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The new COVID-19 booster which includes protection for Omicron at AltaMed Health Services in South Gate on Thursday, October 6, 2022.
"It's important to note that the two studies were done independently. They're small studies but there are two of them —it's not just a fluke," said Dr. Dan Barouch, the lead author of the Harvard study. Barouch's lab played a pivotal role in the development of the Johnson & Johnson
Covid vaccine. | 2022-10-27T19:48:23Z | www.cnbc.com | New Covid booster shots don't protect better against omicron BA.5, studies find | https://www.cnbc.com/2022/10/27/new-covid-booster-shots-dont-protect-better-against-omicron-bapoint5-studies-find.html | https://www.cnbc.com/2022/10/27/new-covid-booster-shots-dont-protect-better-against-omicron-bapoint5-studies-find.html |
Pilots talk as they look at the tail of an American Airlines aircraft at Dallas-Ft Worth International Airport.
' pilots union is weighing an offer for higher raises in a new two-year contract proposal, the latest attempt to seal up a labor deal at the country's largest airline.
The airline is offering 12% raises on date of signing, plus 5% after one year, and 2% after two years, according to a copy of the proposal. The total would be higher than the raises American offered in June.
Airlines are scrambling to get labor deals done with pilots, their highest-paid unionized employees, and other groups. American and the other largest U.S. carriers – Delta Air Lines
, Southwest Airlines
– have been in negotiations with their pilot groups for months, with the pandemic derailing talks as travel demand collapsed. | 2022-10-27T20:18:25Z | www.cnbc.com | American Airlines offers pilots higher raises in new contract proposal | https://www.cnbc.com/2022/10/27/american-airlines-offers-pilots-higher-raises-in-new-contract-proposal.html | https://www.cnbc.com/2022/10/27/american-airlines-offers-pilots-higher-raises-in-new-contract-proposal.html |
Amazon Web Services CEO Adam Selipsky speaks at the Mobile World Congress conference in Barcelona, Spain, on March 1, 2022.
said Thursday that revenue growth in its cloud-computing unit slowed in the third quarter to 27.5%, missing analysts' estimates. It's the slowest expansion since at least 2014, the year Amazon started reporting on the group's finances.
AWS, which Amazon launched in 2006, controlled about 39% of the cloud infrastructure market in 2021, down from 41% in 2020, according to estimates from technology industry researcher Gartner. Google
, Huawei and Microsoft
all gained share last year, Gartner said. The industry has seen steady growth as businesses continue to offload their computing and storage to the cloud.
AWS CEO: I hope my kids don't think we're doing enough on the environment | 2022-10-27T21:19:18Z | www.cnbc.com | AWS earnings Q3 2022 | https://www.cnbc.com/2022/10/27/aws-earnings-q3-2022.html | https://www.cnbc.com/2022/10/27/aws-earnings-q3-2022.html |
Intel CEO Pat Gelsinger speaks during the Mobileye Global Inc. IPO at the Nasdaq MarketSite in New York on Oct. 26, 2022. Mobileye Global Inc., the self-driving technology company owned by Intel Corp., priced one of the biggest US initial public offerings of the year above its marketed range to raise $861 million.
shares moved as much as 7% higher in extended trading on Thursday after the chipmaker announced lower-than-expected earnings guidance for the full fiscal year but said it will deliver up to $10 billion in cost reductions and efficiency improvements.
"We are planning for the economic uncertainty to persist into 2023," CEO Pat Gelsinger said on a conference call with analysts.
Intel said it's aiming for $3 billion in cost reductions in 2023, and the number will reach $8 billion to $10 billion in annualized reductions and gains by the end of 2025. Bloomberg reported earlier this month that Intel was planning to cut employees, possibly in the thousands, in a bid to lower costs. Days later the Oregonian reported that Gelsinger warned employees that the company would be instituting cost-cutting measures.
"The data center TAM is holding up better, although enterprise in China continued to show signs of weakness, as do some, but not all, cloud customers," Gelsinger said. | 2022-10-27T21:19:24Z | www.cnbc.com | Intel (INTC) earnings Q3 2022 | https://www.cnbc.com/2022/10/27/intel-intc-earnings-q3-2022.html | https://www.cnbc.com/2022/10/27/intel-intc-earnings-q3-2022.html |
Sen. Warren says big banks fail to prevent 'rampant' fraud on payment platform Zelle, urges CFPB to tighten regulations
Sen. Elizabeth Warren, D-Mass., sent a letter to Consumer Financial Protection Bureau Director Rohit Chopra urging the agency to tighten regulations to root out fraud on payment platform Zelle.
Warren asked Chopra to amend the Electronic Fund Transfers Act to protect consumers on peer-to-peer platforms.
In a letter to Consumer Financial Protection Bureau Director Rohit Chopra dated Wednesday, the Massachusetts Democrat also said big banks may have violated federal law by failing to fully refund the "vast majority" of defrauded customers. Warren, a member of the Senate Banking, Housing and Urban Affairs Committee, released the findings as part of a report earlier this month.
Warren urged the CFPB to use its rulemaking authority under the Dodd-Frank Act to amend the so-called Regulation E of the Electronic Fund Transfers Act "to increase consumer protection and interpret the guidelines surrounding peer-to-peer platforms."
, PNC Bank
, U.S. Bank
. Consumers use the platform to directly transfer money between banking accounts, similar to how other peer-to-peer platforms like Cash App and Venmo function.
CNBC contacted the seven companies that own Early Warning Services for comment. Bank of America directed CNBC to Early Warning Services, while JPMorgan and PNC Bank declined to comment.
Warren said her investigation found big banks have promoted Zelle as a safe payment option, yet the number of consumer fraud and scam claims has climbed since 2020.
The value of the scam and fraud claims received by PNC, Truist, U.S. Bank and Bank of America exceeded $90 million in 2020. The value of claims is expected to rise to $255 million in 2022, according to the report.
Warren said she also found that most of the time, big banks are not repaying customers involved in the 190,000 cases in 2021 and the first half of 2022 where consumers said they were scammed into making payments through Zelle. The fraudulent payments reached $213 million in that time period.
Of the three banks that provided full data sets, customers were repaid in only 9.6% of scam claims, amounting to $2.9 million, according to the report. That amount represented 11% of payments. | 2022-10-27T21:19:49Z | www.cnbc.com | Sen. Elizabeth Warren requests CFPB investigation into Zelle | https://www.cnbc.com/2022/10/27/sen-elizabeth-warren-requests-cfpb-investigation-into-zelle.html | https://www.cnbc.com/2022/10/27/sen-elizabeth-warren-requests-cfpb-investigation-into-zelle.html |
The retweet was brought to the Office of the Special Counsel's attention by America First Legal, which is run by Stephen Miller, a former Trump administration official.
White House press secretary Karine Jean-Pierre told reporters Thursday that Klain is "very careful" and takes the act seriously, but "got it wrong this time."
Ron Klain in his office, on January, 13, 2015 in Washington, DC.
America First Legal on Thursday posted a letter from the OSC responding to its complaint. It noted that Klain only received a warning because he promptly removed the tweet.
A spokesperson for the OSC declined to comment on the matter, but confirmed the letter's authenticity.
"He fixed it as soon as it was pointed out, and takes the warning to be more careful seriously," Jean-Pierre said. "That's very different than the prior crew here at the White House before us previously that blatantly, openly and carelessly violated the Hatch Act repeatedly." | 2022-10-27T21:20:01Z | www.cnbc.com | White House chief of staff Ron Klain warned after Hatch Act violation | https://www.cnbc.com/2022/10/27/white-house-chief-of-staff-ron-klain-warned-after-hatch-act-violation.html | https://www.cnbc.com/2022/10/27/white-house-chief-of-staff-ron-klain-warned-after-hatch-act-violation.html |
: "I need to see them make some money. ... I'm not recommending stocks that are losing money."
: "I think down here at $4, I'm not a SPAC guy, okay, but this one may be actually worth looking at."
: "I continue to prefer Nucor
. Better company."
: "I say stay with it, I think it's a really, really well-run company." | 2022-10-27T23:21:02Z | www.cnbc.com | Cramer's lightning round: Stay with Vertex Pharmaceuticals | https://www.cnbc.com/2022/10/27/cramers-lightning-round-stay-with-vertex-pharmaceuticals.html | https://www.cnbc.com/2022/10/27/cramers-lightning-round-stay-with-vertex-pharmaceuticals.html |
Club holding Amazon (AMZN) reported weaker-than-anticipated results for the third quarter after the closing bell Thursday and guidance that was even worse. Considering all the cross currents and a terrible initial stock reaction, we're going to sit tight on the stock for now. Net sales increased 15% year over year to $127.1 billion, nearly in line with estimates of about $127.46 billion, according to Refinitiv. Foreign exchange (FX) fluctuations had a 460 basis point impact on sales in the quarter. That's 70 basis points or $900 million more than initially guided. Operating income of $2.5 billion fell from $4.9 billion last year and missed estimates of about $3.1 billion. The result was higher than the midpoint of management's breakeven and $3.5 billion guide. Net Income was $2.9 billion, or 28 cents per share, but this includes a pre-tax valuation gain of $1.1 billion related to the company's investment in Rivian Automotive (RIVN). So EPS does not exactly compare to estimates of 22 cents. Bottom line Sales were in line despite some beats and misses here and there. Still, it was a disappointing operating income result as Amazon did not generate the cost improvement and efficiency gains that had been anticipated. At the same time, inflation and broader economic uncertainty weighed on the business as the quarter progressed, leading to a fourth quarter outlook that was far below expected. The selloff in the stock after-hours — roughly a 13% decline — is a tough pill to swallow because Amazon understands the importance of tightening its belt and controlling expenses during this tough time. For a few quarters now management has talked about addressing its bloated cost structure, which is partly a result of all the e-commerce demand it enjoyed during the Covid pandemic. While the fruits of those efficiency driven labors have yet to fully show up in the results, we remain optimistic about the efforts. Once Amazon cleans up its margins, its free cash flow should significantly improve, leading to a higher stock price. It's going to take some time. But with shares disappointingly lower after the release, the dilemma we face with yet another mega-cap tech name is: what is too low to sell and what do we need to exit? While Amazon has an expensive valuation, its business model can be tuned up, leading to higher profits in the future. The company knows it over-extended and over-expanded itself last year. But it's taking longer than previously anticipated to clean up those costs, and now the business is feeling the effects of inflation and the broader economic slowdown. We are sticking with Amazon for now, but cutting our price target to $140 per share from $160 to factor in headwinds on valuation due to higher interest rates and lower earnings estimates. Guidance Management's outlook for the fourth quarter (the current quarter) was a massive disappointment. It expects sales to be between $140 billion to $148 billion, representing year-over-year growth of 2% to 8%. At the $144 billion midpoint, this guide is well below the $155 billion estimate the Street was looking for. Guidance anticipates an unfavorable impact of approximately 460 basis points for foreign exchange rates. Operating income is expected to be in a range of breakeven to $4 billion. Management is typically prudent when it comes to providing operating guidance and often under-promises, over-delivers, but it's hard to get excited about this view when at its midpoint of $2 billion the guide is about $3.5 billion below what the consensus expected. Why the slowdown? Management pointed out that it began to see a slowdown across many of its businesses and an increased headwind from FX as the third quarter progressed. These headwinds are expected to persist through the fourth quarter, partially explaining the weak guide. At least in this macro slowdown, management understands the importance of not spending like crazy. "As we've done at similar times in our history, we're also taking actions to tighten our belt, including pausing hiring in certain businesses and winding down products and services where we believe our resources are better spent elsewhere. We aim to strike the right balance between investing for our customers for the long term, while driving operational efficiency improvements and accomplishing more with less.," CFO Brian Olsavsky said on the earnings call. For the full year, Amazon expects about $60 billion in capital investments, which is about $5 billion higher than 2021 levels and in line with estimates. This figure includes an estimated $10 billion year over year reduction in fulfillment and transportation capital investments offset by a $10 billion year over year increase in tech infrastructure, primarily to support its Amazon Web Services (AWS) cloud arm. Geographic Q3 sales In North America, sales increased 20% year-over-year to $78.84 billion, beating estimates of $77.24 billion. The operating loss in the region was $412 million, which is tough to see off that much revenue. But it's a small consolation as expectations were for an even greater loss of $485 million. International sales increased 12% year-over-year, excluding foreign exchange (FX), at $27.72 billion, missing estimates of $29 billion. The operating loss was worse than anticipated at $2.47 billion compared to estimates of $2.26 billion loss. Segment Q3 sales Online Stores: $53.49 billion, up 13% year over year excluding-FX, missed the $54.27 billion expected. Amazon said it had a great reaction to its second Prime Day of 2022, but growth slowed down as the quarter progressed as inflation, and higher fuel and energy hurt the budgets of consumers. The slowdown was most evident in the international part of the business. Physical Stores, mostly Whole Foods: $4.69 billion, up 10% from last year ex-FX, in line with the $4.71 billion expected. Third-Party Seller Services, commissions and any related fulfillment and shipping fees, and other third-party seller services: $28.67 billion, up 23% year over year excluding-FX and a beat versus the $27.93 billion expected. Subscription Services, mostly annual and monthly fees associated with Amazon Prime membership: $8.9 billion, up 14% from last year ex-FX, a small miss versus $9.09 billion expected. AWS: $20.54 billion, up 28% year over year excluding-FX, and a miss versus the $21.2 billion expected. The segment reported operating margins of 26.3%, well below estimates of 30%. Hurting sales was the ongoing macro uncertainty, which is causing customers to focus on controlling costs and monitoring how much they are spending on the cloud computing platform. It doesn't sound like we should expect an uptick in the fourth quarter as management noted that in the back end of the quarter, AWS' growth rate was trending more in the mid-20% range. Despite the recent slowdown, the AWS backlog still remains healthy up 57% year over year at $104.3 billion, indicating that the long term demand is still there. Advertising Services: $9.55 billion, up 30% year over year excluding-FX, and a slight beat versus the $9.481 billion expected. Other, sales related to various other service offerings: $1.26 billion, a surge of 168% from last year ex-FX, a beat versus the $843 million expected. (Jim Cramer's Charitable Trust is long AMZN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. | 2022-10-28T00:52:34Z | www.cnbc.com | We're disappointed by Amazon's terrible results, stock plunge; but sticking with it for now | https://www.cnbc.com/2022/10/27/were-disappointed-by-amazons-terrible-results-stock-plunge-but-sticking-with-it-for-now.html | https://www.cnbc.com/2022/10/27/were-disappointed-by-amazons-terrible-results-stock-plunge-but-sticking-with-it-for-now.html |
Tech stocks have tumbled this week, as investor optimism fades following disappointing results from some of the sector's biggest names. Investors were looking to the likes of Alphabet , Microsoft , Texas Instruments and Meta Platforms f or signs that the worst of the downturn was behind them. Instead, they were left disappointed, as the third quarter updates from the tech giants highlighted mounting pressures across the spectrum, as a slowing global economy hit spending on digital advertising and enterprise software, as well as demand for chips. The resulting fallout in the stock market was palpable. The tech-heavy Nasdaq Composite snapped a three-day winning streak on Wednesday, after having climbed 5.5% in the three prior trading sessions. Despite the gloomy outlook for the sector, fund manager Brian Arcese is still bullish on selected stocks within the sector — including Microsoft. The portfolio manager at Foord Asset Management co-manages the Foord International Fund and the Foord Global Equity Fund. Both funds hold Microsoft shares. Arcese is standing by the stock — even after the company delivered its weakest quarterly sales growth in five years on the back of a strong U.S. dollar and a decline in sale of personal computers. He noted that growth can be bumpy on a quarterly basis, and U.S. dollar strength has been a common headwind for many companies. Microsoft's slowing revenue growth is also partially "a function of the law of large numbers," according to Arcese. "As it becomes larger and larger, then it's much more difficult to grow at a 40% plus rate on a year-on-year basis. So, I wouldn't be surprised to see growth moderating going forward," he said. Reasonable valuation Arcese said it was important to consider the valuation of the company, "and we do think that at a low 20x earnings multiple it's a reasonable multiple to pay for a company with this combination of businesses." He noted that many of the company's underlying businesses have "quite strong moats around them." For instance, the Office 365 franchise is becoming "increasingly entrenched" in the lives of the working professional and the average consumer. Microsoft has successfully raised prices for the product at very little underlying churn to the business, he added. Arcese is also bullish on Microsoft's cloud computing business, which he said is growing at "a low 40% range relatively consistently." On the gaming front, he expects Microsoft's proposed acquisition of video game publisher Activision Blizzard to go through. The $68.7 billion all-cash deal is pending approvals from shareholders and regulators, which is expected to push the closing to Jun. 2023. The gaming company is among the top five holdings in the Foord International Fund, which has a 5.1% allocation to Activision as of the end of September. Read more These 'all-weather' stocks can protect your portfolio in a recession: Outperforming fund manager Stocks and bonds are struggling. Give these strategies a shot instead, say Goldman and others Some global banks have posted bumper profits — but don’t buy their shares yet, strategist says Shares of Microsoft have not been spared from this year's tech rout, with the stock down about 31% so far. "I think this stock is also sold off this year as a result of real rates rising. You are discounting future cash flows at a higher rate. The stock is a solid long term defensive holding, so we are really quite comfortable owning it and we have a reasonable position," Arcese said. The Foord International Fund is down 5.8% in 2022 as of the end of September, according to the fund's commentary , beating the MSCI World index which is down around 25% over the same period. The Foord Global Equity fund has fared less well, although did manage to just outperform the market this year, down 23.3% as of the end for September, the fund's latest factsheet showed.
Jenni Reid8 min ago
Intel, Verizon, and more: CNBC's 'Halftime Report' traders answer your questions | 2022-10-28T00:52:52Z | www.cnbc.com | Why outperforming fund manager still loves Microsoft as tech stocks tumble | https://www.cnbc.com/2022/10/28/why-outperforming-fund-manager-still-loves-microsoft-as-tech-stocks-tumble.html | https://www.cnbc.com/2022/10/28/why-outperforming-fund-manager-still-loves-microsoft-as-tech-stocks-tumble.html |
Shares of Club holding Pioneer Natural Resources (PXD) climbed in extended trading Thursday on the back of solid third-quarter results. The oil-and-gas producer also showed it's making good on a promise to return excess cash to shareholders, checking the main box in our investment thesis for the company. Total revenue climbed by 36.5% year-on-year, to $6.09 billion. Adjusted earnings-per-share came in at $7.48, slightly missing analysts' forecasts of $7.50 a share, according to estimates compiled by Refinitiv. Cash flow from operating activities totaled $3 billion, topping estimates of $2.76 billion, according to FactSet. As a result, Pioneer's free cash flow — money the business generates minus capital expenditures — was $1.7 billion, just shy of the $1.76 billion predicted by analysts. Note: Pioneer's management team is set to hold a conference call to discuss the quarterly results at 10 a.m. ET Friday. We'll be listening for any important additional information that Club members should know. Bottom line Pioneer's results were solid considering the sharp drop in oil prices during the third quarter of this year. In the three months ended Sept. 30, West Texas Intermediate crude — the U.S. oil benchmark — fell by roughly 25%. Wall Street was well aware of that setup, though, so it wasn't a surprise to find out Pioneer's net income, free cash flow and sales declined on a quarter-over-quarter basis. Most importantly for the Club, Pioneer continued to demonstrate its commitment to returning the majority of its excess cash to shareholders via buybacks and dividends. Under its base-plus-variable dividend model, Pioneer said Thursday its fourth-quarter payout will be $5.71 per share. That equates to an annualized dividend yield of roughly 8.6% based on Pioneer's Thursday closing price of $265.84 — easily among the largest of any company in the S & P 500 as of Thursday. While that's less than the $8.57 per share Pioneer paid out in the third quarter, we anticipated a smaller payout for the fourth given the summer slide in oil. That said, oil prices have rebounded by more than 10% since the start of October as a result of production cuts agreed by the Organization of the Petroleum Exporting Countries and its oil-producing allies, which should provide a tailwind for Pioneer and other energy firms in the coming months. The Club would recommend buying Pioneer on a pullback. Shares of Pioneer were up 1.67% in afterhours trading, at $270.28 a share. Capital allocation This is an important part of Pioneer's earnings reports each quarter. While Pioneer and other energy stocks such as Devon Energy (DVN) help hedge our portfolio against inflation, we also own the companies due to their disciplined capital return programs . That helps sweeten overall investment returns for shareholders. On top of its dividend, Pioneer announced Thursday that it bought back $500 million worth of stock during the third quarter, at an average price of $218 per share. In the second quarter, by comparison, Pioneer also repurchased $500 million in stock, at $235 per share on average. The company has $2.75 billion remaining on its current share repurchase authorization. Pioneer's third-quarter buyback, combined with the declared fourth-quarter dividend payment, adds up to an annualized 12% total shareholder return, according to the company. Quarterly production and pricing Total oil equivalent production in the third quarter came in at 657,000 barrels a day, ahead of the 648,100 barrels a a day predicted by analysts. Here's a breakdown: Oil: 354,040 barrels a day, ahead of expectations for 353,600 barrels a day. Natural gas liquids (NGL): 162,370 barrels a day, beating forecasts for 160,700 barrels a day. Gas: 841,000 cubic feet per day, above a consensus estimate of 805,500 cubic feet a day. Pioneer's average realized price for oil was $94.23 per barrel, edging out estimates of $93.3 per barrel. The company's average realized price for natural gas liquids was $38.09 per barrel, missing expectations of $38.30 per barrel. Pioneer recorded an average realized price for gas of $7.58 per thousand cubic feet, topping estimates of $7.20 per thousand cubic feet. The aforementioned prices exclude the impact of hedging activity. Guidance Pioneer offered investors the following fourth-quarter guidance: Oil production of 346,500 barrels a day to 361,500 barrels a day, compared to analysts' forecasts of 358,700 barrels a day, according to FactSet. Total oil equivalent production per day in a range of 655,000 barrels to 680,000 barrels, versus a consensus estimate of 653,900 barrels a day. Pioneer also reiterated its full-year capital budget range of $3.6 billion to $3.8 billion, compared with analysts' expectations of $3.76 billion. Projected full-year operating cash flow of more than $12 billion topped forecasts of $11.93 billion. Management also left unchanged its full-year production outlook . The company continues to forecast oil production between 350,000 barrels a day and 365,000 barrels a day, while it expects total production of barrels of oil equivalent a day between 623,000 and 648,000. (Jim Cramer's Charitable Trust is long PXD, DVN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Scott Sheffield, CEO of Pioneer Natural Resources.
Jim Crameran hour ago | 2022-10-28T01:49:13Z | www.cnbc.com | We're pleased to see Pioneer return cash to shareholders | https://www.cnbc.com/2022/10/27/were-pleased-to-see-pioneer-return-cash-to-shareholders-.html | https://www.cnbc.com/2022/10/27/were-pleased-to-see-pioneer-return-cash-to-shareholders-.html |
"I felt there was something left in me to build a zero-to-one startup," said Sukemasa Kabayama, the co-founder and CEO of Uplift Labs.
I was thinking, it would be much more exciting to really build something from scratch, from the ground up.
Uplift Labs also sells auto-generated reports to allow coaches and physical therapists to track an athlete's or patient's progress over time, said Sukemasa Kabayama.
Being vision-driven really rallies the troops. All that hard work that you do is going towards a common greater good. | 2022-10-28T02:23:40Z | www.cnbc.com | Ex-Apple and Tesla exec gives tips for building successful business | https://www.cnbc.com/2022/10/28/ex-apple-and-tesla-exec-gives-tips-for-building-successful-business.html | https://www.cnbc.com/2022/10/28/ex-apple-and-tesla-exec-gives-tips-for-building-successful-business.html |
Earnings season is the first big test for single-stock ETFs after a slow start in the U.S.
The nascent single-stock ETFs have reached a key period to prove their worth after a slow start for the group in the United States. The products, which were approved by the Securities and Exchange Commission in July , have struggled to attract inflows in their first few months on the market. According to data compiled by Aniket Ullal, CFRA's head of ETF data and analytics, the nearly two dozen U.S. single-stock ETFs have just over $200 million in combined assets, with a median fund size of around $3.4 million. "That's really, really small. I know we're in the first inning here, but it has not been a very good start for single-stock ETFs," Aniket said. However, the issuers of the funds — AXS, Direxion and GraniteShares, so far — have stressed that trading volume is a key test for these short-term focused funds. Some of the funds are regularly trading more than 1 million shares a day, though most are closer to a daily volume of 10,000. "For us, that is a better reflection, or an equal reflection, of the investor appetite," said AXS Investments CEO Greg Bassuk, adding that his firm does not have a specific asset goal for the funds. The biggest funds by daily volume so far are Direxion's Daily TSLA Bull 1.5X Shares ETF (TSLL) and AXS' TSLA Bear Daily ETF (TSLQ) . Earnings season should be a time when the funds prove their worth, as they allow traders to make short-term bets on corporate events like quarterly reports. Dave Mazza, the head of product at Direxion, said that he was pleased with the early performance of the funds and pointed to spikes in trading volume for the smaller funds focused on Alphabet and Microsoft around their earnings reports this week. "My expectations were this earnings season would be that catalyst to propel use, and we're seeing that," Mazza said, adding that this period should introduce the funds to more traders even if the assets don't immediately increase. "Our assets may go down, but our shareholder base broadens out during times of volatility," he said. Performance so far The funds, which are designed to create an inverse or leveraged performance against a single stock over a one-day period, largely appear to be meeting their stated goal. Recent performance of several Tesla funds on the market, including inverse funds from GraniteShares, Direxion and AXS, as well as a 1.5x leveraged fund from Direxion, show that daily moves are often within a few basis points of what should be expected. "They're doing what they're supposed to on the label," Ullal said. But if investors don't follow the daily trading prescribed for the funds, performance can suffer. Through Wednesday's close, the AXS TSLA Bear Daily ETF was down more than 2% since inception, while Tesla is down about 5.7% over the same period. The divergence over time is one reason why SEC officials released statements when the funds were approved that they were skeptical of the space, especially for everyday investors. "I think it was a pretty clear statement that, if I were an advisor, would have struck fear in my heart trying to get these funds for my customers. They basically said that they didn't know if these would meet suitability requirements. I don't see enough edge in these funds to take that risk from an advisor standpoint," said Bryan Armour, director of passive strategies research at Morningstar. What comes next Single-stock funds are already well established in Europe. GraniteShares founder and CEO Will Rhind said that lower leverage for U.S. funds is a major difference compared to the market across the pond, where many funds have 3-times leverage. No U.S. single-stock fund is at more than 2-times. The overall market environment in the U.S., in which the averages are in a bear market and surveys show rock-bottom sentiment, could also be a factor in slow uptake, Rhind said. "I think trading volumes are just down more broadly across the market. … And I think that's just a market of not just the market being down but people selling and going to cash more," he said. None of the three issuers indicated that they were changing their plans for the space going forward, even after a tepid start. "We think that frankly it's just a better mousetrap for those who are already doing these short-term, high-conviction trades," Bassuk said. However, some of the funds could be at risk of closure if the funds cannot attract more assets, Armour said. "There definitely is going to have to be a minimum level. These issuers aren't being paid on trading volume. … It's not cheap to list these funds on an exchange. I would expect down the line some of these to drop," Armour said. | 2022-10-28T04:55:49Z | www.cnbc.com | Earnings season is the first big test for single-stock ETFs after a slow start in the U.S. | https://www.cnbc.com/2022/10/28/earnings-season-is-the-first-big-test-for-single-stock-etfs-after-a-slow-start-in-the-us.html | https://www.cnbc.com/2022/10/28/earnings-season-is-the-first-big-test-for-single-stock-etfs-after-a-slow-start-in-the-us.html |
Watch CNBC's full interview with Saudi Arabia's minister of tourism
The Abraj Al-Bait Towers also known as the Mecca Royal Hotel Clock Tower, is seen from Jabal al-Noor or 'Mountain of Light' overlooking the holy city of Mecca, on July 5, 2022. The kingdom is home to two of Islam's holy sanctuaries, Mecca and Medina. Before the pandemic, Saudi Arabia drew about $12 billion of revenue annually from 2.6 million pilgrims embarking on the week-long haj. | 2022-10-28T06:57:33Z | www.cnbc.com | Saudi Arabia has strong tourism market, but minister hopes for Chinese tourists | https://www.cnbc.com/2022/10/28/saudi-arabia-has-strong-tourism-market-but-minister-hopes-for-chinese-tourists.html | https://www.cnbc.com/2022/10/28/saudi-arabia-has-strong-tourism-market-but-minister-hopes-for-chinese-tourists.html |
3 signs it's time to quit your 9-to-5 job and commit to your side hustle full time
Courtney McWillams quit her job as a social worker to focus on her dog-daycare business full time.
Courtesy of Courtney McWilliams
Many founders start their businesses as side hustles until they can make it their sole priority.
There are a few signs to signal it's time to quit your 9-to-5 and commit to your company.
Establish milestones and a timeline to ensure you're making the right decision.
While some side hustles can generate six figures in revenue, most founders will eventually face the decision of whether they should take their venture full time in order to scale.
Harley Finkelstein, president of the e-commerce company Shopify, said quitting your day job is a crucial step to turning your passion into your life's work. "Having a side hustle in perpetuity actually is not in an entrepreneur's best interest," he previously told Insider.
He recommended every founder define their timeline for leaving a full-time job based on their risk tolerance. For example, some might feel comfortable quitting their 9-to-5 once they hit $50,000 in annual sales, while others might not want to give up a stable salary until their business is generating $100,000 per month.
"If you're very clear about that at the outset, then it becomes very easy to map your journey as you go," he said.
Insider spoke with founders who started their businesses as side hustles and have since generated six-figure sales. Here are three signs to know it's time to quit your 9-to-5 and commit to your company full time.
1. You've demonstrated proof of concept
Before you consider quitting your job to scale up, your business should have a clear proof of concept.
Ed Cornell and Pat Griffith founded the novelty ice cream brand Milk Cult in 2013 and worked full-time jobs and part-time gigs for six years while they developed their recipes and business. Whole Foods began carrying their products in 2015, and the founders knew they had something special on their hands when grocers kept asking for more.
"As soon as we were on a shelf in one store, another store in that neighborhood or someone else would call," Cornell said.
2. You've reached a financial milestone
Founders recommend starting your side hustle with a financial milestone in mind, such as monthly sales or annual revenue, so that you're not just endlessly working on a passion project.
Husband and wife duo Tori and Chris Gerbig started their online apparel business, Pink Lily, in 2011 as an eBay side hustle to pay off student loans while they worked corporate jobs. But running the business on top of their daily duties wasn't a sustainable long-term plan, said Chris, who was also in graduate school at the time.
"We would sit down at night, look at the finances the business was generating and say, 'If we continue getting this many orders a day, it will outpace our corporate job and we can quit,'" he added.
After three years, they launched an e-commerce site with a goal of reaching $50,000 in sales by the end of the year. They achieved that goal within four months, and the couple quit their jobs, moved their dining-room operations into a warehouse, and hit $4 million in sales by the end of the year, they previously told Insider.
3. Your business is already taking up more time and energy than your job
For some entrepreneurs, the transition from side hustler to full-time founder is a more natural progression than a sudden decision.
In 2019, Courtney McWilliams opened her dog daycare, MaryMac's Doggie Retreat, while also employed as a social worker and driving for ride-hailing apps. She had wanted to quit her job for a couple of years but was too afraid of making the leap, she said.
But as McWilliams focused more on her business, she unknowingly dwindled her job schedule to 10-hour weeks. She didn't realize it until her manager brought it up.
"I can clearly tell you do not want to work here anymore because you're not even pulling the same hours," McWilliams recalled her manager telling her. "It's time to make that leap."
Inspired by America's first female and Black vice president, McWilliams handed in her resignation letter the day Kamala Harris was sworn into office.
More: Entrepreneurship Small Business side hustles | 2022-04-19T10:10:32Z | www.businessinsider.com | How to Know It's Time to Quit Your Job, Run Your Side Hustle Full Time | https://www.businessinsider.com/how-to-know-time-quit-job-side-hustle-full-time-2022-4 | https://www.businessinsider.com/how-to-know-time-quit-job-side-hustle-full-time-2022-4 |
Here's an exclusive look at the pitch deck Web3 gaming startup Salad used to raise $17 million to build a decentralized supercomputer for crypto
Bob Miles is the founder and CEO of Salad.
Salad is a network where gamers exchange idle computing power for rewards.
It just raised $17 million in Series A funding led by Left Lane Capital and Origin Ventures.
Salad says it has more than 1 million registered users in 188 countries.
Salad, a network where gamers fork over some of their idle computing power in exchange for gift cards and other rewards, announced Tuesday it had raised a $17 million Series A funding round led by Left Lane Capital and Origin Ventures, with participation from Kickstart Fund, Royal Street Ventures, and Carthona Capital.
Just as Uber enabled car owners to harness their vehicles for extra cash and Airbnb let homeowners rent out rooms or their whole house, Salad is "the sharing-economy model coming to the digital space," Bob Miles, its founder and CEO, said.
"I kind of hate that analogy because there's a Uber for everything, but that is one way of looking at it," Miles told Insider.
The idea of sharing computer power is nothing new. Wired magazine wrote about long since forgotten startups trying to harness idle CPU power in 2000. But the idea is gaining popularity again in the age of crypto, tech that requires vast amounts of computing power, though Salad says its service can be used for not only crypto but also all kinds of apps, including Internet of Things apps, artificial intelligence, and Web3 marketplaces.
Salad, which is based in Salt Lake City but whose staff is fully distributed, says that by next year, its vast network will have the equivalent computing power to some of the largest supercomputers. It says it has more than 1 million registered users in 188 countries and that its network is both cheaper and more reliable than established cloud-computing companies like Amazon Web Services.
"We're able to empower gamers to compete directly with the cloud providers," Miles said.
Salad said it achieved tenfold network growth in 2021 and would use its latest fund to grow its staff from 20 to 70 within a year, mostly hiring engineers.
"The Salad network is an incredibly unique asset," Derek Urben at Left Lane Capital said in a statement. "Salad's core offering should appeal to any enterprise clients seeking affordable, elastic cloud solutions."
Here's a look at the pitch deck Salad used to raise $17 million.
Salad series A pitch deck
More: Features Venture Capital Web 3.0 | 2022-04-19T12:41:20Z | www.businessinsider.com | Here's the Pitch Deck Web3 Startup Salad Used to Raise $17 Million | https://www.businessinsider.com/heres-the-pitch-deck-web3-startup-salad-used-to-raise-17-million-2022-4 | https://www.businessinsider.com/heres-the-pitch-deck-web3-startup-salad-used-to-raise-17-million-2022-4 |
A top biotech VC shares the 3 criteria startups need to survive the market meltdown
Josh Wolfe, a managing partner and cofounder of Lux Capital.
Lux Capital
A top VC shared three necessities for startups in the biotech market, which has stumbled in 2022.
Lux Capital's Josh Wolfe said they need a war chest of cash, supreme science, and killer leaders.
Lux oversees $4 billion and has invested in startups like Eikon Therapeutics.
Lux Capital is advising its biotech startups to focus on three qualities as the public-market pullback threatens to hit private companies.
After record years for launching startups, raising capital, and going public, the tone in biotech investing has changed in 2022. A leading biotech index, the SPDR S&P Biotech ETF, has fallen by 24% in 2022 and is down nearly 50% since peaking in February 2021. While cash is still flowing in the private market, venture capitalists and startups think the private market could soon catch up to the public market.
Josh Wolfe, a cofounder and managing partner of Lux Capital, told Insider he's advising his portfolio companies to focus on cash, science, and management to take advantage of the downturn.
"I think we're going to have a massive wave of consolidation," Wolfe said. "The people who are going to be poised to pounce and do that consolidation are going to have those three criteria I'm looking for."
1. Have a war chest of cash
Most biotech startups are years — sometimes decades — out from meaningful revenue, let alone profits. That leaves the industry reliant on capital markets to fund research, making downturns particularly tough on companies running short on cash.
Many smaller biotechs have touted plans in 2022 to lower expenses and stretch the cash reserves, often by deprioritizing research programs and sometimes by reducing headcount. A layoff tracker managed by Fierce Biotech counts about 40 biotechs that have announced layoffs so far this year.
But building war-chest levels of cash is also about playing offense. Wolfe said startups should be taking advantage of the downturn, predicting an impending wave of mergers and acquisitions and talent available for hire.
"You want to have the balance sheet that can not only weather the storm but can take advantage of situations where others are illiquid, running out of cash, and having to make zero-sum choices," Wolfe said.
Lux's startups have largely followed that advice. In the firm's annual letter for 2021, Lux, which oversees $4 billion in investments, said 90% of its companies were funded into 2023 and beyond.
2. Be built around supreme, celebrated science
The hottest research areas can initially excite investors but quickly become crowded; there are more than 4,700 immuno-oncology treatments and over 2,000 cell therapies in development, for instance. Wolfe said biotech startups need to be working on science that isn't incrementally better than what's out there but truly stands out from the crowd.
"If you're in a competitive area — oncology or immunotherapy or cell therapy — and there's 20 other companies that are doing what you're doing, you're at a disadvantage," Wolfe said.
He added that if a startup doesn't make that cut, it will struggle to make it through.
"You're going to be part of that messy middle of companies that are running out of cash, walking zombies that are either going to call it a day and return the cash, get taken over by activists, roll into somebody else, or out of necessity have to do restructurings and sell themselves," Wolfe said.
3. Have killer management making clever deals
Exciting science attracts the type of talent that Wolfe seeks: killer leaders. He described them as not just people who are brilliant or experienced, but executives who can identify and kill business risks.
Businesses usually face different key risks at different stages. The right leader for a biotech looking to raise cash might be a pro at storytelling and connecting with investors, while a well-funded startup might need someone who can map out a development strategy and execute on clinical trials. Wolfe said leaders who take the big risks off the table build value.
"Every risk that you can kill, value gets created, and a later investor should pay a higher price than we did, because they're taking less risk and should therefore intellectually demand a lower return so they should pay a higher price," Wolfe said.
Eikon shows Wolfe's approach in practice
Wolfe said Eikon Therapeutics, a California biotech that's backed by Lux, is one example that checks all three boxes.
The startup closed a $518 million Series B round in early January. Eikon was founded based on a Nobel Prize-winning technique to look inside cells in real time. The company is now developing drugs using those microscopes, seeing how drug compounds interact and affect the body.
That science has attracted killer leaders, particularly from the pharma giant Merck. Roger Perlmutter became Eikon's CEO last year, leaving his role as president of Merck's research labs. Roy Baynes recently left his spot as Merck's head of global clinical development to become Eikon's chief medical officer starting in July. And Ken Frazier, a former Merck CEO, joined Eikon's board in March.
More: Biotech Pharmaceutical VC
Eikon Therapeutics | 2022-04-19T12:41:26Z | www.businessinsider.com | Lux Capital VC Josh Wolfe: Factors That Make or Break Biotech Startups | https://www.businessinsider.com/lux-capital-vc-josh-wolfe-interview-factors-for-biotech-startups-2022-4 | https://www.businessinsider.com/lux-capital-vc-josh-wolfe-interview-factors-for-biotech-startups-2022-4 |
7 signs your boss has narcissistic tendencies
A boss with narcissistic traits often will have a hard time admitting when they're wrong or don't know something.
Amy Morin is a licensed clinical social worker, psychotherapist, and bestselling author.
If you think your boss has narcissistic tendencies, there are certain signs to look for, Morin says.
Narcissistic leaders may humiliate others, show little empathy, and act like they're above the rules.
While not to be confused with narcissistic personality disorder, which is a diagnosable mental illness, narcissistic tendencies involve occasional displays of self-importance.
Someone with narcissistic behaviors won't display them all of the time or in all situations, but these traits in a manager or superior can make working for them quite difficult.
Here are seven signs that your boss has narcissistic tendencies.
1. They value admiration above all else
While many bosses are flattered by compliments and praise, most can also recognize brown-nosing when they see it.
But a boss with narcissistic tendencies will surround themselves with employees who shower them with admiration. They promote people who admire them over those who do the best work as they prefer to create a leadership team that doubles as a fan club.
2. They gaslight people
A boss with an unhealthy ego won't admit when they're wrong. They deny their mistakes — even to those who witnessed the blunder first-hand.
You might hear them say, "I never said that!" after it comes to light that a statement they made wasn't true. They may also insist they told you things they never said, such as, "I told you four times when that report was due!"
Their objective is to appear successful and intelligent at all costs, and they're not afraid to be dishonest or sabotage others in the process.
3. They show little empathy for employees
If your boss insists you should be able to handle a "little cold" when you call in sick, it might be a sign they have some narcissistic tendencies. People like this are unlikely to show empathy for things you have going on in your personal life or any struggles you experience on the job.
They may even resort to public humiliation as a way to intimidate employees who ask for something, whether it be time off or help on a project. They may also characterize anyone who expresses concerns about safety issues or unrealistic deadlines as being ungrateful.
4. They use anger as a weapon
While they may have some trouble managing their temper, they're also likely to use aggression as a manipulation tool. Raising their voice, pounding a fist on the table, or even humiliating someone in front of other coworkers might be used as weapons to keep people in line.
Just moments after berating one person, they might praise someone else. Their quick shift in mood is a clear sign that their angry outbursts are control tactics.
5. They flaunt being 'above' the rules
Not only will your boss not follow the rules, but they'll also find great joy in reminding everyone that the rules don't apply to them.
They may offer frequent reminders like, "You can only work from home on Fridays. I work from home whenever I feel like it," or "You can book conference rooms all you want. But if I decide there's a more important meeting that needs to happen, you'll get removed." Their intention is to make it known that they're superior.
6. They always speak with authority
You won't catch a narcissistic leader sounding unsure of themselves or admitting they're out of their depth. Even when they don't know the answer, they'll speak with such conviction that people will often believe they know what they're talking about.
This is why leaders with narcissistic tendencies temporarily thrive during a crisis. When things go wrong, people look to someone who says they're confident they know what to do, even when they don't.
7. They work hard to look like the hero
Since bosses with narcissistic tendencies love admiration, they often put themselves in situations where they can look like the hero.
They may hold a special meeting to announce everyone is getting an extra day off over the holidays and act like it was their sole decision to "gift" everyone with holiday pay so they'll be personally thanked by everyone.
Or, they may host events where they're able to show off their skills, like a golf tournament. They may even host lavish office parties where they act as though they're personally paying for the event.
How to respond to a boss with narcissistic tendencies
You can't change how your boss behaves, but you can change how you respond to instances of narcissistic behavior. Set clear boundaries, ignore obnoxious attempts to get your attention, and speak up if their behavior becomes abusive. Ultimately, recognizing what your boss is doing — and why they're doing these things — can help you take their conduct less personally.
More: Strategy Work Work Relationships Boss | 2022-04-19T12:41:38Z | www.businessinsider.com | 7 Signs Your Boss Has Narcissistic Traits | https://www.businessinsider.com/narcissism-signs-your-boss-manager-has-narcissistic-traits-2022-4 | https://www.businessinsider.com/narcissism-signs-your-boss-manager-has-narcissistic-traits-2022-4 |
Rep. Ro Khanna is urging Biden to restart negotiations on his economic agenda.
"I think climate needs to be our biggest priority," Khanna told Insider.
He's open to cutting social initiatives like affordable childcare if it means getting Manchin's vote.
Rep. Ro Khanna, an influential House progressive, is urging President Joe Biden to restart negotiations on a downsized version of his Build Back Better plan and get it passed within four months.
"I think what we need here is the presidential leadership to say, 'This is what I want. I am going to do everything I can to get a bold climate agenda by the August recess,'" Khanna said in an interview with Insider.
Khanna has been in touch over the past year with Sen. Joe Manchin of West Virginia, a Democratic holdout on the defunct Build Back Better bill. Khanna seems to be comfortable shedding other parts of the legislation that the conservative Democrat may no longer support, such as initiatives to establish affordable childcare and universal pre-K.
"I think climate needs to be our biggest priority," Khanna told Insider. "I'm open to making compromises to get there if we can get a bold climate package."
Progressives spent much of last year trying to pressure moderates like Manchin to back a larger social spending and climate bill by blockading the infrastructure bill and advancing both in tandem. But Democratic leaders opted to separate the latter measure and approve it in November, only to see Manchin sink the House-approved Build Back Better plan a month later.
The California Democrat believed other progressives would largely agree with his views, given a wide desire among Democrats to deliver on as much of their agenda as possible before November. Democrats face a difficult midterm season with inflation at its highest levels in four decades. They're fearing major losses, particularly in the House.
"I think many of them would be open for it because they understand this is our moment to do something. What is the alternative? Election outcomes are always unpredictable," he said. "Are we really going to put the fate of our planet at risk with the outcome of an election?"
Khanna went on: "We didn't do anything on climate [that was] meaningful in Congress from 2009 to 2010 when we had both chambers and the presidency. We can't make the same mistake now."
When reached for comment, the White House directed Insider to an earlier statement. "The President's focus is on the path forward: on following unprecedented job creation he's delivered with an economic plan for the middle class that fights inflation for the long haul, cuts the cost of prescription drugs, child care, and energy while taking on the climate crisis, and further reducing the deficit," White House spokesperson Andrew Bates told NBC News.
Manchin has sketched out a smaller bill that's focused on stepping up taxes on the rich, prescription drug negotiations, and some clean energy programs. But he hasn't committed to passing anything and only said he's open to restart negotiations. Democrats can't advance the bill without achieving unanimity in the 50-50 Senate.
He's already fired a warning shot to Democrats trying to revive the bill. Manchin recently told a West Virginia radio program that "we're not going down the social path in reconciliation." That suggests Democrats will ultimately be forced to abandon social programs like childcare and universal pre-K in order to lock down his vote.
More: Joe Biden Joe Manchin Congress Republicans
affordable childcare | 2022-04-19T15:48:11Z | www.businessinsider.com | Biden Should Clinch Manchin's Vote, Pass Economic Agenda by August: Khanna | https://www.businessinsider.com/biden-manchin-economic-climate-agenda-ro-khanna-2022-4 | https://www.businessinsider.com/biden-manchin-economic-climate-agenda-ro-khanna-2022-4 |
Check out the 9-slide pitch deck Experify, a startup tackling fake online customer reviews, used to raise a $4 million seed round
Experify cofounders Niklas Etzel (CPO), Nicolas Beck. and René Pfitzner (CEO).
Zurich-based Experify has raised $4 million in seed funding from Vertex Ventures.
The startup connects prospective and existing customers in a bid to tackle fake online reviews.
Check out the 9-slide pitch deck Experify used to raise the fresh funds.
A startup taking on inauthentic influencer suggestions and bogus online reviews just raised $4 million in seed funding.
Zürich-based Experify launched in 2019 as a response to "the deeply broken advertising and marketing industry ," according to cofounder and CEO René Pfitzner who said there should be a way to tackle the "lack of authenticity" in the market.
Experify's platform connects prospective buyers with existing customers so that they can share their experience of a product — without any incentives from the brand in question. Existing customers who take part in word-of-mouth reviews are offered brand points that they can redeem after they help prospective customers.
The startup makes its money by deploying its SaaS platform to companies that, depending on their customer size and brand reach, pay a monthly subscription fee.
