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How to make and use paper in Minecraft
Paper doesn't take long to make in Minecraft.
To make paper in Minecraft, place three units of sugar cane in a horizontal line on your crafting table.
You can find sugar cane growing along rivers and oceans in almost any biome.
Paper can be used to craft books, maps, and even fireworks.
Minecraft may be a fantasy game, but it shares a lot of traits with the real world. For example: Paper is one of the most useful materials you can get your hands on.
You don't need much to make paper in Minecraft. All you have to do is place three units of sugar cane in a straight horizontal line on your crafting table.
Sugar cane grows all throughout the Minecraft world, usually along riverbanks and beaches. Every stalk you find should give you at least two units of sugar cane, meaning that it won't take long to find all the sugar you need.
Sugar cane grows on the water.
Once you've got your sugar cane, place three units of it in a line on your crafting table. This crafts three units of paper.
Three pieces of sugar cane gives you three pieces of paper.
You can also sometimes find paper inside of treasure chests in villages, shipwrecks, and strongholds.
What you can use paper for in Minecraft
There are a few different ways to use paper, but you'll usually need to combine it with other materials.
First, you can make a map. Maps let you make an automatic record of the landscape around you, which is great if you find yourself spending a lot of time in one area.
To make a map, fill all nine slots on your crafting table with paper. You can also place a compass in the middle slot to make a "locator map," which has a moving icon on it that tracks your location.
The crafting recipe for an empty map in Minecraft.
Combining three units of paper with one unit of leather will give you a book, an important item for enchanting.
Combining one unit of paper with one to three units of gunpowder and (optionally) a firework star lets you make three firework rockets, which can be used to set off explosions and fly.
TECH How to download new Minecraft maps and add them to your game
More: Tech How To Minecraft Paper Making paper
Minecraft Items | 2022-05-10T18:40:44Z | www.businessinsider.com | How to Make and Use Paper in Minecraft | https://www.businessinsider.com/how-to-make-paper-in-minecraft | https://www.businessinsider.com/how-to-make-paper-in-minecraft |
Pennsylvania's primaries are a week away on May 17, and voters are already exhausted.
Republicans, Democrats, and independents told Insider that they feel burned out by all of the ads.
Trump endorsed Dr. Mehmet Oz but he's struggled to connect with the MAGA faithful.
GREENSBURG, Pa. — From the comfort of a VIP tent backstage, Republican Senate candidate Mehmet Oz was insulated from the torrents of rain and scores of soaked Trump supporters booing every mention of his name.
Rather than risk the optics of empty seats along the grandstand of the fairgrounds, rally organizers chose to cover almost all of the bleachers with two massive American flags — much to the chagrin of attendees hoping to stay dry. Those who bore the elements did so out of what they described as a fervent desire to see former President Donald Trump and show their support for a possible third White House run in 2024.
To the east in Allegheny County — where record turnout not seen since 1964 helped deliver Pennsylvania's 20 electoral votes to President Joe Biden in 2020 — voters from rusted-out steel towns to ritzy suburbs said they're feeling increasingly alienated from the state's closed primary system, which several Pennsylvanians blamed for producing more extreme candidates in the general election. It's a hunch backed up by political science research.
"I've been watching the attack ads," Frank Lascola, an independent 82-year-old Army veteran who votes Democratic "as a habit," told Insider over a cup of coffee at a Pittsburgh diner, shaking his head.
Lascola said he "can't remember all this bullshit" at his age, and that he misses candidates like the late Sen. John McCain shutting down conspiracy theories among voters.
Despite an estimated $7.8 billion that will be spent on ads by Election Day in November, the Pennsylvania voters who spoke to Insider were already sick of them.
Whoever the Keystone State voters end up picking to replace the retiring Republican Sen. Pat Toomey, their next senator will either be a key addition for Democrats defending the thinnest of majorities, or a Trump acolyte about as far as one can get from Toomey in the reshaped GOP.
Outside of the frosty reception Oz received at the Trump rally in Greensburg, more than two-dozen Pennsylvanians Insider spoke with across Pittsburgh and its surrounding towns had no idea he was running for office in their state, much less as a Republican. Even in one of the nation's most pivotal battleground states, even with TV celebrity-level name recognition, and even with the coveted Trump endorsement, the Oz campaign is running into the same problem as other statewide Republican and Democratic operations: voter burnout.
A Pew Research survey on the 2020 election found that moderate voters in particular are especially susceptible to voter fatigue and subsequent lower turnout than the most ideologically extreme coalitions in both major parties. There's also a larger overall trend of heightened anxiety among Americans, with a FiveThirtyEight analysis finding a jump in feelings of burnout and worries for what 2022 would hold.
'I don't wanna lose sleep thinking about this guy'
Pennsylvania Republican U.S. Senate candidate Dr. Mehmet Oz listens as former President Donald Trump speaks on behalf of his campaign at the Westmoreland County Fairgrounds.
The journey into Pittsburgh from the east feels like a never-ending descent.
Rolling hills and valleys guide winding roads through tunnels that lead to steeper hills and deeper valleys, culminating in the final approach when the city's skyline and myriad bridges finally come into view.
In the heart of downtown Pittsburgh at Cherries Diner, Lascola sat at his usual spot at a table off to the side of the counter, back turned to the TV news.
"I never thought I'd see this in my lifetime," Lascola, a retired mechanical engineer, told Insider as his coffee cooled, referring to the January 6, 2021 Capitol siege.
Still shaken by the violent insurrection, Lascola said he fears the return of McCarthyism and its paranoia among neighbors if Trump retakes the White House.
Unlike the MAGA faithful at the Greensburg rally, Lascola was adamant that he doesn't want Trump to run again in 2024, but he's unable to muster the will to care.
"Well, I'll be honest with you, I may not like it, but I don't wanna lose sleep over this guy," Lascola said, referring to Trump.
"If my people wanna elect this guy," he continued, "then I have to obey the law, but I'm not gonna ruin my health. It's hard. I can't help the way I feel about this, but I can help the way I behave."
Lascola said he's scratched his head seeing friends and acquaintances continue to support the former president, but he tries not to judge them. He said he voted for President Barack Obama twice as well and voted for Trump's Democratic opponent in both 2016 and 2020.
"I don't take a shot at those people," he said of voters in favor of Trump. "I say they pick him because they've been bullied all their life, and they see a guy that they think won't take any bullies."
Just down the Monongahela River in McKeesport, the second-largest city in Allegheny County, a former Trump supporter was less forgiving.
Bernard Bahleda, a 72-year-old retired postal worker, was buying a gun for his wife ahead of Mother's Day in a post-industrial landscape marked by abandoned buildings and rusted-out steel mills.
Agreeing with the three men behind the counter at Legion Arms, Bahleda said he's sick of all the ads for the Senate and gubernatorial primaries, but he's even more done with Trump.
"He changed me around completely because of his lies," Bahleda told Insider, adding that he voted for Trump in 2016 but switched to Biden in 2020.
Loathing any candidate seeking Trump's endorsement, Bahleda said he hopes Pennsylvania Lt. Gov. John Fetterman wins the Democratic primary on May 17 so he can back him in the general election. Fetterman has held onto a roughly 30 percentage point lead over challengers US Rep. Conor Lamb and state Rep. Malcolm Kenyatta.
Between a Trump GOP and a hard place
Democratic US Senate candidate Lt. Gov. John Fetterman.
Life has always been good in the ritzy suburb of Sewickley, 79-year-old Thomas Wright told Insider.
But when the topic of the midterm elections came up, Wright furrowed his brow and adjusted his seat in the stands from where he was watching a lacrosse game between Sewickley Academy, his grandson's middle school, and St. Edmonds Academy.
In the ornate hamlet along the Ohio River, Wright said a recent influx of young professionals is about the only big change he's seen as a lifelong Sewickley resident.
A registered Republican and retired trial lawyer, Wright told Insider he doesn't want to support Oz or his biggest rival, former hedge fund CEO David McCormick. After watching the candidates debate, he said he's leaning toward real estate developer Jeff Bartos, who's polling at an average of just 4.5% in the race behind Oz, McCormick, and Kathy Barnette in the top three.
Wright refused to vote for Trump at the top of the GOP ticket in 2016 and 2020, but hasn't been able to stomach any Democratic candidates, either.
"I'd have trouble supporting Fetterman. Don't like his leanings," Wright said, still holding onto a slight smile from his grandson scoring a goal in the number 11 jersey.
More than an hour west from the gun store where Bahleda lauded Fetterman's record as the former mayor of Braddock, Wright echoed many of the McKeesport retiree's qualms with Trump, only this time within view of a Porsche dealership.
Both Wright and Bahleda said inflation is a primary concern for them. But Bahleda was much more sympathetic to Biden — whom he said has few options to address inflation, a global problem — from his vantage point in post-industrial McKeesport.
Unwilling to entertain any candidate vying for a Trump endorsement — or even a goateed, 6-foot 11-inch tall Democrat who wears shorts everywhere — Wright acknowledged that he's in the minority of the GOP, and that the fired-up base in each party ultimately gets to decide who goes on the ballot, not him.
'I just want somebody from Pennsylvania'
A flag covers seats under the grandstand roof at the Westmoreland County Fairgrounds in Greensburg, Pennsylvania.
While the Trump rally attendees weren't sold on Oz either, those who spoke with Insider also eschewed skepticism over McCormick, tending instead to back Barnette, a conservative author and commentator who would become the first Black woman to represent Pennsylvania in the Senate.
Others, like Michelle Sinsabaugh, a 62-year-old bus driver from nearby Mont Pleasant, were undecided but also firmly in the never-Oz camp.
"Ten years ago he says this, now he's sayin' this — and I don't even know if he's from Pennsylvania," Sinsabaugh told Insider.
"I just want somebody from Pennsylvania, someone who actually grew up here," Lynn Johnson, a 55-year-old restaurant server from Ligonier, Pennsylvania, said while making her way across the muddy fairgrounds.
In an RV on the outskirts of the fairgrounds in Greensburg, Trump merchandise salesman Reggie Jones told Insider that as far as he's concerned, nothing's really dimmed the appeal of the former host of "The Celebrity Apprentice." This, despite Trump costing Republicans the House, Senate, and White House in just four years.
Anti-Biden merchandise may have been slow to catch on, Jones said, but "Let's Go Brandon" items have caught up to the 2016 interest in Hillary Clinton.
But above all, Jones said, Obama, Trump's original nemesis, remains the driving force for his customers — not inflation, the US's messy withdrawal from Afghanistan, the Russian invasion of Ukraine, or any other current issues.
"Now Obama stuff has been great," Jones told Insider as a few Trump supporters bought ponchos and umbrellas in anticipation of the rain. "Off the roof, man."
More: Donald Trump mehmet oz Pittsburgh Pennsylvania | 2022-05-10T18:40:50Z | www.businessinsider.com | Voter Fatigue Takes Center Stage in Pennsylvania As Oz Woos Trump's Base | https://www.businessinsider.com/pennsylvania-voters-primary-date-fetterman-oz-trump-may-17-2022-5 | https://www.businessinsider.com/pennsylvania-voters-primary-date-fetterman-oz-trump-may-17-2022-5 |
How do savings clubs work?
How do savings club accounts differ from regular accounts?
Example of a savings club
Informal social savings clubs
How to start a social savings club with your friends or family
Beware of social savings club scams and other risks
A savings club can provide motivation and accountability to help you meet short-term financial goals
Bank and credit union savings clubs are often tied to specific goals like holiday gifts or vacations.
simonker/Getty
Savings clubs are designed to make laying money aside for a specific goal easier.
They can be formal or informal and be set up differently depending on the type.
Formal savings clubs are similar to regular bank accounts, while informal clubs involve community organization.
Reaching savings goals for specific future expenses can be a challenge. One way to overcome it is with a savings club.
Savings clubs are a way of regularly contributing funds to an account for a specific purpose. You can usually find savings club accounts offered at your bank or credit union. Groups of people can also form their own savings clubs.
"There are two types of savings clubs, formal and informal," says Claire Hunsaker, a chartered financial consultant and founder of the women's online financial community, AskFlossie.
Banks and credit unions administer formal saving clubs, which they structure similarly to regular accounts. Informal savings clubs — often called social savings clubs — are operated by groups striving toward common objectives and can be set up in various ways depending on their goals.
With a formal savings club, you open an account with the agreement to make regular payments to it over a fixed period. The credit union or bank pays interest on your deposits, so you get a little more back than you put in. There is also a penalty for early withdrawals.
The interest and penalties associated with savings clubs create an accountability structure designed to make saving and reaching your goals easier.
Formal savings clubs are usually tied to specific goals like paying for holiday gifts or vacations. Many offer automatic transfers that regularly move money into the savings club account. Opening a savings club account is similar to opening any other bank account.
Saving clubs often have different rules from regular bank or credit union accounts. The idea is to promote regular saving and ensure the account owners meet their goals.
Many savings club accounts require minimum deposits, sometimes as low as $1, and term lengths, often six months to a year. Some include automatic weekly or bi-weekly deposits and impose penalties for not making payments or taking money out early.
Savings club interest rates may be more competitive than regular savings accounts, though it varies by bank and credit union.
"The real value of a savings club is that it happens automatically without any effort," says Stephen Dunbar III, executive vice president at Equitable Advisors. "Things that happen automatically are huge for accomplishing goals."
While the relationship in formal savings clubs is between yourself and the financial institution, there's also the benefit of knowing that others are participating in the club and working toward similar goals, Dunbar notes.
"Accountability, simplicity, and automated transfers are what make savings clubs so valuable," Dunbar says.
Among the most common savings clubs are those designed for buying holiday gifts. Here's how one might work:
In June, you open a savings club account at your local credit union with a 1% interest rate and the goal to save $1,000 by December. To reach this, you set up automatic transfers from your checking account to your savings club account totaling 12 payments of about $84 over the next six months.
By December, you'll be able to withdraw the $1,000, plus a little extra from the interest. If for some reason you have to take money out before the account's maturity date, you may owe a penalty fee.
Informal savings clubs have a much longer history than formal ones, particularly in women's communities, says Hunsaker. They developed as social pacts, where friends or family members would get together to set goals and stay accountable to each other to meet them.
"Informal social savings clubs have been going on for, as far as I know, about 400 years in Nigeria," Hunsaker explains. "They are deeply, deeply baked into consumer finance in a lot of African countries."
Informal savings clubs often depend on individuals who come together to determine a set of rules and structure for the club. Usually, they're about creating accountability, similar to how a book club might work for reading, so everyone in the club stays on track.
Social savings club members may or may not transfer money to a third-party institution like a bank. There could be a group bank account to which all members deposit contributions. Or, each member may do it in individual accounts.
"The accountability is all social, and the structure of it is whatever people dream up," Hunsaker says. Ultimately, the goal is to hold each other accountable to set aside a certain amount of money each month toward a goal.
"The community part is really important," says Dunbar. "That celebration and community does something for us and maybe fuels the next opportunity to go for something bigger because your community helped you get to the line."
Hunsaker says she sees social saving clubs growing in popularity in the US, thanks largely to social media. "A common goal I see is a $1,000 emergency savings," she says. "Having something where everyone can respond with how they're doing makes it more fun and gives you support."
Though setting up a social saving club could differ from group to group, the general steps are the same.
Step 1. Define your goal and find your people
Determining who should be a part of your saving club will look different for different people.
If you're looking for support to save a $1,000 emergency fund, finding other people who have a similar goal and are looking for accountability can be a great place to start.
"You can look to your religious organization, business organizations, local nonprofits, or the place where you have your fun," Dunbar says.
Step 2. Determine club rules and structures
Each social saving club may be structured differently, but the idea is to design your group so that everyone feels supported and is meeting their goals.
"Figure out the internal structure and get everybody's agreement on that," Hunsaker advises.
This could mean you've agreed to meet at the end of every month and everyone needs to bring records showing they've saved a certain amount.
Step 3. Determine where you'll save the money
Some social savings clubs use joint bank accounts, while others just require members to show that they're saving. It comes down to the members' preferences.
If doing a joint bank account, make sure you trust your group and there are clear records so everyone gets their money back. If each member manages their own money, they may open a designated account for their savings club contributions.
Step 4. Follow through with the planned schedule
Setting up the social savings club will likely take the most time. But once rules and structures are established, use the group accountability to follow through with the plan.
While social savings clubs can be beneficial, make sure to stay aware of the potential for scams and other risks.
"You shouldn't have to pay a fee to do this," Dunbar advises. He says you should probably avoid any group or institution that requires such payments.
"With informal clubs, if you're transferring money, make sure it's people who you trust," Hunsaker says. If you're interested in joining a savings club where money moves out of your individual account, proceed cautiously and make sure you do proper due diligence.
Katherine McLaughlin is a writer based in Brooklyn, New York. Though she consistently forgets to post, you can still connect with her on Twitter or at her personal website.
PERSONAL FINANCE How to choose between a savings account, money market account, and CD
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More: Personal Finance Insider PFI Reference Savings Account Freelance | 2022-05-10T18:40:56Z | www.businessinsider.com | Savings Club: Definition, Types, How They Work | https://www.businessinsider.com/personal-finance/savings-club | https://www.businessinsider.com/personal-finance/savings-club |
McDonald's is giving out free sandwiches while Mercury is in retrograde.
Taco Bell and Del Taco have also adopted astrology terms in recent promotions.
Astrology is a way to reach young customers without paying a celebrity spokesperson.
McDonald's is the latest fast-food chain to offer a promotion centered around astrology. The chain is giving customers a free McChicken or McDouble when they buy medium fries to offer "comfort during this intergalactic mayhem."
The intergalactic mayhem McDonald's is referring to is Mercury in retrograde, the phenomenon that occurs several times each year when Mercury appears to be moving in the opposite direction of its typical movement relative to Earth. For followers of astrology, Mercury retrograde is a risky time when " technology, communication, travel, logic, and information all get disrupted," according to Horoscope.com.
McDonald's is only the most recent chain to use the language of Mercury retrograde to talk to customers. In 2021, Taco Bell offered free Mercury RetroGrande Nachos for Uber Eats orders that reached a minimum price. Taco Bell embraced astrology even further with an ad identifying certain menu preferences as "such a Virgo" or "serious Libra vibes," and a Twitter thread from its main account linking each menu item to a different sign. In January, Del Taco introduced its own Mercury Retrograde promotion for rewards members, which would be available each time the planet entered retrograde in 2022.
Adopting astrology terms to reach customers is an easy business decision for fast-food chains, Mark Kalinowski, CEO of Kalinowski Equity Research, told Insider. Astrology is generally popular with Gen Z and millennial generations, so incorporating that language is a way to reach younger customers, Kalinowski said. Attracting a younger customer base is key for chains to establish longevity, and brands have made other attempts to draw in young customers with celebrity endorsements and McDonald's Famous Orders campaign.
There's another, even simpler reason, though. "No one owns the rights to being a Pisces," or other astrological phenomena, Kalinowski said. It's less expensive than paying a spokesperson, an advantage over Famous Orders and other celebrity partnerships.
Finally, people just like free things, Kalinowski said. In McDonald's case, the deal is only available through its app, and adding app users typically means creating loyal customers who will spend more money over time. Customers want a free McChicken, and that's a small price to pay for McDonald's if they've created a lifelong customer.
More: Retail Fast Food analysis McDonald's | 2022-05-10T19:20:20Z | www.businessinsider.com | Why McDonald's, Taco Bell, Del Taco Are Embracing Astrology | https://www.businessinsider.com/mcdonalds-taco-bell-del-taco-are-embracing-astrology-2022-5 | https://www.businessinsider.com/mcdonalds-taco-bell-del-taco-are-embracing-astrology-2022-5 |
10 easy steps to spring clean your résumé and boost your job search, from a recruiter
Jamie Killin
It's important to tailor your resume to every job you apply for.
Evelyn Vega is the president of Staffing Strong, a marketing, digital, and creative staffing agency.
Her tips for freshening up your résumé to land a new job include focusing on accomplishments.
She also recommends paying close attention to keywords, formatting, and grammatical mistakes.
If you're ready to find your next job but aren't sure where to start, spring cleaning your résumé is the perfect first step.
Evelyn Vega.
Courtesy of Evelyn Vega
Evelyn Vega, the president of Staffing Strong, an agency specializing in marketing, digital, and creative staffing located in Chandler, Arizona, shared the following tips for freshening up your résumé to land your dream job.
1. Update what's new and different
According to Vega, your résumé should be regularly updated — at least once per year — whether you're looking for a new job or not.
This allows you to add your successes as they happen, while they're fresh in your mind. This also ensures you don't accidentally leave on outdated information, like incorrect dates, titles — if you recently got promoted — or personal information like your address or phone number.
"I recommend making your updates every spring," she said. "Hopefully by then you've had your year-end review so you can write down all your major accomplishments from the year and include those."
"If someone's looking at your résumé, they're not looking at it for very long unless it's grabbing their attention, so you want to keep it fresh and relevant," Vega added.
2. Pivot responsibilities to accomplishments
If your résumé bullets are organized by responsibilities, consider pivoting to focus more on wins and accomplishments in previous or current roles.
"Companies hire people because they want them to accomplish certain tasks," Vega said. "Think of it as a 'CAR' — 'challenge, action, results.' What was the challenge? Why were you working on it? What were your actions? Who did you collaborate with? Then share, what was the result and the ROI?"
3. Add keywords that are relevant to the job you want
Having the right keywords, exactly as they're worded on the job description for the job you want, is crucial to making sure your résumé isn't overlooked.
"My background is in marketing, so I think of keywords as SEO for your résumé," Vega said. "You have to keep your résumé relevant to what you're currently working on and the job you want. The days where you have one résumé and you send it out to everyone are gone. That doesn't work anymore."
She also cautioned that not using the correct keywords could lead to your résumé being pushed to the bottom of the pile by applicant tracking systems.
"Your résumé will be imported into their system that picks up all the keywords in your résumé and then it organizes it so candidates with those keywords will show up at the top of the list, and those that don't will show up at the bottom of the list," Vega said.
She shared that she once had a client whose HR department almost overlooked a great applicant because they listed experience with Photoshop and InDesign but not Adobe — which is what the job description required — and the hiring manager didn't realize that Adobe had created those programs.
"Look at the job description, and if they're requesting 'Salesforce Marketing Cloud' experience, list 'Salesforce Marketing Cloud' in your skills," she said. "Even if they see just 'marketing cloud,' they don't know if you have Salesforce experience."
4. Clarify short stints and career gaps
Between pandemic-related layoffs, family obligations, and other interruptions, a lot of people have experienced gaps in their employment recently — but it's no longer being looked at as negatively by employers as it once was.
"An employer might still look at your résumé and say, 'Wow, they can't keep a job!' so know there's nothing wrong with explaining that on your résumé," Vega said.
"Make sure not to give a long-winded explanation — keep it short and concise," she added. "Some of the short stints are due to contract jobs, so I would include that. I would also state next to your role why you left — company restructuring, company relocation, caring for an ill relative or elderly parent, maternity or paternity leave, etc."
5. Spell out relevant experience if confusing, niche, or full of jargon
Employers want to see that potential employees have experience in their industry, but they might not be familiar with the companies you've worked at. Vega advised that job candidates spell it out clearly if they think a hiring manager might overlook a particular company or experience.
"As the person in charge of hiring, I have no idea what XYZ company does, so it's smart to list the industry the company is in," she said. "Especially if it's relevant to the job you're applying for. So if it's a financial services company, put in parentheses 'Fortune 500 financial services company,' then the person reading goes 'Great! This is in my industry, I'll keep reading.'"
6. Make sure your job titles tell the right story
Vega instructs applicants to be transparent by using the titles that best match their career experience — not necessarily the title given to them by their employer.
"Titles are very tricky, because sometimes companies give you the weirdest titles," she said. "I knew of a company that used to call their graphic designers marketing analysts, and a marketing analyst to me is not a graphic designer."
Her advice is to list what you really do as your title and put in parentheses what your company's title is so you're not overlooked for positions most in line with your skills.
7. Address the option of remote work
Many people want to continue to work from home, and while many employers are accommodating this, you might have to adjust your résumé to reflect the changing landscape. For example, Vega cautioned against including your location on your résumé if you're in a different time zone than the job you're applying for.
"You don't want to give anyone biases to say something like, 'Oh God they're on the East Coast, they're not going to want to work Pacific Standard Time,'" said. "However, if someone asks you directly, always be honest and let them know that you are open and able to work in their time zone."
8. Proofread everything
Make sure your résumé is free of grammatical and spelling mistakes. Vega recommended having a friend or family member read it over to spot any issues.
"People think it's a no-brainer, but I can't tell you how many résumés I see with so many mistakes and typos and whatnot," she said. "I see a lot of grammar mistakes because sometimes spellcheck might not pick up a certain word because it's spelled correctly, it's just not the right context — like there and their."
Having someone else review your résumé is especially helpful when you've gotten a little bit too close to the document and might not see mistakes. If a friend or family member doesn't understand your job descriptions, skills, or accomplishments, then your potential employer likely won't either, Vega added.
If all else fails, read your résumé backward.
"I work with copywriters and editors and proofreaders, and I always ask my proofreaders, 'How do you get so good at this,'" Vega said. "Their first tip is to read things backward."
9. Check your formatting
While content is king, Vega advised that it's just as critical to ensure all your headings, bullet points, and paragraphs are consistent so your résumé looks professional.
"Use the same type of bullet, the same font style — that's very important," she said. "Make it easy to read."
10. Make it easy to contact you
Vega recommended including your email, phone number, and a link to your LinkedIn profile as the first items on your résumé so it's easy for a potential employer to contact you.
"I can't tell you how many résumés I get that don't have any contact information," she said. "Now it's easier to find people with LinkedIn, but you'll be more successful if you make it easy on a potential employer."
More: BI-freelancer Resumes Resume Tips | 2022-05-10T19:20:26Z | www.businessinsider.com | 10 Steps to Spring Clean Your Résumé and Boost Your Job Search | https://www.businessinsider.com/steps-update-resume-boost-job-search-2022-5 | https://www.businessinsider.com/steps-update-resume-boost-job-search-2022-5 |
Nebraska is holding primary elections for its three House seats.
The state's 2nd District will once again be one of the nation's hotly contested seats.
Nebraska is holding congressional primaries tonight. Polls in the state's most contested congressional race close at 8 p.m. local time. Follow along for results.
Republicans dominate Nebraska statewide, but the Omaha-based 2nd Congressional District is as purple as it gets.
Republican Rep. Don Bacon is not facing a serious primary challenger as he seeks to win a 4th term this November. Former President Donald Trump floated the idea of finding a Republican to challenge Bacon, but the former Air Force officer has proven himself to be adept at appealing to pro-Trump supporters while not alienating his broader appeal.
Bacon is one of just nine House Republicans who hold a seat that now-President Joe Biden won in 2020. Biden carried the district by 7 points, but Bacon still won by nearly 5 points. Cook Political Report rates the race as "Likely Republican" — a nod to Bacon's budding profile.
Democrats are nevertheless hoping to break their losing streak — and make history in the process.
State Sen. Tony Vargas and mental health practitioner Alisha Shelton are squaring off their party's nomination. Nebraska has never sent a Latino or a Black woman to Washington, something Vargas or Shelton, respectively, could change.
Republicans are widely favored to hold onto the state's two other US House seats.
The state's 1st Congressional District is currently vacant. Former congressman Jeff Fortenberry, a Republican who held the seat since 2005, resigned in late March after he was convicted of lying to the FBI.
Republicans named state Sen. Mike Flood as their pick to replace Fortenberry in a June 28 special election. Democrats tapped state Sen. Patty Pansing Brooks. But the June contest will only determine who holds the seat through the end of the current Congress, which ends in January 2023. Both hopefuls must also win tonight if they want a shot at winning a full term of their own. Neither is expected to lose tonight though.
Republicans are expected to easily dominate Nebraska's 3rd District, a sprawling seat that covers much of Western Nebraska. Republican Rep. Adrian Smith is seeking his 9th term. Based on his seniority, Smith would be in the running to replace retiring Republican Rep. Kevin Brady of Texas as chairman of the powerful House Ways and Means Committee.
As for Democrats, farmer Dave Else and Dan Wik, a medical doctor, are squaring off to see who will challenge the Smith. Smith has won his last two races by at least 50 percentage points.
More: Nebraska 2022 midterms 2022 election INSIDER Data | 2022-05-10T20:14:31Z | www.businessinsider.com | Nebraska Congressional Primaries: Live Results, Vote Counts | https://www.businessinsider.com/nebraska-congressional-primaries-live-results-vote-counts-2022-5 | https://www.businessinsider.com/nebraska-congressional-primaries-live-results-vote-counts-2022-5 |
What is earthquake insurance?
What is covered under earthquake insurance?
Do you need earthquake insurance?
How much does earthquake insurance cost?
5 steps to ensure you and your family is prepared for an earthquake
Earthquake insurance covers your home after earthquake-related damages, with some exceptions
California is home to 90% of the nation's earthquakes but only 11% of California residents are insured.
egon69/Getty Images
Earthquake insurance covers the cost to replace your dwelling and your personal belongings.
Earthquake insurance also offers additional living expenses if your home is inhabitable due to damages.
You can fortify your home by getting your dwelling retrofitted.
Earthquakes can be a frightening event and can result in significant damage to your home. Being prepared will mitigate damages to your home and, most importantly, safeguard you and your family from earthquake-related injuries.
Unfortunately, homeowners insurance does not cover damages resulting from earthquakes. So many homeowners are left underprepared for the financial loss of earthquake damages to their homes. Here's what to know about earthquake insurance and how you can keep your home protected.
Earthquake insurance protects your property from damage caused by perils listed in your policy. While your lender may require homeowners insurance if you have a mortgage on your home, you don't have to purchase earthquake insurance.
In California, lenders won't require you to have earthquake insurance, but earthquake insurance providers must offer earthquake insurance to new homebuyers by law, according to Glenn Pomeroy, chief executive officer of the California Earthquake Authority — the nation's largest earthquake insurance provider.
Does homeowners insurance cover earthquake insurance?
Like flood insurance, homeowners insurance will not cover damages from earthquakes. You must purchase additional coverage to protect your home and belonging from damages caused by an earthquake event. Note that there are a few scenarios where earthquake insurance won't cover earthquake-related damages.
Earthquake insurance covers the cost of replacing and repairing your dwelling and personal belongings after an earthquake event. It also covers any additional living arrangements you have to make if an earthquake damages your home. However, earthquakes that cause floods require separate coverage, and fires caused by earthquakes are protected through your homeowners insurance. Additionally, vehicle damage caused by an earthquake will be covered by your auto insurance policy.
Not everyone will need to purchase an earthquake insurance policy, especially since it can be a costly addition to your homeowners policy. If you live in a region at low risk of earthquake damages, you may opt to forgo this coverage.
Here are a few things you should consider before purchasing an earthquake insurance policy, according to the United States Geological Survey (USGS).
Your home's location from active earthquake faults
Frequency of earthquakes in your region
When the last earthquake occurred
Materials on your home's building and foundation
The architectural structure of your home
If you live in an area susceptible to earthquakes, you should probably purchase earthquake insurance for your home. California, for example, is a region that experiences a high frequency of earthquakes in the nation. "It has more earthquake events than nine of the top regions at risk of an earthquake combined," says Pomeroy. If you live in California, experts strongly recommend purchasing earthquake insurance for your home.
But there are many areas that also experience strong earthquakes and may consider purchasing insurance.
"The New Madrid fault zone, which extends from northeast Arkansas to southern Illinois, produced some of the strongest earthquakes in North America during the early 1800s. East Tennessee and Central Virginia Seismic Zones can also produce damaging earthquakes," says Gus Garcia, director of personal lines contracts at Farmers Insurance. Garcia also cites that places like Oregon, Washington, Nevada, Hawaii, Alaska, Wyoming, Idaho, Montana, Oklahoma and northern Texas are susceptible to severe earthquakes.
Areas with heightened earthquake-related risks will have higher premiums than those at lower risk. Several factors, such as the age of your home and your home's construction material, play into the price. "That's why earthquake insurance can cost anywhere from $730 to $2,000," says Pomeroy.
Earthquake insurance is also not available as a standalone policy. Therefore, you must purchase earthquake insurance on top of your homeowners policy. The average annual premium in the United States in 2019 was $1,272, according to the most recent data from the Insurance Information Institute (III).
Deductibles for earthquake insurance are usually higher than the standard homeowners insurance deductible. Earthquake policy deductibles usually range from 5% to 15% of the policy limit, according to the III.
Earthquake insurance discounts
Earthquake insurance could get quite costly, especially if you live in a region prone to earthquake disasters. However, you can reduce your premiums by taking advantage of discounts. "Mitigation discounts are the best way to reduce your premiums," says Pomeroy.
Discounts for wood-frame construction: Wood frame homes are resistant to natural disasters, including earthquakes. If your home is made out of wood — most homes are — you may qualify for additional savings.
Discounts for raised foundation: You may qualify for a discount if your home has an area underneath the dwelling floor (a crawl space). Slab foundation houses already have lower premiums reflected in their policy.
Discounts for retrofitted homes: Receive a discount on your policy by fortifying your home so that it is resistant to earthquakes, especially if you have an older home.
An earthquake can occur anywhere and anytime. Even if you are not buying earthquake insurance, it is necessary to be prepared, especially in regions at high risk of damage like California.
Step 1: Know your risk
Knowing your risk can help you determine if you need earthquake insurance. The colors on the map indicate shaking risk levels of an area, also known as seismic design categories. FEMA has seismic maps for eastern and western United States, Hawaii, Alaska, and Puerto Rico.
Seismic design category/Map Color
Earthquake Hazard
Potential effects
A/White
Very little probably of damage from earthquake effects.
B/Gray
Could experience shaking of moderate intensity
Some heavy furniture moved
Fallen plaster
Little to no damage to homes with poor and well-built structures
C/Yellow
Strong shaking
Little to no damage to buildings with good design and construction
considerable damage to structures with weak designs
D/Light brown
D1/ Darker Brown
D2/Darkest brown
Very strong shaking (the darker the color, the stronger the shaking).
Slight damage to well-designed structures
Significant damage to poorly built structures
E/Red
Near major active faults, with more intense shaking
Significant damage to well-designed structures to the point of partial collapse
Shaking intense enough to destroy poorly designed buildings completely
Step 2: Come up with an emergency plan
It is crucial to create a contingency plan so that you, your family, and your pets can avoid substantial injuries during and after an earthquake.
After a major earthquake, you may need at least several days' worth of food, water, and other supplies for each family member, according to ready.gov. You should have an emergency earthquake safety kit in your home and car to prepare for a natural disaster.
Ready.gov offers an earthquake safety kits checklist so you can create your disaster supply package with instructions on how to maintain and store your kit.
It is also crucial to pinpoint safe places in each room of your home for your family to take cover. Regularly practice the drop, cover, and hold-on sequence, so the movement becomes second nature in the event of an earthquake.
Drop: Drop on your hands and knees, and crawl for cover.
Cover: Cover your head and neck with one arm and hand. Crawl under a nearby desk or table. If there's no shelter nearby, crawl next to an interior wall and away from windows.
Hold on: If you're under shelter, hold onto it with your free hand. Cover your neck and head with both arms and hands if you can't get to a shelter.
Quick tip: Check out ready.gov for a step-by-step guide on how to put together an emergency plan when disaster strikes.
Step 3: Protect your home
Protect your home by identifying potential hazards of an earthquake-related event. Pomeroy recommends several ways to fortify your home before an earthquake. Several ways to protect your home include retrofitting your home and securing furniture, picture frames, or mirrors to the wall. Doing so reduces the movement of any free-standing items and reduces the potential of hurting someone nearby.
According to the CEA, there are a few hazards to look out for when preparing your home:
Tall, heavy furniture that could topple, such as bookcases, china cabinets, or modular wall units.
Water heaters that are not up to California code could rupture.
Stoves and appliances that could move enough to rupture gas or electrical lines.
Hanging plants in heavy pots that could swing free of hooks.
Step 4: Purchase an earthquake insurance policy
Not everyone will need earthquake insurance; however, if you do, buying earthquake insurance is simple.
Like homeowners insurance, several factors will affect your premiums, including the location and the construction of your home. Those who need earthquake insurance the most will typically see higher premium rates. Use the CEA's earthquake insurance calculator to get an insurance estimate on your earthquake policy.
Note that most insurers will not sell new policies for a certain amount of time after an earthquake occurs — usually 30 to 60 days, according to the National Association of Insurance Commissioners. The best time to buy a policy is before an earthquake happens.
Speak to your insurance providers who can help determine your risk level, and identify appropriate coverage for your situation, says Garcia.
Step 5: Protect yourself during an earthquake
Knowing what to do in the event of an earthquake is crucial to protect yourself. Aside from the drop, cover, and hold-on sequence, here are some things to keep in mind in different situations of an earthquake.
In a car: Pull over, stop and set your parking brake. Take shelter in your car and avoid going outside.
In bed: Turn face down, and cover your head and neck with a pillow.
If outdoors: Stay outdoors and away from buildings.
If inside: Do not run outside and avoid doorways.
Quick tip: Register on the American Red Cross "Safe and Well" website, so others will know you are safe.
Step 5: Staying safe afterward
There may be severe hazards like damaged buildings, leaking gas, and water lines after an earthquake. It is important to know what you need to do to stay safe, according to ready.gov.
Wash your hands: Wash your hands with soap and water after holding on to commonly touched surfaces or objects. Use hand sanitizer with at least 60% alcohol if you can't wash your hands.
Be prepared for aftershocks: There might still be shaking following the mainshock of the earthquake. Be ready to drop, cover, and hold on in that event.
If you are in a damaged building: Leave the damaged building quickly, and do not enter any other damaged building after.
If you are trapped: Send a text or bang on a pipe or wall. Cover your mouth with your shirt, and instead of shouting, use a whistle
If you are in an area at risk of tsunamis: Go inland or to higher ground immediately after the shaking stops. Avoid contact with floodwaters as they may be contaminated.
Inspect yourself to see if you sustained injury and help others if you have training. If you are sick or injured and need medical attention, contact your healthcare provider. If you are experiencing a medical emergency, call 9-1-1.
Once the earthquake has passed and you return to safety, tune in to your local news station for emergency information on a battery-operated radio, TV, social media, or text alerts.
PERSONAL FINANCE Does homeowners insurance cover hurricane damage, or do you need additional coverage?
More: Personal Finance Insider Home Insurance Homeowners Insurance Earthquake
earthquake insurance | 2022-05-10T20:14:33Z | www.businessinsider.com | Do I Need Earthquake Insurance? | https://www.businessinsider.com/personal-finance/earthquake-insurance | https://www.businessinsider.com/personal-finance/earthquake-insurance |
Alt-data darling Thinknum is in turmoil as it lost its CEO and its employees weren't paid in April. Here's why the startup struggled to get hedge funds like Point72 as clients.
Justin Zhen, right, and Gregory Ugwi founded Thinknum in 2014.
Web-scraping data provider Thinknum is in turmoil, industry sources say.
Cofounder and CEO Justin Zhen has left the company, and employees weren't paid in April.
Sources say several hedge funds had concerns about how the vendor got its data.
"Who wants to chat about toxic startups?" Derek Ta wrote in an April LinkedIn post.
The former data scientist at web-scraping alternative data company Thinknum named his former employer as one in the post seen by Insider that has since been deleted.
"Data is pointing down down down the ship is sinking," his message continued. Ta declined to comment further when reached by Insider, but his message seems prescient.
Cofounder and CEO Justin Zhen and chief growth officer Marta Lopata have left the company and employees weren't paid in April, three former employees who left this year told Insider. The former employees declined to be named because they wanted to speak freely about their former employer and its business practices. An email to Zhen's corporate address returns a message that states he is on leave. His voicemail inbox is full, and he did not return texts or LinkedIn messages.
The firm, which was launched in 2014 by Zhen and Gregory Ugwi, sold datasets derived from scraping the web to clients like hedge funds. It counts Credit Suisse and ex-Visa CEO Joe Saunders' venture capital firm Green Visor as investors. But as internet privacy regulations increased in recent years and sophisticated hedge funds built out their own internal web-scraping capabilities, the firm struggled to find its place, several industry sources told Insider.
Credit Suisse declined to comment, while messages to representatives at Green Visor went unanswered.
One of the biggest issues potential clients ran into was the origin of the data Thinknum used to make its datasets. If a hedge fund uses a dataset to trade, then it has to know how the underlying data was sourced in the first place. Even if a fund didn't source the data itself, it can still be held liable by regulators for using a dataset obtained through illegal means, or if it violates the terms of service for a website. The Securities and Exchange Commission fined mobile phone data-collecting vendor App Annie and its founder $10 million in 2021 for its data collection methods.
According to several sources with direct knowledge of the firm's process, Thinknum would use fake accounts to scrape websites like LinkedIn, Glassdoor, and Indeed, a method that would clearly violate these companies' terms of services for starting an account. At least one of those three companies sent Thinknum several cease-and-desist letters that were ignored, two former employees told Insider. The three companies did not respond to requests for comment for this story.
Thinknum has never been fined by the SEC or any other regulator over its data collection process.
The struggle to convince the most data-savvy hedge funds that their datasets were completely clean was an issue for the firm. Steve Cohen's Point72, for example, never bought anything from Thinknum because the manager couldn't get comfortable with Thinknum's processes, sources familiar told Insider. Point72 declined to comment.
"It was clear they spent more on Patagonia than their API," said one hedge fund data chief, opining that the start-up would look the part of a cutting-edge tech company, but couldn't back it up.
"They didn't pass our compliance, and they couldn't tell us how they got around Glassdoor. Even for the stuff that would pass compliance, it was always breaking or late."
The start-up had big ideas and was expanding into different fields, such as media. A new publication run by Thinknum, called the Business of Business, recruited journalists like former Bloomberg reporter Christie Smythe to join. A story by The Daily Beast notes that Business of Business employees have been told to stop working because their managers don't know if they'll be paid.
Zhen was on Insider's rising stars list in 2019 and is a prominent figure in the alt data world, organizing industry happy hours and creating alliances with other vendors to blacklist hedge funds that would steal their methodologies and swipe sample data.
When Reddit traders banded together to take down Melvin Capital at the start of 2021, Thinknum was flooded with requests from managers concerned for their books, and Zhen went on CNN and CNBC to talk about his company. A little over a year later, and Zhen is out as his company is the talk of the industry — in a bad way.
Still, Ugwi, whose title on LinkedIn currently says CEO, seems to be continuing on with the venture for the time being. While he did not return several messages asking for comment for this piece, he posted a cryptic message on LinkedIn Friday night as rumors about the company were swirling.
"I love work," he wrote.
More: Thinknum alternative data Alt data | 2022-05-10T20:14:54Z | www.businessinsider.com | Alternative Data Web-Scraping Vendor Thinknum Is in Turmoil | https://www.businessinsider.com/thinknum-turmoil-alternative-data-ceo-exit-2022-5 | https://www.businessinsider.com/thinknum-turmoil-alternative-data-ceo-exit-2022-5 |
GOP Rep. Alex Mooney, left, and Rep. David McKinley, right, are facing off in a member-on-member primary in West Virginia
AP Photo/Chris Tilley, File, AP Photo/J. Scott Applewhite, File
West Virginia is holding congressional primaries on May 10.
GOP Reps. Alex Mooney and Rep. David McKinley, are facing off for the same district.
Polls close at 7:30 p.m. Follow along for live results.
West Virginia is holding congressional primaries on May 10. Polls close at 7:30 p.m. local time.
West Virginia is holding congressional and state legislative primaries on Tuesday — including the first primary election of the 2022 midterms where two members of Congress are competing against each other head-to-head.
The state lost one of its three congressional districts as a result of reapportionment following 2020 US Census, resulting in two Republicans — Rep. David McKinley and Rep. Alex Mooney — being drawn into West Virginia's 2nd District.
The contest will pit the potency of President Donald Trump's endorsement power against the strength of new infrastructure spending in West Virginia.
Trump has backed Mooney, a Maryland native who was elected to Congress in 2014, over McKinley, an engineer by trade and one of the most vocal champions of the $1.2 trillion bipartisan infrastructure Congress passed in 2021.
On the campaign trail, Mooney has hammered McKinley for being one of 13 House Republicans to vote for that bill and one of 35 to vote for a bipartisan commission to investigate the January 6 insurrection, which Republicans ultimately blocked in the US Senate.
But Trump has not hit the campaign trail or cut any ads for Mooney as he has for some of his other endorsees, including Senate candidates JD Vance in Ohio and Mehmet Oz in Pennsylvania, Politico noted.
McKinley, for his part, has been endorsed by Gov. Jim Justice and Sen. Joe Manchin — powerful West Virginia Democrat who played a key role in the infrastructure talks on the Senate side and even cut an ad in support of McKinley.
"I've always said if I can't go home and explain it, I can't vote for it — and that's why I opposed Build Back Better," Manchin said in the ad, referring to Democrats' proposed spending package focused on social spending and climate.
"For Alex Mooney and his out-of-state supporters to suggest that David McKinley supported Build Back Better is an outright lie. David McKinley has always opposed reckless spending because it doesn't make sense for West Virginia," Manchin added.
McKinley himself been shameless about his infrastructure investment support.
"We have the worst conditions," McKinley told Politico of infrastructure. "Some of the roads and bridges are 50, 70 years old. We have water lines built in 1880. I can't do this. This is not a time to play politics. I'm voting for West Virginia."
Whichever candidate wins the primary election is the heavy favorite to win the general election in November in this safely Republican district.
Later this year, members of Congress belonging to the same political party will face off in member-on-member primaries in Georgia, Illinois, and Michigan.
In another Republican primary in Illinois, Trump has endorsed Rep. Mary Miller over Rep. Rodney Davis, another member of Congress who voted for the bipartisan January 6 commission.
More: West Virginia 2022 election INSIDER Data DDHQ | 2022-05-10T20:15:00Z | www.businessinsider.com | West Virginia Primaries, David McKinley Vs. Alex Mooney: Live Results | https://www.businessinsider.com/west-virginia-primaries-david-mckinley-alex-mooney-live-results-2022-5 | https://www.businessinsider.com/west-virginia-primaries-david-mckinley-alex-mooney-live-results-2022-5 |
Commercials on streaming services can be unbelievably loud. A new bill wants to fix that.
The CALM Act was passed in 2010 and tried to rein in excessively loud commercials.
An Insider investigation found that despite rising complaints, the FCC barely enforces it.
A new bill wants to extend the CALM Act to apply to streaming services.
A new bill in Congress is on track to amend the CALM Act's regulation of television commercial loudness and extend it to streaming services such as Hulu and Peacock.
The bill has passed the Senate, where it was sponsored by Sen. Sheldon Whitehouse, and now moves on to the House of Representatives where Rep. Anna Eshoo, the architect of the original CALM Act, will attempt to shepherd it into law.
The movement comes as consumer complaints to the Federal Communications Commission about excessively loud commercials have been rising steadily — complaints that almost always go unresolved.
A 2021 Insider investigation into CALM Act enforcement at the FCC found that overall enforcement was lax, and that despite thousands of complaints, the FCC has only sent two letters to offenders. The agency had not implemented a single penalty for illegal television commercial loudness.
Following that investigation, Eshoo sent a letter to the FCC inquiring why the rising tide of complaints did not lead to enforcement actions.
Rep. Anna Eshoo, a Democrat from California (left), and Sen. Sheldon Whitehouse, a Democrat from Rhode Island (right), sponsors of the Commercial Advertisement Loudness Mitigation Act, or CALM bill, mark the implementation of the federal law that requires TV ads be no louder than the programs that accompany them, Thursday, Dec. 13, 2012, during a news conference on Capitol Hill in Washington.
One reason that FCC hasn't addressed some of the complaints: they involved overly loud commercials on streaming services.
Over-the-top streaming services were not covered in the CALM Act, only cable and network television distributed by multichannel video programming distributors, or MVPDs. The new bill expands that, and directs the FCC to develop a regulation that encompasses streaming video services.
In a statement, Eshoo said: "I authored the CALM Act in 2010 with Senator Whitehouse to put an end to the booming ads on TV that were highly annoying for consumers. Since the law was enacted, streaming services have recreated the problem of loud ads because the old law doesn't apply to them, and consumers continue to complain about loud ads on broadcast, cable, and satellite TV. Today, we're updating the legislation for the benefit of consumers who are tired of diving for the mute button at every commercial break."
The bill also goes after the lax enforcement of the original CALM Act.
The bill calls for a Government Accountability Office report on CALM Act enforcement, specifically one that "evaluates the ability of the Federal Communications Commission to effectively moderate the loudness of commercials in comparison to accompanying video programming.
More: INSIDER Data FCC Streamers Streaming apps | 2022-05-10T20:45:31Z | www.businessinsider.com | Streaming Service Commercials Shaking Your Skull? a New Bill Wants to Shush Them. | https://www.businessinsider.com/loud-commercials-streaming-services-congress-legislation-2022-5 | https://www.businessinsider.com/loud-commercials-streaming-services-congress-legislation-2022-5 |
A probe by GOP Sen. Chuck Grassley found that LA Mayor Eric Garcetti 'likely' was aware of sexual harassment, racism allegations against a ex-senior aide
In this Aug. 16, 2018 file photo, Los Angeles Mayor Eric Garcetti is interviewed by the Associated Press in Los Angeles.
In the 23-page memo released Tuesday, Grassley accused Garcetti of, during his time as LA mayor, knowing that his Deputy Chief of Staff Rick Jacobs "had sexually harassed multiple individuals and made racist and derogatory comments towards others."
Representatives from the White House and Garcetti's office did not immediately respond to Insider's request for comment.
In a statement to Axios, a White House spokesperson defended Garcetti and condemned the probe, describing it as a "partisan report."
This partisan report was a hit job from the beginning, and many of the claims have already been conclusively debunked by more serious independent reports," the spokesperson said, adding that the president "has confidence in Mayor Garcetti and believes he will be an excellent representative in India at a critical moment and calls for the Senate to swiftly confirm him."
The Los Angeles mayor claimed he had "never witnessed" his former top aide sexually harass one of his police bodyguards — one of the allegations central to the alleged misconduct scandal.
More: Speed desk Breaking Eric Garcetti Los Angeles | 2022-05-10T21:45:09Z | www.businessinsider.com | Grassley Probe Found Garcetti 'Likely' Knew of Allegations Against Ex-Advisor | https://www.businessinsider.com/grassley-probe-found-garcetti-likely-knew-allegations-against-ex-advisor-2022-5 | https://www.businessinsider.com/grassley-probe-found-garcetti-likely-knew-allegations-against-ex-advisor-2022-5 |
How 2 Phish heads — and Block alums — built an NFT platform for music superfans and raised an $11 million round led by Katie Haun's new fund
Highlight's cofounders bonded over their love of the band Phish, which is helmed by its lead guitarist, Trey Anastasio.
Kevin Mazur/Getty Images for SiriusXM
Highlight, an NFT platform for musicians, raised an $11 million seed round led by Haun Ventures.
Its cofounders, Nathaniel Emodi and Kevin Matthews, united over their love of jam bands like Phish.
Their startup built buzz among musicians and soon drew the attention of Kevin Durant and Katie Haun.
Nathaniel Emodi and Kevin Matthews once worked together at the fintech Block. But over the years, they found they shared several other things in common: namely, a love of live music, particularly the band Phish, and a budding interest in cryptocurrency.
They'd gone to several dozen concerts together. As nonfungible tokens — unique digital assets that represent ownership of things such as art, video clips, and music — gained in popularity, they also spent an increasing amount of time going down the Web3 rabbit hole. So in spring 2021, they decided to combine their fandom and their interest in NFTs for a Web3 startup called Highlight.
