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How to tell if your AirPods are fake in a variety of ways
Fake AirPods can look just like the real things.
The best way to tell if your AirPods are fake is by entering their serial number into Apple's "Check Coverage" website.
This website will tell you if the AirPods are registered in Apple's system, which all real AirPods are.
You should also look for typos on the packaging and misaligned plastic, and check if it connects with your iPhone in the right way.
AirPods might be Apple's most popular product since the iPhone. But whenever a new hit product comes along, you can expect a boatload of imitators to follow.
There are hundreds of fake AirPod brands on the market, and at first glance it's not always easy to pick out the frauds.
How to tell if your AirPods are fake using a website
There are a few ways to tell if your AirPods are fake just by looking at them, but if you're not sure, try out the one surefire method: Ask Apple.
Apple runs a website that lets users check if their products are still under warranty. This is great for checking real products, of course, but it also has the added benefit of telling you when you're using a fake product.
To use the site, you'll just need your AirPods' serial number. You can find this number in two ways.
First, if your AirPods are connected to an iPhone or iPad, you can open the Bluetooth menu and tap the i icon next to their name. The serial number will be listed on the page that opens.
Second, you can find the serial number written on the inside of the case, in the space that your left AirPod head sits in. If you have AirPods Max, you'll instead find it underneath the left ear cushion. You might need a magnifying glass to read it clearly.
The serial number is written into the space that holds your left earbud.
Note: Depending on the model, each AirPod earbud might have its own serial number too, but this website won't recognize them even if they're real. The case's serial number is what matters here.
Once you have the AirPods' serial number, head to the Check Coverage website and enter it into the field at the top, then fill out the CAPTCHA and click Continue.
If you're brought to either a page that asks you to enter the purchase date, or one that tells you what warranty options you have available, your AirPods are probably legit. But if you instead get an error message saying that Apple is "unable to check coverage for this serial number," they're almost definitely fakes.
Quick tip: Systems like this are why you should always keep your serial numbers private. Leaking your number online makes it easier for companies to make fake AirPods with real serial numbers, which makes it harder to detect fakes.
How to tell if your AirPods are fake by finding defects
Apple has pretty high production standards, and fake AirPod manufacturers rarely meet them. If you look carefully, you can find signs that they're fake on the packaging, case, and even the earbuds themselves.
Here are some errors to look for:
Check the box and manual for typos. Fake products are usually covered with English spelling and grammar errors.
Does the case charge using a Lightning cable, the same cable that iPhones use? If not, it's guaranteed to be a fake.
The plastic on fake AirPods tends to feel cheaper and flimsier than genuine models.
The case should have a button on the back that lets you pair the AirPods with other devices, and this button should be totally flat with the rest of the case. If the button pokes out at all, or feels loose, chances are that it's fake.
If you put the AirPods into their case and open it near an iPhone or iPad, does a menu automatically pop up that lets you pair them? If not, that's a sign that they're fake.
Fake AirPods won't appear in the Find My app when you connect them to your device.
Once you've paired your AirPods with an iPhone or iPad, open the Bluetooth menu and tap the i icon next to their name. You should see a page full of information about them — if all you see are Device Type and Forget This Device options, they're fake.
Real AirPods have a variety of features and options, which fakes can’t replicate.
The best AirPods
Apple; Alyssa Powell/Insider
If you're looking for the real deal, buying AirPods at stores like Apple or Best Buy can ensure you get the best quality product:
Best AirPods overall: AirPods Pro, $249 on Apple
Best AirPods on a budget: AirPods (2nd Gen), $129 on Apple
Best AirPods for audiophiles: AirPods Max, $549 on Apple
TECH How to use your AirPods or AirPods Pro, and customize their settings
TECH 5 ways to troubleshoot when your AirPods are not charging
TECH How to update your AirPods, AirPods Pro, or AirPods Max
TECH How to use AirPods with an Android phone or tablet, and even restore some missing features
More: Tech How To AirPods fake AirPods Pro
AirPod case
BI Photos | 2022-04-29T20:21:02Z | www.businessinsider.com | How to Tell If Your AirPods Are Fake | https://www.businessinsider.com/how-tell-if-airpods-are-fake | https://www.businessinsider.com/how-tell-if-airpods-are-fake |
What's the cost of a title loan?
How much can you borrow with a title loan?
Pros and cons of title loans
What are alternatives to title loans?
A title loan can get you fast cash with no credit check — at an exorbitant cost and the risk of losing your car
Title loans often have high fees and short repayment windows.
Title loans use your car as collateral, meaning the lender can repossess your car if you don't pay.
Title loans often need to be repaid within 15 to 30 days and charge interest rates around 300%.
Alternatives to title loans include credit cards, personal loans, side gigs, and local charities.
A title loan is a short-term high-interest loan that uses your car's title as collateral when you borrow money. That means the lender can repossess your car if you don't pay back your loan on time. Many title loan lenders don't consider your credit history at all when making lending decisions.
If you're in a bind, have poor credit, and need money fast, a title loan may seem to be an attractive option to get your cash. But title loans come with significant downsides. Title loans are risky because they charge high fees and you're at risk of losing your car if you fall behind on payments.
Title loan lenders generally target borrowers with low credit scores or minimal credit history who can't qualify for lower cost loans elsewhere.
"In an ideal world, nobody would be taking out a title loan," says Evan Gorenflo, senior financial advisor with the personal finance app Albert. "It's not something that you typically connect with getting ahead or a financial goal. It's more designed to help you out in a desperate time."
Title loans generally have interest rates equating to 200% to 300% APR. A title loan usually has a better interest rate than a payday loan, which can carry an APR of 400% or more. However, its rate is significantly higher than personal loans or credit cards, which usually have maximum APRs around 36%.
"Title loans are tricky because a lot of people rely on their car for making money," says Gorenflo. "In this situation, you're giving up your title as collateral. Sometimes you're giving them a second set of keys to your car, they put GPS in your car in some cases, so you're making it really easy for them to impound your car if you're unable to pay this back."
The range you'll be able to borrow depends on your individual situation, but generally lenders will allow you to take out between $100 to $10,000. The usual length of the loan is two weeks to one month, similar to how a payday loan works.
"There's a limit to how much you can borrow," says Gorenflo. "If your car's worth $10,000. they're not going to let you borrow that whole thing. Sometimes it's 25% of the cap on whatever your equity is. Some lenders will actually require you to own your car outright before they'll give you a title loan. Each lender will function a little bit differently."
Receive money quickly
Can lose your car
Extremely high interest rates
15 to 30-day repayment term length
Potential to be trapped in a cycle of debt
If you need the money to pay off expenses such as utility bills, credit card payments, or rent, try contacting your creditors to make repayment plans that don't involve you taking out a loan. You never know what options might be available to you unless you reach out and ask.
Other alternatives to title loans include asking friends for money, taking on side gigs from ridesharing apps, or reaching out to local charities or religious organizations. If you qualify, you might want to take out a credit card or a personal loan with a lower APR than a title loan. You'll still be borrowing money, but it will cost you less in overall interest.
"If you do need quick money, if you need to earn 200 bucks, you can do that in a weekend with Uber," says Gorenflo. "Even if it's a little bit more wear and tear on your car, if it avoids you taking out a 300% interest loan it could definitely be worth it."
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More: Loans Auto Loans title loans pfi | 2022-04-29T20:21:15Z | www.businessinsider.com | Title Loans: How They Work, Cost, Alternatives | https://www.businessinsider.com/personal-finance/what-is-a-title-loan | https://www.businessinsider.com/personal-finance/what-is-a-title-loan |
An Instagram influencer shares the 8-page wrap-up report she sends brands after a paid deal
Kristen Bousquet is a micro influencer and also runs a creator coaching business, The Soulcialmate.
Kristen Bousquet.
Brands are increasingly looking for ways to track the ROI of influencer marketing campaigns.
One way is to get metrics about a post's performance, which only a creator has access to.
Here's the deck that creator Kristen Bousquet sends to brands with insights from paid posts.
Influencer marketing — in which a creator is paid by a brand to promote products or services — is becoming an increasingly popular way for brands to reach desired audiences and for creators to make money.
Insider Intelligence estimates the influencer marketing industry will grow 12% this year and surpass $4 billion in spending, up from $3.6 billion in 2021.
As the market matures, brands are trying to find ways to track the ROI of influencer-marketing campaigns more directly.
For this, some brands rely on influencer-marketing agencies, which can obtain data — such as views, likes, shares, and clicks on linked products — on how paid partnerships with influencers performed.
"We have noticed that in the past year, brands have been making much more specific data requests at the end of campaigns," said Alessandro Bogliari, co-founder and CEO of agency The Influencer Marketing Factory. "Before that, data was just an added value."
But brands also go to directly to the creators for that data.
Kristen Bousquet, a micro influencer who has 24,500 followers on Instagram, started noticing this trend in 2021.
Many of the brands she collaborated with began asking her to provide screenshots of performance insights of her paid Instagram posts or Stories.
At first, she used to simply attach the screenshots to an email, but she said that could be confusing when the collaboration included more than one post.
"Then the brands would have to try and figure out which analytics were for which slide," Bousquet told Insider. "It was a jumbled up mess."
So she created a wrap-up report template using Canva, a graphic design tool, and started sending it out to every brand at the end of a campaign, before they even request it.
The report includes statistics about paid posts, such as likes, comments, saves, and shares, as well as reach and impressions. For Instagram Stories, data can also include taps on link stickers or on the brand mention — which is a important metric for brands looking to see how many potential clients the influencer campaign generated.
Bousquet sends this data at the end of a campaign to prove that she generated real impact — and with the hope that the brand will sign another deal with her.
If a campaign is particularly successful, she also repurposes the results in a different deck as a case study to show potential partners.
"I wanted to be really professional and detail-oriented to set myself apart from the millions of other creators," Bousquet said. "And I've gotten great feedback from brands. Every single time I send the report I get an email saying, 'Oh my gosh, thank you so much.'"
Here's what the full 8-slide wrap-up report looks like:
Bousquet's report starts with a cover page.
The first page of the report includes the name of the brand Bousquet worked with — in this case, Kent Bikes.
It also includes the time the partnership took place, a sample picture from the campaign, and Bousquet's email and social media handle.
The template she uses for the recap report has a specific set of colors that she uses across all of her social media accounts.
"It's all consistently branded — the visuals, the fonts, the colors — everything is really similar to my profile," Bousquet said. "And I think the way it's visually presented is something that makes it really easy for the brand to understand."
The first page shows the Instagram post Bousquet created for the campaign.
The next slide goes directly into the first post of the campaign. Usually, these are Instagram posts or Stories, as Instagram is the main platform Bousquet uses for brand partnerships.
The slide includes:
The kind of post it was ("In-feed post")
Bousquet's Instagram handle (@kbousq)
The date the post was published ("Live on March 30, 2022")
There are two screenshots, one with the actual photo and the other with the caption.
The following page includes backend screenshots about the post's performance.
The second page includes screenshots of the backend statistics showing the performance of the post.
The data includes content interactions — likes, comments, saves, and shares — as well as reach, impressions, and activity like profile visits, follows, and email button taps.
The next two pages replicate the same format for a different post.
The following two pages include messages and comments Bousquet received around the campaign.
Before concluding, Bousquet includes two pages with comments and messages she received from followers about the campaign.
She said she began adding this section to her deck in late 2021, when she realized how fierce the competition for brand attention had become in influencer marketing.
"I need something else to set me apart and give me some brownie points with the brand, to show that I'm worth hiring over the next person," Bousquet said. "I wanted to add something that was a bit more solid proof that I was getting a good response from my audience."
If, like in this case, other users reposted her content and commented on it, Bousquet includes screenshots.
"I include these on this because a brand will look at that and say, 'Wow, here's evidence that us paying her was a good idea,'" Bousquet said. "Everyone can like a photo, but they don't necessarily say, 'Oh my gosh, I love this bike, I will go buy it.'"
The report ends with a thank you page.
For Bousquet, it's important to keep the report as concise as possible. She tries to limit the wrap-up reports to 5 to 10 pages.
More: Features Deck Influencers | 2022-04-29T20:21:21Z | www.businessinsider.com | Read the Wrap-up Report an Influencer Sends Brands After a Paid Deal | https://www.businessinsider.com/read-micro-influencer-brand-partnership-recap-report-data-2022-4 | https://www.businessinsider.com/read-micro-influencer-brand-partnership-recap-report-data-2022-4 |
An ethics complaint was filed against Rep. Madison Cawthorn over allegations that he failed to disclose gifts and money loans that he gave to a male congressional staffer.
Rep. Madison Cawthorn of North Carolina faces a congressional ethics complaint.
The complaint alleges he violated ethics rules by providing gifts and money loans a staffer.
But internal congressional investigations are notoriously slow and opaque.
Republican Rep. Madison Cawthorn of North Carolina is facing a flurry of alleged ethics violations related to his personal finances and increasingly erratic behavior.
A member of Cawthorn's own party — Sen. Thom Tillis of North Carolina — has even called on congressional investigators to target the freshman congressman.
But don't count on Congress to act swiftly, if it acts at all.
That's because Congress' internal ethics investigations process is notoriously slow and opaque, often lasting many months. And if a member of Congress resigns or loses re-election in the midst of a congressional investigation — both plausible outcomes for Cawthorn — the House Committee on Ethics will cease any effort.
Congress does little to hold members of Congress and congressional staffers accountable when they conduct investigations, says Dylan Hedtler-Gaudette, government affairs manager of Project On Government Oversight, a nonpartisan watchdog group.
"The track record of the ethics committees in both chambers is really being largely impotent and largely useless when it comes to these things," he said.
He added that "because everyone knows that the ethics committees are not really going to do anything" then it can incentivize members of Congress and congressional staffs to keep violating congressional ethics rules.
If a member of Congress are found to have violated house ethics rules, then there can be a number of penalties ranging from a letter of reprimand, all the way up to censure, says Kedric Payne, a former deputy chief counsel at the Office of Congressional Ethics.
Censure is a formal statement of disapproval carried out on the House floor. The House Speaker usually reads a resolution condemning a lawmaker's actions and then the lawmaker has to stand and listen to it.
In extreme cases, the US Constitution grants Congress the right to expel a sitting lawmaker — something that's only happened five times, according to House records. The most recent expulsion came in 2002, when Congress kicked Rep. James Traficant, an Ohio Democrat, out of the US House.
Payne, now with the nonpartisan Campaign Legal Center, said the outcomes of a formal congressional investigation could also lead to congressional leadership applying pressure to push out the members of Congress or forcing them to resign.
But Congress may also dismiss an investigation without any adverse action against one of its own.
On Friday, Cawthorn's office responded to Insider's questions about his ethics situation with a tweet.
"I believe in some pretty aggressive government reforms. I want to change the GOP for the better, and I believe in America First," he wrote. "I can understand the establishment attacking those beliefs, but just digging stuff up from my early 20s to smear me is pathetic."
Numerous accusations
Earlier this week, David Wheeler, the president of American Muckrakers PAC, a political action committee advocating to remove Cawthorn from office, filed an ethics complaint against the Republican lawmaker.
The complaint accuses Cawthorn of violating US House ethics rules by allegedly providing free housing and gifts to Stephen Smith, one of his staff members. It also alleges that Cawthorn and Smith failed to properly file financial disclosures on these alleged gifts and money loans the North Carolina lawmaker gave to Smith.
It also accuses Cawthorn of violating ethics rules by attempting to bring a loaded gun through an airport security checkpoint.
Meanwhile, it appears Cawthorn separately violated the federal Stop Trading on Congressional Knowledge (STOCK) Act by failing to report his stake in a cryptocurrency named for the anti-Joe Biden slogan "Let's Go Brandon."
The ethics complaint filed against Cawthorn comes after The Daily Mail published a story on a video that shows Cawthorn in a car with another man, who was reportedly Smith, Cawthorn's scheduler.
In the video, Cawthorn says, "I feel the passion and desire, and would like to see a naked body beneath my hands."
In response, the man says, "Me too. I'd like to see that as well," and then shows the man putting his hand on the lawmaker's groin.
Cawthorn has faced attacked by members of his own party, including House Minority Leader Kevin McCarthy, after he claimed he was invited to a orgy in Washington by Republican lawmakers and witnessed drug use.
The independent Office of Congressional Ethics is designed to investigate allegations of misconduct when they receive complaints or notice of alleged ethics violations. In most cases, the office will make their investigations public, if they believe wrongdoing occurred.
If the Office of Congressional Ethics conducts an investigation — something that often takes several months — they will then report their findings to the House Committee on Ethics with a recommendation of whether to "further review" or "dismiss the matter," according to its website.
There have been recent cases of the House Committee on Ethics launching investigations into alleged financial impropriety or inappropriate relationships between members of Congress and their staff members.
In 2019, former Rep. Katie Hill, a first-term Democratic representative from California, resigned following allegations that she had a inappropriate sexual relationship with a staffer.
Since October, the House Committee on Ethics has been reviewing an Office of Congressional Ethics report that Rep. Tom Malinowski, a Democrat from New Jersey, failed to properly disclose dozens of stock trades together worth hundreds of thousands, if not millions of dollars.
The House Ethics Committee released a letter on their investigation into former Rep. Jeff Fortenberry
But the limits of the House Committee on Ethics' jurisdiction was made clear earlier this month, when it stopped an investigation into now-former Rep. Jeff Fortenberry, a Republican from Nebraska, who was convicted in March on three charges related to a campaign finance scandal.
"The Investigative Subcommittee and the Committee no longer have jurisdiction over him. The Committee considers this matter closed," the House Committee on Ethics wrote April 1.
More: Madison Cawthorn Congress Ethics Ethics Investigation
Office of Congressional Ethics
House Committee on Ethics | 2022-04-29T21:13:17Z | www.businessinsider.com | Why Madison Cawthorn's Congressional Ethics Investigation Will Be Slow and Potentially Fruitless | https://www.businessinsider.com/madison-cawthorn-ethics-congress-investigation-north-carolina-2022-4 | https://www.businessinsider.com/madison-cawthorn-ethics-congress-investigation-north-carolina-2022-4 |
Brent D. Griffiths and Oma Seddiq
President Joe Biden and Vice President Kamala Harris.
Biden threatened to fire his aides if he found out they were leaking negative stories about Harris.
The warning was reported in a forthcoming book by two New York Times journalists.
Harris has faced low public approval ratings during her vice presidency.
President Joe Biden threatened to fire any of his senior aides if he learned that they were behind a string of negative stories about Vice President Kamala Harris and her office, according to a forthcoming book.
The warning came last year after several news outlets published stories that described dysfunction in Harris' office and tensions between her staffers and Biden's. The White House defended Harris in public statements and dismissed the reports.
"No one was more frustrated by the leaks than Joe Biden. The president had known many of Harris's shortcomings when he chose her to be his running mate, but he was defensive of her and irritated by the unsightly drama spilling into view," New York Times reporters Jonathan Martin and Alex Burns wrote in "This Will Not Pass: Trump, Biden, and the Battle for America's Future." Insider obtained an advance copy of the book before its publication on Tuesday.
Biden gathered his senior staff to the Oval Office, and told them he would let them go if they leaked such stories about Harris, according to the book.
Harris's vice president has not been smooth sailing. She's faced low public approval ratings and a string of top advisors have left her office.
According to the book, when White House chief of staff Ron Klain met last April with Rep. Kathy Manning, a Democrat from North Carolina, he was dismayed to find out that Manning had been left out of parts of Harris' recent trip to her district. The White House often makes it a point to include lawmakers in top officials' stops and Biden often notes their presence from the podium.
"That makes me want to vomit," Klain said, according to the authors, based on one person's account of the meeting.
The White House did not respond to Insider's request for comment. An official previously told Insider that the administration did not plan on engaging in "confirmation or denials" about the book's specific claims.
"We respect that there will be no shortage of books written about the administration containing a wide variety of claims," Deputy Press Secretary Chris Meagher said in a statement. "We don't plan to engage in confirmations or denials when it comes to the specifics of those claims."
The book is replete with examples of how Biden's team reportedly mocked Harris' team.
In one example, West Wing staff mocked the suggestion that the vice president would carve out an international portfolio by taking the lead on relations with Nordic countries. The private derision went even further when it was floated that Harris should give a sweeping speech on foreign policy.
"Biden aides vetoed the idea," the authors write. "Why should a vice president have their own independently articulated view of global affairs?"
One of the biggest flashpoints came over a relatively trivial slight. Harris' team was upset with the photo Vogue selected for its February 2021 issue.
A Biden advisor, according to the book, told Harris' enraged aides and her then-chief of staff Tina Flournoy that there were bigger things to deal with ahead of the inauguration that would take place shortly after the insurrection.
"Tina, the advisor said," the authors write, "these are first world problems."
More: Kamala Harris Joe Biden This Will Not Pass White House | 2022-04-29T21:52:04Z | www.businessinsider.com | Biden Warned He'd Fire Aides Who Spread Negative Stories About Harris | https://www.businessinsider.com/-biden-threatened-to-fire-aides-spread-stories-kamala-harris-2022-4 | https://www.businessinsider.com/-biden-threatened-to-fire-aides-spread-stories-kamala-harris-2022-4 |
In leaked email, Nike's CEO reveals the state of employee morale ahead of its controversial office return next week
Nike's world headquarters.
Nike CEO John Donahoe this week emailed workers the results of an employee survey.
The survey shows improvements, but continued "challenges with fatigue and productivity."
Employees credited Nike with transparency, but worried about the return-to-office plan.
The Nike brand on Sunday will celebrate its 50th birthday.
And then, on Tuesday, the company's corporate workforce will return to the office as part of a new hybrid schedule that includes three days in the office and two days remote. Employees will also have the option of working an additional four weeks from home. Employees can take the time to work remotely in one-week increments.
This week, CEO John Donahoe emailed Nike employees the results of a recent employee engagement survey in the buildup to next week's return to office, which will feature various festivities for employees. Donahoe calls this return to its Beaverton, Oregon, headquarters a "key moment for Nike."
Insider obtained a copy of the email as part of its continued reporting on Nike's return-to-office plans.
Two current employees who spoke with Insider about the email gave it mixed reviews. Employees said they appreciate the candor, data, and continued focus on mental health. Nike's taken various steps to improve the well-being of workers, including fewer meetings on Fridays, shorter hours on Fridays during warmer months, and a week off for mental health.
But current employees worry the stubborn return-to-office policy will ding morale, which one employee recently characterized as "in the tank." In December, Nike acknowledged in a separate email to employees that only 54% of workers thought the three day a week in-office policy gave them enough flexibility.
Nike did not respond to a request for comment about the email sent this week.
In addition to a focus on employee mental health, Donahoe also gave employees an update on the implementation of the Consumer Direct Acceleration, or CDA, Nike's core business strategy, which focuses on direct and digital sales.
The email draws a distinction between corporate employees and Nike's overall workforce, which seemingly includes store workers, distribution center employees, and those who work in manufacturing facilities.
Read the email below:
Last month, we kicked off this year's All-Employee Engagement Survey, where you had the opportunity to share what's working well across NIKE, Inc. and where we can improve as a team. You have heard me say before that the highest performing teams (e.g. sports teams, business teams, etc.) embrace feedback as a gift to continuously improve. Over 75% of you participated in the survey this year - thank you for sharing your feedback!
One United Play: Progress Being Made and Need for Continued Focus
As you recall, following last year's survey, we committed to driving meaningful change through a company-wide framework called One United Play. There are two main pillars in One United Play, both of which reflect core priorities for us as a company. The first pillar is focused on continuing to land our new offense as we get Consumer Direct Acceleration (CDA) fuller operational. The second pillar focuses on employee well-being - supporting your physical, mental and financial well-being as a top enterprise priority.
Over the past year we have worked hard on both pillars. We invested to provide transition support for all functional and geo teams going through CDA activation, and we worked together as we planned our first season under the new offense. And your suggestions helped drive our employee well-being efforts, including well-being weeks and extended summer hours. We also added new mental health support programs and inclusive financial wellness initiatives in response to requests heard via the survey.
Looking at this year's survey results, we see clear signs of progress made on these two pillars, and your comments reinforce the need to stay focused in these same areas.
More details on specific questions below, but one clear area of opportunity stood out across both pillars: the need for prioritization. The comments in the survey consistently highlighted prioritization as a key enabler for landing our offense and for the employee experience. Today, as many of us prepare for our return to the workplace, we will continue to find new ways to improve how we work and ensure adequate resourcing. And we will continue to focus on our well-being offerings. By prioritizing our time, resources and focus, we give energy to ourselves and the business.
Here is a brief summary of the specific survey results:
Landing the Offense
As we continue to land CDA, three areas showed significant improvement in our everyday work experience. Among corporate employees:
We were up 7 points from last year (to 52%) when asked if there's effective communication between teams.
We were up 6 points (to 45%) when asked if cross-functional teams work together effectively.
And we were up 3 points (to 63%) when asked if roles and responsibilities are clearly defined.
For all NIKE, Inc. employees, these metrics came in at 61%, 59% and 74%, respectively.
At the same time, concerns remain regarding our organizational structure and having sufficient support amidst changes, as we dropped 5 points (to 74% of all NIKE, Inc. employees) on the company making the changes necessary to compete effectively.
Employee Well-Being
The results also offered real signs of improvement in well-being and rest & recovery. Among corporate employees:
We were up 4 points (to 70%) when asked if you feel valued as an employee.
We were up 3 points (to 64%) when asked if you consider your overall well-being to be healthy.
And we were up 3 points (to 62%) when asked if you're getting the rest & recovery you need to perform at your best.
For all NIKE, Inc. employees, these metrics came in at 73%, 72%, and 69%, respectively.
Along with these encouraging signs, we continue to see indications of challenges with fatigue and productivity. While 75% of all NIKE, Inc. employees said they have the resources to do their job well, this was down 1 point from last year. This is another area where I expect prioritization to make a real difference, as we simplify and offer increased clarity about what's ahead.
Later today, managers across the company - including those who work in stores, DCs and Air MI - will receive their teams' survey results and will begin setting up team conversations to discuss them.
This is an opportunity for each team to consider how they can best bring this idea of prioritization to life. We need to get further on fewer things, so let's all commit to setting aligned business goals and clear priorities to make room for rest & recovery.
A final thought as many of us prepare to return to the workplace. This is a key moment for Nike. We must continue to learn, adjust and navigate this period to create the best possible working environment for all of us. And we must do so as a team, showing as much grace to one another as possible. It will be progress, not perfection right away, and a big part of our success will be rooted in how we prioritize and move through change as a team.
Thank you, everyone, for sharing in the continual improvement of our company. I am deeply appreciative of your commitment to Nike, and I'm proud to be part of this team.
President & CEO, NIKE, Inc.
More: Retail return to the office Sportswear | 2022-04-29T23:23:18Z | www.businessinsider.com | Leaked Email: Nike CEO on the State of Morale Ahead of Return-to-Office | https://www.businessinsider.com/leaked-email-nike-ceo-morale-before-return-to-office-2022-4 | https://www.businessinsider.com/leaked-email-nike-ceo-morale-before-return-to-office-2022-4 |
This 'annihilated' small-cap stock market sector is now undervalued and could bounce back by 27% over the next year, according to a portfolio manager at $646 billion investment house
Growth stocks and small-caps have both struggled in 2022, with the tech-heavy Nasdaq 100 down by just over 20% year-to-date.
Scott Olson/Business Insider
Growth stocks have struggled this year, but that has encouraged some investors to 'buy the dip'.
Federated Hermes portfolio manager Jordan Stuart said pockets of the market now look undervalued.
"Small-cap stocks have been crushed, but now the downside is already priced in," he told Insider.
It's been a rough year for growth stocks, with small-caps particularly feeling the brunt of Ukraine war volatility and interest rate rises.
But a stock picker for Federated Hermes, which manages $646 billion, believes this has created opportunities for investors to 'buy the dip' - and highlighted one downtrodden sector that now has particularly attractive valuations.
"Growth stocks have been annihilated this year - just look at Cathie Wood's funds," Jordan Stuart, a portfolio manager for the firm's Kaufmann Fund, told Insider in a recent interview. "Small-caps have also been crushed, but now the downside is priced in."
The Russell 2000, an index of small-cap stocks, has fallen by 15% this year, compared with a 2.4% gain in the big-cap S&P 500 index.
Stuart explained why he's expecting some small-cap stocks - typically defined as companies with a market capitalization below $2 billion - to rebound over the next year. He also shared why he's particularly bullish on the biotech sector. Wood's flagship ARK Invest fund has fared even worse, having lost 50% in value.
There are two possible outcomes for growth stocks from here, Stuart said — and he's optimistic about which will unfold.
"Defensive value stocks have obviously held up better than growth so far," he said. "I don't think value's going to come crashing down, which suggests there's potential that growth stocks will rebound back to the level that value stocks are at now."
Stuart likes innovative small-caps in industries like healthcare, software, and technology, because they're less susceptible to cyclical economic trends due to their potential for long-term growth.
"Those sectors still aren't immune from any of this slowdown, but their long-term growth prospects will outweigh some of the downturn we're experiencing right now," he said.
That being said, interest rate rises could hamper small-caps' growth prospects. Higher interest rates make it more expensive to borrow money, disrupting smaller companies' balance sheets.
Stuart believes there are significant investing opportunities in the biotech sector, with small-cap stocks looking particularly undervalued right now.
"Biotech stocks have really paid the price for rising interest rates," he told Insider. "But they could rebound very fast over the next 12 months, potentially erasing this year's 27% downturn."
Many of these companies are developing technology that combats the spread of coronavirus - and Stuart believes that some are well-positioned to soon make a major breakthrough.
"One of these firms could discover a vaccine that just annihilates the virus," he said. "If that happens, nobody will care about interest rates - these sorts of stocks will skyrocket."
iShares' Biotechnology ETF, SPDR's S&P Biotech ETF, and Ark's Genomic Revolution ETF are the three largest publicly-listed biotech funds by assets under management. | 2022-04-30T08:33:15Z | www.businessinsider.com | Stock Picks to Buy: a Cheap Small-Cap Sector Set to Bounce | https://www.businessinsider.com/stock-picks-to-buy-small-cap-growth-rebound-federated-hermes-2022-5 | https://www.businessinsider.com/stock-picks-to-buy-small-cap-growth-rebound-federated-hermes-2022-5 |
Kate Duffy, Sam Tabahriti, and Abby Wallace
Miss Wonderly cruising on the Thames River in London.
Mark Lloyd Images
I went on board a $2.5 million tender that's used to ferry people between superyachts and the shore.
The tender is narrow and has a low ceiling so it can be stored on large yachts and ships.
Miss Wonderly is fitted with a hybrid engine which costs $311,000 more than a diesel engine version.
The 10.6 meter-long Miss Wonderly, built by UK manufacturer Falcon Tenders, was the smallest vessel at a luxury yacht event in central London last week.
Miss Wonderly, a Falcon Tenders boat.
Kate Duffy/Insider
Miss Wonderly has a price tag of just under £2 million ($2.5 million), Falcon Tenders CEO Mark Pascoe told Insider.
The stern of Miss Wonderly, a Falcon Tenders boat, with its engines on display.
Sam Tabahriti/Insider
The vessel is used as a tender to ferry owners, passengers, and VIPs between the shore and their superyacht, Pascoe said, and offers the "smoothest, quietest, driest luxurious ride possible."
The stern section of Miss Wonderly.
The tender is designed for very short trips, with the primary purpose of moving passengers between ship and shore. "That's all it is, it's a dinghy," one worker on the boat said.
Miss Wonderly is narrow and has a low ceiling so it's easier to stow on ships and large yachts. Pascoe said it would be suitable for superyachts of over 80 meters in length.
Inside Miss Wonderly, a Falcon Tenders boat.
The limousine-style boat is the company's first hybrid, plug-in model.
The tender's battery can power the boat at up to eight knots for an hour – that's around 10 miles. Then the diesel engine kicks in.
Miss Wonderly is the hybrid model of the tender.
Pascoe said the price difference between the hybrid and diesel models is around £250,000 ($311,000). The starting price for a diesel model starts at £1.4 million ($1.7 million), he added.
Standing on the stern of Miss Wonderly, a Falcon Tenders boat.
Everything on Miss Wonderly is custom made — the interior is designed according to a client's personal taste, Pascoe said.
The boat features air conditioning, leather seats, and a glass ceiling. It felt like being inside a limousine.
On board Miss Wonderly, a Falcon Tenders boat.
Pascoe said some buyers were interested in Miss Wonderly at the London event, and said that buying a boat like this one is "very rarely an impulse buy."
The helm of Miss Wonderly, a Falcon Tenders boat.
Towards the end of the London showcase, Miss Wonderly cruised down the Thames river in central London.
More: BI Weekend UK transport Transportation Yachts | 2022-04-30T09:21:38Z | www.businessinsider.com | See Inside a $2.5M Water Limousine Which Ferries VIPs to Superyachts | https://www.businessinsider.com/inside-limousine-dinghy-miss-wonderly-ferry-passengers-super-yachts-2022-4 | https://www.businessinsider.com/inside-limousine-dinghy-miss-wonderly-ferry-passengers-super-yachts-2022-4 |
The $48,000 shipment ran into trouble after being left on the tarmac in Atlanta.
About 5 million bees bound for Alaska were forced to stop in Atlanta, where most died, per APM.
Sarah McElrea, who ordered the bees, was told by carrier Delta they would have to sit on the tarmac.
Delta apologised for the "unfortunate situation."
Millions of bees bound for Alaska died on a Delta Air Lines flight after the plane was left on the tarmac in Atlanta, Georgia, following a diversion.
Alaska Public Media (APM) reported on Wednesday that a Delta plane carrying a shipment of around 5 million bees bound for Anchorage, Alaska, was forced to reroute to Atlanta. Most of the bees died in the Georgia city.
The shipment of 200 crates, ordered by Sarah McElrea of Sarah's Alaska Honey on behalf of 300 Alaskan beekeepers, carried 800 pounds of bees and was worth an estimated $48,000.
The crates had been due to travel from Sacramento, California, to Anchorage Airport via Seattle, Washington. But the bees did not fit on the Seattle-bound flight and were instead rerouted through the Delta hub in Atlanta.
Delta told McElrea the bees would have to wait in a cooler last Saturday but they were transferred to the tarmac the next day over fears the bees were escaping. McElrea told APM the temperature in Atlanta was 80 degrees Fahrenheit on the day they were left there.
"I really panicked when they found they had moved them outside because the pheromones that those honeybees emit are attractive to other honeybees that are native to the area," she told APM. Because the bees were outside, it made it harder to rescue those in the crates.
MacElrea told APM that she connected on Facebook to "a page that is based in Georgia." She got through to Edward Morgan, a beekeeper in Georgia, Atlanta, who told Atlanta radio station WABE he and more than 20 others from Metro Atlanta Beekeepers Association rushed to the airport to try and save the bees.
"It's devastating to see that many dead," Julia Mahood, a Georgia master beekeeper, told WABE. "Just clumps of dead bees that had no chance because they were left outside with no food and basically got lost in Delta's machinery."
In an emailed statement, Delta spokeswoman Catherine Morrow told The Associated Press on Friday the airline "was made aware of the shipment situation ... and quickly engaged the appropriate internal teams to assess the situation. We have taken immediate action to implement new measures to ensure events of this nature do not occur in the future."
Catherine Salm, another spokesperson for Delta, told APM: "We have been in contact with the customer directly to apologize for the unfortunate situation."
McElrea and Delta did not immediately respond to Insider's requests for comment outside normal working hours.
McElrea told The New York Times in an interview that Alaskans increasingly rely on imports for bees to pollinate crops for spring and autumn harvests.
"People don't grasp just how dependent we as a species are on honeybees for pollination," MacElrea told the New York Times. "And this is just a waste, an absolute tragedy."
More: weekend Delta transport Planes | 2022-04-30T10:04:28Z | www.businessinsider.com | Millions of Bees Died in Atlanta After Delta Rerouted Alaska-Bound Jet | https://www.businessinsider.com/millions-bees-died-atlanta-after-delta-rerouted-alaska-bound-jet-2022-4 | https://www.businessinsider.com/millions-bees-died-atlanta-after-delta-rerouted-alaska-bound-jet-2022-4 |
Party girls and grungy hipsters are taking over Gen Z fashion to reclaim Hot Vax Summer 2.0
Gen Z is ready to party.
Hollie Fernando/Getty Images
"Indie sleaze" and "night luxe" are Gen Z's favorite aesthetics on TikTok right now.
One is a bit gritty, while the other is polished — but both romanticize urban party culture.
It's a reaction to the economy that stole the first years of Gen Z's adulthood.
You're in your early 20s on a Friday night: What are you wearing, and where are you going?
Maybe you're posted up at a dark, swanky bar in a pair of strappy, sparkly Mach & Mach heels, a Cult Gaia crystal-encrusted shoulder bag sitting next to a plate of oysters and an espresso martini in your hand.
Or maybe you're tearing up the dance floor and shooting pool at a dive bar, wearing a graphic tee and a mohair cardigan, a cigarette dangling from your mouth.
Gen Z is likely rocking one of these two distinct vibes, revived and rebranded as "night luxe" and "indie sleaze." One is the socialite, the other the hipster; both center on urban nightlife. Biz Sherbert, a culture specialist at the creative agency The Digital Fairy, described the former as "polished and luxurious" and the latter as "glittery and grimy."
As is the case with most youth fashion trends of the 2020s, both aesthetics took off on TikTok, where #nightluxe has 22.9 million views and #indiesleaze has 18.5 million views.
At a surface level, they seem to attract opposing crowds.
"One is stilettos and martinis and trying to look rich; the other is ripped tights and PBR and trying to look broke," Casey Lewis, a trend strategist who writes a Substack newsletter called After School, told Insider. "But they're both heavy on excess." Much like the revival of colorful clothing and maximalist interior design, it's a quality that signals a hedonistic thirst — a desire to let loose after two years of economic distress and pandemic restrictions.
In brightly hued tights or feather-trimmed skirts, Gen Zers are romanticizing pre-COVID party culture after the pandemic fast-tracked them into the pressures of adult life and deprived them of normal socialization and partying, Sherbert told Insider. As the hardest-hit generation in the labor force during the coronavirus recession , forced to attend college remotely and socialize through their phones, Gen Z is nostalgic for 4 a.m. last calls and liberation after last year's failed Hot Vax Summer.
The reaction is an escape from an economy that stole the first years of their adulthood — and a stylish one at that.
Hot Vax Summer 2.0 means partying like it's 1980 … or 1920
Reminiscent of an American Apparel model headed to a dance club during the Tumblr era, indie sleaze hit TikTok last fall. Mandy Lee, an analyst of Gen Z trends who goes by @oldloserinbrooklyn on TikTok, first pointed out the trend, identifying its hallmarks as provocative ads, amateur-style flash photography, and a rise in outdated technology like wired earphones.
Dazed's Daniel Rodgers described it as "grubby, maximalist, and performatively vintage," while Nylon's India Roby likened it to a mashup of a Brooklyn hipster, the '80s electronica club scene, and grunge.
"Indie sleaze feels very driven by nostalgia and the way we were living vicariously through vintage snapshots of parties past and wild nights out we didn't experience," Véronique Hyland, the fashion features director at Elle and author of "Dress Code: Unlocking Fashion from the New Look to Millennial Pink," told Insider.
The comeback of hipster grunge — which millennials also revived in the aftermath of the 2008 financial crisis — signals Gen Z's search for a simpler era, one uninhibited by social media and adult expenses.
"Indie sleaze serves as a somewhat painful reminder of the last gasp in time when it was possible to envision a future unscathed by the ravages of late capitalism," Isabel Slone wrote for Harper's Bazaar, alluding to an economy that wasn't hindered by sky-high housing prices and inflation.
A more recent emergence of nostalgia and hedonism, the put-together party vibe known as night luxe appeared this spring, identifiable on social media by chic nightlife photos cast under a darkened exposure. Slipping into a cab in a slinky black dress, sights set on cocktails and a night out with the girls — it's a modern-day take on the Roaring '20s, when people partied in an age of economic prosperity following a flu outbreak and a world war.
In March, Glossy's Liz Flora declared that night luxe had replaced the pastel, Instagram-driven wellness aesthetic that reigned supreme in the 2010s. Turning quarantine into a self-care obsession may have been the final nail in the coffin for the well-being mantras that influencers preached in recent years, while the shock of the pandemic made people question their dedication to work and what they want out of life. For the 20-something, that looks more like having a good time than self-optimization.
"There has definitely been a postpandemic shift away from burnout working culture," said Lucy Davies, a 29-year-old microinfluencer whose TikTok and Instagram accounts are rife with moody lighting, wine glasses, fur coats, and Chanel accessories. "Whereas once images were perfectly curated, there is now a trend for blurry and more candid content of people having fun on a glamorous night out."
A post shared by Lucy Jane (@lucy.xjd)
But Hyland isn't convinced that night luxe has taken hold outside of TikTok. "It may be one of those hyperspecific trends that feels like it's been concocted expressly for the platform," she said.
"But the opportunity to dress up and feel sophisticated is appealing after we burned out on sweatpants and tie-dye," she added, referring to the colorful '90s-inspired loungewear that became one of Gen Z's first fashion trends to become popular on TikTok during lockdowns.
Lewis, the trend strategist, says the unifying thread between night luxe and indie sleaze is an emphasis on after-hours and late-night opulence. Two years into the pandemic, "people are just so incredibly bored of sweats and athleisure and watching Netflix at home on the couch that they want whatever is the opposite of that," she said.
She added: "After the Hot Girl Summer that wasn't, I think people just really want to party again. They want to have fun, and they want to do it in clothing that feels fun, a little messy, a little elegant."
Hyland described dressing up for a night out after being cooped up as an embrace of fashion's social element. "Everyone wants to see and be seen," she said.
More: Economy Indie Sleaze Night Luxe Fashion | 2022-04-30T10:57:03Z | www.businessinsider.com | What to Wear to Reclaim Hot Vax Summer 2.0: Night Luxe or Indie Sleaze | https://www.businessinsider.com/what-to-wear-this-summer-trends-night-luxe-indie-sleaze-2022-4 | https://www.businessinsider.com/what-to-wear-this-summer-trends-night-luxe-indie-sleaze-2022-4 |
Elon Musk has acquired Twitter but former President Trump, who is currently banned from the platform, says he will not return.
Christophe Gateau, Drew Angerer/Getty Images
Elon Musk is dismayed that Donald Trump remains barred from Twitter, sources told the WSJ.
The Tesla CEO offered to buy Twitter for $44 billion, which the platform's board accepted.
The former president was known to be controversial in his tweets, much as the tech mogul himself.
Elon Musk is dismayed that former president Donald Trump is still barred from Twitter, people who recently spoke to the tech mogul told the WSJ.
Ever since Tesla and SpaceX's CEO made an offer to buy Twitter for $44 billion, which the company's board accepted on April 25, banned individuals have already asked when they would get their accounts back.
Trump, however, said in an interview with Fox News that he won't be returning to Twitter. Instead, he would join his own new social network, TRUTH social.
He said: "I hope Elon buys Twitter because he'll make improvements to it and he is a good man, but I am going to be staying on TRUTH."
"The bottom line is, no, I am not going back to Twitter," Trump added.
Trump was banned from the platform in January 2021, after a mob of his supporters attempted to stop the certification of the 2020 election by storming the US capitol. His tweets had repeatedly violated Twitter's rules against spreading disinformation, instigating violence, and during the COVID-19 pandemic, spreading false information about the disease.
Both the former president and Musk have written many controversial tweets during their time on the platform.
Musk believes he can fix Twitter and dubbed himself a "free speech absolutist." But as Insider's Katherine Tangalakis-Lippert reported, he has previously threatened to sue bloggers for critical coverage and fired employees for disagreeing with him.
Insider reached out to Trump's post-presidential office but did not immediately receive a response.
Trump told Fox News: "We're taking in millions of people, and what we're finding is that the response on TRUTH is much better than being on Twitter."
He added: "Twitter has bots and fake accounts, and we are doing everything we can."
More: Weekend BI UK Elon Musk Donald Trump TRUTH Social | 2022-04-30T11:31:44Z | www.businessinsider.com | Musk Is Dismayed Trump Is Still Barred From Twitter: Report | https://www.businessinsider.com/elon-musk-dismayed-donald-trump-still-barred-from-twitter-2022-4 | https://www.businessinsider.com/elon-musk-dismayed-donald-trump-still-barred-from-twitter-2022-4 |
Fast food workers say they're facing more harassment than ever before as angry customers lash out in response to rising menu prices
Chipotle employees.
Insider spoke to 11 workers at major fast food chains who said they're being harassed because of rising menu prices.
As inflation pushes menu prices up, they said many customers are taking their anger out on workers.
Sales are up across the industry despite higher prices.
Fast food workers have long borne the brunt of misplaced anger from customers. Now, as inflation causes food prices to skyrocket, restaurant workers say the job has become harder than ever.
Rising prices for ingredients and transportation within a beleaguered supply chain have translated to menu price increases at several popular fast food chains, leaving workers to field mounting questions and frustration from customers.
And while some companies have made changes like raising salaries and improving benefits in the last year to account for the labor shortages and demands for better working conditions, 11 fast food workers told Insider that it hasn't been enough to offset the recent onslaught of customer harassment.
The employees — who work at major chains including McDonald's, Chipotle, Starbucks, and Dunkin' — spoke to Insider anonymously to protect their jobs and their employment status has been confirmed.
'Customer harassment is a major problem'
Workers who spoke to Insider all agreed that as prices go up, customers feel that they're entitled to changes in service, whether that means extra food, perks, or attention and energy from employees.
"I've dealt with customers yelling at me as if I was the one who changed it," one East Coast Chipotle worker said in reference to rising prices, adding that in several instances customers "act as if I'm scamming them."
"It's tiring," the employee added.
Usually aggression from customers is triggered by long waits, issues with an online order, or a location being out of an ingredient, a Chipotle kitchen manager in the Midwest told Insider.
It's a common theme across companies, according to the employees. A Michigan Dunkin' worker said that she's had more than one customer try to jump over the counter upon finding out their desired ingredient wasn't available.
In a more extreme case, a Chipotle cashier in New York City said that a person threatened them with a gun when confronted with the $11.43 price of their chicken bowl. Another, in California, said his manager was tackled by a customer over guacamole.
"Customer harassment is a major problem," a McDonald's cashier in North Carolina told Insider, even over something as seemingly minor as a 10 cent increase for a senior cup of coffee — the company's discounted beverage offering for customers over age 55.
He added that customers seem to increasingly feel that "it's okay to emotionally abuse workers and leave messes."
Price hikes prompt breaking points
Despite taking out their ire on workers, customers aren't letting higher prices stop them from getting their orders.
Chipotle just reported sales were up 16% over the same period last year, and McDonald's sales were up 3.5%, despite price increases at both. Instead, it seems workers are left alone on the frontlines to tackle frustration from customers, who will still begrudgingly pay higher prices after taking their anger out on the workers who deliver the bad news.
All the workers interviewed by Insider agreed that the COVID-19 pandemic played a part in worse behavior from customers, with recent price hikes becoming a breaking point.
Angry customers will "always be a threat to your safety and sanity," in food service, the New York Chipotle worker said.
A Starbucks spokesperson told Insider that the safety of employees is a priority, and all customers are expected to treat them with respect. Representatives for McDonald's, Chipotle, and Dunkin' did not respond to Insider's requests for comment.
More: Retail Fast Food Chipotle McDonald's | 2022-04-30T11:31:50Z | www.businessinsider.com | Fast Food Workers Say Price Hikes Prompt Rise in Customer Harassment | https://www.businessinsider.com/fast-food-workers-price-hikes-prompt-customer-harassment-2022-4 | https://www.businessinsider.com/fast-food-workers-price-hikes-prompt-customer-harassment-2022-4 |
The 2022 BMW iX xDrive50.
We tested BMW's first electric SUV for the US, the $83,200 iX. Our tester came out to $96,000.
The iX looks weird, but its comfortable, luxurious interior makes you forget all about that.
The iX arrived at dealers earlier this year.
Say what you will about the 2022 BMW iX's looks. Say it has buck teeth or gaping nostrils. Call it a squinty-eyed robot beaver from the future.
These are all fair points. Regardless, BMW's new electric SUV is tremendous.
Since the $83,200 model was unveiled in late 2020 as BMW's first electric SUV for the American market, much of the conversation has centered around its appearance, honing in on the giant, polarizing grille that dominates its front end.
I'm here to say that after driving the iX for a few days, I shed any notions I had about whether it looks good or bad and saw it for what it is: An incredibly quick, astonishingly luxurious, electric SUV that makes a statement everywhere it goes.
The iX may not be attractive in the traditional sense, but that's a matter of opinion. What's for certain is it has a presence. It's dramatic, bold, and loudly shouts, "I am a BMW, I am expensive, and I am here!"
On the topic of price, the iX xDrive50 that BMW loaned us came out to around $96,000, including a sporty appearance package, an upgraded interior, and a destination fee.
For what it's worth, I actually think there's a lot to like about the iX's styling. I loved the gold-colored accents found on the mirrors, trimming out the doors, and speckling the grille panels. The door pulls — little slots with a button inside — give off a streamlined, futuristic vibe. The headlights and taillights are slim and sleek.
And hurl all the insults you want at that grille, because BMW claims it has a self-healing coating that repairs dents and scratches. No, really.
You'll forget all about the iX's controversial looks — and your other worries — once you take a seat in the SUV's beautifully designed interior. Slip inside and you're swaddled by plush, patterned seats, surrounded by supple leather, and peacefully insulated from the world around you.
Everything feels incredibly well-built and high-quality to the touch. All the knobs and switches, particularly the big glass dial you can use to control the infotainment system, are sturdy and satisfying to use.
The digital gauge cluster and touchscreen are stylishly suspended above the dashboard on a single curved panel, and the latter responds quickly to swipes and taps. The center console doesn't connect to the dashboard, eliminating the piece that normally digs into one's knee and making the cabin feel more open.
The back seat is palatial, featuring separate climate controls and lots of legroom thanks to a totally flat floor, a virtue of EVs since they don't need a hump for bulky drivetrain components. If you're after cargo space, the iX has more than BMW's gas-powered X5 despite being roughly the same size overall.
There are many other nice touches, but I'll just name a few. The Premium Package adds a massaging driver's seat. The iX's glass roof goes from transparent to frosted at the tap of a button. There's a thoughtful slot at the end of the center console that's meant to prop up a smartphone — no more losing it between the seats.
The comfort doesn't stop once you get moving. The iX quietly glides over the road and effortlessly soaks up bumps. The only thing you hear is the faint sound of the tires meeting the pavement. (And futuristic, Hans Zimmer-composed driving noises which people seem to like, but I found them distracting and switched them off.)
Don't mistake the iX's mild manners for a totally boring driving experience; the nearly 6,000-pound SUV hauls major ass when you want it to.
Poke the throttle a little too hard and the all-wheel-drive iX smushes you back into your seat and rockets forward with all the might allowed by its 516 horsepower and 564 pound-feet of torque. BMW claims that 60 mph arrives in a little over four seconds.
