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Netflix wants to build an ad business. Here are 10 executives who could lead the charge.
Natalie Jarvey and Ashley Rodriguez
L to R: Jeremi Gorman, Kirk McDonald, and Scott Rosenberg.
Snap; Rich Polk/Getty Images for Xandr; Roku
Netflix co-CEO Reed Hastings said the company is considering an ad-supported subscription tier.
Insider asked 7 ad industry experts about who Netflix should hire to build its advertising business.
Sources suggested media experts like Scott Rosenberg and Jason Kilar or tech pros like Carolyn Everson.
Netflix CEO Reed Hastings shocked the media and advertising worlds on Tuesday when he said, after years of resisting ads and in the wake of its first subscriber loss in years, the company would explore introducing a cheaper ad-supported tier for its service.
The pivot comes as other major streamers, including HBO Max , Peacock, and soon Disney+, have launched ad-supported plans at lower price points to grow their subscriber bases. In fact, a Morning Consult survey from March found that a majority of respondents globally — including those in key markets for Netflix like South Korea, the US, and India — preferred to subscribe to a low-cost streaming service supported by ads over a pricier ad-free service.
"Those who have followed Netflix know that I've been against the complexity of advertising and a big fan of the simplicity of subscription," Hastings said during an earnings call. "But as much as I'm a fan of that, I'm a bigger fan of consumer choice."
Hastings added that the company is in the early stages of considering advertising, telling investors it's "something we're looking at now, we're trying to figure out over the next year or two."
An ads tier could require Netflix to overhaul its streaming platform, renegotiate its content rights, and build up a team to facilitate the selling of ads. The company would need a seasoned exec to run the operation.
Insider spoke to seven industry experts about what kind of executive Netflix might seek to spearhead its foray into this new territory. Several said that the tone of Hastings' comments revealed just how early in the R&D process the company is. And the company currently doesn't list any advertising-related positions on its job board.
But looking ahead, these sources said Netflix could hire a media exec who has experience building a streaming-first advertising business. Hastings referenced Hulu twice during his earnings call remarks, suggesting he's been keeping tabs on how the streaming pioneer has integrated advertising.
"If you really want to do this right, you want to bring in Jason Kilar and his whole ad team from the original Hulu," said LightShed media analyst Rich Greenfield. "The entire team is sitting and available as we speak." Berna Barshay of at Empire Financial Research concurred, saying, "Clearly that cohort knows what it takes to create an ad supported tier."
Insiders suggested Netflix might instead look to executives from the advertising and technology industries — people like outgoing Roku platform boss Scott Rosenberg, ex-Facebook exec Carolyn Everson, or Snap chief business officer Jeremi Gorman. Or it could seek more of a sales veteran — someone like Snap's Peter Naylor or WarnerMedia's's recently departed head of ad sales Jean-Paul Colaco — who has an established rapport with top advertisers.
International experience would be a plus, given that the markets where Netflix could benefit most from a cheaper ad-supported tier are outside of the US, in places like India.
Hastings also suggested on Tuesday that the company might look to outsource much of the work of selling advertising. "We can be a straight publisher and have other people do all of the fancy ad matching and integrate all the data about people," he said, adding that this would allow Netflix to "really be focused on our members."
Barshay expects Netflix will ultimately search for an exec with a track record of prioritizing storytelling and customer experience over ads. "It's going to be a balance of customer experience and respecting the storytelling, while maximizing the monetization," said Barshay. "One of the things Netflix has always been so good at is working with talent, and if there is any bristling around this idea of ad load coming in, somebody from the media side might be more nuanced in balancing those competing interests."
Here are 10 media and advertising leaders who could be potential candidates to run Netflix's ad business once the company forms its core strategy.
Carolyn Everson
Facebook's former global ads chief, Carolyn Everson, "would be an inspired choice" to run Netflix's ad business, one media-industry source told Insider.
Everson helped build Facebook into a digital-ad juggernaut over her decade at the social network, during which time she was also a key liaison for ad buyers during controversies such as a 2020 ad boycott. Facebook will command roughly a quarter of US digital ad revenue this year, eMarketer estimates.
Everson exited Facebook in 2021 and spent a three-month stint at grocery-delivery company Instacart before leaving without another job lined up. She also held senior ad sales roles at companies including Microsoft and Viacom (now part of Paramount Global) earlier in her career. Her LinkedIn profile says she is "open to work" and she'd bring to Netflix experience scaling a global ads business.
Jeremi Gorman
In her nearly four years as Snap's chief business officer, Jeremi Gorman has built a reputation as a collaborative executive who can work across product and advertising sales.
Under her leadership, Snapchat has become a formidable advertising platform, one that brought in $4.1 billion in revenue last year. It offers a suite of innovative offerings that are particularly popular with media and Hollywood brands like Netflix looking to reach the app's young, entertainment-loving users.
Amazon veteran Gorman also has industry know-how, having served as head of entertainment advertising sales at the $31 billion ads powerhouse before rising up the ranks to becoming head of global field sales.
Gorman — a UCLA alum who is also an investor in LA's women's soccer team, Angel City FC — has a track record for recruiting, which would be key for Netflix as it builds out an advertising team.
Jeremy Helfand
As the head of advertising platforms for Disney's media, entertainment and distribution group, Jeremy Helfand knows how to create advertising solutions for streaming companies at scale. His promotion to the role in 2020, after he ran the ad platform business at Hulu for three years, came as the entertainment company looked to develop a unified ad platform.
Helfand is currently busy preparing to introduce an ad-supported tier to Disney+ in late 2022. He also continues to oversee advertising tech at Hulu, an early pioneer in the ad-supported streaming space that delivers advertising via both its on-demand content and its live TV product.
The product-minded leader previously held roles at Adobe, where he launched and built its Primetime TV platform, and at early web company Advertising.com.
Since Hastings has been keeping an eye on Hulu, some experts suggest perhaps he should hire the team that built Hulu's advertising business in the first place.
Jason Kilar is currently a free agent, having departed as WarnerMedia's CEO after the company's merger with Discovery was complete. And two of his top WarnerMedia deputies — CTO Rich Tom and ad sales chief Jean-Paul Colaco, who were instrumental in the creation of Hulu's early ad business — are following him out the door. They introduced an ad-supported tier for streamer HBO Max in 2021.
"If you go out and get those three people, you can build an ad business," said LightShed media analyst Rich Greenfield. "They've done it twice."
Colaco, in particular, would bring decades of advertising experience to Netflix. He served as a senior vp of business development at Disney, reporting directly to CEO Bob Iger, in the early 2000s before jumping to then-upstart Hulu to build its ad business, overseeing sales, operations, and technology for the streamer.
In his six years with Hulu, Colaco grew its ad sales to $500 million in annual revenue and assembled a team of 150 people. Since Hulu, he's worked as CRO at VR startup Jaunt and as a senior leader for Apple's search ads group.
Hastings has shown his respect for Kilar in the past. When the former Amazon executive got the top WarnerMedia job, Hastings tweeted that it was "scary for us to have you there, but great for the world that HBO will be strong." And in a recent press tour, Kilar was vocal that Netflix needs to get into advertising if it wants to grow to one billion subscribers.
OpenAP
If Netflix plans to outsource a chunk of its ad operations, it would help to have an ad-tech expert who knows the landscape and has worked on both sides of the TV ad-buying equation.
David Levy is the CEO of OpenAP, a consortium of major TV networks like Disney, Fox, and NBCUniversal that aims to create standards for buying, targeting, and measuring TV ads. It runs a marketplace that pools network viewership data and provides ad-buying software to find audiences.
Before joining OpenAP, Levy co-founded True[X], an interactive video company that was acquired by Fox Networks for $200 million in 2014. He later oversaw Fox Networks' sales team, as EVP of strategy and operations.
Firework's Jeff Lucas has a background in ad sales, tech, and TV that could make him a compelling pick.
He joined in August as chief revenue officer at the short-video app, a competitor to TikTok, that's focused on live streaming and shoppable video.
He previously held top ad-sales roles at Verizon Media, Snap, Viacom (now part of Paramount) for more than a decade, and NBCUniversal.
Kirk McDonald
Rich Polk/Getty Images for Xandr
GroupM's Kirk McDonald could also make a worthy candidate to run a Netflix ad business, one source suggested, given his digital ad sales background and ad tech experience.
The media agency's North America CEO previously held senior roles at Xandr, the advertising and analytics business that AT&T formed following its acquisition of ad-tech firm AppNexus. McDonald was the division's marketing chief for about two years, and went on as chief business officer to run the unit for a stint after former CEO Brian Lesser departed.
McDonald has a ton of other digital ad-sales and publishing experience as well. He held senior roles at AT&T Advertising and Analytics, marketing-automation software firm Pubmatic, Time Inc., Fortune|Money Group, CNET, and more.
Peter Naylor
Two sources pointed to Peter Naylor, the charismatic former SVP of advertising sales at Hulu who now leads American sales for Snap under CBO Jeremi Gorman, as someone Netflix should consider calling.
The NBCUniversal and iVillage alum, who has served on the board at IAB for two decades, was at Hulu during a period of sustained growth in its advertising business. He also brings close relationships with Madison Avenue, which will be important for Netflix to build as it enters the advertising arena.
A hire like Naylor makes sense only if the streamer's ambitions expand beyond the strategy Hastings floated of outsourcing to a third party to sell its inventory. Multiple people told Insider that they expect Netflix will ultimately realize the value of offering a premium advertising solution for brands, which would play into Naylor's more white-glove approach.
If Hastings wants to hire a tech-minded executive who knows how to build an advertising business from the ground up, then Scott Rosenberg would be an obvious choice, two sources told Insider.
The outgoing Roku executive — he is expected to depart the company this spring after a transition period during which he recruits his replacement — was a founding member of Roku's platform business and launched its push into advertising in 2013. As Roku's platform chief, where he has overseen revenue, partnerships, product, marketing, operations, and analytics, the Rovi alum grew the business to $2.3 billion in annual revenue.
Netflix and Roku already have a history — Roku CEO Anthony Wood originally was hired to build a set-top box for Netflix but struck out on his own after the streamer decided not to pursue that business opportunity.
Tara Walpert Levy
Tara Walpert Levy, YouTube's VP of Americas, is a longtime, well-regarded Google executive who could help Netflix make inroads into the ad community.
No company has more experience building and scaling a global streaming ad business than YouTube, which eMarketer estimates will capture 38.7% of US CTV ad spending this year.
Walpert Levy joined YouTube in November but has worked closely with marketing partners at both Google and YouTube for years. She was previously Google's VP of agency and brand solutions and led ads product marketing across Google, YouTube, and DoubleClick before that. She's been with the company since 2011. | 2022-04-21T20:41:39Z | www.businessinsider.com | Netflix Ad Business: 10 Executives Who Could Lead the Charge | https://www.businessinsider.com/netflix-ad-business-executives-media-tech-sales-could-lead-charge-2022-4 | https://www.businessinsider.com/netflix-ad-business-executives-media-tech-sales-could-lead-charge-2022-4 |
Deciding whether to pay off debt or save for retirement is tough. Here's how to prioritize both goals
Kate Underwood
It's possible to strike a balance between paying off debt and saving for retirement with your extra cash is possible.
PeopleImages/Getty
People often wonder what to prioritize with extra cash: debt repayment or preparing for retirement.
Aggressive debt payoff can be beneficial, but delaying retirement savings for too long can be risky.
Ideally, you can strike a balance between paying off debt and investing for retirement simultaneously.
If you have cash remaining after covering your monthly expenses, how should you use it? Do you pay down nagging debts, or pour all the money into your retirement savings? There's no perfect answer, as it's a largely personal decision.
The debt-versus-retirement debate requires a survey of your total debts and their interest rates, types of retirement plans available to you, and how much longer you have to save. Examining your emotional relationship with money is also key to the process.
Everyone's circumstances vary, so the answer depends on you. Once you evaluate your debt and other factors like time horizon, risk tolerance, and rates of return, you can make an informed decision. Fortunately, many can find a balance between the two goals.
When paying debt first may be the best choice
When in debt, your first priority should always be to pay at least the minimum on each of your accounts. You don't want to incur added fees and penalties for not doing so. The question here is what to do beyond the minimum on debt. Once you've met the minimum obligation, decide whether to emphasize saving or focus on debt.
These are three scenarios under which you should prioritize debt payoff:
1. You have a lot of high-interest debt, especially credit card debt
Your debt interest rates play a critical role in how you manage your money. If you have student loans at a fairly low interest rate (and are getting a tax deduction on interest paid), taking longer to pay them off isn't going to hurt your bottom line much.
However, high-interest debt is something you want to knock out rapidly. For example, credit card interest rates averaged 14.6% in 2021, according to the Federal Reserve, and plenty of companies charged more than that.
The Securities and Exchange Commission points out: "No investment strategy pays off as well as, or with less risk than, eliminating high interest debt." In other words, you're unlikely to beat those double-digit rates of return with a 401(k).
Matt Goren, director of the CFP® certification education program and an assistant professor of financial planning at the American College of Financial Services, echoes this. "Paying off debt is like getting a guaranteed return on investment," he says.
It's worthwhile to pay these debts off even if it means delaying retirement savings a bit. Marigny deMauriac, a CFP® professional and accredited asset management specialist, encourages people to pay down debts with double-digit interest rates first. "Not all debt is the same, so don't treat it like it is," deMauriac says.
Note: Retirement and emergency savings are two very different goals. To avoid using credit to cover unexpected expenses, everyone should "balance that need to pay off debt with the need to have something in savings for emergencies," says deMauriac.
2. You can pay off all your debt in two years or less
If you have a plan to pay all your debt off within about two years or less, chances are putting off serious retirement savings until you do so won't have a significant impact on the amount available in your retirement fund when you're finished working.
Some who propose aggressive debt payoff plans believe it's detrimental to try doing too many things at once. While you can't completely ignore everything but debt, it is possible to be laser-focused on getting out of debt for a relatively short period of time.
Once your debts are completely paid off — and typically that means non-mortgage debt, though some include that too — you can focus on retirement. Funneling all extra cash toward debt, rather than dividing it over multiple categories, will complete your debt payoff journey more quickly. That way, when you shift focus to retirement and other goals, you're no longer preoccupied with debt and will be able to invest more for the future.
3. You personally feel you want to prioritize being debt free
Remember the psychological aspects of this decision. For many people, debt is a tremendous burden that they can't get rid of fast enough. Perhaps you have certain emotions attached to your debt that make it difficult to move forward.
"Some people hate the idea of being in debt and would feel a lot better if they were debt free," Goren says. "Even if it's not technically the most efficient thing to do, those people may be better off prioritizing debt."
If debt is overwhelming, that's a good reason for paying off debt before shifting to focus on retirement accounts. It still depends on the total and type of debt, interest rates, and your time horizon. But when your debt is causing you undue stress, paying it off more rapidly can free you to focus on other goals more effectively.
How to pay off debts faster
Often, people in a debt payoff phase either organize their debts by interest rate (debt snowball) or by size of loan (debt avalanche).
With the debt snowball method, you pay off all debts in order from smallest to largest dollar amounts. Ignoring interest rates on your debts, put extra cash toward the smallest debt balances first (after paying minimums on all accounts each month). After one debt is wiped out, focus on the next-smallest amount, and so on until it's gone.
Using the debt debt avalanche approach, you focus on paying off the highest interest rate debts first. Mathematically, it makes sense because you'll incur less in interest charges.
When saving for retirement may be the best choice
Focusing on retirement instead of debt repayment is usually wise if your debt is low-interest and if your employer offers a 401(k) match. Plus, there are tax advantages to retirement plans, and the longer your money has to compound before you retire, the better.
Consider putting most of your extra cash toward retirement under these circumstances:
1. Your employer matches 401(k) contributions
Most financial advisors will tell you that regardless of how much debt you may have, you shouldn't miss out on a 401(k) match. Robert Johnson, a chartered financial analyst (CFA) and professor at Creighton University, equates non-participation in a company 401(k) match to "turning down free money."
If your employer offers matching on your retirement contributions, it's pretty hard to turn that down. Say your company matches your 401(k) or 403(b) contributions up to 3%. By contributing up to the maximum match, you gain added contributions as well as tax benefits in the short term.
Tax advantages from a 401(k) mean that it's wise to contribute even without a company match, though the match sweetens the deal. "New graduates should do whatever it takes to participate in their company's 401(k) plan to the level to get the full employer match," Johnson advises.
If you select a Roth 401(k) rather than a traditional, you still get some tax benefits. Instead of a reduction on your taxable income today, you can make withdrawals tax-free if you meet all of the program requirements.
2. Your debt is mainly low-interest
When your creditors charge relatively low interest rates, focusing on investing towards retirement might be the better option. Of course, you should continue to pay the minimums. But if your loans have reasonable rates, the return on your retirement investments are likely to exceed the additional interest charges incurred on the debt.
"If a debt's interest rate is lower than about 5%, you're probably better off in the long run focusing on savings," Goren says.
While nobody can perfectly predict the rate of growth of their investments, you can make reasonable estimates to determine whether investing is better than paying off debt. The lower the debt interest rate, the more likely your 401(k) returns will beat it.
3. You need more than two years to fully pay off debt
If you can't pay off your debt in two years or less, it may be preferable to start and continue saving for retirement. The problem is that the longer your debt payoff takes, the more you cut into your potential for retirement savings to grow.
"One of the biggest mistakes people make when repaying student loans is placing too high a priority on the repayment," Johnson cautions. He suggests redistributing your priorities, as paying off loans is laudable but shouldn't prevent you from contributing to your retirement.
One of the cornerstones of investing for retirement is time. The younger you are when you begin saving in retirement accounts, the longer your savings can make favorable returns. Delaying retirement contributions too long means you'll have to play catch-up, so more than two years for debt repayment isn't a good idea.
4. There's a chance of debt forgiveness
While this comes with a giant asterisk, some people should consider the possibility of debt forgiveness. For example, if you're involved in a student loan forgiveness plan such as Public Service Loan Forgiveness, follow that program's requirements rather than paying extra on those loans.
If there's any chance part of your debts could be wiped out through loan forgiveness or cancellation, focus on retirement until forgiveness is official. However, beware that securing loan forgiveness isn't always a smooth path. You'll need to be prepared in case you're still obligated to pay the debt.
To get started on retirement savings, look first to your employer and set up a 401(k) or similar account, if it's available to you. Even if it's small amounts at first, start contributing what you can, aiming to at least meet the company match.
If you don't have an employer-sponsored retirement plan, you can still open an individual retirement account (IRA). Most banks and online brokers offer IRA and Roth IRA services. Contribute up to the maximum allowable amount each year. Alternatively, self-employed individuals may contribute to a Solo 401(k).
Remember that you can do both
Let's not forget the third option: splitting the difference. The issue of debt payoff versus retirement doesn't have to be an either/or proposition.
"If you are like most people, you need to balance debt paydown and retirement savings," deMauriac says.
Many people can tackle both debt and retirement goals at the same time. Focusing on retirement even while paying down debt is acknowledging that in addition to becoming debt-free, you want long-term financial security.
First of all, you should always pay the minimum on each debt balance to avoid losing assets or incurring large penalties. After that, you may wish to design your own plan that involves both debt payoff and retirement savings concurrently.
One of these approaches may fit:
Pay off high-interest debt as quickly as possible, but invest a small amount in retirement.
Pay only the minimums on debt (low-interest) while maxing out retirement contributions.
Contribute up to your employer's 401(k) match and put the rest toward debt.
In each of these situations, you would gradually shift the balance of how you prioritize your goals. As debts decrease, add more to retirement. It's impossible to provide a one-size-fits-all answer, given the wide variations in financial circumstances and emotional responses to debt.
Kate Underwood pivoted from a high-school language teaching career to become a personal finance writer. She now gets to spend her days providing actionable financial guidance and empowering others to rewrite their own financial stories. When not writing, she enjoys chasing after her two sons, spending time in nature, and planning her next trip. You can connect with her at www.kateunderwoodwriter.com.
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pay debt or save for retirement | 2022-04-21T20:41:55Z | www.businessinsider.com | Debt Vs. Retirement: When to Put Extra Cash Toward Each | https://www.businessinsider.com/personal-finance/pay-debt-or-save-for-retirement | https://www.businessinsider.com/personal-finance/pay-debt-or-save-for-retirement |
A Ukrainian refugee and her son spent 27 hours in a crowded train cabin with 12 strangers.
They fled the central Ukrainian city of Dnipro for the US, carrying just a backpack.
Tetiana and Art Gladchenko are two of the more than 5 million Ukrainians who have now fled the country.
The cabins on the train traveling through the Ukrainian countryside were designed for four people — two sets of bunk beds on opposite sides of the room.
But on the 27-hour journey fleeing the central Ukrainian city Dnipro to the southeastern Polish city of Chelm, Tetiana Gladchenko, 46, and her 11-year-old son, Art, didn't have the luxury of space.
They had to share the cabin with a dozen other people, stuffed into the beds for the hours-long journey from their homeland days after Russian forces stormed Ukraine's border and began bombarding cities.
Tetiana and her son — who shared the story of their escape from war with Insider — are two of the scores of Ukrainians whose lives were uprooted after Russian President Vladimir Putin's February 24 televised war declaration against the country.
According to the latest United Nations figures, over 5 million Ukrainians have fled the country — a majority have gone to Poland — and another 7.7 million people have been displaced inside the country. The flood of refugees has cause a humanitarian crisis as world leaders scramble to try and accommodate the influx of Ukrainians.
Tetiana and Art didn't immediately leave the country when war struck. For over a week, they slept in the hallway of their apartment by the door, fully dressed.
Air raid sirens would wail throughout the night in their home city of Dnipro warning of a possible Russian strike, Tetiana told Insider through translations from her sister.
Tetiana, Art, and her husband Val would sprint from their 9th-floor unit downstairs to their building's lobby, sometimes waiting hours for the sirens to pass.
By early March, Tetiana said she and Val decided it was too dangerous for her to stay with Art. She knew she and her son could stay with her sister, who lives just south of Boston, but Val would have to stay behind because of a presidential decree banning men from leaving the country.
The family packed backpacks with essentials like a passport, clothes, and dry food. Before they left, Art grabbed a photo of the family showing him sandwiched between his mother and father and all of them smiling. It would be the only physical photo they were able to bring with them on their journey, Tetiana said.
At 8 a.m. on March 5, Tetiana and Art arrived at the Dnipro train station with just their backpacks but had to push through a sea of other people trying to flee. They waited 11 hours inside the train station with other refugees as snow fell outside.
They didn't make one of the three evacuation trains that left that day. Tetiana said they had to return again just around sunrise. This time, they got seats on a packed evacuation train leaving Dnipro and headed for Chelm, a small city just over the Ukrainian border of around 64,000 people.
Inside the train cabin, four people crammed onto each of the bottom bunks, while the top two bunks held three people each.
She said it was difficult to share the small space with so many people as the train snaked across Ukraine. On the crowded train cabin, Tetiana slept sporadically. She ate crackers and cereal bars, and drank only water.
But despite the crowded conditions, the passengers still found a few ways to bond.
The fleeing families shared stories and food, and talked about where they were headed and who they would live with.
Tetiana said the conversation made people more friendly and stronger.
Eventually, Tetiana and her son made it to Chelm. Tetiana recalled a very organized welcome to Poland where police and volunteers explained everything and helped her through passport control.
"There was [a] more relaxing situation because there was not ... a lot of panic like in Ukraine," Tetiana told Insider.
From Chelm, Tetiana and Art took a shorter train to Poland's capital city Warsaw.
Tetiana arrived at the airport that morning exhausted. There were no immediate flights to get her to Boston, so her sister booked one for the following morning. Art got a teddy bear from Polish volunteers welcoming them and brought it with him for the rest of the trip.
That night, Art slept on a yoga mat on the floor of the terminal while Tetiana paced the halls. She couldn't sleep. But by morning, the family were finally flying to safety with family in America.
Now in Stoughton, just south of Boston, Tetiana works remotely as a financial accountant for her company back in Ukraine. She constantly reads the news for information on the war and speaks to Val multiple times a day.
Her husband — a former construction worker — is now in Odesa. Though he's not a soldier, Tetiana said he's helping drive supplies to hospitals as the town prepares for a potential Russian attack.
She still wants to give back to Ukraine whenever she can. If the military asks for money, she'll send it.
And she's been supported by people in Massachusetts; a nearby elementary school wrote letters in Ukrainian to Art to celebrate his recent birthday.
"I feel ... the whole world helping," she said. "It could be a worthful victory." | 2022-04-21T20:42:01Z | www.businessinsider.com | Ukrainian Refugee Says She Fled to Poland in Crammed Train Cabin | https://www.businessinsider.com/ukrainian-refugee-fled-to-poland-crammed-train-cabin-russia-war-2022-4 | https://www.businessinsider.com/ukrainian-refugee-fled-to-poland-crammed-train-cabin-russia-war-2022-4 |
Blackstone’s Jonathan Gray doubles down on logistics and rental housing as real estate sectors that will ‘outrun’ inflation
Jonathan Gray, Blackstone president and COO.
Blackstone's real estate business led returns for the private equity giant last quarter.
Logistics real estate and rental housing are two areas that executives say will outpace inflation.
COO Jon Gray said market volatility is creating opportunities for the company.
Faster inflation and rising interest rates are a troublesome combination when it comes to investment returns.
Despite that reality, there are still ways to profit. On Thursday, investment giant Blackstone became the latest to show how that's possible, with executives touting their real estate strategy as the antidote to woes associated with expensive consumer prices and borrowing costs.
"In that environment, if you can own businesses where cash flows can reset higher and outrun that inflation, you can still deliver positive performance," Jonathan Gray, Blackstone President and COO, said on the company's first quarter earnings call. "That's what we've been doing. That's what we'll continue to do."
Over the past year, Blackstone's $280 billion real estate business — the largest portion of a $880 billion investment portfolio — has been focused on three key types of real estate it says will come out ahead of inflation: rental housing, logistics real estate and buildings tailored for life sciences businesses.
The strategy has turned out well for the company so far — it propelled much of Blackstone's earnings in 2021, putting the company ahead of its goal. Last quarter, the company continued with this plan, and reported earnings of $1.2 billion, surpassing analysts' estimates. Real estate posted the highest returns of any investment segment.
Blackstone displayed its bullishness in logistics properties in February with a $24 billion recapitalization of its Mileway European logistics portfolio. In the Blackstone Real Estate Income Trust, that type of industrial property, together with rental housing, made up more than 80% of the company's real estate portfolio, according to Gray.
Gray told analysts that market volatility is creating opportunities for the company and that it has an "active pipeline."
To be sure, rental housing and industrial properties are not the only types of real estate Blackstone expects to perform well in an inflationary environment.
Blackstone paid $6.3 billion for Crown Resort casinos in Australia in February and $12.8 billion for student housing company American Campus Communities based out of Austin, Texas, this week. It also invested in European transportation infrastructure, Gray told analysts on the earnings call.
All of these investments "fall into that bucket," of inflation-busting property types, Gray said.
"We're mindful of costs, focused on good fundamentals, and not owning fixed-income oriented assets or businesses without pricing power and a lot of exposure to input costs," he said.
Regarding rental housing, Blackstone Chairman and CEO Stephen Schwarzman said on an earnings call in January that the company is betting that rents will rise double to triple the expected rate of inflation.
More: Blackstone rental housing jonathan gray | 2022-04-21T21:20:41Z | www.businessinsider.com | Blackstone’s Jonathan Gray Says Logistics and Rental Housing Will Outrun Inflation | https://www.businessinsider.com/blackstone-logistics-earnings-rental-housing-beat-inflation-2022-4 | https://www.businessinsider.com/blackstone-logistics-earnings-rental-housing-beat-inflation-2022-4 |
Netflix's sudden embrace of ads has agencies hoping for bigger partnerships with brands: 'It opens the doors'
A still from Netflix's "Stranger Things."
Netflix, long averse to advertising, is now exploring the creation of an ad-supported tier.
The subscription streamer is also working with brands today through partnerships and other deals.
Ad agencies hope Netflix's new ad ambitions could open doors for its brand partnerships, too.
Netflix 's about-face on advertising has ad buyers salivating at the prospect of landing ad spots in blockbuster series like "Stranger Things" and "Bridgerton," should the company follow through on its talk of creating a cheaper ad-supported tier.
The streamer had long been the ad industry's white whale — a home to global cultural phenomenons like "Squid Game" that advertisers could never get too close to.
But, even though it will take at least "a year or two" by Netflix's measure for its ad ambitions to come to fruition, the streamer is already quietly working with brands in other ways.
Brands like Coke and GMC have gotten splashy placements in Netflix hits like "Stranger Things" and "Queer Eye." The company has teamed up with marketers including Baskin-Robbins and Lyft on marketing campaigns. And Netflix's consumer products team is out there striking deals for everything from "Bridgerton" tea from the Republic of Tea to a $500 "Top Boy" inspired jacket from Drake and Nike's NOCTA line.
That doesn't mean Netflix has been taking money directly from advertisers, though.
Netflix typically steers away from pay-to-play product placements. Many of the products that appear in Netflix shows get there through the productions themselves. A showrunner may write a brand like Eggo waffles into a series, and it becomes an defining character element. Or a set decorator or prop master may cut a deal with a brand to feature a GMC truck, which saves the production the cost of buying or leasing the truck itself and getting cleared to include it.
When it comes to co-marketing and consumer products deals, Netflix tends to think like a movie studio. It strikes strategic deals to promote its movies and shows and fuel fandoms, rather than to boost revenue.
When Netflix worked with more than 70 companies to plug the third season of "Stranger Things" in 2019, then CEO (now co-CEO) Reed Hastings said that the company didn't want to "get distracted with alternative revenue sources."
"We're monetizing it today in more membership growth," he said in an earnings interview at the time. "The focus is, get more people excited about 'Stranger Things' so they join Netflix, they tell their friends about it."
Netflix has not reported revenue from consumer products or brand deals in its financial filings. Its primary source revenue to date has come from subscriptions.
Still, the introduction of an ad-supported tier could change the streamer's approach, seeing as the company is already thinking about more ways to monetize its content and audience.
Netflix could incentivize larger ad buys by packaging them with product placement or co-marketing opportunities, like broadcast networks do.
Ad-supported streamer Hulu , which is now part of Disney's streaming division, also has a dedicated brand-integrations team that worked with production partners while the scripts were in development to find opportunities to weave in brands, and would build on those integrations with co-marketing, sponsorships, or traditional ad buys. It's an example of what Netflix could do.
And, with its vast and global content library, Netflix could be an even more attractive partner for advertisers than its competitors that are already in the ad business.
"Ad agencies around the world are rejoicing right now at the possibilities," said Stacy Jones, founder and CEO of entertainment-marketing firm Hollywood Branded. "It opens the doors for those larger partnerships."
More: Netflix Streaming TV | 2022-04-21T21:20:53Z | www.businessinsider.com | How Netflix's Upcoming Ad Tier Could Boost Its Brand Partnership Deals | https://www.businessinsider.com/netflix-brand-partnerships-could-get-boost-from-upcoming-ad-tier-2022-4 | https://www.businessinsider.com/netflix-brand-partnerships-could-get-boost-from-upcoming-ad-tier-2022-4 |
Debit cards vs. prepaid cards for kids: At a glance
How do debit cards for kids work?
How do prepaid card for kids work?
7 popular debit and prepaid cards for kids
Things to remember about cards for kids
Ready to equip your kid with a debit or prepaid spending card? Here's what to know before you commit
Debit and prepaid cards can give kids a sense of financial freedom and help them learn budgeting skills.
hxyume/Getty
Prepaid and debit cards give a child or teen easy access to cash on hand.
The type you select will depend on your child's age and what you're trying to achieve by providing them a card.
Before you choose, look at convenience, spending controls, account protection, and fees.
Cards that allow cashless transactions are both practical and educational for kids and teens. Whether a traditional debit card attached to a checking account, or a prepaid card parents can load for spending, they can give kids a sense of financial freedom and parents and kids the conveniences needed for spending and buying in a modern world. Both types of cards come with benefits, risks, and limitations.
Debit cards for kids and teens can be acquired through a custodial checking account, or if they are old enough, an account in their own name.
Prepaid cards for kids and teens are frequently designed to make it easy for parents to monitor and manage transactions.
A debit card is a tool to access money from a linked checking account. A prepaid card is a tool to access an amount of money preloaded onto the card. Either may be presented for payment in much the same way a credit card is at the point of sale for purchases. But instead of buying on credit, the transaction depletes the money that's either in the associated checking account or on the prepaid card.
"Neither option is inherently better than the other," says Rod Griffin, senior director of consumer education and advocacy for Experian. "It really depends on the age of the child and the goal the parent has."
Debit cards allow the cardholder to make purchases in stores or online and withdraw money from ATMs. Each transaction spends down money held in a checking account with the issuing bank or credit union. While a PIN code can be used to authorize transactions, many debit cards can also be used as credit cards at the point of sale. Regardless of whether the transaction is charged as a credit or a debit, the money spent will be pulled from the associated account.
Older teens who have started working can enjoy the convenience of having their paychecks directly deposited into a checking account in their name, along with the independence of having access to their money via a debit card. You'll want to look for an account that has low balance requirements, low or no fees, and earns some interest. Also, ask if you can opt out of overdraft protection, as overdraft fees and fees for insufficient funds can quickly add up.
The account can grow with them
Paycheck deposit
Easy transfers between accounts
FDIC / NCUA insured
Mobile apps and learning tools
Overdraft / Insufficient Fund fees
May have age restrictions
May have ATM fees
Limited parental controls
Parent may need to be a member
Debit cards for kids example
Wells Fargo requires minors to be at least 13 before they can be a primary account holder. A parent is still required to be on the account, but as long as the account is in the child's name, the $5 monthly service fee is waived until age 25. Other banks have products that allow younger account holders. Chase First Banking is geared for ages six to 17, while CapitalOne Money Teen is available for ages eight to 18.
Accounts should offer convenient access for both the parent and their child. Look for online banking services that allow for balance inquiries, transfers and deposits, and for customer-friendly mobile apps. Text alerts and parental controls, like the ability to set spending limits, are also useful.
How do prepaid cards for kids work?
Prepaid cards for kids work differently from traditional debit cards. They are detached from a checking account and are usually funded by a parent's main account, from which money is loaded, or transferred, to each card-holding child. There are no overdraft fees since kids can't spend what's not there.
Popular prepaid cards have mobile apps that cater to both parents and kids. On the apps, parents can transfer money into the account, send money to their children, set spending limits, and block specific merchants as needed. Kids can check balances, manage chore lists, and move money between saving, spending, and investing.
Prepaid cards are helpful for younger children and for kids who may not yet be ready for a debit card and checking account of their own. They offer a way to send money instantly and monitor spending in real-time, and it can be a convenient option for managing allowances.
These cards generally have monthly fees, which can add up if you have more than one child on the account. Look for cards that offer family packages, and make sure you ask about hidden costs. The Federal Deposit Insurance Corporation (FDIC) community outreach team says parents should ask whether there are fees to add or transfer money, fees for inactivity or low balances, or any fees for overdrafts and insufficient funds.
Instant transfers
Robust mobile apps
Wide range of parental controls
Can turn card on and off via app
Built-in learning tools
May not be FDIC / National Credit Union Association (NCUA) insured
May have family limits on how much is spent or withdrawn
May have an activation fee
GoHenry and Greenlight market themselves as debit cards and accompanying apps for kids and teens. Both offer a mobile environment, accessible customer service, security features, and financial education tools. Greenlight's most affordable plan is just under $5 per month per family and allows parents to set up accounts for up to five children. GoHenry is $3.99 per month per card. Both are FDIC insured.
After a parent deposits money into their account, they can use the app to move money into their child's account and choose where they're allowed to spend it. Alerts come in real-time for purchases made and purchases declined, making it easy for parents to quickly get money to their kids if needed.
What age is best for kids to get a debit or prepaid card?
Many traditional debit cards and checking accounts are more suitable for middle school and high school-aged youth — young people who are more mature and who also may be earning their own money. It also gives them a chance to experience the sting of overdraft fees, which, according to Laura Levine, president and chief executive officer of Jump$tart Coalition, can be a powerful lesson.
"If it's not a chronic problem, it actually is good preparation for a child who's ready to do it because that's what adult life is going to be like," Levine says. "If your child is less experienced and likely to rack up some fees, then a prepaid card really helps to contain that."
A good option for younger or less mature kids who are still learning about money and spending, the cards often come with flexible parental controls and real-time notifications.
"Parents can load their child's allowance onto the card and use it as an opportunity to teach budgeting skills, for example, showing a child how to track the money they have, how to make it last, and what happens when there is no more money available," Griffin says.
Whether you choose to go with a checking account and debit card from a bank or credit union, or a prepaid card, the key is to select the product that best meets your family's needs. You may decide monthly fees are a worthy expense in exchange for added parental controls and no overdraft fees. Or you may feel a checking account with a debit card is best for managing your child's money and getting them acquainted with a financial institution and the real-life consequences of inattentive spending.
USAA Bank Youth Checking
Ages 13+ have access to the mobile app
Parents can change daily spending limits
No monthly fees
Capital One Money Teen
For ages 8 to 18
No minimum balance
Parental alerts and card lock / unlock
Chase First Banking
For ages 6 to 17; parent must be a Chase checking customer; parent owns the account
Parents set spending limits
$2.50 fee for inquiries, transfers or withdrawals at non-Chase ATMs
Chase High School Checking
For ages 13 to 17; parent co-owns the account
Account alerts
Direct deposit, online banking and bill pay
At age 19 converts to Chase Total Checking account, with $12 monthly fees
no minimum age; up to 5 children per plan
Mobile app parents and kids can each use
Add money instantly, block merchants, set spending limits, receive text alerts
$4.99 to $9.98 per month depending on the plan you choose
Monthly fees are per family
GoHenry
Mobile app for parents and kids
Add money instantly, set limits, manage chores, real-time notices, block / unblock the card
$3.99 / month per child
$1.50 for domestic ATM use
BusyKid
no minimum age; up to five children per subscription
App makes chore assignments easy
Kids have the option to save, donate to charity and invest in stocks
$3.99 / month or $38.99 annually per family
$1.00 ATM balance inquiry fee
$1.50 fee to use ATMs, additional fees may apply to out of network ATMs
$0.50 card decline fee
When selecting a card, consider your child's money skills and maturity, along with your needs and wants as their parent. "It isn't so much whether it's a debit card or a prepaid card, but what else comes with the program," Levine says.
Before you open an account, review the fine print. Make sure you understand all of the fees. If going with a bank or credit union, ask if you can opt out of overdraft protection. Transactions may be declined because the account doesn't have enough money, but the alternative is racking up a bunch of overdraft fees if the institution charges them.
Also ask if the account and cards are insured, either through the FDIC or NCUA. Finally, look for a user-friendly mobile app that makes moving and monitoring money easy for you and your child, and offers protections like turning a card on and off and resetting the PIN.
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More: Personal Finance Insider PFI Reference Debit Cards Prepaid Cards
Financial Literacy for Kids | 2022-04-21T21:20:59Z | www.businessinsider.com | Debit Vs. Prepaid Cards for Kids: How to Choose | https://www.businessinsider.com/personal-finance/debit-cards-for-kids | https://www.businessinsider.com/personal-finance/debit-cards-for-kids |
Sarah Jackson, Reed Alexander, and Aaron Weinman
Jamie Dimon, Chair and CEO of JPMorgan Chase
J. Lawler Duggan/For The Washington Post via Getty Images
JPMorgan has asked hybrid employees to come into the office at least 3 days a week.
The bank is tracking ID swipes to monitor staffers' office attendance.
One executive described there being a "fear of God" and "panic" over the attendance quotas.
JPMorgan has started tracking staffers' office attendance, and employees say it's creating an atmosphere of mistrust and panic.
Insider reported Wednesday that the banking giant has taken to monitoring employee ID swipes in order to enforce its return-to-office policies, citing four people with direct knowledge of the program. This data helps generate reports that are then used to enforce in-office quotas.
JPMorgan has asked hybrid employees to work from the office at least three days a week, according to a copy of an internal email viewed by Insider.
In a recent letter to shareholders, JPMorgan CEO Jamie Dimon said 50% of the bank's global employees must return to the office five days a week, 40% can follow a hybrid schedule with some days at home and some in the office, and the remaining 10% can work remotely full-time. The bank employs more than 270,000 people.
The tracking and enforcement actions have stoked frustrations about micromanagement.
"At JPMorgan, nobody trusts you," a London-based technology staffer told Insider. "The higher-ups don't trust you to do your job if they're not constantly watching you in the office."
A senior asset-management executive also based in London told Insider the return-to-office measures aren't a hit with managers either, saying some appeared "deathly afraid" of their teams falling short of 100% compliance.
Both London-based employees told Insider they're now looking for work elsewhere as a result.
More: Wall Street JPMorgan JPMorgan Chase Jamie Dimon | 2022-04-21T22:51:34Z | www.businessinsider.com | JPMorgan Staff Describe 'Panic' As Bank Tracks Their Office Attendance | https://www.businessinsider.com/jpmorgan-staff-describe-panic-as-bank-tracks-their-office-attendance-2022-4 | https://www.businessinsider.com/jpmorgan-staff-describe-panic-as-bank-tracks-their-office-attendance-2022-4 |
Republican congressional candidate savages 'sodomite predators' and 'LGBT Groomers' in wildly homophobic fundraising blast
Neil Kumar's banner atop a fundraising email that included homophobic language.
Neil for Arkansas campaign fundraising message
Arkansas GOP officials aren't supporting Neil Kumar's bid for Congress due to his extremist views.
Kumar raised money Thursday using transphobic and homophobic language.
He is also tarring his political opponents in both parties as "demons" and "predators."
US House hopeful Neil Kumar of Arkansas leaned into the nation's culture wars hard on Thursday, seeding a fundraising appeal with homophobic attacks and apocalyptic imagery.
The "LBGT Groomers Want Your Kids" email blast is straight from the MAGA culture wars playbook, portraying public schools as "psychological torture camps," pedophilia as the greatest threat humanity has ever faced, and existing politicians — Democrats and Republicans, in this case — as part of a systemic problem.
"Education has been replaced by the promotion of the depraved LGBT agenda, a Satanic attack on God and Nature," Kumar wrote, adding that "sodomite predators are grooming, brainwashing, and mutilating our vulnerable children."
As for the term LGBT, which refers to lesbian, gay, bisexual, and transgender persons, Kumar wrote: "I call it LGBTP — the P is for pedophilia."
Kumar's fundraising pitch continues with horror stories about transgender children in California and Virginia, but does not reference any LBGT-related issues in Arkansas 3rd congressional district, where he is actually running.
Kumar did not immediately respond to Insider's requests for comment about his fundraising appeal.
That evil-is-everywhere outlook spooked state party officials months ago.
Arkansas GOP party chairman Jonelle Fulmer tagged Kumar as a "non-recommended candidate" last fall, adding that it wouldn't endorse or defend "racist, bigoted, sexist or threatening language by any candidate."
Kumar, who is challenging six-term GOP Rep. Steve Womack, embraced the snub.
"I view publicly losing the endorsement of the pro-illegal immigrant, pro-China Arkansas Republican Party — whose top priority is protecting Walmart, Tyson's Chicken, and China's bag man Steve Womack and his good pals Tom Cotton and John Boozman — as a badge of honor," Kumar wrote to the Northwest Arkansas Democrat-Gazette in an email panning his sitting representative and both senators from Arkansas.
"Unlike those corporate-funded clowns, I'm running for Congress to fight for the people of Arkansas — not Walmart, not China, and not the D.C. special interests who are giving away the birthrights of heritage Americans," he wrote.
In a photo posted to his congressional campaign Facebook page, Republican Neil Kumar appears dressed in a Confederate battle flag tie and suspenders.
Kumar's campaign platform includes a call to "fight LGBTQ perversion" and to "investigate, charge, and punish every entity involved in the brazen theft of the 2020 election."
In a 2021 post to his Facebook page, Kumar appears dressed in a Confederate battle flag tie and suspenders.
His extreme-right fundraising pitches have not, however, proven lucrative: As of March 31, Kumar's campaign reported about $29,000 cash on hand and $30,000 worth of debt from money Kumar himself loaned his campaign, according to disclosures filed with the Federal Election Commission.
Kumar's campaign raised less than $18,000 between January 1 and March 31, FEC records indicate.
The GOP primary in Arkansas is scheduled for May 24.
More: Politics Neil Kumar Arkansas Congress | 2022-04-21T23:46:14Z | www.businessinsider.com | GOP Hopeful Fishes for Cash With "LBGT Groomers Want Your Kids" Email | https://www.businessinsider.com/neil-kumar-steve-womack-arkansas-gop-lgbtq-culture-war-2022-4 | https://www.businessinsider.com/neil-kumar-steve-womack-arkansas-gop-lgbtq-culture-war-2022-4 |
Guardian life insurance offers term, whole, universal, and variable universal life policies
Related life insurance terms
Guardian Life vs. Northwestern Mutual
Guardian Life vs. MassMutual
Is Guardian Life trustworthy?
Guardian Life — Frequently asked questions (FAQ)
Guardian Life review: Unique coverage options, including life insurance without a medical exam
Guardian Life offers both term and permanent life insurance.
Guardian; Rachel Mendelson/Insider
Bottom line: Guardian Life has a wide variety of coverage options. If you're an applicant living with HIV or would like to forgo a medical exam, Guardian Life may be a good choice for you, though its premiums can be slightly higher than the competition.
Guardian life insurance pros and cons
Term life quoting tool available
Dividend payments to customers every year since 1868
Offers survivorship insurance
Offers term and whole life policies for HIV-positive applicants
No-medical exam policy is available
Scored below the industry average in J.D. Power's life insurance customer satisfaction survey
Guardian Life Insurance
Offered nationwide
Financial stability rating of A++ from AM Best
No medical exam is available
Unique coverage options like survivorship insurance and insurance for HIV applicants
Although you can get an online quote, you will need an agent to purchase a policy
Life insurance provider with online insurance calculator tool
Survivorship insurance and no medical exam policy
Guardian Life was established in 1860 in New York City. Guardian Life ranks #11 in J.D. Power's life insurance customer satisfaction survey and is one of our top picks for best life insurance companies in 2022.
Guardian Life offers term and permanent policies. If you opt to purchase a term policy, you can choose between Guardian Life's yearly renewable term, return of premium, decreasing term, and simplified issue policies. A permanent policy pays a death benefit, allows you to build cash value, and may pay dividends depending on your policy. For permanent life policies, Guardian Life offers whole life, universal life, and variable life policies.
Additionally, Guardian Life offers unique coverage options such as survivorship insurance and insurance for applicants living with HIV.
According to Guardian Life, to qualify for the HIV life insurance program you must:
Self-identify as an individual living with HIV
Be on highly active anti-retroviral therapy for at least two years and demonstrate favorable lab results
Not have had an AIDS-defining illness
Be between ages 20 and 60
Under the care of a doctor specializing in HIV
Your life insurance premiums will vary based on several factors such as your age, health, lifestyle, and coverage amounts. To obtain a quote for your whole life or universal life policy, you must speak to a Guardian Life representative. However, you can use Guardian Life's free quoting tool to get a quote for term life insurance . Here are some of the monthly premium estimates for a 30-year-old male and female non-smoker with a $1,000,000 term policy.
30-year-old male, non-smoker, $1,000,0000 term life policy
Term Monthly cost
10-year term $42
30-year term $119
30-year-old female, non-smoker, $1,000,0000 term life policy
Below is how Guardian Life rates compares to rates of other companies that offer life insurance. Guardian Life cost slightly more than its competitors.
Life insurance company 35-year-old female quote 35-year-old male quote
Guardian Life $30.00/month $39.00/month
RiverSource $22.09/month $24.72/month
State Farm $28.07/month $30.02/month
Nationwide $20.34/month $23.63/month
Mutual of Omaha $21.29/month $24.51/month
Average cost $22.95/month $25.72/month
Data obtained from Insider's life insurance average cost guide. Quotes were gathered for 35-year-old male and female, non-smokers, with a 30 year term policy of $250,000.
Below are the life insurance plans that Guardian Life offers:
Yearly renewable term – A term life policy in which you pay a premium between 10 and 30 years that starts at lower rates then gradually increases over time. You can renew without a medical exam at the end of your term.
Return of premium – A term life policy that pays back all of your premiums if you live to the end of your term. Premiums, however, are generally on the higher end for this policy.
Decreasing term – This term life policy is typically purchased to pay off a large business loan or mortgage if the borrower dies. Premiums and benefits decrease over time as loans get paid off.
Guaranteed and simplified issue – A term life policy that doesn't require a medical exam. These premiums are level but typically higher and have a small death benefit.
Whole life – This is a lifelong policy in which you pay level terms to receive a guaranteed death benefit. This policy also builds cash value in a tax-advantaged account. You also have the opportunity to receive dividends.
EstateGuard policy — This policy is a survivorship life insurance that covers two people on one policy. With this policy, cash value increases after the first person dies, and the death benefit is paid to the beneficiary after the second person dies.
HIV life insurance coverage — Protection for applicants living with HIV is offered in term and whole life products.
Universal life – This lifelong policy pays a death benefit, builds cash value in a tax-advantaged account, and allows you to raise or lower premiums as your circumstances change.
Variable universal life – This lifelong policy pays a death benefit, offers premium flexibility, and offers control over where your investments go.
Guardian Life also offers these additional policies and rider options:
Term conversion rider – This rider allows you to convert your term life insurance to a whole life policy without a medical exam.
Guardian index participation feature (IPF) – Whole life rider that links a portion of their paid-up-additions cash value to the performance of an index.
Waiver of premiums – Waives premiums if you cannot work due to sickness or injury.
Waiver plus rider – This rider will pay your premiums if you cannot work and will waive your whole life policy premiums if you decide to convert from term life to whole life.
Guaranteed renewability rider or clause – This rider allows you to renew your policy every year after your term expires but with much higher premiums. This coverage is helpful for people diagnosed with a terminal illness who have no other coverage options.
Accelerated terminal illness rider – This rider allows the policyholder diagnosed with a terminal illness to access a portion of their death benefit while still alive.
Accidental death rider — This rider is an additional benefit to the standard death benefit if death is accidental.
Charitable benefit rider – Get an extra 1% of your death benefit paid to the charity of your choice.
Accelerated benefit or living benefit rider — This rider pays a portion of your death benefit for medical costs for terminal or chronic illness.
Guaranteed insurability rider – This rider allows you to increase your death benefit without undergoing a new medical exam.
Paid-up additions rider – This rider serves as additional insurance for non-guaranteed cash value and death benefit, which can help increase your cash value or death benefit over time.
Visit the Guardian Life's website to learn more.
Term life — This policy covers you for a selected period of time. Premiums usually increase after your term is up. However, you may have the option of converting your term policy to a permanent life policy without a medical exam or lengthy application process.
Permanent life — This policy is more expensive than term life. However, it lasts your entire life, accrues cash value, and offers a guaranteed death benefit at level premiums. Permanent life insurance is made up of whole life insurance and universal life insurance.
Rider (endorsement) — Adds more coverage to your insurance policy. Usually available for additional purchase.
Guardian life
Availability National presence National presence
Types of insurance offered Term, whole, universal, variable life Term, whole, universal, variable life
Ranked #11 in J.D. Power's life insurance customer satisfaction
A.M. Best rating: A++(Superior)
Guardian Life and Northwestern Mutual are established life insurance carriers whose services are offered nationwide. Both providers have term, whole, universal, and variable life products. Guardian life is ranked lower than Northwestern Mutual in customer satisfaction, however, both are rated superior in financial strength.
Northwestern Mutual doesn't have an online quoting tool to obtain premium estimates, but Guardian Life does. Guardian Life also has unique coverage options like survivorship insurance, insurance for people living with HIV, and a no medical exam option.
Guardian Life and MassMutual are established life insurance carriers with nationwide service, and they both have term, whole, universal, and variable life products. Guardian life is ranked lower than MassMutual in customer satisfaction, however, both are rated superior in financial strength.
An easy-to-use digital platform, and the ability to consistently pay dividends to its members are some of the reasons why consumers choose Guardian Life. Both Like MassMutual and Guardian make it easy to obtain a term life insurance estimate online by using their quoting tools.
Among all policy types, the NAIC Complaint Index shows that Guardian Life has fewer complaints compared to other top insurance companies. The National Association of Insurance Commissioners (NAIC) is an insurance regulatory organization that protects consumer interests. The complaint index compares a company's performance to other performance of other providers in the industry.
Guardian Life's financial stability is strong with an AM's Best rating of A++ (Superior). AM's Best is a credit rating agency that assesses an insurance company's ability to pay claims to its policyholders. A company that receives an A++ to B+ is stable in financial strength, while anything lower than a B means that a company is unstable or unable to meet its financial obligations.
While Guardian Life is a legitimate insurance provider, it's important to do your own research to ensure that it is the right insurance company for you.
How long does it take to process a claim at Guardian Life?
For life, accidental death, and dismemberment, most claim decisions are made within 15 calendar days. For a death involving an accident, customers should expect to hear back in three to four weeks. If a claim is approved, a check is usually mailed two business days after the processing date and the policyholder should receive the payment in no more than ten days.
Can I submit a claim at Guardian Life for a coronavirus-related death?
Yes. You must notify Guardian Life of the death via email at IL_Claims@glic.com. Subsequently you will receive a claim form.
How do I purchase a policy at Guardian Life?
To purchase a policy, you must contact an insurance agent at Guardian Life. While you can't obtain a quote online for permanent life policies, Guardian Life has a free quoting tool you can you to estimate your term life insurance premiums.
PERSONAL FINANCE Everything you need to know about life insurance, in one place
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More: service graphics Rachel Mendelson Guardian Life MassMutual | 2022-04-22T00:24:40Z | www.businessinsider.com | Guardian Life Insurance Review: Term, Whole, Variable, Universal Life | https://www.businessinsider.com/personal-finance/the-guardian-life-insurance-review | https://www.businessinsider.com/personal-finance/the-guardian-life-insurance-review |
Internal Amazon documents show the pandemic transformed the company's plan for cashierless store technology: 'It's a land grab'
Amazon Fresh store
Amazon found demand for cashierless store technology grew significantly during the pandemic.
The company made launching cashierless stores and licensing the cashierless technology a priority.
It's struggling to expand in physical retail due to high costs, dysfunctional culture, and tension with Whole Foods.
Sales from Amazon's e-commerce business shot up during COVID-19 as more people shopped online. It wasn't the only part of Amazon that saw huge demand.
Amazon realized its Just Walk Out cashierless store technology would significantly grow, in part due to the increased need for contactless shopping, according to internal documents reviewed by Insider.
The company made it a priority to license this tech to third-party retailers through a software package called "Just Walk Out as a Service (JWOS)" — a play on the Software-as-a-Service business model that made cloud business apps so successful. It also saw the need to move quickly to head off emerging rivals.
"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 (e.g. Tesco and Trigo)," the document stated. "Solutions that enable us to get to market faster with 3P customers in the United States and internationally, are critical."
For Amazon, selling JWOS is important because it's more profitable than running its own cashierless stores, which are proving to be costly, as Insider previously reported.
While the company dominates e-commerce, it has struggled to break into the physical retail business in a big way, due to high costs, dysfunctional internal culture, and tension with its Whole Foods grocery unit, according to an Insider investigation published this week.
Amazon could potentially see a bigger opportunity for JWO in overseas markets. That's because US retailers have been hesitant to partner and share customer data with Amazon, their largest competitor, according to one of the people Insider spoke with.
Outside the US, as the pandemic intensified in summer 2020, Amazon more than tripled its "JWOS expansion candidate countries" from 23 to 81, for a total of 32 international opportunities, internal documents show. Those brands included Morrisons in the UK, Casino in France, Lawson in Japan, Woolworths in Australia, and E-mart in South Korea. Still, it took until late last year for Amazon to announce its first international third-party JWO customer, the UK grocer Sainsbury's.
"The success of the JWOS business is dependent on its ability to scale and open thousands of stores across hundreds of customers over the next 10 years," one of the documents said.
Amazon repeatedly stressed the need to move quickly because "customers consistently tell us they are actively evaluating competing solutions," according to one of the documents. The long buying cycle for cashierless technology in general was also a problem, as it could take customers up to 24 months to go from evaluation to wide-scale adoption, it said.
"If we fail to meet customer demand, we risk losing the ability to sell to these customers for 12-24 months as they evaluate the solution, or longer if the pilots are successful," it said.
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Grocery Chains | 2022-04-22T09:39:53Z | www.businessinsider.com | Amazon Sees Huge Potential in Licensing Cashierless Store Technology | https://www.businessinsider.com/amazon-sees-huge-potential-in-licensing-cashierless-store-technology-2022-4 | https://www.businessinsider.com/amazon-sees-huge-potential-in-licensing-cashierless-store-technology-2022-4 |
Jobox helps tradespeople find jobs. Check out the 24-slide pitch deck it used to bring Airbnb-backer General Catalyst into its $42 million funding round.
A recent survey found 2021 was the busiest year ever for many tradespeople.
Jobox helps tradespeople – like plumbers and locksmiths – find outsourced work.
The firm's $42 million Series B round was backed by Silicon Valley giant General Catalyst.
Insider got an exclusive look at the pitch deck Jobox used to bring investors on board.
Jobox, a platform helping tradespeople find jobs and digitize their workflow, has raised $42 million in a Series B funding round backed by General Catalyst.
When the COVID-19 pandemic forced millions around the world to stay inside, the home services industry – made up of tradespeople like electricians, plumbers, and locksmiths – boomed, as homeowners and businesses alike revamped their properties.
A recent survey conducted by Rated People, a London-based directory of tradespeople, found as much, with 62% of those surveyed saying 2021 had been their busiest year ever.
Jobox is like an Uber for tradespeople seeking work. The firm's app acts as a middleman for its pool of independent skilled tradespeople, connecting them with its bank of 50 or so major organizations looking to outsource jobs to individual contractors. Jobox then takes a 20% cut for pairing the two up.
The firm is also helping tradespeople digitize their businesses, enabling them to keep better track of their receipts. While research on the US market is scant, a survey conducted by British rival Tradify previously found a whopping 91% of tradespeople in the UK still rely on pen and paper to conduct business.
The idea for the firm was born in 2016, when cofounder and ops manager Moshe Levi was working as a locksmith in Miami. Levi when he reached out to his cousin – now CEO of the company – Shay Bloch.
"Moshe asked me to help him solve a major problem he was experiencing by building software to manage his business – payments, accounting, and so," Bloch told Insider.
"He was always on his phone, on the go, and these apps clogged up his workflow instead of streamlining it ... After one day with him, I realized that pros were in desperate need of software built specifically for them," he said.
"I traveled the country to study how pros everywhere worked and how I could build software to make these processes simpler and more efficient."
Jobox currently operates in 39 US states, with 60 full-time employees and more than 5,000 trades professionals signed up to its platform. The firm told Insider it intended to hire 25 more staff and hoped to reach 10,000 users by the end of the year.
Alongside Silicon Valley investor General Catalyst, which has previously backed the likes of Airbnb, Deliveroo, and Snapchat, the firm's Series B round was also backed by Resolute VC, NNS, Expanding Capital and angel investor Joey Low.
Insider got an exclusive look at the pitch deck Jobox used to bring investors on board. Check it out below:
More: Home Services Pitch Deck Technology | 2022-04-22T11:11:06Z | www.businessinsider.com | Series B Pitch Deck: Jobox Raises $42 Million Backed | https://www.businessinsider.com/jobox-pitch-deck-42-million-fundraise-for-home-improvements-2022-4 | https://www.businessinsider.com/jobox-pitch-deck-42-million-fundraise-for-home-improvements-2022-4 |
Startup employees are being encouraged to take out loans to buy their stock options. One shared a horror story of how that almost cost him $1 million.
Bolt CEO Ryan Breslow.
Startups such as Bolt and Carta are offering loans to employees so they can exercise stock options.
Loans can help when a startup's valuation is rising but can be tricky in a downturn.
A tech executive shared a horror story of how he ended up owing $1 million in the dot-com era.
Like the 1990s trends of high-waisted jeans and Dr. Martens shoes, startup employees taking out loans to exercise their stock options is suddenly back in style.
Loans can help employees buy stock in their companies before their options expire if they don't have the cash on hand. Loans may also help employees buy options earlier than they could otherwise afford, starting a countdown that could save them money on eventual tax bills: The tax rate on capital gains decreases if assets like stocks are held for more than a year before they are sold.
The upside for companies is that stock compensation helps them retain talent, no small feat in this hot job market.
A multitude of third-party providers — such as EquityBee, Secfi, Liquid Stock, Quid, and ESO Fund — have popped up to offer stock-option financing, all promising to limit the risks of borrowing money.
But lately, some startups, such as Carta, have offered loans directly to employees, too. In a blog post in September, CEO Henry Ward said the company would offer three choices: a nonrecourse loan, meaning employees won't owe money if the stock drops below the price paid but that employees give up a chunk of their profits in fees; a recourse loan with an effective lower interest rate than the nonrecourse loan, but employees have to pay off the loan no matter what the stock does; and a program where employees can borrow against their stock to mortgage a home.
Earlier this year, Ryan Breslow, Bolt's controversial founder, loudly announced that his online-checkout startup would offer nonrecourse loans to employees and said half of those eligible had taken advantage of the program.
Representatives for Carta and Bolt declined interview requests.
—Ryan Breslow 🕺 (@theryanking) February 15, 2022
Breslow was widely panned on VC Twitter for claiming something that had been around for decades was novel and for promoting a practice that, if not carefully considered, can end very badly for startup employees.
Rikk Carey shared a horror story with Insider. Carey was the senior vice president for engineering starting in the late '90s at eGroups, an early e-mail communications startup, just before the dot-com bubble burst in 2000.
In early 2000, eGroups' valuation was soaring when, at the urging of his bosses, Carey said he took out loans on his hundreds of thousands of dollars in stock options, which Insider verified by reviewing a separation agreement.
"I pretty much just signed the paper and didn't know I had basically taken a loan from the company for the shares," Carey said.
Six months later, his company was acquired by Yahoo for $400 million, so his eGroups stock became Yahoo stock. That looked great at first, but then Yahoo's stock tanked in the dot-com crash.
Carey's shares were deep underwater, worth far less than he had agreed to pay for them just months earlier. He decided to leave Yahoo, but when he visited human resources, he got some unwelcome news about the loan.
"They went through a list of things, including my vacation payout and all that, and the last item was, 'Oh, by the way, you owe $1 million, and we need that paid in 30 days,'" Carey said. "They basically recommended I get a second mortgage on my home to pay off my debt."
After a yearlong legal fight and tens of thousands of dollars in legal fees, Carey's lawyers got Yahoo to back down and settle for $25,000. It's worth noting that many of today's third-party programs, particularly nonrecourse loans, have been designed to prevent this kind of predicament.
But the experience still haunts him two decades later, and he is dismayed to see CEOs like Breslow promoting startup option loans.
"My reaction is it is just terrible," Carey said. "Don't do it."
Carey said working at a startup made it easy to get caught up in the hype and assume the company's stock price and fortunes — and those of the employees — would just keep getting better.