Fake product reviews are thought to cost up to $152 billion in sales, per the World Economic Forum. Pfitzner said Experify's aim was to rebuild waning consumer confidence in retailers after a rise in sponsored influencer marketing in the past two years.
Experify initially assumed its product would appeal to Gen-Z and millennial consumers — who are more reliant on online reviews and influencer suggestions. However, the company said it has appealed to a broad base of consumers and that its user base is largely driven by the brands it works with.
Currently, its brand partnerships include e-bike company DOST, cycle companies Radon and Nikolai Bicycles, as well as audio platforms Nubert and Teufel Audio. It reaches out to 4.5 million customers every month.
The round was led by US-based VC firm Vertex Ventures, which has previously backed business productivity tool Docker and cybersecurity startup Cyberhaven. Portugal-based Sonae Investment Management, which has backed fraud detection unicorn Feedzai, also participated, along with UC Berkely's SkyDeck Fund.
Experify's platform gives brands "an opportunity to engage with current and future customers, creating an entirely new market," said Sik Rhee, general partner at Vertex Ventures.
The startup plans to grow its sales, product, and engineering teams with the fresh funds while also focusing on expanding its brand partnerships.
Check out the 9-slide pitch deck Experify used to raise the fresh funds:
More: Features Marketing Advertising | 2022-04-19T15:48:29Z | www.businessinsider.com | Experify: Zurich-Based Startup Lands $4 Million to Tackle Fake Reviews | https://www.businessinsider.com/experify-used-this-pitch-deck-to-raise-4-million-2022-4 | https://www.businessinsider.com/experify-used-this-pitch-deck-to-raise-4-million-2022-4 |
Kobo Elipsa is the best e-reader for students, thanks to support for e-textbooks and a stylus for note-taking
The Kobo Elipsa ($400) is an e-reader by Rakuten with features that make it ideal for students.
It comes with a stylus that allows you to take notes directly on the pages of books and documents.
Dropbox as well as library access are supported, covering much of students' learning material load.
Kobo Elipsa Pack
For most college students, a huge part of those four years includes reading. Textbooks, PDFs, and articles can quickly pile up and, once a semester ends, you're stuck with stacks of paper you'll likely never need again. Compiling your reading materials digitally would cut down on the amount of pages you'd have to print out and carry around.
As a recent college graduate, I wish I'd had this kind of device when I was in my particularly reading-heavy classes, because I'm the kind of reader and student who likes to annotate everything with my own notes and understanding of the piece. I was also a theater student, so I read a lot of plays; whenever I was assigned a play or a reading, I would either print out the 40-70 page document, skim through it so as not to write inside a copy I didn't own, or rewriting entire pages into a notebook so I could mark it up.
I have also tested all of the latest e-reader models from Amazon, Rakuten (Kobo), and Barnes & Noble (Nook). So, I have an intimate understanding of the e-reader market in 2022.
If you're the kind of person who likes to mark up their readings, the Kobo Elipsa e-reader tablet is a fine alternative to printing out all of your readings over a semester and then throwing out hundreds of pieces of paper every semester.
Kobo's online store sells e-versions of textbooks and other reading materials that may be required for classes, making this device an ideal all-in-one option.
The Kobo Elipsa is sold in a pack with a magnetic cover and the Kobo Stylus for $400.
This is the only e-reader in Kobo's line of devices that is exclusively sold in a bundle. The cover and stylus are essential for using the Kobo Elipsa to its full potential. The cover rests at an angle that makes it easy to write on, and it includes a slot to keep the stylus in.
This e-reader was meant to be written on. The screen is matte, like other e-readers, but unlike other offerings in Kobo's line, this screen has a more distinct, paper-like feel.
The Kobo Stylus allows you to write directly on the pages of the book you're reading.
The Kobo store also sells ebook versions of textbooks, and if you're in a program with a lot of non-academic reading, you may even be able to borrow your required readings with a library card.
Having all — or even most — of your required readings on one 7.5 x 9-inch device cuts down on the amount of textbooks you'll have to keep on hand.
You can also side-load your own EPUB files using Adobe Digital Editions.
Elipsa supports Dropbox, too: upload PDFs to your personal Dropbox and access them on the Elipsa, with full Kobo Stylus support.
Once you've marked a document up, those notes stay on the document within the Dropbox app on another mobile device or computer.
This e-reader has two types of digital notebooks as well: basic and advanced.
Basic notebooks are best suited for note-takers who prefer to have more freedom on the page. You can choose between lined, dotted, grid, or blank pages.
Advanced notebooks can convert handwriting into text, and from there you can export the notebook as a text file onto Dropbox. You can also create diagrams, equations, and more on an advanced notebook.
Of course, you can also use Kobo Elipsa as a regular e-reader.
You can buy books from the Kobo store or download them as library loans via Overdrive. This includes graphic novels and comic books, as well, though they'll of course appear in colorless ebook format.
For students looking to cut down on physical textbooks, notebooks, and the amount of items they carry to class and around campus, the Kobo Elipsa is the best e-reader option. It brings a lot of tablet functions — like note-taking, textbook access, and PDF support — to a screen that's much easier on the eyes than the average tablet.
More: E-Readers Students IP Tech Insider Picks | 2022-04-19T15:48:35Z | www.businessinsider.com | Kobo Elipsa Review: the Best E-Reader for Students | https://www.businessinsider.com/guides/tech/kobo-elipsa-review | https://www.businessinsider.com/guides/tech/kobo-elipsa-review |
I'm self-employed, but I still give myself a 4-part 'benefits' package
The author, Kelly Burch, in her home office.
Courtesy Kelly Burch
I've been a freelance writer for 10 years.
Over the past two years, I've been trying to implement a benefits package.
My benefits include: retirement savings; health insurance; wellness breaks; and vacation time.
"But what are the benefits like?" I asked my sister. She's graduating college in a few weeks, and considering job prospects. As the wise older sister, I've taken it upon myself to remind her to look not only at the salary a job offers, but also at benefits like retirement savings, time off, and medical care. Money is great, but secondary benefits can make a huge difference in quality of life.
It's a lesson I've learned the hard way over my 10 years of freelancing. As an independent contractor, I spent most of that time focused on maximizing my income. I assumed that benefits were a luxury I gave up in exchange for working for myself. Unfortunately, that left me burned out, behind on routine medical care, and lacking in retirement savings.
But since the pandemic, I've realized that job benefits are important for my physical, mental, and financial health. All of those things combine to help my business operate at a higher level. So, I've instated a benefits package for myself.
In the American tax code and financial systems, retirement savings are linked to employers. Having an employer-sponsored retirement plan like a 401(k) makes it easy to save. The fact that some employers match contributions — saving for your retirement alongside you — just adds to the perk.
Retirement savings is more complex for self-employed individuals. That may be why only 13% of self-employed people contribute to retirement savings, compared to about 75% of traditional workers. That means self-employed people often have less savings when it comes time to retire.
For years I was overwhelmed by choosing a retirement savings plan. But I knew I planned to be self-employed long-term, and I owed it to my future self to figure this out. Plus, as the primary earner in my family, I was thinking about retirement for my spouse, too, not just myself.
I opened a SEP IRA account, which allows me to contribute up to 25% of my net earnings. I'm nowhere near maxing it out, but a monthly automatic transfer gives me peace of mind knowing I'm caring for my future self.
2. Health insurance
Insurance is one of the major reasons people shy away from self-employment. I can't blame them — buying insurance on the marketplace is expensive, especially if you have a spouse and kids like I do. However, I've had to accept that purchasing health insurance is just another business expense — it's even deductible on taxes as such.
If someone were evaluating my benefits package, they wouldn't be impressed with my insurance plan. Luckily my family and I are healthy and can do with a high-deductible plan that lets us keep up to date on physicals and vaccines. To prop up this benefit, I also set an auto-transfer to a health savings account. That way I have designated savings for a medical emergency, which double as retirement savings if they goes unused.
3. Flex time for wellness
Like a traditional business, I want my employee — myself — to be at her best. To support that, I build wellness into my daily routine. I start the work day later than most people so that I can take a fitness class each morning. While I lose an hour from my workday, I'm more productive than I would be if I sat at my desk promptly at 9 am without hitting the gym.
Wellness also includes sunshine and fresh air. I'm constantly working outside or taking a break to walk for a few minutes between interviews. These breaks may not contribute to my billable hours, but they certainly make my time at my desk more efficient.
4. Time off
As a business owner, it's easy to get into the mindset that everything will fall apart if you step back for a moment. A decade of freelancing has shown me that's not the case. Taking a break from business can be uncomfortable, but I force myself to do it. To avoid burnout, I mandate that I take two weeks entirely off per year. That means no opening a computer or quickly checking email on my phone — I even try to stay off social media. These are weeks to unplug and reset.
I can't offer myself paid vacations, since I only make money when I'm producing work. Instead, I work ahead where possible for regular clients. In that way I'm not taking a big financial hit, since I'm working extra hours leading up to my vacation week. It may not be paid time off, but it's the next best thing.
I love working for myself — it gives me fulfillment and allows me to balance work and family. Now that I've started paying attention to my benefits package, I feel even more in control of my work-life balance.
PERSONAL FINANCE I'm self-employed and I shop for health insurance every year. Here's the equation I use to choose the best plan.
MARKETS How a 29-year-old who made $271,000 in 2021 with online freelance platforms like Fiverr scaled after quitting her job on a whim and without any savings
STRATEGY Take these 4 steps to start your own freelance business, side hustle, private practice, or consulting gig
PERSONAL FINANCE While bored at home one weekend, I researched various side gigs and found 4 where I could earn thousands in extra cash every month
More: Benefits Self-Employed SEP IRA Personal Finance Insider | 2022-04-19T15:48:53Z | www.businessinsider.com | I'm Self-Employed, but I Still Give Myself a 4-Part 'Benefits' Package | https://www.businessinsider.com/personal-finance/self-employed-give-myself-benefits-package-2022-4 | https://www.businessinsider.com/personal-finance/self-employed-give-myself-benefits-package-2022-4 |
Enrique Tarrio, former leader of the Proud Boys, speaks to Black Lives Matters supporters during a commemoration of the death of George Floyd in Miami on May 25, 2021.
Eva Marie Uzcategui Trinkl//Getty
Ex-Proud Boys chair Enrique Tarrio wants a judge to set $1 million bail in his conspiracy case.
Tarrio is a gainfully employed family man who wasn't at the Capitol on Jan. 6, his lawyer argues.
The feds contend that even from his Baltimore hotel room, Tarrio led the group's attack that day.
Ex-Proud Boys leader Enrique Tarrio should be freed on a $1 million bond pending the resolution of his Capitol attack conspiracy case, his lawyer argued in new court papers filed in District Court in DC.
Tarrio — jailed since March 7 for allegedly orchestrating the extremist group's attack — will even stop using the Internet if released to home confinement, the papers say.
The group's then-national chairman had relied on social media in encouraging the insurrection, prosecutors have alleged, posting "Do what must be done, #WeThePeople," and "Don't fucking leave," on his social media as the attack transpired.
In asking Monday night that Tarrio be released pending trial, defense lawyer Nayib Hassan stressed that his client wasn't even at the Capitol that day.
"He did not assault or harass anyone," on Jan. 6, 2021, the papers argue. "He did not commit any acts of violence. He did not enter the US Capitol."
The only evidence against him are his "statements," the papers say, adding, "Mr. Tarrio in no way instructed nor encouraged anyone to go into the Capitol or to act in a violent or destructive manner."
That claim would be disputed by federal prosecutors, who have argued in court filings that for months, Tarrio planned and encouraged the attack.
"Fit in or fuck off," he instructed any would-be stragglers, the feds allege.
Tarrio, who has bounced around from jails in Miami, Tallahassee, Atlanta and Oklahoma since his arrest, is requesting home confinement with a GPS monitoring bracelet.
"Additionally, Mr. Tarrio would agree not to use any computer, tablet, smart phone, or any device that could allow internet access," the papers promise.
During a March 15 detention hearing, a magistrate judge had found Tarrio was not a risk of flight "due to his ties to the community in South Florida and the fact that many members of his family were present in the court," the filing noted.
The magistrate, Judge Lauren Louis, instead focused on prosecutors' allegation that when he helped lead the Proud Boys' attack on the Capitol, Tarrio was out on bond in another case. Tarrio had admittedly burned a Black Lives Matter banner in DC, a crime he pleaded guilty to and served time for.
Tarrio also tried to destroy or conceal evidence on his phone, Louis had noted in ordering Tarrio be held without bail, finding "that there were no conditions that would reasonably assure the safety of the community" if he were freed.
There was so much encryption on Tarrio's phone, it took the feds a year to crack into it, using specialists from the FBI crime lab at Quantico, prosecutors have said.
In countering that Tarrio is not a danger, his papers point to a CNN interview Tarrio gave in February, in which he repeatedly said he did not support the attack on the Capitol.
The papers do not mention that Tarrio also said in that interview that members of Congress got what they deserved that day. Also in the CNN interview, Tarrio refused to condemn those that attacked the Capitol, and he mused that he, too, may have done the same if he had been there at the time.
Prosecutors must next file opposition papers to Tarrio being released.
The judge handling the case — in which Tarrio and four others are charged with conspiring in the January 6 attack — recently accepted a cooperation plea deal by co-defendant Charles Donohoe.
A trial for Tarrio and four remaining alleged Proud Boy co-conspirators had been set for May 18, but will now be scheduled for a later, yet-determined date.
More: Enrique Tarrio extremism Capitol attack Washington | 2022-04-19T15:48:59Z | www.businessinsider.com | Proud Boys' Enrique Tarrio Wants Out of Jail in Capitol Attack Case | https://www.businessinsider.com/proud-boys-enrique-tarrio-wants-out-jail-capitol-attack-2022-4 | https://www.businessinsider.com/proud-boys-enrique-tarrio-wants-out-jail-capitol-attack-2022-4 |
Simon Fischweicher, the head of corporations and supply chains for CDP North America.
Courtesy of Simon Fischweicher
CDP is a nonprofit that helps companies and investors manage and track their environmental impact.
It uses a scale of A to F to grade companies like Stanley Black & Decker on management and progress.
Disclosing scores give investors and stakeholders a glimpse into a company's actual climate impact.
For nearly a decade, Stanley Black & Decker, the world's largest tools and storage company, has been reporting on its sustainability goals with CDP, a nonprofit founded in 2000 that helps companies track their environmental impact.
In its 2018 corporate responsibility announcement, the manufacturer declared it would reach "carbon positivity" — where its carbon capture exceeds carbon emissions — by 2030, along with improving the sustainability of products and the lives of employees. That same year, the company made the CDP "A List," which recognizes organizations for disclosure and management of environmental risks, including climate change, water security, and deforestation. It's remained on the list ever since.
In 2020, Stanley Black & Decker reported a 10% boost in renewable energy consumption and 20% reductions in energy use, carbon emissions, water use, and waste generated by its facilities.
Deb Geyer.
Courtesy of Deb Geyer
"We believe that if we help people and the planet flourish, so will our business, so we've always set goals to help track our progress on sustainability," Deb Geyer, the corporate responsibility officer at Stanley Black & Decker, told Insider. CDP is a "north star" for environmental, social, and governance efforts, or ESG, she added, since it brings all the right stakeholders together to ask questions.
About 80% of the S&P 500 companies disclose through CDP, said Simon Fischweicher, the head of corporations and supply chains for CDP North America. In 2021, CDP collected information from more than 13,000 companies, a 35% increase from 2020 and a 141% increase from 2015 when the Paris Agreement was signed.
Disclosure is a binding agent in the ESG ecosystem. A 2019 McKinsey report found that a strong ESG proposition helps companies grow within their markets and beyond, sparks consumer interest, and drives more investment returns since capital is better allocated to more sustainable practices. The act of disclosing, Fischweicher said, gives a glimpse into a company's actual climate impact, with boosts to reputation and trust in customers, suppliers, and investors alike. And while $120 billion poured into ESG investments in 2021, according to Bloomberg, that comes with greater expectations of transparency.
And that transparency helps companies track progress, uncover risks and opportunities, and get ahead of potential mandatory environmental reporting, Fischweicher said.
"What gets measured, gets managed," he added.
How CDP scores companies' environmental impacts
Each year, CDP publishes its climate change, deforestation, and water security questionnaires, guidance documents, and scoring methodologies for companies.
The questionnaire focuses on emissions targets and use, the percentage of energy use from renewable sources, incentives for employees to reach these targets, and board-level oversight of climate change. Companies input their responses and data into CDP's online reporting system. CDP scores the company based on the detail of its questionnaire responses and its management and progress on a grade scale of A to F. The scores are publicly available — among the best performers in 2021, the latest year with complete data, were Unilever and HP.
Most environmental disclosure requests come from stakeholders. "Many times, they'll disclose because their investors or customers have asked," Fischweicher said. But some organizations are proactive about disclosing their targets, he added, and even require their suppliers to disclose their environmental metrics, too.
Fischweicher said even though the information is self-reported, organizations are held accountable by the fact that the information goes to investors — and misleading investors could be a liability. CDP also encourages companies to verify some metrics, like emissions reports, through a third party, like the Carbon Trust Standard.
"Our role as a nonprofit is not just to produce this score — although the score is a really valuable taste test of who's leading and who may have some gaps to fill. We also hope to use that to incentivize best practice and environmental management," Fischweicher said.
More: Financing a Sustainable Future BI-freelancer Sustainability Partnerships | 2022-04-19T16:22:29Z | www.businessinsider.com | How Nonprofit CDP Holds Companies Accountable to Sustainability Goals | https://www.businessinsider.com/how-nonprofit-cdp-holds-companies-accountable-sustainability-goals-2022-4 | https://www.businessinsider.com/how-nonprofit-cdp-holds-companies-accountable-sustainability-goals-2022-4 |
Shopify quietly acquired a Swedish startup in 2018. The deal helped power its Shop app and fuel its competition with Amazon.
Former Tictail CEO Carl Rivera is now a vice president of product and head of Shop at Shopify.
Shopify quietly acquired Swedish shopping startup Tictail in 2018.
Tictail's leaders are now guiding product strategy for Shopify's Shop app.
The Shop app is increasingly important to Shopify's long-term strategy.
In 2018, Shopify acquired Tictail, a Swedish social shopping startup. The deal would prove critical to the future of its Shop app, but even close watchers of the e-commerce company might have missed the deal.
Tictail positioned itself as a social interpretation of Shopify and was often described as a "Tumblr of e-commerce." The company eventually evolved into an Etsy-like marketplace where online sellers could list their products for sale. At the time it was acquired by Shopify, the company had raised more than $32 million from investors including Thrive Capital and Project A Ventures, according to Crunchbase.
But perhaps the most important part of the startup was the people behind it.
Tictail was founded in 2011 by Carl Rivera, Kaj Drobin, Birk Jernstrӧm, and Siavash Ghorbani. The founders and many of their 60 employees would go on to be a vital part of Shopify's Shop App. The app, which establishes Shopify as a stand-alone consumer brand, is becoming increasingly important to the company as a way to compete directly with e-commerce behemoths like Amazon.
Rivera, who was CEO of Tictail, became a vice president of product and head of Shop, which includes both the Shop app and Shop Pay. Drobin, previously Tictail's CPO, is a director of product for Shop, while Ghorbani, previously Tictail's CTO, is now a director of engineering for Shop. Jernstrӧm left Shopify in December but served as a director of product for Shop during his two years there, after having held the title of general manager for Tictail.
The team that runs the Shop app is often compared to a startup operating within Shopify. The Shop app team has its own dedicated careers site, which describes the app as having "start up mentality, powered by Shopify."
"We're a team of founders with audacious goals," a section on the page reads. "This isn't just about joining a team, it's about building something we are all proud of."
The Shop app allows users to track packages and browse products from Shopify merchants.
Shopify did not issue a press release about its acquisition of Tictail back in 2018 and has not disclosed how much it paid to acquire the startup. A representative for Shopify did not return Insider's request for comment.
'A space to compete in this next wave of commerce'
Rivera has said his experience with Tictail has influenced his work at Shopify.
"When we invented Tictail in 2012, we really tried to leverage that shift from desktop into mobile web. And I think we're going through a very similar shift at this time, which is from mobile web into native apps," Rivera said in an episode of the "Well Made" podcast in September 2020.
Of course, it may be too costly or labor-intensive for independent brands to build an app on their own. Rivera believes Shop is the solution.
"We're going to create that home to independent brands that they can call their own, that gives them a space to compete in this next wave of commerce," he said. For merchants, the Shop app is a chance to get their products in front of a new audience of shoppers.
Shop also offers immense value to Shopify.
"Really the value prop that we've always talked about around it is strengthening the merchant relationship with buyers" in order to grow the lifetime value of their customers, company president Harley Finkelstein said during Shopify's fourth-quarter earnings call in February.
Right now, many shoppers may not know that they are making a purchase from a Shopify merchant until the very end of the checkout process. Building up Shop as a stand-alone shopping destination could be an opportunity for Shopify to drive more awareness of its e-commerce prowess among consumers.
According to Apptopia, Shop was the third-most-downloaded shopping app in the US in 2021, with 30 million downloads, an 11% increase over 2020. Amazon was first with 40 million downloads, and Shein, the fast-fashion retailer, was second, with 32 million.
Shopify often buys startups to help it get ahead
Josh Beck, an equity research analyst at KeyBanc Capital Markets, said it's common for Shopify and other tech companies like it to make what is referred to as an "acqui-hire," meaning they acquire smaller startups with the intention of recruiting its employees. Beck pointed to Shopify's 2019 acquisition of B2B marketplace Handshake as an example. Shopify also acquired the team behind AR startup Primer, which shut down its services after the deal was announced in June 2021.
"In some cases, really talented teams help them reach where they want to be from a product point of view more quickly," Beck said.
This month Shopify bought the influencer-marketing startup Dovetale and said it would make Dovetale's services free for all of its merchants.
Still, marquee acquisitions remain rare for the Canadian tech company. Shopify's biggest acquisition remains its 2019 purchase of 6 River Systems, for $450 million. That company, which builds fulfillment software and warehouse robotics, has been key to Shopify's plans for its fulfillment network.
Rivera said on the "Well Made" podcast that Tictail had set out to become the "world's most used and loved e-commerce platform," though they didn't quite get there.
"After seven or eight years, I think it became clear to us — we're not going to become the world's most used or loved e-commerce platform," Rivera said on the podcast. "And at that stage it was our decision to say, what is a platform or partner that we can join and where we can continue to drive towards that vision? And Shopify became that partner and I could not be more excited."
Got a tip? Contact this reporter at mstone@insider.com or on the secure messaging app Signal at (646) 889-2143 using a non-work phone.
More: Retail tictail Shopify
Shop app | 2022-04-19T16:22:35Z | www.businessinsider.com | Shopify's Tictail Acquisition Brought in Shop App Talent | https://www.businessinsider.com/shopifys-tictail-acquisition-brought-in-shop-app-talent-2022-4 | https://www.businessinsider.com/shopifys-tictail-acquisition-brought-in-shop-app-talent-2022-4 |
I make 7 figures a year from selling online courses. Here's how I scaled it using my blog and email lists.
Mark Webster said he quit his "miserable" job at an insurance company in the late 2000s.
Mark Webster quit his cubicle job at an insurance company after realizing the job was dull.
He then went traveling — he met his future business partner in a bar in Singapore.
Here's how they run a company that generates seven figures a year, as told to Amber Sunner.
This as-told-to essay is based on a transcribed conversation with Mark Webster, a 36-year-old from Aberdeen, Scotland, about scaling his online-course business to make seven figures. It has been edited for length and clarity. Insider has verified Webster's revenue with documentation.
When I was 13, I would bulk buy Pokémon cards and start trading with kids in my neighborhood. I would then sell the higher-value cards at car-trunk sales. That was how I got my first taste of business.
I studied business at college and, after graduating in 2007, went to work at an insurance company in Southampton, England. I immediately saw how miserable the people working there were, and I thought, "Do I want my life to turn out like this?"
I stuck with the job for 18 months. After I got my first bonus, I quit.
I decided to go traveling to Southeast Asia.
At a bar in Singapore, a friend introduced me to Gael, my future business partner. Gael was interning at an SEO company there. We quickly discovered we were both on our way to Kuala Lumpur, another city in Malaysia.
We traveled there together and became friends.
One night we were hanging out and I mentioned I was building a website for my mum's friend. Gael offered to do the SEO. We realized we could start a business with our joint skill set. We bought a domain and launched our first business, Higher Click, in late 2010. It was an SEO and website-building agency.
We spent a couple hundred pounds on software and tools. We had continued traveling and were in Budapest at the time of incorporation, so we decided to set up in Hungary.
During our first year we grew our client base from zero to 80 clients
Between 2010 and 2015, when we sold the business, we made many mistakes.
Gael and I aren't really people people, so it was hard for us to make sales. Referrals from happy clients meant we reached our all-time peak of 300 clients, but the client turnover was very high.
The business became unprofitable. We hired too many people too quickly. It's easy to hire people, but it's hard to do it well. We started thinking about selling the business in 2015.
We were introduced to a small-business broker and ended up selling Higher Click that year for six figures.
We took stock of our previous failures and refocused our business model.
Our knowledge of SEO, website building, and click-through links was more profitable to entrepreneurs than providing it as a service. We started a new business educating other entrepreneurs on how to build their own website domains at varying stages of growth.
Authority Hacker, our new venture, started as a blog where we shared ideas and cool digital-marketing tactics
We monetized the blog by reviewing the software and tools that we used. We also received small affiliate commissions.
We began to see traction for our content and created a training course that people could purchase for more exclusive, hands-on SEO and domain-building knowledge.
A year in, we narrowed our business focus to building email lists — a useful way for a small business to generate sales. We created a miniseries on this one specific topic for $9 that focused on opt-in pop-ups. We then created a $297 premium version that focused on doubling emailing leads.
We pitched it to the people on our own email list that we had been building, and it was really popular.
Seeing an opportunity, we pivoted to growing our reputation as an online training academy for creating profitable websites
The courses are a series of videos and presentations that are all digital.
We have courses for total beginners, called The Authority Site System 3.0, priced between $600 and $1,000. Our course for people who already have a website or blog they want us to work on is $2,500.
We've been fully remote since 2015, so our costs are low. It's cheaper to spend money on equipment that our staff may need than to hire out an office.
We learned from our prior mistakes and kept our team as small as possible. We have reached more than 10,000 customers in 138 countries with only six full-time employees and 12 freelancers.
One of the biggest challenges is updating the courses
Sometimes we record a course and by the time we're finished editing it one of the website tools it refers to has changed its interface. It's a battle. The Authority Site System is refilled every two years.
Our operating expenses are more than $200,000 annually, which includes the cost of hires along with Facebook ads and Google ads.
Despite making seven figures annually now, we are still a relatively small player in our industry. There are companies 30 times our size, and that motivates us to be better.
More: Websites Insurance Hungary | 2022-04-19T17:18:37Z | www.businessinsider.com | How I Started My Online-Course Business That Makes 7 Figures a Year | https://www.businessinsider.com/selling-online-courses-7-figure-business-how-to-get-started-2022-4 | https://www.businessinsider.com/selling-online-courses-7-figure-business-how-to-get-started-2022-4 |
UK Foreign Secretary Liz Truss and US Secretary of State Antony Blinken in Washington, DC.
Jim Watson/Pool AFP/Getty
Lawmakers from the US and UK urged their governments to impose travel bans on lawyers who had represented oligarchs.
US Rep. Steve Cohen said "foreign enablers of Russian oligarchs" should not get US visas.
Liam Byrne MP told Insider the UK should "shut down the venomous ecosystem of oligarch enablers."
In a Monday letter, Rep. Steve Cohen, a Democrat from Tennessee, urged US Secretary of State Antony Blinken to withhold "the privilege of traveling to the United States" from individuals from some of the UK's most recognisable law firms.
Citing "abusive" lawsuits against the journalist Catherine Belton and her publisher HarperCollins, the journalist Scott Stedman, and the human-rights campaigner Bill Browder, Cohen called on Blinken to consider banning US visas for six lawyers. Not all of the six lawyers were accused of representing Russian oligarchs.
Nigel Tait of Carter-Ruck, who Cohen said acted on behalf of the Kremlin oil champion Rosneft and the Russian oligarch Gennady Timchenko to stop investigative reporting.
John Kelly of Harbottle & Lewis, who Cohen said represented the oligarch Roman Abramovich in a lawsuit against Belton and HarperCollins.
Hugh Tomlinson, who Cohen said had represented Abramovich and the oligarchs Mikhail Fridman and Petr Aven against Belton and HarperCollins.
Geraldine Proudler of CMS, who Cohen said worked for Fridman and Aven in suits against HarperCollins, and worked for Maj. Pavel Karpov, a former official at the Russian Interior Ministry, in a suit against Browder.
Keith Schilling of Schillings, who represented the Malaysian businessman Jho Low, who is accused of embezzling billions of dollars from the Malaysian state investment fund 1MDB.
Shlomo Rechtschaffen, who is representing the businessman Walter Soriano — who Cohen said was an "enabler" of Abramovich and the oligarchs Oleg Deripaska and Dmitry Rybolovlev — in a case against Stedman.
"While the Biden administration and our allies have imposed sanctions on Russian oligarchs since the brutal full-scale Russian invasion of Ukraine, the enablers of kleptocracy have remained untouched," said Cohen. "The United States must crack down on both oligarchs and enablers to end the system of global corruption that made possible this horrific war."
Liam Byrne, a Labour MP and former minister, told Insider he had written to UK Foreign Secretary Liz Truss to ask her to do the same, saying it was "absolutely vital" that the UK "shut down the venomous ecosystem of oligarch enablers like the law firms that worked to silence journalists".
"Corruption is at the root of every autocracy. But oligarchs don't act alone. They act through their tentacles of lawyers, PR firms and wealth managers," he said.
"That's why I've written to the foreign secretary to ask her to back Rep, Steve Cohen's proposals and issue travel bans on the named lawyers. And it's why I'll be working with colleagues to bring forward UK laws to match the powerful new Enablers Bill designed to take these networks down for good."
In the letter, seen by Insider, Byrne told Truss: "As you will know from debates in the House, these same individuals have been named in our debates as individuals with long track records of working at the behest of the rich and powerful to sue journalists seeking to expose the truth."
He urged her to ensure the UK "stays in lockstep" with the US.
The UK's libel law system has increasingly become under the spotlight in recent months amid concerns it is being misused by oligarchs and others.
During a Commons debate in January, Byrne attacked "the behaviour of Hugh Tomlinson, Geraldine Proudler, Carter-Ruck, Mishcon de Reya, Schillings, CMS and Olswang", while Conservative MP David Davis highlighted the prevalent use of lawfare to "threaten, intimidate and put the fear of God into British journalists, citizens, officials and media organisations".
In March, UK Justice Secretary Dominic Raab set out plans to tackle so-called Strategic Lawsuits Against Public Participation (SLAPPs), a tactic involving endless legal action and costs to intimidate journalists, authors and campaigners.
Proposals include amending the Defamation Act 2013 to strengthen the "public interest defence" and the potential introduction of a specific requirement for claimants to prove "actual malice" to deter spurious claims.
Lawyers hit back
Many of the lawyers hit back at their inclusion on the list.
A spokesperson for Carter-Ruck said: "The claims made against Carter-Ruck are misconceived and are rejected entirely. In addition to other matters, we are not working for any Russian individuals, companies or entities seeking to challenge, overturn, frustrate or minimise sanctions. We have never acted for Russian individuals, companies or entities seeking to challenge sanctions.
"We condemn the Russian government's decision to invade Ukraine. We are not acting for, and will not be acting for, any individual, company or entity associated with the Putin regime in any matter or context, whether sanctions-related or otherwise, and will continue to conduct all 'know your client' checks in accordance with all applicable laws and regulations, as we have always done."
And spokesman for Schllings said: "We are on record as confirming that we not acting for any sanctioned entities and that we also hope that sanctions will foreshorten the Putin's regimes horrendous war in Ukraine.
"We do not comment on client matters and indeed are not permitted to do so, but we fail to see how any representation of the Malaysian national named by Congressman Cohen could in any circumstances support the (in any event wholly misplaced) allegations that we are acting in the manner alleged in relation to Russian "oligarchs".
"Congressman Cohen has been sadly misinformed and there is no basis for any allegation that we have in any way behaved other than in the highest traditions of the legal profession in upholding the rule of law."
The other lawyers named in Cohen's letter did not respond to Insider's requests for comment at the time of publication.
More: News UK Liz Truss Anthony Blinken Libel | 2022-04-19T17:18:49Z | www.businessinsider.com | UK, US Lawmakers Call for Travel Ban on Russians' 'Enabler' Lawyers | https://www.businessinsider.com/uk-us-lawmakers-call-travel-ban-russia-oligarch-enabler-lawyers-2022-4 | https://www.businessinsider.com/uk-us-lawmakers-call-travel-ban-russia-oligarch-enabler-lawyers-2022-4 |
White House aide, Twitter users slam Delta Air Lines for referring to COVID as "ordinary seasonal virus"
A "masks required" sign near a Delta Air Lines counter at Miami International Airport in 2021.
Delta Air Lines has attracted backlash over its announcement repealing its mask mandate.
Critics took issue with the airline's description of COVID-19 as an "ordinary seasonal virus."
Delta has since edited out the reference in its blog post.
After dropping its mask mandate, Delta Air Lines spurred further controversy over an announcement, later amended, in which it referred to COVID-19 as having "transitioned to an ordinary seasonal virus."
The backlash on social media is just the latest instance in an ongoing controversy around changing COVID-19 policies. On Monday, Trump-appointed US District Judge Kathryn Kimball Mizelle in Florida overruled the Centers for Disease Control and Prevention's mask mandate for air travel and public transit. This prompted multiple major airlines, including Delta, Alaska Airlines, United Airlines, Southwest Airlines, American Airlines, and JetBlue Airways to drop their own mask requirements.
New York Times reporter Maggie Astor initially tweeted a screenshot of Delta's original post on Monday.
"We are relieved to see the U.S. mask mandate lift to facilitate global travel as COVID-19 has transitioned to an ordinary seasonal virus," Delta's initial statement read. The company's statement was edited Tuesday, and the comment about the "ordinary seasonal virus" was removed and replaced with "a more manageable respiratory virus – with better treatments, vaccines and other scientific measures to prevent serious illness."
White House Assistant Press Secretary Kevin Munoz retweeted Astor's initial post, adding a link to President Joe Biden's plan to "continue fighting COVID." Official estimates state that around six million people around the globe have died of COVID-19, but a study published in The Lancet has stated that the death toll could be three times as high.
—Kevin Munoz (@KMunoz46) April 19, 2022
Munoz was not alone in criticizing Delta's early description of COVID-19, and its wider decision to repeal its mask mandate.
—Elizabeth Jacobs, PhD 🏴☠️ (@TheAngryEpi) April 19, 2022
—Erin Biba (@erinbiba) April 19, 2022
Still others have slammed the manner in which certain Delta employees announced the mask mandate repeal.
—Brooke Tansley (@BrookeTansley) April 19, 2022
—Melanie Thompson (@drmt) April 18, 2022
Experts have posited that the COVID-19 virus will never disappear, and instead will fade into a pattern of seasonal outbreaks. But for now, the Centers for Disease Control and Prevention has stressed that COVID-19 is markedly different from the seasonal flu virus, as it "spreads more easily" and "can cause more serious illnesses in some people."
NOW WATCH: Why every airport runway has 2 numbers on it
More: BI Select Delta Air lines Delta masks | 2022-04-19T17:18:55Z | www.businessinsider.com | White House Aide Slams Delta Air Lines for COVID Comments | https://www.businessinsider.com/white-house-aide-slams-delta-air-lines-for-covid-comments-2022-4 | https://www.businessinsider.com/white-house-aide-slams-delta-air-lines-for-covid-comments-2022-4 |
Video of a ministry group performing the song "How great is our God" to a crowded flight went viral.
Rep. Ilhan Omar questioned the response her family would get if they sang a religious song.
Omar was calling out a double standard about the treatment of Muslims on airlines.
After a video of a ministry group performing a religious song on an airplane went viral, Rep. Ilhan Omar subtly called out a double standard.
"I think my family and I should have a prayer session next time I am on a plane. How do you think it will end?" Omar, who is Muslim, said in a tweet on Saturday.
—Ilhan Omar (@IlhanMN) April 17, 2022
The video she's referencing was originally posted by Jack Jensz Jr. on April 9. The founder of Kingdom Realm Ministries, he captioned it, "Worshipping our King Jesus 30,000 feet in the air!"
The video featured a man playing an acoustic guitar as another person sings "How great is our God" to a crowded flight.
It's unclear what airline the flight was on and where it was headed, but in an explanatory video, Jensz said the ministry group had been returning from "helping the Ukrainian Refugees at the Ukrainian border."
Jensz said the group spoke with the air host and asked if they could sing a song "to bring hope and joy to this flight."
He said the pilot and all the air hosts agreed, and added that the group would not have performed if the cabin crew said no.
"They even made an announcement to all passengers letting them know who we are and what we did in Ukraine and introduced us and allowed us to get the guitar out! People then clapped and welcomed us," he said.
In the video of the performance, some passengers can be seen singing along and recording, while others did not look as amused.
Omar has faced repeated attacks over her faith, including Islamophobic comments from Rep. Lauren Boebert. The Minnesota representative was drawing a comparison between the ministry group's ability to perform a faith-based song to a whole cabin of passengers thousands of feet in the air, to the experiences she and other Muslims face on airlines and in airports.
There have been many incidents of Islamophobia on airlines in the years following 9/11. In September, a woman was arrested after being accused of verbally and physically assaulting an African-American Muslim woman during a Spirit Airlines flight from Atlanta to Detroit. In 2016, two Muslim women were kicked off an American Airlines flight because the flight attendant felt "unsafe." Others have been removed from flights for simply speaking Arabic.
Conservative backlash Omar called 'a complete and glorious meltdown'
But Omar's comments sparked a backlash from some conservatives online.
In a tweet, Georgia Congressional candidate Vernon Jones, whom former President Donald Trump has endorsed, told Omar to go back to "wherever you're from."
"Why do you hate Christians, Ilhan? If the freedom of religion we enjoy here in America disturbs you, feel free to pack your bags and head back to Somalia, Sudan, or wherever you're from. Take your brother with you," Jones wrote.
—Vernon Jones For Congress (@VernonForGA) April 17, 2022
Royce White, a GOP candidate running for Omar's Congressional seat, made similar remarks.
"I'm coming for your seat. Don't disrespect Christianity! You're a globalist fraud. You can't pray in Pelosi's office! The Democrats you serve don't believe in God. Their platform is openly anti-God. Minneapolis will not become Mogadishu. We will not bend the knee. #Godspeed," White said in a tweet.
—Royce White 🇺🇸 (@Highway_30) April 18, 2022
Attorney and columnist Kurt Schlichter wrote that Omar should "shut up and stop being a bigot."
On Monday, in response to the backlash, Omar said, "the original snowflakes had a complete and glorious meltdown."
More: Ilhan Omar Islamophobia Religion Airlines | 2022-04-19T20:27:37Z | www.businessinsider.com | Group Performs Religious Song on Packed Flight, Omar Reacts | https://www.businessinsider.com/ilhan-omar-tweets-ministry-group-religious-song-on-packed-flight-2022-4 | https://www.businessinsider.com/ilhan-omar-tweets-ministry-group-religious-song-on-packed-flight-2022-4 |
Michigan state Sen. Mallory McMorrow (D-Royal Oak).
Michigan state Sen. Mallory McMorrow gave an impassioned floor speech on Tuesday.
She responded to a GOP colleague's claim that she's trying to "groom and sexualize kindergarteners."
McMorrow has criticized a proposed bill that would restrict educators from discussing gender and sexuality in schools.
As Republican politicians and conservative media personalities have increasingly accused their opponents of being pro-pedophilia, one Michigan lawmaker took to the state senate floor on Tuesday to call out the incendiary rhetoric.
State Sen. Mallory McMorrow, a first-term Democrat whose district includes several Detroit suburbs, delivered a fiery floor speech in response to Republican State Sen. Lana Theis, who sent out a fundraising email last week that accused McMorrow of being "outraged" that schools "can't groom and sexualize kindergarteners."
On Tuesday, McMorrow attempted to draw a line in the sand over Theis' rhetoric.
"I didn't expect to wake up yesterday to the news that the senator from the 22nd district had, overnight, accused me by name of grooming and sexualizing children in an email fundraising for herself," McMorrow said.
The Democratic state senator went on to say her Republican colleague sought to "dehumanize and marginalize me" over her opposition to a bill similar to a new Florida law, dubbed by critics as the "Don't Say Gay" legislation, which curtails educators' ability to teach children about gender identity and sexual orientation.
McMorrow argued that Theis' rhetoric had gone too far, but that Democrats need to respond to such ad hominem attacks rather than ignore them.
—Jordyn Hermani (@JordynHermani) April 18, 2022
"So who am I? I am a straight, white, Christian, married, suburban mom who knows that the very notion that learning about slavery or redlining or systemic racism somehow means that children are being taught to feel bad or hate themselves because they are white is absolute nonsense," McMorrow added.
Theis is facing a primary challenge from Republican real estate manager Mike Detmer, who former President Donald Trump's endorsed last November.
Theis' office did not immediately respond to Insider's request for comment.
More: Michigan Mallory McMorrow LGBT Don't Say Gay bill | 2022-04-19T20:27:49Z | www.businessinsider.com | Video: Michigan Lawmaker Blasts 'Grooming and Sexualizing Children' Attack | https://www.businessinsider.com/michigan-state-senator-video-grooming-sexualizing-children-fundraising-email-gop-2022-4 | https://www.businessinsider.com/michigan-state-senator-video-grooming-sexualizing-children-fundraising-email-gop-2022-4 |
Savings interest rates over the last five years
Why the Federal Reserve increase interest rates
How savings account rates are determined
Savings interest rates in 2022
Tips for savers
Here's what to expect if you're a saver who's waiting for savings interest rates to go up
Savings interest rates dropped during the pandemic and are slowly rising again.
The Federal Reserve's decisions can impact the interest rate of your savings account.
Some banks will increase savings rates more quickly than others, but there likely won't be an increase anytime soon.
Savers who want to be proactive about their savings can call their bank or explore other options.
The Federal Reserve increased the federal funds rate for the first time since the pandemic began last month.
If you're a saver who's wondering when the interest rate of your savings account will increase, here are a few things to keep in mind that may impact your savings decisions this year.
The Federal Reserve has several purposes: regulate banks, manage the country's money supply, and implement monetary policy tools.
Monetary policy, as outlined in the Federal Reserve Act is meant to keep prices consistent, maintain long-term interest rates, and ensure as many Americans have employment as possible.
When making decisions about monetary policy, the Federal Reserve conducts meetings throughout the year to analyze how to keep inflation stable while promoting employment.
Savings interest rates dropped significantly over the last five years because the Federal Reserve wanted to address the economic effects of the COVID-19 pandemic.
The Federal Reserve reduced the federal funds rate to promote economic activity and encourage people to buy homes.
Aris Protopapadakis, associate professor emeritus of finance and economics at USC, notes that the COVID-19 pandemic was unique because the economy was quickly affected.
"The system kind of came to a grinding halt. The trick was to not break the economy while it was on standstill, meaning not to create big problems," Protopapadakis says.
While the Federal Reserve's decision to lower rates may have helped with paying off credit card debt or loans, it also stirred a significant drop in savings interest rates.
Why does the Federal Reserve increase interest rates?
Protopapadakis says increasing the federal funds rate is a roundabout way for the Federal Reserve to regulate economic activity and combat inflation.
When interest rates rise, your finances may be affected in numerous ways. You might see mortgage rates or insurance increase.
"Companies borrow less. Individuals borrow less. Housing values don't go up as much, and it's harder to borrow against it. That slows down economic activity, and that slows down inflation eventually," explains Protopapadakis.
Savings interest rates are affected by the Federal Reserve. When the Federal Reserve increases the federal funds rate, savings interest rates will also generally increase.
However, Lindsey Bell, chief markets and money strategist for Ally, says savings interest rates may lag compared to other financial products.
"The rates on lending products like mortgages, auto loans, and credit cards tend to move a lot more quickly than those in a savings account or CD," notes Bell.
Bell adds that banks may also respond to federal funds rates in different ways. For example, some banks may increase the savings rates more quickly than others, depending on their amount of deposits.
When will savings interest rates go up?
While it depends where you bank, most savings interest rates are generally going to rise slowly. Bell says consumers may see CDs rise to around 2% to 2.5% by the end of 2022, and savings accounts also may increase rates throughout the year.
"If consumers are expecting that they're going to see a massive pop in rates on their savings account over the course of this year, I would say you may be setting yourself up for some level of disappointment," advises Bell.
Protopapadakis also says the Federal Reserve's timing to curb inflation may also impact your savings decisions.
"If inflation is bad enough, interest rates don't rise enough. Then people try to move out as much as they can have savings accounts and put into things that have a high return and high risk," adds Protopapadakis.
If you want to be proactive about your savings this year, Maggie Gomez, CFP® professional and owner of Money with Maggie, recommends calling your bank and asking for an increase in your rate.
Gomez also suggests exploring different savings options at brokerage institutions or banks. However, before switching institutions, you'll want to determine the amount you'll earn in interest to see if the rate is worth it.
"If you calculate how much money you have, times the interest rate you're going to receive, you'll know how much money you're gonna get paid," says Gomez. "The percentage might look good, but you have to multiply it by what you have and see if that dollar amount is worth the time."
Regardless of what banks are offering currently, Gomez says one of the most important things to focus on is to develop the habit of saving.
"The majority of your growth is going to come from your own deposits versus any interest in any account," advises Gomez. "Don't be defeated by the lack of interest you're getting. Saving money is going to be really impactful, and the more you can save, the better — even in a low rate environment."
PERSONAL FINANCE Here are the best savings accounts right now
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Annie Fu | 2022-04-19T20:28:01Z | www.businessinsider.com | When Will Savings Interest Rates Go up? | https://www.businessinsider.com/personal-finance/when-will-savings-interest-rates-go-up | https://www.businessinsider.com/personal-finance/when-will-savings-interest-rates-go-up |
Erin Snodgrass and Sarah Al-Arshani
Zachary Steinert-Threlkeld, assistant professor of public policy at the Luskin School of Public Affairs at UCLA, in an interview with Insider, estimated that only about 10% of Russia's population currently has access to VPNs, or virtual private networks that encrypt information you send over the internet. Steinert-Threlkeld, who studies subnational conflicts and Ukraine, posited that those who do are mainly young, educated people living in major cities.
Marc Faddoul, an AI researcher, who runs the TikTok Observatory, told Insider that VPNs, while undeniably beneficial, also have some major limitations.
"The benefit is that once you have a VPN , obviously you can access most of the internet as you would from outside of Russia," Faddoul told Insider.
"People don't understand, this was our life before. They scare us more now with the [threat of] 15 years in prison," she said. "But if you talk against the state, there was always this fear."
