvo Car Subscription BMW | 2022-12-22T17:20:05Z | www.businessinsider.com | Volvo Won't Charge Extra Fees for Basic Car Features After BMW Backlash | https://www.businessinsider.com/car-feature-subscriptions-volvo-software-heated-seats-bmw-mercedes-2022-12 | https://www.businessinsider.com/car-feature-subscriptions-volvo-software-heated-seats-bmw-mercedes-2022-12 |
Caroline Ellison (left) pled guilty to various charges involving Sam Bankman-Fried's (right) firms FTX and Alameda.
Alameda's former CEO Caroline Ellison and FTX cofounder Gary Wang are in the SEC's crosshairs.
They've copped to criminal charges and are cooperating with an ongoing criminal investigation.
Here are the biggest takeaways from the SEC's parallel civil case against them.
Caroline Ellison, the former CEO of Sam Bankman-Fried's trading firm Alameda Research, was hit with criminal charges in New York, along with a civil complaint by the US Securities and Exchange Commission, on Wednesday.
The development confirmed speculation that Ellison — who is also Bankman-Fried's ex-girlfriend — and others in Bankman-Fried's circle were working with federal prosecutors who are investigating FTX's collapse.
US Attorney Damian Williams said on Wednesday that Ellison and FTX cofounder Gary Wang had pleaded guilty to various charges, including fraud, and are cooperating with the government.
The SEC's allegations tell the story of Bankman-Fried's control of Alameda, of which he owned 90%, and paints him as the mastermind of a scheme to bring large inflows of cash into the firm by leveraging FTX customer funds and manipulating trading of FTT tokens to boost its value.
Ellison and Wang, the agency alleges, were faithful deputies executing that vision.
Here are the biggest takeaways and allegations, according to the SEC's complaint:
1. SBF was calling the shots. The SEC's complaint often referred to Ellison taking steps based on "Bankman-Fried's directions," reiterating the agency's earlier allegation that it was Bankman-Fried who orchestrated the apparent scheme.
2. Even as Alameda's co-CEO, Ellison didn't pull all the strings. The SEC alleged that, "though Ellison made some trading decisions, she frequently consulted with Bankman-Fried, particularly about strategic issues and significant trades."
3. Still, Ellison and Wang perpetuated the alleged fraud of FTX's investors and customers, according to the SEC.
4. When it came to investors, FTX raised $1.8 billion based on what the agency says are false reassurances by Bankman-Fried and others about strong risk protocols.
5. Ellison knew the risk protocols weren't what SBF professed to investors.
6. The agency alleges all three defendants worked together to help Alameda Research, the separate firm founded by Bankman-Fried, enjoy "special treatment." That gave the firm broad access to FTX customer funds — and Ellison knowingly traded at Alameda using that money. The agency claimed that this summer alone, they moved some "hundreds of millions" in FTX customer funds to Alameda.
7. Ellison also had Alameda borrow "billions of dollars" from lenders using FTT tokens as security. Ellison and Bankman-Fried then also worked to boost the value of those tokens so that Alameda could keep borrowing more.
8. As the deficits piled on, Ellison and Bankman-Fried continued to mislead investors.
9. The complaint largely painted Bankman-Fried as the one making allegedly fraudulent assurances to investors, but cast Ellison and Wang as loyal enablers.
10. The SEC repeated how Bankman-Fried used the alleged scheme for his own benefit, saying that "Bankman-Fried also used commingled funds from Alameda to make large political donations and to purchase tens of millions of dollars in Bahamian real estate for himself, his parents, and other FTX executives." The agency added that Wang took some $200,000 "for his own purposes." | 2022-12-22T17:20:11Z | www.businessinsider.com | Key Takeaways From SEC Case Against Caroline Ellison, SBF, Gary Wang | https://www.businessinsider.com/caroline-ellison-sam-bankman-fried-gary-wang-charges-sec-takeaways-2022-12 | https://www.businessinsider.com/caroline-ellison-sam-bankman-fried-gary-wang-charges-sec-takeaways-2022-12 |
How to see duets on TikTok by searching for them in 2 ways
Duets on TikTok will appear in your feeds, but you can also search for them.
There's no one-click way to see duets on TikTok, but there are a few ways to browse for duets with a particular creator.
In the search box, type "duet @username" where "username" is the creator who is being dueted.
You can also tap the name of the sound at the bottom of a video to see all the duets with that video (and other videos which use the same sound).
Duets are among the most common styles of video on TikTok. Using the app's duet feature, creators can collaborate with other TikTokers in split screen videos as well as create response videos to other content already published.
Because this is such a compelling video format, it's surprising that there isn't an easy, one-click way to see duets on TikTok. That said, there is a convenient workaround that lets you find these videos relatively easily.
How to see duets on TikTok by searching with the original creator
You can search for all the duet videos created based on videos from a particular creator.
1. If you know there have been duets made with a particular video, open that video in TikTok.
2. Find the creator's TikTok username. To do that, tap the profile picture on the right and then tap and hold the username, which is under the profile picture on the profile page. You should see a message that the username has been copied.
Copy a creator's username to find duets with that person.
3. Tap the Back arrow to return to your feed.
4. Tap the Search field at the top of the screen.
5. Type "duet" followed by an @ symbol, and then paste the username you copied earlier. There should be no space between the @ and the username.
In the search box, type "duet @username."
6. Tap Search.
7. Browse the results, which should be the list of videos which are duets with the original creator.
How to see duets on TikTok by searching for original sounds
If the video that has been dueted uses an original sound, you can also search using that sound. (You can try using this technique if it uses a popular sound that appears in other videos, but you'll get a lot of unrelated and non-duet results, which probably isn't what you're looking for.)
1. Open the video that other people have used to make duets.
2. Tap the name of the sound, which appears at the bottom of the screen, beside the music note icon.
Tap the name of the original sound at the bottom of the video to find other videos — like duets — using that audio.
3. Browse the results. You'll see a list of all the videos that use this sound. If it's an original sound, in most cases it'll just be duets made with the video.
TECH How to duet on TikTok and use sound and voiceover to customize your video
TikTok Duets Tech How To | 2022-12-22T17:20:35Z | www.businessinsider.com | How to See Duets on TikTok by Searching for Them in 2 Ways | https://www.businessinsider.com/guides/tech/how-to-see-duets-on-tiktok | https://www.businessinsider.com/guides/tech/how-to-see-duets-on-tiktok |
How to trim a sound on TikTok to match your video
You can trim a sound on TikTok before or after recording a video.
It's simple to trim a sound on TikTok to match the length of your video.
You can select the sound first, set the length of the sound, and then TikTok will automatically adjust the video recording length to match.
It's also possible to record the video first and then select the audio, adjusting the starting point of the track wherever you like; the end will be set based on the length of the video.
When you create a TikTok video, you have the option to add a soundtrack from any of the thousands of free-to-use songs in the app's audio library. But these songs won't necessarily match the length of your video, so you'll probably need to trim sound to match your TikTok creation.
You have two choices: You can trim the sound before you record and let the app limit your video recording to match, or you can record the video first and then trim the sound afterwards. Here's how to do both approaches.
How to trim a sound on TikTok before recording a video
1. In the TikTok app, tap the Plus sign at the bottom of the screen to start creating a new video.
2. Tap Add sound at the top of the screen.
Tap the Add sound button at the top of the screen.
3. Browse or search for the song you want to include. Tap the song to hear a preview, and when you know you want to use it, tap the checkmark on the right.
4. Tap the Countdown icon on the right side of the screen.
Use the Countdown icon to set the length of the audio.
5. In the audio waveform, drag the red bar to the length of time that you want to record your video.
6. Choose whether you want a 3 second or 10 second countdown to start recording.
7. When you're satisfied with the audio and ready to record, tap Start countdown. The countdown will begin right away, and then you'll be able to record video for the length of time you specified by dragging the red slider.
Drag the red bar to whatever length you want the video to be, then tap Start Countdown when you're ready to record.
How to trim a sound on TikTok after recording a video
2. Record your video.
3. When you're done, tap Add sound at the top of the screen.
5. Tap the Scissors icon to the right of the track.
Use the Scissors icon to edit the starting point of the music.
6. Drag the waveform to the left to set the starting point. The endpoint will be automatically set based on the length of the video. When you're satisfied, tap Done.
7. Tap on the video to close the audio popup.
Drag the audio waveform to set the starting point of the song for your video.
TECH How to block a sound on TikTok to stop it from reappearing in your feed
TikTok Sound Tech How To | 2022-12-22T17:20:41Z | www.businessinsider.com | How to Trim a Sound on TikTok to Match Your Video | https://www.businessinsider.com/guides/tech/how-to-trim-a-sound-on-tiktok | https://www.businessinsider.com/guides/tech/how-to-trim-a-sound-on-tiktok |
Take these 32 things off of your resume for a better shot at landing the job
Jacquelyn Smith, Rachel Gillett, and Sarah Jackson
Unnecessary information on your resume can waste precious space better saved for things that can actually help you get the job, and in some cases, it can actively hurt your chances of landing the position.
z_wei / Getty Images
Hiring managers glance at resumes for mere seconds before making decisions about moving a candidate forward.
Extraneous information can bog down your resume and in some cases, it can hurt your chances of landing the job.
Here are 32 things you should strike from your resume right now.
1. An objective
If you applied, it's already obvious you want the job.
The exception: If you're in a unique situation, such as changing industries completely, it may be useful to include a brief summary.
2. Irrelevant work experiences
Yes, you might have been the "king of making milkshakes" at the restaurant you worked for in high school. But unless you plan on redeeming that title, it's time to get rid of all that clutter.
But as Alyssa Gelbard, founder of career consulting firm Resume Strategists, points out: Past work experience that might not appear to be directly relevant to the job at hand might show another dimension, depth, ability, or skill that actually is relevant or applicable.
Only include this experience if it really showcases additional skills that can translate to the position you're applying for.
Don't include your marital status, religious preference, or Social Security number.
Though it might have been the standard to include in the past, this information could lead to discrimination, so you shouldn't include it anymore.
4. Your full mailing address
A full street address is the first thing that Amanda Augustine, a career expert for TopResume, immediately looks to cut from a resume.
"Nobody needs to have that on their resume anymore, and, to be quite honest, it's a security concern," she previously told Business Insider.
5. More than one phone number
Augustine suggests including only one phone number on your resume, ideally your cell phone, so you have control over who answers your incoming phone calls, when, and what the voice mail sounds like.
"Also, you don't want employers trying to contact you in five different places, because then you have to keep track of that," she says.
6. Your hobbies
In many cases, nobody cares.
If it's not relevant to the job you're applying for, it could be wasting space for more valuable elements of a resume.
7. Blatant lies
A CareerBuilder survey from 2015 asked 2,000 hiring managers for memorable resume mistakes, and blatant lies were a popular choice. One candidate claimed to be the former CEO of the company to which he was applying, another claimed to be a Nobel Prize winner, and one more claimed he attended a college that didn't exist.
Rosemary Haefner, former chief HR officer at CareerBuilder, says these lies may be "misguided attempts to compensate for lacking 100% of the qualifications specified in the job posting."
But Haefner says candidates should concentrate on the skills they can offer, rather than the ones they can't.
8. Too much text
If you're using a 0.5-inch margin and eight-point font in an effort to get everything to fit on one page, consider it an "epic fail," says J.T. O'Donnell, founder of career advice site Careerealism.com, and author of "Careerealism: The Smart Approach to a Satisfying Career."
She recommends lots of white space and no more than a 0.8 margin.
Augustine agrees, warning particularly against dense blocks of text.
"Let's be honest: You're looking this over quickly, you're glancing through it, your eyes glaze over when you get to a big, long paragraph," she says.
9. Too many bullets
In the same vein, you can also overload your resume with too many bullet points, which Augustine calls "death by bullets."
"If absolutely everything is bulleted, it has the same effect as big dense blocks of text — your eyes just glaze over it," she says.
Augustine explains that bullets are only to be used to draw attention to the most important information. "If you bullet everything, everything is important, which means really nothing stands out," she says.
10. Time off
If you took time off to travel or raise a family, Gelbard doesn't recommend including that information on your resume. "In some countries, it is acceptable to include this information, especially travel, but it is not appropriate to include that in the body of a resume in the US."
11. Details that give away your age
If you don't want to be discriminated against for a position because of your age, it's time to remove your graduation date, says Catherine Jewell, author of "New Resume, New Career."
Another surprising way your resume could give away your age: double spaces after a period.
If your employers want to speak to your references, they'll ask you. Also, it's better if you have a chance to tell your references ahead of time that a future employer might be calling.
If you write "references upon request" at the bottom of your resume, you're merely wasting a valuable line, career coach Eli Amdur says.
13. Inconsistent formatting
The format of your resume is just as important as its content, Augustine says.
She says the best format is the format that will make it easiest for the hiring manager to scan your resume and still be able to pick out your key qualifications and career goals.
Once you pick a format, stick with it. If you write the day, month, and year for one date, then use that same format throughout the rest of the resume.
14. Short-term employment
Avoid including a job on your resume if you only held the position for a short period of time, Gelbard says. You should especially avoid including jobs you were let go from or didn't like.
15. Present tense for a past job
Never describe past work experience using the present tense. Only your current job should be written in the present tense, Gelbard says.
16. A less-than-professional email address
If you still use an old email address like BeerLover123@gmail.com or CuteChick4Life@yahoo.com, it's time to pick a new one.
It only takes a minute or two, and it's free.
17. Any unnecessary, obvious words
For example, there's no reason to put the word "phone" in front of the actual number.
"It's pretty silly. They know it's your phone number," says Amdur. The same rule applies to your email address.
18. Your contact info at your current job
Amdur writes at NorthJersey.com:
"This is not only dangerous; it's stupid. Do you really want employers calling you at work? How are you going to handle that? Oh, and by the way, your current employer can monitor your emails and phone calls. So if you're not in the mood to get fired, or potentially charged with theft of services (really), then leave the business info off."
19. Headers, footers, tables, images, charts
While a well-formatted header and footer may look professional, and some cool tables, images, or charts may boost your credibility, they also confuse the applicant-tracking systems that companies use nowadays, Augustine previously told Business Insider.
The system will react by scrambling up your resume and spitting out a poorly formatted one that may no longer include your header or charts. Even if you were an ideal candidate for the position, now the hiring manager has no way of contacting you for an interview.
20. Your boss' name
Don't include your boss' name on your resume unless you're okay with your potential employer contacting the person. Even then, Gelbard says the only reason your boss' name should be on your resume is if the person is someone noteworthy or very impressive.
21. Company-specific jargon
"Companies often have their own internal names for things like customized software, technologies, and processes that are only known within that organization and not by those who work outside of it," Gelbard says. "Be sure to exclude terms on your resume that are known only to one specific organization."
22. Social media URLs that are not related to the position
A link to your Instagram account has no business taking up prime resume real estate. "Candidates who tend to think their personal social media sites are valuable are putting themselves at risk of landing in the 'no' pile," says Tina Nicolai, executive career coach and founder of Resume Writers' Ink.
"But you should list relevant URLs, such as your LinkedIn page or any others that are professional and directly related to the position you are trying to acquire," she says.
23. More than 15 years of experience
When you start including jobs from before 2005, you start losing the hiring manager's interest.
Your most relevant experience should be from the past 15 years, so hiring managers only need to see that, Augustine says.
On the same note, don't include dates on degrees and certifications that are more than 15 years old.
24. Salary information
"Some people include past hourly rates for jobs they held in college," Nicolai says. This information is unnecessary, and the employer could use it against you in salary negotiations.
Speaking of which, you also shouldn't list your desired salary in a resume. "This document is intended to showcase your professional experience and skills. Salary comes later in the interview process," says Amy Hoover, former president of Talent Zoo.
25. Fancy fonts
Curly-tailed fonts are a no, according to O'Donnell. "People try to make their resume look classier with a fancy font, but studies show they are harder to read and the recruiter absorbs less about you."
26. Annoying buzzwords
Stay away from words and phrases like "best of breed," "go-getter," "think outside the box," "synergy," and "people pleaser."
Instead, try "achieved," "managed," "resolved," and "launched."
27. Reasons you left a company or position
Candidates often think, "If I explain why I left the position on my resume, maybe my chances will improve."
In reality, doing so is "irrelevant," Nicolai says: "It's not the time or place to bring up transitions from one company to the next."
Instead, use your interview to address this.
28. Your GPA
Once you're out of school, your grades aren't nearly as relevant anymore.
If you're a new college graduate and your GPA was a 3.8 or higher, it's okay to leave it. But, if you're more than three years out of school, or if your GPA was lower than a 3.8, ditch it.
29. A photo of yourself
Even a small photo can take up considerable space on a resume, and it usually doesn't add much anyway.
30. An explanation of why you want the job
That's what the cover letter and interviews are for!
Your resume is not the place to start explaining why you'd be a great fit or why you want the job. Your skills and qualifications should be able to do that for you.
31. Opinions, not facts
Don't try to sell yourself by using all sorts of subjective words to describe yourself, O'Donnell says. "I'm an excellent communicator" or "highly organized and motivated" are opinions of yourself and not necessarily the truth. "Recruiters want facts only. They'll decide if you are those things after they meet you," she says.
32. Generic explanations of accomplishments
Don't just say you accomplished X, Y, or Z — show it by quantifying the facts.
For instance, instead of saying, "Grew revenues," try saying, "X project resulted in an Y% increase in revenues."
Vivian Giang and Natalie Walters contributed to earlier versions of this article.
Features Resume Mistakes | 2022-12-22T17:20:53Z | www.businessinsider.com | 32 Things You Should Take Off Your Resume, According to Experts | https://www.businessinsider.com/things-to-remove-from-resume-2016-11 | https://www.businessinsider.com/things-to-remove-from-resume-2016-11 |
Here are 8 things you should always include in your resume, according to experts
Jacquelyn Smith, Áine Cain, and Sarah Jackson
Even if you get creative with your resume or choose to include additional information, every resume still needs the same basic elements at its core.
Wanlee Prachyapanaprai / Getty Images
2023 is approaching, and the early part of a new year is one of the best times to look for a job.
To land a gig, you'll likely need to work on your resume first.
Don't forget to include these 8 things in your resume when submitting applications or just keeping it up-to-date.
It's almost 2023, and the start of a new year is usually prime time for job hunting.
Before you apply for a role, you'll want to double-check that your resume is ready. To help you do that, make sure your resume includes these eight basic elements:
This seems obvious, but candidates sometimes forget to include basic contact information, or they bury it at the bottom. You don't need to include a home address, but you should list other ways a recruiter can reach you. "Include your name, phone number, email, and URL to your LinkedIn profile right at the top of the page," says executive career coach and founder of Resume Writers' Ink Tina Nicolai.
Executive resume writer Mary Elizabeth Bradford suggests including just one phone number and email address. "Some people will include their home and cell numbers, for example, but I find multiple contact choices to be confusing. Make it easy for your reader to understand how to contact you."
2. Professional title
When someone reviews your resume, there should be no question as to the type of role you're seeking, says Amanda Augustine, a career expert for TopResume. "Make sure your goals are crystal clear by including a professional title at the top of your resume, such as 'Senior Accounting Professional' or 'Marketing & Sales Associate,' just below your contact information and above your career narrative (what I usually call the 'professional summary')."
Without making it look like you did a lot of copying and pasting, you should include some keywords and phrases from the job posting. This is especially important if the employer uses a resume-scanning system.
In addition to eyeballing job descriptions that are relevant to your job search and pulling out the most commonly used keywords, Augustine suggests feeding a few of the job descriptions into JobScan.co to identify the most frequently mentioned terms and see how your resume measures up.
4. Accomplishments
Employers need to know how you've contributed to your team and company to determine whether your strengths align with the needs and responsibilities of their opening and company, Nicolai says.
Under each job title and description, include the most important, impressive, and relevant achievements.
5. Metrics
"No position is exempt from measuring results," Nicolai says. "Metrics help employers determine if a person is capable of leading a team, managing clients, or growing the business."
Metrics are also a great way to back up your achievements.
Instead of just saying, "Helped grow revenue," try saying, "Helped grow revenue by 500% to $1 million in 12-month period by doing X."
6. Certifications and credentials
If you have a certification or advanced degree that's considered an asset in your field, like an MBA or RN, include it after your name at the very top of your resume. You can skip the acronym for your undergraduate degree or a certification that's not relevant to your current job goals.
You should still include details about these credentials in the education and professional development section of your resume, Augustine adds.
7. Relevant URLs
While resumes tend to be pretty cut-and-dried documents, there are ways to give hiring managers a better sense of your personality and expertise without breaking the standard guidelines, Augustine explains. "Include links to websites that highlight your personal brand. This information should be grouped with your contact information at the top of your resume. In addition to including the URL to your LinkedIn profile, you may want to include the links to your blog or online portfolio."
Just make sure you're keeping these sites current and that they support your personal brand and are relevant to your job goals.
8. Strong verbs
In your resume, you want your language to be direct and succinct. Rely on verbs, not adjectives, to convey a sense of action and accomplishment.
NOW WATCH: 6 cringe-worthy things interviewers hate seeing on résumés
Resume Job search Job Hunting | 2022-12-22T17:21:05Z | www.businessinsider.com | 8 Things You Should Always Have on Your Resume, According to Experts | https://www.businessinsider.com/what-to-include-on-your-resume-2017-2 | https://www.businessinsider.com/what-to-include-on-your-resume-2017-2 |
Amazon aggregator Razor has raised a fresh $70 million and acquired Latin American peer Valoreo, sources say
Tushar Ahluwalia, Razor Group CEO.
Razor Group.
Amazon aggregator Razor Group has raised around $70 million in a new equity funding round.
LVMH-backed private equity firm L Catterton led the deal, Insider understands.
Razor has also acquired a Mexico City-based aggregator in a separate transaction, one source said.
Amazon aggregator Razor has raised approximately $70 million in a round led by US private equity firm L Catterton, according to two sources familiar with the deal.
Razor, founded in 2020, has also acquired an L Catterton portfolio company, Mexico City-based e-commerce rollup Valoreo, according to one of the sources, who could not be named as the discussions were private.
Valoreo did not respond to a request for comment.
The funding indicates there is still life in rollups, which gobble up popular third-party Amazon and e-commerce brands to scale them and yield higher profits.
Funding into these companies exploded during the pandemic, which turbocharged the shift from buying in-person to shopping online.
But the sector subsequently struggled with changed buying habits, supply-chain shortages, and an array of macroeconomic headwinds. Rollups raised $2.3 billion in the opening nine months of the year, less than a third of the $9 billion secured during the same period in 2021, per Marketplace Pulse data. Experts predicted to Insider last year that consolidation would naturally follow suit.
Some of Razor's fresh capital will fund expansion, starting with Latin America through the deal to buy Valoreo. The company will also look to expand globally, Insider understands.
L Catterton has placed bets on a range of other e-commerce aggregators, including Berlin-based SellerX, Nebula in Asia, and US-headquartered Dragonfly.
Razor, which also counts US asset manager BlackRock and debt provider Victory Park Capital as investors, hit unicorn status in its last funding round, a $126.5 million Series B, per PitchBook. It acquired its Spanish competitor Factory14 earlier this year.
Startups Venture Capital fundraise | 2022-12-22T18:51:20Z | www.businessinsider.com | Razor: Amazon Aggregator Raises $70 Million, Acquires Valoreo | https://www.businessinsider.com/amazon-aggregator-razor-raises-70-million-and-acquires-valoreo-2022-12 | https://www.businessinsider.com/amazon-aggregator-razor-raises-70-million-and-acquires-valoreo-2022-12 |
7 ways to fix Twitter Spaces if it isn't showing up
You may need to try several troubleshooting steps to resolve issues with Twitter Spaces.
If Twitter Spaces isn't working for you, restart the app, check your internet connection, and disable your VPN, if you use one.
Here are the top seven ways to troubleshoot and fix Twitter Spaces if it isn't showing up for you.
Twitter Spaces is a live audio chat feature, inspired by Clubhouse, which recently found its way to Twitter. Anyone can start a Twitter Space on their mobile app and other Twitter users can listen in or take part in the action.
Unfortunately, though, you might be having trouble with the feature; some users are reporting that Twitter Spaces is not showing up in their app. Here are the most common ways to troubleshoot and fix Twitter Spaces if this is also happening to you.
Unfortunately, you can't create or host a Twitter Space from your PC (though you can join as a listener), so you must use the mobile app on your phone or tablet to start a Twitter Space. Often, the easiest way to fix a problem with Twitter is to force the app to close and then start it again. If you need a reminder about how to do that, here is how to close an app on Android and close an app on iOS. After closing the app, start it again, and see if that solved your problem.
Check on your internet connection
Do you have a reliable internet connection? Check to see if you have a strong Wi-Fi or cellular signal in the status at the top of the phone's display, and to verify, try using another app that accesses the internet to make sure your connection isn't what's causing a Twitter Spaces to not show up in the Twitter app.
Check your WiFi and cellular signal at the top of your phone.
Turn off your VPN
If you regularly use a VPN (virtual private network) on your mobile device, you might sometimes encounter problems with some apps. Run a test: disable your VPN and then try Twitter again. If it works properly with the VPN disabled, you might have found that there's an incompatibility between your VPN software and some Twitter features, like Twitter Spaces. The process for disabling your VPN may vary depending on which one you use, so refer to your VPN user guide if you need help turning it off.
See if some or all of the Twitter service is offline
Twitter has traditionally been a very reliable service, but network problems are inevitable, and it's possible the app (or some part of it) is offline. If Twitter is experiencing its own connectivity or service issues, you'll need to wait before trying to access Twitter Spaces. The easiest way to see if Twitter is working properly is to check the Twitter status page at Downdetector. You can also search for "is Twitter down" in a Google search.
Downdetector can tell you if the Twitter service is offline.
Try to use Twitter on a different device to see if you still have the same problem. For example, if you have Twitter on both an iPhone and iPad, see if you can get to Twitter Spaces on the iPad if it's not working on the iPhone. If that's not an option or you'd rather restart your device, here's how to restart an iPhone. Likewise, you can turn off most Android devices by pressing and holding the power button for several seconds — or pulling the shortcuts down from the top of the screen and finding the power icon.
Clear the Twitter cache
If you're still having trouble getting Twitter Spaces to show up, you might have a problem with your Twitter app's cache. If you are using an Android device, you can simply clear the cache. The steps might very slightly depending upon which phone and version of Android you are running, but you can generally start the Settings app and then tap Apps. Go to the list of apps (you might need to tap See all apps) and tap Twitter. Tap Storage & cache, then finally tap Clear cache.
If Twitter isn't working properly, try clearing the app's cache.
If you're using an iPhone, you'll need to uninstall Twitter from your iPhone, and then reinstall it from the App Store. Then log back into your Twitter account and try again.
If you've tried everything else and you still can't get Twitter Spaces to work, it might be time to reset your phone's network settings. This troubleshooting step will erase all your network settings, including any saved Wi-Fi network passwords and paired Bluetooth devices, so save this as a last resort.
On your iPhone, start the Settings app and tap General. Tap Transfer or Reset iPhone, then tap Reset. Finally, in the pop-up menu, tap Reset Network Settings and confirm this is what you want to do.
If you have an Android device, start the Settings app, tap Systems, and then tap Reset options. Tap Reset Wi-Fi, mobile & Bluetooth.
As a last resort, you can try resetting your network settings.
Twitter Twitter Spaces Troubleshooting | 2022-12-22T18:51:56Z | www.businessinsider.com | 7 Ways to Fix Twitter Spaces If It Isn't Showing up | https://www.businessinsider.com/guides/tech/twitter-spaces-not-showing-up | https://www.businessinsider.com/guides/tech/twitter-spaces-not-showing-up |
Amazon's executives are preparing for an uncertain economy by cutting costs and increasing profit margins.
Amazon's economists expect the company's growth to slow as cost cuts continue.
They said Amazon's growth and profitability have historically been "negatively correlated."
The forecast was part of an internal 12-page macroeconomic analysis created in November.
Amazon is cutting costs across the board in anticipation of a severe economic downturn.
That likely means Amazon's revenue growth will also slow down, according to an internal macroeconomic report obtained by Insider.
The November report indicated the company is now cutting costs to focus on profitability and sales will grow at a slower pace than before.
"Acceleration in business growth is associated with profit margin deceleration, and vice versa. There is a clear tradeoff between the interplay of profit seeking and growth, rendering it difficult to achieve both objectives simultaneously," the report said.
"As our pendulum swerves to cut costs in pursuit of higher profit margins, this may undermine our ability to grow at a faster pace in the near — or mid-term," it added.
The report also showed Amazon's economists put the odds of the US economy going into a recession in the next six months at 30%, far lower than other estimates that all but gaurenteed a recession next year.
During Amazon's most recent earnings call in October, CFO Brian Olsavsky painted a more dire picture and said the company is tightening its belt and pausing hiring due to the "uncertain economy."
"The continuing impacts of broad-scale inflation, heightened fuel prices and rising energy costs have impacted our sales growth as consumers assess their purchasing power and organizations of all sizes evaluate their technology and advertising spend," Olsavsky added during the call.
Amazon Andy Jassy Recessions | 2022-12-22T18:52:09Z | www.businessinsider.com | Leaked Report Shows Amazon Will Cut Costs in 2023 | https://www.businessinsider.com/leaked-report-amazon-cost-cutting-next-year-layoffs-2022-12 | https://www.businessinsider.com/leaked-report-amazon-cost-cutting-next-year-layoffs-2022-12 |
Inside Wall Street's cloud ambitions: From cutting costs to new security tools, tech execs from Blackstone, Goldman Sachs, Citadel, and others predict the top cloud trends in 2023
Top Wall Street tech execs highlighted the key trends to watch in the cloud in 2023.
This year saw the continued embrace of the public cloud by Wall Street firms.
Now, a focus will be on keeping cloud costs under control, data architecture, and more.
Insider spoke to 10 cloud experts to see what they're watching in 2023.
Wall Street is headed for the clouds.
Financial firms were among the most hesitant to begin working with public-cloud providers due to the sensitivity of their work. But now, a wholesale migration from physical, on-premise data centers to cloud networks is fully underway within financial services.
But the days of lifting and shifting (when applications are moved wholesale from physical servers to the cloud without any reconfiguration) are over. Finance firms are using a move to the cloud as an opportunity to overhaul their business beyond just upgrading back-end tech.
"Rather than moving existing solutions to the cloud, we are fundamentally rethinking how we solve problems," Andrew Janian, Citadel's head of cloud and platform engineering and head of equities engineering, told Insider.
Advancements in security, more readily available talent, and new cost-management tools have mitigated many of the hurdles that kept banks, hedge funds, and investment firms away from fully embracing the cloud.
From Blackstone shutting off all of its data centers and running fully on AWS to Wells Fargo putting the heart of its customer-experience engine in the cloud, the Street has never been so committed to the cloud. But relatively speaking, this is also only the beginning.
Getting to the cloud was the first step. Now, 2023 is going to be the year when many of these Wall Street titans put the cloud to use, spinning up new tools and features in a fraction of the time, leveraging alternative data sets to guide investing decisions, and doing so more cheaply than before.
"When we've adopted cloud-native architectures, we've seen dramatic improvements in throughput and latency, and often for significantly lower cost," Janian said. "For us, it's not about lifting-and-shifting our processes, it's about using the best tools and design patterns to build the right solutions for our businesses."
Here are the six top trends to watch in the cloud in 2023, according to top Wall Street tech execs.