And the iX offers up plenty of range for long highway stints: a maximum of 324 miles per charge or 305 miles with the optional 21-inch wheels my tester came with, according to the Environmental Protection Agency. Remember that that figure will drop quickly the more you stomp the accelerator. And you will be tempted.
Sure, the BMW iX's arguably ugly mug isn't everybody's cup of tea. And it's imperfect in other ways. If it were my choice, I'd swap the hexagonal steering wheel for a regular circular one. And the lack of a front trunk is kind of a disappointment in such a large vehicle.
But none of that takes much away from the magnificent iX. If you happen to have $80,000 or $100,000 to burn, I can't recommend it highly enough.
More: Transportation Tech BMW BMW iX | 2022-04-30T12:27:46Z | www.businessinsider.com | BMW IX Electric SUV Review: Weird Looks, Amazing Interior | https://www.businessinsider.com/bmw-ix-electric-suv-review-price-interior-2022-4 | https://www.businessinsider.com/bmw-ix-electric-suv-review-price-interior-2022-4 |
3 money concepts medical professionals aren't taught that can end up costing them a fortune
Most medical professionals graduate from school with a high debt-to-income ratio.
Solskin/Getty Images
After paying off her student loans, physician assistant Kristin Burton started helping colleagues with money.
She says most medical professionals aren't taught three important financial concepts.
The biggest one is debt-to-income ratio, the amount of debt you have compared to your income.
After finishing grad school, 30-year-old physician assistant Kristin Burton was shocked to learn that she owed a total of $161,000 in student loans.
"The very first step for me was to cry a little bit," Burton tells Insider. "And then I realized I needed to make a plan." Burton picked up as many extra shifts as possible while living on her husband's salary. She used 100% of her six-figure PA income to pay off her student loans aggressively in just 16 months, according to records reviewed by Insider.
During the pandemic, she continued picking up extra shifts and went on to pay off her mortgage and become completely debt-free. Now Burton coaches her colleagues on personal finance through her business, Strive With Kristin, where over 1,000 medical professionals have enrolled in her courses and purchased her ebooks.
Burton says that most medical professionals aren't taught three basic personal finance concepts that could drastically change their financial outlook after graduating from college.
Debt-to-income ratio is a metric used by many lenders to compare the debts you have to your income. A good debt-to-income ratio is 36% or lower, however, Burton says most medical professionals graduate from many years of school with a debt-to-income-ratio of 300% to 400%.
"The No. 1 issue is massive student loan debt bigger than most people's mortgage payments," Burton says. "If you look at the average student loan debt for a PA, it's above $100,000 just for PA school, and that doesn't even count undergrad."
2. Compound interest
Compound interest accumulates when previously earned interest is added to the principal balance that you initially borrowed or invested. It can work against you in the context of debt, but it can work in your favor if you're investing money.
Burton says, "Because a lot of us are in school until we're at least 30, we miss our prime investing years where other people can be investing even much smaller amounts of money and see huge progress."
Other professionals who enter the workforce fresh out of college at 21 or 22 have the advantage of time in the market. In the eight or nine years that other professionals stash away 401(k) contributions or other investments, their money grows at a higher rate due to compound interest . Burton adds, "There's a huge benefit to be able to start investing at 22 or 18, and a lot of us really miss out on that."
3. Lifestyle creep
Lifestyle creep occurs when you start splurging on more luxury items as you earn more money, getting used to a higher standard of living in the process. Burton says that medical professionals new to the workforce try to "keep up with the Joneses" and splurge on luxury items they can't afford.
"In the world of medicine, there tends to be a culture that your lifestyle should look a certain way," Burton explains. "For example, a new PA who probably has a negative multi-six-figure net worth will feel like they need to have the same car, the same house, all the same stuff as a PA who has been earning six figures for the last 10 years."
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Lifestyle creep | 2022-04-30T12:28:10Z | www.businessinsider.com | 3 Money Concepts That Medical Professionals Often Don't Understand | https://www.businessinsider.com/personal-finance/money-concepts-medical-professionals-dont-understand-2022-4 | https://www.businessinsider.com/personal-finance/money-concepts-medical-professionals-dont-understand-2022-4 |
Elon Musk (left) and Facebook whistleblower Frances Haugen.
REUTERS/Montinique Monroe/REUTERS/Joe Skipper/File Photo
Facebook whistleblower Frances Haugen told Fox Business News she's "cautiously optimistic" about Elon Musk's Twitter takeover.
Haugen said taking Twitter private could allow Musk to focus on safety changes.
She contrasted Musk with Meta CEO Mark Zuckerberg, saying Musk is better able to receive feedback.
Facebook whistleblower Frances Haugen, who leaked a trove of Facebook documents late last year, told Fox Business News she was "cautiously optimistic" about Elon Musk's takeover of Twitter.
Haugen testified before the US Congress in October last year saying Facebook, which has since changed its name to Meta, consistently prioritized profit and engagement over user safety.
Musk's plans to take Twitter private could gives him the chance to change up the company's business model in a way that prioritizes user safety without pressure to generate profit for shareholders, Haugen told Fox Business News.
"I think there's a huge opportunity here for Elon to really demonstrate that there's another way forward," she told Fox Business News.
Haugen contrasted Musk with Meta CEO Mark Zuckerberg, telling Fox Business News she thinks Musk is more able to take hard feedback and make meaningful changes.
Haugen told Fox Business News Zuckerberg has "surrounded himself with people who tell him what he wants to hear."
Musk has said he wants to place a greater emphasis on "free speech" at Twitter, meaning he could loosen the company's rules on what content stays on the platform. Experts told Insider this could lead to an increase in the amount of hate speech and disinformation on the platform.
Haugen also told Fox News Business the "number one" thing Musk can do to improve Twitter is "institute real transparency."
Musk has said he wants to open source Twitter's algorithm which will make it more transparent to people outside the company — but taking Twitter private will also mean its business will be less open to public scrutiny.
It's not entirely clear yet what exact changes Musk will make to Twitter, as his deal to buy the company for $44 billion still has to pass shareholder and regulatory approval. The deal is expected to close in October this year.
Ahead of making his offer to buy Twitter, Musk floated the idea of removing ads for subscribers to the company's premium service Twitter Blue in a tweet. The tweet has since been deleted.
More: Elon Musk Twitter Facebook Meta | 2022-04-30T13:06:53Z | www.businessinsider.com | Facebook Whistleblower Optimistic About Elon Musk Twitter Takeover | https://www.businessinsider.com/elon-musk-twitter-takeover-facebook-whistleblower-frances-haugen-optimistic-2022-4 | https://www.businessinsider.com/elon-musk-twitter-takeover-facebook-whistleblower-frances-haugen-optimistic-2022-4 |
Blowing all my savings on a single toy as a kid taught me a money lesson I still live by
Rob Phelan
The author, Rob Phelan.
I wanted a $200 train set as a kid, and my dad said I could have it if I paid with my own money.
I worked and saved all summer and finally bought the train — and got bored of it almost immediately.
To this day I think of that experience whenever I want to make a big purchase. Is it really worth it?
I had just visited "the train guy" and I was excited. "The train guy" was a friend of my dad's who had transformed his basement into a 10-year-old train enthusiast's dream. There were metal tracks everywhere in all directions. Huge sheets of plywood, decorated and landscaped with such intricate detail to truly give the feeling that the trains were meandering through the countryside. And then there were the trains. Monster, shiny locomotives as big as my arm racing importantly along their predetermined paths.
Needless to say, I was enthralled with these "toys" and immediately wanted one of my own. My dad was unexpectedly agreeable and took me to a local collectors store where we viewed all the options and settled on a Lionel Santa Fe Freight Set with authentic smoke and a blaring whistle. The only problem? It cost $200, which of course I did not have.
Like all children, blissfully unaware of the value of money, I asked my dad if he could buy it for me. In a pivotal childhood memory moment, my dad didn't say no. Instead he said I could get it if I paid with my own money.
In consulting with my dad about the details of this memory, he recalled thinking, "When you get something for free, you never truly understand its value." By encouraging me to put my own money into it, he was inviting me to find a way to earn the money and also to take ownership of something that was more expensive than any other purchase I had made at that point.
I got opportunities to earn the money I needed
So, I started saving. I earned money through different household tasks that had payments attached to them, such as mowing the lawn or washing the cars. I also would collect recyclable bottles and jars from my neighbors to turn into a local recycling center to claim my nickel or quarter per item.
Surprisingly, my resolve to own this train set didn't dissipate over time as I'm sure my dad expected it to. "I was fully aware that most things a child decides they want are quick, impulsive, and short-lived," he responded when questioned about the logic behind letting me get something that he must've known I would be bored of within hours.
Further to my shock, they let me go through with buying the train set once I had saved the required amount. My parents had made the decision to let me save and then spend all of my patiently earned money on a purchase because they felt the learning moment was worth the price.
I learned from regret
Twenty-two years later, the train still runs around the Christmas tree once a year. According to my dad, I took meticulous care of it, almost to the point of being afraid to take it out due to my fear of breaking it. Apparently, a side lesson was I learned to take better care of the things I purchased than those I got for free.
From an adult's perspective, $200 is a lot of money for a toy. From a kid's perspective, that was an entire summer of working and saving. I'm not sure how long it took before I regretted buying the train, but I can't imagine it was too long before I realized that there were only so many times I could watch it go around and push the whistle button before I was sick of it. Yet, that money had left the station and was gone forever.
What if my parents had just said no?
I often hear stories of parents who save on behalf of their kids. Birthday money comes in and mom or dad immediately confiscates it for the "college fund" or "for when you're older." Of course, this is done with the best intentions and all the wisdom of an adult who knows what is coming. However, to a child, they just see their money being garnished for some future expense that could be a lifetime away still.
My friend Doug Nordman and his daughter, Carol Pittner, shared in their book that kids who view their money as being unwillingly taken could develop a resistance to the idea of saving. Saving becomes a negative thing. Something that is forced, rather than by choice. Kids may start hiding money from their parents or rush to spend it before their parents can banish it to the savings account.
What if my parents told me no when I asked for the train and other big wants, instead of "sure, but you can pay for it"? I'm not sure I would've learned to internalize the value of saving for a goal or evaluating a purchase in depth before making a buying decision. That one memory is still seared into my memory banks and has influenced my purchasing decisions ever since.
How do we teach kids to want to save?
My advice to parents in my book, "M is for Money," is to let kids spend first in order to learn how to save. It seems counterintuitive, but encourage your child to find things they want. Then, let them spend their money. As the things they want become more expensive, lay out the option of saving rather than spending all their money today. Celebrate as they start accumulating money. Make a big deal when they reach their saving goal. It should be a memorable event when they finally get to buy the thing they have been saving for diligently. They should feel great about the act of saving and being patient to reach a goal.
"M is for Money" by Rob Phelan
Once the purchase is made, check in about it from time to time. Not to scold or say "I told you so," but rather to encourage them to think about it internally and determine if the purchase was good value. If there is regret, embrace it as a learning lesson and use it to fuel better decision making in the future.
Rob Phelan, CFEI, is a full-time high school personal finance teacher living in Frederick, Maryland, with his wife and son. He is the founder of The Simple StartUp, where he guides 10- to 18-year-old entrepreneurs through starting their first businesses, and he most recently published a children's book, "M is for Money," that introduces 3- to 8-year-olds to age-appropriate money words and normalizes conversations about money. You can connect with Rob on Facebook, Instagram, Twitter, or LinkedIn.
PERSONAL FINANCE I'm a credit card expert, and I'm confident that giving my daughter a card at 12 was a smart move
PERSONAL FINANCE I didn't know what to say when my son asked 'Are we poor?' So I turned to a psychologist for help
PERSONAL FINANCE Watching my mom give away her money even when we needed it taught me it's essential to prioritize myself and my savings
More: Kids and Money Savings saving money Financial Literacy | 2022-04-30T13:06:56Z | www.businessinsider.com | Blowing All My Savings As a Kid Taught Me a Key Money Lesson | https://www.businessinsider.com/personal-finance/blowing-savings-kid-money-lesson-2022-4 | https://www.businessinsider.com/personal-finance/blowing-savings-kid-money-lesson-2022-4 |
John Eastman testifies before the House Ways and Means Committee on Capitol Hill in Washington, on June 4, 2013.
Attorney John Eastman is set to produce 10,000 pages of emails to the House committee investigating January 6.
A US District Judge ordered Eastman to review 90,000 pages of emails that were requested by the House committee.
Eastman represented former President Donald Trump in the months after the November 2020 election.
Attorney John Eastman is set to produce 10,000 pages of emails to the House committee investigating the January 6 attack on the Capitol, according to a court filing filed on Friday.
Eastman, who wrote a memo detailing how former President Donald Trump could overturn his 2020 loss, was ordered by US District Judge David Carter in January to review 90,000 pages of emails that were requested by the January 6 committee.
Politico first reported this story.
Carter wrote in a March 28 ruling that Trump "more likely than not" attempted to illegally obstruct Congress in a criminal conspiracy, Politico reported.
On April 19, Eastman refused to hand over 37,000 pages of emails relating to his work with the former president, arguing they fell under attorney-client privilege. In Friday's court filing, Eastman withdrew the privilege claims for 10,000 pages of emails "in light of this Court's March 28 ruling and other factors."
According to the filing from Eastman's lawyers, Carter has asked Eastman to produce a "consolidated privilege log which lists the unresolved privilege claims, the Select Committee's objections, and plaintiff's brief responses to the objections."
Eastman's lawyers, attorneys Anthony Caso and Charles Burnham, said in the filing that the House committee wants time to evaluate the remaining 27,000 contested pages of emails and intends to propose the next steps "no later than May 6."
Eastman's lawyers have requested a "brief delay" for their client in assembling the privilege log as the select committee considers how to proceed. The delay, Eastman's lawyers wrote in the filing, "will hopefully result in a condense privilege log to submit to the Court."
Eastman represented Trump in the months after the November 2020 election, as the president desperately sought to overturn his defeat.
More: 2020 election Donald Trump Jan 6 committee John Eastman | 2022-04-30T14:38:06Z | www.businessinsider.com | Lawyer John Eastman to Produce 10,000 Pages of Trump-Related Emails | https://www.businessinsider.com/lawyer-john-eastman-produce-10000-pages-trump-related-emails-2022-4 | https://www.businessinsider.com/lawyer-john-eastman-produce-10000-pages-trump-related-emails-2022-4 |
Hundreds of civilians and soldiers are trapped in a steel plant in the besieged city of Mariupol.
Ukrainian officials on Friday said they plan to evacuate civilians.
The wives of two soldiers called for forces to also be evacuated, the Associated Press reported.
The wives of two soldiers trapped in the Azovstal steel plant in Mariupol have called for Ukraine's forces trapped in the besieged city to also be evacuated alongside civilians, the Associated Press reported.
On Friday, Ukrainian President Volodymyr Zelenskyy's office said they would try to evacuate civilians stuck in the plant.
"An operation is planned today to get civilians out of the plant," Zelenskyy's office said, without giving further details, Reuters reported.
Russian President Vladimir Putin had agreed "in principle" to an evacuation attempt from Azovstal, The United Nations said.
Kateryna Prokopenko, the wife of Azov commander Denys Prokopenko, and Yuliia Fedusiuk, the wife of Arseniy Fedusiuk, a member of the Azov Regiment in Mariupol, said they're worried that soldiers left behind could be captured by Russian forces, tortured, and killed.
It's estimated that 1,000 civilians, mainly women and children, alongside 2,000 troops are trapped in the plant's underground bunkers.
Russian forces began carrying out renewed airstrikes on the plant earlier this week and attempted to storm it. On Thursday, Ukrainian forces said on Telegram that Russian forces bombed a field hospital in the plant.
Putin had previously called on remaining Ukrainian forces to lay down their arms and said Russia would guarantee them "their lives and dignified treatment," but Prokopenko and Fedusiuk told the AP they don't think any soldiers at the plant would surrender.
Major Serhiy Volyna, the commander of the remaining Ukrainian forces, previously told Insider's Mattathias Schwartz and Michael Fedynsky that Ukrainian forces won't lay down their arms.
Ukrainian authorities have said those trapped are running out of food, medicine, and supplies.
The Times of London reported that some children trapped in the plant are losing their teeth and hair, and developing stutters from the stress of watching their parents get killed.
Prokopenko and Fedusiuk told the AP that 600 of the soldiers were injured, and some had gangrene. The two women showed the outlet images of soldiers with open wounds and missing limbs, but the AP was unable to independently verify when and where the images were taken.
Soldiers described horrible conditions inside the plant, including having to share around 50 ounces of water between four people a day. Those claims could not be independently verified.
"We can do this extraction operation ... which will save our soldiers, our civilians, our kids," Prokopenko told the AP. "We need to do this right now, because people — every hour, every second — are dying."
More: Mariupol Zelenskyy Ukraine Russia | 2022-04-30T14:38:24Z | www.businessinsider.com | Wives of Soldiers Trapped in Mariupol Call for Evacuation of Forces | https://www.businessinsider.com/wives-soldiers-trapped-mariupol-call-for-evacuation-of-forces-2022-4 | https://www.businessinsider.com/wives-soldiers-trapped-mariupol-call-for-evacuation-of-forces-2022-4 |
Mining $140 worth of bitcoin a month: A miner explains how he started by using his work computer and then scaling to a GPU rig. He also shares the software he used to increase hash rates.
When Victor Laranja first tried mining, he used his work computer and ran it overnight.
Vic Laranja
Vic Laranja started mining crypto after being in lockdowns for over a year.
He began by using his work PC and would run it overnight when he wasn't using it.
He eventually built a separate GPU mining rig that would mine ethereum and reward him in BTC.
About a year into lockdowns, Vic Laranja found himself struggling with "Covid boredom". He was working on social media content for marketing campaigns and wanted an additional hobby. So in October of 2021, he decided to try his luck with crypto mining out of his home in Sarnia, a town in Ontario, Canada. Since he loves building things, he thought it might be a fun project to pass time.
Crypto wasn't new to him. He had been consistently investing in bitcoin, ethereum, and XRP since April 2020. A year later, the crypto bull run of 2021 happened, prompting Laranja to sell all his ether, XRP, and the majority of his bitcoin at all-time highs.
"I've just been reinvesting back into it ever since because I had a pretty profitable move," Laranja said. "I really wanted with my mining rig to create a dollar-cost-averaging machine where, every day, I was able to pay for my electricity and the hardware and convert that into crypto. So it's less to me like an income source and it's more of an investment automation vehicle."
By mining crypto, Laranja was offering up his computers' power to help maintain a blockchain or protocol's network. He and other miners do this to be rewarded in crypto, although it might take them a while to recoup equipment costs, and their electricity consumption has been a source of controversy.
Laranja started out with equipment he already owned and a good technical knowledge base. As the founder of a digital marketing agency called Social Gravity, one of his main tasks was editing videos. This meant he kept a high-powered gaming PC at hand. Gaming PCs have higher-quality graphics cards that can often be used for mining different types of crypto.
Additionally, Laranja said he took a computer hardware class in high school where his teacher would take apart PCs so that students could put them back together. Those who finished early were able to play a computer game against one another. From that class, Laranja learned about the rudimentary functions of a PC, and how to build and diagnose issues in one semester.
Those skills would eventually help him build his mining rig. However, his first approach was to test out the water by mining a crypto called ravencoin (RVN) because it only required a software download. This meant he could use his work computer and run the software overnight when he didn't need his desktop.
Ravencoin is a peer-to-peer blockchain based on a fork of the bitcoin code. As of Monday, RVN was trading at around $0.05.
Around the time he started, in October of 2021, RVN was one of the more profitable coins to mine after ethereum, depending on its trading price. He felt his single graphics card wouldn't be able to handle ether mining. He told Insider he followed an online tutorial and shortly after, it was up and running.
He downloaded an open-source software called NB miner through Github but recalled the gains were pretty low, about $1 a day. The desktop he used only had an AMD RX 570 8GB graphics card. So he only ran that for a couple of weeks.
Scaling a mining rig
Laranja later learned that his friend had also been mining RVN, but by using three different mining rigs. So he decided he wanted to try and scale. He began by using recycled parts from an old PC, taking the motherboard, RAM, and hard drive . They would become the bare bones of his rig.
"It's just a computer with a bunch of different graphics cards," Laranja said.
Other parts he added included a power supply, as well as PCIe Power Extension Cables to power the graphics cards and PCIe Splitters to connect more cards, both of which retail for under $25. He also purchased risers for GPUs which add more card space on the motherboard and can retail for about $40.
"I knew that I could probably spend a lot pretty easily, especially with the way the market is and how expensive GPUs are," Laranja said. "So I wanted to get away with spending as little as I possibly could while still having something that was profitable and good."
The biggest challenge when building a GPU mining rig is the graphics cards themselves. Since they are in high demand, they can be expensive and scarce. Laranja's friend advised him to try and get Nvidia's RTX 3060s at a price close to retail value. This was because they provided a good bang for the buck. They're cheaper than the newer 3090 models, but have good performance.
One thing Laranja noted was that scalpers, middle people who arbitrage graphics cards by purchasing them from the retailer and reselling them at large markups, were flooding the market. To remain profitable, he had to find cards that weren't overpriced.
He spent two weeks online messaging sellers and recalled seeing about 10 new cards posted a day. But about 90% of the people he messaged wouldn't reply because they would sell out fast. The whole process, including finding and building the rig took him about a month.
"That's why all my cards are different because at the time, it was so hard to get," Laranja said.
Purchase prices
Below are the prices he paid for his cards in Canadian dollars. He resorted to both eBay and Facebook marketplace for his purchases.
$360 for GeForce GTX 1060 6GB ($281 USD)
$350 for GeForce GTX 1060 6GB ($273 USD) used
$840 for GeForce RTX 3060 12GB ($656 USD)
One obstacle he came across was that both his RTX 3060s have a Lite Hash Rate (LHR). This is the rate that measures the speed at which calculations are solved for a block. Nvidia added the feature to make the cards less attractive to miners in an effort to combat the chip shortage caused by mining.
In response, Laranja downloaded an open-source software from GitHub called T-Rex miner. The new version of this code has an LHR unlock version. Although he doesn't think it fully removed the card's limit, he recalled it increased the hash rate per second (MH/s) by about 10 MH/s per card, going from about 22 MH/s to over 30 MH/s.
By the time he was all in, Laranja estimates he spent about 3,000 Canadian dollars, or about $2,343.
One of the biggest challenges with building up a rig is not frying the hardware, he noted. This can easily happen as the rig is being pushed to maximum capacity, running numerous graphics cards 24/7.
One way to avoid hardware burnout is to ensure good airflow. Laranja hangs his cards on a rack and spaces them apart. He also keeps the rig far from walls, while adding simple PC fans he got from old computers.
He places it away from any walls and distances the cards from one another so they don't overheat.
A second obstacle was learning how to overclock the cards to maximize their performance beyond what the manufacturer intended. This is done by changing certain variables in the mining software, which for him was T-REX. He reverted to YouTube and guidance from his friend to figure it out. The downside of doing this is that it could void the manufacturer's warranty.
As for the mining pool, Laranja used 2miners which can pay out in ethereum, bitcoin, or nano. He chose bitcoin because he didn't want to pay ethereum fees and he's never bought or used nano. Based on his last four-month moving average, beginning from December 2021, he has received 0.01487789 BTC which amounts to about $562 or $140.50 a month.
In terms of electricity charges, his monthly costs fluctuate because price rates shift throughout the day based on usage. It can go from about $.08 kW to about $.17 KW in Canadian dollars. He recalls it comes to anywhere between $30 to $50 Canadian dollars or $23 to $39 a month.
More: Investing crypto 2022 crypto addiction
crypto miner
crypto mining device | 2022-05-01T09:41:06Z | www.businessinsider.com | Mining $140 Worth of Bitcoin a Month: a Miner Explained How He Scaled | https://www.businessinsider.com/bitcoin-mining-gpu-miner-explains-how-he-scaled-2022-4 | https://www.businessinsider.com/bitcoin-mining-gpu-miner-explains-how-he-scaled-2022-4 |
Google's former CEO says in-office work is best. Its rival DuckDuckGo is staying fully remote and doesn't dock worker pay based on their location.
Cate Huston, director of engineering at DuckDuckGo.
Cate Huston
DuckDuckGo, a 'privacy-first' search engine, is fully remote and plans to stay that way.
Director of engineering Cate Huston says remote work helps working parents juggle and female developers excel in a male-dominated field.
Huston’s team of developers has grown almost five-fold since June 2020 as DuckDuckGo expands its user base.
Even as Alphabet, Apple, and Microsoft switch permanently to a hybrid-work model, some tech execs believe their workers are better in an office.
"We spent decades having these conversations about people being close together ... the discussion at the coffee table and going to coffee," Eric Schmidt, former CEO of Google, recently told CNBC's Make It. "Remember all of that? Was that all wrong?"
The woman who runs engineering at one of Google's major rivals in search disagrees.
Remote-friendly offices promote transparency and helps ensure that engineers in male-dominated fields are promoted based on merit rather than a "bro culture", according to DuckDuckGo 's Ireland-based director of engineering Cate Huston, who formerly worked at Google.
"One of the things that I really like about distributed work as a woman in a male-dominated field is that everything's in writing, so I always have my receipts," Huston said.
DuckDuckGo, founded in 2008, bills itself as a privacy-first search engine. The company was remote-first prior to the pandemic, and is sticking with the model. Others including DropBox, Slack , and Spotify, have also gone remote-first indefinitely.
Google has recalled workers back to the office for three days a week, and implemented pay cuts for remote workers based in cheaper cities than San Francisco or New York. Ex-CEO Schmidt has emerged as an outspoken proponent of the return to office.
"If you miss out because you are sitting at home on the sofa while you're working, I don't know how you build great management," Schmidt said his interview with CNBC.
Huston — who worked at Google between 2011 and 2014 — thinks that attitude can cost a company talent. DuckDuckGo has positioned itself as the antithesis of Google, which has proven effective for attracting tech workers.
"I had literally never met anybody that I worked with, for like, a year and a half," Huston said. "But we were still able to build a really nice team environment, despite the majority of the team being in that position — but that takes a level of care and intention."
DuckDuckGo says it compensates equally depending on position and regardless of employee location or time spent at its Philadelphia HQ.
Employees are spread around the world, and many only synchronize in for a video team meeting once a week.
"Something that I consistently hear in interviews is wanting to work on something that's a net good in the world," Huston said, "which I do not think is true of all tech companies."
Remote work can be toughest on junior developers
A major difference between Google and DuckDuckGo's workplace strategies is that DuckDuckGo only hires experienced developers. Google, meanwhile, hires hundreds of junior developers and offers internships.
Schmidt, in his CNBC interview, may have a point when he says younger employees are best off learning professionalism, and management skills, in an office environment. "
"In terms of their age, that's when they learn," he said. "If you miss out ... because you are sitting at home on the sofa while you're working, I don't know how you build great management. I honestly don't."
JPMorgan CEO Jamie Dimon and WeWork CEO Sandeep Mathrani have made similar comments — and data indicates that younger workers feel less productive at home. Airbnb has just told staffers they can work remotely forever, but acknowledged that some work is best in-person.
Huston says juniors can succeed remotely if they cultivate good work habits and ask for help when they need it.
Working from home doesn't offer the same communal free breakfast and free dinner structure that Silicon Valley campuses do, but junior developers who can learn to set consistent daily rituals and motivate themselves even when their code has errors can succeed remotely.
In the office, "you would sit your junior dev next to you and you would notice when they were struggling, and you would help," Huston said. In remote workplaces, there's more of a "pull culture."
Junior developers "have to learn how to pull the help that you need," Huston said, but added it can be done.
More: Google DuckDuckGo WFH | 2022-05-01T10:28:34Z | www.businessinsider.com | DuckDuckGo Stays Fully Remote As Googlers Return to the Office | https://www.businessinsider.com/duckduckgo-stays-fully-remote-as-googlers-return-to-the-office-2022-4 | https://www.businessinsider.com/duckduckgo-stays-fully-remote-as-googlers-return-to-the-office-2022-4 |
Recession risks are rising and investors need to play defense, according to Bank of America. Here's how they should set their portfolios.
Like many investors Savita Subramanian, head of US equity and quantitative strategy for Bank of America, is worried about a recession.
The US economy shrank in the first quarter, adding new weight to worries about a possible recession.
Savita Subramanian of Bank of America shares how investors can take a more defensive approach.
She says growth is slowing and profit margin pressures are rising, but consumer spending is strong.
Fears of a recession have been simmering on Wall Street, but they reached the boiling point this week after the Commerce Department said the US economy actually shrank in the first quarter.
It's the latest twist in a year that's been full of surprises — most of them unpleasant.
"What's changed since January 1? War, GDP cuts, Fed on steroids," wrote Savita Subramanian, head of US equity and quantitative strategy for Bank of America, in a recent note to clients. The biggest issues are already well-known to investors at this point, but Subramanian says there are some other concerning developments lurking beneath the surface.
"China growth is worsening and other cyclical indicators have rolled over," she wrote. "This is all against a backdrop of cyclically peaked S&P 500 EPS facing secular margin pressure (de-globalization), still lofty valuations and a Fed taper still in play."
With all of those different issues at work, she says there's no single factor that seems to be dictating market returns, and a bet on a specific theme — like growth or inflation protection or corporate tax cuts in years past — seems unlikely to work. But with a recession looking more likely than it did at the start of the year, she says it's time for investors to get defensive.
To do that, Subramanian upgraded consumer staples stocks by two notches, from "Underweight" to "Overweight." Companies in the sector are often seen as a good bet during recessions because peoples' need for goods like breakfast cereal and toilet paper won't change even if the economy slows. She also sees some potential sources of upside ahead for those companies.
"The sector is near a record underweight by institutional investors, and lessening labor/input cost inflation could benefit margins," she wrote.
Subramanian and BofA also have top ratings on healthcare, energy, and financials stocks. Subramanian is less optimistic about banks than the other two sectors because they're more vulnerable in a recession, as lending would likely decrease.
She also downgraded the materials sector to "Underweight." She recommends underweights on communication services and consumer discretionary stocks as well.
"Materials is exposed to big ticket spending via housing, autos etc, and it has the highest China beta of all sectors," she wrote.
Investors who want to take her ideas into account can do so by buying individual stocks or by seeking broad sector exposure using exchange-traded funds (ETFs). While Subramanian didn't recommend any specific stocks or funds, some examples of related ETFs include the Consumer Staples Select Sector SPDR Fund, Invesco KBW Bank ETF, iShares Global Energy ETF, and Vanguard Healthcare Index Fund.
In spite of all the dark clouds looming over the market, Subramanian says there is a lot of good news, too. Consumer spending is high, services spending is growing, there are signs of decreases in labor and raw materials costs for companies, and businesses across the board have strong balance sheets.
Overall, Subramanian reduced her year-end target for the S&P 500 index to 4,500 from 4,600. That implies a rally of nearly 9% from Friday's closing price, but it would still leave the benchmark index down 5% in 2022.
She says she's changing her target because both the decline in stocks and the volatility due to interest rates will eventually ebb, which will make investors comfortable accepting a lower risk premium for stocks. Still, she says that the risk of a recession is only partly reflected in equity prices.
"The average peak-to-trough decline in the S&P 500 amid recessions has been ~32%," she said. "The S&P's 10% YTD decline can be very roughly interpreted as discounting a one-third chance of a recession (one third of the avg. peak-to-trough decline). If the probability of a recession rises, more downside risk would be expected." | 2022-05-01T10:28:35Z | www.businessinsider.com | How to Invest As Recession Risks Rise, What Stocks to Buy: BofA | https://www.businessinsider.com/investing-recession-risk-stocks-to-buy-defensive-bofa-savita-subramanian-2022-5 | https://www.businessinsider.com/investing-recession-risk-stocks-to-buy-defensive-bofa-savita-subramanian-2022-5 |
The Government Accountability Office found thousands of student-loan borrowers could be eligible for forgiveness but had yet to receive it.
The Education Department says changes are coming to income-driven repayment plans for student debt.
A watchdog recently found flaws with the plans that seemed to block eligible borrowers from relief.
Advocates and lawmakers praised the changes but said more would be needed to fix systemic issues.
The student-loan industry has been full of bureaucratic hurdles for millions of borrowers since its inception — and a new government report revealed there's still a lot of work to be done.
A recent area of focus for President Joe Biden's Education Department and activists alike has been income-driven repayment programs, which are meant to keep monthly payments affordable for borrowers, sometimes as low as $0 based on family income. Signed into law by Congress in 1992 and now managed by the Education Department, these plans promise full loan forgiveness after 20 or 25 years.
"Student loans were never meant to be a life sentence, but it's certainly felt that way for borrowers locked out of debt relief they're eligible for," Secretary of Education Miguel Cardona said April 19 while announcing steps designed to bring 3.6 million borrowers on income-driven repayment plans closer to forgiveness.
The department plans to do this by conducting a one-time revision of borrowers' accounts to credit them for months in repayment that weren't previously counted, which could have happened if they were on a different repayment plan or in deferment.
The next day, a report from the Government Accountability Office threw into question how effective the plans had been.
As of June, the GAO report found, the Education Department had approved just 157 loans for full forgiveness under income-driven repayment plans, with 7,700 more loans "potentially eligible" for forgiveness. The report said it couldn't decisively conclude whether those thousands of additional loans were eligible because of "gaps in Education's data."
In response, it said, in February it issued recommendations to the Education Department encouraging it to better verify and track payments made under IDR plans. Melissa Emrey-Arras, the author of the GAO report, told Insider she's "glad" the department "agreed with the findings and recommendations from our report and is taking steps to implement our recommendations."
The focus on income-driven repayment comes just weeks after Biden extended the pandemic-era pause on all federal student-loan payments, with waived interest, through August 31, following calls from Democratic lawmakers and advocates who wanted to see continued relief. He also announced plans to restore over 7 million student-loan borrowers in default to good standing before they'd have to reenter repayment. But while some in Congress remain skeptical about efforts to forgive student debt, advocates see the department's recent reforms as a mere starting point.
A failure to keep track of payments that would qualify borrowers for forgiveness
Persis Yu, a former attorney specializing in student loans at the National Consumer Law Center who now serves as the policy director at the Student Borrower Protection Center, which advocates student-loan relief, said the department's announced steps to fix IDR were certainly "a good place to start."
But Yu is just one of the advocates who have argued the approach is not enough to fix long-standing issues that have kept borrowers who should've qualified for forgiveness under existing rules from ever getting it.
"The department is acknowledging that income-driven repayment really has failed to produce the results that Congress intended, and that there are systemic failures on both the department's part and on its servicers," Yu said, referring to the companies contracted by the federal government to manage student loans. "And I think that acknowledging that problem is very helpful in terms of how we address this going forward."
A primary focus of the GAO report was the ability of the Education Department and student-loan companies to track data and payments accurately, particularly when it comes to payments made before 2014 through IDR. The department announced that, as part of its overhaul of IDR, it would implement a payment tracker on the Federal Student Aid website beginning in 2023 so borrowers could track their progress toward forgiveness.
"Education officials said data limitations make it difficult to track some qualifying payments and older loans are at higher risk for payment tracking errors," the report said. "Until Education takes steps to address such errors, some borrowers may not receive the IDR forgiveness they are entitled."
As it turns out, the department has been aware of inaccuracies tracking payments for years. Per the report, issues with older qualifying payment counts were brought to light in 2015, but even with knowing those issues, the department "advises servicers to consider previous servicers' counts as accurate," GAO said.
Even more, it's standard policy for loan companies to not regularly communicate payment progress with the borrower, and while the borrower can request information on their progress, many of them don't even know they have the option to do so.
"It's frankly inexcusable," Yu said. "And it paints a bigger picture about how our system treats the most financially vulnerable folks and how broken the student-loan borrower system has been for so long."
Democrats laud the relief; GOP takes issue with broad forgiveness
In recent months, a growing number of Democratic lawmakers have been pushing the Education Department to act on IDR, and they lauded the latest announcement as a step forward.
Sens. Elizabeth Warren, Sherrod Brown, and Dick Durbin said in a joint statement that it's "an important step to ensure the effectiveness of our student-loan cancellation programs and to enable low-income borrowers to eliminate their debt so they can buy a home, start a business, and fully participate in the economy."
"We will keep working to ensure these programs are not overly complex, fulfill their promise of forgiveness, and make it easier for all Americans to afford a quality education," they added.
But not all lawmakers have a goal of ensuring broad student-loan relief. Rep. Virginia Foxx, the Republican ranking member of the House education committee, wrote in a statement that "a program that was the brainchild of, and expanded by, Democrats, turned out to be a complete disaster and taxpayers are forced to foot the bill for these mistakes," most likely referring to the cost of loan forgiveness. "Color me shocked."
Still, Democrats maintain the department is headed in the right direction when it comes to student-loan relief. Sen. Patty Murray, the chair of the Senate education committee, issued a statement saying the new developments would "make a huge difference in the lives of so many borrowers" and were an "urgently needed step in the right direction."
Do you have a story to share about income-driven repayment plans or student debt? Reach out to Ayelet Sheffey at asheffey@insider.com. | 2022-05-01T10:28:59Z | www.businessinsider.com | Income-Driven Payment Plans Failed to Give Student-Loan Borrowers Relief | https://www.businessinsider.com/student-loan-debt-forgiveness-income-driven-repayment-failures-gao-biden-2022-4 | https://www.businessinsider.com/student-loan-debt-forgiveness-income-driven-repayment-failures-gao-biden-2022-4 |
Pareto Technologies cofounder and CIO Junaid Ghauri
Junaid Ghauri
Junaid Ghauri is the chief investment officer and cofounder of crypto fund Pareto Technologies.
The asset manager currently has a bitcoin-based and USD-based investment product.
"The US dollar system is inherently fragile as it grows," Ghauri said.
Junaid Ghauri, like many, thought Bitcoin was absurd five years ago.
"I didn't really make much of it. It was a fun little joke," he told Insider.
Today, the 32 year old — who now manages crypto investment firm Pareto Technologies — thinks that cash is a far riskier asset to hold.
In 2018, Ghauri was the chief technology officer at Mark Labs, which often served as a data arm for real estate investment trusts and asset managers. Clients began asking questions about how blockchain data could be utilized for allocations to crypto.
Later, in 2019, he cofounded Pareto Technologies which offers investors a bitcoin-based and USD-based product.
"I thought, 'Why are they looking into this stuff? What's actually here for institutional asset managers?,'" said Ghauri, who later came to the conclusion that the digital asset class at-large could "revolutionize" traditional finance.
Bitcoin, Ghauri said, will become less volatile the longer it exists – giving it a leg up on fiat.
"The Bitcoin network becomes less fragile with time," he said of the 13-year-old token. "The volatility is really a byproduct of it being a nascent asset."
"What's clear is that on an average annual basis, bitcoin's market cap increases, the asset value increases, and the network from a technical standpoint becomes more robust," Ghauri said. "All of those issues around volatility become very superfluous."
Bitcoin, however, has a reputation for its volatility for good reason. In 2018, bitcoin's price slashed by almost 60% in less than a month dropping from $15,900.37 to $6,952.02, according to crypto data dashboard CoinGecko.
'A different kind of risk'
Ghauri said the US dollar has a different kind of obstacle than crypto — inflation.
In March, the central bank began to hike interest rates in order to combat inflationary pressures, a move which is expected to continue throughout the rest of the year.
By some measures, inflation hit a 40-year high last month, per a Friday report from the Commerce Department.
The Fed's favorite inflationary gauge indicated that consumer prices increased 6.6% in March from 2021, up from the 6.3% rise in February. Additionally, nearly 30% of economists predict an upcoming recession within the next year, according to a a survey conducted by The Wall Street Journal.
"You're not derisking your portfolio by going into cash. You're incurring a different kind of risk, an inflation risk," he added. "I think financial fragility is baked into our monetary system."
Ghauri, however, isn't the only one who believes bitcoin is a risk-off asset.
Michael Saylor, cofounder of MicroStrategy, said despite its volatility bitcoin offers the highest returns with the lowest risk. However, MicroStrategy is the largest corporate crypto holder, owning 121,044 bitcoin.
"It seems to me it's a lot more risky to buy gold, it's a lot more risky to buy a company, a stock, even a big tech monopoly," Saylor said in a November 2021 interview. "You're getting away from the board of directors and the employee base and the regulatory nexus and the competition, and you already know there's a demand for a non-sovereign store of value."
Analysts from UBS, however, described the hedge narrative as "mixed at best" and said that investors "should not build strategic exposure" in their portfolios. Instead, the investment bank recommended allocating to DLT enablers, platforms operators, or other crypto-related companies.
"Crypto coins are highly correlated to each other, making diversification challenging. They are also very volatile, and their track record as either portfolio diversifier or inflation hedge is mixed at best," the report, which was released on February 14, said.
Satoshi's 21 million
Bitcoin, Ghauri said, has a guarantee that cash does not: its limited supply.
The cryptocurrency, which was created by the pseudonymous Satoshi Nakamoto, has a maximum cap of 21 million and each token must be mined. Proponents say this will lead to a gradual price appreciation, scarcity and a potential hedge against inflation. (Bitcoin, however, has been recently trading more like US technology stocks amid rising rates.)
"With the forward trajectory of time the Bitcoin network becomes more robust whereas the US dollar system becomes more fragile, requiring constant intervention," he said.
The Fed could alternatively continue printing more money, Ghauri said, and intervene when catastrophic events occur such as a global pandemic with stimulus checks.
In the future, more institutional capital will come pouring into crypto, Ghauri said. In March 2021, the investment bank Morgan Stanley offered its wealth management clients access to bitcoin funds.
"Institutions have been panicking around holding large dollar assets. They're wondering what's going to happen to their portfolio if they go into cash so they're having to look into better options," he said. "I think this tips the scale for a lot of investors on crypto."
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More: Investing Bitcoin crypto | 2022-05-01T11:12:25Z | www.businessinsider.com | Crypto Fund Manager: Cash Is a High-Risk Asset Compared to Bitcoin | https://www.businessinsider.com/crypto-bitcoin-fund-manager-cash-high-risk-asset-2022-5 | https://www.businessinsider.com/crypto-bitcoin-fund-manager-cash-high-risk-asset-2022-5 |
A long COVID patient takes a lung function test at the Hufeland Clinic's Center for Pneumology.
One in seven US workers may experience lingering COVID-19 symptoms like "brain fog" and fatigue.
Long COVID could be preventing 1.6 million Americans from rejoining the the workforce amid widespread labor shortages.
Three healthcare workers told Insider how long COVID has impacted their careers.
A year ago, Maddy was guiding hundreds of uninsured women through cancer treatment as a healthcare worker at a major Connecticut hospital.
Now, she says she relies on calendar notifications for daily tasks and forgets entire conversations hours after she's had them. Her sister calls her each night to remind her to lock the door and set an alarm, she told Insider.
Maddy, a long-COVID patient, requested the use of a pseudonym in order to speak freely and protect her privacy, but her identity is known to Insider. The former hospital worker is one of millions of Americans who have developed long-term health issues from initial COVID-19 infections, including lingering symptoms that significantly impact their daily lives and compromise their employment.
"I don't use the stovetop anymore," Maddy said. "There were too many times where I forgot I was cooking something and almost set the kitchen on fire."
According to the Brookings Institution, a nonprofit research group, one in seven US workers may experience lingering COVID-19 symptoms like Maddy's. That means long COVID, formally called "post-acute sequelae of COVID-19," could be preventing or stalling 1.6 million Americans from returning to work amid a national labor shortage.
Long COVID isn't just a health problem — it's an economic one, too
According to a February report from the Chartered Institute of Personnel and Development, a UK-based human resources organization, one in four employers across 804 surveyed organizations listed long COVID as a top three reason contributing to long-term employee absence.
"These are not just nameless numbers," Dr. Greg Vanichkachorn, a Mayo Clinic occupational medicine specialist, told the Minnesota House Health Finance and Policy Committee in February. "These are bus drivers, laborers, physicians, nurses."
"The challenge ahead of us with long-haul COVID is not just a healthcare challenge, but a challenge for our society and our economy as well," he continued.
Three workers told Insider how the long-term effects of COVID have stalled their careers in healthcare, an industry currently suffering from a shortage of workers.
There is no official, consistent diagnosis of long COVID. However, all three women interviewed by Insider provided medical records describing the "development of new or recurrent symptoms that occur after the symptoms of acute illness have resolved," as the condition is defined by the CDC.
The 'nightmare' of navigating long COVID diagnoses and treatment
Occupational therapist Tabea Budilovsky at brain performance training in the Teutoburger Wald Clinic, a rehab clinic for long COVID patients.
After initially testing positive for the virus in January 2021, Maddy told Insider she was unable to work for six weeks due to fever and still suffers to this day from severe fatigue, memory loss, and shortness of breath.
After the fever receded, Maddy said she returned to the hospital part-time, working four to six hour shifts.
"It would feel like I worked a 16-hour shift," she said. "I was scared to drive because I was afraid of falling asleep."
Three weeks later, she was placed on medical leave. When Maddy was unable to return to work after the 26 week disability period, she was replaced — in March 2022, the hospital officially ended her employment.
Now, left without employee benefits and healthcare, Maddy said navigating the maze of long COVID treatment has become a "nightmare."
53-year-old Sherikay Griffith recalled a similar experience. As a registered nurse of 25 years, Griffith was in charge of testing the 4,000 residents of Valdez, Alaska for the coronavirus in the early days of the pandemic.
In December 2020, she tested positive herself. Within a week she said she was hospitalized for a heart attack and later, a stroke.
Griffith said her severe reaction to the virus was due to a rare, underlying condition known as "Factor V Leiden,'' which leads to an elevated risk of blood clots. Before her COVID-19 diagnosis, she said it did not affect her daily life.
Now, just over one year later, Griffith said she can only leave bed for 15 minutes at a time and struggles with memory loss and extreme vertigo.
One of the hardest parts, she said, is knowing that her decades-long career as a nurse has come to an abrupt end.
"I thought I had another 20 years left," she told Insider. "It was my identity."
Dr. David Putrino, a neurologist at Mount Sinai's Center for Post-COVID Care and leading long-COVID researcher, said comorbidities like Griffith's complicate what is an already difficult diagnosis process.
The condition's umbrella definition requires clinicians "to see the whole person … and stop trying to treat people like individual organ systems," Dr. Putrino told Insider.
There is currently no proven relationship between preexisting health status — nor the severity of the original COVID infection — and the likelihood of developing long COVID symptoms. At this point, research shows "anyone" is susceptible to the condition, Dr. Vanichkachorn said.
"We're not offering any rapid cures," Dr. Putrino added. "Unfortunately, we don't have that level of knowledge. It's a brand new condition that we're treating in real time."
The inability to return to work creates financial strain and piles of paperwork
A psychiatric nurse recovers from COVID-19 during a physical therapy session at Burke Rehabilitation Hospital in May, 2020.
An estimated 46% of long COVID patients have reduced their work hours as opposed to taking time off, according to The Lancet, a peer-reviewed medical journal. This is the case for Gail Ukockis, a mental health professional who worked in a Suboxone clinic for patients with opioid use disorders when she tested positive for COVID-19 in December 2020.
She told Insider she can now only endure 30-hour work weeks at her new job as a counselor.
"Some mornings I wake up and think I should apply for disability," she said. "But I just want to keep on working. There are so many more things in my life I want to do career wise."
All three women said their career disruptions have led to financial strain, forcing them to dive into retirement savings.
Long COVID patients are eligible for disability benefits through the Americans with Disabilities Act if the condition substantially limits one or more major life activities. However, the application process requires lengthy documentation, which many long COVID patients lack, The New York Times reported.
From constantly calling doctors without answers to requesting dozens of medical records, Maddy told Insider the disability benefits application was nearly impossible for someone with her symptoms to complete.
"We are expected to do all the legwork," she said. "I have memory issues — not saying that that's an excuse — but I literally begged people for help."
"Now I don't have a lot of money in my bank account. I have to think about planning for food stamps," she added.
More: COVID long-COVID Healthcare Education | 2022-05-01T11:59:47Z | www.businessinsider.com | Healthcare Workers Describe Long COVID's Impact on Careers | https://www.businessinsider.com/healthcare-workers-nurses-long-covid-impact-careers-labor-shortage-2022-5 | https://www.businessinsider.com/healthcare-workers-nurses-long-covid-impact-careers-labor-shortage-2022-5 |
Prices for energy, food, cars, and household supplies are going up do to record-high inflation in the US.
The US is charging toward a full economic recovery, but there are still some flashing warning signs.
Supply-chain issues, the labor shortage, and inflation all present major risks to the rebound.
Here's how each of these risks could derail the recovery and even spark a new downturn.
The US economy is still squarely in recovery mode, but there are some seriously big bumps in the path forward.
While the jobs rebound is nearly complete, spending sits at record highs, and worker pay is still climbing at a stronger-than-usual pace, there is one weak spot: Thursday's disappointing first-quarter GDP decline. However, the scary headline number was also largely powered by temporary factors, like a dip in demand for US exports and a slowdown in businesses restocking their inventory.
Economists generally expect a return to growth through 2022 — but three risks are flashing signs that the recovery could be derailed.
The global supply chain is still badly tangled
It's still difficult to get stuff shipped around the world — and a lot of it is still thanks to Covid-19. If supply chains aren't fixed, it could leave the economy growing at a slower rate for the foreseeable future because consumers and businesses simply won't be able to buy as much.
The logistics issues first emerged in the middle of 2021 when the Delta wave led to new factory closures throughout China. That powered shortages of key components like semiconductors, and the entire supply chain quickly got backed up as more countries faced increased infections and reinstituted partial lockdowns. Shipping delays, widespread shortages, and higher prices ensued.
The Omicron variant extended the tangle, and rising virus cases in China threaten to repeat the cycle all over again. Lockdown measures have already been revived in Shanghai and Shenzen, the latter of which serves as one of the world's biggest manufacturing hubs.
Intensifying supply chain woes would leave the US to contend with greater inflation pressures and another round of product shortages. Americans could rein in their spending amid even higher prices, and the lack of activity would endanger businesses still recovering. In the worst-case scenario, spending would contract so much that the entire economy enters a new recession .
It's no wonder, then, that the events of the past year have countries mulling a shift away from globalization.
Businesses are so desperate to hire that they could raise wages so much they exacerbate inflation
The labor market's recovery has been three times faster than that seen after the Great Recession, but it's coming up against some snags.
Chief among them is the sluggish improvement in labor force participation. The measure tracks the proportion of Americans either working or looking for work. The slow rebound set the foundation for the labor shortage, as last year's reopening saw businesses try to rehire from a considerably smaller worker pool. The months since have seen payrolls rocket higher, but participation remains well below pre-crisis levels.
The extreme tightness in the labor market helped workers win above-average raises and new bargaining power, but now it's posing some issues. The gap between job openings and available workers is now at "an unhealthy level," Federal Reserve Chair Jerome Powell said in March. If participation remains weak and consumer demand stays elevated, businesses will continue to drive wages higher and, in turn, boost inflation.