It was the first Web3 project Emodi, Highlight's CEO, had ever worked on, and it involved a steep learning curve. But, Emodi told Insider, "Web3 is an incredibly welcoming community, and there are so many people excited to play with this technology."
Highlight has since built a team of eight people, including alumni of Amazon, Facebook, and Dapper Labs. On Tuesday, the company unveiled its platform and announced it had raised $11 million in seed funding in a round led by Haun Ventures, the firm launched by the prominent crypto investor Katie Haun. Highlight is one of the first few investments made by the $1.5 billion fund.
Other investors include 1kx, A.Capital Ventures, SciFi VC, Floodgate, Thirty Five Ventures, Offline Ventures, DAOJones, Mischief, Polygon Studios, Coinbase Ventures, WME, and Method Music. The music managers Mark Gillespie and Chris Zarou, as well as the angel investors Scott Belsky, Tarun Chitra, Robert Leshner, Lenny Rachitsky, Gokul Rajaram, and Linda Xie, also participated.
Highlight allows musicians to create NFTs that give exclusive access and perks to their fans, all without needing to write a single line of code. It also strives to make NFTs easier and cheaper for those fans to buy.
Customers don't have to set up crypto wallets to use Highlight, and the platform doesn't charge "gas fees" — the crypto transaction fees that can surge to extreme heights during periods of high demand, as seen recently with Bored Ape Yacht Club's recent virtual-land sale for its metaverse.
Nonfungible tokens from bands such as Futurebirds are for sale on Highlight.
For more than a year, Emodi and Matthews, Highlight's chief technology officer, kept their heads down building the startup's service. They focused on pitching their company's technology largely to musicians and artists, Emodi told Insider. Among the first musicians signed to the platform are the DJ Moon Boots and the rock bands City of the Sun and Futurebirds.
Highlight's growing buzz among musicians gradually drew the attention of investors in music, entertainment, and sports who want to cash in on tech's latest boom, including Kevin Durant's firm, Thirty Five Ventures.
Investors are still eager to back crypto-enabled startups, even as they've shown increasing angst over plummeting stocks, receding startup valuations, and recent layoffs at tech companies. And Emodi and Matthews got connected to one of crypto's most influential investors, Haun.
"We were showing the product mostly to creators and musicians, getting ton of excitement," Emodi said. "When we met Katie Haun, things really started to pick up."
Some reports have suggested that interest in NFTs may be on the wane, but that hasn't stopped companies such as Instagram from embracing them. And some crypto enthusiasts have touted the growth of utility NFTs, such as Highlight, which aren't strictly collectible-focused but allow owners exclusive access to products and spaces.
Emodi, for his part, is unfazed.
"We think the future of NFTs is incredibly bright," he said. "Like any tech cycle, there will be many ups and downs."
More: Startups Venture Capital Katie Haun | 2022-05-10T21:45:15Z | www.businessinsider.com | Crypto Startup Highlight Raises $11M for NFT Platform for Music Fans | https://www.businessinsider.com/highlight-vc-web3-nft-music-fans-crypto-startup-katie-haun-2022-5 | https://www.businessinsider.com/highlight-vc-web3-nft-music-fans-crypto-startup-katie-haun-2022-5 |
How to make fireworks in Minecraft and use them to fly
In Minecraft, fireworks are pretty and dangerous.
To make fireworks in Minecraft, all you need is paper and gunpowder.
You can also add a "firework star," a unique item that gives your fireworks their distinctive explosions.
Fireworks are great for setting off colorful explosions, but you can also use them to fly around your Minecraft world.
Whether you're in the real world or Minecraft, setting off fireworks is always fun. But Minecraft's fireworks come with some advantages: Not only are they easier to make, but you can fly with them too.
How to make fireworks in Minecraft
There are two different ways to make fireworks in Minecraft, depending on whether you want the firework to have an explosion or not — or in other words, whether you want it to act like a real firework or not.
If you want a firework that doesn't explode, all you need is one unit of paper and one to three units of gunpowder. You can make paper by combining three units of sugar cane, and you can find gunpowder by killing Creepers, Witches, and Ghasts.
But if you're looking to put on a real fireworks show, you'll need a firework that explodes. To make this, you'll still need that paper and gunpowder, but you'll also have to add one "firework star."
Firework stars can be crafted by combining one unit of gunpowder with any color dye. The dye you use decides what color the explosion will be.
Once you've got all your ingredients, throw them onto your crafting table grid in any position. For every unit of each ingredient you use, you'll get three fireworks.
The description under “Items” tells you how far the rocket will travel, what its explosion will look like, and what color it’ll be.
Quick tip: You can use one, two, or three units of gunpowder when making your firework — the more you use, the higher your firework will fly before exploding. Be sure to place each piece of gunpowder in a different slot instead of stacking them.
You can use other items to add special effects to your fireworks. When you're crafting your firework star, add one of these items to the crafting table to get the matching special effect:
Special effect
Makes the explosion's sparks leave a trail as they fall
Makes the explosion throw sparks upwards instead of in a sphere shape
Makes the explosion bigger and louder
Makes the explosion's sparks twinkle and make a crackling sound as they fade
Makes the explosion look like a star
Makes the explosion look like a Creeper's face
What you can use fireworks for in Minecraft
You can use fireworks for three things in Minecraft.
First, you can set them off. Placing a firework on any non-air block will light it, causing it to fly straight up and (if you added a firework star) explode. You can also shoot them off from dispensers and crossbows. If you're looking to stage your own fireworks show, this is what you're interested in.
Second, you can use them to fly. If you have a pair of Elytra wings, you probably know that they only let you glide — you can't fly freely with them. But if you set off a firework while using your Elytra, you'll get a massive speed boost in the direction that you're facing. If you have enough fireworks and you don't crash, you can fly for miles.
Each firework will give you a big speed boost — just watch where you’re going.
Quick tip: Flying is the one thing that you'll want to use non-exploding fireworks for. If you set off an exploding firework while you're gliding with Elytra, you'll get the speed boost, but you might also take damage from the explosion.
Finally, you can use fireworks as ammunition for your crossbows. You can use either exploding or non-exploding fireworks here, but only the exploding ones will do damage.
If you're playing Minecraft: Java Edition, the fireworks will explode as soon as they hit an enemy. But in Bedrock Edition, they'll pass through enemies and only explode once they hit the ground or their time limit, so you'll need to aim more carefully.
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More: Tech How To Minecraft Fireworks Minecraft Items | 2022-05-10T21:45:21Z | www.businessinsider.com | How to Make and Use Fireworks in Minecraft | https://www.businessinsider.com/how-to-make-fireworks-in-minecraft | https://www.businessinsider.com/how-to-make-fireworks-in-minecraft |
How WesBanco works
WesBanco trustworthiness and BBB rating
WesBanco vs. Woodforest National Bank
WesBanco vs. Huntington Bank
WesBanco review: Over 200 locations in 7 states, and a variety of CD terms
WesBanco has over 200 locations and 55,000 free ATMs through the Allpoint ATM network.
WesBanco; Rachel Mendelson/Insider
The bottom line: WesBanco might be a decent option if you're looking for a variety of CD terms. Keep in mind it pays low interest rates on savings accounts and only serves residents in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, Virginia, and West Virginia.
Possible to waive service fees
Only available to residents of IN, KY, MD, OH, PA, VA, and WV
Low interest rate on savings accounts
Monthly/quarterly service fees
WesBanco Statement Savings Account
Possible to waive quarterly service fee
$9 quarterly service fee
Over 200 locations in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, Virginia, and West Virginia
Access to over 55,000 surcharge-free ATMs through the Allpoint ATM network
To waive the $9 quarterly service fee, maintain at least $300 in your account daily OR be under the age of 18
You might like the WesBanco Statement Savings Account if you're eligible to waive the $9 quarterly service fee. You'll need to keep $300 in your account daily or open the account for a minor.
WesBanco savings accounts have a slightly lower interest rate than the average savings account. According to the FDIC, the national deposit rate on savings accounts is 0.06%.
WesBanco Personal Checking Account
$5 overdraft transfer fee
To waive the $6 monthly service fee, maintain at least $500 in your account daily OR sign up for online statements in the first 60 days
Overdraft protection that links your checking account to a WesBanco savings account
There's a $5 transfer fee if you utilize overdraft protection
The WesBanco Personal Checking Account works best if you sign up for online statements and overdraft protection to avoid monthly service fees and overdraft fees.
WesBanco charges a $5 transfer fee if you utilize overdraft protection, though. If you'd prefer to open a checking account with free overdraft protection, consider other banking options.
WesBanco Certificate of Deposit
Standard CD early withdrawal penalties
Terms range from 4 weeks to 5 years
Early withdrawal penalties vary depending on the term you choose and the amount deposited; Contact your nearest branch for more information
WesBanco has a variety of CDs, ranging from four weeks to five years. However, online banks and credit unions offer more competitive interest rates right now.
WesBanco Personal Money Market Account
Debit card option
$1,000 minimum opening deposit it
Need at least $1,000 to earn interest
Must maintain at least $1,000 in account to earn interest
To waive the $10 monthly service fee, maintain at least $1,000 in your account daily
The WesBanco Personal Money Market Account might be ideal if you can maintain $1,000 in your account daily. By meeting this requirement, you'll waive the $10 monthly service fee and earn interest.
If you think that you'll struggle to keep that much money in your account, go through our best money market accounts guide for bank accounts with lower minimum balance requirements.
WesBanco is a brick-and-mortar bank with over 200 locations in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, Virginia, and West Virginia. Customers have access to over 55,000 surcharge-free ATMs through the Allpoint ATM network.
Contact customer support by phone 24/7.
The bank's mobile app received 4.5 out of 5 stars in the Apple store and 3.9 out of 5 stars in the Google Play store.
WesBanco is an FDIC-insured bank. Up to $250,000 is secure in an individual account.
The Better Business Bureau assesses banks based on responses to customer complaints, honesty in advertising, and transparency about business practices. The BBB gave WesBanco an A rating.
A good BBB rating won't guarantee that you'll have a smooth relationship with a bank. Reach out to current customers or read online customer reviews to see if WesBanco is right for you.
On the bright side, WesBanco hasn't been involved in a recent public settlement.
WesBanco and Woodforest National Bank are brick-and-mortar banks based in the Midwest. Here's how the two compare.
IN, KY, MD, OH, PA, VA, and WV
Low minimum opening deposits
Woodforest National Bank will likely stand out if you don't have a lot of money for an initial deposit. You'll only need $25 to open a savings account, checking account, or money market account. At WesBanco, you'll need at least $50 for a savings account or checking account and $1,000 for a money market account.
If you'd like to open a CD at a brick-and-mortar bank, it might be a toss-up between WesBanco and Woodforest National Bank. WesBanco offers a variety of CD terms, but Woodforest National Bank pays higher interest rates on long-term CDs and has a lower minimum opening deposit of $500. Your preference may depend on the term you choose and amount of money you have available.
WesBanco might also be a solid choice if you prefer a bank that has a great mobile app. Woodforest National Bank has lackluster ratings on the Google Play and Apple stores.
We've compared WesBanco to the institution Huntington Bank. See how the two regional brick-and-mortar financial institutions stack up below.
You might lean more toward Huntington Bank if you're searching for a strong traditional checking account. The Huntington Asterisk-Free Checking® Account charges zero monthly service fees and offers free overdraft protection.
WesBanco makes it easier to waive bank service fees if you're looking for savings accounts, though. The WesBanco Statement Savings Account lets you waive its $9 quarterly service fee if you open the account for a minor or maintain a daily balance of at least $300.
WesBanco will also probably be a better choice for CDs since it pays higher interest rates on all terms.
Is WesBanco a good bank?
WesBanco might be a good option if you prefer a bank with a decent-sized branch and ATM network instead of online banking.
However, savings and checking accounts charge monthly service fees if you don't meet specific requirements. Glimpse through our best savings account guide if you're opening to online banking.
How much is it to open a checking account at WesBanco?
To open a WesBanco savings or checking account, you'll need at least $50. CDs and money market accounts require an initial deposit of at least $1,000.
What is the WesBanco ATM withdrawal limit?
The maximum amount you may withdraw from a WesBanco ATM is $305 per day.
PERSONAL FINANCE Here's what to expect during a bank merger and how it may affect your banking
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More: WesBanco WesBanco Statement Savings Account WesBanco Basic Checking Account WesBanco CD
WesBanco Money Market Account | 2022-05-10T21:45:39Z | www.businessinsider.com | WesBanco Review: Over 200 Locations, and a Variety of CD Terms | https://www.businessinsider.com/personal-finance/wesbanco-bank-review | https://www.businessinsider.com/personal-finance/wesbanco-bank-review |
Here's an exclusive look at the pitch deck that property-tech startup Ownwell used to raise a $5.75 million seed round from investors like First Round Capital
A property title search confirms who legally owns the house.
Ownwell wants to make it easier for real estate owners to lower and manage their property taxes.
First Round Capital led the startup's $5.75 million seed round.
Ownwell currently operates in Texas, California, Washington, Georgia, and Florida.
Property taxes can be a huge headache for many that own real estate, and property-tech startup Ownwell is aiming to help ease that pain.
The Austin, Texas-based startup helps commercial and residential property owners lower and manage their taxes. Ownwell CEO Colton Pace says the idea behind the startup is to make real estate ownership "more clear and equitable."
Pace said the company uses machine learning models comparing a user's property with others in the area to find people paying more than their fair share in taxes. Ownwell also employs real estate experts in the area to help lower tax bills.
"We believe that regardless of expertise or financial status, everyone should have access to the information, tools, and resources to manage their property taxes like a professional," he said in an emailed statement.
Ownwell recently closed on a $5.75 million seed round led by First Round Capital, with other investors like Wonder Ventures, the Founder Collective, Long Journey Ventures, and Scott Banister, a former PayPal board member.
Pace said the company "handles the entire process of appealing on behalf of property owners and charges the lowest fees currently on the market."
This means users get savings estimates on their property based on sales data in their area. And if similar homes pay lower taxes, the information can be used to build a case if the owner protests the property tax assessment. The company said that around nine out of 10 protests on its platform are successful, with an average savings of $1,457.
Ownwell currently operates in Texas, California, Washington, Georgia, and Florida, but plans to extend its geographical reach. Its most recent fundraise would ramp up hiring on its product, engineering, sales, operations, customer success, and real estate teams.
Here's an exclusive look at the pitch deck that Ownwell used to convince investors like First Round to invest in its seed round:
Ownwell | 2022-05-10T21:45:45Z | www.businessinsider.com | The Pitch Deck Ownwell Used to Raise Its $5.75 Million Seed Round | https://www.businessinsider.com/pitch-deck-ownwell-used-to-raise-seed-round-2022-5 | https://www.businessinsider.com/pitch-deck-ownwell-used-to-raise-seed-round-2022-5 |
An artist illustration of the InSight lander on Mars, with its dome-shaped seismometer on the ground beside it.
NASA/JPL-Caltech
This spectrogram shows the 5-magnitude Mars quake, detected by NASA's InSight lander, on May 4, 2022.
InSight snapped a photo of one of its dust-covered solar arrays, on June 26, 2021.
This image of the Ingenuity helicopter was taken by the Mastcam-Z instrument of the Perseverance rover, on June 15, 2021.
More: NASA Mars Insight Marsquakes | 2022-05-10T22:18:40Z | www.businessinsider.com | NASA's Wavering InSight Lander Detects Biggest Mars Quake yet | https://www.businessinsider.com/nasa-insight-lander-detects-biggest-mars-quake-yet-2022-5 | https://www.businessinsider.com/nasa-insight-lander-detects-biggest-mars-quake-yet-2022-5 |
EV startup Canoo is missing payments to suppliers as cash runs low and its production struggles worsen, insiders reveal
Insiders say EV startup Canoo has missed supplier payments as it runs low on cash.
Canoo hasn't been cutting checks to some of its parts vendors, sources told Insider.
The company has been running low on cash this year, and just announced a new financing plan.
This comes as Canoo races to produce between 3,000 to 6,000 vehicles this year.
Electric vehicle startup Canoo is missing payments to vendors and suppliers as it races to make good on ambitious production promises this year, four sources with direct knowledge of the situation told Insider — all while the company is running low on cash.
The startup has been struggling to meet its production target of between 3,000 and 6,000 vehicles this year, those sources, including those who recently left the company, said. Sources were granted anonymity, as they are bound by NDAs or are unauthorized to speak publicly about the company, but their identities are known to Insider. Some vendors have stopped shipments, they said.
Canoo did not immediately respond to request for comment.
Canoo said in an earnings report Tuesday it had just $104.9 million in cash on hand at the end of the first quarter. Canoo also reported CapEx of $28.4 million and a net loss of $125.4 million — with that burn rate, the startup will be out of cash this quarter if it doesn't secure additional funding.
"We are reporting that there is substantial doubt about the Company's ability to continue as a going concern," the company said in a press release announcing earnings. Canoo shares dropped 11% after the bell.
The company announced a new plan to raise capital, including a potential $50 million in funding via a committed PIPE — or private investment in public equity, in which shares are bought below current market value — from CEO Tony Aquila's firm, Aquila Family Ventures, a $250 million equity purchase agreement with financing partner Yorkville Advisors, and filing a $300 million universal shelf registration, which allows the company to issues securities like common stock in the future. Yorkville previously did a similar deal with embattled electric truck startup Lordstown Motors.
This week, Canoo also filed a lawsuit against its second-largest shareholder, DD Global Holdings Ltd., alleging the firm wrongfully benefitted from recent share sales. Canoo is looking for DD Holdings to pay back $61 million in profit.
Meanwhile, Canoo has lost significant talent over the past several months, most recently two vice presidents and others in leadership roles. It is also navigating its own shareholder suits, a sinking stock price, and an SEC investigation.
Canoo said it anticipates the start of production on its flagship vehicles to come in the fourth-quarter this year at a manufacturing site it leased in Bentonville, Arkansas, its soon-to-be company's headquarters.
Aquila said during Tuesday's earnings call that Canoo has broken ground for its second US manufacturing facility in Pryor, Oklahoma, where production is said to start next summer. It began clearing land there in February.
More: Transportation EV startup Canoo
talent exodus | 2022-05-10T23:14:22Z | www.businessinsider.com | EV Startup Canoo Missing Supplier Payments, Insiders Reveal | https://www.businessinsider.com/ev-startup-canoo-missing-supplier-payments-low-cash-2022-5 | https://www.businessinsider.com/ev-startup-canoo-missing-supplier-payments-low-cash-2022-5 |
Facebook's new hiring freeze and stock slump has some insiders concerned that layoffs are coming
Mark Zuckerberg waves
A new hiring freeze has some people inside Facebook worried that layoffs are on the way.
One worker said the freeze is merely a stop-gap measure as executives "figure out priorities."
Other factors, too, like vagueness from executives and the market downturn, are adding to concerns.
With a broad hiring freeze in place, some workers at Facebook are growing concerned that layoffs may be next.
The company told employees last week in memos seen by Insider it was enacting a hiring pause that would first affect many levels of engineers and would expand to impact "almost every team across the company."
"My guess is there are layoffs coming," one employee told Insider. Some high-level managers are already "talking about re-prioritizing things," the person added, leading them to expect the cancellation of projects and people being let go.
Certain elements of last week's memos on the freeze also have people worried and trying to read between the lines, three employees said. Facebook's chief financial officer, David Wehner, wrote that the company needs to hit "lower expense guidance," which it recently reduced by some $3 billion. Other vague phrases, such as "re-prioritize work," "reviewing head count allocation," and calling the recent stock market downturn "a valuable forcing function," also struck an ominous note with some staffers.
David Wehner, CFO Facebook, stands between Mark Pincus, co-founder of Zynga, and Mark Zuckerberg at the Allen & Company conference, on July 7, 2016 in Sun Valley, Idaho.
Wehner noted that he would share more details with employees "as we have them," while Miranda Kalinowski, Facebook's recruiting head, wrote that she was sharing "what we know so far" in her own note. That gave the impression to some employees that the freeze was sudden and the strategy for head count was still being developed.
All of this, along with Facebook's recent hiring spree and the continued slump in the company's market value, has several staff bracing for layoffs. The social-media giant increased head count by 60% from the end of 2019 through 2021, according to an Insider analysis of regulatory filings. Since mid-November, the shares have plunged more than 40%.
"The 'hiring freeze' is likely just to stem the tide of spending growth on new hires as they figure out priorities," one of the employees said. The two other current employees expressed similar concerns, while noting that the company has said nothing about the prospect of layoffs thus far. The people who spoke with Insider asked not to be identified discussing sensitive topics.
A spokesperson for Facebook, now called Meta, referred Insider to a statement given last week about the hiring freeze: "We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, we are slowing its growth accordingly. However, we will continue to grow our workforce to ensure we focus on long term impact."
No plans for layoffs 'at this time'
The spokesperson declined to comment further, but the company told the Wall Street Journal last week that it has not plans for layoffs "at this time."
Facebook remains highly profitable but spending has increased and growth has slowed, worrying investors. A run on hiring in what was a very competitive tech-job market has cost the company. It's also spending billions of dollars to create the metaverse, an immersive digital world that will take at least a decade to emerge.
One manager-level employee who recently left the company said Facebook often reorganizes at the team level, and occasionally eliminates some roles. More actions like this are possible, even in the range of 1,000 people, but this person said a bigger layoff — something like a 10% reduction in its workforce — is "deeply unlikely."
Another current employee agreed, citing how cash-rich Facebook is. This person sees new efforts to reduce spending, like the hiring freeze, and trimmed spending on Facebook's Reality Labs division, responsible for metaverse projects, as a good sign.
However, an advisor to major tech companies said he would not be surprised if Facebook went the route of layoffs in the coming months. Even the most historically successful and seemingly untouchable companies are unlikely to remain immune from the current downturn. And when companies enact layoffs, they "want it to have an impact," he said, typically looking in the range of a 7% to 10% reduction in force, also known as a RIF.
"You do not want to undercut and then have to do it again," the advisor said. | 2022-05-10T23:14:28Z | www.businessinsider.com | Some Facebook Insiders Are Concerned That Layoffs Are Coming | https://www.businessinsider.com/facebook-meta-insiders-concerned-layoffs-are-coming-hiring-freeze-2022-5 | https://www.businessinsider.com/facebook-meta-insiders-concerned-layoffs-are-coming-hiring-freeze-2022-5 |
Ghost kitchen startup Reef Technology is being sued by real estate giant JLL over failure to pay invoices totaling $3.5 million — and insiders say stiffing vendors was standard practice for months
Ghost kitchen Reef prepares Wendy's fast food menu through a licensing partnership.
Courtesy Dave Robertson
Reef Technology is a ghost kitchen startup that prepares meals from food trailers in parking lots.
The SoftBank-backed startup has grown fast, but insiders say it stopped paying vendors months ago.
Real estate firm JLL is suing Reef for nonpayment of invoices totaling about $3.5 million.
As Reef Technology signed lucrative licensing agreements in 2021 with major restaurant brands like Wendy's, Popeyes, and Burger King, the ghost kitchen startup instructed employees to do whatever it takes to get food trailers open – no matter the cost, former employees told Insider.
Reef operates food trailers that sell food for delivery through apps like DoorDash and Uber Eats . But launching and maintaining these mobile kitchen vessels, typically set up in parking lots managed by Reef, has been costly. A former corporate employee with inside knowledge of Reef's operations said Reef grew "recklessly," burning investment money "very, very quickly."
"These trailers never made money," a former regional director of kitchens in the Northwest said. "Even the Wendy's ones weren't profitable. They were, at best, break even."
Now, the Miami-based startup is shifting focus from growth to "profitability and productivity," according to a memo sent to all staff by CEO Ari Ojalvo. That means layoffs and delaying employee bonuses. But it also means fending off vendors accusing Reef of stiffing them for millions of dollars, according to former employees, internal documents obtained by Insider, and a recent lawsuit filed by JLL.
JLL, a global commercial real estate services firm, sued Reef Technology in mid-April for breach of contract, alleging the Miami-based ghost kitchen operator owes JLL and its subcontractors more than $3.5 million for maintenance and repair services on its food trailers.
According to the lawsuit, Reef started making underpayments to JLL on invoices from late October 2021 through the end of the year. Reef made partial payments to subcontractors, but did not pay JLL for its services, which included managing the maintenance and repairs of its network of kitchen vessels, the suit said.
Then, starting in 2022, Reef "stopped paying JLL for anything," according to the suit.
When reached for comment JLL's attorney, Daniel B. Rogers, said, "JLL does not comment on pending litigation."
A Reef spokesperson told Insider: "REEF does not comment on pending litigation or ongoing business matters. As a rapidly growing startup innovating the future of food and other proximity-based services, we are continually refining our vendor relationships and managing our staff to maximize productivity, profitability, and benefits for our customers and investors."
'They don't care to pay vendors'
Five former Reef employees said Reef stopped paying vendors in the fall of 2021. At that time, Reef's ghost-kitchen operation had tripled, growing to 320 kitchen vessels operating in the US and globally. The former employees requested anonymity due to fear of professional repercussions, but their identities are known to Insider.
A former regional director of kitchens in the Northwest said once Reef figured out the "true cost" to launch and maintain the kitchen vessels, company leaders instructed managers to halt paying vendors and find new ones to do the work, former employees told Insider.
"They don't care to pay vendors," the former regional director said. "They're trying to get out of any debt that they owe by any means they can."
A former supply chain employee, who left Reef in the last month, said upper management's stance was "we need to have alternative vendors" available for use because "we were upside down on the vessels." The former employee says vendors under their control were either not paid or only partially paid due to cash flow issues. "They wanted to have alternatives lined up."
An executive at one company subcontracted by JLL on behalf of Reef told Insider this week that their company is owed $250,000.
Starting around September and October of 2021, they said Reef stopped paying. "All of a sudden it just came to a dead stop. Nothing was coming," the executive said. They asked to remain anonymous in order to discuss matters freely, but their identity is known to Insider.
A former corporate employee at Reef told Insider that the vendors waiting for payment would include companies that service the trailers, as well as those that repair and provide maintenance for kitchen equipment.
"Many vendors dropped off from no payment," the former corporate employee said.
One vendor, United Rentals, began pulling generators that power refrigeration in the trailers in January because the company was not getting paid, four former employees told Insider.
Cutting off "critical services" like generator power "really hindered our business," the former regional director said.
On March 18, 2022, JLL terminated its contract with Reef declaring the company in "default for its failure to pay multiple invoices that came due between November 24, 2021 and February 25, 2022," according to the suit.
JLL's attorney, Daniel B. Rogers, said, "JLL does not comment on pending litigation."
After SoftBank backed Reef with $700 million in November 2020, the company has been racing to grow its network of food trailers across North America.
Last week, Insider reported that Reef was delaying employee bonuses and owed vendors more than $8 million in outstanding payments. The company also announced plans to cut 5% from its 15,000 global workforce, or 750 employees.
Reef said it remained focused on its kitchen vessels. "We are not shuttering the kitchens business and have secured a new round of funding to continue to grow it," Reef spokesperson Mason Harrison told Insider while declining to say where the funding is coming from. Nation's Restaurant News reported on Tuesday that Reef is working to secure another round of funding led by SoftBank.
Several current and former employees have told Insider that the food trailers don't make enough money to support the cost it takes to launch and operate them.
The former regional director, who used to work in the restaurant industry, said most trailers under his jurisdiction made about $500 a day in sales, but the vessels cost about $1,500 a day to operate.
"The economics of the model just never made sense," he said. "And I don't see how they ever make sense."
More: Ghost Kitchens Reef Technology food delivery | 2022-05-10T23:14:46Z | www.businessinsider.com | JLL Sues Reef for $3.5 Million. Insiders Say It's Stiffing Vendors. | https://www.businessinsider.com/reef-jll-lawsuit-payment-stiff-vendors-2022-5 | https://www.businessinsider.com/reef-jll-lawsuit-payment-stiff-vendors-2022-5 |
9 Israelis arrested after sending graphic plane crash photos to passengers aboard a flight to Turkey
Photos from the Asiana Arlines flight 214 crash were sent to passengers aboard a 2022 flight to Turkey.
Passengers on a flight from Israel to Turkey received graphic photos of plane crashes on their phones.
9 suspects were arrested for AirDropping the photos and causing a panic, The Guardian reported.
The taxiing flight returned to the gate before takeoff and was delayed for several hours.
Nine Israeli citizens were arrested Tuesday at Tel Aviv's Ben Guiron airport on suspicion of making a terrorist threat after passengers aboard a flight to Turkey received graphic photos of plane crashes on their phones shortly before takeoff.
"The nine ... are suspected of broadcasting images of an air disaster on the plane, causing panic and delaying the plane's departure by several hours," the Israel Airports Authority said in a statement, adding that sending the photos could be seen as a "terrorist threat," The Guardian reported.
Though no one was injured and the flight resumed after a security search, "One woman fainted, another had a panic attack ," a passenger identified only as Diana told Israel's Channel 12, the Jersalem Post reported.
Among the photos, The Times of Israel reported, were scenes from the crash of Asiana Airlines flight 214. The passenger flight crashed during on final approach near Seoul, South Korea, in 2013, killing three people.
The suspects may be prosecuted for disseminating false information, according to the Jersalem Post. The offense carries a maximum sentence of three years in prison.
The Ben Gurion International Airport did not immediately return Insider's request for comment.
More: Israel Turkey Airplane flight
Terrorism Alert | 2022-05-11T02:52:08Z | www.businessinsider.com | 9 Arrested After Plane Crash Photos Sent to Passengers Aboard Flight | https://www.businessinsider.com/israel-plane-crash-photos-sent-passengers-aboard-flight-airdrop-turkey-2022-5 | https://www.businessinsider.com/israel-plane-crash-photos-sent-passengers-aboard-flight-airdrop-turkey-2022-5 |
Former President Donald Trump Donald Trump speaks at a rally in Nebraska.
Trump's hand-picked candidate failed to win Nebraska's GOP gubernatorial primary.
Businessman Charles Herbster fell in the wake of multiple sexual assault allegations that upended the race.
Tuesday's result shows that Trump's backing isn't a 100% guarantee of a win in a close contest.
Former President Donald Trump's preferred candidate in Nebraska's Republican gubernatorial primary, businessman Charles Herbster, failed in his bid on Tuesday night, proving that Trump's kingmaker status isn't airtight.
University of Nebraska Regent Jim Pillen is expected to win the contest, Decision Desk HQ projects.
The race was upended in late March when The Nebraska Examiner, a local nonprofit media outlet, reported that eight women had accused Herbster of sexual assault.
Six women, including state Sen. Julie Slama, claimed that Herbster groped them either at political events or beauty pageants. Herbster vehemently denied the allegations and went on a Trump-esque campaign to discredit Slama. He even went so far as to file a defamation suit against her.
Trump has previously bragged about his undefeated endorsement record. His ability to reach down and reshape the GOP is being closely followed in advance of an expected 2024 presidential campaign. Herbster is the first Trump-endorsed candidate to lose during the 2022 cycle.
The truth is that Trump's picks have lost before, including in Alabama, where Roy Moore lost his bid for a US Senate seat in the face of misconduct allegations, and in North Carolina, where GOP Rep. Madison Cawthorn upset Trump's pick in a 2020 House primary.
Tuesday's result comes just a week after Trump was credited for catapulting author JD Vance to his win in Ohio's GOP Senate primary. The two races illustrate that Trump's backing is helpful for GOP hopefuls but it is not determinative.
It wasn't all bad news for Trump: Rep. Alex Mooney, his pick in the nation's first incumbent on incumbent primary of the cycle, prevailed in West Virginia.
University of Nebraska Regent Jim Pillen speaks during a January news conference while flanked by Gov. Pete Ricketts and former Gov. Kay Orr.
Grant Schulte/AP
Gov. Pete Ricketts, who endorsed Pillen, now has his preferred successor ready to take the reins. But it remains unclear how Herbster will respond after accusing Ricketts of orchestrating a conspiracy to sink his campaign. Herbster has also filed a defamation suit against Slama, which could further divide the party headed into November.
State Sen. Carol Blood easily clinched the Democratic nomination. She faces very long odds to flip the governor's mansion, which would be aided if Nebraska Republicans fail to close ranks around Pillen.
Nebraskans have not elected a new Democratic governor since 1990, an eon in politics as the state has drifted further to the right.
More: Charles Herbster Donald Trump Nebraska 2022 midterms | 2022-05-11T03:51:36Z | www.businessinsider.com | Trump-Endorsed Nebraska Candidate Charles Herbster Loses GOP Primary | https://www.businessinsider.com/trump-endorsed-nebraska-charles-herbster-fails-to-win-gop-primary-2022-5 | https://www.businessinsider.com/trump-endorsed-nebraska-charles-herbster-fails-to-win-gop-primary-2022-5 |
Check out the 10-slide pitch deck GetHenry, an e-bike subscription startup that services Gorillas, used to raise $17.4 million
Mobility startup GetHenry has raised €16.5 million ($17.4 million) in seed funding.
It offers an e-bike subscription service to some of Europe's largest last-mile delivery companies.
Check out the 10-slide pitch deck GetHenry used to raise the fresh funds below.
Mobility startup GetHenry has raised €16.5 million ($17.4 million) in seed funding as it prepares to expand across Europe.
The German company, which was founded in 2019 by cousins Luis Orsini-Rosenberg and Nikodemus Seilern, first focused on providing hotels with fleets of e-scooters for guests before shifting to e-bike subscriptions to restaurants and individual couriers amid rising demand during the pandemic.
GetHenry services some of Europe's largest last-mile delivery companies such as Gorillas and JustEat. It has raised a mix of €10m equity and €6.5m debt in a seed round led by London-based venture capital firm LocalGlobe.
A number of other investors joined the round including Visionaries Club, Founder Collective, EnBW New Ventures (ENV), GreenPoint Partners, SpeedUp Ventures, and Third Sphere, along with previous investors and several angel investors including Voi CEO Fredrik Hjelm.
Luis Orsini-Rosenberg, cofounder and CEO of GetHenry, said the last 12 months had shown "just how important providing sustainable last-mile delivery solutions has become" as logistics companies have struggled to meet "the ever-increasing demand for ever-faster deliveries".
"GetHenry is here to provide a quality fleet of electric utility vehicles that can cater for the current climate," Orsini-Rosenberg said.
GetHenry, which had 29 new city launches in 2021, will use the fresh funds to fuel its expansion across Europe in the next few months into countries such as France, Spain, the Netherlands, and the UK while diversifying its mobility offering to include cargo bikes and electric mopeds.
The startup will also start designing and producing what it calls its own "specialist courier devices" – bikes engineered in Germany that it say scan handle up to 80 km (50 miles) a day of courier travel.
According to the firm, its service can become increasingly relevant to more traditional logistics companies that are weighing up ways to reduce emissions by last-mile delivery.
More: Features last mile delivery Gorillas | 2022-05-11T07:36:27Z | www.businessinsider.com | GetHenry: Mobility Startup Raises $17.4 Million for European Expansion | https://www.businessinsider.com/gethenry-mobility-startup-raises-174-million-for-european-expansion-2022-5 | https://www.businessinsider.com/gethenry-mobility-startup-raises-174-million-for-european-expansion-2022-5 |
Rechargeable batteries still end up as toxic waste. This pitch deck helped battery-recycling startup Green Li-ion raise $11.55 million to stop cells from ending up in landfills.
Green Li-ion CEO Leon Farrant (left) and chief technology officer Reza Katal (right) cofounded the startup to convert spent batteries back to new ones without wastage.
Green Li-ion
Battery-recycling startups are popping up to try and solve booming demand.
Singapore's Green Li-ion bagged $11.55 million for its process to recycle used cells without wastage.
We got an exclusive look at the pitch deck it used for the Series A funding round.
Singapore-based Green Li-ion wants to stop rechargeable batteries from going into landfills.
Global uptake of smartphones, laptops, electric vehicles, and other devices have boosted demand for batteries — which rely on a dwindling supply of precious metals. The market for battery cell production is expected to reach $360 billion by 2030, according to an analysis by McKinsey.
But the batteries that power our devices can only be recharged for a certain number of times. Once they reach the end of their life cycle, or when the devices are discarded, the batteries become waste.
If thrown away, these can end up seeping toxic metals and chemicals into the ground.
Battery recycling plants can give spent batteries a new lease of life, but the process is expensive and inefficient. Current processes can only handle certain types of lithium batteries, according to Leon Farrant, cofounder and CEO of Green Li-Ion.
"We throw away 95% of spent batteries into landfill. With our technology, we can recover that. If we don't, we cannot progress with the energy transition to a greater reliance on renewable batteries," said Farrant.
Farrant and chief technology officer Reza Katal cofounded Green Li-ion in 2020 to rejuvenate spent batteries into new ones without wastage, selling machines that make the process easier for recycling plants.
Green Li-ion is not alone, with battery-recycling startups emerging all around the world, Insider previously reported, with rivals including Nevada-based Redwood Materials and Canada's Li-Cycle.
Farrant said he believes Green Li-ion's technology can set it aside from the competition.
Farrant said Green Li-ion's technology allows its clients to recover the most valuable part of the battery — the cathode. It also lessens its clients' reliance on manual labor to sort battery parts in the process. The result, Farrant said, makes it more worthwhile for recycling plants to recycle batteries.
The firm raised $11.55 million in late April. The Series A round was led by energy-tech venture capital outfit Energy Revolution Ventures. Other clean tech co-investors include the corporate venture capital arm of world's fourth-largest renewable energy producer EDP (EDP Ventures), TRIREC, SOSV, Entrepreneur First, MB Energy Partners, Ilshin Holdings, Envisioning Partners, and GS Holdings.
The sum Green Li-ion raised will go into upgrading its recycling technology, Farrant said. It will also be used to help construct and run operations at its first modular processing plants.
The startup currently has a pilot system in Singapore and is completing a recycling system in Houston, Texas for LiNiCo Corp, a battery recycling firm, in Nevada, he said.
Funds will also be used to expand the company to Europe, and other markets like Malaysia, Australia, and India, said Farrant.
"We need to find a way to recover the materials out of the spent batteries, otherwise we're just going to run out of raw materials to manufacture rechargeable batteries. That is Green Li-ion's biggest existential risk," said Farrant.
Read on to see the pitch deck Green Li-ion used for its funding round below:
More: Features Green Li-ion Startup Pitch Deck | 2022-05-11T08:24:20Z | www.businessinsider.com | Pitch Deck: Green Li-Ion Raises $11.55 Million for Recycling Batteries | https://www.businessinsider.com/pitch-deck-green-li-ion-raised-11-55m-battery-recycling-2022-5 | https://www.businessinsider.com/pitch-deck-green-li-ion-raised-11-55m-battery-recycling-2022-5 |
REUTERS/Kevin Yao
Avril Haines said Tuesday it remains to be seen how Russia's Ukraine invasion has affected China's plans.
China has long said that Taiwan, an island nation of 23 million people located 100 miles off China's east coast, must become part of the mainland. Taiwan has been self-ruling for decades and fiercely maintains its independence.
Avril Haines.
"What is hard to tell is how, for example, whatever lessons China learns coming out of the Russia-Ukraine crisis might affect that timeline," Haines said Tuesday.
The warnings from Haines and Burns came just days after Adm. Charles Richard, the head of the US Strategic Command, told US lawmakers that China "will likely use nuclear coercion to their advantage in the future."
In recent weeks, the Biden administration quietly told Taiwan to start ordering US weapons that will maximize its chances should China invade, such as missiles and smaller arms for asymmetric warfare, The New York Times reported.
In January, Qin Gang, China's ambassador to the US, told NPR: "If Taiwanese authorities, emboldened by the US, keep going down the road for independence, it most likely will involve China and the US ... in a military conflict."
More: News UK China Taiwan Ukraine | 2022-05-11T09:55:28Z | www.businessinsider.com | Top US Spy: China Building Military Capable of Taking Taiwan by 2030 | https://www.businessinsider.com/china-building-military-capable-take-taiwan-by-2030-avril-haines-2022-5 | https://www.businessinsider.com/china-building-military-capable-take-taiwan-by-2030-avril-haines-2022-5 |
An ex-Microsoft engineer-turned Ava Labs cofounder told us how he went from mining bitcoin in his childhood home to starting one of the fastest growing blockchain developers in crypto — and shares his ambitions for the 'Apple of the blockchain world'
Ava Labs cofounder Kevin Sekniqi
Ava Labs
Kevin Sekniqi is the cofounder and COO of Ava Labs.
The 28-year-old exec explains the pros of building on Avalanche's blockchain.
In tandem with broader crypto markets, Avalanche's native token is down 41.6% in the past month.
In 2010, 16-year-old Kevin Sekniqi saw a post on Reddit detailing a new peer-to-peer money called Bitcoin. He later began mining the cryptocurrency out of his childhood bedroom in Brooklyn, New York.
"It was early enough that I remember a time when I didn't know where to even buy bitcoin," Sekniqi told Insider, adding that it was worth only a few cents. "The only place you could buy it was from some guy on Craigslist."
While working towards his Ph.D. at Cornell University in 2016, he worked on a research project that would later become Ava Labs – the developer behind layer-1 blockchain Avalanche – with Professor Emin Gün Sirer and fellow doctorate student Maofan "Ted" Yin.
Bitcoin, Sekniqi said, had its shortcomings and he wanted to build an open, permissionless system "from the ground up" in a "totally different way."
"I was familiar enough with Bitcoin technology to know that it's great in a lot of ways and faulty in a lot of other ways," he said.
Avalanche is dubbed a likely competitor to Ethereum. Unlike the largest smart contract network, however, Avalanche fully operates on a proof-of-stake system, which lends itself to faster transaction speeds and lower gas fees. But Ethereum still has an overwhelming dominance in the multi-billion-dollar decentralized finance, or DeFi market.
The company is reportedly looking to raise $350 million at a $5.25 billion, according to a Bloomberg report from April 13, citing sources familiar with the matter. It announced a $230 million private token sale on September 16, led by crypto funds Three Arrows Capital and Polychain.
Ava Labs previously partnered with consulting giant Deloitte to use its blockchain as a way to streamline funding to the Federal Emergency Management Agency.
'The Apple of the blockchain world'
While many see crypto as a speculative asset class, developers are investing in blockchain technology in a different way – by building DApps, or decentralized applications on their networks. This is how, Sekniqi said, Avalanche will become the "Apple of the blockchain world."
The layer-1 distinguishes itself from competitors because it has the optionality to both build on its blockchain and provide existing infrastructure for builders to customize their own. After launching in September, Ava Labs said it could handle 4,500 transactions per second.
"We want to make this process completely seamless," the 28-year-old exec said.
Popular DeFi projects like Chainlink, SushiSwap, and Aave have all built on Avalanche.
"Developers of these custom blockchains have complete control over the design, with the only requirement being to participate in securing the core platform," John Wu, president of Ava Labs, previously told CNBC.
A competitor to the layer-1 includes Solana, which offers similar low transaction fees. In the coming months, Ethereum is slated to begin a series of upgrades on its network called "The Merge" or Eth2. This will cut the blockchain's transaction time significantly, giving competitors, dubbed "Ethereum killers," a run for their money.
There are no Ethereum killers, Ryan Wyatt, CEO of Polygon Studios, told Insider.
"Ethereum is here to stay. It's going to be a critical layer-1 for the world," the former Google executive said.
Avalanche's native token, AVAX, experienced a steep price decline in tandem with broader markets. The token, which is the 12th largest by market cap , is down 41.6% on the month, per crypto research firm Messari.
The token, however, had a brief bump in its price after crypto investment firm Valkyrie announced an Avalanche Trust for accredited investors to gain exposure to its ecosystem. As of May 4th, the fund has reportedly secured $25 million, according to Coindesk.
NOW WATCH: Here’s a great explanation of what the blockchain is from the person tasked with explaining it to the world
More: crypto Blockchain AVAX price Ava Labs | 2022-05-11T09:55:34Z | www.businessinsider.com | Avalanche Will Be the 'Apple of the Blockchain World': Ava Labs Exec | https://www.businessinsider.com/crypto-blockchain-avalanche-ava-labs-bitcoin-mining-apple-microsoft-cofounder-2022-5 | https://www.businessinsider.com/crypto-blockchain-avalanche-ava-labs-bitcoin-mining-apple-microsoft-cofounder-2022-5 |
How this electronic-music artist raked in $1.24 million by selling 5,000 unique pieces of music as NFTs
DJ Kloud.
Courtesy of KLOUD
The electronic-music producer Kloud made $1.24 million from selling 5,000 unique music NFTs.
Each NFT is composed of a unique combination of stems, like bass lines, leads, and percussion.
Kloud shared how they created the NFTs and why they can be a new revenue opportunity for artists.
For the electronic-music collective Kloud, as for most other musicians, tickets from shows, streaming royalties, and merch sales tended to be the only avenues to make money from their art.
While counting over 1 million monthly listeners on Spotify and almost 100,000 subscribers on YouTube, Kloud had never made a profit, until recently. The artist – who performs solo and hides their identity behind a mask – reinvested every dollar the collective earned back into the Kloud project, which they started in 2018.
As the NFT craze minted million-dollar JPEGs of cartoon monkeys and overnight teenage millionaires, Kloud decided to release their own music NFTs in January: a collection of 5,000 unique tracks, each algorithmically composed by compiling dozens of different stems, or the individual parts that make up a song.
Kloud earned 378 ethereum from the NFT drop, or roughly $1.24 million at the time, according to online records verified by Insider.
"It's hard, constantly putting money into a project and only getting passion from it," said Kloud, via a video call. "The NFT sale is proof that we're doing something right, that what we've been building over the past four years, we were able to get rewarded in some way."
A Bored Ape Yacht Club model for music
Kloud told Insider they came up with the idea for their NFT drop by following the Bored Ape Yacht Club generative NFT model, where sets of artist-created physical traits like mouths, eyes, and hands are compiled by an algorithm to create 10,000 different monkeys in JPEG format, some of which have fetched millions of dollars at auction.
Kloud spent around two weeks creating dozens of different bass lines, vocals, drum patterns, percussive patterns, and leads, all in the same key and BPM, or beats per minute, and all interchangeable.
They then used a compilation program to mix and match each different element into 5,000 unique combinations. The program was built by SoundMint, a generative-music NFT startup founded in November, which counts the members of Kloud as founders, and has received $1.7 million in funding from VCs including Animoca Brands.
Kloud said they "were creating in a way we never created before," and added that for fans, it's like listening to a "jam session with your favorite artist."
A new way to value music in a world of all-you-can-listen songs
As an act that made around $250 a month from fans on Patreon , as verified by Insider, while having to spend up to $20,000 to produce self-branded events complete with lasers and props, Kloud said the $1.24 million will allow them to focus on making "top-tier" content for their upcoming second album.
While total NFT sales have taken a recent tumble, they hope that through their own NFT drop and SoundMint's launch, artists will be able access a new revenue stream while letting fans value music in a new way.
"As artists we want to have our music heard, and we love the idea of having a platform to be heard across the world," Kloud said. But "society has come to a point where they think music is free," pointing out that on platforms like Spotify, fans can pay $10 a month to access unlimited music, while the artists themselves get fractions of a penny in royalties per streamed song.
"That's created a narrative to the world that music doesn't have real value," Kloud said.
Through generative NFTs, Kloud hopes to change that narrative. "Maybe it's not the people who have a freemium account with Spotify, and that's OK. Maybe it's the fine-art collectors in the NFT world," Kloud said.
"As long as we're being subsidized by something, we can continue creating art at our highest potential," they added.
More: NFT Web3 Music | 2022-05-11T09:55:40Z | www.businessinsider.com | How the DJ Kloud Made $1.24 Million by Selling 5,000 Unique NFTs | https://www.businessinsider.com/how-music-artist-made-1-million-by-selling-5000-unique-nfts-2022-5 | https://www.businessinsider.com/how-music-artist-made-1-million-by-selling-5000-unique-nfts-2022-5 |
BlackRock is telling investors to cut risk as stocks and bonds tumble. Here are 4 shifts the world's largest money manager says they should make to stay safe.
It's been a difficult start to the year, and investors are worried. BlackRock thinks it's time to cut risk.
Investors should cut risk now, according to the BlackRock Investment Institute.
But Jean Boivin says a few pockets of opportunity are starting to emerge as stocks and bonds drop.
He recommends a couple of shifts investors can make with ETFs, and remains upbeat about stocks.
Some surprising and frightening things are happening in markets right now, so it might help to know what the world's leading money managers are doing to keep clients' funds safe.
BlackRock is the largest firm in that space, managing $9.57 trillion in assets as of the end of the first quarter. As stocks and bonds go through a rare simultaneous sell-off, Jean Boivin, the head of the BlackRock Investment Institute, says a couple of steps are in order.
"We slightly reduce risk on a worsening macro outlook," Boivin wrote in a recent note to clients. "We also see little chance of a perfect economic scenario of low inflation and growth humming along."
But Boivin emphasized that even in a market where it seems like there's no place to turn, opportunities remain — after all, almost everything is getting cheaper in a hurry.
"This year's dramatic sell-off has restored some value in pockets of the market," he said. "We have warmed up to European government bonds because we believe market expectations of rate hikes by the European Central Bank (ECB) are too hawkish."
That is, he thinks the ECB won't raise interest rates as quickly as investors believe it will. Boivin says the bank will move carefully because of the energy shock Europe is facing as a result of the Russian invasion of Ukraine, which has disrupted natural gas supplies and driven up energy costs for nations, companies, and consumers.
Boivin says he finds bonds generally unappealing, but in this case, it makes sense as a way to reduce the risks posed by a "growth shock" hitting European stocks.
HOW TO DO IT: Examples of funds that hold a wide array of European government bonds include Vanguard's EUR Eurozone Government Bond UCITS ETF and the iShares Euro Government Bond Index Fund.
Boivin also says investment grade credit is becoming a sensible value play.
"Annual coupon income is nearing 4%. That's the highest in a decade," he said. "We overweight local-currency EM debt on attractive valuations and potential income. A large risk premium compensates investors for inflation risk, in our view."
He upgraded both European government bonds and investment grade credit to "Neutral."
HOW TO DO IT: Many major firms offer investment-grade credit funds, including PIMCO's Investment Grade Corporate Bond Index ETF (CORP) and the Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB).
But what about stocks?
While rising interest rates and a shakier growth environment aren't great news for stocks, Boivin is more optimistic about equities than the broader picture might suggest. Earlier this year, when the market started selling off, he upgraded stocks because real rates are low, growth remains strong, and valuations have fallen.
He says that hasn't changed — aside from valuations falling much further — so he's still overweight on equities. He says the Federal Reserve will follow the same path he's predicting for Europe's central bank, meaning it won't raise interest rates very high because it doesn't want to cause a recession . That means inflation will stay higher than it was in the 2010s.
"We believe the Fed ultimately won't raise rates beyond neutral — a level that neither stimulates nor decreases economic activity," he said. "We believe the eventual sum total of rate hikes will be historically low, given the level of inflation. This means we still favor equities over fixed income."
Boivin says he prefers developed markets stocks to equities from other regions, and is especially bullish on US and Japanese stocks. Meanwhile he's become bearish about Chinese stocks and downgraded them to "Neutral," telling investors to reduce their allocations.
"The growth outlook for China, the world's second largest economy, is quickly deteriorating amid widespread lockdowns in an attempt to halt the spread of Covid," he said. "Foreign investors could face more pressure to avoid Chinese assets for regulatory or other reasons" — including China's relationship with Russia.
That concern extends to China's bonds as well, as yields have dropped, eliminating the appeal those securities once had. | 2022-05-11T09:55:58Z | www.businessinsider.com | What to Buy in Stocks, Bonds, and Credit for a Lower Risk Strategy | https://www.businessinsider.com/what-to-buy-stocks-bonds-credit-lower-risk-strategy-blackrock-2022-5 | https://www.businessinsider.com/what-to-buy-stocks-bonds-credit-lower-risk-strategy-blackrock-2022-5 |
Startups are appointing more women to boards but a high proportion of them are internal promotions, who are less independent than external appointments
Katie Rae, managing director and CEO of The Engine.