"You just can't imagine that your stock could go underwater," Carey said.
More: Venture Capital Stock Options Secondary Market | 2022-04-22T12:42:06Z | www.businessinsider.com | A Startup Employee Shared a Horror Story on Using Loans to Buy Stock | https://www.businessinsider.com/employees-who-took-loans-out-against-their-options-say-it-ended-in-disaster-2022-3 | https://www.businessinsider.com/employees-who-took-loans-out-against-their-options-say-it-ended-in-disaster-2022-3 |
Okta's newest senior VP says his experience helping Google Cloud customers migrate to the cloud showed him the importance of security and inspired him to leave for the new gig
Oliver Parker, senior vice president and general manager of the Americas at Okta.
Former Google Cloud vice president Oliver Parker left the company earlier this month.
Parker will join Okta in May as its senior vice president and general manager of the Americas.
Parker says his background at Microsoft and Google Cloud will help Okta in working with customers.
Google Cloud vice president Oliver Parker, a leader in the sales organization, left the cloud company earlier this month. Now, he's joining the $21 billion security and identity company Okta to help lead its sales efforts.
Parker will join Okta in May as its senior vice president and general manager of the Americas, where he'll be responsible for the sales organizations for the Americas.
"Okta has been a customer first company, and that is very attractive to me," he told Insider.
Parker worked at Microsoft for 18 years before joining Google Cloud in 2018 to run its western region. He's had leadership roles in market strategy, product marketing, sales, and more.
Having worked at cloud companies, Parker said he's supported many customers in their cloud migrations and the increased security challenges that brings. Specifically, he's seen significant growth in zero trust security, an approach that mandates all users are continuously verified to access data or applications. He also knows companies currently have a lot of momentum around updating and modernizing the technology they use.
All this motivated him to join Okta, which now has over 15,000 customers including Nordstrom, Slack , and Twilio.
At Google Cloud, Parker helped grow its commercial segments, including building relationships with business customers of all sizes.
"There were major transitions that Google went through that became super pertinent to joining Okta, like being very much more thoughtful and deliberate about how you work with customers in a customer-first way," Parker said.
Some challenges will be how to better engage with sales opportunities from different kinds of customers, from startups to large businesses, which Parker believes his background will help with. What's more, customers may require different sets of engineering capabilities, such as working with cloud, private data centers, or a mix of both.
"To me, it's more about the customer journey and how you address the customers and how to think through identity," Parker said.
Got a tip? Contact this reporter via email at rmchan@insider.com, Signal at 646.376.6106, Telegram at @rosaliechan, or Twitter DM at @rosaliechan17. (PR pitches by email only, please.) Other types of secure messaging available upon request.
More: Okta Google Cloud Security Microsoft | 2022-04-22T12:42:12Z | www.businessinsider.com | Former Google Cloud VP Oliver Parker Joins Security Company Okta | https://www.businessinsider.com/former-google-cloud-vp-oliver-parker-joins-okta-zero-trust-2022-4 | https://www.businessinsider.com/former-google-cloud-vp-oliver-parker-joins-okta-zero-trust-2022-4 |
NYT reporters Alexander Burns and Jonathan Martin say they have more damaging audio of Kevin McCarthy.
In audio released Thursday, House Minority leader McCarthy said he'd ask Trump to resign over Jan 6.
The pair reported on McCarthy's comments in their new book, an extract of which was released Thursday.
New York Times reporters Alexander Burns and Jonathan Martin say they have more audio of House Minority leader Kevin McCarthy, having already released tape which showed that McCarthy told GOP leaders he would ask for Donald Trump to resign the presidency in the wake of the January 6 riot.
On Rachel Maddow's MSNBC show Thursday, the pair shared audio of comments McCarthy made in which he told Republican lawmakers he held Trump responsible for the riot, in a stark contrast to public statements since in which he has defended the former president.
—Maddow Blog (@MaddowBlog) April 22, 2022
In extracts from their new book, "This Will Not Pass: Trump, Biden and the Battle for America's Future," published Thursday, Burns and Martin first reported that McCarthy had said he was going to ask for Trump's resignation.
After McCarthy denied making the comment in a statement Thursday, the tape was played on Maddow's show, undermining his denial.
Burns said that the tape captures the "staggering gulf between what Republican leaders say about Donald Trump in public, and to his face, and what they will say about him in private."
Maddow then asked if they had audio to back up their claim that McCarthy had privately called for fellow GOP lawmakers to have their social media accounts banned, after Trump was kicked off Twitter and Facebook for allegedly inciting January 6 rioters.
"That is correct, we have a lot more on tape from this period, which is at the highest levels of American politics," Martin said.
"It is sensitive, it is delicate, and it is high stakes. We have it all on tape, and it's going to — I think — tell a very different story about this period than the story that many people are trying to tell right now."
The book, which is to be released in full on May 3, details the tumultuous end to Donald Trump's presidency, and President Joe Biden's first months in power.
McCarthy has portrayed himself as one of Trump's most adamant defenders in the GOP, but the audio could now place a strain on his relationship with the former president.
He is in line to become the next House speaker if, as is widely expected, the GOP wins back control of the House in November's midterms.
More: Kevin McCarthy Donald Trump Jan 6 News UK | 2022-04-22T12:42:18Z | www.businessinsider.com | NYT Reporters Say They Have More Damaging Audio of Kevin McCarthy | https://www.businessinsider.com/nyt-reporters-say-have-more-damaging-audio-of-kevin-mccarthy-2022-4 | https://www.businessinsider.com/nyt-reporters-say-have-more-damaging-audio-of-kevin-mccarthy-2022-4 |
What are the main changes that I need to know about?
What is an Income-Driven Repayment plan?
What is Public Service Loan Forgiveness?
Student loan forgiveness is closer than ever for over 3 million borrowers — here's what you need to know
Income-driven repayment plans recently underwent significant changes.
Over 3.6 million borrowers will gain progress towards income-driven repayment forgiveness.
Payments or periods of forbearance that previously didn't count toward forgiveness now will.
Check your student loan account and call your servicer to see how these changes might impact you.
The Department of Education announced this week that it will bring millions of borrowers closer to student loan relief by fixing "historical failures in the administration of federal student loan programs," per a press release. These changes will impact Public Service Loan Forgiveness and income-driven repayment forgiveness.
In the press release, the department said at least 40,000 borrowers will receive immediate debt cancellation through PSLF, and several thousand more borrowers with older loans will receive forgiveness through IDR. More than 3.6 million borrowers will get at least three years of additional credits toward IDR plans, bringing them closer to forgiveness.
"The income-driven repayment waiver is a massive opportunity, particularly for borrowers who have been in repayment or have had student loans for a very long time," says Travis Hornsby, the founder and CEO of Student Loan Planner.
If you have an IDR or PSLF plan, you don't need to take any action at the moment to qualify for this new waiver — these changes will appear in your account in time. If you are working towards PSLF, you'll need to make sure your annual certification and application form is up to date. If you have questions about whether or not you qualify, contact your loan servicer. Some borrowers whose loans have not been paused during the pandemic may need to consolidate their loans to qualify for this waiver.
Periods of long-term loan forbearance may now count toward IDR forgiveness and PSLF
The Department of Education is making a one-time adjustment to borrowers' accounts that will count forbearances of more than 12 consecutive months and more than 36 total months toward forgiveness under IDR and PSLF.
This change is being made because student loan servicers may have inappropriately directed borrowers into loan forbearance, even when payments under an IDR plan could have been as low as $0. A borrower in an IDR plan can net a reduced payment, stay in good standing, and progress toward loan forgiveness, while a borrower directed to choose forbearance may see their loan balance and monthly payments increase and may ultimately default on their loans.
One-time revision of which previous payments count toward IDR
Now, all months in which borrowers made payments will count toward IDR, no matter what repayment plan they made them under. Payments made prior to consolidating your loans will also count. Previously, if you consolidated any loans, you would reset all progress made toward IDR. All deferments of payments before 2013 — not including in-school deferments — will also count toward forgiveness.
You'll receive loan cancellation automatically if after this payment-count revision you've made the required number of payments for IDR forgiveness.
The Department of Education says it will begin making the changes immediately, but you may not see the impact of this change in your federal student loan account until the last quarter of 2022.
Check your student loan account to see your payment history and current payment plan and keep a detailed record of your current account details. This will help you catch any errors as the Department of Education implements these changes across millions of borrowers' accounts.
Then, follow up with your loan servicer to see if and how these changes may impact you and get you further on your path to student loan forgiveness.
When you take out a student loan, the federal government will automatically set you up with the Standard Repayment Plan, a program that consists of 10 years of fixed monthly payments.
In contrast, income-driven repayment (IDR) plans take your particular income and family size into account when calculating monthly payments. Depending on those factors, you'll make monthly payments that will be a percentage of your discretionary income (usually 10% to 20%) for 20 to 25 years. Payments may even be as low as $0 per month. After 20 to 25 years, you'll be eligible for student loan forgiveness for any remainder. Income-driven repayment is not available on private loans.
Previously, the government could treat the forgiven amount as taxable income, but that requirement was recently revoked for any money forgiven through 2025.
Public Service Loan Forgiveness, or PSLF, forgives the debts of graduates working in the public sector after at least 10 years of service and qualifying payments. Your specific job doesn't matter, just that you work for a public service employer. There's no cap on the amount of money that can be forgiven.
You must meet the following requirements to qualify for PSLF:
Be an employee of the US federal, state, local, or tribal government, or an eligible nonprofit organization (this includes military service)
Work full-time for that employer
Have Direct Loans
Make 120 qualifying payments
Last fall, the Department of Education made significant changes to the PSLF program. All repayment plans now count for PSLF, whereas previously, you had to repay your loans under an IDR plan to be eligible for the program. Additionally, you can consolidate previously ineligible loans, like Perkins Loans and FFEL Loans, into a Direct Consolidation Loan to qualify.
Read more about the limited-time PSLF waiver.
PERSONAL FINANCE How to apply for an income-driven repayment plan if your student loans are crushing you
ECONOMY 40,000 student-loan borrowers are getting their debt wiped out immediately through fixes to 'longstanding failures' in forgiveness programs, Biden's Education Department says
PERSONAL FINANCE What is Public Service Loan Forgiveness, and who qualifies?
PERSONAL FINANCE Over half a million student loan borrowers are now closer to forgiveness — here's how to know if you're one of them
More: Loans Student Loans income driven repayment Public Service Loan Forgiveness Program | 2022-04-22T12:42:24Z | www.businessinsider.com | Income-Driven Repayment Waiver Offers Relief for Millions of Borrowers | https://www.businessinsider.com/personal-finance/idr-waiver-student-loan-forgiveness-2022-4 | https://www.businessinsider.com/personal-finance/idr-waiver-student-loan-forgiveness-2022-4 |
FCC commissioner Brendan Carr ripped into Tim Cook in a letter to the Apple CEO published Wednesday.
Carr accused Cook of hypocrisy over recent comments about Apple's commitment to human rights.
Carr said Apple was "doing the bidding of communist China" by removing apps from its App Store there.
A top Federal Communications Commission (FCC) official has ripped into Tim Cook, accusing the Apple CEO of hypocrisy for saying his company is committed to human rights.
In a letter to Cook published Wednesday, FCC commissioner Brendan Carr accused Apple of "doing the bidding of communist China" by removing apps from the App Store in China at the behest of Beijing.
Carr referred to a recent speech given by Cook in which the Apple CEO described privacy as "a fundamental human right" and said his company was committed to "protecting people from a data industrial complex built on a foundation of surveillance."
In his letter, Carr told Cook that his comments in the speech "founder upon the harsh reality of your actions in China."
Carr's ire appeared to stem from Apple's decision to block the Voice of America app in China. Carr said the app was an important tool for people who wanted to obtain information uncensored by authoritarian regimes.
Carr said: "I would encourage Apple to evaluate its overall relationship with China, particularly its extensive manufacturing operations there, to ensure that these relationships reflect the global values Apple voices."
Apple didn't immediately respond to Insider's request for comment.
Apple has previously come under scrutiny for its operations in China. The Information reported in May 2021 that seven Apple suppliers in China had links to forced labor programs, some involving Uyghur Muslims from the Xinjiang region. Human rights groups have accused Beijing of persecuting Uyghur Muslims.
Cook said in November last year that Apple has a "responsibility" to do business everywhere it can, including in China.
More: Apple Tech Insider Tim Cook Tech | 2022-04-22T13:30:08Z | www.businessinsider.com | FCC Official Slams Cook for Talking up Apple's Human Rights Record | https://www.businessinsider.com/fcc-commissioner-apple-tim-cook-hypocrisy-human-rights-china-apps-2022-4 | https://www.businessinsider.com/fcc-commissioner-apple-tim-cook-hypocrisy-human-rights-china-apps-2022-4 |
It's best to wait a few days after an exposure to rapid test.
The CDC has released a new quiz that tells you the best time to test, how long to isolate, and whether to wear a mask if you've been exposed to COVID.
The tool only requires answering a few simple questions, yielding answers in 3-4 clicks.
Insider reporter Hilary Brueck tried it out, and explains how to use it.
After two years of confusing guidance on when to isolate or quarantine for COVID-19, how to test, when to re-emerge into society, and how long to keep masking afterwards, the Centers for Disease Control and Prevention has at long last designed a simple, 3-to-4-click tool for determining exactly how long to isolate and/or wear a mask around other people, if you have:
been exposed to someone who has COVID-19, or
tested positive for COVID-19 yourself.
The tool — similar to an online quiz — is a more personalized, straightforward approach than the fine-print-laden guidelines the CDC came up with last winter.
Here's a quick primer on how to use the helpful new tool.
Head to the Quarantine and Isolation page on the CDC's website, and click on 'get started'
A blue and white pop-up should load on your screen. Click the option that pertains to your situation: have you tested positive already, or were you just exposed to someone else with COVID?
Keep in mind that if you were exposed to someone with COVID-19, and did contract the virus, your test may not turn positive until several more days have passed. During that incubation time, you could unknowingly infect others.
Be cautious for 10 days, regardless of whether you were exposed, or tested positive yourself
If you've been around someone who had COVID, but have not tested positive yourself, the tool will ask some questions about whether or not you've recently had COVID.
A prior Delta infection cannot necessarily protect you against the currently-circulating Omicron variant and its sublineages, but a prior Omicron infection likely means you're well-protected against reinfection, at least for now.
If you had COVID in the last 90 days, the tool suggests you don't need to isolate at home — unless you develop tell-tale symptoms of the virus. You also don't need to get tested.
For those who haven't had a recent COVID infection who are exposed, the tool suggests you get a test six days after your exposure, and wear a mask for 10 days around other people, just to keep any potential budding germs to yourself:
This is what the tool recommends to someone who was exposed to COVID on April 21, 2022.
If you've tested positive for COVID, the quiz will ask you whether you have symptoms or not
If you have symptoms of COVID-19, the tool will calculate how long you need to isolate based on when your symptoms began, and whether you have a fever. If you have a fever, the tool asks you to stay home for at least five full days, and then reassess the situation.
If you have no fever, the tool recommends staying home for a full six days since your symptoms began, and then continuing to wear a mask around others for the remaining four days that you could likely still be infectious.
Most people are infectious before they test positive, and stay that way for about a week, but individual cases vary
barleyman/Getty Images
If you don't show any signs or symptoms of infection (pretty common with COVID) the tool will calculate how long you need to isolate based on when you tested positive, recommending a full six days at home after your positive test, and then wearing a mask for four days beyond that, when around others.
Regardless of which option applies to you, the goal is to keep your germs to yourself (by isolating, and then masking up around others who could get sick) for at least a full 10 days from a positive test, COVID exposure, or symptom onset.
More: coronavirus Public Health Centers for Disease Control and Prevention (CDC) Quarantine | 2022-04-22T14:13:14Z | www.businessinsider.com | CDC Quiz Tells You When to Test and Isolate After COVID Exposure | https://www.businessinsider.com/cdc-guide-how-long-to-isolate-test-mask-covid-2022-4 | https://www.businessinsider.com/cdc-guide-how-long-to-isolate-test-mask-covid-2022-4 |
A Donetsk People's Republic tank lets out a cloud of diesel smoke as it proceeds towards the Azovstal frontline in Mariupol on April 16, 2022.
A small group of Ukrainian troops and civilians are holed up at a large steel plant in Mariupol.
Putin called off an attack on the Azovstal plant, in part to free up forces needed elsewhere.
UK intelligence said sending Russian troops into the plant would lead to "significant" casualties.
Russian President Vladimir Putin's decision to blockade instead of attack the Azovstal steel plant in Mariupol suggests he's planning attacks elsewhere in Ukraine, UK intelligence said on Friday.
A small band of Ukrainian resistance and civilians are holed up at Azovstal, which has been under attack by Russian troops for weeks as they attempt to fully control the strategic southern port city of Mariupol that they've besieged at a cost of tens of thousands of lives.
Ukrainian troops have so far refused to surrender to Russian forces, and Putin on Thursday seemed to suggest he was calling off an immediate assault of the steel plant.
"A full ground assault by Russia on the plant would likely incur significant Russian casualties, further decreasing their overall combat effectiveness," the UK's Ministry of Defense said in a tweet.
The UK said Putin is likely trying to contain Ukraine's resistance at the steel plant, thus freeing up Russian troops to be sent to other fronts in eastern Ukraine's Donbas region — where he launched a renewed offensive after failing to capture the capital city Kyiv. It could also be a tactic to starve out the civilians and defenders, or a feint to assault them by surprise.
For much of the two-month war Russian forces launched a devastating assault on Mariupol, fighting block by block and striking civilians areas like hospitals, schools, theaters, and shelters.
Officials said at least 21,000 civilians were killed during Russia's weeks-long siege of Mariupol — new satellite images revealed evidence of hundreds of mass graves just outside the city.
Ukrainian President Volodymyr Zelenskyy's top peace negotiator Mykhailo Podolyak offered on Wednesday to negotiate with Russia "without any conditions" to allow for the safe evacuation of troops and civilians for Mariupol.
Aside from Azovstal, Russia claims to be in complete control of the city — which it sought to create a vital land bridge from Russian-controlled Crimea to the Donbas region.
A Ukrainian official said earlier this week that "there may be no peace talks" if Russian forces went on to capture Mariupol.
More: Speed desk Breaking Mariupol Russia | 2022-04-22T14:13:39Z | www.businessinsider.com | UK: Russian Siege of Mariupol Steel Plant Suggests Attacks Elsewhere | https://www.businessinsider.com/uk-russian-blockade-mariupol-steel-plant-attacks-elsewhere-ukraine-war-2022-4 | https://www.businessinsider.com/uk-russian-blockade-mariupol-steel-plant-attacks-elsewhere-ukraine-war-2022-4 |
A woman works on a laptop in one of the rooms of the center for the arrival of Ukrainian refugees on March 4, 2022, in western Ukraine.
The fund hopes to help Ukrainian entrepreneurs who have fled to the West, founder Roman Tyan told Insider.
The founders won't be taking salaries and are personally investing in the fund themselves.
Tyan hopes its non-profit status will attract investors, who will get a bigger share of profits than usual.
A non-profit venture fund is seeking to support Ukrainian entrepreneurs who have had to flee from Ukraine to the West because of Russia's invasion.
Ukrainian Tech Ventures is bidding to raise $50 million to back 200 startups for Ukrainian individual entrepreneurs or teams who want to resume their business in the West, founder Roman Tyan told Insider.
"It is a very timely and positive idea in view of the current situation in Ukraine, as lots of Ukrainian founders are forced to quickly relocate their businesses to Western countries," Tyan – who is also a managing partner of NRG Ventures, a US-based business that funds startups in Eastern Europe – told Insider.
The founder added that displaced Ukrainian entrepreneurs are facing challenges in attracting new capital.
"Such a fund can help them gain a foothold and grow successfully in a new location," said Tyan.
The conflict in Ukraine has shuttered businesses as Russia's shelling forced people to flee its business hubs in the capital of Kyiv and other parts of the country. Many international firms have also had to cease their operations there. The country has 250,000 technology professionals, Bloomberg reports, home to notables such as WhatsApp co-founder Jan Koum, and Revolut co-founder Vlad Yatsenko.
The founders of the fund, launching May 1, hope it will play a role in mitigating some of the negative impacts of the conflict on Ukraine's tech industry.
Sergii Kremeno, a Kyiv-based cofounder of Apollo iGDS, a company that provides ticketing software, has joined the venture fund after being approached by Tyan.
Tyan and Kremeno won't be taking salaries from their venture and are personally investing into the fund themselves, Tyan confirmed to Insider.
"We see the fund as both a humanitarian and commercial initiative," said Tyan, adding that it's also why they aren't charging a carry fee unlike traditional venture fund managers.
The duo hope that its non-profit status will attract investors, who will get a bigger share of profits compared to investments into other venture funds. Investors will share 100% of the profits compared with the usual 80%, Tyan said.
One startup the fund is looking to support is Mobility Partners Ukraine, a small fintech company that makes it easier to make payments for multiple bus trips, Tyan said.
"This startup needs capital to restart its operations in Europe, relocate employees from Ukraine, find working and living spaces, [and] accelerate its sales to connect with transportation and OTA operators in Europe," the founder explained.
"Ukrainian Tech Ventures can assist with all of it," he added.
More: Technology Venture Capital Ukraine Investment | 2022-04-22T14:13:45Z | www.businessinsider.com | Ukrainian Venture Fund to Back 200 Ukrainian Refugee Startups | https://www.businessinsider.com/ukrainian-venture-fund-to-back-200-ukrainian-refugee-startups-2022-4 | https://www.businessinsider.com/ukrainian-venture-fund-to-back-200-ukrainian-refugee-startups-2022-4 |
Try using another web browser or device
Restart your devices
Change your DNS settings
Flush your DNS cache
Update your network drivers, router, and modem
Turn off your VPN and firewall
8 ways to fix 'DNS server not responding' errors on a Mac or PC
DNS server errors are common and frustrating.
You can fix a "DNS Server Not Responding" error by resetting your internet connection and computer.
If the error keeps appearing, you can also flush your DNS cache and change the DNS settings.
DNS errors might also come up if your ISP is having an outage.
DNS servers are like phonebooks – they help your computer find websites and load them properly. This means that if the DNS server stops responding, you won't be able to access any website or app.
Luckily, both Macs and PCs offer a few ways to fix "DNS Server Not Responding" issues. Here are eight ways to do it.
First, we need to figure out what's causing the issue: Is it your web browser, your computer, or your internet connection?
Using the same internet connection, try browsing the web using another browser. In other words, if you're using Google Chrome right now, try Microsoft Edge or Firefox instead. If the internet suddenly starts working, it means there's an issue with your original browser. Try clearing the cache, or uninstalling and reinstalling the app.
Is the problem isolated to one computer, or does every device see it?
If it still doesn't work, try using another device. If the internet works on that device, the issue is coming from your computer. If you still run into internet problems, the issue is your connection.
Alternatively, try connecting to another internet signal on your computer. If the internet starts working, the issue is your connection; if it doesn't work, the issue is your computer.
Get closer to your internet router
It might seem too simple to be true, but a lot of DNS server issues are caused by weak internet signals. If you're too far away from the source of your internet connection – usually the router – your computer will have trouble reaching the DNS server.
Getting a stronger internet connection, either by moving closer to your internet router or removing obstructions, can solve this. You should also make sure that you're not taking up all your bandwidth by running too many websites or apps at once.
And if it's possible, consider connecting with an ethernet cable instead of Wi-Fi. Ethernet connections are way more stable than wireless ones, meaning you're much less likely to have DNS issues.
Before we delve into the more complicated troubleshooting steps, try restarting all your devices: Your computer, your router, and your modem. You'd be surprised by how many issues this can fix.
You can restart most routers and modems by unplugging them for about ten seconds, then plugging back in.
Once everything is running again, open a web browser and head to a website. There's a good chance that things will work now.
A lot of internet issues can be fixed by changing the DNS settings on your computer. These settings control how your computer interacts with the internet connection, and if they're not set up correctly, it can cause problems.
Specifically, you'll want to make sure that the DNS server is being obtained automatically. Or if it's already automatic and you're having trouble, you'll want to set one manually.
Quick tip: If you're setting a DNS server manually, you'll need to know which servers you're switching to. Some ISPs can provide alternate DNS servers, but you're probably better off trying either either 8.8.8.8 and 8.8.4.4 (Google Public DNS) or 9.9.9.9 and 1.1.1.1 (Quad9 DNS)
In Windows 10 and 11
1. Open the Control Panel and click Network and Internet, then Network and Sharing Center, and then Change adapter settings.
2. Right-click on your Wi-Fi network and select Properties.
3. In the list that appears, double-click on the Internet Protocol Version 4 (TCP/IPv4) option.
You'll be given a menu that lets you set your DNS server. There are two options that let you obtain the DNS server either automatically or manually.
4. Click whatever option isn't already selected. If you're switching from automatic to manual, you'll also need to enter two DNS servers.
5. Click OK to save the changes.
Enter a main DNS server, and an "alternate."
See if the internet works now. If it doesn't, go back to the Properties menu and do the same steps for the Internet Protocol Version 6 (TCP/IPv6) option.
In macOS
1. Open the System Preferences app and select Network.
2. Select the connection that you're trying to fix from the left sidebar, then click Advanced… in the bottom-right corner.
3. Select DNS from the tabs at the top.
4. Select the DNS Servers box and click the plus sign at the bottom, then enter a new DNS server you want to connect with.
Add a new DNS server by clicking the plus sign icon.
Most people know that every program and app has a cache , a small storage space for data that the app has loaded recently. Your DNS server has a cache too, which it uses to collect IP addresses and DNS records that you've connected with recently.
And just like other caches, letting the DNS cache get too full can cause problems. You can clear the DNS and refresh your IP address through the Command Prompt and Terminal apps.
1. Search your computer for "Command Prompt." When it appears in the results, right-click it and select Run as administrator.
2. In the Command Prompt window, type and submit these five commands in order. Type one of them, press Enter, and then wait a few moments before typing the next.
3. Restart your computer.
You'll see a lot of information scroll by as you enter the commands.
1. Search your computer for "Terminal" and open the app when it appears.
2. Type and submit the following code, without quotes: "sudo dscacheutil -flushcache; sudo killall -HUP mDNSResponder"
3. When prompted, enter your Mac's password. It won't look like you're typing anything, but don't worry, it's just hiding your password.
4. If you don't see any sort of response — Terminal just takes the command and gives you another blank entry line — it means it worked.
You’ll have to enter your computer password to perform the command.
Even if you've just bought all your hardware, it's a good idea to check that everything is updated. There's a chance you might be using outdated software, which can lead to bugs.
First, your drivers. These are small pieces of software that tell the computer how to function. If you're using a Mac, all your drivers will update whenever you install a full computer update. But on a Windows PC, you'll likely need to update them separately.
You can do this by opening the Device Manager app, clicking the Network adapters tab, and right-clicking on your main internet driver. You'll likely have two of them, one for Wi-Fi and one for Ethernet (usually called the "Family Controller"). When you're asked how you want to search for drivers, pick the automatic option.
Update your Wi-Fi and Ethernet drivers.
If that doesn't work, check your computer manufacturer's website to see if they offer drivers of their own. These might work better than the ones that come pre-installed.
Finally, you can also try uninstalling the driver and restarting your computer. This will force the driver to restart, which can clear away some issues.
When it comes to your router and modem, every model and brand has a different updating process. But in general, you'll probably need to log into your devices' settings pages using a web browser and update from there. Check the manual or call your ISP for exact steps.
This isn't as common, but if there's something standing between your computer and the open internet — say, a VPN or firewall — you can run into DNS issues.
Every VPN has a different method for turning it off, but look for a Disconnect option in the settings. You can also open the Network settings on your computer and disable all VPNs from there.
In Windows, you can disable the default firewall by searching for Windows Defender Firewall, then selecting Turn Windows Defender Firewall on or off.
On a Mac, open the System Preferences app and select Security & Privacy. Click Firewall at the top, then select Turn Off Firewall. You might need to click the lock icon in the bottom-left corner first.
If you're using a third-party antivirus program, you might need to disable that app's firewall too.
Note: Remember that both VPNs and firewalls are designed to keep you safe online, and removing them can leave you at risk. While browsing without them, be extra careful about what websites you visit and what you download.
Finally, you can pick up the phone and call your internet service provider. At the end of the day, they're the ones with total control over your internet service.
If none of these steps have worked, it might mean that your ISP is having an outage. Alternatively, they might have shut off your service due to unpaid bills, or might be throttling your connection because you hit a data cap. If you rent your internet equipment from the ISP, they can even send someone out to troubleshoot in person.
TECH 11 ways to fix a 'No Internet, secured' status in Windows 10 and Windows 11
TECH How to change the default search engine on your computer or phone
TECH How to free up space on your Mac to keep your device running smoothly
More: Tech How To DNS Troubleshooting Windows | 2022-04-22T15:05:26Z | www.businessinsider.com | 8 Ways to Fix DNS Server Not Responding Errors | https://www.businessinsider.com/dns-server-not-responding | https://www.businessinsider.com/dns-server-not-responding |
iPad vs. iPad Air: Apple's basic and cheapest tablet will serve most people, but the Air is our pick for power users
The $330 iPad remains the choice for a simple tablet that can do almost anything basic effectively.
The iPad Air comes recommended, but it costs nearly twice as much and is mostly for power users.
If you need computer-grade performance, the iPad Air will serve you well at unbeatable value.
If Apple's iPad Pro models are clearly too expensive for your needs, that leaves the standard iPad and the iPad Air. Specifically, that means your choice is between the 2021 iPad and the 2022 iPad Air.
The standard iPad starts at $330 and the iPad Air is nearly twice as expensive at $600.
In short, I'd recommend the standard iPad to most people who want a simple, effective tablet to use on the couch or in bed for video streaming and running basic, normal apps, and even light productivity, like writing emails.
That's not to say the iPad Air is a bad tablet. Rather, the iPad Air's place among Apple's tablet lineup is closer to the iPad Pro than it is to the standard iPad. That's because it offers the same processor inside as the iPad Pro models, but it doesn't come with frivolous features that some creative professionals might not need, like a dual-lens camera system or Apple's super-smooth ProMotion display tech. Not to mention the iPad Air's price is closer to the iPad Pro than it is to the standard iPad.
The iPad Air might sound like a more premium version of the standard iPad, and it can be. But spending $270 extra on the iPad Air offers rapidly diminishing returns, as casual iPad users don't necessarily need the power from the M1 processor. I'd also argue that the screen and design upgrades the iPad Air offers aren't "$270" better for casual users, either.
Apple 2021 iPad vs 2022 iPad Air specifications
Specification 2021 iPad 2022 iPad Air
10.9-inch (2,360 x 1,640) Liquid Retina LED
Memory and storage 3GB RAM (estimated) / 64GB, 256GB storage 8GB RAM / 64GB, 256GB storage
Battery and charging 32.4 Wh, 20W charger included 28.6 Wh, 20W charger included
Cameras 8MP main camera 12MP main camera
Front camera 12MP FaceTime HD camera with Center Stage 12MP FaceTime HD camera with Center Stage
Audio Two speakers Stereo speakers
Authentication Touch ID Touch ID (on power button)
Price Starting at $330 Starting at $600
The standard iPad employs Apple's classic iPad design with the rounded edges and large borders on the top and bottom. The iPad Air has a sleeker and more modern look with its sharper, squared-off edges and flat back, which looks nearly identical to the iPad Pro design.
The most obvious difference between the standard iPad and iPad Air's display is the size. The iPad Air's 10.9-inch display is a little bigger than the iPad's 10.2-inch display, which you might appreciate. After switching between both iPads, it doesn't make a huge difference to me.
Other than size, the iPad has Apple's Retina display, while the iPad Air has a Liquid Retina display. That's to say the iPad Air essentially has slightly richer colors. Otherwise, both iPads basically have the same sharpness relative to their display size.
The iPad Air doesn't come with Apple's ProMotion display tech, which runs the display at a 120Hz refresh rate, which refreshes the screen 120 times per second and results in super-smooth animations. Both the iPad and iPad Air displays run at 60Hz, which still looks fine.
This is where the iPad Air differentiates itself. Running on Apple's computer-grade M1 processor, the 2022 iPad Air has the same power as the 2021 iPad Pro, 13-inch MacBook Air and MacBook Pro, and Mac Mini.
That's a huge amount of power for a tablet, but casual users aren't likely to notice it with normal apps, or even with graphics-heavy games. I played a little "Call of Duty Mobile" on both tablets, and the experience was practically identical.
Meanwhile, the standard iPad's A13 Bionic processor from the iPhone 11 series offers less power, but it's still perfectly capable of running normal apps, games, and streaming video.
Future-proofing is one of the benefits of buying a device that's overpowered for your needs now, like the iPad Air. Indeed, the iPad Air has the potential to run apps and games smoothly for longer than the standard iPad due to its extra power. However, it's still unclear how long Apple's M1 processor will remain powerful and relevant, as it's still a relatively recent processor.
Benchmark 2021 iPad 2022 iPad Air
Both the 2021 iPad and 2022 iPad Air have similar battery life.
The standard iPad lasted five hours and 25 minutes in our battery test, where we continuously stream a YouTube video at full brightness and at the closest resolution that matches the iPad's display.
Meanwhile, the iPad Air, on the other hand, lasted four hours and 53 minutes.
While the battery results aren't especially good, I can attest that each iPad lasts much longer in real-world usage, where I don't have the display set to maximum. Still, if you're out for battery life as a primary concern, the standard iPad generally lasts longer due to its smaller display.
iPad Model Battery Life
2021 iPad 5 hours, 25 minutes
2022 iPad Air 4 hours, 53 minutes
The standard iPad is compatible with the standard first-generation Apple Pencil, while the iPad Air is compatible with the second-generation Apple Pencil. For taking notes and doodling, the standard Apple Pencil works just fine. For a more precise and responsive experience, the second-generation Apple Pencil is the way to go.
Both the iPad and iPad Air support mouse input, which is a supremely meaningful feature for productivity. Indeed, if you're navigating around iOS and apps often and quickly, lifting your arm and tapping the screen can get surprisingly tiring — more so than simply using a mouse.
With mouse input in mind, you can get keyboard/trackpad combo cases for both iPads. Apple doesn't make a keyboard/trackpad combo case for the standard iPad, so you'll have to look at third-party cases, like the Logitech Combo Touch Keyboard Case with Trackpad.
As for the iPad Air, Apple's ultra-premium and ultra-expensive Magic Keyboard adds keyboard and trackpad functionality. As is typical, there are cheaper options to get the keyboard/trackpad combo for the iPad Air, like the Logitech Folio Touch Keyboard Case with Trackpad and Smart Connector for iPad Air.
One of the great things about both tablets is that they're identical to their predecessors in size and dimensions, so accessories designed for the 2020 iPad and 2020 iPad Air will fit snugly with the 2021 iPad and 2022 iPad Air.
The standard iPad is truly impressive for its price, and spending twice as much for the iPad Air doesn't seem necessary for casual users, or even gamers. You certainly can get the iPad Air if you want to, but the benefits aren't immediately obvious outside of its sleeker, larger design.
Sure, the iPad Air is likely to outlast the standard iPad before becoming obsolete, but whether it'll last twice as long to match its price tag is still up for debate.
But if you're a creative professional looking for a mobile powerhouse, the iPad Air is your best bet not only for its power now, but for its likely longevity over the standard iPad for tasks like editing photos and especially videos.
Plus, those creative professionals can benefit from the iPad Air's speedy 10 Gigabit-per-second (Gbps) USB-C port for quickly transferring work files and data from an external SSD drive that can support 10Gbps.
You can read my 2021 iPad review here, meanwhile you can check out my 2022 iPad Air review here.
More: IP Versus tech versus Apple iPad | 2022-04-22T15:05:29Z | www.businessinsider.com | iPad Vs. iPad Air: Which Apple Tablet Is Best in 2022? | https://www.businessinsider.com/guides/tech/apple-ipad-vs-ipad-air | https://www.businessinsider.com/guides/tech/apple-ipad-vs-ipad-air |
What is an ACH transfer?
Types of ACH transfers
Direct deposit transfers
Direct payment transfers
How long do ACH transfers take to go through?
How much do ACH transfers cost?
ACH transfer vs. wire transfer
ACH transfers: A decades-old system for moving money that plays a key role in the US financial infrastructure
About $72.6 trillion of ACH transfers were completed in 2021, according to the group that oversees the network.
RgStudio/Getty
ACH transfers use the Automated Clearinghouse Network to move money between bank or credit union accounts.
These transfers are processed in batches, which adds to the amount of time they take to complete.
While other forms of money movement may be faster, ACH transfers remain a key part of the US financial system.
Moving money between people and companies in the 21st century has become an almost seamless process. With the touch of a button, you can transfer funds from your bank to a friend's account. Now your monthly bills can be paid automatically without having to do a thing. And on payday, you can have your employer route the money straight to your account, eliminating the hassle of paper checks.
While all this may seem like one of the marvels of modern technology, in many cases, behind the scenes, you're using a decades-old system known as ACH transfers. There are other means of moving money, like wire transfers and the RTP (real-time payments) network. But ACH transfers remain a crucial part of the financial system.
ACH transfers electronically move money among bank accounts through the Automated Clearing House Network in the US. They can be used for international payments to and from US accounts, but other countries also have separate transfer networks.
ACH transfers are "part of a long-established, well-oiled machine that moves money from one bank account to another," says Ruby Walia, senior advisor for digital banking at Mobiquity, a digital consultancy. "For most people, it feels like that sort of happens invisibly, but it's a very essential pillar of the US banking ecosystem."
ACH transfers can be used to make all sorts of payments, such as for companies moving money from business bank accounts into employees' personal accounts via direct deposit, as well as individuals transferring money from one bank or credit union account to another. Even payment platforms like Venmo largely rely on ACH transfers behind the scenes, explains Walia.
For example, if you don't have enough money in your Venmo account to send money to your friend to split a dinner bill, you could still initiate a transfer through your linked bank account. Venmo would then essentially front the money into your friend's account. Meanwhile, an ACH transfer would move the money from your linked bank account to Venmo.
Note: There are other forms of money transfers, but ACH transfers remain integral to money movement within the US. There were more than 29 billion ACH transfers amounting to about $72.6 trillion in the US in 2021, according to the group that oversees the network.
The ACH Network is governed by the National Automated Clearing House Association, or Nacha. Members include financial institutions and payments organizations that are involved with ACH transfers and the ACH network.
Nacha essentially maintains and operates what is analogous to a highway system, explains Walia. Then, to facilitate ACH transfers, banks and credit unions typically work with separate organizations known as payment processors that "act as the on-ramps and off-ramps to that highway system," he says.
ACH transfers can be split into two main categories: credits and debits. With credits, the sender initiates the ACH transfer, so they essentially push money from their account to another. With debits, the recipient initiates the transfer, where they essentially pull money from another account into their own.
With direct deposit transfers, payers can put money directly into recipient accounts. These transfers are ACH credits, because the sender is pushing money into, or crediting, the recipient's account.
For example, an employer can initiate a direct deposit transfer from its business bank account into an employee's bank account. So, rather than sending a paper check, which then requires the employee to deposit into their bank account, the money is routed there directly.
Direct deposits can also be used for other types of transactions, like the government depositing Social Security payments into recipients' accounts.
In contrast to direct deposits, direct payments are ACH debit transactions, where the recipient pulls money from the sender, though the sender gives permission for that to occur. For example, direct payments can be set up to automate bill payments.
If you give your banking details to, say, your electricity provider to set up direct payments, then every month that utility company can debit your account for whatever your monthly bill is.
ACH transfers can take anywhere from a few hours to a few business days (or even longer), depending on factors like the type of ACH transfer and any holdups, like payment instruction errors.
ACH transfers depend on payment processors sending batches of transactions as electronic files. The transactions are then cleared by one of two ACH operators, the Federal Reserve or the Electronic Payments Network, before the money then eventually gets credited or debited from the relevant accounts.
This clearing generally occurs within certain settlement windows, as opposed to instantaneously, and depends on the Fed's system being open. That's why ACH transfers don't occur on weekends or holidays, though they can occur overnight.
Important: ACH payments have generally gotten faster over the years, including with the launch in 2016 of same-day ACH. However, these same-day transactions are more expensive and as of early 2022 only accounted for a fraction of ACH transfers.
ACH transfers have different costs depending on the type of transfer and the parties involved.
For standard transfers, "Nacha charges a fraction of a penny per individual transaction. But the payment processors, companies like Stripe and Square, will charge a lot more," explains Walia. "They will charge as much as 50 cents per transaction (as a flat rate). In some cases, they charge a percentage of the amount being transferred."
Sometimes banks cover transfer fees for customers as part of their business models. In other cases recipients pay.
For example, "if your monthly gym membership costs $49.99, you'll pay $49.99. But the gym might only receive $49.49, because the payment processor and the bank took 50 cents off," explains Walia.
Same-day ACH transfers have higher fees. For one, ACH operators collect and disperse 5.2 cents per transaction from the originating financial institution to the receiving financial institution. Customers might also have to pay additional fees to their financial institutions for this faster speed.
ACH transfers and wire transfers might sound like the same thing, but they're two different ways of moving money. ACH transfers go through the ACH network, which ultimately involves money being credited or debited from accounts. Transfer instructions are also sent in batches, rather than for each individual transaction right away.
In contrast, a wire transfer is a direct electronic transfer that can occur through banks or other types of non-bank providers. Without having to go through a clearinghouse, the transaction can occur much faster. In many cases, domestic wire transfers complete the same day they get initiated. However, the fees for wire transfers tend to be much higher. Instead of cents, wire transfers fees are often double-digit amounts of dollars.
Overall, different types of transfers have their pros and cons, so their usage can depend on how the parties involved prioritize issues like speed and cost. As it stands, even amidst new financial innovations, ACH transfers remain key to money movement in the US.
PERSONAL FINANCE How online bill pay could you save you time and money
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More: Personal Finance Insider PFI Reference Freelance ACH | 2022-04-22T15:05:55Z | www.businessinsider.com | ACH Transfers: Definition, Role in US Financial System | https://www.businessinsider.com/personal-finance/ach-transfer | https://www.businessinsider.com/personal-finance/ach-transfer |
Warren Rojas and Brent D. Griffiths
Rep. Ruben Gallego, a Democrat from Arizona
Leah Mills/Pool/AFP via Getty Images
Rep. Ruben Gallego said he was prepared to kill someone if it came to it on January 6.
The Arizona Democrat, who is also an Iraq War veteran, said he was prepared to survive the insurrection. "Like, I survived a war," he said.
Gallego previously told Insider he would use a pen to stab somebody if that's all that was available.
Democratic Rep. Ruben Gallego, a former Marine, said he knew that he was not going to die on January 6, 2021, and was prepared to kill any rioters if it came to it.
"I'll be honest, I was going to kill somebody that day," Gallego told Politico Playbook's Ryan Lizza in an interview published on Friday. "I was not going to die that day. I didn't give a fuck."
Gallego, who grew emotional as he described a draft text that he prepared for his wife, said he "would have killed all those motherfuckers to save this democracy."
"Like, I survived a war," he said. "Whatever it took, I was going to survive."
Gallego, an Iraq War veteran, previously told Insider about teaching his colleagues how to defend themselves as the insurrectionists closed in on the US Capitol.
"I tell [Rep. Eric] Swalwell and [Rep.] Colin Allred to take off their jackets, in case we were going to have to fight our way out of this," Gallego said of his efforts to prepare fellow Democratic lawmakers for hand-to-hand combat. Allred is a former NFL linebacker.
"It looked like we were going to get overrun," he said during an interview for Insider's oral history of the January 6 siege at the US Capitol.
With his options limited in the chaotic House chamber, Gallego recalled mentally preparing for the worst.
"I didn't find any weapons. The best thing I found was a pen and that was going to have to be it," he said, adding, "It looked bad."
Gallego echoed the sentiment in his interview with Lizza.
"I was teaching [my colleagues] how to stab [the rioters] in the neck and stab them in the eye … We had pens … I don't give a fuck. Like, I would have killed all those motherfuckers to save this democracy. Fuck those guys," he told Politico Playbook.
Shortly thereafter Capitol Police swept in and led the trapped lawmakers away from the attack.
"Capitol security comes in, heavily armed, and announces that they have secured a path for us to get out there and go to a safe room," Gallego told Insider.
He figured, however, that doing one more sweep couldn't hurt.
"We were dealing with a very panicky situation. People tend to freeze. Maybe they cocoon somewhere," Gallego said. "So I checked every row and made sure that everybody that wasn't security had left and walked out."
More: Ruben Gallego january 6 Congress | 2022-04-22T15:06:19Z | www.businessinsider.com | Ruben Gallego Said He Was Prepared to 'Kill Somebody' on January 6 | https://www.businessinsider.com/ruben-gallego-january-6-capitol-riot-prepared-to-kill-somebody-2022-4 | https://www.businessinsider.com/ruben-gallego-january-6-capitol-riot-prepared-to-kill-somebody-2022-4 |
Here's how UBS says investors should adjust their tech exposure to improve performance after Netflix's stock crashed following its latest report
Netflix's latest earnings report came as a shock to investors, and as a warning sign for streaming stocks.
Netflix's latest report and outlook shocked investors, and its competitors have also slumped.
UBS Global Wealth Management says tech stocks that rely on subscriptions are in trouble.
Investment chief Mark Haefele is telling investors what to buy for growth and defensive positioning.
The Netflix category code for horror is 8711, and right now the company's stock performance would fit in quite nicely among the scary shows found there.
The stock fell 37% on Wednesday after the company said it lost 200,000 subscribers in the first quarter and expects to lose another 2 million subscribers in the current quarter. It was a stunning announcement considering Netflix hadn't lost subscribers in a quarter since 2011. It's no wonder that Wednesday was the worst day for Netflix shares since late 2004, and the stock slipped a bit further on Thursday.
This is the second earnings report in a row to deliver bad news. Investors were also unhappy about the company's fourth-quarter results, when Netflix announced it had gained fewer subscribers than expected, prompting a stark sell-off in January. Netflix shares have fallen almost 70% since they hit an all-time high in November.
UBS says investors are right to worry. Analyst John C. Hodulik downgraded the stock to "Neutral" from "Buy" after the earnings report, and cut his price target from $575 to $355 a share.
Jon Gordon, a cross-asset strategist with the UBS Chief Investment Office in Hong Kong, says there are growing challenges for companies in areas like digital services and consumer hardware, with consumer demand falling as companies raise their prices and competition heats up.
Meanwhile Mark Haefele, the chief investment officer for UBS' Global Wealth Management unit, says a lot of consumer-focused subscription tech services seem like they are getting close to market saturation, leaving them with little room to grow.
Haefele says he's now focusing more on tech companies that serve businesses, such as e-commerce and cloud stocks, and less on subscription services oriented towards consumers.
"Within our digital subscription theme, we have tilted our exposure to enterprise based offerings, which now make up 80% of the theme versus 20% for consumer-based tech," Haefele wrote in a recent note to clients. "We believe that enterprise tech may be more resilient."
UBS expects overall subscription digital services revenue to grow 18% annually through 2025, even though it's now more cautious with services and hardware that cater to consumers.
Haefele recommends a neutral allocation to stocks overall, and says investors should look to defensive sectors like healthcare and focus on long-term growth themes.
Healthcare, he said, "is reasonably priced for defensive growth" because the stocks are trading at a lower-than-normal premium to their earnings. He adds that pharmaceutical stocks could stage a broad rally if political pressure on US drug prices fades.
UBS says its top long-term growth themes include 5G, automation and robotics, smart mobility, and consumer experiences. They're also seeing opportunity in some hard-hit tech names provided they have resilient cash flows, strong 2022 earnings prospects, and are getting positive earnings revisions.
As for Netflix itself, Hodulik says the company is going to have to make bigger investments to get its subscriptions growing again and speed up its revenue growth. The problem is that those investments will affect its profit margins.
"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," he wrote.
In a worst-case scenario where Netflix can't get its subscriber figures growing again, he thinks the stock could be worth $205. It closed at about $218 on Thursday, which still leaves more downside based on his estimates.
Hodulik says it has upside to $500 if those new content investments do lead to faster growth and subscriber gains, and revenue per user and monetization pick up.
Streaming stocks
Streaming subscription | 2022-04-22T15:44:15Z | www.businessinsider.com | Tech Stock Investing Strategy: Forget Streaming Services Like Netflix | https://www.businessinsider.com/netflix-tech-stock-investing-strategy-ideas-streamers-enterprise-software-ubs-2022-4 | https://www.businessinsider.com/netflix-tech-stock-investing-strategy-ideas-streamers-enterprise-software-ubs-2022-4 |
Hugging Face is quietly raising new funding at a valuation as high as $2 billion as the popular AI startup builds on a key market that Snowflake is chasing
The LinkedIn profile of Hugging Face CEO Clem Delangue
Screenshot/LinkedIn
Data science startup Hugging Face has an enormous community, with users at Meta, Amazon, and Google.
The company's valuation may be as high as $2 billion in a new funding round, sources tell Insider.
Machine learning experts deploy Hugging Face models off the shelf for text analysis and other uses.
Hugging Face, a beloved platform in the machine learning community that provides quick access to a wide variety of popular tools like language analysis, is quietly raising a new funding round that could value the startup as high as $2 billion, multiple sources familiar with the deal tell Insider.
Existing investors Lux Capital and Addition are participating in the round, according to people with knowledge of the deal. The size of the funding round could not be learned, and it's possible the details may change before the round is closed.
Hugging Face, Addition, and Lux Capital and declined to comment for this story.
The round stands to bring Hugging Face into a realm of emerging big data and machine learning startups that have surged above the $1 billion valuation milestone, including DataRobot, Dataiku, dbt Labs, Collibra, and Alation.
Founded in 2016 and named for the emoji, more than 5,000 companies use Hugging Face, including Meta's AI division, Amazon Web Services, Microsoft, and Google AI. Hugging Face also offers a similar tool to Streamlit — a machine learning platform, acquired by Snowflake for $800 million — called Gradio.
Hugging Face raised $40 million last year with investors including Betaworks, Lux Capital, and NBA star Kevin Durant.
Beyond just its tools, Hugging Face was able to command a large valuation thanks to its enormous community. Hugging Face's tool, transformers, has 61,300 stars on GitHub—which is often a measure of success for developer tools. As a comparison, PyTorch, Meta's popular machine learning framework, has 55,500 stars; Google's TensorFlow has 164,000 stars. Snowflake's Streamlit has 18,700 stars to Gradio's 6,000.
Hugging Face is also seen by many industry experts as a critical part of the next-generation machine learning stack, an area where both Snowflake and Databricks have invested.
One of the heaviest lifts in machine learning is the "learning" part—training a model to understand whatever it is the company is doing. That can include teaching it how to identify people in photos or understand whether a sentence has positive or negative sentiment. This involves writing the underlying code, collecting and cleaning data, and then processing it, which can be very time- and compute-heavy.
Hugging Face has popularized a new class of machine learning tools called transformers that are machine learning models that have already been trained on large data sets. Data scientists and machine learning engineers can download a variety of these models and data sets.
By using pre-trained models, users don't have to execute that enormous lift to get started. Instead both experts and hobbyists can immediately begin analyzing text for determining sentiment or generating summaries. Rather than having to build their own models, developers can determine whether a sentence has positive or negative sentiment in just a few lines of code.
In this way, it's similar to how companies began widely adopting cloud computing. Rather than setting up their own infrastructure, which is expensive and very time intensive, companies and engineers can immediately begin using servers using Amazon Web Services, Azure, or Google Cloud Platform.
Matthew Lynley / Insider
Those same machine learning experts, however, can then re-train the models with their data, making them more accurate and useful for their own custom products. This elevates the Hugging Face models beyond just a hobbyist tool into the realm of powering more advanced machine learning modes that many companies use to improve their services.
Hugging Face offers a variety of professional services and tools, including ways to automatically train a machine learning model without ever writing any code. A Hugging Face customer can upload a data set and indicate what kind of task they want to do, such as sentiment analysis.
Hugging Face also hosts some of the most popular and widely-used machine learning models that are already trained on large existing data sets. Those include language analysis models like Google's BERT and OpenAI's GPT-2. There are also models for image recognition and audio speech recognition, among a number of others available. There are a total of 108 pre-trained models on Hugging Face.
More: Hugging Face Machine Learning AI snowflake | 2022-04-22T18:46:38Z | www.businessinsider.com | Hugging Face Valued As High As $2 Billion in New Funding Round | https://www.businessinsider.com/hugging-face-funding-round-valuation-lux-addition-2022-4 | https://www.businessinsider.com/hugging-face-funding-round-valuation-lux-addition-2022-4 |
Rep. Justin Amash.
Ex-Rep. Justin Amash, a libertarian who left the GOP, called Kevin McCarthy 'conniving' and 'dishonest.'
Recordings reveal the top House Republican condemned Trump after January 6 in private GOP meetings.
Publicly, McCarthy defended Trump and downplayed the severity of the January 6 Capitol riot.
Former Michigan Rep. Justin Amash, a libertarian who left the Republican Party and has become one of its most prominent critics, slammed Kevin McCarthy after new audio revealed the top House Republican excoriated Donald Trump during private calls after January 6.
McCarthy had privately placed blame for the Capitol attack squarely on Trump and told his Republican colleagues "I've had it with this guy," while at the same time publicly defending him from a second impeachment and blame for the riot.
"I met a lot of duplicitous people in Congress but none more conniving and fundamentally dishonest than Kevin McCarthy," Amash tweeted after the tapes were released. "He will say or do whatever he thinks is necessary at a particular moment to obtain or maintain power."
On Thursday, McCarthy and his staff denied that he ever said he would urge Trump to resign after the Capitol riot. In a tape of a January 10, 2021 call with Republican lawmakers released Thursday night, McCarthy said just that.
—Justin Amash (@justinamash) April 22, 2022
During his time with the GOP, Amash emerged as a rare critic of Trump within the party, and was the only Republican to say he would support a 2019 impeachment of the president.
Later that year, Amash announced he was leaving his party in a Washington Post op-ed in which he condemned America's two-party system and urged others to join him in "rejecting the partisan loyalties and rhetoric that divide and dehumanize us." He left office in 2021.
Amash is once again speaking up after New York Times reporters Alexander Burns and Jonathan Martin published tapes of McCarthy's phone calls with Republican lawmakers that show a clear inconsistency between the minority leader's public and private stances on Trump.
On a January 10, 2021 call, McCarthy told House Republicans "I've had it with this guy."
"What he did is unacceptable. Nobody can defend that, and nobody should defend it," McCarthy said.
The next day, in a separate call, he assured Republicans that he had been "very clear" with Trump that the president "bears responsibility for his actions, no ifs, ands, or buts."
More: Justin Amash Kevin McCarthy Donald Trump january 6 | 2022-04-22T19:38:49Z | www.businessinsider.com | Justin Amash: Kevin McCarthy 'Conniving and Fundamentally Dishonest' | https://www.businessinsider.com/justin-amash-kevin-mccarthy-conniving-and-fundamentally-dishonest-2022-4 | https://www.businessinsider.com/justin-amash-kevin-mccarthy-conniving-and-fundamentally-dishonest-2022-4 |
What does 'Cc' mean? How to send a 'carbon copy' of your emails to anyone
The "Cc" field is at the top of every email.
When writing an email, you can "Cc" someone to send them a copy of an email you've sent to someone else.
"Cc" stands for "carbon copy," and is included in nearly every email app, website, and program.
You can also "Bcc" someone, which sends them a "blind" copy that no one else can see.
When you're deciding who to send an email to, you're given three choices: You can write their name in the "To" field, the "Cc" field, or the "Bcc" field. And while the "To" option is pretty obvious, the other ones aren't so simple.
Here's a quick explainer on the "Cc" duo, and what you can use them for.
'Cc' sends a copy of your email
No matter what email app you're using, "Cc" stands for "carbon copy."
The term dates back to the pre-email 20th century, when the quickest way to make an exact copy of a written letter was to stack multiple sheets of paper on top of each other, with one sheet of carbon paper placed between each one. The pressure and pigment from the pen or typewriter would bleed through the carbon paper as you wrote, allowing you to mark up multiple sheets at once.
These days, the "Cc" feature lets you send someone a digital copy of any email that's been sent to someone else. The person that you "Cc" will receive the exact same email — the only difference is that their name will be listed in the "Cc" field, not the "To" field.
There are dedicated fields for the main recipients and the ones that receive copies.
The best times to "Cc" someone are when they're not the main subject of the email, but still want to know what's going on in the conversation.
For example, say that you need to send directions to someone in another company. The person at the other company will go in the "To" field, but you can loop your manager in by putting them in the "Cc" field. This lets them see what you sent without stepping into the email chain.
You can "Cc" as many people as you like on any email. Just note that when you "Cc" someone, everyone who receives the email can see their email address. "Cc-ing" someone is just as public as putting them in the "To" field.
'Bcc' hides who you've sent a copy to
If the person receiving the copy doesn't want anyone to know that they've received it, you can use the "Bcc" field instead.
"Bcc" stands for "blind carbon copy," and it functions just like the regular "Cc" field. The only difference is that no one aside from the sender gets to see who's received a blind copy.
Anyone who receives the blind copy will get to see all the people in the "To" and "Cc" fields, but not vice versa. And if you put multiple people into the "Bcc" field, none of them will know who else received the blind copy either. It's totally private.
How to use 'Cc' and 'Bcc'
When it comes to using "Cc" and "Bcc," there's not much difference from the basic "To" field. Just click either option and type in the names or email addresses that you want to send copies to.
Some apps will hide the "Cc" and "Bcc" fields until you click a button. If you don't see the copy fields, look closely around the "To" field — chances are they're just hidden.
On the Gmail website, you’ll find the “Cc” and “Bcc” options off to the right.
Quick tip: You can send an email exclusively through carbon copies. Just enter emails into the "Cc" and "Bcc" fields without putting anything in the "To" field, and it'll still send.
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Email apps | 2022-04-22T19:39:30Z | www.businessinsider.com | Cc Sends a Copy of Your Email — Here's How to Use It | https://www.businessinsider.com/what-does-cc-mean-in-email | https://www.businessinsider.com/what-does-cc-mean-in-email |
Biden slammed the GOP after leaked tapes showed Kevin McCarthy privately criticized Trump over the Capitol riot.
"This is a MAGA party now. These guys are a different breed of cat," Biden said Friday.
McCarthy publicly supported Trump shortly after the Capitol riot.
President Joe Biden on Friday blasted the Republican Party after newly-released audiotapes showed House Minority Leader Kevin McCarthy privately said he'd urge President Donald Trump to resign over the January 6 Capitol riot. McCarthy has denied making statements that have since been revealed on the tapes.
"This ain't your father's Republican Party. Not a joke. All you got to do is look at what's being played this morning about the tape that was released," Biden said during a speech about Earth Day in Seattle, Washington.
"All kidding aside, this is a MAGA party now. These guys are a different breed of cat. They are not like what I served with for so many years," added the president, who was a senator for 36 years before he became vice president to former President Barack Obama.
New York Times reporters Alexander Burns and Jonathan Martin released audiotapes of phone calls they obtained in which McCarthy was recorded slamming Trump following the Capitol riot last year and telling Republican lawmakers that he would ask Trump to resign.
"I've had it with this guy," McCarthy said of Trump during a call with House Republicans on January 10 2021, according to the tape. "What he did is unacceptable. Nobody can defend that, and nobody should defend it."
In another call on January 11, 2021, McCarthy told his fellow Republican colleagues that Trump privately said he bore some responsibility for the riot, according to the tape.
The audio appears to contradict McCarthy's public support for and allegiance to Trump shortly after the Capitol riot and since the former president left office. McCarthy has since visited Trump at his Mar-a-Lago resort in West Palm Beach, Florida, and stood by Trump amid attacks from other Republicans.
Biden, in his remarks, called out what he described as a fear that has permeated the GOP because of Trump's stronghold on the party.
"The people who know better are afraid to act correctly because they know they'll be primaried," the president said Friday.
The commander-in-chief also noted that so far during his presidency, several congressional Republicans have privately informed him that they had wished to back some of his policies, but wouldn't because of the potential political backlash.
Republicans who are openly critical of Trump, including Reps. Liz Cheney of Wyoming and Adam Kinzinger of Illinois, have been rebuked by their party members. Cheney, along with five other House Republicans who voted to impeach Trump on a charge of "incitement of insurrection" last year, are facing primary challenges from Trump-backed opponents.
More: Joe Biden Republicans Donald Trump Kevin McCarthy | 2022-04-22T20:13:51Z | www.businessinsider.com | Biden Blasts GOP After Leaked McCarthy Audio: 'This Is a MAGA Party Now' | https://www.businessinsider.com/biden-blasts-gop-after-leaked-mccarthy-audio-this-is-a-maga-party-now-2022-4 | https://www.businessinsider.com/biden-blasts-gop-after-leaked-mccarthy-audio-this-is-a-maga-party-now-2022-4 |
7 steps to getting the right homeowners insurance
4 mistakes to avoid when shopping for home insurance
How much does homeowners insurance cost?
7 steps to finding the right homeowners insurance policy and mistakes to avoid in the process
Avoid the mistake of going with the lowest premium if it leaves you underinsured.
Ensure your coverage type and limits are of equal footing across the insurers whose quotes you're comparing.
Avoid the impulse to choose the lowest premium if the policy does not completely cover you.
Update your coverage and shop insurance companies annually to get the best value at the lowest rate.
Your home is probably the most expensive thing your own, and you want to have enough insurance to replace it in a worst-case scenario. Being underinsured, or signing with a company that can't pay claims, are mistakes you should avoid at all costs when shopping for homeowners insurance . However, many consumers overlook the importance of adequate coverage and quality customer service and instead focus on the lowest rates.
It is important to do your due diligence to find an insurer you trust and purchase coverage that fits your needs. By shopping around, you get the right coverage at a competitively priced premium. We'll take you step by step through what you need to know to do that.
Homeowners insurance protects you from financial hardship if you experience a home-related loss or get sued for an injury on your property. It isn't required by law but is mandatory if you have a mortgage. In any case, it is a good idea to financially safeguard your home and yourself with a homeowners insurance policy, says Greg Pannhausen, head of countrywide homeowners product at Farmers Insurance.
Standard homeowners insurance protects your dwelling and personal belongings. It also offers liability coverage and additional living expenses if your home is inhabitable due to a loss. Homeowners insurance will not cover floods, earthquakes, wear and tear, and high-valued jewelry or electronics. Coverage for those perils is available separately.
The table below illustrates what a standard homeowners insurance includes and does not include:
* Available as add-on coverage if not part of the policy.
** Available through the National Flood Insurance Program and approved insurers.
*** Windstorm rider may be required in hurricane or tornado areas.
When purchasing homeowners insurance, ensure your coverage limits are sufficient. Most insurers offer three levels: actual cash value coverage, replacement cash coverage, and guaranteed or extended cash coverage.
Actual cash value coverage covers your property and belongings at their depreciated value. For instance, if your television is stolen, you will get compensated for its value minus depreciation. Actual cash value is the cheapest policy option.