More: Russia Ukraine VPN Propaganda | 2022-04-19T20:28:13Z | www.businessinsider.com | Russian Propaganda Overpowers Citizen Attempts to Access Independent News | https://www.businessinsider.com/russian-propaganda-overpowers-citizen-attempts-to-access-independent-news-2022-4 | https://www.businessinsider.com/russian-propaganda-overpowers-citizen-attempts-to-access-independent-news-2022-4 |
Alexa didn't understand you
Your speech was processed by a different Alexa device
Alexa needs a system update
Your network isn't connected to the internet
The microphone may be muted
Your Alexa device needs to be restarted
Your Alexa device might need to be reset
Alexa lights up but won't respond: 7 ways to troubleshoot
There could be a number of issues at play if Alexa lights up but doesn't respond to commands on your Alexa-compatible device.
If Alexa lights up but won't respond, the most common reason is that it didn't understand you, so repeat the command.
It might also have ignored the command if it thought your request was intended for another nearby Alexa device.
You can also check your Wi-Fi connection and network settings, or reset the Alexa device.
Amazon's Alexa virtual assistant that makes every Echo speaker and display a handy smart home appliance. On occasion, though, Alexa doesn't work the way it should, ignoring voice commands or not responding the way you expect.
More vexing, the device might seem to acknowledge you — the speaker's status light comes on, but it doesn't respond. If that happens to you, here are some of the most common fixes to get your Alexa assistant back up and running.
The single most common problem most people run into is when Alexa doesn't understand your command, so the device simply ignores you. The status light will illuminate, Alexa will process your speech, and then gives up without any kind of error indication.
Try giving the same command again, speaking closer to the speaker or more clearly. Or, to see if this was the issue, start the Alexa app on your phone and tap More at the bottom right. Tap Activity and then choose Voice History at the top of the page. Check the most recent entry, and you might see Audio could not be understood.
You can check your Alexa app's voice history to see what went wrong with a command.
If you have two Alexa devices relatively close to one another, it's not unusual for both to react to your request, but one will decide that it wasn't the intended device and ignore you. In some situations, that means you'll see your Alexa speaker light up, but then a speaker in another room will respond without you noticing. Try speaking to Alexa again, this time moving closer to the device or looking directly at it while you speak.
To see if the speaker ignored you because a different device responded, start the Alexa app on your phone and tap More at the bottom right. Tap Activity and then choose Voice History at the top of the page. Check the most recent entry, and you might see Audio was not intended for this device.
If a command was processed by a different Alexa device, you can find out in the Alexa app.
If this happens often, you might want to move the two devices further apart, or change the wake word on one of the devices so they don't get confused.
It's possible that your Alexa device needs a system update. Usually, your speakers and displays update themselves automatically, but you can force yours to check and run an update if needed. Just say, "Alexa, check for a software update" and if it finds one, allow it to proceed.
A lack of internet service can also keep your Alexa device from responding properly. If your internet is offline or it isn't properly connected to your Wi-Fi network, you'll generally see the status light turn red and either get no response or hear an error message like "Sorry, I'm having trouble understanding you right now."
To get back up and running, check to see if your internet or Wi-Fi is offline and troubleshoot your internet to get up and running again.
Make sure that Alexa's microphone isn't muted. The easiest way to tell: The status light is solid red. Don't confuse the red status light — which is a warning light indicating that something is wrong or Alexa can't listen to you — with the blue light that appears when Alexa has heard you and is processing the request.
Don’t confuse the red light, which indicates muted audio, with the normal status light that means Alexa is listening.
Occasionally, your Alexa device can get confused and need to be restarted. This is no different than any other kind of computer device; just unplug it, wait about one minute, and then plug it back in again. If there was a temporary glitch, restarting the device should clear it out of memory. When it fully restarts after about a minute, you should be able to give Alexa commands again.
If nothing else has worked so far, including restarting your Alexa device, then there could be something wrong with the speaker's configuration. Reset your device back to factory conditions.
After that, set up your device again. Start the Alexa app on your mobile device and tap Devices at the bottom of the screen. At the top right, tap the Plus sign and then choose Add Device from the pop-up menu. Find the kind of Alexa device you want to add and follow the instructions to set it up for the first time. Hopefully, it will again respond to commands.
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TECH How to connect Alexa to your lights and turn them on and off with a single command
More: Alexa Amazon Amazon Echo Software & Apps | 2022-04-19T21:54:26Z | www.businessinsider.com | Alexa Lights up but Won't Respond: 7 Ways to Troubleshoot | https://www.businessinsider.com/alexa-lights-up-but-wont-respond | https://www.businessinsider.com/alexa-lights-up-but-wont-respond |
Volodymyr Zelensky (left); Joe Biden
Ukrainian Presidency/Anadolu Agency via Getty Images; Nicholas Kamm/AFP via Getty Images
President Biden is facing pressure to travel to Ukraine as other world leaders have done.
Former Secret Service agents said such a trip would present a security "nightmare."
A safer approach, agents said, would be to send the secretary of state or another top official.
A steady stream of leaders from the Baltics to the UK have surfaced in Ukraine to show solidarity with the country's charismatic president and thumb their nose at Russia from the capital Vladimir Putin's soldiers failed to conquer.
Those trips have raised the question: Will President Joe Biden follow in their footsteps in a sign of solidarity against a Russia leader he's called a "war criminal"?
But a trip by Biden to Ukraine raises almost insurmountable security issues, former Secret Service agents told Insider. It would leave the American leader in a wartorn country and highly vulnerable to Russian attack, without the US military control that has accommodated his predecessors' trips to conflict zones such as Iraq and Afghanistan in recent years, according to former Secret Service agents and others familiar with White House travel logistics.
Amid questions and speculation about such a trip, former secret agents and White House advance staff told Insider that it would be reckless for Biden to make a journey like that, even in a show of solidarity against Russia's invasion of Ukraine. In addition to risking lives, such a trip would also require US personnel and equipment that Russia would likely view as an act of aggression and in a war the US has assiduously avoided entering.
Between the thousands of troops and Russia's well-documented disregard for shelling civilian targets, "it's just too much of a risk," said Bill Pickle, a former Secret Service agent who once headed the vice presidential protective division.
"You can't control the environment. You've just set yourself up for so many bad things if the president goes," Pickle said.
"It is a logistical nightmare even in peacetime," he added. "In wartime, you multiply that by 10, and that's what you'd be facing."
The question of a Ukraine trip has lingered with the Biden administration for the past several days, in spite of comments that appeared to throw cold water on the possible presidential journey.
Biden said that his administration was deciding whether to send officials to Ukraine. And when asked if he was ready to go, he responded, "Yeah."
But when asked about a possible trip to Ukraine, White House press secretary Jen Psaki was unequivocal last week: "We are not sending the president to Ukraine," she said.
Still, speculation simmered about Biden making a trip in a show of solidarity against Russia's invasion, with Ukrainian President Volodymyr Zelensky calling on him in a recent interview to follow in the footsteps of other world leaders — including British Prime Minister Boris Johnson — and "come here to see."
At the White House press briefing Monday, Psaki said "there's no plans for the president to go, so let me just reiterate that."
But there's a long history of presidents visiting conflict zones. In 1864, a year before his assassination, President Abraham Lincoln came under gunfire visiting Union soldiers at Fort Stevens in Washington, DC. In the 21st century, George W. Bush, Barack Obama, and Donald Trump all traveled at least once to visit US soldiers in Afghanistan and Iraq — with each trip involving secretive, weeks-long preparations, former Secret Service agents said.
"It could be in the pages of a Tom Clancy novel," a former Secret Service agent told Insider. "It's the true need-to-know situation."
But there would be no chance of evading Russian radar and reconnaissance and covertly slipping into Ukraine or a neighboring country under the cover of darkness. And that's just the beginning of the challenges such a trip would pose.
A trip would require weeks of advance work that could quickly be rendered moot in the fluid, fast-changing war. Russia cruise missiles still menace cities like Kyiv and Lyiv that are now far from frontlines in the country's east and south.
"What puts all that advance planning at stake is when you don't control the environment you're going to," said Charles Marino, who served as a supervisory agent on Biden's Secret Service detail during his vice presidency.
"Even though we've been to warzones in the past where the US was involved and in control ... when visiting with a president or a vice president we never took anything for granted. It was important to remember it was still an active warzone. It's still on," Marino, now the CEO of the consulting firm Sentinel Security Solutions, told Insider.
"We're still targets. There's still a war. So why introduce, in Ukraine, a high-value US target without US military support directly involved?"
In some ways, the very question of a Biden trip to Ukraine marks a turn in the optics and expectations surrounding a White House. Presidents have long faced questions about visiting locations where American troops are deployed.
But with a trip to Ukraine, Biden would visit a country that, while receiving security assistance from the United States, has no American troops because his administration ordered them to out of the country to avoid the risk of an escalation with Russia, a possibility he's called "World War III." Any trip would involve not a visit of American troops but a tour — limited as it may be — of a battered country where Russians are suspected of having committed war crimes.
Before the UK prime minister's surprise visit, other European leaders traveled to Kyiv to meet with Zelensky. Two lawmakers, Sen. Steve Daines of Montana and Rep. Victoria Spartz of Indiana, recently visited destroyed homes in Kyiv and mass graves in Bucha, becoming the first US officials known to have visited Ukraine since Russia invaded.
After encountering unexpected resistance in the capital, Russia forces have refocused their offensive on eastern Ukraine and the city of Mariupol. Even with the withdrawal of troops from around Kyiv, a trip to the Ukrainian capital would risk exposing American officials to a Russian strike — whether inadvertent or intentional — that would raise the risk of inflaming the conflict and even sparking a third world war, former Secret Service agents and White House advance staff said.
Biden cannot "waltz into Ukraine and put a finger in Putin's eye without consequence," said Brad Blakeman, a former White House aide who handled advance work for George W. Bush's foreign travel.
"It would be so perilous, and so rolling of the dice. It's fraught with danger on so many levels," Blakeman said.
The idea of Biden traveling to Ukraine, he added, "should be completely dismissed."
More: Ukraine Volodomyr Zelensky Joe Biden Secret Service | 2022-04-19T21:54:32Z | www.businessinsider.com | A Biden Trip to Ukraine? Ex-Secret Service Agents Say It's a Bad Idea. | https://www.businessinsider.com/biden-trip-ukraine-russia-zelensky-secret-service-putin-white-house-2022-4 | https://www.businessinsider.com/biden-trip-ukraine-russia-zelensky-secret-service-putin-white-house-2022-4 |
Netflix reported its first subscriber loss in over a decade on Tuesday in its Q1 earnings report, as it lost 200,000 subscribers.
The company blamed a few factors, one of which was password sharing.
The company said in its shareholder letter that it would focus, among other things, on how to monetize account sharing.
"There's a broad range of engagement when it comes to sharing households from high to occasional viewing," the company said in its earnings letter. "So while we won't be able to monetize all of it right now, we believe it's a large short- to mid-term opportunity."
It added: "As we work to monetize sharing, growth in [average revenue per membership], revenue and viewing will become more important indicators of our success than membership growth."
In its letter, Netflix projected that it could lose 2 million subscribers in Q2. Its stock plummeted 21% in after-hours trading. | 2022-04-19T21:54:38Z | www.businessinsider.com | Netflix Says Password Sharing Is Hurting Growth Amid Subscriber Loss | https://www.businessinsider.com/netflix-says-password-sharing-is-hurting-growth-amid-subscriber-loss-2022-4 | https://www.businessinsider.com/netflix-says-password-sharing-is-hurting-growth-amid-subscriber-loss-2022-4 |
Pennymac mortgage interest rates and fees
Pennymac vs. Rocket Mortgage
Pennymac vs. LoanDepot
How Pennymac works
Is Pennymac trustworthy?
Pennymac FAQ
Pennymac mortgage review: Waive $1,100 in origination fees on conforming, FHA, and VA mortgages
Pennymac has conforming, FHA, and VA mortgages.
PennyMac; Rachel Mendelson/Insider
The bottom line: Pennymac may be a useful choice if you want to easily shop rates commitment-free. It's also good if you're looking to save money on lender fees (Pennymac waives its $1,100 origination fee if you're purchasing a home with a conforming or FHA mortgage). But if you need mortgage options beyond a conforming, FHA, or VA mortgage, you'll need to shop around with other lenders.
Pennymac Mortgage
Origination fee is waived on conventional and FHA purchase mortgages
Instant rate quote tool makes it easy to get customized rates
Doesn’t accept alternative credit data
Requires a minimum score of 620 for its FHA mortgages
Charges a $1,100 origination fee that may be waived on some purchase transactions or FHA streamline refinance
Minimum credit score and down payment displayed is for conforming mortgages. Only first-time homebuyers are eligible to put down 3%; others must put down at least 5%
If you're purchasing a home, the origination fee is waived on conforming and FHA mortgages and reduced on VA mortgages.
Get customized rates without having to create an account or apply for a mortgage
FHA mortgages require a minimum credit score of 620, which is higher than with many other lenders
Pennymac makes it convenient to compare mortgage rates. If you click on "Rates" at the top left of the Pennymac website, you can view today's sample rates or use the instant quote tool to get rates customized to your situation. These customized rates are based on the price and location of the property you're purchasing, the size of your down payment, and your credit score.
Pennymac charges a $1,100 origination fee on its conforming and FHA mortgages. However, if you're purchasing a home rather than refinancing, or if you're getting an FHA streamline refinance, it may waive this fee for you.
Pennymac's VA mortgages come with an origination fee equal to 0.95% of the loan amount. If you're using a VA mortgage to purchase a home, it will reduce this fee by $1,100.
National Mortgage Professional
Conforming, jumbo, FHA, VA
Instant rate quote tool
To get personalized rates from Rocket Mortgage, you'll need to start an application. Pennymac, on the other hand, lets you easily explore rates without having to apply or create an account first.
Rocket Mortgage ranked No. 2 in J.D. Power's 2021 Primary Mortgage Origination Satisfaction Study, while Pennymac ranked below the industry average. If customer service is important to you, Rocket Mortgage might be a better choice.
Physical branches in 44 states
LoanDepot doesn't list any rates online, making it difficult to compare this lender to others if you aren't ready to apply for preapproval. By contrast, Pennymac's rate quote tool makes it easy to get an idea of what your rate might look like.
If you're a first-time homebuyer, you may also be able to put down less with Pennymac than with LoanDepot, which requires a down payment of at least 5%. Pennymac lets first-time homebuyers put down as little as 3%.
Pennymac is an online lender that originates mortgages in all states except New York. It offers conforming, FHA, and VA mortgages.
If you're a first-time homebuyer, you may be able to put just 3% down on a conforming mortgage with Pennymac. Other borrowers will need to put down at least 5%.
If you plan on getting an FHA mortgage, you'll need a credit score of at least 620 to qualify with this lender. This is higher than what many other lenders require on their FHA mortgages — typically, the minimum credit score is 580.
Pennymac doesn't consider alternative credit data (such as proof of rent or utility payments) on any of its mortgages. If you want to apply with this lender, you'll need a decent credit score.
If you're refinancing with Pennymac, you'll pay an origination fee of $1,100. If you're getting a VA mortgage refinance, the origination fee is equal to 0.95% of the loan amount. The origination fee is waived on conforming and FHA purchase mortgages and FHA streamline refinances, and is reduced by $1,100 on VA purchase mortgages.
If you want to apply for a mortgage, you can do so online. You can also get started over the phone Monday through Friday from 6 a.m. to 7 p.m. PT, and Saturday from 6 a.m. to 5 p.m. PT.
Pennymac has an A+ rating from the Better Business Bureau. BBB ratings are based on a company's response to customer complaints, honesty in advertising, and transparency about its business practices.
In J.D. Power's 2021 customer satisfaction study, Pennymac ranked below the industry average. However, the lender has good reviews on its Zillow profile.
What is Pennymac?
Pennymac is a private mortgage lender offering both conventional and government-backed mortgages.
What are Pennymac's rates?
You can see sample rates from Pennymac on its website, or you can use its instant rate quote tool to get a customized rate.
Does Pennymac offer home equity loans?
No, Pennymac does not currently offer home equity loans or home equity lines of credit (HELOCs).
More: Pennymac Pennymac mortgages Mortgages mortgage rates | 2022-04-19T21:54:44Z | www.businessinsider.com | Pennymac Mortgage Review 2022: Waive $1,100 in Origination Fees | https://www.businessinsider.com/personal-finance/pennymac-mortgage-review | https://www.businessinsider.com/personal-finance/pennymac-mortgage-review |
Today's mortgage and refinance rates: April 20, 2022 | Rising rates may cool demand
Will rising mortgage rates finally cool the white-hot housing market? Possibly — but that doesn't mean affordability is going to get any better.
In its April forecast, Fannie Mae predicted that homebuying demand will slow over the next couple of years as would-be buyers opt to keep mortgages they got with much lower rates and first-time homebuyers are priced out of the market.
If you're planning to buy a home soon, Heck advises that you explore multiple mortgage options, including different loan types and terms, to determine what works best for you. And if you're struggling with a newfound lack of affordability in this rising rate environment, be prepared to adjust your budget.
In general, mortgage rates tend to be high when the US economy is thriving and low when it is struggling. Mortgage rates reached all time lows during the pandemic as the Federal Reserve eased monetary policy to boost the economy. But as the central bank works to fight inflation, rates have been increasing and have hit 5%. | 2022-04-20T10:12:34Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: April 20, 2022 | Rising Rates May Cool Demand | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-wednesday-april-20-2022 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-wednesday-april-20-2022 |
Good morning, readers. Global financial institutions are sounding the alarm on the world economy's slowing growth this year as Russia continues to wage war against Ukraine.
Between geopolitics, oil, and inflation, there's a lot of moving parts — let's get started.
A woman goes shopping at a supermarket in Lviv, Ukraine, Feb. 28, 2022, when many storable food products were sold out.
Chen Wenxian/Xinhua via Getty Images
1. The world economy is decelerating. The International Monetary Fund pinned the slowdown on Russia's invasion of Ukraine. On Tuesday, it projected a sharp decline in 2022 economic growth worldwide as the war drives up energy prices and drags on COVID-19 recoveries.
Now, the IMF sees global growth at 3.6% for the year, down from its 4.4% forecast issued in January. Beyond 2023, it expects growth to decline to about 3.3%. Growth in 2021 was about 6.1%.
"Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest," the IMF said in its World Economic Outlook.
The analysis echoes that of the World Bank, which earlier this week slashed its own global growth forecasts from 4.1% to 3.2%.
Now, the World Bank is preparing to mobilize a relief package larger than the one it doled out in response to the pandemic.
US mortgage giant Fannie Mae said it anticipates a "modest" US recession next year. Goldman Sachs, for its part, put the odds of a recession at 15% over the next 12 months.
Meanwhile, oil prices plunged more than 5% Tuesday as economic warnings mounted.
The US and Europe have hit the Russian economy with a raft of sanctions that are unprecedented for a G-20 country. But there is still one measure they haven't taken—an embargo on Russian oil and gas.
2. US stocks are trying to shake off a dip as Netflix plunges 25%. The streaming service's bleak update and rising bond yields are unnerving investors. Check out what's happening on the markets.
3. Earnings on deck: Tesla, United Airlines, and Procter & Gamble, all reporting.
4. Credit Suisse shared the names of tech stocks that are among some of the most beaten down on the market. These companies, an analyst said, have drastically improving earnings expectations for the year ahead. Here's the list of 25.
5. A rally in the stock market is imminent after investors got too bearish and as inflation starts to moderate. That's according to JPMorgan's Marko Kolanovic, who explained that investors can bolster their portfolio by buying both growth and value stocks.
6. Russian oil exports plunged 25% last week. The week leading up to April 15 saw roughly $181 million in oil revenue, compared to $240 million the week prior. The revenue loss comes as Putin launches a new offensive on Ukraine.
7. Warren Buffett and Elon Musk have both made huge takeover offers recently. But the two billionaires have used starkly different approaches. Here's how the Tesla and Berkshire chiefs compare in their distinctive deal-making styles.
8. This 19-year-old receives about $887 worth of bitcoin a month by mining in his tiny studio apartment. Costs vary depending on what option you use, but he explained why he uses a GPU mining rig — and shared two additional miners with low barriers to entry.
9. An energy investor shared which names to buy as he predicts gas to hit $6 per gallon by the end of this year. EnergyFunders' Ross Hendricks is bullish on North American oil and gas producers. He explained his four stock picks — and how oil markets will rebound after a summer peak and subsequent recession.
Madison Hoff/Insider
10. Billionaires saw their wealth grow by 62% during the pandemic. Comparatively, workers' wages grew by 10% in the same stretch of time. Dig into the numbers. | 2022-04-20T11:43:42Z | www.businessinsider.com | 10 Things Before the Opening Bell: April 20 | https://www.businessinsider.com/10-things-before-the-opening-bell-april-20-2022-4 | https://www.businessinsider.com/10-things-before-the-opening-bell-april-20-2022-4 |
Google continued to serve ads on Russia-linked and other websites after they were placed on US sanctions list, a report finds
Google's adtech served ads on sites explicitly named on the US Treasury's official sanctions list.
Those sites included a Russian bank and a Russia-owned, Crimea-based winery, an Adalytics report found.
Big companies such as Facebook, Citibank, and NBCUniversal may have unwittingly funded sanctioned businesses this way.
Google has continued to serve ads for big US brands on websites of sanctioned businesses — including Russian-linked ones — potentially funding these entities long after they were placed on the US Treasury's official sanctions list, according to research shared exclusively with Insider.
Ads for companies including Facebook, Citibank, Staples, NBCUniversal's Peacock, and TransUnion were placed by Google on websites on the United States Treasury Office of Foreign Assets Control Specially Designated Nations and Blocked Persons List, the research alleges.
The findings, from US-based ad analytics firm Adalytics' founder Krzysztof Franaszek, come after Google stated on March 3 that it had stopped selling ads in Russia and serving ads to users located there amid the country's invasion of Ukraine. Later in March, Google paused the creation of new Russian accounts on its various ad systems.
"Google is committed to complying with all applicable sanctions and trade compliance laws," said a Google spokesperson. "We've reviewed the sites in question and have taken appropriate enforcement action."
Adalytics' report could make uncomfortable reading for companies that have stated in recent weeks that they are pulling their business from Russia and those that have strict "know your customer" rules about the businesses they transact with. Companies have previously been slapped with multibillion dollar fines over US sanctions violations.
The findings also highlight the often-complex and convoluted nature of the online advertising ecosystem, where advertisers are often unaware of exactly where their ads have appeared and who their ads might be funding because they tend to target specific audiences rather than specific web pages. Google — whose brand safety protections have long faced criticism from the ad industry — is the world's largest seller of online ads, and its network unit devoted to placing ads on thousands of other publishers' websites generated $31 billion in revenue last year.
"US sanctions do not apply to informational materials, but they do apply to services," said Stewart Baker, former general counsel of the National Security Agency and currently a lawyer at law firm Steptoe. "I'm pretty sure that the US Treasury would treat advertising on a Russian or Iranian website as a service that is barred by sanctions."
Google did not directly respond to a question from Insider about whether it had applied to the US Treasury for a license to continue serving ads in Russia and other sanctioned territories.
The US Treasury department declined to comment. The advertisers mentioned in this report also didn't respond to requests for comment or had no comment, unless otherwise mentioned.
Google-served ads were seen on sites of a sanctioned Russian bank and sanctioned Crimea-based winery
In one such instance cited in the Adalytics report, Google-placed ads for major US brands appeared on the Vostobank website as recently as March 21, despite the Russian bank having been placed on the Treasury's sanctions list on February 24.
Adalytics observed ads for major brands on the sanctioned Vostobank website.
Adalytics
While it appears Google stopped ads loading on the site around March 20, according to Adalytics, Insider found that Google had been serving ads on the site after it was placed on the sanctions list, by using the internet archive service URLScan.io.
"The product in that ad is only for U.S. consumers," said a TransUnion spokesperson. "TransUnion has no advertising relationship with Vostobank."
Elsewhere, Adalytics spotted Google serving ads for major brands (including Google's own products) on massandra.net.ua, the website of a Crimea-based winery owned by a subsidiary of Bank Rossiya that also appears on the Treasury's sanctions list. The National Association of Producers Massandra's inclusion on the list dates back to December 2015, in response to Russia's annexation of the Crimean Peninsula from Ukraine.
Insider also observed ads for brands including Dell, Allbirds, and Manchester City served by Google's adtech during several visits to the Massandra website from the UK on April 5. However, after Insider contacted Google for this article, Google-served ads couldn't be found on the site.
An ad for the "Man City - Official Shop" was observed by Insider on the Massandra website.
Elsewhere, Adalytics also found that Google had been placing ads, "in some cases for years," on websites that appear to be linked to or based out of other regions and countries on which the US has imposed broad economic sanctions, including Syria, Crimea, Donetsk, Luhansk, and Iran.
More than a dozen such sites were analyzed in the report, including syrianow.sy, which describes itself as a Syria-based news outlet, and fromdonetsk.net, which says it is based in the capital of the so-called Donetsk People's Republic. Insider also observed Google-served ads on those two sites on April 5, though the Syrianow site wasn't displaying ads when Insider reviewed it again on April 19.
Google's policies state that it does not make its publisher products available in "Crimea, Cuba, the so-called Donetsk People's Republic and Luhansk People's Republic, Iran, North Korea, and Syria." Its policies also require that publishers comply with sanctions and do not cause Google to violate those regulations.
Adalytics latest findings come less than a year after a report from digital ads watchdog Check My Ads, which alleged Google and other adtech firms had monetized sanctioned Russian intelligence-led disinformation websites SouthFront and NewsFront. The US Treasury said last year the sites had attempted to influence the 2020 US presidential election. Google stopped working with the sites after being contacted by Check My Ads, Adweek reported at the time.
Google doesn't disclose who is getting paid
It's unclear how much advertiser money wound its way to US-sanctioned businesses in Russia, or exactly who received it, in part because Google doesn't disclose information about all the publishers it works with to advertisers.
Franaszek said in the report that it could be possible some publishers are taking advantage of this loophole to get around sanctions restrictions.
All of the websites identified in Adalytics' report were linked to "confidential" seller IDs in Google's listings on Sellers.json, the public ad industry database of ad exchanges and the sellers they transact with. A seller ID is essentially the adtech equivalent of a bank account number, enabling buyers to identify the businesses they are buying from, and which ultimately denotes who is getting paid.
Complicating matters further: Those seller IDs also appeared to be shared with numerous other websites that are also using Google's adtech. The Massandra website, for example, shared a seller ID with 39 other websites, including those carrying ".ru" and ".dn.ua" top-level domain country codes, likely denoting they are based in Russia and the Donetsk region of Ukraine. The Vostobank-linked seller ID was also shared with around a dozen other ".ru" websites, Adalytics found.
"It is theoretically possible that the inter-mingling of 40 sanctioned and non-sanctioned websites via shared seller IDs allows the owners of some of those websites to bypass US government sanctions," Adalytics' Franaszek wrote in the report. US National Security Advisor Jake Sullivan said earlier this month that the US was preparing a new crackdown on entities helping Russian businesses evade sanctions.
Google's publisher policies require that publishers provide accurate information about themselves that "cannot be expressed in a deceptive or misleading manner."
Adalytics found that many of the advertisers who unwittingly found themselves on sanctioned websites were using brand safety software, likely in an effort to avoid appearing on potentially harmful pages — though some may have been utilizing the tools for other reasons, such as measuring ad viewability. However, while Google does offer its own tools allowing advertisers to exclude specific sites or topics from their campaigns, ad buyers surveyed anonymously by Adalytics said they were unaware of an option within Google's ad buying platform to block any "confidential" publishers, according to the report.
US Senator Mark Warner.
US Sen. Mark Warner, who wrote to Google's parent company Alphabet in February asking it to conduct an audit of its ad business for its compliance with sanctions, said he has since received a response from the company. He added that his staff continues to engage with Google on the issue.
"At a time when so many American companies are acting boldly to withdraw from Russia and ensure that their business operations are not — directly or indirectly — fueling Russia's war, it's incredibly worrying that Google continues to monetize a range of questionable sites and businesses, even after it was revealed to be directing ad dollars to sanctioned Russian entities," Sen. Warner said in a statement. "This demonstrates yet again that the digital ad market Google dominates is dangerously opaque and unsupervised."
More: Google Alphabet Ukraine crisis | 2022-04-20T11:44:06Z | www.businessinsider.com | Google Served Ads on Sanctioned Russia-Linked Websites: Report | https://www.businessinsider.com/google-served-ads-sanctioned-websites-adalytics-report-russia-2022-4 | https://www.businessinsider.com/google-served-ads-sanctioned-websites-adalytics-report-russia-2022-4 |
9 signs your coworker has narcissistic traits
Coworkers with narcissistic traits typically only want to talk about themselves and aren't interested in hearing from others.
Amy Morin is a psychotherapist, author, and host of The Verywell Mind Podcast.
She says there are certain signs to look for if you think a coworker has narcissistic tendencies.
People with these traits may brag excessively, act jealous, or respond negatively to feedback.
We likely all exhibit some narcissistic tendencies sometimes. But there may be one coworker in the office who shows those tendencies more often than not.
That's not to say they have a diagnosable mental illness, like narcissistic personality disorder. But their inflated sense of self may still cause problems at times, at least for those around them.
Here are nine signs your coworker has narcissistic tendencies.
1. They exaggerate their achievements
A colleague with narcissistic tendencies won't just brag, they'll embellish. You might hear things like, "I saved the whole company last year" or "Everyone always asks me for help because I'm the only one who knows how to make things happen around here."
While they may come across like they're full of themselves, they're most likely hiding deep-rooted insecurities about not being good enough. The one thing they are confident about, however, is that you'll believe their stories about how great they are.
2. They love to be the center of attention
They don't want to hear your opinions or your stories. Instead, they want to use meetings and conversations to share about their favorite topic — themselves.
They might brag for a while, tell long-winded stories about themselves, or do things to get a laugh. Ultimately, they just want to ensure all the attention is on them.
3. They respond to feedback with aggression
Their delicate sense of self depends on being held in high regard so they can't tolerate hearing anything unfavorable about themselves.
Their go-to defense mechanism is likely aggression. They may respond to criticism by yelling, making threats, or hurling insults. They'll be desperate to prove the person providing the feedback is incompetent and inadequate.
4. They take advantage of their colleagues
People with narcissistic tendencies are often quite charming. They use flattery and short-lived kindness to convince people to do their work for them.
They may even play the role of the victim by offering sob stories that tug on their coworker's heartstrings. Then, they prey on their sympathy by convincing coworkers to do favors for them.
5. They blame other people for their mistakes
They don't want to look as if they don't know what they're doing, so if they make a mistake, they'll be quick to blame other people, often in a degrading manner.
When they can't blame specific people, they might blame the company for holding them back. The slow internet, impossible software, and lack of office space can all be blamed for any missteps.
6. They have trouble managing their emotions
While they may act aggressively on purpose sometimes, there may be other times when they genuinely struggle to manage their emotions. They're likely to have a hard time handling frustration, anxiety, and other uncomfortable feelings.
When they can't control their feelings, they may be quick to try to control the environment and the people in it. They may insist that everything be how they want it and that others accommodate their needs.
7. They believe they're more special than everyone else
They fully expect to get special treatment from everyone around them. They may demand the biggest office or insist they be exempt from meetings.
Their exaggerated sense of self-importance is likely to wear thin on most people pretty fast, but there may be a few people who believe they should be revered.
8. They're envious of other people
A coworker with narcissistic tendencies won't be cheering anyone else on. In fact, they're likely to resent anyone who gets recognition.
You might hear them say things like, "Well, she only got promoted because she flirts with the boss" or "He only closed that deal because I'd already laid the groundwork."
9. They're preoccupied with beauty, success, or brilliance
They often feel the need to be the best in all areas of life and may view life as a competition they have to win.
They may seek validation by insisting other people repeatedly tell them that they look young for their age or they may want everyone in the office to know their new love interest won a beauty contest. They're focused on making sure they won't be outdone by anyone in any area of their lives.
How to respond to narcissistic tendencies
A coworker with narcissistic tendencies loves attention, even if it's negative. So while you can't control their behavior, you can control how you respond. Ignoring their attempts to prove they're the best might be the healthiest thing you can do for yourself and for them.
More: Strategy Amy Morin narcissism narcissist traits | 2022-04-20T11:44:24Z | www.businessinsider.com | 9 Signs Your Coworker Has Narcissistic Traits | https://www.businessinsider.com/narcissism-signs-traits-coworker-narcissistic-behavior-work-2022-4 | https://www.businessinsider.com/narcissism-signs-traits-coworker-narcissistic-behavior-work-2022-4 |
Robert Jenrick, former housing and communities secretary, outside Downing Street
An MP has accused the Kremlin of contravening the Geneva Convention by broadcasting videos of Aiden Aslin.
Aslin was captured by Russian forces and appeared to parrot Kremlin propaganda in a series of clips.
Robert Jenrick tweeted a statement from Aslin's family, saying the videos "must stop".
A British member of parliament has accused the Kremlin of contravening the Geneva Convention after Russian state TV broadcast video footage of captured UK fighter Aiden Aslin.
Aslin had been fighting alongside Ukraine's armed forces in the besieged city of Mariupol, but was forced to surrender to Russian troops.
Several propaganda clips have aired on TV networks Rossia 1 and RT channels showing Aslin and fellow Brit Shaun Pinner. Both men fought in Mariupol as part of Ukraine's 36th Marine Brigade.
Aslin was shown handcuffed and with cuts and bruises on his face, and referenced alleged "Nazi atrocities" in Ukraine, which is how Moscow justified its invasion, CBS reported.
In another clip, Pinner appealed to Prime Minister Boris Johnson to secure his and Aslin's release by swapping them with pro-Kremlin Ukrainian oligarch Viktor Medvedchuk.
Russian newspaper Izvestia described Aslin as a "mercenary."
Robert Jenrick, the MP for Aslin's hometown and a former minister, tweeted a statement from his family late Tuesday night, saying: "He is not, contrary to the Kremlin's propaganda, a volunteer, a mercenary, or a spy."
A former care worker, Aslin had moved to Ukraine in 2018 and joined the military, but his life had been "turned upside down by Putin's barbarous invasion," the family statement said.
Jenrick added: "The video of Aiden speaking under duress and having clearly suffered physical injuries is deeply distressing. Using images and videos of prisoners of war is in contravention of the Geneva Convention and must stop.
"Together with the family of Shaun Pinner (the second Britain captured in Mariupol), we are in contact with the Foreign Office to ensure the Russian authorities meet their obligations to prisoners of war under international law, and ultimately to secure the release of Aiden and Shaun."
Insider did not immediately receive a response from the Foreign Office to a request for comment on Aslin's case.
Aslin's mother, Angela Wood, has previously pleaded for Putin's forces to treat her son with humanity.
"I'm in bits. I now hold Vladimir Putin to the terms of the Geneva Convention," Wood said, according to the Daily Mail.
"Aiden is a serving member of the Ukrainian armed forces and as such is a prisoner of war and must be treated with humanity."
More: News UK Ukraine Russia Kremlin | 2022-04-20T11:44:30Z | www.businessinsider.com | Russia Broke Geneva Convention With Video of Captured Brit, MP Says | https://www.businessinsider.com/russia-broke-geneva-convention-video-of-captured-brit-mp-says-2022-4 | https://www.businessinsider.com/russia-broke-geneva-convention-video-of-captured-brit-mp-says-2022-4 |
Check out the 15-slide pitch deck Superjoi, a startup that lets content creators get funded by their fans, used to raise $2.5 million
Superjoi cofounders Chris Knight (CEO), Piotr Wolanski (CTO) and Sören Creutzburg (CPO).
Superjoi
LA-based creator economy startup Superjoi has raised $2.5 million in funding.
The startup helps creators land funding and share revenue with superfans on their favorite projects.
Check out the company's 15-slide pre-seed funding pitch deck below:
A startup that enables superfans to suggest ideas to creators and then share in the revenues generated by them has raised $2.5 million in pre-seed funding.
Los Angeles-based Superjoi, which was founded in 2021, aims to create a new asset class for Gen Z. Creators post the projects they want to do on the Superjoi platform, where users can vote on their favorite and provide funding to support it. The fans and the creators then work out how to split future revenues driven by the campaign.
The idea for a different way of funding creators came when Superjoi's CEO Chris Knight hosted a couch surfing singer by the name of Ed Sheeran at his university accommodation in Leeds, England, before the artist's big break.
"What we really do is create a creative middle class," Knight told Insider. "The top 1% of creators earn multi-millions, but emerging creators might work part-time or be in education but we want to offer them the chance to get new financing for their content. There's no greater funding source for people than the people who love them."
The creator economy has been booming in recent years with COVID-19 lockdowns giving more time to pursue creative pursuits while the infrastructure to film and distribute content has grown rapidly. There are now around 50 million people worldwide who consider themselves content creators in a market that is worth more than $100 billion, according to Influencer Marketing Hub.
Venture capitalists have rushed to invest in new startups that can help empower this wave of growth with around $4 billion pumped into the space as of the end 2021, per The Information.
Superjoi currently acts a bit like a Kickstarter for creators' projects but will soon offer its own proprietary token, Supercoin, to help provide an in-app currency for fans to use.
Knight said this would be pegged 1-1 against the US dollar and will come as part of the company's full launch this summer. The startup's next move will be what it calls "phase two" where it hopes to become fully regulated to offer tokens, likely NFTs, as investments to superfans on the platform.
Superjoi raised its pre-seed funding from Ascension, QED Investor's seed fund Bolt, Systema VC, Tomahawk, and Modern Venture Partners.
"We were fortunate in terms of the timing for our round with a lot of interest in the creator economy," Knight added. "I also think we were just ahead of the curve in terms of talking about Web3 where we can offer services direct with no middleman."
Funding will go towards continued hiring, marketing, and the full launch of the platform. Superjoi currently employs 14 people and plans to increase that to up to 40 by the end of the year, according to Knight. The startup recently added former Twitter, Meta, and TikTok employee Mauricio Costa-Neres as its head of creator partnerships.
Check out Superjoi's pitch deck below:
More: Features Creator economy Web3 | 2022-04-20T13:17:56Z | www.businessinsider.com | Exclusive: Creator Economy Startup Superjoi Raises $2.5 Million | https://www.businessinsider.com/exclusive-creator-economy-startup-superjoi-raises-25-million-2022-4 | https://www.businessinsider.com/exclusive-creator-economy-startup-superjoi-raises-25-million-2022-4 |
How hedge fund managers can land a spot on coveted investment consultants' recommended list
Investment consultants influence how major institutions invest. From left to right: NEPC's Dulari Pancholi, Chris Walvoord of Aon, Victoria Vodolazschi of Willis Towers Watson and Mercer's Dave McMillan.
Asset size and track record alone won't impress an investment consultant.
Hedge funds should avoid overwhelming consultants with emails and phone calls.
Consultants won't work with hedge funds that don't have a firm culture that is similar to theirs.
Hedge-fund managers might think their asset size or track record alone will get them on an investment consultant's radar.
But there are over 10,000 hedge funds overseeing a combined total of over $2.4 trillion in assets under management, according to hedge fund data provider With Intelligence, and investment consultants only allow an exclusive cadre on their coveted manager recommended lists that are shared with clients like foundations or family offices.
If hedge funds are lucky enough to get in front of these investment consultants to pitch their strategies they need to prove that they can offer more than a decent track record.
"You got some of the smartest people in the world doing this," said Chris Walvoord, global head of alternatives portfolio management and research at Aon. "So, to claim you have an edge is always a little tenuous, in my opinion."
The gatekeepers to hundreds of billions managed by institutions, investment consultants not only vet managers but also act as relationship managers between hedge funds and the end investors. Roughly 75% of institutional investors relied on investment consultants to help them oversee their investment portfolios and make decisions on the funds to write big checks to, according to Coalition Greenwich data from November.
Insider asked four investment consultants what hedge fund managers should avoid and what they should be doing when pitching their strategies — from not overwhelming consultants with phone calls and emails to showing how their strategies fit within a specific institutional investor's portfolio.
Persistence isn't always the key to success
Most managers realize that swamping consultants with phone calls pitching out of favor strategies won't get them on a consultant's good side.
Chris Walvoord, global head of alternatives portfolio management and research at Aon.
"There's always a balance there because it's good to know what people are doing," Aon's Walvoord, who works with mostly corporate and public pension plans, said. "Even if they're not a fit for your clients. It's always valuable to have some communication."
Still, there's a limit to what's productive.
'But calling every day and asking 'Can I get in front of this client? Can I get in front of that client?' That's a little less helpful,' Walvoord said.
Some consultants won't work with hedge funds that have a poor work culture.
Willis Towers Watson, which oversees $200 billion in institutional client assets on a discretionary basis, avoids working with managers that may have internal issues that could bubble up to the surface, Victoria Vodolazschi, the firm's director of hedge-fund research, told Insider.
After previously coming across cultural issues at some hedge funds, Vodolazhi and her team now spend several hours with the leaders of a hedge fund to try and understand how management makes decisions, how they deal with turnover, and how they approach diversity and inclusion internally.
The goal, whether they add the hedge fund manager to their recommended lists or not, is to help improve diversity, leadership, and employee benefits.
"More diverse teams basically produce better long-term investment outcomes," she said.
Victoria Vodolazschi, Willis Towers Watson's director of hedge-fund research.
Cambridge Associates focus on managers that prioritize managing money, said Eric Costa, the global head of the hedge-funds-investment group at the investment consultant.
Costa and his team of 15 researchers don't like to spend too much time with managers that are operating at a profit at a business level. They want managers to focus on managing the capital, not growing the business.
"Personally, if the fund does well, we do well, our clients do well, and so that alignment is really important to us," said Costa, who works with endowments and foundations. "Managers that truly can communicate how they think about alignment resonates with us."
Make sure you can show your investing edge
Most managers pitch how their particular strategy is unique from their peers, but they need to ensure they can demonstrate what they're doing is actually different.
"Getting an edge in investing is really hard," said Aon's Walvoord. "It's an incredibly competitive business."
For example, Aon works with a structured credit manager based in Europe that invests in collateralized loan obligations, which are securities made of bundles of low-rated loans. Walvoord and his team were impressed by this particular manager's experience in the industry and how they have worked on the sell-side as bankers.
"What they have that a lot of the structured credit managers don't have is an event team that invests with a very different philosophy," he explained.
At Callan, it's crucial for hedge funds to show how they performed during a specific period of time, like during the Covid-19 market crash in March 2020, said Joe McGuane, senior vice president in Callan's alternatives-consulting group.
"It's easy to pitch a product, but it's more helpful for us when you can provide some more detail on what was going in a certain month, quarter, year," he said. "We don't need to know every single position level but it's helpful to understand what was going on in the portfolio."
More: Hedge Funds investment consultancy Finance | 2022-04-20T13:18:02Z | www.businessinsider.com | Hedge Fund Do's and Dont's When Pitching Investment Consultants | https://www.businessinsider.com/hedge-fund-pitching-investment-consultants-dos-and-donts-2022-4 | https://www.businessinsider.com/hedge-fund-pitching-investment-consultants-dos-and-donts-2022-4 |
"The COVID-19 pandemic significantly impacted international migration patterns both to and from the United States, resulting in the lowest levels of international migration in decades and affecting the data typically used to measure migration flows," Jason Schachter, Pete Borsella, and Anthony Knapp of the Census Bureau post wrote in a post.
"We need more workers," Suzanne Clark, the CEO of the US Chamber of Commerce, previously told reporters according to CNN, as reported by Insider's Grace Dean. "We should welcome people who want to come here, go to school, and stay."
More: Maps Census Bureau Moving Migration | 2022-04-20T13:18:08Z | www.businessinsider.com | This Map Shows Net International Migration in the US | https://www.businessinsider.com/map-international-migration-us-counties-people-moving-pandemic-2022-4 | https://www.businessinsider.com/map-international-migration-us-counties-people-moving-pandemic-2022-4 |
Then-State Department spokeswoman Morgan Ortagus.
The Tennessee GOP removed Trump-endorsed candidate Morgan Ortagus from the primary ballot.
It said she didn't meet its criteria for running for office in the state.
It marks a rare occasion where Trump has encountered pushback from a state GOP.
The Tennessee Republican Party axed the Donald Trump-endorsed candidate Morgan Ortagus from the party's ballot in the race for its 5th congressional district.
The state GOP said in a statement Tuesday that it was disqualifying Ortagus from the race because she did not meet its requirements to stand for election to represent the state in the House of Representatives.
The criteria include voting in three of the state's last four primary elections and being actively involved in local Republican politics, The Tennesseean reported.
Ortagus had drawn criticism from Tennessee Republicans for only having moved to the state in the last year and for failing to answer several basic questions about the district she was seeking to represent in a radio interview last month.
The former president has endorsed more than 100 candidates in the primaries as he seeks to consolidate his control over the Republican Party.
He endorsed Ortagus, who served in his administration as a State Department spokesperson, even before she announced her candidacy in February.
Her removal from the primary ballot is a rare example of Trump encountering pushback from state-level GOP officials.
The Tennessee GOP also removed Robby Starbuck, who is from California, from the ballot. Trump had drawn rare criticism from figures on the GOP's right wing over endorsing Ortagus over Starbuck, drawing attention to critical statements she had made about Trump before serving in his administration.
Candidates are seeking to replace Democratic Rep. Jim Cooper, who is retiring. Recent redistricting changes mean Republicans are optimistic of their chances of victory there.
More: Republican Party Morgan Ortagus Donald Trump GOP primaries | 2022-04-20T13:18:26Z | www.businessinsider.com | Tennessee GOP Dumps Trump-Endorsed House Candidate From Ballot | https://www.businessinsider.com/tennessee-gop-dumps-trump-candidate-morgan-ortagus-from-ballot-2022-4 | https://www.businessinsider.com/tennessee-gop-dumps-trump-candidate-morgan-ortagus-from-ballot-2022-4 |
"Ukraine did not receive new planes from partners!" the Air Force of the Armed Forces of Ukraine said in a Wednesday Facebook post.
Last week President Joe Biden announced an $800 million military aid package for Ukraine that included artillery rounds and armored personnel carriers. He is expected to announce another aid package later this week, NBC News reported.
More: Ukraine Russia News UK | 2022-04-20T13:18:32Z | www.businessinsider.com | Ukraine Says It Has Only Received Fighter Plane Spare Parts From US | https://www.businessinsider.com/ukraine-says-only-received-fighter-planes-spare-part-us-2022-4 | https://www.businessinsider.com/ukraine-says-only-received-fighter-planes-spare-part-us-2022-4 |
Nike unseals internal memos and human-resource documents as it gears up to defend itself against allegations of gender discrimination
A Nike logo at a New York City store.
John Smith/VIEWpress via Getty Images
Nike last week unsealed its motion against class certification in a gender-discrimination lawsuit.
The motion and supporting records detail changes Nike made to HR and compensation practices.
A significant number of documents filed by the women suing Nike remain sealed.
Nike last week unsealed its motion against class certification in a sweeping gender-discrimination lawsuit filed in 2018. The sportswear company also unsealed roughly 1,000 pages of supporting documents, including human-resources presentations, internal memos, snippets of deposition testimony, and PowerPoint presentations about changes to its compensation practices.
The records give the fullest picture yet of Nike's internal response to allegations of widespread gender discrimination and sexual harassment that erupted in 2018. But key records in the lawsuit, including roughly 100 exhibits filed by the female employees suing Nike, remain sealed.
Insider is among the media outlets challenging the seal in the lawsuit.