"More labor force participation is tremendously welcome," Powell added. "It will, we think, help relieve some of the wage pressures that do put inflation at risk."
Prices are still soaring
While several trends could throw the recovery off-kilter, they all come down to inflation. Price growth has quickly replaced the coronavirus as the biggest obstacle toward a full recovery, and it poses the biggest risk of sparking a new recession.
Prices for everyday goods and services climbed 8.5% in the year through March, marking the fastest pace since 1981. A bevy of factors, including the aforementioned supply-chain and labor shortage pressures, could speed the pace further still. Russia's invasion of Ukraine could also worsen the problem, as it's already boosted prices for key commodities including oil, wheat, fertilizer, and nickel.
Even efforts to cool inflation threaten to drag the US into a downturn. The Fed raised interest rates in March in hopes that higher rates will ease demand and pull inflation to healthier levels without harming employment. The central bank is likely to move more aggressively in the months ahead, with Powell hinting earlier in April that a double-sized rate hike is "on the table" for the Fed's May meeting.
But critics fear the plan will backfire. Raising interest rates too quickly can weaken demand so much that businesses stop hiring. In the fight to cool inflation, the Fed could spark an entirely new crisis.
The central bank is already playing catch-up with inflation and economic harm is now "virtually inevitable," Bill Dudley, a Bloomberg opinion columnist and former president of the New York Fed, said in a March 29 column.
Deutsche Bank economists were even blunter. The team sees the Fed's rate hikes inducing a recession by the end of 2023, according to a Tuesday note.
"The risks to this outlook seem clearly skewed to the downside — for a more severe recession," economists led by David Folkerts-Landau said.
To be sure, some signs suggest inflation has already peaked. Data out Friday showed core personal consumption expenditures — the Fed's go-to inflation measure — rising 5.2% in the year through March, slowing from the prior month's 5.4% pace.
But even if price growth is already starting to cool, it has a long way to go before reaching sustainable levels. Until then, the warning signs flashing throughout the economy could undo much of the recovery progress seen over the past two years.
More: Economy economic outlook recession risk recession outlook | 2022-05-01T12:00:18Z | www.businessinsider.com | 3 Warning Signs That the US Economy Could Be Headed for a Downturn | https://www.businessinsider.com/us-economy-recession-warnings-inflation-labor-shortage-supply-chain-2022-4 | https://www.businessinsider.com/us-economy-recession-warnings-inflation-labor-shortage-supply-chain-2022-4 |
I pay $400 a month for health insurance as a freelancer, and I wouldn't give it up for coverage from a full-time job
The author, Laura Wheatman Hill.
Courtesy of Laura Wheatman Hill
I pay about $400 a month for my health insurance as a freelancer.
It's worth it to me because I have mental health care coverage; I pay just a $10 copay for therapy.
I would hesitate to accept an employer plan that didn't cover mental health in the same way.
I'm self-employed and pay for my healthcare via the marketplace. The first year after my divorce, because my tax return showed my household income from when I was married, I had to pay the full fee, which was a bummer and a big financial strain. This year, I was able to qualify for some aid and it has helped immensely, but I still pay over $300 a month for medical, $25 a month for vision, and varying amounts per month for copays and prescription fees depending on need.
I opted not to get dental insurance since it didn't cover much and I generally have healthy teeth. I budget at least $1,000 a year for routine dental care. I could try to find a cheaper dentist or go to the local dental school for care, but I have some dental anxiety and like my hygienist, who covers me with a warm blankie, gives me headphones, and turns on "Schitt's Creek" for me while she cleans my teeth. I tell myself skipping an anxiety attack is worth the money.
I chose a high-tier plan for its mental health coverage
I chose a pretty high-tier plan with a low deductible because of its mental health coverage. If going to therapy is covered, it's worth it. I see a therapist weekly with only a $10 copay and see my prescriber once a month for a $20 copay; $60 a month for five hours of care is a steal. Technically it's $400 a month since I pay the premium, prescription prices, and copays, but that's still better than paying out of pocket completely and frees me from guilt about prioritizing my mental health.
Conversely, as per our parenting agreement, my kids are on my ex's marketplace plan, one that costs him much less per month per person, but we pay way more to hit the deductible on specialists in the mental health sphere. So, while I don't pay for their insurance, I budget my share of the deductible and out-of-pocket max for their healthcare as well.
Why I'd hesitate to take a health insurance plan from an employer
I would be nervous to take a health plan if I ever got a staff job that doesn't cover what my current plan covers. Over the years, it's been a nightmare when our insurance has changed and we've had to find new providers. Providers have also dropped our insurance, usually but not always giving us enough notice to get a new provider set up or choose a new plan that includes them before the enrollment period is over.
Healthcare absolutely should be universal, in my opinion. For my kids it's very necessary to see specialists and those should be included as well. Mental health care, which in many cases is preventive and can decrease someone's medical expenses over time, should be covered across the board, no matter the plan. Sadly, that's not the reality, so, as a freelancer on a budget, I plan ahead and keep detailed records.
Laura Wheatman Hill (she/her) lives in Portland, Oregon, with her two children where she writes about everything and teaches English and drama when not living in an apocalyptic dystopia. She has been published by CNN, Real Simple, Parents, and others. You can find her at laurawheatmanhill.com and on Twitter @lwheatma.
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More: Healthcare Health Insurance Marketplace Personal Finance Insider | 2022-05-01T13:27:16Z | www.businessinsider.com | Why I Pay $400 a Month for Health Insurance As a Freelancer | https://www.businessinsider.com/personal-finance/why-pay-400-health-insurance-freelancer-2022-4 | https://www.businessinsider.com/personal-finance/why-pay-400-health-insurance-freelancer-2022-4 |
A storm is brewing in Twitter's executive ranks. Here's how experts say it could play out.
Elon Musk has said he's a free-speech absolutist.
On Monday, Elon Musk offered to buy Twitter for $44 billion and take it private.
The prospective takeover sparked speculation about the future of leadership at Twitter.
Consultants and experts say changes are imminent and a CEO swap is likely.
Elon Musk has a new tech platform to control. On Monday, Musk, the founder of Tesla, SpaceX, Neuralink, and The Boring Company, offered to buy Twitter for $44 billion. The acquisition would place the world's richest man at the helm of one of the most powerful social platforms .
The prospective takeover sparked speculation about the future of leadership at Twitter and whether Parag Agrawal, the company's recently appointed CEO, will remain in the role.
Known for his visionary leadership and out-of-the-box thinking, Musk took Tesla from a fringe brand to the world's most valuable car company and recently sent a four-person civilian crew into orbit in a SpaceX spaceship.
Experts who spoke with Insider said it's tough to predict the moves of such a characteristically unpredictable figure. "It's impossible to know what Elon Musk will do next," said Richard Levick, the chair and CEO of Levick, a crisis-public-relations firm.
Levick's firm has represented Musk's private spaceflight company, so Levick has firsthand knowledge of Musk's penchant for unpredictability.
"I remember one night in particular he called at 6 or 7 o'clock at night and said, 'I'm flying into Washington. Can we do a press conference at 9 o'clock tomorrow morning?'" Levick said. "We pulled it off, and the press conference was a success, but I share that story because I think it's indicative of no one knows what Elon Musk is thinking, and sometimes not even Elon Musk."
Insider spoke with experts including Levick; a reputation-management consultant; and a CEO consultant about how Twitter's executive leadership could shake out under Musk. Their two biggest predictions were that changes are imminent and that a CEO swap is likely.
Change is on the horizon
Musk has been public about his grievances with Twitter's leadership. On Tuesday, Musk, who has more than 88 million followers, posted a barrage of tweets criticizing two of the company's top executives.
Jim Baker, a deputy general counsel for Twitter, faced trolling after Musk affirmed a tweet by the right-wing activist Mike Cernovich accusing Baker of committing fraud as a general counsel for the FBI. Twitter's policy and legal head, Vijaya Gadde, also faced online harassment after Musk described her decision to restrict a news story on the platform as "incredibly inappropriate."
Experts argue that Musk's rifts with top executives are clear indicators that Twitter's leadership will change under his watch.
"I think you're going to see a painful cascade of carnage," Eric Schiffer, the chair and CEO of Reputation Management Consultants, said. "It will be an emotional whiplash to many of the executives who had a comfortable position."
Musk has also made clear his intentions to transform Twitter into a bulwark of free speech. In response to his tweet on Tuesday criticizing "the extreme antibody reaction from those who fear free speech," he said: "By 'free speech,' I simply mean that which matches the law. I am against censorship that goes far beyond the law."
Levick questioned whether Musk will be able to invoke the kind of free-speech rights he envisions globally across the platform. "They don't have the First Amendment in China," he said. "European regulators are way out in front of the Americans in terms of regulating the internet. How will he handle the Digital Services Act that the EU recently passed?"
Musk has expressed an intent to take Twitter private. Jay Baer, a digital-marketing consultant, suggested that would make it easier to implement sweeping changes to the company's leadership and revenue model.
Last year Twitter reported total revenue of about $5 billion. "I think he truly believes that with some changes, there could be a colossal midterm increase in revenues and profits," Baer said. "Ultimately, I don't think he makes a move like this unless he sees financial upside."
Still, though some have lauded him as a decisive leader, Musk often confounds observers. "I think it's very hard to interpret what he's doing and his intentions. I think we are wrong to assume that he will necessarily get deeply involved in the day-to-day operations," Tom Goodwin, a CEO consultant, said.
A CEO swap is likely
Agrawal, who replaced Twitter's founder Jack Dorsey as CEO last year, took the helm at a critical point as the platform introduced revenue-producing features such as its Blue subscription product and Ticketed Spaces, which allows creators to charge for exclusive access to their content.
Following Dorsey's announcement of Agrawal's appointment, Musk posted a meme of Agrawal's head edited on the body of Joseph Stalin, the Soviet leader known for his strict censorship. In a securities filing on April 13, Musk said he did not "have confidence in management."
Experts say Musk's vehement criticisms of Agrawal indicate the CEO's dismissal is likely.
But Baer said that if Agrawal were to be expelled, it shouldn't be seen as a result of incompetent leadership.
"Given the amount of tumult internally and globally during his short tenure, I don't see too many ways he could have done better," Baer said. "Talent acquisition is up. Twitter is leading in NFTs among social networks. The platform is as vital as ever as a cultural touchstone, globally."
In a companywide town hall following the announcement of Musk's acquisition, Agrawal told employees that the future of Twitter under Musk is uncertain, Reuters reported.
Musk's tendency toward brashness and off-the-cuff tweets poses questions about his approach to free speech and his ability as Twitter's owner to use the platform as his personal megaphone. And the experts who spoke with Insider say that while Musk has demonstrated success as a leader, it's anyone's guess what he'll do next.
More: Elon Musk Parag Agrawal Twitter | 2022-05-01T13:27:22Z | www.businessinsider.com | Experts Say Changes Imminent at Twitter, CEO Swap Is Likely | https://www.businessinsider.com/twitter-elon-musk-parag-agarwal-leadership | https://www.businessinsider.com/twitter-elon-musk-parag-agarwal-leadership |
Fox News anchor Maria Bartiromo.
Fox News host Maria Bartiromo gave former President Donald Trump specific questions ahead of an interview.
It's generally an unethical journalistic practice to preview a specific line of questioning to a source ahead of an interview.
Bartiromo texted a Trump aide the specific questions and then parroted them on screen when he called in, CNN reported.
Fox News host Maria Bartiromo reportedly fed former President Donald Trump questions ahead of one of her on-air interviews with him.
Bartiromo in a text to Trump's former Chief of Staff Mark Meadows outlined the questions she planned to ask him in a November interview, CNN reported.
"Hi the public wants to know he will fight this. They want to hear a path to victory. & he's in control," Bartiromo texted Meadows an hour before Trump's first scheduled interview since Election Day last year.
Bartiromo also appeared to agree with Trump's unsubstantiated claims that the 2020 presidential election was rigged against them.
"You've said MANY TIMES THIS ELECTION IS RIGGED," she wrote to Meadows. "And the facts are on your side. Let's start there. What are the facts? Characterize what took place here."
"Then I will drill down on the fraud including the statistical impossibilities of Biden magic (federalist). Pls make sure he doesn't go off on tangents," Bartiromo's text continued. "We want to know he is strong he is a fighter & he will win. This is no longer about him. This is about ????. I will ask him about big tech & media influencing ejection as well Toward end I'll get to GA runoffs & then vaccines."
Less than an hour after having sent off the text to Meadows, Trump called into Bartiromo's show, "Sunday Morning Futures." Bartiromo's questions for him on-air mirrored her outline to Meadows in the text message, CNN reported.
"Thank you for talking with us in the first interview since Election Day," Bartiromo said. "Mr. President, you've said many times that this election was rigged, that there was much fraud. And the facts are on your side. Let's start there. Please go through the facts. Characterize what took place."
It's generally regarded as an unethical journalistic practice to give a source specific questions ahead of a scheduled interview because it allows a source to plan and strategize responses, which can undermine accountability and scrutiny.
Fox News Media did not immediately respond to Insider's request for comment.
More: Maria Bartiromo Fox news Donald Trump Mark Meadows | 2022-05-01T15:50:05Z | www.businessinsider.com | Fox's Maria Bartiromo Fed Trump Questions Ahead of an on-Air Interview | https://www.businessinsider.com/maria-bartiromo-fed-trump-questions-ahead-of-on-air-interview-2022-5 | https://www.businessinsider.com/maria-bartiromo-fed-trump-questions-ahead-of-on-air-interview-2022-5 |
McConnell was anxious the Biden child tax credit would be too difficult for Republicans to dislodge.
A book from two New York Times reporters reveal McConnell's unease with a key part of the stimulus law.
The one-year child allowance expired due to opposition from Manchin and Republicans.
Senate Minority Leader Mitch McConnell never backed President Joe Biden's stimulus law, which passed with only Democratic votes early last year. But one of its social programs seemed to alarm him in particular.
McConnell was unnerved by the expanded child tax credit , according to a forthcoming book from a pair of New York Times reporters. Shortly after the law's passage, he privately confided to a friend that it was among the numerous social benefits that could become too popular for Republicans to dislodge even if they regained control of Congress.
"If Americans grew used to the benefits in the new law, he suggested, it would become politically untenable for Republicans to repeal its most popular measures," wrote Times reporters Alexander Burns and Jonathan Martin. "The country, McConnell lamented, might cross a point of no return toward becoming a European-style social welfare state —exactly the outcome he had spent his career arguing against."
A spokesperson for McConnell didn't immediately respond to a request for comment.
The bulked-up child tax credit expired four months ago due to resistance from Sen. Joe Manchin of West Virginia and Republicans. Democrats initially wanted to extend it for at least a year under their Build Back Better legislation. But Manchin sank it, partly due to his opposition to it.
Biden recently conceded that the child allowance is unlikely to be revived anytime soon. Manchin has also tried squashing any efforts to revive social spending initiatives in a smaller, retooled version of the bill. Democrats are embarking on a last-ditch effort to pass a slimmer package with his approval in the 50-50 Senate.
Senate Democrats huddle with Sen. Joe Manchin.
The stimulus law transformed the child tax credit into a one-year, near-universal cash benefit for families, widening eligibility to the poorest households with little or no taxable income for the first time. Families received $250 per kid ages 6 to 17 or $300 for each child age 5 and under.
The overhauled program put a dent in child poverty and reduced it by roughly a third, according to research from the Center on Poverty and Social Policy at Columbia University. But those gains were erased only a month after the program expired, and child poverty has ticked up since.
Families that spoke to Insider's Leo Aquino said they used the federal cash to cover basic expenses like groceries and utility bills, along with paying down medical bills.
Manchin never appeared convinced about the program's benefits. He remained skeptical about the federal government sending families monthly checks with no-strings-attached.
The authors wrote that the conservative Democrat had privately complained to some of his colleagues that the enhanced child tax credit would pay people to have more kids when West Virginia families couldn't afford the ones they already had.
Manchin also told Sen. Cory Booker of New Jersey that he believed the money would be spent on drugs. That caused Booker to rebut, telling him that families would probably use it on everyday expenses like diapers.
Democrats are increasingly worried about a blowout in the November midterms due to rising prices. According to a Morning Consult and Politico survey released last month, Republicans are now edging out Democrats among a specific group of voters: parents who once received the child tax credit.
More: Mitch McConnell Joe Biden Congress Republicans
Biden child tax credit
child allowance | 2022-05-01T19:35:11Z | www.businessinsider.com | McConnell Unnerved About Biden Child Tax Credit Becoming Popular: Book | https://www.businessinsider.com/mcconnell-biden-child-tax-credit-stimulus-popular-book-2022-5 | https://www.businessinsider.com/mcconnell-biden-child-tax-credit-stimulus-popular-book-2022-5 |
Trust Stamp's contract, which was renewed in April, has it providing ICE with 10,000 smartphones that include the company's app with facial recognition and GPS tracking, according to the documents. ICE then gives these smartphones to migrants in order to surveil their whereabouts and behavior daily.
The renewal comes just two months after several US lawmakers, led by Rep. Rashida Tlaib of Michigan, demanded that the Department of Homeland Security reduce its surveillance of migrants through ICE's Alternatives to Detention program. The program involves "supervised release and enhanced monitoring" for migrants that ICE thinks are "not considered a flight risk" or have a "humanitarian reason for their release." Trust Stamp's contract is through this program, the documents show.
According to the original contract information, migrants with Trust Stamp phones are expected to complete "biometric check-in" once a day, meaning they scan their faces, and Trust Stamp determines if it's a match or not.
On April 15, Trust Stamp was forced to pause all work on the contract, pending Congressional notification of the contract, as required by law for certain contracts worth more than $1,000,000. The renewed contract is worth 14 times as much as ICE's annual contract with the controversial facial recognition company Clearview AI.
Trust Stamp is not the only surveillance company ICE has contracted through its Alternatives to Detention program, which tracks more than 180,000 migrants. The agency has for years worked with BI Inc and SmartLINK, which provide ankle monitors and smartphones with check-in apps that have facial recognition, voice recognition, and GPS tracking. These tracking devices have left people with bruising and injuries, and have often malfunctioned, according to a recent report by the Miami Herald. In April, immigrant rights groups Mijente, Just Futures Law, and Community Justice Exchange sued ICE for information it has collected through the Alternatives to Detention program.
More: Immigration Immigration and Customs Enforcement (ICE) Facial Recognition Location Tracking | 2022-05-02T09:19:45Z | www.businessinsider.com | ICE Has a New $7.2 Million Contract for Facial Recognition Check-Ins for Migrants | https://www.businessinsider.com/ice-7-million-contract-trust-stamp-facial-recognition-location-tracking-2022-5 | https://www.businessinsider.com/ice-7-million-contract-trust-stamp-facial-recognition-location-tracking-2022-5 |
Welcome back readers. There's little indication that inflation is going away soon, and Wall Street is worried it could linger into next year and bring turmoil to the market. Today we're going over a few top investment themes from big banks as uncertainty looms large.
1. It's time to load up on consumer staples, according to Bank of America. The firm just trimmed its S&P 500 forecast and said the market is pricing in a "1 in 3 chance" of a recession, with the greatest risk being prolonged heightened inflation.
But investors can ready themselves by arranging their portfolios defensively, BofA said, by snapping up consumer staple stocks. With increased recession risks on the horizon, the bank raised the sector to overweight from underweight.
"Better-than-expected consumption (especially in the lower income cohort) despite inflation and a big uptick in spending on services (admittedly at the expense of big ticket spend) are positive," BofA noted.
JPMorgan, meanwhile, thinks energy stocks are worth keeping an eye on. The energy space remains the best equity investment as commodity prices continue to rise, the firm said.
"Energy is the only sector that is seeing its quality, growth, and momentum scores improve simultaneously," JPMorgan analysts wrote in a Thursday note.
Even though energy is up roughly 38% this year, analysts predict that upside remains because demand is going to outpace supply leading up to 2030.
"In our view, fundamentals and valuation make a compelling case for the sector," JPMorgan concluded.
2. US stock futures are up early Monday, after major indexes notched a steep drop to end April. On Friday, the Dow shed 945 points as the month's sell-off continued. The tech-heavy Nasdaq saw its worst-performing month since 2008.
3. Earnings on deck: American National Group, Spirit Airlines, and BlackRock Capital Investment, all reporting.
4. A 26-year market vet laid out three indicators that show stocks could be set up for another rally. After a big sell-off in April, Lance Roberts said upside could be coming. Plus, he shared seven stocks and two bond ETFs to watch in the months ahead.
5. Europe wants to ban Russian oil, but cutting off supplies is an economic and political nightmare. The bloc has become heavily reliant on Russian energy, and is now directly funding Moscow's war machine. However, if the EU does implement a full embargo, Russia's economy could spiral into a depression.
6. Elite investors discussed Warren Buffett's $23 billion of new bets at Berkshire Hathaway's annual weekend meeting. Mario Gabelli, John Rogers, and others celebrated Berkshire's investments in Occidental Petroleum and HP, as well as its deal to acquire Alleghany. Here are the best insights from some of the top figures in the investment world.
7. Coinbase said it will be implementing a "zero tolerance" policy against the front-running of new crypto listings. Front-running involves using non-public information about upcoming token listings to invest in them before the wider market can. Here's what you want to know.
8. The US economy just took a big step closer to a recession, but the chief economist of Ameriprise Financial isn't concerned. He said that weak growth, high inflation, and war have weighed on the market — but he said investors can play a huge market reversal by buying stocks in these three sectors.
9. This crypto bull and research director said ethereum can eventually rise to $35,000. Geoffrey Kendrick thinks comparing crypto to tech stocks back in 1999 is actually a compliment — and he shared which two altcoins he's eyeing right now.
10. The average American got a real pay cut of almost 4% in the last year. Inflation-adjusted wages fell 3.7% in the year through March as higher prices eroded strong pay gains. Now, inflation throughout the economy is leaving Americans with much weaker buying power.
Event invite: Join us Tuesday, May 10 at 12 p.m. ET for "Creating Broad-based Economic Prosperity," in partnership with Bank of America. Sustainable finance experts, business leaders and ESG professionals will discuss how a company affects the financial well-being of its community. Register here. | 2022-05-02T10:50:58Z | www.businessinsider.com | 10 Things Before the Opening Bell: May 2 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-2-2022-4 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-2-2022-4 |
Higher rates may mean lower budgets for homebuyers
High rates probably aren't going away anytime soon. Mortgage rates have been rising dramatically recently, cutting into affordability for homebuyers who are navigating an already-expensive market.
If you're planning to buy a home soon, Heck advises that you explore multiple mortgage options, including different types and terms, to determine what works best for you. And if you're struggling with a newfound lack of affordability in this rising rate environment, be prepared to adjust your budget.
"If rising rates have cut into your affordability, take a look at what you can afford now," Heck says. "We've seen a number of buyers compromise successfully over the past month, which can be frustrating in the moment but help advance your longer term homeownership goals."
I still believe we are in a market that is advantageous to buy or own in. Ralph DiBugnara, president of Home Qualified and senior vice president of Cardinal Financial | 2022-05-02T10:51:09Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: May 2, 2022 | Higher Rates May Mean Lower Budgets for Homebuyers | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-may-2-2022 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-may-2-2022 |
Jake Ellowitz
Tribe Capital partner Jake Ellowitz
Tribe Capital; Rachel Mendelson/Insider
Tribe Capital spent three years creating a statistical model that finds the best seed investors.
That model is the basis for Insider's Seed 100 and Seed 25 lists, which rank the best investors.
The model analyzes 25 performance characteristics to find top investors. Here's how it works.
At Tribe Capital, data informs everything we do, such as which startups we invest in and which VCs we work with in our network. A few years ago, we asked ourselves a question: Who are the best seed VCs to partner with, based on data analysis?
To answer, we spent three years developing and tuning a statistical model that whittles down thousands of potential seed partners into a ranked list of the best-performing ones. This methodology became the basis for the Seed 100 and Seed 25 lists published by Insider.
We sought to find seed investors with a track record of investments that do the following:
Performed well as indicated by initial public offerings or exits meaningfully above liquidation preference, meaning returns were achieved because the companies became more valuable, not because they raised a lot of money.
Showed early signs of future success because their portfolios have cured well at the early stage, but have not yet exited.
Tended to reach growth stage as indicated by Series B and follow-up rounds.
Had well-rounded success, showing well across all attributes we measured even if they didn't have a single strength.
Our methodology begins by examining Crunchbase and PitchBook data to analyze each investor's performance in 25 areas. The model is designed to notice when an investor demonstrates extraordinary skill and shows a high likelihood of continuing to be outstanding.
Because our goal is to predict likely future success — rather than simply identify past accomplishments — we excluded from consideration any investor who was no longer active. We also needed a broad enough sample to draw conclusions, so we required investors to have five or more investments between 2008 and 2021. But the list does include solo venture capitalists and angel investors domiciled globally, measured by their investments in US companies.
It's worth noting that while we weight each criterion equally, the score our model produces moves a lot with exits — aka IPOs or acquisitions — so "exits" is the most influential category that differentiates investors from the rest of the pack.
Because it typically takes a few years to gauge the quality of seed investments — and the investor behind each one — we're reviewing an extended timeframe. On average, we've observed that it takes seven to 10 years from seed investment to exit.
To ensure year-over-year consistency for the second annual Insider Seed 100 and Seed 25 lists, we kept the same quantitative approach from last year's lists, but we updated them to cover investors' more recent performance.
Growth and movement in the list
In 2022, 37 new investors were added to the Seed 100 list. And 28 people moved upward — many of them by more than 20 spots — while 33 people moved downward, the vast majority by more than 10 spots.
When we looked at year-to-year movement among the top seed investors on these lists, we observed that while performance change was relevant (such as new exits), many of the overall rank changes were a byproduct of growth in the overall population of seed investors.
In other words, an investor who dropped in rank didn't necessarily become "worse." Instead, the field of competition became more intense. It's harder to stay in the top 100 as the total pool of seed investors grows.
In total, our eligible candidate pool grew about 15% since last year, to 1,400 people, excluding members of the Tribe Capital team.
Statistically speaking, the top 20 investors tended to have the tightest distributions of scores among the criteria we measured and enjoyed the highest level of confidence — movement among these top contenders was more notable than what happened lower down the list.
Women and diversity
Venture capital has historically been characterized and driven by "who you know" versus "what you know." That industry dynamic causes systemic issues, among both investors and founders. If women struggle to get an invitation to the club, it's unlikely they'll find many peers flourishing inside it.
This is changing. Today there are many excellent seed investors from various backgrounds who are making savvy bets on young startups. But because it can take up to 10 years for the results of those bets to be seen, there isn't a sufficient track record from enough deals with data that can be validated for many of these rising-star investors to be in contention for the broader Seed 100 list.
Nonetheless, we're seeing an encouraging emergence of female seed investors in the venture community, so we've created the Seed 25 list to highlight them. The 2022 Seed 25 list heavily weights toward historical data from 2008 to 2021.
Given the activity we see in the market today, we expect female representation to improve over time. In 2020, Women in Venture reported that about 5% of venture-capitalist partners were female. And our 2022 Seed 100 list highlighted 11 women, up from 7 in 2021.
In fact, the total pool of eligible female investors grew from 76 women in 2021 to 99 women in 2022, a 30% increase and double the growth rate of the general seed-investor population in scope. Our models further show that the likelihood of success for female investors looks similar to that of male investors; that is, female seed investors have the same probability of success as their male counterparts, so long as they get the opportunity to compete.
The same situation is taking place with diverse investors. Many of our team members at Tribe come from diverse backgrounds, and we recognize the inherent challenges of thriving in a system that wasn't built by, or for, people like ourselves. Systematic bias is one of the problems that Tribe Capital's quantitative approach is designed to tackle and address. And we believe that broader representation in the industry, and therefore among the Seed 100, will improve over time. (Read: How Tribe Capital's Arjun Sethi uses data, not feelings, to choose the startups his fund backs.)
Jake Ellowitz is a partner at Tribe Capital and the data scientist who pioneered Tribe's mathematical models for the startup and venture-capital industries.
More: Venture Capital Tribe Capital Seed 100 2022 Seed Investing | 2022-05-02T12:00:31Z | www.businessinsider.com | How Tribe Capital Selected the Best VCs for the Seed 100 and Seed 25 | https://www.businessinsider.com/best-seed-vcs-venture-capital-tribe-capital-seed100-seed25-2022-5 | https://www.businessinsider.com/best-seed-vcs-venture-capital-tribe-capital-seed100-seed25-2022-5 |
How seeking out the 'weird and wonderful' led to Eric Paley's seed investment in Uber and hundreds of other startups
Eric Paley, a cofounder of Founder Collective, is No. 2 on the Seed 100.
Founder Collective; Rachel Mendelson/Insider
In 2010, Eric Paley was part of Uber's seed round, one of the best VC investments of all time.
He's had a string of successful exits ever since while being unabashedly sector agnostic.
This year, Paley ranks No. 2 on the Seed 100 list of the best early-stage investors.
In 2010, just after cofounding a new venture firm, Founder Collective, Eric Paley made one of the best venture-capital investments of all time.
Paley's $95,000 investment in a little-known startup called UberCab was eventually worth more than $372 million when the ride-sharing giant Uber went public in 2019, The Wall Street Journal reported. (Paley would only say that he made a "four figure" multiple.)
That investment in Founder Collective's first year of operation is tough to top, but Paley, in Cambridge, Massachusetts, landed at No. 2 on Insider's 2022 Seed 100 list thanks to a string of successful exits, including Blissfully (acquired by Vendr for $100 million), Codecademy (acquired by Skillsoft for $525 million), and Finxera (acquired by Priority Payment Systems for an undisclosed amount).
In an era when many investors specialize, Paley is unabashedly sector agnostic. He recently backed Flume Health, a healthtech startup, and Vyne, a payments company.
"I think a lot of the reason VCs focus on sectors is that it makes them feel smarter," Paley said. "You present yourself as a thought leader who understands where things are going, and then you start to look for companies that pattern match to your thesis."
But Paley always believes founders know best, and he looks for ones that are, in his words, "all over it."
"There are founders who love to wave their hands and tell a big story, but when you really go into the weeds with them or ask them the hard questions, get defensive or annoyed, or they can be a bit glib," Paley said. "The founders we love are the ones who acknowledge what they haven't figured out yet but can't wait to tell you about how they're thinking about solving it."
In the case of Uber, Paley was introduced to Ryan Graves, the CEO of UberCab, which let riders hail luxury black cars via a smartphone app. Other investors Paley queried about the nascent ride-hailing startup were skeptical. They asked why UberCab couldn't be put out of business by any taxi company that made its own app.
"They were really looking at it from a tech perspective and not a user-experience perspective," Paley said. But he posed a question, one he's asked for every investment since: "If this works, what does it look like?"
He also tried to look past the concerns that people would not want to ride in a stranger's car. "We've always loved things that were weird and wonderful and always believed that when things that are weird and wonderful succeed, they start to seem like obvious and mainstream," Paley said.
Once the investors at Founder Collective find a founder and startup they like, they structure a deal in a way that aligns incentives, so the firm's investment is diluted alongside the founders' in later rounds.
For the past 12 years, Founder Collective has tried to stay lean, and it encourages its companies to do the same.
"We believe entrepreneurs should try to raise as little money as possible to accelerate their businesses, while preserving ownership," the fund said on its website. It also mentioned the success of The Trade Desk, which raised $22.5 million in venture before going public for over a billion dollars.
"We basically sit on the exact same side of the table as the founder and become their best ally," Paley said. "You can only do that if you stay really small as a fund and as a partnership, and you stay really true to your values."
More: Seed 100 2022 seed 100 Eric Paley | 2022-05-02T12:00:34Z | www.businessinsider.com | How the 'Weird and Wonderful' Guides Top Seed VC Eric Paley | https://www.businessinsider.com/eric-paley-top-seed-vc-investing-startups-2022-5 | https://www.businessinsider.com/eric-paley-top-seed-vc-investing-startups-2022-5 |
The European Union on Monday hit Apple with a preliminary antitrust complaint relating to Apple Pay , the tech company's mobile payment system.
The commission said its "preliminary view" was that "Apple's dominant position in the market for mobile wallets on its operating system iOS, restricts competition, by reserving access to NFC technology to Apple Pay. This has an exclusionary effect on competitors and leads to less innovation and less choice for consumers for mobile wallets on iPhones." NFC, or near-field communication, is used by Apple Pay to enable contactless payments.
Margrethe Vestager, the European commissioner in charge of competition policy, said the European Commission had sent to Apple a so-called "statement of objections," which outlines the preliminary conclusions reached by the bloc's antitrust investigators.
In a statement to Reuters, Apple said: "Apple Pay is only one of many options available to European consumers for making payments, and has ensured equal access to NFC while setting industry-leading standards for privacy and security."
More: Apple Tim Cook Antitrust EU | 2022-05-02T12:00:48Z | www.businessinsider.com | EU Hits Apple With Antitrust Complaint Over Apple Pay | https://www.businessinsider.com/eu-hits-apple-with-antitrust-charge-over-apple-pay-2022-5 | https://www.businessinsider.com/eu-hits-apple-with-antitrust-charge-over-apple-pay-2022-5 |
Miriam Rivera, Ulu Ventures' CEO, cofounder, and managing director.
Ulu Ventures; Rachel Mendelson/Insider
Ulu Ventures' Miriam Rivera has backed unicorn startups such as BetterUp, Everlaw, and Figure.
Previously a lawyer at Google, she cofounded Ulu in 2008 with a focus on underrepresented founders.
She's No. 1 on Insider's Seed 25 and No. 28 on the Seed 100 lists of the best early-stage investors.
Miriam Rivera isn't fretting about the increased competition for seed-stage deals.
In fact, she welcomes it — especially if it brings more funding dollars to startups launched by founders from underrepresented backgrounds.
Backing such founders has been a focus of Rivera's firm, Ulu Ventures, over its 14 years of existence — ever since she took some of her earnings from her role as an executive at Google and began making investments. Ulu has invested in female founders and founders of color such as Rachel Carlson of Guild Education, Eduardo Medina of BetterUp, June Ou of Figure, and AJ Shankar of Everlaw; all of their companies are unicorns worth more than $1 billion.
Other companies the firm has backed — Palantir, SoFi, and Proterra — have made multibillion-dollar exits in the past two years. These wins have made Rivera No.1 on Insider's Seed 25 list of the top female seed investors and No. 28 on our Seed 100 list of the top seed investors. Both lists were compiled with data from Tribe Capital.
"It takes a while to get a track record of success as an investor," Rivera told Insider. "And I think that's one reason why there's so many fewer people of color in it, because a lot of people don't have the wealth to start up something and wait eight years for it to actually turn into anything. But we had that good fortune."
And now, she added, "people have seen that investing in diverse people is profitable."
Yes to tech, no to arsenic
The power of technology to shape the financial futures of minorities and the underserved has been a theme in Rivera's life and career. Raised in Chicago by parents from Puerto Rico, she got a scholarship to the renowned boarding school Phillips Exeter Academy, where she took her first computer-science classes.
Later, as a student at Stanford in the 1980s, Rivera put that knowledge to use at a campus job compiling work ads for alumni. Printing the listings involved a tedious chemical-transfer process, and Rivera convinced her manager that computerizing the process would eventually cut costs. Using computers also kept Rivera from being regularly exposed to the toxin arsenic.
That simple observation of how technology could transform the workplace informs Rivera's work to this day. "A lot of what I do is look for businesses that I think can do that in some way," she said.
After earning business and law degrees from Stanford in 1995, Rivera sought to combine her professional training with her interest in technology. That eventually led her to Google, which she joined in 2001 as the company's second attorney. She moved up the ranks to become a vice president and deputy general counsel before leaving in 2006.
Rivera sought out general-counsel roles at other companies, but she realized she had already led much larger departments as Google's No. 2 lawyer than she likely would elsewhere. Several lawyers she knew had found new careers in venture capital, and soon Rivera joined their ranks.
Clint Korver is Ulu Ventures' cofounder and managing director.
Ulu Ventures
Kauffman fellows to best seed investors
In 2008, Rivera and her husband, Clint Korver — No. 26 on this year's Seed 100 list — launched Ulu Ventures.
They initially used a few million dollars from Rivera's shares in Google to invest in startups. Both participated in the Kauffman Fellows program for emerging VCs, and a few years later, in 2016, they raised their first outside fund.
Ulu seeks to set itself apart through a process for making investments that's designed to mitigate bias. It stems in part from Korver's Ph.D. research in organizational decision-making.
Rivera's background as a Latina first-generation college graduate informs her investment philosophy. She told Insider she chose to focus on venture capital because she sees it as a powerful vehicle for building wealth.
A significant chunk of the world's biggest and most valuable companies started out as venture-backed startups. Those companies — the Googles and Amazons and Facebooks of the world — have created wealth for thousands of employees, many of whom have gone on to build their own startups and investment firms.
Rivera wants to see more of the next Googles led by underrepresented founders.
"We know that when you have women and people of color running organizations, they just hire more women and people of color than a white-male-led organization," she said. "Some of that benefit of working in those public companies — and the wealth-creation opportunities that come from creating these kinds of companies — will go to a more diverse set of people."
More: Seed 100 2022 Venture Capital Startups | 2022-05-02T12:01:06Z | www.businessinsider.com | How VC Miriam Rivera Finds Unicorns Among Overlooked Founders | https://www.businessinsider.com/miriam-rivera-ulu-ventures-vc-unicorns-underrepresented-startup-founders-2022-5 | https://www.businessinsider.com/miriam-rivera-ulu-ventures-vc-unicorns-underrepresented-startup-founders-2022-5 |
Airlines have a bold new plan to make air travel better: replace airplanes with buses
Some airlines are partnering with bus lines to replace shorter flights.
Rob Wilson/Shutterstock; Rachel Mendelson/Insider
As a transportation and operations nerd, I love to find the best — and fastest — route when I travel.
And as a professor at the University of Pennsylvania's Wharton School of Business, I occasionally teach at the school's satellite campus in San Francisco. Over the past year, American Airlines has reduced the number of routes to the city from my home in Philadelphia, so I now fly with United Airlines through Newark, New Jersey — as United operates hubs out of both Newark Liberty International Airport and San Francisco International Airport. When I return from San Francisco, I avoid booking any other form of transportation until I land in Newark.
Once in Newark, I check when and where the nearest train is due. If it's at the Newark airport rail station, I immediately book it on the Amtrak app and head there on the AirTrain (a short five-minute ride). If it's at Newark Penn Station, I get an Uber, and once I know my ETA, I book my ticket on the Amtrak app. Once I arrive at Philadelphia's 30th Street Station, I either walk to Penn if it's a nice day, or I get an Uber.
But to make the journey, I have to use three different apps — Uber, Amtrak, and United Airlines — make all the arrangements myself, constantly make changes based on arrival times, and continually monitor all the options.
This isn't efficient, and it would be even harder if I were traveling with my family or a group. It's also only possible for me because I live in the Acela corridor, where the trains are fast, efficient, and frequent. In most of the country, this kind of multistage travel doesn't work, which means travelers have fewer options when flight routes are cut or cancellations leave them stranded.
And with labor shortages and extreme weather causing more delays and cancellations, coordinating several layers of travel gets complicated. If we want air travel to be more sustainable, then airlines must make your entire trip — not just the flight — easier, better, and more efficient.
In some cases, airlines are embracing these multi-option travel methods, so your next flight could include an hourlong bus trip to your destination.
Flight disruptions are going to get worse
In early April, thousands of flights were canceled in Florida because of a large storm system. And because of airline staff shortages, technical problems, a rental-car shortage, and an influx of spring-break travelers, some people were stranded for days until they could be rebooked.
Between operational issues, fuel-price surges, worker shortages, weather-related cancellations, and the general disruptions that airlines have suffered over the past two years, airline travel is difficult these days — and it's likely going to get worse. After a COVID-19 wave hits, those in the hospitality business have noticed big spikes in trips booked — which some have called "revenge travel." Now that travel and health restrictions are relaxed, trips and vacations are expected to spike, and with them, more flight cancellations and delays, which will no doubt frustrate travelers.
In an effort to mitigate some of these issues, American Airlines is planning to put some passengers on buses. Beginning on June 3, it plans to contract with Landline to connect its Philadelphia hub to Lehigh Valley International Airport near Allentown, Pennsylvania, and the airport in Atlantic City, New Jersey. This is similar to the contract Landline has with Sun Country Airlines in Minneapolis-St. Paul and United Airlines in Denver. The buses, which replace routes previously done by planes, are branded with the airline's logo, tickets are sold by the airline as "flights," and bags are transferred between buses and planes as they are with any connecting flight.
The idea of using multiple types of transportation to complete one "airline" trip is picking up speed globally. Starting in April, France banned short-haul domestic flights that could be done by bus or train, as part of the government's plan to reduce carbon emissions. Austria put a similar measure in place as part of Austrian Airlines' bailout scheme.
The Guardian reported that the move could eliminate 12% of French domestic flights. Over the past few years, because of intense competition with low-cost airlines, such as EasyJet and Ryanair, the cost of a short-haul flight in Europe was significantly lower than a similar route via train. Although travelers may now spend more time traveling by train than they would have by plane, Greenpeace suggested that the ban on short-haul flights where there is a train alternative of under six hours would eliminate 3.5 million tons of carbon emissions per year.
While this kind of move would be more challenging in the US, where train travel is limited, the ongoing issues with cancellations and delays mean more airlines should be thinking about how to incorporate other modes of transportation to make their passengers' journeys as smooth as possible.
A smoother system
If partnerships with buses and trains is the route (pun intended) airlines are taking to address travel and flight disruptions for air travelers, they must adjust their scheduling systems so passengers don't have to jump on and off their websites or apps to complete their trips.
As someone who enjoys taking several kinds of transportation, it's still a clunky way to travel because airline systems don't "talk" to the systems of other transportation modes, such as Amtrak or Uber.
Recently, Uber has started asking me whether I want to book a ride at my destination before I even depart. But what if I could do that directly through the airline? What if the airline offered me the option to book an Uber upon my arrival and informed Uber — probably in exchange for a fee — when I arrived (and maybe even used my GPS to update the system and inform me about where I'd find my ride)?
Imagine departing your home in suburban Dallas, getting on a bus to the Dallas-Fort Worth airport, hopping on a plane, and landing to find the Uber you booked already waiting for you. The car takes you to your destination, where your luggage is already waiting — all without needing to coordinate anything beyond letting the airline know where you are and where you're heading.
The German airline Lufthansa already operates like this with the train system in Germany. A few years ago I traveled from Paris to Cologne, Germany. I checked my luggage at the Paris airport and boarded my flight to Frankfurt, Germany. In Frankfurt, I boarded the next express train to Cologne, and I picked up my luggage only once I'd arrived. The entire experience was smooth and felt as though it was one integrated experience, designed around the customer.
As air travel continues to suffer from high levels of disruption, airlines in the US need to tackle how to make flying less of a headache. And with business travel — which is a key part of airline profitability — still slow to return, airlines need to figure out a way to mitigate travel disruptions, or they may end up with only price-conscious, less-predictable leisure travelers. And if that's the case, airlines are in trouble.
In the same way companies are rethinking how to manage their inventory and supply chains because of the disruptions and issues felt by consumers over the past two years, airlines need to rethink how they operate to make transportation more efficient and traveler-friendly. The technology is there, the transportation industry just needs to work together to use it.
Gad Allon is the faculty director of the Jerome Fisher Program in Management & Technology at the University of Pennsylvania.
More: Airlines American Airlines Bus United Airlines | 2022-05-02T12:01:30Z | www.businessinsider.com | Summer Travel: Airlines Might Put You on a Bus | https://www.businessinsider.com/summer-flight-cancellations-airlines-partner-with-buses-trains-2022-5 | https://www.businessinsider.com/summer-flight-cancellations-airlines-partner-with-buses-trains-2022-5 |
Second Life hired its first-ever CMO as the race for the metaverse heats up
Steven Feuling, CMO, Linden Lab.
Linden Lab, the parent company of Second Life, hired its first-ever CMO.
The company is trying to steal the spotlight from other metaverse platforms like Meta and Roblox.
But Second Life's growth stalled in 2013, and it's planning a marketing blitz to attract new users.
Linden Labs' Second Life was one of the first metaverses when it launched in 2003.
Nearly 20 years later, the concept of a virtual world is back in the zeitgeist, and Linden Labs has hired Steven Feuling as its first-ever CMO to take back the thunder from competitors like Roblox and Facebook parent Meta.
Meta's pivot to the metaverse last November created an explosion of interest in the nascent space, said Feuling, who joined Linden Labs one month later.
"If there's going to be some growth here, we want to be part of that growth — we deserve to be part of that growth," Feuling said. "We are the pioneer in this space."
Unlike Roblox, which is a gaming platform, Second Life wants to be a place where people can make social connections and earn a living by selling digital goods. And unlike Meta's practices on Facebook, Second Life won't harness user data to bombard people with ads.
"We will never be Facebook, or Meta, in terms of that," Feuling said.
But what Meta and Roblox both have that Second Life doesn't is the volume of users. While Second Life surged to hundreds of thousands of users in its first few years, it has plateaued since hitting one million users in 2013. That's far from the 50 million daily users Roblox has, and even further from Meta, which has billions of users it can draw to its metaverse.
Feuling is planning a marketing blitz, but said the goal isn't to get Second Life to billions of users.
Second Life has different types of users, from casual users who want to make friends, to those who are unhappy in real life and prefer a virtual existence. Feuling is using that intel to target people who will be the happiest users in Second Life.
And he's also targeting content creators who develop and sell virtual goods on Second Life. Developers are a big part of driving users to a platform and building an economy. For instance, Roblox executives often proclaim the importance of their growing developer community during earnings calls.
Continuing to build its community is also important for Second Life, which claims that transactions of virtual goods totaled $650 million in 2021, with content creators pocketing more than $80 million of that.
Feuling is pitching Linden Labs' virtual payment system Tilia to game developers and content creators in hopes of getting more of them to use it.
Feuling is also using his experience as an ad exec at Dentsu, Kmart, and Bloomberg to help brands understand how they can build virtual events in Second Life and sell branded digital goods, like sneakers that can be worn by avatars. Second Life plans to avoid ad units like display ads.
"We don't believe that it's additive to have a billboard for a soft drink kind of outside of your virtual home," Feuling said.
Feuling is in the middle of negotiations with three advertisers and "one of the biggest" ad agencies in the world, which he declined to name.
More: Second Life Meta Metaverse | 2022-05-02T12:22:13Z | www.businessinsider.com | Second Life's New CMO Plots the Metaverse Platform's Comeback | https://www.businessinsider.com/second-life-hires-cmo-metaverse-meta-roblox-2022-4 | https://www.businessinsider.com/second-life-hires-cmo-metaverse-meta-roblox-2022-4 |
Here are the hedge funds that billionaire founders like Julian Robertson, Bill Ackman, and Seth Klarman trust to manage their families' foundations
Bradley Saacks and Taylor Tyson
Billionaire Seth Klarman runs Baupost Group out of Boston.
Insider examined hedge-fund founders' foundations to find their favorite managers.
Many billionaires stick to their own funds to manage their families' wealth.
But others, like Baupost's Seth Klarman, spread their foundations' capital across different funds.
A status symbol akin to a Hamptons mansion or a private jet, the family foundation is a way for the most successful hedge-fund founders to make their marks on causes close to their hearts.
Through these foundations, billionaires give out grants, start scholarships, back charter schools, and build new buildings (often with their own names on them). These foundations are way to both imprint a legacy on a hometown and lower an individual's tax bill.
But the foundations also invest. It's a way to ensure a foundation outlives its creator and continues to provide for its charitable causes for decades to come.
These investments are varied, from individual stocks to venture capital funds, but Insider focused on these founders' choice of hedge funds: Who do these big-name investors turn to ensure that their legacies can live on? Insider reviewed the tax filings of more than two dozen of the biggest names in hedge funds below.
The total assets in these foundations is more than $13.3 billion, with individual company assets ranging from more than $3 billion to less than $3 million.
(Scroll through the graphic to continue reading.)
The fund managers entrusted to run a family foundation's assets have much more personal relationships with their hedge-fund-founding LPs than they might with, say, a fund of funds with dozens of its own investors.
In other words, the hedge funds managing the money for these foundations must keep the industry's biggest names happy — no easy feat for a crowd with high expectations and decades of their own investing success.
Even foundations that invest outside their own funds often have a history with their money managers.
Billionaire David Tepper, for example, is invested in Columbus Hill Capital, which Kevin Eng, who used to work at Tepper's fund, Appaloosa Management, runs. Baupost founder Seth Klarman's foundation has money at Abrams Capital and MFN Partners, both of which were founded by his former employees. Julian Robertson, who seeded dozens of hedge funds after a long run atop Tiger Management, is a limited partner — via his foundation — in Viking Global, which a former analyst there, Ole Andreas Halvorsen, founded.
There are other foundations that are not listed in the graphics that eschew hedge funds altogether, or decline to specify which hedge funds they have invested in. D.E. Shaw namesake, David Shaw, has five mutual funds, including three Vanguard products, listed as his foundation's investments. Ray Dalio's family foundation listed its investments as "privately held" and did not provide any additional details.
More: Hedge Funds BI Graphics Taylor Tyson | 2022-05-02T13:53:26Z | www.businessinsider.com | A Look at the Money Managers Favored by Hedge-Fund Billionaires | https://www.businessinsider.com/hedge-fund-founders-family-foundation-money-managers-2022-3 | https://www.businessinsider.com/hedge-fund-founders-family-foundation-money-managers-2022-3 |
Travel rebound drives strong first quarter for Mastercard
Mastercard posts Q1 growth across the board—especially in cross-border volume—despite boycotting Russia.
Mastercard suspended operations in Russia after the country's invasion of Ukraine, a move that was expected to cost millions in volume.
By the numbers: Mastercard reported a strong first quarter as the card network's payments volume continued to rebound from challenges it faced during the pandemic.
Gross dollar volume (GDV) rose 17% year over year (YoY) to $1.9 trillion in Q1, slowing slightly from 23% growth in Q4 but well above Q1 2021's 8% climb.
Purchase volume surged 21% YoY to $1.5 billion, down from 27% growth in Q4 but an improvement from 10% in Q1 2021.
Cross-border volume was one of Mastercard's key growth drivers in the quarter, mirroring Q4 with a 53% YoY increase that far exceeded a 17% decline in Q1 2021. For the first time since the pandemic, cross-border volume was above 2019 levels across all regions, according to CEO Michael Miebach. Rival Visa reported similar cross-volume strength for its fiscal Q2.
Trendspotting: Here are two takeaways from Mastercard's Q1 earnings call:
Travel comeback isn't over.
CFO Sachin Mehra revealed international travel had come back stronger than expected and that there "continues to be pent-up demand."
International travel took off at the end of January as countries lifted travel restrictions. It's now at 110% of 2019 levels, according to Mehra, propelled by the omicron wave's decline. "We've worked hard to expand our travel-oriented portfolios, which positions us well to capitalize on a strong recovery in cross-border travel," Miebach outlined.