The war for (specialized) talent rages on
A tight talent market for specialized cloud roles will continue in 2023, cloud experts said.
If there was one defining cloud trend on Wall Street in 2022, it was talent. Across finance, executives have felt the sting of a red-hot market for top tech and cloud talent. Even as the labor market for tech workers eases, filling roles for more specialized workers will remain challenging in the new year, experts said.
"While talent might become more available, I would say that high-end talent in the cloud security and data space, where you've really got niche skillsets, is going to remain competitive," Allison Gorman Nachtigal, a managing director at Morgan Stanley and head of the bank's cloud program, told Insider.
Site reliability engineers, in particular, are in high demand, she added.
But a tight labor market is pushing some firms to tap cloud developers earlier in their careers.
At Morgan Stanley, Gorman Nachtigal said the bank's internal talent initiatives — from upskilling staffers to training entry-level employees through its technology analyst program (TAP) — complement the bank's efforts to source experienced talent from outside the firm. Gorman Nachtigal came through Morgan Stanley's TAP program when she first joined the bank.
And at Vanguard, CTO Michael Carr said that the mutual-fund giant is willing to work with early-career developers to train cloud skills.
"If they came to us and demonstrated that they're very good at software development, but hadn't yet had a lot of experience with the cloud, we feel very comfortable saying, 'Come here and we will ramp you up on that part of it,'" Carr said.
Getting smarter about (not) moving data
More and more financial firms are focusing on when and how to move data.
So far, Wall Street's cloud journey has been all about getting data in the cloud. But even in 2023, some legacy systems at financial firms will still remain on-prem, requiring companies to straddle both worlds.
"We think finance companies are going to continue to need a combination of on-prem and cloud data solutions for the foreseeable future, but it can be challenging to manage data between both environments," Mark Brubaker, chief technology officer at Point72, told Insider.
As a result, everyone on the Street is trying to find the best way to streamline data infrastructures. When Blackstone CTO John Stecher attended AWS' annual re:Invent conference this month, he noticed the most popular sessions were around consolidating and cleaning up data.
Once data is in the cloud, finance firms will have to configure those centralized databases to be as efficiently laid out as possible — from optimizing table structures to caching frequently accessed datasets — as calling on those back-end systems can drive up compute costs, several tech execs said.
At Blackstone, "the vast majority of our spend is really around databases," added Stecher.
Now, finance firms are trying to figure out how to move data less often, Marco Argenti, Goldman Sachs' chief information officer, told Insider.
Big data migrations typically involve a process called "Extract, transform, and load" — or ETL — where data is pulled from one system, cleaned in the middle, and then added to another system. But with data moving to the cloud, "what a lot of the cloud providers are pushing is to get rid of ETL and actually have system B integrate directly into system A," Argenti said.
Figuring out a way to move data less, and avoiding those costs and managing the regulatory burden of storing personal financial information, is also top of mind for Wells Fargo.
"You'll start to see applications moving to where the data is for their operation, versus how you bring data to an application for an operation," Steve Hagerman, chief technology officer of Wells Fargo, told Insider.
More AI in the cloud
Tools built on AI running within the cloud will become more prominent next year.
BII
Financial firms have found that the scale of computing power now available in the cloud can underpin new ways to analyze data, especially techniques that require intensive resources like artificial intelligence. It's a realization that will continue into 2023, experts said.
For private-equity giant KKR, the cloud has been an invaluable access point to different kinds of AI.
While it's still early innings, chief information officer Emilia Sherifova told Insider the firm uses natural-language processing and character recognition to process some types of contracts.
KKR has also used the cloud to automate client-servicing activities, like processing accounts payable. The firm, which uses AWS and Azure, also built a cloud-native client portal that creates personalized experiences based on customer type.
At Vanguard, Carr said the firm will continue to build cloud-based AI tools to construct personalized portfolios and retirement income tools.
"We can implement nudges or next-best actions, inside our digital CX, that leverage cues from our clients," Carr said, incorporating information from data like recent transactions to inform investment suggestions and prompts.
Boston-based private-equity firm Thomas H. Lee Partners (THL) is hoping in 2023 to leverage AI to analyze portfolio companies' data that's already on the cloud for new deal opportunities.
"If you have this kind of data and you can query it in ways you couldn't do individually," private-equity firms might find M&A opportunities, THL managing director, Mark Benaquista, told Insider.
With the right NDAs in place, it could unlock the potential for "either cross-portfolio opportunities or marketplace opportunities or synergies with someone else that we should acquire," he said.
In a tight economy, keeping cloud costs down will be key
Wall Street tech execs are refining their approach to keeping costs down in the cloud.
If the economy continues to worsen in 2023, it will shine a renewed spotlight on managing cloud expenses, a growing focus for some of Wall Street's biggest firms.
Finance firms' bread and butter is running analyses and keeping laser focused on the bottom line, but public-cloud providers' pricing models require some creativity to find savings.
Blackstone, for one, has focused its cost-cutting efforts on one basic premise: If a program isn't being used, it can be turned off.
"A lot of the optimization really is figuring out how can you turn the lights off in your developer environments and, if you're not using compute, shut it down. That's how you save cost," Blackstone's Stecher said.
While moving to the cloud does carry consumption costs, Stecher added, the obvious upside is that new app development can be done much more quickly.
"Some of the economics that you figure out is, in essence, opportunity cost. You have to factor that into your total cost of ownership equation," Stecher said.
New tools to bolster cloud security
Execs are seeing a whole new set of tools built for cloud security.
Crystal Cox/Business Insider; Samantha Lee/Business Insider
Questions surrounding the security of data in the cloud have long been key sticking points for financial firms considering the technology. Legacy banking systems can be notoriously complex, and a migration can pose substantial risk to sensitive financial and customer data.
But in 2023, third-party security tools and those offered by major public cloud providers will see increased adoption among large companies, experts said.
Blackstone's Stecher told Insider that a whole new set of protective products are being created to match the type of work finance firms are trying to do in the cloud.
"This year, and definitely going into next year, there is a material level of maturity being introduced into the security products that are available," Morgan Stanley's Gorman Nachtigal said. Whether it's the cloud providers themselves or add-on fintechs, "they are starting to really understand the levels of more comprehensive data encryption that we require," she added.
Gorman Nachtigal said she expects the rise of security tools to prompt more cloud adoption, particularly among financial firms. Specific areas where she is seeing usable solutions emerge are data protection and encryption, and simplifying requirements for network security.
"This will really help us be able to use cloud for workloads we either hesitated to migrate, or we had to do a lot of work prior to migration to implement the controls on our own," said Gorman Nachtigal.
Improving the developer experience
Moving to the cloud is as much about developer experience as it is data management, execs said.
At Goldman Sachs, Argenti has made revamping the firm's developer experience a key focus since he joined the bank in 2019 from AWS.
Argenti said next year more financial firms will continue to explore one overlooked benefit of moving to the cloud: access to "developer tools that are modern and state of the art" that can help to retain and attract talent.
"The real big results are an increased developer productivity," Argenti said. "That's the new way companies are looking at their cloud spend, where the return of investment is mostly measured with regards to velocity and developer productivity, rather than capital expenditures versus operating expenditures."
Capital One, for its part, also said that it has directed its efforts in the cloud not just towards the nuts-and-bolts of data storage but also to finding new tools to help developers work smarter, Will Meyer, managing vice president of cloud and connectivity at Capital One, told Insider.
"We're all asking ourselves, 'How do we maximize our investment in the cloud when it comes to innovation and developer productivity?' We didn't move to the cloud just to rent virtual machines, hard drives and a network," Meyer said. | 2022-12-22T18:52:21Z | www.businessinsider.com | Public Cloud Trends for Banks, Hedge Funds in 2023 | https://www.businessinsider.com/public-cloud-trends-predictions-2023-for-banks-hedge-funds-finance-2022-12 | https://www.businessinsider.com/public-cloud-trends-predictions-2023-for-banks-hedge-funds-finance-2022-12 |
How AI Is helping to reduce landfill waste
By Stefano Innocenti Sedili, Senior Account Technical Leader at IBM
Imagine a world no longer habitable by humans, where only heaps of trash remain as our legacy.
We haven't reached that scenario yet, but we are producing incomprehensible amounts of waste, at a faster rate, all the time. In the European Union, for example, the weight of annual municipal solid waste exceeded 230 million metric tons in 2020 (the last year of reported data), having increased for seven consecutive years. That's more than 1.3 billion pounds of trash every day.
In an ideal world, the obvious solution might be to simply stop producing so much waste to begin with. This is easier said than done. But circular economy models can provide smart examples and accessible starting points for how we can work toward avoiding a trashy future, so to speak.
A circular economy is a model of production and consumption that can benefit businesses, people, and the environment by getting the most use and least waste out of the stuff we use. For an example of a perfect circular economy, look to nature. A plant grows, nearby wildlife feeds on it, and both eventually die and nourish the flora and fauna that once nourished them.
Humans tend to engage in a more linear "make-take-waste" process. We make things, buy and use them, then trash them. If only things like plastic bags, diapers, and old computers degraded as fast as autumn leaves and nourished the soil in the process.
Let a circular economy mindset drive innovation
Circular economy activities can potentially yield significant advantages for business and government, such as improving the security of the raw materials supply, stimulating innovation, boosting economic growth, and creating jobs.
In a recent study by the IBM Institute for Business Value, chief supply chain officers surveyed identified several specific actions they plan to take over the next three years in pursuit of their circular economy goals:
The CSCO's list of action items
47% are initiating full lifecycle design of their materials and products with the intent to expand reuse of materials and components to reduce waste in the product lifecycle.
44% plan to improve the energy efficiency of their products and services.
35% plan to develop new products and services based on renewable energy componentry.
30% expect to engineer new zero-waste products and services. Packaging goals include reducing first-use (virgin) plastic usage (32%) and increasing the use of recyclable or biodegradable materials and packaging (30%).
To move toward circularity, organizations can automate workflows with environmental impact and innovation in mind. Waste management companies, in particular, have an opportunity to minimize landfill waste using artificial intelligence and automation technologies.
How to bring innovation to waste management — and potentially influence an entire industry
As a provider of electricity, water cycle management, and heating services, and as Italy's largest waste management and recycling company, Hera S.p.A is on the front lines of the urgency to reduce waste and minimize environmental damage.
Where traditional recycling practices may be one arc in the cycle of reuse, Hera offers integrated solutions that help complete the circle. With plastics, for example, it not only recovers waste but also incorporates it into the production of high-quality new products that are themselves recyclable.
"Today, in our territories, most of the waste is recovered ... only a small portion ends up burnt, but this is burnt in waste-to-energy plants, producing new energy," said Andrea Bonetti, manager of IT architecture at Hera.
But the recovery process depends on quickly finding and separating reusable material from tons of refuse. It was for this process that Hera decided to explore how intelligent automation could improve efficiency and help channel more material to new use. Thus began an innovative project led by Hera's Environmental Innovation Department, managed by Milena Zappoli.
Evaluating the potential of AI for waste sorting
Hera personnel analyze waste manually. As trucks unload at the entrance to the plants and the trash is pushed toward conveyors, spotters watch for recoverable materials — including plastics, aluminum, and paper — and help direct downstream sorting.
It's an onerous job, especially at scale: 1,400 spotters work at 89 plants, where 6.3 million tons of waste is treated every year.
Hera envisioned capturing video of incoming trash and using AI to recognize characteristics of items and materials that would qualify them for recovery and reuse. "This could have a decisive impact on the costs of recovery and disposal activities, which is the focus of the circular economy," Bonetti said.
The Hera and IBM Garage teams quickly recognized that the plants—at the end of the collection process—were not the right place to capture video. The teams wanted information on the quality of the material at the source. So they identified a better vantage point upstream. By mounting cameras on trash trucks, they could video the smaller amounts of material falling out of bins.
"It's still an extremely rapid passage of images," said Zappoli. "But the study of these images has allowed us to identify significant patterns for the qualitative evaluation of the waste during the collection process, not inside the plant, which could improve the time and cost of the transformation process."
The results have been promising as Hera gradually scales out the technology. "At the beginning," says Zappoli, "we had two vehicles equipped for the project. Now we have seven, and the performance of the model has significantly improved in a few months of training. For plastics, the precision with which the model correctly detects the quality has gone from 40% to 65%. For paper, the information useful for recognizing the quality show levels of error of about 10%."
These rates, when deployed at scale, would mean significant quantities of plastics and paper re-routed. Zappoli and team continue to work on refining the models to maximize detection rates.
The Hera team also hopes to correlate waste-quality data with collection locations, helping the company develop targeted information campaigns to help people better differentiate between waste items.
"The experience with IBM Garage has allowed us to activate a particularly innovative solution in the field of waste collection, selection, and recovery," Zappoli said. "The project is positioned along the entire operational supply chain and can be a valid support to increase efficiency, but above all it can affect the improvement of the quality of separate collection and, therefore, the maximization of recyclable waste, making full use of the efforts made by the Hera Group in the circular economy."
Create automation that propels innovation. | 2022-12-22T18:52:33Z | www.businessinsider.com | How AI Is Helping to Reduce Landfill Waste | https://www.businessinsider.com/sc/how-ai-is-helping-to-reduce-landfill-waste | https://www.businessinsider.com/sc/how-ai-is-helping-to-reduce-landfill-waste |
Cait Opperman
By Dave McDonnell, global solutions leader, IBM Storage
For more than 60 years, the diverse faculty and staff of the Albert Einstein College of Medicine have set the standard for excellence in medical and graduate education and patient-centered clinical care. Scientists have made major contributions to biomedical research that have enhanced human health in areas such as developmental brain research, neuroscience, cardiac disease, and more.
During 2021, Einstein received more than $185 million in funding from the National Institutes of Health (NIH). Part of NIH's criteria for bestowing grants is how applicants adhere to NIH FAIR guiding principles for research data stewardship (findability, accessibility, interoperability, and reusability), which have become a cornerstone of research in the life sciences industry. Biomedical research generates enormous data sets because it includes so many files representing the building blocks of life — such as elements, atoms, molecules, amino acids, DNA (genomes), and proteins.
Meeting researchers' demanding data storage requirements
Einstein partners with IBM to help meet the NIH standards and manage these huge data sets. Its high-performance computing environment includes the efficient IBM Elastic Storage System (ESS), which simplifies storage management and eliminates data silos, as well as IBM Spectrum Scale software to help manage and secure billions of objects per backup server. The IBM storage infrastructure solution easily supports the demanding requirements of Einstein's large research community.
"A leading-edge infrastructure helps us attract top research talent," said Shailesh Shenov, assistant dean for Einstein Information Technology.
Spencer Lowell
Saving money while going green
Einstein counts on IBM ESS to reduce inefficiency and acquisition costs by consolidating storage requirements from the edge to the core data center. IBM Spectrum Scale software features an auto-tiering feature that moves less frequently used data to IBM Tape, which only powers up when it is accessed.
"Spectrum Scale's tiering technology has saved us millions of dollars," added Shenov. "Nothing can compete with the price point, shelf life, or density of IBM Tape. Furthermore, the tiering contributes to our sustainability initiatives because tape storage only consumes power during reads or writes."
Increasing NIH FAIR data maturity
The college also employs a multi-site backup and disaster recovery strategy to safeguard its research workloads and ensure availability. In fact, Einstein recently added another data center on a different power grid to progress further in the NIH FAIR Data Maturity Model as set forth by the Research Data Alliance. Having this data center allows Einstein to continue operations and have protected data even if all three of its Bronx computing sites shut down. This is yet another competitive differentiator for the college, contributing to its ability to access government funding for research.
Because it deals with highly regulated healthcare data, Einstein added IBM Data Guardium Protection to automate compliance auditing and reporting and monitor user activity. "Having auditable results increases the confidence in the Einstein scientific process. Research papers can be published faster, which also contributes to earning more grant dollars," Shenov continued.
Collaborating with the right partners
Einstein has realized the importance of collaborating with the right partners to support its breakthrough research: "IBM and its partner, DST, have listened to us, understood our needs, and collaborated with us to evolve and continuously improve our data management discipline. Together we have solved problems and addressed priorities for the past five years."
What's next for Einstein? "Our next breakthroughs and discoveries remain to be seen," concluded Shenov. "But one thing is certain — we'll be moving ahead with the IBM/DST team — our true partners and technical advisors."
Learn more about how you can leverage a leading-edge technology infrastructure. | 2022-12-22T18:52:39Z | www.businessinsider.com | Technology Helps Albert Einstein College of Medicine Attract Top Scientists | https://www.businessinsider.com/sc/technology-helps-albert-einstein-college-of-medicine-attract-top-scientists | https://www.businessinsider.com/sc/technology-helps-albert-einstein-college-of-medicine-attract-top-scientists |
A Starbucks barista prepares a drink at a Starbucks location in New York.
Starbucks filed a lawsuit in an attempt to shut down three unlicensed Starbucks stores in Iraq.
The owner of the cafes said he tried to obtain a license, but "decided to do it anyway" when denied.
Authentic Starbucks merchandise in the store is imported from Turkey and parts of Europe.
Three Starbucks cafes in Baghdad, Iraq are facing legal action including trademark violation for selling real Starbucks coffee and authentic merchandise while operating without a license.
Starbucks filed a lawsuit to shut down the unlicensed stores, but the case isn't moving forward because the owner of the unlicensed stores allegedly threatened Starbucks' lawyers, the Associated Press reported.
Amin Makhsusi, the owner of the unlicensed Starbucks stores, allegedly told lawyers he has "ties to militias and powerful political figures," US officials and Iraqi legal sources told the AP. He said that while he sold the business in October, the cafes remain open.
Makhsusi denied the threats, and told the AP he requested licenses from Starbucks' Middle East agent in Kuwait, but was denied. He said he also attempted to speak to company officials through contacts in the US, but was unable to reach them.
"I decided to do it anyway, and bear the consequences," Makhsusi said, adding he "had a session" with a lawyer in Baghdad to talk to Starbucks, but he and the coffee chain "have not reached a solution."
Cups, stirrers, napkins, and other merchandise bearing the Starbucks mermaid logo are imported from Makhsusi's contacts in Turkey and Europe, according to the outlet.
In a statement to Insider, a Starbucks spokesperson said, "The stores in Baghdad are not operated by Starbucks or a licensed business partner and we are evaluating next steps. Starbucks has made significant investments to develop our brand and intellectual property and we have an obligation to protect our intellectual property from infringement to retain our exclusive rights to it."
The AP talked to three legal sources close to Makhsusi's case, all speaking on the condition of anonymity since the firm has confidentiality agreements to protect details of the case from third parties.
The sources told the outlet Starbucks hired the firm in early 2020, and sent Makhsusi a cease-and-desist notice, but Makhsusi warned one of the lawyers to be careful since Makhsusi has militia and political backing.
"They decided it was too risky, and they stopped the case," an Iraqi legal source said, per the AP.
"I have friendly relations with everyone in Iraq, including the armed factions," Makhsusi told the AP. "I am a working man, I need these relationships to avoid problems, especially given that the situation in Iraq is not stable for business."
The coffee chain is not the only company fighting trademark violations in Iraq. The AP reported there's been a rise in such cases as the country aims to expand its economy beyond the energy sector amid weak regulation.
"As Iraq endeavors to diversify its economy beyond the energy sector and attract foreign investment in knowledge-based sectors, it is critical that companies know their patents and intellectual property will be respected and protected by the government," Steve Lutes, vice president of Middle East Affairs at the US Chamber of Commerce, told the AP.
Starbucks Iraq lawsuit | 2022-12-22T18:52:41Z | www.businessinsider.com | Starbucks Is Trying to Shut Down Three Unlicensed Coffee Shops in Iraq | https://www.businessinsider.com/starbucks-trying-shut-down-three-unlicensed-coffee-shops-in-iraq-2022-12 | https://www.businessinsider.com/starbucks-trying-shut-down-three-unlicensed-coffee-shops-in-iraq-2022-12 |
Russian President Vladimir Putin during his briefing after the State Council meeting at the Grand Kremlin Palace, on December 22, 2022 in Moscow, Russia.
NATO chief Jens Stoltenberg said 2022 has been a "dismal" year for Putin.
"Putin underestimated Ukraine" and NATO unity, Stoltenberg said.
Russia's economy and military have been significantly depleted as a result of the Ukraine war.
Russian President Vladimir Putin's decision to launch an unprovoked invasion of Ukraine has left Russia "poorer and more isolated than for decades," NATO Secretary-General Jens Stoltenberg wrote in a new op-ed for Financial Times.
"Putin underestimated Ukraine. He thought he could take Kyiv and decapitate the government within days. Ten months on, the Ukrainian people, armed forces and leadership continue to defend their homeland with skill, courage and determination that have inspired the world," Stoltenberg said.
"Tens of thousands of Russian troops have been injured or killed. Around 1 million people have left Russia since the start of the year, many to avoid being conscripted for a war they do not believe in," the NATO chief added.
Russia is estimated to have suffered approximately 100,000 casualties in Ukraine since the invasion began in late February. Meanwhile, Russia has faced crippling sanctions from the US and its allies in response to the war. In November, Russia's economy fell into a recession.
Stoltenberg said Putin's other mistake was to "underestimate NATO unity." NATO countries rallied behind Ukraine after Russia invaded, and have continued to provide Kyiv with military aid — including crucial weapons. Finland and Sweden, two historically neutral or militarily non-aligned, also moved to join NATO as a consequence of the war.
"Putin claimed he wanted less NATO on Russia's borders. He is getting the opposite — a stronger, larger NATO," Stoltenberg said. Putin has offered a number of justifications for the invasion, including blaming NATO at times. Though Ukraine has sought to join NATO for years, it's not a member of the alliance and was not on the formal track to become part of it when Russia invaded.
"We must continue to support Ukraine so that it can prevail as a sovereign, independent state in Europe. If Putin prevails in Ukraine, the message to Russia — and to other authoritarian regimes — will be that force will get them what they want," Stoltenberg said, adding that this would be a "catastrophe" for Ukraine and "make the whole world more dangerous."
Ukrainian President Volodymyr Zelenskyy made a historic visit to Washington on Wednesday, thanking the US for its support while urging Congress to continue approving more aid. "Your support is crucial, not just to stand in such fight but to get to the turning point to win on the battlefield," Zelenskyy said in an address to Congress.
NATO Jens Stoltenberg Vladimir Putin | 2022-12-22T20:22:44Z | www.businessinsider.com | 2022 Has Been a 'Dismal Year of Failure' for Putin: NATO Chief | https://www.businessinsider.com/2022-has-been-dismal-year-of-failure-for-putin-nato-chief-2022-12 | https://www.businessinsider.com/2022-has-been-dismal-year-of-failure-for-putin-nato-chief-2022-12 |
Goldman insiders are up in arms over David Solomon's plan to slash bonuses. They fear widescale departures and point to the CEO's failed foray into consumer banking.
Dakin Campbell and Emmalyse Brownstein
Goldman Sachs CEO David Solomon is under pressure
Crains New York
Goldman insiders are grumbling over bonuses and predicting a wave of defections if the figures disappoint.
Some are pointing the finger at CEO David Solomon and his spending on the consumer banking business.
It's just one of many headaches Solomon faces amid pressure over rising costs and plunging revenues.
Goldman Sachs insiders are bracing for ugly defections if bonuses disappoint in January — and some are laying the blame squarely at the feet of CEO David Solomon.
Bonuses are expected to be bad across Wall Street, but Goldman's stand to be considerably worse. News site Semafor reported that Goldman's partner bonus pool could be halved. Its investment banking bonuses, meanwhile, could be down as much as 40% — steeper than 30% planned cuts at JPMorgan, Citigroup, and Bank of America, according to the Financial Times.
To some extent, the declines are being blamed on the normal culprits: Rising interest rates and sluggish dealmaking. But more than half a dozen Goldman managing directors or partners interviewed by Insider say there is resentment brewing that CEO David Solomon isn't doing more to punish money-losing teams, and that his policies may lead to a wave of defections from Goldman's top ranks early next year.
Recently, Solomon and his lieutenants have told executives that they believe the compensation cuts should be shared across the bank, and not focused exclusively on those parts of the business that are struggling. That's led to angst because there's a belief in some parts of the bank that the firm's investment bankers captured more of the upside in compensation last year and now aren't being forced to endure an equivalent amount of the downside as deal making has dried up.
"People are worried about a lot of departures, and the kind of departures of the first-quartile people," one of the people said. "The people you don't want to lose."
They say the mood inside the bank is sour, and it stands to get even worse once Solomon discloses how much money Goldman's struggling consumer banking business has lost in the last three years. According to several of the people who spoke to Insider and have either seen the numbers or been briefed on them, the losses, which got progressively worse each year and accelerated in 2022, are jaw-dropping.
Goldman spokesman Tony Fratto said: "Goldman has always been a pay-for-performance culture, but pay for performance across the company. We are not going to get into finger pointing on any individual segments."
The defection talk is just one of the many headaches Solomon will have to contend with as he navigates the bank through 2023. Managing the downturn means juggling the diverging interests of shareholders, who want expenses axed; talent, who want bigger bonuses; and the board of directors, who want questions about the bank's troubled consumer strategy to go away.
"The jury is out on the ability of David Solomon to manage this tricky environment," said Mike Mayo, managing director and head of US large-cap bank research at Wells Fargo Securities.
January will be "painful"
Goldman went on a hiring spree during the pandemic, growing its workforce to 49,100 as of the end of September, up from 38,300 as of the end of 2019. It was also among the first Wall Street firms to cut staff this year as part of its annual ritual to cull its lowest performers — a process that typically impacts less than 5% of its staff.
The bank also plans to cut up to 8% of its staff next month. But cutting too much stands to hurt morale, and leave the bank flat footed if the deals market comes soaring back, Mayo noted. "The backlogs are still good," he said.
Solomon has acknowledged that the war for talent continues.
"Competition for talent, particularly top talent, is as strong as ever," he said during the bank's financial services conference on December 6. "We will continue to balance a pay-for-performance mindset, with a focus on talent retention at this time."
The worry among insiders is that Solomon will slash compensation too drastically, leading star employees to look for work elsewhere. That could mean a wave of defections in January and February that disproportionately hit Goldman's top performers.
"January 2023 is going to be painful," said a second Goldman executive, who predicted their compensation might fall to levels not seen in a decade.
Goldman is famous for its stack ranking — a technique where employee performance is rated on a bell curve distribution and a certain percentage at the bottom is weeded out — but the process has been harsher than usual this year, the person said.
If the concerns of Goldman insiders are borne out, the bank may suffer a talent drain.
One buy-side recruiter said he worked on a recent search for a major hedge fund where "almost all" of the candidates were from Goldman.
"You're going to see that continue," this person said. "We've heard they're going to pay a lot of the senior people down."
"Out of control" spending
Goldman insiders are also still fuming over spending on Goldman's consumer business, and there are fears this resentment could escalate with next month's earnings.
The consumer bank includes Marcus, a digital banking platform that offers high-yield savings accounts, and the Apple credit card. It was key to Solomon's plan to diversify the company away from its core investment banking business.
But that plan struggled early and Solomon stayed committed to it for months if not years longer than many thought prudent. Now some Goldman execs are feeling bitter that money that could have been used to pay them or grow their business has essentially gone up in smoke.
"It all goes back to bad decision making and spending that got out of control," one of the Goldman executives told Insider.
Goldman pulled back on its consumer banking ambitions earlier this year amid questions about how much cash was being burned on the strategy, led by Stephanie Cohen. As Insider reported in August, executives have complained that Solomon's pet project, which acquired home-improvement lending fintech GreenSky for $2.24 billion in March, was costing too much money for too little return on investment.
Solomon restructured his business units for the third time in four years, breaking Goldman into a markets and investment banking division, an asset and wealth management division, and a platform strategies division that will house the Apple Card and other consumer banking aspirations.
As part of the restructuring, Goldman will have to disclose results for the new divisions going back three years before it reports fourth-quarter and full-year earnings in mid-January. It's then that shareholders and Wall Street analysts will finally get a view into how much money Goldman has been spending on the struggling consumer initiative.
Semafor on Thursday reported that consumer division losses are expected to tally $4 billion since 2019, with half of the loss from 2022 alone.
"I've been skeptical from day one and I remain skeptical about the payback on Goldman Sachs retail expansion," Mayo said. "Goldman has spent a lot of money on the retail expansion, and it's not clear what shareholders have to show for it."
In announcing its third-quarter earnings results, the bank said it will continue to issue credit cards in concert with brands like Apple and General Motors, and it has the GreenSky buy-now-pay-later platform. Otherwise, the bank said it would be pulling back on efforts to attract new deposit customers and on consumer loans.
Solomon will have to answer to shareholders at Goldman's second-ever investor day, scheduled for the end of February.
For some Goldman execs, Solomon's pivot away from the consumer-banking business was too little too late.
Solomon's "big thing was to diversify away from the core business," said one of the people who spoke to Insider. "Over the last four years he hasn't done that at all, and the thing that he has tried to grow keeps losing money."
Another Goldman executive told Insider that people are also grumbling internally about losses within the asset management division, which was recently run by Julian Salisbury.
"People are very unhappy," this person said.
"So the CEO can get paid"
Solomon is crimping pay and cutting staff in the hopes of meeting targets for return on equity, a calculation that gauges profitability by dividing net income by shareholders' equity — the higher the number, the better.
At Goldman's January 2020 investor day, Solomon set out a three-year target for return on equity in the range of 14% to 16%. Last year, Goldman put up an ROE of 23%, its highest since 2007, though it's on track to be considerably lower this year.
Goldman's board places a lot of emphasis on the bank's ROE figure, and has tied the CEO's year-end compensation to it. While the focus is meant to reflect the desires of shareholders – and Goldman employees are paid partly in stock – it also pits Solomon against his top talent. The more successful he is at cramming down pay for colleagues, the more likely it is that he gets paid more.
Michael Nelson, a managing director at executive search firm Quest Group, likened such tactics in general to a whipsaw. "When times are great they over hire, when times are bad they cut too deep and then find themselves playing catch up," Nelson said, speaking generally about big investment banks and not specifically about Goldman. "It's all about dressing up the balance sheet and getting those numbers and targets so the CEO can be paid."
The next few months are sure to test Solomon's mettle between the Jan. 17 earnings call, Investor Day in February, layoffs, bonuses, and the on-going talent war. Solomon has racked up some big wins since he took over as CEO in 2018, according to Mayo, who cites growing market share and improved financial discipline. But he has yet to be tested by a down economy.
"I think a key question for Goldman Sachs is profitability during more difficult times," Mayo said.
Alex Morrell contributed to this article.
Goldman Sachs David Solomon | 2022-12-22T20:23:02Z | www.businessinsider.com | Inside the Grumbling at Goldman Sachs Over David Solomon's Bonus Plan | https://www.businessinsider.com/grumbling-at-goldman-sachs-over-david-solomon-bonus-plan-2022-12 | https://www.businessinsider.com/grumbling-at-goldman-sachs-over-david-solomon-bonus-plan-2022-12 |
Tracy Testin on a solo trip.
Courtesy of Tracy Testin
Many luxury-hospitality businesses have started catering to the market of solo female travelers.
Women are seeing perks like waived single-supplement fees and specific amenities and trip offerings.
Even honeymoon resorts that usually seek couples are offering the chance to experience luxury alone.
Three times each year, Tracy Testin, 59, steps back entirely from her hectic life as a luxury-real-estate agent in Malibu, California, and books a trip overseas.
Two of the trips, she told Insider, usually involve hiking or something outdoorsy — like a coast-to-coast walk in the UK — while the other is a pampering adventure she books to make the most of better prices during the holiday season.