Broadly, Nike's lawyers argued in the motion against class certification that the employees hadn't satisfied the legal requirements because they hadn't "provided evidence of a company policy or practice that uniformly applies to — and equally harmed — the entire putative class." They also argued that plaintiffs provided only "limited anecdotes" of sexual harassment and gender discrimination.
Motions for class certification are a critical point for such lawsuits. The 14 plaintiffs want the judge to certify a class of 5,200 female Nike employees, which would significantly escalate the stakes in the case.
Nike's lawyers last week noted that discovery in the lawsuit, which was filed in August 2018, had grown to thousands of pages of documents, nearly 1 million personnel records for more than 13,400 current and former employees, and 30 depositions of Nike employees and other witnesses.
Supporting documents that Nike made public last week show some of Nike's efforts to address problems, including changes to its compensation system, a revised code of conduct, and a rebranded complaint hotline. The documents show the company's also posting more open jobs in order to increase hiring transparency.
One of the central questions in the lawsuit is whether Nike paid men more than women, and, if so, by how much. The plaintiffs hired an outside expert who came up with an answer, but the number remains redacted in court filings, partly because of Nike's objections to the expert's calculations.
Documents unsealed last week show numerous changes Nike made to its compensation practices in recent years, including no longer asking job candidates about their salary history, making pay adjustments for "individuals who were below the minimum of their pay ranges or identified as a result of Nike's pay equity analyses," and introducing computer software that makes recommendations for pay increases and stock awards.
A post from Nike's internal website unsealed last week said that in May 2019, Hilary Krane, then Nike's top lawyer, unveiled a new code of conduct and announced that the company had changed the name of its complaint hotline from Alertline to the Speak Up Portal.
An internal eight-page human-resources presentation unsealed last week identified five ways in which the new hotline differed from its predecessor: new branding, expanded intake questions, local hotline numbers, simpler URLs, and improved accessibility.
Nike's lawyers appear confident in their case. In a footnote in the motion against class certification, they said they plan to ask the judge to decide the case after she issues a ruling on the motion for class certification.
"The evidence shows that Nike is self-reflective, constantly strives to improve its culture, and takes seriously the experiences of its employees, including women and other protected groups," the lawyers wrote.
More: Sportswear Legal Nike | 2022-04-20T13:30:58Z | www.businessinsider.com | Nike Unseals Internal Records As Part of Gender-Discrimination Defense | https://www.businessinsider.com/nike-unseals-internal-records-as-part-of-gender-discrimination-defense-2022-4 | https://www.businessinsider.com/nike-unseals-internal-records-as-part-of-gender-discrimination-defense-2022-4 |
War was the last thing on her mind. Now, a 29-year-old startup founder is working from bomb shelters in Ukraine.
Alyona Mysko, the founder and CEO of Fuelfinance, before the war.
Alyona Mysko was on the verge of taking her startup global when Russia invaded Ukraine.
Amid the bombings, she was forced to flee Kyiv and had to run her company from shelters.
Mysko detailed how she pivoted her startup to helping small businesses in her war-torn country.
Alyona Mysko was about to take her startup global. She had spent weeks rebuilding the website for Fuelfinance, which had half its customers in Ukraine, where it's based, with the goal of drumming up business abroad.
Satisfied, she closed her laptop at midnight on the day of the website launch and crawled into bed, counting on a restful night's sleep.
At 6 a.m., she jerked awake. Her boyfriend stood over her. "The war has started," he said.
Mysko felt disbelief, then horror, as she picked up her phone and saw the missed calls from her parents and friends. She checked the news and read reports of several loud blasts in Kyiv, Ukraine's capital. Soon after, she heard air-raid sirens ring out.
In her 29 years living in Ukraine, Mysko lived with the threat of war in the background. That threat intensified as Russia began to gather troops at Ukraine's borders late last year. She drafted a disaster plan with her employees, but all the activity at her startup, which offers financial services to other businesses, distracted her from the conflict.
Overnight, Mysko found herself running a startup in the middle of a war.
A native of Ukraine's capital, Mysko is one of the many startup founders and employees whose lives were upended when Russia invaded Ukraine on February 24. They're finding ways to keep working from bomb shelters and home rentals, while scrambling to make sure their employees are safe and to provide them with whatever aid they can.
In Mysko's case, the fintech founder fled her home in the middle of the night, seeking refuge near the Polish border. On a Zoom call, she told Insider she continued to work because she wanted to support her country's economy.
"I think we maybe work harder than before the war," Mysko said.
Her story offers a lesson on life-or-death resiliency for any founder.
Wartime CEO
Mysko uses her phone to stay connected to her employees scattered across the country.
The first day of the war passed in a blur.
Sitting on a bench in a bomb shelter, with her Siberian husky, Haku, at her feet, Mysko texted with her team of 23 employees in Ukraine to check whether they were safe. They posted maps of nearby bomb shelters to their internal Slack channel and found car rides for employees evacuating. The Fuelfinance office in the capital city sat empty.
That night, Mysko said she realized she would need to leave Kyiv. The air-raid sirens sounded constantly, and having to go back and forth from her apartment to the bomb shelter would make it impossible to get any work done, she figured.
She packed a bag with a pair of jeans, T-shirts, a swimsuit, and dog food . Later, she told a friend that she must have absentmindedly brought a swimsuit because the Crimean Peninsula, a warmer destination that's part of Ukraine but was occupied by Russia in 2014, would return to Ukraine when it won the war. She could finally go on vacation in this beloved place, she joked.
Mysko's dog in the apartment she rented in western Ukraine.
Alyona Mysko
In the middle of the night, Mysko drove west with her boyfriend, her mother, her grandmother, and the dog in her lap. The sound of bombs and missiles raining down across multiple parts of the city faded behind them.
Mysko was terrified. But if starting a company had taught her anything, it was to keep moving, she said.
Time to build
Fourteen hours later, they reached the western edge of Ukraine, tired and scared but alive. One of Mysko's friends sent her a list of places to stay, and she rented an apartment in Frankivsk near Lviv, the last major city on the way to Poland.
After a couple of weeks, she and her employees got back to work.
Fuelfinance employees before the war.
Fuelfinance
Long before the war, Mysko experienced some of the pain points that small businesses face while working at a real-estate firm and then a marketing agency. In 2019, she founded Fuelfinance to make software that helps entrepreneurs manage their company finances so they can focus on what they do best. It provides back-office functions like accounting and cash-flow planning and has several hundred customers spread across Europe.
The bootstrapped startup broke even last year, Mysko said, and planned to raise its first venture funding in March.
Those plans fell through when the war began, and Fuelfinance's goal of empowering entrepreneurs took on new meaning as Ukraine's economy crumbled.
The team got to work on a website that matches business owners with financial analysts in Ukraine so the business owners can get free advice on cutting burn rates, accessing cash, and even relocating their companies. Since the war started, some Ukrainian tech companies have been forced to slash costs as revenues dry up and venture investors pull back.
Fuelfinance also made its software free to Ukrainian companies.
"We still want to realize our mission to help businesses avoid financial mistakes, and in such a way, we can make an impact on GDP growth," she said, adding that healthy homegrown businesses supported Ukraine's economy.
'We launched from bomb shelters'
Most days, Mysko works from a factory in Frankivsk that's been converted into office space. The internet service is good, which she credits to Elon Musk's SpaceX for sending thousands of Starlink satellite-internet dishes to Ukraine.
The war is "constantly on my mind," she said, adding that she didn't allow herself time to worry. There's work to do.
Fuelfinance employees share photos of their unusual workspaces during the war.
Most of her employees log on from makeshift shelters and home rentals in cities across Ukraine and Poland, where some sought refuge when the bombings began. Each person set a plan for how they would live and work if the war finished before the end of March, and if the war persisted for more than two months.
One employee volunteered to join the Ukrainian armed forces. Fuelfinance helped him locate a bulletproof vest through its network of friends, Mysko said, and the employee stays in touch as best he can.
For the other employees, business goes on.
Mysko before the war.
On March 22, Fuelfinance logged a major milestone for any fledgling startup: It debuted on Product Hunt, a website for sharing and discovering products and startups. Employees needed to be online and ready to respond to commenters, onboard customers, and share the Product Hunt post on social media to get more eyeballs on it.
So it didn't help that the air-raid sirens sounded seven times over the course of that day, when they usually ring only once or twice a day in Frankivsk, Mysko said. Each time, she flung her laptop into a backpack and hurried to a shelter. (Still, Fuelfinance climbed to the top of the leaderboard on Product Hunt the week it launched, with over 1,100 upvotes.)
"We launched Product Hunt from bomb shelters," Mysko said.
Like the outcome of the war, Mysko's plans are uncertain. Every day, she talks to her father, a bodyguard who stayed behind in Kyiv to fight for his country, on the phone and asks him when it is safe to go home. Not yet, he tells her.
On Monday, Russian missiles struck Lviv, which has become a safe haven for people fleeing fighting in the eastern half of the country. The deaths were the city's first reported casualties of the war, The New York Times reported.
In Frankivsk, the air-raid sirens ring more frequently now and mostly at night, Mysko said. In the early morning hours, she stays in the apartment building but seeks refuge in a windowless corridor. The sound gives her chills.
"I still plan to stay here," she told Insider in an email. "I still can work and stay productive."
More: Startups Ukraine Fuelfinance | 2022-04-20T13:31:10Z | www.businessinsider.com | Startup Founder Alyona Mysko Works From Bomb Shelters in Ukraine | https://www.businessinsider.com/startup-founder-alyona-mysko-works-from-bomb-shelters-in-ukraine-2022-4 | https://www.businessinsider.com/startup-founder-alyona-mysko-works-from-bomb-shelters-in-ukraine-2022-4 |
TikTok is quietly testing a new sound-editing tool outside its app as it continues its push into the music industry
Artem Novosad.
TikTok and its parent company ByteDance just launched a sound-editing tool for artists and creators.
The feature, dubbed Mawf, is currently in beta and runs as a plugin outside of the TikTok app.
TikTok and ByteDance have been on a tear building products and features for the music industry.
TikTok and its parent company ByteDance are testing a new sound-editing tool for artists and other creators as the social-media behemoth pushes deeper into the music business.
The new feature lives outside of TikTok on an application called Mawf, which integrates as a plugin with popular music production platforms like Ableton Live and Logic Pro.
Mawf analyzes incoming signals such as a voice or synthesizer and re-renders it in real-time into an instrumental sound, like a trumpet, saxophone, or a bamboo flute called a khlui. The tool provides artists with a variety of levers to adjust and distort each of the three instruments to create unique sounds. The feature doesn't exist in the TikTok app yet, though its easy to see how the underlying tech could inspire new in-app sound features down the road. A TikTok spokesperson declined to comment on future plans for the tool.
"The fact that this is real-time, it opens up so much," said Dom Harwood, a Berlin-based multimedia artist and digital creator who has been testing the Mawf plugin in Ableton. "I think it's really interesting that people are going to be able to use their natural voices to create musical sounds."
—Hanoi Hantrakul (@yaboihanoi) April 4, 2022
Mawf, which is currently being tested in Europe and the UK, was built by TikTok and ByteDance's speech, audio and music intelligence (SAMI) team. The group focuses on research and development for music and audio products, including a range of new in-app sound effects that launched on TikTok in December.
Developing new sound and music capabilities appears to be a focus area for TikTok and ByteDance. The Mawf website lists 51 open jobs related to audio tech at the two firms, ranging from a "Research Scientist in Music Creation" position in Mountain View, CA to a "Speech Synthesis Software Engineer" role in Shanghai.
Other tech companies including Snap are similarly looking to boost their audio capabilities, either through new licensing deals, digital concert events, or custom tech designed to service music creators.
Still, TikTok holds a unique position in the industry as a main hub for artists to promote songs and listeners to stumble upon new music. The release of Mawf earlier this month is the latest sign that TikTok and ByteDance are interested in taking on a more direct role in the music industry. ByteDance has its own music streaming platforms, Resso and Qishui Yinyue, that it's been testing in Brazil, India, Indonesia, and China. And TikTok launched a music distribution platform for artists last month called SoundOn, opening a path for creators to upload songs directly to its platform, Resso, and competitor apps like Spotify.
"TikTok has really become a critical part of artist storytelling," Kristen Bender, SVP of digital strategy and business development at Universal Music Group, told Insider during a July webinar on TikTok's impact on the music industry. "Since we signed our deal with TikTok earlier this year, our labels have been extremely leaned into the platform."
More: TikTok Bytedance Music | 2022-04-20T13:31:16Z | www.businessinsider.com | TikTok and ByteDance Are Testing a New Music-Editing Tool Called Mawf | https://www.businessinsider.com/tiktok-and-bytedance-testing-new-music-editing-tool-called-mawf-2022-4 | https://www.businessinsider.com/tiktok-and-bytedance-testing-new-music-editing-tool-called-mawf-2022-4 |
"Stranger Things."
Streaming search engine Reelgood provided Insider with an analysis of the US streaming libraries of nine major platforms as of April 11.
It breaks down the size of each platform's movie and TV catalogs in the US, and which services get you the most bang for your buck.
Reelgood couldn't break down the libraries by original content.
But the data gives a good sense of the strengths and weaknesses of the major US platforms, from Netflix to HBO Max.
Netflix is the most expensive streaming service, while Apple TV+ is the cheapest.
Reelgood
After raising its prices this year, Netflix is the most expensive of the major subscription- streaming services, according to Reelgood's analysis.
Reelgood focused on Netflix's most popular plan, the standard $15.49 per month plan, though the service also has a cheaper tier that costs $9.99 in the US.
The analysis also focused on ad-free plans, but Paramount+, Peacock, HBO Max , Hulu , Discovery+, and soon Disney+ also offer cheaper ad-supported options.
Netflix had typically shot down the idea of introducing an ad-supported plan. But the company said on Tuesday that it would explore the creation of an ad-supported tier "over the next year or two."
Here's Reelgood's price breakdown of the major streamers:
Apple TV+ — $4.99
Discovery+ — $6.99
Disney+ — $7.99
Prime Video — $8.99
Paramount+ — $9.99
Peacock Premium Plus — $9.99
Hulu — $12.99
HBO Max — $14.99
Netflix (standard HD) — $15.49
Prime Video has the most movies of any service, but HBO Max has the most "high-quality" movies.
Amazon Prime Video has nearly 7,000 movies available to stream for subscribers, the most of any of the services analyzed by Reelgood.
However, Prime Video has lost thousands of movies over the last two years, according to Reelgood. In its 2020 analysis, the service offered nearly 13,000 movies, eclipsing the second largest movie library, Netflix, which had more than 3,700 at the time.
Today, Netflix is a bit closer to Prime Video, with over 4,000 movies available on the service.
HBO Max, though, has the most "high-quality" movies of any of the services included in the report with over 500. Reelgood defines a "high-quality" movie as having a score of 7.5 or more on IMDb.
Here are the total number of movies available on each service, including licensed and original movies (along with the number of high-quality movies):
Prime Video — 6,985 total movies (409 high-quality movies)
Netflix — 4,091 (447)
HBO Max — 2,586 (517)
Paramount+ — 2,257 (90)
Peacock Premium — 2,051 (104)
Disney+ — 1,129 (152)
Hulu — 1,019 (86)
Discovery+ — 417 (13)
Apple TV+ — 44 (14)
Prime Video also gets you the most movies per dollar, with Netflix, Peacock, and Paramount+ in a tight race for second.
Prime Video is one of the least expensive services (on its own and not accounting for the cost of full Amazon Prime). With more movies than any other service, it also gets users the most bang for their buck, with more than 700 movies per dollar that subscribers pay each month.
Netflix, Paramount+, and Peacock follows with over 200 movies per dollar.
Here's how many movies subscribers get per dollar on each service:
Prime Video — 777
Netflix — 264
Paramount+ — 226
Peacock Premium — 205
Disney+ — 141
Hulu — 78
Discovery+ — 60
Apple TV+ — 9
Netflix surpassed Prime Video in the total number of TV shows it offers.
In Reelgood's 2020 analysis, Prime Video had the most TV shows of any service. Now, Netflix, Hulu, and Discovery+ have more.
Netflix gained around 200 TV shows in the last two years, while Prime Video lost about 700. Hulu also doesn't have as many shows as it did in 2020, but Prime Video's library took a bigger hit.
Netflix also has the most "high-quality" shows of the services, which Reelgood defined as any series with an 8.0 score on IMDb or higher.
While HBO Max is among the services with the fewest TV shows, it has a high batting average when it comes to high-quality series, which is largely thinks to the HBO library being available on the service.
Here's the total number of TV shows on each streaming service, including licensed and original shows (along with the number of high-quality shows available):
Netflix — 2,142 total TV shows (357 high-quality shows)
Discovery+ — 2,139 (93)
Hulu — 1,575 (282)
Prime Video — 1,522 (219)
Peacock Premium — 972 (77)
Paramount+ — 738 (59)
Disney+ — 437 (52)
HBO Max — 287 (199)
Discovery+ gets its subscribers the most TV shows per dollar.
Discovery+, being one of the cheaper streaming services, has the most TV shows per dollar when taking into account the monthly subscription.
Prime Video follows with 169 shows per dollar.
Here's how many TV shows subscribers get per dollar on each service:
Hulu — 121
Peacock Premium — 97
Paramount+ — 74
Disney+ — 55
HBO Max — 19
Apple TV+ — 16
MARZ VFX / Marvel / Disney+
Apple TV+: It's the cheapest of the major streaming services at only $4.99 per month, but offers the smallest movie and TV library. Without a large catalog of licensed content, Apple TV+ offers primarily original content.
Amazon Prime Video: Netflix still trails Prime Video in total movies, though Prime's library has decreased significantly in recent years. And it's not just in movies; the service has lost hundreds of TV shows over the last two years. In 2020, it had the biggest TV library. Now, it has fewer shows than several other services.
Discovery+: With the WarnerMedia-Discovery merger, HBO Max and Discovery+ are expected to be eventually merged into one mega service. Discovery+ has a sizable TV catalog, the second biggest behind Netflix, thanks to its vast library of unscripted content — an area HBO Max could improve in.
Disney+: Disney+ has smaller movie and TV libraries than even Peacock and Paramount+. But at $7.99 per month, it's among the cheapest offerings. It has relied on the popularity of its franchises to this point, but may have to built up its content catalog to stay competitive.
HBO Max: Max is the No. 2 most expensive service behind Netflix, but it has a sizable movie library that includes the most "high-quality" movies of any of the services included in the report. It has a less impressive TV library in size, but movie fans would find a lot to like with Max.
Hulu: The Disney-operated service is in a precarious position. It's lacking in movies compared to other services but has a large TV library. However, it remains to be seen what Disney's plans for the service are. Comcast still owns a stake in the platform, which it's set to sell back to Disney within the next two years. Ahead of that, Comcast plans to remove its new NBC programming from Hulu, which would decrease its TV library even more.
Netflix: It's now the most expensive service, but it has the biggest TV library. The streamer releases the most original content by far, which will continue to expand its TV catalog ahead of its rivals in the years to come.
Peacock and Paramount+: The services, from NBCUniversal and Paramount (formerly ViacomCBS) respectively, are similar in that they both have decent-sized catalogs, but are lacking in "high-quality" movies and shows relative to the size of the libraries.
More: Features Streaming TV Movies | 2022-04-20T14:45:25Z | www.businessinsider.com | How Netflix, Disney+, HBO Max, and More Compare on Cost and Catalogs | https://www.businessinsider.com/major-streaming-services-compared-cost-number-of-movies-and-shows-2022-4 | https://www.businessinsider.com/major-streaming-services-compared-cost-number-of-movies-and-shows-2022-4 |
Publication of MPs expenses has been paused indefinitely, with a planned release in May now unlikely.
Details of claims were halted after the murder of Sir David Amess in October 2021.
The security review, launched after Amess's murder, was expected to conclude in March.
The details of how MPs spend taxpayers' money to pay for their offices and second homes will continue to go unpublished beyond May, after not being published since September 2021.
The Independent Parliamentary Standards Authority (IPSA), which is responsible for verifying and publishing expense claims from MPs, was due to publish details of claims in May, the first time it had published expenses details in nearly eight months.
IPSA previously published claims every two months, but paused publication following the murder of Sir David Amess. The expenses watchdog also removed the detail of already published expenses claims going back to 2010.
IPSA said it would publish expenses claims once a security review, launched after Amess's murder, had concluded, and suggested this might come by the new tax year starting in April 2022.
But minutes of an IPSA board meeting on March 2 reveal that the review, run by Parliament's Members Security Support Services, had not yet concluded.
IPSA's board agreed to "await the results of MSSS' security review before resuming bimonthly publication and deciding in what form this might proceed." At the time, the board believed the review might conclude at the end of March.
But a Parliamentary source, given anonymity to speak frankly about security matters, told Insider that there were "are on-going changes to MPs' security arrangements". They said that "MPs will be updated in the coming weeks".
An IPSA spokesperson told Insider they had not yet heard a publication date for the security review.
Campaigners say the data should be released as soon as possible.
Rose Whiffen, research officer at Transparency International UK, told Insider: "While the safety and security of our elected officials is of paramount importance, opacity over MPs' expenses should not become the status quo.
"Transparency is vital to guard against the misuse of public funds by shining a light on those who abuse the system, as well as deterring others from doing the same.
"History illustrates vividly the need for openness around expenses, so this data should be released as soon as possible."
Some MPs have criticised the publication scheme, saying it is equivalent "to bullying".
Insider has reported a number of stories on MPs expenses using data released by IPSA, including a series of stories on how Karl McCartney, Conservative MP for Lincoln, claimed in expenses for more than £30,000 of taxpayers' money for work he handed to a donor's firm.
More: UK Politics News UK IPSA | 2022-04-20T14:45:37Z | www.businessinsider.com | No Date Set for When MPs Expenses Will Be Published | https://www.businessinsider.com/no-date-set-for-when-mps-expenses-will-be-published-2022-4 | https://www.businessinsider.com/no-date-set-for-when-mps-expenses-will-be-published-2022-4 |
I worked hard to clean up my finances in my 30s, but a financial planner says I'm still making 5 expensive mistakes
I made a ton of money mistakes in my 20s and have been trying to clean things up.
I finally sat down with a financial planner, and he pointed out five mistakes I'm still making.
I have too much cash in savings, poor tax diversification, too many single stocks, and more.
Right before I turned 30, I decided to get serious about my finances. I had spent most of my 20s making all kinds of money mistakes (from not saving for retirement to racking up credit card debt). I was eager to approach a new decade of my life with my finances in a strategic place so I could meet big goals I had for my future, like retiring early and buying property.
I didn't know what to do first, so I just did anything I could to tighten up my spending and start investing. Since I never worked one-on-one with a financial professional, I always wondered if I was making any glaring mistakes. It turns out I was.
I sat down with Adam Scherer, a financial planner and president of Greenbeat Financial, to look over every inch of my financial portfolio to not only identify the mistakes I'm making but make a game plan for how I can start fixing them.
1. I have too much cash in a savings account
The first mistake I knew Scherer was going to bring up is a mistake I've knowingly made for years. More than half of my financial portfolio is made up of cash just sitting in my savings account. I'm making this mistake because I'm not sure what else to do with that money and I'm scared to lose it.
Scherer said it's great to have cash on hand as an emergency fund and a good rule of thumb is that a couple should have between six and nine months of fixed and variable expenses in their cash account.
So how can I fix this mistake?
Scherer says that, first, it's important to assess my risk tolerance, then get clarity on when I'd want to access that money in the future (whether it's for retirement in 20 years or to buy a house in five years). Once I know the answers to those two things, I can consider putting that money into the market for retirement (through index or mutual funds), or investing in real estate (both directly by purchasing real estate or through an REIT, which allows you to invest in real estate properties without buying one yourself).
2. My risk balance might be wrong
A few years ago, after many friends advised me to do this, I opened up an investment portfolio on a platform that automatically manages your money for you. All you have to do is set your risk tolerance and they do the rest. Without much thought, I did what my friends did and set that tolerance to be 90% stocks and 10% bonds, making this allocation very risky.
Scherer says that because I'm a bit scared of risk right now and unsure of my financial goals, it might make more sense to dial that down from 90/10 to 80% stock and 20% bonds.
"If the idea right now that your money is 90% in risky assets and only 10% in something that's safe makes you uneasy, it's OK to adjust this to be in a more comfortable place as you seek advice and guidance from a professional," says Scherer.
3. I have too many random individual stocks
I confessed to Scherer that, during the pandemic, I put a little money into a lot of individual stocks without much research or thought. What Scherer noticed was that most of those stocks fell in one sector (tech, media, and telecom) and having a portfolio that was heavily weighted in one industry can be risky and not strategic.
Scherer recommends diversifying across different sectors since these sectors are more in tandem at different times.
So what are my options? Scherer said I can sell my current individual stocks and use that money to invest in stocks across the different sectors, or I can go broader and buy ETFs that are sector-focused to have a fully diversified portfolio.
I wondered if this meant I should make sure I'm investing equal amounts of money in each sector.
"It depends on the rate of return you're looking to generate, where we are in the buzz cycle, where we're heading, and more factors," said Scherer.
4. I need more tax diversification
One thing Scherer said was missing from my portfolio was tax diversification. He explained that there are three tax buckets: taxable assets (such as money in a taxable brokerage account); tax-deferred (where the money is taxed down the line, like my SEP IRA); and tax-free (where the money isn't taxed, like a Roth IRA).
The challenges Scherer said I'd have with a Roth IRA is that I potentially make too much money to contribute to a Roth IRA, and I'm married filing separately from my spouse, so I don't qualify for the higher Roth IRA limit. However, he did mention a workaround.
"You can still execute a backdoor Roth IRA strategy to get more investments into your 'tax-free' investment bucket," said Scherer. "To do so, you'd open a traditional IRA account and a Roth IRA account, then make 'nondeductible traditional IRA contributions' and convert the funds over to the Roth IRA."
5. My husband and I aren't protecting each other financially
One thing I mentioned to Scherer at the end of our meeting was that I recently got married. Even though my partner and I keep most of our finances separate and don't file taxes together, I wondered if there was anything my partner and I should do with our finances now that we've tied the knot.
Scherer said yes.
"One thing you can do is make each other beneficiaries on your different accounts," said Scherer. "If an asset's contract (like your retirement account, savings account, investment portfolio) has a beneficiary, you can bypass the long process of having your assets in probate with the court. Instead, your assets will transfer automatically to that person, saving time and money."
One more thing Scherer mentioned was that now that we're married, we should consider getting life insurance.
"If you both have a life insurance policy in place, it can ensure the other person is able to pay for some debts and maintain the quality of life they are accustomed to if their partner passes away," said Scherer.
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More: Financial Planning Financial Planners Investing Risk tolerance | 2022-04-20T14:45:43Z | www.businessinsider.com | 5 Mistakes I'm Making With My Money, According to a Financial Planner | https://www.businessinsider.com/personal-finance/money-mistakes-financial-planner-2022-4 | https://www.businessinsider.com/personal-finance/money-mistakes-financial-planner-2022-4 |
2 crypto ETF experts explain why the SEC is likely to approve a spot bitcoin ETF this year — and why the race to launch short bitcoin futures ETFs is a good thing for the industry
A spot bitcoin ETF could potentially come to market this year after the SEC recently approved a futures-based bitcoin ETF filed under the '33 Act.
ETF experts from Grayscale and Bitwise explain why that may be the case despite the SEC's history of rejecting spot bitcoin ETF applications.
They also share why the recent race to launch short bitcoin futures ETFs is a good thing for the market.
After the launch of the first US bitcoin futures ETF in October propelled the largest cryptocurrency to an all-time high of nearly $69,000 and saw more than $1 billion inflows to the fund in just two days, the potential approval of a spot bitcoin ETF this year has become a critical catalyst not only for the price of bitcoin but also for the asset managers with skin in the game.
The high-stakes race to launch the first spot bitcoin ETF has been heating up recently with the approval of the Teucrium Bitcoin Futures Fund, which was filed under the Securities Act of 1933. Prior to this, the Securities and Exchange Commission has only allowed futures-based bitcoin ETFs filed under the Investment Company Act of 1940 to come to market. To date, the regulatory agency has denied all applications for a spot bitcoin ETF, which would fall under the '33 Act.
In all the approval and denial orders, the SEC staff has consistently made the point that the '40 Act structure provides additional protections to investors versus the '33 Act structure. By approving the '33 Act product, the SEC is essentially sending a message to the market that they have become more comfortable with the structure that would underpin a physically-backed bitcoin ETF, according to Dave LaValle, global head of ETFs at Grayscale Investments.
"That '33 Act approval for Teucrium Bitcoin Futures Fund was a big deal because it really shows us and shows the market that the SEC has gotten comfortable with the structure of the '33 Act versus '40 Act from an investor protection perspective," LaValle, a 20-year ETF veteran who served as the CEO of Alerian, told Insider in an interview.
In previous denial orders, the SEC also raised concerns about the prospect of fraudulent and manipulative acts in the underlying market and the lack of surveillance-sharing agreements with a regulated market of significant size related to bitcoin.
"For those concerns, we go back to our initial point, which is the underlying bitcoin spot market is inextricably tied to the bitcoin futures market. Therefore, if you are comfortable with the futures market, you must be comfortable with the underlying market," he said.
Grayscale Investments, which runs the world's largest bitcoin fund — the $26 billion Grayscale Bitcoin Trust (GBTC), filed to convert GBTC into a spot bitcoin ETF in October.
Since March last year, the trust has been trading at a discount. This means that GBTC investors, who are subject to a six-month lockup period, are effectively losing money compared to those buying bitcoin directly in the open market.
By converting GBTC into an ETF, the fund would become open-ended, allowing for market makers to arbitrage against the premium or discount. This process typically keeps ETFs trading in line with their true value; unlike ETFs, trusts are unable to redeem shares to adjust for varying demand levels. As such, the expectation is that the conversion would close GBTC's discount, which was 21.69% as of Monday, according to YCharts.
In July, the SEC is expected to decide on not only Grayscale's filing, but also Bitwise Asset Management's application for a spot bitcoin ETF about a week earlier.
Matt Hougan, an ETF industry veteran and chief investment officer of the $1.2 billion crypto asset manager, said he is "hopeful" about the SEC's decision after the firm submitted over 200 pages of academic research answering questions about what they can do to prevent manipulation and how the CME futures market relates to the spot market.
Still, the asset manager that launches the first physically-backed bitcoin ETF is likely to get the lion's share of investor inflows, as was the case with the bitcoin futures ETFs. The first such fund to come to market — the ProShares Bitcoin Strategy ETF (BITO) - has $1.1 billion in assets under management as of Tuesday, while the second futures-based bitcoin ETF — the Valkyrie Bitcoin Strategy ETF (BTF) — oversees $42.6 million.
"In the ETF space, liquidity matters, so first-mover advantage matters," Hougan told Insider in an interview. "Obviously, we are hopeful that we get that first-mover advantage, but I do think in crypto specifically, it also matters the firm you are working with, the relationship that people have, it's an area where trust matters a lot."
To be sure, the SEC has shown no willingness to approve a spot bitcoin ETF so far. And some experts view the agency's greenlighting of the Teucrium Bitcoin Futures Fund as another step in the process, not necessarily a big milestone.
"We are moving down the continuum. It removed one question, but it doesn't remove all of the questions and some of that is still outlined in the filing and some of the original statements," Ben Slavin, global head of ETFs, asset servicing at BNY Mellon, told Insider in an interview.
Amid the asset managers' intense push for a spot bitcoin ETF, the race among issuers to launch the first short bitcoin futures ETF is also underway.
Asset managers including Direxion, ProShares, and AXS Investments have all filed for ETFs that are meant to deliver the inverse performance of bitcoin futures. Pending SEC's approval, the funds could begin trading as soon as June.
While some investors view growing short interest in bitcoin as part of the reason why the price of the largest cryptocurrency has been struggling, ETF experts believe that the approval of more crypto exchange-traded products could only make the market more efficient.
"Inverse ETFs in general are valuable tools for investors. People want to gain short exposure and sometimes it's cheaper and easier in an inverse ETF than it is to short a long ETF," Hougan said. "The more ways people can safely access the bitcoin market and the crypto market, the more liquid and efficient those markets become, and that's good for all investors."
Grayscale's LaValle echoes this sentiment: "The more investors, the more exposures, the more complex that ecosystem becomes and the better liquidity profile there is. What will that do is that it will reduce spreads and it will have a better opportunity for investors to efficiently seek their exposure."
short bitcoin futures ETF
SEC bitcoin ETF
SEC crypto ETF
SEC Chairman Gary Gensler | 2022-04-20T14:45:55Z | www.businessinsider.com | Why SEC Could Approve a Spot Bitcoin ETF This Year: Crypto Fund Experts | https://www.businessinsider.com/spot-bitcoin-etf-sec-approval-crypto-experts-short-futures-investing-2022-4 | https://www.businessinsider.com/spot-bitcoin-etf-sec-approval-crypto-experts-short-futures-investing-2022-4 |
Muslim-focused dating app Muzmatch faces name change as court sides with Tinder-owner Match in trademark battle
Muzmatch founder Shahzad Younas.
Muzmatch
Tinder and Hinge-owner Match Group sued Muslim-oriented rival Muzmatch in the UK.
The US dating giant claimed Muzmatch had traded off its reputation and infringed on its IP.
The court ruled in favor of Match in a judgment released on Wednesday.
Tinder-owner Match Group has won a legal battle against Muslim-focused rival Muzmatch, which it had accused of "free-riding" off its reputation.
Match, which also owns the likes of Plenty of Fish and Hinge, claimed the startup had copied the look and feel of its logo and apps and that using the word "match" in its name, SEO, and meta tags could confuse users into thinking the two companies were associated with one another.
The US dating giant sued London-based Muzmatch in the UK Intellectual Property and Enterprise Court (IPEC) with both parties appearing in court over the course of two days in January after the initial complaints were lodged in 2021.
Muzmatch, which has traded under that name since 2011, denied claims that his company could "pass off" as an affiliate of Match. The legal action came after Muzmatch turned down four acquisition offers from Match in 2018 and 2019, founder Shahzad Younas claimed in court filings.
On Wednesday, the court ruled in favor of Match in a blow to its Muslim-oriented rival that could force it to change its name. Muzmatch plans to appeal the result and is still exploring its legal options, it said.
Nicholas Caddick QC, deputy High Court judge, said the word "match" created a link between Match and Muzmatch and that Younas had "wrongly" seen the use of the word as descriptive. The Muzmatch founder consistently argued that "match" was a descriptive term for matchmaking.
"In particular, I find that the average consumer would have thought that Muzmatch was a sub-brand of that business [Match] specifically targeted at Muslim users and particularly at those Muslim users who felt that the services of a mainstream online dating service provider were not in accordance with Islamic values," Judge Caddick said in his judgment.
Muzmatch did not, however, follow Match's branding in its use of the logo's lowercase letters, colors, and heart icon, Judge Caddick ruled.
Younas said he was "gutted" about the result. "But I'm a fighter. We won't let Match Group kill us," he added.
The startup, which employs 68 people, is awaiting the formal injunction with terms, determining the date it must stop using the Muzmatch name.
"We are looking into filing an appeal, which will mean no tangible action for another 10 to 12 months if granted," Younas said.
The Muzmatch founder previously told Insider that it would not benefit his company to be associated with Match, as mainstream dating apps were geared towards casual relationships while Muslims were looking for marriage.
In his judgment, Judge Caddick said the intention to benefit from Match's reputation was "clear" from Muzmatch's SEO strategy.
"If there was no benefit to Muzmatch, it is hard to see why it would have used keywords including the word Match in a way that could be distinctive along with the names of other dating service providers including, from 2015, the name Tinder," he said.
Muzmatch said it was exploring "all options" to avoid changing its name and is focusing on long-term plans.
"We've got some really exciting product changes and features we are about to release to our customers – features never before seen for the Muslim audience," the founder said.
"We won't stop innovating and listening to our customers and serving them in a manner that respects their faith in a way that mainstream services do not. This is a minor setback but we've got a very capable and ambitious team who want to build something truly great for the Muslim community."
Muzmatch claims to have over 6 million users worldwide.
A spokesperson for Match said in a statement: "We are pleased that the court recognized what we have known to be true: that Muzmatch has unfairly benefitted from Match Group's reputation and investment in its brand and was riding Match Group's coattails for undeserved gain in this highly competitive market.
"We have, and will always protect the work, creativity, and innovations of our employees, and are grateful that the court recognized this and ruled accordingly."
It is not yet clear if Muzmatch will have to pay reparations.
More: Startups Tech Insider Dating | 2022-04-20T14:46:01Z | www.businessinsider.com | Dating App Muzmatch Loses Court Battle Against Tinder-Owner Match | https://www.businessinsider.com/tinder-match-court-battle-muslim-dating-app-startup-muzmatch-2022-4 | https://www.businessinsider.com/tinder-match-court-battle-muslim-dating-app-startup-muzmatch-2022-4 |
USAA Bank's niche audience insights drive a highly personalized mobile app
USAA Federal Savings Bank piloted a new mobile app during Q4 2021, and now has 120 use cases for personalized insights.
USAA's close focus on a narrowly defined niche audience of military families has helped it address very specific customer needs and goals.
The news: USAA Federal Savings Bank, which also offers insurance and caters to military members and their families, has overhauled its mobile app for the first time in 10 years, per American Banker.
USAA piloted the new app during Q4 2021 and began rolling it out gradually that year. The bank plans to make the update available to all members by June.
What does it do? Like the military service personnel it serves, the San Antonio-based bank is primarily mobile; it has only five branches within the US.
USAA was one of the first banks to offer mobile check deposit and was an early user of app-based intelligent assistants, per American Banker.
The bank offers retail deposit and consumer loan products on the same app for about 13 million customers and ranks as the 17th largest US bank, based on deposit assets of $211.7 billion.
In our US Mobile Banking Emerging Features Report 2021, USAA ranked at No. 5 overall. It scored best on its security and control features, where it was second place, just behind Chase. But it scored lower on alerts sent to users—in the best-supported category within our rankings, it came in 12th.
What changed? Ameesh Vakharia, chief strategy and brand officer at USAA, told American Banker that the bank is tailoring "to an audience of one," adding, "The faster we can get to predicting what they need ahead of time is a big area of focus."
After the overhaul, a personalization platform triggers on-screen alerts and conversational interactions with the enterprise virtual assistant, EVA. These alerts and other communications now include:
Nudges at log-in, to finish applications or set a travel notice, or reminders that a bill will be due.
Offers to send instructions to the app if a user wants to make a simple transaction
Evacuation alerts and tips on filing insurance claims.
An ATM locator that uses geolocation technology to help its peripatetic users.
A new search tool that uses natural language processing—typing ahead or speaking—so customers can be understood if speaking casually.
The app now has 120 use cases for personalized insights (American Banker gave the example of a warning that a bill is past due) with the goal of reaching 200; before the app update, there were only 50.
98% of transactions can now be performed in one to two taps.
Modernizing the app infrastructure took 6.5 seconds off load time.
The big takeaway: USAA's close focus on a narrowly defined niche audience of military families has helped it address very specific customer needs and goals. Insight into its customers' lives drove the creation of highly relevant communications. This level of personalization is critical to customer retention—and it starts with the customer, rather than with the banks' products and transactions.
The highly personalized alerts and services also give USAA a competitive advantage. The majority of consumers are not happy with the level of personalization they're receiving during interactions with their banks, per J.D. Power's 2022 U.S. Retail Banking Satisfaction Study.
It found that 78% of respondents would continue using their bank if they received personalized support, but just 44% of banks are actually delivering it. | 2022-04-20T14:46:07Z | www.businessinsider.com | USAA Federal Savings Bank Overhauls Its Mobile App | https://www.businessinsider.com/usaa-federal-savings-bank-overhauls-its-mobile-app-2022-4 | https://www.businessinsider.com/usaa-federal-savings-bank-overhauls-its-mobile-app-2022-4 |
Check out the 14-slide pitch deck Nuclia, a search platform that can identify data in podcasts and videos, used to raise $5.4 million
Spanish startup Nuclia has raised $5.4 million in a seed round.
It aims to make searches for unstructured data in videos, podcasts, and PDFs much simpler.
Check out the 14-slide pitch deck Nuclia used to raise the fresh funds below.
A startup that aims to make it much easier to search for data in difficult-to-decipher formats like videos and podcasts has raised $5.4 million in a seed round.
Barcelona-based Nuclia has developed an artificial intelligence-powered search into its API that makes the process of searching unstructured data much quicker. The company claims its low-code API can be integrated into any existing software in minutes.
Developers can use its API when building apps and websites to incorporate search functions embedded with AI and natural language processing into them. Nuclia has made its API publicly available.
The startup raised the fresh funds from London-based investor Crane Venture Partners and French VC firm Ealai.
Aneel Lakhani, an investor at Crane Venture Partners, said Nuclia's work will "underpin how engineers build search into their apps and services" while changing the way businesses "unleash insight from unstructured data that simply isn't accessible today."
"Imagine being taken to the exact time in a video or podcast, or the exact block in a PDF or presentation, that has the content you are looking for – and then go a step further, searching not only for content but also concepts," he said.
Nuclia said its API can connect to any data source and automatically index its content, regardless of its format or language.
"It is designed to be easy for anyone to use and fast enough that anyone can increase their understanding of their data in minutes," said Ramon Navarro, cofounder and CTO of Nuclia.
Check out the 14-slide pitch deck Nuclia used to raise the fresh funds below:
More: Features AI Data | 2022-04-20T15:15:29Z | www.businessinsider.com | Nuclia: Spanish Search Startup Raises $5.4 Million in Seed Round | https://www.businessinsider.com/nuclia-spanish-search-startup-raises-54-million-in-seed-round-2022-4 | https://www.businessinsider.com/nuclia-spanish-search-startup-raises-54-million-in-seed-round-2022-4 |
Sony is cooking up plans to run ads in PlayStation games as rival Microsoft plans a similar program with Xbox
Sony CEO Kenichiro Yoshida (left) and Microsoft CEO Satya Nadella.
Sony is building a program to let advertisers buy ads in PlayStation games.
It's doing testing with adtech partners to place in-game ads, similar to an initiative by rival Microsoft.
The program is expected to launch before the end of the year.
PlayStation's current ad inventory is limited to in-menu ads like game publishers promoting their own titles in the console's store, the sources said. PlayStation also serves ads on streaming video to people who stream via their consoles through apps like Hulu .
The new effort, expected to launch by end of 2022, would put ads inside PlayStation games themselves, to be sold via a private marketplace, the sources said. The goal is for the ads to appear like they're part of the game, like digital billboards in sports stadiums. Formats could include ads that give viewers rewards for watching ads and promotions for in-game items like avatar skins.
Sony hasn't decided if it would take a cut of the revenue, the sources said; one said it's also considering charging developers and publishers for data on consumer activity on the PlayStation.
Sony didn't respond to requests for comment.
Sources said Sony started talking about building the PlayStation ad program about 18 months ago after launching the latest generation of its PS5 console. One said it's being strict about vetting adtech companies, ruling out collection of personal information like emails or names.
Dario Raciti, managing director of Zero Code, Omnicom's gaming and esports arm, said advertisers might be intrigued by the idea of putting ads in front of gamers, who are hard to reach with traditional ads. But he also expressed skepticism that the PlayStation and Xbox ad programs, as described by Insider, would be able to track gamers and measure the actions they took after seeing an ad. It'll be hard for adtech companies to convince developers to let them put ads in popular games, while many advertisers will want to avoid appearing in games with mature or violent content, he said.
"It's a new thing, just like the metaverse, and everyone rushes to try it out, but for the people who have done gaming and understand the gaming audience, we'll apply a wait and see approach," Raciti said.
More: Sony Xbox PlayStation | 2022-04-20T16:23:57Z | www.businessinsider.com | Sony Plans to Sell Advertising in PlayStation Games | https://www.businessinsider.com/sony-plans-to-sell-advertising-in-playstation-games-2022-4 | https://www.businessinsider.com/sony-plans-to-sell-advertising-in-playstation-games-2022-4 |
Job hopping is the new normal. A former Google exec reveals the 3 questions you should ask yourself before making a career change.
Shana Lebowitz and Ebony Flake
The stigma once attached to job hopping is fading as companies pursue well-rounded leaders with experience across multiple business sectors.
AscentXmedia/Getty Images
Making a career change can be intimidating.
General Catalyst executive and ex-Googler Lexi Reese said it can be tough, but listen to your gut.
Reese asks the same questions when she switches jobs. "Am I doing what I love?" is one of them.
Talk about a nonlinear career path.
Lexi Reese started out making documentary films, then worked in the sex-crimes unit in the Manhattan District Attorney's Office, before moving on to management positions at American Express and Google.
Today, Reese is the executive in residence at venture capital giant General Catalyst, a firm specializing in early-stage and transformational investments.
Each time Reese thought about making a career move, she asked the same questions to reach a decision.
"The most fulfilling journeys are ones where people are really honest with what they love, what they're good at, and where they see a big need," she said.
Reese said she loved both working on documentary films and being a legal advocate for victims of sex crimes.
"[But] I wasn't particularly expert, and I didn't see myself being able to be the best person or the most talented person in those fields, just based on my skill set." She added, "That's a tough thing to navigate."
Reese's approach to career changes sounds similar to Patty McCord's. McCord is the former chief talent officer at Netflix , and she previously shared with Business Insider a method for figuring out if your job is a good fit: You're doing what you love to do, what you're good at, and what the company needs.
Colin Price Photography
(McCord said a manager could use the same method to figure out if they should keep an employee.)
Facebook teamed up with Wharton psychologist Adam Grant to figure out why their employees quit. As they wrote in the Harvard Business Review, they learned that employees who stayed found their work enjoyable 31% more often and used their strengths 33% more often than those who left within the next six months.
It's not always easy to listen to your gut
As for Reese's decision to leave Google after eight years, she said: "I loved the purpose of doing [work] to create a world where everybody had access to information [but] I saw myself doing more of the management of the business, as opposed to the building of the business."
She asked herself: "How do I get back to serving a segment of the world that needs the service?"
At General Catalyst, Reese aims to tackle the issue of non-inclusive prosperity, evidenced by the relative income and wealth inequality in one of three American households and one in two Black and Latin households, a societal problem she says must be dealt with.
Reese is part of a growing number of C-Suite executives embracing job change as a path to a more robust and fulfilling career. The average company tenure for a C-suite executive is 4.9 years, while the average age for a C-suite member is 56, according to research from Korn Ferry. The stigma once attached to job hopping is fading as companies pursue well-rounded leaders with experience across multiple business sectors.
For Reese, the decision to switch jobs is highly personal. She cited "that internal voice that says, 'OK, I've done what I needed to do in this space and I feel like it's time for me to grow and do something different. And that is a real internal journey."
Sherin Shibu contributed to an earlier version of this story published in June 2019.
SEE ALSO: POWER BROKERS OF TECH: HR chiefs reveal how to get hired at Microsoft, Facebook, Netflix, and other top companies
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More: BI Select HR Insider Gusto Google
Negotiable Deal | 2022-04-20T16:53:28Z | www.businessinsider.com | How to Decide When to Make a Career Change, According to an Ex-Googler | https://www.businessinsider.com/career-change-decision-how-to-decide-2019-2 | https://www.businessinsider.com/career-change-decision-how-to-decide-2019-2 |
How a filthy tractor cab is deep cleaned
Satisfying Clean is a detailing service that specializes in cleaning cars, trucks, and tractors.