Russia impact offset
Mastercard suspended operations in Russia after the country's invasion of Ukraine. The move was expected to cost millions in lost volume, with around 4% of 2021 net revenues coming from Russia—equal to roughly $756 million.
But Miebach said there has been "minimal impact" to wider growth and that strong cross-border travel recovery and strength in consumer spending offset lost volume.
What's next? Mastercard can focus on partnerships and crypto to sustain growth:
Partnerships: Mastercard plans to build on crypto card tie-ins with partners in Europe and Latin America, perhaps looking to take advantage of the 30% of adults in Latin America who hold crypto. It also singled out expanding open banking partnerships with Finicity and Aiia.
Crypto: The card network has embraced digital assets, partnering with crypto exchange Gemini and launching crypto payment cards in Asia. Miebach said Mastercard wanted to make it easier for consumers to purchase cryptos and NFTs and that it was enabling consumers to spend their cryptos on card and cash out their crypto wallets via Mastercard Send.
Impending card fee hikes are another big talking point for Mastercard and Visa. Fees for some sub-$5 transactions will be lowered, but the changes would increase fees overall by $475 million, per CMSPI estimates. The card networks say the fees will help fund innovation and fraud prevention, but pressure from lawmakers and retailers to keep fees down could complicate Mastercard's plans. | 2022-05-02T13:53:44Z | www.businessinsider.com | Mastercard Reports Strong Q1 As International Travel Rebounds | https://www.businessinsider.com/mastercard-reports-strong-q1-as-international-travel-rebounds-2022-5 | https://www.businessinsider.com/mastercard-reports-strong-q1-as-international-travel-rebounds-2022-5 |
VIDEO: The 29-year-old founder of one of the hottest startups in cannabis shares how she crafts the perfect pitch for investors
Yeji Jesse Lee and Jeremy Berke
Insider held a live event on Monday with Vangst CEO Karson Humiston and Andrea Hippeau, Lerer Hippeau's principal.
Vangst; Lerer Hippeau; Rachel Mendelson/Insider
Karson Humiston started the cannabis-recruitment platform Vangst when she was 23 years old.
She talked to Insider and the VC Andrea Hippeau about how she pitched her company to investors.
Vangst raised a $19 million Series B funding round in January.
Insider recently held a live webinar with Vangst CEO Karson Humiston. She shared lessons about how to pitch effectively, connect with venture capitalists, and which key aspects of founders' businesses they should focus on before raising outside capital.
Humiston started Vangst in 2016 when she was only 23 — when cannabis was legal in far fewer states than today — and the company has grown up along with the industry. Vangst, in Denver, raised a $19 million Series B funding round in January. You can see the full pitch deck Humiston used for the round here.
Humiston was joined in the webinar by Lerer Hippeau's Andrea Hippeau, who has invested in Vangst over multiple funding rounds. She discussed what worked in a pitch from her perspective and shared insights for other founders.
Pitching as many investors as possible
Humiston told Insider that when she was first raising money for Vangst's seed round, she pitched as many investors as she could.
"I think in the beginning, really practicing pitching to a lot of different funds is great, even if you don't think this is the perfect fund for us," Humiston said. "It's a volume game. You need to pitch a lot of people."
She added that the constant pitching was a good way of perfecting her pitch.
Humiston said she then took that information and focused on the partners she really wanted to work with.
Hippeau added one thing that stood out about Humiston when they met in 2018 was her willingness to fly from Colorado to New York to get to know her personally.
"That really sealed the deal," Hippeau said. "I don't think there's any substitute for that in-person interaction."
When investors look at early-stage companies, Hippeau added, they look for indications that the founder is the right person to invest their time and money in.
"When you're pitching a seed investor, it's really about your passion, your energy, really framing it as this big opportunity and your unique advantage to take advantage of it," Hippeau said.
She added that when she looked back at the successful companies her firm invested in over the past 11 years, it always came down to the people leading those startups.
"If you feel confident in the person at the seed stage — yes, there's other things that need to come together — but that's the No. 1 thing," she said.
In the later stages, investors start digging more into business metrics and numbers, Hippeau added.
Humiston said it's not uncommon to come across "sketchy" investors who have asks that aren't standard in business — especially in the cannabis space. She recalled pitching to an investor early on in Vangst's history who wanted to charge the company $50,000 a year for consulting services, something that raised a red flag for Hippeau when Humiston brought it to her attention.
"My recommendation would be to make sure you get multiple opinions before you sign something and get in bed with somebody for the next five years or 10 years because you're stuck once they invest," she said.
Watch the full recap here:
NOW WATCH: WATCH: The founder of buzzy cannabis-tech startup Headset walked us through the pitch deck that helped him raise $12 million and ink deals with Nielsen and Deloitte
More: webinar Cannabis Marijuana | 2022-05-02T13:53:50Z | www.businessinsider.com | Vangst CEO Karson Humiston Interview, Full Video | https://www.businessinsider.com/vangst-ceo-karson-humiston-lerer-hippeau-interview-2022-5 | https://www.businessinsider.com/vangst-ceo-karson-humiston-lerer-hippeau-interview-2022-5 |
Avelo Airlines 737-700 at Tweed-New Haven Airport.
Avelo Airlines launched its inaugural flight from Burbank on April 28, 2021, using a bare-bones Boeing 737.
The carrier offers 29 to 38 inches of pitch onboard with no amenities, like inflight entertainment or power ports.
Over the past year, the company has improved its website and customer experience to offer things like TSA PreCheck.
New low-cost carrier Avelo Airlines just celebrated its one-year anniversary, having flown its maiden flight on April 28, 2021.
Flying on the first flight of Avelo Airlines.
I flew on America's newest airline, Avelo, for $19 and the friendly service more than made up for the complete lack of frills
The startup launched its operation out of Burbank, California, as an alternative to the busy Los Angeles International Airport, and has continued to strengthen its business model that is focused on simplicity and convenience.
Here's what passengers can expect on each Avelo flight, including bag fees, inflight amenities, and everything in between.
Avelo 737-800.
Avelo's business model is flying point-to-point to connect small and medium-sized markets, meaning no layovers. The carrier flies mostly short-haul, with its longest route being about three hours from Connecticut to Florida.
The airline has two current bases — New Haven, Connecticut, on the East Coast, and Burbank, California, on the West Coast. From its hubs, Avelo has created a network of 26 leisure routes to places like Las Vegas, Boise, Orlando, Sonoma County, Nashville, and Savannah.
However, the carrier will open a third base at Orlando International Airport in June. Three new routes will begin this summer, including Charleston, Baltimore, and Wilmington, North Carolina.
Orlando International Airport.
Because of the leisure focus, Avelo CEO Andrew Levy told Insider that the company is dedicated to maintaining a simple and convenient business model.
He explained the booking process is designed to be straightforward, allowing passengers to book, change, and check-in for flights on Avelo's website or mobile app. Boarding passes can be added directly from the app to a mobile wallet.
Avelo mobile app.
Moreover, there are no change or cancellation fees. So, if a traveler needs to cancel, they will get a voucher for future use. Passengers can take advantage of this policy if a flight they booked goes down in price after. Meanwhile, changes will incur a fare difference.
Levy told Insider that since its launch last year, the company has made efforts to improve its website. Specifically, travelers can make changes online without contacting the call center, as well as add hotels and cars to their trip.
Avelo Airlines website.
Avelo has also made TSA PreCheck available in its systems, so those with the expedited security screening can add their Known Traveler Number to their reservation and have it show on their boarding pass.
TSA Pre Check
Each Avelo fare includes an unassigned seat and a personal item, but unlike Spirit or Frontier, you cannot bundle amenities for a reduced cost, only add-on at a fixed rate.
Extra costs, which are all charged one-way, include $15 for priority boarding, up to $50 for an assigned seat, $125 for a pet in the cabin, $35 for the first checked bag, $45 for the second checked bag, and $40 for carry-on luggage.
Source: Avelo Airlines
Levy said that carry-ons and checked bags are the same prices regardless of the route, but in time the rate will vary depending on the destination.
Personal items and carry-on bags have maximum dimensions allowed, which are 14″L x 9"W x 9.5″H (35 cm x 23 cm x 24 cm) and 22"L x 9"W x 14"H (56 cm x 22 cm x 35 cm), respectively.
Meanwhile, checked bags have a maximum allowed weight of 50 pounds and the overall dimensions can be up to 62 inches. Passengers will pay $50 extra for overweight luggage and an additional $50 for oversized bags.
He also explained that checked bags will cost less than carry-ons, encouraging people to check their luggage. This helps prevent any delays that could happen if overhead space fills and the agents are forced to gate-check carry-ons.
Levy noted that while many people prefer not to have to wait on their luggage at their destination, most of the airports the carrier flies to are small, and moving luggage to bag claim is a quicker process.
However, passengers should expect a longer wait at bigger airports like Orlando or Las Vegas.
Usa-Pyon/Shutterstock
In regards to the fleet, the carrier currently operates six all-economy Boeing 737 Next Generation (NG) aircraft, with the -800 model on the West Coast and the -700 model on the East Coast. Avelo will have 15 planes by the end of the year.
Angel DiBilio/Shutterstock
The 737-700 has less capacity than the 737-800 and the seats do not recline, though some -800 aircraft on the West Coast do recline. However, it is possible the airline will change the seats in the future to eliminate recline altogether, similar to other low-cost carriers.
The -700 cabin has 147 seats while the -800 has 189 seats, each offering 29 inches of pitch and about 17 inches of width. Also available are extra legroom seats that offer up to 38 inches of pitch, which can be reserved for an added fee.
After flying on the inaugural flight last year, the seats have minimal padding and the comfort is similar to low-cost competitors. However, they are bearable for short flights, in my opinion, though taller passengers may feel a little tight with the reduced pitch.
Avelo 737-700 interior.
For reference, I'm 5'4" but I did not feel cramped for the short hop from Burbank to Sonoma County.
Leg room on Avelo's 737-800.
Onboard, passengers will experience a bare-bones product, meaning just seats, small tray tables, and seatback pockets. There is no inflight entertainment, power outlets, or a-la-carte menus.
Avelo 737-800 cabin.
Avelo does not offer any buy-on-board snacks or beverages like Spirit, Allegiant, and Frontier do. Instead, water is provided for free and, on some routes, passengers will receive a complimentary cookie.
Avelo's branded water.
Levy said the company has shied away from buy-on-board menus because they do not see a lot of demand for it.
Spirit's a-la-carte menu options.
For boarding and deplaning, passengers will use airstairs or airramps in many locations, including Burbank and New Haven. The company avoids using jet bridges to save on costs.
Air bridge used to board Avelo flight.
For passengers worried about the company's reliability, Levy told Insider that Avelo's on-time performance is sound, with about 85% of its flights leaving on schedule over the past year, minus those that had uncontrollable disruptions caused by factors like weather or air traffic control.
Spirit passengers were stranded after an operational meltdown last year.
AP Photo/Eugene Garcia
Moreover, he explained that Avelo's flight schedules ensure the aircraft are back in a base every night, which is beneficial for a number of reasons, like allowing flight crews to be better rested because they can sleep at home rather than in a hotel.
Avelo flight attendant.
Moreover, any maintenance issues that arise can be taken care of overnight rather than a plane ending its day in a non-base city where the airline does not have mechanics, reducing the likelihood of maintenance-related delays or cancellations.
More: Features Business Visual Features avelo avelo airlines
Low Cost Airline
low cost carrier | 2022-05-02T13:53:56Z | www.businessinsider.com | This Is What Passengers Can Expect Flying on Avelo Airlines | https://www.businessinsider.com/what-its-like-to-fly-on-avelo-airlines-2022-5 | https://www.businessinsider.com/what-its-like-to-fly-on-avelo-airlines-2022-5 |
Meet GreyList, the investigations startup that says it can figure out who you’ve emailed and where you bank
Jack Newsham
GreyList Trace claims it has figured out ways to tell whether email addresses have ever been in contact with each other or with banks.
GreyList Trace says it can tell whether two email addresses have been in contact.
It's used by asset-recovery lawyers and is trying to pitch the IRS.
The technology is designed to track how spam filters react to email addresses.
Private banking relationships and email contacts might not be as private as they seem.
A company called GreyList Trace claims it has figured out ways to tell whether email addresses have ever been in contact with each other or with banks. The company says its tools have already been used to investigate lying spouses and sketchy politicians.
“We can — totally legally — pick any pair of email addresses on the planet and confirm whether they’ve communicated in one direction or another, or both,” said Nigel Nicholson, the company’s CEO, at a conference in April that Insider attended. He said the process can take hours, days, or weeks, depending on which services the company is asked to provide.
The technology is designed to query anti-spam systems and make educated guesses based on how many microseconds it takes to get a response.
GreyList says its reports can be used to ferret out hidden accounts and connections with suspicious or sanctioned individuals. Its website says clients have used reports to wring settlements out of their adversaries and get banks to take second looks at their own client records.
GreyList has pitched its tools to tax regulators
The company seems to be gaining traction. It said that in 2018 it took a 1.35 million-pound investment from Deepbridge Capital in exchange for 20% of the company. While it made a loss in 2020, the company said in its publicly filed accounts that it was profitable in the second half of that year.
Governments are also interested. An Insider reporter saw employees of the IRS and Her Majesty’s Revenue and Customs, the UK’s tax authority, meeting with GreyList officials at the OffshoreAlert conference in Miami in April.
At the conference, Nicholson told Insider that clients have to affirm they didn’t do anything illegal to obtain their target email addresses and that the client has permission to process them.
The company’s chairman is Bob Duffield, a former investigative journalist for the BBC and Channel 4. Nicholson said GreyList might face a dilemma if it were asked to look at email contact between a journalist and potential leakers inside a company.
“We would have to form our view of the reputation of the company and the strength and credibility of the body of journalism that seeks to criticize it,” he told Insider in an email. “If we had concerns, we would probably not accept the assignment on ‘moral’ grounds, even though the implication is that a contract has been breached.
“But if, for example, the client was our biggest one and the request came not directly but via a major law firm they had hired, it would give us further food for thought,” he continued.
The company says it’s gotten lawyers to vouch for the legality of its techniques under UK and US law. What GreyList does isn’t hacking, the company says — it’s just pinging public-facing email infrastructure and making an inference from the results.
GreyList’s methods are still secret
The company doesn’t have public patents that would explain its methods, so it keeps some details secret. Nick Nikiforakis, a professor of computer science at Stony Brook University who reviewed some of GreyList’s marketing material, told Insider its methods struck him as plausible but lacking in details. He said many businesses use the same anti-spam vendors, so they might respond to the same email address in similar ways.
John R. Levine, an expert on email and cybersecurity, said in an email to Insider that it is hard to tell how the technology might work.
“Yes, banks have spam filters just like everyone else, but no, normal spam filters do not work by whitelisting all the nice addresses,” he said. “I suppose they might be describing some internal systems, but I can't guess what it is. Looking at timing differences for different inputs is a well-known way to break crypto systems, so well-known that it would be sort of odd if the banks didn't know about it.”
Nicholson said that most of GreyList’s processes are automated but that it can still take weeks to scan the world’s thousands of banks for contacts with a long list of email addresses. He said that each email address it tests against banks involves sending out about 700,000 packets of data and that it sometimes spaces those transmissions out to avoid raising hackles at smaller banks.
But he said banks haven’t been hostile. On the contrary, he said, some have used GreyList to chase fraudsters themselves.
The company’s tech was used in a corruption investigation into Mongolia’s former prime minister
One of the company’s few public reports was filed in a corruption investigation into Sukhbaatar Batbold, Mongolia’s former prime minister. The investigations shop K2 Integrity asked GreyList to examine contacts between Batbold and his son and groups of non-Mongolians accused of helping the Batbolds cheat state-owned mining companies out of $250 million.
Batbold has claimed the lawsuits against him were part of a smear campaign launched by the country’s president at the time, a political rival who controlled Mongolia’s prosecutors’ offices.
GreyList’s report says its process “has established at a 98 percent confidence level which pairs of email addresses have been in communication.” It said that of the 248 pairs of email addresses it examined — mostly Gmail and Yahoo accounts — 26 had been in contact with each other.
But the report ends with a broad disclaimer, saying the company makes no promises about its “adequacy, accuracy, completeness or reasonableness.”
More: Law Investigations Privacy Cybersecurity | 2022-05-02T13:54:08Z | www.businessinsider.com | A Startup Says It Can Tell Who You Emailed and Where You Bank | https://www.businessinsider.com/greylist-email-bank-fraud-investigation-technology-2022-4 | https://www.businessinsider.com/greylist-email-bank-fraud-investigation-technology-2022-4 |
Here's why Doordash, Narvar, and a new crop of startups are betting they can turn a profit on picking up e-commerce returns when others have failed before
E-commerce returns remain an unsolved, $500 billion problem for retailers.
Players, including DoorDash and Narvar, are building services to pick up returns for consumers.
Shyp, a returns-pickup startup, shut down in 2018, and CEO Kevin Gibbon called the model unworkable.
The doorstep delivery giant DoorDash and the e-commerce tech juggernaut Narvar both launched services to pick up e-commerce returns from consumers this year. Since returns are a consummate problem with online shopping, and retailers want returned goods back as fast as possible, new services are always popping up, and consumer adoption is generally enthusiastic.
But when the e-commerce entrepreneur Kevin Gibbon saw the news from Narvar and then DoorDash, first reported by TechCrunch, all he felt was déjà vu.
Gibbon is the former CEO of Shyp, a pickup-focused logistics service that handled everything for customers with small items to ship, including returns. Founded in 2013, the service took off and had raised more than $60 million in three rounds by 2015.
By 2017, it started laying off employees, and it shut down in 2018.
"Growth at all costs is a dangerous trap that many startups fall into, mine included," Gibbon wrote on LinkedIn when he announced the company's end. The startup printed the label, handled the packaging, and picked up the item to take it to the appropriate carrier. Gibbon knew the economics weren't where they needed to be, but he thought scale would improve them and great service would lead to a good business.
"We just couldn't get enough. We couldn't make it profitable," Gibbon told Insider this month.
Despite Shyp's cautionary tale, startups are still keen to find ways to cash in on this potentially $500 billion problem. And some say things have changed enough to make returns pickup make sense.
Returns need fixing
"The returns model is overdue for an update," said Krish Iyer, the vice president of strategic partnerships at Auctane, which owns ShipStation and Stamps.com. Iyer has been on the technology side of e-commerce for more than a decade.
"Despite the option to ship returns, there is demand from consumers to make the process more convenient," Iyer said via email. And there is a small but steady stream of entrepreneurs looking to do that.
Alongside Narvar and DoorDash, Returnmates has raised $5 million for its returns-pickup service, which is building up steam in Texas. The last-mile-delivery startup OneRail and Veho are also offering the service. Re-turnz and ReturnQueen are working on making pickups work, too.
Viraj Bindra, the consumer verticals group product manager lead at DoorDash, said the "very small beta experiment" was intended to allow the company to learn about this pain point for consumers. "It's exciting to see the early interest from consumers in this product test," he said in an email.
For consumers, it's about convenience. For retailers, pickup could mean the ability to resell returned goods at higher prices while they're still in season and on trend. Amit Sharma, Narvar's CEO, told Insider that getting returns back to retailers in a timely manner was particularly important today.
"When done right, consumers are returning goods 25% faster, and that is really important," Sharma said. "Because every single time a pair of shoes sits in my closet, this is a missed opportunity cost — especially in this supply-constrained environment."
Most of the new returns-pickup services aim to be integrated into the email chain that happens when a customer starts a return so that the pickup is presented as an option the customer can choose immediately. Every option — with the exception of DoorDash, which is free — charges either a fee of less than $10 per pickup or a monthly subscription fee.
Doubters and believers
There are two major reasons returns pickup is expensive. First, it's less efficient than deliveries in most cases — especially if added services, such as a printed label and packaging, are included.
"Pickup doesn't have enough repeatable patterns," said Brenda Stoner, who recently stepped down from the CEO role at the big and bulky delivery startup Pickup to pursue more startup projects in the logistics space.
The second reason is that so far, neither consumers nor retailers have been willing to pay enough to cover the cost of the pickup service, let alone enough to create a profit.
"We went to all the major retailers. Nobody would pay," Gibbon said.
Rent the Runway was the only company Shyp managed a productive partnership with. Returnmates is working with Rent the Runway now, and the startup is coordinating with retailers to optimize the drop-off points for returns and give them more value.
"For a pickup-service model to work, it might require both the retailer and the consumer to pay for the pickup premium here," Iyer said.
Gibbon guessed that in order for Shyp to break even on pickups, it would have needed to charge $15 — triple the $5 it charged. That math could change if pickups are logically mixed in with existing deliveries, such as in the case of DoorDash. Eric Wimer, Returnmates' CEO, said the company saw enough demand to build routes so that drivers used their time more efficiently.
Sharma said Narvar found that so far consumers were willing to pay $5 to $7 for a pickup, but since the service was being used mainly as a way to drum up customers for Narvar's main software business, rather than as a moneymaker, it might not need to ask for more.
OneRail, a last-mile-delivery platform that allows retailers to use multiple carriers, treats returns pickup just like deliveries. CEO Bill Catania said all his customers who used the platform for returns paid for the pickup — evidence of some evolution.
Catania also said the number of gig drivers on the road created capacity for this kind of service that might not have been available in the past.
"The increase in players, and specifically ride-share companies participating in this returns-pickup market, is directly correlated to the need for capacity and people who can respond instantly," Catania said. Lyft is completing some returns pickups for OneRail, a spokesperson said.
There are signs that 2022 may be a more hospitable environment for returns-pickup players. There's increased industry awareness and understanding of the lost value in returns and the importance of getting goods back faster, as well as increased flexible driver capacity in the market. But at the same time, the cost to physically move goods around has only gone up in price.
Gibbon has a new startup, a direct-to-consumer fulfillment business called Airhouse, that recently raised an $11 million Series A. It's been four years since Shyp shut down, and in the fast-evolving e-commerce business, that's a long time. But Gibbon still didn't believe it would be any different today.
"I think that nothing has actually changed at all," he said. "I've tried to help out other companies that are doing similar returns-pickup services, and frankly, the math just doesn't work out."
In other words, the success of this new crop of startups may rest on who's willing to pay — and how much.
More: BITranspo Logistics eCommerce | 2022-05-02T16:55:53Z | www.businessinsider.com | Picking up E-Commerce Returns Gets New Blood After Past Failures | https://www.businessinsider.com/ecommerce-returns-startups-doordash-narvar-2022-5 | https://www.businessinsider.com/ecommerce-returns-startups-doordash-narvar-2022-5 |
A fourth January 6 defendant was found guilty in a jury trial stemming from the Capitol attack.
Thomas Webster tested a self-defense argument against charges he assaulted a Washington, DC, cop.
The cop testified that he only contacted Webster "incidentally" while gesturing for him to back up.
A jury found retired New York City police officer Thomas Webster guilty on Monday of assaulting a Washington, DC, cop during the attack on the Capitol, handing down just the latest conviction in a trial stemming from the January 6, 2021, insurrection.
Webster, 56, was convicted on all six charges he faced, including disorderly conduct with a dangerous weapon and trespassing on restricted Capitol grounds. A former Marine who — as a New York City cop — later served on Mayor Michael Bloomberg's security detail, Webster now faces a potential years-long prison sentence.
The jury handed down the verdict after only a few hours of deliberations Monday, roundly rejecting Webster's claim that he attacked the Washington, DC, officer in self-defense. It was the fourth conviction in as many jury trials for the Justice Department in cases arising out of the January 6 attack on the Capitol, coming on the heels of guilty verdicts against a member of the far-right Three Percenters armed group, a former police officer in Virginia, and an unemployed exterminator who blamed former President Donald Trump for his involvement in the insurrection.
The verdict followed a week-long trial that featured testimony from the Washington, DC, police officer whom Webster assaulted. Prosecutors displayed video footage from January 6 showing Webster confronting Officer Noah Rathbun at bike racks outside the Capitol, then repeatedly slamming a flag pole — bearing the Marine Corps flag — into the metal barrier between them.
The video footage showed Webster then breaching the metal barrier and tackling Rathbun to the ground. On the witness stand, Rathbun recounted feeling overwhelmed by the sheer size of the crowd on January 6 and remembered feeling choked by his helmet's chin strap as Webster put his hands to the officer's gas mask.
Webster argued that he was acting in self-defense when he swung his flag pole and charged at Rathbun. On Thursday, Webster testified that Rathbun hit him "freight train" along the metal bike rack.
His defense lawyer, James Monroe, showed video footage in which Rathbun appeared to make contact with Webster's head after Webster pushed the bike rack into the line of police officers protecting the Capitol. But Rathbun testified that he only made contact with Webster "incidentally" — and with an open hand — as he tried to gesture for him to back up from the metal barrier.
Immediately after the verdict, Monroe told Insider, "This is a difficult day for Tom Webster and his family." Monroe did not rule out appealing the conviction.
"We have to give some thoughtful consideration to the result we achieved today, and decide where to go from here," he said.
After jurors departed the courtroom, prosecutor Katherine Nielsen asked Judge Amit Mehta to order that Webster be detained as he awaits his September 2 sentencing. Nielson emphasized that Webster was now "convicted of a crime of violence" and "convicted of five very significant felonies."
Calling the charges "extremely serious," she noted that Webster also faces a "long sentence."
Mehta, an Obama appointee, declined to order Webster behind bars but said it was a "close call." Webster was released from jail last year into home confinement and was ordered to wear an ankle monitor — conditions that "will ensure his return to court," Mehta said Monday.
Mehta added that Webster's background as a police officer and Marine made him "less concerned" that the now-convicted Capitol rioter would not return to court for sentencing.
With Monday's verdict, the Justice Department continued a streak of decisive victories in jury trials stemming from the Capitol attack, which has given rise to nearly 800 prosecutions. But bench trials — in which a judge hands down the verdict — have resulted in mixed results for the Justice Department.
In one case, Judge Trevor McFadden found a New Mexico county commissioner guilty of trespassing on restricted Capitol grounds but acquitted him on a separate misdemeanor charge. A subsequent bench trial ended with McFadden, a Trump appointee, issuing the first outright acquittal in a January 6 case, finding a New Mexico engineer not guilty on four misdemeanor charges.
More: Capitol attack thomas webster january 6 cases New York City Police | 2022-05-02T16:55:57Z | www.businessinsider.com | Guilty: Ex-NYC Cop Convicted of Assaulting a Police Officer on January 6 | https://www.businessinsider.com/guilty-verdict-new-york-cop-thomas-webster-january-6-trial-2022-5 | https://www.businessinsider.com/guilty-verdict-new-york-cop-thomas-webster-january-6-trial-2022-5 |
Qantas will operate direct flights from Sydney to New York and London starting late 2025.
The routes will fly almost 20 hours nonstop across 10,000 miles.
See inside the Airbus A350-1000s that'll be used for the world's longest flight.
Qantas has ordered 12 Airbus A350-1000s, marking the comeback of its plan to operate the world's longest nonstop passenger flights from New York and London to Sydney, the airline announced on Monday.
Qantas' plan to launch this direct ultra-long-haul flight — nicknamed Project Sunrise — initially saw delays amid COVID-19 shortly after it operated three research flights in 2019 from New York and London to Sydney.
But now, the sun is rising on Project Sunrise again: The airline will begin operating the nearly day-long routes in late 2025.
Airbus A350-1000
The flight from New York and London to Sydney will cross around 10,000 miles as it flies nonstop for about 20 hours.
An Airbus A350-1000 horizontal tail in the company's Getafe, Spain facility.
Pablo Cabellos/Airbus
It's unlike any route that's been offered before, and the Airbus A350-1000s will look unlike any passenger jet currently in operation.
The three test flights in 2019 helped shape the ultra-long-haul flight's interior and service.
The jet will have 238 passenger seats — fewer than other A350-1000s in operation — that'll span across four cabin classes, according to the Australian carrier.
The premium cabins will make up over 40% of the seats …
… and will include private first class suites lined with a bed, a separate lounge chair, a closet, and a large television.
The premium economy seats will have 40 inches of pitch while the economy seats will sit at around 33 inches, offering slightly more legroom compared to the typical long-haul plane.
Nearly 20 hours of nonstop flying can be physically taxing for passengers. To address this, the jets will have a "wellbeing zone" that will encourage travelers to move, stretch, and hydrate …
… which helps alleviate jetlag after long-haul flights, Marie Carroll, a researcher leading a jet-lag study during one of the research flights, told Insider in 2019.
If the previous three Project Sunrise tests are any indication of what the upcoming flights will be like, the 20-hour journey will have specific lighting depending on the time of day...
David Slotnick/Insider
... as well as three meal services that'll reflect the time zone of the final destination immediately upon takeoff, and stretching sessions, all designed to help curb jetlag on the marathon of a flight.
More: Qantas Airways Qantas Project Sunrise Airbus | 2022-05-02T16:56:18Z | www.businessinsider.com | Photos: Qantas to Operate Nonstop New York, London to Australia Flights | https://www.businessinsider.com/photos-qantas-airbus-jets-nonstop-new-york-london-australia-flight-2022-5 | https://www.businessinsider.com/photos-qantas-airbus-jets-nonstop-new-york-london-australia-flight-2022-5 |
Anthony Scaramucci says SkyBridge has about $4 million of algorand on its balance sheet. Here's why the $3.5 billion hedge fund is betting big on the layer-one protocol and its token.
FTX's Sam Bankman-Fried and SkyBridge's Anthony Scaramucci speak at the inaugural Crypto Bahamas conference.
Half of SkyBridge Capital's $3.5 billion in assets are tied to cryptos like bitcoin and ethereum.
The hedge fund has also made a big bet on algorand and added over $4 million of the ALGO token.
Founder Anthony Scaramucci told us why he views algorand as a "top-tier" layer-one protocol.
After a career spanning hedge fund founder, White House adviser, and conference organizer, Anthony Scaramucci last week found himself in the 700-island nation of The Bahamas, co-hosting a four-day crypto conference with FTX founder Sam Bankman-Fried.
The inaugural Crypto Bahamas conference, which drew more than 2,000 attendees from around the world, took place at a time when Scaramucci's SkyBridge Capital has pivoted heavily into crypto from its traditional hedge fund of funds business.
Thanks to organic growth and additional investments, about half of the firm's $3.5 billion under management are now tied to digital assets like bitcoin and ethereum as well as crypto-related stocks, according to Scaramucci.
The firm's exposure to crypto stocks is primarily through the First Trust SkyBridge Crypto Industry and Digital Economy ETF and the SkyBridge Digital Innovation Portfolio, which target brokers working in wirehouses such as Morgan Stanley and Merrill Lynch.
"They don't necessarily have the compliance approval yet to buy bitcoin or to buy ethereum and hold it in an account at one of those respected firms, but they are comfortable with owning stocks that are publicly traded and geared towards the digital economy space," Scaramucci told Insider in an interview at the Crypto Bahamas conference.
Betting big on algorand
SkyBridge launched its first crypto product — a standalone bitcoin fund — in January 2021. The firm has since expanded to offer an ethereum fund and a diversified coin fund that invests in major altcoins including solana (SOL) and avalanche (AVAX).
However, its biggest layer-one protocol bet is placed on algorand (ALGO), a pure proof-of-stake blockchain and the brainchild of the Turing Award-winning MIT professor Silvio Micali.
In September, SkyBridge raised $250 million for an algorand fund. The firm also has "$4 million or $5 million" of the ALGO token on its balance sheet, Scaramucci told Insider.
"We may be wrong about this," he said. "I think we're so early that none of us are wise enough to predict which layer-ones are going to ultimately be the operating standards, if you will, over the next 10 to 15 years."
The firm's high-stakes wager on algorand is backed by several technical properties that he likes and can stand behind over the long term. Like many algorand supporters, Scaramucci believes that the smart contract platform is one of the few that have truly solved the blockchain trilemma of decentralization, security, and scalability.
"Professor Micali has created a scalable, secure, energy-efficient layer-one technology," he said. "It has never gone down since it's gone up. It has a negative net carbon characteristic to it."
In contrast, fellow smart contract platform solana has been plagued by outages since its launch while traders have complained about their transactions getting dropped as a result of network congestion.
"Even though solana has gone down a few times, I think solana has got a lot of excellent technical properties that are going to make it, in my opinion, one of the long-term survivors for layer-one," Scaramucci said.
A 'top-tier' smart contract platform
Despite algorand's promised technological prowess, its token performance has paled in comparison to fellow layer-one protocols like solana, which was up about 77% in the past year despite major drawdowns in the crypto market.
The ALGO token, which was trading at less than 60 cents as of Monday morning, has plunged 57% over the last year, according to CoinGecko data. As a result, SkyBridge's algorand fund has also shrunk to about $120 million from more than $200 million as the ALO token fell to around 70 cents (as of April 26) from $1.50 when the fund first invested.
The short-term weak price action could be the result of "too much supply in the marketplace" and the current lack of a robust enough community, in Scaramucci's view.
"I think those are correctable things long-term because the technology is so good," he said. "So it's almost like a value proposition in layer-ones. It is cheap relative to its long-term potential."
The firm is also staking algorand by locking up the ALGO tokens to help validate transactions in exchange for rewards, which could range from 2.57% to 7.17%, according to Staking Rewards.
Over the long term, he expects to be right about at least "a few" of the 15 layer-one protocols that the firm's diversified coin fund is betting on and generate venture capital-like rewards for clients.
"This is a real long-term macro idea for SkyBridge," he said. "This is a massively powerful economic de-layering mechanism where you are going to take out third parties and you are going to make the cost of transactions less expensive, and you are going to make the economy more efficient."
Scaramucci bitcion
algorand price | 2022-05-02T16:56:30Z | www.businessinsider.com | Scaramucci Breaks Down His Big Bet on Algorand and the $ALGO Token | https://www.businessinsider.com/scaramucci-bet-on-layer-one-protocol-algorand-altcoin-algo-token-2022-5 | https://www.businessinsider.com/scaramucci-bet-on-layer-one-protocol-algorand-altcoin-algo-token-2022-5 |
Restart your Mac
Try a different charger
Let your Mac cool off
Check your MacBook's battery health
Factory reset your Mac
Get your MacBook serviced
Why isn't my MacBook charging? 7 ways to troubleshoot
There are several ways you can troubleshoot a MacBook that isn't charging.
If your Macbook isn't charging, restart the device to see if a temporary software glitch is the cause.
You can restart the Mac's SMC and, worst case, factory reset your Mac.
Here are seven ways to troubleshoot a MacBook that will not accept a charge.
It's a situation many of us have faced: You've been working at your MacBook for hours and the battery is running low. You plug it in to charge it up, but nothing happens.
Why isn't your MacBook charging? There may be a number of possibilities, but in most cases it's relatively easy to determine the problem and get back up and running before the battery dies completely.
If your Mac doesn't seem to be charging, there are some easy troubleshooting steps and some that are more involved. Start with the easiest possible fix: Restart your MacBook to see if a temporary software glitch is keeping the charging system from working. Click the Apple icon in the menu bar and click Restart….
The first thing to try when your MacBook won’t charge is to restart the machine.
It's also possible it's not the MacBook but some other link in the charging system chain isn't working right. Make sure that the outlet you're plugged into actually has power; either plug something else in to test the outlet, or plug the charger into another outlet.
You should also try a different charger and, if necessary, swap out the charging cable as well. Ideally, try the charger and cable on a different MacBook to eliminate those components as possibly malfunctioning.
If the charger or MacBook itself gets too hot, it might not charge properly. This can be a significant problem if you're working outdoors in bright sunlight or in a hot, enclosed space like your car. Shut everything down and let it cool off, then try charging the MacBook again.
Your Mac's System Management Controller (called the SMC) helps manage the charging process. If you can't charge your MacBook, then resetting the SMC might alleviate the problem. The way you reset the SMC depends upon what kind of MacBook you have:
If you have an M1 MacBook: Restart your computer in the usual way — that'll reset the SMC automatically.
If you have an older MacBook with an Apple T2 security chip: Turn off your computer. Press and hold Control, Option, and Shift keys all at the same time for seven seconds. While continuing to hold these keys, press and hold the power button. Hold all four buttons for another seven seconds, then release all the buttons. Press the power button one more time to turn on the MacBook.
If your MacBook has been around for more than a few years, it's possible that the battery might have reached the end of its practical life span. Every rechargeable battery can only be recharged a certain number of times, and if your laptop is more than a few years old, the battery might be at the end of its useful life. Apple lets you check on your MacBook battery's health.
To check, hold the Option key on your keyboard while you click the Apple icon in the menu bar. Click System Information. In the navigation pane on the left, in the Hardware section, click Power. In the Battery Information section, find the Cycle Count. Now compare that number to your laptop in the Find your battery cycle count section of this Apple support article. If the two numbers are similar, then your MacBook battery's time may have come, and it may no longer be able to take additional charge.
Check your battery’s health in System Information and see if it exceeds the predicted lifespan of your MacBook.
If nothing else has worked so far, there is one more thing you can try: If you perform a factory reset, you might resolve a deeply embedded software glitch that's preventing the battery from charging. This is relatively unlikely to fix the problem, which is why it's a last resort. But if the only other option is to seek Apple servicing, and you have a reliable backup of all your data, you might give this a try.
Battery still will not charge? At this point, it's likely that there is some kind of hardware issue that is beyond your ability to troubleshoot. Contact Apple customer support to get your MacBook serviced.
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More: MacBook Charging Troubleshooting Computers & Tablets | 2022-05-02T16:56:42Z | www.businessinsider.com | Why Isn't My MacBook Charging? 7 Ways to Troubleshoot | https://www.businessinsider.com/why-isnt-my-macbook-charging | https://www.businessinsider.com/why-isnt-my-macbook-charging |
Law firm sued Credit Suisse over claims it misled investors on business dealings related to Russian oligarchs.
Pomerantz law firm announced it filed a class-action lawsuit against Credit Suisse on Friday.
The suit claims the Swiss bank has a history of business dealings with Russian oligarchs.
The law firm also accuses the bank of releasing false and misleading public statements.
A New York City law firm has filed a class-action lawsuit against Credit Suisse over claims the bank has misled investors over its business relations with Russian oligarchs.
Pomerantz, who filed the suit on Friday on behalf of a group of people and entities who acquired securities between March 2021 and March 2022, said in their statement: "The complaint alleges that, throughout the class period, defendants made materially false and misleading statements regarding the company's business, operations, and compliance policies."
In February, the Financial Times reported that Credit Suisse had securitized a portfolio of loans linked to wealthiest customers' yachts and private jets, "in an unusual use of derivatives to offload risks associated with lending to ultra-rich oligarchs and entrepreneurs," the report said.
Credit Suisse declined Insider's request for comment.
The company said in a statement to the FT after the newspaper published the article that the transaction "priced in line with other significant risk transactions, offered competitive investment and hedging terms for our professional investor clients while increasing the capital flexibility of the bank."
The suit pointed to US lawmakers requesting documents from Credit Suisse related to the financing of yachts and private jets owned by the bank's clients – potentially sanctioned oligarchs.
Another report by the FT said the bank asked investors to destroy documents linked to oligarch and tycoon yacht loans, to which Credit Suisse responded that no data, client-related or otherwise, had been erased within the bank when it asked investors to destroy documents relating to a transaction last November.
Pomerantz did not immediately respond to Insider's request for comment outside of normal working hours
Russian oligarchs have been hit by Western sanctions amid Russia's invasion of Ukraine, leading to their most precious assets being seized – superyachts, properties, private jets, or even art.
Meanwhile, President Joe Biden unveiled a new plan last Thursday that would sell Russian oligarchs' houses and yachts to help Ukraine, and fund the country's defense.
More: Weekend BI UK oligarch Russia Ukraine | 2022-05-02T17:26:17Z | www.businessinsider.com | Credit Suisse Sued Over Claims It Misled on Deals With Oligarchs | https://www.businessinsider.com/credit-suisse-sued-claims-misled-investors-business-dealings-oligarchs-2022-5 | https://www.businessinsider.com/credit-suisse-sued-claims-misled-investors-business-dealings-oligarchs-2022-5 |
Insider is launching a series showcasing founders' finances and business expenses, and we need your help
Insider is launching a new series, "Founders' Finances," that explores monthly budgets for entrepreneurs.
We're seeking submissions from founders who wish to share their budget and financial advice.
The goal of the series is to show budgets that work and help founders with financial planning.
Insider is launching a new series highlighting entrepreneurs' monthly budgets, and we want to hear from you.
The series, called "Founders' Finances," is a collection of stories covering entrepreneurs' budgets and financial advice. The founders' budget breakdowns will include the cost of materials, employee salaries, rainy-day funds, and any other important monthly expenses. We want to feature a diverse collection of entrepreneurs who span various industries, demographics, locations, and number of years in business.
The goal of "Founders' Finances" is to demystify monthly spending for entrepreneurs while simultaneously helping business owners learn how to allocate and distribute their funds. After all, 50% of businesses fail within the first five years, according to the US Bureau of Labor Statistics, and two of the top four reasons are financial hurdles and ineffective business planning.
If you are a founder interested in sharing your monthly financial breakdown and best financial tips, please send an email to ayork@insider.com with the subject line "Founders' Finances Series."
We will allow some sources to stay anonymous, but will need to verify certain financial claims.
More: Founder Small business owners financial advice Financial behaviors | 2022-05-02T17:26:23Z | www.businessinsider.com | Insider Is Looking for Founders to Share Monthly Business Budgets | https://www.businessinsider.com/entrepreneurs-finance-insider-small-business-founder-monthly-budget-series-request-2022-1 | https://www.businessinsider.com/entrepreneurs-finance-insider-small-business-founder-monthly-budget-series-request-2022-1 |
Republican Rep. Mo Brooks of Alabama and former President Donald Trump are seen here in 2021.
The House January 6 committee want to hear from Republican Rep. Mo Brooks.
Brooks has made stunning claims about Trump's pressure campaign to overturn the election.
House lawmakers also wants to hear from Republican Reps. Andy Biggs and Ronny Jackson.
The House January 6 committee said on Monday it wants to hear from Republican Rep. Mo Brooks, who's made explosive claims that former President Donald Trump repeatedly pressured him to overturn the election after President Joe Biden took office.
Lawmakers on the panel also sent requests to Republican Reps. Andy Biggs and Ronny Jackson. The panel's requests for the Texas and Arizona lawmakers cover a wide range of subjects, including Biggs' reported efforts to receive a preemptive pardon from Trump for his activities on January 6 and the Oath Keepers' texts about protecting Jackson from Capitol rioters.
"The Select Committee has learned that several of our colleagues have information relevant to our investigation into the facts, circumstances, and causes of January 6th," Committee chairman Rep. Benny Thompson and Vice Chair Rep. Liz Cheney said in a joint statement announcing their request.
Unlike the other two Republicans, Brooks has had a messy break with Trump. Their split occurred after Trump took the rare step of yanking his support for Brooks' Senate campaign, arguing the Brooks "went woke." Brooks responded with a blistering statement alleging that Trump repeatedly pressured him to try to unilaterally overturn the election.
"He always brings up, 'We've got to rescind the election. We've got to take Joe Biden out and put me in now," Brooks told a local Alabama TV station shortly after Trump withdrew his support.
Members of the special panel investigating the insurrection have repeatedly stated that it is rare for a congressional committee to seek testimony from members of Congress, but they have defended their actions as necessary to understanding the full scope of what led up to and occurred during the insurrection.
Ali Alexander, the organizer of the "Stop the Steal" rally that preceded the riot, reportedly told the committee that Biggs, Brooks, and GOP Rep. Paul Gosar helped him plan the rally. A spokesman for Biggs has denied that the Arizona Republican met with Alexander or worked with him to plan part of the protest.
Jackson has previously denied any connection to the Oath Keepers, despite members of the far-right fringe group texting about his movements as the insurrection unfolded.
The January 6 committee claims Oath Keepers were texting about Rep. Ronny Jackson, a Republican from Texas, during the insurrection
Screenshot/House Select Committee on January 6
"Like many public figures, Rep. Jackson is frequently talked about by people he does not know," a spokesperson for the Texas Republican said in a statement, Courthouse News reported last month. "He does not know nor has he ever spoken to the people in question."
One unidentified Oath Keeper texted during the riot, "Dr. Ronnie Jackson — on the move. Needs protection. If anyone inside cover him. He has critical data to protect."
Trump later denied to The Washington Post that he ever asked Brooks to reinstate him in office.
The panel is asking all three lawmakers to meet with them next week. Spokespeople for Brooks, Jackson, and Biggs did not immediately respond to Insider's requests for comment.
More: Congress January 6 committee Mo Brooks Ronny Jackson | 2022-05-02T17:26:29Z | www.businessinsider.com | House Jan. 6 Committee Wants Mo Brooks to Detail Trump Pressure Campaign | https://www.businessinsider.com/january-6-committee-mo-brooks-trump-asked-overturn-the-election-2022-5 | https://www.businessinsider.com/january-6-committee-mo-brooks-trump-asked-overturn-the-election-2022-5 |
The best gaming consoles in 2022: The PS5 edges out Xbox and Switch with its exclusive games, unique controller, and 3D audio
Xbox; Sony; Nintendo; Rachel Mendelson/Insider
Best gaming console overall
Best portable gaming console
Best gaming console for multimedia
Best budget gaming console
Check out our other gaming guides
Video game console sales continue to soar, thanks to a new generation of excellent devices released by industry giants Sony, Nintendo, and Microsoft.
The PlayStation 5 and Xbox Series X|S consoles are now approaching 18-months-old and have set sales records for both Sony and Microsoft. Nintendo released the Switch OLED in October 2021, an updated model of its portable console that continues to see steady sales five years after the release of the original Switch.
With prices ranging from $200 to $500, buying a new video game console is an investment. The best game console for how you want to play will vary based on your budget, your favorite types of games, and whether you need a gaming console to be the center of your entertainment or streaming setup.
I have been playing with and testing video game hardware for 15 years, and I've had ample time with the latest consoles since their releases. Below, I have detailed what each of the major consoles is best at, and which you should choose based on our hands-on experience and past reviews.
Here are the best gaming consoles in 2022:
Best gaming console overall: PlayStation 5, $499.99, available at Target
The PlayStation 5's library of blockbuster exclusive games, 3D audio, and unique DualSense controller make it the best console for most gamers.
Best portable gaming console: Nintendo Switch OLED, $349.99 at Target
The Switch's ability to seamlessly transition between portable and docked gameplay remains impressive and its low price point make it a great choice for casual players. However, it lacks the power to play some of the most popular games on Xbox and PlayStation.
Best gaming console for multimedia: Xbox Series X, $499, available at Target
Xbox Series X is the ideal centerpiece for your home entertainment system, matching the PlayStation 5 in power and offering a better user experience with perks like Xbox Game Pass.
Best budget gaming console: Xbox Series S, $289.99, available at Walmart
The Xbox Series S is an excellent device for its price point, but lacks a disk drive and has low storage space. Players who don't mind compromising performance for price should be plenty satisfied.
PlayStation Five (PS5)
BI Photo Isabel Fernandez Pujol
PlayStation 5 (All Digital)
PlayStation 5 (Standard)
Thanks to its powerful hardware and Sony's blockbuster exclusives, the PlayStation 5 offers the best console gaming experience.
Pros: Incredibly fast solid state drive , industry-leading graphics, unique DualSense controller
Cons: Large design takes up a lot of space, slightly less storage and raw graphics power than the Xbox Series X, low stock due to demand
Released in November 2020, the PS5 set a new standard for video game consoles with its M.2 solid state drive (a format among the fastest storage to date), DualSense controller, and support for 4K resolution at a 120Hz refresh rate (or how many times a screen's image refreshes per second). A long awaited update adding variable refresh rate to the PS5 was released in April 2022.
Along with a growing list of PlayStation 5 exclusives, the console has access to thousands of backwards-compatible PlayStation 4 games. PS5 owners who subscribe to the standard version of Sony's PlayStation Plus service will get access to more than a dozen classic PS4 games right away, and more games are added to the PS+ collection each month.
The PS5 will automatically upscale PS4 games when possible, boosting frame rates and overall resolution. Even games with support for the powerful PS4 Pro, like "The Last of Us Part II" and "Ghost of Tsushima," can see improvements on PS5.
PlayStation's exclusive game franchises, like "Ratchet & Clank," "Spider-Man," and "God of War," use the unique features of the DualSense controller, like haptic vibration feedback and a built-in microphone. These exclusive games and features give the PS5 an edge over the Xbox Series X and make the console hard to skip for gamers who want to play the latest blockbuster releases.
Sony is still working to make the PlayStation's digital game library as robust as Xbox Game Pass and Xbox Live. PlayStation Plus Premium will launch in June 2022 and let players subscribe to a library of games that's bigger than Xbox Game Pass, but it won't include newly released games the way Microsoft's service does. Online play and communicating with friends on PlayStation is still an easy process when compared to the Nintendo Switch.
PS5 also outclasses the Switch as a home entertainment device, thanks to its 4K Blu-ray playback and support for most streaming apps. However, if you think you'll be using your console as a streaming media center as well, you should consider the Xbox Series X.
The PlayStation 5 comes in two versions: the $500 standard model and the $400 Digital Edition. The Digital Edition does not have a Blu-ray drive, but the consoles are otherwise the same. We recommend picking up the standard edition if you want to buy physical games or have a collection of old PS4 games.
Read our full PS5 review here
$349.00 from GameStop
The Nintendo Switch OLED offers great value for a portable console, boasting TV support and a huge library to satisfy gamers of all types.
Pros: Great value, Joy-Cons provide two controllers out of the box, popular Nintendo titles, portable and docked modes
Cons: Online play is limited compared to Xbox and PlayStation, Joy-Con drift issues occasionally require controller repairs or replacement
The Nintendo Switch's hybrid portable design has made it wildly popular; you can take it on the go and play games in 720p on the small screen or connect it to your TV with the included dock for a full 1080p HD gaming experience. The $350 Switch OLED is the newest version of the console, incorporating a larger, brighter OLED screen, an improved kickstand, and slightly better audio for $50 more than the original device.
Both Switch OLED and the $300 standard Switch come with two removable Joy-Cons that can be used as individual motion controllers, making it ideal for playing with a friend while on the go. Nintendo Switch games come in durable cartridges rather than on Blu-ray discs, making them easy to store in a case and travel with. The console also has expandable storage via MicroSD card, so you can boost the fairly small 32GB internal storage by up to 2TB to store more digital games.
The $200 Switch Lite is an ideal choice for solo portable play, but it lacks the ability to connect to a TV and it doesn't use removable Joy-Con controllers. The portable screen is only 13% smaller than the standard Switch, and the Lite is thinner and easier to hold. The Switch Lite battery lasts for about seven hours, while the standard and OLED Switch models can last for up to nine hours.
If you plan to share your console with friends or family, you should definitely pay the extra money for the Switch OLED. The standard Switch's extra portable controllers, dock, and the TV output are already worth the money, and you'll get all the quality of life improvements that Nintendo made four years after the release of the original Switch by going OLED.