With replacement cash value coverage, your insurer will compensate you to replace your dwelling or personal belongings at their initial cost. For instance, if a fire damages your kitchen, the company will pay you to replace the items inside your kitchen and the kitchen structure with the same material or material of similar value, minus your deductible.
Guaranteed cash coverage or extended cash coverage is an endorsement to protect you against inflation, which can quickly drive up the cost of materials and construction. Therefore, your replacement cost may not be enough when you need it. An inflation guard add-on will automatically cover up to 125% of your homeowners policy, ensuring you're always protected. This endorsement is usually available at an extra charge.
Step 1: Figure out what you need covered
Start by determining the replacement cost of your home, the total value of your personal belongings, and the total value of your assets. You also want to consider covering additional structures such as garages or sheds and purchasing flood or earthquake insurance if you live in a high-risk area.
Step 2: Calculate how much coverage you need
Calculate the replacement cost of your dwelling: Local construction cost and you're home's size are two of the most significant factors affecting your home's replacement cost, according to the Insurance Information Institute (III). Factors such as your home's exterior and interior construction materials or other special features on your property like garages or a pool will also determine how much coverage you'll need.
There are several ways to estimate your dwelling's replacement cost. You can either get an estimate from your insurer or use a third-party replacement cost calculator. You can also hire an in-person appraiser, which may be more costly, or you can do it yourself by multiplying your local construction cost by the square footage of your home. Use multiple methods to get the most accurate replacement cost, which will ensure you're covered entirely.
Perform a home inventory of your personal belongings: Creating a detailed list of your possessions will help you assess how much you'll need in homeowners insurance. After recording your home's inventory, consider whether you'd like to insure your personal property for its actual value or replacement cost coverage.
Take note of expensive items like jewelry or expensive electronics. If your inventory includes things that require more coverage, consider purchasing a personal property floater or endorsement.
Determine how much additional living expense insurance you'll need: Most policies cover you if you need to make alternative living arrangements while rebuilding your home after a claim. According to the III, the cost to pay for living expenses during repairs amounts to 20% of the home's replacement cost. Check with your insurer as additional living expense limits vary with each provider. You can increase this coverage at an extra charge.
Determine how much liability insurance you'll need: You should purchase enough liability insurance to cover your assets. Most homeowners insurance policies have a minimum of $100,000, but consider having at least $300,000 to $500,000 of coverage, says the III. If that's not enough to cover your assets, consider purchasing an umbrella or excess liability coverage.
Step 3: Have your personal information and your home's information
Having your personal and home's information on hand can help you expedite gathering home insurance quotes.
Personal information: Name, date of birth, marital status, and contact information
Basic information about your home: Address, how long you've lived in your there, what type of home you reside in and if it's your primary residence, if there's a mortgage on the property, the year it was built, square footage, number of bedrooms/bathrooms, number of stories
If you need extra coverage: Jewelry and high-end electronics, pets, swimming pools, or trampolines if you operate a business in your home
Step 4: Gather and compare home insurance quotes
The III recommends gathering quotes from at least three different companies. To begin your search, ask friends and relatives for recommendations. You can also contact your state insurance department to provide you with rates and complaint ratios of major insurers.
To compare quotes, know what's going into your policy's coverage to make the best apples-to-apples comparison. A standard homeowners insurance will include dwelling, personal belongings, liability protection, and additional living expenses coverage. Ensure any additional coverage you opt to purchase is included in your quote.
You also want to check that your deductibles and coverage amounts are equal across all your quotes. A deductible is an amount you have to pay before your insurance provider delivers your claim. The lower your deductible is, the higher your premiums will be. Additionally, it's necessary to ensure your coverage amounts are the same across the board. You don't want to end up underinsured if you need to rebuild your home, replace your personal property, or get sued for accidents that occur on your property.
Quick tip: Check out Insider's best homeowners insurance guide to get started with our top picks for homeowners insurance companies.
Step 5 : Look into discounts you qualify for
While it is important not to overlook your coverage for a lower rate on your homeowners insurance premiums, there are still ways to reduce your costs. Here are some of the popular discounts homeowners insurance offer.
Multi-policy discounts: Receive a discount for bundling your homeowners insurance policy with another insurance product, usually auto insurance.
New home/new home buyer discounts: If you're a new home buyer or just purchased a newly constructed home, you may qualify for a discount. What qualifies as a "new home" varies among insurance companies.
Automatic, pay-in-full, electronic funds transfer, paperless discount: Get a discount for choosing a payment type.
Claims-free discount: Receive a discount for having a clean record with your homeowners insurance.
Loyalty discount: Your provider may offer a discount for being insured with them for a consecutive number of years.
Home safety discount: You may be eligible for a discount if you have devices like burglar alarms or smoke detectors installed.
Smoke-free discount: Non-smokers can get a discount for having a smoke-free household.
Home improvement discount: Get a discount for upgrading your roof, electrical, heating, and plumbing systems to improve the quality of your home.
Step 6: Research the trustworthiness of each company
To ensure you get the best value, research the trustworthiness of an insurance provider. An insurer's financial strength, rated by independent agencies, can help you determine if it can compensate you for a claim when you need it. AM Best assigns insurance companies letter grades from A+ to F. If a company is rated anything below a B, it is not financially stable and cannot pay claims reliably.
You can also check a company's trustworthiness by looking at customer satisfaction. J.D. Power's home insurance customer satisfaction survey ranks major insurance companies based on a 1,000-point scale.
Step 7: Finalize and purchase your policy
Once you've selected the right policy for you, ensure all your information is correct before signing. Note that your insurance company may require a home inspection to make sure your application's replacement cost coverage and property information is accurate.
You also want to know how you will be paying your insurance premiums. You will usually pay your insurance premiums to your homeowners insurance provider or mortgage lender. You'll pay your premiums in full or in recurring payments through your homeowners insurance company. If you have a mortgage lender, you may have to pay premiums with your monthly mortgage payment through an escrow account.
Finally, you'll have to choose your policy's date. If you are purchasing a new policy, notify your mortgage lender.
1. Choosing the cheapest policy
A homeowners insurance should protect you and cover your costs if you need to rebuild. However, choosing the cheapest coverage might mean you won't have enough to cover a home-related loss entirely. Your home will probably be your largest expense and one of your main priorities after a loss, says Pannhausen. Aside from your dwelling and personal property, you also may take a financial hit if you lack liability protection and have to pay for someone else's medical bills and your legal defense out-of-pocket.
2. Not updating your coverage amounts annually
Due to factors like rising inflation, your replacement cost may not be the same today as last year. Ensure you are updating your coverage annually so that you won't have any gaps in your insurance coverage.
3. Not shopping annually
You don't have to settle for one insurance company. You can choose a provider with better rates for your coverage every year. Most companies will allow you to cancel your policy even during your period term and will return unused premiums. Be aware of cancellation fees your insurance provider might require you to opt out and notify your mortgage lender of your cancellation if applicable.
4. Improperly estimating replacement cost
Many customers will choose their replacement cost based on the price they paid for their home, which may leave them underinsured. It is vital to get an accurate estimate of how much it would take to rebuild your home completely. Consider new and expensive features and be honest when discussing the improvements you made to your home, says Pannhausen.
Insurers look at your home's size, the year it was built, quality of construction materials, location and its risk, special features on your property, and more to determine your home insurance premiums, says Pannhausen. They also look to see if you're eligible for home safety discounts or multi-policy discounts.
Your homeowners insurance premiums will vary on your unique situation, so it's good to get an estimate online or speak to a homeowners insurance agent. According to 2019 data from the III, the average cost of HOI premiums was $1,272.
Quick tip: See Personal Finance Insider's homeowners insurance average cost guide for more information on the average cost of premiums based on home value and your state.
You want to ensure you have enough to avoid going into extreme debt and experiencing financial hardship. Pannhausen says to ask yourself one question when purchasing homeowners insurance.
"If my home and everything in it is destroyed tomorrow, could I afford having to start over from scratch?"
More: Home Insurance Homeowners Insurance Insurance Farmers Insurance | 2022-04-22T21:10:13Z | www.businessinsider.com | 7 Steps to Getting the Right Homeowners Insurance | https://www.businessinsider.com/personal-finance/how-to-shop-for-homeowners-insurance | https://www.businessinsider.com/personal-finance/how-to-shop-for-homeowners-insurance |
How neobanks operate
How neobanks make money
Why neobanks are popular
Well-known neobanks
Neobank pros & cons
Neobanks vs. online banks
Neobanks function as online-only banks. Here's how they operate and why you might choose one
Neobanks often rely on interchange fees, particularly from debit cards to make money.
Neobanks are digital-only banks that don't have any physical branches.
Neobanks often operate on top of a regular bank's charter, which might limit their services.
Neobanks tend to appeal to specific types of customers that benefit from online-only banking, rather than casting wide nets.
In today's digital world, you can seemingly do everything from your phone, ranging from ordering food to reading the news to managing money. While many traditional banks have gotten on board with this digital revolution, new players have also emerged: neobanks .
Rather than trying to transition old systems online, neobanks are building new, digital-only financial services platforms.
A neobank is a new type of financial-services offering that essentially functions as an online-only bank.
"First and foremost, it's digital-only, and it's mobile-first in its presentation," explains David Whitcomb, vice president of product at MX, a financial data platform.
Not only do neobanks operate without physical branches, but they tend to break the mold of traditional banks by having more niche focuses. "A [traditional] bank may enter a community trying to make an impact in the business, the wealth management and the retail areas, [whereas] neobanks will have a much more targeted focus," says Whitcomb. "It's often very distinctly purpose-driven or has very focused services."
For example, neobanks might target certain professions, identities, or tout particular benefits like having no fees.
How do neobanks operate?
While neobanks often operate solely online, mobile versions of banks, many are technically fintech companies rather than actual banks. That's because neobanks often leverage the charter of another bank, where customer deposits are actually held. The neobank then provides additional services and a digital interface that tend to appeal to different types of customer segments.
Important: Without a banking charter, neobanks are more limited in terms of services they can offer customers. Many neobanks focus more on areas like offering checking and savings account features, rather than lending.
"The vast majority of neobanks don't have a banking charter. That means very little to an end user when they're just getting really good banking services. But what it means is that they're not sitting on pools of funds, like a traditional bank, that they have to balance out with loans," explains Whitcomb. "The result is that many neobanks don't bring lending products in until they potentially get their own charter. And that's not happening very often right now."
But even if neobanks typically aren't offering lending capabilities, such as for mortgages, car loans, or even traditional credit cards, they still can provide unique services that appeal to certain customer segments.
For example, Whitcomb points out how the neobank Daylight focuses on the LGBTQ+ community, offering services such as those "that are incredibly attractive to people who might be transitioning, that normal banks just would never have thought of and may not have not even considered taking the time or using the technology to do it." For example, Daylight lets customers use their preferred name on their debit cards, even if that differs from their legal name.
How do neobanks make money?
While traditional banks often make money from services like lending, neobanks often don't have that revenue source. Instead, they tend to rely on interchange fees, particularly from debit cards.
These interchange fees are the transaction costs that merchants pay each time a customer uses a card, like if you swipe your debit card at the grocery store or use your card to book a hotel online.
Neobanks also often promote the absence of fees on things like monthly account maintenance or overdrafts, which further underscores their reliance on capturing fees from card transactions.
If neobanks "don't catch a transactional relationship [with customers], it's really difficult to have [consistently] increasing revenue," says Whitcomb.
Why are neobanks popular?
Neobanks tend to be popular because they offer the convenience of online banking — and they appeal to more particular types of customers. So, even if individually a neobank reaches a limited audience, collectively neobanks can find popularity on a wider scale. This contrasts with the more mainstream approach of traditional banks.
When a bank tries to "serve a huge swath of consumers" with a wide range of financial products, "sometimes it's really hard for a consumer to navigate to what they actually need," says Whitcomb.
Plus, neobanks, by nature of being new and born-digital, often have modern, user-friendly interfaces.
Since neobanks often focus on particular customer segments, the popularity of specific neobanks can differ depending on who you ask. That said, some examples of generally well-known neobanks in the US include:
Albert: Albert is a tech-forward neobank that focuses on areas like financial education and automated savings strategies.
Aspiration: Aspiration focuses on environmentally friendly banking, such as by enabling customers to plant trees via card purchases.
Chime: Chime notes that it was "founded on the premise that basic banking services should be helpful, easy and free." Chime does not charge fees such as for overdrafting and can even temporarily spot customers some money for overdrafts in some cases, without fees.
Dave: Dave touts itself as "the banking app on a mission to build products that level the financial playing field." Similar to Chime, it offers benefits like no overdraft fees and the potential to get small, interest-free advances.
Varo: Varo is a neobank that similarly emphasizes no-fee services. In 2020 it became a nationally chartered bank, which Varo says makes it "the first US consumer fintech to receive a national bank charter from the OCC" (Office of the Comptroller of the Currency).
Other types of well-known financial services brands like PayPal and Cash App could also be considered neobanks, notes Whitcomb. Even though these types of platforms are well known for enabling peer-to-peer payments and thus differ from what many other neobanks offer, they've also expanded into banking areas like enabling customers to receive direct deposits.
Pros and cons of neobanks
Neobanks aren't just shiny new versions of banks. There can be significant differences in terms of the advantages and disadvantages they provide.
Tend to be easy to use online and on mobile devices
No physical branches, which some consumers may not be comfortable with
Often offer no-fee or low-fee services
Often have limited services in areas like lending
Often appeal to specific groups, such as with card rewards that benefit specific causes, or offering services geared toward certain professions
May have customer service challenges, such as if they lack physical call centers.
In addition to these pros and cons, potential neobank customers may want to consider what financial institution a neobank leverages for its charter, if applicable. Not only might customers want to know for their own consideration, but logistically, they may need to know that information, such as if they need to mail a physical check to the underlying bank.
Important: Neobanks are often geared toward those who are earlier in their financial journeys, which could be seen as both a pro and a con, or neither, depending on your circumstances.
The terms neobanks and online banks are sometimes used interchangeably, so there might not be any difference between neobanks and online banks, depending on who you ask. Some people might look at whether the financial organization has its own charter or leverages one from another bank, but that still doesn't necessarily differentiate neobanks from online banks.
For example, Ally is an online-only bank without physical branches. Yet it's a chartered bank with a full suite of services, including lending. So, while some people might say Ally is an online bank, not a neobank, Whitcomb considers Ally to be one of the original neobanks.
But just because a bank offers online services, that does not make it a neobank. Traditional banks now offer a variety of online and mobile banking services, but they still operate physical branches, which in part differentiates them from neobanks.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.
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Varo Money | 2022-04-22T21:10:19Z | www.businessinsider.com | Neobanks: Definition, How They Make Money, Popular Neobanks | https://www.businessinsider.com/personal-finance/neobanks | https://www.businessinsider.com/personal-finance/neobanks |
Amazon supplier arrested over 'smuggling charges' delayed grocery store expansion, internal documents show
Amazon Go store
Amazon's physical stores team has failed to meet internal store projections.
One reason: a supplier in Hong Kong was arrested on "smuggling charges," internal docs show.
Amazon's leadership team says it's still fully committed to the physical store business.
Amazon's physical stores team has struggled to meet its goals in recent years due to many operational challenges, as Insider previously reported.
One of the more bizarre reasons was due to a Hong Kong-based supplier's arrest in what the local authorities said was for smuggling products, according to internal documents obtained by Insider.
In summer 2020, this supplier was held in police custody under "alleged smuggling charges," keeping some of the key components used in Amazon's cashierless stores stuck in Hong Kong for an extended period of time. As a result, Amazon had to re-ship some of those components from China, leading to delays in its cashierless store launches. Those pieces are part of Amazon's Just Walk Out technology, which allows for shoppers to buy things without having to go through a cashier lane. The technology is found in Amazon's cashierless stores like Go and Fresh.
"All of the parts were in the HK warehouse that was seized by police, and we had to re-ship — that was the main point of delay, and unforeseen," one of the documents said.
This incident was just one of the many stumbling blocks Amazon has faced in its physical store business, as Insider previously reported. The high cost of stores, dysfunctional internal culture, and tension with Amazon-owned Whole Foods also contributed to the delays. Internal projections, for example, forecast 280 Fresh grocery stores by this year, but Amazon currently has only 27 such stores open.
Amazon's VP of physical stores, Dilip Kumar, was particularly vexed by the Hong Kong supplier fiasco. In emails to his team, Kumar repeatedly expressed his frustration for failing to prepare for the supply chain issue, regardless of the sudden nature of the arrest.
"How did we not plan for this to be available when we knew we had to launch?" Kumar wrote in one of the emails seen by Insider.
"Why didn't we order these many months ago to avoid last minute issues? I don't like playing schedule chicken," another email by Kumar said.
Even with the delays, however, Amazon remains bullish about its physical stores business. During last year's internal all-hands meeting, CEO Andy Jassy mentioned groceries and physical stores as part of his top company "innovations," as Insider previously reported.
"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."
NOW WATCH: Amazon wants to open 3,000 cashier-less grocery stores — and they'll have a major advantage over their competitors
More: Amazon Just Walk Out Amazon Go | 2022-04-22T22:39:33Z | www.businessinsider.com | Amazon's Store Launches Delayed Due to Bizarre Supplier Incident | https://www.businessinsider.com/amazon-physical-store-fresh-grocery-delay-hong-kong-supplier-arrest-2022-4 | https://www.businessinsider.com/amazon-physical-store-fresh-grocery-delay-hong-kong-supplier-arrest-2022-4 |
I watched 81 Nicolas Cage movies to rank the actor's top films — here's where to stream his 16 best movies
Lionsgate; James Brains/Insider
Oscar-winning actor Nicolas Cage has brought unique intensity to every role in his 40-year career.
He's won awards for his work in "Leaving Las Vegas," "Lord of War," "Pig," and more.
You can stream some of his best movies on services like Amazon Prime Video, Netflix, and HBO Max.
Nicolas Cage is a national treasure. Whether you love him or hate him, you have to admit he's an incredibly talented actor with an immense range that makes him equally believable in comedies, dramas, action films, and thrillers.
To prepare for the April 22 release of Cage's new film "The Unbearable Weight of Massive Talent," I watched all 81 of his movies to select the very best of the best.
Below, I broke down what makes each of my picks special, along with details on where you can watch each movie right now. If you're a fellow fan or just someone looking to catch up on the actor's extensive filmography, this list ranks the essential Nicolas Cage movies you won't want to miss.
To determine which Nicolas Cage movies made the cut, I weighed each of the following metrics equally when ranking the actor's films:
Rotten Tomatoes' Tomatometer rating based on reviews from critics
My personal rating of a film on a scale of one to 10 based on its entertainment and artistic value
My subjective rating on a scale of one to 10 of each movie's "Cage Factor"
To be included among the best Nicolas Cage movies, a film must have at least 60% on the Tomatometer at time of publication, and at least a six in each of my two personal ratings.
When choosing eligible titles, I didn't include movies where:
Cage was just a voice actor
He wasn't a top-five billed actor
There wasn't a Rotten Tomatoes' Tomatometer rating
What is the Cage Factor?
Cage is well known for his passionate acting and uniquely entertaining performance choices. The "Cage Factor" rates how clearly that passion comes through in his character's intensity.
It could be through wild voice modulation, but he can also get there with just a look, as illustrated by countless memes. He's willing to go to a level that isn't necessarily over-acting but that's beyond what most actors are capable of. The Cage Factor can turn a boring, poorly written movie into a must-see classic.
Based on my comprehensive research, here are the 16 best Nicolas Cage movies and where to watch them
16. 'Lord of War'
Watch "Lord of War" on Peacock Premium
Cage Factor: 6/10
Best Cage scene: Giving away guns to villagers before the authorities can catch him (1 hour, 13 minutes)
Cage plays a Ukrainian-born, NY-raised arms dealer, who profits from the sale of post-Cold War stockpiles to terrorists. Endorsed by Amnesty International, "Lord of War" is inspired by the lives of real-life arms smugglers, but the film is fictional. Still, it's an important eye-opening movie that avoids heavy-handedness.
15. 'Honeymoon in Vegas'
Rent "Honeymoon in Vegas" on Apple TV for $4
My rating: 6.5/10
Best Cage scene: Telling his girlfriend that she has to hang out with James Caan (33 minutes)
In this romantic comedy, Jack Singer (Cage) takes his longtime girlfriend Betsy Nolan (Sarah Jessica Parker) to Las Vegas to get married. Before they can tie the knot, Singer loses big at poker. To settle his debt, Nolan must spend the weekend with a high roller (James Caan). If you can get past the problematic premise and portrayals of Hawaiians, this is an entertaining romcom aided by a flamboyant Cage. But, some aspects of the movie haven't aged well over the last 30 years. If you do watch it, keep your eyes peeled for a young Bruno Mars doing an Elvis impression.
14. 'The Trust'
Saban Capital Group
Watch "The Trust" on Pluto TV and Tubi free with ads
Best Cage scene: Blowing a hole in a safe (56 minutes)
"The Trust" has not received the love it deserves. Cage and Elijah Wood play crooked Las Vegas cops, who are looking to rob drug dealers. The duo's chemistry, along with Cage's flashes of wildness, carry the film. It's an interesting look at how greed can drive and destroy people. "The Trust" features the last role Jerry Lewis filmed before his death.
13. 'The Rock'
Watch "The Rock" on Amazon Prime Video
Best Cage scene: Asking Connery how he got out of his jail cell (1 hour, 42 minutes)
In "The Rock," Cage plays an FBI agent in the antiterrorism unit. He's called in to help stop a former marine, who has taken people hostage at Alcatraz and is threatening to launch a biological weapon. The movie, directed by Michael Bay, is far-fetched, and I get bored during some of the action scenes. That said, the performances from Cage and Sean Connery are enough to keep me engaged.
12. 'Mom and Dad'
Watch "Mom and Dad" on Starz or with the Starz add-on on Amazon Prime Video or Hulu
Best Cage scene: Destroying a pool table in a midlife crisis-fueled rage (47 minutes)
What if parents developed an inexplicable homicidal rage towards their own kids? This is the premise of the horror thriller "Mom and Dad." Cage is the eponymous dad, unhinged for most of the movie and constantly sputtering hilarious lines. The simple plot is entertaining and absorbing, and the film tackles deeper themes, including losing your sense of self as you age.
11. 'Peggy Sue Got Married'
RLJ Entertainment, Inc.
Watch "Peggy Sue Got Married" on HBO Max and Hulu
Cage Factor: 6.5/10
Best Cage scene: Singing in a quartet while making entertaining hip gyrations (50 minutes)
Cage is the estranged husband of Peggy Sue (Kathleen Turner), who faints at a reunion and travels back in time 25 years to her high school days. This adds a level of hilarity to the film as the actors play the same role in both timelines, at ages 17 and 42. Cage has this weird nasally voice throughout that apparently annoyed Turner, but the director, Cage's uncle Francis Ford Coppola, allowed it, thus adding to the film's Cage Factor.
10. 'Moonstruck'
Watch "Moonstruck" on HBO Max
Best Cage scene: An especially dramatic introduction (27 minutes)
Cher plays a widow named Loretta, who reluctantly agrees to marry Johnny (Donny Aiello). While Johnny is in Italy visiting his dying mother, Loretta is tasked with inviting Johnny's estranged brother, Ronny (Cage), to the wedding. Ronny and Loretta fall in love. Cage doesn't appear until 25 minutes into the movie, but he makes a dramatic impression when he does. "Moonstruck" was nominated for six Oscars.
9. 'Color Out of Space'
Watch "Color Out of Space" with Shudder or AMC Plus add-ons on Amazon Prime Video
Best Cage scene: Freaking out at his kids (57 minutes)
In this horror movie based on an H.P. Lovecraft story, Cage is the patriarch, flipping out regularly as his family slowly devolves into madness after a meteor lands in their yard. Though it's far-fetched and confusing (i.e., Lovecraftian), "Color Out of Space" is beautifully shot, and the mystery keeps you engaged. Colin Stetson's music is also a major asset.
8. 'Vampire's Kiss'
Rent "Vampire's Kiss" on Apple TV and Vudu for $4
Cage Factor: 10/10
Best Cage scene: Flipping out about misfiled documents during a counseling session (45 minutes)
"Vampire's Kiss" is the movie by which all other Cage movies should be measured when it comes to The Cage Factor. The actor plays a literary agent who becomes a vampire and terrorizes his secretary, New York City, and himself. It's an interesting psychological thriller, horror, and comedy all wrapped into one.
Now playing only in theaters (not currently available to stream)
Best Cage scene: Fighting and then making out with his alter ego Nicky (32 minutes)
Cage plays "Nick Cage," an actor who is known for never turning down a part. As bills pile up, he agrees to attend a wealthy playboy's (Pedro Pascal) birthday party for $1 million. Of course, nothing goes as planned. I had sky-high hopes for this movie, and though it didn't quite meet them, the film is still an entertaining celebration of Cage. Much of the humor relies upon the absurdity of Cage being in various situations. The ending is also great, and I like the message of nurturing your child's interests rather than forcing yours onto them.
6. 'Matchstick Men'
Watch "Matchstick Men" on HBO Max
Best Cage scene: Throwing a fit at the pharmacy (1 hour, 24 minutes)
Cage plays a con artist who suffers from obsessive-compulsive disorder. He discovers he has a teenage daughter (Alison Lohman) and tries to develop a relationship with her. Sam Rockwell turns in a great performance as Cage's partner in crime. Overall, the movie is engaging and clever. The Cage Factor would be higher if his character wasn't trying so hard to be less erratic throughout.
5. 'Wild at Heart'
Buy the Blu-ray on Amazon for $18 (not currently available to stream)
My rating: 10/10
Best Cage scene: Defending himself and killing a guy in the process (4 minutes)
Considering David Lynch is my favorite director and Nicolas Cage is my favorite actor, it's no surprise that "Wild at Heart" is my favorite Cage movie. Cage plays Sailor Ripley, a snakeskin jacket-wearing Elvis wannabe, who just wants to live the American dream with his girlfriend Lula Fortune (Laura Dern). Unfortunately, Lula's mom (Diane Ladd, Dern's real-life mother) has other plans. Willem Dafoe and Crispin Glover also contribute brilliant performances to a brilliant, albeit very strange and violent film.
4. 'Mandy'
Watch "Mandy" with Shudder or AMC+ Plus add-ons on Amazon Prime
Best Cage scene: Using vodka to cope with his situation (1 hour, 7 minutes)
"Mandy" is one of the many movies where Cage plays a character out for revenge. In this case, his wife (Andrea Riseborough) is abducted by a hippie cult. The story is enthralling, and it goes beyond the extreme violence of most action horror films — though there's plenty of that too — to deliver an important message about the dangers of male fragility. The late Icelandic composer Jóhann Jóhannsson does an outstanding job of scoring this visually stunning film.
3. 'Bad Lieutenant: Port of Call New Orleans'
Watch "Bad Lieutenant: Port of Call New Orleans" on Peacock
Best Cage scene: Being wild after smoking crack (1 hour, 35 minutes)
"Bad Lieutenant: Port of Call New Orleans'' is what happens when you pair one of the world's most intense directors with one of its most intense actors. In Werner Herzog's film, Cage plays a cop who injured his back in the aftermath of Hurricane Katrina. He slowly descends into painkiller addiction and wild debauchery. At times, "Bad Lieutenant'' is hard to watch with its depictions of abuse of power, but it's worth the price of admission just to witness Herzog and Cage at their best.
2. 'Pig'
Watch "Pig" on Hulu
Best Cage scene: Flipping out because Amir (Alex Wolff) won't drive him where he wants to go (54 minutes)
Released in 2021, "Pig" features Cage in a quiet, brooding role. We meet his character living off-the-grid in Oregon with a truffle-hunting pig. One night, thieves break into his home, beat him, and take the pig. Covered with dried blood throughout the movie, Cage travels to Portland and confronts his past to find his missing animal friend. The film does a good job of exploring several themes, including friendship, what drives us, and how we relate to the food we eat. I cried during some scenes. It's just a powerful film.
1. 'Leaving Las Vegas'
Cage pays homage to this scene from “Leaving Las Vegas” in his new film, “The Unbearable Weight of Massive Talent.”
Watch "Leaving Las Vegas" on Tubi and Pluto TV (free with ads)
Best Cage scene: Yelling "I'm a prickly pear" after smashing through a glass table (1 hour, 22 minutes)
Cage is an alcoholic screenwriter who loses his job and wife, so he drives to Las Vegas, where he plans to drink himself to death. While there, he befriends a sex worker (Elisabeth Shue), and they develop a powerful connection. This is a truly incredible yet disturbing film about two deeply flawed people finding each other. Cage won a well-deserved Oscar for his role.
Nicolas Cage plays Charlie Kaufman and his fictional twin brother Donald Kaufman in “Adaptation.”
Here are 10 Cage movies that didn't quite meet the total score needed to make my list, but are still worth watching:
"8mm" (Tubi with ads): This has a low Tomatameter rating (23%) and Cage Factor (3) and is incredibly disturbing, but the mystery sucks you in.
"Adaptation" (HBO Max): This movie lacks Cage Factor (4) but it makes up for it by having Cage play two roles. He plays a version of the film's actual screenwriter, Charlie Kaufman, and his fictional twin brother.
"Army of One" (HBO Max): This film has the second-highest Cage Factor (9) of all the movies I watched, but its other scores kept it off the main list. It's based on the true story of Gary Faulkner (Cage), an unemployed handyman who believes God (Russell Brand) wants him to go to Pakistan to kill Osama bin Laden.
"Bringing out the Dead" ($4 to rent on Amazon Prime Video): My low Cage Factor score (4) kept this film off the main list, but it's still a great movie. Cage plays an overworked EMT in NYC during the early '90s. This is one of director Martin Scorsese's most underappreciated works.
"Deadfall" (Amazon Prime Video with MovieSphere add-on): Cage's character in this pulpy, 0%-Tomatometer film is so flamboyant that he played the same role in a totally different movie (Arsenal) 24 years later.
"Face/Off" ($4 to rent on Amazon Prime Video): Cage is great in this, the critics love it, but it just has too many plot holes for me to give it a high rating. Still, it's worth seeing. Please don't @ me.
"Raising Arizona" ($4 to rent on Amazon Prime Video): When you put Cage in a Coen Brothers' film, you're going to get a masterpiece. That's just what "Raising Arizona" is, yet Cage is just a little too subdued to score high on the Cage Factor (5).
"Snake Eyes" (Showtime): Again, magic happens when Cage works with a great director. In this case, it's Brian De Palma. Unfortunately, the Tomatometer got it wrong (40%).
"The Wicker Man" ($3 to rent on YouTube): The critics also panned "The Wicker Man" (15%), a remake of a 1973 horror movie, but I find it engaging and love Cage's performance.
"Willy's Wonderland" (Hulu): I don't think Cage speaks at all in this 2021 horror action film, yet he gets most of the screen time. He plays a man who gets conned into cleaning up a cursed Chuck E. Cheese-like establishment. With a Cage Factor of 5, this one barely missed the cut.
More: Streaming Insider Reviews 2022 Insider Picks Celebrity | 2022-04-22T22:39:39Z | www.businessinsider.com | The 16 Best Nicolas Cage Movies: Ranked and Where to Watch | https://www.businessinsider.com/guides/streaming/best-nicolas-cage-movies-where-to-watch | https://www.businessinsider.com/guides/streaming/best-nicolas-cage-movies-where-to-watch |
'It feels so wrong.' Developers say a Dutch regulator hasn't done enough to force open Apple's control of the App Store.
Frazer Harrison/FilmMagic
Apple was ordered in January to let dating apps in the Netherlands use non-Apple payment methods.
The company has fought the order, and submitted its most recent proposal more than a month ago.
iOS developers have been watching the case closely, and say they're growing impatient with the lack of action.
Thursday marked one month since Apple sent its latest proposal to a Dutch regulator to try complying with a months-old order to let dating apps in the Netherlands use non-Apple payment methods for in-app transactions.
This is the longest that the regulator, the Netherlands Authority on Consumers and Markets, has considered one of Apple's proposals. It had previously rejected each of Apple's proposals around one week after the company submitted them.
"We wish to conduct this assessment as efficiently as possible, but, at the same time, we must conduct the assessment with great care," Murco Mijnlieff, ACM's spokesperson, told Insider. "As part of that assessment, we are in contact with other market participants and experts, seeking their opinions."
An Apple spokesperson said the company is currently working with the regulator on it.
The ACM has fined Apple 5 million euros for each week the company was non-compliant with its order; the fines now total 50 million euros (about $57 million), the maximum amount possible. It also previously slammed the iPhone maker for requiring developers to essentially create a new version of their app if they wanted to use third-party payment platforms, calling it out for creating new barriers for developers.
App developers around the world have been closely watching Apple's tussle with the Netherlands, as its outcome could create ripples across the industry. Four iOS developers spoke with Insider about their hopes and apprehensions. They said they wished the regulator would do more to put pressure on Apple, and had been frustrated by the drawn-out standoff.
"A lot of the stuff that [Apple's] been saying just broadly over the last year has demonstrated a — I don't wanna say like antipathy towards developers — but just very low regard for them," Ali Alkhatib, the director of the Center for Applied Data Ethics at the University of San Francisco, told Insider. "From developers that I've been hearing about or hearing from, it's not making them feel like Apple values the developer community."
Máté Kovács, an independent developer who created Teleprompter, said he didn't think the 5 million euro fine — capped at 50 million — is enough to put pressure on the company, especially compared to how much money Apple generates from the App Store.
He said "it feels so wrong," since the relatively low fine makes it profitable for Apple to ignore the ruling and that the situation currently feels as though neither side wants to resolve the issue.
Big developer concerns, like side-loading, are unaddressed
Andy Ibanez K, an iOS developer in Bolivia, said he understood why Apple opposed the regulatory pressure, pointing to how the company has had full control of its App Store since it debuted in 2008.
"I personally don't think that alternative payment systems are that big of a deal because right now most developers are getting a very good deal with Apple," Ibanez said. "But this fight is important regardless — even if I don't care about alternative payment systems — if this paves the way for something more important."
He said that developers take bigger issue with Apple's communication practices and stance on side-loading, or the practice of downloading apps from sources besides the App Store.
An uphill battle with no end in sight
Alkhatib, of the University of San Francisco, said the current situation could spell trouble for other countries looking to regulate the App Store.
Apple likely does not see the Netherlands as that big of a market, he speculated, so it could possibly take the drastic step of pulling out of the country or even be banned for flouting the regulators.
Alkhatib said, "It's incredibly frustrating to see that Apple is using whatever argument they think works in the moment without necessarily recognizing that other people are hearing it and other people are seeing sort of how little they — how poorly they — regard the stakeholders that are also affected."
Are you an Apple insider with insight to share? Got a tip? Contact reporter Diamond Naga Siu at dsiu@insider.com or via secure messaging apps Signal and Telegram at 310-986-1383. Twitter DM @diamondnagasiu. Reach out using a non-work device.
More: Apple In App Payments App Store | 2022-04-23T00:14:47Z | www.businessinsider.com | Apple Developers Say Dutch Regulator Hasn't Done Enough to Open App Store | https://www.businessinsider.com/ios-developers-dutch-regulation-apple-app-store-open-complaints-2022-4 | https://www.businessinsider.com/ios-developers-dutch-regulation-apple-app-store-open-complaints-2022-4 |
Netflix's dramatic plunge may signal tech shares are in for further trouble — but experts share 4 stocks in the sector that could buck the trend
Netflix/Angela Tricarico/Insider
Netflix's 35% share price crash may signal more trouble ahead for consumer facing tech firms.
These companies are facing serious headwinds over the coming months according to experts.
That does not mean there won't be opportunities in the sector. Experts share four names that could prosper.
The dramatic fall in subscriber numbers revealed by Netflix this week that precipitated a 35% crash in the share price may not be a one-off.
While price falls of that magnitude won't be seen often, there could certainly be a string of consumer tech companies finding it hard to live up to investors' expectations over the coming months.
There are a few reasons for this. First there is the change in people's habits that has naturally accompanied the shift from pandemic-era social distancing and lockdowns to a return of close-to-normal behaviour.
Quite simply, people have less time to spend interacting with consumer tech products and services like Netflix. They also have far more competition for the cash in their wallets now they're largely free to travel, eat out and attend events of all kinds.
Second, high inflation and the cost of living squeeze hits consumer-facing tech companies hard. If somebody is feeling short of money, one of the first things to be cut from the monthly outgoings will be subscription services like Netflix, or an expensive smartphone package.
The third in a hat-trick of headwinds for Netflix and others in the sector is the accelerating pace of competition. For example, Netflix enjoyed life as an innovative one-of-a-kind service in its early years. Now though, it faces stiff competition from dozens of streaming services, including offerings from rivals like Amazon, Apple and Disney.
"Netflix shares fell around 23% in after-hours trade on Tuesday after the firm announced a decline of 200,000 subscribers in the first quarter, the first quarterly drop in subscriber numbers in a decade," noted UBS Global Wealth Management in a note for clients. "The firm attributed the loss in part to its recent price hikes, password sharing, competition and its exit from the Russia market.
"Separately, research firm Canalys said global smartphone shipments fell 11% year-on-year in the first quarter, with China's lockdowns impacting both demand and supply," UBS said.
All is not lost for the tech sector however, with UBS suggesting investors pivot to tech names that serve businesses, rather than consumers.
"We expect consumer-oriented tech firms to face more headwinds during this reporting season, from digital services to consumer hardware. Within digital subscriptions, we have tilted our exposure to enterprise-based offerings, which we think should be more resilient in this environment," the bank added.
While this backdrop should make investors tread carefully with their exposure to the tech sector, it would be a mistake to dismiss it outright. Even in the trickiest of times, tech is an exciting part of the stock market and it will always throw up opportunities for smart investors.
Steve Clayton, manager of the Hargreaves Lansdown Select Global Growth Fund, has picked out four names he sees as good bets.
"Over in the States, the Q1 earnings season has kicked off," he said. "Energy stocks earnings should benefit from the surge in oil and gas prices. But we expect to see the strongest underlying growth coming from the technology sectors, where demand for the products and software that underpin the digital economy looks set to keep marching higher for years to come," he said.
"Kornitt Digital is a US listed business, headquartered in Israel and seeking to fix one of the world's greatest ecological challenges," Clayton said. "Textile production is hugely impactful on the environment. Cotton is a crop with huge water demand and then the production of fabrics utilizes yet more, whilst the dyeing process can be highly polluting. Kornitt's digital fabric printing technologies allow inks to be applied directly to the fabrics, rather than immersing the garments into dyes. The result is a big reduction in the carbon and ecological footprint of the fabric and garment production processes."
"Zebra Technologies is helping workplaces, healthcare settings and warehouses to go digital. Their bar code and RFID technologies allow businesses to track goods around their facilities, hospitals to locate equipment and personnel. Zebra's products can play key roles in automating business processes and the business is a direct beneficiary of the rising investment in digitization by companies worldwide," Clayton said.
"GoDaddy brings the benefit of digital commerce to small businesses and sole traders alike," Clayton continued. "Their core business was supplying domain addresses but the business has expanded to provide a suite of products that allow smaller companies and traders to progress through to a full suite of ecommerce capabilities. Key to their success is a low cost of acquiring new customers, who might typically sign up for a domain name and to have a website built and hosted, but then add additional products as their business scales."
Clayton also picked out one consumer facing company that could buck the trend due to people returning to leisure travel.
"With the world re-opened to travel, Booking.com should be cleared for take-off. Booking is best placed among the digital travel agents to benefit due to its commanding shares within the hotel and accommodation booking sectors. They have a leading digital car rental service in the shape of Rentalcars to add to the offering and have also partnered with Viator, one of the leading excursion aggregators to offer the full range of services for people building their vacations online," he said.
More: investing 2022 how to invest 2022 which stocks should I buy? investing tips
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tech shares | 2022-04-23T08:30:05Z | www.businessinsider.com | Netflix Share Price Crash: 4 Stocks to Shake Off the Trouble in Tech | https://www.businessinsider.com/netflix-share-price-crash-tech-stocks-picks-to-buy-opportunities-2022-4 | https://www.businessinsider.com/netflix-share-price-crash-tech-stocks-picks-to-buy-opportunities-2022-4 |
Growth of femtech sector has been held back by a lack of women in senior investor roles, 5 female VCs say
Flo's period-tracking app.
Funding for US femtech startups doubled in 2021 to $1.4bn, Rock Health data shows.
Only 5% of digital health funding last year went to women and health tech companies, according to Rock Health.
5 female investors told Insider the lack of senior VC roles for women was slowing the femtech sector.
A lack of women in senior venture capital roles is hampering the growth of femtechs, according to some female investors who say men often overlook opportunities due to a lack of understanding of female health issues.
The market for femtech – which refers to tech products or services which serve women's health needs including fertility and sexual health – has been tipped to exceed $60 billion by 2027, according to data from Emergen Research. In August, Maven Clinic became one of the US's first tech startups valued at over $1 billion dedicated to women's health.
The problems femtechs try to address are often misunderstood by investors, who are typically male, five female VCs told Insider. A PitchBook report found that 15% of venture capital partners in 2021 were women.
"With so few female check writers, there's not a massive pool of investors out there who will have first-hand experience," Christina Farr, an investor at Omers Ventures, said.
"Investors look at numbers and they do due diligence, but there's also a lot of instinct that isn't talked about. And it's human to feel more passion for problems that you've lived or experienced. So there just aren't enough investors out there who have personally felt these problems, or have real reason to fear that they may in the future."
Funding for US femtech startups doubled in 2021 to $1.4bn, yet only 5% of all digital health funding in 2021 went to women's health tech companies, data from Rock Health shows. By comparison, US startups that raised the most in 2021 include R&D-focused biopharma and medtech ($5.8bn), whilst mental healthcare startups raised $5.1B, according to Rock Health.
Avestria Ventures partner, Tracy Dooley, said investors typically fund founders that are like them or ideas that are relevant to their lived experience.
"The lack of diversity hampers women's health funds," Dooley said.
"Female founders of women's health companies are doubly disadvantaged because the broad investor community rarely has expertise in, passion for, or comfort with women's health," she added.
Jessica Karr, partner at Coyote Ventures, said the lack of VC funding in women's health and for female founders is "implicit bias" as "male investors tend to ask female founders about risks while asking male founders about opportunity."
"Not only are they female founders, but they present to mostly-male investors about topics that often make them uncomfortable. They may be asked to not say the word 'vagina' when that is a core part of what they are talking about," Karr said.
Goddess Gaia Ventures founder Priya Oberoi claims the lack of funding for femtechs is partly because women's digital health is "not sexy enough" for most male investors.
"If you compare how much investment goes into Web3 and the metaverse versus women's health you begin to see how challenging it is for female founders to raise investment from men with zero connection to the problem."
Healthcare analyst Nicole Wardlaw told Insider that whilst femtechs are a "blind spot" for male investors, some may also be reluctant to invest as the market is still embryonic.
"Even though some companies in this space have scaled, they still have not reached profitability yet as the sector is still young," Wardlaw said.
"This in turn means a barrier to entry for other businesses coming through the pipeline seeking funding," she said, adding that venture capitalists are less likely to take huge risks on young sectors.
More: Femtech Digital Health VC | 2022-04-23T10:01:12Z | www.businessinsider.com | Male Dominated VCs Stifle Growth of Femtechs, Female VCs Say | https://www.businessinsider.com/male-dominated-vcs-stifle-femtech-growth-2022-4 | https://www.businessinsider.com/male-dominated-vcs-stifle-femtech-growth-2022-4 |
This week's student loan refinancing rates: April 23, 2022 | 10-year rates hold flat
Now may be a good time to secure a low rate on a refinanced student loan.
The average interest rate on 5-year undergraduate refinanced student loans dropped last week, while 10-year rates held relatively steady, according to Credible. Student loan rates are still pretty low in general, so you may think about refinancing your student loan today.
The current rate for 5-year undergraduate refinanced student loans is down 0.25% from the week of April 4, at 3.89%. In October 2021, this rate was significantly lower, at 2.95%.
Five-year graduate rates have ticked up since the week of April 11. Currently, the average rate is 3.68%, up from 3.30% during the week of April 4.
April 11, 2022 3.89% 3.68%
April 4, 2022 4.16% 3.30%
October 11, 2021 2.95% 2.71%
Rates on 10-year undergraduate student loan refinances have stayed about the same since April 4 and have increased by 0.81% since October 2021. The average rate for a 10-year graduate student loan refinance is 4.21%. This is 0.04% more than April 4 and 0.77% higher than half a year ago.
The refinanced student loan rate you'll get from a lender is significantly impacted by your credit score . Usually, the better your credit score, the better rate you'll receive. Below, you'll see 10-year student loan rates by credit score:
April 11, 2022 5.58% 5.05% 4.35% 3.92% 4.41%
April 4, 2022 5.87% 5.08% 4.29% 3.94% 4.39%
Start by looking into different companies and checking your terms with each lender. Evaluate the offers and figure out which rate and term length is best for you. When you check your rates, lenders will usually perform a soft credit check, which doesn't hurt your credit score.
Once you've picked a company, you'll fill out its application and give documents that verify your finances and identity. After the lender makes its final offer, you'll need to sign the agreement and accept the terms. Then, your new lender will pay off your existing loan and you'll be off and running with a new loan.
Refinancing your student loans may net you a better your interest rate, help you switch from a variable-rate loan to a fixed-rate loan, or change your term length. By switching up your term length, you might be able to spread out payments over a longer period for smaller monthly payments, though you'll cough up more in total interest.
Be careful before choosing to refinance a federal student loan. You will lose key protections that come with federal loans if you refinance them. For example, you'll no longer be eligible for the COVID-19 related student loan payment pause, currently in place through August 31, 2022, and federal student loan relief programs like Public Service Loan Forgiveness.
You also won't qualify for specific repayment options like Income-Driven Repayment plans, which take your specific income and family size into account when determining monthly payments.
What's the difference between a fixed-rate and variable-rate loan?
A fixed-rate student loan has set interest rate that remains the same throughout your loan. The rate you get when you take out your loan is the rate the lender will charge you until you pay back your loan in full.
A variable-rate loan has an interest rate that the lender will change periodically during your loan's term. Lenders usually tie this rate to specific market benchmarks that are often impacted by the federal funds rate. Variable rates may start lower than fixed rates, but could climb higher over the life of your loan. | 2022-04-23T10:53:19Z | www.businessinsider.com | This Week's Student Loan Refinancing Rates: April 23, 2022 | 10-Year Rates Hold Flat | https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-saturday-april-23-2022 | https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-saturday-april-23-2022 |
Home asking prices appear to be returning back to earth in many major metro areas despite record low inventory. Here are the top 15 cities seeing the biggest price cuts, and why it could signal the top of the market.
Miami, FL ranks sixth on the list of US cities with the largest growth in price cuts.
A number of major metros are witnessing higher average price cuts on homes listed for-sale.
According to consultant Nicholas Gerli, this trend predicts market softening and increased inventory.
Using Gerli's method, Insider identified the top 15 US cities with real estate price corrections.
Mounting fears of a potential housing crash have been keeping real estate investors and regular homebuyers awake at night.
The US real estate market has become overheated in the past few years, as high demand from first-time homebuyers and competition with investors have consistently overwhelmed a housing supply deficit. Since spring 2020, median home prices have surged almost 27%, according to data from the US Census Bureau and Department of Housing and Urban Development.
Remote workers migrating from major metropolitan areas to lower-cost hot spots have been additional kindling in the fire, bringing their higher incomes and savings to smaller markets and causing miniature bubbles in cities such as Nashville, Atlanta and Columbus, OH. And as mortgage rates continue to climb, experts have increasingly warned of particularly overvalued properties in more tertiary markets such as Boise, Ogden, and Spokane.
Now, the question du jour is if this momentum will continue or if the US housing bubble will burst in spectacular fashion. While the 2008 housing crash, which triggered the a global financial crisis leading to the Great Recession , is still fresh in the minds of many homeowners, the general consensus is that the market is in a very different place today thanks to changes in lending practices and standards.
Signs of softening
Nicholas Gerli, the CEO of real estate data analytics firm Reventure Consulting, believes that we may have seen the peak in particularly bubbly markets and that asking prices may start returning to earth.
In a recent YouTube video, Gerli referenced a rise in the price cuts of homes on the market as a sign of overvaluation and/or fatigue from buyers. Specifically, he highlighted a house in Long Island, NY which had its price cut by 8% to $972,000 from $1,054,000 after a mere two weeks on the market — leaving it with an even lower price than the property's asking price from 2017. And there are certainly many other sellers in that market readjusting prices to stay competitive.
"If sellers are increasing the amount that they're cutting the price of their home, that is a sign that they're getting desperate and wanting to bail out of the housing market before it crashes," Gerli explained in the video. "This is a trend that's occurring in certain markets, more than others, as one of the early warning signs of a housing crash."
That's because historically, a rise in the average number of price cuts — and the bigger the dollar amount in those price cuts — in a particular metro area indicates that that market is starting to soften, said Gerli. For instance, in Boise, ID, which he called the US's "biggest housing bubble" closest to crashing, the average price cut has consistently been climbing, indicating a flurry of sellers trying to unload their properties before the bubble bursts.
But the so-called "seller desperation," as Gerli refers to it, might stem from two reasons.
First of all, sellers could simply be trying to list at what is presumed to be the top of the market before an overly inflated housing market corrects itself. But the haste to cut prices could also be due to an influx of new inventory earlier this year, since rising home supply pressures sellers to lower existing prices, ultimately improving a market's competitiveness.
According to Redfin, the United States had 1.225 homes on the market in March, which represents only one month of supply.
In conjunction, these factors might indicate that overheated markets are finally cooling off enough to return back to normal.
"Just because a market's having a big increase in the value of price cuts and a big increase in seller desperation does not mean it's going to have a major crash in the long run," Gerli emphasized. "It just means that in the short-term, we're seeing softening."
To truly predict a housing correction versus crash, Gerli advised analyzing fundamentals like an area's job growth versus homebuilding rate, its three-year appreciation rate versus historical norms, and a property's value-to-earnings ratio, which informs affordability.
Utilizing data from Zillow, Insider followed Gerli's methodology to identify the top 15 markets in the US with the largest increases between their March 2022 and March 2021 price cuts. New York leads the pack of potentially cooling markets, which are listed below in decreasing order of average price cuts.
"[In these areas], it's a good bet to see more inventory and more price cuts into the future," said Gerli.
Atanas Bezov/Shutterstock
March 2021 average price cut: $38,211
Price cut increase: $28,636
2. Sarasota, FL
Jack Elka Photo/Getty Images
Average price cut increase: $23,321
3. San Jose, CA
An aerial view of San Jose, California.
4. San Diego, CA
5. Boston, MA
Danny Lehman/Getty Images
7. Provo, UT
DenisTangneyJr/Getty Images
8. Nashville, TN
Adina Olteanu/Getty Images
9. Stockton, CA
10. Los Angeles, LA
11. Honolulu, HI
Photography by Jesse Warren/Getty Images
12. Fort Collins, CO
Joseph Sohm/Getty Images
13. Fort Myers, FL
Keita Araki/EyeEm via Getty Images
14. Seattle, WA
15. Greenville, SC
Emmanuel Psaledakis/EyeEm via Getty Images
March 2021 average price cut: $9,349
Average price cut increase: $9,070
More: Investing real estate 2022 Real estate market
real estate markets
housing inventory
Housing markets
housing slowdown | 2022-04-23T10:53:31Z | www.businessinsider.com | Top 15 Cities Seeing the Biggest Home Price Cuts | https://www.businessinsider.com/top-15-cities-seeing-the-biggest-home-price-cuts-2022-4 | https://www.businessinsider.com/top-15-cities-seeing-the-biggest-home-price-cuts-2022-4 |
Miami Mayor Francis Suarez poses with the Miami bull.
Politicians are increasingly advocating for cryptocurrency as interest in the space booms.
Mayors of Miami and New York City, Andrew Yang, and other hopefuls are championing the cause.
Crypto is likely to remain a hot item on political tickets.
Miami Mayor Francis Suarez excitedly unveiled a new symbol in his city at this month's bitcoin extravaganza.
A black, lego-like mechanical beast with glowing blue eyes and bronze horns, the new bull is meant to signify the rise of crypto — and the city's status as its hub.
Suarez's approach is not unique. Politicians are increasingly throwing their support behind digital currencies and assets to entice voters. And so far, it's working out.
It might be a natural outcome of the booming crypto space as more Americans and others around the world dive in, Dara Tarkowski — a Chicago attorney who specializes in financial technology and cryptocurrency — told Insider.
"If you look statistically at the number of people that have started investing in crypto and becoming very interested in NFTs, it would almost be foolish for a politician to not pay attention to that," Tarkowski said.
Crypto advocacy = favor among the people
Former presidential and NYC mayoral candidate Andrew Yang.
One in six Americans has invested in, traded, or used crypto in some capacity, according to a March NBC poll, a feat that has clearly not gone unnoticed.
Andrew Yang, despite two election losses, is intent on making his new political group, known as the Forward Party, the "Crypto Party" in an effort to thrust the technology into the mainstream.
New York City mayor Eric Adams said he converted his first three paychecks into bitcoin and ether — a move in sharp contrast to the rest of the state, which has been one of the toughest on crypto due to its harmful environmental impacts.
There also may be a lucrative pipeline from crypto organizations to state and federal offices. As The New York Times reported, the legislative affairs director of a Florida blockchain association is running for the State House to, in part, "improve workflows in businesses with blockchain technology."
Then there's the former child star of the "Mighty Ducks" movie franchise who made a fortune in crypto and is running for US Senate in Vermont. His website calls blockchain technology "a modern vehicle for the American dream."
Politicians outside the US are operating similarly. Perhaps most notably there is El Salvador's bitcoin-enamored, meme-loving president Nayib Bukele, who adopted bitcoin as a legal form of tender for his country in 2021 and wants to raise $1 billion for a bitcoin bond.
He was the most popular president in Latin America as of early 2022, with an 85% approval rating.
Bukele at a bitcoin conference in El Salvador in 2021.
About four in five Americans would be more apt to vote for a candidate if they supported Web3 technology, according to a late 2021 survey from the venture capital firm Andreessen Horowitz, which has backed many crypto initiatives.
"Whether they're doing it because they understand it or they're doing it because it's a fad, it almost doesn't matter," Tarkowski said.
Blue and red division over the technology
Sen. Ted Cruz.
But as crypto is tugged into the messy world of American politics, it's already been seized for partisan agendas and been divided between them. As it has burst onto the scene in the last decade, politicians have found political fodder in the technology.
"One of the reasons I'm bullish on #Bitcoin is because it's decentralized," Republican Sen. Ted Cruz tweeted in February. "The Left hates Bitcoin because they can't control it."
The anti-Big Government nature of cryptocurrency, existing outside of traditional financial frameworks, was a natural fit for Republicans and libertarians from the get-go.
"It doesn't surprise me of course that it's fallen out pretty neatly that most people on the right, and even the far-right, back it most strongly," David Golumbia — a digital studies professor at Virginia Commonwealth University and the author of "The Politics of Bitcoin: Software as Right-Wing Extremism" — told Insider.
But Democrats appear divided on the technology, with some supporting innovation, albeit regulated innovation, and others like Sen. Elizabeth Warren taking a staunchly anti-crypto position.
Crypto may already be politicized, but Yang told Blockworks in February that "we have to do everything we can to keep" that from happening.
"If we can avoid that fate, then we can become an industry that continues to create billions of dollars of value and tens of thousands of jobs," he said.
More: Miami Bitcoin crypto analysis | 2022-04-23T11:30:45Z | www.businessinsider.com | Crypto Is the Hottest Thing for Political Campaigns Right Now | https://www.businessinsider.com/crypto-new-political-token-yang-bukele-suarez-2022-4 | https://www.businessinsider.com/crypto-new-political-token-yang-bukele-suarez-2022-4 |
With inflation at a 41-year high, you should be asking for a raise — here's how to do it
A person taking US dollars out of a wallet.
Inflation has hit a 41-year high, and many Americans fear price increases are outpacing wage growth.
Common knowledge says to ask for a raise because you deserve it, not because you need it.
But experts say there's a way to factor inflation into making your case for a salary bump. Here's how to do it.
When asking for a raise, everyone knows you should focus on why you deserve one, not why you need it.
But what if your biggest argument is that you need it?
Inflation has hit a 41-year high, and many Americans fear wage growth isn't keeping pace with price surges. In a recent survey of more than 1,000 US workers by staffing firm Robert Half, nearly 62% of respondents said they plan to ask for a raise this year, with the top reason being to adjust for the higher cost of living.
Fortunately, there's a way to work inflation into your raise request. The labor market is still hot, so many companies are focused on retention to keep employees from walking.
Here are 6 steps toward getting an inflation-based raise:
Find out your employer's stance on factoring inflation into raises
Some employers may already account for cost-of-living increases when giving raises. If you're uncertain, you can bring it up in your annual review or after successfully finishing a project, says Tori Dunlap, a personal finance expert and founder of Her First 100K, a financial literacy platform for millennial women.
Dunlap suggests saying, "I've really enjoyed being a part of this team and am excited for my future here. I was wondering what is taken into consideration when giving raises. In addition to my overall performance, will the cost of inflation also be taken into account?"
Crunch numbers
If your employer doesn't automatically account for inflation, consult the Consumer Price Index to find the inflation rate from the past 12 months. Take that number in decimal form, add 1, and multiply that sum by your current salary to find out how much to ask for, says professional coach Brooke McCord of coaching company Ama La Vida.
Ask to discuss your pay
For many people, broaching the subject is the hardest part.
Dunlap recommends sending an email along these lines: "I would like to find a time where we can discuss my current salary. After doing some market research and assessing the way that inflation has affected my cost of living, I believe that an increase in my salary is appropriate. I really enjoy this role and this team and see myself being here for many years, so I would like to find a number that makes us both happy. What days and times would work best for you?"
If you have a review around the corner, you could tie your request to that.
McCord suggests: "I know my performance review is coming up and I'm looking forward to it. With my recent [achievement] and inflation, I'd like to discuss my compensation in addition to digging into what I'm doing well, where I can continue to improve, and how I can continue to grow within this team."
Use sites like Payscale and Glassdoor to compare your salary to your industry peers. Take into account your geographic region and specialization, says Josh Doody, founder of Fearless Salary Negotiation and a salary negotiation coach for senior software engineers and engineering managers.
Compile accomplishments, praise, and positive performance reviews showing how you've specifically succeeded. Focus on metrics and concrete examples, and zero in how you've improved.
"The conversation you're having is, 'My salary was set sometime in the past, and now I feel like my salary does not currently reflect the work that I'm doing,'" said Doody. "You want to identify, what are the things you've been doing that you're not currently being compensated for based on how you agreed to be paid for your work, and what is the value of those things? That way, what you're doing is saying, 'Here's my target salary and the reason I chose that."
Focus on your value
Though inflation is part of the discussion, your achievements should be the cornerstone of your negotiations.
"You always want to bring it back to the value you add to the company," said McCord. "Focus on how you have helped the team and company achieve their goals."
Dunlap advises you provide concrete examples of your contributions before delving into inflation. At that point, try saying, "I would love to see what else I can accomplish in this role, but my current salary is not meeting the levels of inflation in this area. My costs of living have increased by X% in the last 6 months, so I would like to see my salary increase accordingly so that I can continue to grow and reach new goals with our company."
If you get a "no," it doesn't have to be the end of the road.
At that point, Dunlap suggests saying, "Thank you for having this conversation with me. I would love to set a time to revisit this conversation. Would the end of next quarter be a possibility? In the meantime, would you be able to give me some feedback so I can understand what you would like to see from me in that time in order to secure my desired salary?"
Remember that salary is just one part of compensation, says McCord.
"If they deny your request for a raise, ask about increased PTO, flex time, remote work, bonuses, equity," she says.
If you're consistently denied a raise, it may be worthwhile to look for work elsewhere. "If they are unwilling to budge and acknowledge your hard work, that might be a sign it's time to move on," McCord says.
More: Inflation Negotiating Salary Raise | 2022-04-23T11:30:57Z | www.businessinsider.com | How to Ask for a Raise Based on Inflation, According to Experts | https://www.businessinsider.com/how-to-ask-for-a-raise-based-on-inflation-2022-4 | https://www.businessinsider.com/how-to-ask-for-a-raise-based-on-inflation-2022-4 |
The tables are interactive at Inamo, London.
A London restaurant chain offers interactive tables where diners can play games or doodle.
The restaurant serves a host of Japanese, Chinese, Thai, and Korean dishes.
The techy tables were a fun novelty, but I wouldn't hurry back just for them.
London boasts a chain of interactive restaurants serving Japanese, Chinese, Thai, and Korean food, where diners can play games, doodle, and set up a virtual tablecloth on the dining tables while waiting for their food.
The tables are interactive at Inamo restaurant in Covent Garden, London.
The chain, Inamo, has three London restaurants. I visited its outlet in Covent Garden, a busy shopping, entertainment, and marketplace district in the city.
The restaurant is in Covent Garden, London.
Abby Wallace, Insider.
I knew the restaurant was popular so I booked a table in advance. I visited for an early dinner around 5:30pm. It was fairly busy, even on a Tuesday evening.
Inside Inamo restaurant in Covent Garden, London.
The restaurant is dark and subtly lit with colourful neon.
The table had tiny controllers which are used to select some of the entertainment options…
The interactive table at Inamo, London.
...including games, a drawing board and a virtual tablecloth. The small controller works much like a computer mouse, with the games and images appearing after pointing and clicking.
The interactive table at Inamo restaurant, London.
According to the company's website, the tables feature "retro games." The options include titles such as Ping and Puzzle Race.
There is also an option to tune into a chef cam, according to the company website, but I didn't notice that feature when I visited.
Inamo restaurant in Covent Garden, London.
The games were a fun novelty, but the controllers didn't work very well and it felt like the system had not been updated for a while. Several people in the restaurant were also still using their phones, which made me consider whether many people actually use the interactive tables as a fun distraction while they wait for their food.
The table had interactive games.
I ordered using the table's iPad and the entire process was seamless – the food arrived within 15 minutes.
IPads are used for ordering at the restaurant.
The food was great but slightly pricey for dishes that were small. A side of rice cost around £4.75 ($6.20) while a portion of cauliflower cost £13.45 ($17.55).
The cost of eating out in London has risen in recent years due to increases in the cost of raw materials, wages, and fuel. According to restaurant guide Harden's 2022 review of London restaurants, the cost of eating out in the city outpaced inflation over the previous two years, with prices rising at an annualized rate of 4% over the period.
People eat out in London in April 2022.
Stephen Chung/Xinhua via Getty Images.
My meal was around $55. The order included three small plates, rice, and a soft drink. With no alcohol to bump up the price, I expected it to be slightly cheaper.
The check is ordered via an IPad at the restaurant.
The experience was fun but the interactive tables felt like the focus of this restaurant rather than the food. I wouldn't rush back just for those.
More: Restaurants Features Food Food and beverage | 2022-04-23T11:31:09Z | www.businessinsider.com | See This Restaurant's Interactive Tables for Diners to Play Games | https://www.businessinsider.com/restaurant-has-interactive-tables-where-you-can-play-games-photos-2022-4 | https://www.businessinsider.com/restaurant-has-interactive-tables-where-you-can-play-games-photos-2022-4 |
Margaritaville Resort Village in Pocono Mountains.