Owner Reece King gives back to his community by deep cleaning local farmers' tractors for free.
He cleans the interior from top to bottom using detailing brushes, sprays, and a specialized vacuum.
Reece King: Hi there, my name is Reece, the CEO of Satisfying Clean, and today I'm gonna show you the step-by-step process on how to clean a filthy tractor cab.
So the reason why I clean tractor cabs is simply because they are probably the dirtiest vehicle you can get your hands on.
Farmers in my local area give a lot back to the community. They spend a lot of time farming and don't have enough time to clean their own cab. It's always good to give back and I actually clean these tractors for free.
The first thing I do is assess the cab and look how dirty it is. Then I'll work from top to bottom so that anything I clean from the top falls to the floor.
I use an all-purpose cleaner and then just a simple cloth. So I spray it on, it breaks down the dirt, then I use the fingernail brush to scrub off the dirt and wipe with a cloth.
So the next stage of the process is I clean all the control systems. So where the gear stick is and any buttons that control the electronics inside the tractor cab. They get pretty mucky so it's always good to use an all-purpose cleaner to break down the dirt on the buttons. Then I use a detailing brush to remove the dirt and then use an airline to airline out any of the water so it doesn't break any of the electronics.
It's really crucial that the attention to detail is at the highest level. Getting into all the nooks and crannies is super important because it doesn't give you the best finish if you leave dirt in-between gaps and buttons.
So during this process, I do use a vacuum cleaner called a George. It's a wet and dry vacuum. After you've scrubbed the floor you can hoover up the dirt and the water at the same time.
So just after that process I go back to the top of the tractor and I use something called Sleek from EZ Car Care and I polish all the interior plastics to bring out the best finish possible.
I leave windows until last because you don't want any excess splashback on the windows. You don't want to clean the windows, scrub plastics and then the dirt from the plastics goes on the windows then have to wipe them again.
It's simple. Spray on the windows use a dry cloth buff with one side then buff with another side of the cloth to get rid of smear marks and stuff. I only do the inside of the windows because the dirt on the outside of the tractor is super thick so it needs a really deep clean on the outside. In the video, you will see the dirt on the windows but I can assure you that the interior windows have been cleaned.
Normally once I finish the inside of the cab I leave the tractor by cleaning out all the door shuts. I just get a wet cloth with some all-purpose cleaner and wipe all the door shuts to get a great finish.
The time it takes to clean the interior of a tractor is right around 2 1/2 hours to three hours depending on how dirty and how big the cab is. The process gets easier every time I do it. It's the same with anything in life really, the more you do it the better you're gonna get at it.
The first tractor I did I started with the floor and worked my way up and then I quickly learned that that's not the best way because you end up hoovering the floor twice and obviously you don't wanna be doing that. I think it took me like six hours.
So some of the best reactions I've had for the local farmers is they can't actually believe how clean it is. A lot of the replies are it's cleaner than when they bought the tractor, which is hard to get my head around. But my attention to detail is so high that it is showroom standard and they do really appreciate it. They always say thank you and they always call me back because if they have another dirty tractor they know they're gonna get it for free.
The next stage of the journey is I want to keep giving back to the community including tractors. I also wanna go international with this stuff and clean other sorts of vehicles and also when I get into boats so stay tuned to see what happens on the journey. | 2022-04-20T16:53:34Z | www.businessinsider.com | How a Filthy Farming Tractor Cab Is Professionally Deep Cleaned | https://www.businessinsider.com/filthy-tractor-cab-deep-cleaned-to-look-new-satisfiying-2022-4 | https://www.businessinsider.com/filthy-tractor-cab-deep-cleaned-to-look-new-satisfiying-2022-4 |
How to use filters and stickers in FaceTime on an iPhone or iPad
Any recently updated iPhone or iPad will support FaceTime filters.
Anton Kor/Shutterstock
You can add filters, stickers, and text boxes to your FaceTime call by tapping your camera feed.
There are over a dozen FaceTime filters, which can turn you black-and-white, make the video look like it's coming from an old camcorder, and more.
You can also turn yourself into a Memoji and blur your background.
FaceTime has gotten a lot of big updates over the past few years. But if you're a fan of other video-calling apps like Zoom , the best of these updates is probably the debut of filters.
The FaceTime app on your iPhone and iPad offers all sorts of filters and stickers that you can use to spice up your calls. Here's how to find them.
Note: You'll need to be running either at least iOS 12 on your iPhone or iPadOS 13 on your iPad to use filters. If you've updated your device at any point in the last two years, you should be fine here.
How to use filters in FaceTime
When you make a FaceTime call, you get to see a preview of what your camera looks like in the bottom-right corner. Tap this preview to make it bigger and reveal the filter options.
First, you can tap the icon in the top-left corner of the preview to blur your background. You can't control how strong the blur is, but it's pretty accurate when it comes to separating you from the background.
You'll find the rest of the filters by tapping the star icon in the bottom-left. This will open a toolbar that you can use to pick what kind of filter or sticker you want.
If you don't see this icon, you can't use filters.
If you're on an iPhone or iPad with a "TrueDepth" camera, the first icon will let you turn yourself into a Memoji — either a default one, or one that you designed yourself.
Tap the icon that looks like three colored circles to open the Filters page. There are about 20 different filters you can put on your video, from Comic Book to Watercolor to Noir. Tap on any filter to activate it, and tap Original at the start of the list to turn it off.
The filter will affect your entire camera feed.
Tap the Aa icon to add text to your video, and the red squiggle to add an animated "drawing" sticker.
The rest of the options will differ depending on what apps you have installed, but they all let you add more stickers to your video. Just tap a sticker to add it, then drag it anywhere you want.
Different apps give different sets of stickers.
Apple; Ninja Kiwi; William Antonelli/Insider
You can change the size of your stickers by pinching or spreading your fingers on them, just like you would do to zoom on a photo. Once you've added a sticker, the only way to get rid of it is by either dragging it off screen or shrinking it so small that it can't be seen.
TECH How to use FaceTime on your Android or Windows PC
More: Tech How To FaceTime Filters Stickers | 2022-04-20T17:57:29Z | www.businessinsider.com | How to Use Filters and Stickers in FaceTime | https://www.businessinsider.com/facetime-filters | https://www.businessinsider.com/facetime-filters |
How to make a link to your FaceTime call that you can share with anyone
Every FaceTime app lets you create links.
You can make a link for a FaceTime call by clicking the "Create Link" option at the top of the app.
Once you've made your FaceTime link, you'll need to send it to anyone who wants to join.
People joining a FaceTime call through a link have to be approved before they can see, hear, or talk to anyone else.
Most FaceTime calls start when one iPhone owner directly calls another. But the FaceTime apps on iPhone, iPad, and Mac offer another way to make calls too: by creating a link.
How to create a FaceTime link
A FaceTime link lets anyone join a call, even if you don't know their phone number. This makes it great if you want to chat with someone whose number you don't have, or if you just want a call to be open to a lot of people. This is also how you can FaceTime people with Android or Windows devices.
Important: To create a FaceTime link, you'll need to have an updated Apple device. You need at least iOS 15 on an iPhone, iPadOS 15 on an iPad, and macOS Monterey on a Mac.
To create a link, open the FaceTime app on your iPhone, iPad, or Mac. Then click Create Link in the top-left corner.
A menu will appear that lets you quickly share the link with contacts or through an app. Pick one of these options, or select Copy if you just want to save the link to your clipboard. If you do this, you'll need to paste the link somewhere to save and share it.
Share the link through a text message, email, or app.
While you're in your call, you can also grab a link by tapping the options toolbar and then selecting Share Link.
Quick tip: To preemptively end a linked meeting before people join, open FaceTime and tap the i icon next to your upcoming meeting, then select Delete Link.
When someone clicks the link, they'll need to tap the Join button at the top or bottom of the screen. They might also need to give permission for the app to use their camera and microphone.
And once they tap Join, the person who made the link will get a notification to let them into the call. Either tap the checkmark icon on the notification, or tap the options toolbar inside the call and let them in from there.
You’ll have to approve anyone who wants to join.
Once everyone leaves the call, the link will expire and the meeting will end. You'll need to make a new link if you want to do it again.
TECH How to do a group FaceTime video or voice call on an iPhone, iPad, or Mac
TECH iOS 14 allows you to view picture-in-picture video on your iPhone to continue watching videos while you use other apps — here's how to use it
TECH How to make a FaceTime audio call on your Apple Watch using Siri or the Phone app
More: Tech How To FaceTime Link Links | 2022-04-20T17:57:35Z | www.businessinsider.com | How to Make a Link to Your FaceTime Call | https://www.businessinsider.com/facetime-link | https://www.businessinsider.com/facetime-link |
An early Gopuff investor reveals his 'light bulb moment' when he knew he had to invest in the rapid delivery startup — and why he thinks Gopuff is still the company to beat
Jett Fein was an early investor in Gopuff.
Gopuff was founded in 2013 as a delivery firm catering to the instant needs of college students.
The company didn't raise funds early on as it focused first on perfecting 30-minute delivery.
Jett Fein, an early investor, told Insider why he bet on it after meeting the 22-year-old founders.
It was early 2016 when, a principal at the venture-capital firm E.ventures, took notice of a new kind of hyperfast delivery service: Gopuff. The Philadephia startup, which had primarily ignored venture capital funding in its first three years, was delivering smoking supplies, beverages, candy, and snacks to college students in eight US markets.
Deliveries were made around the clock and completed in 30 minutes or less.
"It was absolutely disruptive," Fein said of Gopuff's model.
Companies like Gopuff with "obsessed" customers are precisely the kind of businesses E.ventures likes to back, he said.
But Fein needed to see the operation firsthand. So he traveled to Gopuff's headquarters to meet the 22-year old founders, Yakir Gola and Rafael Ilishayev, who created the company while attending Drexel University.
Fein said a delivery ride-along during the visit ultimately persuaded him to bet big on Gopuff.
"One of the very first stops that we made was to a customer that lives directly next to a 7-Eleven," Fein told Insider in a recent interview. "And so that's sort of when the light bulb went off for me. This was truly an instant-needs use case where customers needed something immediately, and they didn't even want to get off of their couch to go to the 7-Eleven next door."
Several months later, Gopuff raised $13 million in a Series B round led by San Francisco's E.ventures. The venture-capital firm was renamed Headline last year.
At the time, Fein said Gopuff had raised about $5 million. The company had spent the first few years of its existence ignoring investor road shows in favor of perfecting its self-coined "instant-needs" market.
Gopuff had no delivery rivals to emulate.
"They're in a league of their own," Fein said.
While Fein liked Gopuff's early-mover status, it spooked other investors who didn't have faith in the untested concept.
"But the reality is, at that time, this was a very contrarian investment. We tried to have a number of other VC funds in Silicon Valley join us to participate in the round. Nobody said yes," Fein said.
Fein said his firm, which has never disclosed its initial investment, "ended up investing more money into that round than we had initially anticipated because nobody else wanted to join us."
'It is a capital-intensive model'
Last year, Gopuff was valued at $15 billion and is rumored to be considering an initial public offering. The rapid-delivery space has changed dramatically. Gopuff competitors include Jokr, Gorillas, Getir, and FastAF. Even food-delivery giants like DoorDash, Uber Eats , and Instacart are trialing delivery that are 30 minutes or less.
Gopuff has also been on an acquisition tear since the Headline investment, buying BevMo, Liquor Barn, and the UK delivery startups Fancy and Dija. Last year, Gopuff also struck a delivery partnership with Uber and has expanded its operations to more than 1,000 cities in the US and Europe.
But in late March, Gopuff laid off 3% of its global workforce — a move made as part of a restructuring of the business to ensure "long-term continued success," the company told employees. That same month, Gopuff also raised delivery fees by $1.
Previously, Insider reported of operational chaos at the company's warehouses, with an oversupply of goods piling up outside facilities and not enough staff.
In a follow-up email, Fein, who Insider interviewed before the recent layoffs, said that Headline believed in the vision created by Gopuff's founders.
"Gopuff listens closely to and responds to the needs of their customer base, and I wholeheartedly believe that the company is on a path to accelerate its leadership globally," he said in a statement.
Despite its rapid growth since Headline's investment, Gopuff is not leading the on-demand delivery of convenience-store goods. Gopuff, which controls its inventory, owns about 21% of the market. DoorDash, which delivers from its DashMart dark warehouses and retailers, owns about 49% of the market, according to the research firm YipitData (formerly Edison Trends).
Fein acknowledged the volatility in the competitive space, which has seen three ultrafast players fold after running out of funds, including 1520, Buyk, and Fridge No More.
"It is a capital-intensive model," Fein said.
But he has confidence in Gopuff's scale and experience.
"What Gopuff has done over the past eight-plus years is they have perfected this model. They have learned how to make this model work," he said.
And they're tapping the right kind of talent — from engineers to supply-chain leaders from big retailers, he added. According to Gopuff's blog, company leaders previously worked at Walmart, Airbnb, Amazon, Uber, Anheuser-Busch, and Target.
"They poach from big companies," Fein said.
Fein, now a partner at Headline, said newer fast-delivery startups were going to find it hard to compete with Gopuff.
"A new entrant is going to have to go down that learning curve," he said. "It's not an easy business to build. And you have to have it to be well capitalized to do it. I would not want to compete with Gopuff at this point."
More: gopuff Venture Capital DoorDash Ultrafast Delivery | 2022-04-20T17:57:47Z | www.businessinsider.com | Gopuff Investor Jett Fein of Headline Bullish on Rapid-Delivery Startup | https://www.businessinsider.com/gopuff-investor-jett-fein-of-headline-bullish-on-rapid-delivery-startup-2022-4 | https://www.businessinsider.com/gopuff-investor-jett-fein-of-headline-bullish-on-rapid-delivery-startup-2022-4 |
Glossier tapping Olivia Rodrigo as its first celeb face represents Gen Z's newfound economic power
Olivia Rodrigo is the first face of Glossier.
Olivia Rodrigo is the first celebrity face for millennial-cult brand Glossier.
The DTC beauty company is trying to capture Gen Z's loyalty as they become the economy's "it" generation.
It's likely the first of many marketing shifts among Instagram-born companies that millennials love.
Not even a decade into its existence, Glossier is getting a new face.
The millennial cult-favorite beauty brand tapped 20-year-old pop singer Olivia Rodrigo as its first official celebrity ambassador on Tuesday.
Following two rounds of layoffs since 2020 and reports of a sometimes chaotic and unstable work environment, it's a strategic bid for the $1.8 million company to stay relevant as Gen Z becomes the economy's trendsetters. It's also the first of what will likely be many companies shifting their look as direct-to-consumer (DTC) brands like Glossier that once catered specifically to millennials work to attract the next generation holding all the upcoming spending power.
With a millennial pink palette, a clean typeface, and minimalist pastel packaging, Glossier originally built success by making its product the content. The Instagrammability of its staples made it millennial catnip and the epitome of the aesthetic that reigned supreme in the 2010s, which The Cut's Molly Fischer described as "soft in its colors and in its lines, curved and unthreatening."
It's the same aesthetic that has become the norm for many DTC brands born on Instagram to capture the attention of millennials, from Away luggage to Parachute home goods. But what once made Glossier so successful has potentially pigeon-holed the brand in the new decade.
"Having that fluidity around how you present your brand allows you to morph as time goes on, and allows you the space to do it," Lisa Guerrera, co-founder of beauty and wellness brand Experiment, recently told Beauty Matter. "Glossier never had the brand space, in my opinion, to do that. They set up really strong brand walls, which obviously made the aesthetic super iconic, but it also can create the inevitable feeling that those brand aesthetics are outdated."
Glossier's founder Emily Weiss spent years trying to elevate the beauty brand for its next stage of success by transforming it into a tech company, but former employees recently told Insider's Melkorka Licea the efforts sparked internal tensions. In 2020, Glossier laid off its retail staff and closed all its brick-and-mortars. In January 2022, it laid off more than 80 employees.
"Over the past two years, we prioritized certain strategic projects that distracted us from the laser-focus we needed to have on our core business: scaling our beauty brand," Weiss wrote in an email to employees.
Enter Olivia Rodrigo. A partnership with the Gen Z singer who burst into the limelight last year "signifies the brand's focus on building authentic talent partnerships grounded in real-life connections and shared values," according to Glossier's press release.
The company's play to refocus its efforts comes during the much-talked-about vibe shift in the economy. Part of that shift has seen Gen Z become the 'it' generation in a post-vaccinated world, with the eldest driving trends and influencing consumer spending. While millennials still hold the most spending power, Gen Z is set to take over the economy in a decade as their collective income reaches $33 trillion.
Gen Z is known for dismissing the 2010s economy in which millennials came of age, opting for aesthetics reminiscent of a pre-social media era. Glossier may not have changed its aesthetic, but signing a celebrity as the face of a beauty brand is a pre-social media marketing tool used by classic retail beauty brands like Maybelline. In this sense, Glossier is aligning with Gen Z's rejection of Instagram trends by relying on a Gen Z superstar.
It's a shift that many millennial DTC brands will have to rely on as Gen Zers continue to reject the perfectly curated Instagram vibes that were at the backbone of their success, preferring unfiltered, bright, and fun trends. Tapping Olivia Rodrigo is just one way these brands can make Gen Z hear them.
More: Glossier Economy consumer culture Spending Power | 2022-04-20T18:31:54Z | www.businessinsider.com | Glossier Tapping Olivia Rodrigo Signals Shift in Millennial Aesthetic | https://www.businessinsider.com/glossier-olivia-rodrigo-gen-z-millennial-minimal-aesthetic-dtc-brands-2022-4 | https://www.businessinsider.com/glossier-olivia-rodrigo-gen-z-millennial-minimal-aesthetic-dtc-brands-2022-4 |
I turned my creative passion into a lucrative side hustle that earns me up to 40% of my income as a freelancer
Allison Nichol Longtin
The author, Allison Nichol Longtin, far right, teaches a ballet class.
I've always worked in dance, but it's ebbed and flowed as a main job and side gig.
Instead of taking on "Joe Jobs" and burning out, I've focused on creating a lifestyle that suits me.
My smart career choices have landed me in a place where dance now makes up 30-40% of my income.
My first career was working in dance as a choreographer and dance teacher. Over the years, my work in dance has evolved from being my main gig, to a passion project, to a bona fide side hustle, and has emerged as the one constant in my professional life.
Making my passion my side hustle has allowed me to keep one foot in the art world and supplement my income, while I develop other, more lucrative skills to build a stable, fulfilling, and diverse work life. Here's how I've made the side hustle model work for me with a gig that can shrink and grow as I need it to.
I always knew I'd have to have a 'Joe Job'
I grew up dancing. By the time I reached high school, attending a reputable arts school and apprenticing as a dance teacher at my local studio, it was clear that I wanted to make a living in dance. I had few illusions about what this would mean for me financially and made peace with the knowledge that I would likely always need to have what's sometimes called a "Joe Job," or another, more stable way to support myself.
It's a cliché for a reason: artists moonlighting as servers, bartenders, or the like. I have many wildly talented friends who work side gigs in the service industry and elsewhere. There's my bestie who's a brilliant visual artist/server, my pal who runs her own successful contemporary dance company and makes pasta by hand, and my music producer ex who does woodworking, bartending, and odd jobs here and there to pay the bills.
When I first entered the world of Joe Jobs, I opted to work as a nanny and spend my weekends working retail at an activewear boutique. I did this kind of work for years and I get why many artists choose this model: there can be a sort of healthy separation and distance in earning your income in a different sector than your career.
But working in childcare and retail sapped my energy and contributed little to my work in dance or to my life in general, outside of providing me with some of my funniest anecdotes, horror stories, and dear friends I met while working in the trenches.
At the same time, after making it work professionally as a choreographer for years and teaching dance to support myself (just barely), I felt burnt out and disillusioned. Between my main dance gigs and other side jobs, I was working more than full-time, running all over the city to teach here, there, and everywhere, and writing grant applications on the weekends. Even when my work was programmed by popular venues and presenters, the fees I received barely covered production costs and never came close to funding the hundreds of rehearsal hours with dancers, lighting designers, and video artists. Never mind paying me a salary — which very rarely happened.
I eventually turned my 'main' gig into my side gig
So in 2016, I made a shift: I changed careers, moving into the nonprofit sector and developing another side of my personality and potential. I always kept one pointed foot in the dance world as a teacher, though. As my career at the nonprofit took off, my teaching ebbed and flowed, fluctuating from one class a week in the early days to upwards of nine or 10 classes a week over the years. In my busiest and most lucrative year, my side hustle moved me into a new tax bracket. I scaled back my teaching the following year in an effort to find the sweet spot and get the best of both worlds: stable income earned doing a job that connected me to a sense of purpose and service, and that aligned with my core values, and creative work in dance that connected me to my deepest sense of self.
Shortly before the pandemic hit, I'd found the sweet spot: I was advancing in my salaried position as a programs manager at a national nonprofit and was teaching two evenings a week at a dance studio where I had an established group of regular students. I learned to hone in on what was and wasn't working in my side hustle. Teaching at one studio instead of running all over the city, keeping my weekends free, and setting a realistic hourly rate for myself helped to create the conditions for a side hustle that felt good and supplemented my income.
The pandemic has shifted my income and work life once again
The pandemic led to a great reckoning for me, as it has for many. I left the city, moved to a small town, bought my first home, and resigned from my nonprofit job to start my own freelance business as a writer and curriculum developer. I've since ramped up my side hustle teaching dance, both virtually and in-person. And it's now my most stable source of income, typically accounting for 30-40% of my total earnings.
The lessons I learned from my early career in dance, where I worked a Joe Job to support myself, prepared me for my now fully-freelance career as a writer and dance teacher by showing me what didn't work for me. I now wonder, which one of my jobs is the side hustle? And which one is my main gig? To me, this feels like a healthier, more sustainable model and allows me to have so much more than a Joe Job.
Allison Nichol Longtin is a writer, curriculum developer, and dance teacher originally from Toronto, Canada. Currently on her third career, Allison began her professional life as a choreographer, creating transdisciplinary contemporary dance works. Her work has been presented in Canada, The Netherlands, Germany, and Switzerland. Allison's second career saw her advocating for access to education in the non-profit sector. She currently lives in small-town Ontario where she writes, teaches, and is working toward a degree in thanatology.
More: Choreography side hustles side gigs Personal Finance Insider | 2022-04-20T18:32:19Z | www.businessinsider.com | How I Turned My Creative Passion Into a Lucrative Side Hustle | https://www.businessinsider.com/personal-finance/turned-creative-passion-into-lucrative-side-hustle-2022-4 | https://www.businessinsider.com/personal-finance/turned-creative-passion-into-lucrative-side-hustle-2022-4 |
Airline employees with and without face masks work at Miami International Airport after a ruling by federal judge ended mask mandates on public transportation.
Three flight attendants told Insider they're relieved major airlines have ended the mask mandate.
Last year saw a record number of unruly passenger incidents, thousands related to masks.
"I'm just happy I can go back to focusing on my other safety-related duties," one flight attendant said.
Some flight attendants are quietly relieved that their airlines have ended the mask mandate on planes, as it means workers are no longer required to enforce masks among passengers who have grown increasingly hostile.
"Our most difficult interactions with passengers — basically ever — have happened over the last couple of years," Rich, a flight attendant of nine years and founder of the Instagram page @twoguysonaplane, told Insider. He requested his last name not be included to protect his career, but Insider verified his identity and employment.
"The mask mandate has taken the fun out of our job," he added.
Almost 6,000 unruly passenger incidents were reported to the Federal Aviation Administration last year — 4,290 of them related to face masks. Between 2006 and 2020, the agency investigated less than 200 total reports on a yearly basis, compared to the 1,113 investigations initiated in 2021. The concerning spike in passenger disruptions prompted lawmakers to introduce a bill that would create a "no-fly" list for unruly passengers.
"We've dealt with so many passengers who saw the mask mandate as an excuse to become violent verbally towards us," a flight attendant of seven years for a major US airline told Insider. He spoke on condition of anonymity to protect his career, but Insider verified their identity and employment.
The flight attendant said he's dealt with unruly passengers "too many times to count," and has been called a "Nazi" for asking passengers to wear their masks correctly.
"Personally, I'm just happy I can go back to focusing on my other safety related duties," he added.
Rich said his Wednesday flight felt less tense with masks being optional, and estimated that half of travelers voluntarily wore a face covering. He has personally chosen to continue masking at work, and said he hasn't gotten COVID or a cold while wearing one in the last year.
Lyn Montgomery, a flight attendant of 30 years and president of TWU Local 556, the union of Southwest Airlines flight attendants, told Insider that the majority of members said they preferred the mask mandate to be lifted in union surveys.
However, Rich said the flight attendants he knows are divided in their opinions about the mandate being lifted, and said some feel more comfortable flying if all passengers are fully masked.
"As flight attendants, we rely on being healthy to be able to do our jobs," he said.
According to Montgomery, the mandate's end is "a good step toward normalcy for flight attendants."
"The mask mandate has been one of the biggest changes that they've seen in their working environments since September 11," she said. "It has been very difficult, creating a lot of unruly passenger behavior, a lot of microaggressions a lot of division. Now that it's a choice we hope that that is going to help take away some of that tension and stress."
A rapid change — announced while some flights were airborne
The change in airlines' policies happened quickly, and was unexpected for many.
On Monday, the TSA announced it would no longer enforce a federal mask requirement on public transportation.
Major airlines adjusted their company guidelines the same day — a change that, in some cases, went into effect while flights were airborne, with pilots making the announcement.
Airline passengers, some not wearing face masks following the end of Covid-19 public transportation rules, sit during a American Airlines flight operated by SkyWest Airlines from Los Angeles International Airport (LAX) in California to Denver, Colorado on April 19, 2022.
Getty Images/PATRICK T. FALLON
The shift followed the ruling of a federal judge in Florida earlier that day, who argued the mandate was unlawful and "exceeded the CDC's statutory authority."
Rich, one of the flight attendants interviewed by Insider, also said Monday's news caught him and his colleagues off guard.
The federal transportation mandate was originally set to expire on April 18, until the CDC announced last Wednesday that it would be extended until May 3.
The CDC extension, combined with the sudden court ruling in Florida, led to a chaotic turn of events, Sara Nelson, president of the Association of Flight Attendants-CWA, told Insider in a statement.
"Yesterday's mid-flight announcements on the lifting of mask mandates created confusion and uncertainty in our cabins," Nelson said in a statement. "During this pandemic flight attendants have dealt with constant disruptions in our workplaces, including harassment and violence at a level we had never seen before."
"Changing the rules on people when they have no choice to opt out is a recipe for conflict and distrust," she added. "As we move forward, we urge the government, all airlines and airports to work urgently on consistent, clear messaging on the new policy."
Risk for airline staff remains
With the mask mandate lifted, the looming question is the potential impact it could have on the health of airline workers, even as the frequency of unruly passenger violence seems likely to decrease. One possible indicator of the policy change's potential impact on US airlines is the industry's European counterparts.
EasyJet, a European budget airline, dropped its mask requirement on March 27. Within the next week, EasyJet canceled hundreds of flights, citing "higher than usual staff sickness levels," CBS reported.
British Airways, which lifted its mask mandate on March 16, canceled 393 flights between March 28 and April 3, according to data provided to CBS. However, a BA spokesperson said only a small number of canceled flights were COVID-related.
The mass cancellations came amid a COVID surge in England. Public health experts recently told Insider that they recommend to continue wearing masks on planes as the BA.2 Omicron variant spreads throughout the US.
Meanwhile, airlines are struggling to hire and retain enough staff to handle the pent up demand that's recently been unleashed on the travel industry as pandemic restrictions are scaled back.
Are you a flight attendant or airline pilot? Contact the reporter from a non-work email at htowey@insider.com
More: Airlines Flight Attendants mask mandate Planes | 2022-04-20T20:57:50Z | www.businessinsider.com | 3 Flight Attendants Describe Relief After Mask Mandate Ends | https://www.businessinsider.com/flight-attendants-reaction-airline-mask-mandate-ends-unruly-passenger-violence-2022-4 | https://www.businessinsider.com/flight-attendants-reaction-airline-mask-mandate-ends-unruly-passenger-violence-2022-4 |
eToro vs. Robinhood: The biggest differences
eToro vs. Robinhood: How the investing platforms compare
eToro vs. Robinhood Editor's Rating Fees Investment types Next steps
Bottom line: eToro is the best choice for crypto-focused and community-oriented traders, as it offers more assets — including automated investing options like CopyPortfolios and the CopyTrader™ system. Robinhood, on the other hand, best suits active traders and options traders who value low fees and ease of use. Though Robinhood has a fairly smaller crypto selection, it could be a better choice for crypto traders who don't want to pay any fees for exchanges.
eToro and Robinhood both cater to several types of investors. Though Robinhood initially started out as a stocks, ETFs, and options trading platform, it eventually launched crypto trading (it now offers more than 10 cryptocurrencies). eToro USA initially launched as a crypto exchange, but it has now added stocks and ETFs to its selection.
Overall, eToro is the best choice for cryptocurrency traders in search of a larger range of trading tools and available cryptocurrencies. US users can buy and sell more than 25 crypto assets, and the platform also lets you mimic the portfolios of more experienced traders or invest in pre-built and regularly rebalanced portfolios.
Robinhood, however, best suits frequent active traders, options traders, and crypto traders who want the lowest fees possible. The brokerage offers commission-free stocks, ETFs, options, and cryptocurrencies.
eToro and Robinhood's features and account options also vary.
More than 25 cryptocurrencies available, including bitcoin, ethereum, dogecoin, and others
US users can trade both full and fractional shares of stocks and ETFs without commissions
eToro's CopyPortfolios give you access to diversified pre-built investment portfolios; its CopyTrader™ system lets you mirror the portfolios of more experienced traders to generate better returns
Several educational resources, web and mobile app access
Margin trading isn't available
eToro offers more than 25 cryptocurrencies for US traders, including bitcoin, ethereum, dogecoin, stellar lumens, cardano, and more. But it's gone a step farther than many crypto exchanges by launching stock and ETF trading.
While you'll pay 1% each time you buy or sell cryptocurrencies, you can eToro's stocks and ETFs without paying commissions. You'll just need a minimum of $10 to get started, but you'll also be able to trade fractional shares.
Additionally, eToro's CopyTrader™ system may be useful to those who prefer more of a hands-off approach to crypto trading. With this system, you can search for top-performing traders and mimic their portfolios. You'll just need to allocate a set amount of money, and eToro will adjust your portfolio to match your desired trader's investments.
Another option the crypto exchange offers for passive investors is CopyPortfolios. You can choose from four different pre-made portfolios (CryptoEqual, CryptoPortfolio, Crypto-currency, and TheTIE-LongOnly SmartPortfolio) that eToro regularly rebalances for you. However, while there aren't any fees for these portfolios, you'll minimum requirements range from $2,000 to $5,000, depending on the account you've chosen.
Finally, eToro's simple interface and wealth of educational resources make it a suitable choice for beginners. In fact, its eToro Academy offers an extensive collection of guides and videos on all things crypto. You can set up the eToro app on iOS and Android devices.
Crypto wallets not fully rolled out yet; waitlist available
Robinhood is a great option for active traders, options traders, and crypto-focused investors. The brokerage currently offers commission-free stocks, ETFs, options, and cryptocurrencies. And unlike most investment platforms, Robinhood doesn't charge an extra options contract fee (many brokerages charge $0.65 per contract).
Robinhood has a leg up on eToro USA when it comes to its margin accounts and options investments. eToro offers neither, so you'll want to keep that in mind if you're looking to utilize options or borrow money to trade larger sums. As for its other account types, Robinhood offers individual accounts and cash management accounts.
Both Robinhood and eToro are great options for cryptocurrency traders, but Robinhood doesn't offer as many assets as eToro does. It currently has a selection of 11 cryptocurrencies, including bitcoin, ethereum, dogecoin, and solana. Plus, prospective investors should keep in mind that Robinhood is still rolling out access for its crypto wallets (crypto wallets provide secure storage for digital assets and allow you to transfer your holdings in and out of investment platforms).
With Robinhood Gold, individuals gain access to margin accounts. Margin trading requires a $2,000 minimum, and you'll incur a $5 monthly fee to maintain the account. However, these fees grant each user perks that include Nasdaq market data, thousands of Morningstar research reports, and a 3% margin interest rate.
Robinhood also offers numerous educational guides on all things investing and options trading. The platform's mobile app is available on iOS and Android devices.
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More: eToro Robinhood PFI Guide Personal Finance Insider | 2022-04-20T20:57:56Z | www.businessinsider.com | EToro Vs. Robinhood: Which Platform Is Right for You? | https://www.businessinsider.com/personal-finance/etoro-vs-robinhood | https://www.businessinsider.com/personal-finance/etoro-vs-robinhood |
Americans are still getting larger-than-usual raises, but the wage rallies are starting to slow in some cities
Businesses expect wages to keep booming in New York, but other cities are seeing a moderation in pay raises.
A new Fed report signals the pay boom seen through the pandemic is differing from city to city.
Businesses in coastal giants and Midwest cities told Fed banks they expect above-average wage growth to continue.
Yet Philadelphia, Boston, Cleveland, and Atlanta showed signs the pay rally is cooling.
The labor shortage continues to push wages higher across the country, but some cities are set to enjoy the pay hikes longer than others.
The good news: working Americans are still seeing wages climb at a historic pace. Average hourly earnings rose by $0.13, or 0.4%, to $31.73 in March, accelerating from the mild gain seen through February and continuing the trend of above-average wage growth. With job openings and quits both near record highs through February, businesses continued to boost pay in hopes of attracting and keeping workers.
Yet the wage rally is starting to diverge. New Beige Book reports from the 12 regional Federal Reserve banks published Wednesday reveal just how labor markets differ across the US. While employers in some cities and the regions around them are preparing for another round of larger-than-usual raises, others are starting to rein in their pay-hike plans.
The pay-bump party is charging forward in New York, San Francisco, and Chicago
Workers in the largest US metropolitan areas are likely to enjoy bigger raises for a while longer.
Businesses surveyed by the New York Fed said they were still raising wages and "anticipated further increases in the months ahead," according to the Beige Book. Some noted that workers in high-demand jobs garnered "outsized" raises when changing jobs. Others said they hiked pay by 20% or more to bolster worker retention amid elevated quitting.
Employees in the San Francisco Bay Area also fared well through late March and early April. Businesses in contact with the San Francisco Fed said they were penciling in average raises of 5% for fiscal 2022. Health care and financial services firms reported plans for even larger raises in the months ahead.
Chicago businesses seemed to struggle more with finding available workers to begin with. Firms told the regional Fed bank they "rapidly" raised wages and benefits "both to attract new workers and retain existing talent." Some added that, while they had raised pay, they were still unable to fill openings due to a lack of job applicants.
Workers in the Midwest are also set to receive larger pay bumps for the time being. Employees in the St. Louis metro area increasingly pointed to elevated inflation — the fastest since 1981 — when bargaining for higher wages, according to the report. Pay growth held strong in Minneapolis, and raise sizes were growing in sectors where employers were in stiff competition over a small pool of available workers. The Kansas City Fed witnessed "robust and broad-based" pay gains in recent weeks and highlighted wage growth was relatively faster at lower-paying employers.
Philadelphia, Boston, and Cleveland are showing the first signs of a cooldown
Other regions, while still showing healthy wage growth, are also signaling that the rally is cooling its jets.
Boston differed from some of its east-coast peers. Though a majority of businesses reported "moderate to robust" pay hikes, some manufacturers said wages were stable in recent months. The remarks come as lingering supply-chain strains hobble the industry and the Russia-Ukraine conflict drives up commodity prices. It's possible that, amid soaring material costs, manufacturers in the area are easing their plans for large pay increases.
Cleveland similarly set itself apart from the neighboring Chicago area, with more firms saying they aren't planning to keep the pay rally alive. The share of contacts reporting large increases fell to less than 60% in the latest Beige Book from 70% at the end of 2021, the central bank said. Some firms said their recent pay hikes didn't lead to improved hiring or retention, and that they couldn't afford to lift wages further.
The path for faster wage growth was mixed in the Atlanta region as well. Various businesses in the area told the Fed they plan to be more targeted with raises instead of lifting pay across the board. Some also noted that, while they planned to hold wage increases steady through 2022, persistently higher inflation could force them to rethink that strategy.
Some Philadelphia-area employees are starting to see wage growth cool. The pace of pay gains "appears to have risen moderately" and "somewhat less" than in the prior period, the Philadelphia Fed said. While no businesses reported lowering pay, many firms said the pay rally slowed.
Monthly wage gains seen through 2022 have already exceeded the historical norm, and extraordinary tightness in the labor market is likely to keep the above-trend growth around in the near term. Yet as the country approaches a full jobs recovery, some cities and regions are hinting that pandemic-era raises will soon be a thing of the past.
More: Economy Labor Market labor shortage Wages
Pay Growth | 2022-04-20T20:58:14Z | www.businessinsider.com | The US Wage Rally Is Starting to Peter Out in Some Cities | https://www.businessinsider.com/wage-growth-diverging-across-country-beige-book-fed-labor-market-2022-4 | https://www.businessinsider.com/wage-growth-diverging-across-country-beige-book-fed-labor-market-2022-4 |
US Senate candidate JD Vance just scored Donald Trump's endorsement in Ohio's high-profile race.
But Vance has struggled to comply with federal financial disclosure rules.
Federal regulators most recently accused his campaign of not properly disclosing $700,000 in loans.
In November, Republican US Senate candidate JD Vance blew past a deadline for disclosing his personal finances, in violation of federal law.
When Vance finally detailed his finances about a month late, his disclosures to Congress were missing key details about his expansive wealth, including how much money Vance made from the Netflix adaptation of his "Hillbilly Elegy" novel.
Now, the Federal Election Commission is prodding Vance's campaign committee to cough up details about $700,000 in loans Vance has personally made to his campaign.
"You must provide the name and address of the loan source, the date incurred, the original amount of the loan, the due date, the interest rate, the cumulative payment, and the outstanding balance," FEC senior campaign finance analyst Brian Buhr wrote April 19 to JD Vance for Senate Inc.
Vance's campaign could face an FEC investigation, audit, or fine for failing to properly disclose the terms of Vance's personal loans to his campaign.
The FEC specifically flagged a $100,000 loan Vance made to his campaign on May 19, 2021, and a $600,000 he made on March 31, 2022.
US Senate candidate JD Vance disclosed that he loaned his campaign $600,000 on March 31, but federal election regulators say he improperly omitted key details.
Vance's campaign improperly excluded details about the loans' due dates and interest rates, as well as whether Vance himself fronted the money or obtained it from a lending institution, according to the FEC. For the $100,000 loan, Vance should have revealed this information months ago, the FEC said.
Vance's campaign told Insider they're addressing the matter.
"As is commonplace, we are in the processing of amending our FEC report to provide the information the Commission has requested about JD's loan to the campaign," Vance campaign spokesperson Taylor Van Kirk said Wednesday afternoon.
Vance is one of seven candidates seeking the Republican Party nomination in Ohio's hypercompetitive — and decidedly nasty — US Senate race, the outcome of which could have significant bearing on whether Democrats retain — or lose — their Senate majority.
In addition to Vance, top Republican competitors include former Ohio state Treasurer Josh Mandel, investment banker Mike Gibbons, former Ohio Republican Party Chairperson Jane Timken, and state Sen. Matt Dolan. The winner of the GOP's May 3 primary will likely face Democratic Rep. Tim Ryan, who briefly ran for president ahead of the 2020 election.
Last week, Vance scored former President Donald Trump's endorsement — a major boost for his campaign, given that Trump in 2020 won Ohio by 8 percentage points despite losing the election to now-President Joe Biden.
Vance immediately touted Trump's endorsement in a campaign ad.
Trump's endorsement shocked some political observers, particularly since Vance had previously lambasted Trump's style, substance, and effect on American society.
"I go back and forth between thinking Trump is a cynical asshole like Nixon who wouldn't be that bad (and might even prove useful) or that he's America's Hitler," Vance reportedly wrote in a 2016 Facebook message.
"Trump makes people I care about afraid. Immigrants, Muslims, etc. Because of this I find him reprehensible. God wants better of us," Vance said in an October 2016 tweet.
Vance has since expressed regret for his fleeting never-Trumpism.
"Like a lot of people, I criticized Trump back in 2016," Vance said during an interview on Fox News in July. "And I ask folks not to judge me based on what I said in 2016, because I've been very open that I did say those critical things and I regret them, and I regret being wrong about the guy."
More: Politics JD Vance Ohio Senate
Hillbilly Elegy | 2022-04-20T22:32:44Z | www.businessinsider.com | Trump-Endorsed JD Vance Keeps Failing to Follow Financial Rules | https://www.businessinsider.com/donald-trump-jd-vance-senate-ohio-finance-2022-4 | https://www.businessinsider.com/donald-trump-jd-vance-senate-ohio-finance-2022-4 |
Capitol Hill evacuated in an 'abundance of caution' after aircraft deemed 'probable threat'
The Capitol was evacuated Wednesday evening, citing an aircraft that was deemed "probable threat."
USCP later said there is "no threat" and that the evacuation was "out of an abundance of caution."
A single-engine aircraft carrying parachutists over Nationals Park prompted the evacuation, per CNN.
The US Capitol police said there is "no threat at the Capitol" after the complex was evacuated Wednesday evening, citing an aircraft that was deemed a "probable threat."
In an email to press, the USCP initially said they were "tracking an aircraft that poses a probable threat to the Capitol Complex."
Punchbowl's Heather Caygle reported the evacuation was prompted after a small plane failed to respond to communication.
"The Capitol was evacuated out of an abundance of caution this evening," the USCP said in a statement. "There is no threat at the Capitol."
CNN's Mike Valerio reported that it was a single-engine aircraft carrying parachutists over Nationals Park, per two people familiar with the matter. The flyover was "not coordinated appropriately," according to Valerio.
Representatives from the USCP did not immediately respond to Insider's request for more details on the incident.
NOW WATCH: Former congresswoman Katie Hill wants to see her husband prosecuted for cyber exploitation and is seeking 'redemption' after her relationship with a campaign staffer
More: capitol evacuation capitol police | 2022-04-21T00:03:52Z | www.businessinsider.com | Capitol Hill Evacuated After Aircraft Deemed 'Probable Threat' | https://www.businessinsider.com/capitol-hill-evacuated-after-aircraft-deemed-probable-threat-2022-4 | https://www.businessinsider.com/capitol-hill-evacuated-after-aircraft-deemed-probable-threat-2022-4 |
A Ukrainian man whose apartment was ransacked tracks his missing AirPods for clues on Russian troop movements
A pair of AirPods.
The devices' apparent path aligns with the one thought to have been taken by Russian forces.
"Thanks to technology, I know where my AirPods is now. It was looted by russians orcs from my home in Hostomel," Semenets said in a post on Instagram.
Semenets told Insider he and his family left the city of Hostomel in the first few days of Russia's invasion of Ukraine and traveled to Mukachevo in the west of the country. He said he returned to his home in Hostomel on Saturday after neighbors who had remained in the city sent him videos showing his apartment had been ransacked.
The Ukrainian Defense Ministry said early this month that Russian troops had been looting Ukrainian homes and selling some of the stolen goods in Belarus. Leaked CCTV pictures indicate some troops have sent items like washing machines, laptops and e-scooters to their families back in Russia, The Times reported.
More: Russia Apple Ukraine Technology | 2022-04-21T08:31:44Z | www.businessinsider.com | How Stolen Airpods Helped a Ukrainian Man Track Russian Troops | https://www.businessinsider.com/ukrainian-man-tracked-russian-troops-after-airpods-stolen-2022-4 | https://www.businessinsider.com/ukrainian-man-tracked-russian-troops-after-airpods-stolen-2022-4 |
Shopify relies on a network of third party apps for e-commerce growth. This startup just launched with $60 million in funding to build and acquire the best.
AppHub
AppHub launched Thursday with $60 million in funding from Silversmith Capital Partners.
The startup's goal is to acquire and build third-party apps for platforms like Shopify.
It has 20 e-commerce apps in its portfolio so far.
AppHub, a startup that builds and acquires apps developed for online sellers, launched on Thursday with $60 million in funding from Silversmith Capital Partners.
The company's introduction comes as e-commerce growth normalizes in the wake of a boom in online spending during the pandemic. Successfully running an online business has also grown increasingly complex.
AppHub's founders all previously founded their own startups. Co-CEO Kris Eng cofounded Tenth Avenue Commerce, a holding company that owns and operates a collection of 15 e-commerce brands. Arjun Batra, AppHub's other Co-CEO, cofounded the lending platform Lendable. And Wilson Lee helped build the delivery platform Darkstore, which built the technology used by the ultrafast-delivery startup FastAF.
Eng told Insider AppHub's founding teams' past entrepreneurial experience gave them an edge when it came to working with online sellers and meeting their needs.
"It gave us a glimpse into the pain points that merchants face every day," he said.
Eng, Batra, and Lee built third-party apps for the Shopify App Store together for several years but decided in 2021 that they could find even more success if they approached this opportunity in a more official capacity. They created the company that would come to be known as AppHub in August.
"We decided there's a massive opportunity beyond just what we were doing if we were able to bring entrepreneurs together and be even a stronger partner to Shopify and, quite frankly, all e-commerce companies that are out there," Eng said.
The Shopify App Store is home to more than 7,000 apps that merchants can install on their stores to help with functions like store design, product sourcing, search-engine optimization, marketing, and shipping. Shopify builds some of its own apps, but it largely relies on apps built by third parties like AppHub to populate its app store. The average Shopify merchant uses six apps to run their business, the company previously told Insider.
Many of the apps in AppHub's portfolio are geared toward Shopify merchants, but some work with other platforms, including BigCommerce, Magento, and WooCommerce. Some apps in AppHub's portfolio also work with online sellers that use their own custom-built websites and not a major e-commerce-software provider.
From left, Kris Eng, Arjun Batra, and Wilson Lee are the cofounders of AppHub.
AppHub has 20 apps on its platform so far, including recent acquisitions Orderbump, a one-click upselling app, and ViralSweep, which allows merchants to offer sweepstakes and other contests to their customers. According to the company, its apps are being used by 10,000 merchants so far. AppHub plans to use its funding to continue to acquire apps and build more in-house.
'Shopify can't build everything'
While the rise of platforms like Shopify has made it easier than ever to launch an online store, today's entrepreneurs have a dizzying array of problems to solve, from complex supply chains and quick delivery to customer-acquisition challenges.
For many e-commerce companies, growth has slowed as the world opens up. Shopify's stock, for example, which reached a high of about $1,762 a share in the fall, has fallen to about $600.
"The long-term trajectory for things like e-commerce as a percentage of overall commerce is basically now back to the long-term trend line that still represents consistent growth," Sri Rao, a general partner at Silversmith, said.
"There's certainly some volatility in things like stock prices and valuations of companies that are involved in these businesses," he added. "But we as investors are really long-term-oriented."
AppHub's founders and investors say there is now a large appetite for tech that can make entrepreneurs' lives easier, given the macro trends that online sellers face.