Regardless, the Switch is still a capable home console with a large library that's especially great for families. Popular franchises, like "Super Mario," "The Legend of Zelda," and "Pokémon", can only be found on the Switch, and lots of classic games have been remastered for Nintendo's portable.
No portable gaming console can compare to the Switch's library and value — it's just a matter of whether you want to invest in Switch OLED, the standard Switch, or Switch Lite.
Of course, if you're just looking for a way to play games while you travel, you can stream games to your smartphone using a video game streaming service, like Xbox Game Pass Ultimate, Google's Stadia, or Amazon Luna and connect a controller to play.
Read our Switch review here, and Switch Lite review here, and our Switch OLED review here.
The Xbox Series X excels as an entertainment hub with its 4K Blu-ray player, Dolby Vision streaming, and easy library sharing with Windows.
Pros: Powerful gaming hardware, 4K Blu-ray playback, Dolby Vision HDR for streaming apps, movie and TV show purchases can be shared with Windows via Microsoft account
Cons: Dolby Vision doesn't work when playing Blu-ray discs, movies purchased through the Xbox store can only be streamed to the console so no offline viewing
The Xbox Series X is a multimedia powerhouse, with support for 4K Blu-rays and most popular streaming apps. Unlike PlayStation, Xbox offers movies and TV shows through Microsoft's digital storefront, allowing you to build an entertainment library that can easily be shared with Windows PCs and tablets.
Xbox Series X also supports Dolby Vision, a high dynamic range (HDR) format that helps compatible TVs enhance image quality with improved color accuracy and contrast. The feature can be used with video games as well as streaming apps, like Disney Plus and HBO Max . Unfortunately Blu-Ray discs played on the Xbox Series X can't use Dolby Vision, but can use the more common HDR10 format.
Xbox Series X is HDMI-CEC compatible, so if your smart TV supports that technology, you should be able to use your TV remote to control the Xbox. In terms of settings, the Xbox Series X also offers a bit more control than the PS5 with its support for 1440p resolution (as well as 4K) and variable refresh rate on supported TVs.
Also, the Xbox Series X is arguably more powerful than the PlayStation 5 in terms of performance, because of its slightly faster CPU processor and stronger graphics processor. But the PS5's exclusives and unique DualSense controller make it more appealing for most gamers. Still, if you're looking for a living room centerpiece, Xbox Series X will deliver the best possible experience for both games and movies.
Xbox does have some major exclusive games on the way, especially after Microsoft's $1 billion acquisition of Bethesda Softworks, the company behind games like "Elder Scrolls V: Skyrim," Doom," and "Fallout." Microsoft launched "Halo Infinite" with a free multiplayer mode in 2021, helping it achieve the most popular launch in franchise history. Further down the line, Microsoft's recent $68.7 billion purchase of Activision-Blizzard should bring franchises like "Call of Duty" and "Diablo" exclusively to Xbox, too.
Read our review of the Xbox Series X here.
$299.99 $289.99 from Xbox
The Xbox Series S benefits from Xbox Game Pass, backwards compatibility, and Microsoft's online services, offering great value for less money than the Xbox Series X.
Pros: Great price for current hardware, support for Xbox Game Pass, backwards compatible with thousands of Xbox One and Xbox 360 games
Cons: No disc drive for games or Blu-rays, 364GB storage space can be filled quickly, can only be expanded with a special storage card from Seagate
This more budget-friendly Xbox console can play all the same games as the more powerful Xbox Series X with a few significant trade-offs. The Series S doesn't have a Blu-ray disc drive, so you'll be limited to digital games on the console's solid state drive.
Xbox Series S has 364GB of storage space available for games after installing the operating system, and you can buy an expansion card to add another 1TB. While this pales in comparison to the Series X's 802GB of space, it's significantly more than the 32GB offered by the original Nintendo Switch.
Xbox Series S and Switch share the same price, but budget-focused gamers will get more value out of the Xbox's multimedia features and other benefits, particularly Xbox Game Pass. For $10 per month, Game Pass gives subscribers a library of more than 100 games, including access to new Microsoft games, like "Halo: Infinite" and "Gears 5," the same day they're released.
The Xbox Series S doesn't have the same level of graphics performance as the PlayStation 5 or Xbox Series X, so it's best to save for those consoles if you're worried you won't have the best visual quality. The Series S does support 4K resolution playback though, unlike the Switch.
Read our review of the Xbox Series S here.
Future Publishing / Contributor / Getty Images
The best Nintendo Switch accessories
The best Nintendo Switch controllers
The best iOS gaming controllers
The gaming laptops
The best gaming PCs
More: Insider Picks Guides Gaming Video game consoles video game | 2022-05-02T18:29:12Z | www.businessinsider.com | 4 Best Gaming Consoles in 2022 | https://www.businessinsider.com/guides/tech/best-gaming-console | https://www.businessinsider.com/guides/tech/best-gaming-console |
Democratic Sen. Kyrsten Sinema of Arizona arrives for a Senate vote in the US Capitol on October 28, 2021.
Sen. Kyrsten Sinema almost walked out on Biden last year in a tense exchange over Build Back Better.
The Arizona Democrat was angry with Biden for disclosing her spending demands in a White House meeting.
"Do you want me to leave?" she asked, according to a book from two New York Times reporters.
Sen. Kyrsten Sinema of Arizona almost walked out on President Joe Biden in the Oval Office during a tense exchange over the scope of his economic agenda, according to a forthcoming book from a pair of New York Times reporters.
The Dispatch first reported details of the back-and-forth between the pair. Insider also obtained a copy of the book "This Will Not Pass" ahead of its May 3 release.
According to authors Jonathan Martin and Alexander Burns, Biden strenuously sought to reconcile tensions between his party's centrist and progressive wings last summer around the size and scope of his economic agenda. Progressives were pushing to go big on new social and climate programs while moderates tried restraining their ambitions and had fiscal concerns.
Spokespeople for Sinema didn't immediately respond to a request for comment.
"We respect that there will be no shortage of books written about the administration containing a wide variety of claims," a White House official told Insider on condition of anonymity. "We don't plan to engage in confirmations or denials when it comes to the specifics of those claims."
The tense exchange underscores the outsized influence that Sinema wields over the Democratic domestic agenda. Democrats can't advance a smaller version of their Build Back Better plan without unanimous support in the 50-50 Senate to overcome united GOP opposition.
Last year, Sinema flummoxed Democrats with her insistence to not negotiate in public and only dealing with the White House directly. Her opposition to raising corporate and income tax rates forced the party to abandon their efforts to unwind the 2017 Trump tax cuts, long a chief Democratic priority to attack inequality.
The Arizona Democrat recently said that she doesn't intend to switch up her demands in any upcoming negotiations over a smaller spending bill. Sinema has also said she remains strongly opposed to hiking tax rates on the rich and large firms, arguing that would damage their economic competitiveness.
"What I can't tell you is if negotiations will start again or what they'll look like," Sinema said at an Arizona Chamber of Commerce event last month. "But what I can promise you is that I'll be the same person in negotiations if they start again that I was in negotiations last year."
More: Policy Kyrsten Sinema Joe Biden Congress | 2022-05-02T18:29:24Z | www.businessinsider.com | Kyrsten Sinema Nearly Walked Out on Biden During Build Back Better Talks: Book | https://www.businessinsider.com/kyrsten-sinema-build-back-better-plan-spending-book-2022-5 | https://www.businessinsider.com/kyrsten-sinema-build-back-better-plan-spending-book-2022-5 |
In leaked memo, Thrasio announces significant layoffs and a new CEO as the Amazon aggregator space continues to face slowdown
Ann Gehan and Julie Peck
Carlos Cashman will be replaced by Greg Greeley in August.
Thrasio is largely credited for developing the Amazon aggregation space.
The company has raised over $3 billion and had planned to go public before growth stalled.
Now Thrasio is laying off staff and has announced a new incoming CEO.
Thrasio, the company that helped create the Amazon aggregator segment, is in turmoil. The company is making layoffs and replacing its only remaining founder and CEO, Carlos Cashman, according to an email obtained by Insider.
Carlos Cashman will be replaced in August by Greg Greeley, an Amazon veteran who led the company's Global Prime program, according to a release from Thrasio. Greeley was most recently a president at Airbnb. Cashman will remain on the Thrasio board as a director.
The layoffs are expected to impact marketing, creative, and brand operations. Two sources close to the matter said the layoffs could impact up to 20% of staff. In an email to staff, Thrasio only said the company planned "to reduce the size of the Thrasio team."
Thrasio did not immediately respond to Insider's request for comment.
Amazon aggregators compete to buy the most successful brands on the site and improve their marketing, packaging, and positioning to increase their profitability. The buzzy aggregator space is estimated to be worth over $10 billion. Thrasio, the largest Amazon aggregator, has raised about $3.4 billion.
But recently growth has slowed significantly in the space, with consolidation and layoffs have becoming increasingly common.
In October of 2021, Thrasio scrapped plans to go public via a SPAC , according to CNBC. The news came after a series of top executives left the company, including Josh Silberstein, a cofounder and CEO, who resigned in September 2021.
Silberstein is largely credited for spearheading the company's rapid pace of acquisitions. In a February 2021 news release, Silberstein said that "Thrasio is now closing two or three deals every week."
In the memo sent to staff announcing layoffs, Cashman and another exec, Danny Boockvar, alluded to problems brought on by its "hypergrowth," as it rapidly acquired new companies. "At times we have been acquiring a new company almost every week and running hard to build the infrastructure to support this growth," it wrote.
The company said that it needed to focus on the companies it had already acquired: "We need to take the time to properly absorb and grow the businesses we have acquired, make sure we have rigorous processes and controls, and then look to re-scale our team in the optimal areas for growth."
Thrasio said it would focus on refining its M&A process and focus on operations in corporate development and marketing, while also saying it needed to build out more internal infrastructure.
"We've identified where we need to continue to scale our internal systems to capture the opportunities in front of us and support our ongoing growth."
The company noted that all of this was happening in "an environment with a pandemic, a war, a sharp rise in inflation, supply chain disruptions and changing consumer behaviors."
Since launching in 2018, Thrasio acquired over 200 brands as well as other aggregators. But former employees told Insider they grew too quickly.
"It wanted to compete and be like a tech firm, which is a hundred percent not the case, and they were scaling as if they were a tech firm, which just isn't scalable in the physical goods space," said another former employee who left Thrasio earlier this year.
Although rapid growth wasn't unusual for a high-growth startup, some employees said the company was scaling without clear direction or long-term planning.
"People were trying to build the plane as they fly it, but in order to fly a plane, you need fuel. And the fuel, in this case, would be the data and the information and the structure — and we didn't have any of that," a former employee told Insider. "So it's like we're building a plane that's not gonna go anywhere because there's no fuel. There's no infrastructure to drive it."
Are you a current or former Thrasio employee with a tip about the company? Contact this reporter via email at agehan@insider.com, via encrypted message on Signal at +1 (646) 374-8461, or via Twitter direct message @anngehan.
Read the email below:
Subject Line: Update on Transformation - Organizational Changes
From: Carlos Cashman, CEO and Danny Boockvar, President Thrashers,
Thrashers,
As you know, we've been working to execute a transformation that will strengthen the foundation we've built and ensure we're set up for a strong and sustainable future. As we've assessed the market landscape and our organization, we continue to see significant opportunities ahead, and we need to make some strategic and operational changes to ensure Thrasio is positioned for long-term success.
Today we are sharing the news that we've made the decision to reduce the size of the Thrasio team. This is not an easy decision – especially within a culture like ours that is shaped around community and sharing. Each one of you has helped build this business. To those who will no longer be on the journey, we're hopeful and confident this is a launching pad for your next great adventure, and we'll make sure we do whatever we can to help support that transition.
As the next step in our transformation work, we're also publicly announcing that Greg Greeley, a highly accomplished executive whose experience includes almost two decades at Amazon, will join our Board immediately and become Thrasio's CEO in August. At that time, Danny will remain in his executive role reporting to Greg and Carlos will transition from his executive position and focus on his role as a Director on our Board. In our opinion, there is nobody more qualified than Greg to lead the company in its next chapter and he will have our enthusiastic support.
We know this is a lot to take in. We are sharing some perspective on why and how we made these decisions, and important information on next steps.
Thrasio Has Grown Rapidly
In less than four years of hypergrowth since our founding, we became a top 5 seller on Amazon and launched a category that has inspired some 150+ global competitors and driven nearly $15 billion in capital raised. Our scale and reach is remarkable: we estimate that 1 in 6 US households has purchased a Thrasio product. At times we have been acquiring a new company almost every week and running hard to build the infrastructure to support this growth.
You've done a phenomenal job managing through that; your perseverance and grit have been inspiring, and you've all made important contributions to the growth of Thrasio.
Now, as we assess our strategy for the road ahead, we need to take the time to properly absorb and grow the businesses we have acquired, make sure we have rigorous processes and controls, and then look to re-scale our team in the optimal areas for growth.
Our transformation process has already led to several important adjustments to our business focus: refining our M&A machine to ensure our platform can optimally integrate our acquisitions, streamlining products, and focusing our operations in corporate development, product, and marketing. In addition, we've identified where we need to continue to scale our internal systems to capture the opportunities in front of us and support our ongoing growth.
We're also undergoing our transformation in an environment with a pandemic, a war, a sharp rise in inflation, supply chain disruptions and changing consumer behaviors. We're positioning Thrasio to be nimble and able to build on our strengths as we navigate the road ahead.
How We're Approaching the Change
We're committed to conducting this change with the respect, empathy, and candor all Thrashers deserve. We've been thoughtful and deliberate in determining the workforce reductions that were necessary. We took a fresh look at our vision, and assessed teams, functions, people, and skill sets, mapping them to the critical areas we need going forward. As part of this effort, we've also redeployed people to contribute in areas of the organization needing their skills and experience.
To the Thrashers who will be leaving the company: these reductions are not a reflection of you or your work. You're talented and dedicated, and any company would be lucky to have you. We deeply appreciate all you have given to Thrasio. We're committed to doing everything we can to set you up for a successful next step in your career.
To those of you who are saying goodbye to teammates, take this time to honor and support your colleagues who are leaving. Share contacts, make introductions, and find other ways to help them.
Impacted Employees: This evening (Eastern Time), you will receive a calendar invite to a 1:1 departure meeting to take place with a leader on your team either tomorrow or Wednesday, May 4. Your final working day will be May 13.
We will provide you a combination of severance, healthcare, job support, and
accelerated vesting of some of your options. We have engaged an outplacement provider to help you with career transition support including 1:1 coaching, resume and LinkedIn profile writing, and access to a platform with tools and resources to help you find your next opportunity. We are setting up an alumni network to help Thrashers stay in touch and support one another. We will share more details in the coming days.
We will still hold today's 10@10 so we can share a few words and provide an overview of how the next couple days will go. Thrasio senior leaders have been asked to bring their teams together for a huddle before the end of the week as well.
New Leadership and Our Path Forward
While we are making some difficult but necessary decisions to respond to the changing environment, the long-term opportunity that Thrasio was created to pursue remains and there will be many more opportunities ahead. We have a market-leading platform of brands that lead their categories, a supportive model for sellers, and a wealth of experience that will help us navigate the current uncertainty. Our ongoing transformation will position us to continue to grow and fulfill our vision.
As Thrasio's new CEO, Greg Greeley is fully supportive of our transformation and we and the Thrasio Board of Directors are confident that he is the right leader for Thrasio's next chapter of growth.
Greg brings invaluable experience and expertise from his 19 years at Amazon, where he served in a variety of leadership positions including building, scaling, and leading Amazon's global Prime program from inception to over 100 million paid members. Over the past 18 months, he has served as President and COO of Opentrons, a high-growth biotech startup that launched the Pandemic Response Lab specifically to provide millions of people low-cost Covid-19 tests here in the US. Before that, he served as President at Airbnb during a period of dynamic growth. He is a seasoned executive with a proven track record of scaling high-growth companies and has a deep appreciation for Thrasio's culture, value proposition, and long-term potential.
Just as importantly, throughout his career, Greg has earned a reputation as an exceptional manager who builds strong teams and invests in developing leaders. We are excited to welcome him to Thrasio and you'll have an opportunity to hear from him in an upcoming 10@10.
In the meantime, the most important thing we can do is support our colleagues who will be moving on and collaborate in our ongoing transformation to position Thrasio for long-term success and ongoing growth.
Carlos and Danny
More: Amazon amazon aggregator Layoffs | 2022-05-02T18:29:36Z | www.businessinsider.com | Thrasio Makes Layoffs and Announces New CEO | https://www.businessinsider.com/thrasio-layoffs-new-ceo-amazon-aggregator-2022-5 | https://www.businessinsider.com/thrasio-layoffs-new-ceo-amazon-aggregator-2022-5 |
Three VCs explain what it will take for fintech startups to survive in the face of plummeting valuations, and layoffs at companies like Robinhood
Emilia David and Samantha Stokes
The trading app Robinhood this week laid off hundreds of employees and posted declining revenue.
VCs weigh in on how other fintech startups will be affected and can avoid making similar mistakes.
Fintech companies need to focus on their core business and scale appropriately, they say.
The fintech darling and stock-trading app Robinhood grabbed headlines Tuesday after the once hot startup laid off hundreds of staff members. The same week, it reported a 43% decline in revenue. Venture capitalists said it was only a matter of time — and told Insider how they thought other fintechs could escape the same fate.
Robinhood's recent troubles are in stark contrast to a year ago, when excitement for the fintech company reached new highs as GameStop revitalized interest in retail trading. In early 2021, Reddit users banded together and used the app to push the video-game retailer's stock price up 204%.
The online brokerage became the poster child for a new crop of fintech unicorns, which includes Acorns, Stash, and Betterment, that are grabbing venture-capital dollars as more consumers flock to their phones to trade stocks and manage their money. In the first quarter of 2022, venture-capital firms invested $28.8 billion into fintech and cryptocurrency companies, which represented $1 for every $5 of VC investment in startups in that period.
Robinhood, riding this wave, doubled its customer base in 2021 and was valued at about $32 billion when it filed for a public debut in July. But in an all-hands call Tuesday announcing that it would lay off 9% of its staff of nearly 4,000 employees, the founders Vlad Tenev and Baiju Bhatt conceded that the Menlo Park, California, startup had grown too much too quickly in an economic environment teeming with inflation, rising interest rates, and volatile markets. Just days later, the company reported a shocking 43% decrease in revenue in its first-quarter earnings report.
After a record amount of funding poured into startups last year, VCs in 2022 have started to pump the breaks, creating a tougher fundraising environment for young companies. In early April, the Stripe-backed fintech Fast announced it would be shutting down after raising more than $120 billion.
Insider spoke with a number of fintech VCs to hear how Robinhood's fall from grace would influence the fintech-startup landscape.
Paul Levine, a partner at Sapphire Ventures, which invested in companies like Currency Cloud, Paytm, and Wise, said what happened at Robinhood was "unfortunate but not unexpected."
"Hypergrowth companies often go through cycles of rapid growth and aggressive hiring, followed by periods of digestion or consolidation," Levine said. "Given the drawdown in the market and lower transaction volumes, this is a natural time for Robinhood and other hypergrowth companies to focus on efficiency and better organize the huge number of employees they've hired over the past few years."
Between 2019 and 2021, as Robinhood grew revenue from $278 million to $1.8 billion, it sextupled its head count to 3,800 employees, up from 700. But that rapid increase, a strategy that many startups use, causes concern. Some VCs feel fintech startups need to better understand what makes them different from legacy financial-services providers.
John Backus, a managing partner at Proof, an investor in the fintechs DailyPay, Greenlight, and Varo, put it more bluntly.
"We're going to see fintechs trade closer to legacy companies. Take, for example, Robinhood. Yes, they were clever with fractional shares, but at the end of the day, they're a brokerage firm. Their valuation was based on the belief that they can grow with that innovation," he said.
Troubles at Robinhood won't necessarily be a bellwether for the entire fintech ecosystem, Jordan Nof, a cofounder and managing partner at Tusk Venture Partners, said.
"The labor market is really competitive, and companies have layoffs all the time, and it's not necessarily front-page news," Nof, whose firm has invested in Coinbase and Omaze, told Insider in an interview. "Fintechs, in general, have been the shining star of the venture ecosystem, growth-equity ecosystem, and public markets relative to other tech."
He added: "One company shouldn't have a ripple effect on an industry as big as fintech, and it's hard to be a barometer when you're looking at companies in their infancy vs. big market debuts."
Even so, it's a tough market and to survive, fintechs — even those still privately held — have to get a better handle on their growth, VCs said.
"Fintech is going to survive because there is real innovation out there, but founders will want to scale right. Valuations should correct, and we're going to see more entrepreneurs build closer to the customer, focus more on the fundamentals, and do so at less cost," Backus said, referring to the recent cooling off of startup valuations.
And if companies focus on their fundamentals, they don't have to worry about raising valuations too quickly and going on a hiring spree. A lesson Robinhood, and other fintechs, need to learn.
"The problem is that entrepreneurship has become measured by the wrong yardstick. Success became about how much money you raised or which big-ticket VC funded you," Backus said. "But truly, the more successful founders are those that became profitable."
More: Robinhood Fintech Startups | 2022-05-02T18:29:48Z | www.businessinsider.com | What Robinhood's Layoffs Mean for Other Fintech Startups | https://www.businessinsider.com/what-robinhoods-layoffs-mean-for-other-fintech-startups-2022-4 | https://www.businessinsider.com/what-robinhoods-layoffs-mean-for-other-fintech-startups-2022-4 |
How to dictate your text in Microsoft OneNote or insert an exact recording
OneNote lets you dictate from a computer or phone.
You can dictate notes in nearly every version of Microsoft OneNote by clicking the microphone icon.
In OneNote for Windows 10, you'll find the Dictate option in the Home menu.
If you're using the mobile app for iPhone, iPad, or Android, you can use your keyboard's built-in dictation feature.
For a lot of writers, speaking their thoughts is much easier than typing them. This is why most writing apps and devices include a way for you to turn text into speech — this includes Microsoft OneNote.
How to dictate in Microsoft OneNote
The Dictate feature is available in almost every version of OneNote. The only versions of OneNote that don't have it are the old standalone apps available for PC and Mac. This means that if you're using OneNote for Windows 10, the OneNote web app, or any of the mobile apps, you have access to the feature.
The first time you use dictation, OneNote might ask for permission to use your microphone. Be sure to accept the request.
OneNote for Windows 10 and the OneNote web app
To dictate text in OneNote for Windows 10 and the OneNote web app, open one of your notebooks and click the spot on the page that you want your text to appear. Click Home in the top-left corner, and then find and click the microphone icon on the right side of the toolbar. When a red circle appears on the microphone, it's recording.
You’ll find the “Dictate” option inside of the “Home” menu.
When you want to stop recording, click the microphone icon again. You can also click the small arrow icon next to the microphone to specify what language you're going to be speaking, which helps keep the dictation accurate.
Quick tip: To use Dictate in the Windows 10 or PC apps, you'll also need to be signed into an active Microsoft 365 account. Dictation is only offered to 365 subscribers.
Alternatively, you can press the Windows key + H to use the speech-to-text accessibility feature that's built into all copies of Windows. This isn't exclusive to OneNote, but works just as well as the regular dictation feature.
OneNote for iPhone, iPad, and Android
In the mobile apps for iPhone, iPad, and Android, you'll just use the dictation feature that's included with your device's keyboard. Open OneNote and tap the spot that you want your text to appear. When your device's keyboard appears, tap the microphone icon in the corner and start speaking.
This is different from the microphone icon in the toolbar above your keyboard, which lets you record audio files instead.
How to insert an audio file into Microsoft OneNote
If instead of translating your words into text, you want to insert an exact recording of what you're saying, you can use the "Audio" feature. This is available in every version of OneNote.
In the desktop and iPad apps, click or tap Insert in the toolbar at the top of OneNote, and then find and select the Audio option. In the iPhone and Android phone apps, tap the microphone icon in the toolbar above your keyboard.
Just like dictation, you’ll need to give OneNote access to your microphone.
It'll start recording your voice, and everything you record will be saved to an audio file that appears on the page.
Just click or tap the audio file to start playing it back.
TECH How to use Google text-to-speech on your Android phone to hear text instead of reading it
TECH How to add text-to-speech voices to Windows 10 so that text can be read in the tone or language of your choice
TECH How to sync Microsoft OneNote notebooks on a Windows PC and keep your work up-to-date across devices
More: Tech How To Microsoft OneNote Dictation Microsoft 365 | 2022-05-02T19:06:37Z | www.businessinsider.com | How to Dictate Your Text in Microsoft OneNote | https://www.businessinsider.com/microsoft-onenote-dictate | https://www.businessinsider.com/microsoft-onenote-dictate |
Americans amassed a surplus of cash over the past two years, largely due to stimulus finding, other pandemic aid, and a pause in spending.
Inflation is increasingly weighing on consumers, but economist Matthew Mish at UBS argues Americans have the cushion to withstand it.
He says that's due to the savings they built up during the pandemic, and the way they've been able to bargain for higher wages.
Mish also sees the increase in debt being assumed by Americans as totally normal, given present conditions.
Inflation is making everyday costs more burdensome: at the gas pump, at the grocery store, even at home. Not even rent and electricity have been safe.
It's not an easy squeeze, so it might be surprising to hear that, overall, Americans are actually positioned to hold up well against further inflation. And that's not just because the US looks poised to avoid recession.
The findings come from a recent report from investment bank and financial services firm UBS, which found that Americans — even low-income ones — are faring solidly due to the savings they accrued during the pandemic.
Matthew Mish — head of credit strategy at UBS, and lead author of the reporter — told Insider that those savings are one of three reasons inflation isn't going to overwhelm Americans. Second is the temporary nature of the additional debt many people have accrued, and third is the ongoing strength of wage growth and bargaining power for service- and retail-sector workers, even as inflation reduces spending power.
"Economists don't see a lot of signs of weakness," Mish said.
Detailed below are the three pieces of Mish's bullish economic argument, framed as counterpoints to other data that might suggest otherwise.
Americans might be losing some savings, but still have way more than they did pre-pandemic
Americans amassed a surplus of cash over the past two years, largely due to stimulus distributions, other pandemic aid, and a pause in spending.
The first two rounds of stimulus payments brought 11.7 million people out of poverty, according to a Wall Street Journal analysis of Census Bureau data. And at the height of the pandemic, Maria Solovieva, an economist at TD Economics, estimated that Americans had accrued $2.7 trillion in "excess savings."
But as inflation surged last year, and federal aid such as the child- tax credit ended, Americans were forced to dip into their savings more, making things especially hard for low-income households.
According to Mish, however, even though the excess savings Americans built during the pandemic disproportionately helped the top half of wealthiest people, the bottom half of the wealth distribution still benefitted as well.
He pointed to data from JPMorgan Chase, which shows that people in the bottom wealth quintile have more money in their bank accounts than before the pandemic. And Fed Distributional account data shows that debt-to-asset and debt-to-cash ratios — which essentially represent a person's ability to pay off their debt — for the bottom 50% are at their best levels since 2000. Additionally, net worth grew by about 90% for this group post-COVID, the UBS researchers wrote.
"The key takeaway is that, from a macroeconomic perspective, the lower income cohort is holding in well and not signaling signs of stress that would drag down broader spending," the researchers wrote.
Not all indicators are pointing positive, however. Last July, 34% of Americans reported having less money to fall back on in an emergency than before the pandemic, according to a Bankrate survey of 1,009 respondents. Only 17% reported having more.
Service sector workers are still seeing gains — and demonstrate strong bargaining power
Wages are going up in response to a historic labor shortage, but skyrocketing wages aren't keeping up with skyrocketing inflation, which means that effectively, Americans are losing money.
But many of the biggest pay gains in the last year came in service sectors, Mish said, which include jobs in restaurants and hotels.
And those workers have a lot of leverage to secure higher pay, he said, as employers struggle to fill vacant roles.
"Wage growth has generally been higher for lower-income workers employed in the service and hospitality industries, and they have more bargaining power," Mish said.
People are going into debt, but it's likely a short-term problem
The US Census Bureau's most recent Household Pulse Survey found that Americans are building up greater credit card debt, taking out loans, and pulling from retirement and savings.
Among respondents who answered the question between March 30 and April 11, 15% said they found it very difficult to cover typical expenses in the last seven days, the survey found. Of that 15% of respondents, 44% said they're using credit cards or loans to meet their needs, while 34% said they're using money from retirement or savings accounts.
But Mish says that this is likely a temporary change, showing that Americans are taking on debt again after months of paying it off.
"Although increased credit card debt might make it look like individuals with more inflation pressure are reaching for more credit card access, it's a very short-lived trend," he said.
More: Inflation Savings Child tax credit great resignation | 2022-05-02T20:01:19Z | www.businessinsider.com | 3 Reasons Americans Are Faring Well Against Inflation: UBS Economist | https://www.businessinsider.com/americans-survive-inflation-wages-ctc-great-resignation-debt-loans-savings-2022-5 | https://www.businessinsider.com/americans-survive-inflation-wages-ctc-great-resignation-debt-loans-savings-2022-5 |
How businesses can meet high expectations around sustainability
Created by IBM with Insider Studios
By Sheri Hinish, global lead, IBM Consulting Sustainability Services
Environmental sustainability has become a global imperative. As the climate emergency heightens amid governments' new ESG regulations, and investors call for companies to improve transparency of environmental and social governance practices, consumers are taking notice and demanding change. The consequences of climate change have become more dire, and people's desire to live and work more sustainably are translating into big shifts in behavior from the way we work, buy, and choose in our everyday consumption.
IBM's research shows consumers' decisions demonstrate their commitment to action. They are willing to change their household habits, spend more, change employers, and adjust their investment portfolios — all to ensure their lifestyle aligns with their sustainability values. But consumers need help from companies to make the most sustainable choices possible.
Meeting consumers' sustainability demands
In a survey of more than 16,000 people globally, over half (51%) of respondents say environmental sustainability is more important to them today than it was 12 months ago. 77% of consumers surveyed shared a desire to make more sustainable choices at home; half said they paid more — an average of 59% more — for socially responsible branded products, while 62% of personal investors say their portfolio takes environmental sustainability into account. These insights suggest sustainability is a competitive edge for business.
Our study also shows sustainability can give purpose-driven employers an edge in the talent market. A majority of respondents say they are more willing to apply for and accept jobs from organizations that are considered environmentally sustainable. However, only 21% of respondents consider their current employers to be sustainable, which could translate to a major flight risk. 35% of respondents who changed jobs last year accepted a job with an employer they consider to be environmentally sustainable, and roughly one in three say they accepted a lower salary to work for sustainable or socially responsible organizations. Employees are making values-based tradeoffs for a better world, and the companies they buy from and work for should take heed and do the same to meet consumer needs.
How can your business help consumers be more sustainable?
Companies must break down barriers to meet this sharp increase in consumer, investor, and employee demand. A few tangible action items include:
Enhance communications: Increase transparency and communicate progress toward sustainability goals.
Embrace the circular economy: Educate consumers on how products and packaging can be reused, reclaimed, or recycled.
Improve product quality: Use renewable energy, recycled materials, and re-engineered packaging for new product design and development.
Increase value for money: Offer incentives for consumers to reduce their carbon footprint; leverage analytics to improve efficiency while reducing carbon emissions and waste — and pass savings on.
Boost collaboration: Insist on more robust environmental commitments and actions across your supply chain.
There are a number of nonprofit organizations and business consortiums that can be a viable resource for companies looking to take steps towards becoming a more sustainable business. IBM is currently working with the World Business Council for Sustainable Development (WBCSD) and the Partnership for Carbon Transparency (PACT) to help businesses better identify, measure, and track Scope 3 emissions, and use technology to tackle emissions reduction.
Consumers are looking to companies to be true stewards of change that lead with purpose, and for this commitment to be demonstrated in sustainable choices. By paving a clearer, more accessible path to responsible consumption, executives can do even more to build a sustainable future — for the planet, for society, for their customers, and for their businesses.
This post was created by IBM with Insider Studios.
More: Sponsor Post Studios Enterprise Sustainability ESG
Studios Sustainability
SP review | 2022-05-02T20:01:45Z | www.businessinsider.com | How Businesses Can Meet High Expectations Around Sustainability | https://www.businessinsider.com/sc/how-companies-can-achieve-sustainability-to-meet-changing-consumer-demands | https://www.businessinsider.com/sc/how-companies-can-achieve-sustainability-to-meet-changing-consumer-demands |
The author, Sarah Sharkey.
Growing up, my parents always made me save 50% of any money I received.
I didn't love it at the time, but the advice stuck: Save a little every time.
Thanks to my parents' advice, I've saved over $35,000 in cash and have a six-figure net worth.
Saving money isn't always easy. But regularly tucking away funds is critical for a stable financial future.
Luckily, I learned this lesson early on from my parents. Although I wasn't a fan of the advice as a child, it has helped me build a stable financial picture.
My parents made me save 50% of everything I received
My parents started teaching me to save money at a very young age.
As an incredibly lucky child, I often received money as a present for my birthday or around Christmas time. My parents used this opportunity to teach me the importance of tucking away funds, even if you don't want to.
They taught this lesson by requiring me to tuck away half of any money I received into a savings account. Each birthday, I would add up my gifts. And my parents would drive me down to the bank to put half of it into my very own savings account.
Essentially, the lesson that's been drummed into my head since I was 5 years old is to save money. Regardless of where I received the money, half of it always went into a savings account until the day I turned 18.
Their advice: Save every time you receive money, even if you don't want to
Saving money is great in theory. But in reality, saving money means that you have to give up the option to buy something. So at first, I was excited about the idea of saving money. But around age 10 or so, I wasn't always pleased with the arrangement.
Since I wasn't allowed to spend any of my childhood savings until I turned 18, I often tried to negotiate for a reprieve from the 50% savings rate. After all, I had toys and games that I wanted to buy along the way.
But my parents helped me stick to a savings plan. Without fail, we'd head to the bank to deposit half of any money I received as a child.
How I save as an adult
Throughout my childhood, I got used to the idea that saving should be a priority. Although it took some time to sink in, I'm grateful that my parents helped me establish a savings habit.
By the time I left home, saving a portion of my income was something deeply ingrained in my way of thinking. So, I carried that idea forward into my adult financial life. Although I definitely wasn't always able to save 50% of my income, I always made sure to make saving a priority.
Along the way, I've always made the effort to save at least some of my paycheck or freelance income that comes my way. But without the early guidance I received from my parents, I'm not sure that saving would command such a high priority spot in my budget.
My savings strategy is working out so far
My savings strategy of saving something each and every payday has opened the door to a bright financial future.
Here are a few things that my savings mentality has helped me accomplish:
My first financial priority when I graduated college was to build a robust emergency fund. And with my savings habit in place, I was able to build up a $35,000 emergency fund.
The next goal was to buy a house. In 2020, my husband and I were able to buy our first home with a 20% down payment.
We built a six-figure net worth by the time I was 25, and my husband was 31. This was possible by shifting some of our savings into an investment portfolio with a long-term outlook.
At some point, I realized that if I wanted to save more, I'd have to earn more. So, I put a focus on building a new career as a freelance writer. Although it took some time, and diligent budgeting, we are now able to save 50% of our income.
I can honestly say that meeting these savings goals wouldn't be possible without the strong savings habit I started developing as a child. Without my parents guiding me to prioritize saving, my financial life might look completely different.
Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions. Sarah enjoys traveling, hiking and reading when she is not writing. You can connect with her on her blog Adventurous Adulting.
PERSONAL FINANCE 4 reasons I keep $35,000 in my emergency fund instead of following typical expert advice
PERSONAL FINANCE Buying a house during the pandemic was a little tricky, but worth it for the rock-bottom rate we got on our mortgage
PERSONAL FINANCE I built a 6-figure net worth by age 25 by following a simple piece of advice from my grandparents
PERSONAL FINANCE My husband and I save 50% of our income thanks to 4 painless lifestyle changes
More: Savings saving money How to save money Emergency Funds | 2022-05-02T20:47:39Z | www.businessinsider.com | I Built a 6-Figure Net Worth by 25 With a Savings Tip From My Parents | https://www.businessinsider.com/personal-finance/built-6-figure-net-worth-savings-tip-from-parents-2022-5 | https://www.businessinsider.com/personal-finance/built-6-figure-net-worth-savings-tip-from-parents-2022-5 |
Twitter's Gen Z advisor quits less than 2 months after joining amid Elon Musk takeover
Michael Sayman, then Facebook's youngest employee, interviewed at Web Congress in 2017.
Daniel Garzon/Anadolu Agency/Getty Images
Michael Sayman is a tech prodigy who got his first job as a teenager and became a go-to hire for firms looking to woo Gen Z.
He joined Twitter just six weeks ago, but said he now planned to leave the company.
Twitter is being acquired by Elon Musk, who launched a hostile takeover of the company shortly after Sayman joined.
Michael Sayman, a tech prodigy who's spent the past eight years advising Silicon Valley firms on how to connect with younger users, is leaving Twitter just a few weeks after joining the company.
Sayman, who is 25, joined Twitter in March as a product manager focused on products and "new ideas" for teens and Gen Z on the platform. In a post on Monday, he said: "I think its time for me to finally make the jump and build something new."
He did not elaborate on what project he was headed to, but added he is "ready to tackle this with the same determination, passion and excitement I used to help lift my family up, to help Instagram launch Stories, to help Duolingo gamify." Sayman and Twitter did not respond to Insider's requests for comment.
—Michael Sayman (@michaelsayman) May 2, 2022
In addition to Instagram, owned by Facebook, and Capital G, Alphabet's investment arm where he advised on Duolingo, Sayman has worked at Google and Roblox. All were in roles aimed at helping an older generation of tech executives and workers understand Gen Z and teenagers. Sayman was first hired by Facebook when he was 18 years old and is largely responsible for Instagram Stories. He posted to Twitter on Monday about using Snapchat with Mark Zuckerberg "so I could teach him how to use the app."
Sayman's quick exit from Twitter comes at a time of turmoil for the company. It is being taken over by Elon Musk, the billionaire CEO of SpaceX and Tesla, a move many employees have expressed dismay and frustration over in interviews with Insider and in two internal meetings, recordings of which were reviewed by Insider.
Some employees are already looking to leave the company, Insider previously reported. Others are feeling stuck while bracing for layoffs, as a large part of their compensation is tied up in company stock that will not be paid out when the Musk deal closes in late October, as it will for outside shareholders. Instead, they will be kept on their four-year vesting schedule, likely an attempt to avoid a mass departure of workers, a possibility Twitter executives have said has been a topic of discussion with the board and Musk.
More: Twitter gen z Elon Musk | 2022-05-02T22:27:22Z | www.businessinsider.com | Tech Prodigy Michael Sayman Leaves Twitter Amid Musk Takeover | https://www.businessinsider.com/michael-sayman-resigns-twitter-amid-musk-takeover-2022-5 | https://www.businessinsider.com/michael-sayman-resigns-twitter-amid-musk-takeover-2022-5 |
Lauren Frias and Oma Seddiq
A leaked draft opinion obtained by Politico appears to show the Supreme Court poised to overturn Roe v. Wade, the landmark case that granted women the right to an abortion.
In a 98-page initial draft opinion obtained by Politico and apparently written by Justice Samuel Alito, the justice wrote that the landmark decision was "egregiously wrong from the start."
"Its reasoning was exceptionally weak, and the decision has had damaging consequences," per the document shared by the outlet. "And far from bringing about a national settlement of the abortion issue, Roe and Casey have enflamed debate and deepened division."
This is not the final language or even the final vote tally. The official decision from the court is expected to be handed down at the end of June.
Insider could not immediately confirm if it was an authentic draft written by Alito.
"The document leaked to Politico is almost certainly an authentic draft opinion by J. Alito that reflects what he believes at least 5 members of the Court have voted to support — overruling Roe," SCOTUSblog, which reports about the Supreme Court. "But as Alito's draft, it does not reflect the comments or reactions of other Justices."
This story is breaking. Check back for more details.
More: Supreme Court abortion rights Roe v Wade | 2022-05-03T01:38:30Z | www.businessinsider.com | A Leaked Draft Opinion Appears to Show the Supreme Court Poised to Overturn Roe V. Wade | https://www.businessinsider.com/leaked-draft-opinion-appears-scotus-could-overturn-roe-v-wade-2022-5 | https://www.businessinsider.com/leaked-draft-opinion-appears-scotus-could-overturn-roe-v-wade-2022-5 |
Senate Majority Leader Chuck Schumer discusses efforts to codify Roe v. Wade into law this past February.
Democrats quickly unified around a renewed effort to codify Roe v. Wade into law.
Their response comes after a bombshell Politico report that claims the Supreme Court has the votes to overturn abortion rights.
But Democrats are unlikely to succeed in their efforts due to the Senate's filibuster.
Democratic lawmakers quickly unified Monday night on a renewed push to codify the Supreme Court's landmark Roe v. Wade decision into law in the wake of a bombshell report that the high court has the initial votes to explicitly overturn abortion rights.
Politico reported that it obtained a draft Supreme Court majority opinion in a pending case over Mississippi's law that effectively bans all abortions after 15 weeks of pregnancy. The bombshell report says that Justice Samuel Alito's opinion is prepared to explicitly overturn the court's landmark Roe v. Wade decision and subsequent ruling in Planned Parenthood v. Casey that have upheld a federal right to an abortion for decades.
Politico's report cautions that it is just a draft opinion and that justices could still change their minds.
"If #SCOTUS is going to legislate from the bench and turn back the clock 50 years on #RoeVWade, then the Senate needs to pass my Women's Health Protection Act ...," Sen. Tammy Baldwin, a Democrat from Wisconsin, wrote on Twitter.
If Democrats do try to take action in Congress, they are likely to run into the same obstacle that has vexed much of their agenda: the Senate filibuster. The procedural hurdle effectively requires almost all legislation, including a bill to formally codify federal abortion rights, to receive 60 votes.
With the Senate split 50/50 in an era when Republican lawmakers are almost unanimously opposed to abortion, this is extremely unlikely to occur.
However, if their efforts worked, Congress could effectively preempt states that have or would ban abortions. If Congress fails to pass such a ban, the current draft Supreme Court opinion would allow individual states to decide their own abortion policy.
At least 21 states are poised to ban or severely limit abortions if the Supreme Court overturns Roe v Wade through the use of so-called "trigger laws," NPR previously reported.
On the same day the reported draft opinion leaked, The Washington Post detailed a growing effort by some conservatives to push a nationwide ban on abortions after six weeks of pregnancy.
Right now, Democrats are focused on the Women's Health Protection Act as the best vehicle to enshrine a federal right to abortion into law.
The House passed the act last year on a largely party-line 218-211 vote, a sign of how few anti-abortion Democrats remain in Congress. Baldwin has introduced similar legislation in the Senate but it failed to pass an early procedural hurdle in February.
At that time, the Senate failed to move forward on the legislation on a 46-48 vote. Republican Sens. Susan Collins and Lisa Murkowski, who are generally speaking the only pro-choice Republicans left in the chamber, both voted against the bill. They previously said the legislation goes too far and have introduced their own competing bill.
Of more concern to Democrats, Sen. Joe Manchin also opposed moving forward on the bill.
Baldwin, Sen. Bernie Sanders, and some other Democrats have called for the filibuster to be abolished in order to affirm abortion rights, but as Manchin's opposition illustrates, the party has previously lacked even 50 votes to pass the underlying legislation. Manchin and Sen. Kyrsten Sinema, who supported her party's bill, have repeatedly said they will not support efforts to weaken the filibuster.
—Bernie Sanders (@SenSanders) May 3, 2022
In the face of a likely failure, Democrats are left to resort to a call for a public outcry. They may also be banking on the prospect that outrage over such a decision could upend the midterm elections, should Politico's report hold true.
"People should take to the streets across the country," Rep. Pramila Jayapal, who chairs the Congressional Progressive Caucus, wrote in a series of messages on Twitter. "We will not accept this sitting down and we WILL take this to the streets and the voting booth."
House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer blasted the Supreme Court over the reported draft opinion, a likely sign of the party's future response should the draft become the court's final word.
"If the report is accurate, the Supreme Court is poised to inflict the greatest restriction of rights in the past fifty years – not just on women but on all Americans," the top congressional Democrats wrote in a joint statement. "The Republican-appointed Justices' reported votes to overturn Roe v. Wade would go down as an abomination, one of the worst and most damaging decisions in modern history."
More: Abortion Supreme Court Congress House Democrats | 2022-05-03T06:17:29Z | www.businessinsider.com | Why Democrats Call to 'Codify Roe' Is Unlikely to Save Abortion Rights | https://www.businessinsider.com/democrat-call-to-codify-roe-unlikely-to-save-abortion-rights-2022-5 | https://www.businessinsider.com/democrat-call-to-codify-roe-unlikely-to-save-abortion-rights-2022-5 |
Good morning. The combo of hawkish Fed policy and historic inflation, among other headwinds, are creating vast uncertainty in the markets. Top analysts are warning of more tumult to come.
1. Stocks are losing their appeal as an inflation hedge. Weakening corporate earnings and soaring inflation mean that real earnings yield is the lowest since the 1950s, according to Morgan Stanley.
As investors wake up to the reality that stocks aren't protecting them from the highest inflation in 40 years, the S&P 500 could fall as much as 17%, the firm's Mike Wilson wrote in a Monday note.
But its not just markets — the economy is also teetering. In a Monday column in the Financial Times, economist Mohamed El-Erian said the policy response to high inflation from the Federal Reserve will bring turmoil to the economy, and possibly a recession .
Monetary tightening will add pressure to an already-slowing global economy, the Queens' College President warned. He expects the country's monetary and fiscal drivers of growth to rapidly deteriorate.
"The risk of recession associated with this is unsettling," El-Erian wrote. He named several key headwinds facing the global economy, including:
China's zero-Covid policies
A potential EU oil embargo against Russia
Energy supply-chain snags
2. US futures edged higher early Tuesday, as the Fed prepares to hike rates this week. Meanwhile, the key 10-year Treasury yield smashed through 3% for the first time in over three years. Here are the latest moves.
3. On the docket: Big 5 Sporting Goods, Assurant Inc, and Prudential Financial, all reporting.
4. Recession risks are rising and investors need to play defense. That's according to Bank of America's Savita Subramanian — she broke down her recommendations on how traders can arrange their portfolios for the current landscape.
5. Citi admits a trader error sparked a "flash crash" that sent Swedish stocks plunging and European shares tumbling. The bank said the trader made an error when inputting a transaction. Swedish stocks tumbled 8% in a matter of minutes on Monday before rebounding. Here's what happened.
6. India's top steelmaker will stop importing Russian coal. Tata Steel brought in 617,000 tonnes of Russian coal in the first quarter, but will put a halt to it due to "uncertainties" created by Western sanctions on Moscow.
7. Warren Buffett and Charlie Munger trashed bitcoin and rang the inflation alarm in Berkshire Hathaway's annual meeting. The two investing legends also revealed their bets on Apple and Activision Blizzard, and broke down their concerns regarding passive investors like BlackRock. Here are 12 key takeaways.
8. This miner explains how he started mining bitcoin using his work computer. Vic Laranja eventually scaled up to utilize a separate GPU mining rig that would mine ethereum and reward him in BTC. Here's the software he uses to increase hash rates.
9. Jesse Cramer paid off $42,000 in debt and built a net worth of $325,000 through "lazy investing." While he started with a negative net worth , he is now on his way to achieving financial independence. These are his best money-saving strategies.
10. Who exactly is middle class in the US? For starters, it's a demographic that's been shrinking for a decade, and refers to someone making about $30,000 to $90,000. These eight charts break down the numbers behind America's middle class. | 2022-05-03T10:37:26Z | www.businessinsider.com | 10 Things Before the Opening Bell: May 3 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-3-2022-5 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-3-2022-5 |
Boris Johnson will speak to Ukraine's parliament Tuesday.
Boris Johnson says the UK is "indifferent" to Vladimir Putin's fate amid Russia's invasion of Ukraine.
The UK is not attempting to "drive some geopolitical change," by reopening its Kyiv embassy, he said.
His comments come after President Biden came under fire for saying Putin "cannot remain in power."
Boris Johnson has said he is "indifferent" to Vladimir Putin's fate as he insists the UK is not trying to force the Russian president out of office following the invasion of Ukraine.
In his first interview with ITV's Good Morning Britain since he hid in a fridge to avoid speaking to the show in 2019, the prime minister praised the UK ambassador in Ukraine, Melinda Simmons, as she returns to Kyiv to reopen the embassy.
Johnson told the show the UK was not involved in the conflict because it was seeking regime change.
"What the UK is doing, and has done since the crisis began, is lead the world in helping the Ukranians to protect themselves against wanton aggression, barbaric aggression, by Vladimir Putin – that is all we are doing.
"We are not saying we are doing this in order to drive some geopolitical change or have an outcome in Moscow. I think the UK is indifferent to all that.
"What we care about is the Ukrainian people and their suffering," he added, noting the country would have been "overwhelmed and obliterated" without support.
His comments come after the Kremlin accused the West of arming Ukraine so it can fight a "proxy" war — a suggestion that has been roundly rubbished by UK ministers.
Johnson's comment also followed US President Joe Biden's surprise assertion in March that Putin "cannot remain in power" after the conflict.
Biden has since denied that he is seeking "regime change," although he defended his comments amid fierce backlash, saying: "I'm not walking anything back."
President Joe Biden denies he wants a regime change in Russia.
Later Tuesday Johnson will address Ukraine's parliament via video link — the first world leader to do so since the conflict began in February.
He will announce a new £300 million ($376 million) package of defensive military aid for Ukraine and send specialized civilian protection vehicles.
The prime minister will say the UK is "proud to be among Ukraine's friends" when he speaks to parliamentarians, and will liken the current conflict to the Second World War.
Johnson is expected to say: "When my country faced the threat of invasion during the Second World War, our parliament — like yours — continued to meet throughout the conflict, and the British people showed such unity and resolve that we remember our time of greatest peril as our finest hour.
More: News UK Boris Johnson Ukraine Putin | 2022-05-03T10:37:38Z | www.businessinsider.com | Boris Johnson Says UK 'Indifferent' to Fate of Vladimir Putin | https://www.businessinsider.com/boris-johnson-says-uk-indifferent-to-fate-of-vladimir-putin-2022-5 | https://www.businessinsider.com/boris-johnson-says-uk-indifferent-to-fate-of-vladimir-putin-2022-5 |
WATCH: Blockchain technology will be most disruptive to the financial sector and social media, says the CEO of Okcoin. She explains how investors should bet on winning projects and whether she believes platforms like Facebook and Twitter can make the jump.
After a decade in traditional finance within Goldman Sachs' investment banking division, Hong Fang made the move to crypto. In 2019, she joined Okcoin, a global crypto exchange where she eventually became the CEO.
Her transition to the digital sector was accompanied by the belief that blockchain technology will disrupt the financial sector and fix many issues within the centralized monetary system. She specifically highlighted the imbalances created by a monetary supply system that is controlled by central entities.