Margaritaville has announced its first "resort village" with a hotel, RV park, and tiny homes.
The brand wants to have 30 to 50 RV parks open within the next five years, it told Insider in 2021.
Margaritaville's portfolio now includes accommodations like resorts, a cruise line, and senior living communities.
On Monday, Jimmy Buffett's Margaritaville announced plans to grow its hospitality empire with its first "resort village" in Pennsylvania's Pocono Mountains, about a two-hour drive from New York City.
And unlike the existing Margaritaville hotel in Times Square, the new resort village will be a collection of the brand's most popular accommodations: a hotel, RV camp, and tiny home village.
Camp Margaritaville RV Resort and Cabana Cabins in Auburndale, Florida.
Camp Margaritaville RV Resort and Cabana Cabins Auburndale, Central Florida
The hospitality giant's diverse portfolio already includes resorts, timeshares, restaurants, senior living communities, a cruise line, RV parks, and more.
But this will be its first complex of accommodations all located within one branded "village," perfect for Margaritaville enthusiasts who want to be surrounded by the company's promise of tropical relaxation.
The team will begin constructing the new Margaritaville-themed village next year with plans to begin welcoming guests in 2024.
When it's open, the village will house the Margaritaville Hotel Pocono Mountains, Camp Margaritaville, Tiny Homes Bungalow, and branded bars and restaurants that'll be recognizable to any fan, like the Landshark Bar and Grill.
The former Pocono Manor.
Margaritaville may be synonymous with a tropical getaway, but the upcoming location will also have branded attractions to draw guests during colder months, like a winter market, "Landshark Tube Slide Runs," and a "License to Chill Ice Pond."
The new Camp Margaritaville RV park will have features and services found at its other locations, like the Barkaritaville dog park and 5 O'Clock Somewhere swim-up bar …
Barkaritaville at a Camp Margaritaville location.
… while the Tiny Homes Bungalows will have cabin-like tiny homes, townhomes for extended stay guests, and about 1,000 "build for rent cottages."
"However you like to lodge, we can provide that opportunity for you in our lifestyle," John Cohlan, CEO of Margaritaville Holding, told Insider in 2021.
A Camp Margaritaville.
This upcoming Margaritaville playground is a meeting point for two of the company's ongoing expansion plans.
Since 2019, Margaritaville's RV arm has seen immense "off the charts" bookings ...
... which has continued to stay "strong" into the summer travel boom, Tamara Baldanza-Dekker, the CMO at Margaritaville, told Insider in an email statement.
The check-in porte-cochère at a Camp Margaritaville.
This success has prompted Margaritaville to push for a rapid expansion of its RV parks chain: The company wants to have 30 to 50 RV parks in operation within the next five years, Jim Wiseman, the president of development at Camp Margaritaville, told Insider in 2021.
And like its RV parks, in the next roughly two to three years, Margaritaville has said that it wants to have 50 resorts open, bringing its promise of relaxation and escapism across the US.
The Margaritaville Cafe and Store in Key West, Florida
"I would think we've got to be the fastest-growing hotel brand in the country," Cohlan said. "We're expanding very very rapidly."
More: Margaritaville RV Resort hotel | 2022-04-23T12:25:26Z | www.businessinsider.com | Photos: Margaritaville Is Expanding Its RV, Tiny Home Empire Near NY | https://www.businessinsider.com/photos-margaritaville-expanding-rv-tiny-home-empire-pennsylvania-ny-2022-4 | https://www.businessinsider.com/photos-margaritaville-expanding-rv-tiny-home-empire-pennsylvania-ny-2022-4 |
Shoppers enter and exit a Best Buy store in Arlington Heights, Ill., Saturday, Feb. 6, 2021.
Best Buy is recalling 772,000 Insignia air fryers and air fryer ovens in the US and Canada.
Some devices were "catching fire, burning or melting," according to the Consumer Product Safety Commission.
Customers can return their products for a refund or store credit.
Best Buy is recalling more than 700,000 air fryers after reports that the devices were "catching fire, burning or melting," according to the Consumer Product Safety Commission.
The recall includes 772,000 Insignia air fryers and air ovens in the US and Canada. Consumers with affected models have been instructed to immediately stop using the products and return them to Best Buy for a refund or store credit, the commission said in a release.
Best Buy did not immediately respond to Insider's request to comment on the recall.
According to the CPSC, Best Buy received 68 reports from consumers in the US and 36 in Canada tied to Insignia's digital and analog air fryers, as well as its digital air fryer oven.
The cases include "seven reports of minor property damage and two reports of injuries, including an injury to a child's leg," the CPSC reported.
The impacted products were sold in stores and online — on the Best Buy website, as well as on eBay and Google — from November 2018 through February 2022.
"Best Buy is contacting all known purchasers directly to arrange returns and providing pre-paid shipping boxes and labels and return instructions," the commission said in a release.
More: Big Box Best Buy recall Retail | 2022-04-23T16:09:06Z | www.businessinsider.com | Best Buy Recalls 772,000 Insignia Air Fryers, Ovens Due to Fire Hazard | https://www.businessinsider.com/best-buy-recalls-772000-insignia-air-fryers-ovens-fire-hazard-2022-4 | https://www.businessinsider.com/best-buy-recalls-772000-insignia-air-fryers-ovens-fire-hazard-2022-4 |
Former U.S. President Donald Trump shakes his fists as he makes his entrance into a rally held in Washington Township, Michigan, U.S. April 2, 2022.
Trump's endorsements of JD Vance and Dr. Oz have been opposed by some Republican groups, AP reported.
There are calls to boycott Trump's upcoming Ohio rally over his Vance endorsement.
Vance and Oz have been criticized for not being sufficiently committed to the former president.
Donald Trump's endorsements of JD Vance and Dr. Mehmet Oz have boosted the candidates and brought in millions in donations, reports say, but they have also triggered a backlash in some conservative circles, said an AP report.
Dozens of Ohio Republicans wrote to Trump before he announced his endorsement of Vance, urging him to change his mind due to the candidate's previous anti-Trump comments.
A major conservative group aligned with a Vance rival also called for a boycott of Trump's upcoming Saturday night rally in Ohio because of the endorsement, AP reported.
"For him to endorse JD Vance really seemed like President Trump was out of touch with what's going on in Ohio and what his supporters here want," Tom Zawistowski, a leader of the group, said, according to AP.
The state's pro-Trump tea party movement reportedly plans a protest outside the rally. Ohio Value Voters told supporters to let Trump know Vance is "wrong for Ohio" by booing when he takes the stage, the outlet reported.
Vance and Oz have been criticized for not being sufficiently committed to the former president and spending large amounts of time outside the states they are running in.
Oz is running in Pennsylvania, despite having lived in New Jersey for two decades, and some party activists have suggested he is not conservative enough on issues such as guns and abortion, AP said.
"The conservative Trumpers are very upset over his endorsement, and they cannot understand it," Arnold McClure, the Republican Party chair in rural Huntingdon County told AP.
"The Trump era is over in Pennsylvania because of his endorsement of Dr. Oz."
Trump's endorsements turbo-charge donations
Trump's decision to endorse the two candidates in the extremely competitive Senate primaries in Ohio and Pennsylvania has also stimulated donations.
Vance's campaign reported a 300% increase in online donations, a majority from new donors, following Trump's endorsement on Good Friday, according to the Associated Press.
Protect Ohio Values, a pro-Vance super PAC, said it has brought in $5 million since Trump's endorsement.
That included $3.5 million from billionaire venture capitalist Peter Thiel, adding to the $10 million he donated last year, according to Politico.
The "Hillbilly Elegy" author had been trailing in the polls prior to the endorsement, and several Trump-aligned groups such as Club for Growth and Ohio Value Voters have endorsed his rival Josh Mandel, the former state treasurer, AP said.
Trump's surprise endorsement of TV personality Dr. Oz in the race against former hedge fund CEO David McCormick has similarly given the candidate a boost.
The week following the endorsement Oz's campaign brought in nearly three times as much money as it had the week before, making it their best digital fundraising week yet, campaign manager Casey Contres told AP.
It's unclear whether Trump's support will be enough to secure victories for Oz and Vance, but their apparent boost burnishes the former president's reputation as a Republican kingmaker.
The Washington Post previously reported that Trump had gone against some of his advisers by endorsing the risky candidates.
More: Donald Trump JD Vance Dr. Oz Ohio | 2022-04-23T16:09:18Z | www.businessinsider.com | Trump's JD Vance and Dr. Oz Endorsements Spurs MAGA Loyalists to Rebel: AP | https://www.businessinsider.com/trumps-jd-vance-dr-oz-endorsements-spurs-maga-loyalists-rebel-2022-4 | https://www.businessinsider.com/trumps-jd-vance-dr-oz-endorsements-spurs-maga-loyalists-rebel-2022-4 |
NY AG Letitia James accuses Donald Trump of "intransigence" and "subterfuge" in a new court filing.
This latest volley in their war of words comes days after Trump called James a failure and a "racist."
James is accusing Trump of dodging her subpoenas; their lawyers face off in Manhattan on Monday.
Intransigence! Subterfuge! Procedural gamesmanship!
These are some of the choice descriptors that an increasingly impatient-sounding New York Attorney General Letitia James used in a court filing Friday night, to describe how Donald Trump has been treating her subpoenas.
"The Court should put an end to Mr. Trump's intransigence and subterfuge," her lawyers wrote to a Manhattan judge, using some of the most heated language yet in her two-year pursuit of the former president's personal business documents.
Lawyers for the AG and for Trump — who insists he's already turned over everything he's got — will argue the issue face to face in court at 10 a.m. on Monday morning. James has asked state Supreme Court Justice Arthur Engoron to fine Trump $10,000 a day for blowing off a March 31 document-turnover deadline.
For now, though, their sometimes vitriolic war of words has been fought in court filings and tweeted taunts.
Some Easter bon-mots
"The racist and highly partisan Attorney General of New York State," Trump called James on Monday. He'd flung similar names in a sulky-sounding "Happy Easter" message to the Attorney General the day before.
"May she remain healthy," came the former president's Eastertide greeting, "despite the fact that she will continue to drive business out of New York while at the same time keeping crime, death, and destruction in New York!"
On Monday night, Trump doubled down, calling James' $10,000-a-day fine threat a blatant "publicity stunt" in court papers of his own filed by Alina Habba, his lawyer.
Habba argued that the 10 personal business documents that the Trump Organization has already turned over are all he has for James. The company has performed a "diligent" search, Habba said. Even if there were additional documents, they would be held by the Trump Organization, she said. It would be up to them to turn these over, she said, not Trump.
And the Trump Organization has already turned over some 900,000 documents, Trump's lawyers have argued, a figure that is not in dispute.
James wants Trump 'coerced'
But in papers signed by AG Special Litigation Counsel Andrew Amer, James countered Friday night that the Trump Organization's compliance with her document subpoenas has been incomplete and "plagued by its own delays."
The filing asks the judge to hold Trump in contempt of court and set an "appropriate" fine — the $10,000-a-day figure is a suggestion — so he may be "coerced to comply in full" with the AG's demands.
Compliance would mean "conducting searches of all electronic devices and other electronically stored repositories," the filing says, "including searches of Mr. Trump's mobile devices already identified."
A court-ordered search by document-search firm HaystackID sheds no light on those devices, the filing says.
"According to HaystackID's April 18, 2022 report, there is no ongoing effort to search for responsive material from Mr. Trump's electronic devices," the filing says. "The HaystackID report identifies two mobile phones for Mr. Trump, but indicates it is "Unknown" whether the devices have been collected for discovery."
The filing continues, "The report also indicates that Mr. Trump's longtime executive assistant, Rhona Graff, has a laptop and desktop computer located at Trump Tower, but neither one has been collected for discovery, so they have not been searched either."
Ten documents are not enough
Compliance would also mean Trump "conducting searches of all relevant physical locations" — meaning wherever his personal business documents may be, the filing says.
The former president needs to turn over more than "the paltry 10 custodial documents of Mr. Trump already produced by the Trump Organization."
That includes whatever is in Trump's "chron" files, the filing says. Those would be hardcopy documents stored in chronological order after having crossed Trump's desk, as described to James' office in a deposition last summer by Trump Organization lawyer Alan Garten.
"Mr. Trump's hard copy calendars" are also missing, the filing notes, as are "files located in cabinets outside Mr. Trump's office," and in "the storage room by Mr. Trump's office," and in "the file cabinets located on the 25th and 26th floors," the filing adds — apparent references to the Trump Organization headquarters in Trump Tower on Fifth Avenue in Manhattan.
The filing finally demands Trump identify "any responsive documents that have been destroyed or are no longer available with details on how and why they were not maintained."
A three-year effort
James has been investigating Trump's Manhattan-based, international real estate business for three years now.
The probe is civil in nature and is examining what James describes as rampant, self-serving "misstatements" in how Trump valued his properties when applying for loans and tax breaks over the years.
A civil probe could result in a lawsuit that seeks fines and even the dissolution of his business, as James has sought successfully with the Trump Foundation and without success against the NRA.
James has been asking for Trump's personal business documents for two years, first through a general subpoena to the Trump Organization, and, since December, through a document subpoena she issued directly to Trump.
James and the Trumps are simultaneously fighting over additional subpoenas demanding that Donald Trump, Ivanka Trump and Donald Trump Jr. sit for depositions in her civil probe. That matter will be argued in an appellate court in Manhattan on May 11.
James is also conducting a separate criminal investigation of Trump's business, a probe that has so far proceeded without the glimpses of activity provided by public litigation.
A parallel criminal probe into Trump's business, by the Manhattan DA's office, is "ongoing," new DA Alvin Bragg has said, despite the February resignation of its two lead prosecutors after Bragg's decision not to seek an indictment of Trump.
Sources have told Insider that under Bragg's predecessor, Cyrus Vance, the probe had focused primarily on alleged financial wrongdoing by Trump, and that little else had been teed up to pursue against other defendants.
But the Trump Organization, and its former CFO, Allen Weisselberg, remain under indictment in a payroll tax scheme; they have pleaded not guilty and are currently asking a judge to toss the case.
More: Letitia James Donald Trump Law New York | 2022-04-23T20:03:40Z | www.businessinsider.com | Intransigence! Subterfuge! NY AG Letitia James Blasts Donald Trump Again for 'Dodging' Her Subpoenas | https://www.businessinsider.com/ny-ag-letitia-james-donald-trump-dodging-her-subpoenas-2022-4 | https://www.businessinsider.com/ny-ag-letitia-james-donald-trump-dodging-her-subpoenas-2022-4 |
Trump acknowledged JD Vance's past comments disparaging him but has 'put that aside'
J.D. Vance, a Republican candidate for U.S. Senate in Ohio, shakes hands with former President Donald Trump during a rally hosted by the former president at the Delaware County Fairgrounds on April 23, 2022 in Delaware, Ohio. Last week, Trump announced his endorsement of J.D. Vance in the Ohio Republican Senate primary.
Donald Trump said that Senate candidate JD Vance said "some bad shit" about him in the past.
He has since moved past the comments and referred to Vance as "someone who could win."
Vance once referred to Trump as "America's Hitler" in leaked text messages.
Trump recognized that JD Vance said some "bad shit" about him in the past while introducing the Ohio Senate candidate during a rally on Saturday.
"He's a guy that said some bad shit about me, he did, but you know what? Every one of the others did also," Trump said.
Trump said that he has since "put that aside." He also claims that many people who have had their doubts about him eventually return to support him.
"They all said bad, but they all came back," Trump said.
Trump endorsed Vance for Senate last Friday, to the chagrin of many Republican lawmakers. During the rally, Trump said that voters had to "pick someone who could win" when mentioning Vance.
Georgia Rep. Josh McLaurin, Vance's former college roommate, shared a screenshot Monday of a Facebook message exchange between him and Vance in 2016. Vance was a self-described "Never-Trump Guy" during the 2016 election, criticizing Trump as a racist who "actively antagonized Black voters."
"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" the text read.
Vance has since changed his tune and apologized for past criticisms of Trump.
"The president is right — I wasn't always nice," Vance said during the rally, "but the simple fact is he's the best president of my lifetime and he revealed the corruption in this country like nobody else."
Representatives for Trump and Vance did not immediately return Insider's request for comment.
More: JD Vance Trump Ohio trump rally | 2022-04-24T06:44:00Z | www.businessinsider.com | Trump Acknowledged JD Vance's Past Disparaging Comments | https://www.businessinsider.com/trump-acknowledged-jd-vances-past-disparaging-comments-ohio-rally-2022-4 | https://www.businessinsider.com/trump-acknowledged-jd-vances-past-disparaging-comments-ohio-rally-2022-4 |
Twitch cofounder Justin Kan told us why investors shouldn't 'YOLO their 401(k)' into NFTs – and explains why they will still be the future business model for gaming companies
Twitch cofounder Justin Kan.
Kimberly White / Stringer
Justin Kan cofounded gaming-focused NFT marketplace Fractal, which secured a $35 million seed round.
Blockchain gaming activity has increased 2,000% since 2021, per DappRadar.
The 38-year-old entrepreneur explains the risks in pouring too much money into speculative assets.
Non-fungible tokens, or NFTs, have made a splash in the multi-billion-dollar gaming industry this year.
In the past four months, companies like GameStop have partnered with NFT-scaling startup Immutable to launch a $100 million fund while Words With Friends creator Zynga announced a forthcoming NFT-based game. Venture capitalists and other investors, additionally, poured over $2.5 billion into blockchain-based games and their related infrastructure, per a Blockchain Game Alliance report.
But it's not stopping there, Justin Kan, the cofounder of livestreaming platform Twitch , told Insider.
Kan said that the crypto assets will revolutionize the industry's entire business model.
"It will be the future business model of gaming for sure," he told Insider. "I think it's a question mark on whether this will include existing NFT projects or if it will be new ones. It will probably be a mix of both."
For the uninitiated, an NFT is a unique certificate of ownership of an asset, which can be verified on the blockchain. But how do these work in gaming?
Currently, players can buy virtual cosmetics or skins for their characters – a market that generates roughly $40 billion per year in revenue, according to trading platform DMarket. This is a key monetization element in Epic Games ' Fortnite, which takes home more than a billion dollars per year from the in-game assets.
But Fortnite skins don't belong to the buyer, Kan said, which makes NFTs an attractive alternative to the current monetization strategy.
"So what's happened with the advent of blockchain games is that now those virtual goods and items can be put on-chain and you can have actual ownership of that," he said. "The only difference is that these companies themselves are giving up control and what they get in exchange is a more robust economy."
This is the distinction, Kan said, between what he calls a "closed economy" and an "open economy" in gaming.
"People are willing to invest in your ecosystem and build experiences in those games if this happens," he added.
The 38-year-old tech entrepreneur cofounded gaming-focused NFT marketplace Fractal, which secured a $35 million seed round earlier this month. Kan is also a general partner at VC firm Goat Capital, where he invest in early-stage startups.
Don't 'YOLO your 401k' into NFTs
If investors are purely looking for returns, Kan said, gaming NFTs may note be the answer.
"I don't endorse putting a substantial amount of your money into any sort of highly speculative asset," Kan said, citing NFTs along with baseball cards and other collectibles. "I wouldn't be 'YOLOing' your 401k into it at this point."
If you're going to invest, Kan said, pick the projects that will be able to endure various market conditions. Often, there are factors that investors cannot predict such as founders breaking up or the players not resonating with the gameplay.
"You should look for which teams are going to create projects and IP that's going to be durable," Kan added. "If you do want to invest in this new gaming model, you really want to be investing in a more diversified portfolio to see your thesis play out."
With any emerging technology or new asset class like NFT gaming, however, there are risks.
Last month, a hacker breached Axie Infinity's Ronin Network for $625 million. Cofounder Trung Nguyen acknowledged that the team made some trade-offs while trying to take the project mainstream which left them vulnerable to security risks.
More: crypto Justin Kan NFT Gaming
Twitch co-founder Justin Kan | 2022-04-24T09:45:24Z | www.businessinsider.com | NFTs in Gaming: Twitch Cofounder Justin Kan Shares Outlook, Advice | https://www.businessinsider.com/nfts-in-gaming-twitch-justin-kan-investing-outlook-advice-2022-4 | https://www.businessinsider.com/nfts-in-gaming-twitch-justin-kan-investing-outlook-advice-2022-4 |
JEFFERIES: Investors should buy these 20 stocks to get solid growth at safe prices before earnings reports give them an extra boost of returns
Investors should carefully consider where to place their bets as earnings season kicks off.
Jefferies strategist Steven DeSanctis says buying stocks already on the way up is a good tactic now.
He suggests that investors look for momentum in stock prices as well as earnings.
To minimize risk, he also points out companies that aren't trading at high valuations.
One of the signature characteristics of the last bull market was the success of so-called momentum stocks. By and large investors could trust that stocks that went up didn't come back down — they just kept going up.
But that strategy began to fall apart in late 2021, when concerns about rising interest rates pushed investors to sell many of the market's biggest winners from the last few years. They wound up buying lower-priced stocks in a dramatic turn to value, a style that had been neglected throughout the 2010s.
Over the last few months, though, buying stocks that were already on their way up has started to work once again, according to Steven DeSanctis of Jefferies Group — even if other tactics, like buying cheap stocks and selling pricier ones, have worked even better year-to-date.
DeSanctis says it's a good time to bet on momentum, but recommends using more than just price as a determining factor when making an investment.
"When we think Momentum, we not only think in terms of price but also estimate revisions and earnings surprises," he wrote in a recent note to clients. "We are in the middle of the reporting season, thus we think these factors will work particularly well."
In contrast, he says factors related to value aren't working as well, and he expects their performance to only get worse.
It's been a tumultuous period for stocks, and DeSanctis, a strategist covering small- and mid-size stocks, says investors should aim for a middle path, avoiding companies that are cheap or too expensive — because the cheap stocks are falling out of favor, while investors are going to remain wary of expensive names in this environment.
That left him with a list of stocks that he describes as having "growth at a reasonable price." The list includes companies DeSanctis thinks will put up better growth than their peers but don't have the risk of extremely high valuations, which could leave them vulnerable to another correction.
"We looked for Buy-Rated names that are not too cheap, nor expensive, rank well on our Momentum block, and have better than average earnings and revenue growth," he said.
According to Jefferies' models, the 20 stocks below are "middle of the pack" in terms of valuation — that is, they're not in the 20% of most expensive Russell 2000 stocks or the least expensive 20% — but in the top 40% in terms of momentum, earnings, and revenue growth.
Source: Jefferies Group
2. Albemarle
Ticker: ALB
3. Ameriprise Financial
Ticker: AMP
4. Copart
Copart
Ticker: CPRT
5. Catalent
Ticker: CTLT
6. W.W. Grainger
Ticker: GWW
Ticker: HUBS
8. Horizon Pharmaceuticals
Ticker: HNZP
9. LPL Financial
Ticker: LPLA
10. Lattice Semiconductors
11. LiveNation
Ticker: LYV
14. Perficient
Ticker: PRFT
15. Everest RE Group
Ticker: RE
16. Signature Bank
Ticker: SBNY
17. Surgery Partners
Ticker: SGRY
18. Beauty Health
Beauty Health
Ticker: SKIN
19. Splunk
20. TransDigm
More: Features Investing smid cap | 2022-04-24T10:20:39Z | www.businessinsider.com | 20 Stock Picks to Buy Ahead of Earnings Season: Jefferies | https://www.businessinsider.com/stock-picks-to-buy-earnings-season-investing-strategy-garp-equities-2022-4 | https://www.businessinsider.com/stock-picks-to-buy-earnings-season-investing-strategy-garp-equities-2022-4 |
A superyacht's crew prepared fresh lobster every day for its wealthy owner despite not knowing if he'd be on board, worker says
A superyacht at sea. In recent weeks, many workers have discussed what their work aboard the vessels entail.
A worker described his experience working for wealthy superyacht owners, per The Times of London.
The anonymous person said one owner enjoyed dining on fresh lobster whenever he was onboard.
Employees prepared the dish daily but had no clue as to whether he'd be around to eat it.
An individual who worked in the superyacht industry for 20 years recounted eyebrow-raising stories about his encounters with some of the world's wealthiest people.
The Times published the account of the employee, who remains anonymous.
The worker stated that they've accumulated a "few good tales" after two decades in the business.
The worker described how one wealthy owner preferred to eat fresh lobster whenever he was onboard. However, the employees were never given any advance warning of whether he would show up so they prepared it every day, just in case.
Many superyachts also have ostentatious designs due to their owners' lavish tastes. Recently, a superyacht craftsman told the FT that his wealthy Russian clients requested interior designs with rare tropical wood and expensive leathers.
One superyacht that the worker interviewed by the Times had dealings with was covered entirely in emerald-green snakeskin. Bar stools aboard another vessel belonging to late Greek shipping magnate Aristotle Onassis were made from whale foreskin, according to the worker.
Tales of what crew life was like working aboard superyachts, especially those belonging to Russians, have recently emerged amid the country's war with Ukraine. Western-imposed sanctions have frequently targeted luxury assets, including yachts and private jets.
Recently, a superyacht captain who worked at sea for 15 years told the Guardian that prosperous Russians used to make their employees aboard take lie detector tests to prove they've kept information about the ship in top-secret.
The worker added that employees had to sign a non-disclosure agreement to even secure an interview for a job onboard.
More: Weekend BI UK Superyacht Yachts Transportation
Yacht News | 2022-04-24T10:20:45Z | www.businessinsider.com | Superyacht Crew Prepared Lobster Daily for Owner in Case He Boarded | https://www.businessinsider.com/superyacht-employees-prepared-fresh-lobster-everyday-australian-owner-2022-4 | https://www.businessinsider.com/superyacht-employees-prepared-fresh-lobster-everyday-australian-owner-2022-4 |
Juliana Kaplan and Hillary Hoffower
To invoke a term for the eldest millennials, this cohort could be considered "geriatric Gen Z."
In the first year of the pandemic, millennials lost their crown as the cool generation, and Gen Zers took the throne. Claw clips are (back) in; skinny jeans are out.
Part of a generation born between about 1996 and 2012, these Gen Zers are in their mid-20s, with the oldest turning 26 this year.
In light of the popularity of the term "geriatric millennial" to refer to the eldest millennials — those straddling the digital divide between older and younger generations in the workplace — we're calling them "geriatric Gen Zers."
While Gen Z is on track to becoming the most educated generation, the eldest Gen Zers were the last group to have a traditional four-year college experience untouched by the pandemic. Their first years of post-graduation work largely started in person, then become remote, then settled into … whatever it is they're doing now.
It's sentiments like these that led WGSN to deem the eldest Gen Zers and youngest millennials "Zennials," part of an "in-between" microgeneration, in a 2020 trend report.
Jean Twenge, a psychologist who wrote the book "iGen: Why Today's Super-Connected Kids Are Growing Up Less Rebellious, More Tolerant, Less Happy — and Completely Unprepared for Adulthood — and What That Means for the Rest of Us," said that generational categories are "somewhat arbitrary," and even more so when it comes to microgenerations.
Common Sense Media found in a 2019 report, based on a survey of 1,600 8- to 18-year-olds, that 53% of kids had smartphones by the time they were 11 and that 69% had them by age 12.
The iPhone, popular among Gen Zers, didn't even exist until geriatric Gen Zers were around 10 or 11; the first iPhone launched in January 2007. The Common Sense survey found that 19% of 8-year-olds had a phone in 2019, up from 11% in 2015.
And it did: The coronavirus recession , though short-lived, hit the oldest Gen Zers during their early working years.
If the eldest Gen Zers were born in 1997, then those who opted for a four-year degree and didn't have a gap year likely graduated in 2018 and 2019.
While many schools are no longer solely online, younger Gen Zers will face the specter of the pandemic in the classroom, whether it means masking up during lectures or learning in isolation.
In that sense, McCormick harks back to a more millennial version of work as meeting and befriending coworkers. As Insider's Rebecca Knight reported, amid the Great Resignation and a new era of all-remote work, the work friendship is out, especially for Gen Z.
Lauren Stiller Rikleen, the president of the Rikleen Institute for Strategic Leadership, previously told Insider that remote work gave Gen Zers the upper hand in amplifying demands for workplace autonomy, adding that their lives were turned upside down during an impressionable time.
Gen Z is stressed, lonely, and depressed.
Since emerging as the new "it" generation, Gen Z has led the way in consumer trends — reviving middle parts, baggy jeans, and Y2K fashion and letting skinny jeans and side parts fall by the wayside.
In a little over a decade, the oldest Gen Zers will take over the economy. A Bank of America research report in 2020 found that Gen Z earned $7 trillion across its 2.5 billion-person cohort. It estimated that that income would grow to $17 trillion by 2025 and to $33 trillion by 2030, representing 27% of the world's income and surpassing that of millennials the following year.
More: Features gen z Millennials Pandemic
Gen Z Trends
Geriatric Millennial
Geriatric Millennials
Geriatric Gen Z | 2022-04-24T10:20:51Z | www.businessinsider.com | Meet the Typical Geriatric Gen Zer: Their School, Work, Life | https://www.businessinsider.com/typical-geriatric-gen-z-oldest-in-generation-work-life-school-4 | https://www.businessinsider.com/typical-geriatric-gen-z-oldest-in-generation-work-life-school-4 |
Nike is hiring designers, data analysts, and engineers with salaries up to $250,000. Here's what you can expect to make in each role.
Emeka Ochiagha, Matthew Kish, and Alex Nicoll
Nike; Rachel Mendelson/Insider
The American sneaker company Nike is hiring for over 2,000 roles.
Open roles span design, data analytics, engineering, and marketing.
Insider used H-1B salary data to attach expected salaries to some of these open roles.
Business is booming at one of the most iconic sneaker companies — and it's hiring to keep pace.
According to Nike's fiscal reporting, fourth-quarter revenues at the end of 2021 totaled $12.3 billion. That marked a 96% increase from 2020, with annual profits jumping to 196%, the largest gain in the company's history, according to Forbes. This is a big comeback for the sneaker brand. Nike shut down many of its US and Global stores between the months of March and May of 2020, when the pandemic first began.
"Nike's strong results this quarter and full fiscal year demonstrate Nike's unique competitive advantage and deep connection with consumers all over the world," John Donahoe, the president and CEO of Nike, said in the company's fiscal report, calling 2021 a "pivotal year" for the company.
"Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike's long-term growth," he added.
Though some employees have reported lower morale and higher attrition because of return-to-office policies, the company is growing. It's hiring for over 2,000 roles across design, data analytics, marketing, and engineering. Many of the US jobs are at the company's headquarters in Beaverton, Oregon, but the retailer recently announced it would give workers up to four weeks of fully remote work per year.
Nike is also hiring for their new technology offices in San Fransico and Atlanta.
Nike employees have grumbled for years about being underpaid relative to workers at other companies in similar jobs. In documents recently unsealed as part of an ongoing gender discrimination lawsuit, multiple Nike recruiters and human resources experts testified that the company sets salaries for new hires between 85% and 110% of the company-defined pay range for a job.
While Nike doesn't share payroll information publicly, Insider matched the salary of employees holding the same job titles to those listed on the careers page using federally disclosed data on Nike's 2021 H-1B visa holders. (To research more roles or companies, explore Insider's salary database.)
Here's how much you can expect to earn across roles at Nike.
There are 56 designer roles on Nike's careers page.
These are some of the roles and salaries for which data was available:
Footwear-color designer: $110,000
Knit designer - innovation: $100,595
There are 85 open roles related to data analytics on Nike's careers page.
Manager, data, and analytics global risk management: $152,670
Data-analytics manager: $123,500-$146,000
Insights and analytics manager: $155,000
Consumer insights and analytics manager: $130,000
Creative and branding
shapecharge/Getty Images
There are 109 open branding roles on Nike's careers page.
Art director: $161,570
Director, brand-experience design: $215,000
Global brand director: $151,110
There are 494 open engineering and technology roles on Nike's careers page.
Director, analytics engineering: $220,000
Director, athlete performance and activity AI/ML engineering: $198,000
Senior director, technology: $250,000
More: Nike Job Listings Salaries | 2022-04-24T11:16:14Z | www.businessinsider.com | Nike Salaries Across Open Roles in Design, Data Analytics, Engineering | https://www.businessinsider.com/nike-salaries-open-roles-design-data-analytics-engineering-2022-4 | https://www.businessinsider.com/nike-salaries-open-roles-design-data-analytics-engineering-2022-4 |
A New Jersey-based startup has created the "world's first burger robot in a box."
The Roboburger vending machine can prepare fresh burgers in about six minutes for $7.
While the concept was unique, I thought the burger was messy and totally average.
If you're an impatient burger connoisseur who hates small talk and people touching your food, I have the perfect concept for your specific needs.
There's a new burger startup in town, but it's not the classic brick and mortar restaurant with cashiers and cooks.
Instead, it's Roboburger, a robot burger maker inside box.
And unlike the typical mall vending machine that dispenses prepackaged snacks and drinks, the Roboburger promises fresh and simple $7 burgers made within minutes.
"We're not trying to do too much — just make a perfect, simple burger like what you get off your backyard barbecue," Andy Siegel, the CMO, told Insider.
Roboburger started out as a concept inside the garage of Audley Wilson, the company's co-founder and CEO, 17 years ago.
And now, it's the "world's first robot burger chef" located inside the Newport Centre mall in Jersey City, New Jersey, about a 10 minute drive from New York City.
Source: Roboburger
I visited Roboburger one Wednesday afternoon in search of a filling and convenient lunch …
… and while I was wowed by the novelty kitchen concept, I thought the burger was just okay.
The Roboburger isn't a giant robot arm that slings a spatula while it flips beef patties.
Instead, all of the burger-making magic happens inside the closed doors of the roughly seven-foot-tall vending machine.
As I stood by the plug-and-play Roboburger, I noticed that it consistently drew in onlookers with its bright red exterior, the smell of cooked meat, large touchscreen, and promise of a fresh burger made by a robot.
Almost every other person walking by the Roboburger stared at the machine in passing or lingered around long enough to understand its purpose.
Think of the Roboburger as a functioning kitchen inside of a vending machine.
There's a freezer that stores 50 beef patties, a dishwasher, and all the automated cooking systems needed to make a perfectly charred and dressed burger.
Using the touch screen, hungry customers can order a standard Roboburger with all the accouterments …
… or select their preferred condiments, which include mustard, ketchup, and melted cheese.
No matter the condiments, the burger will come out to $7.55 after tax.
Instead of a cash register, there's a digital pad that accepts card or contactless payments.
The Roboburger then follows all the typical burger cooking steps.
After I ordered my burger with all the fixings, all I had to do was stand back, entertain myself with the animations on the touchscreen, and wait a few minutes.
And while I lingered around, the Roboburger was hard at work.
Its griddle system cooks both sides of the patty simultaneously, toasts the bun …
… dispenses the mustard, ketchup, and melted cheddar cheese …
… and assembles and boxes the burger, delivering a perfectly packaged burger to its hungry customer (me).
The machine, certified by the National Sanitary Foundation, then cleans its own griddle with hot high pressured water to guarantee a clean and fresh burger for every order.
It's a completely contactless experience. But a Roboburger employee still needs to interact with the machine about every other day to replace the used water and refill the inventory.
The startup is also working on an app that will allow customers to pre-order Roboburgers and pick up their meals using a QR code.
As for the actual taste, Siegel was pretty spot on when he described the Roboburger as the kind of burger you'd get at a backyard barbecue.
It's simple, piping hot, covered in warm gooey cheese, and devoid of any fresh vegetables.
"When you taste the burger, you'll find out that as exciting as the tech is and as amazing as the convenience is, it's a better burger," Siegel said. "And that's what people are gonna really know us for."
The thin beef patty had a good char on it and the warm pool of melted cheese added some much-needed salt and moisture …
… although most of the cheese ended up on the box instead of on the hamburger patty.
The misplaced cheese, while delicious, made for a messy eating experience.
I ended up dipping my burger into the cheese puddle.
The pool of sweet Heinz ketchup and mustard added the necessary contrasting sweet and tangy notes, and the lightly toasted bun was soft but still a good vessel for a burger.
Overall, it was a perfectly average meal, maybe a bit underwhelming given its origin story.
While Roboburger's tech has the potential to revolutionize the foodservice industry, I didn't find the hamburger itself to be life-changing in any way.
But at the end of the day, it delivers exactly what it promises: a fresh burger made by a robot.
And I still inhaled the whole burger in just a couple of minutes.
In the future, the Roboburger could start cooking up breakfast sandwiches with fresh eggs, plant-based burgers, and a "full restaurant experience," Siegel said.
But for now, it's focused on tackling the multibillion-dollar burger industry and bringing its robot burger maker to locations like employee break rooms, college dorms, and hospitals.
In the coming weeks, the machine will begin operating around the clock, a move that'll service gig workers and people working late-night shifts.
And within this year, Roboburger will begin rolling out in cities like New York, Philadelphia, Seattle, Atlanta, Chicago, and Miami, Siegel said.
It's also planning a future "storefront takeover" to create a temporary robot-run restaurant.
And in the future, you might be able to buy a smaller Roboburger for your home so you'll never have to flip your own burgers again.
"Distributed robotic food tech is just in its infancy," Siegel said. "The application is just going to grow."
More: Roboburger Fast Food Burger robot | 2022-04-24T12:45:25Z | www.businessinsider.com | I Tried a Roboburger Burger Made by a Robot for $7 and It Was Average | https://www.businessinsider.com/i-tried-a-burger-made-robot-mall-Roboburger-2022-4 | https://www.businessinsider.com/i-tried-a-burger-made-robot-mall-Roboburger-2022-4 |
These 17 power players are building Blackstone's $280 billion real-estate empire.
Wealthy remote workers are flocking to "Zoomtowns" — and pushing out long-term residents.
Amazon's brick-and-mortar ambitions are floundering.
Despite lackluster returns, ExodusPoint continues to amass billions.
Introducing Blackstone's power players
Investing giant Blackstone is buying up real estate at a rapid rate.
Just this past week, it bet $13 billion on student housing with a deal to buy American Campus Communities. In the past few months, it acquired Australia's Crown Resorts for $6.3 billion, and reinvested in its European logistics real-estate company.
It's working. Blackstone smashed its earnings records earlier this year, largely thanks to its booming real-estate business.
Insider set out to identify the key people driving the land grab, and landed on 17 executives focused on everything from investing in life-sciences office buildings to Hollywood studios to multifamily apartment buildings.
Here, Hana Alberts, one of the editors on the story, gives us a look at the work that went into creating this list.
What prompted you to make this list?
On recent investor calls where Blackstone has reported record earnings, executives like Jon Gray and Stephen Schwarzman chalked them up to the firm's real-estate business. We wanted to identify the influential people leading that division, the largest arm of the private-equity giant, with $280 billion of its $915 billion of assets under management.
Did any of these power players really stand out to you?
I was struck by how Nadeem Meghji, the head of real estate for the Americas, led Blackstone to nab a 49% stake in a cluster of Hollywood studios in June 2020, when the pandemic had thrown the economy for a loop.
I am also amazed by how much these folks can accomplish at young ages. Katharine Keenan became CEO of Blackstone's Mortgage Realty Trust at age 36, and 33-year-old David Levine has been involved with $100 billion in transactions since 2010 and is now cohead of Americas acquisitions.
What are the trends they're keeping an eye on this year?
These leaders are investing in various forms of real estate right now, from apartment complexes in South Florida to college-campus housing. Other hot areas include warehouses (thanks, ecommerce and next-day delivery!) and biotech lab space — but there's a notable lack of investment in major office complexes, another sign of the times.
Blackstone's Jonathan Gray doubles down on logistics and rental housing as real-estate sectors that will 'outrun' inflation
The rise of "Zoomtowns"
Zoomtowns, a handful of previously overlooked crannies in the South and Mountain West, have boomed in recent years with an influx of remote-working outsiders. Big-city transplants with big-city paychecks are flooding in — and longtime locals are feeling the squeeze.
Not only are residents being kept out of homebuying, but the rate of displacement is accelerating: Some are being forced to leave their hometowns in pursuit of more affordable housing, or, in some cases, losing their homes altogether.
Amazon's physical stores business is struggling to grow
Amazon's projection to open 280 Fresh stores in the US by 2022 has turned out to be woefully off, with just 27 Fresh stores open so far. The company's struggle 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, it's 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. Some employees question whether the company will ever excel in the offline-shopping space.
Lagging behind peers, ExodusPoint is set on being boringly dependable
In 2018, ExodusPoint debuted with $8.5 billion, making it the biggest hedge-fund launch in history. Four years later, the fund 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 manages $13.5 billion, with offices around the world and a head count close to 700. 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.
How ExodusPoint — the biggest hedge-fund launch in history — continues to amass billions despite lackluster returns and criticisms of Michael Gelband's management style
JPMorgan is tracking office attendance — and some employees are threatening to quit.
Insiders blame Jeff Zucker and Jason Kilar for the rapid demise of CNN+.
Ex-senior TikTok employee said he experienced a '996' culture of overwork and secrecy.
Highly paid LinkedIn ghostwriters are helping execs become influencers.
Here's how Medable, a healthcare startup backed by Blackstone and Tiger Global, raised $304 million.
DoorDash just drastically changed the way it compensates employees in stock.
A leaked investor presentation shows alternative-protein startup Eat Just slashed its 2021 revenue forecast by nearly 50%.
Sponsored event invite: Humans are hardwired to make decisions based on their values. Join PayPal and best-selling author David Allison on Tuesday, May 3, at noon ET, to learn how values impact consumer expectations, and how to leverage them. Register here.
More: Newsletter Blackstone Real Estate Finance | 2022-04-24T12:45:31Z | www.businessinsider.com | Insider Weekly: Blackstone's Real-Estate Power Players | https://www.businessinsider.com/insider-weekly-blackstone-real-estate-zoomtown-amazon-exoduspoint-2022-4 | https://www.businessinsider.com/insider-weekly-blackstone-real-estate-zoomtown-amazon-exoduspoint-2022-4 |
Why you shouldn't be putting all your retirement savings in your 401(k), according to a financial planner
A 401(k) is an excellent retirement savings acount, but it shouldn't be the only one you choose.
Contribute up to your employer's match, then put money in a Roth account and a taxable account.
Tax diversification in retirement will protect you from changes in tax law and keep money flowing.
Retirement is an important financial goal, and there are many different ways to get there. A common path is via a 401(k), a pre-tax retirement plan offered by many employers. As a financial planner, I'm a big fan of these plans — they encourage automatic contributions and sometimes come with employer matching. But, I also believe you shouldn't be putting your whole nest egg in one basket.
Maybe you've heard about the power of diversification when it comes to choosing your investments — investing in too much of one thing can open you up to more risk and make you susceptible to market swings. But did you know you should also diversify where you invest? When it comes to saving for retirement, I believe tax diversification is just as important as portfolio diversification.
Taxes affect how much money you get to keep in retirement, and tax diversification is a strategy to help your money last. Your retirement accounts contain either tax-deferred, taxable, or tax-free funds. Creating a strategy that accounts for the various tax treatments of your accounts can help you save money and give you more flexibility in how you access your savings.
Choose both pre- and post-tax retirement accounts
Retirement plans are made of either pre-tax or post-tax contributions (or a mix of both). Pre-tax contributions, typically found in your standard 401(k), reduce your income taxes during your pre-retirement years, while after-tax contributions, typically found in Roth IRA and Roth 401(k) accounts, help reduce your tax burden in retirement. You can also save for retirement in traditional investing accounts, which are often after-tax contributions.
Pre-tax contributions allow you to delay paying taxes on contributions and earnings. For example, if you contribute to your company's 401(k), any money you add to it and any growth on your investments won't be taxed as long as the money stays in your account. When you retire, you'll pay taxes, but there's a chance you'll be taxed at a lower rate because your taxable income and tax bracket is lower than in your working years.
Post-tax contributions provide tax-free income in your golden years, and can reduce your overall tax burden in retirement.
The benefits of tax diversification in retirement
Investing in both pre- and post-tax retirement accounts gives you the best of both worlds. Having a balance between these two different tax streams offers more flexibility and sustainability for your savings and makes your accounts more resilient against future tax law changes.
Having tax diversification helps provide some order in how you should take withdrawals in retirement, helping you structure your withdrawals to maximize your after-tax income. Typically, once you reach retirement age, you'll begin taking required minimum distributions from your accounts. To get the biggest benefit, you'll take distributions from tax-deferred accounts, and then distributions from tax-free accounts. Of course, it's important to consult your personal financial advisor or tax professional to get a specific tax-minimizing plan.
The 3 accounts you should consider
So, where should you be investing? I recommend a combination of a few different accounts. My rule of thumb is to invest first in your 401(k), if your company offers one. Make sure you're at least contributing up to your employer's annual maximum match, otherwise you're just leaving money on the table. If you have extra funds available, consider investing next in an after-tax account like a Roth IRA or Roth 401(k). Keep in mind there is an income eligibility requirement for Roth IRAs. Lastly, consider a taxable brokerage account for the rest of your nest egg savings.
What makes this strategy a winner? All withdrawals from your pre-tax retirement accounts are taxed as ordinary income, while all withdrawals from your taxable accounts (from the sale of stocks or mutual funds) may be taxed at capital gains rates, depending on your income and how long you held the investment. Any withdrawals from your post-tax retirement accounts are completely tax-free. In other words — like the benefits of portfolio diversification, tax diversification reduces your overall risk from tax law changes or other policy changes.
Overall, the goal of retirement is to enjoy yourself after years of work. The last thing you want is to be dealing with taxes or finding yourself with less than you thought you'd have after Uncle Sam takes his cut. Tax diversification will help reduce this risk (and worry) for your future.
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More: Retirement retirement account Retirement Savings Financial Planners | 2022-04-24T12:45:43Z | www.businessinsider.com | Don't Put All Your Retirement Savings in a 401(k), Says CFP | https://www.businessinsider.com/personal-finance/dont-put-all-retirement-savings-401k-2022-4 | https://www.businessinsider.com/personal-finance/dont-put-all-retirement-savings-401k-2022-4 |
John Ruiz's Boeing 767 refurbished plane.
VIP Completions
A Florida-based aviation design company has refurbished a Boeing 767 private jet that can sleep 17 people.
The widebody plane features six living areas, including a bedroom, dining room, and home cinema.
Also onboard are four lavatories, two of which feature full stand-up showers.
Private aviation has been booming since the start of the pandemic, with more and more travelers recognizing the convenience and efficiency of flying on private jets.
Private aviation boomed during the pandemic and the industry is reshaping itself with new business jets to keep up with growing demand
Not only do passengers avoid long security lines and crowded airports, but they can also enjoy the luxurious onboard.
A Gulfstream G550 private jet.
Jetcraft
Amenities vary plane to plane, with smaller business aircraft like Volaris' HondaJet offering four large recliners and a small galley in the cabin. The hourly rate is $4,000.
Flying on Volato's $5 million HondaJet.
I flew on Honda's $5 million private jet that seats 4 — see inside Volato's HondaJet
Meanwhile, deep-pocket travelers who want even more luxury and sophistication can opt for larger aircraft with multiple living spaces, like VistaJet's Bombardier Global 7500, which costs tens of thousands of dollars to charter.
Inside a Bombardier Global 7500 demonstration aircraft.
Florida-based aviation design company VIP Completions has enjoyed the surge in demand, taking on unique projects from rich clients wanting to customize their plane.
VIP Completions president Ben Shirazi.
On Thursday, the firm announced the completion of the interior and exterior refurbishment of a Boeing 767 private aircraft owned by entrepreneur, attorney, and philanthropist, John Ruiz.
John Ruiz's refurbished Boeing 767 private jet.
Source: VIP Completions
The jet, which can carry 33 people and sleep 17, is the biggest project the company has taken on to date, according to VIP Completions president Ben Shirazi, saying the plane will "more closely resemble a luxury home than a business aircraft" once delivered.
"Beyond its size and the potential that offers, the 767 stands out from other VIP wide-body platforms because of its impressive range, altitude, and speed capabilities," Shirazi said.
Ruiz's mammoth plane features six distinct living spaces, two of which are in the main lounge. The spacious lounge features a dining room that seats seven…
…and an entertainment area with an 80-inch home cinema and DJ station with an audiophile-caliber sound system.
The cabin also has a conference room with space for eight…
…a master ensuite bedroom with a queen bed, standing shower, and leather cabinets…
…and two lounges that can be converted into staterooms.
Connecting the rooms is a long passageway that features the same flooring that Ruiz used on prior refurbishments, creating consistency across his collection of private jets.
The cabin also offers four lavatories, two of which are VIP bathrooms with standing showers and woodlike flooring...
...and crystal white marble vanity countertops.
According to the company, the interior has been personalized to embody Ruiz's "character and passions." Specifically, the color scheme was hand-picked to include light grey, off-white, taupe, and sable...
...and the cabin accessories were sourced from premium brands like Loro Piana and Garret Leather.
The inflight experience has also been optimized for passengers' convenience and comfort, offering state-of-the-art high-speed internet, full-spectrum LED lighting, and an HD audio system, all of which are controlled by an iPad.
Not only did VIP Completions remake the interior, but it also gave the plane a modern paint job. Pictured is the plane's old livery.
The old paint job of John Ruiz's refurbished Boeing 767 private jet.
The new bold exterior features "black, white, and pearl with fine accents" using high-quality paint.
Moreover, the engine cowlings were given a shiny "carbon fiber effect."
The project is one of over 15 private planes the company has done for Ruiz and other clients. For example, VIP Completions has customized a Bombardier Challenger 605…
VIP Completions refurbished Bombardier Challenger 605.
…and a Dassault Falcon 900c.
VIP Completions refurbished Dassault Falcon 900c.
More: Features Business Visual Features Boeing Private Jets
767-200ER
Dassault Falcon
Hondajet
bombardier challenger 605
challenger 605
falcon 900c | 2022-04-24T12:45:55Z | www.businessinsider.com | See Inside a Converted Boeing 767 With a Private Bedroom and Cinema | https://www.businessinsider.com/see-inside-the-converted-boeing-767-with-private-bedroom-cinema-2022-4 | https://www.businessinsider.com/see-inside-the-converted-boeing-767-with-private-bedroom-cinema-2022-4 |
Katrina Kibben, founder and CEO of Three Ears Media
Katrina Kibben
Katrina Kibben is the founder and CEO of Three Ears Media, a company that helps businesses write better job posts.
Kibben recommends companies be transparent and give context specific to the company and role.
Here are Kibben's tips for companies looking to improve their job posts, as told to Insider's Sarah Jackson.
This as-told-to essay is based on a conversation with Katrina Kibben, founder and CEO of Three Ears Media, a copywriting firm that teaches recruiters how to write better job posts. It has been edited for length and clarity.
My company does copywriting for recruiting. We teach recruiters to write, specifically job posts. I am getting more calls than ever from employers realizing how fundamental a job post is and that they need to know how to write one.
Don't underestimate the importance of a job post
During the Great Resignation, recruiters started to throw their hands up. They thought, "We tried everything we've always done. We posted the job everywhere. We made some phone calls. We poached people from this other company." But they never went back to the variable they could actually control, the job post. The job post is the currency of recruiting. You can't hire or fire without this document, and yet no one was taught how to write one.
Recognize and eliminate bias
When we lean into old tactics, we are actually creating the opposite output of all of these DEI initiatives that we say we want so badly. Job postings have this inherent bias. People want a diverse talent pipeline of qualified candidates, but they have not changed how they ask, and so those people are still opting out because history has told us that we are not qualified for these roles, that we have to be 100% qualified to get that job.
Stop using years of experience and other biased approaches and descriptions of work that do not provide universal meaning. Rein in a long list of qualifications and requirements. It shouldn't be a laundry list.
Include compensation
When people ask me if they should include salary in a job post, I ask them, "Have you ever taken a job without knowing how much money you would make first?" It's just basic human choice. We would never accept a job without knowing how much money we'd get in it. We cannot make a decision without that core information.
As far as salary goes, another issue is if the pay band is too wide.
The base should align with the basic amount of skill or experience a person should have to qualify for the job. That means no person who takes the job will make less than this amount if they can do X, Y, Z. Then you need to determine what skill or experience a person would need to check off every one of your criteria. That forms the top of your range.
While buzzwords have meaning, they do not have universal meaning. I'll jokingly tell people, "I'm looking for a highly collaborative team player to join our group of rock stars that will transform the world." And they laugh because we've all seen a job post like that before. The issue is those words say a lot without saying anything at all.
Instead of saying attention to detail, for example, provide the context in which the detail applies.
When I say attention to detail to a manufacturing line worker, if they don't pay attention to detail, products could be delayed. This could impact the company's distribution system, but saying "attention to detail" and saying "You impact our entire distribution system" are two very different messages.
I tell people buzzwords are banned, but in truth, buzzwords are banned if you do not provide context that actually tells people what they mean in that specific role at that particular company.
My biggest advice is to tell the truth. It sounds so simple, but nine times out of 10, there's some block between our head and our hands. We know what to say if someone were to ask us, but the second we start writing, we fall into old business language and trying to sound "professional." Write things that are real and true for success in that role, and your job postings will almost instantly improve.
More: job posting Job ad Job ads job description | 2022-04-24T13:28:31Z | www.businessinsider.com | I Help Companies Write Better Job Posts. Here's How to Improve Yours. | https://www.businessinsider.com/i-help-companies-write-job-posts-how-to-improve-listings-2022-4 | https://www.businessinsider.com/i-help-companies-write-job-posts-how-to-improve-listings-2022-4 |
I've previously avoided flying on American Airlines, but my last two flights have changed my mind.
American's Airbus A319 and Embraer 175 planes were spacious, comfortable, and took off right on time.
The company's regional product outshines competitors and has become my favorite jet to fly on.
I've had terrible experiences with every major US airline, from delays and bad customer service to hard seats and broken tray tables.
United Airlines and Delta Air Lines planes.
vaalaa / Shutterstock.com
But, over the past few years, American Airlines always stood out as being consistently unpleasant, including flight disruptions and poor customer service.
One instance from last June particularly stood out, which involved me fighting for a new flight from Colombia to Miami after the carrier canceled my nonstop to New York's JFK airport.
Waiting at Bogota airport in Colombia for another AA flight. The flight was canceled the night before for an undisclosed reason and I was told I would be put on a flight two days later, even though there was space on the Miami flight leaving in a few hours. Eventually, the manager placed me on a flight that same morning.
Others may love American, and it's possible I just had bad luck every time, but, nevertheless, it made me dread flying the carrier.
AA's rebooking center line in Miami was hundreds of people long after I landed from Bogota. I tried to get a gate agent to help me rebook my flight to JFK, but I was told only the rebooking center could help. There were several gate agents at their desks that could not help, which astonished me.
However, since the start of 2022, I've flown the airline twice. Surprisingly, both experiences exceeded expectations and the service and comfort have changed my mind about flying American.
I took two different American flights two weeks apart — the first from Washington DC's Reagan National Airport to New York's LaGuardia Airport on an Airbus A319 mainline aircraft…
…and the second from LaGuardia to Montreal-Trudeau International Airport on an Embraer 175 regional jet.
Going into the first flight, I had low expectations. However, I was pleasantly surprised by the service and ease of the flight. In DC, the check-in process using the kiosks was smooth and I was through security and at the gate in 15 minutes.
I was able to get my boarding pass at the airport, but also had it in my iPhone's wallet app. Fortunately, I flew on a Tuesday evening so the flight was only about half full and boarding took no time.
I was assigned seat 18F, which was a window, and luckily there was no one next to me so I was able to spread out a bit.
However, the seats were plenty spacious for the one-hour flight. According to SeatGuru, American's A319 Main Cabin seat pitch is 30 inches.
Source: SeatGuru
While that seems narrow, I did not feel confined or uncomfortable like I have on other carriers. For reference, I'm about 5'4" and on the smaller side, so I'm able to fit in tight spaces easier.
Main Cabin seats.
For those that are pushing six feet, it may be beneficial to upgrade to American's Main Cabin Extra on the A319 since it has 34 inches of pitch.
Main Cabin Extra seats (exit row).
In addition to the roominess, I liked the headrests on each seat, which I find are a good alternative to a neck pillow, which I've never enjoyed using. I especially appreciate the headrest for flights where I'm stuck in the aisle or middle seat, making it easier to sleep.
As far as the seat padding, it was nothing special compared to other carriers, though still plenty more comfortable than low-cost competitors like Spirit or Frontier.
Slim, but still comfortable seat padding you'd find on competing legacy carriers.
American's A319 also delivered in terms of overhead bin space, which easily stored my suitcase.
Meanwhile, the tray table was large enough to work on my laptop and store snacks. It also had a placeholder for a drink, which is a small detail but still appreciated.
Although I was a little disappointed that there were no inflight entertainment screens, the carrier did add a few nice amenities, including a power outlet and WiFi…
...a comfortable recline...
There was plenty of space between me and the armrest.
…and streaming to my personal device.
After getting comfortable, we pushed back from the gate right on time at 5:00 pm and enjoyed a smooth flight to New York City.
Final approach into LaGuardia.
Unfortunately, due to the short duration of the flight, there was no inflight service, though I was offered water, and I snacked on some food I brought with me.
After my positive experience from DC to LaGuardia, I went into my flight to Montreal with higher hopes. And, once again, American delivered.
After traversing the new LaGuardia Airport for the third time this year, I made my way to Gate 42 to board the American's Embraer 175, which has recently become my favorite jet to fly on.
The flight was operated by one of American's regional partners, Republic Airways.
The boarding process was quick and I was at my seat in no time. Fortunately, I did get upgraded to Main Cabin Extra during check-in, moving from row 23 to 12, and I got the whole row to myself.
The seat pitch was 34 inches, according to SeatGuru, but it felt bigger. Again, I'm pretty short so most seats are spacious for me, but I was able to stretch my legs all the way out without kicking the seat in front of me.
While I had the entire row to myself, the reason I love regional planes is the 2x2 configuration. Either way, I'd get an aisle or window, meaning no getting stuck in the dreaded middle seat.
Regardless of which seat I'm in, I know it'll be comfortable, which is a massive bonus to flying on American's Embraer 175s. The seats themselves are large and fluffy, outshining most other products I've experienced.
Specifically, the back of the seat and the headrest were bulky and fully padded, making them much more comfortable than the A319.
Moreover, according to SeatGuru, the plane I was on had over 18 inches of width in both regular economy and the extra legroom seats, which gives even larger passengers plenty of room.
As far as inflight entertainment, the plane did not have TV screens, though I was able to stream shows and movies on my laptop, which easily fit on the tray table.
However, I was a little annoyed at the seat's deep recline. The person in front of me fully reclined, which I don't mind, but it forced me to practically set my laptop on my legs because it could not open if it sat on the tray table.
If I pushed my laptop further back on the tray table, the lid would be forced closed.
Fortunately, the Main Cabin Extra seats provide enough room to cope with the deep recline, though I'm not sure how much space would still be available in regular economy. This would be the one flaw I have with American's Embraer 175.
While there was no inflight service on the one-hour A319 flight, the Embraer flight attendants did provide a quick food and beverage service onboard, which included pretzels and a drink, like tea, water, coffee, and orange juice.
I opted for coffee on the early morning flight to Canada.
While the flight was only an hour or so, I appreciated the jet had WiFi and power outlets, including a USB port.
I was also impressed with the lavatory on the regional jet, which proved to be very roomy. I was able to stand and move around without bumping against the walls.
Like my A319 flight, the plane took off right on time, and we even got to Montreal ahead of schedule.
Taking off from LGA.
I enjoyed taxiing along the snowy Canadian airport and even saw a brand new SWISS A220 that likely just came off the Airbus assembly line.
Overall, I was impressed with both flights and would be happy to spend more than just an hour or so onboard. I think the product is comfortable and appreciate the added amenities that have been absent from previous jets.
Moreover, the on-time performance of both flights has increased my confidence in American's reliability and customer service.
American's ticket counter in DC.
In fact, the airline's new CEO, Robert Isom, vowed to get passengers to their destination with minimal disruptions this summer, according to CNBC.
American Airlines' incoming CEO Robert Isom speaks at a news conference about the company's new partnership with Alaska Airlines in February 2020.
"People really need to feel like they have control of their itineraries and we give them control by making sure they get to where they want to go on time," Isom told pilots during a company town hall last week, which was reviewed by CNBC. "I just can't be any more blunt about it than that. Other airlines are really struggling."
More: review American Airlines Flight Review Airline | 2022-04-24T13:28:55Z | www.businessinsider.com | Why I Have Turned Into a Fan of American Airlines; Review | https://www.businessinsider.com/why-i-will-book-american-airlines-review-2022-3 | https://www.businessinsider.com/why-i-will-book-american-airlines-review-2022-3 |
Rep. Jim Jordan (R-OH) at a hearing on Capitol Hill November 19, 2019 in Washington, DC.
Jacquelyn Martin - Pool/Getty Images
Rep. Matt Gaetz appeared to show support for the idea of Rep. Jim Jordan becoming the House Republican leader.
Gaetz called Jordan the "hardest working" Republican when asked if he or Jordan would replace Rep. Kevin McCarthy.
McCarthy, in a newly released secret audio, told lawmakers he planned to urge Trump to resign after the Capitol riot.
Rep. Matt Gaetz on Saturday appeared to throw his support behind Rep. Jim Jordan, a staunch supporter of former President Donald Trump, to replace House Minority Leaders Kevin McCarthy as the Republican leader.
Jordan "is the hardest working and most talented member of the Republican House Conference. And every member knows it," Gaetz said in reply to a tweet urging Jordan and Gaetz to take over McCarthy's role.
Gaetz's comment comes after The New York Times released audio in which McCarthy can be heard telling his fellow lawmakers that he planned to urge Trump to resign in the days following the Capitol riot.
In the audio, captured on January 10, 2021, Rep. Liz Cheney asks McCarthy if Trump should resign, to which McCarthy replies: "My gut tells me no. I'm seriously thinking of having that conversation with him tonight. From what I know of him, I mean you guys know him, too, do you think he'd ever back away?"
He says an impeachment resolution would pass in the House and "there's a chance it will pass the Senate even when he's gone." Then McCarthy says he'll tell Trump that "it would be my recommendation you should resign."
McCarthy in a statement posted to Twitter said the reporting from the Times was "totally false and wrong," and reiterated his support for Trump.
"The past year and a half have proven that our country was better off when President Trump was in the White House," his statement said.
Rep. Adam Kinzinger, a Republican from Illinois who also serves on the House panel tasked with investigating the Capitol riot, said McCarthy's remarks in the leaked audio demonstrate that Republican leaders think their voters are "dumb."
More: Jim Jordan Kevin McCarthy Matt Gaetz Donald Trump | 2022-04-24T15:02:51Z | www.businessinsider.com | Matt Gaetz Appears to Support Jim Jordan for Republican Leader | https://www.businessinsider.com/matt-gaetz-appears-to-support-jim-jordan-for-republican-leader-2022-4 | https://www.businessinsider.com/matt-gaetz-appears-to-support-jim-jordan-for-republican-leader-2022-4 |
U.S. Rep. Madison Cawthorn speaks to the crowd before former President Donald Trump takes the stage at a rally on April 9, 2022, in Selma, N.C.