California set about addressing Silicon Valley's gender diversity issue with a landmark law in 2020.
Startups attempting to diversify their boards are increasingly reaching for their existing staffers.
Employees don't offer "true governance or fresh perspective," according to a report from JPMorgan.
When the #MeToo movement captured the zeitgeist in 2017, it placed an intense spotlight on the pervasive culture of gender discrimination in Silicon Valley.
Seven in 10 startups across the US had no women on their board of directors at the time, while over half of them touted no female executives.
That began to change in 2020 when California introduced SB 826, a landmark piece of legislation that required all public companies in the state to have at least one female board member – or face a $100,000 fine. By the end of 2021, women made up 32.1% of board appointments in California, an all-time high.
"I believe that the bill has helped a ton because all of a sudden we're seeing the mindset have to change," said Pamela Aldsworth, managing director of JPMorgan's venture coverage. "10 years ago, we didn't have that. We're seeing women make a difference."
Boards are responsible for key corporate decisions such as fundraising timelines and hiring senior management, making the composition of their members crucial.
The "trickle-down effect" created by diversifying boards is equally impactful as startups can more easily resonate with a diverse customer base, according to Katie Rae, the CEO and managing partner of MIT's venture fund The Engine.
While startups have started to diversify their board appointments, a report conducted by JPMorgan found one caveat – they were disproportionately assigning female employees to boards. The investment bank's diversity report found that while this gave the "appearance" of a diverse board it did not provide "true governance nor the fresh perspective an independent director could bring."
Startups still lag behind public companies
Since 2018, startups have moved towards more gender-equal board appointments, but they still reported a more meager increase in female board members compared to their public counterparts — even after SB 826.
Pre-IPO startups showed the biggest change; the number of startup IPOs with the first female board appointment within two years of going public increased nearly tenfold between 2017 to 2021.
In the past four years, female employees formed the prevailing chunk of appointments on startup boards, nearly quadrupling to 51% — and the percentage of female founders on boards shrunk tenfold to just 7% in the same space of time.
There are concerns that an oversaturation of female employees could be counterproductive for overall diversity because female employees are less likely to go against their CEOs, said Aldsworth.
Hiring female investors and independent directors, who often bring diverse perspectives from outside of the organization's status quo, can redress this, said Rae. Since female GPs are more than twice as likely as male GPs to back female founders, this offers a more promising outlook for diversity, added Aldsworth.
The bright side, according to Aldsworth, is these appointments are paving the way for women to more organically enter executive roles later on in their careers.
"At least these women are getting into the boardroom, seeing board dynamics, and becoming better board members for other companies down the line," she said.
If startups want to take governance more seriously, they can bring in independent female board members at an earlier stage — as opposed to a pre-IPO rush — to "help the company find potential blind spots that they wouldn't see if the board was less inclusive," said Michelle Gonzalez, corporate VP and head of Microsoft's VC team M12.
That being said, startups have to move beyond appointing just one person of diversity, which makes it "very intimidating to get your voice heard," Aldsworth added.
More: Diversity Startups female board members | 2022-05-11T10:39:18Z | www.businessinsider.com | Startups Promote Staffers to Fill Female Board Seats, Report Finds | https://www.businessinsider.com/startups-are-appointing-more-female-employees-to-their-boards-2022-3 | https://www.businessinsider.com/startups-are-appointing-more-female-employees-to-their-boards-2022-3 |
A virtual therapist follows this daily routine to run her six-figure therapy practice and coaching business
McKenna filming an Instagram story.
Kelly O'Sullivan McKenna
Kelly O'Sullivan McKenna started her private practice, Sit With Kelly, in February 2021.
Sit With Kelly is fully virtually and aims to help therapy clients and aspiring therapists.
Here's how McKenna spends a day, including client sessions and business administration.
Kelly O'Sullivan McKenna started her own private therapy practice in February 2021 after working in the nonprofit mental-health industry for almost six years. The pandemic gave her opportunities to work virtually with clients one-on-one, an experience that sparked her interest in opening a business of her own.
Last year, her mental-health company, Sit With Kelly, booked $250,000 in revenue — which comprised client work, business coaching, consulting, and social-media deals, documents verified by Insider showed. On any given day, her time might be divided between client therapy sessions, aspiring-therapist coaching calls, and digital-content creation, such as Instagram videos explaining social anxiety and posts with tips for managing burnout. Despite so many branches to her brand, McKenna intentionally shapes her daily schedule to best fit her business needs, and she works only 30 hours a week.
A post shared by Kelly McKenna | Anxiety Therapist + Biz Coach (@sitwithkelly)
"I've experimented with a lot of different ways to do it over the past two years," she said, adding that she landed on dividing her tasks based on the day of the week. She sees clients on Mondays, Tuesdays, and Thursdays and saves Wednesdays and Fridays for administration, coaching work, and filming social-media content.
While McKenna makes a living by helping others manage burnout and anxiety, she, too, has struggled with her mental health. This Mental Health Awareness Month, McKenna told Insider how she schedules her days to manage her own anxiety and her advice for creating a work-life balance that works for you.
Wake up and start the morning at 7:30 a.m.
McKenna starts her day with Athletic Greens.
McKenna wakes up at 7:30 a.m. every workday morning. Her routine includes drinking a juice from Athletic Greens — a company she works with on social-media collaborations — and listening to books on Audible.
Her current nonfiction favorites include "I Want This to Work" by Elizabeth Earnshaw, "Not Drinking Tonight" by Amanda E. White, and "Atomic Habits" by James Clear. And her fiction favorites include "A Flicker in the Dark" by Stacy Willingham and "Final Girls" by Riley Sager.
Get a workout in at 8:30 a.m.
McKenna heading to her workout.
At 8:30 a.m., McKenna heads to Orangetheory Fitness for a workout class. She said moving her body helps set the day up for success.
When she arrives home after working out, she cooks breakfast — eggs, mushrooms, and cheese — and gets ready for the day.
Start work with clients at 10 a.m.
Virtual client sessions start at 10 a.m.
McKenna starts her workday around 10 a.m. with her first set of therapy clients.
While she has back-to-back client calls on Mondays, Tuesdays, and Thursdays, the remaining weekdays are reserved for administrative tasks for the business, McKenna said.
"It's been really helpful for me to have different days to focus on different things in my business because it can be hard to go from doing a one-on-one therapy session to popping into Instagram to meeting with someone about their social-media strategy," she said. "It's a lot easier for my brain to compartmentalize each different aspect of the business."
Take a break at 12 p.m.
McKenna taking an afternoon walk.
McKenna takes a midday break to eat lunch, check emails, create Instagram stories, and go for a walk outside.
"There's always going to be more you can do," McKenna said. "It's about recognizing that where you are right now is good enough, even if you want to grow." For example, while she could engage more on Instagram during the day, that's ultimately not going to help.
"Being structured with it has really helped me," she said. "I have time limits on all my social-media apps so that I'm conscious of how much time I'm spending there and not getting sucked into the void."
Afternoon business planning from 2 p.m. to 5 p.m.
McKenna working at a coffee shop.
If it's an administration day, McKenna spends the afternoon at a coffee shop. There, she works on planning content, finalizing brand campaigns, and fine-tuning her business-coaching Reels Membership course, which educates social-media creators on best practices for growing on Instagram and producing video content.
She also takes this time to complete any introductory calls with potential clients or respond to media requests and interviews.
"It can be hard when you don't get client inquiries for a week and you're like, 'Nobody likes me anymore,' or your Instagram engagement is down," she said. "But when you stop and reflect, you can see that you're still moving forward."
Finish work and prep for the evening at 5 p.m.
McKenna watching TV before bed.
McKenna finishes her work by 5 p.m. and starts winding down. Her favorite methods of relaxation include cooking dinner with her husband, taking a nighttime walk, or watching TV. Some nights she scrolls through Instagram and TikTok to get inspiration for her own content.
Before bed, she stretches her body and completes her skincare routine.
Each night, she's in bed by about 10 p.m.
More: Features female founder Virtual
therapist advice | 2022-05-11T10:39:24Z | www.businessinsider.com | A Virtual Therapist Uses This Routine to Run Her Six-Figure Business | https://www.businessinsider.com/virtual-therapist-business-coach-six-figure-salary-daily-routine-2022-5 | https://www.businessinsider.com/virtual-therapist-business-coach-six-figure-salary-daily-routine-2022-5 |
A Google Maps screenshot of Tanglewood Drive in Trenton, South Carolina, where police said the man and woman were found.
A man died as he was burying a woman in his backyard, South Carolina officials said, per WJBF.
Autopsy results show the woman died by strangulation and the man of a heart attack, police said.
Police say they believe the man killed the woman and was burying her in a pit when he died.
A man died of a heart attack while he was burying the body of a woman he had strangled in his backyard, South Carolina officials believe.
Edgefield County Sheriff Jody Rowland and County Coroner David Burnett said in a joint statement on Tuesday that deputies were sent to a residence on Tanglewood Drive in Trenton, South Carolina, on May 7 after reports of "an unresponsive male lying in his yard."
The statement was first published by WJBF.
Upon their arrival, the officials found the body of Joseph McKinnon, 60, who appeared to have died of natural causes, the statement said.
The deputies also found another body close by that was wrapped in a plastic bag and lying in a freshly dug pit, per the statement.
That body was identified as Patricia Dent, 65, who lived with McKinnon in the residence, authorities said. The relationship between McKinnon and Dent is unknown.
Autopsy results released on Monday found that McKinnon died of a cardiac arrest while Dent died by strangulation, the statement said.
"Evidence gathered at the scene, along with statements from witnesses aided investigators to build a timeline, leading us to believe that Mr. McKinnon attacked Ms. Dent while inside their home," the county sheriff and coroner's statement said, per WJBF.
"Mr. McKinnon then bound her and wrapped her in trash bags before putting her in the previously dug pit. The pit was then partially filled in by Mr. McKinnon. While covering the pit, Mr. McKinnon had the cardiac event, causing his death."
The Edgefield County Sheriff's office did not immediately respond to Insider's request for comment.
More: News UK South Carolina Death | 2022-05-11T12:06:12Z | www.businessinsider.com | Man Died of Heart Attack While Burying Woman He Strangled: Police | https://www.businessinsider.com/man-died-heart-attack-while-burying-woman-strangled-police-2022-5 | https://www.businessinsider.com/man-died-heart-attack-while-burying-woman-strangled-police-2022-5 |
Claire Atkinson, Lara O'Reilly, and Steven Perlberg
Amazon's exclusive deal for "Thursday Night Football" pushed it into the mainstream in US sports.
The deal shows how Amazon is using sports to fuel its ad revenue, along with its other businesses.
Analysts are sizing up how big Amazon's sports-ad business could be and what it could buy next.
This is the third in a 10-part series publishing over the coming days that examines Amazon's booming advertising business: The people driving it, the ripple effects on other companies, and what's next.
Soon, Amazon will be able to lay claim to "Must-See-TV Thursday."
Come September, Amazon's CEO, Andy Jassy, might well be having friends over to watch his beloved New York Giants on Prime Video. The e-commerce giant will be the only place Americans can watch "Thursday Night Football" — the company signed a blockbuster $11 billion, 11-year deal with the NFL to show it exclusively.
The move has shifted Amazon from a fringe player in sports to the mainstream in the US. "Thursday Night Football" comes alongside other huge investments, such as the film studio MGM, that are aimed at catapulting Amazon to the heart of the entertainment industry and propelling its ad and retail businesses.
"It's a great opportunity to make Thursday night must-see programming," Marie Donoghue, Amazon's vice president of global sports video, told Insider. "This is a once-in-a-generation opportunity to build a franchise that positions us as a weekly destination for millions of current and future customers."
Rich Greenfield, a partner with the tech and media research firm LightShed Partners, described Amazon's partnership as nothing short of seismic.
"They are very happy with their early progress in sports, but they're just getting started," Greenfield said. "All these tech companies optimize for one thing and one thing only: winning as much time spent as possible. Time spent is a way they can make money in many different ways, whether it's advertising, retail sales, devices."
The online-shopping heavyweight is pulling out all the stops to entice Madison Avenue to spend on its football programming. Jassy touted the new package with a Super Bowl ad. Amazon drafted the anchors Al Michaels and Kirk Herbstreit to call the season, along with experienced network production staffers. Donoghue said the team had added an estimated 60 people this year, not including those in marketing, tech, and product.
It's also created a new logo and sent advertisers boxes of NFL merchandise. And last spring, Amazon struck a deal with the league to sell thousands of items for the profit-hungry football league.
"It's a perfect time for them riding the wave of last season to take this over, because interest has never been higher, not just in the NFL or among sports advertisers, but the general market is buying into NFL more and more because they need to find ratings points missing from TV," said David Campanelli, an executive vice president and co-chief investment officer of the media-investment firm Horizon Media.
Amazon is betting advertisers will pay up
Sports and news have been the two programming genres keeping pay-TV subscribers in the fold, though even that stronghold is eroding. Amazon's message is clear: It is here to grow the streaming -sports audience. In marketing materials to ad agencies and marketing partners, Amazon suggests the live-sports streaming audience could reach one third of the US — 107 million people — by 2025, up 71% from 2021.
And it's betting advertisers will pay up. Ad Age reported in February that pricing negotiations were starting at 20% more than what broadcast partners were charging and that sponsorships could cost a steep $30 million. One media buyer said Amazon is pitching "Thursday Night Football" for a CPM — the cost of reaching 1,000 people — of about $50, versus roughly $40 that traditional TV charged for the football broadcast, and guaranteeing its audience will reach broadcast-TV level. Amazon charged a similar premium to broadcast TV when it debuted its Premier League soccer broadcasts in the UK in 2020. Amazon declined to comment on ad pricing.
Amazon generated an eye-popping $31 billion in advertising revenue last year, making it the third-biggest digital-ad player after Google and Facebook, though growth slowed in the first quarter against a backdrop of challenges related to the pandemic and the war in Ukraine. Insider Intelligence, part of Insider's parent company, projected Amazon would grow its share of digital advertising by 1.7 percentage points by the end of 2023, at the expense of Google and Facebook.
Sports fuel the rest of Amazon's businesses
Amazon has created a near perfect flywheel for sports. It uses its homepage to drive consumers to weekly games, then serves them ads pushing them straight from the games to the online store to buy team merchandise, along with everything else.
In this way, Amazon collects valuable data about consumer habits and can pick up subscribers who perhaps were watching football on broadcast TV before. New advertising, merchandise, and subscriber revenue in turn fuels Amazon's ability to do deals like its $8 billion acquisition of MGM to further grow Prime Video.
"It may not generate $2 billion of incremental sales, but if they can generate $1 billion and a couple hundred million in advertising and sell an extra billion dollars in merchandise — and keep it away from a competitor — that has value," said Ed Desser, the president of Desser Media, a sports-TV consultancy.
Sports have also driven new Prime subscribers. In the UK, where Amazon acquired Premier League broadcasts, an additional 635,000 subscribers signed up for Prime Video in the fourth quarter of 2020.
The NFL and Amazon have considerable drawing power. In 2021, NFL games dominated the top 20 prime-time telecasts, according to Variety, garnering about 20 million viewers to 42 million viewers, excluding the Super Bowl. The NFL averaged 17.1 million viewers for a regular-season game last year, up 10%.
As for Amazon, it said that as of April 2021, Prime had more than 200 million subscribers, 175 million of whom had watched a movie or TV show on Prime Video.
The sports marketplace hopes Amazon will bring not only scale but innovation to the presentation of NFL games, which typically have two sports broadcasters and a former player calling them. The league already has its own channel on Amazon's gaming platform, Twitch , and four years ago it introduced the first all-women NFL broadcast team of Hannah Storm and Andrea Kremer.
Donoghue, a vet of ESPN, laid out Amazon's big plans to attract fans and advertisers while underscoring how Amazon can pick up cord-cutters to boost its audience.
Fans will be treated to graphics, stats, and the like to provide a fuller understanding of the game. Feeds will feature coaches and celebrities, some geared toward specific demographic groups. Pre- and post-game coverage and content will offer additional opportunities for advertisers. And the games will also be on Twitch.
"They're trying to find out just how many people will come over: What does that audience look like? How can we market potentially other things to that audience?" said Tim Scanlan, a vice president of sports broadcast and media at Octagon, a sports sponsorship and management company that represents Storm and Kremer.
Greenfield expects Amazon to bring innovation to advertising, too, with ads customized to individuals in the stadium, for instance. One media buyer said Amazon was looking at letting advertisers tailor their message to different groups instead of having to share a 30-second period with other advertisers.
And the NFL could be just the start. Amazon just signed a deal with One Championship to bring MMA fights to Prime Video. It has a stake in the regional sports network Yes and began offering exclusive streaming access to 21 New York Yankees games in four states in April. It could try to get a piece of NFL Media's own ventures, which include NFL Films, NFL RedZone, and NFL Network; the league has tapped Goldman Sachs to look at strategic partners, The Wall Street Journal reported last year. In the next two years, NBA basketball rights will be up for grabs.
Other media giants such as Warner Bros. Discovery and Apple, alongside Comcast and Paramount, won't be sitting on the sidelines. Apple is reportedly dueling Amazon for NFL's $2 billion "Sunday Ticket."
"They don't seem to have made many errors so far," said François Godard, a senior media and telecoms analyst at Enders Analysis. "We have seen them buying a little package, then buying a bigger package, careful to not feed price inflation for rights in Europe."
Patrick Crakes, a sports-media consultant, wondered whether Amazon could eventually make a major acquisition, perhaps of Fox or Paramount Global (formerly ViacomCBS), both of which house a broadcast network with huge sports-rights agreements.
But Amazon's ownership of "Thursday Night Football" is already plenty big.
"The second-most-popular TV series each year, every year, is now only going to be on Amazon. If that's not a watershed moment, what is?" Greenfield said. "This is putting a stake in the ground saying, 'We've arrived.'"
More: Amazon E-commerce advertising NFL
sports advertising | 2022-05-11T12:10:14Z | www.businessinsider.com | How Sports Could Fuel Amazon's Advertising Ambitions | https://www.businessinsider.com/how-sports-could-fuel-amazons-advertising-ambitions-2022-5 | https://www.businessinsider.com/how-sports-could-fuel-amazons-advertising-ambitions-2022-5 |
Paul Hennessy/NurPhoto via Getty; Savanna Durr/Alyssa Powell/Insider
Ads on Amazon have exploded, making it hard for brands to stand out on the platform.
Rising prices have also made it more expensive to cut through the clutter.
This is the fourth in a 10-part series publishing over the coming days that examines Amazon's booming advertising business: The people driving it, the ripple effects on other companies, and what's next.
With Amazon pulling in $31 billion in ad revenue in 2021, marketers have found there is growing competition to stand out among an increasing number of advertisers vying for consumer attention while Amazon's ad prices have skyrocketed.
The growth of Amazon's ad business has spawned a cottage industry of former Amazon execs launching consultancy firms to help brands navigate e-commerce advertising. These e-commerce experts help brands use all of Amazon's ad products to build brand awareness, drive sales, and measure ad performance.
Insider spoke to four ex-Amazon advertising sales managers to understand how advertisers can use Amazon's ad tools to stand out in this crowded marketplace.
How to get people to buy from search ads
Ideoclick
Search ads that target specific items people are looking for make up the bulk of Amazon's ad business.
Matt Hytinen, the vice president of advertising at e-commerce agency The Stable, said the products that brands advertise in Amazon searches have to resonate with at least a niche consumer group to keep their ratings high. If they don't, they risk being pushed out of coveted advertising spots by Amazon's algorithm. The algorithm favors products with high customer ratings because they indicate the quality of the items.
Using niche keywords like "natural energy drink" in targeting is a way to keep costs down, because fewer advertisers are bidding for super-specific terms, said Hytinen.
It is also important for advertisers to use sales-driving keywords in the text displayed on product pages, said Laurent Crastes de Paulet, head of advertising for the e-commerce agency Europe at Pattern. An energy-drink brand like Red Bull, for example, could promote itself as a strong or as a diet energy drink.
Running promotions will likely improve a product's conversion rate, which would also improve an advertising campaign's performance, de Paulet said.
Amazon offers promotional tools like Lightning Deals, which are hours-long flash sales that Amazon often features on its Deals page, and 7-Day Deals, which advertisers can use to drive traffic to an entire catalog and create product awareness across one or more brands.
For the purchase stage, advertisers can leverage tools like dynamic ad templates that change how ads look based on the user's shopping behavior. "If you're an impulsive shopper, you'll typically get an 'add to cart' or 'buy now' call to action. If you like to read customer reviews before you make a purchase, there's the customer review variation that you'll see," said Jessica Gordon, the senior director at e-commerce agency Ideoclick.
How to measure Amazon ads effectively
Gordon said Amazon's reporting tools use last-touch attribution – a system that gives all of the conversion credit to the last thing a customer clicked on before buying an item. This makes it hard for advertisers to determine precisely which ad persuaded someone to buy a product.
Creating a proper attribution model can be challenging due to Amazon's datasets being in SQL, or structured query language, the coding language used to access and manage databases. But brands that tackle this challenge will get a clearer picture of how their ads are working, Gordon said.
Expert Edge
When it comes to performance metrics, David Jennison, the CEO of e-commerce agency Expert Edge, sees ROAS – or return on ad spend – as a good metric to optimize for when targeting people who search for specific products or brands.
However, ROAS isn't a good metric to measure brand awareness or the effectiveness of ads served on competitors' products because those customers might not be in the market for those products or are shopping for something else, Jennison said.
Gordon also advised brands to avoid spending too much of their ad budgets on targeting existing customers, because this practice won't drive much sales lift.
For example, advertisers selling consumable products like shampoo that customers normally purchase every month could set up custom audiences to target those who haven't purchased the item in two or three months.
Amazon also offers new-to-brand metrics, which track purchases, purchase rate, and cost per acquisition for new versus existing customers.
How to target ads on other sites using Amazon data
Advertisers looking to encourage a purchase after a consumer sees a brand-awareness ad should consider using Amazon's ad-tech suite, including its DSP, or demand-side platform, that retargets people on other publishers' websites, experts said.
Jennison said these tools help advertisers use Amazon's shopping data to target groups of people with specific interests. For example, an advertiser can target ads to males in their mid-30s who live in North London and have searched for mobile-phone accessories in the past, said Jennison.
Gordon said she's seen higher conversion rates when people see both DSP and search ads compared to when they're only exposed to one of them. DSP also lets brands advertise the exact products people are most likely to be interested in.
"We think about DSP as being a proactive approach to getting customers to initiate search," Gordon said.
Building brand awareness on Amazon
Amazon has recently been vying for big, brand-building ad budgets that are typically spent on TV advertisements.
"It's the best place to influence shoppers higher in the purchase funnel at a time where they're open to being influenced," said Jennison.
Amazon's other ad products like video are ways for brands to break out of its search ads, which have gotten more crowded and expensive, said Gordon.
"A lot of advertisers, even from my time at Amazon, do not truly recognize Amazon as a marketing engine for branding — they still view Amazon as an e-retailer," said Gordon. "But there's so much more that can be done with Amazon ads that a lot of haven't fully maxed out."
More: Amazon E-commerce advertising Marketing | 2022-05-11T12:10:20Z | www.businessinsider.com | How to Use Amazon Ads to Sell Products: Ex-Amazon Execs | https://www.businessinsider.com/how-to-use-amazon-ads-to-sell-products-amazon-experts-2022-5 | https://www.businessinsider.com/how-to-use-amazon-ads-to-sell-products-amazon-experts-2022-5 |
The judges in your own backyard will decide your right to an abortion in a world without Roe v. Wade
In all, 86 state supreme court seats, out of 344 total in the nation, are on the ballot in November. Elections for state supreme court justices may now be the most direct avenue for voters to shape abortion policy for a generation.
The Supreme Court overturning Roe is also likely to fuel state legislatures to combine new abortion bans with efforts to manipulate their court systems in their favor through partisan interference with state courts and impeachment threats against judges who stand in their way. Already, Louisiana lawmakers unveiled a new abortion ban that would impeach and remove judges who might rule against it, just days after Politico obtained and published a leaked draft opinion showing the court's majority primed to strike down Roe.
But the issue alone isn't guaranteed to save the party's chances of holding onto control of Congress. For starters, Democrats are already showing they have limited options to bolster abortion rights at the federal level, and President Joe Biden's unpopularity, as well as voters' dissatisfaction with the economy, are also anchors weighing the party down with just six months to go before Election Day.
All of those caveats aside, Democrats are also anticipating GOP-led state legislatures passing draconian abortion bans in a post-Roe world could turn elections for state-level officials like governors, attorneys general, local prosecutors, and state judges into even more red-hot political battlegrounds.
In both, partisan control of their state supreme courts is up for grabs in November. North Carolina now has two Democratic-controlled state supreme seats up for election. And in Ohio, which has a six-week abortion ban currently blocked in federal court, three state supreme court seats — including the position of chief justice — are on the ballot.
But the decades-long mismatch in investment at the state level, among other things, resulted in Republicans locking up their gains in state legislatures in 2020, even as Democrats won back control of the White House.
The RSLC's counterpart, the Democratic Legislative Campaign Committee, is entirely focused on state legislatures and doesn't endorse or spend in state supreme court races. And while the National Democratic Redistricting Committee has spent some money influencing state supreme court races, the scope of their spending only represents a fraction of the RSLC's investments, Keith said.
In 2021, 14 states passed 19 laws that curtail state courts' ability to rein in or strike down state laws, politicize judicial selection, and make it easier for judges to be targeted for their decisions, according to the Brennan Center.
On top of that, lawmakers in 10 states proposed 14 bills that would outlaw abortion, prohibit state supreme courts from overturning abortion restrictions, and treat all state and federal court decisions upholding abortion rights as null and void, with one such bill moving out of committee in Missouri.
This is the latest story in an Insider series about state supreme courts. Read parts one, two, and three here.
More: Abortion Roe v Wade State Courts BI Graphics | 2022-05-11T12:57:56Z | www.businessinsider.com | Roe V. Wade: State Supreme Courts As a Last Resort for Abortion Rights | https://www.businessinsider.com/abortion-roe-v-wade-state-supreme-court-elections-midterms-2022-5 | https://www.businessinsider.com/abortion-roe-v-wade-state-supreme-court-elections-midterms-2022-5 |
How Thrasio, the well-funded creator of Amazon aggregator space, went from 'hypergrowth' to layoffs in less than 2 years — and leaves the model it pioneered in question
Ann Gehan, Madeline Stone, and Julie Peck
On May 2, Thrasio announced it would lay off some employees. Sources told Insider the cut could impact up to 20% of staff.
Shutterstock; Rachel Mendelson/Insider
E-commerce startup Thrasio helped define the Amazon aggregator model, buying up the site's top brands.
On May 2, the company announced significant layoffs and its second CEO change in eight months.
Former employees describe internal chaos, which included over-hiring and little long-term planning.
In July 2020, the Amazon aggregator Thrasio had just closed a $260 million fund raise and was moving quickly — so fast that it said it was "the fastest US company ever to reach profitable unicorn status."
According to one former employee who worked in the company's Salt Lake City office, the company even hired at warp speed: She said moved from getting a recruiting call to getting an offer letter in less than a week.
"It was just a very quick turnaround, but it also made me excited because I had never seen it," she said.
By the time she left in late 2021, she was just confused.
"When you're a company that's growing so quickly and so rapidly — when you have a project manager position with no other description, what are you managing?" she said. "What are you doing?"
On May 2, Thrasio emailed all staff, announcing layoffs and replacing the company's CEO, Carlos Cashman, with Greg Greeley, a veteran of Amazon. After four years of "hypergrowth," the company would need to "re-scale our team in the optimal areas for growth," the email said.
It was the second time in less than eight months that Thrasio had changed CEOs — the cofounder and co-CEO Joshua Silberstein stepped down in September.
Former Thrasio employees told Insider the layoffs and leadership changes capped off a turbulent year at the company, when the firm rapidly ballooned in size, and leadership rarely offered rank-and-file staff clarity on the Thrasio's long-term planning and direction. Insider spoke with four former Thrasio employees, all of whom spoke on condition of anonymity for fear of professional repercussions. Their identities are known to Insider.
When reached by Insider, a spokesperson for Thrasio declined to comment on the record.
The creation of the 'Thrasio model'
Founded in July 2018, Thrasio was one of the first Amazon aggregators — startups that acquire profitable Amazon sellers hawking items like hiking poles, kitchen mats, and cleaning products and rolling them up into one rapidly growing holding company.
The aggregator model offered Thrasio two opportunities to make money. One, by using economies of scale and helping Amazon sellers optimize, it could grow already profitable sellers' margins even more.
Two, Thrasio could buy out Amazon sellers at low multiples, often just two to three times a seller's profits. Meanwhile, Thrasio was able to fundraise at 10 times its own profits. According to an analysis by Cyrus Maghami at Harbor Ridge Capital, this meant arbitrage for Thrasio. As soon as Thrasio added a newly acquired company's profits to its overall balance sheet, those profits were up to three times as valuable for Thrasio.
The company gained attention as it began to roll up more Amazon sellers and secured increasingly massive rounds of funding. When announcing a $500 million debt facility in January 2021, it said it earned profits of $100 million on $500 million in sales in 2020. Thrasio soon inspired a wave of imitators, all practicing their own variations of what became known as the "Thrasio model."
Despite the competition, Cashman, a cofounder, remained confident that Thrasio would win out.
"You could take 20 people, give them each $100 million and say, 'Go copy Thrasio's business model,'" he said in a 2020 podcast interview. "You might get one success out of that, and the other 19 would burn through a lot of cash."
Carlos Cashman will step down as Thrasio's CEO in August, when he will be replaced by former Amazon exec Greg Greeley. Cashman will remain on Thrasio's board.
As e-commerce took off during the early days of the COVID-19 pandemic, Amazon aggregators began to heat up, raising nearly $1 billion in capital in 2020 alone. By mid-2022, the 99 active companies in the space had raised almost $15 billion, according to Marketplace Pulse data.
Thrasio, which once had the space nearly to itself, now had competitors. The aggregator Perch raised a $755 million Series A round led by SoftBank's Vision Fund 2 in May 2021. Berlin Brands Group closed a $700 million funding round in September, which brought the company's valuation to over $1 billion.
But Thrasio was still moving faster. To date, Thrasio has raised $3.4 billion via equity and debt and remains the largest player in the field, with a portfolio of over 200 companies under management.
In the 2020 podcast interview, Cashman said using debt to raise money was a key part of Thrasio's success.
"That's a fairly advanced way of funding a company," he said, "and many entrepreneurs wouldn't understand how to access those markets."
Speaking about the Amazon-rollup space, an industry broker told The Information in March that for every $1 a typical rollup raised in equity, it raised $4 in debt, while a startup exec told The Information that interest on that debt ranged from 7 to 15% — and that was before the Federal Reserve raised overall interest rates.
Debt financing allows founders to raise capital quickly while retaining equity in their company, according to Anisha Kothapa, a senior analyst at CB Insights, but it's not without risks.
"Debt financing can be riskier if a company is not profitable because they will receive pressure from lenders to repay back the loan," Kothapa told Insider.
'That was kind of the start of when things started to get a little bit weird'
Former employees said the company could be chaotic as it raced to find more companies to acquire.
"All of the people who were already at the company were struggling to keep up because acquisitions kept coming in," the former Salt Lake City employee told Insider. "There was no stopping M&A trying to get more companies to sign."
Speed was a selling point for Thrasio, with the company bragging in a February 2021 press release that each week it was buying two or three companies and hiring 30 to 40 people.
But former employees said a slowdown became evident during summer 2021.
As summer dragged on, the former employee said she struggled to find enough tasks to fill a typical eight-hour workday after feeling thrust into a "scramble" during the first half of the year. A former New York employee said an entire team of 10 would often be assigned to work on a task that could have been completed by one or two people.
In addition to the work slowdown, the former Salt Lake City employee said Thrasio's senior leadership suddenly started to clam up. In June, Bloomberg reported that a blank-check firm was looking at taking Thrasio public with a valuation as high as $10 billion.
Shortly after news broke of Thrasio's prospective deal with the special-purpose acquisition company, Bill Wafford, a former JCPenney chief financial officer, left his role as the leader of Thrasio's financials. He had been at the company for just three months. Then, in September, Silberstein resigned from the company.
"It was very sudden, and that was kind of the start of when things started to get a little bit weird," she said of Silberstein's exit from Thrasio. "It became very clear that there was very little plan to involve employees in any news within the company."
Josh Silberstein is one of Thrasio's cofounders and was formerly co-CEO alongside Cashman. Silberstein left Thrasio in September 2021.
Josh Silberstein
In October, CNBC reported that plans for Thrasio's SPAC deal had been delayed "amid complications with its financial audits," though Thrasio's president, Daniel Boockvar, told CNBC at the time that the company "never announced firm plans to go public via SPAC."
The former employee who worked in New York said upper management sometimes seemed like it was "playing dumb" to ignore junior employees' concerns.
"They would just sometimes pretend like things are fine and dandy," the former employee said. "It's cool that the marketing team is working with influencers, but our numbers are going down, and you're not telling us why."
Thrasio's troubles continued into 2022. One former employee told Insider that Thrasio had stopped all acquisitions just before this person left the company in April.
A Marketplace Pulse blog post from March cited rising seller valuations as the primary reason for the pause on acquisitions some aggregators enacted. With an increase in the number of aggregators in the market, sellers could have their business acquired for four to eight times their profits, a jump from the two to three times Thrasio had seen during its early days.
Can Thrasio's model work?
Thrasio's pullback and layoffs call into question whether Thrasio's model makes sense.
Several industry insiders said Thrasio leadership's lack of expertise in the e-commerce industry hurt the company. Both founders, Cashman and Silberstein, were "serial entrepreneurs" with experience mainly in software before founding Thrasio.
Will Tjernlund, a cofounder of Goat Consulting, a firm that manages Amazon accounts, said Thrasio failed to understand the difference between distributing software and distributing physical goods.
Physical goods have supply constraints and shipping times, Tjernlund told Insider.
"Containers fall off ships. Life happens," he said. "I believe their biggest mistake was believing that atoms could move as freely and as easily as bits do."
Mark Power, the founder and CEO of Podean, a consulting agency that helps brands grow their business on Amazon, is skeptical that Thrasio can grow profits as it acquires more companies.
"You can't just operationalize these brands to grow them," Power said. "There's no real efficiencies as you get bigger in Amazon as a single brand."
But some investors don't think Thrasio's layoffs are indicative of impending failure for the sector.
"Certain aggregators will do better than others," said Brian Harwitt, a partner at the venture-capital firm CoVenture, which has invested in several aggregators. "The ones who focused on staying lean and who focused on operations are now presented with a very good opportunity to keep growing, while those who overspent and didn't focus enough on operation are having to slow down and play defense."
As the space tightens, aggregators have gone from shopping for Amazon sellers to shopping for other aggregators.
The UK aggregator Olsam acquired the US aggregator Flywheel Commerce late last year, and in April it acquired Marketfleet, an aggregator focused on outdoor products. In the fall, Berlin Brands Group acquired Orange Brands, which targets brands in Europe. More recently, Moonshot Brands purchased the assets of Product Labs, including the scooter brand LaScoota and the fitness brand WOD Nation. It's a wave of consolidation unlikely to slow down.
The 'Thrasio model' is still spreading — just not on Amazon
While the Amazon-aggregator space seems to be slowing, a new breed of holding companies is emerging to roll up Shopify stores.
OpenStore launched last year. It relies on an algorithm that determines whether it should make an offer for a business and says it can make a purchase offer to online-store owners within one to two days. The startup has already acquired dozens of Shopify stores.
Keith Rabois, one of the founders and a venture capitalist known for early bets on DoorDash, Affirm, and Stripe, said OpenStore's model was "fundamentally different" from Thrasio's because of the inherent difference between Amazon and Shopify.
"Amazon owns the experience and runs the store for you — from fulfillment to customer acquisition to payments. Companies that aggregate these businesses don't have much room to make improvements. It's basically more of a financial arrangement," Rabois told Insider. "We acquire Shopify merchants, where there's a massive amount of room to optimize and enhance operations."
Ben Sun, a cofounder at Primary Venture Partners, which invested in the Shopify aggregator Pattern Brands in 2021, is also bullish on Shopify versus Amazon.
"Unlike Amazon rollups, where there may not be as many levers for value creation, we found that not to be the case for DTC brands on Shopify," Sun wrote in a blog post explaining his firm's investment.
But the e-commerce sector has recently struggled to maintain the level of growth it experienced during the peak months of the pandemic, and the ability to raise capital to acquire more companies is drying up. Global venture-capital funding for the first quarter of 2022 dropped 19% from the amount raised during the previous quarter, according to the research firm CB Insights.
At Thrasio, speed may have come at the cost of strategy — and strategy will be key as Thrasio and other Amazon aggregators figure out what comes next.
There was "very little thought of the long term'' when the company made decisions, the former employee who worked in Salt Lake City said, adding: "It was, 'What can we accomplish right now that's going to get us the result we need right now, so that everyone can be happy right now?'"
More: Thrasio E-Commerce Amazon aggregators | 2022-05-11T12:58:02Z | www.businessinsider.com | How Amazon Aggregator Thrasio Went From 'Hypergrowth' to Layoffs in Less Than 2 Years | https://www.businessinsider.com/amazon-aggregator-thrasio-layoffs-what-happened-2022-5 | https://www.businessinsider.com/amazon-aggregator-thrasio-layoffs-what-happened-2022-5 |
This 34-year-old former Facebook freelancer who just raised $2.3 million from elite VCs to build a Web3 social network shares her advice on how to pitch investors and create an online community
Playground's Jia Yang.
Jia Yang/Jia Yang
Jia Yang, founder of social experience platform Playground, closed funding from Web3 powerhouse Animoca Brands.
Yang believes that Web3 needs to bridge a cultural gap to reach mainstream adoption.
She shares advice for non-traditional founders on how to raise capital in the land of crypto bros.
Web3 promises to fix the problems of the modern internet. But right now, the same people who profited in the Web2 world are enjoying all the spoils from the Web3 boom.
77% of total NFT profits have gone to male creators. The founders of the biggest Web3 companies are often tech-savvy men working in the Silicon Valley bubble.
It seems as though crypto bros are already running Web3.
But Jia Yang is a new founder for the new internet. While she may not have a conventional background for her chosen industry, she was still able to raise money from some of the biggest venture capitalists in the crypto world by embracing her differences, thinking creatively, and building a talented, diverse team.
Makings in Meta
Yang's parents immigrated to the US from Taiwan, and raised Yang in Santa Fe, New Mexico. She went on to study advertising at the University of Texas Austin, and later began her career in advertising in New York.
"Getting into advertising ten years ago was very difficult," she told Insider in a recent interview. "People always assumed Asian women were quiet. I worked my way up in the advertising world from copywriter to creative director, and those experiences, where I overcame many glass ceilings and many ethnic stereotypes, prepared me for crypto, NFTs, and Web3."
After graduating, Yang worked on a number of advertising campaigns in tech and media for the likes of Nike, Google Play, YouTube Music, Apple Beats by Dre, Google Pixel, and more.
In 2018, Yang began working as a freelance creative director at Meta, where she saw first-hand that social media has only made us less social.
"After touching so many tech brands, I realized technology doesn't really serve our higher human needs," she told Insider. "Social media is pretty antisocial. Building a sense of community and belonging, gathering people and deepening relationships — this stuff's really manual. Tech is almost a hindrance, but it can and should make it easier. This was the impetus for creating Playground."
Playground, in contrast, aims to be a social platform built "by creators, for creators." To Yang, social media needs to encourage people to gather together. Playground empowers creators to build online and real-life interactions with their communities, whether those are social gatherings, events, or simple get-togethers.
Working in the tech and the creative industries, Yang had long been interested in decentralized technology, and she was well aware of the importance of creators "owning their own community." So Yang wanted Playground creators to be able to monetize in a way that Web2 platforms didn't allow. To that end, Playground will operate on a freemium model, where the platform is free, but includes paid premium aspects for users who want closer access to creators.
Yang believes that her former employer, Meta, which has also stepped into the Web3 world, won't be the company to usher in the metaverse. "Meta cannot build the metaverse because they are a centralized organization — the crux of Web3 is that it is inherently not centralized. Their business model won't allow them to become a Web3 company," she told Insider.
In time Yang came to realize that she could be an agent of change for social communities in a Web3 world. But first, she had to raise money.
While it's difficult for any entrepreneur to entice VC's to place a bet on them, Yang had the added burden of having to do so in an industry where investors usually don't look like her or have the same background.
But over the course of "100's of pitches," Yang learned a lot — and eventually used her hard-won knowledge to secure capital from well-known crypto investors like Animoca Brands.
Here are 3 key lessons she learned along the way.
Stand out from the crowd
The world of Web3 is deeply intertwined with gaming, and for good reason. Gaming is a digital-first industry where hundreds of millions of people are already engaged in online, often social, experiences. VCs have poured vast amounts of money into building the link between the current gaming ecosystem and Web3, resulting in the explosive growth of metaverses like Decentraland and Roblox.
But Yang quickly realized that since Playground doesn't have any roots in gaming culture, it actually had a strategic advantage.
"Playground speaks to people who the current Web3 platforms aren't targeting," Yang said. "In order for Web3 to succeed, it needs to attract everyone – artists, chefs, activists, and fashionistas."
Yang believes that her ability to convey this message while pitching to gaming VC's was essential to getting funding.
"Playground wasn't going to talk to the same audience that a lot of other companies in the space had already reached, and that's why investors liked us," Yang said.
Research who investors are investing in
Yang didn't simply ask everyone she could for money — instead, she was very strategic when looking for investors.
One of the keys to Yang's success was to learn more about the other kinds of companies specific VC's were interested in. "Funds usually have a deep portfolio of companies to fit a connected vision, where each company solves a problem for that mission. I made sure to explain how Playground connected with their overall thesis," Yang said.
That's why she approached Animoca Brands, a gaming powerhouse investing in projects like The Sandbox and the Bored Ape Yacht Club. While big in the gaming scene, Animoca wants to encourage everyone to care about their data rights — not just gamers, but cultural influencers from the worlds of food, art, and design that Yang was targeting with Playground.
"Animoca really understood the vision of Playground and saw it as a timely opportunity," Yang said. "But, it was really my background working in media, technology and youth culture that our investors see as a huge value-add and driver for investing in Playground."
Build a diverse team
Yang told Insider that what really helped her stick out was the diverse skillset of her team. "VCs knew we had something different to offer. Our team is very technically-minded, but our creative backgrounds helped us differentiate ourselves in our presentation and long-term vision," Yang said.
She says that the way to attract talented, passionate people from different backgrounds was to be curious and to engage with online communities.
But in the world of Web3, many of the people who are in the space are connecting digitally. Her advice on how to find smart people with elastic skillsets who would be interested in collaborating is to go to Twitter, Facebook Groups, and apps like Clubhouse or Discord , and start actively posting in the communities.
"You can't just watch, you need to contribute," she said. "Don't be afraid if you 'look different than crypto bros.' If you're authentic, you will attract the right kinds of people."
More: Web3 Animoca Animoca Brands jia yang
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millenial financial behavior | 2022-05-11T13:41:23Z | www.businessinsider.com | 3 Key Lessons Learned Raising $2.3 Million for a Web3 Startup: Jia Yang | https://www.businessinsider.com/crypto-web3-metaverse-finance-vc-venture-capital-raise-advice-playground-2022-5 | https://www.businessinsider.com/crypto-web3-metaverse-finance-vc-venture-capital-raise-advice-playground-2022-5 |
Superhuman has finally arrived on Microsoft Outlook, unlocking massive growth potential for the company now that over 300 million more users have access
Microsoft Outlooks users can now access the venture-backed email client, Superhuman.
Superhuman; Samantha Lee/Business Insider
The long-awaited release of Superhuman for Microsoft Outlook is here.
Starting Wednesday, Outlook users can download the email app and install it.
The push into Outlook could unlock hundreds of millions of potential users for the startup.
Superhuman is finally, finally available for Microsoft Outlook, the company tells Insider exclusively.
For years, the email app has elicited gripes from tech-savvy professionals that the service wasn't compatible with Outlook, one of the world's largest email clients with nearly 345 million paid users. People needed a Gmail, iOS, or Apple Mail email address to use the app, putting a limit on user growth since the company's founding in 2014.
The long-awaited release of Superhuman for Outlook follows a $45 million investment that valued the company at $825 million last August. At the time, the funding news fueled an uproar on Twitter over how long the company has taken to integrate with Outlook, among other complaints. (The app costs a hefty $30 a month, and until recently, people needed an invite from an existing user to jump the waitlist of more than 450,000 people.)
Now, the rollout could unlock millions of users and change the potential unicorn startup's trajectory.
A photo illustration shows the Superhuman for Outlook desktop and mobile apps.
Superhuman already has a cult-like following among tech founders and investors for pledging to make email faster. The app uses keyboard shortcuts and pre-written messages to help users churn through their inbox in less time.
Founder and CEO Rahul Vohra described giving a demo to a Microsoft executive in a video call that was organized by one of his investors, Andreessen Horowitz, a couple years ago. The executive stayed engaged through the hour.
"This has to exist on Outlook,'" Vohra recalled the executive saying.
The two parties worked closely over the last 18 months to make it happen, Vohra said.
Superhuman's push into Outlook could supersize its available market. Microsoft reported that Office 365, a suite of apps that includes Outlook, grew paid users 16% year-over-year to nearly 345 million.
The integration comes about a year after Superhuman fired up enterprise sales; already more than half of licenses are paid for by employers directly or through expensing, according to a company representative. While Google's Gmail and Apple's iOS and Apple Mail jockey for the biggest share of email users worldwide, Microsoft's Outlook remains the email client of choice for much of corporate America, from small businesses to the Fortune 500.
A photo illustration shows the Superhuman for Outlook mobile app.
Superhuman for Outlook will look more or less the same to people familiar with its Gmail product. But while users "star" important messages and sort them into "splits" on Superhuman for Gmail, users will "flag" those emails and organize them into folders in the Outlook version.
The small differences give a nod to the Outlook lexicon, Vohra said. And in a feature that's been popular with beta users, they can toggle from the Gmail interface to Outlook view in a click.
"This is everything you know and love about Superhuman, but for Outlook," Vohra said.
Everything but calendar integration. Vohra tells Insider that Superhuman for Outlook will not have the ability to view and create calendar events until this summer at the earliest.
More: Superhuman Startups Venture Capital | 2022-05-11T13:41:29Z | www.businessinsider.com | Email App Superhuman Has Finally Arrived on Microsoft Outlook | https://www.businessinsider.com/email-app-superhuman-has-finally-arrived-on-microsoft-outlook-2022-5 | https://www.businessinsider.com/email-app-superhuman-has-finally-arrived-on-microsoft-outlook-2022-5 |
Meet 19 founders who harnessed Twitch's entrepreneurial DNA to launch their own gaming and creator startups
Many former employees of Twitch have launched their own startups.
Some founders said entrepreneurship is woven deeply into Twitch's DNA, and that the Amazon acquisition was another key propeller.
From gamer talent firms to Web3 platforms and beauty startups, meet 19 founders who used to work at Twitch.
If it seems that a legion of Twitch executives departed the company in 2018 to launch their own startups, it wasn't a coincidence.
After Amazon acquired the gaming-focused streaming platform in 2014 for $970 million, two former employee said RSUs (restricted stock units) that many recieved were fully vested four years later, spurring departures.
But that alone doesn't account for why Twitch has launched so many entrepreneurs in the creator, esports, and content realms.
In fact, several founders said entrepreneurship was woven deeply into the company's DNA. Twitch was highly iterative at its core – conceived as a "Truman Show"-esque live stream by college student Justin Kan, which became a general interest streaming site (Justin.tv) that quickly pivoted to games when it emerged as the most popular content category.
"Twitch is like rendition four of a series of bad ideas that happened to be the one that stuck," said Theo Browne, a former Twitch software engineer who founded Ping Labs. "The original Justin.tv team – one of them survived for Twitch, and the rest went on to do their own entrepreneur things. And that set the tone for the rest of Twitch's history that the people who got Twitch through periods would just drop and go do whatever after that."
All of Twitch's founders – aside from CEO Emmett Shear – have launched other startups. Kyle Vogt founded self-driving vehicle startup Cruise, and Justin Kan and Kevin Lin are currently building their own companies in the Web3 space. Michael Seibel currently serves as the managing director of famed Silicon Valley startup incubator Y-Combinator, and serves on the boards of Dropbox and Reddit.
"Any organization sort of takes on the personality of its leaders," said Matthew DePietro, a Twitch SVP who founded the fitness streaming platform Salut. "As leaders, they are the quintessential founders."
'Twitch builds frustration so effectively that it prints founders out'
Twitch's acquisition by Amazon had a significant impact on its culture, which helped some staffers as they prepared to launch their own ventures.
DiPietro noted that Amazon's "six-pager" policy – in which employees are instructed to eschew PowerPoints or decks in favor of a six-page written document – helped him distill the concept for his own startup. Amazon also touted a "single-threaded leader," whereby every project had a single staffer responsible from top to bottom.
"After taking [your six-pager] to the executive team and sitting there and getting roasted by your colleagues … that's really good prep for grafting an idea and raising money for it," DiPietro said. "It was a culture of extreme ownership. You are just really personally, publicly responsible for your world."
Others found Twitch's culture under Amazon motivating in a different way.
Browne became frustrated by what he felt was a half commitment to new business areas. He recounted being reprimanded for work he'd done during a hack-a-thon that apparently stepped on another's team's toes. That's when he decided to quit.
"Twitch builds frustration so effectively that it prints founders out as a result, because frustration and spite are some of the most powerful foundations of founding a company," Browne said.
'It's very cult-like, and I don't necessarily mean that in a negative way'
Many of the former Twitch employees that Insider spoke with were highly invested in the gaming community in which they partook. This resulted in close bonds that remain to this day.
"The people that I worked with at Twitch were genuinely inspiring," said Stuart Saw, the founder of gamer talent management firm RTS. "That also fuels into this desire to do right by the industry as a whole."
"I don't know anybody who left Twitch that isn't sad they left at some point," said Alyssa Sweetman, the founder of nonprofit consultancy Influencing Good. "It's very cult-like, and I don't necessarily mean that in a negative way – it just is."
Justin Ignacio, the founder of VTuber management firm VShojo, used to be roommates with Ben Goldhaber, the founder of esports social network Juked. While they used to game together after hours, discussing the day's work at Twitch, their sessions now consist of chatting about their hardships and triumphs as founders.
Colleagues also formed the deepest kinds of bonds. Ernest Le cofounded Freshcut with his close friends, James Kuk and Ben Stueck. Le is also married to Jenny Qian, who left Twitch to launch beauty streaming startup Newness.
Insider gathered a list of former Twitch employees who left the company to launch their own startups, based on our own reporting and suggestions from industry experts. The majority remained in the gaming space, some with an eye to Web3, while others have formed streaming startups in other categories, like fitness and beauty.
You can learn more about them below:
Cache makes autonomous pods that connect with delivery services.
Founder: Jimmy Young, Twitch's former product manager, mobile
What it is: Cache creates tiny "dark stores" – or pods filled with food, OTC medical items, and more – that can be connected to delivery startups like DoorDash, UberEats , and Postmates . The purpose of the autonomous pods is to facilitate around-the-clock deliveries that arrive more quickly.