One key matter she continually pointed to is the printing of money which has led to inflation. In an effort to curb the pandemic's impact on the economy, the Federal Reserve slashed interest rates, implemented quantitative easing, and created lending programs. The monetary stimulus eventually led to inflation which resulted in overvalued equities and real estate. Fang noted that the Central Bank's movements are now among the biggest decision-making points for investors.
Meanwhile, the reality for most people is that inflation-adjusted wages continue to slip. Those who aren't investors must now also manage their money so that its value isn't depleted over time, she noted.
"The money, when printed out of nowhere, has nowhere to go," Fang said. "It has to go into the capital markets to pursue yields. And that basically perpetuates the treadmill that every one of us is on."
Fang believes Blockchain technology will decentralize the financial and monetary system in two ways: On the first layer, bitcoin could become a global currency. However, she admits that this process will require a long cultural and geopolitical process. The second layer is through the internet. The shift to web3, which integrates the elements of decentralized ownership into the internet through crypto and NFTs, will take power away from entities and give it directly to users. This means instead of large tech companies and social media giants holding user data, content, and assets, people will.
This type of decentralization will first disrupt things that are purely digital and online, she said. Sectors such as the financial industry, communications, and social media will face competition from crypto-native platforms. Facebook and Twitter may not survive the transition into web3, she added.
As for investors, Fang believes they should bet on people rather than companies because managing the transition will require visionary leaders who can make drastic moves. Personally, she would bet on Block because CEO Jack Dorsey is forceful, innovative, decisive, and a visionary.
On the topic of NFTs, Fang highlights a couple of main points: First, if you're going to invest in this asset class, you need to remain careful with your money. Second, NFTs will have more utility in things such as digital identities, the forming of communities, and gaming.
More: Blockchain okcoin crypto 2022 crypto addiction
crypto as payment | 2022-05-03T10:37:44Z | www.businessinsider.com | CEO of Okcoin on Disruptive Technology and How to Invest | https://www.businessinsider.com/ceo-okcoin-on-disruptive-technology-and-how-to-invest-2022-5 | https://www.businessinsider.com/ceo-okcoin-on-disruptive-technology-and-how-to-invest-2022-5 |
GOLDMAN SACHS: Buy these 14 stocks as their returns to investors get even stronger thanks to above-average dividend growth
Goldman Sachs says investors are likely to seek out high-dividend stocks as economic growth slows.
The firm is highlighting stocks that should offer growing dividends and bigger absolute payments.
Strategist David Kostin says the dramatic post-crash profit growth is just starting to get paid out.
Stocks are breaking all sorts of undesirable records lately, like the worst month for tech stocks in 14 years or the worst January through April for every major index.
In a recent note to clients, Goldman Sachs Chief US Equity Strategist David Kostin wrote that investors have gone defensive and are preparing for a major slowdown in growth — the exact situation that played out over the first three months of the year as the economy contracted.
Slower growth is usually good news for big dividend payers, Kostin wrote. While slower economic growth is generally bad for businesses and dampens returns for stocks, companies that are able to make larger dividend payouts to shareholders during periods of economic decline get bigger rewards.
But he suggests investors are focusing too much on what's happening to markets right now while underestimating the recent spate of outsized earnings that companies enjoyed over the past few quarters. According to Kostin, corporate profits spiked in 2021 as the effects of the pandemic on businesses began to fade, and dividends usually grow after profits do.
"Dividend growth exhibits a lagged relationship with earnings growth," he said. "Realized EPS growth of 47% and just 4% DPS growth in 2021, coupled with expected EPS growth of 5% in 2022, should translate into strong dividend growth this year."
Not only is dividend per share growth likely to be stronger than expected this year, Kostin believes that investors aren't expecting much in 2023 and 2024. That might be because they're concerned that a recession is coming, but the result is that they're underestimating the effects of the earnings growth of the last few years.
"The futures market is expecting S&P 500 dividend growth to be negative in 2023 and 2024," he said. "Looking ahead, our forecast implies 6.7% CAGR dividend growth over the next ten years, significantly above market pricing of 0.4%."
That suggests there is a lot of potential in dividend-paying stocks, especially for companies that could raise their dividends at a market-beating clip. That will make them all the more appealing to investors regardless of the performance of the economy.
Kostin and company project that the 14 companies below will have much better-than-average dividend growth over the next few years. While they don't have the highest current dividend yields, they are trading at discounts, and Goldman Sachs thinks they have safer dividends than some companies that currently offer higher yields.
The stocks are ranked from lowest to highest based not on their dividend yield ratios, but on their projected dividends per share — a measure of their expected absolute return, instead of a metric that depends on price.
Collectively, Kostin and his firm think these companies will deliver more than twice the dividend growth of the entire S&P 500 along with their greater dividend yields.
14. NRG Energy
Ticker: NRG
2022 estimated dividend yield: 3.8%
2023 estimated dividends per share: 4.0%
13. Invesco
Ticker: IVZ
12. T. Rowe Price Group
10. Whirlpool
Ticker: WHR
Ticker: IBM
Ticker: VTRS
7. Gilead Sciences
Ticker: GILD
6. Huntington Bancshares
Ticker: HBAN
5. Verizon Communication
4. Pioneer Natural Resources
3. Simon Property Group
Ticker: LUMN
More: Features Investing Dividends
dividend stocks to buy 2022
high yield investing | 2022-05-03T10:38:44Z | www.businessinsider.com | Best Dividend Investments to Buy Now Among High Yield Equities: GS | https://www.businessinsider.com/stock-picks-to-buy-best-dividend-investments-high-yield-equities-2022-5 | https://www.businessinsider.com/stock-picks-to-buy-best-dividend-investments-high-yield-equities-2022-5 |
Antitrust regulators should "welcome" Elon Musk's acquisition of Twitter, a top FCC official said.
FCC commissioner Nathan Simington said Musk buying Twitter would be good for competition.
Simington said the FCC had been called upon by some to block Musk's $44 billion takeover.
A top Federal Communications Commission (FCC) official says antitrust regulators should "welcome" Elon Musk's proposed $44 billion acquisition of Twitter.
"If Mr Musk follows through on his stated intention to ease Twitter's restrictions on speech, he would almost certainly enhance competition and better serve those Americans, the majority, who value free speech," Nathan Simington, a Republican FCC commissioner, said in a statement Monday.
Simington said, without providing details, that the FCC had been called upon by some to block Musk's takeover, which has yet to receive shareholder and regulatory approval.
Simington wrote: "The FCC cannot, and should not, block this sale. But even if this deal were within our purview, it would be inappropriate and contrary to the public interest to block it."
He continued: "Mr Musk's acquisition does not raise any concerns about vertical or horizontal concentration in the social media market, and there is no reason to think it would otherwise limit competition or harm consumer welfare."
Simington joins a chorus of Republicans who see Musk's takeover as a way to combat perceived anti-conservative bias on social-media platforms.
The commissioner said Monday that consumer choice has been damaged by "restrictive, and often politically motivated, content moderation practices adopted across all major social media platforms."
Experts told Insider that relaxing Twitter's rules around content moderation could lead to an increase in hate speech and misinformation on the platform.
More: Elon Musk Twitter Acquisition FCC | 2022-05-03T12:30:25Z | www.businessinsider.com | Elon Musk Buying Twitter Good for Competition: Republican FCC Official | https://www.businessinsider.com/elon-musk-twitter-deal-good-for-competition-says-fcc-republican-2022-5 | https://www.businessinsider.com/elon-musk-twitter-deal-good-for-competition-says-fcc-republican-2022-5 |
Mainstream healthcare investors are dipping their toes into the psychedelics space, and 3 have already made multiple investments
Companies developing psychedelics-based drugs need lots of cash in order to fund new treatments.
But mainstream healthcare VCs with deep pockets haven't traditionally been interested in the space.
Now, key players like RA Capital and Orbimed are slowly starting to fund psychedelics companies.
In recent years, dozens of new companies have begun to undertake the long and expensive process of developing psychedelics-based drugs for regulatory approval.
In turn, a handful of VC firms focused specifically on funding psychedelics businesses have stepped up to the plate, helping to spur studies around compounds like MDMA, psilocybin, and LSD for a plethora of illnesses.
But as drugs inch closer to approval by regulatory bodies like the Food and Drug Administration, they also become much more expensive to develop, since later-stage clinical trials often require larger numbers of participants, more trial sites, and longer trial lengths.
Enter mainstream healthcare VCs, who are dipping their toes into the still-nascent industry and have the deep pockets to support expensive late-stage clinical trials, which are crucial in order to get any new drug to market.
While a handful of high-net-worth individuals and tech investors have made investments in studying the use of psychedelics as medicine, the entry — and sustained presence — of mainstream healthcare VCs marks a new level of acceptance for the space, one that brands psychedelics as promising treatment for mental-health disorders in established biotech circles.
Insider scoured press releases and talked with healthcare analysts and psychedelics VCs in order to understand which mainstream healthcare VCs are leading the charge on turning psychedelics into regulated treatments.
RA Capital, Catalio Capital, and OrbiMed have made several investments in psychedelics companies
One of the most high-profile healthcare VCs that has invested in psychedelics companies is Boston-based RA Capital. The firm, which has previously invested in companies including Novavax and Moderna, has funded at least three psychedelics-focused companies since 2020: GH Research, Cybin, and Delix Therapeutics.
All three companies are working to develop psychedelics-based compounds to treat mood disorders such as depression and anxiety.
According to CB Insights, RA Capital was one of the most active healthcare VCs in the second quarter of 2021. RA Capital did not respond to Insider's request for comment.
Other mainstream firms, like Catalio Capital and OrbiMed have made at least two investments into the space.
Catalio Capital was founded in 2020, when it spun out from Camden Partners Holdings to focus on expanding its investments in the biotech space. It has invested in biotech companies including Thrive Earlier Detection, Recursion, and Freenome. The firm backed the psychedelics companies Atai and Compass Pathways when the companies were private, and since their respective IPOs, Catalio has continued to hold positions.
New York-based OrbiMed, which has invested in over 80 life-sciences startups including diagnostics giants Invitae and Guardant Health. The firm has backed Awakn and Cybin in the psychedelics space. Awakn is developing ketamine and MDMA for alcohol-use disorder while Cybin is working to develop compounds like psilocybin and DMT to treat anxiety, neuroinflammation, and other illnesses in early-stage trials.
A smaller healthcare VC firm, Connecticut-based Soleus Capital, has made investments into two psychedelics companies: Compass Pathways and Field Trip.
GH Research was the first psychedelics firm to receive a wave of attention from mainstream investors
The vast majority of mainstream healthcare VCs that have made an investment into the psychedelics space have gone in on one name: GH Research.
Almost a dozen mainstream biotech investors, including Deerfield Management Company and Venrock Healthcare Capital Partners, have backed the firm since it was founded in 2018.
Dublin-based GH Research is developing a medicine for treatment-resistant depression that's based on a psychoactive compound called 5-MeO-DMT, found in the Sonoran Desert toad. Its lead compound, GH001, was tested in a phase-one and partial phase-two trial, which wrapped up in November 2021.
The company said it expects to submit clinical trial applications for a phase-two-B trial in the third quarter of 2022.
Connor Williams, an analyst at RTW Investments who covers GH Research and neurological diseases, told Insider that he believes his and other VCs' interest in GH Research is based on the fact that the company's compound didn't have the same "onerous requirements for patients" as the other psychedelics in development. Cowen analyst Ritu Baral added that the pedigree of the company's founders — who have substantial biotech experience — likely also helped catapult awareness among specialist investors so quickly.
More mainstream healthcare investors might invest in psychedelics if promising data emerges
Though the vast majority of mainstream VCs interested in psychedelics have only hedged their bets on GH Research, George Petrocheilos, a managing partner at Catalio, told Insider that he believes more mainstream investors are becoming interested in the space.
"I think it's already happening," Petrocheilos said, adding that he's received a lot of diligence calls and interest calls from mainstream investors who want to better understand the industry.
"They understand that it's a great opportunity," he said.
RTW's Williams agreed that more healthcare VCs may become interested in the space, especially as the science develops.
"If you continue to see strong data with novel compounds that are differentiated, then it could grow," he said. "If you see data get worse, then maybe not. So it's really about following the science."
More: Psychedelics VC Startups | 2022-05-03T12:30:34Z | www.businessinsider.com | The Mainstream Healthcare VCs Dipping Their Toes Into Psychedelics | https://www.businessinsider.com/mainstream-healthcare-vcs-investing-funding-psychedelics-biotech-companies-2022-4 | https://www.businessinsider.com/mainstream-healthcare-vcs-investing-funding-psychedelics-biotech-companies-2022-4 |
TikTok drug sellers are using nose and snowflake emoji and slang to get around search blocks and peddle cocaine and mushrooms
Drugs-related search terms such as "cocaine" are banned on TikTok.
But an Insider investigation found dozens of accounts using slang and emoji to advertise illegal drugs on the app.
TikTok blocked several accounts and terms after they were highlighted by Insider.
Drug-focused accounts on TikTok are using emoji symbols including noses, snow, and snowflakes as well as slang to circumvent the app's filters and advertise drugs that are illegal in the UK and the US such as psychedelic mushrooms and cocaine, an Insider investigation has found.
Accounts run by people purporting to sell drugs are commonplace and easy to find via a few cursory searches on the app's Discover page, Insider found.
For legal, ethical, and safety reasons, Insider did not attempt to buy anything from the accounts. We searched the app from the UK, meaning most of the accounts we found were British.
When an Insider reporter used his personal TikTok account to report a user pushing cocaine in breach of the app's "illegal activities and regulated goods" policy, TikTok's system found no violation.
The account did not make a direct reference to cocaine, but posted videos overlaid with nose, snowmen, and snowflake emoji. Snow is a common slang term for cocaine. The videos also referenced how quickly the seller could make a delivery.
But when Insider flagged the same user and many others peddling drugs directly to TikTok's press office, the accounts were all removed within a day. Insider also flagged up a number of drug-related slang search terms that were subsequently blocked.
A spokesperson for TikTok said: "The safety and wellbeing of our community is a top priority. We take action against accounts that violate our Community Guidelines, which make clear that we do not allow the depiction, promotion, or trade of drugs or other controlled substances. There's no finish line when it comes to our community's safety, which is why we continue to invest at scale in our Trust and Safety operations."
Experts who study drug activity on social media say that tech companies haven't responded adequately to the scale of the problem on their apps.
"Just blocking content is not enough," said Tim Mackey, an associate professor at UCSD who runs a machine learning startup that scans social media apps for illegal drug activity.
Mackey's NIH-backed startup, S-3 Research, has a partnership with Snapchat to monitor for dealing on the app, but he says other platforms are hesitant to face the problem head-on.
"You have to be proactive in doing internal searches by building custom algorithms that are very specific to drug selling, in using external sources, and in spending real money to tell your users: 'Hey, you could be poisoned by a fentanyl pill'," he said.
Accounts have found hacks to circumvent TikTok's blocked terms
TikTok blocks some obvious drug terms — simply searching for "cocaine" will bring up a blank page that says "no results found."
Searching for 'cocaine' results in an error message that the term violates community guidelines.
But search using a snowflake or a nose emoji, or replace the word 'seller' with a plug emoji and you find purported dealers without much trouble.
There are also popular substitute words on TikTok which make it easier to find sellers. A substitute term referring to edibles, for example, has accumulated 9 million views across its tagged videos.
Psychedelic mushrooms were particularly visible on the app, Insider found. Home cultivation of psychedelic mushrooms is more common than some other illicit drugs.
"Shrooms, LSD, we tend to see a lot more activity than we do with the traditional opioid space, or Percocet or Xanax," said Mackey. That's probably down to the user base on TikTok being younger and doing more small-scale dealing, he added.
TikTok's drug moderation strategies may also focus on accounts that are selling drugs which might carry more reputational damage, such as meth and cocaine.
Searching for variations of the term "psychedelic mushrooms", "psychedelic trip", and "candy plug" came back with a number of users purportedly selling magic mushrooms and drugs-laced candy.
Grouping a banned word with a location, such as "ediblesUK" or "ediblesLondon", also bypassed TikTok's blocked word bans and came back with a number of seller accounts.
Several of these terms are now blocked by TikTok after they were flagged by Insider.
Sellers of psychedelic mushrooms will often post videos of apparent harvests or laboratories to prove their legitimacy. Digital-savvy dealers overlay popular reaction videos with jokes about "linking up" with your "plug."
To try and prove they aren't scam accounts, some purported sellers will also post videos of drugs being wrapped or sent off for delivery.
Creators will also use both banned hashtags and permitted hashtags in the same post, so that users are still directed to drug-related content even if a particular hashtag is blocked.
"They're kind of like breadcrumbs" leading buyers to dealers' accounts, said S-3's Mackey.
Users will group live hashtags with banned hashtags, to make their accounts easier for buyers to find.
Several videos also redirected users to private accounts or encrypted messaging apps in comments sections of their videos.
Most dealers redirect potential buyers to a link to an encrypted Telegram group, Wickr account, or private Instagram account in their bio. (TikTok's in-app messaging service isn't end-to-end encrypted, which can leave users more vulnerable to privacy breaches, including by law enforcement).
Machine-learning algorithms struggle to catch drug accounts
When Insider reporter Will Martin reported an account of a cocaine seller based in London for "illegal activities and regulated goods," TikTok's anonymous reporting system found no violation.
That may be because machine-learning moderation will often look at the account's algorithm report that TikTok's software generates, without examining the actual content of the account, said Paul North, executive director at drug policy think tank Volteface.
After Insider alerted TikTok's press office to the dozen accounts openly selling illicit drugs on its platform, they were all taken down in less than one business day, including the account selling cocaine previously found to have violated no guidelines.
But within 48 hours, the user had already created another account with a near-identical username, so that buyers searching for their old account would easily locate the new account in their search results.
As easy as accounts purporting to sell drugs were to locate, drug policy experts say that as long as social media apps are a means by which people communicate, they will be used by dealers to sell their products.
It's a content moderation problem on a massive scale: TikTok reported over 1 billion active monthly users in September last year. "I don't envy the social media companies trying to resolve this issue," said Volteface's Paul North.
"I genuinely have no idea how they could prevent drugs being advertised or sold on social media without people finding a way around it," he added.
It's also not totally clear how common the problem is on TikTok versus other social media sites.
Because posts pushing illicit drugs might be taken down or amended once they've served their purpose, it's difficult to empirically study, according to Teodora Groshkova, a principal scientific analyst at the European Monitoring Centre for Drugs and Drug Addiction. "At this stage we are lacking answers," Groshkova said.
Blocking certain words isn't effective in combatting the proliferation of drug advertising and selling on the platform, according to North.
"It's the simplest strategy from an engineering perspective," S-3's Mackey added, but "it doesn't change the fact that the content is still going to reside somewhere on your platform." | 2022-05-03T12:31:02Z | www.businessinsider.com | TikTok Drug Sellers Use Nose Emoji, Slang to Sell Cocaine, Shrooms | https://www.businessinsider.com/tiktok-accounts-use-nose-snowflake-emoji-to-advertise-cocaine-shrooms-2022-4 | https://www.businessinsider.com/tiktok-accounts-use-nose-snowflake-emoji-to-advertise-cocaine-shrooms-2022-4 |
Travis Kalanick's CloudKitchens faces lawsuits from 3 women over labor issues and deceptive business practices
While the company tries to scale new lawsuits expose simmering dissatisfaction among employees and customers.
Justin Sullivan/Getty Images; Marianne Ayala/Insider
CloudKitchens is valued at over $15 billion and is trying to scale its operation globally.
Two former employees are suing the company over alleged labor violations.
A third lawsuit by a customer claims the company isn't delivering on its promises.
Hundreds of employees at CloudKitchens, Travis Kalanick's ghost-kitchen startup, left the company last year after their discontent about long hours, poor treatment, pay, and other issues boiled over.
Now, the company is facing lawsuits by former employees alleging labor violations and a customer alleging deceptive business practices.
CloudKitchens' parent company, City Storage Systems, has a deep reservoir of capital to fund its growth. Last year, it raised $850 million, and it's now valued at over $15 billion. But the litigation highlights the startup's challenges as it attempts to scale its global footprint while contending with long-simmering dissatisfaction with work-life balance and customer service, allegations of workplace discrimination, and other issues.
Most businesses with thousands of employees, like CloudKitchens, garner some labor complaints, said Erik Gordon, a business school professor at the University of Michigan. He highlighted that the most serious of the lawsuit trio could be the customer complaint, because it could indicate a more widespread issue with the startup's revenue base.
"If some employees have been misclassified, you hire another HR person and they fix that. If there's a discrimination thing, it's a little harder to fix, but you can. But you can't make up sales," Gordon said.
A representative for CloudKitchens declined to comment, as did attorneys for the former employees who are suing the company. The customer who filed a suit against the company did not respond to requests for comment.
Two employees who left last year are suing CloudKitchens' parent company in California over labor disputes
Last week, Corinne Specter, a former recruiter at the company who is represented by Starpoint Law, filed a lawsuit in Los Angeles alleging that the company violated California labor laws by misclassifying her as ineligible for overtime pay and other benefits. Last year, California deemed any employee earning less than $58,240 as eligible for overtime.
The recruiter, who was employed by CloudKitchens for a little less than two years, said she worked more than 40 hours a week without overtime pay and was not allowed 30-minute meal breaks, among other labor violations.
Specter, who is suing on behalf of herself and similar plaintiffs, did not sue for a specific dollar amount, but rather asked for a jury trial.
In a separate case filed in the fall, a former executive assistant named Alyssa Perez sued CloudKitchens' parent company and Kalanick himself, alleging gender- and race-based pay discrimination at the company. She also said CloudKitchens failed to pay employees on payday.
Perez, represented by the law firm King & Siegel, is also suing on behalf of herself and similar employees.
The lawsuit said that Perez, who worked at the company from February 2020 until May 2021, made $65,000 annually, while her white and male peers made $110,000 "for performing the same or substantially similar work."
Perez said the pay discrepancies weren't limited to executive assistants. "Female and minority employees are compensated less than male and white employees in all positions and levels of employment," the complaint said.
The lawsuit also said that women and minorities were funneled into positions that were "less-favorable" and "less-compensated" than their white male peers of equal qualification.
For example, the complaint said that during Perez's tenure, the business recruiting team, which was viewed internally as less prestigious, was staffed entirely of women who earned an average base salary of $75,000. Meanwhile, the more prestigious tech recruiting team was staffed entirely by men who made on average $90,000 to $100,000 annually.
The lawsuit alleged that this discrimination stemmed from recruiters and hiring managers asking potential hires about their previous salaries — a violation of California law — and basing their CloudKitchens salary on that information. Because women make less than men on average, using prior salaries to inform new offers can perpetuate the wage gap.
"There is a false and gendered perception at Defendants' offices that 'technical' job positions are more rigorous, and therefore more prestigious than 'non-tech' positions," the complaint said.
Perez, like Specter, did not sue for a specific amount.
Kalanick's previous company, Uber, settled a gender- and race-based pay discrimination class action case for $10 million in 2018.
Clients are accusing the company of deceptive business practices
In a lawsuit first reported by The Boston Globe, the entrepreneur Zena Powell sued CloudKitchens and its sister software company, Otter, over deceptive business practices in December.
Representing herself, Powell seeks $200,000 and an investigation into what she called CloudKitchens' deceptive business practices.
Funded by her son, Powell ran a restaurant last summer inside the company's New Jersey location, situated north of Newark. The lawsuit said Powell paid the company $3,600 in monthly rental fees and $2,000 in additional operations and storage fees, but she found a wide gap between the company's sales promises and reality.
Powell alleged that the company made a series of cleaning and marketing commitments that it didn't keep. "The promise of nightly general kitchen cleaning (all equipment and floors), weekly hood cleaning and quarterly deep cleaning, marketing, application assistance, and signage were lies," she wrote in her complaint.
The entrepreneur also wrote that the company's software system, Otter, which helps aggregate orders from delivery apps, would go offline or experience other glitches.
CloudKitchens targets entrepreneurs who "are less educated in business but have dream of becoming a food business owner. Merchants are bankrupt," Powell wrote in her complaint.
CloudKitchens staff previously told Insider that the company didn't fulfill its promises to customers, leading to a high churn rate. A former US salesperson at CloudKitchens who left last year said 90% of his customers failed in the first 90 days.
Gordon, the University of Michigan professor, said if he were an investor, he'd ask specific questions about how restaurant operators are performing relative to expectations.
He said widespread underperformance could "instantly change the valuation of the company – and the appetite of others to finance further expansion."
Are you a CloudKitchens insider with insight to share? Contact Meghan Morris using a nonwork phone at mmorris@insider.com or via Signal or Telegram at 646-768-1627.
More: Tech Tekendra Parmar contributor 2022
CloudKitchens | 2022-05-03T12:31:08Z | www.businessinsider.com | Travis Kalanick's CloudKitchens Is Facing a Series of Lawsuits | https://www.businessinsider.com/travis-kalanicks-cloudkitchens-facing-a-series-of-lawsuits-2022-5 | https://www.businessinsider.com/travis-kalanicks-cloudkitchens-facing-a-series-of-lawsuits-2022-5 |
Morgan Stanley says Amazon's warehouse glut could hurt UPS — and accelerate Amazon's 'Buy With Prime' third-party checkout experiment
An Amazon employee walks by an Amazon Prime delivery truck in the company's premises in Brandizzo, near Turin, March 22, 2021
Amazon has overbuilt its immense warehouse network, executives said Thursday on an earnings call.
Morgan Stanley analysts expect the company to absorb the excess capacity by the end of the year.
The same analysts said the situation could take business from UPS and indirectly from FedEx.
Amazon has more logistics capacity than it needs right now, CFO Brian Olsavsky said on a Tuesday earnings call.
While that overcapacity, especially in the fulfillment network, may be a drag on the company's profitability, it could also negatively impact UPS and to a lesser extent, FedEx, according to a research note from Morgan Stanley published Monday.
The reason, according to analyst Ravi Shanker, is Amazon may choose to in-source "significant amounts (if not all) of its volumes from UPS and the USPS," as Amazon shifts focus from building up capacity to efficiency and productivity.
Amazon is UPS's largest customer and CEO Carol Tomé fields frequent questions about the company's relationship with the Seattle behemoth. Amazon represented 11.7% of UPS's consolidated revenue in 2021, down from 13.3% in 2020, according to the company's latest annual filing with the Securities and Exchange Commission.
"We have a very good relationship with Amazon," Tomé said last week on UPS's earnings call, according to a transcript from Sentieo. "We reached agreement with Amazon about the packages that we will take into our network and the packages that they will deliver on their behalf, and it's a mutually beneficial relationship."
'Buy with Prime' goes from experiment to 'aggressive lever'
In late April, Amazon announced it was launching a button for third-party websites that allows consumers to "Buy with Prime." The button would direct fulfillment of these purchases to Fulfillment by Amazon, which funnels into Amazon's last mile delivery network for most packages.
Right now, "Buy with Prime" is invite-only and restricted to sellers already using Amazon's fulfillment service. Before Thursday's call, Morgan Stanley analysts wrote that the program "can be competitive" with UPS and FedEx. They noted unanswered questions, including pricing, but called it "a significant development in the Parcel industry's competitive landscape."
Amazon's excess capacity could change how the company plans to use the nascent program, according to Morgan Stanley's Monday note.
With extra fulfillment capacity ready and waiting for more orders to pack and ship, the "Buy with Prime" button "is unlikely to be a slowly ramped up science experiment, but more of an aggressive lever to be pulled to bring volumes into the network," according to the analysts.
Tomé was asked directly on UPS's call if the "Buy with Prime" program would eat into the small and medium business packages UPS has been courting for their high profit margins.
Tomé said the program "doesn't present a risk to us, we believe."
UPS and FedEx did not respond to requests for comment.
More: BITranspo Logistics Amazon | 2022-05-03T14:01:40Z | www.businessinsider.com | Amazon Warehouse Glut Could Hurt UPS and FedEx, Morgan Stanley Says | https://www.businessinsider.com/amazon-warehouse-ups-fedex-buy-with-prime-morgan-stanley-2022-5 | https://www.businessinsider.com/amazon-warehouse-ups-fedex-buy-with-prime-morgan-stanley-2022-5 |
Bored Ape Yacht Club just launched their own metaverse, and things didn't go as planned. 3 crypto experts weigh in on what the problems with Otherside mean for its future, and if it's still worth investing in apecoin.
Stephen Curry's Bored Ape Watch Club NFT (#7990), one of many versions of the popular NFT.
Bored Ape Yacht Club, OpenSea
Yuga Labs, the company behind Bored Ape Yacht Club, auctioned land in their metaverse "Otherside."
All land purchases in Otherside need to use the cryptocurrency apecoin, causing its price to surge.
But a troubled auction generated negative publicity for Yuga, and eroded last week's apecoin gains.
Apecoin, the cryptocurrency launched by Yuga Labs, creators of the Bored Ape Yacht Club, surged 65% last week, only to come crashing back down to earth over the weekend.
The rally came in anticipation of Yuga's newest project, Otherside. Otherside is a Bored Ape-themed metaverse, and the virtual world opened for its first land sale on April 30 to high expectations.
Real estate in the metaverse has become a trendy asset, so when the company behind the most successful NFT project on the market decided to auction land in their metaverse, it sent ripples across the crypto world. As a result the price of apecoin, the only currency that can be used to purchase land in Otherside, surged.
But while the hype of the release propelled the cryptocurrency to new heights, complications with the launch of Otherside have caused even the most ardent of supporters to question the future of apecoin.
The Bored Ape Yacht Club (BAYC) is considered to be the blue chip NFT in the market. With an entry-level NFT price of around 130 ETH, or about $380,000, the primate JPEGs have become the face of the NFT movement. Notable BAYC NFT owners include Snoop Dogg, Paris Hilton, and Neymar, and the NFT collection also boasts brand partnerships with companies like Adidas.
But with the NFT market struggling lately, it's only natural that Yuga Labs would be motivated to build something different for its next big project. Perhaps that's why, shortly after closing their latest round of fundraising in March, Yuga announced the creation of the Bored Ape ecosystem token: apecoin.
Much like bitcoin, apecoin has a token cap — only 1 billion apecoins will ever be minted. Prior to the launch of Otherside, apecoin's main use case as a currency was to purchase Bored Ape-centric clothing, but when Yuga Labs announced the forthcoming release of Otherside in March, the price of apecoin began to rise.
A flashy trailer inspired plenty of hype in the crypto community, while the sale of land in Otherside, sold as "Otherdeeds," would be available for purchase only using apecoin, giving the new token a stronger use case.
Launching Otherside goes sideways
In the days before the launch of Otherside there was plenty of excitement among the crypto community, leading investors to pour money into apecoin.
Apecoin skyrocketed from about $13 on April 1 to $27 on April 28 — which at the time made it more valuable than any other metaverse cryptocurrencies, including Decentraland's Mana or The Sandbox's SAND.
According to Chasten Hamilton, founder of Web 3.0 investment company 6056 Digital, "The reason Yuga did the launch was to incorporate people who missed out on the original NFT drop a year ago, but want to be part of the Bored Ape ecosystem. The intent is to be egalitarian."
But the Otherside auction itself did not live up to those lofty expectations. On the day of the much-anticipated launch, many investors who had planned to purchase plots of land were unable to.
The problem was the high ethereum gas fees — effectively a transaction fee paid to ethereum miners to conduct work on the blockchain — that would-be buyers experienced when trying to purchase one of the 55,000 available Otherdeeds. As demand for transactions on the ethereum blockchain goes up, so too do gas fees — and since the Otherside launch had such unprecedented hype, it had astronomical gas fees.
In order to mint a plot, an investor would have to pay 2.6 ether, or $7,000 in gas fees. While the auction itself raised $300 million dollars for Yuga, it cost investors $176 million to mint Otherdeeds.
Unfortunately, the "egalitarian" ideal of the launch ended up not panning out, as many investors were almost immediately priced out due to the surging gas fees. Serial NFT founder Olumide Gbenro characterized the event as "a moment where the rich got richer. While I'm thankful I could afford it [an Otherdeed], most people were priced out and BAYC knew it would happen. This type of result shows they aren't as inclusive as they preach."
What does the future hold for apecoin?
The price of apecoin crashed following the opening of Otherside, with the crypto token plummeting from a high of just over $25 on April 30 to around $15 as of May 3.
This is likely due to a combination of the negative publicity following the auction's failures, and the utility of apecoin going forward. Its only other use case as a currency, purchasing officially licensed Bored Ape merchandise, is available exclusively to Bored or Mutant Ape NFT holders.
Becks Perfect, founder of Nifty World NFT, told Insider that she was pleasantly surprised the token did not fall even further than it did. "Following issues with the overall mint, plus negative community sentiment and the inevitable settling of the market in the initial few days that followed the auction, a correction was something that I believe we expected to see."
She continued: "There was a fear it could have dropped further. But the power and belief in apecoin still remains strong, with more platforms like Opensea accepting it for trade, and we anticipate that it will rise again once the dust settles and the next big announcement from Yuga Labs is made."
Hamilton echoed this sentiment. "Investing in apecoin is getting a stake in the leading Web3 company, Yuga Labs," Hamilton said. It's true that Yuga Labs isn't going anywhere — the success of Bored Ape Yacht Club has cemented its position in the world of NFTs.
But with diminished standing in the crypto world after fumbling the launch of Otherside, and less utility for apecoin in the immediate term, it seems unlikely that the price of the token will rise as far or as fast as it did before the metaverse opened anytime soon.
More: bored ape bored ape yacht club Yuga Labs crypto
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Metaverse land
Metaverse land sales
mayc
metaverse 2022 | 2022-05-03T14:01:44Z | www.businessinsider.com | Bored Ape's Apecoin Plunges After Otherside Metaverse Debut | https://www.businessinsider.com/bored-apes-apecoin-crypto-token-metaverse-otherside-volatility-yuga-labs-2022-5 | https://www.businessinsider.com/bored-apes-apecoin-crypto-token-metaverse-otherside-volatility-yuga-labs-2022-5 |
Chili's restaurants have become an unlikely leader in robotics. Its top innovation executive explains why he's betting on singing robots and drones.
Chili's is using robot food runners in 61 restaurants.
Chili's, owned by Brinker International, operates 1,200 casual-dining restaurants.
The chain is testing three robotics solutions to augment labor and save on delivery fees.
Brinker's top innovation executive explains why it chose to work with the robotics startups.
Fast-food giants, such as Starbucks, Domino's, and Chipotle, are typically the first movers when it comes to restaurant innovation. Casual-dining chains are often the last to adopt new technologies.
But Chili's is looking to blaze its own trail by pulling the industry's version of a technological hat trick. The 1,200-unit chain is leaning into three robotics and automation technologies: autonomous rovers, drone delivery, and robot food runners and hosts.
"We don't want to be laggards," said Wade Allen, the senior vice president of innovation for Chili's parent company, Brinker International. "We need to be thinking about innovation. We need to be thinking about robotics in the restaurant and making life easier for operators."
The timing is right for Chili's. Food-service robots and drones are taking off as the pandemic and a challenging hiring environment have fueled faster adoption of cost-saving labor and delivery tools. Investors are taking notice, pouring millions into robotics and autonomous logistics startups, such as Coco, Serve Robotics, Bear Robotics, Miso Robotics, and Flytrex.
Allen said he researched various startups and went with drone delivery by Flytrex, self-driving rovers by Serve Robotics, and robot food runners by Bear Robotics. Here's why.
Rita the Robot is programmed to sing the Chili's happy-birthday song.
Company: Bear Robotics
Technology: Robot food-service assistants
Job duties: Rita the Robot, a play on the chain's famous margaritas, tackles multiple tasks, such as escorting guests to tables, singing birthday songs, helping servers deliver meals, and busing tables.
Deployment: In 2020, Chili's tested the first robot at one restaurant in Dallas. Six months ago, the chain expanded the pilot to 10 restaurants in California, Texas, and Florida. In April, the company added a Rita the Robot to 51 more restaurants, bringing the total to 61 locations.
Chili's take on the tech: Adding robot food assistants is not a labor-replacing move, Allen said. "Humans matter," he added. But there's a lot of "mundane tasks that go on in the restaurant" that don't necessarily have to be solved by humans, such as delivering dishes or clearing tables.
The Bear Robotics robot zips around the dining room like a Roomba, but with multiple trays for carrying dishes and glasses. It also escorts guests to tables to ensure that hosts never have to leave their station.
Each of the 61 restaurants has one Rita. With "just a few clicks," Allen said, Rita can change roles on the spot.
At the start of a shift, Rita can seat guests, then shift to clearing tables. In between, the robot can add to the "fun and exciting environment" of a Chili's by leading servers in Chili's happy-birthday song, Allen said.
Allen said Brinker went with the SoftBank-backed Bear Robotics because it has a "pretty strong foothold in both Korea and Japan with some of their technology in the casual-dining space." The company has hundreds of robots deployed in restaurants around the world, including Denny's restaurants in the US and Japan.
Chili's is using Flytrex for drone deliveries in two locations.
Chili's/Flytrex
Company: Flytrex
Technology: Drone delivery
Job duties: Delivering food orders via drone to customers' front and backyards.
Deployment: Flytrex is testing drone deliveries out of two Chili's restaurants in North Carolina and Texas. Delivery is free to customers during beta testing.
Chili's take on the tech: Consumers have grown accustomed to the convenience of delivery, but the fact remains that "third-party delivery is continuing to be expensive" for restaurants, Allen said, referring to costly commission fees charged by operators, such as DoorDash and Uber Eats .
Allen said drones and self-driving robots make sense for the industry as cost-effective alternatives to third-party delivery, whose fees hurt restaurant margins.
Drones, for example, can travel "longer distances more efficiently than a driver of a half-ton vehicle," he said.
Flytrex is one of a handful of logistics companies that have won Federal Aviation Administration approval to pilot drones in the US. Flytrex specifically specializes in food and grocery delivery, having tested its model with Walmart, Starbucks, and El Pollo Loco in North Carolina and California.
Eligible households in North Carolina and Texas can order Chili's food via the Flytrex app. Once orders are placed in the drone, the flight time is about five minutes to someone's home. To keep it simple during beta testing, Brinker is offering drone drops only for its virtual chicken brand, It's Just Wings. Brinker introduced the virtual brand during the pandemic, and it's delivered from more than 1,000 Chili's and Maggiano's Little Italy restaurants, which act like dark kitchens.
"We've delivered thousands of orders between the two restaurants," said Allen, adding that the North Carolina deliveries started in October.
Eventually, Allen said, consumers would be able to order drone deliveries directly from the It's Just Wings app, which is under development. "We started simple. And then we'll scale."
Chili's plans to use a delivery robot by Serve Robotics.
Company: Serve Robotics
Technology: Self-driving robots
Job duties: Food delivery via sidewalk rovers
Deployment: Not yet announced
Chili's take on the tech: Allen said he looked at five rover startups before settling on Serve Robotics. Like Bear Robotics, Allen said he liked that Serve was "further along in their technology" compared to rivals. The California startup has been around for a few years as it was originally the robotics division of Postmates . After Uber bought Postmates in 2020, it spun off Serve, but it remains a key backer of the startup.
Allen said he went with Serve's sidewalk robots because they are fully autonomous, while other rovers are remote-driven. The delivery robots market size is expected to reach $957 million by 2026, up from $212 million in 2021, according to MarketsandMarkets Research.
Neither Serve nor Brinker has disclosed the location or timing of the first deployment.
Allen also didn't disclose the fees associated with rover deliveries. But he said the cost structure would "tend to be cheaper" than third-party food-delivery companies because it is less labor-intensive and more efficient.
He said of autonomous delivery, "That's where I think the world has to go in order to make this a viable solution."
More: food delivery Robots Robotics | 2022-05-03T14:01:44Z | www.businessinsider.com | Chili's Is Testing Drones and Robots to Save on Delivery and Labor | https://www.businessinsider.com/chilis-is-testing-drones-robots-to-save-on-delivery-fees-2022-5 | https://www.businessinsider.com/chilis-is-testing-drones-robots-to-save-on-delivery-fees-2022-5 |
A 30-year-old crypto billionaire hosted an exclusive conference in the Bahamas that brought together power players like Bill Clinton and Tom Brady. Here's an inside look at the conference where passes cost upwards of $3,000.
30-year-old billionaire Sam Bankman-Fried hosted an exclusive crypto conference in the Bahamas.
Insider reporters spent the entire week in attendance at the hotel, panels, and meetings.
Look behind the scenes at the conference, where rooms cost $614 a night and passes start at $3,000.
The Crypto Bahamas conference lasted from April 26 through April 29. It was hosted by 30-year-old crypto billionaire Sam Bankman-Fried and SkyBridge founder Anthony Scaramucci.
Crypto Bahamas sign at Grand Hyatt Baha Mar
The Crypto Bahamas conference is hosted by global thought leadership forum SALT and cofounded by alternative investments firm SkyBridge and the crypto exchange FTX, which was founded by 30-year-old crypto billionaire Sam Bankman-Fried.
SALT has typically focused on creating events for the hedge fund and alternative assets space.
In 2021, FTX was a major sponsor at SALT's New York event, which created a great opportunity for the crypto exchange to introduce themselves to the world of traditional finance, said John Darsie, managing director at SALT, at a press briefing during the conference.
"In our debrief with our sponsors, the FTX guys wanted us to consider them getting a little bit deeper into the conference business with us," said Anthony Scaramucci, founder and managing partner of SkyBridge, in an interview with Insider.
SALT agreed on a relationship where FTX will be the lead sponsor for SALT events as well as SALT creating a crypto specific event for FTX in the Bahamas where the company's headquarters is located, he added.
Insider reporters Vicky Huang and Kari McMahon traveled a combined 27 hours to reach the conference in the Bahamas.
Insider reporters Vicky Huang on the left and Kari McMahon on the right
Huang started her journey from New York at 6:00 a.m. on April 26 and reached the Bahamas six hours later. Whereas McMahon's journey started from the UK at 8 a.m. on April 25 and ended in the Bahamas 21 hours later.
Flights for the trip from the UK cost £944 ($1,181), while a direct flight from New York to the Bahamas cost $650.
The exclusive conference took place in the Grand Hyatt Baha Mar, bringing together over 2,000 attendees.
The Grand Hyatt Baha Mar, the venue for the conference, is around 15 minutes by taxi from the airport.
FTX reserved a batch of rooms at the Grand Hyatt Baha Mar, which completely sold out. Additional rooms were then made available at another resort called Atlantis with shuttles going between the two venues.
"We originally set out to have a 1,000-person conference, this looks like it's going to be a little bit over 2,000 people," said Scaramucci. "And frankly, we had to start turning people away. It's an island. So we had a certain amount of food that we ordered, we ordered a certain amount of refreshments and things like that."
"So we just said, 'Look, I'm sorry, you can't come,'" Scaramucci added.
For the over 2,000 attendees, the event passes cost between $3,000 to $5,000.
A room with two queen beds and an ocean view at the Grand Hyatt Baha Mar started at $614.
The view from the room's balcony; perfect for crypto "gm" pictures.
We stayed at the conference venue in a room with two queen beds and a view that looks out onto the ocean. The average cost for this room per night was $614.
A room with one king bed was the cheapest in the hotel coming in at an average cost per night of $439.
Since we attended as part of the conference we were able to get a discounted rate. The total cost for five nights came to $1,345 before additional taxes and service charges.
The rooms were spacious, providing free toiletries, bottled water, and a coffee machine. The balcony was by far the best part, creating the perfect backdrop for the essential crypto "gm" picture.
It was a work-hard, play-hard environment with a jam-packed agenda during the day and exclusive parties at night.
Andrew Yang speaks with Kristin Smith at Crypto Bahamas.
The schedule for the conference was jam-packed with panels running each day from 9 a.m. to 5 p.m. featuring topics such as the future of Web3, crypto in sports, and finding alpha in the crypto markets.
Evening events were hosted on the Jasmine Lawn, the outside event space for the conference.
Exclusive parties also took place across the Bahamas. The luxury gated resort Albany created by Tavistock Group, Tiger Woods, and Ernie Els played host to a number of exclusive parties. Property prices in Albany start at $5 million.
Bitcoin barely featured in many of the events and press interviews.
Inside the Solana hacker house
What was interesting was that bitcoin, the largest cryptocurrency by market capitalization, barely featured in most panels.
Bitcoin, the cryptocurrency that is seen as a hedge against the financial system, essentially gave birth to the entire crypto ecosystem. Yet at this conference it felt like bitcoin was now being sidelined for discussions that focused instead on other layer ones such as solana and ethereum, as well as on layer-two scaling solutions. Only one panel was specifically dedicated to the "future of bitcoin" with a focus on its role in the lightning network.
Whether this is a sign of bitcoin's stability in the crypto ecosystem or its waning dominance is yet to be determined.
The bigger topic of the conference was the focus on crypto regulation and legislation. Panels explored how countries like the Bahamas were rolling out clearer regulatory frameworks for crypto firms compared to other locations, such as the US, and what that means for the future of crypto.
The conference made an unusual call to make some of the keynote panels off-the-record.
Both of the keynote panels were off the record, meaning their contents could not be shared on social media or written about by the press.
However, that didn't stop many of the participants from recording and sharing information from each of the panels.
The first keynote was an interview with legendary NFL quarterback Tom Brady on the topic of winning.
The second keynote was an interview with President Bill Clinton and former UK Prime Minister Tony Blair covering topics about the world today.
FTX put out all the stops in marketing and branding for the event.
FTX NFT mints
Crypto exchange FTX nailed it on marketing and branding from displaying FTX branded "NFT mints" to offering their own range of beers and seltzers at evening events.
In a recent interview with Insider, FTX's chief marketing officer Nathaniel Whittemore explained that FTX is on a mission to supercharge its brand awareness as a way to reach more retail investors.
—FTX (@FTX_Official) April 21, 2022
The views were amazing.
Sunset at Grand Hyatt Baha Mar
With temperatures topping 82 degrees Fahrenheit each day, conference attendees who were up early in the morning or partying late at night could get a glimpse of some killer sunsets.
Free food and drink were provided throughout the day. Eating in the hotel came at a price.
Pepperoni pizza at the Pizza Lab at the Grand Hyatt Baha Mar
The conference offered a limited free breakfast, lunch, and dinner buffet outside on the Jasmine Lawn where various crypto companies had cabanas located.
In addition to the free food, the Baha Mar also has over 45 dining options to choose from, whether it was quick dining like Starbucks or luxurious fine dining like Fi'lia, which had a long line of individuals waiting for a table each night.
With a captive audience in the resort, even casual dining options were pricey. A 12-inch pepperoni pizza and a small beer at the Pizza Lab restaurant costs $34.
The dress code was casual with FTX telling us to ditch the suit!
Sam Bankman-Fried interviews Bill Clinton and Tony Blair in shorts and a t-shirt
The conference took a laid-back approach to the dress code, asking attendees to ditch the suit and go casual (or at least business casual).
The variety of outfit choices became a running joke throughout the conference.
"I mean, these people are unbelievable, the way they dress, right?" said Scaramucci in a press briefing. "I'm standing here in Brioni. These guys are in like Lululemon pants, white socks. So you know, we're in a new world, okay? I'm bringing that up because the world is transforming before our eyes, the technology that's happening is going to be life-changing for so many people."
—Anthony Scaramucci (@Scaramucci) April 29, 2022
Pop culture and crypto celebrities collided at the conference
Liam Payne performing at an exclusive party
The conference featured a star-studded guest list including Liam Payne, Katy Perry, and Steve Aoki, who performed at exclusive parties. Some of the biggest names in the financial services industry , like Cathie Wood and Michael Lewis, equally drew crowds of admiring fans when moving around the conference venue or at parties.
—Amy Wu (@amytongwu) April 27, 2022
If you got bored of the conference, you could visit the flamingos
Grand Hyatt Baha Mar flamingos
FTX CEO Sam Bankman-Fried kicked off the conference by encouraging attendees to "make what you want out of the conference."
"Don't feel like you have to go to a particular panel for somebody you're [not] excited about," said Bankman-Fried. "Don't feel like you know that there's a particular path. Do what's going to be useful and interesting, exciting and new for you. And hopefully, you'll come away with a little bit more direction about what you want to be doing with your life."
Attendees could fill their downtime by visiting the Baha Mar flamingos, which do daily parades on site.
Or the casino
Casino at the Grand Hyatt Baha Mar
The Baha Mar also boasts the largest casino in the Caribbean open 24 hours a day. Guests and visitors can play at 18 different types of table games and over 1,000 different slot machines.
Or the pool
A pool at the Grand Hyatt Baha Mar
Conference attendees could also relax by one of the seven pools as well as the onsite beach.
Or the many bars and restaurants
An old fashioned cocktail at T2 Cigar Bar at the Grand Hyatt Baha Mar
The hotel also contains 16 bars and 26 restaurants from places to sit by the pool to well-known names like Umami Burger and fine-dining options.
The conference also hosted a Solana hacker house. A 14-year-old solana intern became a celebrity at the hacker house.
Inside Solana hacker house at Crypto Bahamas
Running alongside the conference was a Solana Hacker House, which brings together Solana developers offering a space to collaborate and learn from leaders in the ecosystem.
Gajesh Naik, a software developer, became a celebrity at the conference for having joined Solana Labs as an intern at the age of 14.
—J◎e McCann (@joemccann) April 30, 2022
After all that activity, attendees could unwind with chair massages
Chair massages at Crypto Bahamas
More: Features Investing crypto
crypto conference
Travel and Leuisure
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FTX Sam Bankman-Fried
FTX Europe | 2022-05-03T14:01:50Z | www.businessinsider.com | Inside Crypto Bahamas, 30-Year-Old Billionaire's Exclusive Conference | https://www.businessinsider.com/crypto-bahamas-conference-photos-ftx-inside-billionaire-sam-bankman-fried-2022-4 | https://www.businessinsider.com/crypto-bahamas-conference-photos-ftx-inside-billionaire-sam-bankman-fried-2022-4 |
The Sunny Liger, with its consignment of Russian diesel, anchored in the North Sea on April 30, 2022.
PAUL MARTENS/ANP/AFP via Getty Images
Dutch and Swedish dockers refused to unload a tanker carrying Russian diesel, a union official told Bloomberg.
The official said dockers acted in "international solidarity" over the Ukraine invasion.
The tanker is now anchored off the coast of Amsterdam, ship-tracking data shows.
Dutch and Swedish dock workers refused to unload a tanker carrying Russian diesel because of "international solidarity" over the Ukraine invasion, a union leader said.
Niek Stam, head of the maritime division of the Federation of Dutch Trade Unions (FNV), told Bloomberg that the tanker, Sunny Liger, was denied entry to one port in Sweden and two ports in the Netherlands.
"If dock workers somewhere else in the world refuse the cargo we will also refuse," Stam said. "We do that on the basis of international solidarity."
The tanker is currently anchored off the coast of IJmuiden, not far from Amsterdam, according to ship-tracking data from Marine Traffic.