"Between American Thanksgiving and December 15 or so, that's a dead travel time, so it's the best time to take an expensive trip," Testin, who estimated that she spent about $8,000 a trip during this time, said.
This year, she visited Egypt to pay homage to Agatha Christie's "Death on the Nile."
Testin might invite a friend to split a room on occasion, but most of the time, she travels alone — an approach she's taken for more than 35 years.
"I hate asking someone to travel with me — the whole, 'Where are we going? What are we doing?'" she said. "You're either in or you're out. I don't want to wait for someone."
When she started traveling alone, she said, the trend was less common and locals were often surprised to see her without a companion. Today, several luxury-travel companies told Insider, she's one of many looking for adventure on their own.
Simon Lynch, the global sales director at the UK luxury-tour operator Scott Dunn — the average spend per booking is $36,000, the company reported — told Insider inquiries around solo trips had significantly increased in the past three years. Of those that booked solo trips, he added, 60% were women. A representative at Up Norway, which runs high-end trips throughout the Scandinavian country, similarly told Insider that its bookings from solo women travelers were up 40 to 50% compared with 2019. Keri Levitt, the founder of the bespoke-tour operator Morocco by Design, said a full quarter of her bookings now came from women traveling on their own.
The Solo Female Travelers Club, a 190,000-member social network and tour operator, surveys 5,000 women annually on their habits and opinions. Its poll in 2021 found that 65% of respondents were interested in women-only group travel, a rise of two-thirds year over year. Seeing an opportunity to bolster revenues, many companies have started catering to this market.
A Solo Female Travelers Club trip to Iceland.
Courtesy of the Solo Female Travelers Club
Some have started waiving single-supplement fees, a charge imposed on single travelers who take up rooms typically filled by couples — the cruise specialist Avalon Waterways, the museum-tour company Smithsonian Journeys, the wellness resort Body Holiday, and the private-jet operator TCS are among the luxury brands that have jumped on this trend.
Others are offering amenities and trips tailored to solo women travelers, with success. The tour company Trafalgar introduced a women-only set of tours earlier this year, and a rep for the firm said 61% of those who booked the trip said they're traveling alone. This summer, the Hôtel Barrière Le Carl Gustaf in St. Barts started offering a $7,000 "Alonemoon Package" — complete with a deluxe bungalow, private yoga and meditation classes, spa treatments, and a restaurant voucher.
The view from the Hôtel Barrière Le Carl Gustaf in St. Barts, which offers the "Alonemoon Package."
Courtesy of the Hôtel Barrière Le Carl Gustaf
Similarly, Gili Lankanfushi in the Maldives, a prime honeymoon spot, now runs a solo package that allows one traveler to enjoy all the experiences a couple might — think sunset sailings and sleeping under the stars — starting at $1,800 per villa a night. A Gili Lankanfushi representative told Insider six women traveling alone had booked the package in the past 18 months.
Gili Lankanfushi in the Maldives.
Courtesy of Gili Lankanfushi
Michelle Master Orr, a travel advisor who also often travels alone — most recently, she went on a luxury whale safari in Baja California, Mexico — said the uptick in solo women travelers had been driven largely by the constant regulatory changes around borders during the pandemic.
"Solo travelers are not burned with coordinating other people's schedules, so they are more flexible," she said.
The emotional fallout from COVID-19 is another factor.
"I've met a lot of women who had pandemic divorces or relationship splits," Sarah Wilson, a 48-year-old writer who's spent the past several years as a digital nomad, said. "And it's maybe been a year, and now they've sorted out the custody stuff. They're starting their lives again."
Wilson added: "Women did a lot of the nurturing during various lockdowns, and so much of the feminine experience is tied down to caring for others.
"I think it's a wonderful, life-affirming experience to be a woman traveling solo and experience the nurturing care you can get from strangers. It reaffirms your faith in the world."
Meg Jerrard, a cofounder of the Solo Female Travelers Club, recently started a consulting division of her company to help guide other businesses as they reevaluate their offerings and staff in light of growing demand from solo female travelers.
Meg Jerrard, a cofounder of the Solo Female Travelers Club.
Courtesy of Solo Female Travelers Club
A recent survey conducted by Hospitality ON magazine found women ran just 12.4% of the world's top 350 travel companies.
"The travel space is male-dominated — yes, there are women in the travel industry, but they often have roles like housekeeping," Jerrard said.
While Jerrard works to change that, travelers like Testin have no plans to wait around.
"People ask me questions like, 'Where's your husband? Or, 'Why are you alone?'" she said. "I handle it with loving kindness and always said the same thing: 'I'd rather go on my own than not at all.'"
BI-freelancer Solo travel Solo Traveling | 2022-12-22T20:23:08Z | www.businessinsider.com | How the Hospitality Industry Is Capitalizing on Solo Female Travelers | https://www.businessinsider.com/how-hospitality-industry-capitalizing-solo-female-travelers-2022-12 | https://www.businessinsider.com/how-hospitality-industry-capitalizing-solo-female-travelers-2022-12 |
Between 1950 and 2019, the researchers said, housing and other non-financial assets accounted for a majority of Black American portfolios, which wasn’t the case for white Americans
The average rate for a 30-year fixed-rate mortgage decreased to 6.27% this week, according to the latest Freddie Mac data.
Mortgage rates have now fallen for six consecutive weeks, marking the largest drop since 2008.
As borrowing costs fall and buying power improves, home buyers are returning to the US real estate market.
Demand for homes drastically faded over the summer as higher borrowing costs weighed on wallets and dented buying power — but that could all soon change as mortgage rates continue to fall lower by the week.
Mortgage rates have fallen throughout December and are likely to continue their descent as inflation wanes and the Federal Reserve readjusts the size and quantity of its interest rate hikes. This week, the average rate on a 30-year fixed-rate mortgage fell to 6.27%, a Thursday report from Freddie Mac showed. And over the last six weeks, mortgage rates have declined more than three quarters of a point — marking the largest drop since 2008.
Lawrence Yun, the chief economist at the National Association of Realtors, said in a December housing report that "the market may be thawing," as mortgage rates fall and "the average monthly mortgage payment is now almost $200 less than it was several weeks ago when interest rates reached their peak for this year."
Melissa Cohn, the regional vice president of full-service lender William Raveis Mortgage, says the discount — and the prospect of even lower mortgage rates — has already reignited home buying interest from her clients.
"I would not say it is back to business like a year ago," she told Insider of the latest shift in rates and buyer interest. "But I feel like I see more people getting ready and geared up for 2023, and getting excited by the fact that rates are lower."
High interest rates presented a major challenge to buyers who were seeking the best terms on a home. And as rates rose over the summer, buyers flexed their power to back out of deals where they were locked into high interest rates and record high home prices. But the latest streak of rate drops are luring cautious buyers back in, even if just to explore their options, Cohn said.
"I have a client that reached out to me earlier this week who basically pulled out of the market because of where rates were, but we are now speaking and he's back into 'Let's see what I can find right now,''' she added.
Many lenders and Realtors are seeing an uptick in buyer demand. According to real estate brokerage Redfin, measures of early-stage homebuying demand are up by double digits since tanking at the end of October. The company's Homebuyer Demand Index increased 10% in December and reports that mortgage-purchase applications are up 14% from the end of October.
"Slowing inflation and the hope of the Fed easing rate hikes in the new year are likely to bring mortgage rates down further and thereby improve homebuying demand," Taylor Marr, the deputy chief economist at Redfin said in the housing report. "But don't call it a comeback or even a recovery yet; demand is still way down from its peak."
Home sales have yet to rebound to their 2020 and 2021 levels
US homebuyer demand is still a long way from the levels seen throughout the early stages of the pandemic. In November, sales of previously owned homes dipped for the tenth straight month to a seasonally adjusted annual rate of 4.09 million units — 35.4% below the year-ago rate, the National Association of Realtors said Wednesday. It also marks the slowest rate of sales since May 2020.
Economists surveyed by Bloomberg forecasted a smaller decline to a 4.2 million-unit pace. November's reading highlights the negative impact higher mortgage rates have had on purchasing demand — and ultimately the entire housing ecosystem.
"In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020," Yun said. "The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes."
Indeed, a combination of surging inflation and higher interest rates — the Federal Reserve raised rates by 75 basis points during its November meeting — sent mortgage interest rates soaring in November. During October and November, rates reached above 7% for the second time in more two decades for the most popular type of mortgage, a 30-year fixed-rate home loan. Not only did this lead to a pullback in buyer demand, it also pushed new residential construction, also known as housing starts, down 0.5% from the revised October estimate of 1.43 million units.
But as softer inflation encourages the Fed to move away from its aggressive interest rate hikes, it could lead to even lower mortgage rates in the new year — that could bring more buyers and homes back to the housing market.
Homebuyers mortgage rates rates | 2022-12-22T20:23:20Z | www.businessinsider.com | Mortgage Rates Are Much Cheaper Now Than They Were Just a Few Weeks Ago | https://www.businessinsider.com/mortgage-rates-are-much-cheaper-than-a-few-weeks-ago-2022-12 | https://www.businessinsider.com/mortgage-rates-are-much-cheaper-than-a-few-weeks-ago-2022-12 |
NYU's emergency room gave special treatment to donors and VIPs including Chuck Schumer, report says
NYU Langone prioritized "VIP" patients while others waited for care, The New York Times reported on Thursday.
Noam Galai / Contributor/Getty Images
The New York Times reports NYU Langone gave "VIPs" like donors and trustees preferential treatment.
Meanwhile, sicker patients had to wait, and some unhoused patients were sent to a public hospital.
NYU Langone broadly denied the claims in a statement to Insider.
New York University Langone Health's emergency department gave special treatment to donors and other important people, while sometimes discouraging poor people from seeking care, according to a report in The New York Times.
The report says that VIPs were sometimes seen in Room 20, a room that was supposed to be prioritized for particularly sick patients, or ones who needed to be isolated.
For instance, the Times reports that billionaire Home Depot cofounder Ken Langone was taken to Room 20, because he reported stomach pain. Langone is a major donor to the health system, which bears his name. Another trustee was reportedly taken to Room 20 because he was short of breath after exercise. Langone told the Times that he never asked for or was offered special treatment.
While VIPs were prioritized, unhoused patients were sometimes pushed to go to Bellevue, a public hospital nearby in Manhattan, the Times' Sarah Kliff and Jessica Silver-Greenberg report. Ambulance workers who brought these patients to NYU Langone were sometimes pressured to take them elsewhere, the report says.
An NYU spokesperson told Insider in a statement:
"We strongly disagree with the accusations made in today's article as it is based on distorted and outright fabricated allegations from sources with an agenda. NYU Langone Health provides one standard of world-class care to every single patient that comes through our doors, and the article seeks to undermine the great work our care teams diligently deliver every day to save lives regardless of race, gender, ethnicity, religion, status, or wealth."
NYU representatives and lawyers also told the Times that some sources in the article had reasons to disparage the hospital, such as not receiving jobs at NYU.
Media outlets including the Times have been reporting on the practices of nonprofit hospitals. For example, the Times has reported that the hospital system Providence pressured low-income patients to pay for care, even though they were entitled to free care. Kaiser Health News has reported on hospitals' aggressive methods to get patients to pay their bills. In 2017, Politico reported on how hospitals made money while cutting care for their communities.
The Times report includes other ways that important patients were prioritized. Trustees had access to a special phone number to signal their arrival to the hospital, according to the report. Doctors were then notified that they were coming, and 30 doctors told the Times that the implication was that they give these trustees priority treatment.
New York Senator Chuck Schumer once went into Room 20 with his wife, who was experiencing shortness of breath, the Times reported. He and his wife were given expedited COVID-19 tests, according to the report. Meanwhile, sicker patients were treated in the hallway.
Schumer's spokesperson told the Times that as part of his security protocol, he has to stay in a secure location when possible. Representatives for Schumer did not respond to a request for comment from Insider.
Dispensed Healthcare Hospitals | 2022-12-22T20:23:26Z | www.businessinsider.com | NYU Gave Special Treatment to VIP Patients, NYT Says | https://www.businessinsider.com/nyu-special-treatment-to-vip-patients-nyt-says-2022-12 | https://www.businessinsider.com/nyu-special-treatment-to-vip-patients-nyt-says-2022-12 |
Credit card issuers could start using your data for personalized rewards — but at what cost?
Your personal credit card data could be used for customized credit card rewards.
metamorworks/ Getty Images
Credit card issuers could start customizing your rewards based on your personal data.
Imprint, a co-branded credit card issuer with a technological approach to rewards, believes that personalization is the key to a more consumer-centric experience.
Daragh Murphy, co-founder and CEO of Imprint, discusses the difference between how social media mines personal data and how Imprint plans to establish trust with consumers.
It's common practice for major credit card issuers to track where, how, and how often you use your card. This became an established practice in order to verify cardholders' identities and help protect customers against fraudulent activity. Plus, it assists in establishing credit scores and limits.
But what if that collected data was used to further personalize your credit card experience? What if your credit card started offering you enhanced rewards in personalized spending categories based on your past purchases?
Daragh Murphy is a co-founder and CEO of Imprint, a credit card issuer with a technological approach. He describes how the credit card world is changing, but through established trust and company transparency Imprint plans to stay ahead of the game.
The future of personalized credit card rewards
You're likely no stranger to having your personal data re-targeted to you. Some of the most popular social media platforms like Facebook and TikTok are notorious for using consumer data to create targeted content. Now, your credit card might start doing the same thing.
Credit card issuers already use consumer data to develop worthwhile promotions and exclusive offers based on spending habits and current financial trends. Some of the most popular credit cards earn valuable cash back, points, or miles in bonus spending categories like gas, groceries, travel, and even retail purchases. Depending on where you do the majority of your shopping, you can open a card that best fits your personal spending needs.
But what if your credit card could adapt to your current spending habits automatically? Your credit card is already tracking your purchases, so why not put that data to good use?
How Imprint plans to develop personalized rewards based on consumer data
Imprint believes that personalization is the key to a more consumer-centric experience.
Personalized content and products already exist, so it makes sense for credit card programs to move in that direction too. "Creating an offer must capture what the consumer likes or needs, and needs to give them real value or access to something they want," said Daragh Murphy.
Imprint considers timing to be a key factor in personalizing rewards and wants to offer promotions that are proactive about benefiting its customers. It plans to offer relevant rewards with accelerated rates based on individual lifestyle habits.
Murphy gave the example of a customer who books a trip in the mountains. "An offer for multiplied rewards on outdoor gear the day before they leave wouldn't be valuable for the customer, since they've likely already purchased everything they need," he explained. Instead, Imprint co-branded cards would want to offer this traveler increased rewards on purchases made at popular local restaurants or stores at the mountain site.
You could also be offered accelerated rewards for purchasing goods, such as performing the weekly grocery run at an unusual time (based on individual habits).
"If someone usually buys their groceries every Wednesday at the same store, on Monday they could receive an offer for multiplied rewards for purchasing more of their favorite items at the stores," Murphy said. Or you could earn more rewards at locations near that grocery store, such as a gas station.
The benefits of personalized rewards programs
There are some undeniable perks to having a more customizable credit card, such as eliminating the stress of finding the "perfect" card and getting more bang for your buck with significantly less effort.
When you're visiting your favorite restaurant, or even preparing for the holiday season, it could be comforting to automatically know you're going to get enhanced rewards without even lifting a finger.
Plus, the reward and redemption opportunities usually popular for your age group (or even your location) can be factored in. This can be beneficial not only for the credit card novices attempting to make savvy decisions but also for folks looking to give back to the community.
For example, charity donations are becoming a more popular way for Gen Zers to redeem credit card rewards, but not all credit cards offer that as an option. That's why Imprint wants to use data to identify customers looking to make an impact and provide the tools to automatically donate their rewards to the charity of their choosing.
The risks of personalized rewards programs
However, not everyone is fond of having their data collected. In fact, Virtual Private Network (VPN) programs were designed to encrypt users' internet traffic and prevent third-party data tracking. Having your personal data collected can not only feel creepy but also be dangerous when placed in the wrong hands.
Since credit card data is necessary for protecting consumers against theft and fraudulent activity, you wouldn't be able to protect yourself against a larger business or organization misusing your data for its own gain.
In my own experience, I'm uncomfortable and can often feel over-perceived by targeted content, especially when I know it's just being used to try and make me buy more things. And although that doesn't seem to be Imprint's intention with its personalized rewards program, the innovation of its customized offers opens up a whole can of worms that could drastically change the future of credit card rewards programs.
Imprint plans to tackle the issue of feeling 'over-perceived' with transparency
Imprint wants to stand out in the crowd and establish a relationship that customers and brands alike trust wholeheartedly. To do so, the company keeps itself in check by being fully transparent with its customers and by developing a human approach to its policies. It wants to be upfront about how it's using its customers' data.
"This is a really intimate thing. Financial services are based on trust, so it's a trade-off of how to you get the best rewards that are most customized to you without feeling like you're over-perceived," explained Murphy. "The difference between us and social media is that social media tries to get you to not know what they are collecting. They are building more content to fire at you so you get more hooked. That's not something we do, nor would we ever."
But as Murphy puts it, this approach is new and some trial and error will likely take place.
"We will, at some point, over-perceive somebody and we'll hear feedback and then we'll correct. Again, it's about trust," said Murphy. Trusting in a business can often feel impossible nowadays, but companies like Imprint are trying to change that.
Still, I'm hesitant about having a credit card issuer use my data to personalize my rewards. Although I can't deny the convenience and even the accessibility of reward earnings, I can't help but feel protective of my personal data. I'm someone who occasionally prefers to shop incognito, and with fewer places accepting cash as a payment method, the ability to avoid leaving a money trail is diminishing.
PERSONAL FINANCE Credit card reward trends reveal that millennials are saving while Gen Z is donating to charity
PERSONAL FINANCE The 20 best rewards credit cards of December 2022: Our top picks for earning cash back, travel miles, and flexible points | 2022-12-22T20:23:38Z | www.businessinsider.com | The Future of Credit Card Rewards Programs Could Be Personalized Rewards Based on Consumer Data | https://www.businessinsider.com/personal-finance/personalized-rewards-based-personal-data-credit-card-programs-imprint-2022-12 | https://www.businessinsider.com/personal-finance/personalized-rewards-based-personal-data-credit-card-programs-imprint-2022-12 |
Tele-Prompt is an AI chat bot that listens to users and generates things to say during work meetings.
Two coders shared a demo of Tele-Prompt, an AI that generates things to say during work meetings.
Tele-Prompt uses natural language processing to suggest sales advice and slogans meant to inspire.
The bot isn't a consumer product, but its code is publically available on GitHub.
Two coders have shared a demo of a project they're calling Tele-Prompt — an AI-bot that listens in on work meetings and simultaneously generates interesting quotes that you could choose to interject into the conversation.
For example, the software developers showed how Tele-Prompt could be used to spin up quotes that emulate the advice that sales leaders could provide to their staff.
—Daniel Gross (@danielgross) December 20, 2022
One quote said that "you can never learn sales by reading books and watching videos" and suggested that "to learn Sales (telesales) dial 300+ calls daily," according to the demo. Another quote advised workers to "never make a sales pitch as the way you introduce yourself," but rather emphasize how they can "help people and businesses."
The bot has even generated slogans meant to inspire like "Freedom is a daring liberation" and "Freedom is a state of mind."
Tele-Prompt uses a language processing model known as GPT-3 that draws quotes from Kaggle's quote database to suggest charismatic comments, one of the coders involved in building the bot tweeted.
The bot was built by Daniel Gross, an entrepreneur and investor who led AI and search projects at Apple for four years, and Nat Friedman, the former CEO of GitHub who said that he frequently invests in startups with Gross.
Tele-Prompt comes as conversational AI chat bots such as ChatGPT rise in popularity, prompting curious users to experiment with its capabilities and sparking debates over whether it or a similar tool will one day replace traditional search engines. The company behind ChatGPT, OpenAI, announced the AI had attracted 1 million users five days after its launch.
While Gross tweeted that the Tele-Prompt demo "is a bit of a joke," he hopes that it "provides an example of a step in a more serious direction" towards the future of AI.
The bot is not available in a consumer app. However, its code is publically available on GitHub, which has inspired spinoff versions from other AI enthusiasts.
Coder Georgi Gerganov, for instance, revamped the Tele-Prompt so that the bot can run on an iPhone, according to a demo he tweeted.
As technology continues to advance, Gross tweeted that AI language models are "a really interesting area of exploration."
"I hope more people have fun with it in the coming months," he said.
Artifical Intelligence Chatbot ChatGPT | 2022-12-22T20:23:44Z | www.businessinsider.com | AI-Bot Generates Smart Things to Say During Work Meetings | https://www.businessinsider.com/tele-prompt-ai-gpt-3-bot-what-to-say-meetings-2022-12 | https://www.businessinsider.com/tele-prompt-ai-gpt-3-bot-what-to-say-meetings-2022-12 |
How Cerebral went from a hyped $4.8 billion mental-health startup to fighting for its survival
Blake Dodge and Shelby Livingston
Cerebral, once the fastest-growing mental-health startup, is at a make-or-break moment.
Investigations and reporting indicate it harmed patients with how it prescribed medications.
Now it's pinning its future on improving care for people with serious mental-health conditions.
One year ago, Cerebral was soaring.
In December 2021, it scored $300 million in a funding round led by SoftBank Vision Fund 2. It called itself the fastest-growing mental-health company. Valued at $4.8 billion, the startup provided therapy and medication for conditions including anxiety, depression, and ADHD.
But Cerebral quickly came crashing down. The startup faced scrutiny for how it prescribed medication with potential for addiction, including stimulants like Adderall, online. Nurses told news outlets they felt pressured to prescribe the medications in visits that were too short.
Cerebral struggled to care for people with serious mental-health conditions, including bipolar disorder and schizophrenia, and sometimes prescribed drugs with potential for addiction to patients who were vulnerable to misusing them, Insider reported in June.
It has halted most prescriptions for those kinds of drugs and fired its founder, though it still prescribes certain controlled drugs to treat opioid addiction, as well as noncontrolled medications, such as antidepressants and antipsychotics. And the Drug Enforcement Administration and the Department of Justice are investigating its prescribing practices, Insider first reported in May.
Now Cerebral is fighting for its survival. Its future is in the hands of its new CEO, Dr. David Mou, who's been with the company since 2021 as its chief medical officer. While the company has pinned its problems on the ousted CEO Kyle Robertson, Mou, a Harvard-trained psychiatrist, was in charge of ensuring the quality of Cerebral's care at the height of its prescribing problems.
In a statement to Insider, a spokesperson for Cerebral said that the company is not fighting for its survival and that its clinicians do not struggle to care for their patients.
She added that Cerebral is advancing behavioral health by incorporating technology, such as measuring clinical outcomes through surveys.
Cerebral is betting its future on a difficult task
Cerebral CEO David Mou.
Mou said in November that the company was betting its future on a far more difficult task than the prescribing that turned it into a unicorn: improving care for vulnerable patients with serious mental illness. To pull this off, Cerebral is hiring more nurses with psychiatric training and developed a tool to detect suicidal content in patients' messages, he said.
As part of the shift, Cerebral laid off 20% of its workers and wound down some business lines.
However, treating complex patients has historically been a challenge for Cerebral.
Insider reported in June that Cerebral enrolled patients with complex conditions, such as bipolar disorder, and assigned them to clinicians who lacked sufficient training, oversight, and support to treat them. The reporting was based on a review of 2,060 company incident reports, interviews, and other internal documents.
The spokesperson said that while Cerebral is committed to providing high-quality care for all of its patients, especially the most vulnerable, the majority of its patients are people with mild to moderate depression and anxiety.
At times, these clinicians prescribed risky medications with abandon, which led to missed side effects, hospitalizations, and confusion, the investigation indicated. Some Cerebral clinicians told Insider they were uncomfortable treating the patients assigned to them and felt their licenses were at risk.
Cerebral said that its providers exercise their own independent clinical judgment, and have sufficient training, oversight, and support. That includes access to UpToDate, a decision-support resource, and the option to consult with psychiatrists at the company about patient cases.
"No clinician should treat a patient if they are uncomfortable doing so, which Cerebral has made clear to its clinicians," the spokesperson said in the statement.
Mou oversaw some of the practices that landed Cerebral in hot water, such as encouraging clinicians to prescribe Adderall widely, internal documents reviewed by Insider suggested.
Plus, Robertson has said Mou "was responsible for the very prescription policies the government is currently investigating," according to a leaked letter he sent to Cerebral in November.
Many online mental-health startups shy away from treating patients with serious mental illness. It's difficult to do without a brick-and-mortar presence, it's expensive, and there are already established community mental-health providers that have close relationships with local behavioral-health authorities and Medicaid agencies, said Steve Ramsland, the CEO of Catalyst Health Resources, where he advises digital mental-health companies.
"Part of me wants to applaud innovators for wanting to tackle tougher patients and make improvements for people with serious mental illness," Ramsland said. But he added that "I have a hard time seeing how a pure telehealth company delivering psychiatry, pharmacy, therapy, care management can really be successful" at treating these patients.
In the past few years, highly funded startups have tried to disrupt mental-health care and struggled. Cerebral's next steps will dictate its future, and its story could influence what's ahead for online mental-health care.
A box of medications from Cerebral.
Cerebral can't shake its past
Cerebral launched in 2020 and was one of the few online mental-health startups to capitalize on a temporary change that allowed online prescriptions of highly regulated substances. The ability to prescribe drugs like Adderall turbocharged its business.
But as concern over its prescribing practices mounted, some major health insurers severed ties with Cerebral. Some pharmacies, including its preferred-pharmacy partner, Truepill, stopped filling its prescriptions for controlled substances. The DEA in December moved to revoke Truepill's license to fill prescriptions for controlled drugs. Cerebral still works with many insurers, the spokesperson said.
Now Mou is trying to burnish the startup's reputation by touting changes the company has made. But his involvement in Cerebral's questionable prescribing practices has cast a shadow over those efforts.
In December 2021, Mou signed off on a program meant to increase stimulant prescriptions, in part by emailing clinicians and asking them to reassess cases in which they hadn't prescribed stimulants, according to an internal document recently reviewed by Insider.
The program was directed toward increasing, over a period of months, the percentage of ADHD patients with no other medical conditions treated with stimulants to "near 100%" from 52.7% in November 2021, according to the document.
Mou has defended the practice of prescribing stimulants to patients with ADHD, since they're considered first-line treatments.
Earlier in the year, the company had found that ADHD patients treated with stimulants subscribed to Cerebral for longer periods than other patients, according to a slide from an internal presentation from July 2021 recently reviewed by Insider.
"Consider expanding ADHD more quickly," the slide reads.
There were consequences to Cerebral's push into controlled medications and its decision in May to cease prescribing them.
A former Cerebral provider told Insider the ban was frustrating because many patients who were improving on the drugs lost access to care at Cerebral. She worked to connect more than 100 of them to other resources such as local clinics.
Clinicians who worked for the company are still dealing with the fallout. Some have had trouble getting prescriptions they write for controlled substances filled at certain pharmacies because of their past or current affiliations with the startup, two of them told Insider.
Cerebral's mental-health platform.
A crossroads for Cerebral and the healthcare industry
Cerebral's troubles have become a lesson on chasing growth at the expense of patients. Investors and industry observers told Insider the events at Cerebral inspired more caution.
"There was too much exuberance, too much capital chasing, too many undifferentiated companies," Eric Larsen, the president of The Advisory Board Company, a healthcare consulting firm, told Insider. He said it's becoming harder for companies to raise money, which forces them to pull back or merge with rivals.
Some venture capitalists attribute Cerebral's rise to an era when raising funds was easier and some big investors failed to adequately scrutinize the companies they backed. They say this period of cheap capital gave founders the edge in negotiations for investments, and healthcare-industry outsiders like SoftBank placed bets quickly and valued startups too highly.
Even so, traditional healthcare investors, such as Oak HC/FT, backed Cerebral, too, and some are betting on other startups that have come under scrutiny over claims of putting growth ahead of patients.
As capital has become more expensive, and mental-health startups proliferate, being good at practicing medicine is the best way to stand out now, Michael Yang, a managing director at OMERS Ventures, told Insider.
Dr. Caroline Carney, the president of the health insurer Magellan Health's behavioral-health arm, said there needed to be more federal oversight of the online mental-health space.
"The spotlight has been put on Cerebral because they have or had a real problem," Carney said. "But the broader question we should be talking about is what is quality behavioral healthcare? What does that mean, and how are we going to measure it or monitor it?"
BI Graphics Rachel Mendelson Dispensed | 2022-12-22T21:54:11Z | www.businessinsider.com | What Cerebral Is up Against As Mental-Health Startup Repairs Reputation | https://www.businessinsider.com/cerebral-challenges-as-mental-health-startup-repairs-reputation-2022-12 | https://www.businessinsider.com/cerebral-challenges-as-mental-health-startup-repairs-reputation-2022-12 |
Industries can get ahead of quantum's future decryption potential right now
By Scott Crowder, Vice President, IBM Quantum Adoption and Business Development
Quantum computers are maturing quickly. And we see their rapid development as an important opportunity to potentially solve business problems that could revolutionize fields from medicine to finance. But this rapid development also brings risk: Future quantum computers could crack the encryption schemes that safeguard valuable data, like health records and financial data.
As we work to bring about quantum computers that deliver practical advantages over today's computers, we also must ensure that we continue to protect sensitive systems and data. One immediate concern: 'Harvest-now, hack-later' attacks — where sensitive encrypted data is stolen today for decryption using future quantum computers. This is especially critical for governments and highly regulated industries like finance, healthcare, and telco. In fact, 83% of organizations have experienced more than one data breach in their lifetime, according to IBM's 2022 Cost of a Data Breach Report. The good news is that quantum-safe cryptography, capable of protecting this information, exists today. And government and industry are taking notice.
In May, the White House released a memorandum laying out the administration's plan for securing critical systems against potential quantum threats. In July, the National Institute of Standards and Technology (NIST) announced four quantum-safe algorithms for post-quantum cryptographic standardization, which they expect to finalize by 2024. Three of these algorithms were developed by IBM scientists, in collaboration with industry and academic partners. And last month, the US government issued directions on migrating to quantum-safe cryptography to its agencies.
In September, telecommunications industry organization GSMA formed a Post-Quantum Telco Network Taskforce — which IBM and Vodafone joined as initial members — to help define processes to protect telcos from this quantum future. The World Economic Forum recently estimated that more than 20 billion digital devices will need to be either upgraded or replaced in the next 10-20 years to support these new forms of quantum-safe encrypted communication.
To help speed up the understanding and prioritization of what data to protect first, IBM recently demonstrated the first Cryptography Bill of Materials. Like the Software Bill of Materials concept from software supply chains, IBM's "CBOM" simplifies the cryptography inventory assessment across software, services, and infrastructure to identify needed cryptographic components.
Moving to quantum-safe cryptography
Cryptographic standards rely on problems easy for a computer to check but hard to solve. For example, classical computers have a hard time factoring large numbers, but can easily check that two prime numbers multiply together to result in some large number. So, modern encryption methods often use large numbers as codes, such that their prime factors form a key.
However, in 1994, mathematician Peter Shor developed an algorithm that could quickly factor large prime numbers. His namesake algorithm showed a way to crack these codes with fault-tolerant quantum computers. Today's quantum computers aren't yet capable of using Shor's algorithm to factor the numbers used today, but that could change as quantum computers advance in scale, quality, and speed.