End Game Talent orchestrates brand deals for gaming creators.
Founder: Scott Ball, Twitch's former global head of poker partnerships
What it is: Ball joined Twitch in 2014, and departed in 2017, ultimately rising to the position of global head of poker partnerships. In 2017, he founded Carlsbad, CA-based End Game Talent, which counts seven employees and predominantly works on influencer marketing campaigns, forging pacts for its hundreds of gaming creators, with a focus on deals with game developers and publishers.
Fractal is a marketplace to buy and sell gaming NFTs.
Twitch cofounder Justin Kan
Kimberly White / Stringer
Founder: Justin Kan, Twitch's cofounder
Funding: $35 million seed round led by Paradigm and Multicoin Capital
What it is: Fractal is a marketplace that allows users to discover, buy, and sell gaming NFTs – or assets that endow players with certain abilities inside a game. The company is working with blockchain gaming studios to help release their NFT collections to the public.
Kan has said the idea for the company arrived as the gaming business shifted away from pure sales to the purchase of in-game items. He believes that formalizing ownership of these items on the blockchain is the future of this space.
Freshcut is a short-form gaming content platform.
Ernest Le
Founders: James Kuk, Twitch's former global head of business development; Ernest Le, former director of game publisher partnerships; and Ben Stueck, former senior business development manager
What it is: Los Angeles-based Freshcut was founded by close friends Kuk, Le, and Stueck in 2020, and currently comprises 25 employees. It's a short-form content platform that's squarely focused on noteworthy moments — or clips in Twitch parlance — from gaming streams.
At the same time, the company is minting FreshCut Diamonds tokens, which creators can earn for uploading their clips and viewers can earn by engaging. In the future, the company is looking to build membership programs for $FCD holders, as well as pushing into advertising and NFT revenue streams.
"If we weren't friends, we probably wouldn't be cofounders," Le said of Kuk and Stueck. "Our relationship helps us address what we need to do as a company a lot easier than if I were to meet someone off the street."
Influencing Good is a social impact consultancy in the gaming space.
Jordanne Laurito
Founder: Alyssa Sweetman, Twitch's former director of social impact
What it is: Sweetman, who was at Twitch for roughly five years, worked on social impact and charity programs, including shaping its DEI efforts. Influencing Good is Sweetman's consultancy that works with nonprofits, marketers, and influencers to further social causes.
Today, she works with clients to create a social media strategy, develop corporate social responsibility programs, and help orchestrate charity campaigns.
"There's a common thread in gaming about it being mostly white men," Sweetman said. "And I think that's the same thing that happens at nonprofits, so I'm doing a lot of mentoring behind the scenes right now."
Juked is a social network for esports fans.
Founder: Cofounded by Ben Goldhaber, Twitch's former director of content marketing
Funding: $2.2 million in pre-seed and equity crowdfunding rounds
What it is: Juked is billed as a social network for esports fans, enabling community members to follow their favorite teams and connect with like-minded fans. It aims to host communities around a total of roughly 25 games, but recently onboarded its eighth, for "Rainbow Six: Siege."
Metatheory is a Web3 entertainment company that creates games, video content, and NFTs.
Stephen McCarthy
Founder: Kevin Lin, Twitch's cofounder
What it is: Lin departed the company he founded in Dec. 2020, and after months of reflection, founded Metatheory – inspired by the future of Web3 and fueled by his passion for video games.
The company has multiple game franchises in development, including its first, a sci-fi space saga called "Dustbreakers." Lin eventually envisions building full-fledged entertainment franchises around these decentralized properties, including animated shows and comics.
Newness is a livestreaming platform for beauty creators.
Founder: Jenny Qian, Twitch's former senior director of business strategy
Funding: $3.5 million in pre-seed and seed funding from Sequoia Capital, Cowboy Ventures and Index Ventures
What it is: "Twitch has a large, millennial male, hardcore gaming audience," Qian said. "I kind of thought, why isn't there a platform that catered to a female-first audience, or a more inclusive place that was welcoming to the other interests like beauty."
With Newness, Qian was able to fuse her various interests into a live video platform staffed by 15 employees that's dedicated to beauty creators.
Newness is currently application-only for creators. Viewers are able to shop products directly through streams, and fans are awarded via virtual items called crystals for positive participation and good behavior. Creators can also offer subscriber-only streams and accept in-app tips.
Oooh is a video platform fueled by interactive challenges.
Oooh, Inc.
Founder: Colin Carrier, Twitch's former chief strategy officer
What it is: Oooh comprises 35 employees building a platform that combines video, video games, and interactive challenges. Creators on the platform compete a feat – such as a skill in a video game – and then challenge followers to try. Winners are rewarded for their creativity by being featured on a creator's channel. The platform recently emerged from beta on iOS with about 10,000 users.
Carrier is also the founder of a meme maker called Piñata Farms, which allows users to share their creations via text message or social media.
Ping Labs helps creators host video calls during livestreams.
Founder: Theo Browne, a former Twitch software engineer
What it is: Ping Labs, part of the Y-Combinator Winter 2022 batch, builds technology that helps creators facilitate video calls, so that streamers can welcome guests onto their broadcasts in higher definition and with lower latency. A subscription starts at $50 per month.
"I was doing my own live show ... and I was watching other podcasts on Twitch, and it seemed like a really obvious pain point that these creators were struggling to bring guests onto their shows," Browne said.
Ping has worked with other startups that hail from Twitch, with its first client being VShojo, which uses Ping for all of its collaborative broadcasts. Browne also noted that Goldhaber (of Juked) was one of Ping's first investors.
RTS is a talent shop for gamers.
Stuart Saw
Founders: Stuart Saw, Twitch's former director of strategy
What it is: RTS is a gamer-focused talent management and brand consultancy, which counts as one of its cofounders Twitch megastar Imane "Pokimane" Anys. The company, which has 12 employees, has not disclosed its talent roster, nor how many creators it represents.
In addition to day-to-day branded opportunities, "we have a talent ventures arm that looks with our team to build new businesses and help [creators] grow out," Saw said.
One of its first orders of business was launching a joint venture with PlayStation to acquire EVO, a fighting game tournament that takes place in Las Vegas in August. Other clients include Epic Games ' "Fortnite World Cup" and Facebook.
Salut helps fitness creators host and monetize online classes.
Founder: Matthew DiPietro, Twitch's former SVP of marketing
Funding: $1.25 million pre-seed from Precursor Ventures
What it is: "Twitch wasn't set up to solve the problems of fitness creators," DiPietro said. Enter Salut, which enables fitness creators to schedule, stream, and monetize their online workouts (through donations and memberships). The company currently has 500 trainers and about 25,000 users after launching at the height of a virtual workout craze precipitated by the pandemic.
DiPietro is currently in early stages with another online learning platform in the Web3 space called Quorom, which enables creators to offer cohort-based courses with a limited number of seats that is each an NFT. Students then sell their seats to the students in the next cohort, with creators receiving a royalty on every trade thereafter.
VShojo is a talent management firm for VTubers.
Justin Ignacio
Founder: Justin Ignacio, member of Twitch's founding team
Funding: $11 million seed round led by Anthos Capital
What it is: Ignacio took some time after departing Twitch to travel in Japan, where he fell in love with VTuber culture – streamers who harness motion-capturing tech to present themselves in streams as virtual avatars.
"Project Melody was one of the first English-speaking VTubers that was able to garner a pretty major audience, and when she started streaming on Twitch, I started assisting her in the back-end," Ignacio said. "And then I noticed her friends around her were starting to explode as well."
VShojo helps VTubers in various aspects of their careers, including sponsorships, technology, merch, and content proliferation. The company reps arguably the biggest VTuber to date, Ironmouse, who has upwards of 100,000 paying Twitch subscribers. Unlike in Japan, where most VTubers are owned by corporations, VShojo wants to empower individual creators, Ignacio said.
Other startups founded by former Twitch staffers range from game studios to financial planning platforms.
Founder: Matthias Meti Beyer (Twitch's former director of content, Southeast Asia)
What it is: Owns and operates esports teams across Asia.
Implicit Conversions
Founder: Robin Lavallée (former senior software development engineer)
What it is: Writes software to allow retro video games to become compatible with current consoles.
Latinx in Gaming
Founder: Cristina Amaya (former customer support representative)
What it is: Nonprofit to increase Latinx representation across the gaming industry.
Founder: James Sun (former group product manager)
What it is: An NFT checkout flow that accepts credit cards and crypto, and works to detect fraud.
Founder: David Cusatis (former software engineer)
What it is: An automated financial planning platform, with guidance on retirement, tax refunds, and more.
Founder: Raiford Cockfield III (former director, Asia-Pacific)
What it is: A professional network for gaming creators in in emerging markets for brand deals and other collaborations.
More: Features Twitch Web3 | 2022-05-11T13:41:41Z | www.businessinsider.com | Meet 19 Former Twitch Staffers Who Have Launched Their Own Startups | https://www.businessinsider.com/former-twitch-executives-staffers-who-launched-startups-creators-gaming-2022-5 | https://www.businessinsider.com/former-twitch-executives-staffers-who-launched-startups-creators-gaming-2022-5 |
Mark Cuban's company Fireside is launching a $100 million creator fund, to be granted partly in crypto, in partnership with SKALE
Courtesy of Fireside
Fireside is a "participatory entertainment platform" founded by Mark Cuban and Falon Fatemi.
The app is partnering with Ethereum-based blockchain network SKALE on a $100 million creators fund.
Creators can produce shows in which NFT holders can participate in the program and behind the scenes.
Imagine being an early stakeholder in Oprah Winfrey's OWN cable network, with a say in the creative process, maybe some input into how the network strategically evolves, and a chance to be on the set of her TV shows.
That kind of scenario, Fireside co-CEO Fallon Fatemi told Insider, is her vision for how NFT memberships can be consumerized and applied to a new way of making entertainment — with viewers buying one of the digital assets to gain access to shows created in this new era of Web3.
As NFTs begin to permeate Hollywood, with everyone from former Disney CEO Bob Iger to Paris Hilton to former Disney execs Kevin Mayer and Tom Staggs' Candle Media joining the fray, Fireside's proposition is that creators will soon get to build mini entertainment networks of their own.
Fireside, the "participatory entertainment platform" founded by Fatemi and billionaire investor Mark Cuban, is partnering with Ethereum-based blockchain network SKALE on a $100 million "ecosystem fund" that is designed to "help kickstart a new generation of creators to transition to Web3."
Grants from the fund will be provided "both in liquid and locked forms in a single currency or mixed currency set based on the goals and structure of the grant," according to the company, including but not limited to SKALE tokens, Ethereum, USDC, Bitcoin, and fiat currency (i.e. US dollars or euros).
Fireside already has several high-profile names among its pool of 2,000 creators, including Jay Leno, Melissa Rivers, and Craig Kilborn. And it has teamed with "Entourage" creator Doug Ellin's production company Angry Lunch to create the series "Ramble On" starring Charlie Sheen, Kevin Connolly, and Kevin Dillon.
The platform said it can help creators to "launch a network and then really have their fans be a part of not just the content-creating process, but be behind the scenes get early access to content, and ultimately also be a part of helping evolve those entertainment networks of the future," Fatemi told Insider.
Fireside, which initially launched as an apparent Clubhouse competitor before pivoting more broadly to entertainment, also allows creators to incorporate audience participation and interact with viewers while recording. On one Fireside-hosted cook-along show, "In a Pinch," viewers can jump "on stage," or add their video feed, to join main host Dean Sheremet and cook alongside him virtually, getting cooking tips along the way.
"As shows are being recorded live, you can literally hear the audience laugh, clap, react and also come on to the stage and be in the show," said Fatemi. "That's been packaged up into this Web3 production studio that enables the shows to be recorded live. And then it's available for on-demand and streaming after, and can be distributed to YouTube, Facebook, LinkedIn, Twitch , Twitter, [and] the audio can be distributed as a podcast."
In showing Insider the Fireside app and its membership model — which relies on NFTs — Fatemi points out that NFTs and the blockchain aren't mentioned anywhere and community members don't need to have any knowledge of crypto or Web3, a factor she believes will be a "big part" of taking the technology mainstream.
"Under the hood, it is a non-fungible token," said SKALE co-founder Jack O'Holleran of Fireside's memberships. "But why does the normal user need to know that? When you look at the way [Fireside is] managing custody and assets, you don't need a Ph.D in order to participate."
Fireside is also building out partnerships with ad-supported video-on-demand (AVOD) services so that content can be distributed on devices and services akin to Samsung TV and Roku, said Fatemi. The company has been in talks with various streaming platforms.
The power to create content has traditionally been centralized at the major studios and networks, O'Holleran noted, and has since shifted to the streaming services.
"If you talk to creators in Hollywood, and producers, actors, animators — their creative freedom has been compressed, and so is their ability to get financing for the ideas they want," he said. "And so I think you're about to see this new trend in what gets created, who's making the decision, who's funding the decision. And Web3 helps power that and really helps kind of circumvent this new middleman in Hollywood."
More: Mark Cuban Streaming Entertainment | 2022-05-11T13:41:47Z | www.businessinsider.com | Mark Cuban's Fireside Launches $100 Million Creator Fund With SKALE | https://www.businessinsider.com/mark-cuban-fireside-creator-fund-100-million-crypto-skale-2022-5 | https://www.businessinsider.com/mark-cuban-fireside-creator-fund-100-million-crypto-skale-2022-5 |
How homeowners insurance works
5 ways to lower your homeowners insurance premium
1. Shop around for the best insurer and compare quotes
3. Bundle your homeowners and auto insurance
4. Make sure you're getting other available discounts
5. Update your home
5 ways to reduce your homeowners insurance premium
It’s important to shop around and compare several options for your policy every time you renew.
Having enough homeowners insurance is crucial, but you don't have to overpay for it.
Knowing exactly how much coverage your home needs is the first step toward reducing your premium.
Make sure you aren't taking unnecessary risks when looking for ways to save on homeowners insurance.
Insurance is a necessary cost of owning a home. It covers damage to your house due to fires, tornadoes, hail , and other catastrophic events, and it can protect you from liability if someone gets hurt on your property.
But premiums on homeowner's policies are rising. In 2021, most insurers raised their premiums, with increases ranging from as little as about 1.5% to upward of 68% compared with 2020, according to S&P Global Market Intelligence. While having this coverage is critical in case of a disaster, overpaying for it is not.
Before you can reduce your premium, you first need to determine the exact coverage your household and property require.
Typically, a home insurance policy will include the following basics:
Dwelling coverage: This protects your home's structure — its roof, walls, doors, floors, and anything permanently attached to it.
Other structures coverage: This extends to other structures on your property, including detached garages, sheds, and barns.
Personal property coverage: Personal property refers to your belongings in the home and other structures on your property. This coverage replaces the items that are damaged or lost in a covered event.
Liability coverage: This protects you if someone is injured or their property gets damaged at your home. It covers legal fees, medical bills, and other associated costs if someone sues you.
Additional living expenses coverage: Also called loss of use coverage, this one kicks in if your home becomes uninhabitable and you must live elsewhere while it's repaired.
You may also want to buy additional coverage for things like hurricanes, floods, and earthquakes. You'd typically use these if your region is at high risk of one of these events or if your mortgage lender requires it.
Quick tip: There's no law requiring homeowners insurance , but your mortgage lender will likely require it. You'll typically need a policy covering 80% to 100% of your home's full replacement value. This ensures you can rebuild and protect the lender's investment.
Once you have insurance, if your home or property gets damaged by a "covered peril" — an event specifically named in your policy — you'd file a claim with your insurance company. The insurer would then cover the costs to repair the damage, minus your deductible.
The deductible is the amount you agree to pay out of pocket per claim. The higher your deductible is, the lower your premium will be.
Important: Covered perils generally include fires, hail, windstorms, explosions, riots, aircraft or vehicles crashing into the home, smoke, vandalism, theft, volcanic eruption, freezes, and falling objects. You may need separate coverage for events like hurricanes, floods, and earthquakes.
There are many ways to reduce your home insurance premiums, even as general insurance costs rise. Some strategies require updating your house or changing your policies, while others simply require a little extra research.
These five strategies can help:
Premiums vary by insurance company, so it's important to shop around and compare several options for your policy — every time you renew.
"It's not uncommon for a home insurance premium to be over $2,000 with the first provider you quote, and less than $1,000 with the next," says Ted Olsen, director at Goosehead Insurance.
"Insurance providers know exactly what type of client they want to insure and the pricing is reflective of it," Olsen says. "If the consumer doesn't fit their target-market client, they will price themselves out of the running. If the consumer fits the profile they are hoping to insure, you will see very competitive pricing."
To start price-shopping, you can contact insurers directly or use a third-party rate tool. You can also use an independent agent who isn't employed by any specific insurer. They'll prepare quotes on your behalf and help you choose the best one.
"With so many options, a consumer could exhaust hours of their time across multiple days just to get a half-dozen quotes back," Olsen says. "Once they do get them back, it's hard to compare them as each provider has its own way of describing common endorsements and the coverages can vary wildly. An independent agent can do all of the shopping for them and then help them compare the results and find the coverage that both protects them best and also fits the budget needs of their household."
When you choose a higher-deductible policy, you agree to pay more out of pocket should an event occur. This reduces the risk for the insurer and results in a lower premium for you.
If you do go this route, "be prepared to pay more in the event of a claim," cautions Anthony Martin, chief executive officer of Choice Mutual, an insurance agency in Reno, Nevada.
This preparation might mean beefing up your emergency fund or funneling a small amount of each paycheck into a savings account just in case. You can also take out a credit card to use in emergencies, but be careful about wracking up debt unless it's necessary.
Most insurers offer discounts for taking out multiple policies from them, a practice known as bundling.
The amount of the bundling discount depends on the company, but it typically ranges from 5% to 15%. To qualify, you usually need to have at least one other line of insurance with them. It could be your car insurance , life insurance, boat insurance, or any other coverage you may need.
If you're considering this option, get quotes for these other policies while shopping for your home insurance. You'll want to compare both the cost and coverage of each.
Important: You may need to end an existing policy early to bundle with a new insurer. In most cases, the old insurer must refund you the remaining balance of your premiums.
In addition to bundling, insurance companies typically offer several other types of discounts. These often include:
Autopay discounts for setting up automatic monthly payments
Paperless discounts for agreeing to accept email statements rather than paper
Home safety discounts for installing smoke alarms, security systems, and other safety devices
Weather preparation discounts for making weather-related home improvements, like adding storm shutters or hurricane windows
Loyalty discounts for staying with the same provider for several years
Senior discounts for homeowners 55 or older
New homebuyer discounts for those buying their first homes
Claims-free discounts for homeowners who have gone several years without a claim
There may be other discounts you're eligible for, so be sure to ask the company or your agent for the full list of discounts they offer.
Reducing the chances of your home being damaged can lower your premium, too. To do this, focus on updating older systems, installing safety devices, or replacing more dated features with newer, less damage-prone ones.
Angel Conlin, chief information officer at Kin Insurance, recommends the following:
Adding wind-resistant features
Upgrading your HVAC, electrical, and plumbing systems
Investing in a generator
Installing an automatic water-shutoff system
Fixing your roof
Getting a centrally monitored security system, which can save you up to 20% on your premium, according to the Insurance Information Institute.
On top of these improvements, just taking good care of your house can help.
"Many homeowners, particularly first-time buyers, don't realize home maintenance is something they're expected to do when they buy a homeowners insurance policy," Conlin says. "Most home insurance policies explicitly exclude damage from 'neglect' or 'failure to properly maintain the property.' What this means is that your insurance policy doesn't cover things that fall apart because you didn't take care of them."
There are many ways to reduce your home insurance premiums. But remember, your policy exists to protect you — and your pocketbook — when something unexpected happens. Make sure you're not taking unnecessary risks by lowering your premium and maintaining a healthy emergency fund just in case.
"The biggest strategy for reducing premiums is to focus not only on the initial cost but to think about what level of coverage will benefit you most in the long run," says Steve Severaid, president of The Greenspan Co./Adjusters International.
"A bare-bones, cheap policy might save money in the beginning, but if a disaster strikes and much of the damage is not covered, it will end up being much more expensive than all the money saved by getting a cheap policy."
If you're not sure where to get started on your homeowners insurance search, visit Insider's guide to the best homeowners insurance companies in 2022.
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More: Personal Finance Insider PFI Reference Freelance Homeowners Insurance | 2022-05-11T13:41:53Z | www.businessinsider.com | 5 Ways to Save on Your Homeowners Insurance | https://www.businessinsider.com/personal-finance/lower-homeowners-insurance | https://www.businessinsider.com/personal-finance/lower-homeowners-insurance |
Crypto startup Lighthouse Labs is creating a search engine to help people navigate the metaverse. Check out the 13-slide pitch deck used to raise $7 million from investors including Animoca Brands, BlockTower and Accel in under 5 months.
Cofounders of Lighthouse, Jonathan Brun, on the left and Justine Massicotte, on the right.
Lighthouse Labs, a metaverse search engine, raised $7 million in a seed round co-led by BlockTower, Animoca Brands & Accel.
Lighthouse aims to enable users to search for places, events and friends across and within virtual worlds.
Check out the 13-page pitch deck used to raise the funds within five months of launching.
Jump into any of the virtual worlds that make up the metaverse right now and it's a daunting experience, even for crypto savvy users.
The metaverse is expected to offer the next iteration of the internet where individuals will work, play and socialize in immersive virtual worlds, instead of exploring a collection of 2D webpages.
Many of the virtual worlds, such the space-focused Star Atlas or big brand favorite The Sandbox, are accessible to early adopters. The challenge is that many of the worlds are still in the beginning phases meaning the user experience can be fraught with glitches and fragmentation.
Crypto startup Lighthouse Labs just raised $7 million in a seed round co-led by Animoca Brands, BlockTower and Accel to solve this problem.
Founded by Jonathan Brun and Justine Massicotte in January 2022, Lighthouse aims to allow users to search for places, events, experiences and friends within one virtual world and across others, making the metaverse easier to navigate.
"If you are curious about the metaverse and don't know where to start, Lighthouse will be the place to go," Brun, who is the CEO of Lighthouse, said in a press release.
"By building Lighthouse, we take the view that siloed worlds will eventually merge to become closer to the web," he added. "We've all seen how much standards and principles of openness propelled our digital lives with the internet. We are confident that Web3 virtual worlds will unite behind our vision of making the open metaverse a searchable place."
Lighthouse aims to launch its beta product this summer, which will provide users with search, recommendation and social features. It lined up a number of partnerships with decentralized virtual worlds for the beta release, Brun said in an email.
"The Sandbox's founders are investors through Sparkle Ventures (they are GPs) and Animoca Brands is one of the co-lead of our round, which gives us great access to their ecosystem," he said.
This is Lighthouse's first fundraising round and it has occurred within five months of formally launching the startup. The company declined to disclose the current valuation based on the seed round.
Other investors in the round include White Star Capital, The Graph core developers and Tiny VC as well as a number of crypto founders, such as Ryan Selkis, who founded Messari and Alex Svanevik, who founded Nansen.
"As a long-time builder and supporter of the open metaverse, Animoca Brands is well aware of Lighthouse's overall value proposition and in particular of the pain points that the company is working to solve," said Yat Siu, the executive chairman and co-founder of Animoca Brands, in a press statement.
"We believe that Jonathan and Justine have the right vision and expertise to execute and we look forward to providing our assistance as they expand the universe of worlds they partner with," he added.
Brun's background is in investing having previously worked as a venture capitalist for White Star Capital's digital assets and technology funds, while Massicotte previously led the search and query function for Coveo, a publicly-traded enterprise search company.
"The open metaverse is still early, which gives us the opportunity to work hand in hand with projects to deploy standards that will ensure that the spatial web forms a cohesive unit", said Massicotte, who's Lighthouse's chief technology officer, in a press statement.
Check out the 13-slide pitch deck used to raise $7 million to build out the Lighthouse vision.
Accel Ventures
BlockTower
Blocktower Capital
Ryan Selkis
White Star Capital | 2022-05-11T13:41:59Z | www.businessinsider.com | Pitch Deck Slides: Lighthouse's $7 Million Seed Raise, a Metaverse Search Engine | https://www.businessinsider.com/pitch-deck-slides-lighthouse-seed-crypto-seed-metaverse-search-navigation-2022-5 | https://www.businessinsider.com/pitch-deck-slides-lighthouse-seed-crypto-seed-metaverse-search-navigation-2022-5 |
Starstreak, the fastest surface-to-air missile ever made, is bringing down Russian helicopters in Ukraine
Jack Buckby,
The UK is planning to send Starstreak high velocity missiles to Ukraine.
CARL COURT/AFP/GettyImages.
The UK has provided its Starstreak anti-aircraft missile to help Ukraine defend its skies.
The missile is already bringing down Russian helicopters and winning praise from Ukrainian troops.
What is the STARStreak missile that shot down a Russian helicopter?
The Times of London reported last week that video footage showed a STARStreak high-velocity missile hitting a Russian Mi-28N attack helicopter. The strike was believed to have occurred in the eastern Luhansk region of eastern Ukraine.
The video, which has since gone viral on social media, appears to show a helicopter being shot out of the sky by a land-based missile system. The missile seems to strike the vehicle on its tail, sending it plummeting to the ground.
British defense sources also told the newspaper that the video was believed to be real.
The STARStreak missile responsible for downing the helicopter was gifted by the United Kingdom, and it has been used to destroy a multitude of Russian aircraft and vehicles in recent weeks.
What is the STARStreak missile?
A British Stormer vehicle fires a Starstreak High Velocity Missile, September 13, 2014.
Sgt Mark Webster RLC
Built by Thales Air Defence, a weapons manufactured based in Northern Ireland, the STARStreak missile is a short-range surface to air missile that has been deployed in recent weeks to Ukraine.
The portable missile system is designed to be transported by foot or vehicle and can be launched from over the shoulder. After launch, a STARStreak missile quickly accelerates to Mach 4 — roughly 3,000 mph. It is the fast surface-to-air missile ever made.
The technology on these weapons goes even further, with the missile launcher three submunitions that follow three laser beams. It means that with every missile, there are secondary opportunities for submunitions to strike the target using laser guidance.
In service for the British military since 1997, the weapon was actually designed and developed in the 1980s after the British government encouraged the development of the nation's air-defense capabilities.
Thales describes the STARStreak missile as a weapon designed to take out air targets with high precision from a system that requires zero maintenance.
"STARStreak High-Velocity Missile was designed to provide close air defence against conventional air threats such as fixed-wing fighters and late unmasking helicopter targets," official Thales documentation reads.
The missile is just 14 kg in weight, has an operational range of over 7000 meters, and is designed to minimize collateral damage by increasing precision.
'Thank you, Britain'
A British soldier aims a Starstreak High Velocity Missile System at Blackheath, London, March 5, 2012.
Lewis Whyld/PA Images via Getty Images
In April, Ukrainian soldiers appeared in a video thanking British Prime Minister Boris Johnson for authorizing successive rounds of military aid to the country.
In the video footage, Ukrainian troops can be heard celebrating after shooting a Russian unmanned aerial using a British-made missile. A Ukrainian soldier can be seen in the clip firing the laser-guided STARStreak missile into the air, before striking a drone. Spectators are heard cheering loudly.
The video was clipped together with another video of soldiers thanking the British PM.
"This is the greeting of Ukrainian paratroopers to Boris Johnson," the soldiers say. "Thank you, Britain. We use. The support of allies effectively."
Jack Buckby is a British author, counter-extremism researcher, and journalist based in New York. Reporting on the UK, Europe, and the US, he works to analyze and understand left-wing and right-wing radicalization, and reports on Western governments' approaches to the pressing issues of today. His books and research papers explore these themes and propose pragmatic solutions to our increasingly polarized society.
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surface to air missile
anti-aircraft | 2022-05-11T13:42:30Z | www.businessinsider.com | British Starstreak Missile Shoots Down Russian Helicopters in Ukraine | https://www.businessinsider.com/british-starstreak-missile-is-shooting-down-russian-helicopters-in-ukraine-2022-5 | https://www.businessinsider.com/british-starstreak-missile-is-shooting-down-russian-helicopters-in-ukraine-2022-5 |
Emily Calandrelli said she was in tears when told to check in her ice pack and store it in her luggage.
Courtesy of Emily Calandrelli
Three male TSA agents told Emily Calandrelli she could not take two ice packs onto a flight, she told Insider.
Calandrelli said she planned to pump right before her flight to avoid breast pain, but couldn't.
Emily Calandrelli, a California mother of a 10-week-old baby, said she felt humiliated and ashamed after she gave two male security agents at the Los Angeles International airport a heads up that she had two ice packs with her.
Calandrelli wanted to pump breast milk between going through airport security and boarding her five-hour flight. The ice packs would help keep the milk cold on her Monday trip from Los Angeles to Washington, DC, until she could store the milk in a hotel freezer.
But when she got to the Transportation Security Administration (TSA) checkpoint, two agents told her she couldn't bring them on the flight because one of them wasn't frozen solid, Calandrelli told Insider.
TSA permits "frozen liquid items" aboard an aircraft if they're "frozen solid" when going through the check, according to TSA screening guidelines. But gel ice packs are permitted onboard a plane in any form if they're "medically necessary."
When she had her first kid, Calandrelli, who frequently travels for her job as a TV show host, used to run into the same problem. TSA agents would "give me trouble" about the ice packs in her luggage, she said. But they normally "would let it go" and let her on the plane.
However, on Monday, TSA barred her from bringing ice packs on the aircraft, Calandrelli recounted in a Twitter thread. The two agents, both male, told her she wouldn't be able to bring them through, she said.
Calandrelli then asked to speak with a female TSA agent instead of the two men, hoping she'd be able to connect with a mom who's breastfed before.
A male supervisor walked over to Calandrelli and told her to check in her luggage and store the ice packs in it throughout the flight, she recalled. As other TSA agents and travelers looked on, Calandrelli and the supervisor argued.
Emily Calandrelli and her baby.
Calandrelli said the supervisor told her there wouldn't be an issue if she had the milk itself. Calandrelli usually pumps every four to five hours. She tried to explain to him that she wanted to pump before her flight to avoid pain in her breasts while flying.
The supervisor then asked where the baby was, she said. The baby, Calandrelli said she told him, was at home. After a person gives birth, breasts produce a continuous supply of milk, regardless of whether a baby is nearby or not.
"I felt humiliated because I'm trying to explain to these grown men how my boobs work," she continued. "And I'm like, this is your job. You guys should be trained to know this. I shouldn't have to want to ask for a female agent who might know how to do your job better. That shouldn't be the case. And so I felt ashamed like I had, I had done something wrong."
A TSA spokesperson told Insider the agency takes "all traveler concerns about our security checkpoint screening processes seriously and are committed to ensuring that every traveler is treated respectfully and courteously."
"We will look into all circumstances involving this situation and address it appropriately," the TSA statement continued.
On the plane, Calandrelli could feel her breasts hardening because she didn't pump ahead of her flight. "It feels just like a lot of pressure and pain," she said. "I felt nauseous and sweaty and it was just like, I need to empty these boobs out of there's gonna be a problem."
She didn't feel comfortable pumping on the plane because it takes 30 minutes and she didn't want to be in the bathroom for that long, Calandrelli said. She added that pumping outside the airplane bathroom wasn't an option because her pump requires an electric outlet.
"It's so hard to pump milk and that stuff is very precious," Calandrelli said.
Donated breast milk.
Photo by Astrid Riecken/Washington Post via Getty Images
Her experience marks the latest incident in which breastfeeding moms run into difficulty at the airport.
Olympic gymnastic gold medalist Shawn Johnson said TSA agents "groped" her in October while she traveled through security with breast milk. Another woman last year was told she couldn't take the breast milk that she'd spent days pumping for her four- and nine-month-old sons onto a flight.
Since speaking out publicly on Twitter, Calandrelli told Insider she's heard from other moms who've had similar experiences at the airport.
"I think so many women have this experience and it makes them not want to travel anymore," Calandrelli said. "Because I can see how this type of experience can lead to a feeling of trauma."
More: TSA TSA agents Breast Milk Breastfeeding | 2022-05-11T14:25:17Z | www.businessinsider.com | Breastfeeding Mom Says TSA Didn't Let Her Bring Ice Packs on a Plane | https://www.businessinsider.com/breastfeeding-mom-says-tsa-didnt-let-ice-packs-on-plane-2022-5 | https://www.businessinsider.com/breastfeeding-mom-says-tsa-didnt-let-ice-packs-on-plane-2022-5 |
Disney CEO Bob Chapek's missteps have entertainment insiders speculating about how he can keep his job and who might replace him if he doesn't
Disney CEO Bob Chapek hinted that Disney World may soon lift its mask mandate for guests
Jeff Gritchen: MediaNews Group: Orange County Register via Getty Images
Disney CEO Bob Chapek has been mired in negative headlines about the company's dealings with Florida.
Chapek's three-year contract has not been renewed but the board has given no indication it will replace him.
Hollywood has speculated about who could replace him if he doesn't make a big move to reset his tenure.
It's been over two years since Bob Chapek was named CEO of Disney, the world's best-known entertainment company — and just a few months since Bob Iger, the CEO for 15 years, departed. There is less than a year left on Chapek's contract and the company's board has yet to renew it.
That's prompting conversations at the highest levels of Hollywood and Wall Street about whether the Disney board is fully committed to its choice of leader and for how long.
While Chapek has performed well operationally — theme park business is returning, Disney has a strong summer movie slate, and plans for the metaverse are coming to light — he's mired in a persistent cycle of negative headlines, most centered on Florida's "Don't Say Gay" legislation and Disney's botched response, and a growing perception that he is gaffe-prone.
Just this past weekend, during a commencement speech at his alma mater, Indiana University, Chapek — a veteran of the Disney theme parks unit — was zinged after referring to Orlando's Walt Disney World as the "Happiest Place on Earth" (the motto for California's Disneyland) rather than "The Most Magical."
"At the highest levels of Hollywood, [there's] a consensus that Chapek is damaged goods and doesn't have the finesse or capacity to save himself," said one veteran Hollywood insider familiar with the company.
It's a sentiment shared by many of the 10 people who spoke to Insider about Chapek's challenges — including Hollywood and Disney executives as well as consultants and board governance experts. Here's what they said he's up against, how he can restore the industry's confidence in his leadership, and who might step up if he can't.
Board members have given no indication they won't renew Chapek
Chapek's three-year contract runs out at the end of February — typically, chief executives are renewed long before their deals expire and a three-year deal is relatively short for such a large company, one senior Disney insider said.
The board's responsibility is to hire and fire the CEO and also to have an emergency succession plan in place, the media consultant said, adding that such a contingency plan "is either fully developed, or in the process" at Disney.
While a rumor has been circulating in Hollywood that board member Mark Parker, the executive chairman of Nike, is the person most likely to replace Chapek in an emergency scenario, the senior Disney insider dismissed this as "just not true."
Another person close to top executives inside Disney said the board has not given any indication it's considering a change, with some directors said to be taking a wait-and-see approach ahead of Disney's quarterly earnings call on Wednesday.
Author James Stewart, who chronicled the company under Eisner in his 2006 book "DisneyWar," told CNBC in March that the Florida situation is a "growing cause for concern among many investors," adding that there are morale problems and open criticism of management.
In February, Chapek met with Jeffrey Katzenberg, the former Disney studios chairman, to talk about the company's future, according to the former Disney executive. Katzenberg declined comment.
Kristina Schake, Disney's executive vice president, Global Communications, shared a statement with Insider saying, "In his nearly three decades at Disney, Bob has been a steady, trusted leader who has consistently helped guide the company through historic successes and unique challenges, whether at the studio, leading our parks and consumer products, or now as CEO.
"Bob's vision and leadership allowed Disney to effectively navigate a global pandemic and economic crisis and emerge even stronger, thanks in large part to transformational changes he initiated that are delivering rapid growth in our streaming business and stellar results at our parks and resorts. Through his deep understanding of the company's culture, creators and consumers, and a clear strategic vision centered on storytelling excellence and innovation, Bob will absolutely continue to lead the world's preeminent entertainment company to even greater heights as we embark on the company's second century."
Communications misfires led to a rapid executive departure
Disney has spent weeks in the headlines thanks to the Republican governor of Florida, Ron DeSantis, over the state's "Don't Say Gay" legislation, which bans elementary school classroom discussion of sexual orientation or gender identity. After initial silence on the issue, Chapek apologized to employees and firmly attacked the bill, angering DeSantis — who has since signed the legislation as well as more recent bill revoking Disney World's special tax status.
Corporate governance expert Nell Minow, vice chairman at ValueEdge Advisors, said of the "Don't Say Gay" dust-up that "Chapek has truly bumbled every element of it and in a major, catastrophic, and very public way."
One casualty of the communications misfires was Geoff Morell, the former BP exec who joined Disney as chief corporate affairs officer in January and departed three months later. (In an attempt to navigate the politics before his exit, Morrell is said to have met with former Disney CEO Michael Eisner, according to a former Disney executive with close knowledge of the company.)
Disney now appears to be target No. 1 in a conservative crusade against "woke capitalism" and a frequent topic on Fox News, owned by key Disney shareholder Rupert Murdoch.
"Disney is a company whose brand and reputation is their business," one media industry consultant, who has worked with the company in the past, told Insider. "It's the most valuable product they have. Chapek has done significant — if temporary — damage … my bet is they have to turn the page."
'Former CEOs do not often speak out about their successors'
Former CEO Iger promised a "friction-free" transfer of power but has seemed reluctant to move to the sidelines after he departed in December.
In March, Iger tweeted his opposition to Florida's "Don't Say Gay" legislation, incidentally drawing attention to Chapek's silence. Then Iger stunned Disney management when, amid the Florida crisis, he delivered a fireside chat to the leadership team at NBCUniversal.
One person familiar with Iger's thinking told Insider that the former CEO, who grew the company's market capitalization from $175 billion to $231 billion, feels the company he built is being poorly managed.
In December, Iger spoke at length about his legacy in a CNBC interview, pointing out that Chapek addressed situations differently. "But that's neither good nor bad," Iger said. "I think change, generally speaking, change is good."
"Former CEOs do not often speak out about their successors. On the other hand there is nothing that is usual about this situation," said Minow, who adds that the board hasn't managed the leadership handoff well. "It's up to the board to pay much closer attention during the transition."
Professor William Klepper, who teaches executive leadership at Columbia Business School, said part of the problem is that Iger never moved into the mentor role, instead continuing as the voice of authority. "Iger is still living his best run," he said.
Klepper also faulted Chapek for having a command-and-control, gated style of leadership and for installing Kareem Daniel, chair of Disney Media and Entertainment Distribution, as a gatekeeper, potentially restricting feedback. While Chapek is a good operator, Klepper added, Iger had the benefit of a strong coalition of support.
Chapek needs to "close ranks with the board and become more permeable with the leadership team," Klepper said. "He needs to revisit his cast of leadership."
How Chapek must reset his tenure — and who could step up if he can't
While the Disney board shows no sign of moving away from Chapek, some Hollywood executives suggested to Insider that bringing Iger back — as board chairman — could steady the ship.
Conventional Hollywood wisdom is that Murdoch protege Peter Rice, the chairman of Disney general entertainment content who joined Disney when it acquired Fox entertainment assets, is best positioned internally to take over as CEO. Rice, who attended a private dinner in Washington in recent weeks, was asked by guests if he was going to be the next CEO, according to a person who attended. Rice brushed away the question.
Another internal candidate is ESPN boss Jimmy Pitaro, the kind of East Coast smoothie who might fit the bill. Pitaro was Disney's chairman of consumer products and interactive media before landing the top slot at ESPN in 2018.
The former Disney executive suggested Catherine Powell, head of global hosting at Airbnb and former Disney parks leader, should be in the consideration set.
Kevin Mayer, former chairman of direct-to-consumer and international at Disney, exited the company after he was passed over for Chapek. He is now running a Blackstone-backed content acquisition vehicle, Candle Media, with partner Thomas Staggs, the former Disney chief operating officer who was once positioned as Iger's successor.
In the past, former chair of Disney Media Networks Anne Sweeney, currently a Netflix board member, and her successor, Ben Sherwood, who left the company after the Fox acquisition, were floated as potential Iger successors.
Beyond the Disney cast, Jason Kilar, the former CEO of WarnerMedia, is currently on the market. Some even suggested that Facebook COO Sheryl Sandberg, who left the Disney board in 2018, could position herself if the role were to come up.
Chapek "is going to have to make a transformational move if he wants to keep his job," one top Hollywood executive told Insider, adding that the CEO "was dealt a shitty hand," inheriting the company as the COVID pandemic raged. A move that could change the narrative might be a sale of Hulu to NBCUniversal, the executive suggested, to enable Chapek to focus all energies on Disney+.
If the negative headlines continue, Chapek may not pull through, this person added. "Sometimes it takes new leadership to go in there and make a change, so you can calm everything down."
More: Disney Streaming Bob Iger Bob Chapek | 2022-05-11T14:25:23Z | www.businessinsider.com | Disney CEO Chapek's Missteps Fuel Speculation on Who Might Replace Him | https://www.businessinsider.com/disney-ceo-chapek-missteps-florida-who-might-replace-him-2022-5 | https://www.businessinsider.com/disney-ceo-chapek-missteps-florida-who-might-replace-him-2022-5 |
Netflix is asking series creators for a female 'Jack Ryan,' a new 'New Girl,' or a fresh riff on 'The Voice,' according to Hollywood agency documents — and please, no 'sad coms'
Natalie Jarvey and Elaine Low
Lily Collins stars in Netflix's "Emily in Paris."
In spite of its subscriber challenges, Netflix has up to $18 billion to spend on programming in 2022.
Netflix has a long content wish list, according to documents that Hollywood agencies share with clients.
Among its targets: glossy YA, a reality competition, spendy 'spectacles,' and an underwater thriller.
Netflix 's stock price might be at bargain-basement levels and its employees on edge as they await possible layoffs, but the streaming giant is armed with a content budget of $18 billion for the year and continues to hunt for new shows that can draw audiences as well as keep current subscribers feeling sated — a newly urgent goal after the service lost subscribers for the first time in a decade.
That means Hollywood's top agencies are still slipping scripts to Netflix executives and setting up meetings for their clients in the hopes of selling the streamer its next "Squid Game" or "Emily in Paris."
What exactly is Netflix looking for in 2022? Big, broad stories that can be told on a budget, according to multiple documents from top agencies shared with Insider that outline the programming needs and most-wanted shows at each of the major TV buyers in Hollywood. The documents — generated from conversations between executives and talent agents and shared with producer and writer clients to help them develop pitches — reflect the current desires of a network or streaming platform and are regularly updated throughout the year.
On Netflix's current wish list: ideas that subvert genres and have a wow factor — and please, no "sad coms."
Netflix, which released some 500 titles last year, will always have a diverse set of needs as it seeks series and movies that interest its 222 million global subscribers, and the conversations it has with US-based agents represent only a fraction of its global content demands, a source familiar with the company's strategy told Insider. Even so, the streamer's long list of mandates — representing the taste of the wide swath of Netflix creative execs with greenlight power — largely paints a picture of a company prioritizing shows with broadcast-sized appeal.
Netflix wants its own 'New Girl' and a replacement for 'Grace and Frankie'
When it comes to comedies, "Emily in Paris" is a popular reference inside Netflix's sleek Hollywood headquarters. (The Lily Collins starrer "could not be referenced more" in conversations about what works for the streamer, one agent told Insider.) "Never Have I Ever" is also cited in one of the documents as a global hit and an example of what to swing for because "everyone can connect … in some way."
Netflix has told representatives at the agencies that it's open to all manner of stories as long as they have a "hook" and a strong point of view. It is also looking for a high-concept replacement for "Grace and Frankie," the Jane Fonda and Lily Tomlin comedy series that recently concluded its seven-season run.
Like many streamers, Netflix is also moving away from half-hour dramas like "Master of None" that were once billed as comedies (aka "sad coms") and is more focused on broadcast-style sitcoms — it's looking for its "New Girl," according to one of the documents.
In the drama category, Netflix is prioritizing glossy YA series and male-driven or genre-specific soaps. It also wants auteur-driven shows — the kind that can garner all-important Emmy nominations — that can be made on a budget.
But that doesn't mean the streamer isn't willing to spend. The source familiar with company strategy said it is programming across all types of shows and budgets. Spendy projects tend to fall into the "spectacle" category, where Netflix is, per one of the documents, looking for a female "Jack Ryan," a modern-day "Count of Monte Cristo'' story, and a contained underwater thriller series.
But in a sign that its content needs are changing as it tightens its belt, Netflix has also asked for "down-the-middle genre shows" that cost less than $10 million per episode and sci-fi series that are not "too complicated," per the agency source.
In search of an 'American Idol' for the TikTok generation
A key mandate for Netflix's reality programming also centers on broadcast precedent: to find a competition series that can become the streamer's "American Idol" or "The Voice," according to the documents, and reinvent the format in ways that connect with the TikTok generation. While Netflix has already found dating formats that resonate — "Love is Blind" and "The Ultimatum" among them — it is still seeking social experiment shows à la "Survivor" to complement current series "The Circle."
Netflix isn't interested in reality shows that feel too didactic, meaning it is likely to pass on a pitch about a person who travels the world or promises to save it.
The streamer's documentary group, meanwhile, is looking for light crime and zeitgeisty stories that take on contemporary issues without getting too political. Based on what doc execs have been asking of their agency contacts, expect more series about sports icons, deep dives into the health and wellness space, and music documentaries similar to Ye trilogy "Jeen-yuhs."
The agency source warned, though, that what Netflix wants "changes literally every single day."
More: Netflix Streaming wars Hollywood | 2022-05-11T14:25:53Z | www.businessinsider.com | What Netflix Wants in Its Next Series, Per Hollywood Agency Documents | https://www.businessinsider.com/what-netflix-wants-new-series-writers-hollywood-agency-documents-2022-5 | https://www.businessinsider.com/what-netflix-wants-new-series-writers-hollywood-agency-documents-2022-5 |
A group of union organizers at a White House meeting with President Joe Biden, Vice President Kamala Harris, and Labor Secretary Marty Walsh.
Last week, six union organizers met with the Labor Secretary, Vice President, and President at the White House.
One of them was Laura Garza, a Starbucks partner at the Chelsea roastery in New York City.
Garza told Insider that it was an "overwhelming" and "humbling" honor.
Last Monday, Laura Garza was working out her travel plans. The 41-year-old from Brooklyn was heading to the White House.
Garza works at the Starbucks roastery in Chelsea. She's worked at Starbucks for 22 years, and joined the downtown New York location last May. That roastery voted to unionize in early April, joining a wave of over 50 Starbucks locations that have said yes to organizing.
"Unionizing is important for all of us partners at the roastery," Garza said. "And I mean, for that matter, partners across the country, so we can collectively bargain for better pay."
On Friday, she joined a group of fellow union organizers at the White House to meet with Vice President Kamala Harris and Labor Secretary Marty Walsh — with a bonus visit from President Joe Biden. The meeting included Garza, Amazon Labor Union organizer Christian Smalls, and other organizing workers from REI, the Baltimore Public Library, Titmouse productions, and Paizo.
"It was a really proud moment. Honestly, my parents always instilled in my brother and I to always remember where our family came from," Garza said, adding: "We came from extreme poverty, and then for me to be the first one to visit the White House was, like I said, an overwhelming and humbling honor."
It's the latest acknowledgement by the Biden administration of the flurry of organizing across the retail sector . Biden has said that he intends to be "most pro-union President leading the most pro-union administration in American history." He's spoken out in support of organizing Amazon workers, and rebuked Kellogg's for moving to replace workers on strike last winter. He's also formed a union taskforce devoted to strengthening union membership and collective bargaining, which Harris chairs and Walsh co-chairs.
Garza said the meeting kicked off with everyone talking about organizing their respective workplaces. After she spoke, Smalls talked about the Amazon Labor Union. Then, Biden showed up.
"They're all reiterating their support for all workers — no matter what sector of labor they work in — to collectively bargain, and that all workers in the country have that dignity to work, and with that, they should have that dignity to organize if they feel fit," Garza said. "That was really powerful for all of us to hear."
Walsh told Insider that the meeting was "great."
"What I thought was interesting, the vice president asked them all kind of what got them into the idea around organizing, " Walsh said. "And, quite honestly, it was all about supporting their coworkers."
After the meeting, Starbucks sent a letter to the White House, saying that they were "deeply concerned" that Workers United was invited "while not inviting official Starbucks representatives, to discuss our view on the matter."
The White House declined to comment on the letter. Senator Bernie Sanders, an adamant pro-labor voice who's been calling on Democrats and Biden to rally further behind organized labor, struck out at the company on Twitter.
"If Howard Schultz wants a photo-op with the President so badly, maybe, just maybe, he ought to obey the law, end the union busting at Starbucks, stop firing workers for being pro-union and negotiate a first contract with union workers that is fair and that is just," he wrote.
Garza said that it was "confusing" and "heartbreaking" to read the corporate response.
"I'm a 22 year partner," she said.
"I came representing not just partners that have won their union vote," Garza said, "but really there representing all partners that have been through the hardships of working short-staffed; working with their hours cut, and therefore not enough on their paycheck; working for partners that are really going through some hardships and really are not being supported by their leadership in their stores."
More: Economy Labor Union Labor Unions starbucks union | 2022-05-11T15:08:39Z | www.businessinsider.com | Biden Met With Union Organizers From Starbucks and Amazon | https://www.businessinsider.com/biden-starbucks-amazon-organizers-company-deeply-concerned-pro-union-president-2022-5 | https://www.businessinsider.com/biden-starbucks-amazon-organizers-company-deeply-concerned-pro-union-president-2022-5 |
4 ways to recession-proof your money, according to a financial planner
Jayson Thornton
The author, financial planner Jayson Thornton.
Everyone I work with wants to know how to recession-proof their finances.
I recommend building up three to six months of emergency savings first, and paying off debt.
It's also important to keep your money invested and get advanced job training while you can.
I'm a financial planner who also hosts a call-in financial talk show. Both my private clients and show callers want to know what they should be doing to prepare for a recession .
Going through a recession during your financial life is as inevitable as death and taxes. There is no economist who can predict the exact date that a recession will hit. I tell my clients and callers that with the right financial plan, you can recession-proof your dream retirement. Here are four things you should do.
An emergency savings fund is a foundational building block for any good personal financial plan. As a certified financial planner, I teach that a sufficient emergency savings fund is three to six months of your household expenses. Remember: These are your needs and not your wants. This cash reserve should be stored in a high-yield savings account. If you are currently living paycheck to paycheck, you are not ready to deal with a recession. Saving cash is not a sexy move to make with your money, but it is the first thing you must do.
Unexpected financial emergencies have a habit of coming at the worst of times. Sudden unemployment can have a devastating effect on your long-term financial goals. Liquidating retirement accounts and paying for personal expenses on credit cards can set back your financial goals for years. I advise my clients to prioritize building up their savings. The emergency savings fund can protect their retirement plans during a recession.
During a recession, households must make many sacrifices. Paying down debt now will help keep you from destroying your credit score and going even deeper into debt when debt payments are missed in order to keep current with monthly essential payments.
3. Don't exit the market
Tax penalties, locked-in losses, and the loss of capital gain in the long term are a few consequences of early retirement withdrawals. When you add up all the disadvantages of pulling out of the market early, it should overcome your fear of risk in the short term.
If you are not nearing retirement, a down market is not a setback. You can take advantage of lower market prices if you are dollar-cost averaging, i.e. putting the same amount into the market at regular intervals. If you are near retirement, you should be contacting a financial planner to help you rebalance your portfolio to minimize your exposure to the coming recession.
Getting advanced job training before a recession is like putting on armor before a battle. As the economy slows down, the job market gets more competitive. Workers with a higher skill set have better odds of not being laid off and they are more likely to find new employment.