Recently, as conversations about the relationship between developers and powerful platforms have intensified, many developers are choosing to diversify the platforms that they work with instead of going all in on Shopify. For example, developers might worry that if their apps become popular enough, Shopify may decide to build a similar tech solution in-house.
Batra said that being platform-agnostic was an advantage for AppHub in its work with merchants.
"We can react really well to what platforms are doing," he said. "Shopify can't build everything. We see the marketplace as quite important to what their overall strategy is. And in a sense, if we can build and provide solutions faster than they can consume, we'll be just fine."
Shopify App Store | 2022-04-21T11:34:10Z | www.businessinsider.com | AppHub Launches With $60 Million in Funding to Develop Shopify Apps | https://www.businessinsider.com/apphub-launches-with-60-million-to-develop-shopify-apps-2022-4 | https://www.businessinsider.com/apphub-launches-with-60-million-to-develop-shopify-apps-2022-4 |
Around 2,000 Delta and 1,000 United passengers banned for COVID-19 mask-wearing violations will be allowed to fly with the airlines again
Passengers at Chicago O'Hare airport in July 2021.
Delta and United said Wednesday they'll reinstate passengers banned for mask-wearing violations.
Under a federal mandate, the airlines had strict COVID-19 mask-wearing policies.
That mandate was struck down by a federal judge Monday. The government is appealing.
Around 2,000 Delta and 1,000 United passengers who were banned for COVID-19 mask-wearing violations will be permitted to fly with the airlines again.
The carriers said Wednesday that these passengers would be removed from their respective no-fly lists on a case-by-case basis.
Delta and United, along with other major US airlines, dropped their mask-wearing requirements on Monday soon after a judge struck down the federal mask mandate. The Department of Justice said Wednesday it would appeal the ruling.
Both airlines warned that banned passengers would need to commit to complying with flight safety rules before being allowed to travel with them again.
A Delta spokesperson said: "With masks now optional, Delta will restore flight privileges for customers on the mask non-compliance no-fly list only after each case is reviewed and each customer demonstrates an understanding of their expected behavior when flying with us."
The spokesperson added: "Any further disregard for the policies that keep us all safe will result in placement on Delta's permanent no-fly list. Customers who demonstrated egregious behavior and are already on the permanent no-fly list remain barred from flying with Delta."
United said: "On a case-by-case basis we will allow some customers who were previously banned for failing to comply with mask-related rules to fly United again – after ensuring their commitment to follow all crewmember instructions on board."
Around 2,000 Delta customers and 1,000 United customers are on the airlines' respective no-fly lists for mask-wearing violations.
On Monday, Judge Kathryn Kimball Mizelle, who was appointed by President Trump, ruled that the Centers for Disease Control and Prevention had exceeded its statutory authority in implementing the federal mask mandate. "Our system does not permit agencies to act unlawfully even in pursuit of desirable ends," she wrote.
The CDC said Wednesday: "CDC believes this is a lawful order, well within CDC's legal authority to protect public health."
More: Delta delta airlines United Airlines Airlines | 2022-04-21T11:34:17Z | www.businessinsider.com | Delta, United to Reinstate Flyers Banned Over Mask-Wearing | https://www.businessinsider.com/delta-united-airlines-lift-bans-customers-violated-mask-mandates-cdc-2022-4 | https://www.businessinsider.com/delta-united-airlines-lift-bans-customers-violated-mask-mandates-cdc-2022-4 |
Carlyle-backed Dept just made its biggest acquisition to date as it races to become the leading digital ad agency
3Q Digital CEO Rob Murray (left) and Dept CEO Dimi Albers.
Nicole Gagne Photography
Carlyle-backed Dept acquired 3Q Digital as it continues its US ad agency buying spree.
The deal will help Amsterdam-based Dept compete with agencies like Tinuiti and ad holding giants.
It's the latest example of private equity dollars flowing into the red-hot performance marketing space.
Dept, a buzzy digital marketing firm owned by PE firm Carlyle Group, continued its US buying spree, snapping up 500-person 3Q Digital.
Amsterdam-based Dept, with 2,000-plus employees, had more than $500 million in 2021 revenue from clients including Adidas and Ikea. It's part of a new breed of upstart agencies including Jellyfish and S4 Capital that are buying up firms to capitalize on advertising's shift online.
CEO Dimi Albers said the new acquisition, which is Dept's largest to date by headcount and revenue, would help the agency establish a foothold in the lucrative US ad-buying market for the first time. Previous US acquisitions focused on engineering, UX, and creative services.
3Q, with more than $110 million in revenue last year and clients like Skechers and Square, is one of the top independent performance marketing agencies in the US. Dept will oversee $3 billion in annual ad spending when the deal is completed and be better positioned to compete with performance marketing agencies like Tinuiti and Wpromote as well as the ad holding companies, the two agencies said.
3Q also manages ad campaigns and shares data with CMOs through a proprietary tech platform, which will be absorbed by Dept. The deal is expected to close in the second quarter; full terms were not disclosed.
Performance marketing, which focuses on driving sales, has become a red-hot area for private equity. Michael Seidler, CEO of M&A firm Madison Alley, which has advised 3Q in the past, estimated its value at $550 million to $700 million, or about 20 times EBIDTA.
Dept has bought more than 20 mostly mid-sized companies since first taking private equity funding in 2015. The US has been its fastest-growing market after recent acquisitions such as data science firm Raybeam and software consultancy Devetry; it's expected to contribute more than half its 2022 revenue.
Dept is eyeing further expansion in the US as well as the Asia Pacific region, and has begun unifying its agencies under the Dept brand, Albers said.
The 3Q sale is an all-equity deal, with 3Q investors' shares rolling over into Dept. Penny Pritzker, founder of private equity firm PSP Partners, a 3Q investor, will take a seat on the board. 3Q CEO Rob Murray will join Dept's US C-suite and 3Q Chief Strategy Officer Sam Huston will become global VP of growth. Sanjay Chadda of Canaccord Genuity advised on the deal.
Seidler, who was not involved in the Dept deal, said Dept has been discussing an IPO and that the all-equity nature of the 3Q deal supports that idea. The companies declined to comment on IPO plans.
More: Advertising Agencies Marketing m&a | 2022-04-21T11:34:18Z | www.businessinsider.com | Carlyle-Backed Dept Acquires Performance Marketer 3Q Digital | https://www.businessinsider.com/dept-acquires-3q-digital-plans-us-expansion-2022-4 | https://www.businessinsider.com/dept-acquires-3q-digital-plans-us-expansion-2022-4 |
Amazon aggregator Razor Group set to acquire rival Factory14 in multi-million dollar deal as European market shows signs of consolidation
Tushar Ahluwalia, Razor Group CEO.
Razor Group.
Amazon aggregator Razor Group is set to gobble up its smaller rival Factory14, Insider understands.
The bulk of Factory14's 100-person strong workforce will join the Berlin-based aggregator.
The deal is worth a "double-digit million dollar amount," according to sources familiar with the matter.
Amazon aggregator Razor Group is set to gobble up smaller rival Factory14 as consolidation begins to take hold of the burgeoning European market.
Berlin-based Razor, which reached a $1 billion valuation in November and counts US asset manager BlackRock among its backers, will pay a double-digit-million dollar amount to acquire the Luxembourg startup, according to two sources familiar with the matter.
Investor appetite for aggregators that buy up top-performing sellers on Amazon and then scale them has exploded since the market first started gaining traction during the pandemic. Companies in the sector have raised nearly $15 billion to date, according to data from Marketplace Pulse.
A spokesperson for Razor Group confirmed the deal when approached for comment by Insider.
Factory14 raised $200 million in a mix of equity and debt in May. While the company is registered in Luxembourg, the bulk of its operations are located in Madrid, Spain.
Razor, which was founded in 2020, hit unicorn status last year when it raised $125 million. Its debt and equity backers include Victory Park Capital and 468 Capital. The acquisition will boost the company's headcount to 500 people and bring its stable of brands to over 150 across 90 merchants, it is understood.
The bulk of Factory14's 100 staff will join Razor as its Madrid-based team. The company's London employees will be joining Razor's office in the city, while its small Luxembourg team will relocate to Berlin. This includes some of Factory14's leadership team and founders.
All of Factory14's 20 brands will be included in the deal. The company's portfolio includes the likes of UK-based Pro Bike Tool, US-based kettlebell brand Kettlebell Kings, and crossfit brand Tribe WOD, with the latter two acquisitions announced just a week ago.
A Razor spokesperson said Factory14 had built a "well-performing" portfolio and attracted "top-tier" talent to the company.
"We are particularly excited about the strong strategic fit of its portfolio with Razor's existing sports and sports equipment segment," the spokesperson said.
"Razor's operating performance and speed of execution has allowed Razor to kick off global market consolidation in the FBA aggregator space. We are humbled that the Factory14 management has decided to join forces with us."
Factory14, which is backed by Victory Park Capital, dmg Ventures, and DN Capital, did not respond to a request for comment.
Scale is important for succeeding in the fast-paced sector, from both an operational and fundraising perspective, one source said. Instead of raising more cash and battling it out in the increasingly competitive market, Factory14 opted to be acquired by a larger platform for the long-term success of its brands, the source added. Another source said Razor approached Factory14 about the acquisition.
Funding for aggregators reached record highs in the second half of 2021 with over $1 billion raised by European startups in the sector on August 31 and September 1 alone. Germany's Berlin Brands Group landed $700 million from investors while UK startups Heroes and Olsam secured $200 million and $165 million respectively.
Razor's move to acquire Factory14 signals consolidation is starting to take root in the European market as the pandemic-fueled ecommerce boom slows. It follows a $13 million funding round by Swiss startup Flummox, which hopes to differentiate itself by going earlier down the chain and readying brands for larger aggregators. Last year, London-based aggregator Olsam also snapped up a smaller US competitor.
More: Tech Insider Startups amazon aggregator | 2022-04-21T11:34:18Z | www.businessinsider.com | European Amazon Aggregator Razor Set to Acquire Rival Factory14 | https://www.businessinsider.com/european-amazon-aggregator-razor-smaller-rival-factory14-2022-4 | https://www.businessinsider.com/european-amazon-aggregator-razor-smaller-rival-factory14-2022-4 |
Putin believes he is winning the war in Ukraine, say US intel assessments cited by the NYT.
He may also lash out at the West in unpredictable ways, one US intelligence official said.
Putin had called Wednesday's "Satan 2" missile test a warning to the West.
Russian President Vladimir Putin believes he is winning the war in Ukraine and that Western resolve to isolate him would crack over time, US intelligence assessments say, according to The New York Times.
Intelligence assessments delivered to the White House concluded that Putin was confident of the success of the military campaign despite multiple setbacks including economic isolation, a high number of Russian casualties, and Russian troops being driven back from Kyiv by Ukrainian forces, The Times reported, citing a senior US official.
Putin appeared bullish in a public statement on Monday, claiming that punishing sanctions by the West had failed to significantly impact the Russian economy. But the head of Russia's central bank contradicted Putin's assessment that same day, saying the full impact of the sanctions was yet to be felt.
According to the assessments, reported by The Times, Putin questions the long-term resolve of the West and believes that with the help of China, India, and other Asian economies, he can avoid full international isolation and the worst consequences of Western sanctions.
China and India, which have not sided with or against Russia in the Ukraine war, have continued trading with Russia, thereby softening the blow of Western sanctions.
Putin has also menaced the West with the potential use of force. On Wednesday, Russia tested its new intercontinental ballistic missile, dubbed "Satan 2," which Putin said would "provide food for thought to those who in the heat of frenzied aggressive rhetoric try to threaten our country."
One senior US intelligence official told the Times that Putin's isolation may prompt him to lash out at the West in unpredictable ways.
"We have been so successful in disconnecting Putin from the global system that he has even more incentive to disrupt it beyond Ukraine," the official said. "And if he grows increasingly desperate, he may try things that don't seem rational."
Russia has in recent days refocused its campaign in a renewed assault in the Donbas region in eastern Ukraine.
Kremlin insiders told Bloomberg in a Wednesday report that Putin was not listening from warnings about the political and economic cost of the conflict and regarded himself as being on an historic mission in waging war in Ukraine.
More: Vladimir Putin Ukraine Conflict Russian Sanctions Intercontinental Ballistic Missiles | 2022-04-21T11:34:30Z | www.businessinsider.com | Putin Thinks He Is Winning the Ukraine War, US Intel Says: NYT | https://www.businessinsider.com/putin-believes-winning-ukraine-war-us-intel-nyt-2022-4 | https://www.businessinsider.com/putin-believes-winning-ukraine-war-us-intel-nyt-2022-4 |
Investors are the least bullish on stocks that they've been in 30 years. Evercore's chief equity strategist says they're missing signs of an imminent turnaround, and shares the 25 names most primed for a big recovery.
A tough first quarter has investors worried, but that may actually be a sign of a turnaround.
The American Association of Individual Investors says just 15.8% of investors are bullish on stocks.
That's the lowest reading since late 1992, but it's often an indicator that stocks will rally.
Evercore ISI says stocks with falling P/E ratios and rising earnings forecasts are a smart bet.
The combination of gyrating stock prices, conflict in Europe, rising interest rates, and inflation at a 40-year high has taken the shine off the stock market for a lot of investors.
Last week the American Association of Individual Investors said that its monthly survey showed only 15.8% of respondents were bullish on stocks over the next six months, the lowest percentage since September 1992. AAII said 48.4% of those surveyed were bearish, an elevated reading.
Julian Emanuel, who leads the equity, derivatives, and quantitative strategy team for Evercore ISI, says the feeling isn't confined to individual buyers.
"Institutional investors are, according to EVR ISI surveys, the most bearish since the Bull Market began in Spring 2020," he wrote in a note to clients.
That sounds like a sign of more turmoil and selling ahead, but it's actually a famous contrarian indicator. When investors are very bearish on stocks, stocks are usually higher six months later because it's almost inevitable that something will change their minds. The reverse is also true when investors get very bullish.
Emanuel argues that things will change when investors feel sure that commodity prices, bond yields, and interest rates have peaked. He writes that that should happen over the next few months, and that stock price multiples should improve as spring turns to summer.
Emanuel's view is that investors have gotten so fixated on the idea of a bear market in bonds and lower multiples for stocks that they're overlooking a lot of positive signs that indicate stocks should perform well going forward.
Those reasons include strong retail sales and continued lending by banks, and solid profit margins for corporations. That also goes for earnings, which should rise about 10% this year according to FactSet. While interest rates are going up, Emanuel says they are still low in historic terms, and adjusting for inflation, real yields are low as well.
""Risk on/risk on" for stocks and bonds could commence with 10 year yields stabilizing after gasoline, shipping rates, and used car prices, among other indicators, appear to have topped," he wrote. "Should yields slow their parabolic advance, we believe the focus will turn to earnings growth as a driver of share prices."
Emanuel expects the S&P 500 to end the year at 4,800, about 7.5% above its current level. But naturally he thinks some stocks have much more potential than that. Since he thinks investors have gotten overly focused on multiples, he said that's one way to identify potential bargains.
Emanuel pulled together a list of 25 stocks that are trading at low price-to-earnings multiples, and whose P/E ratios have fallen sharply in 2022 even though Wall Street earnings estimates for the same companies are being revised sharply higher.
They're also relatively heavily shorted, and that could add extra juice to a rally in those stocks. If the companies do beat expectations and investors think they deserve a higher multiple, people who've shorted the stock might be forced to close their positions by buying, sending prices that much higher.
Specifically, Emanuel chose stocks that are trading at a discount to their five-year average P/E ratios, are in the bottom 20% of stocks on the Russell 1000 index in terms of P/E reductions, and are in the top 20% of the index as measured by both earnings revision size and short interest relative to the past year.
All of these stocks are down significantly this year — most with losses in the range of 20% or more — even though their full-year profit estimates are being revised substantially higher. The stocks below are ranked based on how low their current price-to-earnings multiples are compared to their average forward P/E over the last five years, as those contractions point to more upside if investors get more bullish.
The current P/E ratios are based on consensus earnings estimates. Time spans shorter than five years were used for companies that have been public for less than five years.
2022 estimated P/E vs. 5-year average: -2.1%
Source: Evercore ISI
24. Laboratory Corp of America Holdings
Ticker: LH
23. Old Dominion Freight Line
Ticker: ODFL
2022 estimated P/E vs. 5-year average: -15.3%
21. Jones Lang LaSalle
Ticker: JLL
20. ICU Medical
Ticker: ICUI
19. Pool
Ticker: POOL
18. Globalfoundries
Ticker: GFS
17. Capri Holdings
Ticker: CPRI
15. Williams-Sonoma
14. Floor & Decor
13. GXO Logistics
Ticker: GXO
12. NVR
Ticker: NVR
11. Arrow Electronics
Ticker: ARW
Ticker: BC
9. Olaplex Holdings
8. Five9
Ticker: FIVN
7. Schneider National
Ticker: SNDR
5. PulteGroup
Ticker: PHM
4. XPO Logistics
Ticker: XPO
3. Zillow
Ticker: ZG
2. Ryder System
Ticker: R
Julian Emanuel | 2022-04-21T13:44:48Z | www.businessinsider.com | 25 Cheap Stocks Ready to Rally Despite Investor Pessimism: Evercore | https://www.businessinsider.com/stock-picks-to-buy-cheap-investments-recession-rally-recovery-evercore-2022-4 | https://www.businessinsider.com/stock-picks-to-buy-cheap-investments-recession-rally-recovery-evercore-2022-4 |
Contract-tech startup Common Paper used this 13-page pitch deck to raise $4.5 million in seed funding
CEO and cofounder Jake Stein said the idea for Common Paper came from pain points that arose when two startups he cofounded were acquired by other companies.
Common Paper
Common Paper, a contract-tech startup, raised $4.5 million in seed funding round.
The startup helps companies negotiate and sign deals faster through standardization.
Its CEO and cofounder walked Insider through the deck it used to impress investors.
Common Paper's $4.5 million seed round
Common Paper, which helps companies negotiate and sign contracts faster, raised $4.5 million in seed funding, the startup announced in March.
Jake Stein, its CEO and cofounder, said the idea for Common Paper came from pain points that arose when two startups he cofounded were acquired by other companies.
"Way too often, we're getting in a fight over whose contract template to start with. We're emailing these redlines back and forth. It's just super adversarial and takes a long time," Stein told Insider.
The inefficiencies don't just end there: Managing and complying with the terms agreed to in the contract can be tough when they're scattered across various folders and file-management systems, according to Stein.
Common Paper wants to streamline that process by standardizing commercial contracts. Its $4.5 million seed round was coled by Boldstart Ventures and Uncork Capital.
The big-picture problem
"There's tens of billions of dollars every year that are wasted on inefficiencies in the contracting process," Stein said.
But there are also larger costs that are harder to quantify — things like delays, lost sales, and noncompliance, according to Stein.
The underlying issue
Contracting can be so challenging across industries because the terms in contracts are "unstructured and inconsistent," Stein said.
An example of the issue
"All four of these are ways to say similar things about what the governing law is of a particular agreement. And this is among the most simple contract terms, and it looks like a big wall of text. That's very hard to parse," Stein said.
A problematic lack of standardization
Each company has preferred language it wants to include in a contract, which can lead to what Stein calls a "power mismatch."
"Either the vendor has more power or the buyer has more power, and one side is pushing the other to use their language. There's redlining back and forth, and it just leads to more and more fragmentation," he said. "If it sounds like a total mess, you're right."
Things are becoming more complicated
Two converging factors are worsening "the mess around contracts," Stein said.
Contracts need to be continually updated as compliance and data-privacy rules are rolled out. And as businesses migrate from on-premise software to online software-as-a-service, the risk of breaches is heightened.
Common Paper's solution
Common Paper's big-picture vision for the company is "contracts as APIs," Stein said, referring to application programming interfaces.
Contracts are "interfaces" between companies that contain information about what both parties must do. But the inconsistent language from contract to contract makes it difficult for companies to accurately and quickly pull out business-critical information.
By standardizing contracts and the language they use, Common Paper wants to "turn these contracts into APIs" and automate the contracting process, Stein said.
What Common Paper does
There are two components to making Common Paper's "contracts as API" vision a reality.
The startup has called on a committee of Big Law and Big Tech lawyers to create standard agreements available and free for everyone. These agreements contain standard terms that are best suited for business-to-business software-as-a-service companies that are bringing in $20 million to $200 million each year, Stein said.
Common Paper is also building software to manage the workflow around contracts to accelerate sales cycles and make data easily accessible through computer programming.
There are two major prongs to Common Paper's growth strategy: virality and network effects.
Virality comes from the fact that agreements are always multiparty.
"Every time someone uses Common Paper to send an agreement to someone else, it's an opportunity for us to provide a good experience not only to our user but to the other party, too," Stein said.
There are also network effects involved: As companies process more and more contracts on Common Paper, it can help them execute agreements more quickly because its technology already has the structured data from previous contracts.
Common Paper already has a few dozen companies using its platform and more than a thousand who've downloaded its standard agreements, according to Stein.
Mapping out the competition
Stein said Common Paper stood out from competitors in a few ways.
The traditional way of lawyers negotiating and executing contracts through Microsoft Word and email is "super expensive" and burdensome on the lawyers themselves, Stein said.
Contract-review startups that use artificial-intelligence technology are "only practical if at a large scale," since training the AI can take a long time, Stein said.
Common Paper's platform differs from other platforms for contract-life-cycle management because it focuses entirely on standard agreements, which makes it faster than dealing with bespoke contracts.
"We had someone send out an agreement to get signed within 20 minutes, which doesn't happen if you're trying to set things up from scratch," Stein told Insider.
Beta-test results
Common Paper launched its platform to the public in March following the seed-round announcement.
Common Paper's primary focus is on sales acceleration, but it plans to expand into related markets — sometimes through partnerships with existing providers, Stein said.
The team and use of funding
The startup plans to use the $4.5 million in seed funding to double its team of nine. It also wants to invest in its product, like integrations with e-signature providers and related parts of the contracting process.
Final slide
More: Features Legal tech VC | 2022-04-21T16:07:55Z | www.businessinsider.com | The 13-Page Pitch Deck Common Paper Used to Raise $4.5 Million | https://www.businessinsider.com/common-paper-pitch-deck-seed-funding-vc-legal-tech-contracts-2022-4 | https://www.businessinsider.com/common-paper-pitch-deck-seed-funding-vc-legal-tech-contracts-2022-4 |
iPad review: Apple's basic tablet is still the best option for almost everyone
Apple 2021 iPad specifications
FaceTime camera improvements
What accessories can you use with the standard iPad?
Apple's 2021 iPad is the tablet to buy if you want a decent, simple, inexpensive tablet.
It has quick, reliable performance and a fine screen that are an excellent value for $330.
This iPad is perfect for using popular apps and streaming video, and so is ideal for most people.
Apple 10.2-inch iPad 9th Generation (2021)
I could get this review over with pretty quickly: Apple's standard 10.2-inch iPad is the best iPad for the vast majority of people who want to use a tablet. But I'll give you much more to go off of than that.
It's the cheapest iPad you can buy, and it doesn't feel like it skimps on anything. For $330, it's a worthy sidekick for your phone that gives you a larger display to run typical, common apps and even graphics-heavy games whether you're on the couch or commuting.
2021 iPad
3GB RAM (estimated) / 64GB, 256GB storage
32.4 Wh, 20W charger included
8MP main camera
12MP FaceTime HD camera with Center Stage
Two speakers
The standard iPad comes with Apple's classic iPad design with large top and bottom bezels, a Touch ID home button, and a metal casing. It comes in Apple's classic colorways, too, including silver/white and space gray/black.
It's a tried and true design, but the large bezels mean the iPad with a 10.2-inch display has a similar overall size to the iPad Air, which has a larger 11-inch display.
The standard Retina LCD display is Apple's most basic display in the iPad lineup, but it comes with the True Tone feature that adjusts the display's colors and intensity to a room's ambient lighting, making for a more natural and comfortable viewing experience.
Everything on the screen looks crisp and sharp, and colors look bright, too. The iPad Air's Liquid Retina display offers slightly bolder colors, but it's also nearly twice as expensive.
Apple's standard iPad runs on the company's mobile processors found in iPhones. The 2021 iPad runs on the A13 Bionic processor from the iPhone 11 series. It's an older processor compared to the A15 Bionic in the iPhone 13 series, and it's not as powerful as the computer-grade M1 processor in the iPad Air, but it's still perfectly capable to run every app and game you throw at it.
Benchmark scores using the Geekbench 5 app show that the iPad Air is more powerful, especially for tasks that use more than one of the M1 processor's eight cores. The iPad scored 1,330 for single-core, and 3,470 for multi-core. To compare, the 2022 iPad Air scored 1,721 for single-core performance, and 7,333 for multi-core performance, which is right in line with our results for the M1-equipped 13-inch MacBook Pro and the 2021 iPad Pro.
With that said, there's little perceivable difference between the standard iPad and iPad Air when opening and running apps and games. The real performance difference would become apparent with power-hungry tasks, like editing high-resolution videos on your iPad versus the iPad Air.
There's also the argument that the iPad wouldn't stay as snappy and powerful as long as the iPad Air, as more demanding apps and operating system updates are released. While that may be true, the verdict is still out, as Apple's M1 processor is still current and I haven't seen how long it can last before it starts to feel sluggish, which likely won't be for at least two or three years.
You can read my review of the 2022 iPad Air here.
The low-quality, front-facing FaceTime cameras on previous standard iPads used to be a bummer, but the 2021 iPad got a major upgrade from just 1.2 megapixels (MP) to 12MP — that's a 900% increase in fidelity.
The images produced are much sharper and clearer, and it's also an ultra-wide camera with Apple's Center Stage feature that follows your face as you move within the video frame. Between the megapixel increase and the ultra-wide capabilities, this is a significant upgrade over the 2020 iPad.
In this respect, the standard iPad's front-facing FaceTime camera is similar to the iPad Air's, save for Apple's Smart HDR 3 tech that improves photo lighting, but not for FaceTime calls — only selfies.
The 2021 iPad lasted five hours and 25 minutes in our battery test, where I continuously stream a YouTube video at the iPad's maximum brightness at 1440p resolution, which is closest to the iPad's 1620p resolution.
That's similar to the iPad Air's four hours and 53 minutes result in the same test
The iPad continues to use Apple's Lightning port rather than a USB-C port. That's fine if you also own an iPhone, as you can charge the iPad with the same charger and cable as your iPhone uses.
Still, it would be nice to have more cohesion within Apple's ecosystem. All of Apple's other iPads use USB-C, as well as the company's laptops.
The standard iPad is compatible with Apple's first-generation Pencil, which is perfectly good for taking notes and drawing, though the second-generation Pencil is more responsive and has a more pencil-like design.
The iPad also supports mouse input for more accurate and faster control, but Apple doesn't make a keyboard cover with an integrated trackpad for the standard iPad. You can find third-party keyboard covers that offer that functionality, like the Logitech Combo Touch Keyboard Case with Trackpad.
The first alternative that comes to mind is the $600 iPad Air. At nearly twice the price of the standard iPad, however, I'd find it difficult to look you in the eyes and say you should buy the iPad Air instead. Unless you need the iPad Air's computer-grade performance, you wouldn't regret buying the standard iPad for $330.
Otherwise, I highly recommend the latest iPad Mini. If the standard iPad is the "best" iPad, the iPad Mini is the "perfect" iPad, at least subjectively. Its small size means the iPad Mini is lighter and more portable, all while offering a larger display than your phone. The only reason why the iPad Mini isn't the "best" iPad is due to its hefty $500 price tag. Still, the iPad Mini runs on the A15 Bionic processor found in the iPhone 13 series, making it more powerful and longer-lasting than the standard iPad.
If you're a Samsung phone user, it can make more sense to buy a Samsung tablet now that you can take calls and send texts on the company's tablets. The Galaxy Tab S8 Plus is a beautiful, feature-rich tablet, but it's pricey at $900. The $700 Galaxy Tab S8 is a viable alternative, but also still way more expensive than the standard iPad. You can read my review of the Galaxy Tab S8 Plus here.
There's also Samsung's Galaxy Tab A-series of tablets that are more affordable and offer texts and calls, but I haven't reviewed those yet, so I can't accurately comment on them.
For $330, you get a truly excellent tablet that comes with a decent screen and effective performance.
If you're planning to browse the web, stream videos, run common popular apps, and play even graphics-heavy games, there's little reason to spend more on the iPad Air, let alone the iPad Pro series. In this case, the basic iPad maintains its position as the best Apple tablet for most people.
More: Insider Reviews 2022 IP Tech Tech iPad | 2022-04-21T16:08:12Z | www.businessinsider.com | Apple iPad 2021 Review: the Best iPad for Almost Everyone | https://www.businessinsider.com/guides/tech/apple-ipad-2021-review | https://www.businessinsider.com/guides/tech/apple-ipad-2021-review |
4 market experts analyze what's next for Netflix and its shares as they continue to plummet — including a researcher who thinks the stock has 33% more downside
Netflix CEO Reed Hastings.
Netflix shares fell 37% on Wednesday after the company said it lost 200,000 subscribers in Q1.
The update caused a slew of analysts and experts to lower their price targets for the stock.
Insider compiled four of the views on where the company and its share price are headed.
As Netlflix CEO Reed Hastings tries to pick up the pieces following a poor first-quarter earnings report, investors in the company are trying to figure out what's next the for one-time market darling.
The streaming service announced on Tuesday after market close that it had lost 200,000 subscribers over the first three months of the year and expected to lose 2 million more. The company cited factors including password sharing, competition, and macroeconomic forces like inflation for the slowdown. Hastings said he'd consider offering a cheaper subscription tier that's supported by ads, and the firm's share price subsequently dropped by as much as 37%.
The lackluster quarterly earnings report was the second one in a row for Netflix . Its shares fell around 29% after investors were unsatisfied with its 2021 fourth-quarter earnings report in January.
The string of underwhelming quarters makes the outlook for the company and its stock even more uncertain.
On Wednesday morning, a number of market experts released statements about the company and changed ratings and price targets for its stock. Four of the views are compiled below.
John C. Hodulik — Analyst at UBS
Updated price target: Lowered to $355 from $575
Rating: Downgraded to Neutral from Buy
Hodulik sees decelerating growth in the quarters ahead due to a flood of competition in the streaming space and a tough macroeconomic environment. Long-term, the stock could be an attractive buy, he said, but is less so at the moment.
"We expect Netflix to be a leader in streaming video long-term but believe visibility into re-accelerating revenue growth is limited and are stepping to the sidelines," Hodulik said.
"While efforts to limit account sharing and new monetization opportunities such as advertising could enhance financial performance, we believe it will take time for these efforts to play out and see limited opportunities for margin expansion nearterm as the company reinvests," he added.
Nat Schindler — Research Analyst at Bank of America
Rating: Downgraded to Underperform from Buy
Schindler also sees Netflix as a longer-term play, noting its growth efforts will take time to manifest.
"We are seeing NFLX starting to pivot from a long-term growth and margin expansion stock to a revenue diversification story," Schindler said. "Although their plans to reaccelerate growth (limiting password sharing and an ad model) have merit, by their own admission they won't have noticeable impact until '24, a long time to wait on what is now a 'show me' story."
David Trainer — CEO of market research firm New Constructs
Updated price target: Potential to drop to $150 a share
Trainer, one of the most bearish voices on Wall Street when it comes to the tech space, paints a dismal picture of where Netflix is headed.
He railed against their big-budget approach for producing their content — as a result of rising competition — and all the while losing subscribers.
"Competition from Disney (DIS) and Paramount Global (PARA) has forced Netflix to overspend on content," Trainer said. "Netflix has been overspending on content for years, but Wall Street is only recently waking up to this significant risk in the company's business model."
Trainer also said Netflix is unable to monetize their content in the same way competitors can.
"Rivals like Disney (DIS) can monetize content through a variety of other channels, like merchandise and theme park revenue," Trainer said. "Netflix doesn't have the infrastructure for those kinds of revenue streams."
He added: "Netflix was a pioneer in this space but the party is over."
His price target implies 33% downside from where Netflix closed on Thursday.
Neil Macker — Senior Equity Analyst at Morningstar
Updated "fair value estimate": Lowered to $280 from $305
Macker is also relatively bearish on Netflix's growth prospects, and showed little faith in the company's approach to correcting its business model.
"While management outlined plans to monetize the reportedly 100 million-plus non-paying households that use Netflix by charging a 'sharing' fee, we don't believe that this strategy will be the panacea that some investors have outlined over the last few years," Macker said.
He continued: "Netflix may be able to squeeze a few more dollars out of some of the primary households, but we think that other ones will look at the new sharing fee as another pricing increase and cancel."
Macker added that he thinks Netflix will try the approach of a lower subscription price in exchange for advertisements in markets outside of US first, and that a more full-scale launch would come later.
More: Investing Netflix Netflix Stock | 2022-04-21T16:08:25Z | www.businessinsider.com | Netflix Stock After Crash: 4 Experts Analyze What Happens Next | https://www.businessinsider.com/netflix-stock-what-is-next-after-crash-earnings-price-prediction-2022-4 | https://www.businessinsider.com/netflix-stock-what-is-next-after-crash-earnings-price-prediction-2022-4 |
I've negotiated everything from speaking fees to the cost of a blender, and I swear by 5 rules to get great deals
My mom taught me to always negotiate the price of a purchase, and I swear by that rule.
I start by doing my research, and I never ask yes or no questions.
I always come prepared with past pricing and deal info, and I'm always willing to walk away.
One of the key financial habits I learned from my mom growing up is something I still follow today: Never buy anything at full price. Instead, she showed me how to search for coupons, how to ask for discounts in the store, and which months had which items on sale (that's why we often bought winter coats in the summer and barbecues in the winter).
As I got older, I mastered the mindset of always looking for an offered discount, and if that wasn't available, to start negotiating. While I'm a shy person who doesn't like to ask for things, I find the art of negotiating with stores, vendors, or service providers doesn't have to be anxiety-inducing or scary, as long as you follow these five tips.
Before I reach out to a business to negotiate a price, it's important that I spend quality time doing my research. I make a robust list of the following items:
Their pricing: I like to study what's included in the price, did they recently raise their price, and more. I use websites like Scanbuy or Invisible Hand to track price changes.
Their competitor's pricing: It's important to see what else is out there and offered by their competitors (their pricing model, what extra value they offer, and more). Even if you don't plan to use a competitor, it allows you to bring up other available offers out there that are as good in value but cost less.
Recent promotions or sales: This information comes in handy to negotiate a price if you missed a big sale that happened a few days or weeks ago. If that's the case, I bring that up in the negotiation.
Offered coupons: I take a look at offered discounts they provide that might not be available to me (new customer offers, bulk discounts, and more). This allows me to see how flexible they are with their pricing.
Recently, I wanted to buy a blender from a specific brand. Through my research, I noticed that they had run a 40% off sale a few weeks ago but I had missed that offer. I reached out to their customer service team, shared that I'd like to receive that 40% offer instead of their current 15% promotion. They decided to honor that expired promotion and I was able to grab the blender at 40% off.
Once I have a general understanding of how I want to approach the negotiation, I write out a script. I include what my initial position is going to be (for example, I'd like a 15% discount) and what my threshold is for walking away (they only offer a 5% discount).
Writing this down helps me practice how I'm going to approach the negotiation and keeps me organized during the conversation.
When I went to hire a dog sitter, instead of just buying individual services with her, I wrote a script to negotiate buying a bulk package for 15% off. I wrote out what I wanted to say and she accepted the offer to charge me 15% off if I paid upfront for a 10 pack of her services.
Use the anchoring technique
A popular technique in negotiations is something called anchoring, which means establishing a reference point for the conversation. In negotiations, I will sometimes be the one who throws out a number that's more aggressive than what I'd settle for.
For example, if a product is $500, I'll ask for it to cost $200, knowing I'd say yes if it's $300. Starting the conversation with that low-ball offer helps make the number $300 seem more doable as the negotiation goes forward.
When working with a new client, I had to negotiate the pricing of a service they wanted from me. I decided to start off by sharing my prices that were 10% higher than what I normally charge. They countered and asked if I could discount the prices by 15%. I offered a discount of 10% (which brought my pricing back to what I normally charge) and they accepted. While this seems like a game, it can sometimes help a person wrap their head around paying a high price for a service they've never bought before.
Avoid yes or no questions
When I'm negotiating the price of something, I like to get the other person talking as much as possible. That way, they can not only think out loud about their position, but it can help me plan my next move. To help make this happen, I refrain from asking yes or no questions.
Rather than asking: "Can you give me a discount?"
I'll ask: "Tell me more about what we can do to lower this price."
That way, they can't just throw out the word "no" and end their side of the negotiation. Before you enter a negotiation, write these types of open-ended questions down so you can pull from them when the conversation is getting stale or it's not heading in the direction that you want.
When I recently went with a family member to get their car serviced, the technician found a few problems with the car and the bill was going to be more than what the person could afford. Rather than asking for a discount or a deal, I simply asked how we can lower the price. I asked that three times and managed to get the technician to share how we could shave $300 off the bill.
Be willing to walk away
Being a good negotiator doesn't always mean that you will win and get what you asked for. But it does mean that you know when to walk away.
Since you've done your research, you can decide what the final price would be that you'd accept.
If you're not getting that price, and you've tried all the other tactics, you should have the confidence to walk away and perhaps pursue another business or vendor who will meet your price ask.
"What can we do to lower this price?"
"Well, we can offer you a 10% discount. Does that work?"
"Thank you for that offer. I had 20% in mind. What can we do to get closer to this price?"
"I've checked with our corporate office. We can only do 10%. Any more won't be OK'd."
"What if you tried to ask one more time?"
"I will. OK, they echoed that sentiment of 10%."
"Thank you for your time. I won't be purchasing this item from you today."
When I was offered a speaking gig that was lower than my set rate, I used this technique. After going back and forth three times, the person shared they could not raise the rate even by a dollar. The offered price was not worth my time and I'd end up losing money on travel expenses. I decided that it was time to walk away and that's exactly what I did.
PERSONAL FINANCE I've haggled down the price of everything from rent to dental surgery, and I have 6 dos and don'ts for anyone who wants to negotiate
PERSONAL FINANCE I'm trying to build wealth, and financial planners say I can earn tens of thousands just by cutting back my restaurant habit
PERSONAL FINANCE Meal planning helped me cut my grocery spending by 50%, but I still struggle to stick to my system
PERSONAL FINANCE I plan to save over 22% of my income this year by slashing my spending in 4 ways
More: Deals Negotiating Save Money Personal Finance Insider | 2022-04-21T16:08:31Z | www.businessinsider.com | 5 Rules I Swear by to Negotiate the Best Deals and Prices | https://www.businessinsider.com/personal-finance/rules-negotiate-best-deals-prices-2022-4 | https://www.businessinsider.com/personal-finance/rules-negotiate-best-deals-prices-2022-4 |
Leaked data reveals the most popular 'exit opportunities' for PJT Partners' junior bankers — from Blackstone to Centerbridge Partners
PJT Partners has compiled a list revealing 70 elite Wall Street jobs its analysts scored after exiting the bank, including Apollo, McKinsey, and KKR.
PJT Partners has compiled a list showing the most popular "exit opportunities" for its IB analysts.
The list, used for recruiting, reveals 70 jobs PJT analysts have scored between 2012 and 2020.
The list includes hedge fund powerhouse Baupost and private equity giants Blackstone and Apollo.
PJT Partners may not have the household name recognition of Goldman Sachs, but aspiring financiers who get their start there often go on to work for blockbuster financial companies, Insider has learned.
A document that PJT recently showed to Wharton students looking for Wall Street internship opportunities revealed 70 jobs the firm's analysts scored after they left PJT between 2012 and 2020. The analysts, who worked in restructuring or special situations at PJT, went on to jobs at high-profile — and often high-paying — hedge funds, private-equity shops and boutique investment banks, the slide shows.
The list includes firms like:
Apollo Private Equity
Blackstone Private Equity
Centerbridge Partners
KKR Special Situations
The subject of "exit opportunities" is the source of much intrigue and even strong feelings of jealousy among junior investment bankers. It refers to the jobs junior bankers land after putting in their dues drawing up spreadsheets and other tedious tasks as analysts, a stint that usually lasts two years.
For firms hoping to tantalize students into applying for their summer internships, teasing past employees' exit opportunities can therefore be a big draw.
The slideshow, a copy of which was obtained by Insider, references seven analysts who joined the nearly $13 billion asset manager Centerbridge Partners, six who went to Blackstone, and four who landed at Apollo Global Management. Two went to investment manager Oaktree Capital, which manages $166 billion in assets, and one went to prestigious global consultant McKinsey & Co.
The slideshow also revealed data on the colleges its analysts attended — a veritable who's-who of Ivy League education in America. Thirty of the 70 analysts — nearly 43% — attended the University of Pennsylvania, followed by 16 who attended Harvard. Four attended New York University, and two each went to Princeton, Duke, and Cornell. Dartmouth, Columbia, and Northwestern also made the list.
The slideshow touts PJT's No. 1 worldwide ranking in announced restructurings, according to data-tracking firm Refinitiv. "PJT has led restructurings in more than 30 countries and across all major industries," the presentation boasts, naming clients including Ford, Xerox, and Barneys New York.
But landing a job offer from PJT can be challenging, according to data tracked by online forum Wall Street Oasis. WSO users ranked PJT in the 91st percentile of dozens of investment banks for "hardest" interviews, making it even more exclusive than notoriously selective firms like Goldman Sachs, Morgan Stanley, and JPMorgan Chase.
PJT Partners' ties to Blackstone
Publicly-traded PJT Partners was established in its current form in 2015, but its businesses date back several years earlier.
Paul Taubman, a former high-profile Morgan Stanley dealmaker, founded independent investment bank PJT Capital in early 2013. It merged two years later with several business lines spun out of investment behemoth Blackstone — namely those that handled financial and strategic advisory services, restructuring, and reorganization.
The slide detailing analysts' exit opportunities dates back to 2012, prior to the formation of PJT Capital. It's unclear whether the analysts in the 2012 class referenced in the slide worked for Blackstone's advisory or restructuring businesses. A PJT spokesperson declined to comment for this story when asked about the slideshow and where the 2012 analysts worked.
Taubman was previously the co-president of institutional securities at Morgan Stanley. In less than a decade, he's led PJT from startup to one of the most prestigious boutique banks on Wall Street. In a 2021 investor presentation, the bank said it employed approximately 750 staffers globally, had a client list more than 370 names long, and had advised on more than $600 billion worth of announced mergers and acquisitions, with many deals for topshelf clients in industries ranging from telecommunications to financial services.
One such mega-merger was T-Mobile's all-stock acquisition of Sprint in 2018, which valued the target at $59 billion and the combined organization at $146 billion. PJT advised T-Mobile.
Another is advising TD Ameritrade in its $26 billion sale, entirely in stock, to Charles Schwab, resulting in a combined company holding $6 trillion in client assets at the time the deal closed in late 2020.
Last year, the firm generated $992 million in revenue, according to an earnings report released in February. Revenue from the year prior surpassed $1 billion.
Top 'exit opportunities' for PJT analysts
A slideshow PJT Partners recently shared with Wharton students reveals where dozens of the firm's analysts landed "exit opportunities" after leaving the investment bank.
Are you a young person working on Wall Street or planning on working or interning for a financial-services firm? Get in touch with this reporter. Reed Alexander can be reached via email at ralexander@insider.com or SMS/the encrypted app Signal at (561) 247-5758.
More: Wall Street PJT Partners Recruiting | 2022-04-21T16:08:37Z | www.businessinsider.com | The Most Popular 'Exit Opportunities' for PJT Partners' Junior Bankers | https://www.businessinsider.com/pjt-partners-exit-opportunities-blackstone-apollo-kkr-centerbridge-mckinsey-wharton-2022-4 | https://www.businessinsider.com/pjt-partners-exit-opportunities-blackstone-apollo-kkr-centerbridge-mckinsey-wharton-2022-4 |
Leaked investor presentation shows Eat Just slashed its revenue forecast by about 50% for 2021. Here's why the alternative-protein startup has been struggling so much.
Alex Bitter, Emily Quiles, and Ben Bergman
Eat Just CEO and cofounder Josh Tetrick.
Eat Just cut its 2021 revenue forecast roughly in half, a presentation obtained by Insider showed.
The startup's sales were hindered by production issues and slow restaurant sales early last year.
Eat Just, formerly Hampton Creek, is trying to grow distribution abroad and get into lab-grown meat.
Alternative-protein startup Eat Just slashed its 2021 revenue forecast by nearly 50%, according to an investor presentation obtained by Insider.
The investor, MHA Capital, said Eat Just had planned to generate sales of between $70 million and $80 million last year, down from the $130 million it had forecast at the beginning of 2021. The presentation was compiled to summarize Eat Just's accomplishments during the second quarter of 2021.
The investor said Eat Just cut revenue expectations "due to manufacturing issues related to equipment and downstream partner readiness." Those problems meant the company wasn't getting into new retailers as quickly as planned or meeting demand at ones where it already sold. The startup also felt the pinch of slower business at restaurants, according to the presentation.
"Food service has not picked up as expected due to COVID-related restrictions and as such the company has slashed revenue projections for this channel," the presentation reads.
The presentation also suggested that Eat Just blew past its own deadlines for expanding distribution. The company pushed back launches for Just Egg in Germany to the fourth quarter of 2021, according to the presentation. In an interview with trade publication Food Navigator earlier this month, CEO Josh Tetrick said the launch would happen by the end of 2022.
"What you are referencing was prepared by a third party, not our company," an Eat Just spokesperson told Insider. "We have not seen it, shared it, or approved its contents."
MHA Capital fundraising
Erin Rosenthal, an attorney listed on MHA Capital's SEC filings, did not respond to requests for comment. MHA describes itself as a venture capital fund or "other investment fund" and it raised $34 million through a series of offerings between early 2021 and January 2022, according to those regulatory filings. The firm's Series JG fund raised $5.25 million in February and March last year and this is the fund that prepared the update on Eat Just.
Eat Just began as Hampton Creek in 2011, when it was founded by Tetrick and Josh Balk. Balk has since left the company, leaving Tetrick as CEO. To date, the company has raised $840 million, according to PitchBook. Last March, it raised about $200 million in a round led by the sovereign wealth fund of Qatar, where it's also planning to build a production facility.
In its early years, Hampton Creek tried to perfect lots of different plant-based products. Its lineup ranged from mayonnaise to cake mix, and Tetrick talked about getting into meat as well.
Hampton Creek controversies
The company has also been at the center of several controversies. A 2015 report by Insider found that the company rushed development of some products, mislabeled them, and created an unsafe environment for employees.
The following year, Bloomberg reported that Hampton Creek executives devised a scheme to buy the company's products and inflate sales numbers. That led the US SEC and Department of Justice to investigate the company, though the probe ended without finding wrongdoing. At the time, Tetrick told Bloomberg that the purchases were quality checks meant to make ensure the company's mayonnaise held up during distribution.
Hampton Creek rebranded in 2017, focusing on the "Just" name. It also narrowed its products to a mung-bean-based egg substitute and lab-grown chicken, which became the first commercially sold lab-grown meat product in the world in 2020.
IPO on the horizon?
Companies trying to make meat grown from individual cells widely available will have a tough time, both because of scientific limitations and a lack of federal approval for lab-grown meats in the US, experts told Insider last November.