With 'quantum advantage' on the horizon, business leaders should prepare for how they could benefit. But they should also understand the risk of future fault-tolerant quantum computers, and explore quantum-safe cryptography to protect their data and systems.
We may not know exactly when it will be possible to breach today's encryption, but one thing is clear: Any data that falls into the wrong hands before an organization transitions to quantum-safe cryptography should be considered lost. And computer systems that need to operate securely without major modifications over time — like the computers in cars, or embedded in satellites — will need to be quantum-safe. Can you afford to wait?
Learn more about the importance of quantum-safe cryptography in the digital economy.
Sponsor Post Studios Enterprise Brand Supplied | 2022-12-22T21:54:24Z | www.businessinsider.com | How Industries Can Get Ahead of Quantum's Future Decryption Potential | https://www.businessinsider.com/sc/industries-can-get-ahead-of-quantums-future-decryption-potential | https://www.businessinsider.com/sc/industries-can-get-ahead-of-quantums-future-decryption-potential |
Trump lawyers argue that calling rape accuser E. Jean Carroll a liar doesn't defame her as a journalist
Michelle Mark and Jacob Shamsian
E. Jean Carroll (left) and former President Donald Trump (right).
Former President Donald Trump has filed a motion to dismiss a second lawsuit from E. Jean Carroll.
Carroll has filed a second lawsuit against Trump, alleging defamation and battery.
Trump's attorney argued he never defamed Carroll because he didn't disparage her professionally.
Former President Donald Trump's attorney argued in a court filing Wednesday that E. Jean Carroll's most recent lawsuit against Trump should be thrown out on the grounds that a New York law allowing her and many others to sue over sexual assault is unconstitutional, and that Trump saying she lied about the alleged rape didn't defame her because it didn't call her professionalism into question.
Trump's main argument was that the New York Adult Survivors Act — which temporarily allows people fo file sexual assault lawsuits in cases where the statute of limitations has expired — unconstitutionally deprives defendants of due process and arbitrarily allows years- or decades-old allegations to be revived.
"Notwithstanding the sympathies at play, the Adult Survivors Act is a contravention of the New York State Constitution, an invasion of due process, and a clear abuse of legislative power," the filing said.
Carroll, a former Elle magazine columnist, used the new law to sue Trump for battery last month, alleging that he raped her in a Bergdorf Goodman store 27 years ago and that he made multiple false statements about her that damaged her reputation. Trump has vehemently denied all of Carroll's allegations.
Carroll previously sued Trump in 2019, alleging that the then-president defamed her by claiming she invented the rape allegations. That lawsuit is currently under review by the DC Court of Appeals, which will hear oral arguments in January over whether Trump can be sued personally over actions he took while serving as president.
As part of Trump's motion to dismiss Carroll's most recent lawsuit, his attorney homed in on one of Trump's statements that Carroll alleged was defamatory. On October 12, 2022, on the social media platform Truth Social, Trump called Carroll's allegations "a Hoax and a lie," and a "scam," noting that she was "promoting a really crummy book."
Trump's court filing on Wednesday argued that Trump's October 12 statement didn't qualify as defamation because it doesn't disparage Carroll's "trade, business or profession."
"Notably absent from the October 12 Statement is any language aimed at a particular skill or trait that reflects upon Plaintiff's competency as a 'writer, advice columnist, and journalist,'" the filing said.
The filing also said the October 12 statement was "at most, a general reflection upon [Carroll's] character or qualities, as it portrays her as a dishonest individual who 'made up' a story about [Trump]."
New York law establishes four narrow categories of statements that can be considered defamatory — one of which is that the statement must have injured someone's trade, business, or profession. Trump's attorneys argued that his statements couldn't have caused that type of injury to Carroll, since he never commented directly on her writing or journalistic abilities.
Carroll, however, argued in her lawsuit that her profession as a writer and journalist depends upon her reputation, which she says Trump damaged with his defamatory statements.
Trump attorney Alina Habba told Insider in a statement on Thursday that Carroll's new lawsuit "is nothing more than a tired repeat of her first action," which alleged defamation, but was filed in 2019 before New York's Adult Survivors Act took effect and did not include that battery charge for the alleged rape.
"She seeks to exploit the Adult Survivors Act, which was designed with the admirable goal of vindicating the rights of those who have suffered sexual abuse," Habba said. "At the end of the day, the President told the truth when he denied her claims, and we will continue to fight to protect his First Amendment rights."
Judge Lewis Kaplan has not yet ruled on Trump's motion to dismiss the lawsuit. But at a court hearing on Wednesday, Kaplan indicated he likely would not agree to do so. When one attorney referred to their motion to dismiss the case, Kaplan responded, "I wouldn't count on that."
In response to Insider's request for comment, Carroll's attorney, Roberta Kaplan, said Carroll's team looks forward to going to trial in April 2023.
"Based on the discussion during yesterday morning's court conference, we expect that Judge Kaplan will quickly reject Donald Trump's latest attempt to delay Ms. Carroll's day in court," Kaplan said.
E. Jean Carroll Donald Trump Defamation | 2022-12-22T21:54:36Z | www.businessinsider.com | Trump Lawyers Seek to Toss E. Jean Carroll's Newest Lawsuit | https://www.businessinsider.com/trump-lawyers-seek-to-toss-e-jean-carrolls-newest-lawsuit-2022-12 | https://www.businessinsider.com/trump-lawyers-seek-to-toss-e-jean-carrolls-newest-lawsuit-2022-12 |
A chinstrap penguin with the Ocean Endeavour in Antarctica.
A record 100,000 people are expected to travel to Antarctica during the 2022/2023 season.
To get to the white continent, most people take a ship and have to cross the rough Drake Passage.
Travel to Antarctica is booming, with 100,000 people expected to travel to the continent this season.
Intrepid Travel passengers looking out at Antarctica.
Tourism to the isolated snow desert dates back to the 1950s and has grown dramatically in recent years.
Source: British Antarctic Survey
In the 2016/2017 season, only about 38,000 people visited, while in 2019, around 74,000 people made the journey.
Passengers on a zodiac boat.
Source: Secretariat of the Antarctic Treaty
However, travel was halted during the pandemic and many tours were canceled or postponed — including mine with Australia-based tour company Intrepid Travel.
The front of Intrepid's Ocean Endeavor ship with a branded flag waving.
My trip was originally scheduled to depart in November 2020, but was delayed to November 2021, and again to November 2022.
Antarctic ice reflection in the water.
Fortunately, with COVID-19 now under control and many tours, including Intrepid, requiring vaccinations, I was finally able to reach Antarctica last month.
Standing on Antarctica.
My incredible 9-night journey was on the 200-person Ocean Endeavor expedition ship, where rooms can cost passengers over $10,000. Here’s what the trek was like.
According to the International Association of Antarctica Tour Operators, which is an organization that promotes safe and responsible travel to the continent, most tourists reach Antarctica by boat from South America.
Flying is also an option, but only about 1% of tourists arrive by plane as the weather is unpredictable at the landing sites and the continent's infrastructure can make it difficult to rescue a stranded aircraft.
Antarctic Logistics and Expeditions based a Boeing 757 Chile to fly tourists to Antarctica.
Tim Hewette/ALE
Source: The Points Guy, British Antarctic Survey, Antarctic Logistics and Expeditions
For my adventure, the departure port was in Ushuaia, Argentina, which is the southern-most city in the world.
I flew to the small city from Buenos Aires on the nation's flag carrier, Aerolineas Argentinas, though budget airlines like JetSmart also offer service. Whatever the airline, I suggest you reserve a window seat — the views are unforgettable.
For Intrepid's trip, guests were instructed to arrive a day early and were provided accommodation in Ushuaia. I was booked at the Wyndham Garden Ushuaia Hotel del Glaciar, which was about 10 minutes by taxi from town and up a giant hill.
I was put up at the Wyndham Garden Ushuaia Hotel del Glaciar, though other guests were booked at the Las Hayas Ushuaia Resort down the road. The latter was a nicer hotel, though mine was perfectly comfortable with great views of the port.
Here, an icebreaker was hosted and I met a wonderful group of nine travelers who I spent my entire Antarctic adventure with.
The following day, Intrepid arranged a transfer from the hotel to the port, which is where we got our first look at the company's specially-modified expedition ship — the Ocean Endeavour.
The ship is new to Intrepid, with my voyage being only the company's second-ever to Antarctica.
The Ocean Endeavour in Antarctica.
Originally named the Konstantin Simonov after a Russian poet, the Ocean Endeavour launched in 1982 and was used by Soviet companies to ferry people around the Baltic Sea.
The ship went by many names, including Kristina Katarina (pictured), before being called the Ocean Endeavour.
The ship was converted into a polar vessel in 2014 and equipped with 20 robust zodiac boats to transport people from the ship to remote landing sites in the Arctic and Antarctica.
Guests on a zodiac in Antarctica.
Arriving at the Ocean Endeavour, it was much bigger than it looked from afar but was dwarfed in comparison to the luxury vessel on the adjacent dock, where rates start at over $20,000 for a 12-night cruise in November 2023.
The Ocean Endeavour (right) and the Le Commandant Charcot (left) in port. The ship was named after French Antarctic expeditionist Jean-Baptiste Charcot who voyaged to the continent in 1903.
Source: Ponant
Getting settled into the boat was quick and easy with help from the designated reception desk on deck 5.
The reception desk.
The employee onboard held onto my passport and gave me my key to cabin 4100 located toward the front of the boat.
My cabin key on the Ocean Endeavour.
I paid a Black Friday rate of $5,700 in 2019 for a triple interior room, meaning I had two random female roommates and no window in the cabin. I also had to pay a "fuel surcharge" in August 2022 due to rising oil costs, amounting to about $450.
Fortunately, my roommates were lovely adventurers and we had no drama.
My rate was relatively cheap compared to current triple room prices that sit between $8,800 and $11,000 for 2023 voyages. I also paid less than one person in my group who spent upward of $7,000 in 2021 for her triple room.
Intrepid includes the possibility of a fuel surcharge in its booking conditions.
While at first, I was a little worried about being in a triple, the room proved to be one of the biggest on the ship. Inside were four beds, including three that pointed toward the side of the ship and one that faced back to front.
Excuse the mess, it was a hectic embarkation day. My roommate snagged the far left bed and quickly realized how easy it was to fall out of it during the journey through the infamous Drake Passage, but more on that later.
Also inside the cabin was a separate bathroom and shower, which were each inside a small room with a door. There was shampoo, body wash, a handle to hang onto, and a curtain inside the shower room.
The doors to the separate shower and toilet. The toilet uses a vacuum system and we were warned about letting anything fall in as it could clog up the entire ship’s plumbing.
Other amenities in the cabin included large closets with hangars, a TV that broadcast a few rotating movies and onboard science presentations, power outlets, and securable drawers.
The science presentations were live-streamed from the ship’s Nautilus Lounge.
I thought the room was extremely comfortable, and the large size meant I wasn't falling over my roommates. Though, I didn't spend much time in the cabin other than sleeping or showering.
My triple interior cabin.
While my room only had one shower, the other three triples on the boat had two. Moreover, they only had three beds across the cabin with one full bathroom on either side. The closets were not as big though.
I preferred my larger room, despite only having one shower.
Other rooms onboard included a comfort twin, which one person in my group spent $7,700 on when booking in the summer of 2022…
She had one random roommate.
…as well as single rooms and suites. These go for much more than the shared cabins, costing between $10,000 and $18,000 per person, according to current Intrepid pricing.
My friend had a room with two twin beds and two berths that folded down, meaning four people could sleep int he cabin. She had no roommates though.
In addition to rooms, the Ocean Endeavour also featured several other spaces, but don't expect a typical Caribbean cruise ship.
A rendering of Royal Caribbean International's Icon of the Seas cruise ship.
Passengers will not find casinos or giant Broadway-like auditoriums, nor are there water slides or steakhouses onboard.
The reception area on the Ocean Endeavour. Most spaces had minimal seating or decor because everything would slide or fall through the Drake Passage.
Instead, the amenities were simple, but still very nice. Toward the front of the boat was the Polaris Restaurant, where buffet-style and a-la-carte meals were served three times a day.
Guests getting food on the first day.
I thought the food was delicious, and there were some vegan and vegetarian options, but there was minimal fish because the company couldn't find an acceptable ethical vendor.
One of my a-la-carte steak meals.
My group bought several bottles of wine in Ushuaia before embarkation, which Intrepid let us bring onboard at no additional cost and we drank them at every dinner.
Wine bottles at dinner.
While the dining room was really only intended to provide meals, it ended up being a pretty eventful space when journeying through the Drake Passage.
On our way to Antarctica, we were lucky to only have what is called the "Drake Lake," which means the rough sea was actually pretty calm, and the boat didn't have unbearable movement.
But, on the way back was a different story. We encountered what is known as the "Drake Shake," battling gale-force winds of over 30 miles per hour and waves reaching over 15 feet, making it hard to eat, walk, or even sleep.
For about two days straight, the boat rocked side-to-side and up and down, crashing onto the ocean's surface and dumping people out of their beds and dining room chairs.
In a viral TikTok video taken by fellow Antarctic passenger and friend Paulina Portillo, you can hear plates and glasses breaking as they slide off tables.
I’ll admit the event was a little scary at times, but there were handles to help walk, and I mostly camped out in the aft lounge where the movement was less intense.
Fortunately, I avoided any nausea thanks to the seasickness patches I got prescribed before the cruise. I cannot express this enough — do not go to Antarctica without strong anti-nausea medicine.
The Scopolamine patch goes behind your ear. My doctor instructed me to only use half of the patch, which I put on about three hours before setting sail. It works for three days before needing to switch it out. Dramamine worked for other shipmates.
While the Drake Passage was definitely an experience in itself, the boat had several rooms and activities that provided entertainment, like the Nautilus Lounge, which featured tables and chairs...
and a bar that served cocktails, wine, beer, and nonalcoholic drinks.
The beer bucket came with six bottles and cost $28.
The lounge is where the expedition team provided daily educational lectures on topics like whales, penguins, photography, tectonic plates, and the history of Antarctica.
The study of seabirds was one of the lectures, and the expedition team took guests outside to survey and photograph the ones flying around the ship.
The room was also used for explaining how to use some of the excursion equipment, like snowshoes and camping gear. I signed up for both, which cost an additional $150 and $300, respectively.
Snowshoe leader March demonstrates how to use the boots.
Unfortunately, neither of those activities happened due to the weather, but the kayakers, who shelled out over $1,000 for the experience, were able to go out a few times.
The kayakers paddling around Neko Harbour in Antarctica.
Also onboard the ship were several other spaces, like a spa, sauna, and gym…
The sauna and gym were on deck 8. The sauna could be reserved.
…the bridge, which was open to guests to see how the ship navigated through the rough seas…
The bridge was open to guests at certain times of the day.
…the Aurora Lounge and the Meridian Club...
The Aurora Lounge (pictured) was smaller than the Nautilus Lounge but had the same chairs and tables.
…and the Compass Club.
The Compass Club stretched the side of deck 6.
Here, the crew provided daily tea time with sweets and mini sandwiches, as well as all-day coffee, cookies, and fruit.
The table that held the all-day food and drinks.
Probably the most interesting room onboard was the mud room, which is where passengers got ready to head out into the frigid Antarctic air.
The mud room on the Ocean Endeavour.
To get to shore, we had to ride on the 10-person Zodiacs manned by an expedition team member.
My Antarctic family on the zodiac.
However, sometimes ice blocked certain landing sites and we instead spent hours just riding around and looking at the glaciers, sea animals, and icebergs, which was actually my favorite part of the trip.
One zodiac cruise destination was a 1915 shipwreck. The boat is called the Guvernøren and intentionally beached itself at Foyn Harbour after catching fire.
But, spending hours in the Antarctic meant we had to dress appropriately. I opted for four layers on my top and three on the bottom, as well as a buff, gloves, beanie, wool socks, and ski goggles.
Fortunately, I only needed to bring merino wool base layers, a fleece, and waterproof pants on the cruise because Intrepid provided us with the top layers, including a Kathmandu down jacket to keep…
Intrepid provided us a branded black Kathmandu 600 synthetic filled jacket.
…as well as a waterproof and windproof parka and muck boots to rent. To go out, we were put into four groups and called down to the mud room when it was our turn to put on all our layers.
The storage room full of muck boots.
Most people kept their parka and boots in their designated mud room locker and wore the puffer on deck. The boat was kept consistently warm, so layers weren't needed inside.
Parkas, muck boots, life jackets, and other layers were stored in the mud room lockers.
Each locker had a few hangars and space on top for wet clothes when we got back since no one is safe from Zodiac splashing. The company actually requires everyone to wear waterproof pants when off the ship for this reason.
I used some of the hangars to store my backpack and hiking pole.
When not zipping around on Zodiacs or walking on the seventh continent, I spent a ton of time on deck looking out at the ice.
Cruising around Antarctica.
The ship had plenty of standing areas outside, both in the front and back of the boat, as well as along the side.
Guests could walk along the side of the ship, which is also where the crew stored the life boats.
There was also a pool and hot tub...
...and a smoking area, which one of my new friends nicknamed "Starboard 7."
The view from Starboard 7.
I even mustered the courage to do the famous "polar plunge," meaning I put on a swimsuit and jumped into the 33-degree Antarctic water. The experience was exhilarating and I'm glad I did it.
Me taking the polar plunge.
Courtesy of Ashley Russo
While overall the ship wasn't a luxury vessel and was very much built for expeditions, I felt I had everything I needed onboard.
This was the entrance to the Nautilus Lounge. All throughout the ship were maps, posters, and other educational material tacked to the walls.
My cabin was spacious, the shower was hot with great water pressure, and I loved the social atmosphere of the lounge and dining room.
A few of my Antarctic family friends before the polar plunge in the Nautilus Lounge.
Although the entire trip set me back about $8,000 and the Drake Passage was pretty uncomfortable, I don't regret the remarkable, once-in-a-lifetime trip.
A seal sitting on an iceberg.
However, I will note that while Intrepid does everything it can to keep Antarctic travel environmentally friendly, it's impossible.
A zodiac and the Ocean Endeavour.
According to an NC State University study, high travel to Antarctica could stress out the penguins, so be respectful of the wildlife and don't leave anything behind that could be harmful to the continent, like trash or food.
Features Business Visual Features Antarctica | 2022-12-22T23:25:27Z | www.businessinsider.com | Travel to Antarctica on Ocean Endeavor, a Ship Where Rooms Can Cost $10K: Review | https://www.businessinsider.com/ocean-endeavor-ship-antarctica-sail-intrepid-travel-2022-12 | https://www.businessinsider.com/ocean-endeavor-ship-antarctica-sail-intrepid-travel-2022-12 |
Ukrainian investigators gather items belonging to Russian troops in the village of Bervytsia in April.
Evgen Kotenko/ Ukrinform/Future Publishing via Getty Images
Throughout the war in Ukraine, Russian troops have been vulnerable to deception by Ukrainian forces.
That has led the Russian military into repeated battlefield failures and high combat losses.
What makes Russian troops easy to deceive also makes it harder to influence Russian decision-making.
Since World War II, the Russian military has prided itself on "maskirovka," or the ability to deceive the enemy, but in Ukraine, it's the Russians who are being deceived.
Ukraine has fooled Russian forces on numerous occasions, tricking Russian troops into wasting ammo on dummy targets and masking its own counterattacks. "Deception has succeeded against Russian forces at all echelons and across all three service branches," according to a report by the Royal United Services Institute, a British think tank.
The problem isn't that Russian soldiers are stupid or naive. Structural flaws in Russia's military make it vulnerable to deception, especially by an opponent as crafty and resourceful as Ukraine.
Russian units often lack tactical commanders with enough experience to realize when intelligence information is suspect or the situation doesn't look right. Russian troops also often lack the "situational awareness for contextual judgment" that is needed to choose between competing battle plans.
Russian troops during the Zapad 2017 exercise.
The RUSI report, which is based on events during the first five months of the war, points to three problems in particular.
One is the tendency to assume that information is true unless other information directly contradicts it. This leads to confirmation bias, where new data is unconsciously used to reinforce preconceived beliefs.
Russian military culture compounds this problem by discouraging commanders from reporting failures, which in turn prevents higher commanders from gaining a realistic view of the situation. Russia lacks sufficient capabilities to accurately assess battle damage, such as whether artillery and missiles have knocked out a target.
The Russian military, like its Soviet predecessor, also suffers from over-compartmentalization. Russian systems, such as air defense and electronic warfare, and their operators are trained to perform a single, narrow mission.
"Neither in their systems' design, nor in their culture, is there an effective fusion process," the RUSI report says. Even when different sensors report different information, there is no way to compare the data and alert commanders to any discrepancies.
A Russian Su-35 shot down in Ukraine's Kharkiv region in April.
Against a much weaker opponent — such as rebels and militants in Syria — these flaws might not have been exposed. But Ukraine has proven adept at exploiting Russian mistakes.
At the tactical level, Ukrainian troops have used radio traffic and decoy weapons to fool Russian gunners. "This has almost always succeeded, leading to a vast expenditure of munitions against non-existent targets and a corresponding vulnerability for Russian fires in revealing their positions," the report says.
By tracking how Russian forces assessed battle damage, Ukraine was also able to convince them that their strikes had destroyed targets — such as air-defense systems — that were actually intact. This deception "repeatedly led to the loss of Russian aircraft and other capabilities," according to the report.
Russian forces have also been "predictable in allocating resources against telegraphed movements and failing to detect or prepare for concealed movements," the report says. Even when they do detect Ukrainian movements, lower-level commanders can't always convince their superiors to send reinforcements.
Historically, Russia had a knack for maskirovka, which refers deception by a range of means, which in a military context can be through camouflage, decoys, or disinformation.
Russian troops without identification stand guard in a village in Crimea in March 2014.
REUTERS/David Mdzinarishvili
During World War II, the Soviet Union repeatedly fooled the Nazis into preparing for an attack in one area while the Red Army massed elsewhere — most famously in Operation Bagration in June 1944, when a massive Soviet attack surprised the Germans and inflicted 500,000 casualties.
The Russian vulnerability to deception carries another kind of risk for Moscow's opponents. The inability of Russian personnel to effectively relay information means that efforts by rivals to deter Russia may be less effective because it is harder for those deterrence signals to reach decision-makers.
"In the context of deterrence, one of the biggest challenges may be preventing the Russians from deceiving themselves," the report says.
In Ukraine, Russia's performance may now hinge on whether its forces can learn from being fooled: "If the Russians can resolve the cultural tendency to treat all instructions as valid until directly countermanded, and all intelligence as accurate unless contradicted, their capability may rapidly improve, coming closer to what their systems suggest they should be able to execute," the report says.
NOW WATCH: Putin: We Have The Best Army In The World
Ukraine Russia Deception | 2022-12-22T23:25:45Z | www.businessinsider.com | Russia's Military Is Easy to Deceive, but That Makes Deterrence Harder | https://www.businessinsider.com/russian-military-being-easy-to-deceive-makes-deterrence-harder-2022-12 | https://www.businessinsider.com/russian-military-being-easy-to-deceive-makes-deterrence-harder-2022-12 |
Senator Ron Wyden (D-OR) and chair of the U.S. Senate Finance Committee is probing major car makers on their links to forced Uyghur labor.
The Senate Finance Committee sent letters to car makers about their links to forced Uyghur labor.
The letters ask the automakers to check their supply chains for connections to the Xinjiang region.
The Uyghur Forced Labor Prevention Act bans most imports from the Xinjiang region.
The US Senate Finance Committee is looking into whether major car makers are sourcing parts and metals linked to forced Uyghur labor, a Muslim minority group based in Xinjiang, China.
Ron Wyden, a Senator from Oregon and the chair of the Senate Finance Committee, sent letters to Honda, Ford, General Motors, Mercedes-Benz, Stellantis, Tesla, Toyota, and Volkswagen on Thursday requesting specific information related to their supply chains.
The committee requested that the car makers conduct their own supply chain mapping and analysis to identify links to Xinjiang. The committee also asked if they have ever ended or threatened to end relationships with suppliers — including sub-suppliers — over possible connections to Xinjiang.
"Automotive supply chains are vast and complex, but it is vital that automakers scrutinize their relationships with all suppliers linked to Xinjiang," the letters said.
The letters come just weeks after Sheffield Hallam University released new research with what they said was evidence that the car makers in question may potentially be importing materials produced by forced Uyghur labor.
The researchers said they found that at least thousands of Uyghurs have been forced to work in steel and aluminum metal-processing factories in accordance to Chinese government mandates. These metals are used to make car frames wheels, brakes, and bodies.
Kendyl Salcito, one of the researchers involved in the Sheffield study, alleged to Insider that the factory conditions are "utterly appalling."
The letters also come a year after President Joe Biden signed the Uyghur Forced Labor Prevention Act, which seeks to ban most imports from the Xinjiang region.
"The United States considers the Chinese government's brutal oppression of Uyghurs in Xinjiang an 'ongoing genocide and crimes against humanity,'" the letters said.
The Chinese government called US claims of oppression and genocide false, the Wall Street Journal reported.
A Honda spokesperson told Insider that it expects its suppliers to comply with its global sustainability guidelines and "will work with policymakers on these important issues."
Stellantis, the brand behind Chrysler and Jeep, among others, is "taking these matters extremely seriously" and currently reviewing chairman Wyden's letter and claims made in the research, a spokesperson told Insider. Stellantis referred Insider to its code of conduct that its suppliers are expected to meet.
General Motors told the Journal that its policy prohibits any form of forced or involuntary labor, abusive treatment of employees, or corrupt business practices in its supply chain, while a Volkswagen spokesman told the Journal that the company investigates any alleged violation of its policy, saying "serious violations such as forced labor could result in termination of the contract with the supplier."
The other automakers did not immediately reply to requests for comment from Insider or the Journal.
Volkswagen, Honda, General Motors, and Stellantis previously told Insider that they reject forced labor in their supply chains and take accusations of abuse seriously.
The committee said that increased transparency will help the government investigate how effective trade laws are in addressing labor and other human rights abuses in China, according to the letters.
"I recognize automobiles contain numerous parts sourced across the world and are subject to complex supply chains," the letters said. "However, this recognition cannot cause the United States to compromise its fundamental commitment to upholding human rights and US law."
U.S. Senate China Uyghurs | 2022-12-22T23:25:51Z | www.businessinsider.com | Tesla, Mercedes, and GM Being Probed by Senate on Whether Uyghur Labor Used | https://www.businessinsider.com/the-senate-probes-car-makers-on-links-to-uyghur-labor-2022-12 | https://www.businessinsider.com/the-senate-probes-car-makers-on-links-to-uyghur-labor-2022-12 |
The New York Times published a detailed investigation on Russia's blunders in Ukraine.
A Ukrainian official said they realized a large number of calls were made from foreign numbers.
They used the calls, and even a TikTok video, to locate the position of Russian troops and attack.
Russian soldiers in Ukraine made worried calls home as their efforts in Ukraine faltered — but their loved ones weren't the only ones listening.
"We listened to the Russian soldiers as they panicked and called their friends and relatives," a Ukrainian official who leads the efforts to intercept the phone calls told The Times. "They used ordinary phones to make decisions about their further moves."
Ukraine deployed teams of women to follow the soldiers' calls and alert the Ukrainian military, which would carry out attacks using the information. "We understood where the enemy was, what numbers they were using," the Ukrainian official told The Times.
At one point, Ukrainian forces used both the cell phone calls and a TikTok video to locate a unit of Chechen soldiers outside of Kyiv. Maj. Gen. Kyrylo Budanov, chief of Ukraine's military intelligence, told The Times the unit's location was confirmed only 40 minutes after the video was uploaded. Ukrainian forces then struck them with three missiles.
Ukrainian officials have frequently intercepted phone calls made by Russian soldiers since the invasion 10 months ago. Audio of the calls obtained by various outlets have captured Russian soldiers complaining about being unprepared and unorganized and hoping they would get injured so they could be sent home.
In new audio published by The Times, soldiers could be heard complaining about Russian President Vladimir Putin and saying they are being treated like "cannon fodder." | 2022-12-22T23:25:57Z | www.businessinsider.com | Ukraine Used Russian Soldiers' 'Panicked' Calls to Locate Them: NYT | https://www.businessinsider.com/ukraine-used-russian-soldiers-panicked-cell-phone-calls-locate-them-2022-12 | https://www.businessinsider.com/ukraine-used-russian-soldiers-panicked-cell-phone-calls-locate-them-2022-12 |
Jack Sweeney created his first Twitter account tracking Elon Musk's jet in 2020.
The college student who tracked Elon Musk's private jet is back on Twitter under a new username.
Jack Sweeney, 20, had his first account @ElonJet banned following Musk's new rules.
He's now back under @ElonJetNextDay – the account operates the same way but with a 24-hour delay.
The college student who tracked Elon Musk's private jet is now back on Twitter under a new username after the billionaire banned his first account @ElonJet for breaking Twitter rules.
Jack Sweeney, 20, said he started tracking Elon Musk's private jet in 2020 because he was a fan. Over two years later, the billionaire threatened to sue him after suspending his Twitter accounts.
Using the new username @ElonJetNextDay, Sweeney will continue to track Musk's private jet but with a 24-hour delay, Insider has learned. The move follows the billionaire changing the rules of Twitter, where he's become the new CEO since acquiring the platform on October 27.
—ElonJet but Delayed (@ElonJetNextDay) December 22, 2022
In an interview with Insider on Thursday, Sweeney said he will be "posting manually" for now as "the framework for automating isn't there yet." He added it is hard to say when the account will be fully automated.
He added that "@ElonJet is still available elsewhere" such as on former President Donald Trump's Truth Social. He will also be bringing other accounts such as @Celebjets to platforms like Instagram and Facebook, Sweeney told Insider.
Sweeney had over 30 accounts tracking politicians and billionaires including Trump, Mark Zuckerberg, and Amazon founder, Jeff Bezos.
But Musk, who had earlier this year offered to pay Sweeney to take the old account down, took issues with it after public information about the whereabouts of both him and other public figures was shared online, including after he said a "crazy stalker" followed a car that had his two-year-old son inside.
Twitter posted around the same time what it said was a new policy to ban the posting of someone's live location in most cases. It said the update was "to prohibit sharing someone else's live location in most cases," saying that it would remove tweets and suspend accounts dedicated to sharing people's live locations.
According to its new rules, "sharing publicly available location information after a reasonable time has elapsed, so that the individual is no longer at risk for physical harm" is not a violation.
"Any account doxxing real-time location info of anyone will be suspended, as it is a physical safety violation," Musk tweeted on December 15. "This includes posting links to sites with real-time location info."
He added: "Posting locations someone traveled to on a slightly delayed basis isn't a safety problem, so is ok."
Elon Musk Jack Sweeney Twitter | 2022-12-23T00:56:53Z | www.businessinsider.com | College Student Who Tracks Elon Musk's Jet Is Back: 'ElonJetNextDay' | https://www.businessinsider.com/college-student-who-tracks-elon-musks-jet-is-back-elonjetnextday-2022-12 | https://www.businessinsider.com/college-student-who-tracks-elon-musks-jet-is-back-elonjetnextday-2022-12 |
Is the Save Wealth Premium right for you?
How to earn with the Save Wealth Premium
How to redeem cash back
Save Wealth Premium vs other Save Wealth credit cards
Save Wealth Premium vs other cash back credit cards
What to know about the Save Wealth Premium card
Save Wealth Premium
$10,000 investment bonus
On Save Wealth's website
Potential to earn an average of 5.70% on all purchases
Welcome bonus worth a projected $278
Quality travel benefits
Earnings are based on a volatile stock market
You will not have access to your rewards until at least one year
The information related to the Save Wealth Premium has been collected by Business Insider and has not been reviewed by the issuer.