I advise people concerned about the coming recession to seek out all opportunities for advanced training. Advanced training opportunities do not have to be expensive, they can be found at junior colleges, trade schools, and through low-cost certifications
The key to a recession-proof financial plan is avoiding the smoke and mirrors of the social media investing hype. Contact a financial planner and follow the recommendations no matter how boring they may seem.
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More: Financial Planning Recession Recession Proof Financial Planners | 2022-05-11T15:09:09Z | www.businessinsider.com | 4 Ways to Recession-Proof Your Money, According to a Financial Planner | https://www.businessinsider.com/personal-finance/recession-proof-your-money-financial-planner-2022-5 | https://www.businessinsider.com/personal-finance/recession-proof-your-money-financial-planner-2022-5 |
Warren Buffett counts Borsheims among his most-prized businesses. CEO Karen Goracke provides a rare look inside Berkshire Hathaway, and lays out how she's dealing with the pandemic and inflation.
Borsheims CEO Karen Goracke.
Warren Buffett's Berkshire Hathaway has owned Borsheims, an Omaha jeweler, since 1989.
CEO Karen Goracke told Insider paying cash and buying early has helped during the pandemic.
Goracke trumpeted the support she gets from Buffett and other CEOs of Berkshire businesses.
Warren Buffett's Berkshire Hathaway acquired Borsheims, a single jewelry store in the investor's hometown of Omaha, in 1989. Borsheims stocks a vast range of products at cheaper prices than competitors, enabling it to bulk-buy at steep discounts, and combines its range and value with stellar customer service.
"What works with diapers works with diamonds," Buffett once quipped, comparing Borsheims' high-volume, low-cost model to Walmart's.
Insider spoke to Borsheims CEO Karen Goracke on the store floor during Berkshire's annual-meeting weekend. She outlined the perks of being part of Buffett's conglomerate, and explained how she's dealt with pandemic disruptions and surging inflation.
Berkshire benefits
Buffett has structured Berkshire as a bunch of decentralized, autonomous businesses, run by managers he trusts to succeed with minimal input from him.
"Berkshire does a great job of allowing me to do my job, but also being a good resource if I need it," Goracke said. She noted that both Buffett and his top deputy, Greg Abel, let her set the pace for communication and always make time to speak with her.
Goracke trades ideas with Berkshire's other female CEOs and the bosses of its other jewelry businesses, she said. The conglomerate also has internal groups focused on issues such as logistics or IT, and she's found their monthly conference calls useful for learning and joining in on supplier discounts.
"We have this great resource to network and really help each other out," she said.
Borsheims hosts events and offers discounts to Berkshire shareholders during the annual-meeting weekend, generating more sales for the 30,000-square-foot store in three days than the whole of December.
"We're the crown jewel, we want to show our stuff," Goracke said about the frustration her team felt when the meeting was held virtually in 2020 and 2021.
However, Berkshire shareholders turned up in droves this year. "We got our socks blown off," she said.
Pandemic deals
Borsheims was forced to close for nearly two months in 2020 as the pandemic raged. Goracke didn't lay off any employees, partly because she'd spent years building a team with the skills she wanted.
The jeweler faced delays of several weeks in receiving some products due to overseas factory closures. However, its policy of paying upfront for inventory made it popular among cash-starved suppliers.
"We don't owe anybody anything, and that helps us with our brand power and our buys," Goracke said. "I got a lot of pretty nice deals because I could pay — you want the check tomorrow, I can get it to you tomorrow."
The virus also spurred more people to celebrate birthdays and anniversaries with a Borsheims purchase. Instead of navigating restrictions on travel and mass gatherings, or paying inflated prices for cars and furniture, they bought rings or watches.
"That's the greatest thing about jewelry," Goracke said. "It has that emotional connection to a moment."
Getting ahead of inflation
Despite the risk of another virtual Berkshire meeting this year, Borsheims ramped up its purchasing in November.
"I want you to hit the gas," Goracke told her buyers. She later felt compelled to explain the flood of cash going out the door to her boss.
"I realize I am spending so much money but I think it's the right thing to do," Goracke recalled saying to Buffett.
The investor's response was along the lines of, "You know what you're doing, just go ahead and do it," she said.
Borsheims hasn't upped its prices yet as it sees value as central to its business. However, some of its roughly 80 vendors have started raising prices.
"I'm awfully grateful that I bought a lot of inventory at the older cost," Goracke said.
The Borsheims chief finished by underscoring strong growth in online sales, and the continued relevance of the jeweler's phone business. She also highlighted the critical importance of customer relationships, noting her staff get invited to their clients' weddings, and receive Christmas cards from their children.
Karen Goracke | 2022-05-11T16:00:27Z | www.businessinsider.com | Borsheims CEO on Running a Buffett-Owned Business, Pandemic, Inflation | https://www.businessinsider.com/borsheims-warren-buffett-berkshire-hathaway-jewelry-pandemic-inflation-karen-goracke-2022-5 | https://www.businessinsider.com/borsheims-warren-buffett-berkshire-hathaway-jewelry-pandemic-inflation-karen-goracke-2022-5 |
Incumbents that fail to address social equity issues risk losing customers to affinity banks, Deloitte finds
A Deloitte report concludes that incumbent banks risk losing market share if they don't take proactive steps to seriously serve underrepresented groups.
Instead of viewing banks as just a place to store money, transact, and access credit, consumers also want a bank to complement their personality, beliefs, and values.
The news: A survey from Deloitte has found that financial institutions are coming under increasing pressure to address and improve social equity issues. As a result, the rapid proliferation of affinity banks—challenger banks founded by and for the underrepresented—is putting pressure on incumbent banks to change how they operate.
The survey was conducted in January 2022 with over 2,000 respondents across the US.
Inclusivity is good for business: Consumers increasingly expect brands they associate with—including their banks—to behave in a socially responsible way. This is especially true of the up-and-coming Gen Zers, who patronize financial institutions and invest in companies that mirror their goals for social justice, sustainability, and other causes they deem important. Deloitte's findings affirm that consumers' interest in social equity extends to their financial lives.
Sixty-six percent of Americans believe banks have a responsibility to support diverse and underserved communities. US consumers are now 2.6 times more likely to transact with banks associated with "high humanity."
31% of Americans are interested in switching to a bank supporting diverse and underserved communities.
Those looking to switch hold approximately $1.04 trillion of investable assets in retirement and wealth.
Personal values influence choices: As shared values become the influencing factor in selecting products and services, Deloitte found, negative interactions become more likely to drive consumers to seek services that better reflect their identity and affinities. As a result, financial institutions that fail to address and improve equity issues will risk losing market share and brand strength.
One in six Americans feel unwelcome purchasing banking products due to their race, gender, socioeconomic status, or sexual orientation.
Black and Hispanic customers are 44% more likely to select a bank based on their personal values, compared to the average consumer.
By the numbers: Each of the various affinity groups Deloitte surveyed identified a different need.
46% of Latin Americans worry about debt, as that group was disproportionately hit harder by job loss during the pandemic.
Black Americans are 1.76 times more likely to worry about having enough money for retirement.
Asian communities are 20% less likely to have exposure to digital banking .
One in five women worry about educational debt, which is 80% higher than their male counterparts.
Nearly half of rural consumers struggle with access to financial advice, which amounts to roughly $400 billion of unadvised investment assets.
The bigger picture: Digital access, open banking, and neobanks have changed the way people handle their money by expanding their choices. Instead of viewing banks as just a place to store money, transact, and access credit, consumers also want a bank to complement their personality, beliefs, and values. Deloitte identified more than 30 affinity banks in the market specifically designed to serve underrepresented groups who share common values and identity drivers.
Cheese serves Asian American communities.
Fortú focuses on underserved Latinos.
Daylight is geared toward the LGBTQ+ community.
Kinley and Greenwood serve Black Americans.
Deloitte concludes that as consumers continue to seek out products and services that better reflect their identity and affinities, incumbent banks risk losing up to 10% of market share to the flourishing affinity market if they don't take proactive steps to seriously serve underrepresented groups.
The big takeaway: Both incumbent banks and digital challengers must be thoughtful about their next moves. Incumbent banks will need to lean on personalization and inclusion, but must do so authentically to be successful.
Internally developed products and services should be influenced and informed by people in the affinity groups they serve.
Acquired companies and fintechs must align with the incumbent bank's values or the acquired firm may not reach its full potential under the new brand.
Since challenger banks can bring in specialization right from the starting gate, they need to direct their efforts toward customer retention.
Their products, communications, and customer interactions need to regularly reflect the values that initially drew the customer in.
They need to provide products and services that the affinity group cannot find anywhere else.
They must promote their affinity group within the community, and encourage support from members outside of the affinity group. | 2022-05-11T16:00:33Z | www.businessinsider.com | Consumers Increasingly Expect Banks to Address Social Equity Issues | https://www.businessinsider.com/consumers-increasingly-expect-banks-to-address-social-equity-issues-2022-5 | https://www.businessinsider.com/consumers-increasingly-expect-banks-to-address-social-equity-issues-2022-5 |
SoftBank on the brink of passing grim debt threshold as market selloff sends Alibaba, Didi, and DoorDash bets into freefall, analysts say
SoftBank CEO Masayoshi Son.
Getty Images AsiaPac
SoftBank is on the brink of a debt threshold it was never supposed to surpass in "normal times."
Analysts tip SoftBank's loan-to-value ratio to top 25% when its annual results are unveiled on Thursday.
Bets on the likes of DoorDash and Alibaba have been hobbled by the rout on tech stocks.
In Japan's springtime, the holiday season of Golden Week typically presents citizens with a rare moment for respite.
However, for SoftBank founder Masayoshi Son, the arrival of this year's vacation period on the cusp of the firm's annual results showcase will have brought anything but.
The Japanese tech investor is teetering on the brink of a debt threshold that Son has said the company would not surpass during "normal times," analysts told Insider. The market downturn has hobbled the value of SoftBank's biggest bets with the likes of Alibaba and DoorDash recording massive slumps in their share prices.
Analysts expect Son to announce SoftBank's loan-to-value (LTV) ratio – a key metric representing net debt as a share of equity holdings – has hit the 25% figure that the firm has desperately tried to avoid when he unveils its annual results on Thursday.
For SoftBank, which has aimed to position itself as one of the most powerful investors in tech companies since the inception of its Vision Fund in 2017, the rise in the LTV ratio will reflect poorly on its ambitions to excel as the shrewdest financier of next-generation internet startups.
More broadly, the results are expected to mark a severe reversal in fortune for SoftBank, which reported a record $45.8 billion profit for its last fiscal year, as rising interest rates and other economic and geopolitical factors have triggered a rout on tech stocks.
Rolf Bulk, equity research analyst at New Street Research, said passing the threshold had painted a "grim" picture for SoftBank, particularly as Alibaba, the Chinese e-commerce giant that SoftBank has a 25% holding in, has tumbled amid a regulatory squeeze from Beijing on Chinese tech firms.
Bulk also pointed to a number of publicly-listed companies that occupy a large chunk of the Vision Fund's holdings such as DoorDash, Uber, Didi Chuxing, and Coupang – all of which have taken a huge hit as a result of the downturn.
"All of those stocks have declined in the double digits over the last quarter, and that means very likely Vision Fund performance will be a drag on net asset value, which is the key metric to look at when it comes to SoftBank," Bulk said.
In sum, the hit on the Vision Fund's holdings could amount to more than $25 billion since the start of the year as a result of an aggressive sell-off, according to an analysis from the Wall Street Journal.
The portion of debt SoftBank has in relation to its asset holdings has slowly been creeping up, in recent months, as the company said the debt was at 22% of the level of its equity holdings in the three months to the end of December, up from 19% the previous quarter.
David Gibson, a senior research analyst at MST Financial, a financial services firm in Sydney, noted the top brass at SoftBank were aware of the need to watch the pace of Vision Fund investments, as it "slowed down massively last quarter, and will be even slower this quarter".
Other financing options are in play too, with SoftBank looking to secure an $8 billion margin loan from banks lining up to play a role in the public listing of its Cambridge-based chip firm ARM, according to Bloomberg.
"An asset-backed loan prior to the listing of ARM later in the year would help tremendously towards propping up that 25% figure," Bulk said.
The company could also look to increase the sale of assets it holds. In March, for instance, SoftBank sold its stake in GM's autonomous car unit Cruise for $2.1 billion, though how far SoftBank will go in offloading tech-focused assets it has amassed in recent years is unclear.
Analysts noted SoftBank should have enough cash at hand to comfortably manage its spend for the year, which includes roughly $2 billion in interest expenses to service their debt, and a potential margin call on billions of dollars of Alibaba-backed margin loans, New Street Research's Bulk said.
More: SoftBank Group Vision Fund Vision Fund 2
Market Rout | 2022-05-11T16:01:13Z | www.businessinsider.com | SoftBank on Brink of Debt Threshold As Rout Sends Bets Into Freefall | https://www.businessinsider.com/softbank-on-brink-debt-threshold-rout-sends-bets-into-freefall-2022-5 | https://www.businessinsider.com/softbank-on-brink-debt-threshold-rout-sends-bets-into-freefall-2022-5 |
Cash is king for retail traders right now, according to 7 investors who expect a prolonged bear market for stocks, bonds, and cryptocurrencies
High-profile investors including Rick Rieder and Paul Tudor Jones say retail traders should hold cash rather than stocks, bonds, or cryptocurrencies right now.
Stocks, bonds, and cryptocurrencies have all been hammered by interest rate rises and sluggish growth.
Cash is one of the few asset classes that has survived this year's bloodbath.
Retail cash in money-market funds topped $1.4 trillion last week as investors sold off other assets.
Cash seems like the only safe haven for investors right now.
Stocks, bonds, and cryptocurrencies have all been hammered in 2022, with stagflation fears causing heightened uncertainty. But cash has delivered returns despite inflation remaining at four-decade highs in April, with Bloomberg's Dollar Spot Index up 0.6% in 2022.
Retail investors seem to have taken note of cash's outperformance. Retail cash in money market funds topped $1.4 trillion last week, according to data from the Investment Company Institute.
Prominent figures like famed investor Paul Tudor Jones and BlackRock managing director Rick Rieder have also endorsed selling stocks and bonds and stockpiling cash in recent weeks.
"We're in one of those very difficult periods where simple capital preservation is the most important thing we can strive for," Tudor Jones, who is the founder and CIO of the hedge fund Tudor Investment Corporation, said in an interview with CNBC. "Clearly you don't want to own bonds or stocks."
"I don't know if it's going to be one of those periods where you're actually trying to make money," he added.
"As an investor, you've got to be patient and hold high levels of cash," Rieder told Bloomberg TV. "We're holding our cash with both hands."
After two years of strong growth, stock markets have experienced a downturn this year. The S&P 500 and Nasdaq are respectively down 16% and 25% year-to-date.
Normally, investors would buy bonds to shield their portfolios from the uncertainty. But rising interest rates cause bond prices to fall, and the Bloomberg-Barclays US Aggregate Bond Index is down 10% in 2022.
Investors seem to be selling stocks, avoiding bonds, and turning instead to an even safer haven - cash.
"Any time you see this type of market volatility , investors flock to the safety of cash, and you're absolutely seeing that dynamic now," Dan Suzuki, who is the deputy chief investment officer at Richard Bernstein Advisors, told Bloomberg this week. "The moves into cash are being funded by the sales of both stocks and bonds. That's resulted in a huge spike in the demand for cash."
Phillip Toews, an asset manager who called the last two bear markets, also recently moved 90% of his assets into cash.
Cash also appeals to investors who want to preserve "dry powder", which they can re-invest when the market eventually stabilizes. It's unclear how long the current sell-off will last - with some bears predicting that stocks could fall by another 50%.
"Investors should continue building cash given the hawkish tilt in Federal Reserve policy and the backdrop of elevated inflation driven by the ongoing war in Ukraine," Treasury Partners CIO Richard Saperstein told Insider. "Stocks will likely only find a bottom when the Federal Reserve signals a pause in its tightening campaign, inflation shows signs of moderation or stock multiples become very attractive."
"Investors are more concerned with capital preservation at this point," Wedbush managing director of equity trading Michael James said. "[They are] more concerned with raising cash in the event the macro environment worsens."
Lastly, selling stocks and bonds for cash makes sense with the risk of a recession increasing. Wealth managers tend to recommend setting aside at least three to six months of emergency expenses.
"People really need to make sure that they have sufficient emergency savings," Catherine Valega, a wealth consultant at Green Bee Advisory, told CNBC. "If you have enough in liquid emergency savings, you are providing yourself with more options."
retail investing activity
retail investing trends | 2022-05-11T16:01:19Z | www.businessinsider.com | Cash Is King in a Bear Market for Stocks, Bonds, and Crypto | https://www.businessinsider.com/stock-market-crash-bonds-crypto-retail-investing-cash-is-king-2022-5 | https://www.businessinsider.com/stock-market-crash-bonds-crypto-retail-investing-cash-is-king-2022-5 |
Terminal 1 at Frankfurt Airport in Germany on March 15, 2022.
The EU is dropping its mask mandate on flights and in airports beginning Monday.
The bloc said it made the decision based on the lifting of restrictions and high vaccination rates.
Since peaking in late January, COVID-19 cases across the continent have declined.
The European Union is dropping its mask mandate in airports and on flights beginning next week as COVID-19 cases across the bloc continue to fall.
From Monday, it will no longer be required for passengers to wear face masks in transit, EU's Aviation Safety Agency (EASA) said in a Wednesday statement.
The EASA said its new recommendation comes in accordance with the lifting of restrictions across the continent, high vaccination rates, and levels of naturally acquired immunity.
"For passengers and aircrews, this is a big step forward in the normalization of air travel," EASA Executive Director Patrick Ky said in a statement, adding that passengers should "behave responsibly and respect the choices of others around them."
He continued: "And a passenger who is coughing and sneezing should strongly consider wearing a face mask, for the reassurance of those seated nearby."
Aside from North Macedonia and Andorra, most European countries have enjoyed a decreasing number of COVID-19 infections over the last two weeks, according to the latest Reuters data.
Since peaking in late January, COVID-19 cases across the continent have continuously declined — aside from a slight uptick in mid-March — and sit at the lowest seven-day average since last fall.
The EU is dropping its mandates weeks after similar rules fell in the US when a federal judge in Florida said they could not be enforced.
More: Speed desk Breaking coronavirus mask mandates | 2022-05-11T16:42:50Z | www.businessinsider.com | European Union Drops Mask Mandate for Flights and Airports | https://www.businessinsider.com/european-union-drops-mask-mandate-flights-airports-COVID-2022-5 | https://www.businessinsider.com/european-union-drops-mask-mandate-flights-airports-COVID-2022-5 |
John Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.
John Eastman told Pennsylvania lawmakers they could "simply" re-count the 2020 election.
New emails reveal Eastman's unfeasible ideas for how state legislatures could overturn Trump's loss.
Eastman, a conservative attorney, is under scrutiny from the House January 6 Committee.
John Eastman, who worked as President Donald Trump's attorney following the 2020 election, suggested that Pennsylvania lawmakers should 'simply' delete candidates, according to a newly-unearthed trove of emails from a new public records request.
Eastman communicated with Pennsylvania state lawmakers about ways to overturn the 2020 election from an email address affiliated with the University of Colorado, which is a public institution and thus subject to public records laws. Eastman, a conservative law professor, was a visiting scholar at the Colorado institution at the time.
The emails, released in response to a records request from the Colorado Ethics Institute, were obtained and reported on by the Denver Post and Politico.
In one December 4 email to Republican state Rep. Russ Diamond, Eastman pushed unsubstantiated allegations of widespread impropriety in Pennsylvania's election — and employed some dubious math that he thought could engineer a Trump win in the state.
—Kyle Cheney (@kyledcheney) May 11, 2022
Pennsylvania's legislature, like other Republican-controlled legislatures, held hearings about purported fraud in the weeks following the 2020 presidential election.
Eastman acknowledged that he did not, in fact, watch any of the hearings in Pennsylvania, but said he believed "they contained ample evidence of sufficient anomalies and illegal votes to have turned the election from Trump to Biden," including illegally-counted absentee ballots and poll watchers being denied access.
When it came to about 10,000 absentee ballots Eastman argued should be "discarded," he told Diamond, "you can take the absentee ballot ratio for each candidate in the counties were late-recieved ballots were illegally counted and deduct the pro-rated amount from each candidate's total."
Then with mail ballot signature matching violations, he said, "you could simply discount each candidates' totals by a prorated amount based on the absentee percentage those candidates otherwise received."
"Then, having done that math, you'd be left with a significant Trump lead that would bolster the argument for the Legislature adopting a slate of Trump electors — perfectly within your authority to do anyway, but now bolstered by the untainted popular vote," Eastman argued.
In October, about four weeks before the 2020 election, the Trump campaign lost a legal effort to invalidate some of Pennsylvania's rules surrounding signature matching and poll watchers. Neither the Trump campaign nor any other litigants were successful in proving that Biden's win by over 80,000 votes was the result of widespread fraud or irregularities.
Eastman's email to Diamond came eleven days after the Trump campaign suffered two more major legal defeats in court in Pennsylvania in its bid to overturn Trump's election loss. First, the state supreme court rejected the Trump campaign's efforts to disqualify mail-in ballots for lacking signatures, dates, and other information on the outer envelopes.
Then, a federal judge shot down the Trump campaign's last-ditch bid to block Pennsylvania from certifying its slate of 18 presidential electors for President Joe Biden, writing that "this Court has been presented with strained legal arguments without merit and speculative accusations, unpled in the operative complaint and unsupported by the evidence."
Eastman played a key role in the intense efforts to overturn Trump's 2020 election through increasingly outlandish and extra-legal mechanisms, an effort that went all the way up to the day of the Capitol riots.
After a slew of court losses at the state level and unsuccessful attempts to sway state legislatures, President Donald Trump's team relied on legal analysis from Eastman in order to pressure Vice President Mike Pence to reject slates of Biden electors at the January 6 joint session of Congress, which Pence did not have the power to do.
Eastman is under scrutiny from the House Select Committee probing the January 6 insurrection on the US Capitol, which is fighting in court to secure tens of thousands of Eastman's emails.
Eastman appeared for a deposition before the committee in December, but invoked his Fifth Amendment right against self-incrimination in response to the committee's questions.
Then, in late March, a federal judge ruled against Eastman's bid to block more emails and records from the committee — and found that Eastman and Trump "likely" conspired to commit felony obstruction of Congress.
More: John Eastman 2020 election Pennsylvania | 2022-05-11T16:42:56Z | www.businessinsider.com | John Eastman Suggested That PA Lawmakers Delete 2020 Vote Totals | https://www.businessinsider.com/john-eastman-suggested-that-pa-lawmakers-delete-2020-vote-totals-2022-5 | https://www.businessinsider.com/john-eastman-suggested-that-pa-lawmakers-delete-2020-vote-totals-2022-5 |
You use one earbud more than the other
You use the microphone frequently
One earbud is set to use Siri
The charging port might need to be cleaned
The AirPods might benefit from being fully drained and then recharged
Your AirPods might need to be reset
One of the earbuds doesn't fully charge anymore
Why does one AirPod die faster than the other? 7 ways to troubleshoot
There could be a number of issues at play when one AirPod is dying faster than the other.
If one of your AirPods dies faster than the other, there are some things you can do to try to balance their batteries again.
Here are seven ways to troubleshoot an AirPod that's dying much faster than its matching pair.
If your AirPods are essentially identical — they include exactly the same battery in each earbud — then why do they run down at different rates?
For most people, the battery level should be roughly the same in each ear all the time, but for some AirPods users, one AirPods dies a lot faster. There are a number of reasons why this can happen, and a few things you can do to prevent it.
This may seem obvious after you think about it, but there's a good chance that you use one earbud more frequently than the other. This is especially common if you wear one AirPod at a time so you can listen to audio and still easily interact with the world around you. If you like wearing one at a time, try swapping between the right and left ear.
You use the microphone frequently, such as for voice calls
The earbud that enables the microphone uses more battery power than the other earbud, which is only using the speaker. And it's likely that your AirPods almost always use the same ear for the mic. By default, your AirPods will use the mic on whichever earbud you insert first. And since you probably always insert AirPods in your ears in the same order, that means the same ear will probably run down first all the time. The solution? Get in the habit of alternating which earbud you put on first.
You probably know that you can configure AirPods settings so a double-tap does something different in each ear. The right ear might skip to the next track, while a double-tap of the left ear might go to the previous track. If you have Siri set to start when one of those ears is double-tapped, that ear will probably run down more quickly than the other. To adjust your AirPods settings, begin by wearing your AirPods. Start the Settings app on your iPhone and then tap Bluetooth. Find the AirPods and tap the i on the right. Then adjust the Left and Right functions in the Double-Tap On AirPod section.
Disable Siri on double-tapping an AirPod to extend the battery life.
It's possible that one of your AirPods isn't charging properly because the charging port — either on the AirPod itself or at the bottom of the charging case — is dirty, preventing the charge from working properly. Thoroughly (but carefully) clean your AirPods and case.
While it's a good idea to get in the habit of charging your AirPods before they completely drain because this will generally extend the battery life, if you have one AirPod that regularly dies before the other, you might want to try to "hack" the battery by running both earbuds all the way down, and then fully recharge both.
Another possibility: Your AirPods might need to be reset. On your iPhone, start the Settings app and then tap Bluetooth. Find the AirPods and tap the i on the right. Then tap Forget This Device and confirm you want to remove the AirPods from your phone — that'll unpair them. Now set up and pair your AirPods on your phone a second time and see if both AirPods discharge at roughly the same rate.
If you want to remove your AirPods, tap the i icon and then tap Forget This Device.
It's possible that your AirPods are simply getting old. As they age, the batteries don't retain a charge as well as when they were new, and the two earbuds can deteriorate at different rates. In general, you shouldn't expect to get more than about two years of routine use out of your Apple earbuds before they show obvious signs of wear. If you try everything in this list and the two earbuds are still running down at noticeably different rates, it might be time to replace them.
TECH Why do my AirPods die so fast? 7 ways to extend your AirPods' battery life
TECH 5 ways to troubleshoot when your AirPods are not charging
TECH How to check your AirPods' battery life on an iPhone, iPad, or Mac
TECH 7 basic control features every AirPod Pro owner should know
More: AirPods Charging Troubleshooting Tech How To | 2022-05-11T16:43:08Z | www.businessinsider.com | Why Does One AirPod Die Faster Than the Other? 7 Ways to Fix It | https://www.businessinsider.com/why-does-one-airpod-die-faster | https://www.businessinsider.com/why-does-one-airpod-die-faster |
Read the simple 1-page media kit a nano influencer uses to land brand deals — and see the rates she charges
Tess Barclay
Influencers use media kits to pitch themselves to brands for sponsored content deals.
Nano influencer Tess Barclay's media kit includes various metrics, but not her pay rates.
She shared the exact media kit she currently uses to land deals on YouTube, Instagram, and TikTok.
Creators no longer need hundreds of thousands of followers to get paid for sponsored content. Brands are now hiring creators with only a few thousand followers to help advertise their products and services.
While pitching themselves to brands, some influencers use media kits to showcase their value — no matter how many followers they have.
Toronto-based creator Tess Barclay — who has 30,000 subscribers on YouTube, 5,600 followers on Instagram, and 10,300 followers on TikTok — sends a one-page media kit to every brand she wants to work with.
Barclay started posting consistently on social media about two and a half years ago, starting on YouTube, where she'd vlog about her work week.
At first, Barclay worked with brands like FabFitFun in exchange for free product.
Then, in February 2021, she landed her first brand deal. The deal, with CloudTax, only paid $115 ($150 CAD).
Since then, she's worked with brands like Princess Polly and Ana Luisa.
"I always thought you needed a million followers, or a hundred thousand followers, to make money on social media," Barclay told Insider. "But that's really not true. There are so many ways that you can make it a business, even if it is part-time."
She credits her media kit, which she created in 2019, with helping her seal these deals. She recommends using a free template, like one from the app Canva, to create a media kit.
Here's what the latest version of Barclay's media kit looks like that's helped her land dozens of brand deals:
At the end of 2021, Barclay was making as much from social media as she was from her 9-to-5 job as a product and content marketing manager, so she quit to work full-time creating content and consulting brands on influencer marketing .
Her streams of income as a creator include ad revenue and brand deals. Because she is based in Canada, she cannot earn money from TikTok's Creator Fund or Instagram's Bonus program.
Specifically, on YouTube, she has been "whitelisting," a popular way for creators to make money on the platform. This means if Barclay filmed a TikTok talking about a product, she could grant the brand permission to use that video on their own social media accounts for a fee. Barclay said she charges a monthly fee for a brand to reuse her content.
"YouTube is where I have the biggest following, but I make more money on TikTok," she said. "The reach on TikTok is insane right now. I can charge more for a brand deal on TikTok because my engagement rate is higher."
Here are Barclay's starting rates as a nano influencer. Insider verified these rates with documentation she provided:
Content Rate Followers
YouTube mention $617 ($800 CAD) 30,000 subscribers
TikTok $386 ($500 CAD) 10,000 followers
Instagram Reel $270 ($350 CAD) 5,000 followers
Instagram in-feed post $154 ($200 CAD) 5,000 followers
Whitelisting on TikTok $88 ($115 per month CAD) 10,000 followers
Whitelisting on Instagram $50 ($65 per month CAD) 5,000 followers
"Always charge more than you think," Barclay said, adding that her rates change based on exclusivity and usage rights. "Ask for more because the brand will probably negotiate with you."
She doesn't recommend including starting rates in a media kit, because it's better to get an idea of the brand's budget first, she said.
"Think of your social media platforms as a resume, and your media kit as a cover letter," she said. "You really want to give brands insight into things they can't see, like your demographics, target audience, the age of your followers, and your engagement rate."
More: Influencers TikTok Instagram | 2022-05-11T16:43:26Z | www.businessinsider.com | Read the 1-Page Media Kit a Nano Influencer Uses to Land Brand Deals | https://www.businessinsider.com/nano-influencer-media-kit-example-pay-rates-tiktok-and-instagram-2022-5 | https://www.businessinsider.com/nano-influencer-media-kit-example-pay-rates-tiktok-and-instagram-2022-5 |
"That doesn't mean that there won't be distributors that toy occasionally with that concept," Fithian later told Insider. "But from what we are hearing from the studios, they are focused on their slate of movies that are intended for theaters with an exclusive window."
Disney has won the theater industry back over, even though it's the only major studio that hasn't announced some sort of windowing strategy for its 2022 slate. In November, CEO Bob Chapek said that the company was "sticking to its plan of flexibility."
Disney sparked frustration with NATO last year when it released "Black Widow" simultaneously to theaters and Disney+ Premier Access. But after the summer movie season, it released its remaining 2021 slate with an exclusive theatrical window.
It does, and is pouring a lot of resources into Paramount+. But it's also implemented an exclusive theatrical window for its studio movies this year that ranges from 30 days to 45 days before they debut on the streaming platform.
It licensed the Tom Hanks war movie "Greyhound" to Apple TV+ and "Hotel Transylvania: Transformania" to Amazon Prime Video.
Theatrical leaders are optimistic, but some think it will be a work in progress.
More: Hollywood Movies Movie theatres Box Office | 2022-05-11T17:34:34Z | www.businessinsider.com | How Long Movies Will Play in Theaters Before Streaming | https://www.businessinsider.com/how-long-movies-play-in-theaters-before-streaming-2022-5 | https://www.businessinsider.com/how-long-movies-play-in-theaters-before-streaming-2022-5 |
I got promoted at Salesforce during my 6-month maternity leave. Here's how my experience helped shape our company culture.
Abigail Hollingsworth, the head of global benefits at Salesforce, with her husband and daughter.
Abigail Hollingsworth
Abigail Hollingsworth was up for a promotion at Salesforce when she went on maternity leave.
She worried taking time off would affect her chances, but then her boss called with good news.
As the head of global benefits, she draws on her experience. This is her story, as told to a writer.
This as-told-to essay is based on a conversation with Abigail Hollingsworth, the head of global benefits at Salesforce. It has been edited for length and clarity.
My path to parenthood was a long and complicated one.
My husband, Kevin, and I were like many young couples: married, working in fulfilling careers, and owners of a golden retriever, Freddie.
We very much wanted a child, but after 10 years of marriage and trying to get pregnant, we weren't having any success. So after years of extreme highs and heart-wrenching lows, we decided to take a break to heal.
It was during this time, in 2014, that I joined Salesforce's global employee benefits team. It was — and is — a wonderful role: I spend my days thinking about how we can best support our employees, including me.
About 2 years after I started at Salesforce — and after a dinner where everything made me nauseous — I took a pregnancy test
It was positive, and I soon gave birth to a healthy baby girl, Lena.
Before I went on maternity leave, colleagues congratulated me on my pregnancy and asked if I was planning to take the full six months off. I answered unequivocally: "Yes, of course I'll take the full leave." The reason we develop these benefits is so people can use them to balance work and life. If I don't model that behavior, who else will?
But as most parents — or anyone who's been on an extended leave from work — can attest, there's always a part of you that wonders if you'll be forgotten or passed over for new opportunities while you're away: "Will I end up out of sight, out of mind?"
I was also up for a promotion. I wondered whether taking time away to be with my daughter would put my career on hold and prevent me from taking the next step professionally.
Turns out, those worries were all for naught
About three months into my leave, I was promoted. I got a call from my manager, who first checked in to see how my family was doing and how my leave was going. Then he shared that I'd been promoted to vice president of global employee benefits.
I was surprised and thrilled. It's difficult to express how utterly exhausting it is to take care of a newborn while believing that, by doing so, you're making a professional sacrifice. But then to realize that you aren't making the trade-offs you thought, that you're continuing to be valued for all of your professional accomplishments, even when you're away — that's a mixture of gratitude and exhalation, knowing that you can truly take time off during this monumental milestone and not be penalized.
When I returned to work, Lena was sleeping more regularly — which meant my husband and I were, too — and was on a consistent schedule, which made me feel more comfortable putting her in childcare while we worked during the day.
Today, as the head of global employee benefits, I think about my own life and what would help me in the moments that matter. Experiencing maternity leave firsthand was invaluable in helping me realize the importance of a robust parental-leave program in cultivating happy, healthy, and productive employees. I've brought that deeper level of insight to my work since then.
Here are some things Salesforce does particularly well in terms of parental leave — and what other companies can learn from us
Increased parental-leave and fertility benefits: Family planning had a significant effect on my life, and my firsthand experience led to increasing some of the programs and benefits we offer at Salesforce, including our fertility benefits and parental-leave program.
After I joined Salesforce, my team significantly expanded Salesforce's parental-leave program from three months at 80% pay to six months with 100% pay for all parents. Expanding the program to six months of parental leave happened before my leave. The change to 100% pay took place after my leave. And the key here is all parents, so no one is penalized for taking time away.
I also used the family-benefits platform Cleo throughout my motherhood journey as a resource to answer the many questions new parents have. This wasn't initially offered by Salesforce, but after I realized how useful it was during my maternity leave, I asked my team to look into it. Today, we offer it as a global benefit, and we've expanded support to include families with kids up to age 12.
Culture change at the leadership level: Offering great benefits is only half the battle. We have to make sure employees actually use them.
As a leader on my team, it's critical that I model this behavior — maximizing my leave, taking time off when I need to recharge, and setting boundaries on my work hours. These behaviors are what create real change and influence culture.
When I returned to work, I was rested (or as rested as a new mom can be), I had childcare in place, and my mental health was supported. As a result, I was able to excel in my expanded role.
Supporting all employees: My own experiences have reinforced the deep connection that benefits have on employee success, which ultimately leads to greater business success. As a result, my team has made it our mission to deepen our support of all employees through their unique journeys, whether it be family planning, mental well-being, LGBTQ-specific healthcare, or something else.
More: Nora Biette-Timmons contributor 2022 BI-freelancer | 2022-05-11T17:34:58Z | www.businessinsider.com | I Worried Maternity Leave Would Hurt My Career. I Got Promoted Instead. | https://www.businessinsider.com/maternity-parental-leave-salesforce-promoted-me-2022-5 | https://www.businessinsider.com/maternity-parental-leave-salesforce-promoted-me-2022-5 |
Bonobos cofounder Andy Dunn describes how he changed his unstylish ways to run a top fashion brand: 'We needed a fashion-startup front man, not a neon orange liability'
Scott Eells/Bloomberg via Getty Images
In his new memoir "Burn Rate," he details one paradoxical challenge he faced while leading the fashion company: He wasn't fashionable.
Dunn says his cofounder, Brian Spaly, bought him clothes, writing, "We needed a fashion-startup front man, not a neon orange liability."
How do you run a fashion company if you're not fashionable yourself?
Andy Dunn recalls finding himself in this very predicament as cofounder and former CEO of menswear brand Bonobos in his new memoir "Burn Rate: Launching a Startup and Losing My Mind," which hit shelves Tuesday.
In the book, Dunn recalls meeting his Bonobos cofounder Brian Spaly while the two were students at Stanford's Graduate School of Business.
"We became fast friends and decided to room together at Schwab, the dorm where most first-year Stanford business school students lived," Dunn wrote. "I admired Spaly. He was better at sports. He was funnier. He had more money. He was self-reliant, disciplined, and frugal. I was none of those things."
As for the most important difference between them, Dunn writes, "What defined our future, though, was this difference: he was fashionable and I was not."
The two went on to launch Bonobos online in 2007, at first only selling pants before offering other clothing items. Spaly was skeptical about Dunn being CEO of the company because of his approach to clothing, according to the book.
"Spaly and I were on a run," Dunn recalled. "He made a comment that should have served as a bit of a warning. 'My only problem with you running this company is you're just not that fashionable.' It was cutting and true."
"But Spaly was right: for a guy running a fashion company, fashion was not my strong suit," Dunn wrote. "I wore weird combinations. We had a thicker orange corduroy pant, with fatter wales, called the F. Scotts. I paired those with a tight-fitting T-shirt I'd bought on eBay, a replica Walter Payton Chicago Bears jersey, matching the orange pop of the Bears' stripes to the pants. As Spaly would say: 'Oh boy.'"
As the two started building Bonobos, Spaly stepped in to lend a hand with Dunn's sartorial style, the book says.
"Spaly started buying me clothing," Dunn wrote. "We needed a fashion-startup front man, not a neon orange liability. He went to a Ralph Lauren sample sale and came back with a light purple cashmere sweater, a half-zip cotton pullover, and a prep school black-and-red embroidered jacket. He'd suggest which pants I should wear with each item and advise me on compatible shoe purchases."
Outside of the book, Dunn has previously spoken about not being particularly stylish. In fact, Bonobos was built partly for men who find themselves in the same boat, he says.
"I'm kind of the least likely person that you could imagine to be a CEO of a fashion company, and yet at the same time I think it's almost perfect, because Bonobos is really built to make it easier for guys to get great clothes," he told the Associated Press in 2017. "We built the brand not only for guys who have great fashion sense, but for guys who need a little bit of help."
In "Burn Rate," Dunn also recounts his experience running a business as someone with bipolar disorder and shares his advice for other business leaders who also have mental illness. | 2022-05-11T18:15:08Z | www.businessinsider.com | Andy Dunn Talks Leading Bonobos While Not Stylish Himself | https://www.businessinsider.com/bonobos-andy-dunn-leading-fashion-brand-not-stylish-burn-rate-2022-5 | https://www.businessinsider.com/bonobos-andy-dunn-leading-fashion-brand-not-stylish-burn-rate-2022-5 |
Only a handful of US workers have seen wages outpace inflation since 2021
A customer pushing a shopping cart walks by a freezer containing eggs at a supermarket on April 5, 2022 in San Mateo County, California.
Inflation might be starting to cool off, but it's still outpacing nearly all Americans' wage gains.
Only leisure and hospitality workers have seen inflation-adjusted wages climb since January 2021.
Other workers are stuck with weakened buying power as prices soar faster than their salaries.
The US might be past peak inflation, but Americans are still feeling beat down by soaring prices.
The latest report on US inflation showed prices climbing 8.3% in the year through April, slowing slightly from the pace seen in March and hinting that price growth is finally starting to slow. The month-over-month gain of just 0.3% reflected an even faster and more encouraging cooldown when compared to the 1.2% increase posted in March. After a year of elevated inflation, the price surge seems to be easing up.
The vast majority of Americans, however, aren't going to notice much of a difference. While workers have enjoyed the strongest wage growth in decades, inflation has still overpowered pay gains. Americans are earning more on paper, but their dollars just aren't going as far, whether it's at the grocery store, gas pump, or shopping online. And some workers are feeling the heat much more than others.
The following chart shows how inflation-adjusted average hourly earnings for different industries have changed since January 2021:
Workers in the information sector have shouldered the biggest burden, with their inflation-adjusted wages down 7% since January 2021, Insider calculated with data from the Bureau of Labor Statistics. Financial services employees had a 4.7% decline in their earnings, while miners and loggers posted a 4.5% drop in buying power.
Leisure and hospitality workers, meanwhile, were the only ones to see wage growth surpass the impact of inflation. The cohort's real wages are up 4.3% from levels seen in January 2021, according to government data.
The gain underscores just how much the sector has seen wages boom throughout the pandemic. Hotels, restaurants, and bars shed millions of payrolls early in the health crisis as lockdowns quickly sapped business. Yet the economic reopening of early 2021 saw the sector rush to rehire as Americans' spending boomed. Leisure and hospitality businesses have since counted for the bulk of job gains over the past year and have seen wages surge higher as workers flex their newfound bargaining power.
The latest inflation data, however, shows few other groups even coming close to enjoying real wage growth since early 2021. Transportation and warehousing employees fared the second-best after leisure and hospitality workers, but even they faced a 1.2% drop in inflation-adjusted wages.
There's still some hope for Americans who've seen their buying power evaporate throughout the recovery. Job openings and quits both hit record highs in March, signaling the labor shortage only grew more intense through the end of the first quarter. The April jobs report showed average hourly earnings climbing another 0.3% in April. And while it may take several months for inflation to return to healthier levels, the Wednesday report suggests March might have been the peak for the US's price-growth problem.
The labor shortage will have to dramatically outlast the inflation surge if workers are to see their real wages swing higher. Early signs hint such a rebound is possible, but for now, most Americans will have to make do with scaled-back buying power.
More: Economy Real Wages Inflation Wage Growth | 2022-05-11T18:15:14Z | www.businessinsider.com | Only Handful of Workers Have Seen Wages Outpace Inflation Since 2021 | https://www.businessinsider.com/inflation-wage-growth-outlook-real-wages-april-cpi-labor-shortage-2022-5 | https://www.businessinsider.com/inflation-wage-growth-outlook-real-wages-april-cpi-labor-shortage-2022-5 |
Who should consider opening two checking accounts?
How to manage multiple checking accounts
You can have two checking accounts at the same bank — but here's what to consider beforehand
You might consider opening two checking accounts at the same bank if you would like to establish relationship banking.
kate_sept2004/ Getty Images
Banks will allow you to open up more than one checking account at the same time.
Multiple checking accounts may be ideal for couples or parents.
Keep track of account minimum balance requirements if your bank charges a monthly service fee.
Banks allow you to have more than one checking account at the same time. There aren't any restrictions in place for how many accounts you can open at a financial institution.
But is it a wise decision to open multiple accounts at the same bank? Here's how to determine if it might be worth exploring for your situation.
First, you'll want to evaluate whether opening several checking accounts is a suitable option.
Grace Yung, CFP® professional and managing director of Midtown Financial Group, says it may be a good fit for couples.
"Many times couples have joint checking accounts because naturally, it makes sense that they may have shared expenses," says Yung. "That's great, but I am a strong believer that everyone should have their own individual account as well."
You can open a second checking account for personal goals, and use the account without having to discuss withdrawals or deposits with another person, Yung adds.
Parents might also consider opening a checking account with their teens to teach them about money.
"This gives your children lessons on how to manage their finances," explains Yung. "Unfortunately, many schools do not teach the basics of financial management. That is one reason we see people bounce checks or get hit with overdraft fees."
If you open up a checking account for a minor, most financial institutions will specify that an adult must open the account with the minor. Financial institutions may set age restrictions for teen checking accounts. Generally, banks require the child to be at least 13 years old.
Pros and cons of opening two checking accounts at the same bank
Yung says opening up checking accounts at the same bank can be convenient since you are establishing relationship banking.
Banks often reward customers who apply for multiple bank products. You may earn higher interest rates on savings accounts or waive monthly service fees on other bank accounts.
Relationship banking may also help you with long-term goals like applying for a car loan or a mortgage.
However, Yung also notes it's also good to have relationships with multiple financial institutions, so you have more flexibility.
"A good recent example of this is when PPP first came out. Existing clients of financial institutions received preferred service and access," adds Yung.
Yung says having multiple checking accounts can be an effective way to manage overall cash flow. You may assign a specific purpose for each checking account — one account for fixed expenses and another for miscellaneous expenses.
Depending on your bank, you'll want to be mindful of bank charges. Several brick-and-mortar banks charge monthly service fees if you don't maintain a specific daily account balance. Yung advises keeping track of minimum balance requirements to avoid monthly service fees.
Yung also says you might consider adding beneficiaries to your bank account.
When one joint bank account owner dies, the surviving owner can take complete control of a bank account. However, if you assign a beneficiary, both the surviving owner and beneficiary would have access to the bank account.
PERSONAL FINANCE How to open a checking account
More: Savings Personal Finance Insider PFI Reference pfi | 2022-05-11T18:18:54Z | www.businessinsider.com | Can You Have Two Checking Accounts at the Same Bank? | https://www.businessinsider.com/personal-finance/can-you-have-two-checking-accounts-at-the-same-bank | https://www.businessinsider.com/personal-finance/can-you-have-two-checking-accounts-at-the-same-bank |
Northpointe Bank mortgage interest rates
Northpointe Bank vs. PNC Bank
Northpointe Bank vs. Guild Mortgage
How Northpointe Bank mortgages work
Is Northpointe Bank trustworthy?
Northpointe Bank mortgage FAQ
Northpointe Bank mortgage review: Choose from a huge range of options, from 0% down to quick closing
Northpointe Bank offers a wide variety of mortgages, including the basics: conforming, FHA, VA, USDA, and jumbo.
Northpointe Bank; Rachel Mendelson/Insider
The bottom line: Northpointe Bank is an excellent choice for borrowers who want a lender that has lot of mortgage options to choose from. Northpointe Bank offers many unique types of mortgages, including a handful of specialty loan options that allow 0% down payments, recent credit events, and more. But your options may be limited depending on what state you live in, since Northpointe doesn't offer all of its loan options in every state.
Northpointe Bank Home Lending
Conforming, FHA, VA, USDA, jumbo, construction, land loan, renovation, doctor, professional, investment property, home equity, HELOC, non-warrantable condo, All In One, New Start, SimpleLoan, EquityBuilder, Northpointe 100%, Expanded Portfolio
Huge variety of mortgages to choose from
Offerings include mortgages that close in 15 days or less, 0% down mortgages, and mortgages for those who have recent negative events on their credit reports
Works with 17 different states to provide down payment assistance
Can’t get customized rates online
Some mortgage options aren’t available in every state
Doesn’t disclose lender fees online
Available in all 50 states and Washington, DC
Has branches in 25 states
Minimum credit score and down payment displayed are for conforming mortgages. The 3% down option is available to low-income borrowers. Regular conforming mortgages require at least 5% down.
Affordability 4.5
Has a huge variety of mortgage types to choose from
Offers specialty mortgage options that allow you to close quickly, put zero down, and more
Offers down payment assistance in 17 states through state-sponsored programs
You have to call or fill out an online form to get a custom rate
Some mortgage products aren't available in every state
Doesn't disclose online how much you'll pay in lender fees
Northpointe Bank displays sample mortgage rates for its 30-year and 15-year fixed-rate conforming mortgages, its 30-year fixed-rate construction mortgages, and its 5-year ARMs. If you want to get a customized rate quote, you'll need to call Northpointe or fill out an online form to get pre-qualified.
Conforming, jumbo, FHA, USDA, VA, home equity loan, HELOC, construction
0% down options
PNC Community Loan mortgage
Both of these lenders are solid options for buyers looking for affordable mortgages. PNC Bank offers a PNC Community Loan mortgage, which allows eligible borrowers to put as little as 3% down without having to pay for mortgage insurance. PNC Bank also offers closing cost grants up to $5,000 for borrowers who meet income limits.
Northpointe Bank allows even lower down payments on a few of its mortgages, including its Northpointe 100% and EquityBuilder mortgages, both of which allow 0% down payments. If putting down as little as possible is your main goal, Northpointe might be a better fit for you. But PNC's Community Loan is also a good deal, and could be a good choice if you want to make a small down payment while avoiding mortgage insurance.
Guild Mortgage
Conforming, jumbo, FHA, VA, USDA, renovation, reverse, manufactured home, energy-efficient, doctor mortgage
Down payment assistance
Guild Mortgage is a lender that, like Northpointe Bank, offers unique mortgage options for borrowers who want something other than a standard mortgage. Both lenders also rank high in customer satisfaction, and both can help connect you with state or local down payment assistance programs.
Because these two lenders are fairly similar, the best fit may come down to which one offers the mortgage you need. If they both have what you're looking for, it might be worth it to get preapproved with both to see which offers the better deal.
Northpointe Bank originates mortgages in all 50 states and Washington, DC. It also has physical branches in 25 states.
Northpointe Bank offers an unusually large variety of mortgages. It has more traditional mortgage options, including conforming, FHA, VA, USDA, and jumbo mortgages. It also has loans for specific situations, including construction, renovation, doctor, professional, and investment property mortgages, land loans, home equity loans and HELOCs, and mortgages for non-warrantable condos. It even offers some programs that are unique to Northpointe Bank, including:
All In One: Combines your mortgage with a Northpointe Bank deposit account, making it easy for you to make additional payments toward your mortgage principal
New Start: For borrowers with a recent negative event on their credit reports. Northpointe doesn't specify which "significant credit events" it allows, but this typically refers to things like defaults and bankruptcies. You'll need a 660 credit score and a 20% down payment to qualify
SimpleLoan: Close in 15 business days or less
EquityBuilder: Lets you put 0% down and instead use your down payment funds to get a lower rate or shorter term
Northpointe 100%: Put 0% down with a minimum credit score of 680
Expanded Portfolio: This includes mortgages for those who don't quite meet the requirements for a conforming mortgage, borrowers with negative events on their credit reports, and investors looking to qualify based on the income of the property they're purchasing
On Northpointe's conforming mortgages, borrowers can put as little as 3% down if they qualify for a Fannie Mae HomeReady mortgage, which is targeted at borrowers who earn 80% or less of the area median income. You can use Fannie Mae's lookup tool to find out what the area median income is in your area. If you don't qualify for HomeReady, you'll need to put 5% down to get a conforming mortgage.
You can apply for prequalification with Northpointe Bank by filling out an online form. You can also get started over the phone or by using its "find a loan advisor" tool to contact a loan officer near you. The bank's customer service line is open Monday through Friday from 8 a.m. until 6 p.m. ET.
Northpointe Bank currently has an A+ rating from the Better Business Bureau. BBB grades are based on honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
On its Zillow lender profile, the bank is highly rated by previous customers, earning an average 4.94 star rating.
What are Northpointe Bank's mortgage rates?
Northpointe Bank displays a few sample rates on its site, but you'll need to apply for prequalification or speak to a loan officer to get a custom rate quote.
What credit score do you need for Northpointe Bank's mortgages?
Because Northpointe Bank offers such a wide range of mortgages, the credit score you'll need to get approved with this lender can vary depending on the type of mortgage you're looking for. If you're getting a traditional, conforming mortgage, you'll need at least a 620 credit score.