Tetrick has indicated an IPO is on the horizon for Eat Just, but this timeline has been in flux for years. He told Insider in September 2020 that he wanted the company to reach profitability by the end of 2021 and then go ahead with an IPO.
The 2021 MHA Capital presentation obtained by Insider said that Eat Just could go public "in the next 1-3 years."
In March, Tetrick told Axios that he planned to take the company's vegan-egg business public within two years, with a separate but unspecified timeline for its lab-grown meat division.
Eat Just has its eye on international expansion, including setting up production and sales in India and China, according to the MHA presentation viewed by Insider.
Instead of owning all its manufacturing facilities, though, the company is borrowing a strategy used by big soft-drink makers like Coca-Cola: It wants to make the basic ingredients for Just Egg, then ship them to its partners to create the final product.
Eat Just has hired employees from Coke to do that, according to the MHA slide deck. But it still has a long way to go.
"The main challenge for the company has been getting the necessary equipment to partners as well as creating the standardized processes to create a 'platform line' for partners," the presentation reads.
The company still hasn't found a supplier for its plant-based protein that meets all its needs, the presentation says.
Melia Russell contributed to this report
Do you work at Just Eat or have a tip to share? Reach out to Alex Bitter at abitter@insider.com, via Twitter direct message @abitterjourno, or Signal encrypted messaging at 1-808-854-4501
More: Eat Just alternative protein plant-based
Hampton Creek | 2022-04-21T16:43:04Z | www.businessinsider.com | Eat Just Slashed Its 2021 Revenue Forecast, Leaked Presentation Shows | https://www.businessinsider.com/eat-just-slashed-its-2021-revenue-forecast-leaked-presentation-shows-2022-4 | https://www.businessinsider.com/eat-just-slashed-its-2021-revenue-forecast-leaked-presentation-shows-2022-4 |
YouTube channel LegalBytes has surged by livestreaming the Depp vs. Heard trial — and earned $5,000 in a week
Alyte Mazeika
Alyte Mazeika, a law-focused YouTuber, has 64,000 subscribers at LegalBytes.
About a month ago, she made a prescient call to livestream every day of the Depp vs. Heard trial.
Her streams have gotten over 10,000 concurrent viewers, and she made about $5,000 on YouTube in a week.
Alyte Mazeika, the lawyer and commentator behind the YouTube channel LegalBytes, is having a moment.
About a month ago, Mazeika made a prescient call: to livestream every day of the six-week Johnny Depp vs. Amber Heard defamation trial, which is currently in its second week of testimony in Fairfax, VA.
Depp is suing Heard for $50 million over a 2018 Washington Post op-ed in which she said she had been a domestic abuse victim; Heard's $100 million countersuit alleges Depp fueled an online harassment campaign against her.
Mazeika is currently hosting around-the-clock streams from an undisclosed location overseas, where her days arrive in something of a nocturnal haze, punctuated by meals that seem to float onscreen from her husband, and loving nudges for walks and food by her labrador, Indy, and two cats, Astra and Holmes.
"Stamina wise, it's a grind, but I also run half and full marathons," Mazeika said. "So in a lot of ways, the mental rigor is kind of similar because you know what the end goal is. So you're like, 'I'll put myself through it because this is important.'"
Recent streams have lasted about 10 hours, during which time Mazeika welcomes a coterie of regular guests, including Nate The Lawyer (180,000 subscribers) and Hoeg Law (60,000). It's a bit like Court TV, but with unvarnished analysis and a flood of quippy user comments coming in via Super Chat, a YouTube tipping feature that allows viewers to have their comments highlighted on the livestream.
When she signs off, Mazeika parses through her day's notes and records a video-on-demand recap, sending off the footage to her editor before crashing at around 3 a.m. Thankfully, court is out of session on Fridays, she said.
But the hard work is paying off. Since she started covering the case, her channel has grown from roughly 40,000 subscribers to a current tally of 64,000. Wednesday's trial stream peaked at over 11,000 concurrent viewers and has amassed 158,000 total views. Her recaps have gotten up to 100,000 views.
And her earnings are cresting.
Mazeika said she made about $5,000 on YouTube last week, with the biggest slice coming from Super Chats. Insider verified her earnings with documents she provided.
The lawtube community is soaring thanks to slew of high-profile trials
Mazeika is just one creator within a burgeoning community known as "lawtube," comprising professional lawyers-turned-commentators who offer expert views — and subjective musings — on the high-profile cases du jour. The genre has been supercharged by a slew of headline-garnering defendants in recent months, including Derek Chauvin, Kyle Rittenhouse, Elizabeth Holmes, Ghislaine Maxwell, and Jussie Smollett.
The Depp vs. Heard trial marks something of an anomaly in that it not only involves high-profile figures airing the gory details of a marriage gone awry, but is also allowing cameras inside the courtroom.
This isn't Mazeika's first rodeo. Her channel first saw a bump in November, when she began appearing on the round-the-clock Rittenhouse trial streams hosted by fellow lawtuber Nick Rekieta, a Minnesota attorney with 350,000 subscribers.
"We were seeing livestreams during the testimony of Kyle Rittenhouse where concurrent viewership was over 100,000 viewers," Mazeika recalled. "It was absolutely unreal. I had to pull up photos of stadiums to see what a hundred thousand people looks like."
Across the lawtube community, there's an unspoken agreement that whoever's hosting the stream keeps all revenues associated. Nevertheless, Mazeika said there's a collaborative sensibility — and something of an open-door policy — when it comes to guesting on one another's channels.
Still practicing law, but aiming to become a full-time YouTuber
Mazeika, a self-proclaimed introvert who speaks with an airy, comforting cadence, is somewhat new to YouTube. She launched her channel two years ago after being laid off from the DC law firm where she was working full time at the outset of the pandemic. She continues to practice on a freelance basis to supplement her income, but is aiming to become a full-time YouTuber.
She also makes money on subscription platforms Patreon and Locals, and vends merch on Spring, including T-shirts emblazoned with pithy trial quotes. Mazeika has begun to dip her toes into brand deals, as well, and is currently offering the 10% off promo code "Amber Turd" — a nod to the allegation by Depp that Heard defecated in their bed — for a small business called Dragon's Treasure Teas.
Despite her legal expertise, Mazeika isn't unbiased. She's open about being in the "Justice for Johnny" camp, and believes all lawtubers inevitably view each case through their own individual lenses. But she said she tries to keep an open mind.
"When you base your analysis on a factual basis, you allow yourself to change so long as more facts come in," she said. "Based on what I have seen, this is what I have concluded. If I see something that changes my mind, I will let you know."
More: YouTube Legal Celebries Livestreaming | 2022-04-21T16:43:28Z | www.businessinsider.com | YouTuber LegalBytes Sees Growth by Livestreaming Depp Vs. Heard Trial | https://www.businessinsider.com/law-youtuber-legalbytes-streaming-johnny-depp-amber-heard-trial-2022-4 | https://www.businessinsider.com/law-youtuber-legalbytes-streaming-johnny-depp-amber-heard-trial-2022-4 |
Bill Ackman-backed Hangoo is a 'Love Is Blind'-style app for dating in the metaverse
Tomi Antoljak, the founder and CEO of Hangoo.
Tomi Antoljak
Hangoo is a new dating app that makes users design virtual avatars instead of just uploading photos.
Tomi Antoljak created Hangoo after he found existing dating apps superficial.
The 25-year-old said he wanted it to be "a metaverse one-stop shop for making friends and dating."
Tech giants, such as Meta and Google, are hoping that more people will start to live and work in an online "metaverse" — a digital world where people can form avatars and attend virtual, 3D concerts, meetups, and conferences.
And now, a new startup is betting that people will want to date in the metaverse, too.
Hangoo is a new dating app trying to take on a crowded field of industry giants, including Tinder, Bumble, and Hinge. Instead of allowing users to swipe through a series of pictures of a potential date, the app lets users build their own virtual avatars and record voice prompts to questions, including "If I went to Mars, what would I bring?" and "The title of my autobiography would be X."
It's the brainchild of 25-year-old Tomi Antoljak, who came up with the idea after he was sick of the endless swiping he experienced when using traditional dating apps.
"I was just very frustrated for a long time by the way they work, by the superficial way of meaning where it's, you know, a good-looking picture, swipe right, a bad-looking picture, swipe left," Antoljak said. "I always felt like there was some space to do something that's different, that is perhaps a bit more mysterious, but that's fun and personality-based."
Once two people match on Hangoo, they can then see each other's full profiles, complete with photos, Antoljak said. But the initial matching process has to take place before either party has seen a picture of the other, creating a social experiment similar to the hit Netflix show "Love Is Blind."
"When you don't actually see the person initially, you develop a different sort of expectation than you would when you actually see them, and then get to judge their personality," Antoljak said. "What makes it special is the mystery."
While a fully virtual social dating space in the metaverse is Hangoo's long-term goal, the technology isn't developed enough to make that a reality just yet and is still a few years away, Antoljak said. Some competitors, such as Match, which owns Tinder and Hinge, and smaller startups, including Nevermet, are looking to develop VR dating features. Still, Dushyant Saraph, Match's chief product and revenue officer, told Protocol that this tech was still in very early stages.
Hangoo is backed by an investment from the billionaire Bill Ackman, but Antoljak is looking to raise venture-capital funding in the "near future," he said.
Hangoo is available in the Apple App Store and is active only in the New York metro area, but Antoljak has his sights set on expanding to other metro areas soon.
More: Startups Dating Apps Metaverse | 2022-04-21T17:39:18Z | www.businessinsider.com | Hangoo, a New 'Metaverse Dating App,' Resembles 'Love Is Blind' Series | https://www.businessinsider.com/hangoo-metaverse-dating-app-love-is-blind-2022-4 | https://www.businessinsider.com/hangoo-metaverse-dating-app-love-is-blind-2022-4 |
Nike is feeling the limitation of the direct-to-consumer model. 'DTC isn't all it's cracked up to be,' analyst warns.
Shoes lining the shelves at a Nike store in Miami Beach, Florida.
After trimming 50% of its wholesale accounts, Nike is done with "big account pivots," an exec said.
The shift comes as more direct-to-consumer companies start looking for retail partners.
An analyst said investors should "remain wary of perceived margin benefits behind the DTC shift."
After four years of aggressively cutting the accounts of retail partners and accelerating its direct sales, Nike says it's entering the "next phase" of its business plan. That's coinciding with a growing sense of the limitations of direct-to-consumer efforts.
On a quarterly earnings call in March, Nike's chief financial officer, Matt Friend, said the company had cut 50% of its wholesale accounts since 2018, adding that Nike had finished with its "big account pivots."
At an investor day in 2017, a Nike executive said the company had 30,000 retail partners.
"We are now moving into the next phase of our marketplace strategy," Friend said in March. "And our go-forward plans are aligned with our wholesale partners. Wholesale partners play an integral role in our future marketplace, first, to authenticate our brands and then to create scale of distribution through a consistent consumer experience across a larger retail footprint."
The shift in Nike's direct strategy comes as more DTC-native brands seek retail partners, part of what Simeon Siegel, a managing director for equity research at BMO Capital Markets, calls the "de-DTC era."
In a recent note about DTC, Siegel told investors it's "not all it's cracked up to be," adding that the advantages of more data, better product showcasing, and higher revenue could be offset by additional costs.
"Despite widespread belief to the contrary, the push to DTC from wholesale appears to hurt, not help, overall company profitability," Siegel wrote.
He also expressed doubts about Nike's focus on direct sales.
"We see Nike's size and scale as long-term competitive advantages, but remain wary of perceived margin benefits behind the DTC shift," he wrote in a note to investors after Nike's March earnings report.
The note included Siegel's analysis of Nike's profit margins relative to increases in direct sales in four sales geographies. "Higher DTC didn't appear to necessarily drive improved regional GM/EBIT margin," Siegel wrote.
While Nike has cut ties with many retailers, it's become more intentional with the partners it's kept. A recent partnership with The Whitaker Group, which Footwear News named its retailer of the year in 2020, included a collaboration on Jordan and Dunk sneakers.
Friend said Nike was "committed to driving growth with partners like this as they create authentic, deeply connected consumer concepts in key cities and communities around the world."
Nike also recently announced it would link its membership program with Dick's Sporting Goods, a Nike retailer.
While wholesale offers Nike access to new customers, it requires a certain loss of control, something Nike tries to minimize.
"It's a great brand," Trent Out Loud, the founder of the sneaker boutique Exclucity, told Insider. "But I have some areas of concern that I would like upper management to hear."
He said Nike is asking retailers like him to spend too much on brick-and-mortar improvements while reducing product allocations. Exclucity has a Nike NBHD account, a designation that Nike gives its trendiest retail partners.
He said the least expensive store renovations he'd done cost $400,000. He added that lately there's been less back-and-forth with Nike about Exclucity's business needs.
"Years ago it was completely different," he said. "There was different leadership. It was also a different landscape. Ten years ago I would have had the vice president of sales' phone number. We'd be on speaking terms. Now it's hard for me to get my sales rep on the phone. All of their attention is being directed to the SNKRS app and DTC, and not their wholesale account holders."
More: Retail Sportswear Nike | 2022-04-21T17:39:22Z | www.businessinsider.com | Nike Is Feeling the Limitations of Direct-to-Consumer, DTC Model | https://www.businessinsider.com/nike-feeling-limitations-of-direct-to-consumer-dtc-2022-4 | https://www.businessinsider.com/nike-feeling-limitations-of-direct-to-consumer-dtc-2022-4 |
PLAY A321.
Icelandic low-cost carrier PLAY operated its first flight between Reykjavik and the US on Wednesday.
The airline uses A321neo for the transatlantic journey, featuring a bare-bones product with no amenities.
Passengers get a seat and personal item with their fare, but can purchase extras like bags and snacks.
European low-cost carrier PLAY just launched its first-ever flight from the US to Iceland, officially pinning a new city to its international route map.
The airline, which is a successor to defunct WOW Air, took off from Baltimore/Washington International Thurgood Marshall Airport at 7:47 PM on Wednesday and flew six hours to Keflavik Airport near Reykjavik, landing at 5:09 am the next morning.
PLAY ribbon cutting ceremony at Baltimore airport.
Source: FlightAware
"The transatlantic flights will be the main focus in PLAY´s operations and it was a huge project to establish a connection in a new continent." PLAY CEO Birgir Jónsson said. "But now we see the fruits of our labor, a well-made, reliable and ambitious flight plan."
Birgir Jónsson with flight crew at Reykjavik airport before the inaugural flight.
Source: PLAY
From Iceland, passengers can stay on the island or continue onto 22 other European destinations.
PLAY European route map from Iceland.
The flight followed PLAY's maiden flight from Iceland to the US that took off from Reykjavik on Wednesday at 11:34 am Eastern time and landed in Baltimore at 5:40 pm, according to FlightAware data.
PLAY flight crew boarding the flight to Baltimore.
A water salute welcomed the aircraft and its passengers to the US.
PLAY A321neo water salute in Baltimore.
PLAY used an Airbus A321neo narrowbody aircraft for the roundtrip flight, which has become popular on transatlantic journeys because it can connect low-demand city pairs at a lower operating cost.
PLAY aircraft at the gate.
The Boeing 737 MAX is a favorable alternative, with airlines like United and WestJet flying them between North America and Europe.
United 737 MAX 9.
Philip Pilosian/Shutterstock
More airlines are choosing single-aisle jets for flights from North America to Europe — see the full evolution of jet-powered transatlantic flying
PLAY's A321neo is configured with 194 economy seats, most of which have 29-30 inches of pitch. Extra legroom seats are available for a higher fare and offer 32-35 inches, according to PLAY.
PLAY aircraft interior.
Onboard, passengers can expect a bare-bones product similar to Spirit or Frontier. The fare comes with a seat and a personal item, with other bags and snacks costing extra.
The plane will not offer any inflight amenities like WiFi or entertainment, so travelers should come prepared with pre-downloaded movies, shows, or podcasts.
PLAY aircraft.
However, the seats onboard do recline. PLAY CEO Birgir Jónsson told Insider that the customer experience is intended to be as "hassle-free" as possible.
PLAY has adopted a casual crew uniform for its flights to capture its mission of "simplicity, fun, and playfulness," with flight attendants wearing t-shirts and sneakers.
PLAY flight attendant welcoming passengers.
Baltimore is the first US market the airline will fly to, with Boston, Orlando, and New York's Stewart International Airport joining the route map later this year.
PLAY sign at Stewart International Airport ahead of the inaugural flight on June 9.
A new European low-cost airline is launching its first route to Florida this fall with fares to Europe starting at $129 — here's what passengers can expect
The carrier will connect the four US cities to destinations in Europe via Iceland, like Berlin, Dublin, London, and Paris.
PLAY's full European route map from Iceland. Flights from Orlando will connect to Berlin, Dublin, Gothenburg, London, and Paris.
Jónsson explained that the company will remain competitive in the market by focusing on having the lowest fares, emphasizing PLAY's "Pay less, Play more!" motto.
A nearly abandoned New York airport is getting nonstop flights to Europe for the first time since 2019 with fares starting at $109 one-way
"We believe the price is the biggest factor in our market," he told Insider. "To be honest, I think brands in airlines is diminishing, it's about convenience, timing, and price."
Wednesday marks the first time an Icelandic low-cost carrier has flown to the US since WOW Air ceased operations in 2019.
WOW Air.
WOW suffered from financial burdens independent of the pandemic, abruptly ceasing operations on March 28, 2019, and leaving thousands of passengers stranded across the world.
Board at Boston airport on March 28, 2019, showing cancelled WOW Air flight to Iceland.
Angela Rowlings/MediaNews Group/Boston Herald via Getty Images
While WOW failed, Jónsson says PLAY will prevail because it is focusing on the aspects of WOW that made it successful and abandoning its predecessor's high-cost practices, like flying widebody planes from Los Angeles to Europe and into Asia.
WOW Air Airbus A330.
Lukas Wunderlich/Shutterstock
"Our model is different because we are entering a widebody market with a narrowbody jet," he explained. "These routes really aren't long-haul and because we are using the geographic location of Iceland, we don't need a widebody jet between major cities, which is the market that's failed."
CEO Birgir Jónsson at Boston Logan International Airport
"[WOW Air] completely changed their business model and that's where they lost control of the cost," Jónsson continued. "Play is using the best part of WOW's business model, which is one that has been successful in this market for decades."
More: Features Business Visual Features Play Low Cost Airlines
low cost carrier
baltimore airport
Keflavik Airport | 2022-04-21T17:39:33Z | www.businessinsider.com | See PLAY's Bare-Bones Airbus A321neo Flying Between Iceland and the US | https://www.businessinsider.com/play-airline-flying-between-iceland-us-with-airbus-a321neo-2022-4 | https://www.businessinsider.com/play-airline-flying-between-iceland-us-with-airbus-a321neo-2022-4 |
Marc Andreessen's advice helped six-person coding startup Replit turn down a $1 billion acquisition offer. Now the CEO says he's glad he stuck with his goal to make 'something fun.'
Amjad Masad, the cofounder and CEO of Replit.
Amjad Masad
Coding startup Replit turned down a $1 billion acquisition offer in 2019 despite its small size.
Now, the firm has grown to 10 million users and raised $104.6 million at an $800 million valuation.
CEO Amjad Masad explains how saying no to an acquisition let the startup have fun with its growth.
In the spring of 2019, a buyer approached browser-based collaborative coding startup Replit with a $1 billion acquisition offer.
The Y Combinator-funded startup was barely three years old at the time, had six employees, and hosted 1 million users. A potential acquisition would have "been a lifeboat" the company desperately needed to scale, Replit co-founder and CEO Amjad Masad told Insider. But Masad turned down the deal.
His reason came down to his desire to focus on making something fun for developers. And since then, Masad said his "religious belief" in the future of his company helped him remain confident about the decision. And he feels it paid off — Replit has raised $104.62 million at an $800 million valuation, hired 50 more employees, and grown to 10 million users worldwide, including prominent tech firms like Google, Stripe, and Facebook since the offer three years ago.
"Many acquisitions offers come with the threat of competition — in much nicer words, 'sell, or we will clone you and kill you,'" Masad said. "And this company had a history of doing just that."
Masad declined to name the would-be buyer, but teased that "it would probably be easy to guess" given the firm's reputation for buy-and-kill tactics. Buy and kill is a linchpin in Silicon Valley's Big Tech scene, as larger companies buy potential competitors before they have a chance to develop traction, and then shut them down.
A company known for this tactic is Microsoft, which has infamously purchased seedling startups and subsequently scrapped the companies after adopting its features into existing products.
But as with many deals in business, the $1 billion acquisition offer didn't happen all at once.
"It's typically months of building a relationship in an effort to 'see how we can work together,' which, of course, when it involves a big company and a startup it's code words for a potential acquisition," Masad said.
At the time, Replit was bogged down with a myriad of plights, like fighting against bad cyber actors and keeping up with its burgeoning user base, according to Masad. It also struggled with hiring talented engineers and fending off crypto mining, wherein users were creating new cryptocurrencies using the free computing power Replit provides on its platform.
Then suddenly, Masad's mother was diagnosed with pancreatic cancer, leaving Masad, his co-founder and wife Haya Odeh, and his brother and founding engineer Faris Masad to deal with the family crisis.
Despite the turbulent time Replit was enduring, Masad took a meeting to discuss the acquisition. When Masad asked the would-be buyers for assurances that Replit would stay independent if they agreed to the deal, he says he only received ambiguous guarantees.
Turning down a $1 billion deal wasn't easy. Masad said he leaned on trusted advisors and investors for advice, including renowned venture capitalist Marc Andreessen.
"One key thing I remember was Marc Andreessen telling me that whatever I decided, I should make sure I wasn't reasoning from the point of view of fear," Masad said. "So I replied to the follow-up email and said 'no.'"
Replit's goal to build something fun for developers has been a guiding post for Masad
With Replit, Masad said he aimed to make coding software as user friendly as other browser-based applications like Gmail and Google Docs. Instead of having to download gigabytes worth of software and debug problems that came with it, users can use one of more than 50 programming languages on the platform to create everything from websites to apps and even video games.
The cloud-based developer tools market has been a fast-growing market in the last few years. Today, Replit is joined by many other similar tools like Microsoft-owned GitHub's Codespaces which launched in 2020, and a similar startup called CodeSandbox which raised $12.7 million the same year.
"We started with a console, then we added an editor, then we added files, then we added hosting," Masad said. "All the while we haven't made it more complex or less fun."
—Amjad Masad ⠕ (@amasad) January 29, 2022
At the core of Replit, Masad said it was about making something fun. If they had gone the acquisition route, the founding team realized they wouldn't be able to execute any of the big plans they had in store for Replit, he told Insider. Since the 2019 acquisition offer, Replit has launched programs like free accounts for students and its own venture fund.
And as its users get older, Masad says he hopes they'll take Replit with them to work, to their startups, and into their careers. He wants to go even younger, too, and make coding apps for kids.
Masad says he credits keeping true to the company's values for the success Replit sees today. If you enjoy what you're doing, Masad said, you're going to build something delightful.
"Despite this being a long journey for me, we are only getting started," he added.
More: Replit Startups Programming Coding | 2022-04-21T17:39:39Z | www.businessinsider.com | Replit CEO Explains Why It Turned Down a $1 Billion Acquisition Offer | https://www.businessinsider.com/replit-coding-startup-acqusition-marc-andreessen-ceo-amjad-masad-2022-3 | https://www.businessinsider.com/replit-coding-startup-acqusition-marc-andreessen-ceo-amjad-masad-2022-3 |
Tetiana Gladchenko, a Ukrainian refugee, told Insider she regularly keeps up with news on the war.
She said that she can't watch Russian news because it's "propaganda" and "crazy lying."
After the war began, Russia shut down independent media and imposed strict censorship.
A Ukrainian refugee said Russian President Vladimir Putin's propaganda machine is turning Russian civilians into "zombies."
Tetiana Gladchenko, 46, and her son Art, 11, fled their home in the central Ukrainian city of Dnipro last month, a dayslong journey that consisted of a 27-hour-train ride, a second, shorter train, and two flights to get from the Polish capital Warsaw to Boston.
Since early March, Gladchenko and Art have lived with her sister in a town just south of Boston.
Gladchenko said she has constantly kept up to date with the latest news on Russia's war against Ukraine — especially news on eastern Ukraine's Donbas region, where Russian forces have launched a renewed offensive.
She said, however, that she can't read Russian news about the war because of the "propaganda."
"Only Russian news we can't hear physically because they lie — every single news lying — like, extremely lying … crazy lying," Gladchenko told Insider through translations from her sister.
She described Russian news coverage as "completely different" from what was happening in Ukraine.
"They are propaganda and they are making their people like zombies," Gladchenko said. "Physically, I can't listen [to] that news."
Since Putin's February 24 televised war declaration on Ukraine, Russia has pushed misinformation and propaganda as a way to craft the narrative back home.
Independent news outlets were shut down, and harsh censorship laws were introduced. International news and social media sites were also blocked, leaving Russian citizens with state-run news outlets as the exclusive source of information.
Russia has also tried to spin its narrative by claiming that many of the atrocities it is accused of committing are a hoax, despite overwhelming evidence from satellite imagery and local testimonies that refutes the Kremlin.
Meanwhile, Western leaders have urged Russian citizens to seek ways to access independent news from outside the country — like downloading VPNs — as a way to skirt around the censorship. | 2022-04-21T17:39:53Z | www.businessinsider.com | Ukrainian Woman Says Putin's Propaganda Turns Russians Into 'Zombies' | https://www.businessinsider.com/ukrainian-refugee-says-putins-war-propaganda-turns-russians-zombie-2022-4 | https://www.businessinsider.com/ukrainian-refugee-says-putins-war-propaganda-turns-russians-zombie-2022-4 |
Wells Fargo projects it will save $1 billion over the next 10 years by migrating to the public cloud, according to a top exec
Carter Johnson and Bianca Chan
Wells Fargo; Tom Williams/CQ-Roll Call, Inc via Getty Images; Samantha Lee/Insider
Wells Fargo is working with Microsoft Azure and Google Cloud to migrate to the public cloud.
A top Wells exec told Insider moving to the cloud could trim $1 billion over the next decade.
Wells Fargo's move to the public cloud comes as Wall Street at large embraces the tech.
Wells Fargo's move to the cloud could save the bank as much as $1 billion over the next decade, one of the bank's top tech executives told Insider.
After revealing the outlines of what the firm called a new "digital infrastructure strategy" last fall, Wells Fargo is gearing up to retire much of its on-premise tech stack and kick off a multi-cloud migration. Chintan Mehta, Wells Fargo's chief information officer and head of digital technology & innovation, said that while the efforts will involve "heavy capital outlay," time savings is the target.
Wells has forged partnerships with both Microsoft Azure, who now serves as Wells' primary public cloud provider, and Google Cloud, and will also rely on third-party data centers. Azure will bear the bulk of the bank's cloud tools, including those that face customers and employees alike. But Google Cloud will handle its "advanced workloads," which includes its efforts in big data and artificial intelligence.
Chintan Mehta, chief information officer and head of digital technology & innovation at Wells Fargo.
As part of a renewed focus on digital tech, Wells Fargo has also touted a new virtual assistant — aptly named Fargo — that's slated for launch at the end of this year.
Behind the scenes, Mehta and his team are re-architecting a key data platform that the bank uses to personalize online customer experiences and anticipate customer needs. Putting the so-called customer experience engine on the public cloud will allow the bank to scale the platform and perform "billions" of calculations a day while still protecting data, Mehta said.
Rebuilding Wells Fargo tech stacks for the public cloud — where the bank will need to rewire its security and privacy protocols — will involve "heavy capital outlay" and "heavy opex outlay," Mehta said. But the end goal, however, is time savings.
"Money is one part of it, but then the amount of time you end up expending and building out an infrastructure before something productive happens on it shrinks significantly when you have something like cloud," he said.
Wells Fargo's move to the cloud comes as Wall Street powerhouses embrace the technology. Banks, once hesitant to make the jump to the public cloud, have deepened relationships with Big Tech firms providing the infrastructure. Meanwhile, buy-side firms like hedge funds, asset managers, and private equity firms have also widely opened up to the tech. Cloud is now playing a critical role in how these firms scale compute capacity, use and find data.
The nation's largest banks have long signaled the importance of the cloud as a driver of both innovation and, crucially, efficiency. It's equally about ripping and replacing legacy tech as it is about spurring new innovation. Other firms like Bank of America have also pegged the cost savings tied to cloud projects in the billions of dollars. In 2019, Bank of America said it saved roughly $2 billion by forgoing partnerships with big cloud providers like Google and Microsoft to build its own private clouds, although the bank has since partnered with IBM on public cloud efforts.
As Wall Street integrates the public cloud into its tech stacks it's begun to experience a sea change in how people do their jobs and, subsequently, its talent pool. And Wells Fargo is no exception, as the bank is actively upskilling its employees to reflect its cloud ambitions. The bank is hiring 2,500 technologists to its 42,000-strong tech org this year, Chief Technology Officer Steve Hagerman recently told Insider. And it will look to have 50% of its engineers be cloud-certified, as well.
Like other banks, Wells Fargo is also no stranger to questions about its spending, especially because the bank has been on a well-publicized mission to cut costs under CEO Charlie Scharf. In January, for example, the bank said it planned to reduce expenses across the firm by $1.6 billion in 2022.
Wells Fargo's chief financial officer, Mike Santomassimo, underscored the evolving nature of the firm's efficiency goals during the bank's first-quarter earnings call this April.
"As I said a number of times over the last couple of quarters, it's not a static program. This is something that we're embedding in the DNA of how we run the place and it continues to evolve, and we feel good about executing on that," Santomassimo told industry analysts.
More: Wells Fargo Public cloud Fintech | 2022-04-21T17:40:05Z | www.businessinsider.com | Wells Fargo Aims to Save $1 Billion Over 10 Years With Public Cloud | https://www.businessinsider.com/wells-fargo-save-1-billion-over-10-years-public-cloud-2022-4 | https://www.businessinsider.com/wells-fargo-save-1-billion-over-10-years-public-cloud-2022-4 |
A courier delivers food to a cargo ship owner in Shanghai on April 11.
Li He/Xinhua via Getty Images.
China's commerce ministry told chambers of commerce that China would help ease supply chain snarls, Bloomberg reported.
Representatives of the chambers met the commerce minister on Monday to discuss the impacts of the lockdown.
Production and logistics have been hampered by lockdown measures, threatening supply chains.
China's commerce ministry told representatives of foreign business groups on Monday that Beijing will help to resolve supply chain issues stemming from the country's strict lockdowns, Bloomberg reported.
Members of foreign chambers of commerce — including from the European, Japanese, South Korean, UK, and US chambers — met with commerce minister, Wang Wentao, to review the impact of China's strict lockdown measures, the outlet reported on Tuesday, citing attendees of the meeting.
China has adopted a zero-Covid approach throughout the pandemic, introducing strict lockdown measures to stamp out the virus in areas when cases have emerged. Some cities have recently been battling the highest number of cases seen since the start of the pandemic.
Outbreaks of the Omicron variant triggered a fresh set of restrictions in the commercial hub of Shanghai, resulting in the closure of some factories and delayed transport of goods to ports, threatening further disruption to the global supply chain.
During Monday's meeting, Chinese officials said that the government would work with foreign businesses to help iron out supply chain problems, the newswire reported, citing the European Union Chamber of Commerce's president, Joerg Wuttke, and they confirmed that China would maintain its zero-Covid approach.
In a statement sent to Insider on Wednesday, Jens Hildebrandt, executive director of the German Chamber of Commerce in North China, said: "According to our assessment, it will take months to fix the disruptions in the supply chains. Companies are now looking more at (risk) diversification in China, so that they have different warehouses or production sites and can act accordingly. This would increase costs for companies and in the end for consumers."
"The current policy with lockdowns leading to production stops, logistic and supply chain disruptions and restrictions on the movement of people do not only pose a short-term concern but will leave their marks on the long run," Hildebrandt added.
The Ministry of Commerce in China could not be reached for comment. Insider has reached out to the European Chamber of Commerce for comment.
A number of manufacturers, including Tesla, are preparing to reopen their factories in Shanghai, Reuters reported on Monday, citing a "white list" of over 600 firms given priority to resume operations and restart the local economy. Sources told Reuters that Tesla will still operate a "closed loop" policy in Shanghai.
Tesla did not respond to Insider's request for comment.
More: News transport Supply Chain supply chain constraints | 2022-04-21T18:18:13Z | www.businessinsider.com | China Tells Foreign Chambers It Will Help Fix Supply Chain: Report | https://www.businessinsider.com/china-promises-commerce-chambers-it-will-help-ease-supply-chain-2022-4 | https://www.businessinsider.com/china-promises-commerce-chambers-it-will-help-ease-supply-chain-2022-4 |
Stephanie Nieves
Wingstop just launched a new "Blazed & Glazed" wing flavor for 4/20. It'll be in stores through April 22.
The flavor is meant to "taste like 4/20" but won't get you high. I tried it.
I didn't like the taste — a mixture of Pop Rocks and hot tires — sober, but I think I would have enjoyed it while high.
If you're a cannabis consumer and wing connoisseur, then you're in luck (at least for the next day or so).
Wingstop just launched its new "Blazed & Glazed" wing flavor for 4/20, which will be in stores through April 22.
The sauce is crafted with a blend of hemp seeds, strawberry, cayenne pepper, and terpenes, which are highly aromatic compounds that create the scent of plants and herbs such as marijuana.
The new flavor may also produce a mouth-tingling sensation, although it won't actually get you high.
A wing that tastes like weed but won't get you high? I had to try it for myself. So, I decided to stop by my local Wingstop and order some bone-in and boneless wings.
Wingstop is known for its menu full of munchies — specifically, popular flavors like original hot, garlic parmesan, and lemon pepper.
So, “in celebration of the most chill day of the year” (and perhaps in preparation for the most sales in a day), the wing spot jumped at the opportunity to create a limited-edition wing.
I took a bite of my own boneless wing, and my first thought was "yuck." (Sorry, Wingstop!)
I was living for the quality of the chicken itself, but the flavor was not it.
It had the taste of weed, the smokiness of a tire, the sweetness of honey, the tingle of pop rocks, and the coolness of mint, with a hint of spice.
I know — I'm just as confused as you are.
The bone-in wing had a little less zing to it, but still contained all the contrasting flavors. I preferred the bone-in wing to the boneless wing, mostly because I'm not a fan of the flavor.
Here’s why: It’s one thing to eat an edible for the THC, but it’s a totally different thing to eat an edible for the taste of the weed itself.
That's arguably the worst part of an edible, so for Wingstop to aim for that flavor was a … choice.
You can also taste the smokiness right away. But I don't mean smoky as in charcoal — I mean smoky as in fumes. I imagined swallowing the smoke that would come from a tire after a sharp turn.
The sweetness is probably the best part, but it's definitely just there to balance out the other flavors. The tingling sensation is what your mouth would feel like after Pop Rocks settle on your tongue.
The last sensation you get from the flavor is a mild coolness. My tongue felt like I had had a Listerine strip, like, 10 minutes ago.
If I were high, I think this would've been fantastic. I imagine being spaced out and experiencing multiple flavors and sensations from a pile of wings, and I'm instantly entertained.
But while the new wings may be good with a puff, sober me is just going to have to pass.
Other Wingstop customers aren't loving this new flavor either, and many have taken to Twitter to share their disgust.
One Twitter user said they didn't know what they expected, but it wasn't good. Another said as a wing enthusiast, they were let down and called it an "okay" flavor with notes of "fruity pebbles."
Source: SamusAronson (Twitter), LordJher (Twitter)
Wingstop isn't the only franchise celebrating the holiday with a limited-edition menu item. Jack in the Box launched its new "Pineapple Express" milkshake for $4.20 on 4/20.
—Jack in the Box (@JackBox) April 15, 2022
TGI Fridays also joined the bandwagon with a new "Blazed & Glazed" bundle, which includes three mini chicken slammers and loaded, seasoned fries.
But if you're curious about Wingstop's new flavor — high or not — you have until Friday, April 22 to try it.
That's probably fitting, anyway, because it's Earth Day.
More: Wingstop Wings 4/20 Food
Fast Food Insider | 2022-04-21T18:18:31Z | www.businessinsider.com | Review: Wingstop's 4/20 Wings Taste Like Pop Rocks and Tires | https://www.businessinsider.com/review-wingstops-420-wings-taste-like-pop-rocks-and-tires-2022-4 | https://www.businessinsider.com/review-wingstops-420-wings-taste-like-pop-rocks-and-tires-2022-4 |
Amazon's physical-store openings have significantly fallen behind schedule.
Costs, dysfunctional team culture, and tension with Whole Foods partly explain the expansion delay.
The team wants to more aggressively license the cashierless technology to third-party retailers.
In summer 2020, as the coronavirus pandemic swept through the world, Dave Clark, Amazon's retail CEO, told his team to scale back its Fresh grocery-store openings.
Foot traffic and sales at Amazon's physical stores were sharply declining, and the looming second wave of COVID-19 made Clark wary of an aggressive expansion plan. He asked for a "more conservative" three-year road map, taking into account a "relatively pessimistic scenario," according to internal documents obtained by Insider. Amazon cut the store projection by 30%.
But even with the revision, Amazon was still bullish for the long term. For the ensuing two years, Amazon forecast a significant rebound, projecting 54 Fresh stores in the US by 2021 and a whopping 280 Fresh stores by 2022, internal documents show.
Both of those estimates turned out to be woefully off. Amazon has just 27 Fresh stores open in the US, or less than 10% of the projections it made in 2020 for this year.
Amazon's struggles to reach its Fresh store-expansion goals is emblematic of the challenges it's faced in the physical-retail arena. While Amazon has perfected the art of e-commerce efficiency, the company is facing a much tougher reality in the brick-and-mortar space, driven by the high cost of the stores, a dysfunctional internal culture, and tension with Whole Foods, according to current and former employees and internal documents. These people spoke on the condition of anonymity for fear of retaliation from Amazon. Their identities are known to Insider.
And as Amazon nears the fifth anniversary of its Whole Foods acquisition, some employees are questioning whether the company will ever excel in the offline shopping space.
"We had a ton of projections that were way too rosy," one of the people said. "They're figuring it out as they go."
Amazon's physical-store sales, which include Whole Foods, have remained stagnant, hovering around $17 billion since 2018. Even after the 2017 Whole Foods acquisition, Amazon's grocery share hasn't improved much. As of March, Amazon and Whole Foods accounted for just 1.6% and 1.3% of the US grocery market, respectively, falling way behind Walmart's 21.3% share and Kroger's 10.2%, according to the research firm Numerator. Both Walmart and Kroger grew their shares since late last year, while Amazon and Whole Foods largely remained flat.
For years, Amazon pursued a scattershot approach in physical stores, having opened an array of store formats, from groceries to bookstores, and, recently, an apparel store. But last month, Amazon abruptly shut down dozens of bookstores, pop-up stores, and four-star stores, signaling a change in direction.
Now, Amazon's brick-and-mortar strategy mainly centers around its Fresh grocery stores and "Just Walk Out" technology, an in-store checkout system that allows customers to automatically pay for things without having to go through a cashier lane. Amazon wants all of its grocery stores to be JWO-enabled, as well as a growing number of Whole Foods stores, under a previously unreported project code-named "Dorothy." It also wants to more broadly sell the JWO technology to other retailers, as seen in a deal last week to use it at the home stadium of the MLB's Houston Astros.
At an internal all-hands meeting earlier this week, Amazon's senior vice president of physical stores, Tony Hoggett, reaffirmed the company's commitment to physical stores, despite the recent shuttering of bookstores and four-star stores.
"It's difficult to close businesses down," Hoggett told employees, according to a recording of the meeting reviewed by Insider. "But it's important to look at this in the long term. We're absolutely committed to the physical-store business."
Amazon's spokesperson didn't respond to requests for comment.
'Reducing Just Walk Out tech costs'
It's not just the Fresh grocery stores that have fallen behind schedule. Amazon Go, the company's small, cashierless convenience stores, are also behind internal projections, and other initiatives, like its UK expansion and joint cafés with Starbucks, are equally moving slower than anticipated, Insider previously reported.
Part of the scaling issue has to do with the high cost of cashierless technology.
In 2020, Amazon estimated each Fresh store would cost $3.92 million in Just Walk Out technology and construction costs, according to internal documents. The company is hoping that cost will drop to $1.44 million by 2023, still a huge amount, Insider previously reported. Meanwhile, each of the smaller Amazon Go stores cost more than $4 million in operating expenses alone in 2017, though those costs have dropped significantly in recent years, Insider previously reported.
Under the code name "Grace," Amazon wants to significantly expand Fresh cashierless stores and retrofit all existing stores with JWO as well, Insider previously reported. The company is also rolling it out to Whole Foods stores under a project code-named "Dorothy," documents show. Those costs will add pressure to the economics of its grocery stores, an industry already known for thin profit margins.
For years, Amazon's physical-stores team faced pressure to reduce the store costs and find a path to profitability, the people Insider spoke with said. Last year's planning document, for example, says Amazon's vision is "to further reduce annualized JWO costs for all sizes." In 2020, the physical-stores team wrote that JWO costs "continue to be a challenge." Cost cuts were also listed as one of the vice president's goals for the division.
"To meet profitability targets for physical retail businesses, we need to continue reducing Just Walk Out tech costs," the document says.
One person described last year's planning session as "the most stressful time I've been at Amazon" because of the pressure to cut costs and generate additional profits to make physical stores self-sufficient. To diversify its physical-stores revenue channels, Amazon has embarked on several projects, including in-store advertising, a new point-of-sale system that can be licensed to other retailers, and a smart refrigerator that uses some of the JWO technology, Insider previously reported. It also considered selling pharmacy products and lottery tickets and, at one point, mulled selling gas through a partnership with BP.
"In terms of pressure coming from leadership, frugality will definitely be an objective of the program," one of the documents says.
'Schedule chicken'
The cost concerns were partly because of the physical-stores team's dysfunctional culture, the people Insider spoke with said.
For example, until last year, the team didn't have a formal budgeting process, which led to a lot of confusion and inaccurate numbers, according to these people and documents obtained by Insider. Employees repeatedly brought up concerns of the manual budgeting process, which mostly relied on disparate Excel spreadsheets instead of automated software, the documents show. In December 2020, the team asked for "directional alignment" with the company's leadership on its budgeting strategy, saying it could hamper expansion plans.
It took roughly 30 hours, one of the documents says, to gather and research the budget details of each store, which involved contacting 10 teams to get all the needed data. The team had "no established process to create detailed store level budgets," one of the documents says.
"Today our process of creating budgets and measuring against actuals is very manual and is not scalable with the projected growth of store builds," it adds.
COVID-19-related problems have also deepened the problem. Multiple people said supply-chain issues, like shipment delays of certain store components, were rampant amid the pandemic. Labor shortages for in-store personnel were also a top concern last year, one person said. The first Fresh store in the UK was initially scheduled for August 2020, but because of these issues, it wasn't able to launch until March 2021, another person said.
Amazon's Fresh grocery team, who works closely with the physical stores team, has also seen growing dissent from its workforce. In an internal all-hands meeting last year, employees slammed the Fresh team's work culture and accused it of lacking innovation, calling its service "subpar" compared to some of the smaller startups it competes with.
"The key concern is that our org has become considerably bureaucratic," an employee asked during the all-hands, as Insider previously reported. "And there's significant focus on perception management rather than actual output."
Amazon's grocery VP Stephenie Landry disagreed during the meeting, saying she didn't think Amazon's grocery service was inferior to others, but didn't add other specifics.
Dilip Kumar, Amazon's vice president of physical stores.
The physical stores team also experienced some bizarre, unforeseeable delays.
In 2020, it found that some of the key hardware components used in its cashierless stores were stuck in a warehouse in Hong Kong. The supplier, it turned out, was under police custody due to "alleged smuggling charges," according to an internal document. Amazon's physical stores VP Dilip Kumar quickly sent an email to his team, chastising them for failing to prepare for the unforeseen event.
"Why didn't we order these many months ago to avoid last minute issues? I don't like playing schedule chicken," Kumar said in one of the emails seen by Insider.
Tension with Whole Foods
The Whole Foods acquisition was supposed to supercharge Amazon's growth in physical stores. But Amazon's tie-in efforts with Whole Foods haven't been the easiest, according to people familiar with the matter.
Whole Foods was overly sensitive about its brand image. For example, in-store promotions and advertising were a source of contention because Whole Foods had a reputation for being "anti-monetization," one of the people said. The Whole Foods mobile app didn't feature any ads until early 2020 because the grocer was vehemently against it.
On the flip side, Whole Foods employees grew frustrated with Amazon's growing interference. Another person said one of Amazon's first moves post-acquisition was to pare down Whole Foods's in-store products, and move them online to Amazon's marketplace. That raised frustration over revenue recognition at Whole Foods, as Amazon started counting the sales of those products as their own online revenue rather than Whole Foods revenue, this person said.
Prime membership revenue also caused disgruntlement. Amazon generates billions of dollars from its over 200 million Prime members each year, but none of it trickled down to Whole Foods, people said. That was part of the reason why Whole Foods added a $9.95 delivery fee last year, one of the people said. Prime members used to receive free Whole Foods deliveries before the change.
Courtesy of Whole Foods Market
This tension may explain why Whole Foods was slow to implement Amazon's JWO cashierless technology in its stores, these people said. Discussions for adding cashierless tech to Whole Foods stores started as early as 2020, documents show, and JWO was expected to roll out in the second quarter of 2021. But concerns over the "in-store experience" took a long time to settle, over topics such as store space and security requirements, as well as product selection, according to internal documents.
Internal projections had hoped to have five Whole Foods stores with JWO in 2021, and another five in 2022. Whole Foods opened its first cashierless store earlier this year in the Washington, D.C., area.
"They are very precious about that Whole Foods brand," one of the people said.
'It's a land grab'
When Amazon acquired Whole Foods for $13.7 billion in 2017, its competing grocery retailers saw their stock price crater. But investors no longer seem too worried about Amazon eating its competitors' lunch. Target's stock, for example, is up more than 350% since the Whole Foods acquisition, while Walmart and Kroger each more than doubled its share price.
Amazon's physical stores now wants to double down on its Fresh grocery stores and JWO cashierless technology, with a heavier focus on licensing it to third-party retailers as a software package, called "Just Walk Out as a Service," according to internal documents and people familiar with the matter. It also wants to sell other in-store technologies, like the Amazon One palm-reading payment system and its smart shopping cart called the Dash Cart to retailers, though that service has seen usage drop in recent years, as Insider previously reported.
"Key focus areas in 2022 are continuing to scale JWO for large format (35K+ square feet (SF)) grocery Amazon Fresh Stores (AFS), innovating JWO for small format (<3K SF in front of house (FOH)) stores to meet lower cost targets, and further commercializing and launching Just Walk Out as a Service (JWOS), Dash Cart and Amazon One to scale these technologies across hundreds of 3P retailers and store locations," one planning document for this year said.
Part of this shift was driven by the pandemic. The team saw a huge spike in global demand for its JWO technology as more people embraced contactless shopping. In the early part of the pandemic, Amazon had expanded its JWO candidate countries from 23 to 81, and held discussions with some of the largest retailers in the world for licensing deals. Those brands include, among others, Morrisons in the UK, Casino in France, Lawsons in Japan, Woolworth's in Australia, and Emart in South Korea, internal documents show. However, it was only late last year that Amazon announced its first international third-party JWO customer, the UK grocer Sainsbury.