Earn $5,000 for each successful referral up to $10,000
Up to three free cardholders per account
An average of 5.70% annual return on purchases in all categories
Lately, the credit card market has become exploratory in the way it rewards cardholders for spending. For example, we've seen the debut of many cryptocurrency credit cards. Your incentive for swiping these cards is a non-cash product that can be liquidated at rates determined by a (clearly) volatile market.
Another credit card concept has debuted, with an outsized payoff potential contingent on stock market performance — and it's likely more digestible (and understandable) than crypto for most of us.
Instead of earning airline miles, hotel points, or direct cashback, the $750-annual-fee Save Wealth Premium credit card rewards you with stock every time you swipe your card. The result for you is cash back, but your earnings aren't a flat rate as it is with other credit cards. Instead, it's ever-changing.
Review: Is the Save Wealth Premium right for you?
"The Wealth card is designed for consumers who are looking for the potential of better economic value from their credit card in a low-interest rate environment, and with high inflation," said Michael Nelskyla, CEO at Save.
A credit card that earns investments instead of cash back or travel rewards is a novel idea. But with a $750 annual fee, is it a worthwhile concept to experiment with?
Here's how it works. Save purchases a strategy-linked security with an investment value of a little over twice the amount you spend. If you spend $100, Save will invest $217 in stocks.
The card is as simple or complicated as you want it to be; you can swipe mindlessly and allow Save to handle the investments (Save charges a management fee of 0.79%), or you can dictate what you want to invest in. Save estimates that you'll net a 5.7% average return on all purchases. We'll show you how Save arrives at this number in a minute. Also realize that you could get a much higher (or lower) return, depending on stock market performance.
"Save is a discretionary advisor, who will allocate a portfolio that matches the customer investment profile, but the customer can overrule independently as needed," said Nelskyla. "Customers have full transparency into the investment portfolio assets and strategy."
A lot of big words, I know. In short, Save will invest for you, or you can tell them exactly how you'd like your reward stock invested.
You'll hear this disclaimer repeatedly: There's no way to guarantee an exact return rate. Earning rates fluctuate depending on stock market performance. But through Save's hypothetical back-testing procedure which views market data from 2006 to the present, the company has calculated an average growth rate of 5.7% (that's after their mandatory 0.79% wealth management fee).
With that in mind, they've crafted a valuation chart to compare the Save Wealth Premium to other premium rewards cards. This reflects the expected return rate based on $3,500 in monthly spending — and the "Annual Rewards Value: Year 1" includes the welcome bonus of each card.
For this comparison, Save has assumed the points value of competing cards is worth 1.5% back. If you're familiar with Insider's points valuations, you know it's not difficult to receive a value significantly higher than this from rewards currencies earned by the Capital One Venture X Rewards Credit Card, Chase Sapphire Reserve®, and The Platinum Card® from American Express when you redeem them for travel. But when it comes to cash back, the Wealth Premium card is (theoretically) uncontested for everyday spending.
One other important note: Your minimum return will always be 0%. You won't lose money if the stock market takes a turn for the worse. Here's how Save described this situation to Insider: "The customer can not invest their own funds, and any investment is generated by spend, hence there is no risk to the customer if there is no return for periods when the market underperforms."
There is no cap on the amount of money you can earn with this card. But there is a cap on how much you can lose — and that's a good thing.
While the card doesn't earn cash back directly, it's effectively a cash-back credit card. You can't transfer its rewards to valuable airline and hotel partners like you can with other premium cards such as the Chase Sapphire Reserve® or The Platinum Card® from American Express. Here's how you get your cash back:
For every dollar you spend, Save buys a strategy-linked security with an investment worth twice the dollar spent.
The investments remain untouched for a little over a year
Save deposits the returns earned by the stocks into your bank account (minus Save's mandatory 0.79% wealth management fee)
To be clear, you will not have access to the actual investments — only the gains from those investments. For example, if you spend $100, Save will purchase $217 in stocks (chosen by either you or Save). One year after that $100 purchase, you'll be eligible to withdraw the gains on that stock. If the stock has yielded the expected return, you'll receive $5.70 for your $100 purchase.
In the event that you make less than 0.79%, you won't be charged the wealth management fee.
Because the return rate from your funds isn't available until a year after the initial investment, "you'll have a monthly annuity of returns coming in for every month you spent in the previous year, which is a good income generator," said Nelskyla. "At any time, you can cancel your account and we will liquidate your investments at their market value and you will receive them. But it defeats the purpose of the program, and hence your returns may be lower than typical portfolio returns, but still likely to be higher than any cashback value of other cards."
In short, you'll be most rewarded by letting your stocks ride instead of withdrawing every month.
Save Wealth Premium benefits and features
Currently, the card offers a $10,000 investment bonus. That does not equate to $10,000 in cash — this is an investment made on your behalf. There's no way to say for certain how much this is worth, as the market fluctuates, but a reasonable estimate is $278. Here's why.
For every dollar you spend, Save will purchase $2.17 in investments. That means a $10,000 bonus is equivalent to spending $4,608. If you net a projected average return of 5.7% return on that spending, you'd receive $278.
In addition to this, both you and a friend will receive a $5,000 investment bonus when you refer to the card. Again, this is not a cash bonus. Using the above equation, this bonus should be worth $139, on average.
It's worth restating that this dollar amount could be dramatically higher depending on the stock market. And by that same token, you could net absolutely nothing.
Earning rates
It's been stated before, but the Save Wealth Premium's big selling point is its potential earning rates on everyday spending — a whopping 5.7% estimated average return. There are no limits to what you can earn. And there are also bonus categories that earn the following (again, all are estimates):
Tesla, Peloton, SoulCycle — 18% back
Samsung, Apple, Microsoft — 12% back
Amazon, Whole Foods — 9% back
As you can see, the Save Wealth Premium credit card is designed for members with high-quality brand loyalty. You won't find annual Walmart+ subscription credits on this card.
These categories yield higher returns because Save purchases more stock per dollar when you transact with these merchants. For example, think of Tesla as a 3x category, Samsung as a 2x category, and Amazon as a 1.5x category.
Premium Market Savings account
The card comes with access to Save's enhanced FDIC-insured cash management tools which include:
A Premium Market Savings account (which yields 1.5% on cash deposited)
A high-yield checking account (which yields 0.5% back on cash deposited)
There are no deposit limits except for the $250,000 maximum for eligibility for FDIC insurance provided by Save's bank partners.
The Save Wealth Premium is not a travel credit card, though it's got some fair travel benefits that are mostly standard with Visa Signature credit cards:
Primary rental car insurance (up to the full value of the car)
Trip cancellation insurance
Emergency evacuation/repatriation of remains
Visa Luxury Hotel Collection
The card also offers premium benefits you won't find on most other cards, such as:
15% Audi rental discount
Avis Presidents Club status (normally by invitation only, and comes with perks like 50% bonus points, a guaranteed car, and double upgrades when available after booking an intermediate car or higher)
Lifestyle benefits
This card comes with access to the Visa Signature Concierge, which can help with such arrangements as travel, restaurant reservations, and tickets to entertainment events.
The Save Wealth Premium is also good for large purchases, as it offers purchase security and extended warranty benefits.
The Save Wealth Premium charges a $750 annual fee. You'll also be charged a wealth management fee of 0.79%. If your earnings are less than that, however, you won't be charged a fee.
Comparison: Save Wealth Premium vs other Save Wealth credit cards
Save Wealth Plus
Receive a projected average of 5.7% back on all purchases
$5,000 referral investment bonus
Up to 3 free cardholders per account
Primary rental car insurance
Up to 18% back on premium brands
Premium level of rental car loyalty program
Annual fee $750 $0 intro for the first year, then $95 $0
Rewards rate Receive a projected average of 5.7% back on all purchases
6% cash back at U.S. supermarkets*
6% back on select U.S. streaming subscriptions
3% back at U.S. gas stations and on transit
Welcome bonus $10,000 investment bonus
0% intro APR for 12 months on purchases and balance transfers from the date of account opening (then a 18.24% - 29.24% Variable APR)
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Discounts and bonuses through Amex Offers**
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We've never before seen a credit card like the Save Wealth Premium. The opportunity to earn stock rewards instead of direct cash back comes with uncertainty — a stock market free fall could mean you don't earn a dime for your spending.
But Save's hypothetical back-testing procedure suggests cardholders will receive an average of 5.7% back on all spending. Just be aware that you'll have to wait at least one year before you see any returns from the card, as the investments generated by your spending must remain untouched for at least one year.
Depending on the success of the Save Wealth Premium, this could be the future of credit card rewards.
Personal Finance Credit Cards Credit card review | 2022-12-23T00:57:11Z | www.businessinsider.com | Save Wealth Premium Credit Card Review | https://www.businessinsider.com/personal-finance/save-wealth-premium-credit-card-review | https://www.businessinsider.com/personal-finance/save-wealth-premium-credit-card-review |
'Bomb cyclone' forces DoorDash to pause food deliveries in multiple US cities. Rolling shutdowns could impact New York City, which is 'teetering on the edge,' the company said.
DoorDash is expanding beyond food delivery.
Winter Storm Elliot is intensifying into a "bomb cyclone," according to The Weather Channel.
DoorDash said it is pausing food deliveries in Minnesota, Iowa, Michigan, and Indiana.
Rolling shutdowns are expected in other cities as the storm intensifies, DoorDash said.
Winter Storm Elliot is intensifying into a "bomb cyclone," forcing DoorDash to pause food deliveries in various parts of the Midwest and East Coast.
DoorDash, the nation's No. 1 delivery operator, is suspending operations in multiple cities in Minnesota, Iowa, Michigan, and Indiana. Rolling shutdowns are expected over the next few days as the storm intensifies in other parts of the US, with New York City "teetering on the edge" of a possible pause in food deliveries, the company told Insider late Thursday night.
"We have activated our Severe Weather Protocol in response to Winter Storm Elliot," the company said. Major cities impacted include Grand Rapids, Minnesota; Des Moines, Iowa; Cedar Rapids, Iowa; Rochester, Minnesota; St. Cloud, Minnesota; Ames, Iowa; Waterloo, Iowa, and Kalamazoo, Michigan.
According to The Weather Channel, Winter Storm Elliot is intensifying in the Plains, Midwest, and Great Lakes. The National Weather Service reports that "over 200 million people, or roughly 60% of the U.S. population, are
under some form of winter weather warnings or advisories across the U.S."
As the storm hits other cities, DoorDash said consumers can expect more food-delivery shutdowns.
"We will be suspending operations in more locations depending on the conditions and local warnings over the coming days," DoorDash told Insider in a statement. "We have activated the protocol throughout the year due to various events, including hurricanes and blizzards."
The company said it is standard procedure to temporarily shut down food delivery services during hurricanes and severe blizzards to keep drivers safe.
"This is a significant winter storm which risks making travel extremely hazardous and in some cases impossible," DoorDash spokesperson Julian Crowley told Insider. "We are closely monitoring the difficult conditions on the ground and will resume operations as soon as it is safe to do so. Our thoughts are with local Dashers, merchants, and customers and we thank all of them for their understanding."
food delivery DoorDash winter storm | 2022-12-23T01:14:11Z | www.businessinsider.com | DoorDash Pauses Deliveries in Multiple US Cities Due to 'Bomb Cyclone' | https://www.businessinsider.com/doordash-pauses-deliveries-multiple-us-cities-due-to-bomb-cyclone-2022-12 | https://www.businessinsider.com/doordash-pauses-deliveries-multiple-us-cities-due-to-bomb-cyclone-2022-12 |
Erin Snodgrass, Sarah Gray, Madison Hall, and Brent D. Griffiths
Lawmakers on the House January 6 committee will air the inquiry's findings during a public hearing Thursday.
The January 6 panel published its final report after a nearly 18-month probe into the attack.
The 9-member committee of seven Democrats and two Republicans held its final public hearing on Monday.
Read the committee's full report here.
The House select committee investigating the January 6, 2021, Capitol attack released its final 845-page report on Thursday night following an 18-month investigation into the insurrection.
Read the entire thing here:
The report's release comes three days after the panel held its final public hearing on Monday, during which they referred Trump to the Justice Department on four criminal charges, including obstruction and inciting an insurrection.
Rep. Bennie Thompson, who is chair of the panel, said earlier this week that the committee will continue to release non-sensitive witness interviews through the end of the year before the panel is sensed ahead of the new Congress.
The Insider politics team is reading through the 845-page document. We'll add the most fascinating new updates below:
The committee found that Trump raised "one quarter of a billion dollars" in between the election and the January 6 riots. As the report notes, the fundraising solicitations during this period repeatedly referred to unproven and nonexistent examples of election fraud. In total, Trump and the RNC sent millions of emails in this time period spreading the word the election was "rigged."
As the riot unfolded, top Trump officials began to privately vent about the president's rhetoric and their role in shaping it. According to the committee's report, Trump speechwriter Gabriel Robert texted someone at 2:49 p.m, "Potus im sure is loving this." The day after a different member of the speech writing team, Patrick MacDonnell, conceded of Trump's speech "maybe the rhetoric could have been better."
Jan 6 Jan 6 committee Capitol Siege | 2022-12-23T03:59:38Z | www.businessinsider.com | The Full House January 6 Committee Report and the Most Fascinating New Details | https://www.businessinsider.com/read-the-full-house-january-6-committee-report-here-2022-12 | https://www.businessinsider.com/read-the-full-house-january-6-committee-report-here-2022-12 |
An Amazon warehouse in New Jersey
Amazon's product prices grew at a slower pace than US inflation this year.
Amazon's economists believe its product prices will increase at a slower pace going forward.
The estimates are part of a broader macroeconomic study put together by Amazon's economics, science, and finance teams.
The price of products sold on Amazon grew at a slower pace than the US inflation rate this year, an internal document obtained by Insider showed.
Amazon's product prices increased by 6% in 2022, which is below the average inflation range of 7% to 9% in the US this year, the document said.
Amazon expects its product prices to grow below 3% in 2023 and then turn negative in 2024, it added.
These growth rates show Amazon may be responding to record inflation rates by mitigating its impact on customers. During Amazon's most recent earnings call in October, CFO Brian Olsavsky said sales growth slowed as "consumers assess their purchasing power."
"When faced with an uncertain economy or some kind of discontinuous event, customers tend to double-down on companies that they believe have the best customer experience and that take care of them the best. And that is where our efforts remain focused," Olsavsky said.
The report also noted that the most recent forecasts for the US inflation is near 3% by the end of 2023, and slightly higher than 2% in 2024.
Amazon Andy Jassy Brian Olsavsky | 2022-12-23T10:04:50Z | www.businessinsider.com | Amazon Product Prices Grew at a Slower Pace Than US Inflation | https://www.businessinsider.com/amazon-shopping-prices-grew-at-a-slower-pace-than-us-inflation-2022-12 | https://www.businessinsider.com/amazon-shopping-prices-grew-at-a-slower-pace-than-us-inflation-2022-12 |
Happy holidays! It's great to be here with you. I'm senior reporter Phil Rosen.
As if this year didn't bring us enough bad news in the market, there's a steady chance 2023 brings more of the same.
Strategists have been sounding the alarm that stocks aren't going to get their usual year-end Santa rally, so investors are unlikely to have much momentum moving forward in the near term.
But Saint Nick's absence isn't the elephant in the room for markets — it's the Fed.
One programming note before we dive in: There will be no newsletter on Monday, December 26, but I'll be back in your inbox on Tuesday.
1. Billionaire hedge fund manager David Tepper said he's "leaning short" on the stock market as the calendar changes.
His reasoning?
Don't fight the Fed.
"Sometimes they just tell you what they are going to do and you've got to believe them. And I kind of believe them," Tepper told CNBC Thursday, referring to the central bank.
In a bid to squash decades-high inflation, this year the Fed has embarked on a historic interest rate-hiking campaign. Last week, policymakers made their fifth consecutive outsized move, and indicated that more rate hikes will follow.
"[The] Fed terminal rate will likely reach a peak of 5.25% and they're going to keep rates high for a while," Tepper said.
Inflation has indeed fallen since its annualized peak at 9.1% in June, but as Jerome Powell indicated in his press conference, there's still more work to do.
A critical detail that bodes poorly for stocks, too, is the Fed's plans to wind down its massive balance sheet by $95 billion per month. With the bank letting these bonds run off rather than buying more, they're draining liquidity from the market, which weighs on stocks.
And it's not just the Fed that's tightening things up. It's central banks all over.
"I got everybody tightening and telling me they're going to tighten more, and I got markets that just don't believe it," Tepper noted. "We don't have coordinated tightening around the whole world with everybody tightening at the same time too often."
To Morgan Stanley strategist Jim Caron, investors are being too preemptive in pricing in odds of a Fed pivot, and markets are betting incorrectly in this case.
"What the forwards in the Fed Funds futures are telling us is that it's increasing the probability that there's going to be a recession at some point," Caron said in a Bloomberg interview. "That's why there's a downward slope."
Barring a black swan event, Caron expects the central bank to hold rates high for an extended stretch of time — and JPMorgan agrees.
"The biggest mistake they've made was that they let the inflation gorilla out of the cage," JPMorgan Asset Management's William Eigen said in a separate interview Wednesday. "And right now there's not enough bananas in the world to entice it back into the cage."
What's your best-case scenario outlook for the Fed and stocks next year? Tweet me (@philrosenn) or email me (prosen@insider.com) to let me know.
2. US stock futures edge higher Friday morning, raising hopes for a recovery from recent losses with the key PCE inflation data due later today. Meanwhile, oil is rising after Moscow said it could cut output soon. Here are the latest market moves.
3. Earnings on deck: Nitori Holdings, Galileo Resources PLC, and more, all reporting.
4. An investment chief at Goldman Sachs' $1.8 trillion asset management arm shared where to put your cash next year. The firm is expecting weaker growth in 2023, but remains optimistic about emerging markets and China. Ashish Shah named four strong opportunities for investors.
5. No, Sam Bankman-Fried and his parents didn't just shell out $250 million for bail. A federal prosecutor in the case called it the "largest-ever" pretrial bond. SBF didn't pay it upfront, but his parents' Palo Alto home helped secure his promise not to flee. Here's how it works.
6. The Armenian dram is the world's top-performing currency. The mass exodus of Russian citizens fleeing the war on Ukraine has helped neighboring countries' currencies soar against the US dollar. Meanwhile, Russia is reportedly moving to further cut its dependence on the greenback by buying up Chinese yuan.
7. Wall Street giants are expecting stocks to fall sharply in 2023. But Carson Group's Ryan Detrick said indexes could actually rally because a weakening dollar will juice earnings. Get the full details.
8. Famed bearish strategist Albert Edwards said the Fed will extract a high price to tame inflation. Societe General's global strategist warned that an oncoming recession will help bring down soaring prices — but its success will only be temporary.
9. This 28-year old owns 42 cash-flowing properties. He explained how he started investing in real estate without any cash. Plus, he shared his top six tips for beginners looking to build their property portfolio.
10. AMC Entertainment stock plunged as much as 22% on Thursday. The faltering meme stock proposed a reverse stock split and a conversion of APE shares. It needs the cash because, measured by net income, it hasn't seen a profitable quarter since June 2019.
Markets 10 things 10 things opening bell | 2022-12-23T11:36:16Z | www.businessinsider.com | This Billionaire Investor Won't Be Fighting the Fed in 2023 | https://www.businessinsider.com/billionaire-investor-inflation-fed-finance-investing-markets-stocks-jpmorgan-2023-2022-12 | https://www.businessinsider.com/billionaire-investor-inflation-fed-finance-investing-markets-stocks-jpmorgan-2023-2022-12 |
Testing well over a dozen new electric cars has convinced me that I want one someday.
They're quick, quiet, and good to the environment.
But I wouldn't buy one yet. New EVs are way too expensive and used ones are lacking.
Enthusiasm for electric cars has never been higher. There are more models to choose from than ever before, and an increasing portion of Americans are eager to shun fossil fuels and buy something like a Tesla instead.
After driving well over a dozen electric vehicles on the market today — from mainstream SUVs to burly pickup trucks and six-figure luxury cars — I'm sold on EVs too. But I wouldn't buy one. Not yet, at least.
At this point, they're just too expensive and hard to find. And besides, charging stations aren't widespread or convenient enough yet.
The technology is amazing
The 2022 Ford F-150 Lightning and its magnificent frunk.
I'm pretty certain that I'll own an electric car someday — and happily, not just because the government mandates it. EVs simply have too many advantages over regular cars to ignore.
They're quiet and smooth. And in practically any electric car — from pedestrian Chevys to high-performance Porsches — smashing the throttle results in an instantaneous jolt of acceleration. It means EVs bring a bit of spice to a boring drive and are great at handling quick highway merges and passes.
Since they lack all the bulky parts of a traditional drivetrain, manufacturers can add in extra interior space and storage options that weren't possible before. Think things like totally flat floors, front trunks, and Rivian's Gear Tunnel.
All of those perks combined with an impulse to tread lightly on the environment means an EV is likely in my future.
New electric cars are too expensive
The Tesla Model Y costs close to $70,000.
The way things stand today, buying a new EV is out of the question for price-conscious shoppers like me.
The Ford Mustang Mach-E starts at around $50,000, and you can't get a Tesla for less than $47,000. Sure, some cheaper models are popping up, like the new $27,000 Chevrolet Bolt EUV. But EVs skew heavily toward the luxury end of the spectrum; the average battery-powered ride sold for around $65,000 in November.
And if you won't settle for less than 300 miles of range, prepare to cough up at least $45,000 (before dealer markups).
There aren't enough used ones available yet
The 2022 Nissan Leaf SL Plus and an older Leaf.
People who are unwilling or unable to shell out for a new car buy used. And that's what I'd do with my budget of $10,000-$15,000. But the market for electric cars is so young — and they're so pricy to begin with — that there aren't all that many appealing secondhand options in my budget.
A search of affordable used EVs on Autotrader turns up plenty of old Nissan Leafs and limited-run EVs, but their ranges — 93 miles, 107 miles, 124 miles — don't cut it for my driving habits. Extended trips with multiple refueling stops would be more trouble than they're worth.
Today, you can't find a used EV with more than 250 miles of EPA-rated range for less than $24,000. But that should change as all the new Teslas, Fords, Kias, and Hyundais sold in recent years hit the used market.
Charging is too inconvenient for me
Charging the 2022 Polestar 2.
Underdeveloped charging infrastructure is widely cited as one of the top reasons more people don't buy more electric cars. And I guess I'm not special.
Having a garage or a driveway to charge in is a game changer for EV ownership. You can plug in, go to sleep, and be topped up by morning. But I live in an apartment building in New York City and don't have either of those things. There are a couple of fast-charging stations around, but most charging options are relegated to expensive parking garages. My neighborhood has some of the few curbside chargers in the city, but they're typically blocked by gas cars.
Charging outside the city, where I do most of my driving anyway, isn't a terrible hassle once you get used to it. (And particularly if you own a Tesla.) But I've had to deal with broken plugs and charging dead zones.
Realistically, I could probably get over the inconvenience of charging. But it doesn't exactly inspire me to stretch my budget by many thousands of dollars.
I look forward to the day when EVs are cheap enough to make sense for people with lower budgets and limited home charging options. Until then, I'm on the hunt for a hybrid. | 2022-12-23T11:36:22Z | www.businessinsider.com | Why I Wouldn't Buy an Electric Car yet After Testing 19 of Them | https://www.businessinsider.com/electric-car-problems-reasons-not-to-buy-yet-2022-12 | https://www.businessinsider.com/electric-car-problems-reasons-not-to-buy-yet-2022-12 |
Hannah Towey and Juliana Kaplan
Strict employee attendance policies allow America's planes and trains to run on schedule.
But some workers say these "point systems" value efficiency over their health and well-being.
Rail workers' lack of paid sick leave nearly caused an economy-rattling strike in December.
Imagine starting a brand new job, and you start with zero points. A sick day earns you one point, two if you wait until the last minute to call in. Sleep in and miss a shift on accident? Another two points are added. Go over the maximum number of points allowed, and you could be fired.
While the exact method for losing and gaining points varies, this is the system many of America's airline and railroad workers live by.
"We fly all over the country and the world," a flight attendant at American Airlines, where earning 11 points can lead to termination, said. "We should not be encouraged to expose thousands of people per trip to our illnesses. We shouldn't have to worry about getting fired because of sick calls."
Point systems like these enforce attendance policies by keeping a running count of all absences and tardies, regardless of cause. Also known as "no fault" attendance, they're common in industries where on-time deliveries and arrivals mean everything, like transportation and shipping. They're perhaps most visible at Amazon.
During a year marked by labor strikes and protests, flight attendants and rail workers told Insider that these points-based attendance policies create an industry culture that values efficiency over employee health and well-being.
For workers at BNSF, the nation's largest railroad by revenue, for example, a sick day could cost anywhere from two to ten points, depending on the day it's taken and how early the worker calls out. So could fatigue or a family emergency. It's a new attendance policy called "Hi-Viz," implemented in February 2022 to near-immediate backlash.
It's since been reformed, with a higher limit on points and more ways to earn them back, but has still caused ripple effects as workers leave the industry and it struggles to staff up.
Similar attendance systems exist at most major US airlines including American, Spirit, United, and Southwest, where flight attendants are dinged with points for calling in sick, checking in late, or taking more than the allotted personal days, for example. Additional points are added during "critical periods" around the holidays. Accumulate enough points, and you can be fired. The airlines did not respond to requests for comment.
Employees showing up to work on time is what keeps vital services like planes and trains running on schedule. One late flight attendant can delay a plane with hundreds of passengers, or an absent conductor can bring vital rail shipments grinding to a halt.
But workers say the point systems form the foundation of punitive attendance policies that force them to work while sick or dangerously fatigued. Some have requested to remain anonymous for fear of losing their jobs, but their employment has been verified by Insider.
Transportation workers across industries are pushing back
Dennis Pierce, the outgoing president of the Brotherhood of Locomotive Engineers and Trainmen (BLET), told Insider that over a thousand workers have left BNSF after the railway implemented its new attendance system this year. This hurt supply chains and led to understaffing, he said.
A BNSF spokesperson said the company hired 1,800 train crew personnel and 1,200 new employees on their Engineering, Mechanical and Dispatcher teams in 2022, keeping BNSF "ahead of attrition."
For years, Michael Paul Lindsey, a locomotive engineer in Idaho who is a steering-committee member for Railroad Workers United, railroaders "have just been run ragged" from constantly working.
"Then they impose these oppressive attendance policies basically preventing you from taking time off," Lindsey said. "That was the biggest reason why railroaders became so disgruntled and wanting to go on strike."
A worker drives near freight trains and shipping containers in a Union Pacific Intermodal Terminal rail yard on November 21, 2022 in Los Angeles, California.
The restrictive attendance policy helped catalyze what could have been an economy-rattling rail strike, had Congress not stepped in to push through a contract while ignoring workers' asks for any sick days.
In 2022 so far, there have been a total of 89 labor protests and strikes in the transportation and warehousing industries, according to Cornell's labor action tracker — 15 more than in 2021.
On top of attendance systems, railways and airlines share another thing in common: they are the only two industries in which the federal government can step in and stop workers from striking.
At American Airlines, flight attendants have pushed back on the system for years.
"I don't think you'd speak to one flight attendant who thinks the point system is necessarily fair, or balanced," Anthony Cataldo, an American Airlines flight attendant of 33 years, told Insider. "I also don't think you'd speak to a flight attendant out here who would say that some type of policy isn't necessary to keep flight attendants at work, because when people call in sick it affects other flight attendants' quality of work life."
Previously, crew members could discuss attendance issues with their flight manager during an emergency or extenuating circumstances and have points removed or reduced, according to Cataldo. Today's system, introduced in 2018, he says, doesn't allow for that kind of wiggle room due to stricter enforcement guidelines.
An American Airlines spokesperson did not respond to Insider's request for comment.
"What we see now is something completely different from what I started with," Cataldo told Insider, adding that he hasn't heard of anybody getting a point removed under the new system. "There's no mitigating these points. Those days are gone."
When work can be whenever, highly-regulated attendance is even more of a struggle
Attendance policies are made even more complicated by the fact that many workers are required to work unpredictable reserve shifts, meaning they could be called into work at a moment's notice to fill in for someone else.
Some airlines also require employees to work "mandatory overtime" shifts during periods of mass flight cancellations or delays. When Spirit Airlines canceled over 1,000 flights last summer, one employee told Insider that some airline staff worked 15-hour shifts in fear of being fired under the point system.
"I'd say 95% of our employees work on call. So we're on call 24 hours a day, seven days a week, 365 days a year," a BNSF railway conductor of over a decade told Insider. "When you're on call 24 hours a day, seven days a week you cannot schedule a doctor's appointment, take the day off for your wife's birthday. I mean, it's just made it nearly impossible to get any time off."
This lack of rest creates a "deep fatigue" that can put rail workers in dangerous situations, Marilee Taylor, who worked as a locomotive engineer for 33 years and retired from BNSF in February, told Insider.
"I have the moral responsibility, civic responsibility to not drive drunk," she said. "I can operate a train where my reaction time is worse than if I were drunk, and that is because of lack of rest."
Economy Flight Attendants flight attendant union | 2022-12-23T11:36:28Z | www.businessinsider.com | Flight Attendants, Rail Workers Push Back on Attendance 'Point Systems' | https://www.businessinsider.com/flight-attendants-rail-workers-push-back-on-attendance-point-systems-2022-12 | https://www.businessinsider.com/flight-attendants-rail-workers-push-back-on-attendance-point-systems-2022-12 |
Virtuo lets you rent upmarket cars using only an app.
I tried Virtuo, an app-based car-rental service, for the first time.
I rented a Mercedes GLA and enjoyed driving it, but had trouble unlocking it with the Virtuo app.
I called Virtuo customer service several times but they seemed unable to help.
Anyone who's stood in a long line at a car-rental counter spends some of their wait dreaming about jumping straight into their vehicle and hitting the road.
As someone who rents lots of cars, I appreciate it when an agency helps me get into my vehicle quicker – and that's part of the draw of app-based rental services, which do away with wait lines altogether.
Traditional agencies such as Avis, Hertz, Sixt, and Enterprise are facing competition from app-based services such as Getaround, Zipcar, and Virtuo, in a global vehicle-rental market that will be worth nearly $127 billion by 2028, according to one estimate.
I used Virtuo, which offers high-end cars from Tesla and Mercedes, to rent a vehicle in France. I settled on a Mercedes GLA, which cost $580 for seven days.
My flight arrived earlier than expected in Nice, so I contacted Virtuo customer service via the app to see whether I could collect the car 45 minutes early.
I couldn't. I was told I'd receive a text message when the car was ready, and where it would be, but they couldn't get it there sooner. So I waited.
Once I received the text, I rushed to the car. The check-in process was easy: I scanned the car for dents and scratches and ensured everything was up to par, and confirmed the same on the app using the artificially-intelligent damage report system.
Then I unlocked the car using the digital key on my app and jumped in. The feeling was different from when I drove a Ferrari for the first time but it was exciting nonetheless.
Unlocking became an issue
Insider's reporter unlocking the car with his phone.
Sam Tabahriti/Insider
As I drove from France to Italy, the car never failed to impress me, and the going was smooth.
However, I had some trouble with the app itself.