Where is Northpointe Bank located?
Northpointe Bank is headquartered in Grand Rapids, Michigan, and has branches with loan officers in 25 states, including Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Massachusetts, Michigan, Nevada, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington. It originates mortgages in all 50 states and Washington, DC.
More: Northpointe Bank Northpointe Bank mortgages Mortgages mortgage rates
PNC Bank Mortgages | 2022-05-11T18:19:00Z | www.businessinsider.com | Northpointe Bank Mortgage Review 2022: Huge Range of Mortgage Options | https://www.businessinsider.com/personal-finance/northpointe-bank-mortgage-review | https://www.businessinsider.com/personal-finance/northpointe-bank-mortgage-review |
Check out the pitch deck Liquid MarketPlace, a new collectibles platform cofounded by the celebrity influencer Logan Paul, used to raise a $6 million Series A
A slide from Liquid Marketplace's pitch deck.
Liquid MarketPlace
Liquid MarketPlace facilitates co-ownership of collectibles, such as trading cards.
The Canadian investment groups Canaccord and PI Financial have invested in the marketplace.
CEO Ryan Bahadori shared his strategy for raising funds and cofounding the platform with Logan Paul.
When Ryan Bahadori, Liquid MarketPlace's CEO and cofounder, first set out to raise funds for the collectibles platform, advisors warned against having a celebrity come on board early on. Doing so would subject the company to the same scrutiny celebrities face in the public eye.
But Bahadori was convinced that bringing on the celebrity influencer Logan Paul as one of the cofounders and faces of Liquid MarketPlace alongside Amin Nikdel, the company's president, was the right move.
"I thought it would be a very good strategy," Bahadori said. "I figured having someone with such a mass following and having someone who's interested in collectibles with a mass following is almost like a win-win."
Paul's passion for collectibles derives from his affinity for Pokémon cards. He owns multiple high-valued Pokémon cards, including a $5.275 million PSA-grade 10 Pikachu Illustrator card and a $1 million BGS-grade 10 first-edition Charizard card. He's also documented the high and lows of collecting on his YouTube channel, including having paid $3.5 million for fake Pokémon cards, which he was later refunded.
Liquid MarketPlace has raised $8 million from investors since its founding in February 2021. In its Series A, announced in April, the Canadian company raised $6 million from investors, including the firms Canaccord Genuity and PI Financial. US investors in the round included Jeremy Padawer, the chief brand officer of the toy company Jazwares, and the Complex founder Rich Antoniello.
Liquid MarketPlace's platform officially launched last month, offering fractional ownership of sought-after items, such as Pokémon and sports trading cards, by selling them as non-fungible tokens.
Bahadori said the Series A round would help Liquid MarketPlace bolster its tech stack, ramp up marketing, and pay legal fees associated with running the business and determining legal ownership for buyers. In a press release announcing the Series A, the company mentioned it was already working on its next funding round.
Part of Liquid MarketPlace's strategy in raising funding from investors is to work exclusively with venture capitalists who will take a significant stake in the startup, Bahadori said.
This led to the company accepting less funding than it was offered for both its Series A and initial seed round last year. Liquid MarketPlace projected it would raise $4 million in its seed round, but it took in half that amount. For Its $6 million Series A, Bahadori said the company could have raised $20 million.
"We wouldn't want to take any dollar from anybody who wasn't there to be strategic or help us grow in some way," Bahadori said. "Every single dollar we took in our seed round was from an individual that would help get to where we are today."
Bahadori's background as a day trader plays into that strategy. He said businesses where investors own about 50% of the company offer important long-term benefits for founders.
"You don't want them to just look for an immediate liquidity exit and then move on," Bahadori said. "You want to be able to structure that strength right from the bottom. And that's why we're here today. It's because we've done that. We've been able to very carefully select everyone and pick the right shareholders that will help build us up."
Check out the pitch deck Liquid MarketPlace used to raise its $6 million Series A round.
More: Features Retail Marketplace | 2022-05-11T19:06:47Z | www.businessinsider.com | Logan Paul Cofounded Startup Used This Pitch Deck to Raise $6 Million | https://www.businessinsider.com/liquid-marketplace-logan-paul-used-this-pitch-deck-for-funding-2022-5 | https://www.businessinsider.com/liquid-marketplace-logan-paul-used-this-pitch-deck-for-funding-2022-5 |
President Biden recently said a decision on student-debt relief will be made in the coming weeks. Press Secretary Jen Psaki said it will be targeted to borrowers making under $125,000 a year.
The Treasury just announced interest rate hikes on federal student loans starting in July.
The rates apply to new federal direct loans that undergraduates, graduates, and parents take out in July or later.
Federal student-loan borrowers are waiting to hear if Biden will enact broad relief.
If you're planning to take out student loans in July, get ready to pay more interest.
On Wednesday, the Treasury Department announced new interest rates for federal student loans that will go into effect starting July 1, 2022. This is part of the Treasury's efforts to fight inflation, and it comes after the Federal Reserve hiked rates last week to a range of 0.75% to 1%, the first double-sized rate hike since 2000.
For student-loan borrowers, the hike means that if borrowers are paying off loans taken out prior to this July, the old interest rates will apply, but for any new loans, the higher rate will go into effect.
Here are the new interest rates for the three types of federal student loans:
Direct subsidized and unsubsidized loans for undergraduates: 4.99%, up from 3.73%
Direct unsubsidized loans for graduates and professionals: 6.54%, up from 5.28%
And Direct PLUS loans for parents and graduate or professional students: 7.54%, up from 6.28%.
While these hikes are unrelated to any policies surrounding student-loan relief, it comes as millions of federal borrowers are waiting to hear if Biden will enact broad debt forgiveness. Biden recently said a decision on relief will be made in the coming weeks, and Press Secretary Jen Psaki confirmed to reporters that while an amount of relief has yet to be decided, it will be targeted to borrowers making under $125,000 a year.
While many Republican lawmakers have criticized student-loan forgiveness, arguing that debt should be paid off, many student-loan borrowers have paid off the debt they borrowed, but are still burdened with monthly payments because of accumulating interest. Insider has spoken to dozens of borrowers whose current balance is significantly more than what they originally borrowed, keeping them in a cycle of repayment.
Reid Clark, for example, took out PLUS loans — the most expensive type of federal loan — to send his five kids to college, and he partially blames the high interest rates that have kept him trapped in debt.
"I am highly concerned about my ability to pay back the loans during my remaining working years, and it's going to scare me even more in a few years when I retire and I go on to a very limited income," Clark previously told Insider.
Some lawmakers have urged Biden to act on spiraling student-loan interest. In December, 14 Democratic senators, including Georgia Sen. Raphael Warnock, requested that Biden continue to waive interest on student loans even after he resumes payments (federal student-loan payments have been paused, with 0% interest, for the duration of the pandemic).
"Accumulating student loan interest can be a daunting challenge for borrowers with the lowest incomes or the heaviest student debt burdens," the lawmakers wrote.
For now, student-loan payments are set to resume after August 31, and federal borrowers are waiting to learn what relief they might get before then.
More: Policy Politics Economy Student Loans | 2022-05-11T19:06:49Z | www.businessinsider.com | Student Loan Interest Rates to Rise in July As Borrowers Wait on Biden to Decide on Forgiveness | https://www.businessinsider.com/student-loan-debt-interest-rates-increase-biden-treasury-inflation-2022-5 | https://www.businessinsider.com/student-loan-debt-interest-rates-increase-biden-treasury-inflation-2022-5 |
The 15 best Wordle alternatives, from Heardle to Quordle to Squirdle
Wordle isn't the only daily guessing game out there.
There are dozens of Wordle alternatives out there that make you guess to find a daily answer.
Some of our favorites include Heardle, Redactle, Cloudle, and Quordle.
Here are 15 Wordle alternatives that you can play every day — or for some, whenever you want.
Within the span of a few months, Wordle has gone from a niche language game to an international sensation. But if you've already solved today's Wordle and are looking for a new challenge, don't worry — there's a whole world of Wordle clones and alternatives you can play each day.
Here are 15 of our favorite Wordle-like games, including some that you can play offline.
One of the first Wordle clones to hit the internet, Hello Wordl plays just like the original. The biggest difference, though, is that it's not once-per-day — there are hundreds of available words, and as soon as you finish one game, you can restart with a new word to guess.
As a bonus, you can choose how long you want the word to be. Using the slider at the top, you can set the word to be anywhere from four letters long to 11 letters long. Each length setting has its own dictionary of possible answers.
If you can't get enough of Wordle, this is the game for you.
Hello Wordl puzzles can range from four to 11 letters.
Hello Wordl/Chordbug
Consider yourself a music buff? Then check out Heardle, the game that asks you to guess the right song every day.
When you start, you get to listen to the first second of the song. Each time you guess incorrectly or press the skip button, you'll get to hear a few seconds more. By the last guess, you'll be given the first 16 seconds.
You've got six guesses to get it right, just like Wordle. But aside from the music, you're not given any hints or information — either you know the song or you don't.
And if you're more familiar with video game soundtracks, you might like Videogame Heardle. It works just like Heardle, but all the music comes from popular games instead.
If one Wordle isn't enough, how about four? Quordle makes you play four different games of Wordle at once, each with a different answer. Every guess you make counts for all four games. Unlike the original though, you have eight guesses instead of six.
Quordle has two game modes: Daily, which gives you one puzzle each day; and Practice, which lets you play for as long as you want.
Try solving each puzzle one-by-one.
Quordle/Freddie Meyer
Built for the more visual minded among us, Framed gives you still frames from a movie and asks you to guess what movie it is. You've got six guesses, and each guess earns you a new screenshot.
The movie and screenshots change every day. If the only movies you know are blockbusters, you might struggle with this one — Framed isn't afraid to pick more obscure titles.
Le Mot and Un Juego de Palabras Diario
While English might be the most spoken language in the world, it's certainly not the only one. So when Wordle erupted in popularity, it only made sense to adapt it into other languages.
While there are dozens of language-specific Wordle clones, the two that we've played are Le Mot (French) and Un Juego de Palabras Diario (Spanish). Both work exactly like Wordle, just with a different dictionary.
Other translated Wordle clones include AlWird (Arabic), Вордли (Russian), and Zidou (Cantonese). No matter your native tongue, you can probably find a version of Wordle that works for you.
Globle and Worldle
Keeping with the international theme, both Globle and Worldle ask you to find the right country every day.
Once you guess, you'll be told how far away your guess is from the right answer. Use these clues to pinpoint the right spot on the map. Worldle also gives you the outline of the country you're looking for, which can make things easier for players who know their borders.
Worldle gives you the distance and direction to your target country.
Worldle/Teuteuf
Want to really test your vocabulary skills? Check out Semantle. This game asks you to find a hidden word, but instead of being told what letters are in it, you're only told how "semantically similar" your guess is to the right answer — in other words, how similar the words are in meaning.
Every word is scored on a scale of negative 100 to positive 100. The lower your guess' score, the less related it is to the right answer. There's no limit to how many times you can guess, and an average game can take over a hundred guesses.
If you're stuck, you can click the Hint button, and the game will reveal a word that's closer in meaning than any you've guessed so far. And if you're seriously stumped, you can just click Give Up to find the answer instantly.
Squirdle, SWordle, and other fandom versions
The English language has a lot of words — and that's not even counting the ones made up for franchises like Star Wars, like "Wookie" or "Jedi."
There are plenty of Wordle clones that mix the guessing game format with all sorts of fandoms. Here are some of our favorites:
Squirdle asks you to guess the right Pokemon from the ever-growing list of over 900. With every Pokemon you guess, you'll be told whether the right monster is newer or older; heavier or lighter; smaller or bigger; and whether you guessed the right type combination. You've got eight guesses to strike gold (or a Goldeen).
YGOrdle gives you ten tries to guess the right Monster Card from the Yu-Gi-Oh! Trading Card Game. As of this writing, there are more than 7,000 Monster Cards out there, so even the most experienced duelists might struggle with this one.
SWordle takes Wordle to a galaxy far, far away. You've got six tries to guess the Star Wars-related word. These answers can get obscure, so read up on your Skywalker lore.
If you've got a fandom you love, ask Google for a Wordle clone that fits your interests. There's a good chance that you'll find it.
Squirdle isn't once-per-day, so you never have to stop playing.
Squirdle/Sergio Morales Esquivel
Cloudle
The developers of Cloudle give their game a pretty simple description: "Look, it's Wordle, but for the weather."
Cloudle asks you to guess the five-day forecast for a random city on Earth. You've got six guesses, and nine different weather conditions to assign to each day. You don't need to be a meteorologist to master this one, but it certainly helps.
Redactle
If you love the Wikipedia Game, you'll get a kick out of Redactle. Every day, Redactle finds and massively censors a Wikipedia article (chosen from a list of about 10,000). It's your job to guess the words that have been censored, and use the blacked-out text to figure out what article you're reading.
Just like Semantle, there's no limit to how many times you can guess. And trust us: You'll need a lot of guesses.
Mastermind and Jotto
Want to take your Wordle obsessions offline? Then check out the games that Wordle is based on: Mastermind and Jotto.
Mastermind (also sometimes called "Hit and Blow") is a two-player strategy game involving pegs that come in six different colors. One player (the Codemaker) places the pegs in a secret order, and the other player uses their own pegs to guess what order the Codemaker placed theirs in. With every guess, the Codemaker tells their opponent which pegs they placed correctly and which ones are wrong.
Jotto is even closer. Each player picks a secret five-letter word, and the players take turns trying to guess each other's word. With every guess, the player gets a score from zero to five, telling them how many of the letters they guessed appear in the word.
Pressman Toys makes Mastermind sets and actively sells them in stores and online. Jotto doesn't use any special equipment to play — all you need is a pencil and a sheet of paper.
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More: Tech How To Wordle Alternatives Guess | 2022-05-11T19:07:02Z | www.businessinsider.com | The 15 Best Wordle Alternatives and Clones | https://www.businessinsider.com/wordle-alternative | https://www.businessinsider.com/wordle-alternative |
President Biden greeted Amazon organizer Christian Smalls with a hug and handshake. "You're trouble, man," Biden tells Smalls, who replies, "Yeah, I am."
Last week, six union organizers went to the White House to meet with the vice president and labor secretary.
President Joe Biden made a surprise appearance to speak with the unionizing workers.
He told Amazon Labor Union creator Christian Smalls that Smalls is his kind of trouble, and to not stop.
Union organizers at companies from Starbucks to Amazon voyaged to the White House last week.
Vice President Kamala Harris and Labor Secretary Marty Walsh — who respectively chair and co-chair the Biden administration's taskforce on supporting unions — sat down with six workers to hear their stories. One of those workers was Christian Smalls, the creator of the Amazon Labor Union (ALU). ALU made history when the JFK8 warehouse on Staten Island voted to unionize, a first for the retail behemoth.
The workers were also joined by a surprise guest: President Joe Biden.
In a new video from the event, Biden is seen greeting Smalls with a hug and handshake. "You're trouble, man," Biden tells Smalls, who replies, "Yeah, I am."
"I like you, you're my kind of trouble," Biden said, congratulating Smalls.
"I got in a little trouble, you may recall. I was saying I was looking forward to them getting organized," Biden added. "But you got it done in one place."
He also told Smalls "let's not stop," seemingly alluding to more organizing across Amazon's warehouses. After the ALU pulled off its upstart victory in early April, Biden spoke about the organizing effort at the North America's Building Trade Unions conference.
"Amazon, here we come," Biden said. "Watch."
Alex Speidel, a lead organizer with United Paizo Workers/CWA who attended last week's meeting, previously told Insider that it was an "unbelievable surprise" to meet the president. The White House visit came as a swell of organizing sweeps across retail stores from Starbucks to REI to Apple. Biden has repeatedly declared that he intends to be "most pro-union President leading the most pro-union administration in American history."
That's a promise that Sen. Bernie Sanders, a long-time labor advocate, has asked Biden to keep. He's called upon the president to implement an executive order banning federal contracts from going to companies breaking labor laws, and has said that Democrats need to rally behind organized labor.
The White House meeting was Smalls' second stop of the day. He testified at a Senate Budget Committee hearing chaired by Sanders. The topic: "Should Taxpayer Dollars Go to Companies that Violate Labor Laws?"
"People are the ones who make these companies operate," Smalls told the committee, "and if we are not protected and if the process for when we hold these companies accountable is not working for us, then that's the reason why we're here today."
More: Economy amazon labor union Christian Smalls Labor Union | 2022-05-11T19:48:30Z | www.businessinsider.com | Biden: Amazon Labor Union's Christian Smalls Is 'My Kind of Trouble,' Don't Stop Organizing | https://www.businessinsider.com/biden-christian-smalls-trouble-amazon-labor-union-dont-stop-organizing-2022-5 | https://www.businessinsider.com/biden-christian-smalls-trouble-amazon-labor-union-dont-stop-organizing-2022-5 |
Google's next big smartphone launch is the Pixel 6a, a smaller budget version of the premium Pixel 6 — here's what you need to know
Google Pixel 6a comes with a dual-lens camera system
Google Pixel 6a looks a lot like the Pixel 6
Google Pixel 6a has a smaller screen
Google Pixel 6a should have the same performance
Google's Pixel 6a is essentially a cheaper, smaller version of the Pixel 6 released last October.
It runs on the same Google Tensor processor and has a dual-lens camera system.
It costs $449 and will be available for preorder on July 21, with a full release on July 28.
Google announced its new Pixel 6a phone, on Wednesday during the company's Google I/O event, that's designed to be a more affordable version of the company's premium Pixel 6 and Pixel 6 Pro phones.
The Google Pixel 6a is priced at $449, compared to the Pixel 6 that's $599, and the Pixel 6 Pro phones that's $899.
Google's "a" series of phones are one of my favorite options when it comes to more affordable phones. That's primarily thanks to the premium-grade cameras that Google gives its "a" series phones, which usually outperform other affordable phones.
The Pixel 6a will start at $450 when it becomes available for preorder starting on July 21 on Google's online store. It will be fully released and available to buy on July 28.
Comparatively, the latest iPhone SE from Apple costs $429, and the budget-aligned Samsung Galaxy A53 calls for $449.
Specification Google Pixel 6a
Display 6.1-inch OLED, 60Hz
Cameras 12-megapixel (MP) main and ultrawide cameras
Selfie camera 8MP
Battery and charging 4,400mAh battery, 18W wired charging
Memory and storage 8GB RAM/128GB storage
Biometric authentication In-display fingerprint sensor
Network support 5G (mmWave in select models), WiFi 6e, Bluetooth 5.2
The Pixel 6a comes with a 12-megapixel (MP) main and ultrawide camera array, much like the standard Pixel 6. However, they're not the exact same cameras. In order to make the Pixel 6a more affordable, Google gave the phone a "different" camera system, Google senior vice-president of devices Rick Osterloh said, but wasn't more specific.
Still, I expect the Pixel 6a's cameras will take excellent photos given Google's impressive camera software that has proved itself over several generations of Pixel phones.
Plus, one of the reasons Google's "a" series phones come so easily recommended is they include many of the camera features you'd find on its premium phone models. In the Pixel 6a, for example, you're still getting Google's Real Tone feature designed to better capture different skin tones. You also get the Magic Eraser tool that lets you edit away unwanted objects and subjects from a photo, as well as Google's excellent Night Sight mode for low-light photos.
The Pixel 6a looks a lot like the premium Pixel 6 phones. It has the recognizable camera bar on the back, and will be available in three colors, including "charcoal" (black), "chalk" (white), and "sage" (green).
The frame on the Pixel 6a is aluminum, and the bezels around the display appear as thin as the Pixel 6 has.
For those who thought the premium Pixel 6 phones were too large, the Pixel 6a offers them a smaller option.
The Pixel 6a has a 6.1-inch screen that's smaller than the 6.4-inch screen on the Pixel 6, and the 6.7-inch screen on the Pixel 6 Pro.
The Pixel 6a runs on the same Google Tensor processor as the premium Pixel 6 series, which is unusual for an "a" model phone. Those phones have typically run on processors that are less powerful than those in the premium models, but still plenty capable.
This means the Pixel 6a should have similar performance as the premium Pixel 6 phones. It's worth knowing that the Pixel 6a has a little less memory (RAM) than the premium Pixel 6. More RAM typically leads to more apps saving your place when inactive instead of having to fully reload again, but it shouldn't have much of an impact otherwise.
More: Smartphones Google Google Pixel Insider Reviews 2022 | 2022-05-11T19:48:36Z | www.businessinsider.com | Google Pixel 6a Price, Release Date, Specs, Features | https://www.businessinsider.com/guides/tech/google-pixel-6a-price-release-date-specs-features | https://www.businessinsider.com/guides/tech/google-pixel-6a-price-release-date-specs-features |
Here's your first look at Google's new rival to Apple's AirPods Pro: The noise-cancelling Pixel Buds Pro
Google Pixel Buds block out noise better and last longer
Google Pixel Buds Pro can easily switch between devices
Pixel Buds Pro are ready for workouts, and later, better movie audio
Google's Pixel Buds Pro notably come with noise canceling and easier paired device switching.
The company claims they last an impressive seven hours with noise cancelling enabled.
They cost $199 and will be available for preorder on July 21, with a full release on July 28.
Google announced new wireless earbuds on Wednesday during its Google I/O event called the Pixel Buds Pro.
At $199, the Pixel Buds Pro are Google's most premium wireless earbuds offering, and they're not replacing the standard $99 Pixel Buds A-series.
Like previous Pixel Buds, Google is positioning the Pixel Buds as "helpful" devices that offer a hands-free experience that comes from Google Assistant for certain tasks that typically require a phone, like giving you walking directions and getting translations from spoken word.
Google Pixel Buds Pro price and release date
The Pixel Buds Pro are priced at $199, and will be available for preorder from Google's online store on July 21. They'll be fully available to buy starting on July 28.
By comparison, Apple's AirPods Pro cost $249, but they're often discounted to under $200. There are also Sony's WF-1000XM4 wireless noise-cancelling earbuds, but those are in the ultra-premium category with a $279.99 price tag.
For the $100 premium over the Pixel Buds A-series, Google added active noise canceling (ANC). The Pixel Buds Pro also use "Silent Seal" ear tips designed to enhance noise canceling and prevent noise from leaking in or out.
There's also improved battery life. Google touts the Pixel Buds Pro have 11 hours of listening time, with seven hours of listening time with ANC enabled. The Pixel Buds A-series tout five hours of playback time on a single charge.
The wireless charging case stores up to 20 hours of charge, giving you a potential 31 hours of total battery life. Google says a five-minute charge gives the buds one hour of listening time with ANC enabled.
The company also added "intelligent audio switching," which is basically Bluetooth Multipoint technology that lets you save connections and switch the Pixel Buds Pro between two different devices, like a phone and a computer. That way, you could be listening to music on a laptop and pick up a call from your phone without any interaction on the buds or on your devices to make the connection switch.
The Pixel Buds Pro also include Google's Volume EQ feature that automatically adjusts the audio's bass, mids, and highs when you adjust the volume. Google's example says that when you lower the volume, the Pixel Buds Pro "increase the bass while ensuring mid and high frequencies are balanced."
Google gave the Pixel Buds Pro water and sweat resistance, too, so they'll be suitable for workouts or if it happens to rain while you're out.
Finally, Google also said that it will add spatial audio in a later software update, but the company didn't specify when. Spatial audio typically gives audio a wider soundstage with a surround-sound feel, and is mostly used for video content.
More: IP Tech Google Pixel Insider Reviews 2022 Insider Picks | 2022-05-11T19:48:42Z | www.businessinsider.com | Google Pixel Buds Pro Price, Release Date, Specs, Features | https://www.businessinsider.com/guides/tech/google-pixel-buds-pro-price-release-date-specs-features | https://www.businessinsider.com/guides/tech/google-pixel-buds-pro-price-release-date-specs-features |
Boris Johnson expected to 'float' details of UK's plan for ditching Northern Ireland protocol in key speech
Boris Johnson with his dog Dilyn
One Number 10 figure said the speech would be "big PM stuff," which would include reference to proposed changes to the protocol, which was part of the UK's Brexit Withdrawal Agreement with the EU.
Downing Street and the FCDO are bracing themselves for a minor rebellion on the Tory seats, although potential Cabinet refuseniks such as Michael Gove have been "squared away." The levelling-up secretary said Wednesday morning he felt "super cool" about Truss' reported plans.
Theresa May, the former prime minister, signaled that she would resist such a measure during a Commons debate Tuesday.
It comes as Conor Burns, the Northern Ireland minister, traveled to Boston to meet the Irish community, as well as visiting Joe Biden's team in Washington, DC, as he attempts to roll the pitch stateside.
A Number 10 spokesperson said there was "no speech on protocol planned," adding: "No decisions [have] been made on this one." | 2022-05-11T20:38:56Z | www.businessinsider.com | Boris Johnson to 'Float' Plans to Scrap Northern Ireland Protocol in Speech | https://www.businessinsider.com/boris-johnson-to-float-plans-scrap-northern-ireland-protocol-speech-2022-5 | https://www.businessinsider.com/boris-johnson-to-float-plans-scrap-northern-ireland-protocol-speech-2022-5 |
A Google Cloud exec says the company's new database endeavor is a response to the increasing number of requests from customers 'to help them free themselves' from legacy firms like Oracle
Andi Gutmans, the vice president of databases at Google Cloud.
Google just announced a new product that helps customers move from Oracle databases to its cloud.
The move is also aimed at gaining ground on Amazon Web Services' database product, Aurora.
A Google exec tells Insider its key to beating the competition is a "more friendly" pricing model.
Google's cloud unit is stepping up its effort to win over large businesses, and heating up competition with rivals Amazon Web Services and Microsoft Azure.
Google Cloud announced on Wednesday a new database service called AlloyDB at its annual I/O developer conference. The new product is based on the popular open-source database management system PostgreSQL.
AlloyDB is the tech giant's answer to helping enterprise companies move their databases from data centers and old guard technology vendors into its cloud, says Andi Gutmans, the company's general manager and vice president of databases.
Its development was in response to "an increasing amount of requests from our customers to help them free themselves from legacy, proprietary databases" like Oracle, Gutmans told Insider.
Oracle's flagship databases have long been the technology of choice for large enterprises. But Google and its cloud peer AWS have called out "legacy" IT vendors like the database giant for trapping customers into long-term contracts, and forcing them to pay for licenses they may not need years in advance.
Moving off of Oracle's databases, or another competitor like Microsoft SQL Server, is a major technical challenge that often prevents companies from fully making the leap to the cloud. Those that don't have the in-house expertise to make the switch often rely on IT services providers, or use migration assistance programs from the cloud providers themselves.
But the companies that haven't given up their long-standing database technology or on-premise systems still represent a major opportunity for the cloud providers. According to Gartner's most recent findings, Oracle still holds 20.6% of the overall database management system market.
So far, Google Cloud has been testing AlloyDB with select customers, including some in the financial services and retail industries, Gutmans says. The database is still in preview, and the company expects to make it fully available later this year.
Of course, Google's AlloyDB is also in competition with Amazon's Aurora database, one of the Seattle cloud giant's fastest-growing products since its launch in 2015.
Based on its own performance tests conducted in March, Google says AlloyDB is two times faster than Aurora for processing transactional data. The claim has yet to be independently tested, though Gutmans says the results are based on the Transaction Processing Performance Council's industry standard benchmark.
Google Cloud's plan to set it apart from rivals like AWS also includes charging for AlloyDB based on the storage and compute resources customers actually use, Gutmans says. It does not plan to charge for data input and output, or IOPS, which AWS does charge for. Those costs have added up to as much as 60% of a customer's data bill, according to what customers have told Google Cloud, Gutmans said.
Oracle has also criticized AWS for what it calls a "hostile" pricing model for data transfer fees, or the cost of moving data between different hosts. Oracle's website even says AWS charges for IOPS at "significantly higher prices" compared to its own cloud.
"If customers, on a single workload, maybe use more IOPS than we expected, we take that risk on us," Gutmans said. "It's just a much more friendly pricing model where it's less about how much customers are paying, but it's really about cost predictability and really feeling you understand what you're paying for."
But Google has a long way to go in catching up with competitors like AWS. Its cloud platform is a distant third in overall market share after AWS and Microsoft Azure, though CEO Thomas Kurian has tried to aggressively shift the unit toward profitability and increasing sales since taking the helm three years ago.
And while Google Cloud is hoping to make headway by courting large enterprise customers with its new database, it'll be an uphill battle. Databases are a particularly competitive area that all the cloud giants, plus startups like Cockroach Labs, want to dominate.
Any vendor that holds a customer's data has the opportunity to sell it more of its own cloud and software services, which Gutmans says Google plans to take advantage of with AlloyDB.
"We definitely think it's also gonna help us acquire new customers," Gutmans said. | 2022-05-11T20:39:14Z | www.businessinsider.com | Google Cloud Takes Aim at Amazon With a New Database for Oracle Users | https://www.businessinsider.com/google-cloud-new-database-alloydb-for-oracle-migrations-andi-gutmans-2022-5 | https://www.businessinsider.com/google-cloud-new-database-alloydb-for-oracle-migrations-andi-gutmans-2022-5 |
The 22 best books published in 2022 so far, according to Goodreads
From debut novels to new works by bestselling authors like Colleen Hoover and Emily Henry, these are the best books of 2022, according to Goodreads.
A Flicker in the Dark by Stacy Willingham
The Book of Cold Cases by Simone St. James
Black Cake by Charmaine Wilkerson
The War of Two Queens by Jennifer L. Armentrout
Gallant by V.E. Schwab
The Golden Couple by Greer Hendricks and Sarah Pekkanen
Violeta by Isabel Allende
Reckless Girls by Rachel Hawkins
The Christie Affair by Nina de Gramont
Reviewers have already found some of their favorite new books released this year.
We turned to Goodreads reviewers to rank the most popular books of 2022 so far.
For more books, check out the most anticipated new books of 2022.
Although there are quite literally hundreds of books on my "to-be-read" list, I can't help but gravitate towards the latest releases that fellow readers are already predicting to be the best books of the year. Whether it's a new work from a favorite author or debuts that have been picked up by celebrity book clubs, readers are already finding their favorites of 2022 so far.
To make this list, we looked at the most popular books on Goodreads. Goodreads is the world's largest online platform for readers to rate, review, and recommend their favorite books to friends and the community. All of these recommendations have been published in 2022 and are ranked by how often they've been added to readers' "Want To Read" shelves.
Whether you're looking for a great new read to kick off your upcoming vacation or relax with in the morning, here are the 22 most popular books of 2022 so far.
The 22 best books of 2022 so far, according to Goodreads:
"Reminders of Him" by Colleen Hoover, available at Amazon and Bookshop, from $12.22
In Colleen Hoover's latest fan-favorite novel, Kenna Rowan is looking to prove herself so she can reunite with her four-year-old daughter, having just been released from her five-year prison sentence. Shut out by nearly everyone in her and her daughter's life, Kenna connects with Ledger Ward, a local bar owner, but as the romance between the two grows, Kenna risks everything to absolve her past and create a new future. You can find more of Colleen Hoover's most popular books here.
When Jess is in need of a fresh start, she reaches out to her half-brother, Ben, to stay with him for a bit in his Paris apartment. Ben didn't seem thrilled about the arrangement, but when Jess arrives to find a shockingly stunning apartment, she finds that he is nowhere to be found. As this gripping thriller unfolds, Jess begins to look into Ben's strange and unfriendly neighbors, each of whom is a suspect with a secret.
"The Maid" by Nita Prose
"The Maid" by Nita Prose, available on Amazon and Bookshop, from $16.90
"The Maid" is about Molly Gray, a 25-year-old hotel maid who is left struggling to fend for herself socially after her grandmother's passing. When Molly discovers Charles Black dead in a terribly ravished hotel room, the police immediately target her as a lead suspect until her friends step in to prove her innocence in this exciting thriller that's described as a "Clue"-like, locked-room mystery.
"Book Lovers" by Emily Henry, available on Amazon and Bookshop, from $12.96
Emily Henry's "Beach Read" and "People We Meet on Vacation" have already captured countless readers' hearts, so it's no surprise her latest release has already done the same. "Book Lovers" stars Nora Stephens, a literary agent whose love life is anything but a romance novel. When Nora's sister plans a trip for the two of them to a picture-perfect little town with a list of "to-do"s to live out the plot of a romance novel all their own, Nora finds herself not with a storybook prince, but a brooding editor from the city with whom she's had plenty of terrible run-ins in the past.
"House of Sky and Breath" by Sarah J. Maas, available on Amazon and Bookshop, from $ 17.74
After saving Crescent City, Bryce Quinlan and Hunt Athalar are ready to slow down and find some normalcy once again, but as the ruler's threat grows, the two are slowly pulled into the rebel's plans. "House of Sky and Breath" is the sequel to "House of Earth and Blood", a fan-favorite fantasy/romance featuring demons, angels, and fae.
"A Flicker in the Dark" by Stacy Willingham
A Flicker in the Dark by Stacy Willingham, available on Amazon and Bookshop, from $17.29
One of readers' favorite new thrillers this year is "A Flicker in the Dark," which follows Chloe Davis 20 years after her father's arrest for the serial murder of six teenage girls in her small town. As Chloe prepares for her wedding, teenage girls begin to go missing once again and Chloe isn't sure if she's just paranoid or nearing a killer for the second time in her life.
Fox Thornton has a reputation as a flirt but his new roommate, Hannah, seems entirely impervious to his flirtatious ways and insists they'll just be friends. In town for work, Hannah has her eye on a coworker and asks for Fox's help. But as they spend more time together, she can't help but fall for him as he tries to prove that he wants more with Hannah than just a short fling.
"Book of Night" by Holly Black
"Book of Night" by Holly Black, available on Amazon and Bookshop, from $17.76
Holly Black has written incredible fantasy young adult novels but makes her adult debut with "Book of Night," an urban fantasy that became a 2022 favorite before it was even published. Charlie Hall is trying to lay low in her shadowy, magical world when a figure from her past returns and thrusts her into a chaotic spin of murder, secrets, magic, and a fight for survival.
"The Book of Cold Cases" by Simone St. James
"The Book of Cold Cases" by Simone St. James, available on Amazon and Bookshop, from $20.49
Shea Collins runs a popular true-crime website, a passion ignited after she was almost abducted as a child. When she runs into Beth Greer, an infamous suspect in an unsolved double homicide from 40 years prior, Shea asks for an interview, meeting Beth regularly at her alluring but uncomfortable mansion. As Shea and Beth grow closer, Shea's unease refuses to subside in this suspenseful thriller, perfect for those who love true crime.
"One Italian Summer" by Rebecca Serle
"One Italian Summer" by Rebecca Serle, available on Amazon and Bookshop, from $16.08
Just before their once-in-a-lifetime trip to Positano, Katy's mother tragically passes away, leaving Katy reeling and facing their adventure alone. Katy decides to take the trip anyway and as she walks the cliffsides of the Amalfi Coast, she magically sees her mother at 30 years old. Over the course of a beautiful summer, Katy gets to know her mother, her history, and her memories in a way she never could have imagined.
"Black Cake" by Charmaine Wilkerson, available on Amazon and Bookshop, from $17.81
In the wake of their mother's passing, Byron and Benny are left with a voice recording and the family recipe for a traditional Caribbean black cake. As their mother's story unfolds, the siblings are set off on a journey of family history, inheritance, and relationships that reshapes their understanding of their mother, their family, and themselves.
"Daughter of the Moon Goddess" by Sue Lynn Tan, available on Amazon and Bookshop, from $23.49
"Daughter of the Moon Goddess" is a new young adult fantasy novel inspired by the legend of Chang'e, the Chinese moon goddess. Xingyin has grown up on the moon, hidden from the Celestial Emperor, but when her magic is discovered, she's forced to leave her mother and her home behind and embark on a legendary but dangerous journey to save her mother and the realm.
"The War of Two Queens" by Jennifer L. Armentrout
"The War of Two Queens" by Jennifer L. Armentrout, available on Amazon and Bookshop, from $18.87
Loved for its strong main characters, fast-paced action, and intense romances, Jennifer L. Armentrout's "Blood and Ash" series' latest book continues as Poppy determinedly sets out to destroy the Blood Crown and create a future where both kingdoms can rule in peace. Together, Poppy and Casteel know that there is far more than a war to face as they uncover what began eons ago.
"Gallant" by V.E. Schwab
"Gallant" by V.E. Schwab, available on Amazon and Bookshop, from $14.95
Olivia Prior has spent much of her young life at Merilance School for girls until the day she receives a letter inviting her home to Gallant, a large, strange family house. When Olivia crosses a ruined wall at the home at just the right moment, she finds herself in a crumbling and mysterious version of Gallant and searches for the secrets her family has held for generations.
"Sea of Tranquility" by Emily St. John Mandel, available on Amazon and Bookshop, from $16.25
In a propulsive novel that spans from 1912 Vancouver Island to a futuristic colony on the moon, Emily St. John Mandel's latest work follows three main characters through time and space as their lives are upended around various events. As Edwin St. Andrew crosses the Atlantic and arrives in the Canadian wilderness, Olive Llewellyn writes a pandemic novel during a pandemic, and detective Gaspery-Jacques Roberts investigates their strange stories, along with one of a childhood friend, their metaphysical and intertwining lives create an enchanting science fiction read.
"The School for Good Mothers" by Jessamine Chan, available on Amazon and Bookshop, from $18.19
Frida is struggling in nearly all aspects of her life when everything suddenly takes a turn for the worst when a lapse in judgment lands her in the hands of government officials who will determine if she must go to an institution that will measure her success and devotion as a mother. In this dystopian sci-fi novel, Frida must prove that she meets the standards of being a good mother or risk losing her daughter.
"The Golden Couple" by Greer Hendricks and Sarah Pekkanen
"The Golden Couple" by Greer Hendricks and Sarah Pekkanen, available on Amazon and Bookshop, from $17.68
From bestselling author duo Greer Hendricks and Sarah Pekkanen comes a new, twisty domestic thriller about successful therapist Avery Chambers who lost her license because of her controversial methods. When Marissa and Mathew Bishop turn to Avery after Marissa's infidelity threatened to end their marriage, this suspenseful novel takes off on a collision course of dangerous secrets.
"To Paradise" by Hanya Yanagihara, available on Amazon and Bookshop, from $20.01
"To Paradise" spans three centuries and three versions of the American experiment: 1893, where New York is part of the Free States; 1993 Manhattan in the height of the AIDS epidemic; and 2093, in a society torn apart by plagues and totalitarian rule. In each of these sections, family, lovers, and strangers are torn apart and come together over what makes us uniquely human in a new, powerful piece of literary fiction by the same author of "A Little Life."
"Violeta" by Isabel Allende, available on Amazon and Bookshop, from $22.84
"Violeta" is a sweeping, century-spanning novel about a woman, born in 1920 to a family full of sons, whose life is continuously marked by historical events, crises, and life-changing love. Told in the form of a letter, Violeta recounts her early years in South America through decades of joy and loss and across a lifetime of emotional and inspiring events.
"Reckless Girls" by Rachel Hawkins
"Reckless Girls" by Rachel Hawkins, available on Amazon and Bookshop, from $22.49
Set on an isolated Pacific island, this new thriller takes off with Lux, her boyfriend, Nico, and the two women who hired them to sail to Meroe Island, despite its eerie history of shipwrecks, cannibalism, and murder. When the four meet another couple on the island, they settle into a relaxing rhythm until a single stranger arrives and throws off the group's balance, uncovering cracks in their seemingly-perfect dynamics.
"The Cartographers" by Peng Shepherd
"The Cartographers" by Peng Shepherd, available on Amazon and Bookshop, from $23.93
When Nell Young's legendary cartographer father is found dead in his office with a seemingly worthless map, her investigation reveals its incredibly valuable and rare nature, as well as the plot of a mysterious collector, determined to destroy every last copy. In this fantastical upcoming thriller, Nell's subsequent and remarkably dangerous journey reveals her family's darkest secrets and the power of the map.
"The Christie Affair" by Nina de Gramont
"The Christie Affair" by Nina de Gramont, available on Amazon and Bookshop, from $17.33
"The Christie Affair" is a fascinating historical fiction account of the real-life 11-day disappearance of Agatha Christie. Told from Miss Nan O'Dea's point of view, Agatha's husband's mistress, this novel transports readers to 1925 London as Nan slowly lures Archie away from his wife, Agatha simply disappears, and one of the greatest manhunts of all time ensues.
More: IP Roundup Insider Reviews 2022 Insider Picks Education & Personal Development | 2022-05-11T20:39:20Z | www.businessinsider.com | 22 Best Books of 2022 so Far, According to Goodreads | https://www.businessinsider.com/guides/learning/best-books-2022 | https://www.businessinsider.com/guides/learning/best-books-2022 |
Sen. Lisa Murkowski, a Republican of Alaska, and Sen. Joe Manchin, a Democrat of West Virginia on April 7, 2022 at the US Capitol.
Drew Angerer/Getty Image
The Senate failed to advance a bill that would enshrine abortion rights in federal law.
All 50 GOP senators and Democratic Sen. Joe Manchin opposed the bill.
The bill follows a leaked draft opinion that suggests the Supreme Court may overturn Roe v. Wade.
The Senate on Wednesday failed to advance a Democratic-led bill that would enshrine abortion rights in federal law, an expected outcome given broad Republican opposition. All 50 Republican senators, along with Democratic Sen. Joe Manchin, opposed the bill in a 49-51 vote.
Democratic leaders brought the legislation forward in response to a draft opinion leaked last week that suggested the Supreme Court appears ready to overturn Roe v. Wade, the landmark ruling that legalized abortion nationwide nearly 50 years ago.
But Wednesday's procedural vote was mostly a symbolic gesture, considering Democrats, who only hold a narrow majority in the Senate, did not have enough support to overcome the 60-vote filibuster threshold.
Senate Majority Leader Chuck Schumer characterized the vote as putting Republicans on the record with their opposition to abortion rights. The bill would have protected abortion access across the country and ensured the procedure remains legal in every state without additional restrictions.
"This is not an abstract exercise. It's as real, it's as urgent as it gets," Schumer said last week when announcing the vote. "All of America will be watching. Republicans will not be able to hide from the American people and cannot hide from their role in bringing Roe to an end."
Manchin, an abortion opponent who represents a conservative state, said on Wednesday that he was against the bill because it went further than just codifying Roe into federal law.
"It's just disappointing that we're going to be voting on a piece of legislation which I would not vote for today," Manchin told reporters ahead of the vote. "But I would vote for Roe v. Wade codification if it was today."
Republican Sens. Susan Collins of Maine and Lisa Murkowski of Alaska, who said they support abortion rights and have offered a more limited piece of legislation to codify Roe, also voted against Wednesday's bill.
Before the vote, dozens of House Democrats, led by the Congressional Progressive Caucus, the Pro Choice Caucus, and the Democratic Women's Caucus, marched over to the Senate in a show of support for abortion rights.
—Progressive Caucus (@USProgressives) May 11, 2022
The Senate previously failed to advance the Women's Health Protection Act in February. The House passed its version of the bill in September. President Joe Biden has expressed his support for the legislation and has called on Congress to send him a bill to codify Roe.
The Supreme Court is expected to hand down its decision on the major abortion-rights case by late June or early July. If Roe is overturned, 13 states with so-called trigger laws would ban abortion, and several other GOP-led states are expected to impose restrictions on the procedure.
More: Democrats Republicans Roe v Wade Abortion | 2022-05-11T20:39:38Z | www.businessinsider.com | Republicans, Manchin Block Democrats' Bill Codifying Roe V. Wade | https://www.businessinsider.com/republicans-manchin-block-democrats-bill-codifying-roe-v-wade-abortion-2022-5 | https://www.businessinsider.com/republicans-manchin-block-democrats-bill-codifying-roe-v-wade-abortion-2022-5 |
Republican Arizona Senate candidate Blake Masters.
Blake Masters for US Senate
An Arizona Republican Senate candidate said the gender pay gap is "a left-wing narrative."
Blake Masters, an acolyte of businessman Peter Theil, made the comments in a video obtained by NBC.
Masters has received more than $10 million in support from Thiel via a super PAC.
Arizona Republican Senate candidate Blake Masters questioned the existence of a gender-based pay gap in America in a newly obtained video from NBC News, even though data shows men typically earn more than women for comparable jobs.
"Women are not paid less in America than men," Masters said. "It's a left-wing narrative, this gender pay gap . When you control for the occupations, when you control for people taking time out to, you know, birth children, things are actually pretty equal. And men do the most dangerous jobs."
Masters' campaign declined to provide comment when Insider reached out.
NBC News first reported on Masters' statements on Wednesday. According to NBC, Masters made the comments during an appearance at a February 4 candidate forum in Scottsdale, Arizona. Masters is a close ally of Peter Thiel, a billionaire tech entrepreneur. Through a super PAC, Thiel has already spent $10 million to help Masters win.
Masters said that the gap does not exist when it is taken into account that men do "most dangerous jobs." He made the remarks during a discussion of the Equal Rights Amendment. The ERA once received bipartisan support, but it has become heavily politicized in recent years as more Republicans oppose passing a Constitutional amendment that would prohibit discrimination on the ba
"Men are the ones who are doing risky, you know, fishing–crab in Alaska," Masters said. And sometimes those jobs pay more. Sometimes those jobs pay more, and so I think we got to push back on the fake left-wing narrative that women don't have equal rights in this country."
The reality is different from Masters' assertion as the gender-based pay gap has been extensively researched and documented. Pew Research found last year that the gap between men and women has "remained fairly stable for the last 15 years or so." In 2020, Pew found that women earned 84% of what men earned.
Regarding Master's assertions, researchers concede that various factors and outliers can affect the size of the gap. But research that tries to take this into account still finds a gap exists. Glass Door's latest survey of the situation found "workers with the same job title, employer and location, the US gender pay gap is about 5.4 percent." In other words, according to their findings, women make 94.6 cents on the dollar compared to men.
The Economic Policy Institute, a left-leaning think tank, previously said there's some merit to suggestions that the gap narrows based on career differences. But researchers there have also argued that career choice isn't as straightforward as it seems.
"Gender discrimination doesn't happen only in the pay-setting practices of employers making wage offers to nearly identical workers of different genders," Elise Gould, Jessica Schieder, and Kathleen Geier wrote in 2016. "It can happen at every stage of a woman's life, from steering her away from science and technology education to shouldering her with home responsibilities that impede her capacity to work the long hours of demanding professions."
Masters is polling in the top three of Arizona's Republican Senate primary, just six percentage points behind Jim Lamon in first place, according to Trafalgar and the Real Clear Politics polling average.
Masters' has received more than $10 million from billionaire entrepreneur Peter Thiel, mostly in the form of donations to a pro-Masters super PAC called Saving Arizona.
Masters had been working as the chief operating officer of Thiel Capital and the president of the Thiel Foundation before officially launching his campaign.
More: Blake Masters Peter Thiel 2022 2022 midterms | 2022-05-11T21:21:08Z | www.businessinsider.com | Blake Masters: the Gender Pay Gap Is a 'Fake Left Wing Narrative' | https://www.businessinsider.com/blake-masters-gender-pay-gap-video-arizona-senate-peter-thiel-2022-5 | https://www.businessinsider.com/blake-masters-gender-pay-gap-video-arizona-senate-peter-thiel-2022-5 |
21 graduation gifts for 8th graders that won't disappoint, from custom dessert boxes to tech they've wanted forever
Even the pickiest of middle schoolers will be pleased with these 8th grade graduation gifts, from trendy rollerskates to a coveted Nintendo Switch.
LittlePenguinCre8ive/Etsy
8th grade graduation usually marks the end of middle school: An often tumultuous but exciting time for kids. While they may be staying in the same school district next year, graduating 8th grade — and surviving middle school — is a milestone worth celebrating.
We curated a list of 8th-grade graduation gifts that cater to different interests and passions (plus some that are just plain fun). It's our hope that these gifts put a smile on your soon-to-be 9th-grader.
Here are the best 8th grade graduation gifts in 2022:
An instant camera
Gift the Fujifilm Instax Mini 11, from $74
Instant cameras are having a comeback, and it's likely that your 8th grader already has their eye on one. Help them commemorate their transition from middle school to high school with a bright, colorful memory generator.
A box full of tasty treats
Gift a Milk Bar Sampler, $55
Milk Bar (one of our favorite brands) is known for tasty treats in adorable packaging — a great fit for an 8th-grader. This particular sampler includes the company's infamous birthday cake truffles, cookies, and a slice of Milk Bar Pie.
Gift the Beats Solo3 Headphones, $131.78
Beats Solo3 are great starter headphones for teenagers: They're relatively affordable for the product, well-reviewed, and have great sound quality. They can be used for study breaks and jam sessions alike.
Tickets to their favorite performer
Gift StubHub Tickets or a Gift Card, prices vary
There's nothing more exciting to an 8th-grader than seeing their favorite performer or sports team in person. The memories from this gift will last far beyond high school.
A bright new take on an outdoor game
Gift the Black Series LED Game Bean Bag Toss Game, $79.99
Cornhole is a fun way to pass the time during the summer, but it can be elevated even further with this glow-in-the-dark set. They can play at any time of day with these LED light-up beanbags.
An all-in-one tablet
Gift an iPad, from $379
An iPad is a perfect transition device for a soon-to-be high schooler: it's more affordable than a laptop but has all of the same basic functions as both devices. Pair it with an attachable keyboard for the closest experience to a laptop.
Custom M&Ms
Gift a personalized M&Ms Jar, $34.99
As long as they don't have any dietary restrictions, what better gift is there than chocolate? Gift them this custom container of M&Ms with their school colors and a personalized lid.
TikTok-worthy rollerskates
Gift the Impala Pastel Rollerskates, $65.16
Help them find a new hobby (or stylishly re-enter an old one) with these brightly colored, fun rollerskates. They're available in many other colors and designs, so there's likely to be one that best suits them.
A tried-and-true game console
Gift a Nintendo Switch Console, $299
The Nintendo Switch is the most popular gaming console among teens right now, and with good reason. Both personal and team play are available on thousands of games, and it's likely that they already have a favorite.
A high school survival guide
Gift "The High School Survival Guide: Your Roadmap to Studying, Socializing & Succeeding," $9.29
High school brings about many changes: more studying, new friends, and all of the teenage experiences. This all-in-one book includes anything from study tips to mindfulness exercises intended to help teens thrive in the transition to high school.
A custom bracelet
Gift the Baublebar Pisa Custom Bracelet, $40
Baublebar is a staple among teens and young adults because of its simple, yet elegant jewelry that can be worn with nearly any outfit. Allow them to feel mature while remaining age-appropriate with this beaded bracelet.
A celebration for the whole neighborhood
Gift the LittlePenguinCre8ive Graduation Yard Sign, $14.97
Graduating middle school is a celebration worth shouting to the rooftops, especially considering how the pandemic has impacted these past few years. Celebrate along with all of their nearby friends and family with this expressive yard sign.
Congratulatory candy
Gift a Sugarfina Congrats Bento Box, $30
A congratulatory box of gummy bears and chocolates may be just what your graduate needs to feel sweetly celebrated. Sugarfina is best known for high-quality candy in beautiful, occasion-based packaging, so there's lots of room for celebration.
A fun pool float
Gift a Narwhal Pool Float, $59.99
A fun pool float can get a laugh when they open the gift, and it can bring a ton of fun all summer long. Choose their favorite animal, food, or object for them to float on in the pool or on the beach.
A curated gift set
Gift a Knack Way to Go! Gift Set, $50
Take the guesswork out of gifting with this pre-packaged gift set fit for a celebration of any kind. A candle with matches, bag of candy, and "you're awesome" pop open cards are all included — just be sure to check in with the graduate's caregiver before gifting matches.