The Sunny Liger, which sails under a Marshall Islands flag, left the Russian port of Primorsk on April 24, according to Marine Traffic. It had picked up 60,000 tons of diesel in Primorsk, per tracking data cited by Bloomberg.
The tanker then made its way to a port in Sweden, where it was denied entry, and was later refused entry from the Dutch ports of Rotterdam and Amsterdam, Stam said.
Given that the Sunny Liger has a Marshall Islands flag, it isn't subject to sanctions against Russia and therefore isn't officially banned from arriving in EU ports. Dutch Foreign Minister Wopke Hoekstra said Friday that the tanker's cargo isn't barred.
The Dutch Ministry of Foreign Affairs didn't immediately respond to Insider's request for comment.
European Union nations are trying to figure out how to wean themselves off Russian oil and gas, with talks on the matter set to take place this week. Russia supplies about one-third of the EU's oil and gas.
Germany, which purchases around 25% of its oil from Russia, has said it's now prepared to stop buying Russian oil.
The US banned Russian energy imports back in March and the EU has announced a ban on Russian coal.
More: Russia Ukraine Oil Tanker Oil | 2022-05-03T14:01:59Z | www.businessinsider.com | Dutch, Swedish Dockers Refuse to Unload Russian Diesel: Union Leader | https://www.businessinsider.com/eu-dock-workers-refused-unload-russian-oil-tanker-netherlands-diesel-2022-5 | https://www.businessinsider.com/eu-dock-workers-refused-unload-russian-oil-tanker-netherlands-diesel-2022-5 |
Annelise Hillmann, left, and Nick Bunn.
Annelise Hillmann and Nick Bunn are the cofounders of the men's grooming company Frontman.
In January, the company closed a $1.2 million seed round led by venture firm Recharge Capital.
This is part of Insider's series "Star, Rising" highlighting early entrepreneurs.
Name: Annelise Hillmann and Nick Bunn
Age: 23 and 24, respectively
Business: A men's skin-care and cosmetic company.
Backstory: As a teenager, Annelise Hillmann remembers a plethora of skin-care and makeup options available to help treat and hide her breakouts. Her friend Nick Bunn had a different experience: There weren't many educational beauty blogs for men to peruse when he was growing up, and he often found no immediate options to help his skin-care issues, he recalled.
"Together we realized the gender grooming gap between men and women," Hillmann told Insider. In January 2021, Hillmann and Bunn launched the company Frontman, which provides cosmetic and skin-care products for men. Their mission is to "create this generation's go-to grooming brand that solves annoying pain points for guys."
Last October, its first product, a concealer to cover and treat acne, won the Esquire Grooming Award, which annually taps the best products for men. Past winners include hair brand Briogeo, skin brand Peter Thomas Roth, and even Old Spice.
Bunn says it's an excellent time to enter the global men's-personal-care space, which was valued at $30.8 billion in 2021 by research database Grand View Research. Additionally, Generation Z is redefining the tropes that once defined masculinity — such as not wearing makeup or implementing a skin-care routine — as more young men seek to exist in a world without judgment or stereotypes, he added.
"We have good winds blowing in our direction to help us shift the narrative around what products can be for men and what culture can be for them, too," Bunn said.
New product launch from Frontman.
Growth: Frontman closed a $1.2 million seed round in January led by the venture firm, Recharge Capital. Other investors included Stila Cosmetics founder Jeanine Lobell and actor Nargis Fakhri, who has 6.9 million followers on Instagram. It released five new products this year, including an ingrown-hair remover, a razor-burn reliever, and sunscreen. Meanwhile, on TikTok, the company's hashtag has amassed 93.1 million views.
The company booked six figures in lifetime sales through April 2022, by selling on its website and Amazon, which Insider confirmed with documentation. This year, the founders expect to make $1 million in revenue by entering brick-and-mortar retailers and expanding product offerings on its website.
Before Frontman: Bunn and Hillmann attended Harvard University and launched Frontman while studying there. Bunn graduated in 2019 and briefly worked for Anheuser-Busch before leaving to help run Frontman. Hillmann operated a college advertising agency before graduating in 2020 to work at Frontman full time.
Challenges: Learning how to run a direct-to-consumer retail company in college was difficult since the cofounders had to learn the nuances of manufacturing, credit lines, order quantities, and international logistics, Hillmann said.
Business advice: "If you see something in the world that needs to change, don't wait for someone else to do it," Hillmann said. "Taking that first leap can be the hardest step, but it's just one of the many challenges you'll face on the founder journey."
Annelise Hillmann, the company's CEO, says Frontman wants to give a "young, fresh perspective" to the men's grooming market, which she calls "boring" and "uninspired."
Business mentor: The founders count Lobell as a mentor and said she stressed the importance of creating a good product and putting consumers first.
"It's about what guys are looking for in terms of product formulation and marketing," Bunn said.
Why now is the best time to start a business: "The pandemic has forced us to learn how to adapt, and adaptation is a vital skill for a founder," Hillmann said. "If you've been able to roll with the punches and remain sane, you're capable of starting something new."
On hiring: Right now, the company has 10 full-time employees and plans to hire at least four more by end of this year.
On managing burnout: Bunn and Hillmann turn to exercise to help decompress. Bunn likes to play water polo and Hillmann practices yoga every day.
"We realized burnout is the number-one risk to startup success," Hillmann said. "We actively encourage our team to take an unlimited vacation and mental-health days."
More: gen z Beauty VC Small Business
Star Rising | 2022-05-03T14:02:05Z | www.businessinsider.com | Meet Gen Z Founders Behind the Men's Cosmetics Company Frontman | https://www.businessinsider.com/gen-z-founders-mens-skincare-cosmetics-brand-frontman-2022-4 | https://www.businessinsider.com/gen-z-founders-mens-skincare-cosmetics-brand-frontman-2022-4 |
A new Google feature lets you search using images and text at the same time — here's how it works
Google Multisearch is useful for shopping.
You can google both images and text at the same time using a new tool called "Google Multisearch."
The feature is great for online shopping and making tricky searches that you're not sure how to describe.
Google Multisearch is available in the official Google app for both iPhone and Android.
We've all had that moment where we need to make a Google search, but just don't know how to describe what we're looking for. When words fail us, images are a great substitute. And now Google lets you use both.
Google Multisearch lets you search with images and text at the same time
Google is beta testing a new feature called Multisearch in the official Google apps. It's a game changer for anyone who struggles finding the exact words to search the web with.
With Multisearch, you can search Google for an image, then add text to refine the search.
For example, say you're shopping and find a dress that you really like, except you need it in blue instead of green. Take a picture of the dress, search using that picture, then add the word "blue." Google will then find you that dress in blue (or at least, dresses similar to it).
Multisearch will find you both the original picture, and its variants.
This works with all sorts of combinations. Take a picture of a smoothie and add "healthy" to find recipes for vegetable drinks. Search both a picture of a car and "Honda" to see a list of Honda cars that match its appearance. It's a great way to refine your online shopping searches, even when you don't have the right words.
The feature is available in the Google app on iPhone and Android. Here's how to use it.
Quick tip: This feature is still being beta tested, and likely won't appear for all users yet.
How to use Google Multisearch
1. Open the Google app and tap Home (iPhone) or Discover (Android) in the bottom-left corner.
2. In the Google search field, tap the icon that looks like a camera.
3. This will turn on your camera. Either take a picture of the thing you want to search, or tap the icon next to the shutter button to upload a picture that's saved to your device already.
4. When the Visual matches menu appears at the bottom of your screen, swipe up to open it, then tap Add to your search at the top.
5. Type in more details, like the brand or color, then search again.
You'll get a new search page, with the results representing both the picture and text you searched.
Multisearch takes a few steps.
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More: Tech How To Google Multisearch Google Search Google | 2022-05-03T14:02:11Z | www.businessinsider.com | How to Search With Images and Text Using Google Multisearch | https://www.businessinsider.com/google-multisearch | https://www.businessinsider.com/google-multisearch |
The 2022 Kia EV6 GT-Line.
We drove the 2022 EV6, Kia's all-new electric SUV.
The EV drives great and charges quickly, but lacks the cargo space of some rivals.
The EV6 starts at $40,900. The GT-Line model Kia loaned us came out to roughly $53,000.
Not too long ago, the greenest cars were unsexy, uncool, and unfun. But those days are behind us.
Case in point: The 2022 Kia EV6, a small, fully electric SUV that turns the old paradigm on its head with eye-catching looks and an engaging driving experience.
I tested the model for a few days in April and came away with four key reasons to buy the car — and two ways it falls short.
The EV6 starts at $40,900. The GT-Line model Kia loaned us had a bigger battery, extra tech features, and a snazzier interior, bringing its price to around $53,000.
Pro: Super-fast charging
Range and charging speed are on every electric-car shopper's mind these days — and for good reason. Thousands of charging stations dot the country, but they're not quite common enough to assuage everyone's fear of running low on battery without a plug nearby.
Fortunately, the EV6 uses an 800-volt architecture and can use 350-kilowatt charging stations, the most powerful type available. In plain English, that means an EV6 showing a 10% charge takes just 18 minutes to hit 80%, Kia claims. In the longest-range EV6, which is rated for 310 miles, that translates to 217 miles of extra driving range.
Very few electric cars at this price point can accept this kind of super-fast charging.
Pro: A hoot to drive
Unlike typical crossover SUVs, the EV6 sits low to the ground and has sporty, precise steering that makes it a joy to chuck around corners. Likewise, its battery pack sits down low beneath the floor, dropping the car's center of gravity and aiding handling.
The rear-wheel-drive model we tested doesn't deliver the jolt of acceleration that some all-wheel-drive EVs provide, but it has enough power and torque to hustle away from a stoplight quickly. Bear in mind: the GT-Line RWD has 225 horsepower, a good bit more than the base model's 167.
Pro: Tech and safety features galore
The 2022 Kia EV6.
The EV6 is a tech powerhouse, featuring Apple CarPlay, Android Auto, a WiFi hotspot, a smattering of USB-C ports, a wireless charging pad, and a 12.3-inch touchscreen as standard equipment. More expensive models get the vehicle-to-load feature, which lets you use an adapter to power devices that require a 110-volt household outlet.
The EV6 also comes standard with advanced safety features that don't even make it into every luxury car, such as lane keeping, blind-spot monitoring, and rear cross-traffic collision avoidance. Some models get a snazzy head-up display projected onto the windshield, blind-spot cameras, and a birds-eye view to help with parking.
Pro: Striking looks
In my few days with the EV6, the little SUV-hatchback thing attracted stares everywhere it went. If you want something that people will gawk at, ask you about — or something that just makes you feel cool when you're driving it — the EV6 is a splendid choice.
Con: Less cargo space than rivals
The EV6's interior has plenty of room for passengers, but comes up short in cargo space, which totals to 50.2 cubic feet with the seats folded. That's quite a bit less than the Tesla Model Y (76.2 cubic feet), Hyundai Ioniq 5 (59.3 cubic feet), Volkswagen ID.4 (64.2 cubic feet), and Ford Mustang Mach-E (59.7 cubic feet).
Unlike many electric models, the EV6 doesn't benefit from much of a front trunk. It has a little cubby under the hood, but it can't fit much more than your charging cables.
Con: Suboptimal visibility
The EV6's high beltline, sloped roof, slim windows, and thick pillars mean that there's a lot obstructing rearward visibility. Fortunately, the hatchback's standard blind-spot monitoring and optional camera views can help out with tight lane changes.
More: Transportation Kia EV6 Tech car reviews | 2022-05-03T14:02:35Z | www.businessinsider.com | 2022 Kia EV6: 6 Pros and Cons Before Buying the Electric SUV | https://www.businessinsider.com/kia-ev6-electric-suv-review-pros-cons-photos-test-drive-2022-5 | https://www.businessinsider.com/kia-ev6-electric-suv-review-pros-cons-photos-test-drive-2022-5 |
A couple who retired at 29 says the simple math behind the 25x rule inspired them to start saving for financial freedom
The 25x rule sparked Lauren and Steven Keys' interest in buying their freedom through early retirement.
To follow the rule, multiply your current annual expenses by 25 to get your baseline retirement fund.
The 25x rule is a guideline; if you plan to retire early, you'll probably need to save and invest more.
Fresh out of college and earning about $40,000 a year at their first full-time jobs, Lauren and Steven Keys stumbled upon the 25x rule.
The 25x rule is a savings guideline for retirement; it says that if you plan to maintain your current lifestyle in retirement, making 4% withdrawals each year for 30 years, you should save 25 times your current annual expenses in retirement accounts.
Learning this strategy set in motion the Keys journey to financial freedom. They began investing their surplus funds and started seeing their net worth grow. The rule "seemed pretty exciting," Steven told Insider. "This idea that you can buy your freedom from the whole system."
The 25x rule helped the Keys, founders of Trip of a Lifestyle ultimately retire at 29, shortly before they hit their 25x mark.
What is the 25x rule?
Using the 25x rule can give you a ballpark number of how much you'll need by the time you retire. This is the formula:
One year of annual expenses x 25 = the baseline amount you must save for retirement
To correctly use the 25x rule, start by determining your current annual expenses, making sure to include costs like fixed monthly expenses, health costs, property taxes, and other variable monthly expenses. Then multiply that figure by 25. Having 25 times your current income invested in retirement accounts like an IRA or 401(k) suggests that you'll be able to safely withdraw 4% of your retirement income every year.
For example, if your current expenses are $50,000 and you multiply that by 25, your baseline retirement fund would be $1,250,000. This is contingent on you needing $50,000 a year for 30 years to retire and doesn't account for variable factors such as health costs, which may increase after retirement. This figure is also predicated on the assumption that your savings are invested as opposed to being held in cash, as the formula accounts for compound interest earned in the stock market.
Note that the 25x rule isn't perfect, and experts disagree on the effectiveness of the proposed withdrawal rate. As Insider's Leo Aquino previously reported, even the financial advisor who created the 4% rule found that retirees are using it too simplistically; new guidance from Morningstar recommends expecting to withdraw closer to 3% annually. Instead of using the 25x or 4% formula as a hard rule for your retirement plan, consider using it as a starting guideline.
If you plan to retire early, you may need to save more than 25x of your current expenses to sufficient retirement funds. The Keys write on their site that they'll probably never actually live off the 4% or 25x rules to the letter. This is because they don't intend to stop earning in ways that fit their current lifestyle. Aside from their growing investments, Steven continues to freelance, which brings in some income.
They retired early by keeping costs low and saving the rest
The Keys say they use one key strategy to help them move towards their 25x mark quickly and continue to pay for all their expenses without working full-time jobs: living a lean lifestyle.
With the 25x rule in mind, they allocated unused funds to the stock market, where they continued to earn interest. Using this method, Lauren and Steven could quit working full-time and spend their time the way they chose — mostly traveling.
"Every dollar we invested gets us closer to that freedom level," Steven said.
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More: Retirement Investing Savings PFI SP | 2022-05-03T14:03:05Z | www.businessinsider.com | Couple Started Saving to Retire at 29 After Learning the 25x Rule | https://www.businessinsider.com/retire-early-financial-freedom-25x-rule-2022-4 | https://www.businessinsider.com/retire-early-financial-freedom-25x-rule-2022-4 |
Senate Majority Leader Chuck Schumer, a Democrat from New York, arrives for a weekly policy luncheon, at the Capitol in Washington, Tuesday, March 8, 2022.
Democrats blasted supporters with fundraising messages about the Supreme Court's draft abortion ruling.
House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer are leading the fundraising effort.
Many other Democrats, such as Sen. Alex Padilla and Rep. Hakeem Jeffries, are also soliciting supporters.
Democrats jumped at the opportunity to fundraise for the 2022 midterm elections after a leak from the Supreme Court revealed the majority's willingness to overturn Roe v. Wade, the decision that gives women a constitutional right to an abortion.
Speaker of the House Nancy Pelosi was among the Democrats soliciting donations.
"The only way to protect reproductive rights is to build on our Democratic majorities in the House and Senate and DEFEAT every last anti-choice Republican who made this happen," her campaign wrote in an email. "I need a ONCE-IN-A-LIFETIME response -- 50,000 gifts in the next 24 hours -- to put us in a position to win this fight and protect our fundamental rights. Are you with me? >>"
Senate Majority Leader Chuck Schumer also stumped for cash on Tuesday, asking for donations to help "vulnerable Democratic Senators" who are up for reelection. "We knew this day would come, but it still hurts," his campaign wrote.
A request for donations from Sen. Chuck Schumer.
Madison Hall/Insider
The Democratic Congressional Campaign Committee joined the fray as well, calling on "grassroots Democrats" to "rise up and fight back against Republican attacks on reproductive rights" by filling out their petition.
Incumbent Democratic Sens. Mark Warner of Virginia, Kirsten Gillibrand of New York, and Mark Kelly of Arizona also used leak as a chance to fundraise.
"Today, Roe v. Wade is the law of the land and I'll do everything I can to protect that right," Kelly said in a campaign email. "But I cannot continue that fight if we lose this November. So I need to ask for your help."
Sen. Alex Padilla of California explained in an email to his supporters that the draft was not currently binding, and asked his supporters to forego donating to him, and instead donate to Planned Parenthood of California and NARAL Pro-Choice California, two reproductive health nonprofits that lobby for abortion rights.
"Every penny will go directly toward fighting to protect the right to choose, not a cent to my campaign," Padilla wrote in the campaign email.
"This is bullshit," Sen. Tina Smith of Minnesota wrote in a message that promised to steer donations to the National Network Of Abortion Funds, which advocates removing "financial and logistical barriers to abortion access."
Rep. Hakeem Jeffries of New York, chairman of the House Democratic Caucus, followed Padilla and used the leak as an opportunity to ask for donations to the National Network of Abortion Funds.
"As we wait for a decision to be finalized, their work to support people seeking reproductive care will be more important than ever before," Jeffries wrote.
A variety of yet-to-be-elected state- and federal-level Democratic candidates also asked their supporters Tuesday to donate to their campaigns.
Republicans slow to fundraise off abortion
Politico published the leaked drafted opinion of Supreme Court Justice Samuel Alito on Monday night.
"We hold that Roe and Casey must be overruled," Alito wrote in February in a draft opinion for a ruling that the high court has not yet been released.
Democrats currently maintain control of both the House and Senate with small margins. But the party stands to lose its majorities in the 2022 midterm elections.
In addition to direct email solicitations, the DNC and Planned Parenthood Action Fund, a political advocacy arm of Planned Parenthood, were among liberal organizations to purchase ads on Facebook that asked for money, according to Facebook's library of political and issue advertisements.
"By this summer, the court could overturn Roe v Wade, ending nearly 50 years of precedent and with it, the constitutional right to abortion," Planned Parenthood Action Fund wrote above a large, pink "DONATE NOW" button.
On the Republican side, Supreme Court-themed fundraising was comparatively muted.
The National Republican Congressional Committee on Tuesday asked supporters to "stand right now and make an emergency pledge to fight for pro-life values." After providing one's contact information, the NRCC asks: "Will you chip in just $5 or more to DEFEND LIFE, PROTECT CONSERVATIVE JUDGES, and STOP THE FAR LEFT?"
A National Republican Congressional Committee fundraising message
Former President Donald J. Trump, a Republican who former Vice President Mike Pence vice president dubbed "the most pro-life president in American history" also fundraised online following the leak.
But when asking Tuesday for $45 donations to unlock a "SECRET video message," Trump never mentioned the leaked Supreme Court draft opinion or the issue of abortion, in general.
More: INSIDER Data 2022 midterms Roe v Wade leak Roe v Wade | 2022-05-03T20:52:47Z | www.businessinsider.com | Democrats Are Fundraising Like Crazy Off the SCOTUS Leak | https://www.businessinsider.com/democrats-fundraising-scotus-supreme-court-roe-2022-5 | https://www.businessinsider.com/democrats-fundraising-scotus-supreme-court-roe-2022-5 |
Even if Russia wins in Donbas, it has already lost in Ukraine
Robert Kelly,
Ukrainian soldiers by a burnt Russian tank on the outskirts of Kyiv, March 31, 2022.
Ronaldo Schemidt/Getty Images
Russia has refocused its military effort on eastern Ukraine after its broader attack was thwarted.
Even if Russia makes gains in the east, the war is already a catastrophe for its national power.
Russia has already lost the war, even if it wins in donbas.
The war in Ukraine grinds on. Now in its ninth week, the war has moved to Donbas, in Eastern Ukraine. We are hearing less out of that region than we heard from the fighting around Kyiv before. This is likely because the war is more kinetic and open than the ambush-style, shoot-and-scoot engagements of the early weeks.
It seems likely there will be more large collisions of massed formations. Ukrainian casualties are likely higher than before. Insofar as much of our war video footage on social media comes from the Ukrainians, we are probably seeing less because the war has become harder for them. The terrain of Donbas advantages the Russians.
But even as Russia bludgeons its way into limited gains in the east, it has lost so much already in the conflict, that it is a catastrophe for Russian national power. Indeed, some observers think Ukraine may win the war outright. But even if it holds bits of the conquered east and south, these are vastly outweighed by the war's costs:
Ukraine will shortly have one of the best armies in Europe
A Ukrainian serviceman in the Sumy region, March 7, 2022.
This is the richest irony of the invasion. Russian President Vladimir Putin pretty clearly expected a blitzkrieg. He would roll in, replace Ukrainian President Volodymyr Zelensky quickly with a pro-Russian stooge, and roll out. The whole thing would be over before the West had time to mobilize.
Putin, it seems, believed his own propaganda that Ukraine was a fake country.
Instead, he collided with a wall of patriotic Ukrainian troopers and civilians. They held out long enough for a Western pipeline to emerge to support the war effort. Now, Russia faces a military well-kitted, well-trained, battle-tested, well-led, with deep popular legitimacy, and supported by wealthy foreign patrons.
Russia will never be able to steamroll Ukraine again. If the Russian army does not win the next few months, it will probably lose the whole war.
NATO will expand
Finnish Foreign Minister Pekka Haavisto, left, and Swedish Foreign Minister Ann Linde bump fists in front of NATO Secretary General Jens Stoltenberg at NATO headquarters in Brussels, January 24, 2022.
Ostensibly, NATO expansion was a major driver for Putin to invade. This is not true, but it is the argument Russian propaganda makes. In another rich irony, this has failed on its own terms.
It is indeed likely that Ukraine will give up NATO membership aspirations as a part of a peace deal. But Sweden and Finland look quite likely to apply and will almost certainly be accepted.
Finland's ascension is a particular loss. It shares a long border with Russia, and throughout the Cold War it maintained neutrality. It is a measure of just how dangerous Putin has become — even more than the USSR! — that Finland will give up its long-standing neutralism.
Russia will be badly isolated
Russian President Vladimir Putin chairs a meeting at a state residence outside Moscow, April 13, 2022.
Any peace deal will formally restore Russia's relationship with the world.
Sanctions will be rolled back. Travel bans on Russian elites will cease. We know from the interwar period and Germany's turn toward fascism that harshly punishing a war-loser risks incentivizing its worst, revanchist elements.
But just because the formal restrictions fade, normal diplomatic and economic intercourse with Russia will almost certainly not return until after Putin is gone. Western businesses will be reticent to return to Russia. All those companies which have withdrawn — Apple, Netflix , Honda, and so on — will not easily return. Sanctions ending cannot force them to go back.
Similarly, the end of the travel bans do not mean that world leaders must meet Russian elites. Particularly as the stories of Russian war crimes accumulate, Russia will be informally isolated for years to come.
NATO's new sense of purpose
US troops assigned to a NATO mission in Poland at an official welcome ceremony in Orzysz, April 13, 2017.
For decades after the Cold War, NATO was an organization in search of a mission.
After 9/11, it experimented with "out of area" operations, most obviously in Afghanistan. But these were never popular, and everyone was exhausted and happy to leave Afghanistan last year. French President Macron said NATO was "brain-dead"; former US President Donald Trump wanted many times to seem to quit the alliance.
Russian aggression has ended all this talk. It is now likely that the US will station forces farther out in eastern Europe. Germany has committed to a major defense build-up. Brexit Britain is cooperating with the Continent again. What many consider Pro-Putin American critics like Tucker Carlson or Glenn Greenwald have been disgraced as American public opinion has swung behind Ukraine and the war.
All of these losses and setbacks vastly outweigh anything Putin might now win by conquest in Donbas. Ukraine will survive and become militarily capable of resisting Russia bullying. NATO will grow and deepen. Russia will drift into awkward isolation and dependence on China. That is quite an outcome for what was to be a quick little blitzkrieg.
Dr. Robert E. Kelly (@Robert_E_Kelly; website) is a professor of international relations in the Department of Political Science at Pusan National University. Dr. Kelly is now a 1945 contributing editor as well. | 2022-05-03T20:52:53Z | www.businessinsider.com | Even If Russia Wins in Donbas, It Has Already Lost in Ukraine | https://www.businessinsider.com/even-if-russia-wins-in-donbas-it-already-lost-ukraine-2022-5 | https://www.businessinsider.com/even-if-russia-wins-in-donbas-it-already-lost-ukraine-2022-5 |
How to deal with arguments and tense situations at work as an empath, according to a psychotherapist
Empaths might feel easily overwhelmed at work if they're stuck between warring coworkers or bosses who are quick to anger.
Amy Morin is a psychotherapist, author, and the host of "The Verywell Mind Podcast."
Dealing with tense situations at work can be especially tough for empaths, she says.
Resist the urge to try to fix everything and create a mantra to use when you're overwhelmed.
Being an empath doesn't just mean you're empathetic — it means you also take on the feelings of other people as your own. And while being an empath has some distinct advantages (like being good at offering emotional support), there are also some clear drawbacks (like feeling emotionally drained much of the time).
Amy Morin.
Courtesy of Amy Morin
Dealing with tense situations at work can be especially challenging if you're an empath. Whether you're sitting through a meeting with coworkers who don't get along or dealing with an email chain riddled with sarcasm, here are some steps you can take to get through those uncomfortable situations successfully.
1. Acknowledge your feelings
When you sense tension, your emotions are going to rise. However, you shouldn't fight those feelings — convincing yourself you shouldn't feel stressed out or overwhelmed will just cause you to feel worse.
Acknowledge what you're feeling and label it. Just putting a name to your emotions — by thinking or saying aloud "I feel nervous" or "I feel frustrated" — can help your brain make more sense of the tension you're experiencing.
2. Take a few deep breaths
Your body reacts to tension: Your stomach might feel like it's in a knot or your palms might get sweaty. That's your nervous system revving up to prepare you for whatever is about to happen.
Unless you face actual physical danger, however, it's important to learn how to calm your nervous system down. One of the best ways to do that is by taking a few slow, deep breaths.
Slow, deep breathing can signal your brain that you're working on calming your body. And it might reduce the flood of stress hormones and help you begin to feel calmer.
3. Think before you respond
Whether your first reaction is to try and smooth things over or you're tempted to just exit the conversation at the first sign of tension, think before you make any moves. Your initial reaction may not be the best approach.
When your emotions run high, it's hard to think clearly. So you might do better by gaining a little psychological distance. Ask yourself, "What would my wisest friend do in a situation like this?" Answering that question can help you develop a response that's based on rational thinking as opposed to wanting to ease your emotional discomfort.
4. Develop a helpful mantra
Create a short catchphrase that you can repeat to yourself when tension arises. Repeatedly reminding yourself "I can handle this" or "Tension isn't a bad thing" can drown out some of the negative thoughts you're likely to have.
You can also create a mantra that reminds you to focus on your behavior. Telling yourself to "make eye contact" will give you something to do so you're less preoccupied with worrisome thoughts about what's going to happen next.
5. Practice tolerating the tension
Just because a situation feels uncomfortable doesn't mean it's unbearable. In fact, you can likely tolerate the discomfort longer than you might give yourself credit for.
Resist the urge to fix everything. Instead, notice how you feel and pay attention to what's going on around you. Keep in mind that tension doesn't have to be a bad thing. It might lead to positive change if you allow it to hang around a bit longer.
You can't control how other people behav, but you can control how you respond. So rather than waste your energy worrying about what someone said or might do next, focus on yourself.
Pay attention to what you're doing in the moment. You'll feel less anxious when you stay focused on the things you have control over.
Being an empath can be exhausting, so it's important to take care of yourself. This is especially important if there's an ongoing tense situation at work, like when your colleagues aren't pleased about the new team leader.
Self-care might involve anything from taking a yoga class to setting aside quiet time to read a book each evening. Whatever you choose to do, make it a high priority so you can ensure that you're charging your batteries to feel your best at work.
More: Strategy Work Communication empath
empaths | 2022-05-03T20:53:05Z | www.businessinsider.com | How to Deal With Tense Situations at Work As an Empath | https://www.businessinsider.com/how-to-deal-work-arguments-tension-empath-psychotherapist-advice | https://www.businessinsider.com/how-to-deal-work-arguments-tension-empath-psychotherapist-advice |
Obamas blast draft Supreme Court opinion, say overturning abortion rights is 'a result none of us should want'
The Obamas criticized the possibility that a conservative-led Supreme Court may overturn abortion rights.
Former President Barack Obama and first lady Michelle Obama released a lengthy joint statement.
The couple says that a post-Roe America is "a result none of us should want."
Former President Barack Obama on Tuesday blasted a draft Supreme Court opinion that would overturn abortion rights, arguing that the consequences of that decision would affect every American.
"That's a result none of us should want. But it should serve as a powerful reminder of the central role the courts play in protecting our rights — and of the fact that elections have consequences," Obama and former first lady Michelle Obama said in a lengthy joint statement.
Unlike former President Donald Trump, Obama is much pickier about when he decides to publicly speak out about political issues. Tuesday's statement underlined the historic nature of the moment America faces if it is indeed true that a majority of Supreme Court justices are ready to overturn a landmark precedent and strip away the guarantee for a federal right to an abortion.
The Obamas wrote that the Supreme Court in the past has tried to strike a balance when presented with complicated questions. On the topic of abortions, they pointed out that subsequent rulings after 1973's Roe v. Wade have upheld some state restrictions on abortion.
—Barack Obama (@BarackObama) May 3, 2022
"But this draft decision doesn't seek to balance these interests," they wrote. "Instead, it simply forces folks to give up any constitutionally recognized interest in what happens to their body once they get pregnant. Under the Court's logic, state legislatures could dictate that women carry every pregnancy to term, no matter how early it is and no matter what circumstances led to it — even rape or incest."
Politico published on Monday night what was later confirmed to be an authentic draft opinion. In the draft, Justice Samuel Alito writes for a conservative majority that the court previously erred in its rulings in Roe v. Wade and Planned Parenthood v. Casey.
The Obamas closed their message with a plea for more people to get involved in the election process, a familiar refrain for Democrats who have few alternatives when it comes to preserving nationwide abortion rights.
"We're asking you to join with the activists who've been sounding the alarm on this issue for years — and act. Stand with them at a local protest. Volunteer with them on a campaign," they wrote. "Join with them in urging Congress to codify Roe into law. And vote alongside them on or before November 8 and in every other election."
More: Barack Obama Michelle Obama Abortion Roe v Wade | 2022-05-03T20:53:11Z | www.businessinsider.com | Obamas Blast Draft Supreme Court Opinion Overturning Abortion Rights | https://www.businessinsider.com/obama-blast-draft-supreme-court-opinion-overturning-abortion-rights-2022-5 | https://www.businessinsider.com/obama-blast-draft-supreme-court-opinion-overturning-abortion-rights-2022-5 |
Senate Majority Leader Chuck Schumer flanked by Sen. Richard Blumenthal, Democrat of Connecticut, and Sen. Patty Murray, Democrat of Washington, speaks during a news conference at the US Capitol. Schumer and other members of the Senate spoke on the Women's Health Protection Act.
Most Senate Democrats are pushing for passage of the Women's Health Protection Act.
It would undo abortion restrictions in states.
It already passed the Democratic-controlled House.
Democrats have promised to vote on a bill that would protect abortion rights after a leaked draft showed the Supreme Court is poised to overturn Roe v. Wade.
"Every American is going to see which side ever senator stands on," Senate Majority Leader Chuck Schumer said Tuesday on the steps on the US Capitol, adding that a vote would happen "soon" on the Women's Health Protection Act.
The call to action comes after Politico published a leaked draft showing the Supreme Court plans to overturn Roe and no longer recognize a constitutional right to abortion. The decision isn't final, but the news sent Capitol Hill into overdrive about how to respond.
Here's what to know about the Women's Health Protection Act as the Senate gears up for a vote:
It would make abortion legal in ever state
If the Supreme Court overturns Roe, then state lawmakers would decide how accessible abortion can be within their borders. At least 13 states would make most abortion illegal if Roe is overturned.
But the Women's Health Protection Act would neutralize state bans.
It would also toss out state regulations. States could no longer ask patients to wait 24 hours after an initial appointment before being allowed to have abortions, and they could not tell clinics what kind of abortion counseling they have to provide, nor force patients to undergo ultrasounds.
State lawmakers couldn't dictate how clinics must be set up, nor prohibit abortion providers from meeting with patients over telemedicine. They also wouldn't be able to ban any particular type of abortion, including medication abortion.
Under the bill, certified nurse-midwives, nurse practitioners, and physician assistants would all be allowed to provide abortions.
Any proposed state regulations on abortions would have to go through the courts first. The law directs judges to strike down all regulations that would delay abortions, close clinics, or cause abortions to become more expensive.
Democrats' legislation wouldn't change the Hyde Amendment, which is a rider attached to spending bills that prohibits federal dollars from paying for abortions except in cases of rape, incest, or when a pregnancy is life-threatening.
It would undo state's gestational limits on abortion
The Women's Health Protection Act would allow abortion before fetal viability. Typically, doctors consider viability to be about 24 weeks into pregnancy. That's around the time when a premature baby would have a good chance of survival.
But viability can also depend on fetal or maternal health, and so the bill leaves viability up to a doctor's judgement, saying they should determine the "reasonable likelihood of sustained fetal survival outside the uterus with or without artificial support."
The bill does allow for abortions after viability in cases where a pregnancy threatens someone's life or health. The bill does not define "health," said Ellen Hamilton, legislative director for Democratic Rep. Judy Chu of California who authored the bill.
The Supreme Court has previously weighed in on the post-viability exemptions in its 1973 Doe v. Bolton decision, which was handed down the same day as Roe but isn't as well known.
Under Doe, after-viability abortions are allowed if a doctor determines they're needed not just to protect physical health, but emotional and psychological. The doctor could also factor in familial circumstances and age.
Such language for post-viability abortions has been enshrined into law in several blue states.
Democrats don't have enough support to get their bill through Congress
The US House passed the Womens' Health Protection Act in September 2021 by a 218-211 vote, but it failed when it went before the Senate in February.
The final vote in the upper chamber failed at 46-48, with Democratic Sen. Joe Manchin of West Virginia voting against it and six senators not voting.
Given that vote breakdown, the Senate doesn't have the 60 votes it needs to pass a bill. They don't even have the 50 votes they'd need if they were to throw out the filibuster.
That's why many Democrats, including President Joe Biden, reacted to Monday's leak by urging voters to go to the polls to elect politicians in favor of abortion rights.
Voters support is mixed
The majority of voters, 58%, say they're against overturning Roe, according to polling from Gallup. That same polling shows only 38% of voters are supportive.
But additional polling shows voters don't align with the exact stipulations set out in Roe, either. For instance, polling shows that support for abortion drops when a pregnancy is further along. Most voters oppose having limits on abortions when a pregnancy is life-threatening or when a pregnancy is the result of rape or incest.
Republicans are plotting their next steps
GOP Sens. Lisa Murkowski of Alaska and Susan Collins of Maine both support abortion rights, but they said the Women's Health Protection Act went too far so they voted against it. Specifically, there is no language in the bill saying that medical providers who object to abortion for moral or religious reasons aren't obligated to provide them.
They introduced their own bill instead, called the Reproductive Choice Act. But that bill also doesn't appear to have enough support.
"I don't know if there is a path forward for it," Murkowski told reporters at the Capitol on Tuesday.
Most Republicans in Congress support some type of abortion ban. Some, such as GOP Sen. Joni Ernst of Iowa, want to see a six-week ban, according to the Washington Post.
But the National Right to Life, one of the largest organizations that opposes abortion, told Insider it was taking more of a wait-and-see approach. Jennifer Popik, director of federal legislation for the group, said it wanted to gauge where GOP comfort level might be.
"We will work together with them where they feel they can attract the maximum amount of votes," she said. Some possibilities might include a 20-week ban or to make the Hyde Amendment permanent, she said.
Other Republicans indicated they weren't ready to make a determination.
"This is an issue for the states and for voters in the states," Sen. Josh Hawley, a Republican of Missouri, told reporters at the Capitol. He said he would support banning abortion after 20 weeks but said states should "have the first crack" at setting abortion laws. "Return this to the political process closest to the people," he said.
Senate Minority Leader Mitch McConnell declined to answer questions about the future of abortion rights during his weekly press conference on Tuesday, but other GOP leadership arms weighed in, leaning toward bans on later abortions.
"Restricting late-term abortions is a consensus position," the National Republican Senatorial Committee wrote in talking points first reported by Axios.
More: Politics Supreme Court Roe v Wade Abortion | 2022-05-03T20:53:17Z | www.businessinsider.com | Roe V Wade: the Bill Democrats Are Pushing to Protect Abortion Rights | https://www.businessinsider.com/roe-v-wade-the-bill-democrats-are-pushing-to-protect-abortion-rights-2022-5 | https://www.businessinsider.com/roe-v-wade-the-bill-democrats-are-pushing-to-protect-abortion-rights-2022-5 |
Donald Trump's flying fruit phobia to be fodder for court fracas
Former President Donald Trump speaks at a rally in Wellington, Ohio on June 26, 2021. Right, a pineapple.
Left, Tony Dejak/AP. Right, Reuters
Donald Trump wants a Bronx judge to sanction the lawyers who released a transcript of him worrying about fruit.
Those lawyers in turn want Trump's side sanctioned for claiming the transcript was released in "bad faith."
The fruit fracas is part of an ongoing lawsuit alleging Trump sicced his security guards on protesters outside Trump Tower in 2015.
Life will not be just a bowl of cherries next month, when Donald Trump's angry lawyers will fight with some other angry lawyers over a transcript that shows the former president worrying — worrying a lot, actually — about fruit.
Each side will ask a Bronx judge on June 20 to sanction the other side, and all because of the embarrassing transcript, released last week as part of a lawsuit by protesters who say Trump sicced his security on them during a 2015 demonstration outside Trump Tower.
Kumquat what may at the hearing — which will be held before New York Supreme Court Justice Doris Gonzalez — there's already enough heat to flambe a fruit cart.
In papers filed Tuesday, Trump's side said the fruited transcript's release was "palpably improper" and will taint the jury, and the other side demanded a fine and legal fees for being accused of releasing the transcript in "bad faith."
Each side used the word "frivolous" in describing the other, a word that is the legal equivalent of a white glove smacked across the nose.
"The unauthorized dissemination" of the transcript "has both extremely prejudiced [Trump] and tainted the mind of the potential jury pool," Trump attorney Alina Habba wrote the judge.
"Within minutes of the filing, I received numerous media inquiries to comment on the contents of the deposition transcript," she wrote, complaining that the coverage of the "irrelevant" fruit matter will prejudice a potential jury in the protester lawsuit.
An original jury selection date of May 2 has been pushed back, also until June 20, as the sides battle over side issues.
A lawyer for the protesters, Benjamin Dictor, countered in his own papers that Trump had fair warning from his office that the deposition would come out.
Besides, "Defendant Trump is the former President of the United States and should have the reasonable expectation that all his words and actions will be subject to some level of media scrutiny," he wrote.
Portions of the deposition were released by the protesters' lawyers last week as part of making a case for subpoenaing the former president's one-time lawyer and "fixer" Michael Cohen, something Trump's side is fighting.
Cohen is prepared to directly contradict Trump's sworn claim, nestled among the fruit references in the deposition, that he did not authorize his security to beat protesters, their lawyers have said.
Cohen counters that he was there that day, on Sept. 3, 2015, when a group of protesters of Mexican heritage gathered outside Trump Tower holding parody "Make America Racist Again" signs to protest Trump calling immigrants "rapists" and drug dealers.
Trump directly ordered his security to grab the signs, Cohen will testify, in direct contradiction to Trump's deposition, the protesters' lawyers have said.
"Pineapples, tomatoes, bananas, stuff like that," all could have been thrown at him during events, Trump had said under oath back in October, when asked by Dictor for more detail on supposed "threats" that his security has had to deal with.
"It's very dangerous stuff," Trump had worried in his testimony. "You can get killed with those things."
More: Donald Trump Alina Habba Michael Cohen bronx | 2022-05-03T20:53:29Z | www.businessinsider.com | Trump's Flying Fruit Phobia Is Fodder for a Fracas | https://www.businessinsider.com/trumps-fear-flying-fruit-fodder-for-bronx-fracas-friday-2022-5 | https://www.businessinsider.com/trumps-fear-flying-fruit-fodder-for-bronx-fracas-friday-2022-5 |
Conservative media talking heads play defense on overturning Roe: 'The sky will not have fallen'
GOP lawmakers and pundits downplayed the significance of Roe v. Wade being overturned.
Across Fox News on Tuesday, reactions tended to pour cold water on the issue.
Several commentators kept the focus on how abortion will remain legal in Democratic-majority states.
The conservative legal movement appears to be on the cusp of achieving a nearly 50-year dream of overturning Roe v. Wade, the 1973 Supreme Court decision protecting abortion.
But so far, conservative media appearances show the party and its most loyal pundits holding off on taking a victory lap.
On Monday evening, Politico published a draft Supreme Court opinion authored by Justice Samuel Alito in a case over a 15-week abortion ban passed in Mississippi, an opinion in which a majority of the court would vote to overturn the federal protections for first-trimester abortion established in Roe v. Wade and fortified in Casey v. Planned Parenthood.
On Fox News on Tuesday, however, the mood was more cautious than celebratory.
"If the court threw out Roe, what we are going to find is that when everybody woke up the next day the sky will not have fallen. You know? There will not have been a catastrophe," said Fox News contributor Andrew McCarthy in a clip tweeted by the Daily Beast's Justin Baragona. "It will be like it was before Roe, which is about 30 states had real prohibitions against abortion, 20 states regulated it somewhat more loosely, democracy was happening."
"If Roe is indeed rolled back, you're not going to have this massive change in law," said Fox News contributor and former White House press secretary Kayleigh McEnany on a later Fox News panel. "You will have states, at piecemeal, may put into place a different abortion law here or there, but it's not as if abortion will be banned across the nation entirely."
'The sky will not have fallen'
Images of Fox News personalities, from left, Tucker Carlson, Sean Hannity, Laura Ingraham, Maria Bartiromo, Stuart Varney, Neil Cavuto and Charles Payne appear outside News Corporation headquarters in New York on July 31, 2021.
Fox News co-host Tomi Lahren — who has made a name for herself in conservative media by cranking up her rhetoric with firebrand and often offensive takes — poured cold water on the significance of the decision.
Lahren agreed with McEnany, arguing that Democrats are "counting on low-information viewers and voters who are going to look at this and say abortion is now outlawed."
"I think that's why it's up to conservatives and Republicans to make sure we're getting the actual education out there and reminding people that that is not the case," Lahren added. "We're going to have to play an educational role, and historically, we've done a really bad job at that."
"Half the states roughly, half the states will permit abortions and half the states are going to severely restrict them," said former Trump economic adviser Larry Kudlow later on. "I don't know any states that will stop abortions. So people will be free to choose where they want to live, what state, what jurisdiction."
Conservative commentator and radio host Erick Erickson too argued that "nothing is actually going to change" on Twitter and his Substack.
"The reality is nothing is really going to change. People who want an abortion may have to travel further to get one. Overwhelmingly, people will still not be getting abortions."
While it's true that overturning Roe would not make abortion illegal nationwide, it would unleash a new wave of restrictions and bans virtually overnight, affecting tens of millions of Americans.
Currently, 13 states have so-called trigger laws that would heavily restrict or ban abortion if Roe fell, according to the Guttmacher Institute. Eighteen have unenforced, pre-Roe abortion bans or post-Roe restrictions currently blocked by courts that could be put back into effect. Still others, like Florida and Oklahoma, have passed restrictions or bans on abortion set to go into effect this summer.
Florida Gov. Ron DeSantis holds up a 15-week abortion ban law after signing it, Thursday, April 14, 2022, in Kissimmee, Fla
The Supreme Court overturning Roe would also free up the anti-abortion movement to pursue other more ambitious goals, like pushing Congress to enact federal bans or restrictions on abortion.
And depending on the language of the final ruling itself, the high court overturning Roe could set the stage for the court to erode other legal precedents related to privacy and civil rights.
Republican leaders in Congress also largely sidestepped the substance of the draft ruling, instead accusing "the Left," without evidence, for deliberately leaking the draft in order to undermine the court.
"You need to concentrate on the news of today," Senate Minority Leader Mitch McConnell said at a Tuesday press conference. "Not a leaked draft, but the fact the draft was leaked."
Senate Majority Leader Chuck Schumer delighted in the GOP's apparent squirming, likening his Republican counterparts to "the dog that caught the bus" at a Tuesday afternoon press conference.
"They spent decades trying to repeal Roe and now they won't even own up to it," Schumer said. "Their spin masters are telling them to avoid the subject, and they did."
More: SCOTUS SCOTUS leak Abortion Roe v Wade | 2022-05-03T21:44:19Z | www.businessinsider.com | Conservative Media Is Playing Defense, Downplaying Overturning Roe | https://www.businessinsider.com/conservative-media-reaction-to-scotus-overturning-roe-v-wade-leak-2022-5 | https://www.businessinsider.com/conservative-media-reaction-to-scotus-overturning-roe-v-wade-leak-2022-5 |
DisneyNow is a free streaming service for kids with popular shows from Disney's TV channels — here's how it works
A selection of what's available to stream on DisneyNow.
Disney Now
What is DisneyNow?
How can I get the DisneyNow app?
Is DisneyNow free?
Is DisneyNow the same as Disney Plus?
Can I bundle DisneyNow with Disney Plus?
What's better for kids — Disney Now or Disney Plus?
DisneyNow is a streaming platform for kids with shows from Disney Channel, Disney XD, and Disney Junior.
The service hosts many episodes for free, and cable subscribers can unlock new releases and live TV.
DisneyNow operates independently of Disney Plus, but Disney Plus hosts nearly all the same shows
DisneyNow Streaming Service
Free from DisneyNow
While Disney Plus has received lots of attention thanks to big Marvel and "Star Wars" premieres, Disney also operates a streaming app called DisneyNow that provides free ad-supported shows for young children, without requiring an account.
DisneyNow compiles shows from three different Disney networks: The Disney Channel, Disney XD, and Disney Junior. As the name suggests, Disney Junior focuses on content for kids five-years-old and younger, like "Doc McStuffins" and "Mickey Mouse Clubhouse." The Disney Channel is home to original series like "Big City Greens" and "Raven's Home." Disney XD has adventure series like "DuckTales" and action shows based on Marvel superheroes like "Big Hero 6."
In contrast, Disney Plus ($8/month) expands beyond those channels to offer a vast collection of classic Disney programming, animated films, and some content for older viewers. To help you decide if DisneyNow is a good fit for your family, we broke down all of the service's main features, as well as key differences between DisneyNow and Disney Plus.
Raven Symoné and the "Raven's Home" cast.
Disney Channel/Kelsey McNeal
DisneyNow is a companion streaming service for the Disney Channel, Disney XD, and Disney Junior networks, focusing exclusively on children's entertainment from those channels. The DisneyNow app also features a set of simple, kid-friendly video games based on Disney channel shows.
The service lets kids stream dozens of shows for free with ads, and also hosts the most recent episodes of Disney Channel originals like "Raven's Home" and "This Duckburg Life." That said, the most recent episodes require a pay-TV subscription to watch.
If you have a supported cable or satellite plan with access to Disney's TV networks, you can simply log in with your pay-TV account to unlock all of the service's content. TV subscribers can also use the DisneyNow app to live-stream Disney Channel, Disney XD, and Disney Junior.
DisneyNow functions independently of Disney Plus, the streaming service that hosts Disney's classic animated films and new movie releases from Disney studios like Pixar and Marvel.
An account isn't required to watch free episodes on the app but you can make a profile to follow frequently viewed shows and track viewing history. Unlike Disney Plus, the DisneyNow app does not support offline downloads.
Some of the free shows and movies available on DisneyNow.
DisneyNow has a selection of shows available to watch for free with ads. That said, to unlock all of the service's content and gain access to live streaming support for Disney Channel, Disney XD, and Disney Junior, you need to have an existing pay-TV plan with access to those channels.
You can find a full list of supported pay-TV cable and satellite providers on the DisneyNow website. You can also access locked episodes if you subscribe to Disney's TV channels through live streaming services like Sling TV, FuboTV, Hulu + Live TV, or YouTube TV.
DisneyNow does not have a standalone subscription option, so a pay-TV account is the only way to unlock the service's full library of shows and movies.
DisneyNow is an ad-supported streaming app specific to the Disney Channel, Disney XD, and Disney Junior networks, while Disney Plus is an ad-free streaming service that covers all of the studio's content, from classic movies to new Marvel shows.
That said, DisneyNow does have an edge over Disney Plus when it comes to new original shows from Disney's TV networks. If you have an authenticated pay-TV account, new episodes of Disney Channel original series are available to stream on DisneyNow before they arrive on Disney Plus.
DisneyNow also lets pay-TV members stream live feeds of Disney's TV networks. Meanwhile, Disney Plus only offers on-demand streaming.
DisneyNow cannot be bundled with Disney Plus and your accounts can't be linked between services. If you're already paying for Disney Plus, it includes nearly everything on DisneyNow, so you can watch the same shows and movies there for $8 a month.
What's better for kids — DisneyNow or Disney Plus?
Disney Jr.
DisneyNow is a safer choice for children under seven because it's entirely focused on kid-friendly content from channels they're likely familiar with. DisneyNow also offers a handful of free browser games for kids to play online if they're interested in something a bit more interactive than just watching a show.
Meanwhile, kids older than seven would probably be better served with Disney Plus, as it offers more variety and shows with more developed characters and stories. Disney Plus does feature more mature content from franchises like Marvel and "Star Wars," but you can implement parental controls to prevent young kids from watching anything inappropriate.
More: Disney Disney Now IP Streaming Insider Reviews 2022 | 2022-05-03T21:44:25Z | www.businessinsider.com | DisneyNow: Free Streaming Shows, App, How to Sign up | https://www.businessinsider.com/guides/streaming/disneynow-streaming | https://www.businessinsider.com/guides/streaming/disneynow-streaming |
A new tool lets you remove your personal information from Google searches — here's how to use it
Google can fetch a lot of information, including your personal data.
You can ask Google to remove your personal information from their search results using a new form.
Google will ask for examples of websites where your personal data appears, and will then review them.
You can ask Google to take down your phone number, address, bank details, and more.
It sometimes seems like Google knows everything. And while this is great for finding that one actor whose name you can never remember, it's a problem when your personal information gets leaked online.