Virtuo's digital key requires a Bluetooth connection between the app and the car. One day, as we were getting ready to go to Cannes, we tried to unlock the car. It didn't work.
At first, I thought it was an issue with my phone, so I restarted it — but after about ten minutes of trying, I gave up and called customer service.
The Virtuo representative who answered seemed to be as lost as I was about the problem. For around 20 minutes, we were locked out of the car and Virtuo couldn't help us.
So we logged into my Virtuo account on my partner's phone and thankfully, managed to unlock the car. I presumed it was a one-off glitch. We drove off.
After stopping in the town of Grasse, I again tried to unlock the car with my phone but it still didn't work. I could lock it but couldn't unlock it.
I called customer service and again, they were unable to figure out what was wrong. So we again used my partner's phone.
While the car was fun to drive, the glitches with unlocking, the inflexibility with my early arrival, and my customer service experience took some of the shine off the journey.
Still, I've been using apps like Virtuo for several years and I'd choose them over traditional agencies. They take away the hassle of having to wait in line, sometimes for hours, even when you booked months ago. Plus there are no agents trying to upsell cars and overcharge you for insurance.
While my experience wasn't perfect, I'd use Virtuo again. And hopefully next time, I can drive one of the Teslas it offers.
Car Rental Mobile App Virtuo | 2022-12-23T11:37:05Z | www.businessinsider.com | Tried Virtuo Car-Rental App for First Time, Unlocking an Issue | https://www.businessinsider.com/review-virtuo-car-rental-app-unlocking-issue-mercedes-hertz-avis-2022-11 | https://www.businessinsider.com/review-virtuo-car-rental-app-unlocking-issue-mercedes-hertz-avis-2022-11 |
Tesla investors are increasingly concerned by Elon Musk's focus on Twitter.
A Tesla investor challenged Musk on his jokes about pronouns in a Twitter Space on Thursday.
The user said Musk's jokes made them feel uncomfortable about owning a Model X.
Musk said he felt like the use of pronouns were "a shield to allow people to be assholes."
A Tesla investor with a trans child challenged Elon Musk over his comments about pronouns in a tense discussion on Thursday.
In a Twitter Space for Tesla investors where Musk was a speaker, a participant asked him about his recent language but got a cagey response.
The user, Earl of FrunkPuppy, told Musk that while he was still passionate about Tesla and owned shares in the company, he felt disenfranchised by the CEO's recent behavior.
Earl of FrunkPuppy said they had a daughter as well as a trans child who had both previously been excited about owning a Model X, but now had "mixed feelings."
"It's not always directly related to what you say, but kind of some of the opinions or attention you draw to things like pronouns or something like that. And it's just, it's sad for me to watch that happen," the user said.
The person also said that as a shareholder they were concerned that Musk was alienating moderates. Musk responded: "I'm not going to sort of suppress my views just to boost the stock price."
The moderator then asked: "Elon, you don't hate trans people, do you?"
Musk said he did not, but added: "It does bother me that people will use pronouns to just be super judgmental. To me feels like a lot of these things are a shield that allow people to be assholes, like a moral shield that where they just give them an excuse to be an asshole and that's, that's what that bothers me."
The investor pushed back on Musk's comments and said it felt like he was "punching down to a really marginalized group" with his comments about pronouns.
"My kid is just trying to have like their pronoun used in school and stuff and it's like, you know, then you have this really rich popular person like crapping on pronouns," the user said, before being cut off by Musk who asked the moderator to move on to the next question.
—🐶 Earl of FrunkPuppy 🐶 (@28delayslater) December 23, 2022
Musk has often said he wanted to fight a "woke mind virus" he argued was negatively affecting public discourse. That appeared to include mocking the use of pronouns by mostly liberal users in their social media handles.
In 2020, he tweeted: "I absolutely support trans, but all these pronouns are an esthetic [sic] nightmare."
His latest joke about pronouns involved Musk tweeting: "My pronouns are Prosecute/Fauci," in reference to calls from right-wing sources to arrest Dr Anthony Fauci, the chief medical advisor to the US President, for his role in the imposing COVID-19 quarantines. | 2022-12-23T11:37:17Z | www.businessinsider.com | Tesla Investor With Trans Child Challenges Elon Musk's Pronoun Comments | https://www.businessinsider.com/tesla-investor-with-trans-child-challenges-elon-musks-pronoun-comments-2022-12 | https://www.businessinsider.com/tesla-investor-with-trans-child-challenges-elon-musks-pronoun-comments-2022-12 |
Happy Friday. Dan DeFrancesco checking in from NYC.
One programming note, we'll be off on Monday, but back in your inboxes on Tuesday, so fear not. You can't get rid of me that easy.
Today, we've got stories on the top public-cloud trends heading into 2023, SBF is out on bail, and why fast fashion sucks for the environment.
But first, to be clear, it's not my fault.
1. The blame game at Goldman Sachs.
You either die a hero or live long enough to see yourself become the villain.
When things were going good, Goldman Sachs' CEO David Solomon could seemingly do no wrong. Last year, thanks to a booming M&A market and a favorable trading environment, life was good at the elite Wall Street bank.
Sure, there were some signs of trouble within Goldman's consumer business, as Insider reported at the time, but who could be bothered worrying about that. Everyone — even the juniors — was making money!
Fast forward to today and boy are things different. The M&A market has been about as quiet as a church mouse, the consumer division is on its last legs, layoffs have hit the bank, and the juniors are getting worked to the bone again.
As if all that wasn't bad enough, word has come down that bankers shouldn't get their hopes up about year-end bonuses. And while most banks plan on handing out lighter payouts, Goldman's are shaping up to be considerably smaller compared with last year.
But, considering the amount of external factors at play — rising interest rates and a slumping economy — and the fact that 2021 was such a banner year, I'm sure everyone will take this in stride. After all, their base compensation is far and above what the average American can dream of making. Right?
Insider's Dakin Campbell and Emmalyse Brownstein report that the finger pointing internally is already starting ahead of what is set to be a brutal bonus season.
Some insiders are blaming investment bankers, who enjoyed extra-large payouts in 2021 thanks to a record year in M&A but now aren't being asked to bear the brunt of the lower bonuses despite a lack of deal flow.
However, the true target internally, according to Dakin's and Emmalyse's reporting, is Solomon and his failed push into consumer banking.
As Dakin and Emmalyse point out, the real risk here is defection. Traditionally, the end of bonus season marks the beginning of people-moves season, as folks start considering new gigs. A lower-than-expected bonus only adds fuel to that fire.
We won't have to wait long to see how things shake out. Fourth-quarter and full-year earnings will come in mid-January, followed by an investor day scheduled for the end of February.
Click here to read more about the turmoil at Goldman ahead of bonus season.
iStock; Vicky Leta/Insider
2. Everyone's got big plans for the public cloud in 2023. Top tech executives from 10 Wall Street firms, including Goldman Sachs, Citadel, and KKR, share their predictions for the top public-cloud trends next year. Read about the 6 key topics here.
3. Bad news: You're not the only one waiting for rates to drop to buy a home; so is Wall Street. Institutional investors have $110 billion ready to deploy on buying and building single-family homes. Here's what a home-buying spree from Wall Street could mean for the entire industry.
4. Guggenheim Partners Scott Minerd passed away. The firm's chief investment officer was also one of Guggenheim's first managing partners and a popular market commentator. Here's how the industry reacted to the loss of a legend.
4. At Bank of America, slow and steady wins the race. While BofA might not sit at the top of the league tables for trading or dealmaking, that's OK. For CEO Brian Moynihan, it's all about "responsible growth," Bloomberg reports. More on why the bank isn't looking to chase revenue and risk getting out over its skis.
5. Sam Bankman-Fried is going home for the holidays. The disgraced crypto founder of FTX was released on $250 million bail and is required to stay at his parents home in California. And before you even ask, no, he didn't actually shell out $250 million for bail. Here's how it works. And here's a quick rundown of all the charges against some of the former FTX and Alameda executives.
6. Those cheap knock-off clothes you love buying are actually destroying the environment. Lots of clothes are ending up in the garbage, and it's becoming a serious problem. So cool it on the new wardrobes and take an extra trip to the laundromat.
7. Sports documentaries are an athletes best friend. The so-called "Netflix effect" is real, as athletes look to cash in and build their brands from movies and television series. Here's how they are doing it.
8. Tough times ahead for Amazon. Leaked internal docs show that the giant retailer isn't going to see booming growth in 2023. More on why there will be more cost cuts.
9. Tom Brady just became the highest-paid NFL player of all time. The greatest of all time is now the most-paid of all time. Check out the 34 highest-paid players in NFL history.
10. Maybe hold off on returning that ugly sweater from your aunt, because it may cost you. Those returns won't be free. These are the major retailers charging. | 2022-12-23T13:07:31Z | www.businessinsider.com | Turmoil at Goldman Sachs Over Upcoming Bonus Season | https://www.businessinsider.com/goldman-sachs-unhappy-over-year-end-bonus-consumer-banking-failure-2022-12 | https://www.businessinsider.com/goldman-sachs-unhappy-over-year-end-bonus-consumer-banking-failure-2022-12 |
A YouTuber with 3.6 million subscribers explains how much he earned per 1,000 views each month this year
Ali Abdaal is a former doctor and a productivity YouTuber with 3.6 million subscribers.
He shared his monthly RPM rate, or how much he earned from ads on his videos per every 1,000 views.
This is the latest installment of Insider's YouTube money logs, where creators break down how much they earn. The amounts have been converted from British pounds to US dollars. Insider verified all income information with documentation Abdaal provided.
Ali Abdaal, a productivity-and-entrepreneurship YouTuber, left medicine to pursue a career creating content in 2020.
Since then, he's built a multimillion-dollar business that earns money from online courses, brand sponsorships, affiliate marketing, physical-product sales, and more.
"We had a pandemic boom like all these other tech companies," Abdaal previously told Insider.
One of Abdaal's income streams is ad revenue from the views he receives on his YouTube channel, which has 3.6 million subscribers.
Creators receive a portion of the revenue from the ads placed on their videos if they are part of the YouTube Partner Program.
An important metric for creators to keep an eye on is their RPM, or revenue per mille, which identifies how much a creator earns for every 1,000 views on their videos.
Much like the rest of his business, the RPM on Abdaal's YouTube channel has gone up consistently since 2017, when he first started it. In 2017, the average RPM was about $1.2. It went up to about $5 in 2021, and to over $8 in 2022.
This year, Abdaal's RPM has remained fairly consistent, which is in line with what some other creators told Insider their experience had been earlier this year.
That's despite the fact that YouTube recently reported a slowdown in advertising revenue for the first time since 2019, when its parent company, Alphabet, began sharing the platform's revenue separately from Google.
While Abdaal's RPM was relatively stable, it reached highs in the spring and the early summer. Some fluctuation in RPM numbers is normal, Abdaal said — though he added that they are usually higher in the fall and the early winter.
Here's how much Abdaal's channel made per 1,000 views every month in 2022
Average RPM rate: $8.23
The average playback-based CPM for the channel, or the cost to advertisers per 1,000 ad views, was $20.12.
Read more about Abdaal's YouTube business:
How much a YouTuber with 3.6 million subscribers has earned each month this year from his productivity videos | 2022-12-23T13:07:37Z | www.businessinsider.com | How Much a YouTuber Earned for 1,000 Views Each Month in 2022 | https://www.businessinsider.com/how-much-youtuber-earns-for-1000-views-2022-12 | https://www.businessinsider.com/how-much-youtuber-earns-for-1000-views-2022-12 |
Rep. Lauren Boebert (r) at a press conference on June 23, 2021, in Washington, DC, alongside Rep. Marjorie Taylor Greene (l).
A feud between two former MAGA allies has exposed tensions in the movement.
The GOP far-right is feuding over the House Speaker battle, and Trump's 2024 campaign.
The poor performance of the GOP in the midterms means former allies now find themselves foes.
This week, tensions between two of the MAGA movements most high-profile figures erupted into a public spat.
At an event earlier this week, Colorado Rep. Lauren Boebert took a swipe at Georgia Rep. Marjorie Taylor Greene over her promotion of anti-Semitic conspiracy theories, as well as her support for Rep. Kevin McCarthy to become House Speaker.
"I don't believe in this, just like I don't believe in Russian space lasers, Jewish space lasers and all of this," she said, referencing Greene's past claim that Jewish lasers were responsible for wildfires.
Greene fired back, trolling Boebert on Twitter over the narrow margin of her midterm reelection victory, and said Boebert "childishly threw me under the bus for a cheap sound bite."
Only months ago the two were close allies and friends. Both were elected to Congress in 2020 as ardent supporters of Donald Trump, and grew their personal brands around political stunts and the promotion of conspiracy theories. They heckled President Joe Biden together during the 2022 State of the Union address.
But the disappointing results for the GOP in the November 8 midterm elections have unleashed a power struggle in the MAGA movement, centering around McCarthy's bid to become House Speaker.
In the midterms, GOP candidates endorsed by Trump – many embracing fringe views – crashed to defeat in key races. This left the GOP with a much smaller majority in the House than anticipated (222 seats), with the party's squabbling factions now gaining an outsized influence.
"With the House this closely divided every man is a king and every woman is a queen, and they're acting like it," Whit Ayres, a Republican consultant, told Insider.
McCarthy requires 218 votes to secure the House Speaker role he has long coveted, but Republicans are making tough demands in return for their support.
In return for her backing, Greene is reported to have secured an agreement from McCarthy that he will give her high-profile committee assignments if he wins. The then-Democratic majority expelled her from committee roles in 2021 over her promotion of racist conspiracy theories and violent rhetoric.
Boebert and other members of the hard-right House Freedom Caucus are taking a different course. They are refusing to back McCarthy's candidacy unless he agrees to procedural changes that would increase their power to remove him from office.
In essence, it's a power grab — a bid to secure more influence over the House in return for backing McCarthy.
The midterms have upended the balance of power between the various Republican factions in Congress, said Ayres.
These include the "never Trumpers" who adamantly oppose the former president, the "always Trumpers" such as Greene who idolise him, and "maybe Trumpers," who'll vote for him but are repelled by some of his antics and could equally back a rival.
Greene won reelection in November with a solid majority, and apparently sees no reason to significantly deviate from the tactics that have made her one of the most controversial and high-profile members of the MAGA movement.
But many Republicans appear to be hedging their bets, waiting to see which faction dominates in the power struggles over the party's future.
Among them is Boebert, whose slender margin of victory in November may have underlined the waning appeal of her hardline brand of MAGA politics, and the diminished popularity of Trump himself.
Boebert appears to be playing a waiting game before deciding where to place her allegiances, having not endorsed Trump's 2024 campaign and expressing admiration for Ron DeSantis, who is believed to be Trump's main 2024 rival.
In aiming jibes at Greene, Boebert was likely seeking to put some distance between herself and the conspiracy theory-fuelled brand of politics Greene represents.
Ayres said there are now so many variables at play within the Republican Party, including a possible indictment for Trump in the multiple investigations he faces. Predicting the outcome of the power struggles was very difficult at this stage.
"I just don't know how the MAGA forces are going to to react in the long run," he said.
MTG Lauren Boebert Republican Party | 2022-12-23T13:07:43Z | www.businessinsider.com | Infighting Erupts Between Key Figures in the MAGA Universe | https://www.businessinsider.com/infighting-erupts-between-key-figures-in-the-maga-universe-2022-12 | https://www.businessinsider.com/infighting-erupts-between-key-figures-in-the-maga-universe-2022-12 |
YouTube's $2.5 billion deal with the NFL will rock streaming TV advertising in 2023. Experts predict 4 things that will impact the flow of ad dollars next year.
Ryan Joe and Lauren Johnson
YouTube struck a $2.5 billion deal to air NFL games next year.
Streaming TV ad spend will surge in 2023.
Live sports and better measurement could increase streaming TV ad dollars.
But content owners must find ways to deal with more competition and lack of inventory.
For streaming TV advertisers and content owners, 2022 ended with a bang. Netflix and Disney both released ad tiers for their streaming offerings, and YouTube netted a huge $2.5 billion deal to air the NFL's Sunday Ticket.
The foundation is set for streaming TV advertising to be a huge growth area in 2023. The global media agency Magna Global predicted in its recent forecast that streaming TV ad spend in the US will surge 32.7% next year.
Here's what experts — including advertisers, content owners, TV measurement firms, and analysts — think will impact the flow of dollars in streaming TV advertising next year.
More advertisers will buy streaming TV ads — and pay higher rates — because of live sports
2022 was a boom year for live sports in streaming TV. NBCUniversal's Peacock streamed the 2022 Winter Olympics, Amazon launched its coverage of the NFL's "Thursday Night Football", Apple netted a deal to sell Major League Soccer ads, FuboTV streamed the FIFA World Cup, and YouTube paid $2.5 billion to air NFL Sunday Ticket next season.
Many advertisers still prioritize linear TV, said Eric Schmitt, research director at Gartner, who consults with brands. But experts believe the growth of live sports on streaming TV will be a major catalyst that will push advertisers out of their comfort zone.
"It's absolutely going to change how advertisers view streaming," said Dan Robbins, VP of ad sales marketing at Roku. "Sports has been the last bastion of traditional paid TV and what you're seeing is the rapid shift to streaming."
Lynette Kaylor, who heads up ad strategy at FuboTV, said that while live sports will attract advertisers who haven't run on streaming TV, they'll stick initially to traditional demo-based buying, which is focused on age ranges and gender, before making more sophisticated buys based on audiences, such as the people most likely to buy certain products.
Live sports also provides the ammo for content owners to jack up CPMs, which is the price advertisers pay to reach 1,000 viewers.
"When you bring the size of the audience, you get the premium CPM, because instead of a volume discount, you can charge a volume premium," said Schmitt.
Live sports CPMs are about $40, while CPMs on prime-time broadcast and cable average about $20 to $30, said Kevin Krim, CEO of EDO, a company that measures whether TV ads caused viewers to take action, like to search for a product.
That's not the $65 CPM that Netflix reportedly demanded, but it's still well above the CPMs charged by some of the more established streaming TV companies.
Having multiple measurement providers could justify higher prices
A lot of advertisers are still fixated on the size of the audiences their campaigns reach, but they'll need extremely high reach to justify exorbitant CPMs.
"$65 is a high bar for reach," said Krim.
To justify higher CPMs, content owners are pushing to convince marketers to focus on whether their ads drove results, like sales or website visits, which will require multiple types of measurement, rather than having everything evaluated through Nielsen.
"It's going to be a world of multiple measurement options and marketers will look at TV based off their business outcomes," said Roku's Robbins.
FuboTV's Kaylor agreed, adding: "Measurement companies have been around for a long time but they've been measuring linear, and those don't apply to a digital buy" — which is what streaming TV is.
Nielsen's SVP of product strategy Brian Fuhrer said the ratings giant, which has long dominated TV measurement, isn't worried about a potential multi-measurement landscape, and that the company is focused on updating its current offering. The company has often done this before to meet changing advertiser demands, he added.
Advertisers will get smarter about the type of audience each streaming service offers
Even as content owners push new types of measurement to increase the value of their inventory, the growth of streaming offerings means they're having a tougher time holding onto their audience.
"We've noticed people getting caught up in 'cycling,'" said Ellie Bamford, global head of media at the agency R/GA. "This is a relatively new behavior where viewers will start a subscription to a new streaming service when they know a new season of a show they want to view is about to be released, and then will cancel the subscription once they finish the show."
Economic volatility, she said, will also create a lot of turnover as consumers assess which streaming service they actually want. These new behaviors could impact how advertisers spread their streaming dollars in 2023.
Moreover, advertisers have also realized that all streaming services aren't created equal, and that different content owners will capture very different types of audiences — which will also impact the distribution of ad dollars.
"Our research shows that consumers have a different feeling about an ad that's placed on YouTube versus an ad that's placed on AMC Networks or ESPN," said Kern Schireson, CEO of the agency Known. "They have different viewership, they have different levels of engagement, and there's a different sense of premium."
There still won't be enough inventory
One of the biggest issues that continues to plague the flow of ad dollars to streaming TV is that there just isn't enough inventory. Unlike online and mobile, there's not an infinite amount of ad slots available, and content providers are struggling to figure out how to create more.
"That's the question, right? I'd love to have an answer to that, because you are constrained by the eyes watching the screen," Kaylor said.
Gartner's Schmitt believes more streaming TV inventory will shake loose in 2023 — "but not as much as is necessary to give oxygen to the programmatic ecosystem," he said. "The inventory is there, but you'll need to buy it direct." | 2022-12-23T13:25:01Z | www.businessinsider.com | 4 Factors Shaping the Future of Streaming TV Advertising in 2023 | https://www.businessinsider.com/streaming-tv-advertising-trends-to-watch-2023-2022-12 | https://www.businessinsider.com/streaming-tv-advertising-trends-to-watch-2023-2022-12 |
Russian President Vladimir Putin in Astana on October 14.
Russia's military has little to show for itself after 10 months of fighting in Ukraine.
US and Western officials have widely denounced Putin's campaign as a "failure."
Here are some of Moscow's biggest blunders and mistakes throughout the war.
After 300 days of fighting in Ukraine, Russian President Vladimir Putin's military has little to show for its efforts.
Putin expected his forces to capture Kyiv in a matter of days after launching a full-scale invasion on February 24. In recent months, Ukrainian forces have liberated thousands of square miles of territory — including the only regional capital that Russian forces managed to capture.
Russia's campaign has been widely denounced by US and Western officials as a "failure," and it now faces estimates of more than 100,000 casualties — a toll that continues to rise.
From Russia's botched invasion to Putin's miscalculation of the Western response, here are some of the biggest mistakes Moscow has made during its unprovoked war in Ukraine.
Screwing up the invasion
A destroyed Russian tank on the side of a road in Luhansk region on February 26.
Once Putin announced the assault, it didn't take long for his military to make mistakes.
Military analysts have told Insider that Russia completely botched its initial invasion for a variety of reasons and that its campaign has been riddled with miscalculations, poor communication, and widespread confusion.
"We would have thought that they would have done a much more deliberate, well-thought-through operation. That is not what they did," Jeffrey Edmonds, a Russia expert at the Center for Naval Analyses and former CIA military analyst, told Insider in a recent interview.
During the early days of the war, Russian forces were expected to combine air support with a ground assault and advance with large groups of artillery, armor, and troops.
Instead of leading with a substantial air campaign and gaining superiority over Ukraine, Russian commanders just instructed their troops to drive to Kyiv. They quickly faced logistical headaches, isolation, and ambushes.
"The Kremlin simply miscalculated and expected the Ukrainian military to collapse far quicker than it has," Mason Clark, the lead Russia analyst at the Institute for the Study of War, told Insider in February, adding that it "led to a lot of dumb Russian mistakes."
Overlooking the strength of Ukraine's defense
Ukrainian troops in liberated territory in the Kharkiv region on September 12.
AP Photo/Kostiantyn Liberov
Putin assumed victory would be quick and easy and that his forces would capture Kyiv in a matter of days. But the city of nearly 3 million people never fell, as the Russian leader greatly underestimated Ukraine's will to fight and defend its homeland.
Ukraine's fierce resistance was on display very early in the war. A senior US defense official said on February 28 that Ukraine was putting up a "very stiff and very effective defense" around Kyiv, which helped slow Russian advances.
Clark told Insider that Russia's lack of success was caused by a mix of poor execution and the Ukrainian military performing better and with "much higher morale than anyone, most importantly the Russians, anticipated."
US and Western intelligence agencies had assessed that Kyiv would not be able to withstand Russia's assault for very long, but Ukrainian forces fended it off and, in recent months, stunned Moscow by liberating thousands of square miles of territory in two counteroffensives in northeastern and southern Ukraine.
Abandoning lots of weapons
Russian ammunition left behind after Russia's from Izium on September 14.
Ukraine's surprise counteroffensive in the northeastern Kharkiv region in late summer surprised Russia and marked the start of a massive push that liberated thousands of square miles of captured territory.
The speed of the offensive sent Russian forces scrambling from their positions, leaving mountains of weaponry and ammunition.
The abandoned hardware even helped restore Ukraine's dwindling firepower, though so much was left behind that Ukrainian forces struggled to handle it all.
The British Ministry of Defense said at the time that some Russian troops "fled in apparent panic" and left lots of "high-value equipment" behind.
Expending its stockpiles of precision munitions
REUTERS/Gleb GaranichCars burn after Russian military strike, as Russia's invasion of Ukraine continues, in central Kyiv, Ukraine October 10, 2022.
In recent months, Russia has launched waves of missile and drone attacks targeting Ukraine's civil infrastructure, but doing so has depleted Moscow's stockpiles of long-range precision munitions.
Military experts and officials have said the terror campaign was not a sustainable use of Russia's limited capabilities and was unlikely to affect Ukraine's will to fight.
More recently, senior US intelligence officials have said Russia is burning through its munitions faster than it can replace them. Officials also say the use of massive amounts of artillery and precision-guided munitions has forced Moscow to turn to Iran and North Korea for supplies.
The UK's permanent representative to the UN said on December 9 that Russia was looking to obtain "hundreds" of ballistic missiles from Iran in exchange for "unprecedented" military support. Days later, a senior US military official said Russia was running out of new artillery shells and rockets and may have to use older, less reliable ammunition.
Underestimating Western unity
Ukrainian President Volodymyr Zelenskyy and House Speaker Nancy Pelosi in Kyiv on April 30.
One of Putin's most significant blunders was underestimating Western unity behind Ukraine.
NATO and the European Union have remained relatively united in providing military aid and humanitarian assistance to Ukraine and in applying sweeping sanctions against Russia.
The invasion also created an opportunity for NATO to expand — which Putin has vehemently opposed for decades — by adding Sweden and Finland, which like other European countries are now more concerned about their security.
Some countries have even reversed longstanding foreign, domestic, financial, and military policies as a result of the war.
Features Russia Ukraine | 2022-12-23T14:38:59Z | www.businessinsider.com | 5 of Russia's Biggest Blunders in Putin's War on Ukraine | https://www.businessinsider.com/biggest-russian-blunders-during-putin-war-against-ukraine-2022-12 | https://www.businessinsider.com/biggest-russian-blunders-during-putin-war-against-ukraine-2022-12 |
I never liked to give gift cards until people started giving them to me — and I loved it
Choncé Maddox and her family.
Courtesy of Choncé Maddox
I find giving gift cards makes it easier to budget for the holidays without sacrificing meaning.
I can typically get gift cards at a discount, and I combine them with other gifts.
And I don't buy gift cards for everyone — only the people I know would appreciate it.
I love the holidays, but I also love saving money. Sometimes, the two don't complement each other that well. One way I like to save money on Christmas gifts is by purchasing gift cards for family and friends.
In the past, I felt like gift cards weren't thoughtful or just an easy way to get out of getting someone a "real" gift. Then, I started receiving gift cards from people occasionally and found that I love this idea as a gift.
The holiday season is always the perfect time to buy gift cards on sale, which stretches my dollar even more. Here are a few reasons why I started buying more gift cards for Christmas gifts and how I simplify holiday shopping while staying within budget.
5 practical reasons I like to give gift cards
Some people may think gift cards are losing their charm, but I disagree. I like them because:
They're easy to buy: You can get them online or in most major stores.
You can send gift cards digitally: Don't have someone's address but want to surprise them? You can email them a digital gift card. All they need to do is add it to their shopping account for that retailer.
No tedious wrapping or additional care needed: Need I say more?
Gift cards are easy to win and regift: You can earn them by completing surveys online or using rewards programs.
There are options for everyone: It really doesn't matter where you shop, your hobbies and interests, or what you like to eat. There are gift card options that would make anyone happy.
Another reason why I like giving gift cards is that they're easier to budget for. With all the targeted advertising and emails I receive, it's super easy to go over budget trying to take advantage of a 'sale' or get the perfect gift for someone that they may not even want or need.
Gift cards make it easy to budget because I can set a fixed limit on how much I want to spend and still have tons of options in terms of the type of card to get.
I use a combination of gifts and gift cards to make presents meaningful
Gift cards can still be a very meaningful gift. I use the knowledge I have about a person and any memories we've shared to choose the perfect type of gift card. For example, last year, I gave my friend a gift card to a nice hotel since I know she enjoys staycations and would appreciate a mini-getaway, even if just for one night.
One year, for Christmas, I bought my husband a new wallet and filled it with gift cards to his favorite quick-service restaurants. I personally know how nice feels to treat myself to lunch or coffee one day with a gift card and avoid having to spend my own money.
Last year, I worked part-time as a copywriter for a small startup owned by a husband and wife team. My coworkers and I decided to gift the couple a basket full of gift cards to local restaurants for Christmas. Everyone pitched in so we were able to get tons of gift cards and it was a special present to the owners, because they love to check out new restaurants and try different foods.
I can get gift cards at a discount that stretches my budget further
I love to get gift cards from Amazon, Walmart, and Target at a discount thanks to holiday sales. Target has a great deal where you get a free Target gift card when you purchase around $100 worth of gift cards. Walmart also has discounted gift cards for popular retailers and restaurants, like buying a $25 gift card for $20. Choosing popular retailers and/or restaurants is a safe move if I'm getting a gift for someone like a teacher or my husband's boss.
Black Friday and Cyber Monday are some of the best times to lock in these gift card deals. Sales tend to last all season long, though, and for year-round discounts, I like to check out sites like Raise or GiftDeals.
We still buy regular gifts and place the wrapped items under the tree each year. However, adding in gift cards where it makes sense has noticeably helped simplify my finances during this time.
I don't buy gift cards for everyone
The truth is, most people want cash or gift cards for Christmas, but may not admit it out loud. However, this doesn't mean that everyone wants a gift card. I wouldn't buy one for my 4- and 5-year-old niece and nephew. Instead, I'd probably get them a toy, a book, or a cute pajama set.
Usually, I reserve gift cards for older kids or teens as well as adults in my life who could find it useful. I have a few younger siblings and once they reached the teen years, all they wanted was cash or a gift card so they could shop and buy what they wanted.
December 26 is also known as being a major retail discount day, so having a gift card comes in handy for any post-season shopping.
Choncé Maddox is a Certified Financial Education Instructor (CFEI) and personal finance freelance writer. Her work has been featured on LendingTree, CreditSesame, and Barclaycard. She earned a Bachelor's degree in Journalism and Communications from Northern Illinois University and resides with her family in the Chicago area.
PERSONAL FINANCE My wife has always hated gift cards, but I think my love for them is bringing her around | 2022-12-23T14:39:17Z | www.businessinsider.com | I Never Liked to Give Gift Cards Until People Started Giving Them to Me — and I Loved It | https://www.businessinsider.com/personal-finance/gift-cards-easy-fast-affordable-present-2022-12 | https://www.businessinsider.com/personal-finance/gift-cards-easy-fast-affordable-present-2022-12 |
FedEx planes at Memphis superhub.
FedEx CEO Raj Subramanian said the company is facing less demand due to an "e-commerce reset."
E-commerce is currently around 19% of total retail sales — still higher than pre-pandemic.
Industry voices dispute whether e-commerce will hold onto pandemic gains.
FedEx doesn't need to worry about a full-blown recession to see trouble ahead.
Executives from the delivery giant told investors on a Tuesday earnings call that an "e-commerce reset" was responsible for tanking package volumes in the company's US business. Morgan Stanley analysts wrote that "e-commerce normalizing back to trend" could be enough to create a problem for FedEx, even without the broader economy taking a hit.