A super PAC spent $300,000 in an ad campaigning against North Carolina Rep. Madison Cawthorn.
The PAC is connected to North Carolina Republican Sen. Thom Tillis.
The ad appears to be the latest sign of discontent and frustration with Cawthorn among Republicans.
A super PAC connected to North Carolina Republican Sen. Thom Tillis spent over $300,000 in an ad campaigning against Rep. Madison Cawthorn, per Axios.
The ad targeting Cawthorn, a Republican representing North Carolina's 11th Congressional District, is the latest sign of frustration aimed at Cawthorn by Republicans.
"Madison Cawthorn lied about being accepted to the Naval Academy to get elected. Now, Cawthorn's been caught lying about conservatives. In perpetual pursuit of celebrity, Cawthorn will lie about anything," said the 30-second ad posted to YouTube by the super PAC Results for NC, Inc.
The ad continued: "An attention-seeking embarrassment, Cawthorn's antics help him but hurt us. Lying about conservatives, stolen valor, Madison Cawthorn lies for the limelight."
The ad, which cost $310,000, according to Federal Election Commission filings, referenced Cawthorn's claims during his 2020 campaign run that he had planned to attend the Naval Academy before he was in a car accident that left him partially paralyzed in a wheelchair.
It also appeared to reference Cawthorn's recent claims that he had been invited to an orgy by people he "looked up to" and witnessed prominent figures consuming drugs right in front of him. House Minority Leader Kevin McCarthy later summoned Cawthorn to a meeting and told reporters that Cawthorn's comments were "unacceptable."
Cawthorn's office did not immediately respond to Insider's request for comment on Sunday.
Tillis has endorsed North Carolina State Sen. Chuck Edwards, who is running against Cawthorn.
"Madison Cawthorn has fallen well short of the most basic standards Western North Carolina expects from their representatives, and voters now have several well-qualified candidates to choose from who would be a significant improvement," Tillis said in his endorsement of Sen. Edwards.
On Friday, Politico reported on photos of Cawthorn, a staunch conservative, wearing lingerie. Cawthorn quickly responded, calling the pictures "goofy vacation photos during a game on a cruise."
"I guess the left thinks goofy vacation photos during a game on a cruise (taken waaay before I ran for Congress) is going to somehow hurt me?" Cawthorn tweeted. "They're running out of things to throw at me..."
More: North Carolina Madison Cawthorn Thom Tillis 2022 elections | 2022-04-24T15:02:57Z | www.businessinsider.com | Tillis PAC Spent $300,000 in Ad Against Cawthorn, Saying He 'Lies for the Limelight' | https://www.businessinsider.com/tillis-pac-buys-ad-against-cawthorn-lies-for-the-limelight-2022-4 | https://www.businessinsider.com/tillis-pac-buys-ad-against-cawthorn-lies-for-the-limelight-2022-4 |
Ukrainians marked Orthodox Easter in the capital, Kyiv, on Sunday.
The spiritual leader of the world's Orthodox Christians called for the opening of humanitarian corridors in Ukraine.
The leader said a "human tragedy" was unfolding in the country.
"How do I feel? Very nervous, everyone is nervous," said another resident, Olena Koptyl, as she prepared her Easter bread. "The Easter holiday doesn't bring any joy. I'm crying a lot. We cannot forget how we lived."
In eastern Ukraine, the scene of Russia's latest offensive, worshippers expressed unease along with hope for negotiations.
"God will make them understand and they will reach an agreement, because this should be stopped," said Aleksandra Papravkina in Bakhmut. "Otherwise, Ukraine will not exist."
Pope Francis renewed his call for an Easter truce. Without naming the aggressors, Francis urged them to "stop the attack to help the suffering of the exhausted people."
More: Ukraine Easter Russia | 2022-04-24T18:04:35Z | www.businessinsider.com | Ukraine Marks Orthodox Easter With Prayers for Those Trapped | https://www.businessinsider.com/ukraine-marks-orthodox-easter-with-prayers-for-those-trapped-2022-4 | https://www.businessinsider.com/ukraine-marks-orthodox-easter-with-prayers-for-those-trapped-2022-4 |
Alabama Arby's employee arrested and fired for throwing hot grease at a customer during drive-thru altercation, police report says
An Arby's staffer was arrested after throwing hot grease on a customer on Saturday.
The employee was immediately taken into custody and has since been fired, an Arby's spokesperson told Insider.
"Our heart goes out to the guest, and we are working to help support their recovery," the Arby's spokesperson said.
An Arby's employee in Hueytown, Alabama was arrested on Saturday after throwing hot grease at a customer, according to the Hueytown Police Department.
Officials arrived on the scene after a "report of an altercation between an employee and a customer," the Hueytown Police Department wrote in a post shared on Facebook. Medics immediately arrived on the scene to treat the customer, who sustained burns from hot grease thrown by a staffer who was taken into custody, the post said.
An Arby's spokesperson told Insider in a statement that the employee has been fired and the company is working with local law enforcement.
"The actions of the former employee in Hueytown, AL, were reprehensible," the spokesperson said. "We immediately terminated the offender, and we are cooperating with the local authorities in their investigation. Our heart goes out to the guest, and we are working to help support their recovery."
According to local reports, there were no other injuries and the victim was taken to UAB Hospital. The victim's condition has not yet been released.
More: Restaurants Arby's Retail Fast Food | 2022-04-24T19:31:41Z | www.businessinsider.com | Albama Arby's Employee Arrested for Throwing Hot Grease at Customer | https://www.businessinsider.com/albama-arbys-employee-arrested-for-throwing-hot-grease-at-customer-2022-4 | https://www.businessinsider.com/albama-arbys-employee-arrested-for-throwing-hot-grease-at-customer-2022-4 |
The logo for Exxon Mobil appears above a trading post on the floor of the New York Stock Exchange.
Exxon Mobil will prohibit corporate offices from flying the LGBTQ pride flag outside of their offices.
Exxon banned "external position flags" including the pride and Black Lives Matter flags, Bloomberg reported.
In response, employees in Houston are refusing to represent Exxon in the city's annual pride parade.
Exxon Mobil will prohibit corporate offices from flying the LGBTQ pride flag outside of its offices.
In a policy first reported by Bloomberg, Exxon banned "external position flags," including the LGBTQ-rights flag and the Black Lives Matter flag. The decision comes ahead of nationwide Pride Month celebrations in June, frustrating several employees at the company's headquarters in Houston, Texas.
"Corporate leadership took exception to a rainbow flag being flown at our facilities" last year, Exxon's PRIDE Houston employee group said in an email seen by Bloomberg. "PRIDE was informed the justification was centered on the need for the corporation to maintain 'neutrality.'"
Following the announcement, members of Exxon's PRIDE group in Houston are refusing to represent the company in the 44th annual Houston LGBT+ Pride Celebration in June, Bloomberg reported.
Exxon Mobil did not immediately respond to Insider's request to comment, but told Bloomberg "the updated flag protocol is intended to clarify the use of the ExxonMobil branded company flag and not intended to diminish our commitment to diversity and support for employee resource groups.
"We're committed to keeping an open, honest, and inclusive workplace for all of our employees, and we're saddened that any employee would think otherwise," human resources vice president Tracey Gunnlaugsson told Bloomberg in a statement.
The company will allow employees to display flags with logos representing their employee resource groups, Bloomberg reported. In lieu of the traditional, widely recognized pride flag, Exxon's policy allows employees to fly a flag that represents the company's PRIDE group but that does not feature the company's logo prominently.
In the email seen by Bloomberg, members of Exxon's PRIDE Houston employee group said flying the Pride flag is a way for corporations "to visibly show their care, inclusion and support for LGBTQ+ employees." The company's PRIDE employee resource group has approximately 3,000 members globally.
"It is difficult to reconcile how ExxonMobil recognizes the value of promoting our corporation as supportive of the LGBTQ+ community externally (e.g. advertisements, Pride parades, social media posts) but now believes it inappropriate to visibly show support for our LGBTQ+ employees at the workplace," the PRIDE group said in the email.
The company has developed a reputation for lagging behind on gay rights issues. In 1999, Exxon acquired Mobil and later eliminated Mobil's policies protecting employees from discrimination on the basis of sexual orientation.
It wasn't until 2015 that Exxon amended its anti-discrimination policies to include sexual orientation and gender identity, the New York Times reported.
More: Exxon Mobil LGBTQ LGBTQ pride Pride month | 2022-04-24T20:23:48Z | www.businessinsider.com | Exxon Mobil Bans LGBTQ Pride Flag From Being Flown Outside Offices | https://www.businessinsider.com/exxon-mobil-ban-lgbtq-pride-flag-flown-outside-offices-2022-4 | https://www.businessinsider.com/exxon-mobil-ban-lgbtq-pride-flag-flown-outside-offices-2022-4 |
Former President Donald Trump has only posted once on TruthSocial since its launch.
Donald Trump appears to have only posted on his social platform TruthSocial once since its launch.
His post, made two months ago, told his supporters to "get ready" and that he would see them "soon."
In comparison, Trump tweeted up to 200 times a day while serving as president.
Twitter permanently banned Trump from its platform just days after the January 6 Capitol riot. A year later, Trump launched his Twitter-alternative platform, TruthSocial, lauding it as the future of social media. But in the two months since TruthSocial has been up and running, the former president has only posted on the platform once.
"Get ready! Your favorite President will see you soon!" reads a lone post on Trump's official account, which has 1.42 million followers. No other posts — which are called "Truths" by the app — can be seen on the former president's page, as tweeted by defense attorney Ron Filipkowski, who tracks the right wing on social media.
An independent review by Insider also found only Trump's initial post from two months ago on his page.
The 45th president's silence on TruthSocial stands in stark contrast to his past prolific activity on Twitter. Trump tweeted at least 56,571 times before he was banned from the social media site on January 8, 2021, and issued up to 200 tweets in one day while serving as President.
It's not as though the former president doesn't have much to say nowadays: Trump currently issues regular statements through his spokespersons, covering anything from political endorsements to his golfing achievements to personal condolences.
—Liz Harrington (@realLizUSA) April 24, 2022
Conservative politicians and pundits had previously expressed hope that Trump would be reinstated on Twitter after billionaire Elon Musk, who has criticized Twitter for its free speech rules, acquired a 9.2% stake in the social media platform.
But on April 15, Trump said it's unlikely that he'll return to Twitter, in an interview with Sirius XM's "Americano Media."
"We're doing a big platform right now so I probably wouldn't have any interest," he said. "Twitter has become very boring, they've got rid of a lot of their good voices on Twitter, a lot of their conservative voices."
More: insider news Donald Trump TruthSocial Twitter | 2022-04-25T05:35:00Z | www.businessinsider.com | Trump Has Only Made One Post on TruthSocial Since Its Launch | https://www.businessinsider.com/trump-only-posted-once-truthsocial-two-months-ago-2022-4 | https://www.businessinsider.com/trump-only-posted-once-truthsocial-two-months-ago-2022-4 |
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How 350 kilogram batches of rice pilaf are cooked daily in Uzbekistan
David Valerio
This restaurant serves 3,000 people every day.
One dish of plov uses 350 kilograms of ingredients.
Plov is the national dish of Uzbekistan.
Narrator: Weighing 350 kilograms, this is one of the largest rice pilafs in the world. Locally known as plov, it is the national dish of Uzbekistan. It is enjoyed year-round as a weekday meal and prepared on huge scales for weddings and holidays. Its popularity and ubiquity across Uzbekistan cannot be overstated. It is so beloved that nearly 3,000 people come to Besh Qozon Pilaf Center in Tashkent to have it for lunch every day.
Mirkomil: Pilaf never gets boring.Everyone eats it with pleasure.
Narrator: We visited Besh Qozon to see what it takes to make such big batches. Making plov on this scale begins the night before. Workers start by peeling and cutting 100 kilograms of carrots and placing them into large buckets. In the morning, master chef Mirkomil, who has been making this dish for 20 years, starts cutting 100 kilograms of mutton and beef.
Mirkomil: The work of a cook, like other professions, has its specifics. But since I'm fond of it, there are no difficulties for me.
Narrator: He then ties the chunks of meat together. Tying the meat helps ensure it stays tender during the cooking process and prevents it from splaying. Just preparing these ingredients takes three hours. While the meat is being prepared, a large cast-iron cauldron called a qozon is preheated and filled with 40 liters of sunflower oil. In Uzbekistan, it's said that the best-tasting pilafs are the oiliest. Once warm, those chunks of beef and mutton are slid into the center of the qozon and cooked until golden brown. When the beef has browned, chefs work together to lift and dump 100 kilograms of cut carrots into the center along with onions. This blend of carrots and onions is known as zirvak and is the general base for all plov. This base is similar to soffritto in Italy and mirepoix in France.
Plov recipes used to include spinach, chestnuts, beans, and dried fruits, but most of these ingredients have been substituted. At Besh Qozon, soft raisins, garbanzo beans, dried barberries, and water are added. After about 30 minutes, 100 kilograms of a local long-grain laser rice is added and covered by large metal plates, which help steam the rice. Unlike many Middle Eastern pilafs that fry the rice, the steamed rice in plov is crumbly, soft, and airy. But achieving this texture and making sure the rice doesn't stick together is difficult.
Mirkomil: In my opinion, the most difficult thing is the correct amount of water and maintaining the fire.I keep track of how much water is needed for the rice and what kind of fire needs to be maintained so that the pilaf does not burn.
Narrator: When the rice is done, the steaming plates are removed and the rice is fluffed into the mix. The entire cooking process takes around six hours and is a labor of love.
Mirkomil: To cook a good pilaf and hear, "You made a very tasty pilaf," for me is the best thing that makes me happy.
Narrator: Once mixed, generous portions of plov are loaded onto plates. In Uzbekistan, there are over 120 recipes for plov that use some combination of meat, vegetables, salad, and raisins. Plov in Uzbekistan is typically served with a fresh tomato and crispy onion salad, but there are plenty of other condiments and toppings you can add.
Mirkomil: Pilaf can be decorated with eggs, chicken or quail, horse meat sausage, steamed quince.
Narrator: And everyone has their own part they enjoy the most.
Customer: For me, the best parts of pilaf are tender ligaments and tendons and bones with bone marrow.
Customer: The best pilaf is when the carrots are beautifully cooked and the meat is tender. In general, any pilaf is good; our Uzbek pilaf is lovely.
Narrator: Each plate costs around $1 to $2. And while plov is now a relatively cheap and ubiquitous meal in Uzbekistan, it wasn't always this way. Up until the 1930s, plov was mostly eaten by wealthy families and reserved for special occasions like holidays and weddings for everyone else. Today, many Uzbeks eat plov three to four times a week and sometimes skip the meat altogether.
Mirkomil: Yes, I eat plov one to two times a week. Since I cook every day, I don't eat that often.
Narrator: Plov is adopted from the Farsi ward "polo" and akin to the Turkish word "pilaf." The first-known recipe of plov is believed to come from 13th-century Persia, where it was adapted from a barley dish that used similar ingredients. Legend has it that Alexander the Great was fed plov after he conquered modern-day Samarkand. He apparently loved the dish so much that he brought the recipe back to Macedonia. By the 15th century, several styles of pilaf had established themselves in Central Asia, India, Turkey, and the Caribbean, where they remain a staple. While it's now a more common meal, plov is still the preferred dish for Uzbek weddings. During weddings, guests generally help prepare the meal for everyone on a similar scale to Besh Qozon. Qozons on much smaller scales were first introduced by Turkish nomads and are now just as common in central Asia as a frying pan is in the West. While household qozons aren't as large, they can typically feed 12 to 15 people, and many families have at least one larger qozon to feed large groups of guests. Despite countless varieties of plov, Besh Qozon Pilaf Center in Tashkent draws a faithful crowd.
Customer : We often come. As soon as we come to Tashkent, we definitely come here to eat pilaf from Besh Qozon. From the day it opened, we have become avid visitors to this place.
Narrator: Whether you call it plov, pilaf, or pilau, the core ingredients of this time-honored dish revolve around rice. And the one served at Besh Qozon is the ultimate sign of the good life in Uzbekistan. | 2022-04-25T08:36:46Z | www.businessinsider.com | How 350 Kilogram Batches of Rice Pilaf Are Cooked Daily in Uzbekistan | https://www.businessinsider.com/how-350-kilograms-of-rice-pilaf-is-cooked-every-day-2022-4 | https://www.businessinsider.com/how-350-kilograms-of-rice-pilaf-is-cooked-every-day-2022-4 |
Atlantic Money, a fintech founded by Robinhood alumni, aims to dominate the foreign exchange industry by undercutting the likes of Wise and Revolut
Atlantic Money cofounders Neeraj Baid and Patrick Kavanagh.
Atlantic Money
A fintech backed by the founders of Robinhood has set about taking on FX giants Wise and Revolut.
Atlantic Money aims to undercut the incumbents by charging a flat fee on transactions of any size.
Founder Patrick Kavanagh said the startup was standing on the "shoulders of giants."
A fintech founded by two former Robinhood alumni plans to become the new standard-bearer for international money transfers by undercutting the industry's established giants like the now-listed Wise and banking app Revolut.
Atlantic Money, founded by Patrick Kavanagh and Neeraj Baid in 2020, has attracted a wealth of top-tier investors, including Coinbase-backer Ribbit, Kleiner Perkins, 20VC founder Harry Stebbings, and the creators of Robinhood, Vladimir Tenev and Baiju Bhatt.
The startup, which emerged from stealth mode earlier this year, offers money transfer services for a flat £3 ($3.90) fee which it claims is cheaper and simpler for users, than existing offerings. Wise helped break down the stranglehold on money transfers over the past decade held by financial institutions by dropping the commission it charged on FX.
Instead, Wise began charging a variable fee on transactions that made it considerably cheaper than its banking rivals. Now, Atlantic aims to do the same to Wise with its flat fee structure. While a £20,000 transfer on Wise would cost in the region of £81, Atlantic claims the same transaction would cost £3 on its service.
Atlantic's cofounder Patrick Kavanagh is keen to recreate the success of the first generation of fintechs by solely focusing on one product.
"The first wave of fintech had one job which was to create a good quality product to convince people to do finance on their phone," Kavanagh told Insider.
"We're past that now - those companies have mass-market adoption, all kinds of people do financial services on their phones. These companies have built products to serve everyone but this is not feasible long term."
Atlantic contends that fintech startups have too often looked to become "super apps" or offer too many services to users that they are not best in class or market-leading in. Kavanagh gave the example of a customer making FX transactions who may not also be on a platform to trade crypto.
Both Kavanagh and Baid, who raised $5 million in a seed round in March, said offering too many functions ultimately results in customer service suffering as a result. Fintechs thriving to become a one-stop-shop financial app typically cross-subsidize services to make prices attractive to all users.
"We are standing on the shoulders of giants in many ways," Kavanagh said of the now-established fintechs. "But to compete with us now Wise would have to cut down on its offering to copy us. We've gone to the mountaintop with them but we are higher quality and more focused."
Atlantic Money charges a single fee that looks like a fairly hefty sum for small transactions in foreign currencies but could well be more cost-effective for larger deals. As it stands, the company offers nine major currencies and uses local payment networks, meaning transactions could take a couple of days to clear.
The startup is now regulated by the UK's Financial Conduct Authority according to Baid who said Atlantic had also drafted in Callum McWhir, another former Robinhood employee, to head up its compliance operations.
Atlantic currently employs 14 staff, all working remotely, with plans to hire more throughout the year.
"We do lots of volume, so don't want to be understaffed," Baid added. "You don't have hyper-growth by default when you are a focused business."
The pair want to emulate the success of their former employer Robinhood, and added that they were lucky to be part of the brokerage firm's journey.
Atlantic's founding duo indicated that understanding customers and a sense of shock and awe from users in the product were key to growing the business.
"When you look at disruption over time, it's about getting better customers," Kavanagh said. "Cross-selling doesn't work, the person who wants the best money transfer service isn't the same person who wants the best insurance."
More: Fintech Investing Robinhood | 2022-04-25T09:11:49Z | www.businessinsider.com | Atlantic Money: Foreign Exchange Fintech Startup Aims to Take on Wise | https://www.businessinsider.com/atlantic-money-foreign-exchange-fintech-startup-aims-to-take-on-wise-2022-4 | https://www.businessinsider.com/atlantic-money-foreign-exchange-fintech-startup-aims-to-take-on-wise-2022-4 |
The Russian army has taken control of Ukraine's besieged port city of Mariupol, except for the Azovstal plant.
Ukraine's Prime Minister Denys Shmyhal said Ukraine needs up to $5 billion monthly for its war effort.
Shmyhal highlighted the need for weapons and medical support in particular.
He noted that massive costs were also building up for humanitarian support for Ukrainian refugees.
Ukrainian Prime Minister Denys Shmyhal says the country needs up to $5 billion every month to keep the war effort afloat.
Speaking to CBS host Margaret Brennan on Sunday's installment of "Face the Nation," Shmyhal outlined what was needed for Ukraine's war effort and what it would cost.
"The big battle for Donbas (began) five to four days ago," said Shmyhal. "We see it because of (the) quantity of casualties from both sides."
"But our soldiers are staying on their positions, protecting, and we will do it. We have support from our partners in (the) military sphere, in (the) financial sphere," Shmyhal said.
He added that Ukraine needed two key things — arms and ammo and medical supplies.
"First of all, we need weapons. The second issue is medical support. But many countries support us in this medical sphere because they take our injured soldiers and take for them rehabilitation," Shmyhal said, adding that funds were also needed for humanitarian aid for civilians.
He also affirmed Brennan's suggestion that up to $5 billion would be needed every month to keep Ukraine going — and that, at the moment, the money has been secured with pledges from allies.
"We have many negotiations with G20 countries, their ministers of finances of these countries, the international financial organization, IMF, World Bank," Shmyhal told Brennan.
However, he noted that costs are also mounting for the millions of Ukrainians suffering on the frontlines and civilians who left their homes and are running out of food, water, and medicine.
"For example, in March, we spent $1.1 billion only for seven million internally displaced persons," Shmyhal said. "But now, after (the) liberation of some territories of Ukraine, we need to also support by finances, by technologies for mine cleaning activity, because more than 120,000 square miles are under mining and bombs."
The US has committed over a billion dollars in aid to Ukraine. The Biden administration recently announced aid packages for Ukraine on Thursday and April 14, along with Treasury Secretary Janet Yellen's pledge of $500 million to fund the country's administration.
When Shmyhal was asked if he had three weeks to wait for Congress to sign off on funds, he told Brennan that the clock was ticking for Ukraine.
"We count every minute, every hour, not every day — not every week or month — because every minute and every hour soldiers, civilians, children, women are dying," Shmyhal said. "Because of this, we need faster decisions."
More: Ukraine Russia Ukraine aid Ukraine War | 2022-04-25T09:12:01Z | www.businessinsider.com | Ukrainian PM Says War Effort Requires up to $5 Billion Every Month | https://www.businessinsider.com/ukrainian-pm-war-effort-requires-up-to-5-billion-monthly-2022-4 | https://www.businessinsider.com/ukrainian-pm-war-effort-requires-up-to-5-billion-monthly-2022-4 |
Crypto exchange OKX's new CMO wants to catapult the under-the-radar brand into the mainstream, spending big on ads and sports as part of a mission to become 'the ByteDance of crypto'
OKX Chief Marketing Officer Haider Rafique.
Crypto exchange OKX has had a more lowkey approach to marketing than competitors like Coinbase and FTX.
New CMO Haider Rafique plans to build the brand, with sponsorships and an upcoming campaign.
Rafique outlined his marketing strategy as he aims for OKX to become the "ByteDance of crypto".
Fresh from landing a reported multi-million dollar sponsorship with English Premier League club Manchester City, cryptocurrency exchange OKX's new marketing chief is eyeing further splashy deals as it bids to become — in his words — "the ByteDance of crypto."
Speaking exclusively to Insider, Haider Rafique, a former ad agency exec who became OKX's chief marketing officer this month, explained the logic behind that comparison and outlined the marketing strategy he hopes will achieve it.
Chinese technology company ByteDance disrupted the social media space with the launch of TikTok in 2016. Suddenly a market that was filled with large incumbents like Facebook, YouTube, and Instagram faced a new rival that was rapidly growing with its addictive feed of short-form videos.
It's a similar story with crypto exchanges, Rafique said. It's a market that is crowded and fragmented where a number of key players reign supreme, such as Coinbase and FTX, which both currently have valuations that exceed $30 billion and have spent significantly on sports marketing, including $6.5 million Super Bowl ads.
OKX, meanwhile, has largely stayed out of the spotlight from a marketing perspective compared to its competitors. The company was founded in 2017 by Chinese businessman Mingxing "Star" Xu, who also launched the crypto exchange OkCoin, which is a separate entity.
Now after a rebrand from OKEx to OKX at the start of this year, its new CMO is changing course with a marketing strategy that includes further partnerships and a new brand campaign. It's a push he hopes will catapult the brand into the mainstream and perhaps enable OKX to disrupt crypto in the same way ByteDance disrupted social media.
It's now become possible for companies from all over the world, whether its in Europe or in Asia, to gain a foothold and become household names, Rafique said.
"Can [OKX] be the ByteDance of crypto in many ways, but do so responsibly?" said Rafique, emphasizing the focus is not only OKX's hypergrowth but also in taking care of customers.
OKX wants to become a mainstream brand in Western markets
Rafique's background is in agencies having spent time working for Omnicom creative agency BBDO and WPP advertising company J. Walter Thompson, before transitioning into the crypto space as Blockchain.com's head of growth in 2018 and later as OkCoin's CMO.
Much like his break from agency world to the crypto space, he said he has told his team at OKX to eschew more traditional metrics like traffic, volumes, monthly and daily active users when measuring the success of their marketing efforts. Instead he wants them to "obsess" over customers growing their portfolio responsibly.
"They know we're not marketing everything to go to the moon, we are trying to educate people to think long term, think responsibly, think about investing 3% to 5% of their total portfolio in crypto markets, but not all," Rafique said. "Don't be reckless."
In May, the firm plans to launch a new brand campaign with creative agency BBDO as part of its mission to increase its presence in western markets. Rafique said 60% of the media mix will be offline, with a combination of print ads, some broadcast assets, and other "surprising" placements. The remainder will be digital, with half of that budget focused on brand advertising and the other focused on performance, or direct-response, ads.
"You're probably used to looking at a HSBC ad in the train or in the typical places," Rafique said. "We're going to find the places that are not typical to do offline brand adverts."
Rafique is also looking to make further investments in partnerships this year with a focus on four key qualities: data, accuracy, speed and insights. Qualities that are also all essential in trading, he said.
"So could it be Formula One? Absolutely," Rafique said. "Could it be other sports categories, where they're using data insights, and speed and accuracy to win?"
How 'chemistry' helped OKX land its Manchester City deal
The next partnership could come together relatively quickly. After joining OFX, Rafique wasted no time in scoring a multimillion-dollar deal with Manchester City, the UK football club sitting top of the Premier League.
OKX in March became City's official cryptocurrency exchange partner, which applies to both the men and women's teams, as well as the esports operations.
Rafique credits the talent agency CAA in helping to secure the partnership. He told the agency he was looking for properties and partners that were on the trajectory to reach the very top but also continued to have a fighter mentality.
"Their culture should be around perseverance, about not giving up, about being the underdogs and climbing to the top and taking their time doing so," Rafique said.
—Manchester City (@ManCity) April 6, 2022
(Manchester City's recent turnaround in fortunes can also be credited to its takeover by billionaire Sheikh Mansour's Abu Dhabi United Group and the spending spree that followed.)
Other crypto companies were also competitively bidding for the Man City deal, according to Rafique, who said OKX stood out from the pack by positioning itself as an organization that wanted to supercharge the fan experience rather than push fans down the crypto rabbit hole.
"We think crypto is one of those utilities people don't really want to be pushed into," Rafique said. "When you build that intrigue, you'll go down the rabbit hole yourself and so I think the chemistry was there."
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F1Racing
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crypto-exchange | 2022-04-25T10:10:23Z | www.businessinsider.com | OKX CMO Breaks Down Marketing Strategy As It Bids to Become Mainstream | https://www.businessinsider.com/crypto-exchanges-sports-marketing-okx-bytedance-manchester-city-haider-rafique-2022-4 | https://www.businessinsider.com/crypto-exchanges-sports-marketing-okx-bytedance-manchester-city-haider-rafique-2022-4 |
Ford risked wrecking the hyper-valuable 'Mustang' brand with its debut electric SUV. CEO Jim Farley reveals why he's making an even bigger gamble with the F-150 Lightning.
"I want us in segments and markets where we do really well without even trying that hard," Ford CEO Jim Farley says.
Ford's first two electric cars come from its biggest icons: Mustang and F-150.
CEO Jim Farley is targeting "segments and markets where we do really well without even trying that hard."
Ford started its F-150 Lightning research with Texan truckers.
Ford executive Ted Cannis started a secret project in 2017: a global electrification strategy built around Ford's icons and strongest segments.
Cannis, then serving as the company's global director of battery electric vehicles, quietly assembled a team of engineers and executives to work on their first project: an electric SUV that would modestly but noticeably improve upon competing EVs like Chevrolet's Bolt and Nissan's Leaf.
The car — Ford's first fully electric, mass-market offering — would be based on the C-Max or Focus, both vehicles at the unassuming, family-oriented, affordable end of Ford's lineup. Cannis and Jim Farley, then Ford's COO (and now CEO), were looking to breathe new life into the long-languishing project.
Cannis and Farley told the electric vehicle team, then known as Team Edison, to take inspiration from the Mustang, Ford's iconic muscle car.
The more Mustang the team added to the vehicle — horsepower, torque, tech, styling — the further it got from its milquetoast predecessors. Finally, Farley made an executive decision: The electric SUV wouldn't just be inspired by a Mustang. It would be one.
Ford was going to put the Mustang name, the original pony car and a brand defined by American muscle, rumbling engines and racecar-like performance, on an electric SUV. It would be called the Mustang Mach E.
Cannis said it was a shocking move from Farley, a lifelong Mustang enthusiast who had tinkered on the muscle car in his youth.
"Not everyone was sure about that," Cannis said. "Imagine going to the Mustang clubs and telling them this electric SUV is going to be a Mustang."
Whatever the Mustang-purists may have thought, Americans at large dug the heresy. In 2021, its first full year on the market, the Mach E was one of the top-selling electric vehicles in the US with more than 27,000 deliveries. Ford leapfrogged Chevrolet, Nissan, and everyone else to become the country's second-biggest seller of EVs, behind Tesla.
"It ended up being a great gut call," Cannis said.
Now, Ford, under Farley's leadership as CEO, is doubling down by gambling with an icon far more valuable than Mustang: the F-150. On Tuesday, the automaker will reveal the F-150 Lightning pickup truck.
Farley doesn't pitch the battery-powered take on America's best-selling vehicle as a risk, though.
"I always had a philosophy that a company should only do what it naturally does well – and we're really, really good at pickup trucks," he told Insider. "I want us in segments and markets where we do really well without even trying that hard."
Still, a lot of work and research went into the Lightning, said Darren Palmer, Ford's vice president of its electric Model E division.
At one of the first planning meetings for what would become the Lightning, Palmer said someone in the room casually asked, mouth full of candy, "Hey, does anyone even want electric trucks?"
Met with shrugs, Palmer said they needed to start with real consumer interactions, and no place was better for it than Texas. They spent months in the field, talking to loyal F-150 customers about what they wanted to see in an electric pickup truck, and whether they wanted one at all.
The participants in one focus group met the idea of an electric pickup with laughs and comparisons to tiny dogs and girly drinks. Then Palmer & Co. started explaining some of the things they were hoping to include on the electric F-150: the most torque ever in an F-Series truck, 0-to-60 mph in under four seconds, pulling 10,000 pounds up a 25% grade as if there's nothing attached. The room started to come around, Palmer said.
Then, they showed the idea of the "frunk," a staple of many an electric vehicle. Without a massive engine to store, the space under the front hood of an electric vehicle can provide extra storage. On an electric F-150, it would be big enough to hold a bag of golf clubs.
"Within two minutes," Palmer said, "the biggest, scariest Texan in the room stood up on his chair saying he had to have this truck."
The rest of America seems to agree so far. Ford says it already has nearly 200,000 reservations and it recently doubled its production goal for the truck. Meanwhile, it has also tripled production of the Mach E, and now says it plans to produce 600,000 EVs annually come 2024.
"I knew that our customer knowledge would be deep enough in the icons that if we made a commitment to electrify them, we would wind up innovating the product in a way that our competitors probably couldn't," Farley said.
More: Ford Electric Vehicles EV | 2022-04-25T10:10:29Z | www.businessinsider.com | Why Ford CEO Jim Farley Gambled the Mustang and F-150 Brands on EVs | https://www.businessinsider.com/ford-ceo-jim-farley-gambled-mustang-f-150-lightning-electric-vehicles-2022-4 | https://www.businessinsider.com/ford-ceo-jim-farley-gambled-mustang-f-150-lightning-electric-vehicles-2022-4 |
Prime Minster Boris Johnson speaks with members of the Metropolitan Police in their break room, as he makes a constituency visit to Uxbridge police station in December 2021.
Sue Gray's report is so damning Boris Johnson may have to quit, an official has told The Times.
The civil servant's report will be published once the Metropolitan Police probe is concluded.
Johnson has already been fined, with five other events he attended still under investigation.
Sue Gray's report into the lockdown-breaking parties in Downing Street and Whitehall will be so damaging that Boris Johnson may have to resign, an official has said.
The inquiry being carried out by the senior civil servant will be published after the Metropolitan Police finishes issuing fines and completes its investigation. The force has said it will not be sharing details of fines being handed out until after local elections on May 5.
A senior official told the Times described Gray's full report as "excoriating" and likely to "make things incredibly difficult for the prime minister."
"There's an immense amount of pressure on [Sue Gray] — her report could be enough to end him. No official has ever been in a position like this before," the source said.
Johnson has already received a £50 fixed penalty notice for attending a party to mark his birthday, held in breach of coronavirus measures in force at the time, which he had widely promoted.
Several Tory backbenchers have called for Johnson to quit over the row. But despite the fine and mounting political pressure, he has refused to resign.
On Friday, the Met issued further fines to officials who attended a "bring your own booze" party. Johnson has admitted to attending this event too, but Downing Street said he had not received a fine for this yet.
Gray issued an interim report at the end of January which was indirectly critical of Johnson, noting "failures of leadership and judgment by different parts of No 10 and the Cabinet Office at different times."
Her final report will be more directly critical of Johnson, The Times reported. | 2022-04-25T10:10:35Z | www.businessinsider.com | Gray Report 'so Damning Boris Johnson May Have to Quit' | https://www.businessinsider.com/gray-report-so-damning-boris-johnson-will-have-to-quit-2022-4 | https://www.businessinsider.com/gray-report-so-damning-boris-johnson-will-have-to-quit-2022-4 |
A Mail on Sunday story quoted Tory MPs as saying Rayner attempts to distract him in parliament by crossing and uncrossing her legs.
The article sparked outrage, including calls for the story's writer to lose his parliamentary pass.
The article described Rayner's supposed tactic as "a Basic Instinct-inspired ploy to 'put him off his stride' at PMQs," comparing it to an infamous scene in the 1992 movie starring Sharon Stone.
But Johnson sought to distance himself from the story, tweeting that he "deplore[d] the misogyny." He subsequently contacted Rayner personally, the BBC reported.
More: News UK Boris Johnson Angela Rayner | 2022-04-25T10:49:02Z | www.businessinsider.com | Boris Johnson Contacts Angela Rayner Over 'Misogynistic' Article | https://www.businessinsider.com/boris-johnson-contacts-angela-rayner-over-misogynistic-article-2022-4 | https://www.businessinsider.com/boris-johnson-contacts-angela-rayner-over-misogynistic-article-2022-4 |
Axie Infinity took the Philippines by storm and is now grappling with a $625 million hack. Here's what's it like to play the game that made people rich — and why its directionless gameplay will struggle to keep players hooked.
When I enter Axie Infinity for the very first time, it feels like I've entered a time machine and traveled back to the early aughts, a time when I would sit in my room playing browser games while watching "MTV Cribs" and chatting on MSN Messenger.
Three cute, fluffy, 2D creatures jump up and down on the screen, poised for battle.
Axie Infinity is a digital universe where players can raise, battle, and trade these colorful creatures known as Axies.
The battles most frequently take place in the arena, an area where two players get matched against one another, each taking turns to draw cards as they attempt to obliterate the other player's team.
The game is essentially a cross between Pokémon, Neopets, and Magic: The Gathering — but so much harder.
Axie Infinity will look familiar to many gamers.
While cute creatures and a nostalgic feeling might entice players to try the game, it's the ability to earn rewards that really catapulted Axie Infinity into the headlines early last year.
The game took the Philippines by storm when players found they could earn more playing Axie Infinity than they could working some minimum-wage jobs there.
Players earn cryptocurrency tokens called Smooth Love Potion, which can be traded on cryptocurrency exchanges for other crypto tokens like ether or even fiat currency.
Players can also breed new Axies and trade or sell existing ones on the marketplace for real money. The most expensive Axie ever sold went for $820,000.
Axie Infinity has cemented the idea of "play-to-earn" gaming, a concept that many Web 3.0 virtual worlds are now leaning on. Axie Infinity's gamelike qualities make it a bit of a misfit in our Guide to the Metaverse series, which is focused on exploring various virtual worlds.
But with Axie Infinity pioneering many of the key concepts that are set to be leveraged in the metaverse, and with so many big things on the horizon from the Axie Infinity team, I was eager to dive in and explore the game.
My journey commenced with the three cute Axies bouncing up and down onscreen, a gift from the Axie Infinity team who lent me an account to try out the game.
Signing up is typically a more complex — and sometimes costly — experience.
Axie Infinity sits on the Ronin network, which is a clone of the Ethereum blockchain that has been customized specifically for the Axie Infinity ecosystem.
The network recently hit headlines after $625 million was stolen from the blockchain due to a vulnerability that enabled an attacker to use hacked private keys to forge fake withdrawals from Ronin's bridge. The owner of Axie Infinity's parent company has vowed to reimburse the victims of the hack.
The Ronin network was initially designed to enable the game to be cheaper and faster than using the Ethereum blockchain. That's important, because to play Axie Infinity, you need to buy three Axie creatures with the cryptocurrency ether. Doing this involves moving ether from a crypto wallet like MetaMask and converting it into wrapped ether on the Ronin network and holding it in a Ronin Wallet.
It's a complex setup process that I bypassed by having a preconfigured account.
The cheapest set of three Axies cost around $50 on the marketplace right now.
A small selection of the Axies available on the marketplace.
That's a huge difference from the cost of a team in August 2021, when three Axies went for a total of around $600, according to Rappler.
Organizations and individuals created "scholar programs" to help new players deal with the surging costs in the summer of 2021. These are scholarship-style programs with a key difference: Providers like Yield Guild Games lend out Axies to players, and in return take a cut of the players' in-game revenue.
The introduction of the Ronin network and the dramatic decline in ether prices in recent weeks have helped make Axie Infinity more affordable.
"Our audience said, 'Hey, we need a solution, we're okay to give up some decentralization if it means we can actually play the game,'" said Andrew Campbell — a program lead of eSports and content creator at Sky Mavis, the developer behind Axie Infinity — in an interview with Insider. "So that was the green light for us to build our own blockchain."
"Certainly the long-term vision could be to open that up for other games or build other games of our own that use our blockchain," he added.
The current cost of Axie is equivalent to buying a triple-AAA game for an Xbox or Playstation. The difference with Axie Infinity is that the creatures are NFTs, which means the players retain control of their in-game assets, not the company.
Day one, level one
Ready to go with a team of Axies, I'm faced with a simple user experience with two gameplay options to choose from: "arena" or "adventure."
I realize it's even more minimalist when I'm presented with no instructions whatsoever.
This is something Campbell acknowledges. He says that Axie Infinity still feels like a game built for software engineers by software engineers.
"It's just a general crypto thing where the tech moves very quickly, and it's still not really built for the mainstream, because I think the engineers feel like they're still building the foundation," Campbell said.
One of the biggest pain points for Axie Infinity is that players can't try the game for free, Campbell said. But the company recently addressed that issue with the launch of a new iteration of the game called Axie Infinity: Origin on April 7. Though still in its alpha phase, this version includes gameplay tutorials and free starter Axies to ease newer players into the game.
I tried the original game, however, and after a 10-minute tutorial from Campbell, I felt a little more prepared and decided to jump straight into the arena.
An example of how to lose a battle in Axie Infinity.
Within minutes, I realized that was a huge mistake.
Entering the arena meant being paired with another player. We each took turns selecting cards that determined the actions our Axies took in various rounds of battle.
At the bottom of the screen are "energy" icons, which dictate how many cards an individual is able to play in a round. The game didn't provide instructions on this; I discovered it during my tutorial with Campbell.
Players can typically play three cards in a round, unless they decide to skip a round and accumulate more energy for later. Some of the cards enable you to attack the opposing player, while others are for defense and boosting the Axies' health.
What I discovered is that playing Axie Infinity involves a lot of analysis and strategy. The problem is that when you enter the arena there's a lot of information to assess, from your own cards to the strategy of the opposing team. With the clock ticking, it can be overwhelming.
More often than not, I clicked lots of buttons hoping for success, but instead I was quickly and unceremoniously defeated.
I hoped to avoid a similar fate in adventure mode, where the turns aren't timed and you play against the computer. Yet without clear instructions for beginners, it proved to be just as difficult as the arena.
After that initial series of failures, I discovered that strategy is key to success in Axie Infinity.
Players need to understand the unique strengths and weaknesses of both their own teams and those of their competitors. I spent the next few days studying up and playing more battles.
Unfortunately, with so much information to consume, it felt more like homework than fun.
Each Axie has four stats: health, speed, skill, and morale. These stats determine how an Axie performs in battle.
An Axie will also fall into specific classes — like bird, beast, and plant — and has six body parts. Both the class and body parts contribute to the Axie's stats, and four of the body parts — horn, mouth, tail, and back — determine how many cards can be drawn in battle.
My team was made up of two aquatic Axies and a plant-based Axie. The individual Axies are identified by a combination of digits — no cute names like "Pikachu" here, but Axie #479735 and I shared a bond as we battled our way through the arena.
Players can see a breakdown of each Axie's parts and abilities.
The most iconic, well-balanced combination is putting a plant Axie at the front, a beast Axie in the middle, and a bird Axie in the back, said Campbell, because the team creates a good balance between damage and survivability.
The plant acts as the first line of defense as it is able to take a lot of damage, whereas the bird can make powerful attacks targeting the opponent's energy reserves toward the end of the battle.
I restructured my team appropriately and headed back into the arena, eventually securing one victory and many more defeats.
I found YouTube content creators helpful in providing tips and hints. For example, I learned that adventure mode is not timed, so it gives players more time to learn the game and understand competitor cards. I also found videos with specific instructions on how to battle with my specific team combination.
But ultimately, I really just wanted to learn from actually playing the game rather than having to study.
The lack of in-game feedback and instruction can be demoralizing. I discovered several days into gameplay that the reason I was failing at adventure mode is because I accidentally started at level 20 instead of level one. There are limited barriers to stop "noob" players like me from making silly mistakes.
I assumed my frustration with Axie came down to the fact I am not really a gamer at heart. But I discovered it's a sentiment shared by many on Reddit.
A selection of comments about Axie Infinity from the associated subreddit.
In a final attempt to succeed at Axie, I looked to Campbell's top tips for the game:
The positioning of Axies is very important.
Always prepare for how you will attack the backliner (the final Axie in the lineup), which sometimes involves stockpiling cards.
"If you don't know what to do or it doesn't feel like there's a good card to play, just pass and save your energy," Campbell said. "If you have four energy then you can play four cards. And maybe you can actually kill something by using all of that damage in one big go."
Toward the end of the week, I got marginally better at Axie Infinity, but I never felt like I wanted to play the game.
In total, I secured 12 SLP tokens, earning around $0.11. Last August, that would have been closer to $2.
I think the earning component has enabled players to overlook some of the core issues with the game, thus catapulting Axie Infinity into the limelight early last year. But with economic incentive waning, the focus is now on gameplay.
"We're on the bleeding edge of this technology and I think we broke open this whole play-and-earn model," Campbell said. "It feels like the Wild West sometimes in terms of making the big decisions to calibrate this stuff and in understanding that little changes can have really big ripple effects when we're talking about millions of players participating in this economy every day."
He added: "It's amazing that we've gotten so many users before we've released this next round of products that I think really step up the game and expand the universe."
Is the future a throwback to the aughts?
Playing Axie Infinity was like going back in time to playing the browser games of the aughts, but not nearly as much fun. This isn't necessarily a bad thing, but players should expect it.
Blockchain-based games are completely new concepts. Economic systems surrounding play-to-earn and decentralized ownership are still evolving. This is just early innings.
So while I felt frustrated and bored by Axie Infinity's simple and directionless gameplay, I could also see the potential.
Axie Infinity isn't a game I'll be rushing back to play anytime soon, but I could easily imagine it replacing the likes of Candy Crush and other games that are synonymous with killing time.
After all, when games like Axie Infinity offer economic incentive and ownership of your assets, why would you even consider Candy Crush anymore?
Ultimately, buying into Axie Infinity is less about gaming right now and more about early access to Web 3.0.
There will be a small subset of people who love strategy games and for whom Axie Infinity in its current state will be great. But for those looking for a fun game to play or a good way to earn passive income, it's just not there yet.
Instead, Axie Infinity is for those who want to take a bet on the future of decentralization and have a role in building it out.
"We see Axie as an entire universe, maybe like 20% deployed," Campbell said. "But there's still a lot to be built in terms of the Axie universe."
Buying into Axie Infinity gives players a front-row seat to watching the pioneers of play-to-earn build out a gaming universe.
But when I'm trying to kill time, I think I'll stick to Wordle. | 2022-04-25T11:37:09Z | www.businessinsider.com | Axie Infinity Review: a Play-to-Earn Game That's More Work Than Fun | https://www.businessinsider.com/axie-infinity-review-walkthrough-metaverse-how-to-play-earn-strategy-2022-4 | https://www.businessinsider.com/axie-infinity-review-walkthrough-metaverse-how-to-play-earn-strategy-2022-4 |
Cryptovoxels is an artist-dominated metaverse featuring wearable blunts and eclectic locales like the Temple of Doge. Here's why OpenSea CEO Devin Finzer named it one of his favorite growing NFT projects.
The girl beside me on the dance floor suddenly jerks back two feet, cutting herself off mid-sentence.
"I didn't realize I was dancing so close to that guy," she exclaims.
We both giggle at the absurdity of the situation, since it's just past noon on a Thursday — and the dance party we're attending is taking place in the Ethereum-powered virtual world of Cryptovoxels.
Partying in Cryptovoxels.
Before this outing, I'd never really stopped to consider the rules of metaverse etiquette, but Kasey Robinson — the girl by my side — is teaching me my first lesson.
"It feels so real," she explains to me as we stare at each other's avatars through the screen. "I'm like, 'Oh no, I have to scooch away.'"
Robinson, better known online by her moniker bitpixi, joined the Cryptovoxels team only a few months ago as a user-experience designer. She's also my tour guide for the afternoon — and my first companion in a soon-to-be bizarre journey that ends with me partying at a beach club in Milan with One Direction's Liam Payne, albeit digitally.
But while Liam Payne concerts are certainly a highlight of Cryptovoxels — which will be rebranded to just Voxels later this year — the platform is better known for its status as a smaller, yet still fierce, contender within the great metaverse land rush. And with Devin Finzer, CEO of NFT marketplace OpenSea, also naming Cryptovoxels as one of his favorite projects, I wanted to explore the world myself for our Guide to the Metaverse series.
Each user spawns in the world the exact same way — as an androgynous, blank-faced, figure drawing-esque mannequin.
Users spawn in Cryptovoxels’ Origin City.
Robinson tells me that this "blank slate" was an intentional design decision, in order to give users the complete freedom to layer shapes for outfit customization.
"Because we have this, people can create anything on top of it," she explains. "They can be a penguin, or someone with a walking cane. They can be more feminine, more masculine."
Robinson herself switches outfits twice during our tour. For the first half, she dons a white crop top and shorts, colorful high-tops, wings, a leather briefcase, and a doge mask. For the latter, she scraps the entire outfit in favor of a blue-skinned crying fairy carrying a beer and wearing a strawberry hat.
Starting in the world as a naked mannequin devoid of any facial expressions is slightly eerie to me. Luckily, Robinson gifts me a few wearables to try out during my time in Cryptovoxels.
But the process of actually putting on said wearables is much more arduous than expected.
It takes me a while to even locate the collectibles I own, and once I find them under my profile, I can't figure out how to actually wear them. When I finally do spot the option to "edit costume," I'm taken to a 3D-modeling screen which, for an inexperienced user like me, is completely unintuitive.
The dress I select to wear defaults, for some reason, around my avatar's head. From a dropdown menu of skeleton bones with options including "LeftHandIndex3," "RightToe_End," and "LeftUpLeg," I choose to place the dress on my "Spine" (the other options being "Spine1" and "Spine2").
Getting dressed in Cryptovoxels is tougher than you'd think.
Next, I have to use the editor tools to modify the outfit myself, which includes painstakingly stretching, rotating, and moving the dress bit by bit to cover the designated areas.
The process of getting dressed.
The entire process is exhausting, and takes me at least ten minutes until I'm satisfied that the end result is covering my applicable anatomy from every angle. Robinson reassures me that Cryptovoxel will be soon debuting the ability to make clothing automatically appear on the correct body part. Feeling like I've somewhat got the hang of it, I also try my hand at donning a pair of butterfly wings.
As the self-described "first non-engineer hire" to join Cryptovoxels, Robinson was brought on to fix these kinds of user nuisances.
Thanks to Robinson, when you press the little rocket icon on the lower left of the screen, a quick-start guide pops up with some helpful keyboard controls. But before Robinson created this feature, there was no introduction at all for new users. Her longer-term plan is to rebuild the entire website, which currently "operates like it was built for developers and not for a regular, everyday person."
"There's a ton of things that we are going to fix this year," Robinson continues, citing the current difficulties with in-world audio and name changes as two examples. "Every friction point that breaks immersion will be hopefully eliminated."
Robinson, who has an extensive background in cryptocurrencies and video games, first found Cryptovoxels through a pizza NFT fundraising project, where she was tasked with building a pizzeria in the world. But she stuck with Cryptovoxels, she said, because it reminded her of metaverse predecessor Second Life, a virtual world she used extensively in the past.
With my outfit, name change, and audio problems solved, we kick off our tour at the virtual Bronx Zoo, a blissful oasis teeming with life, built by the metaverse architect Ogar. Baby penguins bounce up and down, elephants flap their ears, a gorilla beats its chest, and eagles swoop overhead in the aviary bar. Over the phone, Robinson's 1-year-old son coos in delight over the dancing animals on the screen.
Selfies at the Bronx Zoo in Cryptovoxels.
"This was really good for two years ago," Robinson says. "Now people are making even crazier stuff."
Next, we hop over to the aforementioned dance party that a few of her friends are throwing. From a menu, users have a variety of moves to choose from, including " Floss ," "Uprock," "Savage," "Backflip," and a roundhouse "Kick." As part of the next rollout of features, Robinson tells me that Cryptovoxels will allow users to sell custom dances.
"You might have someone get in a motion-capture suit, record themselves dancing, or record a celebrity dancing and then sell it as NFT," she explains. "And then we could, in the future, purchase it and be dancing the same real dance imported directly from Snoop Dogg or something."
In the game, avatars are able to fly, so we swoop over to our next destination. It's not as easy as it sounds, since I keep flying toward the sidewalk until I figure out how to simultaneously navigate while keeping my camera pointed upward.
Our next destination turns out to be the China Red fashion show, which Robinson says has been responsible for drawing in huge parties across Asia that have crashed the platform's servers at times. Scaling is something that the team is currently working on so that downtime isn't as much of an issue going forward, she says.
At the show, I try on a variety of outfits, which, thankfully, the designers have configured to automatically overlay onto the appropriate body part. Unfortunately, the clothes can't come off properly, so my avatar ends up wearing a few outfits layered on top of one another.
The China Red fashion show in Cryptovoxels.
We conclude our tour at Robinson's personal bar, which is fitted with a VIP section on the upper floor.
There, I meet her friend Zach Weiss, also known in the community as wackozacco, who — like Robinson — has found success in Cryptovoxels as a wearables designer. It's worked out so well that Weiss, whose avatar dances in a gigantic banana suit, just gave notice at his current job appraising bicycles to concentrate full time on making wearables.
Robinson's bar in Cryptovoxels. Lisa Han/Insider
It's the same gamble that Robinson herself made a few months ago.
After building the pizzeria, Robinson slowly acquired a list of clients in Cryptovoxels for custom wearables and architecture, each time charging "a bit more" until she could afford to buy her own parcel of land on the platform.
According to Robinson, users can make money in other ways, like selling mini-game scripts and renting land for events like dances or NFT collection releases. But she believes that creating wearables is the easiest route, since they're ubiquitously understood and the builder is fairly simple to learn.
Robinson estimates that she's made over six figures from both flipping NFT art and selling her own creations. A user once bought 100 copies of a cheese wearable she'd created, netting her 2.5 ETH — or around $8,000 at the time.
"For a piece of cheese I made in 20 minutes," Robinson says. "That blew my mind."
Lo-fi landscape
In between Robinson's tour and the Liam Payne concert, I spend some time exploring the map and hopping into a few smaller events.
As of March 2021, Cryptovoxels had 4,441 land parcels, all of which range in shape and size. Instead of one large continent, the world is divided into an archipelago of islands that surround the original map, Origin City, which is still the largest and most populated neighborhood. Oceans filled with marine life separate the islands, and some, like Far Far Away and Pluto, are so distant from the mainland that I'm unable to find my way back through the screen's map interface.
The Cryptovoxels archipelago.
The world itself, as Robinson puts it, is "really low fidelity, choppy, Minecraft-y." It's also alive, colorful, dynamic, and buzzing with energy, partially because the landscape is so crowded, with barely any breathing room between parcels. Unlike the similar open-world Decentraland, which is noted for its greenery and openness, the Cryptovoxels buildings are jammed together like Legos.
The world of Cryptovoxels is jam-packed with colorful buildings as far as the eye can see.
Almost every building also has some form of animation, like a flying Santa Claus and reindeer or 2D people who spin around to follow your movements. Even though other avatar sightings in the world are rare, the animations and crammed landscape make me feel less alone.
Some of the many sights in Cryptovoxels.
Overall, it's an eclectic mix and has a somewhat jarring effect, as my eyes are bombarded with colorful images coming from all directions. The aesthetic also seems to tilt more toward urban art and hyperrealism, from the posters and neon signs plastered on the walls to photos of real beverages pasted on the drink coolers.
More sights to be found in Cryptovoxels.
Cryptovoxels is stuffed to the brim with eye-catching scenery and more beautiful art galleries than I could ever explore. There are also multiple shops, like Vox Walk, a full-blown mall that showcases wearables from a variety of different artists.
The Vox Walk Mall.
Artists are featured predominantly in the world because, according to Robinson, Cryptovoxels' main focus is to "really showcase the smaller creators — people just doing stuff themselves,'' as opposed to negotiating huge brand partnerships like The Sandbox or finding outside investors. But this year, she tells me that the Cryptovoxels team is "more open-minded to larger corporate partnerships" — with the caveat that any business dealings be "cool, fun, and benefit everyone" in the existing community.
For some reason, the Cryptovoxels world is also abundant with shrines, like the ancient Greece-inspired Frenetik Temple and the Jedi-themed Dark Junction. But both pale in comparison to the Temple of Doge, which is fitted with adoring photos of Elon Musk and buff, naked, kneeling statues of Shiba Inu in the style of Michelangelo.
Within the Temple of Doge. Lisa Han/Insider
The seamless in-game connection between sites, with graphics loading almost instantaneously, impresses me from the get-go. As I meander, I realize that in a world where avatars can fly, stairs are definitely an afterthought.
Robinson says that compared to The Sandbox, Cryptovoxels is, at least for now, less "game-centered" — which is apparent as I breeze around and find that while there's no end to the beautiful sights or shops, there's much less to actually do, besides attend events.
That's easier said than done, though, since the platform lacks an official, centralized events page, which makes finding events to attend almost impossible. Even the Cryptovoxels Explorer, which includes a list of community events, isn't very accurate or up to date, which Zach attributes to excessive spam and a lack of incentive for artists to host events other than for self-promotion.
Luckily, Robinson directs me to a NEAR NFT visual-art exhibition, where the hostess meticulously greets all attendees by our usernames and thanks us for stopping by. It's reminiscent of attending a presentation in the real world, except instead of pinning name tags to our shirts, they're superimposed over our heads in large white letters.
It's just a preview of what's to come from Cryptovoxels.
A night out in the metaverse
"Dystopian mannequin rave and yet I love it?" comments an anonymous user in the chat box.
The description is short yet acutely accurate, since that's exactly the scene unfolding across my screen.
Friday night DJ set at Bitlectro Labs.
It's Friday night, and there are two major parties happening in Cryptovoxels. One is an event held at the Bitlectro Labs HQ that Zach recommended, featuring both AI and human DJs.
And the more I stare at the crowded room, the more it seems like a setting straight from a dystopian film. Almost 120 avatars, chiefly blank-faced and anonymous, dance in midair in front of a huge Twitch screen.
The second party tonight, headlined by none other than Liam Payne of One Direction fame, takes place at the Imnotart Cryptovoxels Beach Club. Besides Payne, other artists like DJ Mutant Ape #27182 are also playing.
Avatars dance to Liam Payne’s DJ set.
Overall, the concertgoers are overwhelmingly friendly, with strangers striking up lengthy discussions about wearables, 3D modeling, and creation methods, the dominate topic of the night. Mere seconds after teleporting in, I receive two compliments on my "fairy fit."
Since Cryptovoxels doesn't allow live direct messaging between users, the conversations are all displayed in the event's very public chat box. While some are directed at the general crowd of 50 attendees, others are distinctly more private, and I can't shake the feeling that I'm constantly invading someone's privacy.
But the event has an amiable feel, like when users send each other their wearable creations or share tips for voxel-art techniques. Avatars also encourage each other to show off their NFT collections, including Zach, whose avatar starts the night in its emblematic banana suit.
At one point, everybody dons their virtual blunts, an astoundingly popular wearable on the platform. Some users shift through a variety of different getups, like a pink Bored Ape in leg warmers, Rachael Rosen from "Blade Runner," a Starbucks-sipping Super Mario Piranha Plant, and — my personal favorite — a gyrating Gene Wilder Willy Wonka and Oompa Loompa.
Some of the many outfits seen in Cryptovoxels.
The concert venue, which contains a large dome stage with a screen, flying seaplanes, and a megayacht, reminds me of one I'd find in a real beach town. A few party-hoppers straggle behind, deeming the vibes "more chill" than the "popping" Bitlectro party.
Right before Payne takes the stage, an avatar named Paynoeth catches my attention when he proclaims "me next me next me next" in the chat.
Paynoeth approaches the stage.
"Payno, hop behind the decks if you want," urges one of the hosts.
I'm fairly suspicious of the user's identity, but the name matches up with Payne's crypto-dedicated Twitter, and the avatar goes idle while Payne performs. The other attendees are less skeptical, cheering him on as our avatars move to the beat — at a respectable distance, I note, as everyone seems to be following the unspoken dance-floor decorum. Zach sends Paynoeth some of his wearables, which gets me thinking about the eventual opportunities for influencers and brand deals in the metaverse.
While the music is nice, there's really nothing to look at, since the screen on the stage just showcases the DJ's static avatar. Even dancing gets a little boring after a while, but luckily, the continuous fashion show and busy chat box are enough to keep my attention. I'm almost sad when the concert ends a little later and the group disbands, with many certainly hopping back over to the other event.
A few days later, I'm scrolling through the Imnotart venue's Twitter page when I come across a tweet from the event. Nostalgia hits when I spot my avatar waving its arms in the far right of the second photo, not unlike a tagged event photo on Facebook.
Despite the flying avatars and doge temples, Cryptovoxels has done a good job of capturing the very real feelings of community and fun you can find in the real world. | 2022-04-25T11:37:15Z | www.businessinsider.com | Cryptovoxels Review: Digital Real Estate, NFT Sales, and Huge Parties | https://www.businessinsider.com/cryptovoxels-review-walkthrough-token-crypto-real-estate-nft-metaverse-opensea-2022-4 | https://www.businessinsider.com/cryptovoxels-review-walkthrough-token-crypto-real-estate-nft-metaverse-opensea-2022-4 |
The cartoon-like Decentraland metaverse recently hosted the digital Australian Open. Here's why its virtual plots have sold for $2.43 million and why brands are building virtual headquarters there.
The Fantasy World of Endless Time is a picturesque landscape taken straight from a storybook, complete with a giant beanstalk, glowing crystal lake, and a quest that takes you around idyllic sites such as the Forest of Dancing Fireflies, the Blue Magic Zone, and a towering medieval castle on a hill.
I've just finished the quest when I immediately run straight into a giant 3D Darth Vader hovering head over what can only be described as a turkey-version of himself wielding a lightsaber as it bobs its helmeted head back and forth and spins around in circles.
But after spending some time in Decentraland, this scene no longer feels weird to me. I barely even bat an eye as I zip by toward my next destination.
The Fantasy World of Endless Time. Lisa Han/Insider
Darth Turkey. Lisa Han/Insider
Views like the one above — blending elements of fantasy and surrealism together with cartoon graphics — are commonplace in Decentraland, a blockchain-based virtual platform leading the growing pack of metaverses that have recently taken the world by storm.
Often referred to in the context of Web3, virtual worlds like Decentraland are sometimes heralded as the next iteration of the internet for their cryptocurrency-based, decentralized economies. And despite these platforms still being in their nascence, experts like Evercore's Mark Mahaney and analysts at Grayscale, the largest crypto-fund manager, are predicting that the metaverse will account for trillions of dollars of value creation within the next few years.
Early investors have certainly seen some value creation: Since opening to the public in February 2020, Decentraland's in-game cryptocurrency, MANA, has soared from $0.03 to $5.90 at its height in November, and sat just below $2.00 as of April 25.
The outrageously high prices of Decentraland's digital land parcels have also won the platform a turn under the spotlight. In November, the virtual real-estate investment company Metaverse Group scooped up a plot of land for an eye-watering $2.43 million.
But while I understood why virtual land was selling for these mind-numbing amounts from a technical value and scarcity perspective, practically, I was stupefied. To see what all the hype was about, I decided to dive straight in.
You've arrived in the metaverse …
To play in Decentraland, you can set up an in-game account by simply clicking a button to allow Decentraland access to your MetaMask wallet. Users who want to just try it out can also play as guests, but they won't be able to get the full experience, since connecting a wallet gives you the ability to add friends and collect nonfungible tokens (NFTs), wearables, and digital event proof of attendance protocol (POAP) badges.