Luckily, Google now offers a form you can fill out to get that personal information taken down.
How to ask Google to remove your personal information
In the past, Google would only scrub your personal information off the internet if you could prove that you were at immediate risk. Now, you can ask them to remove sensitive information even if you're not at immediate risk of doxxing or identity theft.
For Google to take action, the information you want removed needs to fit into one of these categories:
Confidential government identification (ID) numbers like U.S. Social Security Number, etc.
Bank account and credit card numbers
Pictures of your handwritten signature
Pictures of identifying documents
Medical records and other classified information
Personal contact information (phone numbers, home address, email addresses)
Login credentials
Pictures of anyone under 18 years old, even if they're not explicit
If they find a website that's hosting this sort of information, they won't take down the website, but they'll remove it from search results — either all search results, or just for searches that include your name.
Note that asking Google to take down your personal information doesn't mean that they definitely will. If they feel that the personal information about you online doesn't fit their categories, or has been shared through a "public record" like a news outlet or government agency website, they may decline your request.
Quick tip: You'll need to give Google the exact URLs of the sites that your information appears on — they won't do the search for you. If you're instead looking for a service that will both find and delete the personal information on your behalf, try DeleteMe.
When you're ready:
1. Head to this Google support page and click the blue Start removal request button near the bottom.
2. Use the page that appears to choose what you want Google to do with your information, and where it exists. The options you should choose are:
Remove information you see in Google Search
In Google's search results and on a website
No, I prefer not to.
Tell Google that you want to remove information from their search results.
3. Select the category that your personal information falls into. If you're trying to remove data from multiple categories, you'll need to fill out this form multiple times.
4. Once you've picked all the options, a new form will appear that asks for your full name, country, and email address. You'll also need to give the exact URLs of the websites that your information appears on, a link to the Google search that you can use to find your information, and screenshots of the information everywhere that it appears.
Depending on what you're trying to remove, you might also need to provide extra information, like your bank account details.
You’ll need to find the sites that show your personal information first.
5. Check off the box that asks for your electronic signature, and then click Submit.
As soon as you send your request, you'll get an email noting that Google's received it.
Over the next few days, Google will review the request and ask you for more information if they need it. Eventually, you'll get an email explaining either what Google did to remove your information, or why they rejected your request.
If your request gets denied, you can always re-submit it with more materials to back up your case.
TECH How to protect yourself from data breaches and what to do if your personal data is compromised online
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More: Tech How To Google Personal information Google Search | 2022-05-03T21:44:43Z | www.businessinsider.com | How to Remove Your Personal Info From Google Search | https://www.businessinsider.com/how-to-remove-personal-information-from-google | https://www.businessinsider.com/how-to-remove-personal-information-from-google |
How Fulton Bank works
Fulton Bank trustworthiness and BBB rating
Fulton Bank vs. KeyBank
Fulton Bank vs. M&T Bank
Fulton Bank review: Regional bank with a free checking account, and different types of CDs
Fulton Bank has 200 locations in Delaware, Pennsylvania, New Jersey, Maryland, and Virginia.
Fulton Bank; Savanna Durr/Insider
The bottom line: Fulton Bank could be a good fit if you're a resident of Delaware, Pennsylvania, New Jersey, Maryland, or Virginia who wants to open a free checking account. It also might be worth considering if you're searching for a variety of CD options.
Account Insider rating (out of 5)
Checking 4
Free checking account that reimburses some out-of-network ATM fees
Different types of CDs (regular CDs, a variable rate CD, and no-penalty CD)
Available only in DE, PA, NJ, MD, and VA
Monthly service fees on savings accounts
Fulton Bank Statement Savings Account
$25 online ($0 at branch)
Low or no minimum opening deposit
Over 200 locations and 230 ATMs in DE, PA, NJ, MD, and VA
To waive the $6 monthly service fee, you must be under the age of 25 or have a daily account balance of at least $100
Interest compounded daily, deposited monthly
The Fulton Bank Statement Savings Account might be adequate if you are under the age of 25 or can maintain a daily account balance of at least $100. That way, you won't have to pay a $6 monthly service fee.
Fulton Bank doesn't pay high interest rates on its savings accounts. If this is one of your main priorities, consider other banking options.
Fulton Bank Simply Checking Account
Up to 4 reimbursements from out-of-network ATM fees (maximum $10)
Overdraft protection that lets you link to a Fulton Bank account or apply for a line of credit
$12 overdraft transfer fee if you utilize overdraft protection
The Fulton Bank Simply Checking Account is a great checking account for avoiding common bank fees. It has zero monthly service fees and reimburses four transactions from out-of-network ATMs per month (up to $10).
The bank also offers overdraft protection to avoid paying a $39 overdraft fee — however, there's still a $12 overdraft transfer fee if you utilize it.
Fulton Bank Platinum Money Market Account
$1,000 minimum to earn interest
You must have at least $1,000 in your account to earn interest
Earn 0.05% APY if you have an account balance between $1,000 and $9,999
Earn 0.06% APY if you have an account balance between 9,999.01 and $24,999
Earn 0.07% APY if you have an account balance between 29,999.01 and $49,999
Earn 0.10% APY if you have an account balance between over $99,999.01
To waive the $15 monthly service fee, you must have a daily account balance of at least $2,500
While the Fulton Bank Platinum Money Market Account has a low minimum opening deposit, you'll need at least $1,000 in your account to earn interest.
Other financial institutions may also pay a higher interest rate, regardless of your account balance.
Fulton Bank Certificate of Deposit
Multiple types of CDs
CD terms range from 3 months to 6 years
Fulton Bank has a special 9-month no-penalty CD and 12-month variable rate CD
Early withdrawal penalties: For CD terms under 6 months, the penalty is all interest earned OR seven days of interest (whichever is more); For terms between 6 months and 3 years, the penalty is 102 days of interest; For terms longer than 3 years, the penalty is 12 months of interest
No early withdrawal penalty for no-penalty 9-month CD
Fulton Bank is a solid financial institution for opening a CD. It has more CD terms than other brick-and-mortar banks. You also have two special types of CDs to choose from — a variable rate 12-month CD and a no-penalty 9-month CD.
Be mindful of early withdrawal penalties, though, which may be high depending on the term.
Fulton Bank is a brick-and-mortar financial institution with over 200 locations and 230 ATMs in Delaware, Pennsylvania, New Jersey, Maryland, and Virginia.
To contact customer service, call on weekdays from 7 a.m. to 8 p.m. ET or on Saturdays from 8 a.m. to 3 p.m. ET.
Fulton Bank's mobile app has 4.5 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple store.
Bank deposits are FDIC insured, so you may safely keep up to $250,000 in an individual bank account.
Fulton Bank received an A+ rating. A good BBB rating isn't necessarily the be-all and end-all. Consider speaking with current customers or reading online customer reviews to see whether Fulton Bank might be a good match for you.
Fulton Bank has been involved in one recent public controversy. In 2020, the Securities and Exchange Commission required Fulton Bank to pay $1.5 million in a settlement that accused the bank of presenting flawed performance information in late 2016 and early 2017.
Fulton Bank and M&T Bank are brick-and-mortar banks available in the same states. Here's how the two compare.
DE, PA, NJ, MD, and VA
CT, DE, FL, MD, NJ, NY, PA, VA, WV, and Washington, DC
Savings account with several ways to waive the monthly service fee
Deciding between these two banks could likely come down to the accounts you'd like to open.
Fulton Bank might stand out if you are looking for a solid fee-free checking account. The Fulton Bank Simply Checking Account has zero monthly service fees and reimburses four out-of-network ATM transactions per month (up to $10).
M&T Bank has a variety of checking accounts , but all of them involve monthly service fees and out-of-network ATM fees.
For savings accounts, it might be a bit of a toss-up. Your preference may likely depend on how you manage your account.
M&T Bank waives the monthly service fee on the M&T Relationship Savings Account if you keep at least $500 in your account, open an M&T checking account, or make one monthly deposit. Fulton Bank lets you waive the fee if you're under the age of 25 or have a daily account balance of at least $100.
Fulton Bank vs. Citizens Bank
See how Fulton Bank stacks up to another regional bank on the East Coast: Citizens Bank.
CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA
Free checking account that reimburses on some out-of-network ATM fees
Checking account that reimburses some overdraft fees
Fulton Bank and Citizens Bank both offer compelling checking accounts.
The Fulton Bank Fulton Bank Simply Checking Account might be better if you frequently travel outside of the East Coast. Fulton Bank reimburses four out-of-network ATM transactions (up to $10) each month. Citizens Bank doesn't reimburse any out-of-network ATM fees.
The Citizens Bank One Deposit Checking Account could be a more appropriate choice if you are worried about overdraft fees.
The two financial institutions offer similar overdraft protection programs, but Citizens Bank also has a supplementary program for reimbursing some overdraft fees. Through Citizens Peace of Mind, the bank refunds overdraft fees on checking accounts if you deposit money into your account before 10 p.m. ET the next business day.
Is Fulton Bank a regional bank?
Yes. Fulton Bank only has locations on the East Coast. It serves residents in Delaware, Pennsylvania, New Jersey, Maryland, and Virginia.
What do I need to open an account at Fulton Bank?
You'll need a security number or ITIN number, and US ID. If you're opening an account online, a $25 minimum opening deposit will also be required.
Is Fulton Bank a good bank?
Fulton Bank is a good option if you're planning to open a checking account or CD at a brick-and-mortar financial institution.
If you'd like to open a savings account or money market account, you might find stronger accounts at other financial institutions. Fulton Bank may charge a monthly service fee depending on your account balance, and it pays a low interest rate.
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Fulton Bank CD | 2022-05-03T21:44:55Z | www.businessinsider.com | Fulton Bank Review: Free Checking Account, Variety of CDs | https://www.businessinsider.com/personal-finance/fulton-bank-review | https://www.businessinsider.com/personal-finance/fulton-bank-review |
Abortion advocates have expected the end of Roe for years: 'It has not gotten the priority that it should have'
Pro-choice groups have prepared for the end of Roe v. Wade for years.
A leaked Supreme Court draft decision portends the end of federal abortion protections.
Should that happen, abortion advocates and Democrats face years of difficulties to protect access.
A leaked draft of a Supreme Court opinion that would unequivocally abolish the constitutional right to an abortion in the US has prompted fear and outrage from Democrats and pro-choice advocates.
But the bombshell document has not drastically altered the long-term plans organizations at the forefront of the abortion movement such as Planned Parenthood and NARAL Pro-Choice America, who have been preparing for this scenario since the Trump presidency. Rather, the leak has confirmed their sense that the country is rapidly barreling towards a reality where millions of women will have no abortion access in their home states.
"We've anticipated this decision for several years," Alexis McGill Johnson, president and CEO of Planned Parenthood, told Insider during a media call on Tuesday.
If the Supreme Court issues a ruling as hostile to abortion rights as the draft opinion indicates, there's not much that abortion advocates can do in the near term to stop a wave of bans from going into effect across the country.
In states that have laws on the books that would automatically ban abortion if Roe v. Wade falls, "It is not an exaggeration to say this will stop reproductive healthcare and abortion in its tracks," said Noreen Farrell, executive director of Equal Rights Advocates.
"The courts will no longer be a safe haven for abortion access," Farrell said. "What you will see from pro-choice activists is incredible drive and innovation for other strategies."
But the game plan for doing so was only just beginning to take shape.
Pivoting from abortion clinics to abortion funds
Should the Supreme Court ultimately issue a decision that overturns Roe v. Wade, a number of states have laws on the books that would automatically ban abortion within their borders. At the same time, Democratic-controlled states are rushing to expand access to the procedure to anticipate a wave of patients from other states.
For years, abortion advocates have focused on keeping providers open in states hostile to abortion, and getting women to the limited facilities available in their state. Now, women are faced with the prospect of having to travel hundreds, if not thousands of miles to obtain an abortion.
Major pro-choice groups repeatedly underscored the need to invest in abortion funds during a call with reporters on Tuesday. Abortion funds are groups that provide financial assistance and often travel and logistical support for patients seeking care. They will likely play a greater role in helping women schedule and finance abortions if the procedure becomes unavailable in multiple states.
"We will do whatever we need to do to make sure that folks get access to abortion care that they want and they need," said Oriaku Njoku, Co-Founder and Executive Director, Access Reproductive Care (ARC)-Southeast. That included "providing abortion funding, and logistical support. And that is not going to change depending on what the laws are."
Abortion will be a midterms issue
Democrats had planned to make abortion a major issue before the draft opinion leaked. Now, they're seizing on the opportunity to galvanize their voters in what will likely be a tough election year.
Top Democrats like House Speaker Nancy Pelosi blasted out fundraising emails, and the Democratic National Committee texted its supporters soliciting donations.
The three major pro-choice political groups in the US — NARAL Pro-Choice America, EMILY's List, and Planned Parenthood Action Fund (the political arm of Planned Parenthood) — pledged on Monday that they were investing $150 million in midterms races in key battleground states like Georgia, Pennsylvania, and Nevada with the aim of electing pro-choice candidates to office up and down the ballot.
Former President Barack Obama called on Americans to "join with the activists who've been sounding the alarm on this issue for years — and act […] Vote alongside them on or before November 8 and in every other election."
Democrats are making the case that in order to protect abortion rights, voters should elect more of them to office and help them keep their majorities in the House and Senate. But there's limited action that Democrats can actually take in Congress right now.
At the federal level, legislation to protect abortion rights looks doomed upon arrival.
Democrats in Congress are calling for a federal law that would protect abortion rights, but with the filibuster in place, there's likely zero chance such a bill would be able to overcome a Republican blockade.
But real battles will happen in state legislatures
The real power to dictate abortion currently rests with state legislatures, and Democrats have historically underinvested in these races. Republicans now hold power over the governor's office and legislature in 23 states, while Democrats only hold these legislative trifectas in 14.
If the Supreme Court issues a decision similar to the draft leaked this week, the issue will be kicked back to states, making these races all the more important for Democrats.
"A lot of national organizations may have focused more on the federal fights instead of the state and local fights," said Atima Omara, a Democratic strategist who has worked with pro-choice groups.
Omara said that Democrats and pro-choice advocates needed to reframe their arguments to voters as an issue regarding their economic and physical freedom.
"There's definitely a sentiment that abortion has always been in the category of a social issue," said Omara. "Because of that it, has not gotten the priority that it should have."
More: Dobbs v. Jackson Dobbs v. Jackson Women’s Health Organization Abortion Roe v Wade | 2022-05-03T22:01:36Z | www.businessinsider.com | Abortion Advocates Have Expected the End of Roe for Years | https://www.businessinsider.com/democrats-pro-choice-groups-scramble-leaked-supreme-court-abortion-opinion-2022-5 | https://www.businessinsider.com/democrats-pro-choice-groups-scramble-leaked-supreme-court-abortion-opinion-2022-5 |
Donald Trump now owes NY AG Letitia James $80K as Appellate Court tells him to keep paying
Donald Trump had asked to stop paying a $10K-a-day fine for failing to turn over business documents to NY AG Letitia James.
On Tuesday, a Manhattan appellate judge said no, ordering him to keep paying even as he appeals the fine.
The fine — part of a lower court contempt order — will reach $90,000 on Wednesday.
Donald Trump must keep paying New York Attorney General Letitia James a $10,000-a-day fine for failing to comply with her subpoena for his personal business documents, an appellate judge in Manhattan ruled Tuesday.
Trump had asked the appellate court to quickly halt the fine while he appeals the lower court contempt order that set the mounting penalty, which as of Tuesday had reached $80,000.
In turning down that request — for now — Judge Tanya R. Kennedy said a full appellate panel would take up the question at an unspecified date.
"Interim application denied and the motion referred to a full Bench for determination," Kennedy wrote, without elaboration.
Tuesday's is Trump's second failed attempt to end the costly fine.
Last week, the lower court judge who set the fine, New York Supreme Court Justice Arthur Engoron, declined to accept a sworn, 1-page affidavit from Trump, who had offered it in hopes of reversing Engoron's contempt order.
The affidavit said only that Trump had no more documents to give to the AG's probe of his business, and that any remaining documents would be in the possession of the Trump Organization.
"I'm disappointed that Mr. Trump hasn't been more forthcoming," Engoron said during a virtual conference on Friday. "Where did he keep files? I'm assuming it wasn't all in his head?"
In his written opinion, Engoron called the affidavit "insufficient" due to its lack of details.
"Notably," the judge ruled, "it fails to state where he kept his files, how his files were stored in the regular course of business, who had access to such files, what, if any, the retention policy was for such files, and, importantly, where he believes such files are currently located.
Tuesday was an expensive day for Trump, as far as fines from Attorneys General go.
Earlier in the day, his real estate business, the Trump Organization, agreed to pay s $750,000 fine to settle a lawsuit brought by the AG in the District of Columbia, Karl Racine, who has alleged that in 2017, his inaugural committee paid vastly inflated fees to his Trump International Hotel. | 2022-05-03T23:15:28Z | www.businessinsider.com | Donald Trump Now Owes NY AG Letitia James $80,000 | https://www.businessinsider.com/donald-trump-now-owes-ny-ag-letitia-james-80000-2022-5 | https://www.businessinsider.com/donald-trump-now-owes-ny-ag-letitia-james-80000-2022-5 |
GoldenTree's COO was ousted after making "disgusting sexual comments," getting a subordinate pregnant, and lying about it, court papers reveal
Jack Newsham and Bradley Saacks
GoldenTree Asset Management founder Steven Tananbaum speaks at the 2019 Milken conference.
Michael Kova/Getty Images
William Christian led operations at the $47 billion asset manager for more than a decade.
He sued the firm today to collect $1.2 million that an arbitrator found he was owed.
But the arbitrator also described an investigation that found Christian engaged in misconduct.
The former chief operating officer of GoldenTree Asset Management was pushed out after the company uncovered a string of offenses, including impregnating a lower-level employee pregnant and lying about it, according to new court papers.
William Christian, who was in the C-suite at the $47 billion asset manager from 2004 until 2020, was also found to have mistreated his assistants, to have falsified expense reports, and to have made "disgusting sexual comments" and "frequent and gratuitous insults," according to court papers filed Tuesday.
Christian and GoldenTree went to arbitration following his 2020 departure from the firm, with Christian saying he was owed $5 million and GoldenTree seeking to claw back $13 million. Those hearings were private, but the findings were entered into the public record on Tuesday when Christian sued GoldenTree over the $1.2 million he was awarded.
According to the court papers, GoldenTree claimed that Christian took the subordinate he impregnated to Madrid for no business purpose, and expensed dinner with her to the company — one of at least 15 times he billed inappropriately for meals.
Their relationship seemed to be common knowledge within the firm: The woman's immediate supervisor testified that he felt he couldn't discipline her because of her relationship with Christian, who was higher up in the firm than her boss, according to the award.
While the woman was said in court papers to have been fired for lying during the investigation, Insider isn't naming her because of her relatively junior role at GoldenTree. She didn't respond to a request for comment.
GoldenTree didn't immediately respond to a comment request. Christian could not be reached and his lawyers didn't respond to requests seeking comment on Tuesday.
Beyond the relationship with a lower-level employee, Christian was known to make "disgusting sexual comments," according to Mike Segall, the arbitrator hearing Christian's pay dispute.
"Christian subjected employees to in-person meetings and conversations while his pants were pulled down to his ankles," claiming that he "needed to ice his knees," Segall wrote.
The former exec also "showed at least one subordinate a picture of his exposed genitals," the decision said, and "admitted turning on pornography at least briefly on a television in a hotel room full of GoldenTree employees."
He also violated company policy by asking an assistant to buy biking gear for him on what appeared to be a porn website. "In sum, he created a hostile work environment," Segall wrote.
Christian would have been owed more except that Segall reduced his award by more than $200,000 to pay the company back for money Christian spent on a storage locker for his personal use, court documents said.
Christian's lawyer Adam Russ of Wasser & Russ filed the award, which included details of GoldenTree's internal investigation, as an exhibit in his lawsuit.
GoldenTree, led by billionaire founder Steven Tananbaum, has more than 250 employees and has been investing in the credit markets since 2000. The firm's website notes its commitment to the "professional growth" of women via its internal group called Golden Gals.
Among the charities the firm said it has donated to are women-in-finance-focused organizations including 100 Women in Finance, Girls Who Invest, and Encouraging Women Across All Borders.
More: Lawsuits Hedge Funds GoldenTree Asset Management
Steven Tananbaum | 2022-05-03T23:41:32Z | www.businessinsider.com | GoldenTree's Former COO Bill Christian Ousted for Impregnating Coworker | https://www.businessinsider.com/goldentrees-former-coo-bill-christian-fired-for-impregnating-coworker-2022-5 | https://www.businessinsider.com/goldentrees-former-coo-bill-christian-fired-for-impregnating-coworker-2022-5 |
A video shows Sen. Elizabeth Warren furious about the leaked memo regarding Roe v. Wade.
A leaked Supreme Court opinion showed that the five conservative judges oppose the law.
"The Republicans have been working toward this day for decades," Warren said on video.
A video taken on Tuesday showed Sen. Elizabeth Warren fuming over a leaked Supreme Court opinion written by Justice Samuel Alito which appeared to show that the Supreme Court's conservative judges have lined up to overturn Roe v. Wade.
The 1973 Supreme Court decision codified the right to an abortion into law, but the memo leaked by Politico on Monday showed that the court's five conservative judges all shared their opposition to the law in February.
A furious Warren ripped into the lawmakers who approved the conservative judges while speaking with reporters on Tuesday, appearing shaken with anger as an aide helped escort her away from the courthouse.
"The Republicans have been working toward this day for decades," Warren said in the video. "They have been out there plotting, carefully cultivating these Supreme Court justices so they could have a majority on the bench who would accomplish something that the majority of Americans do not want."
—Willy Lowry (@willy_lowry) May 3, 2022
In the video, Warren referred to polling showing that 69% of Americans do not want to overturn Roe V. Wade. One reporter in the video told Warren that "I have never seen you so angry."
"I am angry and upset and determined. The United States Congress can keep Roe v. Wade the law of the land. They just need to do it," Warren said. "We need to do that and we have a right."
"We've heard enough from the extremists," she added as a pro-life protestor began to shout over her.
"The Republican-appointed Justices' reported votes to overturn Roe v. Wade would go down as an abomination, one of the worst and most damaging decisions in modern history," the two top Democrats said in their joint statement.
More: Elizabeth Warren Roe v Wade Roe v Wade leak Abortion | 2022-05-04T02:12:55Z | www.businessinsider.com | Video Shows Shaken Elizabeth Warren Fuming Over Roe V. Wade News | https://www.businessinsider.com/video-shows-shaken-elizabeth-warren-fuming-over-roe-v-wade-news-2022-5 | https://www.businessinsider.com/video-shows-shaken-elizabeth-warren-fuming-over-roe-v-wade-news-2022-5 |
Facebook has put a freeze on hiring certain engineers as CEO Mark Zuckerberg trims spending and focuses more on moving existing staff around inside the company
Mark Zuckerberg, via video, speaks at a conference on March 15, 2022 in Austin, Texas.
Mark Zuckerberg has said higher employee attrition will ultimately make Facebook a better company.
The company recently trimmed spending plans by several billion dollars.
Hiring pauses are rare for the social-media giant.
Facebook has implemented a freeze on hiring certain engineers as the social-media giant trims spending plans and reorganizes around new priorities, according to people familiar with the situation.
Beginning last month, Facebook, now called Meta, paused hiring for engineers at levels termed E3 and E4, said the people. They asked not to be identified discussing sensitive topics. An E3 engineer is considered entry level at the company. An E4 is more mid-level.
A message about the freeze from a Meta technical program manager, a copy of which was seen by Insider, said it was a result of the company "hitting 'quotas'" for the year for E3 and E4 level engineers. The message did not say if such quotas were the same as previous years, but noted the company was still hiring senior engineers and engineering managers.
A worker from Amazon also told Insider that they were interviewing at Meta in recent weeks and in the middle of the process a recruiter suddenly said a hiring freeze had been implemented. Another person familiar with the company's hiring practices said several engineers have had interviews dropped recently, with a hiring freeze cited as the reason.
Facebook didn't respond to multiple requests for comment on Tuesday.
Such pauses are rare for the company. The last one happened near the beginning of the COVID-19 pandemic, a worker there at the time said. It was put in place due to an inability to train people outside of offices and was short-lived.
Last week, Facebook said it planned to reduce expenses this year to no more than $92 billion, down from a previous outlook of $95 billion. Its stock is down almost 40% this year so far, and other tech stocks have also taken a beating. A few other companies in the sector have also ratcheted back hiring plans this year. DoorDash's CEO told staff last month that the company planned to slow headcount growth. Google Cloud has also cut jobs recently.
This freeze is surprising, insiders said, because Facebook has been so vocal about hiring new people as it makes the risky and expensive shift to building "the metaverse."
One worker who recently left the company said such pauses, or "quiet freezes," are usually not aimed at mid-level engineers, as these typically positions with the most work to be done and higher turnover.
Tech employees | 2022-05-04T03:47:08Z | www.businessinsider.com | Facebook Freezes Hiring Certain Engineers As Zuckerberg Trims Spending | https://www.businessinsider.com/facebook-freezes-hiring-certain-engineers-as-zuckerberg-trims-spending-2022-5 | https://www.businessinsider.com/facebook-freezes-hiring-certain-engineers-as-zuckerberg-trims-spending-2022-5 |
JD Vance, a Republican candidate for US Senate in Ohio, shakes hands with former President Donald Trump during a rally.
JD Vance's win in Ohio is a signal that Trump's sway over the GOP's base remains unshaken.
Vance clinched a win over rival Josh Mandel in the GOP's race despite trailing in polls in March.
Vance is one of many Trump-backed candidates who have found success in the GOP's primaries.
Republican JD Vance's primary win in Ohio displayed the power of a highly sought-after Trump endorsement in moving the needle on vital GOP races.
On Tuesday, Vance was declared the winner in Ohio's Republican primary with 32% of the vote, clinching the nomination to run as the GOP candidate for an Ohio Senate seat over rival Josh Mandel.
Vance's clinching the nomination was also widely viewed by analysts as a good measure of whether Trump's backing of a candidate still matters and the extent to which the former president still affects Republican voters.
In March, Vance was trailing in the polls with warnings — even from a super-PAC supporting him — of what seemed to be an impending loss. But Vance quickly moved up in the polls after a clutch Trump endorsement.
Local officials urged Trump not to endorse Vance, encouraging him to pick another candidate in the race. Trump himself suffered some blowback from the Vance endorsement, even among his diehard right-wing base, particularly in light of how he seemed to overlook Vance's previous comments about him.
Vance has a well-documented history of criticizing Trump. In one exchange with his former college roommate, Vance said he thought Trump could be "America's Hitler."
Vance's win appears to indicate that Trump's backing matters.
"MAGA is alive and well, and the GOP best take notice and finally understand where the people are," tweeted Donald Trump Jr., the president's son, after Vance's win.
"Anybody who dismisses Donald Trump as not a major factor in the party is crazy," Dave Carney, a veteran national Republican consultant, told NBC News.
"When Trump endorsed Vance, on April 15, Vance was third at about 10%, behind Mandel and Gibbons each at 21%," tweeted political commentator Bill Kristol, the director of advocacy organization Defending Democracy Together.
"Without Trump's endorsement, Vance almost certainly stalls out at 10% and finishes fourth. When Trump talks, Republicans listen," Kristol added.
Trump has recently endorsed what the GOP might view as risky candidates like Vance and Dr. Mehmet Oz, with advisers fearing that a high-profile loss of a desired Trump candidate would call into his question his image as the Republican kingmaker.
The former president has not shied away from doling out endorsements. According to Ballotpedia, Trump has made 160 endorsements since leaving office.
However, some of the candidates he's backed have struggled in their races, like Georgia gubernatorial candidate David Perdue and Alabama Senate hopeful Rep. Mo Brooks. Trump, however, rescinded his endorsement of Brooks when the congressman began flagging in his Senate bid, saying he "went woke."
The former president has also claimed credit for high-profile wins by GOP figures, including Glenn Youngkin's gubernatorial victory in Virginia. Youngkin did not campaign with Trump and seemed to keep his distance from the former president. However, that didn't stop Trump from endorsing Youngkin and crediting his November win to "MAGA voters."
Vance is now slated to face off against Democratic candidate Tim Ryan. Both are seeking to replace GOP Sen. Rob Portman, who is retiring from office.
More: JD Vance Ohio Trump endorsement | 2022-05-04T06:51:55Z | www.businessinsider.com | JD Vance's Ohio Win Shows Trump's Sway Over GOP Base | https://www.businessinsider.com/jd-vances-ohio-win-shows-trumps-sway-over-gop-base-2022-5 | https://www.businessinsider.com/jd-vances-ohio-win-shows-trumps-sway-over-gop-base-2022-5 |
Gen Z investors are starting to re-shape stock and crypto markets. They're savvier than you might think — and some are even influenced by Warren Buffett, according to a new report
Gen Z investors are using platforms like Coinbase and Robinhood to start trading much earlier than previous generations.
They embraced value and dividend stocks over the last quarter, according to a new report.
Many Gen Z investors hold cryptocurrencies and meme stocks, but they're also subtly influenced by legendary figures like Peter Lynch and Warren Buffett.
59% of Gen Z investors are willing to admit that they've traded while drunk — but the group still outperformed the S&P 500 over the last year, according to a new report.
Apex Financial Solutions surveyed nearly 4 million Gen Z trading accounts to find out the cohort's top 100 stocks, as well as their outlook on cryptocurrencies and legendary investors like Warren Buffett.
"Until five years ago, this class of investor had never existed, because there weren't platforms that enabled them to invest," Apex's chief executive Bill Capuzzi told Insider in a recent interview. "But platforms like Coinbase and Robinhood have broken a platform and now Gen Z are starting their investing lives early."
Bank of America also highlighted the rise of Gen Z as a key theme that all investors should be watching.
"Gen Z aren't kids anymore - they're leaving university, getting jobs, and integrating themselves into the economy," the bank's head of global thematics investing Haim Israel told Insider in a recent interview. "In five or six years' time, they'll have changed everything."
Many associate Gen Z investors, the majority of whom are younger than Google, with high-upside growth and tech stocks.
But while the younger generation are more likely to favor these stocks than Baby Boomers and Gen X, they pivoted towards value over the past quarter, according to Capuzzi.
"The younger generation are certainly more aggressive than older investors, with portfolios skewing towards growth," he told Insider. "But there was a flight to safety for Gen Z during the last quarter."
Stock markets have been volatile in the first four months of 2022, with inflation, interest rate rises, and war in Ukraine all causing significant uncertainty. That's encouraged Gen Z investors to target energy stocks, which have also benefited from crude oil's surge above $100 barrel.
"Energy stocks went up pretty significantly as war in Europe propelled oil to new highs," Capuzzi said. "It's pretty striking to have this young cohort buying Chevron or ExxonMobil. It shows that they're savvy and that they have access to information."
Exxon rose 34 places to become the 27th-most held stock by Gen Z investors, according to Apex's report. Chevron was up 76 places to rank 49th.
Gen Z have also embraced stocks like Coca-Cola, Costco, and Pepsi because they pay out regular dividends, according to Capuzzi.
"Some of their top holdings were dividend-payers last quarter," he said. "They're rotating away from pandemic high-flyers, and from meme stocks, into value investments."
Apex's fintech platform supports around 4.5 million crypto-enabled trading accounts and Capuzzi said Gen Z is unlikely to share older generations' skepticism for this asset class.
"They view crypto as just another asset, a way to generate yield," he said.
But Gen Z are also likely to take a savvier approach to crypto than many might expect, according to Capuzzi. He said they invest the majority of their funds into the larger-cap tokens bitcoin and ethereum - and are shifting out from "meme tokens" like dogecoin.
"The two big names are bitcoin and ethereum, then it tails off significantly from there," Capuzzi said. "Gen Z are smart — they're not just turning up and piling all their savings into dogecoin."
Influential investors
Even if they haven't realized it yet, Warren Buffett has had a significant impact on Gen Z investors. Capuzzi said that many of the accounts tracked by Apex appear to adhere to the 91-year old's "buy and hold" strategy.
"If you look at our index quarter-to-quarter, there's always a lot of consistency," he said. "For me, that speaks to the ideals of Buffett and Charlie Munger, and buying and holding stocks."
The value-driven Buffett would likely disapprove of Gen Z's love for AMC Entertainment and GameStop, which both made their top 10 most-held stocks. But Capuzzi said this likely reflected the ideals of another legendary investor. Peter Lynch, who averaged a 29% yearly return managing Fidelity's Magellan Fund, argued it's important to "invest in what you know".
"Peter Lynch told people to invest in what they believed in," Capuzzi said. "That's why boomers love IBM, Procter & Gamble, and Pepsi - they're companies they grew up with."
"And for the same reason, Gen Z loves stocks like Snapchat and Apple," he added. "Meme stocks fit into that investing outlook as well." | 2022-05-04T09:58:02Z | www.businessinsider.com | How Do Generation Z Invest? Stocks, Crypto, and Warren Buffett's Role | https://www.businessinsider.com/how-do-generation-z-invest-stocks-crypto-outlook-warren-buffett-2022-5 | https://www.businessinsider.com/how-do-generation-z-invest-stocks-crypto-outlook-warren-buffett-2022-5 |
Cathie Wood and a trio of top value investors share their best investing ideas and advice — and debate whether innovative stocks are set for 'explosive growth' or are in a bubble
ARK Invest founder Cathie Wood spoke at the Milken Institute Global Conference in Los Angeles on Monday, May 2, 2022.
Four top investors gathered at a panel at the Milken Institute Global Conference to share advice.
Cathie Wood of ARK Invest had wildly different views from the three hedge fund managers.
Wood and Steve Tananbaum of GoldenTree Asset Management revealed their top investment ideas.
In recent years, investors have gone from "partying like it's 1999" to panicking like it's 2008.
The technology-heavy Nasdaq Composite just had its worst month in 14 years and is down 20% in 2022. And it's not just tech stocks that have gotten crushed as inflation surges and the Federal Reserve starts to raise interest rates. The broad-based S&P 500 is down 12.6% this year.
To help investors navigate a difficult market, four well-respected investors joined former financier Michael Milken at the 25th annual Milken Institute Global Conference in Los Angeles and shared their top investing ideas and advice in a late-morning session on Monday, May 2. Insider attended the event virtually via a video livestream.
Panelists included a trio of value-oriented hedge fund managers — Steve Tananbaum, the founding partner and CIO of GoldenTree Asset Management; Tony Yoseloff, the executive managing member at Davidson Kempner Capital Management; and Josh Friedman, the co-founder and co-CEO of Canyon Partners — as well as Cathie Wood, the founder, CEO, and CIO of ARK Invest.
Top investing advice from 3 hedge fund moguls
Tananbaum, the GoldenTree CIO, highlighted value opportunities for debt in emerging markets — specifically Ecuador and Argentina — and in the retail and offshore drilling industries.
Emerging markets are economically sensitive, so it's no shock that the increasingly murky growth outlook for the global economy — as reflected by the International Monetary Fund's decision to cut its 2022 GDP forecast from 4.4% to 3.6% — has hurt sentiment for the group.
Steve Tananbaum, GoldenTree Asset Management via a screenshot of a webinar during the Milken Institute Global Conference
But despite those macro concerns, Tananbaum said that markets in Ecuador and Argentina are brimming with opportunity. Debt for those Latin American countries is far too cheap and doesn't reflect their improving fundamentals and political situations, the hedge fund manager said.
Meanwhile, Tananbaum said offshore drillers have "a lot of upside" with oil prices and energy exploration set to boom for years.
Tananbaum also issued simple advice to investors: seize opportunities as markets seesaw.
"Whenever you have volatility , the way I conceptualize it is a difference of opinion, and a difference of opinion provides opportunity," Tananbaum said. "So there's a lot of volatility now. I expect it to continue — if not increase — and that's going to provide a lot of opportunity."
Yoseloff of Davidson Kempner — a hedge fund that Milken noted has a sterling track record — stressed the importance of having an "all-weather" portfolio that uses both value and growth stocks to make money in any market environment.
The hedge fund manager said his key to success has been buying assets "that are broken or troubled or out of favor" and then fixing them. However, Yoseloff warned that not all broken businesses can be fixed, and it takes wisdom to know if a dip is really a falling knife.
"The reality is, if you're wrong on timing, you could be wrong on timing for a really long time," Yoseloff said.
Canyon Partners' Friedman shared Yoseloff's cautious sentiment about dip-buying.
"Just because a valuation is down 70% doesn't mean it's a good buy," Friedman said.
Friedman continued: "You have to take a company where it is today and look at the business prospects. And is there some kind of transparency into the sustainability of the business model and the size of the moat in a world of massively changing technology? And this is hard, but you can't just look at the price and say, 'It used to be X, and now it's Y; therefore, we're at the bottom."
Wood's ARK Invest swims against the tide — again
Wood has never been afraid to go against the consensus. The ARK Invest founder rose to fame as her successful bets on speculative growth stocks led her flagship fund to a 150% return in 2020.
But at Monday's panel, when juxtaposed with a trio of value-minded hedge fund managers, Wood couldn't have stood out any more.
Though her once-high-flying ARK Innovation ETF (ARKK) has been nearly cut in half this year, Wood is doubling down on her innovation-at-all-costs investment thesis. She believes that her contemporaries are wrong, and it's the S&P 500 — not her portfolio — that's in a bubble.
"Consider the source," Wood said with a laugh when asked to share her investing advice, "but I truly believe that most investors are short innovation — true innovation. We do not own one of the tech stocks in the S&P 500."
Instead, Wood is betting on hyper-aggressive growth stocks that she said fit into five themes: artificial intelligence, energy storage, robotics, DNA sequencing, and blockchain technology.
Cathie Wood, ARK Invest via a screenshot of a webinar during the Milken Institute Global Conference
"We are on the cusp of some of the most provocative growth opportunities, which will also cause a lot of chaos," Wood said. "It'll feel very chaotic out there because these same platforms are going to cause a lot of creative destruction in the traditional world order."
These so-called "explosive growth opportunities" aren't far-off pipedreams, in Wood's view. Instead, she believes that they're set to boom soon as their businesses mature and costs fall.
"Many people think this is a replay of the internet," Wood said, referencing the tech bubble of the early 2000's. "You can see how that was a big false start back there. This is the real deal. These technologies are ready for prime time. The technologies themselves — the costs are falling dramatically."
Wood added: "It's all coming together, and truth will win out."
Despite the lackluster performance of her funds, which has inspired anti-ARK doppelgangers, Wood's message is still resonating with investors, who continue to funnel money into her funds.
Her fellow panelists, however, remain skeptical that growth stocks, like those Wood favors, can command sky-high earnings multiples as the Fed rapidly tightens its monetary policy.
Most investors have never experienced a sustained period in which interest rates rise, Friedman said, adding that asset classes across the board have in recent years gone from "extreme negative optionality" — or an unfavorable risk-reward setup — to a time of positive optionality. That means that investors have more alternatives and don't have to chase risky growth stocks.
"When you're in a negative optionality market where there's nothing but downside because multiples are super high, because there are SPACs printed five times a week, because speculative-grade companies that don't have any particular visible model that will ever take them to earnings that you can figure out without just maybe flipping a coin, those things are getting multi-billion dollar valuations — the froth is kind of apparent," Friedman said.
Meanwhile, Tananbaum said he's interested in blockchain technology, but didn't seem convinced by Wood's call to action that now is the time to hop on board with ARK's investments.
"A lot of what Cathie was talking about is real creative destruction and hope versus reality," Tananbaum said. "And usually hope — at least in my experience with different innovations, disruptive innovations — hope gets valued higher than reality. And during the reality stage, you see a lot of underperformance."
Tananbaum continued: "In a lot of instances, it's going to be successful. The issue really is timing. You look at payment processing; you look at DeFi. It's just, when is it going to happen? I don't think, the question isn't 'whether' — it's 'when.'''
More: Investing how to invest how to invest 2022
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ARKK stock
Steve Tananbaum
Steve Tananbaum GoldenTree Asset Management
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Tony Yoseloff Davidson Kempner Capital Management
Canyon Partners
Josh Friedman Canyon Partners | 2022-05-04T09:58:14Z | www.businessinsider.com | How to Invest Now: Cathie Wood, Top Hedge Fund Managers Share Advice | https://www.businessinsider.com/how-to-invest-cathie-wood-milken-conference-tananbaum-yoseloff-friedman-2022-5 | https://www.businessinsider.com/how-to-invest-cathie-wood-milken-conference-tananbaum-yoseloff-friedman-2022-5 |
Happy Wednesday readers. There's a new development in Russia's precarious debt situation. Today we're breaking it down.
Vladimir Putin's Russia managed to avoid default on Tuesday.
1. Once again, Russia narrowly avoided a default. Vladimir Putin's warring nation just missed a historic foreign debt default Tuesday as bondholders began receiving payments.
An international clearinghouse processed the payment on Russia's 2022 and 2042 dollar-denominated bonds on Monday, a source told Insider. What's more, Bloomberg reported that three investors said they received their payments yesterday — a single day before Russia's 30-day grace period would have concluded.
Market prices had suggested a default was all but certain in early April, but so far it hasn't happened.
But Russia's economy continues to take a beating. Energy giant BP said Tuesday that it has purged its European refineries of Russian oil, and expects to be rid of most long-term contracts with the Kremlin by 2023.
Scores of Western brands have shunned business deals with Moscow, and BP's CEO noted that he expects 2 million barrels a day to disappear as existing sanctions kick in this month.
Early Wednesday, the EU put forward proposals for a total ban on Russian oil imports, which included cutting out crude within six months. It comes after Germany had previously warned that a sweeping Russian oil embargo would damage Europe's economy.
2. US futures rise early on Wednesday. Investors are bracing for the Fed's critical decision on interest rates. See the latest market moves.
3. Earnings on deck: Allstate, Alamo Group, and Etsy Inc, all reporting.
4. Goldman Sachs said investors should target these specific stocks thanks to their above-average dividend growth. The firm's chief US Equity Strategist noted that these companies' returns get even stronger over time — see his 14 stock picks.
5. Elon Musk told investors he could take Twitter public again in as little as three years. As per the WSJ, Musk — who is in the process of taking Twitter private in a $44 billion deal — has already told investors they could soon cash out through a public offering.
6. Bitcoin's sustained breakdown below $40,000 indicates a bearish long-term trend, according to Fairlead's Katie Stockton. The top analyst said there's room for further downside in the coming months — and warned of a 29% sell-off.
7. Billionaire trader Paul Tudor Jones said investors should focus on preserving capital right now instead of turning to the market. The hedge fund manager told CNBC that the "most important thing" investors can do now is save their money: "Clearly you don't want to own bonds or stocks."
8. FTX's Sam Bankman-Fried just hosted an exclusive crypto conference in the Bahamas. Passes cost upward of $3,000, and splashy figures like Bill Clinton and Tom Brady attended. Here's an inside look at the expensive multi-night affair.
9. This 43-year-old averaged over $100,000 a month in income from her short-term-rental business last year. Myrline St. Hubert shared the types of units she started with, the areas she leased, and how she got started after suddenly losing her job.
Madison Hoff/Insider, data from Bureau of Labor Statistics
10. Job openings hit a record high in March as businesses continue to struggle finding staffers. Wednesday's JOLTS data showed that job openings reached a record 11.5 million in March, above the forecast of 11 million. Here's why the labor shortage continues to barrel onward.
Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.) Edited by Hallam Bullock in London. | 2022-05-04T10:41:28Z | www.businessinsider.com | 10 Things Before the Opening Bell: May 4 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-4-2022-5 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-4-2022-5 |
Labour leader Sir Keir Starmer is embroiled in the so-called "Beergate" saga.
Keir Starmer has become embroiled in a scandal of his own, after saying Boris Johnson should resign.
Tory MPs are calling for police to investigate "beergate" after Labour's response shifted as more evidence emerged.
MPs fear it could exacerbate apathy at the polling stations, with local elections taking place Thursday.
A little under a month ago, Labour leader Keir Starmer made his boldest move yet. As Boris Johnson and Rishi Sunak both received fines for attending a lockdown-busting birthday party for the prime minister, Starmer told the pair they had to go.
"They must both resign," the rival politician said back in April. "The Conservatives are totally unfit to govern. Britain deserves better."
However since then, Starmer has become mired in a row over his own attendance at an event that critics say broke the rules.
Now "beergate," as it has become known, has the potential to be even more damaging for Labour, just as the leader was showing sustained progress in the polls.
In January pictures emerged of Starmer drinking a beer during the Hartlepool by-election campaign on April 30, 2021. At the time, England was under 'step two' COVID rules, preventing people from socializing outside their household or support bubble.
Starmer has insisted throughout that it was a "work event," and that the picture and video that later emerged were taken while he and the rest of his campaign team were taking a break from work in City of Durham MP Mary Foy's office.
Speaking to the BBC Tuesday, the Labour leader said: "The police looked at this months ago and came to a clear conclusion that was 'no rules were broken,' and that's because no rules were broken."
He added: "We were working in the office, it was just before elections, we were busy, we paused for food … there was no party, no rules were broken, that is the long and the short of it."
Why has it become an issue now?
Starmer has been accused by Conservative politicians of hypocrisy.
REUTERS/Toby Melville/File Photo
The Conservative MP for North West Durham Richard Holden has accused Starmer of hypocrisy, and lying, as he called for the local police to look again at the incident.
"Does anyone really believe that 30 people drinking beer and tucking into curry at 10pm on a Friday is a work meeting?," he tweeted, referencing reports from The Sun that an Indian takeout meal was also ordered.
"What's good enough for Boris Johnson and people in the rest of the country is good enough for Keir Starmer."
Holden told LBC radio that Starmer, a former director of public prosecutions, should face the same scrutiny as others, saying: "I am just asking for equality in the law."
"Labour's story has changed over the last few months since the police first looked at this. First of all Angela Rayner … wasn't there, now she definitely was but only because newspapers provided evidence of that.
"The students who did the video have said they want to give statements, so I think what we need now is a proper investigation — something Keir Starmer has hammered on about for month after month after month."
—Richard Holden MP (@RicHolden) April 27, 2022
Nadine Dorries, the culture secretary and one of Johnson's most vocal supporters, has joined calls for the police to investigate.
"Did all 30 really go back to work after they finished their biryanis [a type of curry]? If not, they have breached the rules and police should investigate," she said.
Clash of Durham MPs
Labour's Mary Kelly Foy – the City of Durham MP in whose office Starmer was picture drinking a beer – is accused of having verbally abused Holden at a bar in parliament over the row.
In a statement, Holden said he had accepted a "wholehearted apology from Ms Foy," who he said had "unprovoked … drunkenly approached, berated and grabbed me."
A Labour source told The Independent there had been a "bit of back and forth about politics generally," but confirmed Foy had apologised "in good faith".
How damaging could 'beergate' be for Keir Starmer?
With local elections across England on Thursday, the Tories are trying to push the argument that Starmer is just as bad as Johnson — if not worse.
But the latest polling suggests that it hasn't cut through to the extent they'd like to see.
A YouGov survey has found that "beergate" hasn't changed the dial: 42% of respondents said they believed Starmer had generally abided by COVID rules, while 70% said Johnson generally didn't.
—YouGov (@YouGov) May 3, 2022
But Starmer has a bigger problem about connecting with the public as he looks to rebuild trust following the 2019 election, in which voters turned away from his predecessor Jeremy Corbyn.
The Sun and the Mail both put the story on their front pages again today — the Mail for the seventh day in a row — reaching the kind of Red Wall voters that Starmer needs if he is going to turn his party's fortunes around.
While Starmer attempts to win back former voters, he is struggling with a fractious party and ebbing union support.
MPs on both sides have told Insider they believe "beergate" has the potential to be damaging for Labour, but rather than encouraging voters to opt for the Tories under Johnson, high voter apathy is forecast.
One Tory MP said turnout at the local elections could be as low as 20% as the electorate take a "plague on both houses" attitude.
While partygate has undoubtedly hurt the Tories, the party has already been on damage limitation footing, highlighting the usual mid-term slump and playing down the prospect of success in cities like London.
With current polling suggesting a big win for Labour, anything less than a gain of 800 seats in the locals would be seen as a failure, MPs told Insider.
"We know Labour MPs saying they have apathy on the doorstep too. But Starmer has to win 800 seats in a couple of days, so the pressure will turn back on him."
More: News UK Keir Starmer Boris Johnson | 2022-05-04T10:41:40Z | www.businessinsider.com | 'Beergate': How Keir Starmer Became Mired in His Own Partygate Row | https://www.businessinsider.com/beergate-how-labour-keir-starmer-mired-partygate-row-boris-johnson-2022-5 | https://www.businessinsider.com/beergate-how-labour-keir-starmer-mired-partygate-row-boris-johnson-2022-5 |
A Sovcomflot vessel moored at the Murmansk Marine Station to serve Sakhalin-2 oil and gas platforms.
A big Russian shipping firm wants to sell a third of its ships ahead of sanctions, per Lloyd's List.
The EU and UK have given banks until May 15 to cut ties with Sovcomflot.
Sovcomflot is in talks to sell 40 out of its 121 ships to buyers in Dubai and China, a source said.
Russian shipping firm Sovcomflot is planning to sell up to one-third of its vessels to pay back loans before Western sanctions come into effect, Lloyd's List reported on Monday.
Sovcomflot has been in negotiation talks with clientele from Dubai and China about selling at least 40 of its 121 ships, a senior industry official familiar with the deals told Lloyd's List.
The European Union and the UK have imposed various sanctions against Russia — one details that banks must cut all transactions to Sovcomflot after May 15. The shipping giant has to send all unpaid loans to the relevant banks and financiers before May 15.
This has prompted Sovcomflot to put around a third of its vessels on the market, Lloyd's List reported.
"All banks and charterers have until May 15 to actually terminate the contracts, which means Sovcomflot has a very short window to pay back the loans and realistically there is only one way it can do that and that is to sell the ships," a senior banker, who is negotiating terms with Sovcomflot, told Lloyd's List.
The senior industry official told Lloyd's List that eight of Sovcomflot's ships have already been sold — ship management company Koban Shipping has bought four of them, the source added. Koban Shipping didn't immediately respond to Insider's request for comment made outside of normal working hours. Buyers in China were also involved in several deals that are nearly completed, the industry official told Lloyd's List.
Sovcomflot didn't respond to Insider or Lloyd's List requests for comment about the ship sales.
It comes as the EU proposes more sanctions on Russia, including a ban on Russian oil imports with plans to phase out crude within six months.
More: Russia Ukraine russia ukraine Shipping | 2022-05-04T10:42:10Z | www.businessinsider.com | Russian Shipping Giant to Sell up to 1/3 of Ships to Repay Loans | https://www.businessinsider.com/russian-shipping-group-sovcomflot-sell-ships-loans-west-sanctions-deadline-2022-5 | https://www.businessinsider.com/russian-shipping-group-sovcomflot-sell-ships-loans-west-sanctions-deadline-2022-5 |
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