In the part of its business that handles the most e-commerce, FedEx's average daily package volume was down 9% in the most recent quarter. (It has also been weeding out some packages that don't bring in enough profit, pushing down volume.)
"Volumes were across the board softer than anticipated," wrote Goldman Sachs analysts, adding that the holiday season — the busiest and usually most lucrative time of year — has been muted this year.
"I think the main macro issue in the United States is really the e-commerce reset," FedEx CEO Raj Subramanian said on the call. Before the pandemic, roughly 16% of retail was e-commerce, he said. At the peak of lockdown-induced online shopping, it touched 22%. Right now, Subramanian estimated that figure is around 18% or 19% — and falling.
Market share worries
The question e-commerce-related businesses have been asking all year is how much of the pandemic growth will stick. Companies from Shopify to Paypal have taken the conservative view: that e-commerce growth will revert to where it was headed in 2019.
But Rick Watson, the CEO of RMW Commerce Consulting, sees another trend in the mix when it comes to FedEx. He told Insider that UPS is growing faster with small and medium businesses, and is more profitable than FedEx. Meanwhile, Amazon continues to deliver an increasingly large percentage of all the packages on the road.
"What you are seeing, more than a reset, is just a shift in share," Watson told Insider. "The reality is, even with the economic challenges of the last year, e-commerce is still growing dramatically, as evidenced by Shopify and Amazon growth rates in the mid-teens in their last earnings."
"This ugly performance is driving lower volume and a corresponding decline in market share," said Dean Maciuba, a managing partner at Crossroads Parcel Consulting who spent three decades at FedEx.
A FedEx spokesperson told Insider the company has maintained share.
UPS's pain could be FedEx's gain
There is some potentially good news for FedEx: A quirk of the calendar coming to help.
Multiple consultants told Insider that any share loss at the end of 2022 will likely come back in 2023 since FedEx stands to benefit from UPS's upcoming negotiations with the Teamsters Union that represents its drivers — and that has already threatened a strike.
"After peak, FedEx will likely see an increase in share as shippers start to worry about the likelihood of a potential work stoppage at UPS," Joe Bobko, principal consultant at BCG Services and a UPS alum, told Insider.
Bobko added that while many in the industry can make informed guesses about market share, it's essentially a black box.
"The multi-billion dollar savings plans, if successful, can easily offset losses (whether planned or not) in share," Bobko said. | 2022-12-23T14:56:24Z | www.businessinsider.com | 2 Problems Threaten FedEx — Not Counting a Recession | https://www.businessinsider.com/fedex-looming-problems-other-than-a-recession-2022-12 | https://www.businessinsider.com/fedex-looming-problems-other-than-a-recession-2022-12 |
Waffle House is known for staying open 24/7, even through severe storms.
Waffle House keeps its nearly 2,000 locations open 24/7, even through many natural disasters.
During storms the restaurant shifts to a limited menu and calls in backup teams.
FEMA uses Waffle House's status to measure the severity of storms.
Waffle House is famous for staying open through hurricanes, tornadoes, blizzards, and other natural disasters.
The beloved restaurant chain, with 1,900 locations mostly in the southern US, is open 24 hours a day, 365 days a year. Waffle House takes natural disaster preparation so seriously that it's become an unofficial metric to measure the severity of storms for the Federal Emergency Management Agency, known as the "Waffle House Index."
The index has helped government officials and locals understand how conditions are on the ground during natural disasters since it was coined in 2011 by former FEMA administrator Craig Fugate.
The index is green if a Waffle House location is open and serving its full menu. It is yellow if it's open with a limited menu. When the restaurant is closed, the index is red and indicates severe weather. "If you get there and the Waffle House is closed? That's really bad. That's where you go to work," Fugate said in 2011.
Every location is armed with a "Waffle House storm playbook" that has protocol for keeping the restaurant running in an emergency, including if electricity and running water are unavailable, Waffle House Director of External Affairs Pat Warner told NPR. Restaurants can stay open as long as natural gas is up and running, with employees even boiling water on the grill for coffee.
The company shifts to a grill-only menu during natural disasters, Waffle House said. Waffle irons don't work without electricity, but customers can still order anything on the grill including eggs, sausage, and hamburgers. When cash registers aren't working, customers can pay in cash.
When a storm is on the forecast, Waffle House also brings in its mobile command center, an RV equipped to track the storm. The chain sends in "jump teams" of restaurant managers from areas unaffected by the storm to take over grills while regular employees are unable to get to work. Company leaders work from the headquarters in Atlanta to monitor the storm, direct jump teams, and source supplies like portable toilets and construction teams.
Sales can be double or triple normal levels after a disaster, The Wall Street Journal reported.
"If you factor in all the resources we deploy, the equipment we lease, the extra supplies trucked in, the extra manpower we bring in, a place for them to stay, you can see we aren't doing it for the sales those restaurants generate," Warner told WSJ. | 2022-12-23T17:41:45Z | www.businessinsider.com | How Waffle House Stays Open in a Storm: Emergency Menu, Jump Team | https://www.businessinsider.com/how-waffle-house-stays-open-storm-hurricane-tornado-blizzard-2022-12 | https://www.businessinsider.com/how-waffle-house-stays-open-storm-hurricane-tornado-blizzard-2022-12 |
A hacker's tips on how to spot a phishing attack
Carlos Barquero Perez/Getty Images
When it comes to cybersecurity attacks, phishing continues to be effective for hackers and costly for organizations.
The 2022 IBM X-Force Threat Intelligence Index research showed that phishing is the way attackers are getting into organizations 41% of the time. And a successful phish for an attacker comes with a hefty price tag for victims — $4.91 million, in fact, according to the Cost of Data Breach 2022, conducted by Ponemon Institute, and sponsored, analyzed and published by IBM Security®. And the phishing attempts are only getting more personalized and harder to spot.
So how can you tell if an email is legitimate or if it poses a threat? Stephanie "Snow" Carruthers, Chief People Hacker for IBM X-Force Red is a social engineer and works with clients to find potential weaknesses and exploit them before the hackers do. She says that there are five basic warning signs to look for when you get an email.
Five warning signs that an email is suspicious
1. Requests for sensitive information or actions
We've been told to not click on suspicious links or download attachments, and that guidance remains sound. But scammers are getting creative, engaging in back-and-forth communication via email to build trust and rapport before requesting the action or information they seek.
2. The use of urgency
Most successful phishing campaigns instill a sense of urgency. Why? Because when there is pressure to act quickly, urgency can override common sense. Our focus shifts to completing the action in a timely fashion, and typical red flags can fall off our radar.
3. If it looks too good to be true, it probably is
Everyone wants to win the lottery, a drawing, or gift card raffle from work. But honestly, how often do those things happen, especially if you didn't even sign up for them to begin with? Threat actors use human nature against us, playing into our desire to feel special and receive a reward. They know that when emotions get involved, judgement can get clouded.
4. Information doesn't match up
Pay close attention to the sender's name and email address. Does it match with who the sender says they are?
5. Tricky URLs
If an attacker cannot impersonate or spoof a URL exactly, they typically utilize one that looks incredibly similar to the one you are accustomed to seeing. The URL may be missing a letter, or use two "v's" instead of one "w." These minute manipulations can be easy to overlook—even for the most seasoned professionals—especially if you are moving quickly.
The best thing people can do is slow down. Take the time to really evaluate what you are seeing. Ask yourself, 'Do I actually know this sender? Does this request make sense?' Stephanie "Snow" Carruthers
How can individual employees protect themselves against phishing attempts?
"The best thing people can do is slow down. Take the time to really evaluate what you are seeing," Snow said. "Ask yourself, 'Do I actually know this sender? Does this request make sense?'"
She adds that knowing when to ask for help is crucial.
"Better safe than sorry, so if you're unsure, ask your manager and/or the IT team for help qualifying the email. We need to work together to stay safe."
Finally, Snow cautions against how popularized but outdated advice can be detrimental.
"I still see advice out there telling people to look for bad grammar and spelling errors. Sophisticated attackers aren't always making those same mistakes any longer."
Dustin Heywood, Chief Architect of X-Force, STSM, says that the most important defense is to take the time to verify anything someone tells you. For example, say you get an email about a package to be picked up. You can copy the tracking number without clicking on it, go directly to the shipping company's website and enter in the tracking number on a form.
"Developing the habit of always verifying information makes you much less susceptible to attack. There is not a single business or IT problem that can't wait for the information to be verified prior to acting," Heywood said.
How organizations can protect themselves against phishing attempts
According to Matthew DeFir, Executive Consultant, X-Force Incident Response, here are a few things organizations can do to help protect an environment that is experiencing a phishing attack or receives a lot of phish:
Be sure your employees know what to look for when it comes to suspicious emails by regularly offering phishing awareness programs.
Turn on external tagging so users can see when an email came from outside their organizations. This will signal to employees that they should proceed with additional caution given that the email originated externally.
Audit email mailbox rules for new rule creations.
Implement multifactor authentication for mailboxes. If a universal MFA is not possible, focus on high value users like those in the C-suite or accounts payable, who are most vulnerable to Business Email Compromise (BEC) attacks.
Install security proxies which can audit and/or prevent traffic to malicious domains and IPs based on reputation or categorization of that domain. DeFir recommends that clients, if they can, use a security proxy to block uncategorized domains. Most legitimate business traffic would be over legit categorized business domains.
"Developing the habit of always verifying information makes you much less susceptible to attack. There is not a single business or IT problem that can't wait for the information to be verified prior to acting."
- Dustin Heywood, Chief Architect of X-Force, STSM
Continuous threats require continuous preparedness
The days of 'left and right of boom,' where we were thinking about how to prepare for and recover from threats, have passed, explains Laurance Dine, Global Partner, X-Force Incident Response.
"Cybersecurity attacks are no longer a one-off challenge for organizations. They present an ongoing risk with real-world consequences. We need to meet this continuous cycle of threats with a continuous cycle of preparedness, remediation, and recovery," Dine said. "I cannot emphasize enough how important it is for organizations to not only develop an incident response plan, but to test it regularly."
According to the Cost of a Data Breach Report 2022, organizations with an incident response team that tested their incident response plan (versus those who did not) saved on average $2.66M in data breach costs.
"The threat landscape is continually evolving," says Dine. "So, it makes sense that our cybersecurity strategies should continually evolve as well."
Learn more about incident response planning and threat intelligence here.
Studios Enterprise Studios Tech Brand Supplied | 2022-12-23T17:41:51Z | www.businessinsider.com | A Hacker's Tips on How to Spot a Phishing Attack | https://www.businessinsider.com/sc/a-hackers-tips-on-how-to-spot-a-phishing-attack | https://www.businessinsider.com/sc/a-hackers-tips-on-how-to-spot-a-phishing-attack |
Republican Rep. Marjorie Taylor Greene of Georgia, seen her outside the US Capitol in June, appears to be in Costa Rica.
The entire time, the Georgia congresswoman was vacationing with her kids in Costa Rica.
Greene boarding a flight to Liberia, Costa Rica at Hartsfield-Jackson Atlanta International Airport on Sunday, December 18.
Anonymous tipster
Greene looking at her phone at baggage claim at the airport in Liberia, Costa Rica on Sunday.
Congress Marjorie Taylor Greene Costa Rica | 2022-12-23T19:13:00Z | www.businessinsider.com | Marjorie Taylor Greene on Vacation in Costa Rica As Congress Debates Omnibus | https://www.businessinsider.com/marjorie-taylor-greene-vacationing-in-costa-rica-omnibus-zelenskyy-2022-12 | https://www.businessinsider.com/marjorie-taylor-greene-vacationing-in-costa-rica-omnibus-zelenskyy-2022-12 |
Christmas in Mariupol in 2021 / Russian army destroys Mariupol theater in December 2022
Mariupol government / Telegram
Photos show how Russian troops are stripping Ukrainian life out of Mariupol.
Video posted to Telegram Friday shows Russians destroying a theater in the captured city.
Last Christmas, Mariupol was booming and decorated in lights for the holiday season.
Photos show how Russia is destroying Ukrainian life in one of the only major cities it has captured during its months-long invasion of the Eastern European country.
A video posted to Telegram Friday showed Russians tearing down a ruined theater in Mariupol with a bulldozer.
Russian army destroys Mariupol theater in December 2022
Last December, Mariupol was booming, covered in Christmas decorations, with the Donetsk Academic Regional Drama Theatre a central point of the city. In the year since, Russians have been sucking Ukrainian life out of Mariupol.
Christmas celebrations in Mariupol in December 2021.
Mariupol government
The video on Telegram recounts a "full history of the tragedy of the Drama Theater of Mariupol," the post said. It first shows the March bombing, in which an investigation from the Associated Press earlier this year found that up to 600 people were killed.
The video then shows the burial of civilians in mass graves later in Spring, and, finally, the "final demolition of parts of the building, which are direct evidence of the war crime of the Russian army," in December, the Telegram post said.
"All in one video. For us to remember. Not to forget. Not to forgive. To pay back all the guilty ones - those who bombed, those who falsified evidence, those who hid the crime," the Telegram post said.
Petro Andryushchenko, an aide of Mariupol's exiled mayor, told the BBC he believes the Russians are trying to cover up the murder of hundreds of civilians in the city. The same building was bombed by Russians in March and was already partially destroyed.
Andryushchenko added that he believes that the Russians want to keep the front part of the theater as is, but will destroy the remainder to build a new theater "on the bones of Mariupol's people," the BBC reported.
For Ukrainians still in Mariupol, the Russian army promised alternative entertainment in place of the beloved theater.
The BBC reported that to fulfill their promise, performances of 1960s Soviet Union cult music are taking place at Pioneers' Palace.
Speed desk Ukraine Russia | 2022-12-23T19:13:12Z | www.businessinsider.com | Photos Show Russia Stripping Ukrainian Life Out of Mariupol | https://www.businessinsider.com/photos-show-russia-stripping-ukrainian-life-out-of-mariupol-2022-12 | https://www.businessinsider.com/photos-show-russia-stripping-ukrainian-life-out-of-mariupol-2022-12 |
Jake Epstein and John Haltiwanger
Russia's Wagner Group is sending prisoners who "have nothing to lose" to the frontlines, according to Politico.
A top Ukrainian advisor said they are being pushed to fight in the eastern city of Bakhmut.
Britain's defense ministry said recently that Wagner mercenaries have played a "major role" there.
A top Ukrainian military advisor said Russia's notorious Wagner Group paramilitary organization is sending prisoners to the frontlines to die in the war.
"They recently hired a lot of prisoners. They're being pushed on the frontline [in Bakhmut]," said Oleksandr Danylyuk, Ukraine's former national security advisor who now helps with military planning, according to Politico.
He continued: "They are — I cannot say fearless — but they have nothing to lose pretty much. So, they are attacking constantly and they've been killed in big quantities as well."
The prisoners have been shoved to the forefront of the fighting in the war-torn Ukrainian city of Bakhmut.
The Wagner Group — which has close ties to the Kremlin — has fought alongside Russian troops in Ukraine. Yevgeny Prigozhin, an ally of Russian President Vladimir Putin and the leader of Wagner, was seen earlier this year recruiting fighters from a Russian prison, offering them freedom if they get deployed to the battlefield.
Russian forces have been trying to capture Bakhmut, a city in eastern Ukraine's Donetsk region that had a population of over 70,000 people, for months now. Earlier this week, Ukrainian President Volodymyr Zelenskyy called it the "hottest spot" of the entire war, and even made a surprise trip there on Tuesday to visit troops.
Britain's defense ministry said in a recent intelligence update that Wagner Group mercenaries have played a "major role" in combat operations around the city, and the group "developed offensive tactics to make use of the large number of poorly trained convicts it has recruited."
Individual Wagner fighters have been told to advance on their targets — oftentimes without being accompanied by armored vehicles — while higher-up officials remain behind, Britain's defense ministry said.
"These brutal tactics aim to conserve Wagner's rare assets of experienced commanders and armoured vehicles, at the expense of the more readily available convict-recruits, which the organization assesses as expendable," Britain's defense ministry said.
Speed desk Wagner Group Russia | 2022-12-23T19:13:18Z | www.businessinsider.com | Russia's Wagner Group Sending Prisoners With 'Nothing to Lose' to Frontlines | https://www.businessinsider.com/russia-wagner-group-sending-prisoners-frontlines-report-2022-12 | https://www.businessinsider.com/russia-wagner-group-sending-prisoners-frontlines-report-2022-12 |
How analytics and AI can help you build a better customer experience
Xavier Lorenzo/Getty Images
Exceptional customer experience is not just an option for businesses in today's digital market—it's a necessity. If consumers and business clients find it difficult to place orders, get timely help, find what they're looking for or complete some other transaction with a company, they might very well switch to a competitor that excels at customer experience.
Organizations are fortunate today that technology tools such as advanced analytics and artificial intelligence (AI) are available to help them deliver enhanced customer experience. But they need to prioritize deploying these capabilities—and using them correctly—to see any real benefit.
Many companies have accelerated their digital transformation efforts for the past few years, which has required they put a greater emphasis on customer experience, says Matthew Candy, global managing partner, IBM iX customer and experience transformation at IBM Consulting.
"Consumer expectations continue to remain high and get higher each and every day," he said. "And we take experiences that we've had in one industry and those become the benchmark for what we expect in every industry. If I have an amazing experience with my bank and its digital platform and application, when I interact with my utilities company I expect the same thing. This notion of customer experience is the thing that creates competitive advantage for companies."
Leveraging analytics, AI and other next-generation technologies can help organizations provide significant differentiation between themselves and their competitors, Candy says. They can facilitate a rich profile of a customer based on previous interactions with the individual to determine the customer's preferences and to add a much higher level of personalization.
"And it's not just delivering personalized experiences and recommendations, but contextually relevant ones," Candy says, based on the customer's situation at the particular point in time.
Letting data be the guide
Companies in various industries could see benefits from investing in analytics to improve customer experience. For example, auto makers could work with IBM Consulting to reimagine customers' digital experiences at the first touchpoint—the website—and through the entire customer journey.
Using analytics tools based in the cloud, an auto maker could anticipate drivers' needs and preferences, potentially deepening customers' connection and loyalty to a brand in part by making it easy for customers to interact with the company.
Similarly, banks can work with IBM Consulting to improve customer experiences and build loyalty by improving the digital experience. For example, simple customer service inquiries can be handled by pairing a customer relationship management platform with IBM Watson chatbots. Once call agents are no longer burdened with responding to those less complex transactions, they are free to provide more high-value interactions with customers, equipped with the right tools and data to make informed recommendations and build customer relationships.
In a variety of industries, companies would be empowered to make business and customer-experience decisions based on data rather than assumptions, and through data can see holistic customer journeys and understand how consumers digitally interact with the company. These insights help the company continuously optimize what's working and eliminate what isn't.
"If I have an amazing experience with my bank and its digital platform and application, when I interact with my utilities company I expect the same thing. This notion of customer experience is the thing that creates competitive advantage for companies."
Building better customer experiences
Candy says there are several best practices organizations should consider to help develop successful customer experience strategies utilizing data analytics and AI tools. One is to employ a design-led approach and ensure the design is holistic.
"That means really getting inside the heads of the users and what they're thinking, feeling, saying and doing," Candy says. "But the design doesn't just focus on the individual and the individual's needs, but on business needs and the broader cultural concerns. The key is to use design as a way to get to better customer experiences, and to have a continuous design process using data and AI."
A second practice Candy recommends is having efficient data connections and use the right data to orchestrate better experiences.
"Many organizations have lots of data silos and different data sets that are all disjointed," Candy said. "They need to be able to find a way to bring together those internal and external data sources to build a single understanding of an individual. They must be able to have that joined-up view of data in order to drive insights from it and then put those insights back into the experiences to create better outcomes."
Another good practice is to focus on trust and transparency regarding customer data and how AI is used. "We need to make sure that we put trust at the heart of everything that we're doing," Candy said.
IBM has published a set of trust and transparency principles around the use of AI and AI ethics. These include: The purpose of AI is to augment human intelligence; data and insights belong to their creator; and new technology, including AI systems, must be transparent and explainable.
Candy also recommends using natural language to take friction out of interactions between customers and chat bots. With natural language conversations that help guide customers through processes, they will be less likely to need additional help from a human representative.
Finally, organizations need to reach outside of their own domains and think about the ecosystem in which they operate, in order to get to the outcomes they're looking for. "That means looking for the right types of partners to help provide the best experiences and create better outcomes for the customer," Candy said.
Learn more about how IBM can help your organization drive a more effective customer experience. | 2022-12-23T19:13:24Z | www.businessinsider.com | How Analytics and AI Can Help You Build a Better Customer Experience | https://www.businessinsider.com/sc/how-analytics-and-ai-can-help-you-build-a-better-customer-experience | https://www.businessinsider.com/sc/how-analytics-and-ai-can-help-you-build-a-better-customer-experience |
Nitat Termmee/Getty images
"Organizations are realizing how vulnerable they are to supply chain issues," said Jonathan Wright, global managing partner, finance & supply chain transformation, at IBM.
"In the past, the supply chain wasn't really something you needed to know about if it was working well," Wright said. "Stuff arrived when you needed it. The COVID-19 pandemic highlighted the fact that an efficient supply chain is absolutely critical to business success. Supply chains are now critical in terms of driving the top line and also driving bottom line profit."
Because having efficient supply chains can be critical to today's digital businesses, companies should have greater end-to-end, real-time visibility of their supply chains, Wright says. This requires deploying technology that gathers data from a variety of sources and provides a way to make sense of all the data.
Power of digital transformation
"Data analytics and AI are absolutely key for driving visibility and transparency," Wright says.
One of the biggest benefits of data analytics and AI within the context of supply chains is decision support. For example, having real-time insights about shipping delays because of weather problems or product shortages can help executives make more informed decisions about the steps to take to work around the issues.
"Historically such decisions have taken weeks or days to make, but now with data and AI, they often have the information to make the decisions in minutes," Wright said.
AI-based solutions such as IBM's Watson, which provide context from similar supply chain issues that have occurred in the past, can combine this insight with new data coming in to help decision makers determine the next steps to take when confronting issues today.
Analytics and AI tools work best for managing supply chains when they automate processes that were previously handled manually, Wright says. Not only does automation free up people from performing mundane tasks, but it can help speed up processes and increase the accuracy and reliability of supply chain data.
Companies can also deploy robotics and edge computing technologies to handle the more intensive supply chain tasks, such as evaluating power plants or repairing difficult-to-reach assets in the field.
Effective supply chain management is more important than ever, given the great uncertainty of the worldwide market.
"The previous month or the previous quarter have always been good predictors of what's going to happen in the next month or quarter," Wright said. "Supply chains have grown incrementally and progressively, being very predictable. Now we're entering a new world where we have more volatility. There's more uncertainty than ever and we must now use AI and ML to better understand the drivers behind consumer behavior, the real demand signals."
Factors that can impact supply chains include economic conditions such as recession and inflation, geopolitical events and conflicts, and dramatically shifting customer demand. The drive for sustainable sourcing and operations, too, can affect supply chains.
More secure, more sustainable
In addition to the operational benefits your supply chains can derive from digital transformation, a unified data environment that is transparent and serves as a single source of truth can help protect against security vulnerabilities. Moreover, using cloud-based applications from established vendors can offer more robust security* than traditional on-premises applications—unknown connections and widespread exception processes are a major challenge for security professionals, and reducing them is almost always a net security benefit. Furthermore, the ability to simulate changes to the supply chain technology before applying them to the production supply chain provides a valuable opportunity to identify and correct security flaws.
And the same technology foundations that are designed to help improve resiliency and security also support sustainability goals. For instance, applying AI tools can help optimize metrics such as miles traveled or labor hours needed for a particular shipment. Further, real-time visualization can enable manufacturers to associate product expiration dates with in-transit orders, helping to utilize older stock first and reduce rates of spoilage. Or it can help predict upcoming surges of demand for products, allowing a company to ship by more environmentally friendly rail instead of rushed air freight.
As with any next-generation technologies, there are different ways to use data analytics and AI. By implementing a few key strategic initiatives, organizations can get the most value from these tools to enhance their supply chains.
Start with small projects to build competence and a business case for investing in these technologies.
"Gain some quick wins and momentum and then accelerate," Wright said. "It's much more important to gain acceptance and demand from business users than it is to push technology on them across end-to-end processes. It's really important when implementing new technology that you get momentum and support. Then you can scale fast."
2. The right data
Another vital practice is ensuring data accuracy. "You've got to get the data right, because we're asking the technology that's interpreting the data to inform decisions," Wright said.
For example, Wright explains, if a retailer is getting data reporting that certain store shelves are smaller than they actually are, its ordering system will order too few products for those shelves and the store will therefore frequently be out of stock on those products.
Other issues might include wrong delivery addresses or wrong prioritizations. "These things will cause real issues when it comes to automating or trying to get the system to give you decision support," Wright said. "So data cleanliness is really important." He adds that AI and analytics can actually be helpful tools for spotting anomalies in data.
3. Culture and mindset
Another important practice is to create a culture that values the adoption of data analytics and AI and supports change management. Even with automation, "human beings operate these systems and if the humans have trust in the output, then they will use them to make informed decisions," Wright said.
The way to build the right culture is to have the supply chain management teams support the design, testing and implementation of the technology. "If your teams are part of that change process they will become advocates of it, which will then allow you to get some quick momentum," Wright said.
*Building intelligent, resilient and sustainable supply chains, 14, June 2022.
Find out how IBM can help your organization transform supply chain operations.
Studios Tech Studios Enterprise Supply Chain | 2022-12-23T19:13:31Z | www.businessinsider.com | How to Build Intelligent, Resilient, and Sustainable Supply Chains | https://www.businessinsider.com/sc/how-to-build-intelligent-resilient-and-sustainable-supply-chains | https://www.businessinsider.com/sc/how-to-build-intelligent-resilient-and-sustainable-supply-chains |
A Tesla reportedly in "full self-driving" mode caused quite a pileup in California, according to CNN.
Tesla's unexpected "phantom braking" problem caused an eight-car pileup, according to CNN.
NHTSA is already investigating the phenomenon known as "phantom braking."
Tesla's latest "Full Self-Driving" software can be engaged on surface roads.
Tesla's "phantom braking" problem, already under federal investigation, caused an eight-car pileup in the San Francisco Bay Area last month, according to a report from CNN.
Nine people were treated for injuries following the crash, including one juvenile who was hospitalized, according to a report detailing the crash that CNN reports it obtained via a records request.
The driver of the vehicle that caused the crash told authorities his Tesla was in "full-self-driving" mode at the time of the accident, CNN reports.
In the report, the California Highway Patrol said it could not confirm if the "full-self-driving" software was active at the time of the crash, per CNN.
The crash occurred on Thanksgiving, hours after Tesla CEO Elon Musk announced on Twitter that the car company's "Full Self-Driving Beta" would be available to all Tesla drivers in North America who have purchased the option.
The US government stepped up an investigation into Tesla's self-driving software this summer after the National Highway Traffic Safety Administration said it had received 758 reports from Tesla owners who say their vehicles have stopped for unknown reasons. This dangerous phenomenon has been dubbed "phantom braking."
In previous complaints to NHTSA, Tesla owners have recounted incidents in which their vehicles unexpectedly and violently brake at highway speeds. These incidents tend to happen when the driver has switched on their Tesla's Autopilot system, which automatically accelerates, brakes, and steers on highways.
Tesla's "Full Self-Driving Beta," released on Thanksgiving, takes that automated driving system one step further. Instead of being limited to highway driving, Tesla owners with Autopilot can hand over control of their vehicle to the "self-driving" software on surface roads, and the Tesla is supposed to complete full trips on its own.
The new software appears to still have some bugs to work through. Earlier this week, a YouTuber posted a video of their 23-minute drive to work using the Full Self-Driving beta highlighting how stressful the software can be to use.
Ultimately, the YouTuber said he's comfortable using FSD on the highway, but "not much else."
NOW WATCH: Elon Musk says Tesla owners could make up to $30,000 a year turning their cars into 'robotaxis'
Tesla full self driving Elon Musk | 2022-12-23T19:13:37Z | www.businessinsider.com | Tesla's 'Phantom Braking' Full Self-Driving Caused 8-Car Crash, Report Says | https://www.businessinsider.com/teslas-fsd-car-crash-california-phantom-braking-2022-12 | https://www.businessinsider.com/teslas-fsd-car-crash-california-phantom-braking-2022-12 |
A sign in posted in front of Meta headquarters on February 02, 2022 in Menlo Park, California.
Tech companies saw a challenging 2022 and many believe the hardships will continue.
But analysts at Wedbush say tech will grow in 2023, with nowhere to go but up.
Wedbush named Apple, Microsoft and Salesforce as some of the companies they expect to rebound.
There's a lot of doom and gloom around the prospects for the tech sector after a year that saw companies like Meta and Amazon slash jobs as their stock prices fell. But in a new note to clients, analysts at Wedbush say that amid the 'carnage' comes the opportunity for growth in 2023.
Analysts Dan Ives and John Katsingris of Wedbush Securities see the potential for 20% growth in tech in 2023 thanks partly to what they see as the combination of a brewing storm of mergers coming in the next year, cost-cutting from large tech companies, and confidence in a strong rebound for key players in the Big Tech, software, and cybersecurity sectors — specifically naming a handful of firms including Salesforce, Microsoft, and Palo Alto Networks.
Ives told Insider that the tech sector is well-positioned to thrive even amid a potential economic downturn. In short, he suggests that many tech stocks are trading at a significant discount to where they could be relatively quickly. All the angst around valuations and macroeconomic conditions are already priced into tech stock prices, Ives suggests, meaning there's nowhere really to go but up.
Ives believes that consumer and enterprise technology are more integral in people's lives than they were in past recessions. So while demand for some services could soften in 2023, customers will continue to pay for products.
Ives and Katsingris singled out Apple as the number-one company to keep tabs on in the new year. Wedbush also said that it expects Microsoft and Salesforce to lead a rebound in the cloud sector and that Palo Alto Networks, CyberArk, Checkpoint, and Zscaler are the ones to watch in cybersecurity.
However, Ives expects that social media in general will not fare as well as those particular players. Ives said the drop in digital advertising spending and the fallout from Apple's recent privacy changes continue to hurt companies like Meta and Snap, leading to choppier waters ahead for the space.
Ultimately, Wedbush believes next year will favor companies with management teams that can capably navigate the stormy seas of the macroeconomic environment. Ives said Meta, Microsoft, Amazon and Google's parent company Alphabet started to cut down on non-strategic costs in recent months, making them well-positioned to weather any economic storm.
They are not the only ones taking a rosier view of the prospects for next year. Insider's Eugene Kim wrote that some Amazon economists don't see a recession as likely, and even if it does, Amazon will not feel as much pain as more customers have come aboard and have made the company more profitable.
Whichever way 2023 shakes up, Ives thinks there's no reason to miss out on tech stocks next year.
"Downturns create the best opportunities," he said.
Tech Big Tech Cloud | 2022-12-23T21:01:45Z | www.businessinsider.com | Wedbush Analysts Say Tech Will Rebound in 2023 After 'Carnage' | https://www.businessinsider.com/wedbush-analysts-tech-rebound-microsoft-salesforce-apple-2022-12 | https://www.businessinsider.com/wedbush-analysts-tech-rebound-microsoft-salesforce-apple-2022-12 |
4 major trends in health startups in 2022, after an unexpected post-pandemic dropoff in funding
VCs poured $13.5 billion into healthtech startups in 2022 — down nearly 50% from 2021.
Personalized treatments and long-term care were named by investors as key priorities this year.