"It's a land grab — COVID has exacerbated the demand for cashierless retail technologies, solutions are popping up all over the world and several large players have announced partnerships with competitors," one of the documents said.
Selling JWO to other retailers is important for Amazon because it's more profitable than running actual stores. But some of the retailers, especially those in the US, have been reluctant to use Amazon's technology in its stores because they don't want to partner with their largest competitor — in what would essentially mean handing Amazon customer data — one of the people said.
"US retailers, in my opinion, view Amazon as bad faith competition," they said.
Amazon's leadership, meanwhile, continues to be vocal about their support for the physical stores business.
In November, during an internal all-hands meeting, CEO Andy Jassy was asked to share the "innovations" he's most excited about at Amazon. Jassy called out the grocery and JWO business, alongside the healthcare unit, saying it "radically changes" the shopping experience.
"I think the way that we're trying to reinvent the grocery shopping experience and physical stores is very exciting," Jassy said, according to a recording of the meeting obtained by Insider. "That is not a simple endeavor."
Amazon's founder, Jeff Bezos, who had previously opposed brick-and-mortar store ideas, has recently turned into one of its biggest advocates, people said. Partly inspired by JWO's potential, Bezos at one point expressed his desire to have Amazon establish a physical stores footprint rivaling that of Starbucks, which has more than 15,000 locations in the US alone, according to a person familiar with those talks.
Amazon also poached Hoggett, a 30-year veteran of the British supermarket giant Tesco, last year as its new SVP of physical stores. Hoggett's first major move at Amazon was to shutter the bookstores and 4-star stores, which surprised many employees. Those stores, however, were "always playing second fiddle" to the JWO stores, and garnered very little attention from the core physical stores leadership team, one person directly familiar with the team said.
Wall Street seems equally upbeat about Amazon's potential in the physical stores space. In a note published last month, financial firm Evercore mentioned Amazon's grocery and JWO business as part of the company's "four underappreciated elements."
"A lot of grocery shopping happens offline and we believe that the Just Walk Out technology will enhance user experience, drive foot traffic, enable Amazon to gain market share, and drive customer loyalty," the note said.
But frequent delays and missed benchmarks have nettled employees. Internally, Amazon's patience has been wearing thin for a while.
Bezos showed a side of his frustration during an internal all-hands meeting in 2019. At the event, an employee asked then-physical stores boss Steve Kessel when the "future of retail" was coming. As Kessel went on stage to give his response — "innovations happen by continued focus on smaller innovations over time," he said — Bezos briefly stopped him, with a cryptic smile.
"It's a good question. I think they just want you to hurry, Steve," Bezos said, according to a recording of the meeting reviewed by Insider.
Kessel left Amazon later that year.
More: BI Graphics Savanna Durr Amazon | 2022-04-21T19:10:22Z | www.businessinsider.com | Amazon's Physical-Stores Business Struggles to Grow | https://www.businessinsider.com/amazons-physical-stores-business-struggles-to-grow-2022-4 | https://www.businessinsider.com/amazons-physical-stores-business-struggles-to-grow-2022-4 |
Astronomers say a new type of stellar explosion on distant dead stars — called 'micronova' — could be plentiful in our universe
Artist's depiction of a micronova, a new type of stellar explosion.
Scientists discovered a completely new type of stellar explosion that they've dubbed micronova.
The findings challenge our understanding of how cosmic blasts happen in some stars, researchers say.
Micronova could be common in the universe, but they're difficult to detect.
An international team of astronomers have observed and identified a never before seen type of stellar explosion they have dubbed micronova.
In a paper published Wednesday in the journal Nature, researchers describe a small, but mighty cousin of a typical nova, or stellar outbursts in which the surface of certain dead stars, called white dwarfs, blow up. But unlike nova, the previously unknown blasts detailed in the new study are smaller and faster, burning through the equivalent of around 3.5 billion Great Pyramids of Giza worth of stellar material in only a few hours.
"We have discovered and identified for the first time what we are calling a micronova," Simone Scaringi, astronomer and assistant professor at Durham University in the United Kingdom, who led the study, said in a statement. The finding challenges current understanding of how cosmic blasts occur in some stars, according to Scaringi.
"We thought we knew this, but this discovery proposes a totally new way to achieve them," Scaringi said of stellar explosions. "It just goes to show how dynamic the universe is."
Micronova are small, localized explosions, distinct from a full-fledged nova, where thermonuclear flares engulf the entire white dwarf.
Mark Garlick/ESO
Looking at data from NASA's Transiting Exoplanet Survey Satellite, researchers detected rapid bursts of energy coming from a white dwarf — small, dense remnants of sun-like stars that have burned up all their fuel. These flashes only lasted 10 hours before the outburst fizzled out. Searching further, they found two similar events. Using the European Southern Observatory's Very Large Telescope in Chile's Atacama Desert, the team confirmed that these small explosions were a new class of nova occurring in specific regions of white dwarfs.
Scientists think these mini versions of energetic nova occur in binary systems — meaning systems where two stars are gravitationally bound to each other — where the magnetic fields of white dwarfs are strong enough to pull in material from a nearby star to its poles. That triggers small, localized explosions, distinct from a full-fledged nova, where thermonuclear flares engulf the entire white dwarf.
"For the first time, we have now seen that hydrogen fusion can also happen in a localized way. The hydrogen fuel can be contained at the base of the magnetic poles of some white dwarfs, so that fusion only happens at these magnetic poles," Paul Groot, an astronomer at Radboud University in the Netherlands, who coauthored the paper, said in a statement.
While novas shine brightly for several weeks, micronova only last a few hours, according to the researchers. The study authors suspect these small pyrotechnic displays could be plentiful throughout the universe.
The next step is to use large-scale surveys to find and study more micronova and other elusive cosmic events in our galaxy. "Because they are so fast, they are difficult to catch in action," Scaringi said.
NOW WATCH: This is what a supernova looks like
More: Space Astronomy NASA Supernova | 2022-04-21T19:10:22Z | www.businessinsider.com | Astronomers Discover New Type of Star Explosion Called Micronova | https://www.businessinsider.com/astronomers-discover-new-type-of-star-explosion-called-micronova-2022-4 | https://www.businessinsider.com/astronomers-discover-new-type-of-star-explosion-called-micronova-2022-4 |
The culprit behind the cases of liver inflammation seems to be a pathogen called adenovirus 41, a virus that spreads (like COVID does) through close contact, and respiratory excretions. Adenoviruses can also spread through stool, making hand-washing important.
More: adenovirus Centers for Disease Control and Prevention (CDC) Outbreak Public Health | 2022-04-21T19:10:23Z | www.businessinsider.com | CDC Warning of Mysterious Hepatitis in Kids | https://www.businessinsider.com/cdc-warning-of-mysterious-hepatitis-in-kids-2022-4 | https://www.businessinsider.com/cdc-warning-of-mysterious-hepatitis-in-kids-2022-4 |
How ExodusPoint — the biggest hedge fund launch in history — continues to amass billions despite lackluster returns and criticisms of Michael Gelband's management style
Since debuting with a record $8.5 billion in 2018, Michael Gelband and Hyung Lee's ExodusPoint has lost talent, struggled with its tech build-out, and posted middling returns. Yet it continues an inexorable rise, devouring investors' assets and attention.
ExodusPoint, the largest hedge-fund launch in history, has had phenomenal success raising money and attracting talent. But returns have been middle of the road.
Bradley Saacks and Alex Morrell
All eyes were on ExodusPoint Capital Management in the summer of 2018.
Expectations for a fund started by two longtime Millennium executives would have been high no matter what. It wasn't just the eye-popping $8.5 billion in assets the new multimanager had managed to raise — setting a record that stands to this day for the largest fund launch ever. Its cofounder Michael Gelband was seen by some as the heir apparent to billionaire Millennium founder Izzy Englander and his empire after spending close to a decade running the fixed-income side of the business.
But when Englander declined to give Gelband an ownership stake in Millennium, the onetime Lehman Brothers executive abruptly left to start his own fund and compete against his old boss. He and his ExodusPoint cofounder, Hyung Lee, Millennium's equities top gun, recruited several people from their old shop to join the startup.
Rightly or not, the fund was thrust into comparison with the biggest managers in the industry, with potential returns being weighed against those produced at Ken Griffin's Citadel, Steve Cohen's Point72, and, of course, Englander's Millennium.
After close to four years of trading, ExodusPoint can be called both a success and a work in progress.
By many measures, including its ability to raise money and grow, it's proved a raging success. It's managing $13.5 billion, with offices around the world — including London, Paris, Singapore, and Hong Kong — and a headcount close to 700, including 109 portfolio managers, according to an investor update sent at the end of January.
But to the extent that a startup fund unique enough to have close to $14 billion in assets in four years can have direct peers, it has trailed both them and the markets.
ExodusPoint's performance has not been bad; rather, returns have been like a chilly spring day — and to invoke the metaphor favored by "The Wire's" Stringer Bell, "ain't nobody got nothing to say about a 40-degree day."
The fund has also suffered a rash of high-profile exits amid criticisms of its technology and mixed reviews of Gelband's management style.
But insiders say that so far ExodusPoint has performed according to the plan it pitched investors, with an eye on a low-risk launch and a vision for staying power over the long run.
In conversations with more than a dozen employees, industry insiders, and people close to ExodusPoint, Insider got a peek into a firm born of high expectations that's now set on being boringly dependable.
Higher returns could follow
It's a bit unfair to lump all hedge funds into one group. Strategies run the gamut from concentrated equity investors to rapid-fire computer-driven trading models to obscure currency bets.
It's why hedge-fund managers are often frustrated when they're compared to the return of the S&P 500 (especially when they underperform the index). They say their expectation for returns should be based on what they invest in and what their investors are trying to accomplish.
ExodusPoint's investors are among the biggest in the world — pensions, endowments, foundations, sovereign wealth funds — and seem happy enough with its returns. A document from one investor, the Teacher Retirement System of Texas, shows that a $500 million investment in in August 2018 had turned into a little more than $607 million three years later, an average annual return of 7.86%.
A similar bet on the overall stock market in that period would have yielded roughly double the return. Citadel and Millennium recorded some of their top years during that stretch — Englander, for example, told investors that 2020 was the firm's best year in two decades thanks to a 25.9% gain.
But many of ExodusPoint's original investors reinvested in the firm when given the chance. A source close to the firm said 80% of the capital in the manager's second fundraise — which was oversubscribed and pulled in $3 billion — in the spring of 2020 came from existing investors.
The source said the investor base is not looking for "up 20, up 20, down 30," but a more consistent stream of returns.
"They want up 8, 10, 12 every year," this person said.
With interest rates so low, large institutional investors such as the ones with money in ExodusPoint have turned to hedge funds to meet their return needs — mostly safer multimanagers, where the risk of a big blowup is significantly lower. The understanding, then, is that ExodusPoint and other fund managers that have replaced fixed income in different portfolios must avoid crashing and burning.
"They grind out returns, day in and day out," a former portfolio manager said. This person said the big multistrats generally don't want swing-for-the-fences investors manning their portfolio-management teams, but "arbitrageurs" who will methodically churn out returns and slowly make money.
"It's like McDonald's — great business model, shitty burgers," this person said. For both fast-food franchises and multimanagers, consistency is the main draw.
While founders like Point72's Cohen are known for their otherworldly markets knowledge, these funds are attractive to limited partners because they know first and foremost how to manage risk.
ExodusPoint might be the most cautious of the big multimanagers thanks to the firm's short track record and Gelband's fixed-income background.
"It's like the old saying goes: If you're going to start a life-insurance company, the first five people can't die," the source close to the firm said of why a new manager might be even more cautious. Building up industrywide trust takes time.
This is why it might be too early to compare ExodusPoint to other large multimanagers. Those firms often have more of an equity focus given their founders' backgrounds, and they've had decades to perfect their systems. A source close to ExodusPoint said they believe that as more infrastructure is put in place and teams are built out, higher returns will follow.
But the size of the launch and reputation of Gelband — along with the pass-through management fee and 25% of the profits the firm keeps — meant people expected results immediately.
"They're going to have to show their A-game right from day one," Ronan Cosgrave, who leads coverage of multistrats at the hedge-fund adviser Albourne, told Bloomberg before ExodusPoint began trading.
"They don't have the luxury of building a track record quietly behind the scenes."
Millennium's $7 billion man
Getting the largest hedge-fund launch in history up and running would've been an enormous undertaking under any circumstances. Its acrimonious origin story only complicated matters, intensifying the spotlight on the founders and adding hurdles.
Michael Gelband, pictured with his wife Debra, launched ExodusPoint in 2018.
PATRICK MCMULLAN/PatrickMcMullan.com
The partnership between Gelband and Lee dates back to their days at Lehman Brothers, where they held senior management positions overseeing capital markets, including postings in the Asia-Pacific regions. Gelband is credited with warning the bank of the brewing subprime-mortgage crisis, only to be ignored and pushed out in 2007, and then rehired in 2008 to help clean up the mess.
After Lehman crumbled in 2008, the pair reunited at Millennium. Lee oversaw the hedge fund's equities operations, while Gelband built Englander a monster fixed-income trading business and became the heir apparent — for a time.
Lee departed in late 2016, and Gelband wasn't far behind. Frustrated by his inability to pry an equity stake or a larger role out of Englander — who kept adding high-profile execs, like the former Credit Suisse star Bobby Jain, to his roster — Gelband resigned three days into the new year, blindsiding his boss and leaving Millennium flat-footed.
Gelband said in a goodbye email that his trading unit had pulled in $7 billion in revenue in his eight years at the firm, Bloomberg reported at the time.
Gelband and Lee wasted little time persuading former colleagues that the grass would be greener under the roof they were building, ratcheting up the tension with Millennium and sparking an arbitration battle over ExodusPoint's hiring practices.
When the dust settled and ExodusPoint was clear to move forward, Gelband, understandably, was impatient to see results and start deploying the firm's billions, several former employees told Insider.
The firm had raised a daunting $5 billion by early 2018, with just months until its scheduled launch in June and few portfolio managers signed on. The number soon eclipsed $8 billion.
"$8.5 billion is a tremendous amount of capital to allocate and get deployed," a former ExodusPoint employee said of the firm's fundraising success.
The firm hired at a furious pace, bringing on over 100 people in its first year, including 50 portfolio managers across three regions. One early employee recalled interviewing people while wires were still hanging from the office ceiling.
Taking so many new faces from diverse Wall Street backgrounds and building a culture from scratch was an immediate challenge.
With an eye toward breaking down silos and encouraging staff to forget the practices of other funds — including Millennium — Gelband in the first year had one-on-one lunches with dozens of employees at a restaurant around the corner from the firm's Park Avenue headquarters, a person familiar with the matter said.
'It took Izzy 30-plus years in management. Michael wanted it done in 12 months.'
Gelband surrounded himself with not just fellow Millennium renegades but a cadre of colleagues from the Lehman Brothers days. That included Enrico Corsalini, the chief operating officer; Erik Addington, the chief financial officer; Dev Joneja, the chief risk officer; Jim Iorio, the CEO of Europe; Ajay Hariharan, the head of fixed income and risk technology; bond traders Jonathan Hoffman and Alexander Phillips; and Michael Chew, the chief technology officer, who has since left.
Gelband has also filled key roles with three of his children, a move that has raised eyebrows in the industry. Jeff, 34, is the chief operating officer of recruiting; David, 31, is the deputy head of equity and systematic business; and Rick, 29, is a director in fixed income, according to their Linkedin bios.
But the race to launch led to missteps and missed goals, and Gelband was displeased with the firm's single-digit returns, a person familiar with the matter said.
"His perception of time needed for setup was unrealistic," this source said. "It took Izzy 30-plus years in management. Michael wanted it done in 12 months."
Insiders said returns in the first few years skewed toward the two rates traders, Hoffman and Phillips.
At Lehman, Hoffman was known for an unorthodox "lone wolf" trading style that made him the highest-paid employee at the bank in 2008. From Miami, the Treasurys savant reaped $750 million in profits in 2007 and 2008 before Lehman collapsed, and he was awarded more than $100 million in bonus comp. He went on to produce over $1 billion in profits for Barclays, as well as engage in a protracted legal battle to claw back millions in bonus compensation from the Lehman bankruptcy.
Phillips, who spent a decade at Millennium after Lehman, has kept a lower profile and maintains almost no online or media presence.
But their fixed-income relative value strategy — which includes a capital-intensive trading approach known as basis trading that exploits mispricings in Treasury securities — accounted for a majority of the fund's profits in the first two years, people familiar with the matter said.
"At the end of the day, basis trading pays the bills at ExodusPoint," a former fixed-income trader said.
"It was surprising to me how much equity and capital was being put toward equities when fixed-income was clearly the breadwinner," this person added.
While the fixed-income unit remains the driver, people close to the firm say that ExodusPoint has diversified its return stream — a good thing considering how lucrative trades can flip overnight.
Phillips, for instance, lost money in 2021 and early 2022, according to people familiar with the matter, and has since left the firm.
Phillips declined to comment.
Quant struggles
Performance lagged in the firm's equities strategies, and its systematic-trading business got off to a slow start.
Quant strategies are viewed as more stable by prime brokers, and allocating to such strategies can unlock better pricing and more leverage for the fixed-income business, industry sources explained.
But the results have been underwhelming.
The firm invested heavily in bringing aboard quant portfolio managers, people familiar with the matter said, but it took gambles on relative unknowns and overpaid to get them in — not an unusual reality for startup funds that need to convince talent to leave more stable positions.
Many haven't lasted. Just this February the fund parted ways with a handful of quant portfolio managers, people familiar with the matter told Insider.
It wasn't solely a personnel matter. A theme among ex-employees and quant headhunters familiar with the firm is a dim view of its data and infrastructure; some were blunt, calling them "horrid" or "crap."
The idea from the get-go was to build a universal trading architecture agnostic of asset class — one platform to handle research, execution, data processing, and back-testing, regardless of whether it was for fixed income, equities, futures, or FX, a person familiar with the matter said.
But sources said the systematic platform was rushed to market and lacked the leadership and careful attention required to successfully launch such an intensive, costly initiative.
For portfolio managers coming from more established shops, it was like trading in a Ferrari for a Ford Taurus.
A person close to the firm countered that ExodusPoint intentionally recruited only portfolio managers whose strategies and data requirements were supported by the fund's platform. A recent hire is quant Jared Dubin, formerly of LMR Partners.
"When you're talking about building out quant, the infrastructure requirements are massive," one source said. Given the complexity, building a quality quant-trading-and-research platform takes at least two years, industry sources say.
Early stumbles aside, ExodusPoint still has the money, wherewithal, and time to right the ship and produce compelling returns from its algorithmic-trading businesses.
The firm is building out a centralized quant-research team, a group of alpha researchers tasked with generating trading signals, which has shades of Millennium's WorldQuant or Point72's Fusion group within Cubist. A source close to the firm said the timeline for that initiative is unknown and dependent on hiring the right people.
The business of talent
ExodusPoint has evolved into a very different firm than the one it was when it launched. Many of the power players Gelband and Lee recruited to build the firm have exited, including Peter Hornick, now at Brevan Howard, and the rest of the original portfolio-manager recruitment team.
Others in senior positions who didn't last long include:
Val Prasad, head of execution research, now at Anthill Advisors
Ben Filippi, global head of equities and quantitative technology, now at Millennium
Michael Dolan, deputy chief operating officer for equities, now at CIBC Capital Markets
Chris Petrescu, head of data strategy, now at CP Capital
Michael Neus, general counsel, now at the Securities and Exchange Commission
Sonny Baillargeon, global head of infrastructure, now at Point72
Michael Chew, chief technology officer, destination unknown
One source close to the firm described this as the natural byproduct of ExodusPoint's growing up — some people function better as a jack-of-all-trades, suitable for the chaotic needs of a startup but not as valuable when more focus is required.
"Not everybody can make the trip, if you will, to go to that next level," the source said.
Other splashy hires have left the firm in recent years. Take, for instance, Gregoire Vidal, who was poached from Schonfeld — a move that led Schonfeld to sue ExodusPoint and Vidal, alleging breach of contract.
Vidal, who was tasked with building out the firm's quant business, generated headlines with his lawsuit, costing ExodusPoint plenty in legal fees on top of the salary and benefits he was being paid. Despite all this, he left last spring after three years at the fund to join Brevan Howard in a similar role.
Ryan Sandor, a top moneymaking portfolio manager in index rebalance — a strategy that's become incredibly popular among hedge funds in recent years — decamped for Citadel last summer.
"Anyone can hire anybody," a former executive said. "To retain them is really the endgame."
Eat, sleep, and breathe ExodusPoint
ExodusPoint has a mathematical formula for cutting portfolio managers' allocations to prevent significant drawdowns, though the specifics of this formula weren't expressed to traders, some former employees told Insider. One former portfolio manager said decisions on capital allocation at times seemed capricious and disconnected from performance — capital sometimes was cut when performance was strong, while no action was taken during other fallow periods.
Some former portfolio managers complained that management didn't enable them to take swings when opportunities arose.
Another frustration for some was how closely their positions were monitored by Gelband.
"Every trade I made, I had to think, 'What would Mike think?'" a former trader said. They eventually left the firm because they weren't able to trade in the style they wanted.
Another former trader echoed that description, calling Gelband "very hands-on." He said that while he had no qualms about it, he observed that it rubbed some other people the wrong way.
"If you have a big swing in either direction, he wants to know what it's from. If he wants you to cut positions, he'll tell you that day, not that quarter," this former trader said, adding that he viewed Gelband as a brilliant manager of portfolio managers, knowing when to rein them in and when to cut them loose.
Former portfolio managers said Lee managed traders with a lighter touch on the equities side of the business, recalling monthly or quarterly meetings with little interference beyond that.
"It was a pretty hands-off approach so long as we remained within the risk limits," one former trader said.
Despite the churn, ExodusPoint has snagged some talented people. Their macro unit has been bolstered over the past nine months with three notable hires: Pablo Duran Steinman, a former Soros family-office trader; Eisler Capital's Mukesh Murarka; and Graham Capital's George Saghir. Erik Schiller, a former Prudential executive, and one-time Citadel quant Frank Fehle were brought into the ExodusPoint fold last year, among dozens of other portfolio managers and analysts. Robert Bovo, an long-short portfolio manager poached from Millennium in 2019, was given a new unit — WestWind Asset Management — to run earlier this year.
Gelband meets with every portfolio manager at least once a quarter and typically more often than that, sources told Insider. He and Lee play a significant part in the recruiting process, something industry sources say sets them apart from other multimanager heads.
A source close to the firm said Gelband and Lee see themselves as owner-operators and believe their experience across different roles and in different geographies lets them relate more to their employees. This person added that Gelband and Lee, unlike founders of their competitors, have worked in roles other than CEO in the past decade, helping them relate more to their traders and analysts. They've also worked in satellite offices in Asia in their careers, making them sensitive to the needs of employees outside headquarters.
This person said that any overbearing behavior comes from the fact that the pair — who don't run their own books — eat, sleep, and breathe ExodusPoint, with no outside interests like "sports teams" taking up their attention.
Despite early hiccups and setbacks — features of nearly any startup — ExodusPoint remains on an upward trajectory, and headcount and assets under management continue to swell.
Investors aren't balking at the lukewarm returns thus far, insiders say, as the hedge fund is living up to its pitch of steady, low- volatility performance. So long as investors remain patient — and thus far they've eagerly invested more assets with the fund when given the opportunity — ExodusPoint has the resources to scale the summit where just a few remaining multistrat giants overshadow it.
"Once you get the portfolio built out and the teams in place and the systems in place and firing correctly," the source close to the firm said, "you can take more risk, you can let people operate properly."
More: ExodusPoint Millennium Izzy Englander
Michael Gelband
Hyung Lee | 2022-04-21T19:10:23Z | www.businessinsider.com | Inside ExodusPoint: Wins, Losses of Largest Hedge-Fund Launch Ever | https://www.businessinsider.com/exoduspoint-capital-management-hedge-fund-michael-gelband-performance-2022-4 | https://www.businessinsider.com/exoduspoint-capital-management-hedge-fund-michael-gelband-performance-2022-4 |
Experts warn that mandating in-person work risks 'erasing the gains' of diversity efforts
For nonwhite workers, the switch to remote work during the pandemic meant the absence of code-switching.
A new survey found that parents and employees of color were more likely to favor flexible work.
But requiring in-person work could "erase the gains" of DEI efforts, one career expert said.
Companies should be wary of losing talent and discriminating against remote workers, experts said.
While companies pay a lot of lip service to diversity and inclusion initiatives, the corporate push to return to the office may be undermining those efforts.
New data from Future Forum, a research group from Slack and its partners, found that more than a third of the 10,000 employees surveyed had returned to the office five days a week, an all-time high since the group started its quarterly survey in June 2020.
But the survey found that workers from historically underrepresented groups were slightly more likely to want flexibility in work: 81% of Hispanic workers and 79% of Black workers said they preferred hybrid or remote work, compared to 77% of white workers. A separate 82% of working mothers said they wanted location flexibility.
For working parents, remote work has been a lifeline in the pandemic. For nonwhite workers, the switch to remote work during the pandemic meant the absence of code-switching — changing appearance, mannerisms, and behavior for a predominately white workplace. Companies choosing to return to the office may be sacrificing the well-being of these employees. The potential consequences are severe: Without giving workers flexibility, experts say, companies risk losing talent, creating discriminatory promotion practices, and facing numerous lawsuits.
"Flexibility is a key part of driving inclusion," Sheela Subramanian, the vice president of Future Forum, told Insider. "If we continue to see the behavior of certain groups going back to the office full time, we run the risk of erasing the gains that we've seen over the last few years when it comes to that sense of belonging."
Disparities in in-person work could lead to proximity bias
Future Forum's latest data suggested that in-person workers of color also experienced a lower sense of belonging than remote workers. Subramanian said that when her team initially saw this trend, it seemed counterintuitive. How could employees feel more connected when they saw their coworkers less?
But her team brought on Brian Lowry, a professor at Stanford, to look at the data. His insight: Employees of color no longer have to code-switch at work.
"Code-switching takes a toll on people," Subramanian said. "Reducing that or removing that entirely removes the friction of work. So we're able to focus more on the work itself, rather than fitting in."
For months, experts have sounded the alarm about proximity bias with remote and hybrid work. If white men are most likely to return to the office and managers promote workers who they see the most in person, a couple rounds of promotion may exacerbate pay inequality.
"If you're an executive or a board and you're concerned about inequality, you better do something proactive today because changing the way management leads is a multiyear process," Tommy Weir, the CEO of the AI workplace platform Enaible, told Insider in August.
This isn't only a problem for diversity, equity, and inclusion efforts. It's also illegal, and Weir said companies could face "numerous lawsuits" if they failed to adjust their management practices. Employers are legally obligated to provide equal pay for equal work under the Civil Rights Act, the Americans With Disabilities Act, and the Equal Pay Act.
Subramanian said that when she asked employers why they chose to return to the office, managers often said they needed to return to in-person work because they wanted to see that employees were working. But that points to a deeper lack of trust that should also be reconsidered, she said.
"People who want to return to the office are usually white, they're men, they're executives, whereas those who want more flexibility are employees of color, working parents, and caregivers," Subramanian said. "They need to be very clear about proximity bias."
The risk of losing more workers to the Great Resignation
Companies are setting hiring goals to increase diversity, but Subramanian said they may fall short if they return to a rigid work schedule and lose more employees to the Great Resignation. The survey found that workers without location flexibility were 20% more likely to say they would look for a new job.
Ariane Hunter, an author and the founder of My Mentors Circle, a career group for Black women, said job seekers are making it clear that they value location and schedule flexibility. She said that industries that are especially demanding of their employees, such as hospitality and healthcare, were already seeing turnover in the Great Resignation.
It's clear that remote and hybrid work lead to more balance and less stress, Hunter said. Flexibility was a necessity for working parents when schools shut down in the pandemic, but having to go back has shown parents that they still need time to care for their children, she continued.
"People of color are at the forefront of more remote work and advocating for that because of dynamics in the workplace, like microaggressions," Hunter said. "This is a testament to the healing that needed to be done and the damaging impacts of an intense, pressure-filled work environment."
More: future forum Slack Flexible Work | 2022-04-21T19:10:53Z | www.businessinsider.com | Mandating in-Person Work Risks 'Erasing the Gains' of DEI Efforts | https://www.businessinsider.com/return-to-office-mandate-risks-diversity-inclusion-efforts-2022-4 | https://www.businessinsider.com/return-to-office-mandate-risks-diversity-inclusion-efforts-2022-4 |
Shopify intends to acquire e-commerce startup Deliverr in the next two weeks. Experts say the pricey deal may be what the company needs to get its fulfillment efforts back on track.
Emma Cosgrove and Madeline Stone
Shopify intends to acquire Deliverr for between $2.3 and $2.7 billion, Insider has learned.
Deliverr was valued at $2 billion as of its $250 million Series E round in November.
Bloomberg was first to report the talks between the companies.
Shopify is planning to acquire e-commerce fulfillment startup Deliverr for a price between $2.3 billion and $2.7 billion, according to a source with knowledge of the deal. If the deal goes through, it is expected to be finalized in the next two weeks, according to the same source.
Bloomberg was first to report the potential deal April 20. Representatives for Shopify and Deliverr did not immediately return Insider's request for comment.
Deliverr knits together disparate, independent warehouses with a common software layer. The startup allows relatively small sellers to leverage a nationwide warehouse network and facilitate faster shipping. It caters to marketplace sellers across platforms like Walmart, eBay, Google Shopping, and Shopify. It was most recently valued at $2 billion after raising a $250 million Series E in November.
Shopify sought to build a similar software network, but the task proved more difficult and time-consuming than the company originally planned, one former Shopify Fulfillment Network executive and one former executive from its 2019 acquisition 6 River Systems previously told Insider.
Shopify cut loose several independent warehouses within its fledgling network in January and announced changes to the original plan in February. Those changes include a push to operate its own buildings using software built in-house "while still using partner software in some cases," Shopify CFO Amy Shapero said in a February earnings call.
On the call, company leaders said its ultimate goal is to allow merchants to offer two-day delivery to more than 90% of the US. They also said the company would invest $2 billion through 2024, an increase over the $1 billion it had initially pledged when it first launched the network. Shopify had spent $117 million of that initial investment as of February, Shapero said in the earnings call.
According to Matthew Hertz, cofounder of e-commerce consultancy Second Marathon, the acquisition would help the company offer 2-day shipping, something it has long promised to do.
"Deliverr's network can help Shopify achieve and accelerate these goals," Hertz said.
Without Deliverr, Shopify has years of work ahead to get anywhere near competing with Amazon's Fulfillment By Amazon Service, according to former Shopify employees and others in the fulfillment space. Though Deliverr's service is structured very differently, Hertz said it could bring Shopify much closer to that goal than the company has been able to get on its own.
"I've always thought of Deliverr as replicating what FBA does for Amazon merchants, but for everyone else," Hertz said. Like Shopify's current fulfillment offering, Deliverr allows retailers to ship their inventory to a single location for Deliverr to distribute among the warehouse network.
Angelo Zino, senior investment strategist at CFRA Research told Insider the deal would be a positive addition to Shopify's fulfillment effort, albeit at a "hefty cost."
"We think investors remain skittish of SHOP's aggressive investment plans this year coupled with its hefty valuation," he said. Shopify's stock continued to drop Thursday morning after a more than 10% drop on Wednesday.
The Deliverr deal would be Shopify's largest acquisition to date. In 2019 it acquired 6 River Systems, a company that builds fulfillment software and warehouse robotics, for $450 million. That company was intended as an unlock Shopify's plans for its fulfillment network, and it's team has been involved in Shopify's efforts to develop fulfillment software internally.
But aside from the purchase of 6 River Systems, Shopify's acquisitions have largely taken the form of acqui-hires, meaning they typically acquire smaller startups with the intention of recruiting their employees. Its 2018 acquisition of social shopping startup Tictail and its 2021 purchase of AR startup Primer are examples of that trend.
Got a tip? Contact these reporters at mstone@insider.com or ecosgrove@insider.com, or on the secure messaging app Signal at (646) 889-2143 using a nonwork phone.
More: Retail Acquisition Shopify | 2022-04-21T19:10:59Z | www.businessinsider.com | Shopify Plans Roughly $2.5 Billion Acquisition of Deliverr | https://www.businessinsider.com/shopify-plans-billion-acquisition-of-deliverr-2022-4 | https://www.businessinsider.com/shopify-plans-billion-acquisition-of-deliverr-2022-4 |
Julia Hood
Securities and Exchange Commission Chair Gary Gensler at a Senate Banking, Housing, and Urban Affairs Committee hearing on September 14.
The SEC has proposed rule changes that would require registered companies to disclose climate risk.
SEC Chair Gary Gensler told us how they would help investors and how they fit in a "long tradition."
As chair of the Securities and Exchange Commission, the MIT and Goldman alum Gary Gensler has taken on special-purpose acquisition companies and set the agency's sights on cryptocurrency. Now, he's trying to make financial filings greener.
In an exclusive interview with Insider, Gensler explained a proposed rule change at the agency that would require registered companies to disclose in financial filings how they're meeting publicly stated sustainability goals, how climate change affected their business strategy and their direct and indirect greenhouse gas emissions. To make it an official rule, the SEC will need to receive comments from investors and companies and draft a final rule with consideration of that public commentary. If adopted, it will become an official rule that governs the securities industry.
The proposal would require companies to include details on how climate-related risks influence financial performance, as well as the company's strategy, business model, and outlook. It would also mandate targets and reported data on greenhouse-gas emissions, whether they're direct, from purchased sources, or in the supply chain. And it would demand timelines and progress reports on publicly stated climate goals.
Proponents of the rule change say the rule would protect investors by giving them more consistent information and hold companies accountable to their public promises, while critics say the agency is overstepping its authority and trying to enact what's essentially climate policy.
"I believe the SEC has a role to play when there's this level of demand for consistent and comparable information that may affect financial performance," Gensler said in the announcement. "Today's proposal thus is driven by the needs of investors and issuers."
The following is an edited transcript from our interview with Gensler, which took place on Thursday.
How do you respond to critics who say that the proposal is an overreach of the SEC's role and that climate policy should best be left to lawmakers?
I think this is in our long tradition. The SEC is a disclosure-based agency, and the basic bargain of the 1930s was investors get to decide what they want to invest in. But companies raising money from them have to have full and fair disclosure and not lie to them.
For the first time, in the 1960s we added disclosure about risk factors. In the 1970s, we addressed an emerging piece of disclosure called environmental disclosures. Late in the '70s and early '80s, we added management discussion and analysis.
I give a little bit of that history to say that this is just very much in line with what we've done for these eight or nine decades.
We [in March] put a proposal out also on cyber risk disclosure, separate from the climate risk. Because think of the times we're living in the 2020s.
Investors are already making decisions based on climate-risk disclosures. Hundreds of companies in the US, thousands of companies around the globe, are making disclosures around climate risk. We can play a role in helping bring some standardization to that, or what we like to call consistency, comparability, and decision usefulness.
To your point that so many companies are voluntarily disclosing, isn't the market naturally pushing companies in this direction already?
Mandatory versus voluntary has a lot of economics behind it. It's about standardization, and it actually helps lower the cost to issuers.
If the issuers are looking left and looking right at their competitors that are making the disclosures in a different way than they're making them, and investors are looking at these various issuers and seeing a different [standard] — or voluntary, so some aren't even making it — that's actually less efficient for the overall capital markets than if there's some consistency and, yes, making it mandatory.
We have other standardization in society, and you can think of it around how we measure things. We Americans talk about mph, not in kilometers. But imagine if somebody said, "I want to measure things, not in miles or kilometers, but I want to measure it in — just however you and I decide to measure something."
So there's a lot of efficiency in it. We're a disclosure-based regime. That which we're mandating here is, in many cases, how to make disclosures if you have something.
If a company has a target that they've said publicly that they're going to have to lower their greenhouse gas emissions or have some other science-based target, then we say, "Well, here's how. You have a mandate to disclose how you're measuring against the target, how you're managing against that target." But there's no mandate to have a target.
Transition plans are another thing. If you have a transition plan, here's some disclosures about it, but we don't mandate you have it.
Similarly on scenario analysis, similarly on if you use carbon prices or internal carbon prices.
We do mandate disclosure of Scope 1 and Scope 2 greenhouse gas emissions. [Editor's note: Scope 1 emissions are direct greenhouse emissions from sources controlled by an organization, and Scope 2 are indirect greenhouse emissions that "occur at the facility where they are generated."] We propose various ways to make that consistent and comparable. But that again, it's built on what companies are already doing.
But similarly, we mandate that you disclose risk factors. We mandate that you disclosed management-discussion analysis and executive compensation. [These] are things that investors today have come to rely upon, which have been mandated in the past.
Is there a chance that companies with relatively low climate risk will be unduly burdened by the rule?
We're trying to bring some consistency there, but we've taken a bit of a tailored approach in phasing the timing of when the disclosures would happen. Or, for instance, with regard to greenhouse gas emissions, we've said that the Scope 3 would only be if it's material or if you've set a target — but not the small reporting companies.
On Scope 1 and 2, there's an additional attestation requirement. You might call it an audit or assurance requirement but, again, not on the small reporting companies.
Scope 3 includes indirect emissions not controlled by a company. Would the materiality of those emissions disclosures be something that the companies would determine, or would those underpinnings be set by the SEC?
Well, materiality has long been enshrined in the securities laws and by the Supreme Court and the SEC, but the actual determination is fact- and company-specific: The substantial likelihood that a reasonable investor finds the information significant in the total mix of information when they make an investment decision.
That's laid out by the Supreme Court and by the SEC over the decades, but the individual circumstance is fact- and company-specific.
What are the top priorities for investors from your point of view?
Last year, Allison Lee, as acting SEC chair, put out a questionnaire, technically a request for comment, and we got about 600 unique comments. A lot of investors shared their thoughts on that.
There was significant support for disclosures around the topics we put in the final release. That if [a company] has a target plan, a transition plan, a scenario analysis, to know about it.
If somebody makes a public pronouncement that they're going to achieve some goal, to have disclosures about how you're making progress and how you might change your business strategy related to that, that public statement, and around greenhouse gas.
Today, investors are making decisions based on climate-risk disclosures that companies are making now. It is about consistency and comparability, but it's also the usefulness of the information. So we tried to build on the framework of what companies are already doing and this global framework called TCFD.
We look forward to hearing from investors and chief investment officers running significant portfolios to individual investors — we need that public input.
It's impossible right now for topics like this not to get politicized. How do you hope to engender bipartisan dialogue and consensus?
Our role at the SEC is defined by Congress. It's got the foundation of building on what's already happening in the disclosure regime on climate risk, and even this TCFD was put together by 30 or so private-sector actors.
We do it through good economic analysis. We do it through conversations like this with the media. We do it through the notice and comment process.
I'm not going to prejudge if and how and when we adopt something but to take that public input and, as I say, lead some consistency and reliability on the dialogue that's already going on.
Here is a link to the SEC's full proposal, a fact sheet, and instructions on how to send the SEC a comment. The deadline for submitting feedback is May 20.
More: Financing a Sustainable Future SEC Securities and Exchange Commission 10-K | 2022-04-21T19:49:33Z | www.businessinsider.com | SEC Chair Gary Gensler Interview: Proposed Climate Rule | https://www.businessinsider.com/sec-chair-gary-gensler-benefits-of-the-climate-change-rule-2022-4 | https://www.businessinsider.com/sec-chair-gary-gensler-benefits-of-the-climate-change-rule-2022-4 |
Kimberly Leonard and Nicole Gaudiano
Democratic Reps. Tray McCurdy of Orlando, Angie Nixon of Jacksonville, and Felicia Robinson of Miami Gardens sit on the Florida Seal in protest as debate stops on Senate Bill 2-C: Establishing the Congressional Districts of the State in the House of Representatives.
Phil Sears/AP Photo
The Florida House stalled debate on a congressional map as Democratic protests erupted.
Democratic lawmakers have warned the new maps would suppress Black representation.
Republicans likened the protest to the violent January 6 attack on the US Capitol.
Republican state lawmakers in Florida are comparing a Democratic protest over the state's controversial new congressional map, which will eliminate two districts held by Black Democrats, to the violent January 6 attack on the US Capitol.
"What occurred there was far worse than what happened on January 6," Republican state Rep. Randy Fine told Insider after the vote on the map. "There's no question. January 6 was a bunch — was a few hundred clowns who acted like idiots in the Capitol. Nothing was ever at risk. These are actually elected members of the legislature attempting to impede its function. It's far worse. These are constitutional officers who've literally violated their oath of office."
Chanting "stop the Black attack," Florida House Democratic lawmakers staged a sit-in over the controversial redistricting bill, which was designed by Republican Gov. Ron DeSantis and will eliminate two of the state's four districts represented by Black Democrats and create four more GOP-leaning districts.
Fine called the protesters "toddlers" and downplayed the January 6 attack, claiming that just one person had died and "they sort of brought it on themselves" by invading the Capitol. Even though one protestor, Ashli Babbitt, was shot by police, three others died from during the attack, including from heart-related problems. Five police officers died in the days and weeks after the attack.
Fine said Democrats protesting at the Florida House "violated their oath of office."
He added, "One could argue it's treason."
Rep. Spencer Roach, a Republican of Fort Myers, used similar language as Fine describe the Florida House protest.
"House Democrats are staging an insurrection on the House floor to obstruct the democratic process," he wrote on Twitter. "Shameful."
—SpencerRoach (@SpencerRoachFL) April 21, 2022
Republican state Rep. Blaise Ingoglia tweeted, "I think we need a 4/21 committee."
Ingoglia's tweet mocked the House January 6 Committee, which has been investigating the attack and former President Donald Trump's involvement in it.
—Blaise Ingoglia 🇺🇦 (@GovGoneWild) April 21, 2022
Fine told Insider the reason for the disruption was "their desire to foment a constitutional insurrection."
"That's what it is. I mean, interfering in the ability to create congressional maps, which is a constitutional duty of the states," he said.
—Alex Andrade (@RAlexAndradeFL) April 21, 2022
During the protest, Black lawmakers sat on the Florida House floor and sang "We Shall Overcome," according to a video from Forrest Saunders, a reporter for E.W. Scripps.
—Forrest Saunders (@FBSaunders) April 21, 2022
"Ron DeSantis does not care about Black people," Rep. Angie Nixon, a Democrat of Jacksonville, told Saunders in a video posted to Twitter. "I will not bite my tongue. There is an incessant attack on Black people in the state of Florida."
Some Democratic lawmakers, including Sen. Shevrin Jones, spoke out against the January 6 comparisons on social media, "These two are not the same," he tweeted, showing pictures of the protest and the January 6 attack on the Capitol.
—Shevrin “Shev” Jones (@ShevrinJones) April 21, 2022
GOP House Speaker Chris Sprowls called the body into recess, which turned off the Florida Channel cameras, but reporters were still in the room filming the protest. Some reported on Twitter that they were kicked out 40 minutes into the protest.
—Matt Dixon (@Mdixon55) April 21, 2022
When lawmakers returned from recess, they passed the bill along party lines, 68-38, despite loud protests from Democratic lawmakers.
—Kirby Wilson (@KirbyWTweets) April 21, 2022
After the protest, Sprowls tore into House Democrats, accusing them of trying to "hijack the legislative process."
The latest vote over redistricting comes after DeSantis vetoed another redistricting bill the legislature sent him and called a special session to focus on redistricting. His office provided the map to the legislature to consider.
"We are not going to have a 200-mile gerrymander that divvies up people based on the color of their skin," DeSantis said last week at an event in Miami. "That is wrong. That's not the way we've governed in the state of Florida. And obviously that will be litigated."
DeSantis is up for reelection in November and state lawmakers have largely fallen in line with his requests on a variety of issues. The new redistricting map is headed to his desk and is expected to result in lawsuits.
More: Florida Ron DeSantis Redistricting Race | 2022-04-21T19:49:39Z | www.businessinsider.com | State Republicans Liken Redistricting Protest to January 6 | https://www.businessinsider.com/state-republicans-liken-redistricting-protest-to-january-6-2022-4 | https://www.businessinsider.com/state-republicans-liken-redistricting-protest-to-january-6-2022-4 |
Yes, FaceTime uses data — here's how to check how much it's using
FaceTime video calls can take up a lot of data.
FaceTime calls do use data if you're connected to cellular internet.
You can save data by connecting to Wi-Fi before making FaceTime calls.
To check how much data FaceTime has used, open the "Cellular" menu in the Settings app.
Mobile data plans can be incredibly expensive. And even with an "unlimited" plan, using too much data in one month can lead to lower speeds and even fees. This is an issue for fans of video-chatting apps — like FaceTime.
FaceTime uses a lot of data
Yes, FaceTime uses data. In fact, it uses more data than most other apps. Very few things take up more internet bandwidth than streaming video, making FaceTime a potential data hog.
There are a few ways to avoid using so much mobile data on FaceTime. The easiest of these is to connect to a Wi-Fi network before making calls — this way you'll stream video using Wi-Fi, not your cellular plan.
You can also turn off your camera while on the call, and ask anyone you're calling to turn off their camera too. This reduces the amount of video you're streaming, which saves data.
Other than that, all you can really do is keep your FaceTime calls short, and avoid calling more than one person at a time.
How to check how much data FaceTime is using
Every app on your iPhone and iPad records how much data they use every month (or "billing period"). You can find these records for the current and last billing periods in the Settings app.
Open the Settings app and tap Cellular, near the top of the list. Then scroll down to the list of all your apps and find FaceTime in the list.
Under the name of the app, you'll see how much data it's used this billing period.
The list is sorted by which apps use the most data.
You can also tap the small switch next to the app to toggle whether or not the app is allowed to use cellular data. If you flip the switch off for FaceTime, you won't be able to make any calls unless you connect to Wi-Fi first.
TECH How to use filters and stickers in FaceTime on an iPhone or iPad
More: Tech How To FaceTime Data cellular data | 2022-04-21T20:41:37Z | www.businessinsider.com | How to Check How Much Data FaceTime Uses | https://www.businessinsider.com/does-facetime-use-data | https://www.businessinsider.com/does-facetime-use-data |
Tetiana Gladchenko recounted her days-long journey from Ukraine to Boston with Insider.
Tetiana and Art are two of over 5 million Ukrainian refugees who have fled the country since the war started, according to the latest United Nations figures. Another 7.7 million people are displaced internally, as the international community scrambles to support and contain a growing humanitarian crisis.
A days-long journey for Tetiana and Art saw them traveling to Poland, where they flew to Germany and then finally to Boston, where Tetiana's sister lives a short drive south.
More: Speed desk Ukraine Russia Refugees | 2022-04-21T20:41:38Z | www.businessinsider.com | Inside the Backpacks of Ukrainian Refugees Who Fled to the US | https://www.businessinsider.com/inside-backpack-ukrainian-refugee-fled-russia-war-to-us-2022-4 | https://www.businessinsider.com/inside-backpack-ukrainian-refugee-fled-russia-war-to-us-2022-4 |
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