A portable speaker
Gift the JBL Flip 5, $99.95
Graduation parties, barbeques, pool parties, and more: there are so many reasons why a teen will appreciate a portable, high-quality speaker. This relatively budget-friendly speaker packs in a huge sound, and they'll appreciate the ability to bring it essentially anywhere they go.
A personalized video message from their favorite celeb
Gift a Cameo Video Message, prices vary
Achieve the goal of being your graduate's favorite person ever by gifting them a custom message from their favorite celebrity. Actors from "The Office" (from $40), athletes like the New York Rangers Julien Gauthier ($75), and more are available to choose from.
A personalized bucket
Gift a Class of Personalized Graduation Metal Bucket, $19.99
This metal bucket will commemorate their accomplishment for years to come. Although it doesn't come filled, this leaves an opportunity to fill it with whatever you so choose: outdoor toys and games, candy, or cards and gifts from friends and loved ones.
A backpack that gives back
Gift the STATE Lorimer Backpack, $110
If they want to start high school fresh with a new backpack, consider purchasing one from STATE. You can either purchase a sleek plain backpack, or customize it with initials, patches, pins, and symbols. Best of all, any STATE purchase will donate a fully packed backpack to a partner charity or school.
A card full of surprises
Gift the "This Calls for Confetti" Card, $5.99
Whether your grad just wants cash or you want a card that's just as exciting as the gift, there's nothing quite as surprising as a card full of confetti.
A gift card for practically anything
Gift an Amazon or Target gift card, prices vary
For a teen with a specific taste, the gift of selecting their own gift is practically the best gift of all. Amazon and Target both have a wide range of age-appropriate graduation gifts.
More: Features Insider Reviews 2022 Insider Picks IP Roundup | 2022-05-11T21:21:14Z | www.businessinsider.com | Best 21 8th Grade and Middle School Graduation Gifts in 2022 | https://www.businessinsider.com/guides/gifts/8th-grade-graduation-gifts | https://www.businessinsider.com/guides/gifts/8th-grade-graduation-gifts |
'Hacks' season 2 hits HBO Max on May 12 — here's how to watch the Emmy-winning series
Jean Smart on season one, episode 10 of "Hacks."
Anne Marie Fox/HBO Max
How to watch 'Hacks' season 2
What time do new episodes premiere?
What other shows can I watch on HBO Max?
"Hacks" season two premieres on May 12 exclusively on HBO Max.
The series stars Jean Smart as a veteran comic who mentors an up-and-coming comedy writer.
HBO Max memberships start at $10 a month for ad-supported streaming.
"Hacks" returns for a second season on HBO Max starting May 12. The Emmy-winning series stars Jean Smart, Hannah Einbinder, Rose Abdoo, and Carl Clemons-Hopkins.
Smart plays a legendary stand-up comedian named Deborah Vance. After headlining a Vegas show for years, Deborah's career falls into a downward spiral. In an attempt to boost her popularity, Deborah hires an up-and-coming writer, Ava Daniels (Hannah Einbinder), who was fired from her last gig due to insensitive tweets. Together, the pair form an uneasy partnership to get Deborah back on top and help Ava repair her damaged reputation.
Check out the trailer for 'Hacks' season 2
"Hacks" was a major success when the first season premiered on HBO Max in 2021. It scored three Emmy awards, including a win for star Jean Smart for outstanding lead actress in a comedy series. The show was also a huge hit with critics scoring an incredibly rare "100% Certified Fresh" score on review-aggregation website Rotten Tomatoes. Early reviews for the second season have been equally positive.
You can watch 'Hacks' season two exclusively on HBO Max. The first two episodes of the new season premiere May 12. Two new episodes will follow every Thursday through June 2. If you need to get caught up, the show's entire first season is also available to stream on HBO Max.
HBO Max has two membership tiers to choose from. The ad-supported plan costs $10 a month, or $100 for a full year. An ad-free plan is available for $15 a month, and this option also gives you 4K streaming support for select titles. If you have an AT&T Unlimited Elite mobile subscription, HBO Max is included with your plan.
You can stream the HBO Max app on a variety of devices, including smartphones and tablets, smart TVs, Apple TV, Roku, Fire TV, and video game systems. A full list of compatible devices can be found at the bottom of the HBO Max website.
How many episodes are in 'Hacks' season 2?
"Hacks" season two includes a total of eight episodes. Two new episodes premiere every Thursday and the season finale will stream on June 2.
What time do new episodes of 'Hacks' premiere on HBO Max?
New episodes of "Hacks" are expected to premiere on HBO Max on Thursdays at 3 a.m. ET through June 2. Though HBO Max occasionally offers some titles earlier, that's the service's standard release time for new episodes.
Will there be a third season of 'Hacks' on HBO Max?
HBO has not confirmed a third season for "Hacks" yet. Given the critical acclaim for the first season and early reviews of the second, a third season seems likely. We'll update this article if the studio announces a renewal.
HBO Max has over 2,000 movies and more than 500 shows in its catalog, with new content premiering every month.
The platform features everything on the HBO cable channel, plus new originals developed exclusively for the service. Check out our full HBO Max guide for more details.
Other popular HBO Max original shows you watch right now include:
"The Flight Attendant"
"Julia"
"Tokyo Vice"
"Our Flag Means Death"
"Station Eleven"
"Peacemaker"
"DMZ"
"Raised By Wolves"
More: Insider Reviews 2022 Insider Picks How to Watch where to watch | 2022-05-11T21:21:20Z | www.businessinsider.com | How to Watch 'Hacks' — Season 2 Premieres May 12 on HBO Max | https://www.businessinsider.com/guides/streaming/how-to-watch-hacks | https://www.businessinsider.com/guides/streaming/how-to-watch-hacks |
Oma Seddiq and John Haltiwanger
Rep. Ilhan Omar (D-MN) on April 27, 2022.
Rep. Ilhan Omar denounced the killing of veteran journalist Shireen Abu Akleh.
Omar called for Israel to be held accountable for "human rights violations."
Abu Akleh, a longtime Al Jazeera journalist, was shot dead on Wednesday while covering Israeli raids in the West Bank.
Democratic Rep. Ilhan Omar of Minnesota on Wednesday denounced the killing of veteran Palestinian-American journalist Shireen Abu Akleh and called for Israel to be held accountable.
"She was killed by the Israeli military, after making her presence as a journalist clearly known," the progressive lawmaker tweeted. "We provide Israel with $3.8 billion in military aid annually with no restrictions. What will it take for accountability for these human rights violations?"
Abu Akleh, a longtime journalist for Al Jazeera who was a household name throughout the region, was shot dead in the West Bank on Wednesday while covering Israeli raids in the city of Jenin.
Al Jazeera said in a statement that Israeli forces killed Abu Akleh, condemning it as "a blatant murder, violating international laws and norms." The news outlet also said that Abu Akleh was wearing press gear that clearly identified her as a journalist when she was killed. Eyewitness reports from her colleagues at the scene and the Palestinian National Authority also said Israeli forces shot and killed Abu Akleh.
Israeli officials did not claim responsibility for the killing. Prime Minister Naftali Bennett said Abu Akleh could have been shot by Palestinians. Later, Israel Defense Forces chief of staff Aviv Kochavi said it's currently "not possible" to determine who she was killed by, and said the matter will be investigated, according to CNN.
Democratic Rep. Rashida Tlaib of Michigan also spoke out against the murder on Wednesday.
"When will the world and those who stand by Apartheid Israel that continues to murder, torture and commit war crimes finally say: 'Enough'?" she wrote on Twitter.
"Shireen Abu Akleh was murdered by a government that receives unconditional funding by our country with zero accountability," Tlaib added.
White House press secretary Jen Psaki denounced the killing on Wednesday but did not explicitly call out Israel.
"We are heartbroken to learn of the killing of Palestinian-American journalist, Shireen Abu Akleh, and injuries to producer Ali Samoudi, today in the West Bank. We send our deepest condolences to her family, friends, and strongly condemn her killing," Psaki tweeted.
"We call for an immediate and thorough investigation and full accountability. Investigating attacks on independent media and prosecuting those responsible are of paramount importance," she wrote in a follow-up tweet.
"We will continue to promote media freedom and protect journalists' ability to do their jobs without fear of violence, threats to their lives or safety, or unjust detention. Her death is a tragic loss and an affront to media freedom everywhere," Psaki went on to say.
State Department spokesperson Ned Price on Wednesday signaled that the Biden administration will not call for an independent investigation into the killing. "The Israelis have the wherewithal and the capabilities to conduct a thorough, comprehensive investigation," Price told reporters during a press briefing.
But House Speaker Nancy Pelosi called for a "thorough, objective investigation" into Abu Akleh's killing, decrying it as a "horrific tragedy."
The killing comes amid a tough period in US-Israel relations. Though it was long taboo to express criticism of Israel in Washington, progressive Democrats in recent years have become increasingly critical of the Israeli government over its treatment of Palestinians.
A number of these critics have called for the US to begin conditioning aid to Israel in relation to the occupation and peace process. This has placed President Joe Biden at odds with segments of the Democratic party when it comes to Israel, and he's faced pressure from such lawmakers to take a firmer stance against human rights violations by the Israeli government.
This growing intraparty schism regarding US-Israel relations became especially apparent during the Israel-Hamas conflict last year as Biden faced fierce criticism from lawmakers like Rep. Alexandria Ocasio-Cortez. As the Biden administration expressed support for Israel's right to defend itself amid the fight, Ocasio-Cortez and other progressives accused the president of ignoring the underlying causes of the violence — as well as what they viewed as disproportionate military actions by Israeli forces.
Top human rights groups have accused both Israel and Hamas of committing apparent war crimes during last year's fighting. The 11-day conflict in May 2021 saw 260 Palestinians killed in Gaza, including at least 129 civilians and 66 children, per the UN. Twelve Israeli civilians were also killed during the same period.
More: Ilhan Omar Congress Israel Palestine | 2022-05-11T21:21:26Z | www.businessinsider.com | Ilhan Omar Calls for Accountability Over Killing of Shireen Abu Akleh | https://www.businessinsider.com/ilhan-omar-calls-for-accountability-over-shireen-abu-akleh-killing-2022-5 | https://www.businessinsider.com/ilhan-omar-calls-for-accountability-over-shireen-abu-akleh-killing-2022-5 |
Costco is opening 11 new locations starting in May, BGR reported.
The retailer could be opening as many as 28 this year, a top executive told the WSJ in January.
Costco's visits in February 2022 were up 6.7% compared to February 2019, according to Placer.ai
Costco is expanding, opening at least 11 new stores from May to November of this year, BGR reported Saturday.
According to the company's website, 11 new stores are opening in next several months, including a location in Riverton, Utah in May 2022 to Gimhae in the South Gyeongsang Province in South Korea in August 2022. (Costco already has a host of international locations.)
This expansion was expected. Bob Nelson, Costco's senior vice president of finance and investor relations, told the Wall Street Journal in January the chain would potentially open as many as 28 locations this year, as Best Life noted in a story discussing the new stores and Insider previously reported.
Costco did not respond for a request for comment about whether it's on track to open 28 stores this year.
Costco reported in March a 16% increase in net sales in its latest second quarter compared to the same period last year and beat analysts' projections on several metrics.
Costco is also winning on traffic, according to Placer.ai's Q1 2022 Top Performers report. It put Costco's traffic for January 2022 as up 6.4% compared to January 2019, with a similar result for February.
Amid high gas prices, people have also signed up for Costco memberships for its lower-cost fuel offerings, Insider reported in March.
Here's the full list of new Costco locations expected in the next six months, according to the retailer's website.
Riverton, Utah - May 2022
Business Center location in Anjou in Quebec, Canada - June 2022
Costco is opening a "Business Center" location with different items that is in addition to another, regular store in Anjou, MTL blog reported last year.
North Oshawa in Ontario, Canada - June 2022
Mibu in Tochigi Prefecture, Japan - July 2022
Auckland, New Zealand - August 2022
St. Augustine, Florida - August 2022
College Station, Texas - August 2022
Murrieta, California - August 2022
Verona, Wisconsin - August 2022
Gimhae in the South Gyeongsang Province, South Korea - August 2022
University City, Missouri - November 2022
NOW WATCH: Sneaky ways Costco gets you to buy more
More: Costco | 2022-05-11T21:21:32Z | www.businessinsider.com | Where New Costco Locations Are Opening in 2022 | https://www.businessinsider.com/where-new-costco-locations-are-opening-in-2022-2022-5 | https://www.businessinsider.com/where-new-costco-locations-are-opening-in-2022-2022-5 |
Leaked Amazon documents show the company over saturated its delivery network and will scale back expansion of service partners this year
Amazon retail CEO Dave Clark announces the new delivery partner program in 2018
Amazon expects to add a fewer number of delivery partners this year.
It's the latest sign of Amazon's overcapacity issues, after significantly expanding its logistics footprint during the pandemic.
Amazon also wants to double down on improving the quality of its delivery partners.
Amazon plans to significantly curb the growth of its third-party delivery partners this year, following a two-year ramp-up period that has left its logistics network with excess capacity across its warehouses and workforce.
Amazon expects to add just 451 new delivery partners this year, a 33% drop from last year's 670 new launches, according to internal documents obtained by Insider. This year's projection would be less than half of the 1,191 new partners it signed up during the peak of the pandemic in 2020, and the 1,114 it added in the first 18 months of the program between 2018 and 2019, the document shows.
The slowdown in new delivery contractors, formally called Delivery Service Partners, comes at a time when Amazon is grappling with slowing growth and overcapacity issues in its supply chain. Faced with unprecedented demand during the pandemic, Amazon expanded too much, too fast, building warehouses and hiring people beyond what it currently needs, the company's CFO Brian Olsavsky said last month.
As it scales down, Amazon's DSP team is now focused on improving the quality of its partners, with several new initiatives planned for this year, the documents show. The quality focus follows multiple press reports that scrutinized the DSP program's flaws, ranging from false suspensions, financial difficulties, and insufficient safety precautions.
"With less demand on candidate volume, the team pivoted the strategy to improving candidate quality," one of the planning documents for this year said.
Amazon's representative didn't respond to a request for comment.
'Over-saturating the network'
Amazon first unveiled the DSP program in June 2018, a move meant to ultimately replace its traditional delivery partners, such as USPS, UPS, and FedEx. These contracted delivery drivers, who use blue Amazon-labeled vans to ship packages to the shoppers' doorsteps, could make up to $300,000 in annual profits, Amazon promised at the time.
But Amazon's need for these drivers appears to have waned starting last year, after rampant growth in 2020.
In one of its planning documents for 2021, Amazon's DSP team scaled back its expansion plan to a total of just 600 new DSPs from the initial goal of 1,039, "after over-saturating the network in 2020." The company ended up launching 670 total DSPs that year.
"In 2021, the need for net-new DSPs fluctuated and ultimately targets decreased," one of the planning documents said.
It was a decidedly different approach from the year before. In 2020, after launching 1,191 new DSP partners, Amazon internally applauded the progress, saying it "signified the largest growth year in history of the program," another planning document said.
But the rapid expansion during the pandemic left Amazon with too big a footprint, not just in DSPs, but across its logistics network. During Amazon's earnings call last month, Olsavsky, the CFO, said Amazon has "too much space right now versus demand patterns," saying it overestimated customer demand for this year. The overcapacity issue resulted in $2 billion of additional costs last quarter.
"We literally committed to as much as we could to handle the volume that we saw," Olsavsky said last month.
DSP Accelerator Program
In addition to the overcapacity issue, Amazon is worried about the quality of the DSPs, the documents show.
"Quality Issues" is cited as one of the top "misses" for last year, as Amazon made offers to ineligible partners or failed to fully vet some companies.
To improve quality, Amazon will require a written business plan from the DSP candidates before holding an on-site interview. It also plans to do more in-person interviews involving Amazon's business development and DSP coaching staff members with partner candidates.
A new DSP "Accelerator Program" is also in the works. Described as a "try it before you buy it" program, the accelerator will allow Amazon to test the DSPs temporarily before hiring them full-time, the documents said. The program is expected to launch in the second quarter of this year.
"This program enables us to remove poor performers, get earlier self-selected opt-outs and prioritize a path forward for high performers all prior to launching as a full-time DSP," the document said about the new accelerator program.
Other initiatives include a revamped DSP website and new webinars to help candidates better understand what is expected of them, the documents show. It also plans to reinstate delivery station visits for partner candidates this year to give a more hands-on experience, and provide a "financial coaching program" for DSPs to improve their finances.
More: Amazon Amazon delivery partners Amazon DSP | 2022-05-11T22:11:50Z | www.businessinsider.com | Amazon Plans to Add Far Fewer Delivery Partners This Year | https://www.businessinsider.com/amazon-plans-to-add-far-fewer-delivery-partners-this-year-2022-5 | https://www.businessinsider.com/amazon-plans-to-add-far-fewer-delivery-partners-this-year-2022-5 |
Brent D. Griffiths and Kayla Epstein
Biden slammed Senate Republicans for blocking Democrats' efforts to pass federal abortion rights.
Left unsaid was that Sen. Joe Manchin, a Democrat, joined Republicans in their efforts.
Manchin has said that he does support passing some abortion protections into federal law.
President Joe Biden teed off on Senate Republicans on Wednesday after the GOP unanimously blocked an effort to move forward on enshrining federal abortion rights into law.
"Republicans in Congress – not one of whom voted for this bill – have chosen to stand in the way of Americans' rights to make the most personal decisions about their own bodies, families, and lives," Biden said in a statement released by the White House.
Biden added that the failed vote comes "at a time when women's constitutional rights are under unprecedented attack," a not so subtle reference to a leaked draft Supreme Court opinion that would gut federal abortion rights by overturning the court's landmark 1973 decision in Roe v. Wade.
Left unsaid in Biden's statement is that West Virginia Sen. Joe Manchin, a fellow Democrat, joined the Republicans in blocking Democrats from moving forward on the "Women's Health Protection Act."
Wednesday's vote was largely a symbolic one, as it had been apparent for days that Democrats would fall far short of the 60 votes that required to pass their bill. The final vote was 49-51.
Manchin told reporters earlier in the day that he supports the underlying idea of codifying Roe v. Wade into law, but he argued that Democrats' current bill goes too far.
Republican Sens. Susan Collins and Lisa Murkowski, who support some abortion rights, have also argued that Democrats' current bill is too broad in the circumstances under which abortions would be allowed. Both senators have raised concerns that the Women's Health Protection Act would not protect physicians who have religious objections to performing abortions.
Collins told reporters on Wednesday that she was in discussions with Democratic Sen. Tim Kaine of Virginia "to come up with a more focused bill" that would ensure there was "no change in a women's right to choose" if the Supreme Court struck down Roe v. Wade.
"The Democrats' proposal is a messaging bill, they've greatly overreached," Collins said.
Vice President Kamala Harris also slammed the Senate's failure to address the issue. She implored Americans to elect more pro-abortion rights candidates, a tacit acknowledgment that Democrats' efforts are likely to go nowhere. Passing any federal abortion rights into law would almost certainly require the Senate to weaken or abolish its legislative filibuster given Republicans' near-complete opposition to such a proposal.
"This vote clearly says that the Senate is not where the majority of Americans are in this nation," Harris told reporters. "It also makes clear that a priority for all who care about this issue, the priority should be to elect pro-choice leaders at the local, state, and federal level."
More: Joe Biden Abortion Roe v Wade Congress | 2022-05-11T22:11:56Z | www.businessinsider.com | Biden Slams Republicans for Blocking Bill Codifying Roe V. Wade | https://www.businessinsider.com/biden-slams-republicans-for-blocking-bill-codifying-roe-v-wade-2022-5 | https://www.businessinsider.com/biden-slams-republicans-for-blocking-bill-codifying-roe-v-wade-2022-5 |
Best custodial accounts of May 2022
Best for all types of investors: Charles Schwab
Best for Bank of America clients: Merrill Edge
Best for mutual funds: Vanguard
Best for low fees: Fidelity
Best for active traders: TD Ameritrade
Best for automated investing: E*TRADE
Other custodial accounts we considered
How we determined the winners
Best custodial accounts of 2022: Manage investments for children and minors
Best custodial accounts Editor's Rating Fees Account types Our pick for Next steps
0% ($0 Schwab Intelligent Portfolios; $30/month Schwab Intelligent Portfolios Premium)
UGMA/UTMA custodial accounts, custodial IRAs, 529 college savings plans, and education savings accounts (ESAs)
All types of investors
Merrill Edge investment account
0% (0.45% or 0.85% for automated investing)
UGMA/UTMA accounts and 529 plans
Bank of America clients
0% (0.20% to 0.30% for professionally managed portfolios)
UGMA/UTMA accounts, 529 college savings plans, and trusts
0% ($0, $3/month, or 0.35% for robo-advisor; 0.50% for advice)
UGMA/UTMA custodial accounts, Roth IRA for Kids, 529 plan, Fidelity Youth Account, and trusts
TD Ameritrade investment account
0% ($300 one-time fee and $30/month for advisor-managed account through Schwab)
UGMA/UTMA accounts, Coverdell Education Savings accounts, and 529 plans
Active traders
0% (0.30% Core Portfolios)
UGMA/UTMA custodial accounts, IRA for Minors, and Coverdell ESA accounts
Custodial accounts, also known as UGMA/UTMA accounts, are brokerage accounts that allow parents or guardians to invest on behalf of their children or dependents. Ownership of these accounts transfers to the minors once they reach legal age (typically 18 or 21, depending on the state). Many brokerages also offer other custodial options like 529 plans, IRAs, and trusts.
UGMA accounts (formerly known as Uniform Gift to Minors Act accounts) can hold cash, stocks, mutual funds, bonds, and other investments. Alternatively, UTMA accounts — also known as Uniform Transfers to Minors Act accounts — allow for alternative assets like real estate, fine art, intellectual property, and precious metals.
These accounts also offer multiple tax perks. Keep reading to see which custodial account is best for you.
$0 ($5,000 for Schwab Intelligent Portfolios; $25,000 Schwab Intelligent Portfolios Premium)
Stocks, ETFs, options, futures, mutual funds, money market funds, bonds, and annuities
No minimums; commission-free trading on stocks, ETFs, and options
Thousands of no-load mutual funds and 50+ Schwab-managed funds; fractional shares (Stock slices) available
Automated and advisor-managed accounts available
Multiple trading platforms; stock screeners and other trading tools
$5,000 minimum for automated Schwab Intelligent Portfolios is on the higher end
Schwab's no-load funds have a $100 minimum; some competitors offer lower minimums
App store rating: 4.8 iOS/3.8 Android
Consider it if: You want a wide range of account types, with easy-to-use apps and web interfaces
Why Charles Schwab made our list:
Known as the Schwab One Custodial Account, this account offers investors several perks. These include a $0 minimum opening deposit, $0 account setup and maintenance fees, and commission-free stocks and ETFs. In addition, you can invest in mutual funds and other securities and utilize investment research and other tools.
With Schwab Stock Slices, you can invest in fractional shares as long as you meet the $5 minimum requirement. And as with all custodial accounts, won't have to worry about any contribution limits. Parents and guardians might also consider Schwab's custodial IRAs (you can open these as a traditional or Roth IRA), 529 college savings plans, and education savings account (ESA).
Another advantage of Schwab's custodial account is that it isn't just for self-directed investors. You can automate your investments by setting up the account through the Schwab Intelligent Portfolios or Schwab Intelligent Portfolios Premium robo-advisors. Just note that you'll need a minimum of $5,000 for the former and at least $25,000 for the latter.
Once the account beneficiary reaches legal age, they'll retain complete ownership of the account's earnings and can then utilize additional Schwab products if so desired.
What to look out for: If you decide to take the automated investing route for your custodial account, you'll need at least $5,000 for Schwab Intelligent Portfolios and $25,000 for Schwab Intelligent Portfolios Premium.
Visit Charles Schwab's website »
$0 ($1,000 Guided Investing; $20,000 Guided Investing with Advisor)
0% (0.45% to 0.85% for robo-advice and guided portfolios)
Stocks, ETFs, options, mutual funds, annuities, certificates of deposit (CDs), and bonds
No minimums or commissions for self-directed accounts
Investment insights and research provided by multiple third-party companies
Can link Bank of America accounts
24/7 customer service with live chat available
No specialty investments like cryptocurrency, futures, or precious metals
Automated account has high advisory fee
Promotion: Get up to $600 when you open a self-directed account.
Why Merrill Edge made our list:
Merrill Edge lets you invest for your minor without running into any minimum opening deposits, annual fees, or account maintenance fees. Merrill Edge also offers commission-free stocks, ETFs, and options. And you can choose the robo-advisor route with Merrill Guided Investing or Merrill Guided Investing with an Advisor.
If you're already a Bank of America client, you can fund the account by linking your existing Bank of America account. Plus, Merrill Edge allows for checks, wire transfers, and transfers or rollovers from existing accounts.
Merrill Edge also offers 24/7 phone support and live chat.
In addition to its custodial accounts, Merrill Edge offers a vast range of other competitive products, including automated investing accounts (robo-advisors), IRAs, 529 plans, retirement calculators, margin accounts, and more.
What to look out for: Annual fees for Merrill Edge's automated accounts — Merrill Guided Investing and Merrill Guided Investing with an Advisor — are on the higher side. You'll incur a 0.45% fee for the former and a 0.85% fee for the latter.
Visit Merrill Edge's website »
$0 ($3,000 for Vanguard Digital Advisor; $50,000 for Vanguard Personal Advisor Services)
Stocks, ETFs, options, bonds, mutual funds, and CDs
Commission-free stocks, ETFs, and options
Brokerage, automated, and advisor-managed accounts available
Thousands of low-cost mutual funds
Multiple resources with expert analysis and market insights
Several retirement accounts and services for retirement plan participants
Higher options contract fee than other discount brokerages (Vanguard charges $1 per options contract)
No separate trading platforms for advanced traders; no fractional shares
No cryptocurrencies
Consider it if: You're a long-term focused investor looking for access to a variety of account types and investment choices.
Why Vanguard made our list:
A behemoth in the retirement investing and mutual funds space, Vanguard also offers some competitive features with its custodial accounts. There aren't any opening deposit, maintenance, or account transfer fees, and you can automate transfers from both your bank account and other Vanguard accounts.
Vanguard allows for investments in stocks, bonds, Vanguard mutual funds, non-Vanguard funds, and more. Plus, with Vanguard Personal Advisor Services, you can skip out on the self-directed investing route and take advantage of robo-advice paired with ongoing financial advisor guidance. Note, however, that you'll need at least $50,000 to get started with this service, and you'll be responsible for a 0.30% annual fee.
Vanguard's suite of investment products also features 529 college savings plans and trusts. And if you're looking to deepen your investing knowledge before and/or after you set up a custodial account, the brokerage offers an extensive selection of resources (investing tools and calculators, market news and perspectives, and educational guides) to help you do so.
What to look out for: Vanguard doesn't currently offer fractional shares, and options contracts will cost you $1 (many brokerages charge $0.65 per contract).
Visit Vanguard's website »
$0 ($25,000 Fidelity Personalized Planning & Advice)
0% ($0, $3/month, or 0.35% for robo-advisor)
Stocks, ETFs, options, mutual funds, bonds, CDs, annuities, and IPOs
No account minimum or account fees
No commissions for stock, ETF, and options trades; fractional shares available
Thousands of no-transaction-fee mutual funds and fee-free mutual funds
Several research tools and trading platforms available
Fidelity Go accounts cost more for investors with higher account balances
Representative-assisted trades are slightly more expensive than other brokerages
Promotion: None at this time
Consider it if: You're focused on long-term investing and retirement.
Why Fidelity made our list:
Fidelity's custodial account lets you build wealth through stocks, ETFs, options, bonds, mutual funds, and much more. Plus, the account has no minimum opening requirements or fees, and any stocks, ETFs, or options the account holder invests in are commission-free.
Its custodial offerings are also supplemented with account perks like Fidelity Viewpoints, an online center with expert commentary on investing strategies, markets, and much more. In addition, Fidelity's Planning & Guidance Center offers tools to help you meet investing goals.
Fidelity offers multiple other minor investment account options beyond UGMA/UTMA custodial accounts. These include its Roth IRA for Kids account, 529 plan, Fidelity Youth Account (this account lets children between the ages of 13 and 17 invest on their own), and trust accounts.
What to look out for: Fidelity's automated investing accounts — Fidelity Go and Fidelity Personalized Planning & Advice — don't support custodial accounts.
Visit Fidelity's website »
$0 ($5,000 or $25,000 for managed accounts through Schwab)
Stocks, ETFs, options, mutual funds, futures, forex, IPOs, and bonds
Free commissions on stock, ETF, and option trades
No minimum requirement to get started with brokerage account
Large investment selection
Research and educational resources available
Robo-advice and managed portfolios are more expensive
Consider it if: You want multiple apps for different trading experiences and goals
Why TD Ameritrade made our list:
TD Ameritrade offers a vast range of accounts for youth. These include its UGMA/UTMA accounts, Coverdell Education Savings accounts, and 529 plans (TD Ameritrade is no longer offering 529 plans to new clients).
And like all of the other brokerages listed above, you won't have to worry about minimum deposits to get started. TD Ameritrade also offers a competitive investment selection. It gives you access to commission-free stocks and ETFs, and it provides more than 13,000 mutual funds.
If you're a hands-off investor and would rather leave the day-to-day trading decisions to the professionals, you'll have to set up an account through Charles Schwab. TD Ameritrade is no longer accepting new clients for any of its managed portfolios, but you can still open an automated investing account through Schwab Intelligent Portfolios or Schwab Intelligent Portfolios Premium.
What to look out for: Schwab acquired TD Ameritrade, so many of the brokerage's offerings have merged with Schwab's. However, both platforms still offer standalone products, so be sure to keep this in mind as you weigh different account options.
Visit TD Ameritrade's website »
$0 ($500 Core Portfolios)
Stocks, ETFs, bonds, options, mutual funds, futures, and CDs
No commissions on US-listed stocks, options, and exchange-traded funds
Wide selection of investments available for most accounts
Thousands of no-load, no-transaction-fee mutual funds available
Competitive mobile and online offerings for digital investors and traders
24/7 support and live chat
Need at least $500 for automated investment management
Infrequent traders pay more for options contracts
Promotion: Get up to $3,500 when you open and fund a new brokerage or retirement account by June 30, 2022 (Promo code: BONUS22).
Why E*TRADE made our list:
E*TRADE offers account options for all types of investors, but it provides a particularly competitive suite of custodial products. These include its standard UGMA/UTMA custodial account, IRA for Minors, and Coverdell ESA accounts. Its standard custodial account comes allows for commission-free stocks, ETFs, and options.
However, you'll pay $1 per bond, and bond minimums can range from $10 to $250. Fees for funds vary, but E*TRADE currently offers more than 4,500 no-load, no-transaction-fee mutual funds. And those who prefer robo-advice can build wealth through its expert-managed automated investing account, Core Portfolios (note that you'll need at least $500 to set up this account).
Its custodial accounts also have no income or contribution limits, and they come with a free debit card, checking perks, and online bill pay.
What to look out for: E*TRADE doesn't offer fractional share trading.
Vist E*TRADE's website »
Acorns: Acorns invests your money into a personalized portfolio of ETFs, so you don't have to worry about the trading decisions in your account. One downside, however, is that you'll pay a $5 monthly fee for custodial accounts.
Ally Invest: Ally Invest offers a vast collection of investment products, and it gives you the option to set up a self-directed custodial account or automated custodial account. One thing to consider, however, is that the platform doesn't offer any no-transaction-fee mutual funds.
Fidelity Youth account: Launched in 2021, the Fidelity Youth account places the power in the minors' hands. The account allows teens between the ages of 13 and 17 to invest on their own, so it isn't exactly a traditional custodial account. But like the standard UGMA/UTMA accounts, the Youth Account simply becomes a regular Fidelity brokerage account once the child reaches age 18.
M1 Finance: Offering a combination of self-directed trading and automated investing for stocks and ETFs, M1 Finance is a competitive platform in the online brokerage space. However, only M1 Plus members get access to custodial accounts, and the M1 Plus subscription costs $125 per year.
We reviewed dozes of custodial accounts to find the best options for lowest fees, ease-of-use, flexible investment choices, and customer service availability. We also sifted through multiple investment platforms to find the best options both for self-directed traders and hands-off investors.
You'll notice that many of the platforms mentioned in our guide offer the option to both trade on your own or automate your custodial account's investments.
Personal Finance Insider's mission is to help smart people make the wisest decisions with their money. Since "best" is typically subjective, we made sure to highlight both the benefits and drawbacks of each custodial account listed above.
We spent hours comparing and contrasting the fees and features of various custodial accounts so you don't have to.
What is a custodial account?
A custodial account allows parents or guardians to invest on behalf of children and/or dependents until those minors reach their state's age of majority. These accounts also have no income or contribution limits, and you can make early withdrawals without racking up any penalties.
Can a parent withdraw money from a custodial account?
Parents can make withdrawals from the account at any time, as long as the withdrawal directly helps the minor.
Who pays the taxes on a custodial account?
The child or account beneficiary is responsible for taxes, but each parent or guardian must file taxes on behalf of their minor. However, the account beneficiary won't incur taxes in 2022 if they amass no more than $1,150 in unearned income. The next $1,150 the custodial account earns is taxed at the child's tax rate.
In addition, any income earned in excess of $2,300 is taxed at the parent's income tax rate. But with UGMA accounts, any contributions to the beneficiary's account is technically regarded as a "gift" and will incur a federal gift tax. However, you won't run into any gift taxes as a single individual if your contributions don't exceed $16,000 per year. The limit for couples is $32,000.
PERSONAL FINANCE An UTMA and UGMA are custodial accounts where you can invest money to help your child build wealth
PERSONAL FINANCE A 529 savings plan and an UTMA or UGMA are both investment accounts for your child's future, but there are a few key differences
PERSONAL FINANCE Custodial accounts aren't the same as kid's savings accounts. Here's how they compare.
More: Custodial accounts Investing Charles Schwab Merrill Edge
Ally Invest
Fidelity Youth Account | 2022-05-11T22:12:02Z | www.businessinsider.com | Best Custodial Accounts of May 2022: Brokerage Accounts for Children | https://www.businessinsider.com/personal-finance/best-custodial-accounts | https://www.businessinsider.com/personal-finance/best-custodial-accounts |
Microsoft considers widespread pay raises as internal survey shows employees growing less satisfied with compensation, sources say
Microsoft Chief Legal Officer Brad Smith, CEO Satya Nadella, Executive Vice President and CFO Amy Hood, and Board Chairman John Thompson.
Stephen Brashear / Stringer
Microsoft is said to be considering sweeping pay raises as staff grow less satisfied with compensation.
One person familiar with the plans said the company could announce a change as soon as Monday.
Microsoft is considering significant pay raises across its workforce to address growing dissatisfaction with compensation and stop employees from leaving to competitors including Amazon, according to two people familiar with the matter.
One of the people said the company could announce the move as soon as Monday. Both people asked not to be identified discussing private deliberations. Microsoft declined to comment.
In an internal company poll this year, viewed by Insider, just 66% of employees answered favorably to a question about whether they get a "good deal at Microsoft (i.e. there is a reasonable balance between what I contribute to Microsoft and what I get in return)." Favorable responses to this question are down from 73% last year, though Microsoft overhauled its employee survey this year so the results may not be comparable.
The raises would be in response to growing competition for talent, the people said, primarily from Amazon. Amazon in February more than doubled its maximum base salary to $350,000 in response to widespread angst over what employees there saw as comparatively low pay. The change didn't amount to significant raises for everyone, but some engineers told Insider they got pay increases as high as 90%. Amazon has also been doling out record stock awards to employees lately.
Microsoft employees in March completed the new internal survey, called "Employee Signals," which this year replaced the "MS Poll" annual survey Microsoft has conducted for years. Because of the change, there doesn't appear to be historical data for some of the responses.
A question about whether leaders are improving culture at Microsoft received 79% favorable responses, and a question about confidence in leaders received 78% favorable responses, but it's unclear how those percentages compare with previous years. | 2022-05-11T23:42:04Z | www.businessinsider.com | Microsoft Is Considering Significant Pay Raises, Sources Say | https://www.businessinsider.com/microsoft-considering-significant-pay-raises-employee-survey-2022-5 | https://www.businessinsider.com/microsoft-considering-significant-pay-raises-employee-survey-2022-5 |
London fintech Griffin submits application for banking license as firm pushes into embedded finance sector
David Jarvis, Griffin CEO.
London-based fintech Griffin has submitted applications for a banking license to UK authorities.
The banking-as-a-service startup aims to offer APIs to other fintechs that need banking products.
Only 28% of companies that hold talks with the UK's banking regulators reach the application stage.
Banking-as-a-service fintech Griffin has submitted its applications for a banking license to UK authorities after a yearslong process.
The London-based startup, which was founded in 2017 by ex-Airbnb software engineer David Jarvis and CircleCI founder Allen Rohner, wants to offer an API to fintechs and other financial institutions that will act as a one-stop-shop to bring new banking products to market.
Griffin's API aims to allow firms to open ring-fenced accounts with a tighter, less record-heavy compliance structure. In short, Griffin will help companies to skip the need to find a banking partner, a slow and expensive process, and get straight to launching products.
However, the process for applying for a banking license requires companies to demonstrate that they meet key regulatory requirements and expectations, including effective governance arrangements, a viable and sustainable business model, adequate capital and liquidity , and safe and secure infrastructure and operations.
Only 28% of companies that held meetings with the UK's two main financial regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) reached the application submission stage between 2013 and 2019, according to Bank of England data.
"The vast majority of the UK's fintechs are not banks, even though they may be regulated they tend to be less regulated than banks," Jarvis told Insider. "E-money institutions can't pay interest on deposits and don't have the same unit economics on lending. Being a bank hasn't mattered before but now with inflation high and still rising it matters in a meaningful way."
For Griffin, it's a chance to provide embedded finance solutions to other companies too. It's a booming market that's estimated to be worth around $7.2 trillion by 2030. Embedded finance enables non-financial services companies to provide banking services beyond online payments, such as bank accounts, wallets, or loans.
"You don't need to be a bank to offer embedded finance solutions, but it helps," Jarvis added.
"We will be a full-stack offering covering not just banking, but also these embedded options and more core banking infrastructure. The current range of banking partner options available for say, payments companies, is limited. This has been a complacent ecosystem for 15 years but now with inflation and rate hikes, things are changing."
Ultimately, even being in the position to submit licenses is no guarantee of a successful application but Jarvis told Insider that he was bullish about the company's prospects.
To date, Griffin has raised $12.7 million in venture funding from funds including EQT Ventures and Seedcamp.
"Today, banks are not well equipped to support the seamless and contextual experience consumers have come to expect," Tom Mendoza, EQT Ventures partner said.
"There is currently a gap in the market for a developer-led, full-stack approach to technology and banking. Griffin represents the future when it comes to powering the next generation of fintech and embedded finance."
NOW WATCH: WATCH: Executives from JPMorgan and BNY Mellon tell fintech founders the best ways to partner with large banks
More: Fintech FCA Embedded Finance | 2022-05-12T08:52:30Z | www.businessinsider.com | Griffin: Fintech Submits Banking Applications Amid Embedded Push | https://www.businessinsider.com/griffin-fintech-submits-banking-applications-amid-embedded-push-2022-5 | https://www.businessinsider.com/griffin-fintech-submits-banking-applications-amid-embedded-push-2022-5 |
The former head of Just Eat just backed a cultural foods delivery startup. Check out the 11-slide pitch deck My Jam used to raise $2.4 million.
Moe Ghashim, founder and CEO of MyJam.
Moe Ghashim
A cultural foods marketplace launched by a Syrian founder has raised a $2.4 million pre-seed round.
MyJam partners with local shops and chefs to deliver world foods that are hard to access in the UK.
Check out the 11-slide deck MyJam used to raise the fresh funds.
A marketplace for world foods and produce has secured $2.4 million in pre-seed funding from InReach Ventures and the previous CEO of Just Eat.
MyJam allows customers to buy cultural foods and produce that are not otherwise available at major retailers, and connects them with indie chefs who can prepare custom meals from a range of cuisines, with next day delivery.
Founder and CEO Moe Ghashim was inspired to build MyJam after spending time in the UK following his arrival from north Syria, as he found that many of the foods that reminded him of his childhood were hard to access.
"Even if you move from one neighborhood to another, you miss what you used to buy — that's what we noticed," he said. "So when I saw the large number of grocers across the UK, I tried to connect the demand."
The startup partners with local grocers and small businesses to deliver goods from cuisines otherwise overlooked by Western delivery platforms, such as Egypt, Morocco, and Iraq. It offers a customer discount of around 15% to 20%, and adds its own margin to keep the business profitable.
At the early stages, Ghashim found that "it was hard to build relationships" and "gain the trust" of local shops without any metrics. But the pandemic was a boon to the business as it inflated the demand for delivered goods.
Empowering smaller grocers was equally important to Ghashim's mission. "It's probably the biggest driver in me, and the way I look at it is that thousands of businesses are neglected," he said. "With this technology, they can survive."
The round was led by London-based VC firm InReach Ventures, which has previously backed educational fintech Your Juno and fintech Returnly. The ex-CEO of delivery giant Just Eat, David Buttress, also participated.
With 87,000 grocery stores in the UK having the chance to partner with MyJam to offer their products to a wider market, the startup "opens up a huge customer market and growth opportunity for both retailers and suppliers," Buttress said.
Ghashim recalls that when Buttress first visited the operations on the ground, he said it "reminded him of the early days of Just Eat". Now, he hopes to continue the startup's community-driven approach to serving customers so they can go "behind the scenes and truly experience culture" through food.
MyJam will use the new cash injection to strengthen its relationship with partner stores, and grow its team as it scales its outreach.
Check out the 11-slide deck used to secure the funds:
MyJam
More: Features food delivery Startup
world foods | 2022-05-12T10:20:09Z | www.businessinsider.com | MyJam: Cultural Foods Marketplace Raises $2.4 Million | https://www.businessinsider.com/myjam-cultural-foods-marketplace-raises-24-million-pitch-deck-2022-5 | https://www.businessinsider.com/myjam-cultural-foods-marketplace-raises-24-million-pitch-deck-2022-5 |
Met Police have ordered more than 100 fines for COVID breaches in so-called partygate, the force said.
The referrals have been made over the last month, but were not announced in the local election campaign period.
The number is likely to increase as police say the investigation is still live.
Police investigating so-called partygate have issued another round of fines for individuals who breached COVID rules in Whitehall and Downing Street.
The number of referrals for fixed penalty notices now stands at more than 100, the Metropolitan Police said in a statement Thursday morning.
"These referrals have continued to be made throughout the period since our last update on Tuesday 12 April and the investigation remains live," the statement added.
Police refused to comment during the run-up to the local elections last Thursday, despite reports that officials had started to receive fines for the infamous BYOB party, organised by Boris Johnson's then-Principal Private Secretary Martin Reynolds.
Johnson has admitted attending the event, telling MPs he "believed implicitly that this was a work event".
The Prime Minister has so far confirmed that he received just one fine, alongside Chancellor Rishi Sunak, for his brief attendance at a birthday party thrown in his honour during one of England's lockdowns, which included a ban on indoor socializing.
However there are more serious breaches — including an ABBA party alleged to have been thrown in the Downing Street flat. Johnson has admitted to attending the party, but told Tory MPs it was a work event.
There are others, such as the infamous 'suitcase of wine' leaving party, which were held in government buildings but the prime minister did not attend.
Despite his protestations, several backbenchers — including former ministers and ardent Brexiteers — have called on the prime minister to quit.
Thus far Johnson has rebuffed such calls, even as Labour leader Sir Keir Starmer vowed to step down if he is fined after Durham police investigate so-called "beergate."
More: News UK Partygate Boris Johnson Rishi Sunak | 2022-05-12T10:20:15Z | www.businessinsider.com | Over 100 Partygate Fines Given for Downing Street Rule Breaks: Police | https://www.businessinsider.com/over-100-partygate-fines-given-downing-street-rule-breaks-police-2022-5 | https://www.businessinsider.com/over-100-partygate-fines-given-downing-street-rule-breaks-police-2022-5 |
Plunging stock prices pile pressure on the compensation strategies of tech companies such as Roku, Uber, Pinterest, and even Amazon
Roku CEO Anthony Wood.
Tech firms have massively increased the number of RSUs granted to workers, an Insider study finds.
The tech-stock collapse has made it tougher to keep paying staff through equity awards.
One compensation consultant called the boom in RSU issuance "completely unsustainable."
That worked great when tech stocks were rising. But now that the sector has slumped, many companies are being forced to issue millions of extra shares just to keep employees' stock compensation at the same level as in previous years. That's diluting shareholders and making some investors upset enough to speak out publicly.
"Instead of rationalizing costs to prepare for a tougher outlook, mgmt teams just issue more stock to employees at depressed prices to compensate for the fact that their poor execution led to a depressed stock price," Dan Sundheim, a hedge-fund manager, wrote this month after disappointing Amazon results sent the stock into a tailspin. "Shareholders shouldn't bear the cost of this with more dilution."
Smaller tech companies face even bigger challenges. With a lower market value and fewer shares to play with, they still have to compete with larger rivals for the same expensive talent. And every increase in the number of RSUs can dilute investors even more.
In the first quarter of 2021, Twitter granted 3.26 million RSUs. During the same period this year, it granted 35.85 million RSUs, a roughly tenfold increase. Other companies, including Snap, Pinterest, Wayfair, Uber, and DoorDash, doubled or even tripled the number of RSUs granted in the same time frame.
The video- streaming brand Roku granted 97,000 RSUs in the first quarter of 2021 at an average price of $384.11 a share. In the same period this year, it granted 3.8 million. That's an increase of 3,813%. One reason was a drop in its stock price. The average price of those new RSUs was $140.48 in the first quarter of 2022.
A person familiar with Roku's compensation strategy said the company pays to attract and retain top talent. The person added that Roku's stock-based compensation as a percentage of revenue was among the lowest in the industry.
Facebook and Google are 'using their size and scale as a weapon'
The behemoths of the sector have a distinct advantage here, especially those with rich market values, broad shareholder bases, and ample cash hoards. When companies such as Google and Microsoft issue millions of new shares, those moves represent a relative drop in the ocean. And if employees get really upset with their companies' falling stock prices, these giants can tap into billions of dollars in cash to pay workers more directly.
Neil Campling, the head of technology, media, and telecom research at Mirabaud Securities, said large companies like Facebook and Google are "using their size and scale as a weapon — to retain talent rather than lose them with many recent hires underwater on their stock-based compensation plans."
Facebook, already generous with RSUs, went from granting 41 million in the first quarter of 2021 to 66 million a year later, a 62% increase. Google went from granting 6.6 million to 8.3 million, a 24% increase, just ahead of Microsoft, according to Insider's analysis of regulatory filings.
"How smaller-cap competitors can compete or retain talent could become a significant issue in the year ahead in these choppy markets," Campling said.
RSUs and cash for salaries are 'finite resources'
Shares of Shopify have lost about 80% of their value since mid-November, forcing the Amazon rival to change how it pays workers. Under the new plan, employees will get a raise, along with the ability to determine how much of their total compensation comes in cash and how much is stock.
In addition to granting more stock, companies are doing it more frequently, according to Shah of Pearl Meyer, and granting it to more people within the organization. While a smaller company would not normally be expected to offer a yearly "refresher" grant — an additional grant of RSUs after a year of work — now they are. While lower-level nontechnical employees didn't expect to receive RSUs, now they do.
"They're hoping they'll grow through the increased costs, and that is not necessarily happening," Shah said. "We're headed toward a contraction or bust of this."
RSUs and cash for salaries are "finite resources," Shah said, even if companies grant stock in what seems like unlimited amounts. He said he expected a series of "layoffs and adjustments" to come at companies of all sizes.
"Anytime you ask for the most cake you can possibly get, what's going to happen?" Shah said. "You get a stomachache after."
More: Facebook Google Amazon
tech salaries | 2022-05-12T10:20:33Z | www.businessinsider.com | Plunging Stock Prices Pressure Compensation Strategies of Amazon, Roku | https://www.businessinsider.com/plunging-stock-prices-pressure-compensation-strategies-amazon-uber-snap-pinterest-2022-5 | https://www.businessinsider.com/plunging-stock-prices-pressure-compensation-strategies-amazon-uber-snap-pinterest-2022-5 |
Stop 'hate-selling' tech stocks and pay attention to these 4 beaten-down names, says a long-time investor who thought growth equities were 'un-ownable' last year but are now brimming with opportunity
Growth stocks are being sold indiscriminately, according to a prominent venture capitalist.
Investors are ditching tech stocks in droves, but venture capitalist Howard Lindzon is buying them.
Much of the bad news that 2022 has brought for markets is now priced in, Lindzon said.
Here are four unloved growth stocks that appear to be trading at bargain levels.
Technology stocks have been shelled in 2022 as inflation persists at a higher-than-expected rate. That's forced the Federal Reserve to respond with drastic interest rate hikes that, in turn, have hurt sentiment for riskier assets.
But the "hate-selling" has gone too far, said Howard Lindzon, a market veteran who co-founded and is now a manager partner of venture capital firm Social Leverage. The former Wall Street strategist is buying the dip in a few left-for-dead tech stocks, arguing that the "sell-first, ask-questions-later" mindset plaguing markets won't last forever.
"We're starting to get to the point where it's just selling for the sake of selling," Lindzon told Insider in a recent interview. "And that generally leads to opportunity."
Buying the dip has backfired — so far, anyway
Market bulls have argued that the buying opportunity Lindzon referenced has been present throughout this year's sharp selloff. And, to an extent, the Social Capital co-founder agrees.
In late February Lindzon told Insider that three once-high-flying growth stocks — Zoom Video (ZM), Twilio (TWLO), and DocuSign (DOCU) — were worth a look. Each had made a "roundtrip," with shares rising early in the pandemic before falling back down again, but the venture capitalist thought that each still had some life left. Since then, shares of those three stocks are down between 30.5% and 42%.
Investors who bought the dip in shares of those fallen angels earlier this year are surely in pain, but not to the same extent as those who bought growth stocks at their peaks.
To his credit, Lindzon wasn't in that group. Instead, he described his investing style last year as "very conservative," adding that he was long the market with just 40% to 50% of his money.
"To me, growth stocks seemed unownable last year because they were priced for perfection," Lindzon said. "I like to have a three or four-to-one upside if I buy something."
For example, Lindzon named Netflix (NFLX) — which has shed 74% of its market capitalization in the past six months — as a stock that was unlikely to rise much farther above $600. Then Netflix's subscriber losses last quarter spooked Wall Street and shares tanked, but Lindzon is still confused why investors are treating the stock as if it's going to $0. The long-time tech investor said he started buying shares of the streaming video company at around $200, and it's at $170 now.
"A combination of rising interest rates, inflation — but that's already known," Lindzon said. "The question is: Why is no one stepping up? Growth stocks are down 50% to 70% — some, 80%."
These 4 stocks are worth a look — even in a recession
Though Lindzon believes that buying the dip in the right stocks can pay off, it's not because he has a rosy outlook for the US economy. Far from it, in fact.
"In my opinion, we're in a recession ," Lindzon said, seconding recent sentiment from outspoken economist David Rosenberg.
Lindzon continued: "Stock prices go down, rich people go into a recession. I don't care what the government calls a recession."
Ironically, there's an outside chance that an economic downturn would inadvertently lift growth stocks — eventually, anyway. If economic activity falls to the point where inflation recedes, the US central bank would entertain interest rate cuts to boost spending again, which would then boost long-duration stocks.