Insider spoke to investors and founders who reflected on the state of healthtech in 2022.
"People are always going to need healthcare," Dr Kit Latham, cofounder and CEO at healthcare automation startup Credentially, told Insider.
It's a sentiment that rang true during the COVID-19 pandemic, which brought healthtech startups to the frontlines as healthcare providers struggled under the pressure of hefty waitlists and staff shortages. Healthtech founders bagged $25 billion from investors more sensitive to healthcare issues, and 2022 looked to be similar.
But a global slump and the tech downturn changed all of that, and funding into health startups fell by nearly 50% to $13.5 billion this year.
Every sub-sector in healthtech experienced a drop in funding, with women's health and clinical trials startups experiencing the biggest slash in capital.
"I think the drop in telehealth investment illustrates how personal healthcare is," said Julia Hawkins, general partner at LocalGlobe. "Virtual care was extremely important to offer during COVID, but we know that many people will continue to want in-person care. Telehealth is a tool and enabler but can't fully replace in person care."
AI-driven drug development and mental health startups also boomed during COVID-19 but have seen a funding dropoff in 2022. "With absolute £ invested into health tech declining year on year, I don't think we can point to the ecosystem maturing," she added. "We have a long way to go."
Despite the slowdown, investors and founders still describe 2022 — which oversaw healthtech startups engage in more collaboration with healthcare systems — as a transformative year.
These are their key takeaways from the year.
1. Tech that served underrepresented groups was spotlighted
From menopause to mental health, health conditions that were billed as 'taboo' pre-pandemic have come to the forefront this year.
Digital health platforms afforded patients with an increased degree of privacy, and became a good avenue to cater to "certain underserved target groups, such as in mental health and in femtech" — which "continued to have a strong investment theme," said Gordon Euller, general partner of APEX Ventures Medical Fund.
Startups offering personalized treatments for niche issues or demographics, such as menopause app Vira Health, mental health platform MyMynd, and men's health platform Numan, all raised capital this year.
In Europe, conditions such as "that tended to be underserved by constrained health systems" started being "supported by employee benefits providers," added Dr Molly Gilmartin, investor at AlbionVC.
2. The telehealth market matured significantly
The prominence of long Covid, which affects an estimated 17 million people in Europe, highlighted the need for better solutions to chronic healthcare issues. As pressure on healthcare providers across Europe mounted, viable long-term treatments became a bigger priority for investors.
Telehealth startups burgeoned in the wake of Covid-19 as they filled gaps in healthcare systems globally. By 2021, startups such as Kry and Alan bagged unicorn valuations as VCs poured $1.1 billion into the sector.
Although this sank to $851 million in 2022, telemedicine startups are still "poised to grow across the globe", according to Euller. "The technologies in this area are quite mature," he added.
Chris Bischoff, managing director at venture capital firm General Catalyst, added that the firm takes a "long-term view" when evaluating how the ecosystem is maturing, but billed telehealth startups Alan, Kry, and Doctolib as the "first-generation of winners" this year.
Eyal Rabinovich, investor at Eight Roads, also considered the introduction of the DiGA (Digital Health Application) in Germany as an important benchmark for the telehealth sector. The act enables "a smoother path" for patients to reimburse their use of digital health platforms, showcasing how startups and public health services have increasingly started to work collaboratively.
3. M&A activity surged
Amid the global IPO slowdown, M&A frenzy hit the continent — particularly in the last quarter of 2022 — with $39 billion in healthtech acquisitions in Europe in 2022, per Dealroom. And it's a trend that's expected to continue well into 2023.
Some hefty deals included AstraZeneca's acquisition of Neogene Therapeutics for $320 million, and Arcutis nabbing Ducentis Biotherapeutics for $400 million.
Latham "expected the continued growth of M&A" in the coming year – adding that he "wouldn't be surprised to see more US acquisitions of UK and European healthtech, if the dollar remains strong."
4. Generalist VCs started moving into healthcare investing
Healthtech startups often provide clinical-grade treatments, and so verifying the science is an important aspect when conducting due diligence — a feat that health-focused funds may find easier. But this year has seen more generalist VCs enter the playing field.
"A lot of generalist investors are now making a long-term bet on healthtech in general," Gilmartin told Insider.
Founders have noticed this trend. Henry Majed, cofounder of mental health startup MyMynd, noted an influx of generalist VCs enter the mental health sector after many healthtech heavyweights had invested in the first-generation of startups.
"Generalist VCs are moving into mental health and wellbeing now," he said. "They were waiting for that shakedown to happen, to look for the best players in the sector."
Healthtech Venture Capital | 2022-12-24T09:12:23Z | www.businessinsider.com | 4 Trends in Health Tech in 2022 After Funding Almost Halved | https://www.businessinsider.com/healthtech-in-2022-trends-founders-and-investors-identified-2022-12 | https://www.businessinsider.com/healthtech-in-2022-trends-founders-and-investors-identified-2022-12 |
Steve Davis became head of The Boring Company in 2019.
Mark Ralston/Getty Images, James Clayton/BBC
The Boring Company CEO slept at Twitter's HQ with his partner and baby, The Information reported.
Steve Davis and his family all slept in its makeshift bedrooms for weeks after the baby was born.
The former SpaceX engineer was brought in by Elon Musk after he took over Twitter in October.
The Boring Company's chief executive slept at Twitter's headquarters with his partner and newborn baby, The Information reported.
Steve Davis spent the first few weeks after his baby was born sleeping in a makeshift bedroom in the San Francisco office, along with his partner.
Davis has spent the past two months working for Twitter after Elon Musk sought his help. He was among the first few to sleep overnight at the office, according to The Information, which cites former Twitter employees.
His partner, a real estate asset manager, sat in on meetings while nursing their newborn to discuss Twitter's real estate situation, the report says.
Davis joined SpaceX in 2003 and by 2019 he was president of The Boring Company. He used to own a bar called "Thomas Foolery" as well as a yogurt store that he later sold for $1.
The news comes after a Twitter employee tweeted a photo of his manager asleep on the office floor with an eye mask, cushion and sleeping bag last month. The manager, Esther Crawford, responded in a tweet and said: "When your team is pushing round the clock to make deadlines sometimes you #SleepWhereYouWork."
Musk told staff in an email in the same month that they would be required to work "long hours at high intensity" and be "extremely hardcore" – or quit.
Forbes revealed earlier this month that the "Chief Twit" had converted some space in the San Francisco office into bedrooms. The bedrooms were furnished with TV screens, chairs, desk and a lamp, photos of the converted conference rooms show. One even has a wardrobe, air purifier and a washing machine.
Soon afterwards the San Francisco Department of Building Inspection said it was investigating the building's use after a complaint was made.
Musk hit out at London Breed, the mayor of San Francisco, in a tweet: "So city of SF attacks companies providing beds for tired employees instead of making sure kids are safe from fentanyl. Where are your priorities @LondonBreed!?"
Twitter and Davis did not immediately respond to requests for comment from Insider.
Boring Company Twitter Elon Musk | 2022-12-24T10:43:49Z | www.businessinsider.com | Boring Company CEO Slept at Twitter HQ With Partner and New Baby: Report | https://www.businessinsider.com/boring-company-ceo-partner-new-baby-slept-at-twitter-hq-2022-12 | https://www.businessinsider.com/boring-company-ceo-partner-new-baby-slept-at-twitter-hq-2022-12 |
Walmart faced numerous challenges throughout the past year due to inflation and supply chain issues.
Analysts expect the retailer to work through excess inventory in 2023, but obstacles may arise.
Heading into the new year, analysts are keeping a close eye on two of Walmart's ambitions: healthcare and banking.
Vast amounts of unwanted inventory choked store aisles. Ambitious e-commerce efforts came up short. A healthcare push faced a major hiccup.
Walmart certainly saw some tribulations in 2022 in the face of rampant inflation and supply chain issues. And in 2023, customers should brace themselves as the retailer tries to capitalize on e-commerce, healthcare and banking plans, among other things – all while facing another potentially unpredictable year, analysts say.
"They're certainly not putting all of their eggs in one basket," said Mari Shor, a research analyst with Columbia Threadneedle Investments.
Here are four major Walmart challenges to watch in 2023.
1. Trying to 'enter the new year clean' without much excess inventory
Walmart excess inventory blocking a private breastfeeding room at a store in Indiana.
Excess inventory has been Walmart's boogie man in 2022.
Supply chain and inflation issues led the retailer to have way more supplies on hand than consumers were buying – leading to unwalkable backrooms packed with full pallets.
Walmart has said since May that it would make a concerted effort to get through excess inventory, and, to its credit, it has kept its word. In its first-quarter earnings call in May, the company reported a 32% year-over-year increase in inventory; in the latest earnings call in November, that increase was only 13%.
"I feel good about their ability to enter the new year clean," Shor said.
The caveat: On the other hand, Walmart's worst-case scenario for 2023 is if any of the unpredictable problems from 2022 arise again, such as supply chain disruptions or changes in consumer behavior caused by a potential recession, according to Michael Rofman, a partner with Mazars: "They could be in a period where they have, again, too much inventory."
2. Continuing e-commerce savings growth while mitigating costs
Someone looking to buy something on walmart.com.
Walmart struck gold with its online sales at the start of the pandemic, as it experienced as much as 97% year-over-year growth during the second quarter of 2020.
But despite major efforts – ranging from pushing membership platform Walmart+ to offering early online Black Friday sales – the retailer hasn't recaptured that same magic this year.
Walmart saw an 8% decline in average daily visits to its website this year through November compared to last year, according to data from Similarweb, a web analytics company.
The best-case scenario for Walmart with its e-commerce plans in 2023 is to have "continued measured growth" in home delivery and curbside pickup sales, according to Zain Akbari, an equity analyst for Morningstar.
The caveat: But according to Shor, the worst case scenario for Walmart in 2023 would be if the retailer struggles to roll out cost-saving initiatives, like its planned automated fulfillment centers, and e-commerce growth continues to dip.
3. Expanding clinic presence is a 'must' to create major healthcare gains
A Walmart Health clinic.
Courtesy Walmart
Healthcare remains one of the most lucrative fields that Walmart has hardly touched to date. The retail giant currently only has 32 clinics across five states.
In 2022, Walmart saw competitors like Amazon make major healthcare splashes. 2023 is going to be an uphill battle for Walmart, as Dr. Cheryl Pegus, Walmart's executive vice president for health and wellness, left the company in November for a health venture at JPMorgan.
Walmart "must expand its clinic presence and solve the operational challenges many of its clinics have faced," said Sari Kaganoff, general manager of consulting at Rock Health Advisory.
Part of expansion has been announced for 2023, as Walmart plans to launch 16 more clinics in Florida by the end of the year.
The caveat: On the other hand, Walmart healthcare's worst case for 2023 would be a scandal either coming from a data hack or through mistreating a patient, according to Natalie Schibell, a research director with Forrester: "An egregious case of medical malpractice or a major data breach would paralyze" Walmart's goals.
4. Rolling out new customer banking services
A logo of Walmart is seen in one of the stores in Monterrey.
Of all Walmart's big initiatives for 2023, its foray into banking may just be the most secretive.
After the Walmart-backed fintech Hazel acquired neobank One and adopted its name at the start of this year, the company has worked quietly to recruit top talent from Goldman Sachs and Apple to build out financial services.
Though current and former customers of One have experienced issues with the bank, Walmart has pushed forward in trying to sign up employees for a bank account. And One's work is just beginning: the group reportedly plans to offer buy now, pay later services for Walmart customers as soon as next year.
The caveat: According to Akbari, One "has a lot of upside" in 2023 and Walmart should focus on helping build out the infrastructure for it: "They tend to just focus on making sure that they have things as close to right as possible and then go forward rather than trying to be overly experimental with how they approach things."
Walmart Retail Predictions | 2022-12-24T10:44:19Z | www.businessinsider.com | After Its Inventory Nightmare, Walmart Must Clear 4 Big Hurdles in '23 | https://www.businessinsider.com/walmart-4-big-challenges-2023-inventory-healthcare-banking-ecommerce-2022-12 | https://www.businessinsider.com/walmart-4-big-challenges-2023-inventory-healthcare-banking-ecommerce-2022-12 |
Small businesses can use 2021 trend predictions to inform their marketing, products, and messaging for the new year.
The social platforms TikTok, Shopify, LinkedIn, and Pinterest published trend reports for 2023.
They expect trends like sci-fi, sustainability, and innovative brick-and-mortar offerings to grow.
Here are 11 trends set to shape businesses next year and what small-business owners should know.
If you're planning to start a business in 2023, or grow the one you already have, trend reports from some of the major social-media and e-commerce platforms can be valuable resources for inspiration.
Pinterest, TikTok, LinkedIn, and Shopify released their 2023 trend reports this month, sharing the unique insight they'd gathered from their users. These reports predict what will be on the top of consumers' minds next year, including online search terms to use, supply-chain strategies to invest in, and ways to make your marketing stand out.
Insider gathered the top trend insights that could help entrepreneurs in 2023, including tips on launching a fresh idea and acquiring customers.
Fashion will lean into Y2K and sci-fi looks, while beauty gets a short cut
Emma Rogue lists a Y2K fuzzy animal-print minibag on Depop for $22.50.
Emma Rogue
In Pinterest's 2023 trend report, the social platform predicted fashion would embrace styles seen in movies from the '90s and early aughts, such as slip dresses, tube tops, cargo pants, and claw clips. Popular fabrics will include lace, tulle, and ruffles.
There is also expected be a surge in sci-fi-inspired accessories like "Matrix"-style glasses and futuristic streetwear. Burnt orange looks like it will be the color of the year for weddings, featured in flower arrangements, bridesmaid dresses, and guest attire.
In beauty, everything from hair to nails will be chopped short, the report predicted. Bobs and bangs are in; long layers are out. Meanwhile, two-tone hair color is surging, and more people are searching for scalp-care techniques.
Trending fashion and beauty searches on Pinterest include:
Shimmery dress.
Lace-top long sleeve.
Burnt-orange wedding theme.
Terracotta bridesmaid dresses.
2000s girl.
Summer outfits vintage '90s.
Avant-garde outfit.
Gamer-girl look.
Micro French nails.
Chopped-bob haircut.
Pink and lavender hair.
Brown to pink balayage.
Treatment for dry scalp.
Natural hair mask for growth.
Read more: 4 Gen Z fashion trends revived on TikTok in response to the pandemic
Read more: This 27-year-old turned her fashion blog into a clothing line that sold $2.7 million worth of products last year. Here's how she built her business.
Home decor will be maximalist and vintage
Some entrepreneurs are building businesses reselling and refurbishing furniture.
Pinterest also expects home trends to tap into more eclectic looks, with antique and vintage furniture popular. Additionally, new pieces are expected to be inspired by the old. For example, mushrooms are becoming an increasingly popular motif in art and textiles, harkening back to the '70s.
Trending home-decor searches on Pinterest include:
Eclectic interior design vintage.
Mixing modern and antique furniture.
Maximalist decor vintage.
Fantasy mushroom art.
Vintage mushroom decor.
Funky house decor.
Read more: Vintage-home-decor sellers have quietly taken over Instagram during the pandemic: 'It's like doing a huge yard sale with all of your friends all the time online'
Trains are making a comeback, and museums will be welcome date-night hangouts
The Lumo train at London's King's Cross train station.
Pinterest predicted trains would make a big comeback in 2023 as more people searched for sustainable alternatives to car and airplane travel. When it comes to in-town attractions, more people will opt for experiential dates like going to bookstores, aquariums, picnics, and museums, the company predicted.
Trending travel searches on Pinterest include:
Train-trip aesthetic.
Indian-railway-station photography.
Bookstore date.
Date-picnic ideas.
Creative date-night ideas.
Aquarium date.
Read more: It took me 96 hours to ride an Amtrak train from coast to coast. I'd do it again in a heartbeat.
New technologies will be put to use
Artificial intelligence and other technologies are spreading across industries, especially social media.
Each year, LinkedIn asks the top voices and creators on the platform to share the big ideas they predict for the year ahead. In its 2023 big-ideas report, LinkedIn predicted technologies like artificial intelligence and Web3 would prosper.
Everything from data collection to hospital machinery will continue to employ AI.
The prediction is already coming to fruition as AI portraits are going viral on social media and Web3 continues to show up in industries like fashion and finance.
Read more: That company's 'about us' page may be full of fake pictures of 'people' who don't actually exist
Sustainability will remain a priority
Rebundle is one of many brands built on sustainable practices.
courtesy of Rebundle
LinkedIn also predicted sustainability would remain a hot topic in business, life, and consumer habits.
Shoppers are turning to vintage, secondhand, and resale outlets for clothing.
Eco-friendly materials like mushrooms and other plants will continue to be used across industries and garner interest from investors.
Insider spoke with the founders of two hair-extension companies that used plant-based materials in their products:
Read more: How the cofounder of Rebundle, a plant-based-hair-extension business, structures her day for success
There will be a balance between digital and brick-and-mortar
Two entrepreneurs partnered for a brick-and-mortar pop-up during New York Fashion Week to combine their customer bases.
Sophie Sahara
Despite a digital focus throughout the past two years, LinkedIn predicted digital and brick-and-mortar retail would meet in the middle in 2023.
"Retailers opened more than 4,200 stores in the US in the first five months of the year, putting 2022 on track to be the first year with more store openings than closings since 2016," LinkedIn's report said. There may not be a boom in new retail construction, but "rather a rise in developers renovating and reimagining existing, outdated properties."
Insider spoke with entrepreneurs who said in-person retail helped save and grow their brands over the past two years:
Read more: Entrepreneurs say investing in brick-and-mortar locations is a crucial part of business. Here's how much 3 founders spend each month and why they believe it's worth it.
Read more: We increased sales for our streetwear brand by 350% in 3 months after opening a store in a mall. Here's why we opted for a brick-and-mortar location.
Read more: How small-business owners can use New York Fashion Week to grow their brand, from pop-up shops to guerrilla marketing
Side hustles will be launched for additional income and passion projects
Shaunna Davis is the founder of Jetóm, which she runs as a side hustle.
Courtesy of Davis
Side hustles have been a valuable lifeline for many since the pandemic started, when workers were looking for ancillary income, were laid off from or quit their unfulfilling jobs, or finally had the time and flexibility to work on something they were passionate about, people told Insider.
LinkedIn predicted the side-hustle trend would continue to grow in 2023:
"Some 25% of Gen Z have a side gig, according to a recent McKinsey survey, compared with 16% of all other ages," the report said, adding that young people were looking for additional money, identities, and hobbies outside a 9-to-5 job.
Read more: The ultimate guide to building a successful side hustle: How to turn a dream into a moneymaking reality
Content creators will be crucial for business sales
Influencers and social commerce will continue to help small businesses find audiences and grow, TikTok found.
TikTok published its 2023 trend report this month.
The report said businesses should continue using content creators to build their brands. They should also keep an eye out for creators who are purchasing and sharing their products without brand deals because those can lead to more genuine, therefore more lucrative, partnerships, the report said.
Here are the top trending hashtags:
#Musthaves had 5.7 billion views and 284% year-over-year growth in 2022.
#TikTokMadeMeBuyIt had 31.8 billion views and 382% year-over-year growth in 2022.
What's more, user-generated content and creator sponsorships can help boost awareness and sales for small businesses.
Read more: I average $5,000 in revenue a month creating user generated content for small businesses. Here's how I got my start and scaled my business.
Self-care will remain a lucrative business model
Tasha Franken teaching a Pilates class.
Courtesy of Tasha Franken
Self-care, in its many forms, such as mental-health improvement, fitness, public health, and work-life balance, will continue to dominate social media, TikTok's report predicted. This may show up in the form of humor, positive marketing, and video strategies, according to TikTok's report. Additionally, products and services in the space are expected to continue selling, suggesting that entrepreneurs would be wise to tap the space in 2023.
Top trending hashtags:
#Hotgirlwalks had 552 million views and 521% year-over-year growth in 2022.
#Innerchild had 1.5 billion views and 248% year-over-year growth in 2022.
#UnwindWithMe had 102 million views and 2,644% year-over-year growth in 2022.
#Treatyourself had 2 billion views and 409% year-over-year growth in 2022.
Insider spoke with founders who are making the most of the mental-health movement:
Read more: A virtual life coach who made $60,000 in less than a year shares how she built her business
Read more: A virtual therapist follows this daily routine to run her six-figure therapy practice and coaching business
Read more: How a virtual fitness trainer increased monthly sales by 90% after switching to Vimeo
Brands are investing in logistics to combat a long-term supply-chain crisis
Supply-chain issues may persist in 2023.
Over the past three years, nearly every e-commerce business faced supply-chain issues, from shipping delays to manufacturing shutdowns. While some stressors have let up, regular shortages and setbacks have become expected.
According to Shopify's commerce-trends, companies realize the best way to fight these issues is to invest in their own pipelines by holding more inventory, diversifying their sources, discouraging returns, and implementing technology. Meanwhile, customers have higher standards than ever for fast and cheap shipping.
In a Shopify survey of 900 small businesses across 14 countries, 66% said they expected supply-chain issues to get even worse in 2023.
Faster and more-adaptable logistics strategies could make supply chains stronger in the long run, the Shopify report found. What's more, brands will increasingly tap into livestream shopping and augmented reality to cater to online shoppers, and more companies will charge return fees to lower return rates.
Read more: Poshmark is the latest company to tap into the $25 billion livestream-shopping market. Here's how entrepreneurs are making thousands of dollars per stream.
As the online-shopping boom steadies, more brands will rely on social platforms to convert and retain customers
E-commerce sales have grown 50% since the pandemic started.
Online shopping surged in 2020 and 2021, but that demand slightly cooled in 2022 because of inflation. Shopify's 2023 trend report predicted the online-shopping boom would steady. As the market has become more saturated, it's imperative for brands to build their presence on social media to stand out, while converting and retaining customers.
In a Shopify survey of 900 small businesses across 14 countries, 75% said they expected interacting with customers in the metaverse to become commonplace.
According to Shopify's report, Gen Z now uses social media more than search engines to research brands. Plus, brands will increase their investments and presence in Web3 virtual worlds, the report said.
Read more: It's all about you: The founder who's the face of their brand is more likely to succeed in 2023
Read more: A 19-year-old college student who made $38,700 selling clothes on Poshmark explains how she finds inventory for $10 or less
Features Small Business Social Media | 2022-12-24T11:49:03Z | www.businessinsider.com | Business Trends for 2023 From TikTok, Pinterest, Shopify, and LinkedIn | https://www.businessinsider.com/business-trends-2023-from-tiktok-pinterest-shopify-linkedin-2022-12 | https://www.businessinsider.com/business-trends-2023-from-tiktok-pinterest-shopify-linkedin-2022-12 |
Photos show how Ukrainians are fighting to keep the Christmas spirit alive
Bethany Dawson and Marianne Guenot
A general view shows a Christmas tree, at Sofiyska Square in Kyiv, Ukraine December 19, 2022.
Photos show what the festive season looks like in war-torn Ukraine.
Christmas lights illuminate cities when there is enough electricity to power them.
As well as Christmas gifts for themselves, children ask for anti-aircraft defense systems and victory for Ukraine.
The Christmas spirit lives on in Ukraine despite more than 300 days of war with Russia.
Although there are frequent blackouts across the country due to Russian bombing, Christmas lights illuminate cities when there is enough electricity to power them.
Even while huddled in bomb shelters, people attempt to bring some festive cheer.
The Ukrainian Christmas spirit has also spread worldwide. In many nations, solidarity with Ukraine has been expressed with dedicated prayers, seasonal aid deliveries, and the dimming of Christmas lights.
Christmas in a bomb shelter
An elderly woman smiles standing beside a Christmas tree in an apartment house basement used as a bomb shelter in Avdiivka, Donetsk region, Ukraine, Thursday, Dec. 8, 2022.
An elderly woman in her apartment complex bomb shelter in Avdiivka in the Donetsk region stands beside her small Christmas tree.
The fighting near Avdiivka, a town on the front line in eastern Ukraine, has been intense, with Russian forces trying to encircle it, the BBC reports.
Fighting to stay warm
A man checks the wood stove in an apartment house basement that local residents use as a bomb shelter in Avdiivka, Donetsk region, Ukraine, Thursday, Dec. 8, 2022.
In the same apartment basement, a man checks on the wood-burning stove that keeps him and his fellow bomb shelterers warm.
Ukraine's electricity crisis is dangerous and could cost many lives, a top WHO official said.
Solidarity across Europe
A Christmas tree with turned-off illumination is seen during an Hour for Ukraine in Tychy, Poland, on December 21, 2022.
Jakub Porzycki/Anadolu Agency via Getty Images
This Christmas tree in Tychy, Poland, has had its lights switched off to show solidarity with the Ukrainians plunged into darkness this winter.
Many European cities joined in the show of Christmas solidarity with Ukrainians under siege, during an Hour for Ukraine on December 21.
Christmas away from home
Ukrainian refugee Marija Berezhko presents her handmade gift during a Christmas meal at a restaurant in Warsaw, Poland December 18, 2022.
With the UN reporting that over 7.8 million refugees have fled Ukraine, many Ukrainians are celebrating the festive season away from home.
Pictured in Warsaw, Poland, Marija Berezhko gives a handmade gift to her loved ones during a festive meal at a restaurant.
Poland has received over 1.5 million refugees from Ukraine, according to UN data.
Christmas joy sent from around the world
Retiree and volunteer Doris Fechler holds a Ukrainian-language Christmas card before placing it in a food aid package destined for Ukraine at the grassroots aid organization Ukraine Hilfe Lobetal on December 20, 2022, in Lobetal, Germany.
International volunteers are working hard to ensure that Ukrainians, in their dangerous and bitterly cold winter, still can enjoy the Christmas season.
A time to remember
Relatives of the Heroes of the Heavenly Hundred decorate the memorial to those who died during the Revolution of Dignity for the New Year and Christmas holidays in Lviv, Ukraine December 20, 2022.
Pavlo Palamarchuk/Anadolu Agency via Getty Images
Since the start of the war, over 13,000 Ukrainian troops have been killed, the BBC reports.
In addition to this, almost 7,000 civilians have died, according to UN data.
Christmas is also now a time of remembrance and mourning for family members that won't be present at the festivities.
This photo shows a memorial for people who died in violent protests against the then-Ukrainian government forming closer ties with Russia in 2014.
The protests marked the start of the wars between Ukraine and Russia.
Ukrainian children ask for unusual presents
On St. Nicholas' Day, despite the war and power outages, children have some fairy tale and visit "St. Nicholas' Hut" in the Museum of Folk Architecture and Life in Lviv, Ukraine on December 19, 2022.
Olena Znak/Anadolu Agency via Getty Images
Children gather around a storyteller at "St. Nicholas' Hut" in the Museum of Folk Architecture and Life in Lviv, Ukraine, listening to the traditional story of St Nicholas, the religious inspiration for Santa Claus and Father Christmas, on December 19.
As well as gifts for themselves, the children asked St Nicholas for anti-aircraft defense systems, peace, and victory for Ukraine said the photographer who took the image.
Hope remains amid the shellings
People take photos with the mayor of Kyiv Vitaliy Klichko near the Christmas tree at the Sofiyska Square, December 19, 2022
War and fear in Ukraine are now a part of daily life, but they will not let it dampen the Christmas spirit.
Hours after Russia launched a "kamikaze" drone attack hitting key infrastructure in and around Kyiv, Mayor of Kyiv Vitaliy Klichko and his fellow Ukrainians gathered around the Sofiyska Square Christmas tree.
A semblance of hope and joy as Ukrainians do what they can to bring in the festive season.
Features Ukraine Christmas | 2022-12-24T11:49:37Z | www.businessinsider.com | Photos: How Ukrainians Are Fighting to Keep the Christmas Spirit Alive | https://www.businessinsider.com/photos-show-how-ukrainians-are-fighting-keep-christmas-spirit-alive-2022-12 | https://www.businessinsider.com/photos-show-how-ukrainians-are-fighting-keep-christmas-spirit-alive-2022-12 |
Being vague about your concessions order, using your phone during the movie, and throwing your trash on the floor are a few certain ways to annoy your local movie theater's employees.
Zoran Zeremski/Getty Images
Movie theater employees across the country told Insider what customers do that annoys them most.
They wish customers would figure out their concessions order before it's their turn in line.
Ignoring "please wait" signs and throwing trash on the floor are also big pet peeves.
These as-told-to essays are based on conversations with three movie theater employees from across the country. Their words have been edited for length and clarity.
Matt (Keene, New Hampshire)
I've had some pretty insane things happen on my shifts — from an FBI raid during a showing of "Joker," to having to fight off two people who were throwing haymakers at me in the middle of the aisle during a movie. We're in a college town, so things can get pretty crazy.
I've worked at the theater in Keene, New Hampshire for five years. It's a family-owned movie theater, and I love working there. But what I wish customers would do is:
1. Be polite
I'm a nice guy and I love nice customers. I give polite people free popcorn. People who work at your theater are people too — it doesn't hurt to remember that.
2. Don't throw your trash on the floor
Especially now, because a lot of places are so short-staffed and it's harder to get employees in to clean, throwing your trash on the floor is very uncool. It's also unnecessary.
I've had customers who, if they're not finished with their popcorn, will just dump it on the floor. Sure, always having something to do means job security for us — but once in a while, it'd be nice if people were more considerate.
3. Figure out what snacks you want before it's your turn to order
So many people just tell me they want a soda and popcorn — I can't do anything with that. So then I have to ask, what size soda do you want? What kind of soda do you want? What size popcorn do you want? Do you want butter on it? It's tedious.
4. Put away your phone
I can't believe I still have to tell people to put their phones away during the movie. We check our theater several times throughout the showings to make sure people aren't on their cell phones. We give multiple warnings, and yet I still have to escort people out for not listening. We give two strikes and after that, it's like, come on.
Tarik (New York, New York)
I work at a theater on the upper west side of Manhattan. I've been working here for five years now.
5. Read your ticket stub
Tarik said customers rarely bother to read their ticket stub — which leads to them asking redundant questions.
Courtesy of Tarik
Theater patrons purchase a ticket, whether it's online or at the box office, and then never look at the information on the stub. Pretty much everything you need to know in regards to the when, where, and how of your experience is on the stub.
6. Know the name of the film you're coming to see
When customers add words to the title or just completely botch it, it drives us insane. We're currently showing a film called "All the Beauty and the Bloodshed," and I've had customers come up to the window asking for a ticket to "brains and beauty," "bloody beautiful," and everything in between.
Scott (Hayden, Idaho)
I've worked at my theater in Idaho for just under five months now. Customers here are generally very kind and understanding — but some things I wish customers would do are:
7. Don't ignore "please wait" signs
Scott works at a theater in Idaho, and said customers barge past "please wait" signs.
Courtesy of Scott
Strolling into uncleaned theaters is annoying and gets in the way of us cleaning properly after a showing.
8. Don't just ask for "diet" as a beverage without elaborating
There are likely three different "diet" drinks here.
9. Don't show up 30 minutes late to your movie
I understand showing up late because you want to skip the ads, but I'll likely be doing other duties like restocking or cleaning, and we don't like to have to be dragged back to the front for stragglers.
as told to contributor 2022 Movie Theater | 2022-12-24T12:15:03Z | www.businessinsider.com | 9 Movie Theater Etiquette Rules According to Employees | https://www.businessinsider.com/9-movie-theater-etiquette-rules-according-to-employees-2022-12 | https://www.businessinsider.com/9-movie-theater-etiquette-rules-according-to-employees-2022-12 |
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