I was taken to an avatar-customization screen, where I could choose from a variety of features and physical characteristics. From the fairly restricted selection, I choose an outfit that comes closest to something I would wear in real life — plus a diamond and gold tiara that catches my eye — and then I'm all set to jump in.
Avatar customization in Decentraland.
… enjoy your stay
My avatar is dropped from the sky right into a sea of bodies. Music plays as a disembodied voice invites all of the "newbies" to a party over the in-game microphone.
Perhaps due to Decentraland's, well, decentralized nature, the in-world instructions and tutorials that usually accompany video games are missing. Compounding that with my lack of gaming and blockchain experience, I feel as though I've fallen into the deep end of the pond.
Instead, I fall down a portal that spits me out in Genesis Plaza, located in the exact center of the Decentraland world. A friendly nonplayer character, or NPC, bartender wearing an octopus on his head greets me and offers a few quick pointers about events and traveling using the map.
Following his advice, a little while later I'm running around the world, which has very whimsical graphics — all bright and neon, like a living cartoon.
Decentraland's landscape feels like a living cartoon.
PeanutButta/Decentraland
I'm admiring the scenery as I stand on some seemingly nondescript land when, out of nowhere, a red zombie attacks me from behind, making the real-life me jump in my chair. But since Decentraland's NPCs currently lack the ability to actually interact "physically" with players, the zombie can't do any damage.
Moving on, I find some delightful locales like a huge soccer stadium that lets me kick around a ball, as well as some terrifying places, like a dilapidated cottage at the literal edge of the world that greets me with "Welcome to Hell!" in big red letters.
What quickly becomes apparent is that Decentraland's 90,000 land parcels, each measuring 52 feet by 52 feet, offer a wide variety of scenes from fairy-tale fantastical to futuristic to hyperrealistic to straight-up horrifying.
There are also 39 major districts in the world, each catering to a specific interest, like music in Festival Land, shopping on Fashion Street, and gambling in Vegas City. In the game, little trollies roll up and down the main roads, allowing for quicker rides while taking in the sites. Players can also instantly teleport to different locations using the map.
The land near these districts or major roads — which will naturally have heavier foot traffic — costs much more than parcels in the "suburbs." And even though all the land is owned by the community of users, Decentraland still retains control over the public plazas and some random land parcels, according to PeanutButta, a pseudonymous YouTuber whose identity is known to Insider and who works for the platform as a social-media manager.
But the finite supply of land, integral to Decentraland's philosophy, and the subsequent implication that not every player can own land might be off-putting to some — especially those who weren't lucky enough to buy a plot back when Decentraland first launched in 2017 and parcels sold for only $20 each.
As I explore the world, I'm continuously amazed by how breathtakingly detailed and beautiful the architecture is. Entire cities exist, like the steampunk wonderland Barter Town, which will eventually host apartments for users to live in, and futuristic Neo DCL City, which has flying yellow cabs.
Views from Decentraland. Lisa Han/Insider
I'm blown away when I exit Vegas City and bump into DCL World, an interactive amusement park with attractions such as a teacup ride, a roller coaster with crazy loops, and a massive Ferris wheel called the "Mana Eye." It's the first time I've been to an amusement park since the pandemic began, and I have more fun than I expect. As a bonus, I don't have to wait in any lines and have all the rides to myself, unlike in real life.
Decentraland's landscape was also the major draw for PeanutButta, who first discovered Decentraland by investing in its MANA currency in January 2021. At the time, he'd been invested in some other cryptocurrencies, including ethereum, litecoin, and chainlink.
"But nothing really quite interested me as much as Decentraland because it had a whole virtual world connected to it. The art that you could buy, the clothing, and everything like that," PeanutButta told Insider from his home in Tallahassee, Florida. "That really just attracted me to it because there was just so much more utility to the token outside of the normal crypto."
"Whenever you're running across the map, you'll be encountering so many different things that creators developed and put together," PeanutButta said later, as his avatar, decked out in a red robot costume and neon-winged shoes, guided us along a small tour. "So it's really, really unique in its own aspect that each plot that you travel, you're going to be coming across something that somebody spent countless hours of time programming, developing, 3D modeling, whatever it may be to put into Decentraland."
Views from Decentraland Lisa Han/Insider
But despite the stunning scenery, the world also feels starkly empty and somewhat devoid of life. Encounters with other avatars are few and far between, unless I enter hotspots like the casinos, play-to-earn games, or Genesis Plaza.
Big name brands have also gotten involved in the platform, like Samsung and Sotheby's, which broke (digital) ground on a replica of its London auction house in Decentraland's Voltaire Art District last January. In April, Fidelity Investments launched an obstacle course experience that simultaneously taught Decentraland users about investing, as part of a promotion for the firm's new exchange-traded fund focused on metaverse opportunities.
But my favorite part of the world by far is the many wacky minigames you can stumble upon.
In Koko Jones and the Temple of Eternal Bananas, I fling coconuts at evil monkeys as I ride around a multistory Egyptian pyramid in a jeep. Other minigames allow you to recover liquor bottles for an alcoholic scarecrow, navigate a flying dragon through hoops in the sky, hunt for dinosaurs in an arena, and hop across a sprawling, multilayered obstacle course to save little balls of light.
Some quests are more intensive and require substantially more time, like Back to the Past, an adventure set in the far future after an alien invasion. As humanity's last hope, I'm sent on a mission to find a time machine, which involves solving a variety of puzzles like finding missing keys, discovering building access codes, and reaching a secret underground bunker.
Several of Decentraland's many minigames. Lisa Han/Insider
But despite the addition of these fun and interactive components, the gameplay isn't without numerous glitches and limitations.
First off, the lack of instructions on the platform means it takes me a long time to figure things out — like how to switch your avatar back to running after it randomly decides to walk (press shift). Later on, I realize that some minigames are meant to be played in first-person rather than third-person after I continuously fall off my flying dragon.
The games themselves are often buggy and have broken components, like when I wasn't allowed to pick up an in-world item that's required to complete a quest. Some promise a POAP or NFT upon completion but fail to deliver.
There's also an obvious lack of capabilities from the NPCs, which certainly provides limitations for the villains in these games. They can't really touch you or hurt you, besides sending you a few lines of warning text on the bottom of your screen.
And again, perhaps due to the decentralization, there's no central record to track the minigames or quests you've completed, which seem to reset each time. Decentraland had introduced a quest log feature in the past, but it's since been taken away, along with some of the advertised quests.
User interaction with the virtual architecture is limited too, since avatars aren't really capable of any other actions besides running, walking, and a few emotes like dabbing. Since I can't actually sit down on the rides, my character does an awkward walk in place while I spin around on the teacups at the amusement park. In Vegas City, there are a bunch of carnival games, but they're all for decoration. I can't help thinking what a waste this is, especially when there's so much potential.
The overall gameplay can also be rather slow, with loading time between land parcels lagging up to a minute. A few times, the game randomly crashed and booted me out.
Virtual money can become real cash
Users have been successful in finding creative ways to earn real money from the game, such as 19-year-old Tobías K., a full-time content creator who makes Decentraland-focused YouTube videos and previously worked a freelance gig managing some of Decentraland's social media. Known within the community by his online moniker, Tobik, he also creates and sells NFT wearables as a side project.
Tobías told Insider that the amount he's earning from NFT sales each month has been more than enough to live on in his home country of Argentina, and is more than comparable salaries he could be earning.
Through freelance work, creators can offer their services in many forms. Contractors with coding or 3D-modeling skills are in high demand to develop NFTs or build properties for others. Tech-inclined users can also create play-to-earn games, which might offer additional purchases. From these play-to-earn games, winners can be rewarded with wearables, which they can then turn around and sell on the secondary market.
That's exactly how PeanutButta obtained his light-up winged shoes, which were won by another player from the popular play-to-earn game Golfcraft, a minigolf simulator. By his own estimate, he purchased the shoes for 0.3 ether, or about $1,000 at the time. His robot costume is a rare item from the play-to-earn game Wondermine, where players click on falling asteroids to mine resources.
Tobías' avatar standing next to the NFT he created for Decentraland. Lisa Han/Insider
PeanutButta's avatar wearing a robot costume and shoes, both obtained from play-to-earn games. Lisa Han/Insider
Users can also host or participate in events such as treasure hunts, raffles, and free-play casino competitions. The winners of these casino competitions rack up crypto or NFT wearable prizes, sometimes to the tune of several thousands of dollars, PeanutButta said.
Just like in real life, landowners can monetize their property by renting it out to advertisers. Companies are even hiring within Decentraland for full-time jobs, such as the interactive host position at casinos.
Of course, there's also pure speculation — people buying land, in-game cryptocurrencies, event tickets, and NFT wearables with the intention to flip them for a higher price on the secondary market at a later date.
But while investing is what initially drew both PeanutButta and Tobías to Decentraland, the community is what's made them stick around.
"Decentraland — it's Twitter, it's Discord , it's open," Tobías said. "If you understand the big picture of Decentraland, it's not only played at Decentraland.org."
At the heart of the community lies the decentralized autonomous organization, which grants full control of the game to the players and allows landowners to vote on issues such as name bans and grant proposals.
Decentralization is a major part of other elements, too, especially when comparing transaction freedom with similar virtual worlds like Roblox and Fortnite, Tobías said. Rather than charging an authority such as a bank or the game developers with the power of in-game currency transfer, money transfers in Decentraland occur directly between players.
An important part of the Decentraland community is the events, which vary in exclusivity, and type. I hop into a few during my virtual visits, including the Chinese New Year Carnival and the Australian Open, with both venues specially created for these events and offering a variety of minigames.
I also attend a fun tutorial and tour for new players organized by the Last Slice Collective social club, which requires me to create a Discord account so I can follow along with the livestream. Noticeably, the events draw many users together, the crowd of avatars offering a discernibly different feeling from the empty scenes I faced before.
But Decentraland's allure to a global community becomes most apparent when I decide to go clubbing one Friday night at MetaZoo.
The venue, which includes a photo wall, multiple levels on which to dance, and flashing neon strobe lights, impresses me with how closely it mimics a real nightclub. Users all around me wear flamboyant outfits as they dance to techno music on the crowded floor. The chat box is more alive than I've ever seen, with everyone greeting the people they know, though there don't seem to be any in-depth conversations occurring.
And despite the computer-screen barriers, I can almost sense the vivacious, chaotic energy buzzing through the atmosphere as avatars relentlessly speed-dance and switch through emotes.
Friday night at MetaZoo.
After about 15 minutes, I decide to head out because in all honesty there's not much to do other than click buttons to make your avatar dance. But I begin to understand the appeal Decentraland's platform holds for users who wish to further interact with one another by gathering their avatars in a singular setting, rather than livestreaming a concert or tournament from separate devices.
Tobías said that in the future Decentraland will focus on integrating different communities through a unified metaverse. It's already taken steps in that direction, with fellow virtual platform Cryptovoxels tweeting in January 2021 that it plans to work with Decentraland and Somnium Space to introduce portals between worlds.
"The idea is not to compete," Tobías said. "The idea is to interoperate." | 2022-04-25T11:37:21Z | www.businessinsider.com | Decentraland Review: a Metaverse Full of Games, Opportunities, and Fun | https://www.businessinsider.com/decentraland-review-walkthrough-coin-mana-price-crypto-metaverse-real-estate-2022-4 | https://www.businessinsider.com/decentraland-review-walkthrough-coin-mana-price-crypto-metaverse-real-estate-2022-4 |
Roblox is facing growing pains as it aims to expand beyond its 55 million users. Here's an inside look at how it's trying to appeal to millennials — and why its dark side could be a stark warning for the future of the metaverse.
It's 10 pm on a Saturday night.
I am sitting in my pajamas, with a beer in hand, waiting to go clubbing inside the metaverse.
The world-renowned DJ David Guetta is hosting an intergalactic-themed set in Roblox. It's one of the many 3D immersive experiences that users can engage with on the online platform.
David Guetta headlines a concert in Roblox.
In theory, virtual clubbing is ideal for me. As an introvert who spends most of my week chatting with people, I savor my weekends for downtime. My nights of hedonism are now few and far between; I prefer options that mean I'm still able to hit a 9 a.m. workout on a Sunday.
Clubbing in the metaverse sells the promise of cutting out all the worst parts of a night on the town, from the hours of getting ready to the extortionate entry fees and the banging next-day headache.
And it lives up to that promise — sort of.
Preparing to party with David Guetta.
I turned off my TV, opened my laptop, and logged in to Roblox. Within minutes, I was at the event alongside my colleague Lisa Kailai Han and Samantha Spielman, the senior communications manager at Roblox.
The event promised a virtual world "decked out with crystals, neon lights, lazers, holograms, and thumping speakers."
Lasers, glowing crystals, and epic landscapes are all part of the concert experience in Roblox.
And it delivered — but while the visuals were impressive, they quickly became its downfall.
Ahead of this event, I'd spent only about six hours on Roblox, splitting my time between setting up my 3D character and playing in various virtual worlds.
But navigating this new world of thumping bass and flashing neon lights with a colleague was challenging.
Within minutes, I lost Lisa — not because the event was super crowded, like a club in the physical world would be, but because her avatar was stuck under the stage because of a glitch at the event.
Stuck avatars and glitching graphics are a few of the problems that persist in Roblox.
Eventually, our avatars reunited by the stage. Lisa and I used Slack , the same instant messenger we use at work, as a lifeline for coordination while the Roblox chat box continued to fill up with a number of incoherent messages from the 47 other players on the server.
The novelty of the graphics soon wore off when I realized there's little else to do but look at Guetta's virtual character bobbing up and down. (And he isn't even really there. Everything is prerecorded.)
Another glitch meant we were unable to explore some other areas of the venue until the concert was over, which left us with little to do.
Part of the fun of going out is being able to catch up with friends and have a laugh, but clubbing in the virtual world felt far more frenzied as I switched my attention back and forth between our Slack chat and the event. I never felt like I was actually kicking back and enjoying myself in the same way I might be if I were sitting on my couch watching a series on Netflix .
But what pushed me away from the platform has reeled others in.
What is Roblox?
The problem, perhaps, is that as a 28-year-old, I am not Roblox's target demographic — at least for now.
The younger generation, particularly those between the ages of 13 and 17, and 17 and 24, have flocked to Roblox.
They are the platform's fastest-growing demographics, Craig Donato, Roblox's chief business officer, said in an interview with Insider.
Roblox has about 55.1 million daily active users, who have spent a total of 3.6 billion hours engaged on the platform, according to Roblox's February monthly metrics update.
This is all the more impressive considering it was done with very little marketing.
"The No. 1 way people come to Roblox is they get invited to by a friend because the more people you know on Roblox, the more fun it is, the more interesting things you can do," Donato said.
These collective experiences have minted child millionaires and brought brands and celebrities from Gucci to Vans and Twenty One Pilots to the platform as they try to reach new audiences.
The platform's ability to capture the imagination of kids as well as the attention of major brands is part of the reason it has built a community that many metaverse companies, like The Sandbox and Decentraland, hope to emulate.
Roblox is also one of the oldest metaverses around, as it was founded in 2004 and released in 2006.
The platform's maturity makes it very smooth to use from the outset.
It's a refreshing change after hours spent in blockchain-built virtual worlds that have complex crypto-wallet setups. Unlike The Sandbox or Decentraland, Roblox isn't leveraging blockchain technology or seeking to create a decentralized model.
It's easy to create an account and effortless to navigate within Roblox's many virtual worlds. I even found relative success with the most basic of laptop keyboards and trackpads, which were a challenge to use in other popular metaverses.
When I start the game, my character gives off blocky "Minecraft" vibes. This is the original Roblox style, but users can now choose more realistic 3D options.
Building an avatar in Roblox.
I went for something in between.
Looking fresh and clean in Roblox.
Within minutes, it becomes apparent how much Roblox relies on getting users to spend their cash.
Instantly, I want to spend money to outfit my character to fit more with my personality. I scroll through the marketplace searching for items of clothing to make my character more stylish. I'm barraged by ads at the tops and sides of the pages for Roblox shops and games.
But Roblox is not only a marketplace of items for your avatar — it's also a marketplace of worlds to visit.
A small selection of the many worlds you can visit in Roblox.
In Roblox, when you log in to the game, you aren't jumping into one big immersive world. Instead, you select mini worlds to hop into, from role-playing games to areas where you can just hang out.
Sometimes, there are even worlds created by brands, like in the case of Guetta's concert, which was a partnership between Warner Music and Roblox to demonstrate new technological features.
Roblox itself doesn't build experiences — all these worlds are built by users on Roblox Studio, a creation engine for the platform.
Roblox Studio has turned teenagers into millionaires, as the developers of the games can earn in-game currency known as Robux through selling in-game items, creating items for avatars, and even from developing engaging experiences. The Robux they earn can then be converted to cash.
While fostering a community of independent creators has been key to its success, some of my favorite experiences on Roblox came from attending the branded events, rather than the user-created worlds.
As a sports enthusiast, I immediately had an affinity for Nikeland, which felt reminiscent of the brand's flagship stores dotted around the world. Users could play games like tag or basketball, while browsing for classic Nike items like high-tops and baseball caps.
The event even enabled my cheapskate virtual character to nab some free Nike swag.
Wearing some new Nike swag in Roblox.
Vans World took me back in time.
As I skated around the immersive world, I had flashbacks to my teenage years spent playing "Tony Hawk's Pro Skater" on PlayStation and listening to pop-punk in my bedroom.
Cruising around Vans World.
Both of those worlds were fun to play in, and I quickly identified with them as a consumer of the brands.
Allowing well-known brands to build out its metaverse is also a savvy move on Roblox's part as the platform tries to grow alongside its audience.
"We've seen that the attendees of the events or their experiences tend to be a little bit older. They tend to be 17-plus," Roblox's Spielman said. "So that's bringing in different people to the platform."
Worlds that weren't developed by brands were equally impressive at first glance but usually left me feeling frustrated with a lack of clear instructions.
This is likely ideal for kids and teenagers who just want to explore and hang out. But I found myself quickly losing patience and itching to do something more productive with my time.
The weird
Many of the worlds on offer will feel familiar to children of the aughts. They are the same sort of browser games that we would play on websites like MiniClip — except now they're more immersive and collaborative, and they help people make money.
But sometimes, things veer into the weird.
For example, there's a surprisingly vast collection of games glamorizing extreme weightlifting and bodybuilding.
There are games where characters can dress up as if they are heading out to the Jersey Shore, and users can replicate night outs.
The extremely popular "Royale High" game even offers players clothing that looks similar to lingerie.
Nothing is necessarily wrong with these games. Kids and teenagers have always wanted to reenact what they see adults doing.
The problem is that these games leave room for bad actors, and if these were the options available to me on the main pages of the marketplace within hours of joining, it made me wonder what could be found in the dark depths of Roblox.
I didn't need to wonder long. As I was working on this project, a well-known short-selling newsletter published an in-depth look at sexually predatory practices on the platform.
The Bear Cave Substack newsletter highlighted multiple investigations that found children could be lured into "orgy rooms" and YouTube guides on how to become a stripper on Roblox.
It also raised concerns about Roblox's head of safety and moderation, Bob Pieron, who appears to actively engage with "furry porn" — a type of content that sexualizes cartoon animals — on Twitter.
Not long after this report, BBC News published an in-depth investigation on pedophilia on Roblox, which began with:
A naked man, wearing just a dog collar and a lead, is led across the floor by a woman in a bondage outfit. Two strippers dance next to a bar. One man is wearing a Nazi uniform. This isn't happening in the real world, it's taking place on children's gaming platform Roblox.
While I didn't experience this in any of the worlds I visited, it's easy to see how it can happen.
Lisa, my colleague, had her first experience of "feeling truly uncomfortable in the metaverse" on Roblox when a player barraged her with questions while she was playing a mini game in one of the worlds. He continued to follow her through a number of portals between worlds, asking for her age until she exited the platform.
The ease with which anyone can create an account on Roblox and join a server with young children creates so many opportunities for bad actors.
Compared with the other virtual worlds we have visited for this project, Roblox has been around the longest, and it highlights the challenges of pedophilia, content moderation, and online abuse that other online worlds will inevitably face.
There's a belief that shifting to decentralization will naturally remove many of these problems as blockchain technologies offer more transparency, with reputations linked to digital footprints.
Unfortunately, this seems like an overly optimistic take. Bad actors could just as easily create throwaway accounts in the Web3 era, especially when it's still in its infancy, or leverage tactics like mixing services to hide illicit sources of crypto funds.
I worry that if we aren't cognizant enough of the challenges early on in the development cycle, then by the time they emerge, it will be too difficult to control them.
The abuse of labor is already one of the big arguments against Roblox. The Guardian conducted an in-depth investigation into whether young developers had been financially exploited on Roblox, as well as whether they'd faced sexual harassment and threats of dismissal.
Roblox takes a cut of developer revenues, but many have said this process lacks transparency. According to Roblox's website, it pays creators and developers about $0.27 per dollar spent, which means it takes an about 70% cut of developer revenues.
Donato, the platform's chief business officer, said this was a very small fee considering everything Roblox provided for creators, including the servers, moderation, and payment processing.
"It's an incredibly rich stack of functionality that we provide, and if you do a P&L and compare it to what an independent person has to do, and they have to pay all that up front," Donato said.
"I think our economics are very, very good for creators," he added. "So I don't even want to be apologetic on that."
Donato said Roblox helped young creators with accelerator programs and made sure creators received permission from parents if they were below a certain age.
"I think there were some instances of people being in teams where the teams were acting inappropriately," Donato said. "There's going to be a bunch of stuff that we'll be doing in terms of just really enforcing our code of conduct and making sure people are appropriate about these things."
From where I'm sitting, money seems to be at the center of everything in this virtual world.
If you're spending a lot of time on Roblox, I can see why you want to spend more money to better represent your identity.
But until the social experience gets better, I can't see why I should spend my time there.
"Your identity can be so aspirational in the metaverse, which I think is so freeing," Donato said. "You can be anyone you want to be. Who do you want to be?"
The pandemic taught many of us about valuing experiences over items, myself included.
Yet in many ways, Roblox just seems to be consumerism 2.0, with most experiences constantly advertising items for characters and upgrades for activities if a player spends Robux.
The average spend on in-game items from each active daily user is $59.85 over the course of 2021, according to Roblox's 2021 financial results. The total revenue for the company from in-game-item spending, known as bookings, was $2.7 billion last year.
There's nothing inherently bad about the focus on consumerism. And it's probably better for the environment to do it virtually.
It just doesn't appeal to me.
A few years ago, Roblox could have ignored my opinion, but the company is now facing a massive undertaking as it tries to grow alongside its audience.
It's trying to walk a fine line between appealing to young audiences and old ones. The firm's strategy makes me wince.
"Behind the scenes, what we're already doing is things like personalization," Donato said. "So what you see, we're factoring in where you live, how old you are, and all these other factors in terms of the types of experiences we're recommending you.
"That's already happening, and that will get more heavy-handed over time as these things pull themselves apart."
The algorithmic approaches employed by social networks of the Web2 era are precisely why I limit my social-media presence.
Why would I now want to interact with a more immersive version of those social networks?
Between the focus on money, the algorithmic strategy, and the chaos of communicating at events, I find it hard to see myself making time for Roblox on my social calendar.
For younger generations, I understand that this feels completely natural to them.
The challenge for Roblox with younger demographics will be to try to curb the negative aspects of using the platform before regulators and parents come knocking.
It's not all bad. Roblox provides a glimpse into the metaverse's potential, in which there's great opportunities for creators who are no longer limited to where they happen to live in the world.
But it also shows a dark side to the metaverse that I don't think society and regulators are ready to handle.
More: Investing BIGraphics Rebecca Zisser | 2022-04-25T11:37:39Z | www.businessinsider.com | Roblox Review: a Well-Made Metaverse With Problems Lurking Underneath | https://www.businessinsider.com/roblox-review-walkthrough-metaverse-games-stock-creators-marketplace-nft-crypto-2022-4 | https://www.businessinsider.com/roblox-review-walkthrough-metaverse-games-stock-creators-marketplace-nft-crypto-2022-4 |
Somnium Space is an immersive virtual world where players can go kayaking and visit NFT museums. Here's an inside look at how the world almost had me sold on the metaverse vision — if only it hadn't been plagued with tech issues.
Kari McMahon and Lisa Kailai Han
I have had a lot of strange remote interviews in my time at Insider, from kids and pets interrupting conversations to various camera and audio mishaps.
But my interview with Artur Sychov, the founder and CEO of Somnium Space, has to be the weirdest — and perhaps coolest — so far.
I jumped into a Google Meet call expecting to be faced with Sychov, but I was greeted by Sychov's avatar, who had dialed into the call from inside Somnium Space.
After the initial surprise, I quickly realized that it didn't feel all that odd to chat with a virtual character.
In fact, it felt quite natural, likely because Sychov was wearing a virtual-reality headset and gloves, so his character's movements were fluid and matched the tone and pace of our conversation.
If VR gear becomes less clunky, I can easily see how it might become natural to have meetings in a virtual world, especially if that world is immersive and engaging.
An immersive environment is exactly what Somnium Space is trying to build, with a focus on a high-fidelity 3D social experience.
The platform has a number of big-name investors behind it, including the cryptocurrency exchange Gemini, founded by the Winklevoss twins. In an interview with Insider in October, Devin Finzer, a cofounder and the CEO of the nonfungible-token marketplace OpenSea, said Somnium Space was one of his favorite newer projects.
The focus on immersion, with the world built for virtual-reality hardware, is what differentiates Somnium Space from other metaverses.
The immersive component makes itself known several minutes into the interview, when a car pulls up next to Sychov's avatar as we chat.
Next thing I know, he's jumping in the car and driving to our next destination within Somnium Space.
There are no clunky and awkward transitions — the screen simply follows Sychov's car as he travels.
Driving in the metaverse with an NFT car.
Courtesy of Somnium Space
I am blown away by how natural the interaction feels. In other worlds, such as Roblox and Star Atlas, I've struggled to make the connection between what the worlds offer and what I desire from my own social experiences.
Somnium Space seems to be bridging this gap with a focus on persistence.
"If I drive the car and leave it somewhere and walk away, the other person who will be walking by would find that car. It has to be persistent. That's why it cannot be simply loaded as small shards," Sychov said, adding: "It has to have this persistent effect."
Adding to Somnium Space's focus on complete virtual-reality immersion, the company is developing proprietary customizable headsets. It has also invested in the company engineering the Teslasuit, a full-body suit for physical VR experiences, and the Teslasuit Glove, which monitors a player's biometry to create realistic tactile sensations like heat and firmness.
Francesco Vincenti, who manages business development and partnerships for Somnium Space, compared the platform's vision for the future of immersion to the film "Ready Player One."
"This is the future we believe in, this immersiveness in which you can completely feel what is happening inside," he said.
The Teslasuit, which Vincenti said used the "most advanced uptake feedback technology for the human body," will be programmed to handle different kinds of weather like rain and snow, and players will be able to feel full-body sensations. If they choose to, they're even able to put themselves in "real danger" in certain situations, he said.
Francesco Vincenti showcases the Teslasuit.
"These are things that, of course, are not mainstream now, but we are building the entire ecosystem of the metaverse," Vincenti said. "And the metaverse, for us, definitely has to be immersive. It cannot be just on a 2D screen."
Sychov said he and his team developed the world of Somnium Space with no target market in mind. Instead, they built it and waited to see who turned up.
So far, Somnium Space has been most successful with users between the ages of 25 and 45, Sychov said, and they all have something in common.
"They are people who are forward-looking, trying to stay on the cutting edge of technology, people who are creators, who are curious, who want to create, who want to socialize," Sychov said.
The focus on socializing becomes clear as Sychov shows me around the world, saying "hello" and waving to passersby who know him.
"I enjoy speaking to people, and we do it a lot," Sychov said. "Within one and a half years, actually two years almost, I've not missed a single daily meetup with the community because how else would you know what people want, how people like the experience? For me, it's a pleasure."
Meetups occur every day at 10 p.m. Central European Time. Users gather in Somnium Space's city center, known as City Plaza, which is next to Somnium's virtual headquarters. Events there include open-mic nights, concerts, and developer meetups.
Making money in Somnium Space
Somnium Space isn't all socialization. Many players are making money by creating and selling NFT avatars.
People can upload an avatar through Somnium's SDK for free and then tokenize the avatar on the ethereum blockchain, Sychov said.
Once tokenized, they can be stored in a player's wallet so they can be used in the game or sold to other players.
"Our creators have earned more than half a million dollars by selling these NFT avatars to other people," Sychov said.
The NFTs don't have to be avatars — they can be cars, items, or wearables, and can make profits for their creators as long as they have enough economic utility, Vincenti said. But he emphasized that the purpose of the NFT economy was "not just to make the rich richer" but also to mimic the "good parts" of the world.
By using blockchain technology, Somnium hopes to create a decentralized platform where players have complete control over their assets in the world through their representation as NFTs.
One of many avatars in Somnium Space.
Sychov demonstrates this by getting changed in front of me, flipping from one NFT avatar to another from his crypto wallet. The car he was driving earlier is also an NFT that other in-world users can see but can't drive.
In addition to players making money in the crypto economy, the company itself is profitable, according to Sychov, though he said he's focused on reinvesting profits back into the ecosystem.
Somnium Space has fewer venture-capital backers than other virtual worlds. In 2019, the company raised a $1 million seed round.
"We have been building this already for a long time and quietly, but very steadily, we're progressing towards building the ecosystem, and that's what we do. We really don't chase the FOMO. People find us," Sychov said.
Sychov said the team explored partnerships with big brands and would work with some venture capitalists but that they didn't prioritize trying to raise money as much as some other metaverses Insider has explored, such as The Sandbox.
A cultural experience
During our tour, Sychov takes me to the B.20 museum, a virtual museum dedicated to the works of the digital artist Beeple. The museum was created by Metapurse, the NFT fund that owns Beeple's "Everydays: The First 5000 Days," which it bought for $69 million in March 2021.
We quickly experience "a virtual-world problem" when the museum won't load correctly because of a glitch with the NFT platform OpenSea.
We instead head over to the dogecoin museum. It's an amusing sight with various pieces of dogecoin-based artwork that's perfect for a "virtual selfie."
Pondering the meaning of memeing.
But as I am seeing only the 2D version of the world with Sychov, the novelty quickly wears off. But Sychov assures me that it's a "next-level experience" in VR.
"Again, it's hard to explain until you try it out," Sychov said. "But once you try it out, there is no way back to a 2D experience, just watching something on the monitor."
While the 2D version of the world is enjoyable, I can see how virtual reality has the potential to change the way people experience online shopping or art exhibitions.
One of the many eclectic locales to visit in Somnium Space
'Wild parties'
The next stop on the tour is a lake with moving water where players can kayak if they have the limited-edition Open Sea-branded NFT in their wallets. It's a task that takes real physical exertion when wearing a VR helmet and gloves, said Vincenti, who confessed to getting tired if he rowed for too long.
This seems to be the crown jewel of Somnium's experience, as it's often what investors and players mention upon visiting the virtual world.
In a recent interview with Insider, Andrew Steinwold, an NFT investor, explained how the lake could play an important role in thinking about the investment thesis for Somnium Space.
"On Somnium Space, maybe the investment thesis is, 'Hey, because it's really geared towards VR users and a really high-end experience, I want to be only by lakefront property because they have a really big lake and it's really beautiful.' If you put on your headset you can see the sunset and it's really high fidelity and really cool, and you can actually take a kayak out and go kayaking," Steinwold said.
Cars and kayaks aren't the only interactive components of Somnium Space — users can bowl, listen to music, and play chess and musical instruments, Vincenti said.
Sychov also showed me one of the most popular experiences: Somnium's nightclub. The visuals and the expansiveness of the club are impressive, but based on my experiences at other virtual-world parties, I remain skeptical about whether it's actually any fun.
"We have some really wild parties here with live DJs playing from different countries, dancers dancing with full-body tracking, people having lots of fun socializing," Sychov said.
Partying in Somnium Space.
Sychov invited me to one of the parties, as well as a number of other opportunities during the tour, but he never let on that I might face some difficulties accessing them.
You might have noticed that up until this point, I haven't mentioned my own experiences in Somnium Space and have instead focusing on what I've been shown in the interview.
That's because both my colleague Lisa Kailai Han and I faced extraordinary difficulties getting set up in Somnium Space.
While Sychov explored the land fully outfitted in VR gear, he assured me players could join Somnium Space without any VR hardware.
"You can just walk like in 'Grand Theft Auto,' like, your character will be in front of you," Sychov said. "You just use your keyboard and mouse to walk around and look around."
During the interview, Sychov encouraged me to join the game using the web client on my phone.
I was impressed that I was able to join the world by typing in the URL to a parcel and joining as a guest. Most virtual worlds we have explored have offerings for desktop computers only.
Sychov said about 100 people joined daily through virtual-reality equipment, while about 2,000 joined through the web experience.
"Don't forget that the web supports VR, too," Sychov said. "So you can actually dive into it if you have an Oculus Quest without a computer. You can just go to the Oculus browser. You can put that link in, and then you would dive into that parcel."
After the interview, I set up an account on Somnium by uploading my Insider profile photo to create a custom avatar. I found the avatar to be a fairly close representation to the image I uploaded, with only the hair color being picked up incorrectly.
Creating an avatar in Somnium Space is simple and fun.
Once I set up my avatar and linked my MetaMask account, I was ready to explore the web client. But my laptop wasn't so keen and overheated as the world started to launch.
The web client allows you to hop between "popular" parcels, but it's nothing like the tour I experienced during the interview. My avatar is isolated to a single parcel, and I certainly don't come across any of the 2,000 people who join daily.
Usually, by the time I succeeded in entering a parcel, I would click the wrong button and get kicked out. Then, I needed to go back in and start reloading everything from the beginning again, and again, and again.
The web-client version of Somnium Space is a much different experience.
I couldn't figure out the disconnect between what I was seeing when I explored on my own and what I was shown during the interview. It was like the scene from "The Wizard of Oz" when the great and powerful wizard is revealed to be just an ordinary man — I felt like I had been sold a magical experience during my guided tour of Somnium Space, but when I tried to use the platform myself it didn't look anything like what I had been shown.
I figured maybe the desktop experience would work better, but because I own only a Mac, I was unable to download the PC version.
This was where my colleague Lisa jumped in with her Windows laptop, a family relic. The lengthy process to download the game worked, but the software proved too much for the laptop to handle. As soon as she opened Somnium Space to a view of falling snow, the platform completely overwhelmed and froze her laptop, forcing her to close out.
A glimpse of Somnium Space before it crashed.
The next to try was with our editor, who had a Dell laptop at home, but he encountered a similar problem, facing a frozen black screen each time he tried to boot up the game. Even a friend with a gaming PC and stronger GPU kept running into glitches whenever he tried to open the desktop software.
According to Vincenti, that's because only fairly powerful gaming PCs equipped with robust graphic cards, like the Nvidia GeForce RTX 2060 or 3060 Ti, are able to handle the world.
Since we struggled to find a way to experience Somnium Space for ourselves, Lisa and I must take what we experienced in both our guided tours with a grain of salt.
Judging by what we were shown, Somnium Space is by far the most realistic world we've experienced, but what's the benefit of that if only a few can access it? Isn't the point of the metaverse is that it's supposed to be open and accessible to all?
We were both left frustrated that we couldn't experience Somnium fully without forking over about $400 for an Oculus headset.
It was even more frustrating because it seemed like Somnium held the most potential out of all the virtual worlds we visited. I could easily see Somnium Space becoming integrated into my daily life, which is something I've struggled to imagine with every other world we've visited.
I like that Somnium is not trying to push me on the idea of spending every waking moment in its virtual world — instead I could pick up a virtual-reality headset and do the tasks that interest me, whether that's going shopping or meeting a source who's halfway around the world for coffee.
Most other virtual worlds have put an emphasis on games with rewards that keep people hooked for hours. Somnium Space feels like a more laid-back version of the metaverse that prioritizes the type of social experience I value. It might even be enough to convince me to jump back into the metaverse once this series is over.
That's assuming they get their tech sorted out first.
Somnium | 2022-04-25T11:37:45Z | www.businessinsider.com | Somnium Space Review: a VR-First Metaverse With High Barriers to Entry | https://www.businessinsider.com/somnium-space-review-walkthrough-metaverse-crypto-token-review-vr-nft-2022-4 | https://www.businessinsider.com/somnium-space-review-walkthrough-metaverse-crypto-token-review-vr-nft-2022-4 |
Snoop Dogg is moving into The Sandbox, a metaverse which also boasts partnerships with brands like the Walking Dead and Smurfs. Here's what it's like, and why a single plot of its land sold for a record $4.3 million.
When I first entered the aptly named "Snoop Dogg's Foreplay" in ethereum-based virtual world The Sandbox, I was immediately greeted with a throng of red-eyed, blunt-smoking partygoers dancing and mingling on the grounds of a mansion modeled after Snoop Dogg's actual Los Angeles home.
"God made weed. Man made beer. In God we trust," mused a guest in the throes of pensive philosophical contemplation.
High philosophy at Snoop Dogg’s mansion in ethereum-powered virtual platform The Sandbox.
The experience is just a small preview of the hip-hop icon's larger ambitions for blockchain gaming platform The Sandbox. Of the legion of celebrities to dive into the frenzy surrounding the metaverse in the past few months, Snoop has quickly become one of the community's most enthusiastic and eminent figures.
Last September, the rapper outed himself as Cozomo de' Medici, a non-fungible-token (NFT) whale holding an envious $17 million collection at the time, including the "holy grail" of NFTs — although the trader's true identity is seemingly still up for debate. Soon after breaking the news, Snoop announced an exclusive partnership with The Sandbox to produce the "Snoopverse" — a fully digital replica of his Los Angeles mansion built to host parties and concerts — and dropped a 10,000 NFT "Doggies" project, playable on the platform, for good measure.
Shortly afterwards, Decrypt reported that a user had paid 71,000 SAND, or about $450,000 at the time, for the plot of land next to Snoop's metaverse mansion in The Sandbox.
But while the reports left me — and, I'm sure, many others — shocked, astonished, and genuinely bewildered, Snoop's hefty influence in the metaverse didn't hit home for me until I played through the release of his themed experience in The Sandbox's Alpha Season 2 launch.
While Snoop Dogg's Foreplay pays homage to its namesake star, it's just as much an ode to cannabis, with quests entrusting players to find Snoop's hidden "legendary blunts" and serve a pastrami on rye to a stoned Doberman security guard. But it's also a little bizarre when considering the Sandbox's other high-profile partnerships with much more family-friendly brands like the Care Bears, Smurfs, and Pororo the Little Penguin.
The Sandbox's in-game collaborators include brands like the Care Bears, Smurfs, and Pororo the Little Penguin.
Entering The Sandbox
Much like Roblox, The Sandbox features a series of unrelated games, or "experiences," crafted by either the central team or an outside community of gamemakers. But while the experiences on Roblox are completely disjointed, The Sandbox offers an explorable world that ties together all the portals you use to traverse games, successfully providing an underlying degree of cohesion.
"You have a circle of gamers and a circle of blockchain enthusiasts. And those two circles overlap in the little zone where our audience is right now," explained Hadrien Carpentier, who heads all aspects of The Sandbox's live project from the frontline, including its play-to-earn mechanics.
Founded in 2011, The Sandbox didn't evolve into its current iteration until 2018, when the platform converted from a mobile to a blockchain environment. Even today, it remains within the testing stage, releasing 18 experiences during its first alpha season in December to a gated group of 5,000 crypto enthusiasts, while 200,000 other players were granted limited access.
After closing the platform back down for two months, The Sandbox reopened on March 3 to launch season two of its alpha stage, this time fully accessible to the public and compatible with macOS. The total number of released games was also doubled to 35, while the original 18 experiences were also revamped.
The staggered launch of testing stages is a model the team plans to continue operating within for the time being, with an expected six seasons to be released in total this year, said Co-Founder and Chief Operating Officer Sébastien Borget during a media walkthrough.
This strategy works particularly well to refine works in progress like The Sandbox with "continuous improvements," Carpentier told Insider in an interview, whereas when games are live 24/7 while developers are still working on them, it's like trying to "fly and build the plane at the same time," he said. The team also wants to improve community engagement and scaling issues before its final goal of a full opening, which Carpentier guessed would take place sometime late 2022.
Diving into Alpha Season 2
Unlike other metaverses such as Decentraland and Cryptovoxels, The Sandbox isn't playable on web browsers, instead requiring users to download its software application. Fortunately, it's a fairly straightforward and seamless process to connect my MetaMask wallet and download the software.
From there, it gets a bit murkier — like all things in the metaverse — when I have some trouble creating an account and customizing my avatar. Eventually I figured out that both must be done through the platform's webpage rather than within the downloaded application.
Through the character customization screen, players have the option to either select between several predesigned avatars or customize their own. Users are unable to fully characterize their own facial features, instead constrained to 70 preset head options with varying hair, eye, nose, facial hair, and eyebrow configurations. A range of skin tones, makeup, and a variety of different outfits are also offered.
Avatar customization is limited to a selection of predesigned heads.
After a few minutes of tinkering around, I settled on a look that's somewhat similar to my real-life appearance, and I'm ready to hop back into the Alpha Lobby. With a custom avatar, I immediately became aware that almost every single other player I encountered during my time in The Sandbox is male — even the customized non-default avatars — although there's a pretty equal inclusion of women in the game's non-player characters.
The Sandbox’s Alpha Lobby, the first spawn site for all players upon entering the gaming application
From the Alpha Lobby, I teleported through a portal — the game's main mode of transportation — to the Portal Hub, where a collection of mysterious doors await, each tantalizing players with the promise of a new adventure.
Although players are able to jump directly into an experience from the main webpage, I found this physical collection of all the available games very helpful for the platform's in-game cohesion.
The Portal Hub is reminiscent of Narnia’s World Between the Worlds.
From fantasy to horror to futuristic science fiction, there's no shortage of options for players to try out, and each experience also offers several quests to complete, like finding a treasure or secret code.
Between the different games, The Sandbox's geographical diversity spans a huge spectrum of climates and biomes, from deserts to ice sheets. Visually, The Sandbox's voxel graphics have drawn many comparisons to games like Minecraft and Roblox.
Examples of the desert, forest, and ice biomes in The Sandbox.
Thibault Simar/The Sandbox
But the similarities between The Sandbox and other platforms conclude there, said Carpentier, who stressed the principles of ownership and value in the metaverse.
"I think the main difference comes from decentralization — the biggest part of the metaverse is owned by users, by creators, by players. And also the fact that not only they own it, but what they own actually has a real value," he said.
To illustrate his second point, Carpentier compared in-game metaverse assets to the "soft currencies" of classic free-to-play games, like Candy Crush.
"They have a value inside the game, but they have zero value outside the game — you don't really own them in the sense that you're not free to sell them to someone else. Whereas in a metaverse like The Sandbox it's not a virtual currency that is almost worthless, it's real crypto," said Carpentier. He added that The Sandbox users can earn profits through creating games or NFT assets, like 3D characters or monsters, to sell on the marketplace — or even flipping other NFTs for a higher price.
But the Sandbox's main play-to-earn feature and event is each season's heavily advertised Alpha Pass raffle. To enter, players can rack up raffle tickets by leveling up through completing in-game quests, staking the SAND cryptocurrency, winning daily social contests, or owning certain NFTs, like land parcels or Snoop's Doggie avatar. The 10,000 lucky winners of the Season 2 Alpha Pass each earn a base 500 SAND reward, or around $1,355 at the time of writing, but the community is incentivized to stake their crypto on the platform to boost the total prize up to 1,000 SAND, or about $2,710.
In The Sandbox's single-player experiences, quests typically follow a broad storyline, like fighting mutant monkeys to escape a lab or saving a village from evil vampires. In multiplayer, the quests are simpler — in Rooftop à la Mode, for instance, players are encouraged to explore the maps by completing quests to find iconic locations and collect "voxelite," glowing blue cubes scattered around the landscape. Oftentimes, multiplayer worlds will also feature some form of parkour course.
Many multiplayer worlds will encourage players to explore the landscape by offering quests like parkour, finding "points of interest," and collecting glowing blue "voxelite" cubes.
"The Sandbox is going to be one of the most diverse platforms in terms of activities and how people can choose to spend their time, either alone or with others," explained Borget, listing options like socializing, dancing at the club, solving puzzles, playing fighting games, and listening to Sandbox-exclusive music.
Carpentier also pinpointed crypto and NFT enthusiasts as a target audience for the platform, and further highlighted The Sandbox's commitment to community engagement through its focus on virtual entertainment like fashion shows, music festivals, and concerts featuring DJs Deadmau5 and Blond:ish.
"We target quite a few personas and we are trying to be very broad," he explained. "We're trying to give the best experience to all these customers through all our products."
To celebrate this season's raffle day, the team is planning a dance party with a "metaversey mashup" of The Sandbox's partners, including Snoop Dogg, Deadmau5, and the Smurfs, said Carpentier. For upcoming seasons, he listed Steve Aoki as a possible resident DJ.
Club XYZ, a multiplayer social hub and where concerts and DJ sets have been in the past.
Courtesy of The Sandbox
Besides these social and gaming experiences, The Sandbox's open world also includes a total of 166,464 land parcels available for sale to users. Last November, virtual real estate investing firm Republic Realm purchased a parcel on the platform for a record $4.3 million in the most expensive metaverse land sale ever. But until The Sandbox fully opens its map, users won't be able to open their land parcels to the public, said Carpentier.
User-generated experiences
Even though The Sandbox's internal designers produce a portion of the platform's experiences, the team emphasizes the importance of incorporating outside game creators and the "thousands" of artists already producing content.
Of the 35 games introduced in The Sandbox's Alpha Season 2, three are IP experiences, including Snoop Dogg's Foreplay, while four come from the Game Maker Fund (GMF), a grantmaking initiative to financially support and promote individual game designers from the community. Ultimately, said Carpentier, the goal is for 99.9% of The Sandbox's content to be user-generated.
"What's unique about The Sandbox is we want to be a platform that helps creators from all backgrounds — not necessarily just professionals — kickstart their journey into the metaverse," explained Borget. The Sandbox currently has approximately 70 games in active production and continuously onboards new studios each week, said Katleen Evers, head of the GMF, during a media walkthrough.
According to Carpentier, the platform targets all kinds of video game creators and artists, including those specializing in voxel, studio, or even 2D art. Coding isn't a requirement to be a game maker, since the platform's 3D visual scripting game maker allows people who may not have a software background but still "have great ideas" to create experiences.
Creating an in-game hanging plant.
Carpentier, who himself comes from a background in art and animation and previously owned his own video game studio, believes that The Sandbox and its outside game makers share a symbiotic relationship. While the game creators provide experiences, The Sandbox provides the platform, potential funding, marketing, and a marketplace for studios to earn revenue, in addition to guidance and design backup.
"For now, with the current system that we have, basically we curate the creator experiences that we want to feature in the season," said Carpentier. "We give them some requirements, but we try to give them as much freedom as possible."
He says that creators are limited to only three rules: provide between five and 10 quests per game, ensure that the experience is functional and doesn't crash, and own each NFT asset in use, whether that's through creation or purchase.
The four GMF experiences selected for this season span a vast gamut of realms and historical time periods. Within the group, the only multiplayer world is The Funguys Kingdom, a magical mushroom kingdom with twinkling lights, hanging vines, waterfalls, and a vast underground maze of caves. The other three include the Border Town of Tang Dynasty, set in ancient China; Dracula's Castle, based on the legendary myth; and the Meta Dungeon, a futuristic adventure in a cybercity.
The four different Game Maker Fund experiences available in The Sandbox's Alpha Season 2. Clockwise from top left: The Funguys Kingdom, Border Town of Tang Dynasty, Meta Dungeon, and Dracula's Castle.
In a testament to the platform's focus on crafting diverse experiences, Dracula's Castle was developed by Remigio Maccanico, based in Rome, Italy, while the Border Town of Tang Dynasty was created by CGame, a Chinese studio that specializes in prioritizing Chinese culture, said Evers.
"It's our goal to mix culture between west and east with values, IPs, and content made by creators from all around the world," explained Borget. "A lot of global creators and diverse gameplays are appearing in season two, thanks to the power of community and user-generated content."
According to Carpentier, currently all of the "gameplay" experiences that encompass any form of combat against monsters are strictly for solo play. But in the future, the team plans to introduce multiplayer capabilities for these kinds of experiences as well, and are also working on extending the "pretty basic gameplay" to include more advanced functionalities, like racing or shooting games.
While you're unable to physically see or interact with other avatars within the solo worlds, players within the same "instance" are still able to communicate over chat — which I found oddly comforting during the scarier and more intense worlds like Dracula's Castle, where players fight a variety of mobs to save a village from an evil curse.
The experiences themselves have very enjoyable storylines and quests for the most part, but they're also not without their fair share of glitches.
A few times I ran into an issue where the glitches themselves are debilitating enough to prevent me from going further into an experience, like with the Meta Dungeon, when I was unable to pull a lever to open a passageway. And it seems I wasn't the only player to face these hindrances, since Meta Dungeon and Dracula's Castle have received some of the most negative feedback out of all the experiences. While players expressed annoyance at the lengthy runtime of Dracula's Castle, more frustrations were directed towards Meta Dungeon for overall bugginess, unnecessarily hard mazes and parkour courses, and general confusion from a dearth of instructions and guidance.
For its part, though, The Sandbox has been continuously updating during this alpha season, and some of the glitches that were once prevalent for users in YouTube videos weren't present for me when I actively sought them out.
The platform also lacks an in-game, central monitor for players to keep track of how many quests they've completed from the total available in an experience. Currently, the only way a player can track this number is through the website, which doesn't list the exact quest names. While quests and quest actions are marked on screen with yellow exclamation points and bullseyes, sometimes they can be easier to miss, especially since all quests reset as soon as a player exits the experience.
To be honest, that's probably my biggest headache about The Sandbox — there's no option to save the game, and players can't exit an experience without losing all the progress for the quests they were working on. That's exactly what happened to me with Dracula's Castle, which is why I left the application running in the background of my laptop multiple times, even overnight. Luckily, the game doesn't freak out my systems or kick my fans into overdrive. On the contrary, I was very impressed by the overall smoothness in the platform's operation.
Brand partnerships are a mainstay of The Sandbox
With the natural next step of the metaverse — interoperability — in mind, Carpentier said that The Sandbox is actively creating "partnerships with other metaverses or other blockchain games that are on the market," like converting a user's 2D Bored Ape Yacht Club portrait into a 3D avatar with the exact same features. From the technology side, the platform is also focusing on automating the process to make different in-game assets operational inside different metaverses.
Beyond collaborations with the community and other metaverses, The Sandbox is also no stranger to higher-octane partnerships. According to Borget, the platform currently boasts over 200 major IP partners, including brands like Avenged Sevenfold, SoftBank, Adidas, the Walking Dead, Atari, Warner Brothers, and HSBC. Even though the themed experiences of several of these brands haven't been completed yet, some characters, like the Care Bears and Smurfs, make cameos in different worlds for players to interact with.
The Smurfs make a cameo in another experience.
For this particular alpha testing season, The Sandbox unveiled three new IP experiences in conjunction with collaborators: Snoop Dogg's Foreplay, Hong Kong Star Ferry Pier with the South China Morning Post, and Missing Parts with independent gaming studio Celsius Online. The Hong Kong Star Ferry Pier experience leads users on a time-traveling adventure back to the city in 1984, with players completing quests that relate to a real event in the city's rich history like its rickshaw runs, while Missing Parts is themed around love and dating.
As the rapper's first playable experience, Carpentier said that Snoop Dogg's Foreplay is meant to serve only as a "teaser" for the upcoming and much-anticipated Snoopverse.
"These experiences and stories have been written by our narrative designers, who are in constant communication with the Snoop team, with Snoop himself, to come up with the best stories about Snoop," explained Carpentier.
Besides acting as the ultimate ode to weed, the experience also has a mini Snoop trivia quiz and a multistep quest to mend a "luv drunk" couple, Carla and DeAndre, who broke up from a misunderstanding after DeAndre sold an expensive Bored Ape NFT to finance Carla's engagement ring. After successfully bringing the couple back together, Carla invites the player to stick around to watch the couple "getting frisky."
The explicit nature of these quests makes more sense when considering the older demographic The Sandbox tries to target, especially since, as Carpentier said, the blockchain aspect adds a natural "barrier of entry for younger audiences." But while Snoop's game is certainly entertaining, again, it's all just a bit strange in the context of The Sandbox's PG-rated partner brands which fall on the opposite end of the spectrum.
Strange or not, the potential of these themed experiences is certainly The Sandbox's most unique selling point. With even more brands and corporations hopping aboard the metaverse train and a future of Walking Dead- and Care Bear-themed games to look forward to, The Sandbox is a project that anyone who's interested in the metaverse should keep a close eye on.
More: Investing BI Graphics Rebecca Zisser
sandbox metaverse | 2022-04-25T11:37:57Z | www.businessinsider.com | The Sandbox Review: What Is It Like, and How Can You Make Money | https://www.businessinsider.com/the-sandbox-review-walkthrough-alpha-metaverse-crypto-game-make-money-2022-4 | https://www.businessinsider.com/the-sandbox-review-walkthrough-alpha-metaverse-crypto-game-make-money-2022-4 |
The 36 most promising sustainability startups in transportation, according to top VCs
Alexa St. John, Nora Naughton, Maia Anderson, and Emma Cosgrove
Insider asked 12 VCs at top firms for their picks for the most promising startups racing to make transportation and logistics more sustainable. Here are some of the founders of those startups.
AMPLY Power; QuantumScape; Remora; MightyFly; Universal Hydrogen Co; Insider
Sustainability is critical to corporations across the globe, especially in the transport sector.
There are hundreds of startups working on ways to make transport and logistics sustainable.
Here are 36 promising sustainability startups, according to top VCs.
Sustainability in transportation has quickly become a hot space for startups, as giants like Ford, Nestlé, and Amazon, among others, are electrifying their fleets, hoping to make good on corporate ESG targets and public promises to reduce their climate impact.
But there are more ways to decarbonize transportation than simply electrifying, and meeting carbon-reduction goals will take every strategy available.
Hundreds of startups are developing different types of fuels, rethinking the electric-car-charging infrastructure, creating new supply-chain tech, and refining methods of battery-material mining and recycling. And some of the most prolific venture capitalists are hoping to ride this shift to big returns.
Investors are backing sustainable vehicles for the transportation sector in droves, but also ramping up investment in technologies addressing other critical parts of the transition. Greater adoption of alternative vehicles will require new strategies for fleet management and maintenance. The transportation industry at large will need new ways of routing vehicles, new battery chemistries, and new fuels like hydrogen.
And even without swapping out old vehicles for new, technology can help run existing assets more efficiently using routing software, machine learning, and edge computing to reduce downtime and up the utilization of existing space in freight networks.
Insider talked to 12 VCs at firms like Khosla Ventures, AP Ventures, and Energy Impact Partners, all of whom have made significant bets in the space. Here are their picks for the 36 promising startups racing to make transportation and logistics more sustainable.
Summit Nanotech
Amanda Hall, Summit Nanotech founder.
Recommended by: Tom Boddez, general partner, Active Impact Investments
Relationship: None
What it does: Founded in 2018 by Amanda Hall, a geophysicist, Summit Nanotech has developed a process to extract lithium economically and sustainably. Headquartered in Alberta, Canada, Summit Nanotech is also working to develop technology to recover lithium from lithium-ion-battery recycling streams, which it says will contribute to a circular economy in the future.
Why it's on the list: "Summit Nanotech is another one in the very important space of greening electric-vehicle supply chains," said Boddez. "Mass electrification poses many challenges across sectors, with mineral extraction and efficiency being a huge need and opportunity."
Andrew Krulewitz, Flux founder.
Recommended by: Cassie Bowe, partner, Energy Impact Partners
Relationship: Not an investor
Total funding: Undisclosed
What it does: Flux is a subscription service that allows users to lease electric vehicles for shorter periods than standard auto leases — even month to month. The Oakland, California-based startup was founded in 2020 by Andrew Krulewitz after his three-year stint at A3 Ventures.
Why it's on the list: Bowe said the confluence of pandemic-induced online shopping, the soaring price of buying a car, and increased consumer awareness about EVs all play to Flux's favor. "Energy Impact Partners is interested in companies that are taking advantage of these customer trends with innovative solutions for consumers looking to go EV," said Bow. "Flux, for example, provides flexible EV leases that save customers money and improve the buying experience."
Auto Motive Power
Anil Paryani, Auto Motive Power founder.
Recommended by: Michael Kearney, partner, The Engine
What it does: AMP is developing a new battery-management system that provides more insight into how much charge is left in a battery and overall battery health, data that can be modified to include vehicle-to-grid and vehicle-to-home charging capabilities. Cofounder and CEO Anil Paryani was previously a senior engineer at Tesla.
Why it's on the list: "AMP is led by CEO Anil Paryani, who previously led Tesla's battery-management-system development and its broader leadership team, which includes leading industry experts with experience at Rivian, GM, Daimler, and Medtronic," Kearney said. "Its proprietary hardware systems are also smaller and lighter than today's industry standard, which directly enables lower build costs per vehicle."
Leaf Logistics
Anshu Prasad, Leaf Logistics cofounder.
Recommended by: Julian Counihan, general partner, Schematic Ventures
Relationship: Investor
What it does: Leaf Logistics analyzes the freight needs of companies like Unilever and identifies how much of their truck freight they can more efficiently buy ahead of time, leading to better utilization of trucks and fewer empty miles and wasted emissions. Cofounder and CEO Anshu Prasad was a partner at Kearney before launching the startup with cofounder Stefan Friederichs in 2017.
Why it's on the list: "Leaf Logistics identifies optimal transportation solutions that maximize asset utilization and minimize carbon impact," Counihan said. "Leaf achieves this by creating a new class of 'flex-dedicated" freight that combines the guarantees of dedicated freight with the scheduling flexibility of contract or spot."
Amply Power
Vic Shao, Amply Power founder.
Recommended by: Josh Posamentier, managing partner, Congruent Ventures
Total funding: $16.4 million before being acquired by BP in 2021
What it does: Founded in Mountain View, California, in 2018, by Vic Shao, Amply's software helps commercial fleets manage charging their electric vehicles as they transition away from internal-combustion vehicles. Major fleet owners — from retailers to municipalities to logistics companies — need help with every step of managing a newly electric crop of vans, trucks, and buses. Fueling giant BP acquired the startup last year in hopes of leveraging Amply's charging-station-installation expertise, too.
Why it's on the list: "For a fleet that's used to putting a gas hose in a bus or a truck and filling it up and that's all they have to think about to electrification where they have to build a depot and operate it, Amply makes that a turnkey process," Posamentier said. Amply is "basically making it easier to electrify and decarbonize your fleet from an operational standpoint."
BJ Johnson, ClearFlame Engine Technologies cofounder.
What it does: ClearFlame makes engines suitable for heavy-duty work like long-haul trucking, construction, and agriculture that burn ethanol instead of diesel. The startup's engines offer 90% lower tailpipe nitric oxide and dioxide emissions and 99% lower engine-hour soot emissions, without any loss of engine torque or thermal efficiency. ClearFlame was founded in 2016 by BJ Johnson and Julie Blumreiter — both Stanford mechanical engineering Ph.D. graduates looking to commercialize their academic research.
Why it's on the list: "ClearFlame is decarbonizing the trucking industry by replacing high-carbon, petroleum-based fuels with decarbonized, renewable liquid fuels, such as ethanol or methanol. Compared to diesel engines, this innovation allows industry to transition to fossil-free heavy-duty powertrains faster and at lower cost," Kearney said.
Christina Reynolds, Remora cofounder.
What it does: Cofounder and co-CEO of Remora, Christina Reynolds, developed the concept for Remora's carbon-emissions-capture system for her dissertation at the University of Michigan, and she went on to found Remora with Paul Gross in 2020 after he found her dissertation online and wrote a business plan around it. The company's goal is to install carbon-capture tech on semitrucks, "turning America's 2 million semitrucks into carbon-removal devices."
Why it's on the list: "Remora captures CO2 emissions from Class 8 trucks, stores the emissions in tanks and then sells the gas to industrial consumers," Counihan said. "The device aims to capture at least 80% of a semitruck's carbon emissions directly from the tailpipe."
Blake Scholl, Boom Supersonic founder.
Recommended by: Zia Huque, general partner, Prime Movers Lab
Relationship: Investor and board member
What it does: Founded in 2014 by Blake Scholl, Boom Supersonic is working to build the Overture airliner, a supersonic passenger jet that runs on 100% sustainable aviation fuel. With headquarters in Denver, Boom's goal is to make commercial supersonic travel possible. United Airlines signed a purchase agreement for 15 Overture airliners in 2021. The first flight of the Overture is scheduled to take place in 2026, with passenger travel to begin in 2029, according to Boom's website.
Why it's on the list: Boom's first planes will "run on 100% sustainable aviation fuels and will be manufactured in a LEED-certified production facility in Greensboro, North Carolina," Huque said. "Boom is even designing its planes to reduce noise pollution because the supersonic era has to be socially, not just environmentally, sustainable."
Jagdeep Singh, QuantumScape founder.
Recommended by: Samir Kaul, managing director, Khosla Ventures
Total funding: $2 billion
What it does: QuantumScape makes solid-state lithium-metal EV batteries, a formula many in the auto industry are exploring as companies look for smaller, less expensive, more effective, and more energy-dense technologies than those found in traditional lithium batteries. This could have an impact on an EV battery's cost, range, charging speed, reliability, and safety. It was founded in 2010 in San Jose, California, by Jagdeep Singh, and went public via SPAC in 2020.
Why it's on the list: "In the end, the real bottleneck will be batteries. Things like how long does it take to charge your car and what's the range are going to be the two biggest things," Kaul said. "There are going to be multiple big, big winners on the battery side because there will be much more differentiation in that value chain."
Chris Richter, FloorFound founder.
Courtesy of Chris Richter
Recommended by: Victoria Sun, partner, Playground Global
What it does: FloorFound works with furniture brands like Joybird, Floyd Home, Inside Weather, Outer, Feather, and more, picking up returned items and delivering them to one of its 25 warehouses. Its software then determines the item's condition, and the company operates resale sites for brands where items are sold at a discount of 35% to 40%. Cofounders Chris Richter and Ryan Matthews launched the business in 2020.
Why it's on the list: "Floorfound is enabling 're-commerce' by helping furniture brands process returns more efficiently and keep that returned inventory out of landfills," Sun said. "As consumers look to reduce their environmental footprint, an easy place to start is by buying used items, and this is a great solution for those customers."
Dave Snydacker, Lilac Solutions founder.
What it does: Based in Oakland, California, the six-year-old startup founded by Dave Snydacker is focusing on a critical part of the transition to EVs: how materials needed to manufacture EV batteries are mined. Lilac's extraction technology taps into reserves of lithium (key for an EV battery) in saltwater deposits more efficiently, more quickly, and in a more ethically and environmentally sustainable way than many traditional methods already being deployed.
Why it's on the list: It's vital to find "new technologies that mine lithium in much more environmentally friendly ways," Boddez said. "All up and down that supply chain, the beginning of getting the materials to the use of materials at the end of life, there's quite a bit of innovation going on."
RailVision Analytics
Dev Jain, RailVision Analytics founder.
RailVision
Recommended by: Tom Boddez, general partner, Active Impact Ventures
Total funding: $534,000
What it does: Based in Montreal, Canada, RailVison Analytics is a data-analysis startup that created a software program that gives insights to rail operators to help them increase fuel savings and reduce greenhouse-gas emissions. The company, founded in 2018 by Dev Jain, believes that rail is the future of sustainable transportation. Its EcoRail web portal and app collects onboard data, which it sends to its EnVision cloud platform to be analyzed and translated into suggestions for braking, throttle, and other train-handling adjustments.
Why it's on the list: "When you think about what RailVision is doing, the data that they're using to augment train operations in terms of route optimization, where you should or should not be braking, real-time updates, all help to improve fuel efficiency — saving money and carbon," Boddez said. "Eventually it will all be very valuable data for when rail becomes more automated and to ensure that those trains are being operated most effectively."
Mike O'Kronley, Ascend Elements CEO.
Recommended by: Tom Chi, managing partner, At One Ventures.
What it does: Ascend manufactures battery materials reclaimed from discarded batteries. By pulling critical metals for EV batteries and returning them back into the battery supply chain, Ascend reduces the industry's reliance on mining and creates better-performing materials from the recycled feedstock. The startup is based in Westborough, Massachusetts, and was founded in 2015 by Yan Wang, Diran Apelian, and Eric Gratz.
Why it's on the list: "Folks have got to really focus on thinking about every ounce of these minerals as being an asset to manage," Chi said. "You want to waste the least amount of energy and least amount of material as you recycle it. Ascend Elements is very well-positioned for that."
The Routing Company
James Cox, CEO of The Routing Company.
The Routing Co.
What it does: Helmed by James Cox, a former top manager for Uber Pool, The Routing Company builds dynamic routing systems for public-transportation fleets. This could lead to buses and other vehicles that take people where they need to go without driving fixed routes and potentially wasting miles — all summoned by an app. The startup, founded in 2018 in Seattle, is currently testing its concept on Bainbridge Island in Washington, Insider has reported.
Why it's on the list: The startup "powers an easy-to-use platform that helps cities and other transit providers solve the problem of how to deliver reliable, demand-responsive transit – sustainably and at scale," Kearney said. "By partnering with The Routing Company, cities and other transit providers can offer an on-demand, point-to-point ride-sharing option at comparable costs to mass transit options."
JB Straubel, Redwood Materials founder.
Recommended by: Josh Posamentier, managing partner, Congruent Ventures; Tom Boddez, general partner, Active Impact Ventures; Samir Kaul, managing director, Khosla Ventures
Relationship: Not investors
What it does: Founded by former Tesla CTO, JB Straubel, in 2017, the Carson City, Nevada-based Redwood is a battery-materials producer aiming to create a closed-loop battery-production process. This means the startup collects and recycles end-of-life batteries to secure domestic critical metals, like lithium, cobalt, and nickel. It then refines these materials for sustainable, cost-effective manufacturing of anode copper foil and cathodes, the two main components of a battery cell. It is working with partners Ford and Volvo on an EV-battery-recycling program in California.
Why it's on the list: "There haven't been that many electric-vehicle batteries that have gotten to end of life yet, but obviously that's going to change dramatically, given the big increase in electric-vehicle purchases over the last few years," Tom Boddez of Active Impact Ventures said. "We're going to start to see more and more electric-vehicle batteries that need to be repurposed at end of life by companies like this."
MightyFly
Manal Habib, MightyFly cofounder.
Recommended by: Tom Chi, managing partner, At One Ventures
What it does: The autonomous air-cargo carrier is building self-driving, electric vertical takeoff and landing vehicles that can carry up to 500 pounds at 150 miles per hour, in a 600-mile range for faster and more efficient package delivery. Based in the Bay Area, MightyFly was founded in 2019 by MIT and Stanford graduate Manal Habib and her colleague Scott Parker. It is currently looking for partnerships for proof-of-concept delivery-service operations.
Why it's on the list: MightyFly "is dramatically reducing the cost of forward and reverse logistics, which is going to be really important for managing materials in something closer to a closed-loop economy," Chi said.
Parallel Systems
Ben Stabler, Matt Soule, and John Howard, Parallel Systems cofounders.
Total funding: $53.15 million
What it does: Based in Los Angeles, Parallel Systems is led by former SpaceX engineers Matt Soule, John Howard, and Ben Stabler, and is developing self-driving, electric rail vehicles that could reduce the amount of time it takes for trains to travel and unload. The goal is to move a single shipping pod using a system that's built to address challenges specific to rail, including needing a longer perception range than most highway systems. It can also work for some medium- and long-haul-trucking routes. Parallel Systems emerged from stealth in January this year.
Why it's on the list: "Trucks are just a hard problem. Even if you electrify, you still end up with congestion. Parallel Systems uses much cheaper infrastructure — rail is inherently more efficient — and by making it autonomous and granular, you take away most of the disadvantages these three-mile-long trains have," Posamentier said. "All of a sudden, it drops the costs dramatically and opens the access up dramatically. We're really bullish on that, shifting freight — anything over 100 miles — from road to rail."
Dash Systems
Joel Ifill, Dash Systems founder.
What it does: This five-year-old startup based in Los Angeles is developing technology for rapid commercial airdrop deliveries by outfitting existing airplanes with autonomous airdrop technology, allowing it to "land the package, not the plane." Founded by Joel Ifill, the company says it saves operators fuel, time, and delays. It is currently working with the Department of Defense, freight forwarders, and air-cargo operators to deliver in remote, rural, and previously inaccessible areas.
Why it's on the list: "They actually can deliver remote packages without landing a plane, literally push them out the back," said Posamentier. "The CEO used to design guided missiles, and so he's retooled his skill set."
Cedar AI
Joseph Malchow, Hanover Technology Investment Management founding partner.
Hanover Technology Investment Management
Recommended by: Joseph Malchow, investor, Hanover Technology Investment Management
What it does: Cedar AI uses artificial intelligence and machine-learning algorithms to make railroads more precise and efficient. The goal is for more freight to move on the less-carbon intensive railroads, rather than on highways in trucks. The startup has started with a rail-yard management product that "makes planning a rail yard as easy as sorting mail," according to the company. Founders Yi Chen and Daril Vilhena worked at Amazon Web Services before launching their startup in 2017.
Why it's on the list: "Backed by Felicis, Cedar is a bit under the radar but is amazing," Malchow said. "The freight railroad industry is roaring back with Berkshire Hathaway's aggressive moves and the realization that trains can move a lot of cargo on vastly less fuel than anything else on Earth. Cedar orchestrates the immensely complex 3D chess game that is the major railyard. You should look at their decision trees visualized — they are like a work of art."
Sam Lurye, Kargo founder.
Recommended by: Joseph Malchow, founding partner, Hanover Technology Investment Management
What it does: Kargo creates loading-dock-management technology that reduces the time truckers have to wait to get to their next destination and how many errors are made. Founder Sam Lurye dropped out of Stanford to start the company in 2019, when he found that both waiting and errors create unproductive emissions. Kargo's sensing towers use are able to monitor what's coming in and out and catch errors.
Why it's on the list: Malchow says trucking must get rid of two major producers of emissions: "Dwell time, when trucks sit at the loading dock waiting to be loaded and unloaded, and reconciliations, when trucks roll to correct erroneous shipments. Kargo changes the game on both fronts."
"I think Kargo's towers are the first real revolution in ground-based global logistics in decades and will result in massive sustainability impacts through the decimation of dwell and discrepancy," he added.
Moment Energy
Gabriel Soares, Edward Chiang, Sumreen Rattan, and Gurmesh Sidhu, Moment Energy cofounders.
What it does: The British Columbia-based startup, founded in 2020 by Gabriel Soares, Edward Chiang, Sumreen Rattan, and Gurmesh Sidhu, provides energy storage for commercial and industrial businesses, utilities, and microgrids by repurposing spent EV batteries. Those batteries still have capacity left, and Moment leverages that capacity for energy storage. The company says its diesel-and-battery hybrid technology reduces diesel consumption by creating hybrid-generator systems and enabling other sites to install renewable power systems.
Why it's on the list: "You're going to have all of these EV batteries at the end of their life," Boddez said. "They're repurposing retired electric-vehicle batteries and using them for other energy needs."
OptimoRoute
Marin Saric, OptimoRoute cofounder.
What it does: OptimoRoute was founded in Palo Alto, California, in 2012, by Marin Saric and Goran Kukolj, and optimizes home, commercial, and small-business delivery routes. Its service does real-time route planning, tracking, and workload balancing, and calculates working hours and driver costs to reduce overtime. It also automates pickup and delivery planning to make routes the most efficient they can be.
Why it's on the list: "They cut about 20 percent off the number of miles and hours driven," Posamentier said. "So regardless of what your fuel is, electricity or diesel, knocking off 20 percent of it is always going to be a good thing."
Universal Hydrogen
Paul Eremenko, Universal Hydrogen cofounder.
What it does: Based in Los Angeles, Universal Hydrogen was founded in 2020 by Paul Eremenko and Jason Chua to decarbonize commercial aviation. Its conversion kits can transition existing aircraft engines with a fuel-cell electric powertrain. This accommodates Universal Hydrogen's proprietary, lightweight, modular hydrogen capsules that the company says can be loaded onto the aircraft using existing freight networks and cargo-handling equipment. The company currently has letters of intent in place with several airlines, and its first flight tests will be conducted by the end of the year on its test aircraft.
Why it's on the list: "They're trying not to develop new technology, they're just trying to implement the best of what they can find," Posamentier said. "They want to be the supply-chain partner, the fueling station, for electric aviation that's powered by hydrogen."
"That's been, in my mind, a more interesting investment than any of the electric airplane companies out there because it's the picks-and-shovels solution," he added.
Posamentier said the founder's experience working at Airbus gives him more confidence.
Verdegy
Samir Kaul, Khosla Ventures founding partner.
What it does: Verdagy uses water-electrolysis technology for production of green hydrogen. Founded in 2021 by former Chemetry CEO Ryan Gilliam, the company is looking to lower the upfront cost of hydrogen production.
Why it's on the list: Verdagy "produces hydrogen in a very energy and environmentally positive way," Kaul said. "Generating hydrogen on site, clean, not using more energy than what the output actually contains is going to be critical."
Commonwealth Fusion Systems
Commonwealth Fusion Systems founders.
Recommended by: Samir Kaul, managing director at Khosla Ventures
What it does: Founded in 2018 as a spin-off from MIT's Plasma Science and Fusion Center, Commonwealth Fusion is an energy provider that aims to use nuclear-fusion technology to deliver clean fuel to customers. The company was cofounded by Zach Hartwig, Brandon Sorbom, Martin Greenwald, Dennis Whyte, Bob Mumgaard, and Dan Brunner.
Why it's on the list: Kaul said recent demonstrations have shown that nuclear-fusion technology has real promise. "You also need a source of clean power that's dispatchable and that's not intermittent to power these cars," said Kaul. "What's the point of using a coal plant to charge your car?"
Pandion
Scott Ruffin, Pandion founder.
Recommended by: Victoria Sun, partner, Playground Ventures
What it does: Pandion runs a last-mile delivery service centered around sortation centers that allow retailers to use multiple carrier options to find the most efficient route possible. The Seattle-based startup was founded by Amazon Air's former chief, Scott Ruffin, in 2020 and came out of stealth mode in 2021. The company opened its first sortation center in Pennsylvania the same year and uses software to design the most efficient pathway for every individual e-commerce package.
Why it's on the list: "Pandion is the Waze of parcel delivery. The company dynamically reroutes packages, ensuring they always take the most efficient path to their final destination. This leads to better fuel usage and lower emissions during the delivery process," Sun said. "It's a great example of a business that has a positive environmental impact while also fundamentally helping online retailers deliver better shipping performance to consumers at lower costs."
Steve Altemus, Intuitive Machines founder.
What it does: Founded in 2013 by Kam Ghaffarian, Steve Altemus, and Tim Crain, Intuitive Machines is a space company that says it is "enabling sustainable exploration of the moon, Mars, and beyond." Based in Houston, Texas, Intuitive wants its lunar vehicle to explore parts of the moon that have previously been inaccessible. Its website says its lunar vehicle will start ferrying experiments to the moon this year. It has partnered with SpaceX to use its Falcon 9 rocket for launch.
Why it's on the list: "Anything that Kam Ghaffarian is involved in catches my attention," said Huque, who believes that Ghaffarian's team will help unlock the "lunar economy." Intuitive Machines also landed a contract from NASA to send research equipment to the moon in 2024 as part of NASA'S Artemis program, which seeks to return humans to the lunar surface. "Lunar colonization is happening faster than people realize," Huque said. "The company's advances in propulsion systems and manufacturing are going to open up new worlds for humanity."
Swtch
Tom Boddez, Active Impact Investments general partner.
Active Impact Investments
Recommended by: Tom Boddez, general partner at Active Impact Ventures
What it does: Swtch is a Toronto-based startup founded by Carter Li and Laura Bryson in 2016, focusing on end-to-end EV charging and energy management. The company has a smart-EV-charging platform designed to streamline vehicle charging and energy usage for multifamily and commercial building owners who install their chargers.
Why it's on the list: "A lot of people don't have a single-family home where they can charge their vehicle. If they could charge it at home, they would, and they'd be more likely to purchase an EV if they could charge it at home," Boddez said. "Speeding up the adoption of electric vehicles is going to require charging to be something that is easily accessed and it's most easily accessed at home or at the office."
Filip Lövström, Roam CEO.
Recommended by: Tom Chi, managing partner at At One Ventures
What it does: Founded in 2017 as a research project at a top technical university in Sweden, Roam has developed technology to retrofit existing combustion-engine vehicles to be all electric. Founders Filip Gardler, Filip Lövström, and Mikael Gånge's goal is to make electric transportation more accessible to a broad market by making the technology more cost effective. Based in Nairobi, Kenya, the startup has conversion kits for fleet vehicles, including light trucks, public transport, and buses, as well as motorcycles. Its website says the startup chose these vehicles because they're some of the highest CO2-emitting vehicles.
Why it's on the list: "Eighty percent of vehicles in Africa are commercial vehicles, and a majority of them are actually vehicles that stopped meeting emissions standards in the developed world," Chi said. "Which means that you think that your country has cleaned its act up, but actually all it's done is shift its cars and buses out to a place where they're going to continue to pollute." Chi says Roam's "fast and modular approach" will allow it to have vehicles "running on the African continent that are as clean or cleaner than the vehicles that are popping up in the West."
David Jaramillo, Ted McKlveen, Bav Roy, Verne cofounders.
Recommended by: Julian Counihan, general partner, Schematic Venture
What it does: Verne is developing hydrogen-storage systems for heavy-duty transport vehicles like long-haul trucks. Cofounders Ted McKlveen and Bav Roy met in Stanford's MBA program. Their system stores twice the hydrogen at half the total weight for a lower price than existing systems, and it's cheaper, according to the company. On-road pilot testing will begin this year and the company is looking to expand beyond trucks into other vehicles.
Why it's on the list: "Verne is producing technology for high-density hydrogen storage for Class 8 trucks," Counihan said. "This approach aims to make hydrogen commercially viable for the category by extending range and reducing the weight."
Revolv
Cassie Bowe, Energy Impact Partners partner.
What it does: Revolv seeks to relieve some of the friction slowing the adoption of electric vehicles by commercial fleets. The fleet-management service helps organizations choose vehicle models, source power, build charging infrastructure, and maintain electric fleets. Founder and CEO Scott Davidson has a background in solar energy. He founded Revolv in 2019.
Why it's on the list: "One of the trends we are closely watching is how large fleets of vehicles transition to electric. It's a massive opportunity for electrification, but also a huge lift for fleet owners and operators who need to keep their fleets operating safely and cheaply with high uptime," Bowe said. "Companies like Revolv are meeting fleet owners where they are by simplifying EV fleet financing, procurement, deployment, and operations."
Sean Simpson, LanzaTech founder.
What it does: LanzaTech recycles carbon waste to make fuels, fabrics, packaging, and other daily-use products. The company was founded by environmental scientist Sean Simpson in 2005 in New Zealand.
Why it's on the list: "LanzaTech uses waste fuel as a feedstock. You're not paying for wood chips. You're not using food. You're using just waste," Kaul said. "So you're cleaning up the environment, you're getting a negative-cost feedstock, and then you're making all kinds of things that are high-value: You're making fuels, you're making chemicals."
AddEnergie
Louis Tremblay, AddEnergie cofounder.
What it does: AddEnergie is an EV-charging company managing more than 60,000 public and private charging stations under the subsidiary FLO, mostly in Canada. Founded in 2009 by CEO Louis Tremblay during his university days at Laval University in Quebec, the company runs the largest privately owned charging network in North America.
Why it's on the list: "We are moving away from the earliest-adopter phase of the EV transition towards a more mass-market product. Having widely available EV charging for drivers that works reliably and easily is a critical element of that transition," Bowe said. "AddEnergie is best positioned to win in this phase with their best-in-class EV charging hardware and software solution that serves customers across the spectrum: residential, workplace, public, and fleet."
Daniel Teichmann, Hydrogenious Technologies founder.
Recommended by: Andrew Hinkly at AP Ventures
What it does: Hydrogenious, founded by Daniel Tiechmann in 2013, provides liquid-hydrogen fueling and storage solutions for various transportation sectors, from passenger vehicles to trucking. Among their investors are Hyundai, Chevron, and Mitsubishi.
Why it's on the list: "Hydrogen has a lower energy density than gasoline and diesel, and also you're working with a gas rather than a liquid," Hinkly said. Liquid hydrogen, he says, means "you can also reuse the refueling infrastructure we already have. Then the transition becomes so much more accessible."
Val Miftakhov, ZeroAvia founder.
What it does: ZeroAvia makes a hydrogen-cell-powered aviation powertrain for smaller airplanes, usually carrying between nine and 19 passengers. The company, founded in 2017 by current CEO Valery Miftakhov, has aspirations to move into larger aircraft with its zero-emission technology.
Why it's on the list: Hinkly is particularly interested in ZeroAvia's ambitions to move into larger, regional aircraft, which would carry between 60 and 80 passengers. "Leading the way in hydrogen-cell technology for aircraft, we consider ZeroAvia to be a standout in the aviation sector," Hinkly said.
Amogy
Andrew Hinkley, AP Ventures managing partner.
AP Ventures
What it does: Amogy, which counts Amazon among its investors, is a startup founded in 2020 by four MIT alumni and led by Seonghoon Woo. The company has developed a system that breaks down ammonia into hydrogen and nitrogen to generate zero-emission fuel, which could be used in heavy-duty trucks and in maritime shipping.
Why it's on the list: "The reason Amazon is so interested in this technology is because of its broad uses," Hinkly said. "They want to see zero-emission shipping come to fruition and they can see that through this technology that can act as an alternative to heavy diesel fuel."
More: BI Graphics Features | 2022-04-25T11:38:03Z | www.businessinsider.com | Most Promising Sustainability Startups, According to Top VCs | https://www.businessinsider.com/top-sustainability-startups-according-to-vcs-2022-4 | https://www.businessinsider.com/top-sustainability-startups-according-to-vcs-2022-4 |
President Joe Biden nominated Bridget Brink as the next US ambassador to Ukraine.
The US has finally nominated an ambassador to Ukraine after leaving the post empty for two years.
President Joe Biden confirmed his intent to nominate Bridget Brink, who is currently serving as US ambassador to Slovakia, to the role in a statement on Monday. Brink will have to face confirmation hearings and a Senate vote in order to be confirmed the position.
The announcement comes a day after US Secretary of State Antony Blinken and Defense Secretary Lloyd Austin visited Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday for the first time since the Russian invasion, and briefed Ukrainian leaders on the planned appointment.
Biden had been criticized for allowing the position of US ambassador to Ukraine to remain unfilled as tensions mounted in eastern Europe ahead of Russia's invasion. An administration official told Politico in January that the delay was a result of Biden's careful, deliberative process.
The position of US ambassador to Ukraine had been vacant for more than two years, with the last ambassador, Marie Yovanovitch, forced out in 2019 amid former President Donald Trump's bid to pressure Ukraine to investigate and smear then-presidential candidate Biden.
Blinken also told a news conference after his meeting with Zelenskyy that US diplomats would gradually return to their embassy in Kyiv in the coming weeks.
More: Ukraine Russia antony blinken News UK | 2022-04-25T11:38:09Z | www.businessinsider.com | US Finally Nominates Ambassador to Ukraine, Post Was Empty 2 Years | https://www.businessinsider.com/us-finally-nominating-ukraine-ambassador-2-years-empty-reports-2022-4 | https://www.businessinsider.com/us-finally-nominating-ukraine-ambassador-2-years-empty-reports-2022-4 |
US Secretary of State Antony Blinken with Ukrainian President Volodymyr Zelenskyy in Kyiv, Ukraine.
US Secretary of State Antony Blinken met Ukrainian President Volodymyr Zelenskyy on Sunday.
Later Blinken said he believed an independent Ukraine "will be around a lot longer than Vladimir Putin is on the scene."
He also said Russia was "failing" in its invasion aims and pledged further US support.
US Secretary of State Antony Blinken said he believed an independent Ukraine would last "a lot longer" than Russian President Vladimir Putin.
Blinken visited the Ukrainian capital of Kyiv on Sunday, where he met with Ukrainian President Volodymyr Zelenskyy. In remarks about the visit from Poland on Monday, he expressed US support for Ukraine amid Russia's invasion of the country.
"Ukraine is succeeding. Russia has sought as its principal aim to totally subjugate Ukraine, to take away its sovereignty, to take away its independence. That has failed."
Russia's invasion stalled in much of Ukraine, and it failed to capture Kyiv in the face of logistical issues and strong resistance of Ukraine.
Russia has now repositioned its troops, bringing a heavier battle to the east and south of Ukraine.
US Defense Secretary Lloyd Austin, who was also on the trip with Blinken, said according to the AP: "We believe that they can win if they have the right equipment, the right support, and we're going to do everything we can ... to ensure that gets to them."
"We want to see Ukraine remain a sovereign country, a democratic country able to protect its sovereign territory, we want to see Russia weakened to the point where it can't do things like invade Ukraine," Austin said.
Zelenskyy on Monday thanked the US for its "unprecedented" help, and "personally" thanked US President Joe Biden.
Zelenskyy said he wanted "to thank all the American people, as well as the Congress for their bicameral and bipartisan support. We see it. We feel it." | 2022-04-25T12:20:15Z | www.businessinsider.com | Blinken: Independent Ukraine Will Be Around Longer Than Putin | https://www.businessinsider.com/blinken-says-independent-ukraine-will-be-around-longer-than-putin-2022-4 | https://www.businessinsider.com/blinken-says-independent-ukraine-will-be-around-longer-than-putin-2022-4 |
Austrian Foreign Minister Alexander Schallenberg in Berlin, Germany.
AP Photo/Hannibal Hanschke, Pool
Austria's foreign minister showed opposition to Ukraine becoming a full EU member.
Alexander Schallenberg said a path other than full EU membership could be negotiated for Ukraine.
Ukraine called his comments "strategically short-sighted and not in the interests of the united Europe."
Austria's foreign minister voiced his opposition to Ukraine becoming a full member of the European Union — a move that could create a barrier to Ukraine joining the bloc.
Alexander Schallenberg spoke at a media summit in the Austrian town of Lech am Arlberg on Saturday, where he said that the EU and Ukraine should consider alternative ways to strengthen their ties amid Russia's invasion rather than have Ukraine become a full member.
"A connection to a state like Ukraine does not necessarily have to happen through full membership," he said, according to the Austrian tabloid Heute.
He said that there were options for connections with Ukraine without having to make it a full EU member, the Austrian newspaper Die Presse reported.
Schallenberg said officials were currently thinking in "ready-made templates," and that a new type of alliance could be created instead, Heute reported.
This could mean fully integrating Ukraine with EU states in certain ways, such as in energy, but without Ukraine becoming a full, formal member, he said according to Heute.
The EU had offered Ukraine a sped-up path to membership earlier this month in light of Russia's invasion.
"It will not be, as usual, a matter of years, but rather a matter of weeks," European Commission President Ursula von der Leyen said at a press conference with Ukrainian President Volodymyr Zelenskyy.
Schallenberg did not explicitly offer a reason for his opposition, but he noted that other countries had been trying to join the EU for years.
He said that while Europe had the "right focus on Ukraine," it should not mean that those other countries' efforts to join the EU should be forgotten, Heute reported.
Serbia, for example, officially applied to join the EU in 2009, but negotiations about its membership are still underway.
Schallenberg's comments suggest Austria could impact Ukraine's efforts to join the EU.
All EU member states must unanimously agree for a country's membership negotiations to begin. Any objection from Austria could draw out the process during negotiations and impact how they go, the Australian Broadcasting Company noted.
Ukraine said it was disappointed by Schallenberg's comments.
Oleg Nikolenko, a spokesman for the Ukrainian foreign ministry, told the Ukrinform news agency that the country considers Schallenberg's beliefs "to be strategically short-sighted and not in the interests of the united Europe."
"Such statements also ignore the fact that the vast majority of the population of the EU founding member states support Ukraine's membership," Nikolenko said. | 2022-04-25T12:20:39Z | www.businessinsider.com | Austria Foreign Minister Opposes Ukraine Becoming Full EU Member | https://www.businessinsider.com/ukraine-eu-austria-foreign-minister-opposes-full-membership-2022-4 | https://www.businessinsider.com/ukraine-eu-austria-foreign-minister-opposes-full-membership-2022-4 |
I quit my job at a hedge fund to work with cheese and made $1.7 million in revenue last year. Here's why pursuing a side hustle was my best career move.
Edward Hancock pivoted his career from finance to cheese with a tech element
Cheesegeek
Hedge fund manager Edward Hancock left his job in 2018 when his cheese tasting side hustle took off.
In Christmas 2021, Cheesegeek, his cheese subscription business, turned over $300,000 in one week.
Here's how he grew the business purely through learning from Google as told to Amber Sunner.
This as-told-to essay is based on a transcribed conversation with Edward Hancock, a 39-year-old founder from London, about starting a cheese subscription service. It has been edited for length and clarity. Insider has verified Hancock's revenue with documentation.
In 2017, I was the hedge fund manager at a small investment management firm in London. At my day job, I was developing algorithms to track consumer behavior, but on my weekends I was exploring my passion for cheese.
I have loved cheese since I was 11 years old and would spend entire weekends roaming around London's cheese mongers learning about speciality cheeses.
The idea of Cheesegeek came to me at local wine tasting. The wines were delicious and cost £40 per bottle – but the cheese pairings were terrible.
I asked someone I knew at the event where the cheese was from and they told me, "The supermarket next door". I was shocked.
I knew that good cheese was accessible, people just didn't know where to find it, or care enough to search. I came up with the idea of sharing great, tasting-size portions of cheese that can be delivered to people's front door.
I'm not one for being idle. I like to work hard and make money, so I started my cheese business as a side hustle in my spare time
Cheesegeek was my first business endeavor — I learned everything I needed to from Google. I researched how to set up a company, cheese wholesalers and bookkeepers.
My mom had just retired and was shocked when I told her I couldn't afford renting space for Cheesegeek so would have to operate out of her utility room. I also enlisted her to volunteer, cutting the cheese and boxing it up, for six months.
Luckily, she agreed, and we took our first order in September 2017.
I invested £25,000 of my own money into the business while I was operating as a side hustle. I purchased a wholesale fridge for £1,400. We also got a freezer for £700, and the packaging, cheese, and a special cheese wrap cost £10,000. Then, I enlisted a friend to help design a website and branding which cost a £500.
The rest of the money was invested in equipment and other things we needed as we scaled.
During Christmas 2017, we had over 100 orders.
Our early success was from word of mouth and of £100 monthly budget for performance marketing
In April 2018, I quit my full-time job. However, having a side hustle had shown me how to maximise my time. To this day, I still work on a contract basis at hedge funds waking up at 6:30 am and doing a couple of hours of contracted work in the morning.
My afternoons and evenings are solely for Cheesegeek.
In 2018, I hired three employees to help the business grow and moved out of my mom's utility into a 700 sq business warehouse.
When we first started sending out cheese boxes, I used to have an internal spreadsheet that ensured customers got new cheeses every month.
As our customer base grew, this method became shambolic. It took me 40 minutes to handpick each box.
With my experience of algorithms, I knew mechanizing this system would expand Cheesegeek's capacity to bring exciting cheeses to customers and make my life easier.
Cheesegeek hired a specialist developer to create an algorithm that helps us assign five new kinds of cheese a month for our subscription service cheeses
I had a clear idea of what I wanted it to do — I wanted it to curate five balanced cheeses representing different styles but that will still work together. CASSIE, our cheese selecting AI, was born in November 2018.
The agency built the AI on contract, but I didn't realize that the small print meant the IP wasn't mine. This meant if we wanted to expand into other countries I'd have to ask for permission.
We rebuilt the system in 2021. Now CASSIE can do even more for us, including stock management and we can distribute up to 5,000 CASSIE curated boxes of cheese every day.
When the pandemic hit, we saw a major spike in orders.
From the day the UK lockdown was announced in March 2020, our year on year growth skyrocketed to between 600% and 1000% for the following four months.
We expanded our team of three to 15 and upgraded our premises to 7,500 square feet in Fall 2020 as order surged with another lockdown.
Supply chain issues did affect operations — we had cheese run out during the first two lockdowns in 2020, but supply returned to its normal state in 2021.
Our highest grossing week was in the run-up to Christmas 2021, where we turned over £230,000 sending out 2,000 boxes of cheese in one day
We have to prepare in advance for Christmas. For 50 weeks in the year, we're within capacity. For the remaining two weeks, we're at total capacity and maximum stress, but we never turn away orders.
41% of our subscribers are still with us 12 months after the Christmas surge, which shows the importance of not turning customers away.
I applied to the British investing show Dragon's Den in January 2021, and I got on the show in June of the same year. I got three offers to invest in the business, but I took Stephen Bartlett's £150,000 for 7.5% of the company.
We turned over £1.3 million, around $1.7 million, last year.
The business has grown with a lot of hard work, but sometimes I wish I had a mentor to lean on. There were times when I made a business decision alone and lost a lot of money. Being an entrepreneur can be risky, and sometimes lonely, but I'm proud of the product I've created.
More: contributor 2022 UK Freelance Artifical Intelligence | 2022-04-25T13:12:24Z | www.businessinsider.com | How I Left Hedge Fund Management to Launch My 7-Figure Cheese Business | https://www.businessinsider.com/how-to-grow-million-dollar-side-hustle-subscription-business-cheese-2022-4 | https://www.businessinsider.com/how-to-grow-million-dollar-side-hustle-subscription-business-cheese-2022-4 |
4 contract-tech executives break down their strategy for winning business in the booming market
Legal techs are scrambling to get a piece of the contract management pie.
Contract lifecycle management is a red-hot part of the legal-tech market.
As the market consolidates, a handful of companies could be poised to come out on top.
Execs from DocuSign, Ironclad, Icertis, and ContractPodAi told Insider how they're trying to win.
Contract tech has seen a boom over the past several years, and companies are jockeying to claim the title of the market leader.
As businesses grappled with the effects of the pandemic, many have turned to technology to manage, analyze, and automate their contracts, which hold key information that could cost them thousands or millions of dollars if overlooked.
The market for contract tech has exploded as a result: The total addressable market of contract lifecycle management, or CLM, has skyrocketed from $300 million in 2012 to a whopping $20 billion in 2020, according to estimates from Forrester and MGI Research.
The massive growth is also driven by an expanding definition of what CLM is, experts told Insider. About seven years ago, CLM simply meant a repository for lawyers to store contracts. Now employees in sales, HR, and other business departments can use data extracted and analyzed from those contracts to make critical business decisions.
This new type of contract tech is a "much higher-stakes game" and has a "bigger size of the prize" than pure legal tech itself, according to Jae Um, founder of legal research company Six Parsecs. Companies with better contracting technology can increase their revenue by 9% and decrease their claims and disputes by 20%, Um said.
More than a thousand contract-tech companies were launched in the past decade, but that's down to just 200 to 300 today as a result of either acquisitions or failure, Um estimated. That's still a lot of players for one market.
Industry consultants told Insider they expect increased consolidation in the space. But advances in technology will also lead to newer entrants and competitors, according to conversations with nine industry analysts and startup execs.
"Technology continues to leapfrog. I don't think anything is safe here," Joe Borstein, founder of the legal-tech consulting firm LexFusion, said. "It's a space that I see being in flux for a little while longer."
Experts said it's still too early to call the definitive winners in the contract tech race, but they identified four companies emerging as front-runners: DocuSign, Ironclad, Icertis, and ContractPodAI.
Insider spoke with their executives to learn how each is approaching the market. Their successes boil down to two main strategies: expanding their platforms to offer end-to-end contract tools and growing their business through data and artificial intelligence.
The top contract-tech companies have grown and adapted to the market
Contract-tech leaders are following the age-old wisdom of following the market, adapting to evolving customer demands.
DocuSign, for example, is well-known for its flagship e-signature tool, but the company began expanding into CLM as early as 2018, the year it went public. After acquiring the contract-automation startups SpringCM in 2018 and Seal Software in 2020, the company launched its own CLM platform earlier this month.
"We learned from our customers that beyond e-signature, they wanted to be able to automate data processes before and after signature," said Antonis Papatsaras, chief technology officer of DocuSign CLM.
DocuSign has grown its user base from 900,000 customers in 2021 to 1.2 million in 2022, Papatsaras said. Customers include Fortune 500 companies like Apple, Samsung, Visa, and T-Mobile.
Other legal-tech companies are following this route, expanding their suite of contract creation, automation, and analysis tools to become a one-stop contracts shop for businesses. And it's not just contract-specific companies that are considering the sector: General enterprise-management companies like Litera, Mitratech, and Onit have also begun branching out into contract tech.
Ironclad is another company poised to dominate contract tech. Last year, Ironclad made its first acquisition of a clickwrap company — a move that market observers said put the company in a better position to compete with DocuSign, which had a similar technology.
Ironclad CEO Jason Boehmig said Ironclad doesn't see DocuSign as a competitor despite their competing products.
"We don't think of ourselves as a legal-technology company," Boehmig said. "We think of ourselves as a technology company. We think of it as business contracts."
He added that their approaches to CLM are different: Ironclad offers a more integrated variety of contracting tools, while DocuSign's tools are a little more fragmented.
They've also achieved scale through data and AI
Access to data — and a lot of it — is another driver of success in contract tech.
"The company that has the most data, diverse data, and highest-quality data will win in the long run," Samir Bodas, the CEO and founder of Icertis, said.
Artificial-intelligence technology has also become table stakes for contract tech, according to LexFusion's Borstein. It's a virtuous cycle: Companies use technology to amass and comb through huge volumes of data, which they can then feed back into their AI to make it smarter.
Bodas said Icertis' partnerships with industry giants like Microsoft, Google, Accenture, Boeing, and Costco, have given the company access to a wide variety of data like contract provisions and clauses that allow it to provide companies with more accurate predictions and insights.
ContractPodAi, another CLM company, also can mine data using a no-code, drag-and-drop tool that allows customers to easily create custom apps for their needs, said Anurag Malik, ContractPodAi's chief technology officer.
The "real future" and "real expansion" from CLM into broader legal tech will be driven by platforms that enable users to create their own tools, Malik said.
More: Legal tech Tech Law | 2022-04-25T13:51:34Z | www.businessinsider.com | 4 Contract-Tech Companies Reveal Their Strategy for Winning the Market | https://www.businessinsider.com/contracts-clm-legal-tech-ironclad-docusign-icertis-cpai-2022-4 | https://www.businessinsider.com/contracts-clm-legal-tech-ironclad-docusign-icertis-cpai-2022-4 |
NATO told the FT that its allies are working to neutralize mines in the area but won't provide escorts.
According to NATO, floating mines have been found and deactivated in the Western Black Sea by authorities of countries that border the waterway. The organization also said that "threat of collateral damage or direct hits on civilian shipping" in part of the Black Sea remains high.
"Russia's naval presence in the Black Sea has disrupted maritime commerce even before its invasion of Ukraine," the military alliance told the paper. "Nato is not considering a naval mission to escort ships in the Black Sea, but Nato allies that have coastal borders — Bulgaria, Romania and Turkey — have deployed ships to find and neutralize any mines that may be in the area."
Kofod-Olsen's request for NATO escorts comes after maritime and labor organizations' call for a "blue corridor" to safely evacuate stranded seafarers failed to materialize, due to security risks such as mines, the International Transport Workers' Federation previously told Insider.
More: Shipping Russia Ukraine NATO | 2022-04-25T13:51:40Z | www.businessinsider.com | Shipping Firm Seeks NATO Escorts for Vessels in Black Sea: Report | https://www.businessinsider.com/shipping-firm-seeks-nato-naval-escorts-for-vessels-black-sea-2022-4 | https://www.businessinsider.com/shipping-firm-seeks-nato-naval-escorts-for-vessels-black-sea-2022-4 |
US Defense Secretary Lloyd Austin attends a meeting with Ukrainian President Volodymyr Zelenskyy in Kyiv, Ukraine, on April 24, 2022.
US Defense Secretary Lloyd Austin said on Monday that the US wants to "see Russia weakened."
Austin and Sec. of State Antony Blinken traveled to Ukraine over the weekend to show US support.
Russia has largely failed in its invasion in the face of staunch Ukrainian resistance.
Secretary of Defense Lloyd Austin that the US aims to weaken Russia so much that it can't attempt a military incursion like the one in Ukraine again.
Austin made the remarks a day after he and Secretary of State Antony Blinken met with Ukrainian President Volodymyr Zelenskyy in Kyiv. The meeting was the highest-level American visit to Ukraine since Russia's invasion on February 24.
Austin's comments also reflect the strongest position the Pentagon has taken on the conflict so far.
Russian forces launched a new offensive in eastern Ukraine earlier this month after failing to take control of the capital, Kyiv. It announced last week that its goal was to conquer the country's eastern and southern regions — an apparent scaling back of its initial initiatives, which included full demilitarization of Ukraine.
Russian forces continue to struggle in the face of a staunch Ukrainian resistance that continues to receive more heavy weaponry from Western allies. An unnamed senior US defense official said last week that Ukraine, which has both received military vehicles from allies and destroyed Russian ones throughout the invasion, currently has more tanks on the ground than Russia.
Blinken and Austin told Zelenskyy over the weekend that the US would provide Ukraine with more than $300 million in foreign military financing and had already approved a $165 million sale of ammunition, the Associated Press reported.
In an official statement on Monday, Zelenskyy expressed his gratitude for President Joe Biden's support, saying he would like to thank him "for his personal clear position." | 2022-04-25T13:51:46Z | www.businessinsider.com | Lloyd Austin: US Aims to See Russia 'Weakened,' Strongest DOD Position | https://www.businessinsider.com/us-defense-secretary-says-goal-see-russia-weakened-2022-4 | https://www.businessinsider.com/us-defense-secretary-says-goal-see-russia-weakened-2022-4 |
Crypto chartmaker Tammy Da Costa breaks down her near-term playbook for trading bitcoin and ethereum — and why Elon Musk's bid for Twitter will boost dogecoin
Bitcoin and ethereum will stay in tight trading ranges in 2022, said Tammy Da Costa of DailyFX.
Tammy Da Costa, DailyFX
Bitcoin and ethereum have been highly volatile this year as risky assets sell off.
Tammy Da Costa, an analyst at DailyFX, shared how each token should trade this year.
Here's why Tesla CEO Elon Musk's plan to buy Twitter may also boost dogecoin.
Besides, given how ugly the year has been for US tech stocks and other risk assets so far, Da Costa is encouraged that cryptos haven't fallen more and are trading well off their lows.
"We've still seen a certain amount of risk appetite despite the increase in geopolitical risks," Da Costa told Insider.
Da Costa continued: "If we do see a de-escalation of the war and we do see inflation falling, then there is a possibility that there could be increased risk appetite, which would then support the crypto market."
How to trade bitcoin and ethereum
Bitcoin will stay in a relatively tight trading range for the rest of 2022, Da Costa's charts indicate.
But before bitcoin can rise to the low $50,000s, it must first break through the "key psychological level" of $44,000, Da Costa said. Doing so would bring the $48,000 level into play, she added.
The downside scenario for bitcoin is that it falls below $38,000 and fails to hold at the $32,000 level, Da Costa said. That would bring the 2021 low of about $28,800 into play, the analyst said, but she thinks bitcoin likely wouldn't fall further than $22,000 in 2022.
Ethereum is also trading in a "very tight range," Da Costa said, noting that the second-largest crypto by market cap has stalled out around $3,000. It, too, is unlikely to set a new record high this year, the chartmaker said, adding that it faces a challenging near-term outlook.
The bear scenario for ethereum is that it tests key Fibonacci levels of $2,800 and $2,400, Da Costa said. However, she said she's "slightly more bullish" on ethereum than bitcoin in the long run as its blockchain network continues to evolve — unlike bitcoin's set-in-stone protocol.
Bitcoin and ethereum may have substantial upside from current levels, but Da Costa's price forecasts also show how risky the space still is. Furthermore, huge price targets that suggest that the two tokens could double or triple are "unrealistic," Da Costa said, given how competitive the crypto space is becoming.
"There's so many other cryptocurrencies that are getting made and the blockchain keeps improving," Da Costa said. "So I think that's going to pose a threat to both bitcoin and ethereum."
2 altcoins to watch
Regarding cardano, Da Costa said: "That's also a blockchain that could reach a broader market because their aim is also to go into Africa, to actually assist people that maybe don't have access to the internet or things that we take for granted. So I am bullish ADA."
Dogecoin — a crypto that was created as a joke in 2013 — was part of the meme stock mania of early 2021. After a euphoria-driven runup, the token has crashed 80% from the all-time high it set last May. The crypto peaked right before Elon Musk — the Tesla and SpaceX CEO who also happens to be dogecoin's biggest fan — went on Saturday Night Live.
Musk now back is in the spotlight — to the surprise of no one — as he publicly mounts a campaign to take Twitter private. Dogecoin spiked up to 28% in early April as that news broke and fans of the token began to speculate that Musk will possibly incorporate it into the social media platform, assuming he's able to acquire it. Da Costa thinks it's a story worth following.
"Because he's such a huge driver of dogecoin, I think that there's a possibility that could also rally," Da Costa said. "But it all depends on the Twitter bid as well and what unfolds."
BTC price today
eth price today
tammy da costa
tammy da costa dailyfx | 2022-04-25T14:43:38Z | www.businessinsider.com | Bitcoin and Ethereum Price Predictions, 2 Altcoins to Watch: Analyst | https://www.businessinsider.com/bitcoin-ethereum-dogecoin-elon-musk-twitter-crypto-price-predictions-dacosta-2022-4 | https://www.businessinsider.com/bitcoin-ethereum-dogecoin-elon-musk-twitter-crypto-price-predictions-dacosta-2022-4 |
DTC brands are turning to this delivery startup to fulfill orders in as little as 2 hours, keep valuable customer data, and avoid selling on Amazon
An Ohi employee works in one of the startup's fulfillment centers.
Ohi delivers direct-to-consumer brands' orders to customers in two hours.
The service is an alternative to Amazon and fills orders that come through a brand's own website.
Ohi CEO Ben Jones says that the company plans to take its same-day shipping to the suburbs next.
William Hicks doesn't have plans to sell coffee-replacement beverages from his Magic Mind brand on Amazon anytime soon.
But many of his customers do get their orders within two hours of placing them directly on Magic Mind's website through the delivery service, Ohi.
Buyers can get two-hour delivery on Magic Mind's drinks in New York, Los Angeles, Chicago, and San Francisco. They can also opt for next-day delivery, Hicks said.
"The expectations are marching toward same-day and next-day delivery because of Amazon," Hicks said. But he added that his direct-to-consumer brand is better off serving customers directly and outsourcing last-mile delivery, since it gets better data on their buying habits and can communicate with them directly instead of relying on a marketplace.
Retailers have been offering fast delivery for DTC products for years. Amazon started offering two-hour delivery on specialty brands through Whole Foods a couple of years after it acquired the grocery chain in 2017. Rapid-delivery startups like Gorillas, Jokr, and Gopuff also work with many DTC food and beverage brands, offering their products to consumers in as little as 15 minutes.
But some startups like Ohi are cutting out the middleman. Ohi delivers orders placed through a brand's own website instead of through a marketplace like Amazon. In addition to Magic Mind, its list of clients includes Health-Ade, Untuckit, and Olipop.
Other startups are taking a similar approach. FastAF, for instance, bundles orders of DTC goods, including from many brands that sell on Shopify, and delivers them within two hours.
According to Ben Jones, Ohi's CEO, many DTC brands develop attractive, pastel-colored websites and burn through cash on social-media ads to get customers to purchase their products. Ohi has raised just under $22 million to date to ensure shoppers are equally satisfied with what happens after they place an order.
"That high-quality pre-purchase experience does not translate into a high-quality post-purchase experience," he said. Once an order is placed, it often gets kicked to a third-party warehouse and shipping partner chosen for their low cost, not speed.
The goal for Ohi, Jones said, is to offer Amazon-like shipping speed to DTC brands.
Brands ship their stock to an Ohi warehouse, each of which has a delivery radius of several miles. That's in contrast to 15-minute-delivery startups like Gorillas or Jokr, which deliver within one mile of their warehouses to make good on their faster delivery promise.
Once an order comes in, Ohi relies on a mix of its own delivery fleet as well as third-party services, such as DoorDash, Uber, and Roadie, to get the orders where they need to go.
Ohi manages its own delivery-service providers with a system similar to Amazon Flex: The drivers use their own vehicles to deliver Ohi's packages. "We see that as pretty much the most effective way to do it," Jones said.
The model makes Ohi "software heavy and hardware light," he said.
While big cities make up much of Ohi's delivery area now, Jones said Ohi has its eyes on the sprawling suburbs of cities like Los Angeles. The company is in eight metro-area markets and plans to be in 13 by the end of the second quarter.
"Over time, we'll be filling in the suburbs with micro warehouses to enable those areas to be same day," he said.
Magic Mind's Hicks said he thinks fast delivery helps keep a lot of customers buying since they can order more just as they run out.
He added that the fast delivery wows a lot of new customers when they order Magic Mind's products through an ad on Instagram or a website.
"There's impulse in clicking that buy button," he said, adding that getting the product to customers the same day they order it means Magic Mind is "able to capitalize on the interest that is there the day they purchase."
More: eCommerce DTC Ohi
Big Box | 2022-04-25T14:43:39Z | www.businessinsider.com | Why Direct-to-Consumer Brands Are Betting on Ohi for Same-Day Delivery | https://www.businessinsider.com/dtc-brands-tap-ohi-same-day-delivery-to-avoid-amazon-2022-4 | https://www.businessinsider.com/dtc-brands-tap-ohi-same-day-delivery-to-avoid-amazon-2022-4 |
Despite the stalled IPO market, here are 19 fintech and crypto startups that may still go public this year — and the investors who will benefit
Coinbase employees watch as their listing is displayed on the Nasdaq MarketSite at Times Square in New York on April 14, 2021.
Fintech exits soared in 2021, and while markets slowed, some startups may still go public in 2022.
Investors like Tiger Global, Sequoia Capital, and SoftBank could benefit from fintech IPOs.
Companies like Chime, Stripe, and Plaid are ones to watch.
As more consumers and businesses interact with banking, lending, and investing online and through their phones, fintech continues to attract a growing amount of venture-capital dollars. And some of these investors may see returns soon if these fintech unicorns make their public debuts in 2022.
Fintech exits, which include acquisitions and public offerings, grew a staggering 780% last year, PitchBook reported in its 2021 Annual Fintech Report, with a $331.8 billion value from $37.7 billion in 2020. Much of the exit value came from the initial public offerings of startups like Coinbase, Nubank, Robinhood, Toast, Paytm, Marqeta, Wise, and Affirm, which all made splashy public-market entrances in 2021.
Public markets — and even venture-capital deals — have experienced some slowdown in 2022, which could hamper plans for more fintech IPOs. Despite this, some fintech startups may still go public as talks around debuts grow. There has been at least one public fintech debut this year. Applied Blockchain, a data-center builder for Bitcoin mining, began trading on the Nasdaq on April 13, the company said in a press release.
Insider reviewed company statements and press reports to find 19 other fintech companies that may still go public this year and the investors who will benefit.
Peter Smith, the CEO of Blockchain.com.
Crypto trading platform Blockchain.com may just be the first company on this list to launch a public debut. Bloomberg reported Blockchain.com met with several banks to hold early talks around a possible IPO. The startup, founded in 2011, is currently valued at $14 billion, according to Cointelegraph.
Blockchain.com founder Peter Smith has been bullish about the crypto market as his company continues grow. It's even made big moves in getting mainstream audiences familiar with the company. Blockchain.com partnered with the Dallas Cowboys in what the company calls the "first-ever crypto partnership with an NFL team."
Top investors: DST Global, Lightspeed Venture Partners, Vy Capital, GV, and Baillie Gifford
Chris Britt, the CEO of Chime.
The digital-banking platform Chime has made strides in the industry after bursting onto the scene in 2012. The company sees hundreds of thousands of new users each month, CEO Chris Britt told The Wall Street Journal last year. In January, Chime, which is valued at $25 billion, made waves when Reuters reported that the company hired Goldman Sachs to advise on an IPO. But the digital bank denied it had immediate plans for a public debut.
If Chime does push through with an IPO, its investors will surely benefit.
Top investors: Tiger Global Management, Sequoia Capital Global Equities, SoftBank Vision Fund, DST Global, Coatue, General Atlantic, Iconiq Capital, Dragoneer Investment Group, Menlo Ventures, Forerunner Ventures, and Cathay Innovation
DriveWealth
DriveWealth, a fintech that provides infrastructure for robo-advisory products, raised $450 million in August and brought its valuation up to $2.85 billion. Even before the new round of financing, the company had begun a series of acquisitions and major partnerships.
The company is looking at the possibility of an IPO, as the DriveWealth founder and CEO Bob Cortright told Barron's several special-purpose acquisition companies had approached it. Cortright told Barron's that the company wanted to spend some time preparing itself before fully considering any offer to go public.
Top investors: Insight Partners, Accel, Greyhound Capital, SoftBank Vision Fund, Point72 Ventures, Fidelity International Strategic Ventures, Base10, FTX, and FlightDeck
Michael Shaulov, the CEO of Fireblocks.
The blockchain-infrastructure company Fireblocks raised $550 million in January, upping its valuation to $8 billion. The firm provides the means for fintechs and other institutions to offer crypto services and has managed to bring the assets on its platform up to $2 trillion. This success has brought customers like Bank of New York Mellon, Revolut, BlockFi, and eToro.
The company has not yet made any concrete plans to go public and CEO Michael Shaulov told The Block it may consider tokenizing its shares instead of a more traditional IPO.
Top investors: D1 Capital Partners, Spark Capital, General Atlantic, Index Ventures, Mammoth, CapitalG, Altimeter, Iconiq Strategic Partners, Canapi Ventures, ParaFi Capital, Sequoia Capital, Coatue, Ribbit, Paradigm, Stripes, DRW Venture Capital, SVB Capital, SCB 10X, and Bank of New York Mellon
Greenlight Financial
Tim Sheehan is the CEO of Greenlight.
Atlanta's Greenlight Financial believes a personal-finance app for children not only teaches the value of money, but it's also good business. The JPMorgan- and Wells Fargo-backed fintech said it increased its valuation to $2.3 billion following a $260 million funding round in 2021.
Greenlight aims to teach kids how to invest and includes the ability to invest in stocks with their parents. Its customers may even learn firsthand what an IPO is, as Greenlight CEO Tim Sheehan told The Wall Street Journal the company was preparing to list. Greenlight also hired Brian Dong as its permanent chief financial officer to help devise a plan for a public debut.
Top investors: Andreessen Horowitz, TTV Capital, Canapi Ventures, Relay Ventures, Bond, Wells Fargo, Fin VC, Goodwater Capital, Wellington Management, Owl Ventures, and LionTree Partners
Josh Reeves, the CEO of Gusto.
The human-resources startup Gusto reached a valuation of $9.5 billion, said Forbes, after the startup raised funding in 2021. Despite a rocky start to 2020 where customers were unable to pay because of pandemic closures, Forbes said Gusto rebounded with 50% revenue growth in 2021.
Gusto CEO Josh Reeves said in 2019 it's only a matter of time before the company went public. Reeves said at the time there's no timeline for going public, but many of the projects Gusto has undertaken since 2019 are "really more about how we can be a well-run larger company."
Top investors: T. Rowe Price, Fidelity, Franklin Templeton, Generation, General Catalyst Sands Capital, Obvious Ventures, Ribbit Capital, Glynn Capital Management, GV, Acrew Capital, Emergence Capital, and CapitalG
Sashi Narahari, the CEO of HighRadius.
The cash-management and treasury-systems service provider HighRadius attracted investors like Citi Ventures and Tiger Global for its latest fundraising, TechCrunch reported.
It's since grown its valuation and even had Citi Ventures' global head, Arvind Purushotham, proclaiming HighRadius was central to his bank's work in treasury and trade systems.
After its $300 million Series C fundraising, Sashi Narahari, HighRadius' founder, told Bloomberg the company may consider going public soon.
Top investors: Citi Ventures, Tiger Global, Susquehanna Growth Equity, Iconiq, and D1 Capital Partners
The proptech startup HomeLight is valued at $1.6 billion.
Founded in 2012, the company, which matches real-estate agents with buyers, said it wanted to be an "Amazon for homebuyers" and hoped to make buying and selling a house easier.
The company could look to file an IPO, Bloomberg said, though no plans have been announced yet.
Top investors: SoftBank Vision Fund, Menlo Ventures, GV, Zeev Ventures, Citi Ventures, Group 11, Crosslink Capital, Bullpen Capital, ST Capital, FundersClub, and 500 Startups
Market volatility is one of the biggest risks to consider after retirement.
Marko Geber/Getty
The retirement platform Human Interest, whose valuation is $1 billion, announced in November it planned to go public with the appointment of two independent directors with experience in preparing for an IPO.
Human Interest has said it sees strong growth potential in its industry, TechCrunch reported, and raised $200 million in August.
Top investors: The Rise Fund, SoftBank Vision Fund 2, NewView Capital, Glynn Capital, US Venture Partners, Wing Venture Capital, Uncork Capital, Slow Capital, and Susa Ventures
Swedish payments firm Klarna helped bring its buy now, pay later service to the US. The company, with a valuation of $40 billion, stands as one of the most valuable companies in Europe.
Rumors of its IPO have been around since 2021, even as CEO Sebastian Siemiatkowski told CNBC the volatility of the stock market "makes [him] nervous to IPO."
Top investors: Sequoia Capital, SoftBank, Dragoneer, Bestseller Group, Visa, Permira, Atomico, Ant Group, TCV, Silver Lake, HMI Capital, the Commonwealth Bank of Australia, Chrysalis Investments Limited, and BlackRock (through accounts it manages)
The largest homeowners insurance companies.
Cohen/Ostrow/Getty Images
The artificial-intelligence-powered insurtech company Next Insurance continues to grow and now serves more than 130,000 users.
The company raised $250 million in September 2020, Crunchbase reported, with a valuation of $4 billion.
While Barron's reported Next Insurance had downplayed talks of an IPO, the company hired the seasoned IPO executive Teodora Gouneva as its new chief financial officer. Gouneva has worked on the IPOs of PayPal and Airbnb.
Top investors: FinTLV Ventures, Battery Ventures, CapitalG, Munich RE Group, American Express Ventures, Zeev Ventures, Group 11, Founders Circle, and G Squared
The back deck of a Pacaso vacation home.
Founded in 2020, the proptech startup Pacaso reached a $1 billion valuation in just five months, making it the fastest company to reach unicorn status. It has a $1.5 billion valuation.
Real Deal reported the company, which helps facilitate co-ownership of a second home, raised a $125 million Series C round in September, just a few months after its $75 million Series B in March 2021, which was led by SoftBank's Vision Fund 2.
With demand for second homes high, the company could see strong interest for a public debut. Pacaso, though, wants to take its time with an IPO. Austin Allison, Pacaso's CEO, said in an interview with Real Deal that while an IPO made sense, there were no near-term plans to list in the stock market. But, of course, that may change.
Top investors: Greycroft, Maveron, Crosscut, GFC, Fifth Wall, First Republic, Alumni Ventures, and SoftBank
CEO Eynat Guez.
Eyal Tuag
The Israel human-resources-management platform Papaya Global raised $250 million in September. With that latest round of financing, the company brought its valuation up to $3.7 billion.
Eynat Guez, Papaya Global's cofounder and CEO, has said the company wants to eventually list publicly. In March, the company raised $100 million, and Guez said the round could be the last before the company filed for an IPO.
While a public debut has not happened, Guez told the Israeli news outlet Globes last year that her firm was "planning an IPO within the next 24 months but of course, it depends on parameters like the situation of the market."
Top investors: Tiger Global, Insight Partners, IVP, Scale Venture Partners, Greenoaks Capital, and Bessemer Venture Partners
Zach Perret, the CEO of Plaid.
The data aggregator Plaid raised $425 million in Series D funding last year, bringing its valuation to $13.4 billion. After a failed acquisition bid by Visa, Plaid, which helps bridge user data to banks, could look to the public markets to continue its growth.
Its most recent funding round, and reported talks with investors, prompted speculation the company was planning an IPO soon.
Top investors: Altimeter Capital, Silver Lake Partners, Ribbit Capital, Andreessen Horowitz, JPMorgan Private Capital Growth Equity Partners, AmEx Ventures, Index Ventures, Kleiner Perkins, New Enterprise Associates, Spark Capital, and Thrive Capital
Brandon Krieg, the CEO of Stash.
The investing and banking app Stash saw strong growth in 2020 as people wanted to figure out their finances during the pandemic. The company, valued at $1.4 billion, raised $125 million in Series G financing, CNBC reported.
Stash started in 2015 as a mobile finance app and has since expanded its services to include investment, retirement, bank, and custodial accounts through a subscription. Bloomberg reported Stash was mulling ways to go public last year, though Brandon Krieg, Stash's cofounder and CEO, did not confirm any plans.
Top investors: Eldridge, T. Rowe Price, Goodwater Capital, Coatue, Union Square Ventures, and Valar Ventures
John Collison, left, and Patrick Collison.
The payments giant Stripe — one of the most valuable fintech companies, at $95 billion — has been rumored to be considering an IPO since last year. While the founders (and brothers) John and Patrick Collison have not spoken openly about a public debut, most expect the company to seek public funding soon.
But Stripe may not get as high a valuation as it expects on the public markets. Fidelity recently cut its valuation for the payments company to $32.20 a share amid market volatility.
Top investors: Sequoia Capital, Andreessen Horowitz, Fidelity Management, Baillie Gifford, Allianz X, AXA, Thrive Capital, Redpoint Ventures, Silver Lake, and Shopify
Tipalti CEO Chen Amit.
The payments-automation company Tipalti is valued at $8.3 billion. The San Mateo, California, startup helps clients like Twitter, Uber, and GoDaddy manage their transactions.
After it raised $270 million in December, Tipalti's CEO and founder, Chen Amit, told The Block the company knew an IPO was on the horizon for it and would be looking to work with investors that could continue to support Tipalti through to a public debut.
Top investors: Zeev Ventures, Durable Capital Partners, 01 Advisors, Marshall Wace, and Counterpoint Global Fund
The ports of Los Angeles and Long Beach.
Founded in Denmark, the cloud-based supply-chain platform Tradeshift had planned an IPO in 2020 but decided to push it back, Pymnts.com reported.
Since then, the company has gone back to investors for financing. Tradeshift raised $200 million in December. As the company grows — it partnered with HSBC in 2017 to provide access to supply-chain tracking — there's still a possibility of an IPO.
Top investors: Koch Industries, IDC Ventures, LUN Partners, Private Shares, Fuel Capital, Goldman Sachs, the Public Sector Pension Investment Board, HSBC, Notion Capital, GP Bullhound, Gray Swan, American Express Ventures, H14, and Santander InnoVentures
Colin Walsh, the CEO of Varo.
Varo, a digital bank founded in 2015, became the first challenger bank to receive a national bank charter from the Office of the Comptroller of the Currency in 2020, which allowed it to expand its financial services.
Since then, the bank has pulled in $510 million in growth funding and grew its valuation to $2.5 billion. Varo CEO Colin Walsh told TechCrunch that the company planned to go public.
Top investors: Lone Pine Capital, Declaration Partners, Berkshire Partners, Warburg Pincus, The Rise Fund, TPG Growth, BlackRock, Gallatin Point Capital, and HarbourVest Partners
More: Venture Capital Fintech | 2022-04-25T14:43:40Z | www.businessinsider.com | Here Are 19 Fintech, Crypto Startups That Could Go Public | https://www.businessinsider.com/fintech-crypto-startups-expected-ipo-vc-investors-2022-4 | https://www.businessinsider.com/fintech-crypto-startups-expected-ipo-vc-investors-2022-4 |
A superyacht captain says some guests give luxury gifts to crew members in exchange for sex
"It's an incredibly secretive world which no one really knows much about," an anonymous deckhand told Vice.
Ziga Plahutar/Getty Images
Some yacht users regularly swap luxury gifts for sex with crew members, a superyacht captain told The Guardian.
Other yacht crew have said the industry is rampant with sexual harassment.
In one survey, 38% of yacht crew said they'd received unwanted physical contact while working.
The captain of a superyacht told The Guardian that female yacht crew members are hired based on their looks and are given luxury gifts by guests in exchange for sex.
The captain, who's name wasn't provided because he'd signed confidentiality documents, told the publication about the murky world on board luxury vessels. He said that some boats forced female crew members to test regularly for sexually-transmitted diseases, citing friends and former colleagues who worked on them. The captain added that some yacht users were known to regularly exchange sex for luxury watches and other gifts.
"It's the norm in the industry," said the captain, who's spent 15 years at sea including working for some of the wealthiest boat owners. "The owners want to hook up with the stewardesses. It's quite crazy, and disgusting."
The captain said that female job applicants were usually required to send full-length photos of themselves to get a job. An anonymous deckhand who claimed to have worked on billionaires' megayachts similarly told Vice that some boats only hired crew based on the way they looked and their dress size.
Alice Tiller, a former superyacht crew member, told Marie Claire Australia that the owner of a vessel she worked on offered to pay for the ship's six female employees to get breast enlargements.
In a 2018 survey by the Professional Yachting Association, half of all respondents said they'd been targeted by unwanted sexual or sexist comments while working. In addition, 38% said they'd received unwanted physical contact, of whom 47% said it came from a fellow crew member, 13% said it came from a guest, and 38% said they had experienced both.
Crew members said in the survey that they had been raped, groped, and subjected to violence. One female yacht crew member told Cosmopolitan that her drink was spiked and she was raped by a guest.
"There is a sexual element to the job, 100%," the deckhand told Vice. "It can sometimes get a bit seedy, a bit creepy with drunk people who think they can do whatever they want."
"The guests just use superyachts as their little playground," the deckhand continued. "They live in this little bubble where they think anything goes."
The deckhand said that crew members didn't complain about how they were treated in case they had their bonuses or perks removed. "It gives the people this right to think that they can get away with anything," he said.
Superyachts are home to 'sex parties, orgies, prostitutes'
The captain who spoke to The Guardian said that prostitution on the yachts was an open secret. He also suggested that drugs flowed on board some of the vessels, saying that they required deep cleaning to remove traces of substances including cocaine.
The deckhand who spoke to Vice said he'd had to clean up mess caused by "sex parties, orgies, prostitutes," including cocaine residue.
A chef on a superyacht previously told Bloomberg that he seen some yacht owners hire a secondary superyacht to trail the main vessel with women on board who would be swapped on and off.
"It's an incredibly secretive world which no one really knows much about," the deckhand said.
The Guardian reported that it viewed employment contracts which barred yacht staff from posting pictures of posting pictures of the yacht online, speaking to media, or revealing information about the boat's ownership.
Do you work in the yacht industry? Email this reporter at gdean@insider.com.
More: Travel transport Transportation Superyachts | 2022-04-25T14:44:03Z | www.businessinsider.com | Superyacht Captain: Guests Exchange Luxury Gifts for Sex With Crew | https://www.businessinsider.com/superyacht-sex-crew-sexual-harassment-boat-sailing-ship-prostitutes-drugs-2022-4 | https://www.businessinsider.com/superyacht-sex-crew-sexual-harassment-boat-sailing-ship-prostitutes-drugs-2022-4 |
Updating your résumé for the first time in years? Here are 5 ways to make it relevant for 2022, according to career experts.
Businesswoman climbing stack of documents
C.J. Burton
Job transitions were up by 54% in 2021, according to Linkedin, as workers eye up new opportunities.
For employees making a switch, that may mean updating their résumé for the first time in years.
Here's five ways jobseekers can make sure their résumés are up to date.
Two-plus years into the pandemic and workers are dusting off their résumés.
LinkedIn found in 2021 that, among its nearly 800 million members, there had been a 54% increase year-over-year in job transitions, CEO Ryan Roslansky told TIME.
Additionally, almost half of loyal employees in the UK are setting their sights on securing a new job over the next 12 months, according to data from Bullhorn in November 2021.
For some job-hoppers, this will mean refreshing a résumé that has sat untouched on their laptops for years.
The major update to the résumé isn't really about what's in it, says Jill Cotton, careers expert at Glassdoor.
"The biggest change over the last 10 years is not so much the résumé itself than actually who is reading it, so the résumé has had to change because the audience of the résumé has changed," she said. "More and more companies have application-tracking systems, which means that when you first apply for a job, you are being read by technology, rather than a human.
"This wasn't something that was widely in play 10 to 15 years ago."
Here are five things you need to know about the average résumé in 2022.
1. The average résumé actually hasn't changed much
Although the newest generation coming into the workplace, Gen Z, is experimenting with creative résumé formats, most recruiters are still looking for something more straightforward.
"A bit of creativity is not a bad thing, but it still comes back to the rules," said Mike Harrison, regional managing director at recruitment firm Reed. "Have you answered the questions that they're looking to answer? Because all that creativity but no substance is not going to work."
The best format to send a résumé in is still a PDF or Word or Google Docs file. At most, it should be two pages long, but one page is ideal. The last 10 years of your career history should take precedence.
The different facets of a résumé are otherwise the same as they have been: Basic contact information at the top; a short professional profile; career history; system skills/technical skills section; awards and achievements and a link to your LinkedIn profile.
2. The internet has changed some things
Tech has changed a few things, including what skills you put in your résumé and how you present yourself online.
Reed's Harrison said candidates should be "super honest" about their work histories because recruiters can always check their digital footprint.
Glassdoor's Cotton added: "Yes, you need to have this amazing résumé but you also equally need to be Googleable. So you need to really look at your social media platforms, and your professional social platforms such as your LinkedIn to make sure is this also a very concise, easy-to-read profile that clearly shows that I'm capable of the results that I've produced, and would help someone understand the type of road that I might fit going forward."
Some must-haves on a résumé can now be assumed — such as Microsoft Office skills. "Now it's just assumed that everyone is proficient, and you don't need to be putting that kind of information," said Harrison.
3. Your résumé is like an elevator pitch
Harrison explained that adding a personal profile is "like your elevator pitch."
Your résumé should sell who you are to the hiring manager, and one way to do that is by having a few lines at the top which should "tempt a manager to want to read more," said Harrison.
The résumé should "get your personality out," according to Harrison by highlighting your attributes and achievements.
4. You need a unique selling point
Even with the advent of automated filtering, hiring managers sometimes have to sift through hundreds of résumés, and having a USP will still make you stand out.
Harrison explained that one way to do this is by emphasizing your practical achievements in each role. This will "clearly highlight your unique selling points," he said.
"You'll see very few people do that, but these are the people that stand out because it's a mindset thing as well. A lot of employers are trying to spot the mindset of the individual in that early stage."
5. Leave some detail for the interview
It might be tempting to showcase your personality, but some things are best left for the interview.
Harrison said: "Of course, it's interesting to get information about what that person does outside work and the things that they do for the community or for charity work ... But are they a résumé thing or are they an interview thing?"
A résumé needs to be kept short and concise to save the hiring manager time. Candidates with "a well-thought-out job profile are the ones that are going to end up sitting in front of that manager in a week's time," added Harrison.
More: Careers | 2022-04-25T15:22:49Z | www.businessinsider.com | 5 Ways to Update Your Résumé for 2022 | https://www.businessinsider.com/5-ways-to-update-your-resume-for-2022-2022-4 | https://www.businessinsider.com/5-ways-to-update-your-resume-for-2022-2022-4 |
The age of the tyrannical boss is over — and managers who don't give employees more freedom will face a talent reckoning
Managers and employers are facing a "Great Work Reckoning." They either have to give employees the freedom they are demanding or watch their workers leave for companies give them flexibility.
Ed Zitron
In 1926, Henry Ford mandated a 40-hour workweek for Ford employees after his research showed that working more than that had a negligible effect on productivity. Fourteen years later, the US government adopted the 40-hour workweek as the standard for all hourly workers in the country.
This baseline reshaped public expectations around how much time should be spent working and brought down the length of the average workweek — at least for the mostly blue-collar workers who were paid by the hour. But this left a large and vaguely defined pool of "exempt" workers who were not subject to the 40-hour rule. In fact, almost every salaried worker falls into this gap. As a result, salaried employment has become management's long con — a way of extracting ever-growing amounts of labor, including unpaid overtime, in exchange for the corrupt promise of job security.
For decades, the executive class has come to believe that paying someone a salary gives the company the right to completely monopolize that employee's time. But employers who have relied on this promise are now facing what I call a "Great Work Reckoning." Over the past few years, white-collar workers have started to see their job as many blue-collar, hourly workers already do: an economic transaction where they are being paid to do work assigned to them and deliver a product. What they think a lot less about are things like company loyalty and being a member of a white-collar "family" — ideas that benefit management more than workers. And yet after these employees proved over the past two years that they can deliver their work while maintaining some autonomy, bosses want them back in the office — or to undergo surveillance if they want to continue working remotely — so that they know they're getting "a full day's work."
But workers have come to realize that flexible work — both in time and location — can be convenient and productive. And unless employers wake up to this reality, reluctant managers are going to miss out on employees who will instead find companies that allow them to do their best work — regardless of how and where it gets done.
The salary switcheroo
While the pandemic broke the chain between workers and the office, it also upended the traditional relationship between salaried employees and their work. Salaries are generally sold as more secure and reliable than hourly compensation. A salaried employee doesn't have to worry about getting assigned enough hours, or having to miss a day. There's even the implicit suggestion that they could potentially work less than 40 hours. But the reality is these upsides hardly ever materialize.
At-will employment — the now-common contract language that allows employers to fire you at any time for any (or no) reason — means that in most states a salary doesn't protect you. And instead of getting the flexibility to work fewer hours, salaried employment almost always means you are expected to spend even more time on your job. Consciously or otherwise, organizations use the office as a way to trap both people and time, reasoning that if you're there, you're working — even if the reality is that most people are productive for only around three hours a day.
Now corporations are experiencing cognitive dissonance as flexible and remote work allows salaried workers to actually work less than 40 hours a week. Managers have tried to seize back control with intrusive surveillance software that monitors all web traffic on your laptop, or requires a verification that you're physically at your desk. The collective management freak out over this modicum of employee freedom has triggered articles about cyberloafing (doing non-work-related stuff on the computer during work hours) and remote workers working two jobs. What none of these stories seem concerned with is whether or not the employees' work is being completed. Instead they boil down to complaining from management that mostly amounts to "I don't own their entire mind, body and soul."
This is the heart of the Great Work Reckoning — decades of corporate laziness, hypocrisy, and entitlement coming home to roost. In an era when corporate greed and wage theft are running rampant, corporations have made a terrible strategic error assuming that workers who spent most of the post-2008 period scrambling to maintain employment in the face of "efficiency-creating" layoffs would once again trade large chunks of their lives for the simple security of a salary. The power dynamic between employers and employees has changed too much for that to happen again. And it caught an ill-prepared management class off guard.
Do not look at the manager behind the curtain
Expecting employees to be at their desk and working within a single eight-hour window is based on antiquated logic equating knowledge work to blue-collar labor that's executed along an assembly line or some other rigidly linear way. But knowledge work — programmers, architects, engineers, marketing professionals, and so on — is typically fluid, moving between stages and workers in a non-linear fashion. Despite this reality, the anachronistic way of thinking persists due to executives and managers who are entirely disconnected from the work itself and thus lack the understanding that, frankly, nobody is actually doing productive work for eight straight hours.
Executives are paid 351 times as much as the typical worker, yet are rarely part of the process that enriches them. As a result, they have no real perspective on the work required to deliver their company's product. But instead of simply requiring an output — say, a certain amount of revenue generated — these managers feel entitled to what they perceive to be a "fair" amount of an employee's time. As a result, workers regularly report to people who aren't qualified to handle the needs of their employees or grasp what amount of time is truly "fair" for a team to deliver their product.
Why is it so hard for corporations and the executives who lead them to reorient their thinking around productive output instead of irrelevant conceptions of time and place? Because if a corporation were to fully embrace the idea that an employee is hired to do a job versus exist in time in a particular place, they would have to start evaluating the output of each member of the organization. This creates a great deal of anxiety in higher-ups who may have never been forced to quantify their real value or contribution to an organization — and may find that in the process of doing so, they're not particularly valuable.
Demanding efficiency and flexibility
The strangest thing about the Great Work Reckoning is that much of what workers are calling for is efficiency. They want to be able to work where they want at the hours they want, with the understanding that there are times when they'll have to match schedules with other time zones or splice up hours as required. This is actually a boon for corporations since this model requires less overhead — less in real estate costs, office perks, and utilities.
This is why workers at companies like Google are furious. The tech giant recently mandated a three day return-to-office policy; employees who are approved as exceptions and allowed to keep working remotely might face a 5% to 25% pay cut based on nothing more than the biases of a Google executive team that includes a Senior Vice President who is permanently working from New Zealand. It's the height of hypocrisy. Google has made billions by empowering remote work through technology and collaboration tools, yet remains unwilling to accept two years of proof that Google employees can help produce record revenues while working remotely.
The Great Work Reckoning is causing a schism between leaders like Goldman Sachs CEO David Solomon, who seems to have no problem working a side gig but who's demanding a full return to the office for his employees, even as the rest of his industry accepts that flexible and remote work is how you retain talent. Companies and managers who force people back to the office will find that people simply choose to work elsewhere, and those who stay will likely see their careers ruined by these bad managers.
Consider the inverse situation. In a world where remote work was the norm, imagine employees demanding a big, beautiful office so they can leave that office constantly and shoot the breeze with their colleagues by the water cooler. Executives would be up in arms! They'd claim that their workers feel "entitled," that "work is not a social club," that offices would be a massive cost to the business, and that the supposed camaraderie of an office would create benefits in only the vaguest ways.
And yet workers are suddenly finding themselves as the defenders of productivity, pleading with a disassociated executive class to do something that benefits both parties. The problem is that executives want more than just work and productivity. They demand the ability to lord over their employees and protect a status quo that is painfully inefficient.
Workers are realizing that while they may not have hierarchical power in the organization, they are the reason the organization functions. And they are making fair and reasonable demands to an increasingly hysterical Corporate America. This, ultimately, is what the Great Work Reckoning is all about: workers gaining power. Workers are making it clear to companies their employment is about producing an end product in exchange for wages, not handing over a slice of their life to their employer.
Corporate America has treated labor with an intense disgust for decades, but for the first time that I can remember, corporations seem scared — they never imagined that the pandemic would create conditions where workers were willing to quickly move on from an employer or even reject work outright. Now businesses are on their heels, trying to work out the grand mystery of retaining talent. (The answer: treat them well, pay them well.) Capital now must sell itself to labor. And for the corrupt, ignorant, and lazy leaders at the top of the corporate ladder, that is absolutely terrifying.
Ed Zitron is the CEO of EZPR, a national tech and business public relations agency. He is also the author of tech and culture newsletter Where's Your Ed At.
More: work from home Future of Work Remote Work great resignation
Quits | 2022-04-25T15:23:13Z | www.businessinsider.com | Age of Tyrannical Boss, Manager Is Over: Employees Demand Work Freedom | https://www.businessinsider.com/tyrannical-bosses-managers-employee-work-from-home-freedom-great-resignation-2022-4 | https://www.businessinsider.com/tyrannical-bosses-managers-employee-work-from-home-freedom-great-resignation-2022-4 |
My jewelry business made $4.1 million last year. Here's how I started it as a side hustle and grew using Facebook and Instagram ads.
Shirlene Tsang, 28, studied finance and accounting at college but wanted to pursue a creative career.
Shirlene Tsang
Shirlene Tsang was working as a digital marketer when she launched her jewelry business in 2019.
She and her cofounder sold ready-made stock to minimize risk as they grew their brand.
Here's how Tsang grew her business' revenue to $4.1 million, as told to Ellen Nguyen.
This as-told-to essay is based on a conversation with Shirlene Tsang, a 28-year-old entrepreneur from London. Insider has verified the revenue from her business, Objkts Jewelry. The following has been edited for length and clarity.
I'm the cofounder of a seven-figure e-commerce jewelry company that made 3.2 million pounds in sales last year, around $4 million.
Just three years ago I could only dream of making this much money.
As a second-generation Asian immigrant, I felt pressure to find a good job and make money. I studied finance at the University of Bristol because my parents wanted me to, but I knew I had to carve out my own path.
My cofounder, Max, and I started our business with only 3,000 pounds while still holding full-time jobs
First we built a small swimwear brand in July 2018. But we only had £300 to invest, and it wasn't enough to scale.
We made one or two sales every day by growing our Instagram account organically, so we decided to sell it and got 3,000 pounds.
Three thousand pounds was the most cash we'd ever had. We could finally reinvest it into something bigger.
Our jewelry business, Objkts, was born.
At the time I was working in digital marketing for a fashion-accessories company, and Max was a digital designer for an advertising agency. We were able to use our combined skill set to keep costs down while launching.
Growing Objkts alongside a full-time job meant I spent my weekends and two to four hours every day after-hours working. But rather than it feeling grueling, I felt rewarded and excited.
We scaled using the test-and-learn approach with a bare-minimum product
In late 2018 we built a website. It was low-cost and easy because of e-commerce platforms like Shopify.
Then we started testing different products using ready-made stock. This approach minimized risk, as we only paid our supplier once we made a sale.
For our first professional campaign we did the photo shoot all by ourselves, with the help of some friends.
We tested marketing techniques with as little as 10 to 15 pounds a day for every product or ad angle on Facebook and Instagram until we found a winning combination.
Within a month of testing demand with ready-made stock, we'd gained enough momentum to switch to our own designs and bought our stock wholesale.
From January 2019 we were making sales on our own stock, but we weren't making a profit yet. The cost of operating still outweighed our sales.
I decided to do a "buy one, get two free" offer on a few products to get data fast. It was bold, but we kept our ad spend reasonably low.
With each sale we collected more data and could fine-tune our marketing approach. We spent only 1,000 pounds on ads from January to March 2019 before finding the winning combination of ads and products.
We had enough data to stop our offer after two months and advertise our full-priced products.
In March 2019 we slowly increased the ad spend to over 2,000 pounds on our bestselling products and had our first profitable month, making over 18,000 pounds in revenue
At the beginning of 2019, I'd already told my bosses about my side hustle, and they allowed me to become a part-time freelancer.
I'm a risk-averse person, so I took small, calculated steps toward becoming a business owner full time.
Once we had some profit to reinvest, we upgraded our Shopify subscription and hired a developer to make the website fancier.
Some might say insights from promotional campaigns were not representative of typical sales or customer habits, but we still managed to retain customers and triple our average order value after ending the offer.
When we launch a new product, we produce a small batch to avoid overproduction, then we use our social media to ask customers what they like and don't like. This means we can operate on a very lean basis.
Early on we gained a large organic social-media following. We didn't need to spend any money on influencer marketing because famous customers came to us themselves.
"Selling Sunset's" Christine Quinn, Claudia Valentina, Mahalia, and influencers like Grace Beverley and Aoki Lee Simmons have worn our products.
We also hired quickly but effectively. In April 2019 we hired our first customer-service agent through Upwork to free up our time.
I went all in and quit my job in April 2019 when I could see our business model was viable
That month we spent 8,701 pounds on ads and made 36,907 pounds — which meant for every 1 pound spent, we made about 4.25 pounds. We were able to withdraw money, pay ourselves a salary, and reinvest in ads to scale further.
I felt comfortable enough to quit my job by the end of the month. My cofounder kept his job for a while, so we weren't risking it all at once.
In November 2019 we signed the lease on our UK office and warehouse and left our order fulfillment to third-party logistics. Since it's their specialty, they have the capacity and knowledge to scale the logistics side of the business and keep up with the demand that we wouldn't have been able to handle ourselves.
For anyone who's interested in starting a business but doesn't have a big budget, I'd say start small and test things out.
You have to be willing to lose before you can gain. I lost a fair bit before I had my first profitable month. If you give up after you don't see a single sale from 100 pounds' worth of ads, you'll never see it through.
More: contributor 2022 UK Freelance Small Business | 2022-04-25T16:14:53Z | www.businessinsider.com | How I Used Facebook and Instagram Ads to Make $4.1 Million in Sales | https://www.businessinsider.com/how-to-use-facebook-instagram-ads-built-multimillion-dollar-business-2022-4 | https://www.businessinsider.com/how-to-use-facebook-instagram-ads-built-multimillion-dollar-business-2022-4 |
How a new Web3 entertainment company raised $6 million and the attention of Paris Hilton with an NFT-based reality show
Mad Realities raised a $6 million pre-seed round.
Last year, Devin Lewtan and Alice Ma were brainstorming ways to bridge NFTs and entertainment.
They landed on an interactive, NFT-backed, reality dating show called "Proof of Love."
Now, their company, Mad Realities, has raised $6 million to create entertainment around crypto and Web3.
Devin Lewtan and Alice Ma, cofounders of media company Mad Realities, had their sights set on one celebrity investor: Paris Hilton.
After all, like the founders, Hilton is no stranger to reality television or NFTs. In 2020, the former "The Simple Life" star sold a drawing of her cat as an NFT for 40 ETH, about $17,000 at the time, according to Decrypt.
"That was the one ask," Ma told Insider. "People would be like, 'Who can I introduce you to?' And we'd be like, 'Paris.'"
Lewtan, 23, and Ma, 26, cofounded Mad Realities last year. Self-described as the "MTV of a new type of TV," Mad Realities an entertainment company built around crypto and Web3 infrastructures — from NFTs (non-fungible tokens) to DAOs (decentralized autonomous organizations).
Their debut production, "Proof of Love," is an interactive, reality dating show backed by NFTs and streamed on the Mad Realities website and YouTube channel.
NFTs for the show unlock different "special powers" (i.e. experiences). Dubbed a "Rose Ticket," holders have opportunities to vote contestants onto the show, participate in a live-chat during filming, or even pick the wardrobe for a contestant.
With four episodes out and a finale landing May 1, "Proof of Love" has crowdfunded more than 172.71 ETH (Etherium), which, as of April 25, rounds out to about $494,798.
In part thanks to the success of "Proof of Love," Mad Realities raised $6 million in a pre-seed fundraising round, the company announced today. The round, led by Paradigm, includes investments from Bumble's Selby Drummond, Rex Woodbury of Index Ventures, cofounders of the Friends With Benefits DAO, and 11:11 Media — Hilton's media company.
"We're really good at manifesting things," Ma said.
The two raised the round in February after pitching investors with a memo, according to Ma.
"We didn't have time to make a deck even," she added.
Members of the "Proof of Love" team, including Devin Lewtan, Alice Ma, and Adam Faze.
From Clubhouse rooms to cofounders
"Proof of Love" started out as an "experiment," Lewtan said.
She and Ma first met through Lewtan's "NYU Girls Roasting Tech Guys" room on Clubhouse, a viral live audio chat in which eight NYU graduates hosted a "bar simulation" twice a week early in 2021.
Ma had been working on her own Clubhouse-like platform for niche fandom communities, and the two quickly began to bounce 'what-ifs' off one another until they landed on an interactive dating show "enabled by Web3," Lewtan said.
The two found an artist (who had never made an NFT, according to Lewtan) and minted a series of NFTs that would become the roses for "Proof of Love."
They formed Mad Realities as the company behind it all, with Ma as CTO, running the logistics of the tokens, product, and engineering, and Lewtan as CEO, running production. They also hired Adam Faze, a producer based in Los Angeles, as head of creative, as well as more than a dozen other employees.
As the company grew, so did the community around it. The Mad Realities Discord alone has a total of 1,400 members, with 191 of those members holding roses. And internet stars, such as Victoria Paris (1.3 million TikTok followers) and Antoni Bumba (814,000 TikTok followers), have helped it gain a following with appearances on the show.
With its new funding round, Mad Realities hopes to move towards its goal of becoming its own reality-TV streaming platform. But instead of a monthly subscription, audience members purchases NFTs and cryptocurrencies that allow them to be part of the decision-making process.
"Anyone can essentially get a show funded and be part of our network by using a certain set of tools we provide to them," Ma said.
More: Influencers Web3 NFT | 2022-04-25T16:14:54Z | www.businessinsider.com | How a Web3 Entertainment Company Raised $6 Million | https://www.businessinsider.com/how-web3-nft-entertainment-company-raised-6-million-investment-vc-2022-4 | https://www.businessinsider.com/how-web3-nft-entertainment-company-raised-6-million-investment-vc-2022-4 |
LPL Financial's chief market strategist explains why stocks in these 5 sectors will emerge as winners after a challenging first-quarter earnings season
Earnings season is gearing up, and investors need to know which sectors they should be keeping an eye on.
First-quarter earnings are expected to be weaker compared to last year's soaring returns.
But LPL Financial's Ryan Detrick says certain sectors will outperform more than others.
These include the energy, materials, utilities, healthcare, and technology sectors.
Boosted by easy monetary policy and fiscal stimuli, corporate earnings soared by 49.2% year-over-year in 2021.
Now, those days of surging profit margins and lofty gains have been left long behind, as companies struggle with sky-high inflation, looming recessionary signals, and a conflict between Russia and Ukraine that further threatens exhausted supply chains.
As first-quarter earnings roll in, analysts like Morgan Stanley's Mike Wilson have braced themselves for impending disappointment. In a note from April 11, Wilson — who serves as the firm's CIO and chief US equity strategist — wrote that Wall Street consensus predicted a "significant deceleration" of the first-quarter earnings growth rate to 4.6% year-over-year, far below last year's range of anywhere from 28% to 92%.
"The bottom line is this will likely be one of the weaker earning seasons we've seen since the fourth quarter in 2020," said Ryan Detrick, the chief market strategist at financial advisory firm LPL Financial, in an interview with Insider.
Despite this weakness, Detrick believes that investors, spoiled by last year's massive gains, have been overly disappointed with first-quarter earnings results. Detrick forecasts that earnings growth will still hit between 8% to 9% year-over-year, which he said was in line with the long-term norm.
"Amongst all the well-known concerns we've seen this year, earnings are still likely gonna come in about average, which in our opinion is pretty impressive," said Detrick.
He added: "More impressively, revenue will likely hit double digits for the fifth quarter in a row as corporations likely pass on the higher prices to the consumer." Specifically, Detrick predicts S&P 500 first-quarter revenue growth will rise 11% year-over-year.
But even in a challenging macroeconomic environment, certain sectors still stand to gain more than sectors that have faced significant headwinds recently, like financial firms. Last week, banks kicked off the earnings season with lukewarm results that weren't entirely unexpected, due to a flattening yield curve.
This season's winners
Detrick forecasts seven specific sectors will perform well this earnings season: energy, industrials, materials, real estate, utilities, healthcare, and technology.
Of all the sectors listed above, energy has faced the "most explosive" growth on the back of growing demand and soaring commodity costs in recent months, said Detrick, and will drive most of the positive upside this earnings season. Similarly, materials firms pertaining to subgroups like chemicals, steel, and copper will also benefit from these themes, he added.
Utilities, on the other hand, is normally a more defensive sector that performs well when the market is facing a risk-off sentiment. This earnings season, LPL expects the sector's earnings to grow above 10% as it benefits from both energy price pressures and its relative insulation from economic slowdowns.
"It's rare to get explosive growth in utilities, but the flip side is you're not going to have massive losses in utilities. They're more of a singles-hitter type of mentality when you're investing with utilities, and this earning season seems to be doing that once again," added Detrick.
Regarding healthcare, last quarter the sector generated a 7 percentage point earnings upside thanks to the economic reopening as people felt safer going to their doctor's offices. And because people will still need to go to the doctor even during a recession , healthcare is more protected than other sectors from economic tightening, supply chain pressures, and slowing overseas growth.
Finally, Detrick highlighted the technology sector as a potential winner, with LPL expecting a first-quarter earnings growth rate in the double digits despite the sector's extremely rocky first quarter. Detrick blamed the markets' expectations of explosive growth for setting the bar too high.
"They say the stock market is the only place where things go on sale, but everybody runs out of the store screaming," said Detrick. "Technology's had a really rough year so far, but there are some very solid corporations in there that have been caught up in a rough situation where some of the previous high-flyers have just been taken out."
Although LPL Financial didn't recommend any specific investments to take advantage of higher earnings, investors can gain exposure to names in these sectors with exchange-traded funds like the Energy Select Sector SPDR Fund (XLE), FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR), Utilities Select Sector SPDR Fund (XLU), Health Care Select Sector SPDR Fund (XLV), and Invesco QQQ Trust (QQQ).
earnings and stocks | 2022-04-25T16:15:23Z | www.businessinsider.com | 5 Stock Market Sectors Expected to Win Despite Tough Q1 Earnings: LPL | https://www.businessinsider.com/stock-market-investing-strategy-winning-sectors-first-quarter-earnings-energy-2022-4 | https://www.businessinsider.com/stock-market-investing-strategy-winning-sectors-first-quarter-earnings-energy-2022-4 |
Joe Manchin has seen his approval rating surge over the past year from 40% to 57%.
The double-digit increase was the largest improvement in approval rating of any senator, Morning Consult found.
Manchin's boost largely stems from Republican voters in West Virginia.
Sen. Joe Manchin, the West Virginia Democrat who has had an outsized influence over President Joe Biden's agenda, has dramatically impressed voters back home, according to a new poll released Monday.
The centrist lawmaker's approval rating jumped from 40% to 57% in West Virginia over the past year — the biggest increase of any senator, Morning Consult found.
The double-digit boost largely stems from West Virginia Republicans. At the beginning of Biden's term, only 35% of GOP voters in the red state approved of Manchin. Now, that figure has nearly doubled, with 69% of Republicans in support of his job performance.
Manchin's standing among independent voters also significantly improved, with his approval rating rising from 31% to 50%. At the same time, Manchin has disappointed Democrats in West Virginia, 44% of whom approve of him — a 19-percentage point decline.
Manchin's popularity places him within the top 10 most popular American senators, according to Morning Consult. Republican Sen. John Thune of South Dakota is in first place, followed by Sen. John Barrasso of Wyoming, Independent Sen. Bernie Sanders of Vermont, and Sen. Mike Rounds of South Dakota. Sanders saw his approval rating decrease by 8 percentage points in the past year.
Manchin's increased approval rating comes as he's faced backlash from the progressive wing in his party over his policy positions. Within the past year, the moderate Democrat opposed major domestic plans pushed by the Biden administration, including voting rights legislation and a sweeping social spending package known as Build Back Better. Manchin also repeatedly stood against lowering the 60-vote Senate filibuster requirement, crushing Democrats' goals to advance several of their priorities on party-line votes.
Some Senate Republicans have signaled that Manchin should switch parties, a move that would tip Senate control to the GOP. Manchin, a longtime Democrat who's served in the Senate since 2010, has on multiple occasions shut down rumors that he'll change his political affiliation. Despite his high-profile holdouts, Manchin has voted with Biden 95% of the time, according to a FiveThirtyEight tracker.
Morning Consult surveyed around 2,057 registered West Virginia voters in the first quarters of 2021 and 2022 with a margin of error of 2 percentage points.
More: Joe Manchin West Virginia Democrats Republicans | 2022-04-25T16:53:37Z | www.businessinsider.com | Joe Manchin's Approval Rating Surged Since Biden Took Office: Poll | https://www.businessinsider.com/joe-manchins-approval-rating-surged-since-biden-took-office-poll-2022-4 | https://www.businessinsider.com/joe-manchins-approval-rating-surged-since-biden-took-office-poll-2022-4 |
Costa B. Pappas
Jenna Furio.
Courtesy of Jenna Furio
Jenna Furio is a 36-year-old showgirl in Las Vegas who got started when the pandemic hit.
Her agency doesn't pay an hourly wage, so her income comes from tips she makes on the Strip.
Here's what her job is like, as told to writer Costa B. Pappas.
This as-told-to essay is based on a conversation with Jenna Furio, a 36-year-old showgirl in Las Vegas, about her job. It has been edited for length and clarity.
Everybody thinks it only takes a beautiful face and body to be a Las Vegas showgirl. That's absolutely false — you also need to be outgoing. You're putting on a show, in a way almost like an actress, but with extreme patience for people who may be drunk.
A showgirl is basically an icon for Las Vegas. It's a representation of the lifestyle of gambling and glitz and glamour of it all.
I got started showgirling because of the pandemic
When COVID-19 struck, I was out of work and on unemployment. A friend reached out to me and asked if I would like to become a showgirl. They said that I had the personality, and I gave it a shot.
It typically takes at least an hour to get ready for our shift, and it's mandatory to show up early so we can help each other get ready and leave at the same time. We usually go in pairs for safety reasons.
Our shifts are three hours long because we pay for the costumes in three-hour intervals, but if we're feeling really good that day we'll do a double, provided the boots don't kill our feet. The agency that supplies our showgirl costumes, Very Vegas Productions, takes $35 for every three hours that we have costumes.
Vegas showgirls who work with Furio holding up their tips.
Courtesy of Very Vegas LLC
If you hustle hard enough and have a good quality customer, like the ones who come to Vegas for conventions, you can make a lot in tips. The money you make comes in tips, not an hourly wage, so you really have to put the work in.
As soon as I became a showgirl, I asked some of the other showgirls if COVID-19 had affected their money. They said absolutely because there weren't as many tourists to approach, and that hit their pockets hard.
We always worry about our safety
We carry mace and stay in areas where there are cameras or security. Being a girl in the outfits that we wear, you can never be too careful.
I've definitely seen a lot of crazy stuff. People run out in the streets, throw up in front of you, or pass out on the sidewalk. Then there are the ones jumping in the fountains or climbing the statues around the hotels and casinos. And then there are those that just don't care what anybody thinks and will run their mouths and yell and do vulgar things. Some people really just can't handle Vegas.
The pros are the amazing outfits and headdresses, along with the awesome photos and videos you get on the job
I get cute stuff for my social media, and tourists get great footage and photos for memories to take home. You also get to schedule your own hours and you're your own boss.
Vegas showgirls holding up their tips from the day.
With the transportation and getting ready with the girls, I work four hours per week, but it can vary. You can work as little or as much as you want, and the money can be absolutely amazing when you work hard enough.
The cons of being a showgirl include the boots, which can be hard on your feet and legs. Sometimes wearing a headdress can affect your back.
Another thing is the rude customers and dealing with harassment. Also, the weather is harsh in Vegas — the extreme heat or the blistering windy cold can really get to you and make it hard for you to stay in your headspace to hustle harder. We work outdoors mainly since we can't work indoors unless we're hired by a residence.
Outside of the mainstream casinos, it's ideal to work at places like Caesar's Palace, The Linq, Bellagio, The Mirage, and Planet Hollywood. There's also the fact that there are many other showgirls on the Strip trying to do what you're doing, and some people have a bad taste in their mouth from previous showgirls because of how rude they were to them. It's hard to become very close to your colleagues because you're constantly working with new girls all the time, and there's a huge turnover rate of girls in this industry.
Being a showgirl definitely changed my perspective on how hardworking and amazing Vegas is
We work to keep tourists' novelty ideas and expectations of the city alive.
Now that things have opened back up, bartending is definitely more my style. It's indoors where I can stay cool, and it's more consistent since I get an hourly wage and have health benefits. I've always had a love for making drinks, but when I have extra time to make extra income, showgirling is definitely the way to go.
More: BI-freelancer Las Vegas Showgirls Vegas Strip | 2022-04-25T16:53:43Z | www.businessinsider.com | What It's Like to Be a Las Vegas Showgirl Who Works on the Strip | https://www.businessinsider.com/las-vegas-showgirl-works-the-strip-what-its-like-2022-4 | https://www.businessinsider.com/las-vegas-showgirl-works-the-strip-what-its-like-2022-4 |
A lawyer for NY AG Letitia James told a judge Monday "We would likely need to bring some kind of enforcement action [against Donald Trump's business] in the near future."
James is asking a judge to fine Trump $10,000 a day for failing to turn over personal business documents.
Trump has countered that he has nothing more to turn over; James already has 900,000 documents from his business.
New York Attorney General Letitia James may file "some kind of enforcement action" soon against Donald Trump and his business, a lawyer for her office revealed in a Manhattan courtroom Monday morning.
Given oncoming court and statute-of-limitation deadlines, "We would likely need to bring some kind of enforcement action in the near future," Kevin Wallace, an attorney with the AG's office, told state Supreme Court Justice Arthur Engoron, as the two sides battled over what the AG describes as Trump's failure to turn over personal business documents.
The statement by Wallace is the first indication that the AG's three-year probe into Trump Organization is timing-out and wrapping up — and may be heading toward some kind of enforcement action.
Lawyers for James and Trump squared off Monday over her request that Trump be held in contempt — and fined $10,000 a day — for turning over only 10 personal business documents in response to her subpoenas of his business and the former president personally.
The judge may rule by end of day Monday.
The battle over subpoeanas has been a heated one, and Monday's court session brought the latest exchanges, with Trump's side accusing James of "a political crusade" and the AG's side likening Trump's production of documents to "pulling teeth."
In court papers filed thoughout her probe, James has alleged that Trump has played loose with his numbers in describing the value of at least ten assets in his international real estate and branding company.
But James also alleges that for the past two years, getting subpoena-responsive documents from Trump and the Trump Organization has been a constant slog-fest.
"In some instances, it's been pulling teeth to get documents," as one of her lawyers, Kevin C. Wallace, said in court Monday.
"Mr. Trump is thumbing his nose at this court's order," from February, requiring him to turn over his documents, added another of James' lawyers, Andrew Amer.
To date, only ten "custodial" Trump documents — or business files in the former president's direct custody — have been turned over.
"Our patience is at an end, and so should be the court's," Amer told the judge in asking for the contempt finding and the steep fine.
Habba countered that the Trump Organization has turned over everything Trump has, and she decried the probe as an endless, vague, and ever-broadening "fishing expedition."
"This is a political crusade," she complained.
Habba said she flew recently to Trump in Mar-a-Lago. "I wanted to make sure there were no documents with him" there, she said. There were none that were responsive to the AG's subpoena, she said.
The lack of additional personal documents may be attributed to Trump's busy public life and aversion to computers, Habba implied.
"For five of the last 10 years he has been campaigning or has been president," she said. "Donald Trump doesn't email," she said. "He does not text message, and he has no work computer at home or anywhere else."
She added, "I know that's really difficult for people to understand." But while it may "create an appearance of non-compliance," his business has turned over more than 6 million pages of documents, she said.
"Donald Trump does not believe he is above the law," Habba told the judge, countering a repeated refrain James has made in press releases, that "no one is above the law." | 2022-04-25T16:53:49Z | www.businessinsider.com | NY AG Considering an "Enforcement Proceeding' Against Donald Trump | https://www.businessinsider.com/ny-ag-letitia-james-office-enforcement-proceeding-against-donald-trump-2022-4 | https://www.businessinsider.com/ny-ag-letitia-james-office-enforcement-proceeding-against-donald-trump-2022-4 |
Is IMPACT by Interactive Brokers right for you?
IMPACT vs. Betterment
IMPACT vs. Ellevest
Ways to invest with IMPACT by Interactive Brokers
IMPACT by Interactive Brokers: Is it trustworthy?
IMPACT by Interactive Brokers — Frequently asked questions (FAQ)
IMPACT app review: Choose from 13 socially responsible investing categories
Invest in companies whose values align with yours.
IMPACT by Interactive Brokers; Rachel Mendelson/Insider
Bottom line: The IMPACT app is best for existing Interactive Brokers investors who want to tailor their portfolios to companies that value environmental, social, and ethical causes. If you aren't currently an Interactive Brokers client, you'll need to set up an IBKR Lite account to use the app.
0% stocks, ETFs, and mutual funds; 3% or $14.95/trade for other mutual funds (whichever is lower); 2%, $1, or 1% for carbon offsets; 12-18% cryptocurrencies
Stocks, ETFs, cryptocurrencies, and mutual funds
No minimums; commission-free stocks and ETFs
Fractional share investing available
Investors can choose from among 13 different ESG categories when analyzing their portfolios
IMPACT allows you to swap certain assets for others that are more in-line with your values
All mutual funds aren't commission-free
No automated investing (however, this is available through Interactive Advisors)
IMPACT by Interactive Brokers is an investment app strictly designed for socially responsible investing, also known as Environmental, Social, and Corporate Governance (ESG) investing.
IMPACT gives you access to 13 different investing categories (including ethical and transparent business practices, racial and gender equality, and much more), and it even offers newcomers a simulated trading account that they can experiment with before opening a real trading account.
The IMPACT app is available on iOS and Android devices.
IMPACT by Interactive Brokers
$0 or $100,000, depending on plan
0.25% (0.40% for premium plan)
Stock ETFs and bond ETFs
IMPACT and Betterment both offer socially responsible investing options. IMPACT, however, is the better choice for ESG-focused, active traders since it offers more investing categories and features to choose from. Though Betterment offers ESG portfolios, it doesn't focus solely on impact investing.
Although Interactive Brokers also gives clients access to automated investing through Interactive Advisors, Betterment bests IMPACT when it comes to hands-off investing. The robo-advisor handles the entire investment process for you, and it lets you choose from the following socially responsible portfolios: Climate Impact, Social Impact, and Broad Impact.
$1 to $9 per month
IMPACT also outperforms Ellevest in the socially responsible investing space. The investment app lets you trade stocks, ETFs, crypto, mutual funds, and carbon offset projects. Ellevest only offers ETFs.
While you can use IMPACT to focus your portfolio on up to 13 different ESG categories, Ellevest's Impact portfolio invests up to 53% of your funds in impact and socially responsible funds. It mainly targets companies that: (1) advance women leaders, (2) support loans for community development, and (3) prioritize sustainability and ethical practices.
You'll have several options for investing with IMPACT. The investment app offers commission-free stocks and ETFs, and most of its mutual funds are also commission-free (although some cost 3% or $14.95 per trade). You'll also be able to invest in cryptocurrencies through Paxos Trust Company, and you can add carbon offsets to your portfolio if you choose.
The platform offers a simulating trading account for those who just want to test out the account without taking on any real risk. Setting up an account with IMPACT automatically enrolls US residents in Interactive Brokers' IBKR Lite account. This means that, in addition to IMPACT's offerings, you can also take advantage of other investments Interactive Brokers offers outside of IMPACT.
Once you set up your account, you'll gain access to 13 different ESG categories. You can then have IMPACT analyze your current portfolio's holdings (according to the categories you selected) and produce an IMPACT score based off how well your portfolio aligns with those categories. It uses a grade range to evaluate how well your portfolio aligns with the values you've selected. Additionally, you can use the app to find other investments that you feel better align with your values.
You can also have the IMPACT app filter your portfolio or companies you're interested in to exclude business practices you oppose (e.g., animal testing, political spending, high water use, hazardous waste, and more). Plus, if you don't feel that certain stocks in your portfolio meet your values, you can simply swap that stock for another.
Although IMPACT doesn't have a Better Business Bureau profile at the moment, the bureau gives Interactive Brokers an A+ rating. The BBB's ratings range from A+ to F and reflect its opinion of how well businesses interact with clients.
Its ratings also consider other factors such as type of business, time in business, customer complaint history, and licensing and government actions. In fact, in August 2020, Interactive Brokers got a $11.5 million fine from the SEC for failing to file suspicious activity reports for certain trades it executed.
The brokerage has closed 29 complaints in the last 12 months.
What is IMPACT by Interactive Brokers?
IMPACT is an Interactive Brokers-owned investment platform focusing specifically on environmental, social, and corporate governance (ESG) investing. It offers a space where you can invest in the companies that embody the values you believe in.
And when it comes to investment types, IMPACT gives you access to stocks, ETFs, mutual funds, and cryptocurrencies.
What are the benefits of Interactive Brokers?
Interactive Brokers offers a variety of investment products that cater to all types of investors. These include self-directed brokerage accounts, automated investing accounts, IRAs, margin accounts, crypto trading (available through Paxos), and much more.
However, it's best to figure out what your investing preferences are before opening an account. This determines which accounts — and investment types — you'll use when working toward your goals.
Is your money safe with Interactive Brokers?
Yes. Interactive Brokers offers Securities Investor Protection Corporation (SIPC) insurance for up to $500,000 (with a $250,000 cash sublimit) on all of its securities accounts.
ESG investing: Investors use this approach to buy shares of companies that adhere to impactful environmental, social, and corporate governance standards and business practices.
ETFs: These funds contain a diversified blend of stocks, bonds, and commodities. They're generally less risky than stocks because they function as a basket of different investments, as opposed to just one security.
Mutual funds: Just like with ETFs, mutual funds utilize multiple several investment types. However, they're usually actively managed by professional money managers.
Cryptocurrencies: Powered by blockchain technology, these digital assets allow for decentralized transactions between two parties. There are thousands of crypto assets available for exchange.
MARKETS ESG Investing: How to build an ethical portfolio that reflects your values
More: impact IMPACT by Interactive Brokers Interactive Brokers Personal Finance Insider | 2022-04-25T16:53:55Z | www.businessinsider.com | IMPACT by Interactive Brokers Review: Pros, Cons, and Who Should Set up an Account | https://www.businessinsider.com/personal-finance/impact-app-review | https://www.businessinsider.com/personal-finance/impact-app-review |
I'm a financial planner, and there are 4 simple lessons I'm already teaching my 2-year-old about money
Pamela Capalad
The author, right, with her husband.
Rae Maxwell
As a kid, I learned to associate feelings of fear and shame with money.
Now that I'm a mom, I'm teaching my 2-year-old that money isn't taboo.
I want him to know that wants are needs, too, and that money is emotional — and that's OK.
My mom lost her job when I was a kid, and she didn't tell my brother and me. Instead, there was new stress in the house all of a sudden and we didn't know why. She was trying to shield us, but we made our own conclusions about what was happening. I got the message that money caused stress and anxiety, but we weren't supposed to talk about it.
I taught financial literacy camps for kids in college as a fun summer job, but really, I took the job to learn all the things my kid self never did. I became obsessed with wanting every kid in the country to get these money lessons.
The other camp instructor felt the same, so we cofounded Pockets Change. I initially got my CERTIFIED FINANCIAL PLANNER® certification so I could teach the kids all the financial secrets, and now I also do financial planning for adults at Brunch & Budget with the same intention.
By the time my husband and I had our son in 2019, we had spent a decade unpacking our relationship with money. There are four lessons we hope to pass down.
Money is not a taboo
My son, now 2 years old, got a toy bulldozer from his grandma. He looked at the little booklet of other bulldozers and said, "I don't know how I'm going to buy that bulldozer, I don't know how to do it!"
I looked at my husband, shocked. "How does he know that he needs to buy things?"
"We talk about money in front of him all the time."
Our son hasn't formally been introduced to the concept of money yet, but he does know that things, including his toys, don't just appear in the house. We have money conversations around him because we know he is listening. It's not important whether he's ready to fully process the conversations we are having. What matters is that we create an emotionally transparent space around money so he doesn't need to hide his feelings.
Many of us feel some shame, guilt, and fear around money because our parents whispered about it behind closed doors. When we talk about money in front of our child, and all the emotions that come with it, he knows there is nothing to be ashamed of.
Negotiating and advocating for yourself are healthy
Our son asks for a few more minutes, one more story, three more crackers, all the time. Sounds like every toddler ever, amirite? Exactly. We're wired from young to push for what we want, to advocate for our survival and our right to thrive.
If we nurture this instinct and set boundaries at the same time, our hope is that our son will learn how to advocate for himself, be vocal about his wants and needs, and creatively problem solve as he runs into financial obstacles.
Wants are needs, too
The most damaging personal finance advice ever to exist is to *only* spend money on your needs. You're supposed to ask yourself, "Is this a want, or a need?" with the expectation that you will only buy things you need. That is not only unrealistic, it makes people feel ashamed of their wants and hide from their finances.
Does my son need another toy bulldozer? It doesn't matter. We will not be asking him that. We'll ask him what he likes about the other bulldozer and why he wants to buy it. We'll ask him if there is a toy he can give away if we get him the new one. We'll do some very simple math and show him that he has $2, and he needs $20 to buy the bulldozer.
When he understands at an early age what he truly wants and why, he is less susceptible to advertisements, peer pressure, and FOMO. Even at this young age, our son can start examining his wants and his values.
Money is emotional
We treat money as if it's a math problem to be solved, but no matter how "good" you get at managing your money, the financial decisions you make will always be emotional. Ideally, how we spend our money represents our values, but it also expresses our desires, weaknesses, exhaustion, and self-worth. When our son learns this connection early on, he can develop a healthy relationship with money.
We will show our son how to budget for his wants, advocate for himself, and speak openly about his finances so we can break the cycle, ensuring that he is able to break through financial barriers our parents only dreamed of.
Pamela Capalad is a CERTIFIED FINANCIAL PLANNER™ who has been in the financial services industry since 2008 and spent seven years at wealth management firms. She is the founder of Brunch & Budget and cohost of the Brunch & Budget podcast with her husband, Dyalekt. She is based in Brooklyn, and serves clients virtually in the New York City area and across the US.
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More: Kids and Money Relationships and money Parenting Personal Finance Insider | 2022-04-25T16:54:01Z | www.businessinsider.com | 4 Simple Lessons I'm Already Teaching My 2-Year-Old About Money | https://www.businessinsider.com/personal-finance/simple-lessons-teaching-2-year-old-about-money-2022-4 | https://www.businessinsider.com/personal-finance/simple-lessons-teaching-2-year-old-about-money-2022-4 |
A waiter serves food at a restaurant near Times Square in New York City, U.S., December 16, 2021.
The Russia-Ukraine conflict sparked new fears of a US recession in the coming months.
Yet the economic recovery is still going strong, and recent data shows little sign of a downturn.
Here are three charts highlighting why the economy is strong enough to avoid another slump.
Fears of a US recession are the most widespread since the coronavirus locked down the economy in early 2020, but the latest data suggests there's little to worry about.
With the Russia-Ukraine conflict roiling supply chains and lifting inflation even higher, economists' outlooks toward the recovery are weakening fast. Growth will very likely come in below initial forecasts, but that doesn't mean the US is plunging into a new downturn. By nearly all measures, the economy is still roaring back to life, and at a much better pace than seen after the Great Recession.
"We are a bit more remote from the immediate effects of the war compared to Europe, but we will be feeling them over time," Federal Reserve Chair Jerome Powell said during a panel discussion on Thursday. "But the US economy is very strong, performing very well. By most forecasts, we'll have another strong growth year this year."
Markets reporter Sam Ro was even simpler when detailing his optimistic outlook in a Sunday newsletter.
"Despite high inflation, rising interest rates, and geopolitical uncertainty, the economy most certainly doesn't seem to be headed for a recession any time soon," he wrote.
The US rebound is alive and well, from breakneck job creation to Americans' record-breaking spending spree. Here are three charts detailing the strength of the economic recovery amid new recession warnings.
The jobs recovery is 93% done
The labor market has flashed some of the most bullish indicators of how the country is rebounding.
Recent data showed the US adding 431,000 nonfarm payrolls in March, a sum that's still more than double the pre-pandemic average despite high inflation and the labor shortage. The unemployment rate also fell more than expected to 3.6%, nearly hitting the record lows seen before the coronavirus recession started.
The economy has now recovered about 93% of the jobs it lost during initial lockdowns. It took just 25 months to reach that level of progress, an extraordinary speed when compared to other post-war recoveries. By comparison, it took the same period during the recovery from the 2008 financial crisis just to hit the labor market's lowest point.
The return to the pre-pandemic jobs count is also set to happen three times faster than the employment recovery of the early 2010s. While job growth is likely to slow as the country gets closer to full employment, the labor market's V-shaped rebound and unusually strong demand for workers suggest the US is far from another downturn.
Americans are still spending big
Consumer spending counts for about 70% of economic activity, making it a crucial fuel for the economy as it returns to pre-pandemic health. The fastest inflation in 41 years raised concerns that high prices would curb shoppers' spending spree, but data shows the boom lasting well into 2022.
Personal consumption expenditures — the most sweeping measure of Americans' spending activity — rose 0.2% in February to a record-high $16.7 trillion, the Bureau of Economic Analysis said on March 31. That followed a massive 2.7% leap in February.
The improvement doesn't just extend the rally, but keeps it handily above the pre-pandemic trend. Government stimulus and pent-up savings boosted spending as the economy reopened in early 2021. Yet the streak has held strong even as aid dried up and inflation soared. There may be new risks on the horizon, but Americans are still spending like the economy just reopened.
Companies are raking in massive profits
The massive spending seen throughout the recovery has also buoyed the measure that Wall Street cares about the most: corporate earnings.
About a fifth of S&P 500 companies have reported first-quarter earnings so far, and the results show little sign of a weakening economy. Seventy-nine percent of companies that have reported their latest figures beat earnings-per-share forecasts, and 69% reported stronger-than-expected revenues, according to FactSet.
More broadly, companies are raking in much bigger profits than they did before the pandemic. S&P 500 earnings per share hit a record $204 at the end of 2021, up more than a third from pre-crisis levels. If first-quarter reports continue to beat forecasts, that figure will climb to even loftier all-time highs.
The stock market isn't the best economic indicator for forecasting a recession, but with companies notching record profits and spending still on the rise, the recovery is looking plenty healthy across the board.
More: Features Economy Economic Indicators S&P 500 earnings | 2022-04-25T16:54:07Z | www.businessinsider.com | Three Charts That Explain Why the US Isn't on the Brink of a Recession | https://www.businessinsider.com/recession-outlook-unlikely-three-charts-show-economic-recovery-going-strong-2022-4 | https://www.businessinsider.com/recession-outlook-unlikely-three-charts-show-economic-recovery-going-strong-2022-4 |
LEAKED MEMOS: Goldman Sachs is cutting off free gym access and other perks, while enforcing a minimum 3 weeks’ vacation to combat burnout
David Solomon is the chairman and CEO of Goldman Sachs.
Goldman Sachs has canceled a number of pandemic-era benefits in recent weeks.
The latest to go is free access to the company gym, Insider has learned.
The bank is also mandating employees take a minimum 15 days off a year to combat burnout.
Goldman Sachs just put an end to free workouts on the company's dime — the latest in a series of rollbacks to its pandemic-era perks, Insider has learned.
The Wall Street bank has told staffers they have to start paying for their own membership to the company's exclusive gym at its 200 West Street headquarters in Manhattan, according to a leaked memo, a copy of which was obtained by Insider. The bank had been comping gym access since last summer when it called its employees back to the office.
The changes are part of a "normalization of our policies" following the coronavirus pandemic, a person familiar with the updates said, but they come on the heels of other perks reportedly being yanked, like free food in the cafeteria and comped rides to and from the office. The raft of adjustments has prompted skepticism and mounting tensions within the bank, two junior staffers told Insider.
Separately, the Wall Street bank is planning some sweeping adjustments to its paid-time-off policy, according to people who work at the firm and an internal memo sent by human resources chief Bentley de Beyer last week. Starting in 2023, Goldman Sachs employees will be required to take off at least three weeks per year, and their unused vacation days will no longer roll over from one year into the next, according to the memo and staffers.
Previous guidelines established a minimum 10 days off per year for a "portion of the population," according to the person familiar — though it's unclear whom that population comprises. Other groups previously had no clear guidance on the minimum amount of PTO they had to take, the person added.
"Starting January 1, 2023, all of our people will be expected to take a minimum of 15 days (three weeks) away from work in a given calendar year, or your required minimum if greater," de Beyer wrote in the memo to staff, which was sent late last week. One key caveat: Employees must take "at least one week of consecutive time off," meaning that at least five of their required minimum 15 days PTO must be taken in immediate succession of one another.
The company, which came under fire for overworking junior bankers last year, suggested the changes are intended to combat burnout.
"To further encourage you to rest and recharge throughout the year, any unused vacation days will generally not carry over into 2023 or subsequent years, except in office locations where a required minimum applies," de Beyer added.
But the mandate was met with some skepticism, as well as unhappiness over the bank's plan to kill carryover days. A junior investment banker in Goldman's New York office told Insider that taking three weeks' vacation every year seems next to impossible in the financial-services industry .
"Nobody enforced it," this person said of the previous 10-day minimum. "And [it's] probably not a good look if you actually take three weeks," added the banker, who requested not to be publicly identified discussing internal matters.
Wall Street is known for its take-no-prisoners culture, where taking vacation — especially at the start of one's career — can raise eyebrows among bosses, and typically means at least keeping your phone on most of the time.
Goldman, for its part, has been eager to put its reputation for draconian work demands behind it after two leaked slideshow presentations surfaced last year in which junior employees railed against what they claimed were exhausting, nearly 100-hour work weeks, and painstaking conditions throughout the pandemic.
'Everyone is pissed'
As for the gym, Goldman Sachs said it would start deducting membership dues from bankers' paychecks starting with the April 7 pay cycle, which means the fees hit accounts on April 20.
One current employee in New York who has been charged for gym access said that analysts and associates pay $55 per month for the gym, while vice presidents pay approximately $70 each month, and managing directors shell out more than $100.
The fitness center memo teased other offerings, like a package of five 30-minute personal training sessions which employees could lock into during the month of April for $175; as well as the formation of a new "Outdoor Running Series" using guided runs, speed drills, and hill climbs "to boost your running skills to the next level."
The changes come as the firm has quietly culled two other pandemic-era benefits this month: daily car transportation to and from work, and free breakfasts and lunches in the bank's cafeteria, according to reports from the New York Post in April. The Post noted that the bank did increase employees' meal allowance for late dinners at the office from $25 up to $30.
As the bank tries to put the pandemic behind it, it's faced other headwinds — like scrutiny over its electronic ID tracking efforts to identify employees who don't come into the office enough, as Insider recently reported.
"Everyone is pissed," said the New York analyst who has been charged for gym access, describing a broader sentiment stemming from the benefits adjustments and simmering tensions over ID tracking.
This analyst said that they were "more frustrated about the loss of carryover" PTO days than anything, adding: "Those two days here or there matter."
Paying for talent has become a big cost for the firm, which last year increased employee compensation by 33% amid a record spate of dealmaking. But at the same time, revenues are nosediving as IPOs and dealmaking generally tapers off.
In its most recent earnings report, Goldman said this month that net revenues were "27% lower" in the first quarter of 2022 than the first quarter of 2021. Investment banking revenues, which were $2.41 billion for the quarter, were down 36% year-over-year. The bank blamed "a significant decline in industry-wide activity" as mergers and acquisitions and equity capital markets volumes slipped since the beginning of the year.
Do you work at Goldman Sachs? How do you feel about the company's cancellation of some pandemic-era benefits? 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 Goldman Sachs Finance | 2022-04-25T17:45:45Z | www.businessinsider.com | Goldman Sachs Ends Free Gym Access, Orders Staff to Take More Time Off | https://www.businessinsider.com/goldman-sachs-ending-perks-combating-burnout-gym-access-pto-2022-4 | https://www.businessinsider.com/goldman-sachs-ending-perks-combating-burnout-gym-access-pto-2022-4 |
DeFi has a $10 billion fraud problem. We asked 3 crypto security experts to share the 3 tips any new investor needs to know to avoid losing their hard-earned money.
DeFi scams make up the majority of fraud in the world of crypto.
Vladimir Kazakov/Getty Images
DeFi is the fastest area of growth in crypto, with over $200 billion locked in total assets.
Fraud is rampant in DeFi, to the point where some industry insiders feel it may implode on itself.
Insider asked three DeFi industry vets for tips to help DeFi beginners avoid the most common scams.
Crypto is the Wild West of investing, and DeFi, or decentralized finance, is at the forefront of the fast-growing and lightly regulated $2 trillion industry. Within the past year, DeFi's total-value locked has exploded from $630 million to over $200 billion as it gains widespread acceptance from individual investors and institutions alike.
But not all crypto fortunes are made legally. According to Chainanalysis, 79% of all cryptocurrency scams last year came from DeFi alone, and the fraud targets everyone, from average Joes to tech billionaires. Rug pulls, or scams that entice investors to put their money into a crypto project only for the founders of the project to run off with all of the money, are a particularly common form of fraud in the world of DeFi. Be it the thousands of investors who lost their money in the SquidGame DeFi token rug pull, or Mark Cuban, who lost $200,000 on a DeFi token that got rug pulled, anyone can call for a DeFi scam.
With so much opportunity to be found in the world of DeFi, it can be awfully enticing for new investors to want to jump in headfirst. But with fraud so prevalent, anyone who wants to join the fray needs to know what sort of scams they should watch out for.
DeFi is growing so dynamically that it's hard to come up with a single definition for the nascent industry. But in general, DeFi refers to the different protocols that utilize blockchain technology in order to conduct financial operations.
Some of the common investment ideas that fall under the umbrella of DeFi include staking, lending, margin trading, DeFi native tokens, and stablecoins. Simply put, DeFi is shaking up the traditional finance world, and has quickly become too big to ignore.
According to Hamzah Khan, the head of DeFi at Polygon, "DeFi is a revolution that is allowing average investors to utilize investment protocols that only major institutions had access to previously. Investors who want lucrative returns cannot ignore it because the smartest minds are all entering this field. It is the future."
However, this "future" is rife with fraud in the present. Recent examples of DeFi scams include the Beanstalk attack last week where hackers made off with over $180 million, and an iCloud phishing scam that cost one MetaMask user $650,000.
Many scams are designed to target new investors who aren't particularly tech savvy, which is why it behooves those investors to know what they should be on the lookout for and how to avoid some of the most common forms of DeFi fraud.
Stick to DeFi tokens on centralized exchanges
There are many different ways to interact with DeFi, and one of the most common is to use decentralized exchanges, or DEXs, like Uniswap, PancakeSwap, or SushiSwap, to trade with other investors for niche DeFi projects. But for someone just entering the world of DeFi, these exchanges pose unnecessary dangers.
Decentralized exchanges are peer-to-peer exchanges where two individual traders exchange cryptocurrencies. They typically lack the clean interfaces that major exchanges like Coinbase, Binance, and Gemini have, and focus mainly on creating a marketplace for a vast variety of cryptocurrencies.
However, by nature of being a decentralized exchange, there aren't any regulators vetting the projects that are listed on the platforms. As Akash Takyar, CEO of LeewayHertz Technologies, recently wrote "Any ERC-20 token can be launched on Uniswap if there is a liquidity pool available."
In simpler terms, pretty much anyone can list a token on the major decentralized exchanges — which means pretty much anyone does.
Discerning legitimate DeFi projects from illegitimate ones is difficult enough for experts, so for average investors who don't have the time to spend hours pouring through projects and sussing out scams it's even more problematic.
Josh Olin, the founder of the GTFO (Get The Fraud Out) cryptocurrency, has dedicated his career to weeding out fraud in DeFi. His advice for beginners is to only use centralized exchanges. Olin told Insider in a recent interview that "Coinbase, Gemini, or Kraken have to vet the projects that are listed on their platform. You know that there's a layer of security that a publicly traded company like Coinbase takes before it lists a token on its platform."
Be wary of "gem-talkers"
"Gem-talkers" is a colloquialism used to describe influencers who promote crypto projects online to their audiences via social media. They often promise huge returns with headlines touting big profits in a short amount of time, get thousands of likes and retweets, and seem to be credible at first glance.
But gem-talkers don't have any form of financial verification, hence the emergence of the meme phrase "not financial advice" that has become prevalent across social media, and often have built their online followings using social engineering and click-baity titles.
Allen Lee, former MIT researcher and the founder of Beta Finance, told Insider that "he ignores social media DeFi advice," and recommends visiting websites like RugDoc.io, which showcase some of the most common techniques that malicious actors use to scam people.
Be realistic and do your own research
Part of crypto's major allure for investors is the promise of enormous gains — but sometimes newer investors are so eager to make money that they forget to do their homework. Tushar Aggarwal, founder of crypto staking company Persistence and general partner at Outlier Ventures, said he "recommends reading at least one audit report" of a project before he considers investing.
Moreover, it is a good idea to focus on projects with public founders. Projects like Algorand, founded by MIT award-winning computer scientist Silvio Micali; USDC, founded by former venture capitalist and early internet pioneer Jeremy Allaire; and Chainlink, which was founded by Sergey Nazarov, an almost decade-long crypto veteran, all have public-facing leadership.
This is important in building trust for investors because it means that the founder of a project cannot simply take people's money and then vanish. Their reputations are staked alongside the project, thus they can't just rug pull and disappear the way an anonymous founder could.
Obviously, not every DeFi project will have such esteemed public founders, but checking a founder's background, and looking into the background of the project itself, is an important step before committing capital.
More: Investing crypto DeFi | 2022-04-25T17:45:46Z | www.businessinsider.com | How to Avoid Common Scams and Fraud While Investing in DeFi | https://www.businessinsider.com/how-to-invest-crypto-ethereum-altcoins-defi-avoid-scams-rugpull-2022-4 | https://www.businessinsider.com/how-to-invest-crypto-ethereum-altcoins-defi-avoid-scams-rugpull-2022-4 |
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