Regardless of what happens in the economy, Lindzon said that at some point all the bad news in markets will be priced in to growth stocks. When that happens, he plans to pounce.
"Fear is slowly creeping in because this has now been going on for months, and that breeds opportunity," Lindzon said. "The question is, do you stick with the indexes here, or do you pick a few stocks? I'm definitely looking to pick a few stocks because that's what I like to do when there's chaos."
Lindzon said he has his eye on four growth stocks that have gotten throttled this year: the aforementioned Zoom Video and Twilio, as well as The Trade Desk (TTD) and PayPal (PYPL).
It's worth noting that DocuSign, which Lindzon said he liked in February, didn't make the cut. The venture capitalist likened the e-signature software company to a "one-trick pony" because it didn't build out its product line and said that he never ended up investing in it.
Critics could potentially levy the same barb at Zoom, but Lindzon said he's still invested in the San Jose, California-based video conferencing giant. That company, along with communication marketing company Twilio, have the best odds out of their once-high-flying peers of protecting their economic moat, Lindzon said.
Lindzon said that his two new ideas, The Trade Desk and PayPal, are more diversified than DocuSign's business is. He focused on PayPal in particular, noting that — amazingly — the financial technology company is trading at a lower level than it was before the pandemic.
"It's a $90 billion, $80 billion market cap with $20 billion in cash," Lindzon said. "So it's trading at 2x sales for a company that's still growing 20% to 25% a year. That's investible. It doesn't mean the stock can't drop another 30%, because stocks do that. But it's an investable fintech growth company."
The venture capitalist continued: "It may not be sexy, but there's opportunities now for me and other smart people to finally say, 'OK: If I own this for three years, can I make two to three times my money?'"
Disclosure: Howard Lindzon is an investor in Business Insider.
More: Investing Howard Lindzon Stocks to Buy
growth stocks to buy
Zoom Video stock
paypal stock
DocuSign stock | 2022-05-12T10:20:39Z | www.businessinsider.com | Buy the Dip in 4 Left-for-Dead Growth Stocks: Howard Lindzon | https://www.businessinsider.com/stock-market-crash-buy-the-dip-growth-investing-howard-lindzon-2022-5 | https://www.businessinsider.com/stock-market-crash-buy-the-dip-growth-investing-howard-lindzon-2022-5 |
A UBS equities chief says stocks 'look pretty oversold' as the market craters, and tells investors what to buy because the Fed could still pull off its difficult economic plan
Traders have had nothing but bad news in the beginning of 2022.
Stocks have plunged as investors worry about high inflation and climbing interest rates.
David Lefkowitz, of UBS Global Wealth Management says investors shouldn't flee the market now.
He says stocks look oversold, and tells investors what sectors and styles to apply.
"Buy the dip," but "don't try to catch a falling knife."
One of these common stock market aphorisms tells investors to buy stocks quickly if they've slipped a little bit, but the other warns investors to get out of the way and be patient if the market is crashing.
The problem is that sometimes it's hard to tell the difference between a dip and a crash. An investor who is afraid of trying to catch a falling knife might miss out on buying the dips, and if nobody buys the dips, stocks might just keep falling. And sooner or later someone will inevitably start bargain hunting and do very well for themselves.
Right now, it seems like nobody wants to be the first to buy. Stocks have dropped sharply over the last few days as investors worry about high inflation and the steps the Federal Reserve will take to get prices under control. Markets are having a terrible start to the year, and a lot of experts are warning that it could get much worse.
In that light, David Lefkowitz, the head of equities Americas for UBS Global Wealth Management, seems like a beacon of optimism — even if it's cautious, dented optimism.
"In our base case, stocks look pretty oversold," he told Insider in an interview Monday afternoon. "Our base case is no recession , soft landing, and inflation starts to cool off."
The pace of inflation appeared to decelerate slightly in April, as the Consumer Price Index showed that prices increased at a slower pace than they had in March. Prices were up 8.3% compared to a year ago, a bit less than the 8.5% jump the previous month.
Lefkowitz says there have been three major causes of inflation in recent months: spiking commodities prices, supply chain difficulties, and rising wages. But recently all three factors have shown improvement, which should reduce inflation.
Another problem that's giving investors pause is the fact that the Fed faces a very difficult task ahead of it. In trying to reduce inflation, it's also trying to slow down economic growth without harming the economy so much that it tips into a recession. The Fed has tried to do that before and has failed, but there are reasons to be more optimistic today.
"Consumers are in good shape from the perspective of very manageable levels of debt," he said. "On the corporate side, there still is very strong demand for labor. And we still probably have some slack in the economy due to the pandemic."
But right now investors are rattled, and they aren't paying much attention to that, he said. And Lefkowitz acknowledges that his conviction in his base case has been shaken in the last few weeks, but he still believes that it's still the most likely outcome.
He says the Fed will ultimately be willing to tolerate higher inflation for a time rather than risk starting a recession, so the economy will keep growing. That's good news for value stocks, which should keep rallying.
"In periods of high nominal GDP growth value stocks tend to perform well, and they perform better than growth stocks," he said. "In the soft landing, I think this does especially well because then, growth will prove durable and we're probably still living in a reasonably high nominal GDP growth environment."
Lefkowitz also says investors should tilt their portfolios toward quality stocks because they usually do well late in an economic cycle.
"Those tend to do well late in the business cycle , and they do really well if we go into recession," he said. "These are companies that earn high returns on capital, and have low variability of their profit margins."
All of that means energy and healthcare look especially appealing. Lefkowitz says that energy companies are delivering good cash returns and have strong free cash flows, and years of underinvestment in energy infrastructure should keep prices elevated for a long time.
And in his estimation, healthcare works because it includes both sensibly-valued defensive industries like pharma and areas of higher growth, like medical devices and companies that handle or speed up pharmaceutical R&D.
Finally, Lefkowitz says investors should raise their exposure to Australia and the UK because they'll benefit from elevated commodity prices.
stock recommendations 2022 | 2022-05-12T10:20:45Z | www.businessinsider.com | Stock Trades to Make, What to Buy in an Oversold Market: UBS | https://www.businessinsider.com/stock-trades-investments-equities-what-to-buy-oversold-market-ubs-2022-5 | https://www.businessinsider.com/stock-trades-investments-equities-what-to-buy-oversold-market-ubs-2022-5 |
Uber and Lyft's pool of rideshare drivers has shrunk. Temporary bonuses may not lure them back.
Tom Dotan and Nancy Luna
Many Uber and Lyft ridesharing drivers told Insider they permanently turned to delivery during the pandemic.
Some drivers collected big bonus payouts designed to lure them back and then left the platforms.
Incentive spending caused Lyft's stock to fall by 30% last week.
In 2020, at the beginning of the COVID-19 pandemic, Larry Duncan was forced to take an eight-month break from his job as a rideshare driver for Uber and Lyft and switch to food delivery. His other gig, as an IT specialist for the city of Bowling Green, Kentucky, didn't want to risk him getting sick.
Much to his surprise, the money wasn't that bad doing food delivery. People tipped a lot early in the pandemic. And while he's since gone back to driving passengers — he said he missed the interactions with people — Duncan noticed many of his fellow drivers had switched to delivery and never looked back.
"If you're making the same or less money and don't have to worry about somebody carjacking you, that behooves itself for a lot of reasons to stay with food delivery," Duncan said.
While this has been good for many drivers, it's been worrying for ride-hailing apps, which two years later haven't seen a full rebound in the once-reliable pool of people wanting to shuttle passengers. Some drivers for Lyft and Uber told Insider they'd switched to delivering meals or groceries, or have taken advantage of a widening array of gig driver apps. Others left driving entirely because of high gas prices, Insider previously reported.
These ongoing driver shortages, which both Uber and Lyft's CEOs acknowledged during earnings calls last week, are escalating pressure as tech stocks face a slump and investors are less willing to take bets on money-losing companies. Both companies said they planned to keep spending to lure drivers back to their platforms, which sent Lyft stock tumbling nearly 33%. Uber — which performed much better thanks in part to its sizable delivery business — said it didn't anticipate an increase in incentives (drivers were at a "post-pandemic high," CEO Dara Khosrowshahi said), but its stock still plunged 16% amid a broader tech sell-off.
It was a sequel, albeit likely lower budget, to the movie that played out last year for the companies when they committed hundreds of millions of dollars in driver incentives.
When the companies invested in driver incentives in the spring of 2021, it was while COVID-19 vaccines were being rolled out widely. Rider demand began to take off and the Uber and Lyft cash injections were about shoring up the supply. It largely took the form of one-time bonuses and quests, like giving drivers $4,000 for completing 250 rides over the course of a month. Uber spent $250 million on the program in 2021.
One problem, multiple drivers told Insider, was people were quick to take advantage of the payouts and then bail.
"These super high-priced offers are not getting people to go 'I'm gonna be a rideshare driver again.' People go after that money, then they stop doing Lyft," said Steve Johnson, an Uber and Lyft rideshare driver in Colorado.
Since the start of the pandemic "I have not returned to driving for Lyft," said Frank Wallace, a driver in the Miami area. He chalks that up to Uber and its promotions. "It's a lot of incentives, just with deliveries and ride sharing. It's a mix. They really have a way of driving the incentives through text messages and emails."
The rideshare services also have to contend with an increasing array of gig apps. While the general wisdom among gig workers is that ride sharing is the most reliable service when it comes to a steady supply of work, the pay has gotten pretty competitive from other services. More and more drivers are "multi-apping," picking and choosing work from Instacart and DoorDash, as well as Amazon Flex, Walmart Spark, and Target-owned Shipt.
Then there are smaller services like Curri, a delivery service for building materials that some drivers said was less frequent than other delivery apps but had big payouts. Observers said those may end up dealing rideshare's dominance a death by a thousand cuts.
"There's constantly a drip of new apps that are launching in new verticals. We're seeing a lot of gig workers experimenting in smaller apps," said Matt Spoke, the CEO of Moves, which offers financial services to gig workers. "To a large extent we see sentiment that's negative for the big guys. The drivers view the smaller upstart gig platforms as friendlier to them."
To be sure, the smaller apps aren't spared from the worker shortage either. Jeff Sasse, the CEO of Tennessee-based delivery app Phoodiis Delivery said increased wages have made drivers choosier and savvier about using the apps exactly as much as they need to make money.
"The first couple of weeks of the month I have plenty of drivers and then in the last couple of weeks of the month, all my drivers disappear. They make exactly how much they want to make and then they drop off," Sasse said.
Then there's gas prices. Nearly all the drivers who spoke with Insider mentioned the skyrocketing cost of gas being a concern. Most of the major gig companies have implemented some kind of subsidy to offset the increase.
But even if that helps, prices can still play a part in pushing drivers away from doing rideshare. Food delivery is often more appealing because the shorter distances mean fewer miles on a car per trip.
These companies are used to churning through drivers on a regular basis. An Uber spokesperson said that since the incentives last year, Uber's driver retention improved. And drivers like Johnson who've been doing it for years say they've seen new drivers go through a honeymoon period where they enjoy working for the platforms, but slowly get disillusioned.
That honeymoon period is where Ana Marchena finds herself. She started driving for Uber three months ago and says she loves the flexibility. Gas prices were a big problem, she said, but recently she took advantage of an offer from Uber to rent a Tesla, which is expensive and eats into her earnings, but cuts down on refueling costs. Plus, people tip better when they ride in a Tesla, she said.
Still, Marchena said she understood why someone who drove a gas-powered car would be turned off from doing ridesharing these days.
"When you have to fill it two-to-three times a day it feels deflating. All that driving and all that money and it just goes into the gas. It hurts your heart a little bit."
Got a tip? Contact reporter Tom Dotan via email at tdotan@insider.com or Twitter DM at @cityofthetown.
Contact reporter Nancy Luna via email at nluna@insider.com or via Signal encrypted number 714-875-6218 on a nonwork device
More: Uber Lyft Ridesharing | 2022-05-12T10:20:51Z | www.businessinsider.com | Uber and Lyft Drivers Turning to Delivery, Competitors | https://www.businessinsider.com/uber-lyft-rideshare-drivers-delivery-competition-doordash-market-2022-5 | https://www.businessinsider.com/uber-lyft-rideshare-drivers-delivery-competition-doordash-market-2022-5 |
It's Friday eve, and the European Union could soon be staring down a huge price tag if it moves forward with a Russian oil embargo — we've got the break down below.
Crude oil from Russia arrives at the German oil refinery in Brandenburg via the "Friendship" pipeline.
1. The EU's energy bill will cost a lot more by 2030. A new report by the sustainability group Global Witness and think-tank Ember forecasts a costly outlook for the bloc if it cuts its longstanding reliance on Russian gas.
According to the report, the EU could face $200 billion more in costs by 2030 if the ban goes through and Europe doesn't switch to cleaner fuels.
"Decades of over-reliance on fossil gas has made Europe incredibly vulnerable to volatile prices whilst empowering Putin," a senior staffer at Global Witness said. "Our analysis now shows the Commission has massively underestimated the cost to consumers of continuing to rely on gas."
Some more context:
The EU accounts for 89% of all Russia's gas exports.
Russia provides 40% of the EU's natural gas, with some members relying on it for up to 100%.
The report said focusing on solar and wind could save the bloc $129.4 billion by 2030.
Meanwhile, as the EU mulls a ban, the German utility giant Uniper said it still plans to buy Russian gas under a euros-to-rubles scheme, and argued it wouldn't be breaching sanctions.
"A payment conversion compliant with sanctions law and the Russian decree should be possible," a company spokesperson said Wednesday.
A Shell gas station in Leningradskoye Highway, Moscow, Russia.
Valery Sharifulin/TASS/Getty Images
2. Cryptocurrencies continued to fall early Thursday. Bitcoin plunged below $25,500 for the first time since December 2020. Stablecoin Tether broke its peg and dropped as low as $0.94 after the collapse of TerraUSD. Coinbase was also down in premarket trading. Here are the latest market moves.
3. On deck today: Aurora Cannabis, Five Point Holdings, and New Relic Inc., all reporting. Plus, look out for the US Unemployment Insurance Weekly Claims Report at 7:30am ET.
4. BlackRock is telling investors to cut risk as stocks and bonds tumble. But plunging prices are starting to reveal some opportunities in global markets. Here are four shifts the world's largest money manager says investors should make to stay safe.
5. Gas prices are hitting record highs even though crude oil has dropped. Given that 59% of gas prices come from the cost of crude, a 22% decline in oil should've translated to a 13% dip at the pump — but that didn't happen. Here's why your cost at the pump hasn't gone down.
6. Gary Gensler said crypto exchanges are "market making against their customers." The SEC chief warned the lack of separations between services like custody, market-making, and providing a trading platform leaves clients vulnerable. Here's what you want to know.
7. Apple is no longer the world's most valuable company. Oil exporter Saudi Aramco nudged Apple off the top spot on Wednesday, after Apple's market cap fell to $2.37 trillion. Read why Aramco's value reached record levels.
8. A 33-year-old who paid off $81,000 in debt used real estate investing to build a $1 million net worth and achieve financial independence. Sean Allen drove a car with 340,000 miles on it, lived in a garage, and adopted other frugal habits while paying off debt. He explained how he grew his portfolio with $8,000 up front.
9. A recession in the US could be "starting right now," warned economist David Rosenberg. But following these five steps can help protect investors from the brutal stock market selloff and bolster their portfolios from the coming fallout.
10. Inflation slowed in April. The Consumer Price Index rose 8.3% in the year through April, the government said Tuesday. The print reflects the first slowdown since August, and suggests that the country is past peak inflation. Here's what else the chart tells us.
More: Newsletter 10 things 10 things opening bell Markets | 2022-05-12T11:15:59Z | www.businessinsider.com | 10 Things Before the Opening Bell: May 12 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-12-2022-5 | https://www.businessinsider.com/10-things-before-the-opening-bell-may-12-2022-5 |
The restaurant told Insider that a lawyer had previously told it that its tip pool policy was legal and appropriate.
Davit85/Getty Images
A South Carolina restaurant required staff to share tips with managers illegally, the DOL said.
The restaurant said a lawyer had advised that its tip pool policy was legal and appropriate.
It paid $624,017 in back wages to 92 workers after the DOL investigation.
A seafood restaurant in South Carolina has repaid $624,000 to workers after the Department of Labor found it had forced them to share tips with other staff.
The Charleston restaurant, 167 Raw, "shortchanged" 92 workers by "forcing them to participate in an illegal tip pool" that included management and other employees who did not usually get tips, the department said in a press release.
The repayment equates to around $6,700 per worker.
Managers and supervisors are not allowed to keep their workers' tips "under any circumstances," including through tip pools, per the Fair Labor Standards Act.
US employers can pay tipped staff as little as $2.13 an hour, with tips bringing their take-home pay up to a minimum of $7.25 an hour.
Because the restaurant required the staff to share tips illegally, it invalidated its claim to a tip credit and therefore meant workers were paid less than the federal minimum wage, the DOL said.
Following the investigation, 167 Raw was ordered to pay $624,017 in back wages to the 92 staff.
167 Raw King Street LLC, which owns the restaurant in Charleston along with two others, said it entered into a voluntary agreement with the DOL over its tipping policy.
The company told Insider that before setting up the tip pool it had been advised by lawyers that the move was legal.
"Months later, however, the Department of Labor concluded that these procedures were in direct violation of certain federal guidelines. The department began a full investigation and determined that while we had not intentionally violated any regulation, we had instead relied upon incorrect legal advice," the company said.
167 Raw King Street said it cooperated with the DOL to establish new procedures and corrected the "misallocation of tips." The company's owners never took part in the tip pool, it added.
Millions of restaurant workers have quit their jobs during the pandemic, with many blaming the industry's low wages, lack of benefits, and poor working conditions. In March alone, 810,000 workers in the food services and accommodation sector quit their jobs, according to the Bureau of Labor Statistics.
Jamie Benefiel, a DOL official in Columbia, South Carolina, said: "As food service industry employers struggle to find people to fill the jobs needed to remain competitive, they must take into account that retaining and recruiting workers is more difficult when employers fail to respect workers' rights and pay them their full wages."
More: restaurant Retail South Carolina Charleston
restaurant workers | 2022-05-12T11:16:36Z | www.businessinsider.com | South Carolina Restaurant Repays $624,000 for Illegal Tip Pool | https://www.businessinsider.com/restaurant-workers-south-carolina-charleston-pool-illegal-2022-5 | https://www.businessinsider.com/restaurant-workers-south-carolina-charleston-pool-illegal-2022-5 |
Kimberly Leonard and Warren Rojas
Rep. Val Demings is expected to win the Democratic primary race for a US Senate seat in Florida. If she does, she'll face off against Republican Sen. Marco Rubio in the general election.
Tasos Katopodis/Chip Somodevilla/Getty Images; Rachel Mendelson/Insider
Sen. Marco Rubio of Florida is expected to face off against Rep. Val Demings for a US Senate seat.
Rubio is running at a time when many are wondering whether Florida is even a battleground anymore.
Demings is traveling the state to make her pitch to an increasingly conservative electorate.
MIAMI — Sen. Marco Rubio's 2016 presidential run gave him national name recognition. Then, after complaining for years about Congress' ineffectiveness, the Florida Republican threw himself into his Senate work.
He can now tick off a list of accomplishments. There's his push to double the child tax credit and focus on expanding care for veterans. He secured Everglades funding. And he cowrote the Paycheck Protection Program that sent big money to small businesses at the start of the COVID-19 pandemic.
Rubio is also one of Congress' go-to experts on foreign policy, and two years ago he landed a coveted role as the top Republican on the Intelligence Committee.
And entering the teeth of election season, Rubio, 50, is wearing it all like armor as he seeks a third term.
"I don't think anybody that's ever served the state of Florida in the Senate has gotten more done than I have over the last five years," Rubio told Insider.
But Republicans know better than to take Florida for granted.
Ahead of the state's primary in August, a clear Democratic frontrunner to challenge Rubio has emerged: Rep. Val Demings.
In Demings, Democrats see a star — a Black woman trailblazer who spent 27 years in law enforcement, including as the chief of police in Orlando.
At a recent campaign event with union members in Miami, Demings, 65, appeared confident as she wove stories about her life into a narrative about the need to raise wages, increase voting access, and make healthcare more affordable.
"We are fighting for the very soul of this country," Demings told a riveted audience. "We are fighting for the Constitution, the rule of law, and our democracy."
As if that's not enough, Demings would also carry into November the burden of her party's national aspirations.
Florida's US Senate race will be crucial for Democrats' hope — a dwindling one, some liberals concede — of retaining their bare-bones Senate majority. Floridians have dealt blows to Democrats over three election cycles, leading many to question whether the state Barack Obama won twice can even be called a battleground anymore.
As of late 2021, Florida's registered Republicans outnumbered its Democrats.
Demings could be Democrats' last, best shot at winning statewide office in Florida not only in 2022 but for the foreseeable future.
Demings rallied over 200 supporters in Pensacola, Florida, on April 30.
Courtesy Demings campaign
Demings is still introducing herself to Florida
Polling from the University of North Florida suggests Rubio's reelection prospects are strong. And he enjoys a national backdrop where Democrats could suffer at ballot boxes nationwide amid President Joe Biden's steadily sinking job-approval ratings, now in the low 40s, according to Gallup.
Rubio has the added benefit of running on the same ticket as GOP Gov. Ron DeSantis, who's expected to sail to reelection in 2022 ahead of a potential run for president in 2024.
One of the biggest tasks Demings has before her is to become a household name.
To do that, and to introduce herself to prospective voters, she's conducting campaign events all over Florida.
Born Valdez Venita Butler, the youngest of seven children of a janitor and a maid, Demings was the first in her family to graduate from college. She briefly worked as a social worker in Jacksonville before launching a career in Orlando law enforcement. After losing a US House run in 2012 and dropping out of the mayoral race in Orange County, Florida, she won a US House seat in Florida's 10th District in 2016.
—Val Demings (@valdemings) February 11, 2022
At the union meeting in Miami, Demings stood at a table without any notes before her. She took dramatic pauses between sentences. At times, the 20-person audience seated around her even finished her sentences.
Her pitch to voters is straightforward: She overcame enormous odds to realize the American dream, and she wants to be a senator to create more opportunities for others to realize it, too.
Once Demings had finished, Elizabeth Judd, a community leader and member of the American Federation of State, County, and Municipal Employees, told her she's enthralled by her candidacy.
"It is of the utmost urgency that you replace little Rubio," Judd said, invoking Donald Trump's nickname for Rubio when they were both vying for the 2016 Republican presidential nomination.
Wes Hodge, the chair of the Orange County Democratic Party, who has worked with Demings at political events, predicted that speaking all over Florida would be a particularly effective strategy for Demings. Hodge said he always puts himself after her in a speaker lineup.
"The worst place to speak is after Congresswoman Demings," Hodge said, laughing. "I always go, 'I don't wish the spot on anybody, so I'll fall on the sword.'
"When she is done speaking, the room is ready to do whatever she wants."
But it'll take more than rhetoric to win Florida, a state of more than 21.5 million that's growing increasingly conservative.
Both nationally and in Florida, Demings lacks the public profile Rubio so enjoys.
Outside her Orlando-centric home district, in places such as Gainesville or Pensacola, Demings isn't a household name.
And though she's known for her authoritative questioning of witnesses during congressional hearings, she has sometimes dodged publicity by avoiding reporters as she slips in and out of votes on Capitol Hill.
Demings' esteem within Democratic circles has, however, steadily grown, starting with her work as a House impeachment manager during Trump's first Senate trial in 2020.
Though the GOP-controlled Senate acquitted Trump, her performance at the trial shone so brightly that it catapulted her to the short list of candidates for Biden's running mate. Demings seemed to embrace the possibility of being vice president, even if Biden ultimately selected Sen. Kamala Harris of California.
So how does Demings appeal to voters beyond a dwindling base of loyal Democrats?
In part by being who she is.
Demings speaks openly about race, inequality, and injustice in America, but her campaign also unabashedly plays up her experience in law enforcement. Demings' husband, Jerry Demings, the mayor of Orange County, is also a former sheriff.
It's hardly an accident that Demings is often billed as "Chief Demings" instead of "Congresswoman Demings" in congressional and campaign materials.
It's a recognition that her long background in law enforcement — where she said she oversaw a 40% reduction in violent crime — where she could help inoculate against Republican attacks seeking to cast all Democrats as supportive of progressives' unpopular movement to defund the police. It could also help her appeal to center-right independents who aren't enthralled with Rubio.
—Val Demings (@valdemings) April 30, 2022
"This is the candidate Rubio didn't want to run against," said Eric Johnson, the president of Johnson Strategies, who advised Rubio's 2016 Democratic opponent, Patrick Murphy.
"Her profile is literally the best," said Joshua Wolf, another Murphy campaign vet whose firm, AL Media Strategies, is working with the Demings campaign. "She has this incredible ability to motivate the base."
In August's Democratic primary, which Demings is expected to easily win, she faces seven competitors, including former Rep. Alan Grayson.
All the while, Demings' staunchest allies say she has to keep introducing herself to Floridians.
In a University of North Florida poll conducted in February, 17% of voters said they were undecided on a Rubio-Demings matchup — a positive statistic for someone who must grow beyond her base in order to win.
Vincent Adejumo, a professor of African American studies at the University of Florida in Gainesville, told Insider that to win, Demings would need to receive overwhelming support from Black voters and bring over white centrists.
He added that she would also need to siphon off Latinos from Rubio. But the senator's personal profile helps with that demographic: Rubio speaks fluent Spanish, having grown up in Miami as the child of working-class Cuban immigrants. He has a critical advantage in the state's most populous county, Miami-Dade, where he lives and where roughly 70% of residents are Latino.
During the first quarter of this year, Demings raised $10 million, while Rubio raised $5.7 million, according to federal campaign-finance disclosures.
A nationalized Senate race
One major factor working in Demings' favor is that she's raising a ton of money. Her campaign recently announced a $3 million Hispanic outreach effort.
During the first quarter of this year, Demings raised $10 million compared with Rubio's $5.7 million, according to federal campaign-finance disclosures.
That's serious cash. Of everyone running for a Senate seat in 2022, Demings has so far raised the fifth-most, at nearly $30.8 million. (Rubio is right behind her, at $30.2 million.)
Outside attention is pouring in, too. The Democratic Senatorial Campaign Committee is pumping $30 million into nine states it considers battlegrounds for Democrats, including Florida. And Florida Democrats have committed to spending $15 million to increase Democratic voter turnout up and down the ballot.
Super PACs — political committees that may raise and spend unlimited sums of money, fueled by megadonors with no particular tie to Florida — are also expected to inject millions of dollars into the race.
Given this, a Rubio-Demings showdown is almost certain to rank among the most expensive races in the 2022 midterms, set to soar well into nine figures by the time a winner is declared.
This doesn't guarantee Demings' success — in 2020, Sen. Mitch McConnell of Kentucky, now the minority leader, trounced his Democratic challenger, Amy McGrath, despite McGrath outraising him. But major financial resources are a prerequisite if Demings has any realistic hope of toppling Rubio.
"That just tells you how viable she is," Juan Marcos Vilar, the executive director of Alianza for Progress, a group that works to motivate Democratic Latino voters, said of Demings. "If she wasn't viable, it wouldn't generate that level of investment on both sides. It's going to be a clash of titans."
It also suggests that Democrats aren't ready to cede Florida to the GOP.
Democratic leaders often note that, yes, Florida voted for Trump over both Hillary Clinton in 2016 and Biden in 2020 — but it has also voted for liberal policy staples such as implementing a $15 minimum wage, legalizing medical marijuana, restoring voting rights for people found guilty of felonies, and spending billions of dollars on environmental conservation.
All these factors show why Republicans, too, are not complacent in the race.
Consider that the Republican National Committee just launched what it's calling "Operation Red" in Florida to knock on thousands of doors and make phone calls on behalf of Republicans including Rubio.
Republicans also say they aren't scared by Demings' strong fundraising or her potential with independent voters. They contend that Rubio's name recognition is worth its weight in gold — literally. Other candidates have to buy that recognition through TV, radio, and digital ads in a state with a huge population and multiple major media markets.
"Democrats have a weak bench, and they feel Val Demings is the best they got," Helen Aguirre Ferré, the executive director of the Republican Party of Florida, told Insider. "They will have to spend a lot of money to sell her image, and good luck to them, because Val Demings doesn't have a record that's worthy of winning a Senate seat."
Ana Carbonell, a top GOP operative in Florida who owns the public-policy firm The Factor, said the money itself would do little without an understanding of Florida's voting blocs.
"Unless you have a keen understanding of the communities throughout the state and the nuances throughout the state, the money doesn't mean anything if you don't have an understanding on how to use it," she said.
"Democrats have proven time and time again that they just don't get it," she added.
Rubio has been calling Demings a "Pelosi puppet."
Stefani Reynolds-Pool/Getty Images
'Pelosi puppet' versus 'Missing Marco'
Because Demings is still introducing herself to voters, Rubio, whose name recognition is all but universal in Florida, has space to define his opponent.
For example, Rubio has called Demings a "Pelosi puppet" on Twitter, referring to her tendency to side with House Speaker Nancy Pelosi on votes.
—Marco Rubio (@marcorubio) December 15, 2021
When asked how he stands apart from Demings, Rubio said his office gets high ratings for constituent service. Elizabeth Gregory, a Rubio campaign spokeswoman, said Demings had "zero substantive accomplishments to show for her time in Washington."
Democrats' bottom-line message is to cast Rubio as a political lifer devoted more to his party and his own advancement than to voters.
"Marco Rubio lacks the integrity to put Floridians before the special interest donors that tell him what to do," said Christian Slater, a spokesman for the Demings campaign.
The Demings' campaign has contrasted the two lawmakers' votes, pummeling Rubio over voting against Democrats' $1.9 trillion coronavirus relief package and the bipartisan infrastructure bill to help fix Florida's roads and bridges.
Florida Democrats have been recycling an attack that dates back to Rubio's 2016 presidential campaign by sending out a "Missing Marco Alert" every time he doesn't attend committee meetings — particularly when he appears on national TV instead.
"He hasn't been around," Manny Diaz, the chairman of the Florida Democratic Party, told Insider in Miami. "You almost sense that he no longer likes the job. His record of showing up to votes and committee meetings is horrendous."
Rubio has said he voted against the spending measures because of concerns about the deficit and inflation. Asked about committee absences, Ferré replied, "Floridians care about results, and Senator Rubio delivers."
Other attacks against Rubio have been similar to those waged against Republicans in other states.
For instance, in recent days Demings has been stumping and fundraising on a promise to codify abortion rights in federal law as the Supreme Court appears poised to overturn Roe v. Wade. Rubio opposes abortion.
The Demings campaign also has sought to tie Rubio to a controversial plan from fellow Sen. Rick Scott of Florida, the head of the National Republican Senatorial Committee, to force everyone to pay at least some taxes.
While Rubio hasn't supported such a measure, the Demings campaign labeled the plan the "Rubio-Scott Tax Hike" and ran an ad imploring voters to "tell Rubio to take a hike." In turn, the Rubio campaign has accused Demings of "auditioning to be Joe Biden's running mate" when Rubio was working on COVID-19 relief for small businesses.
But the Demings campaign has a tougher task than other Democrats have in going after Rubio. Democrats' wins in Southern states in recent years have come against opponents with serious allegations that were impossible to come back from, such as the financial entanglements of Kelly Loeffler and David Perdue in Georgia or the sexual-misconduct allegations against Roy Moore in Alabama.
Rubio isn't especially controversial and by numerous accounts gets along with his colleagues and staffers, who call him by his first name.
And even with Trump, who now lives in Florida, Rubio has managed a balance: He comes across as neither a knee-jerk genuflector nor a scathing critic. Despite their turbulent history — including Rubio's descriptions of Trump as a "con artist" and his comment in 2016 that prompted Trump to defend the size of his genitalia — Rubio scored a coveted Trump endorsement a year ago.
"He has carved out a nice lane for himself to be independent while still being able to speak the language with MAGA, with the tea party, but still have his own brand of what he does," Adejumo said.
To win, Demings can't rely on trashing Trump or tying Rubio to the former president — she must deliver a concise message about how she could improve voters' lives, Adejumo said.
"It can't be a message of 'He's the bogeyman,'" he said. "If that's the strategy, you might as well pack it up."
More: Politics Florida Marco Rubio Val Demings | 2022-05-12T11:16:48Z | www.businessinsider.com | Demings Vs. Rubio: Test of Whether Democrats Should Give up on Florida | https://www.businessinsider.com/val-demings-marco-rubio-florida-senate-race-congress-2022-5 | https://www.businessinsider.com/val-demings-marco-rubio-florida-senate-race-congress-2022-5 |
Hero Cosmetics; Savanna Durr/Alyssa Powell/Insider
Five-year-old Hero Cosmetics made $100 million in sales in 2021, much of it on Amazon.
Aaron Mizrahi leads Hero Cosmetics' Amazon ads operation in the cutthroat skin care category.
He shared how his Amazon ad budget breaks down and how he measures success.
This is the sixth in a 10-part series publishing over the coming days that examines Amazon's booming advertising business: The people driving it, the ripple effects on other companies, and what's next.
Hero Cosmetics is no stranger to the battle for customer clicks online.
Skin-care brands are some of Amazon's biggest advertisers, and Hero Cosmetics has developed an ad strategy to make its products stand out. The five-year-old brand generated $100 million in revenue in 2021, with 90% coming from Amazon as well as wholesale retailers.
Aaron Mizrahi, director of Amazon at Hero Cosmetics, said that Amazon is a growing priority for direct-to-consumer brands like his because of its convenience for shoppers.
"Amazon has this group of customers that, even if they love a brand on their website, they want Prime shipping, or they want the convenience of returning it through Amazon, or maybe they have an Amazon gift card," Mizrahi said. "If brands aren't there, there's going to be another competing or comparable DTC brand on Amazon."
Insider spoke to Mizrahi about how he uses ads to break through on the site.
Most of Hero Cosmetics' Amazon ad spending goes to search ads
Skin care is a category with a high-search volume so it costs advertisers a lot to get consumers to see their products. Mizrahi said most of Hero Cosmetics' advertising budget goes to Amazon's most popular format, search ads.
There are two types of search ads: sponsored products and sponsored brands. He said sponsored-product ads are the main conversion and revenue driver for brands. Brands without a trademark registration can also use search ads, unlike Amazon's sponsored-brand ads, which makes them the easiest and most competitive ad type for brands to use.
Hero Cosmetics spends a smaller portion of its ad budget on Amazon's demand-side platform, which lets advertisers buy ads that appear on publishers' websites outside of Amazon.
For established brands like Hero Cosmetics, Mizrahi recommended an 80-20 split between sponsored ads and DSP. Smaller brands or ones in less competitive categories can afford to spend more on DSP, where they can do things like build custom audiences for retargeting purposes, he said.
He also recommends that brands be choosy about what they advertise on Amazon, and promote best sellers versus products that might require more customer education, like product bundles.
"Understand where your customer is; that's where you should be spending the most," he said.
Hero Cosmetics uses Amazon ads to build awareness
Amazon's DSP lets advertisers buy ads on the site as well as on others.
Mizrahi can use the DSP to find Hero Cosmetics' top five competitors and create custom audiences to target shoppers who viewed or purchased those products in the past 30 days. Then he can serve ads to them that are designed to build brand awareness.
Mizrahi acknowledged that this approach can yield low return on ad spend because those consumers might have already made a purchase. However, the hope is that by building brand awareness, he can convert those same people when they're looking for a similar product in the future.
Measuring Amazon ads' effectiveness
Mizrahi said that advertisers should consider metrics beyond return on ad spend, which measures sales driven by ads, because it doesn't account for people who bought a product without seeing an ad. Return on ad spend also doesn't reflect sales by people who click on an ad and then buy a product much later.
Mizrahi looks at whether ads improve Hero Cosmetics' product rankings in search results compared to competitors'. He also uses an Amazon metric called "new-to-brand" to track ads that drive someone to buy from a brand for the first time in more than one year. Another metric called "share of voice" shows how Hero Cosmetics ranks in the skin-care category in search results compared to other brands.
More: Amazon Beauty E-commerce advertising | 2022-05-12T11:50:53Z | www.businessinsider.com | Amazon Advertiser Hero Cosmetics Breaks Down How It Spends Its Ad Budget | https://www.businessinsider.com/amazon-advertiser-hero-cosmetics-breaks-down-how-it-spends-its-ad-budget-2022-5 | https://www.businessinsider.com/amazon-advertiser-hero-cosmetics-breaks-down-how-it-spends-its-ad-budget-2022-5 |
Ramin Talaie/Getty Images; Mike Blake/Reuters; Savanna Durr, Alyssa Powell/Insider
The quest to be shoppers' No. 1 destination has two tech giants pitted against each other.
After losing ground to Amazon, Google is doubling down on Shopping to be customers' first choice.
Some of its efforts are starting to pay off, but Amazon may have a head start it can't overcome.
This is the fifth in a 10-part series publishing over the coming days that examines Amazon's booming advertising business: The people driving it, the ripple effects on other companies, and what's next.
Google — the owner of the world's most popular search engine and most-used browser, and the biggest seller of online advertising — isn't used to being in second place.
But in 2016, a worrying stat reverberated around marketing conference panel sessions and plastered e-commerce company pitch decks: For the first time, a study found, more US consumers said they began their product searches on Amazon rather than on Google.
In reality, Google had been looking in the rearview mirror at a fast-approaching Amazon much earlier than that.
"Successful companies of this generation — Facebook, Google, Amazon — have paranoia and a terror of becoming irrelevant as one of their really important characteristics," said Sridhar Ramaswamy, Google's former senior vice president of ads and commerce, who now runs the search startup Neeva.
Complicating matters is the fact that the pair has leaned on each other over the years as their businesses have grown. Amazon spent enormous sums of money to advertise on Google, "and hated spending every cent," Ramaswamy said. Meanwhile, Google "was terrified an entire product category would disappear to Amazon," he added.
Google has careened back and forth over different shopping strategies and cycled through a handful of e-commerce leaders over the years as it sought to take on Amazon at its own game.
Under its newest e-commerce leader, Bill Ready, who joined from PayPal in 2020, Google flipped a policy that previously allowed only paying advertisers to appear on its Shopping page. Now, any merchant can display their products there. Analysts said last year that Google appeared to have sped up new product development. And it's forged partnerships with third-party commerce platforms.
By some measures, those efforts have shown signs of paying off. But on others, Google still lags behind Amazon. And Amazon hasn't been sitting still either. Searches on Amazon ultimately fuel its ad revenue, and the company continues to add new features to help merchants drive sales on and off its platform. It's also increasingly been courting new advertisers that don't sell goods on its site to turbocharge its ad business, which soared to $31 billion last year.
"When I first started out in advertising and engaging with these partners, Facebook knew what you liked, Google knew what you searched, and Amazon knew what you bought. Those things became interconnected but blurred at the same time," said Jessica Chapplow, the head of e-commerce at Havas Market, a media agency. "Especially for Google, we have seen 2021 and this year really shape up to be more of a year for them in e-commerce and SEO."
'Retailers shouldn't be dependent on a gatekeeper'
Ready, previously PayPal's chief operating officer, said he joined Google because he saw an opportunity for the "democratization" of the online shopping space.
"What we're trying to do with Shopping is level the playing field for online retail," Ready said. "No one wants to live in a world where there's only one place to buy something. Retailers shouldn't be dependent on a gatekeeper."
Ready rattled off a number of key milestones the Shopping team had achieved during his tenure. The switch to free listings helped Google grow its product catalog by 70% between May 2020 and May 2021. He cited other published figures from the company. Last May, there were more than 24 billion listings on what it refers to as its Shopping Graph — similar to the AI-powered Knowledge Graph that it applies to organize its regular organic search results.
Another major shift, Ready said, was the string of partnerships Google announced with other commerce and payments platforms — including Shopify, WooCommerce, and GoDaddy — to allow retailers to use their existing tools with its Shopping service. The number of merchants using the platform grew 80% in the year to May 2021. Google didn't provide the total number or an updated figure.
Ready said there had already been outside validation of these efforts bearing fruit. A survey carried out by Morgan Stanley in March this year found that 61% of US consumers said they visited Google sites first when researching a product online, up from 57% in November. Elsewhere, Alphabet executives have called out retail as the biggest contributor to its advertising growth in recent quarters — though this has come amid the broader boom in e-commerce following the COVID-19 pandemic.
But it's unclear whether Google has moved the needle in a meaningful way when compared head-to-head with Amazon.
A separate online survey of about 1,000 US web users, commissioned by Insider and conducted by the customer-experience company Sitecore, found that about two-thirds (69%) of those polled said Amazon was the first website they visited when shopping online. That was up from about half (54%) of respondents when Sitecore asked the same question in a 2021 survey. In the 2022 poll, 13% said they visited based on search-engine results, down from 24% in last year's survey.
Elsewhere, Insider Intelligence, which shares a parent with Insider, estimated that Amazon would grow its share of the US search ad market from 20.1% in 2021 to 22.6% this year. Google's share is predicted to drop from 57.2% to 56.1% in the same period. And the average conversion rates for Amazon ads are more than double that of Google ads, WebFX said.
Advertisers like Google Shopping's automation but want more data
For some merchants, including those who don't list on Amazon out of principle, Google offers the most logical alternative to get their products in front of a large audience of shoppers. Plus, it's adding more commerce-friendly features outside of search, such as livestream shopping on YouTube — which also offers a higher ad load than Amazon Freevee (formerly IMDb TV).
From 2020 to 2021, the clothing brand Buck Mason went from spending zero on Google Shopping to "a sizable budget," said Jim Davis, its chief customer officer. For the first four months of 2022, Buck Mason had "nearly doubled" what it spent in the same four months of the prior year.
Davis said Google reps have increasingly pushed how automated and intelligent its algorithms are, particularly with products such as Smart Shopping campaigns, which use a retailer's product catalog to push ads across search, YouTube, Gmail, and its display network.
"They basically made it so you don't even have to have a good agency anymore to make money from Google Shopping," Davis said. "It's pretty stupid-proof at this point."
But Davis and other ad experts said the drive for simplicity sometimes came at the expense of the needs of more sophisticated e-commerce advertisers. They want more bells and whistles to enable them to increase a shopper's average basket size or to optimize their targeting around their highest-margin products, for example.
"There's a certain element of black-box-ness about some of Google's products," said Daniel Wilkinson, the global head of paid media at the digital agency Jellyfish. "It's fine to let the machine make all the decisions because they can do it at a much higher frequency and much more often to get the best possible results, but at the moment I don't have enough visibility into all the signals and where to spend my time improving which signals get the best-possible performance."
Others said Google's sales reps weren't as plugged in with heads of e-commerce at agencies as Amazon's were.
"I don't have Google reps calling me saying, 'I really want to talk to you about our shopper data and slim your budget you spend on programmatic for Diageo on The Trade Desk to DV360,'" Google's demand-side platform, said John Donahue, a partner at the digital agency Up and to the Right. "That's a crying shame. That phone call should have been placed."
One of Google's traditional strengths has been its ability to strike deals with C-suite executives — often up to the CEO level — at major brands. Those relationships could benefit Google as it serves a bigger role in helping the recent rush of retailers and direct-to-consumer companies building their own ad businesses. Mark Johnson, Sitecore's president of commerce, said this was the top question he received from retail clients: "How do I compete against Amazon?"
"There's a mantra going on in the market where brands all of a sudden realize they are demand aggregators and can become merchants," Johnson said. "Google will be their main source of promoting" those efforts, he added.
Competition between Amazon and Google just escalated with 'Buy With Prime'
Google has positioned its Shopping offering as a way that lets shoppers buy anywhere — rather than through one platform. But Amazon's latest move could skewer that positioning. The e-commerce giant said in April that later this year it would allow some merchants to place a "Buy With Prime" button on their own websites and use its payment and fulfillment services to deliver products to consumers.
Ad experts said they expected competition between Amazon and Google for commerce dollars to remain intense — and that Google might need to invest further in all aspects of fulfillment if it's to pull ahead.
"Unless Google is really ready to get into end-to-end commerce, including logistics, it really is difficult right now to see how it can close that gap with Amazon," said Kiesse Lamour, the global head of media at WPP's Wunderman Thompson Commerce agency.
For his part, Ready said he didn't see Amazon and Google competing in a zero-sum game for the same shoppers and advertisers.
"There's a massive rising tide that is lifting many ships," he said. "I think the question is, 'How do we make sure that there's equal access to that rising tide?'"
Zac Wang contributed reporting.
More: Google Amazon Shopping | 2022-05-12T11:51:05Z | www.businessinsider.com | How Google Is Competing With Amazon for Shoppers | https://www.businessinsider.com/how-google-is-competing-with-amazon-for-shoppers-2022-5 | https://www.businessinsider.com/how-google-is-competing-with-amazon-for-shoppers-2022-5 |
How the 37-year-old founder of a vacation-rental startup slid into an investor's DMs and ended up with $300,000
Vincent Breslin, the CEO and cofounder of Uplisting.
Shaunagh Connaire
Uplisting CEO Vincent Breslin secured $300,000 in funding through a direct message on Twitter.
Breslin broke down how he scored the key backing from Calm Company Fund's Tyler Tringas.
The vacation-rental-management platform is weighing an acquisition or a Series A.
Random direct messages on Twitter can be annoying and, at worst, abusive.
But for Vincent Breslin, the CEO and cofounder of the vacation-rental-management platform Uplisting, DMing an investor he'd met only once in person led to $300,000 in funding.
In August, Breslin decided to reach out to Tyler Tringas, the founder of the investment firm Calm Company Fund, through Twitter on a whim. He knew of Tringas, who has 24,200 followers and is a prolific poster, from his online commentary about the world of startups, and they'd talked on the social-media site before.
Breslin, who has fewer than 2,000 followers on Twitter, told Insider he also preferred to scroll through Twitter over, say, emails in an overstuffed inbox.
"I'm not a big fan of email myself," Breslin, 37, told Insider.
In 2017, Breslin founded Uplisting — a platform that short-term-rental property managers and owners can use to manage bookings, message guests, accept payments, and automate other tedious but essential daily tasks across multiple listing sites, including Airbnb and Vrbo.
Uplisting has raised an additional $200,000 from the site's users via AngelList, a site that allows founders to raise money with no fees.
Breslin spoke with Insider about his journey to become a founder and how he scored the investment from Tringas.
Breslin had a nontraditional founder's journey
Breslin, an Ireland native with degrees in civil and environmental engineering who also studied sustainable energy, said he always loved computers. But he feared the industry might be unstable.
"Computer sciences had been a bit of a no-no because of the dot-com bubble," he said. "So that wasn't an option for me. I was discouraged from going into computer science."
After college, he got a job at a design agency in London where he worked on websites for clients including American Express and BBC. In 2011, he launched a recipe planner and online-grocery -shopping tool called Sian's Plan with his mom, Sian — his introduction to the startup world.
It was at his next job, at the vacation-rental-booking website HouseTrip, where he met Tadej Murovec and Andy Shipman, his Uplisting cofounders. HouseTrip was acquired by Tripadvisor in 2016.
Uplisting did well during the pandemic
Breslin was tired of the more traditional fundraising strategy he used when working with his mother — pitching their startup to dozens of venture capitalists and asking them for money.
He decided to take a different approach for Uplisting, which he founded in London but is now in New York.
"Our thought process was that we would try and get to $20,000 in monthly recurring revenue, or MRR, from users, and then maybe look at funding, just to give ourselves some options and maybe have an upper hand in negotiations," he said.
Breslin was ready to start approaching investors when COVID-19 hit, which effectively shut down the travel industry.
But in late summer 2020, to Breslin's surprise, Uplisting's revenue began to increase. (He declined to share the exact revenue figures.) Americans and Europeans were clamoring to get out of the house, turning to rentals instead of hotels to gain privacy and avoid crowds.
Uplisting said its revenue had increased since the start of the pandemic.
Vincent Breslin
Breslin turned to Twitter in 2021
After raising $200,000 from the platform's users, Breslin reached out to Tringas — someone he's met only once in person. They had, however, exchanged messages on Twitter before and riffed on each other's ideas in public tweets.
Breslin, who posts on Twitter multiple times a week, sees the platform as a great place to connect with other entrepreneurs and experts in the industry.
—Tyler Tringas (@tylertringas) October 4, 2019
"I thought this might be cool for Tyler to get involved in and put in $20,000 or $30,000 if he was interested," Breslin said.
Tringas said he was interested on one condition: that he could invest more than $250,000 instead.
What drew Breslin to Tringas was his history of investment in bootstrapped companies. This year, Calm has invested in firms including Pitch Gauge, a roofing-estimate application that uses mobile devices to do property inspections, Interview Now, which modernizes the hiring process for government agencies and first responders, and Girls in Marketing, which tries to close the gender-seniority gap in marketing.
Breslin said Uplisting was fielding acquisition interest and considering a Series A round. No matter the path, Breslin is happy with his unconventional approach.
"With investment from Tyler, it's not about growing by 100% at all costs," Breslin said. "It's very much focused on slowly but surely hitting some goals and getting to the point where your business is sustainable, rather than a typical VC firm that is looking for that hundred-times-multiple exit."
More: Vacation Rentals Startups Fundraising Startup | 2022-05-12T11:51:11Z | www.businessinsider.com | How Uplisting's CEO Scored $300,000 From One Investor on Twitter | https://www.businessinsider.com/how-uplistings-ceo-scored-300000-from-one-investor-on-twitter-2022-5 | https://www.businessinsider.com/how-uplistings-ceo-scored-300000-from-one-investor-on-twitter-2022-5 |
Abbott Nutrition said it could restart production at its Michigan factory "within two weeks."
The factory has been closed since several formulas produced there were subject to recalls.
The recalls were related to complaints of bacterial infections in four infants.
Abbott Nutrition said it could restart production of baby formula at its shuttered Michigan plant within two weeks, ending a suspension triggered by complaints of illnesses in children that has contributed to severe shortages of the product.
In a statement posted to its website on Wednesday, Abbott said that it could resume production at its Sturgis, MI factory "within two weeks," pending FDA approval. Abbott said: "After a thorough review of all available data, there is no evidence to link our formulas to these infant illnesses."
Abbott announced in February that is was recalling several lots of the formula brands Similac, Alimentum, and EleCare in February, after four complaints linked to cronobacter sakazakii – an environmental bacteria – in infants who had consumed formula manufactured at the site. According to the FDA, which has been investigating whether the illnesses were linked to the Michigan plant, the sick infants all consumed powdered formula produced there.
The company added Wednesday that all finished products tested by Abbott and the US Food and Drug Administration during an inspection had tested negative for the bacterial strains.
The FDA did not immediately respond to Insider's request for comment.
The recall has worsened a shortage of baby formula across the US, which has left parents grappling to secure tins of their preferred brand. Problems sourcing ingredients and packaging, combined with labor shortages, have crimped supplies of infant formula, prompting some retailers – including Target, CVS, and Walgreens – to impose limits on the number of tins consumers can purchase.
By the end of April, out-of-stock rates for baby formula reached 40% nationwide, according to grocery price tracking service, Datasembly. In six states — Iowa, South Dakota, North Dakota, Missouri, Texas, and Tennessee — out of stock rates hit 50%.
"We understand the situation is urgent – getting Sturgis up and running will help alleviate this shortage," Abbott said in its statement Wednesday.
Abbott said it would restart production of metabolic formulas first before resuming output of other products, adding that it would take around six to eight weeks for products to reach shelves following the restart.
More: Retail Healthcare Baby formula baby formula recall | 2022-05-12T12:51:25Z | www.businessinsider.com | Abbott Nutrition Could Resume Michigan Formula Production in Two Weeks | https://www.businessinsider.com/abbott-nutrition-could-resume-michigan-formula-production-in-two-weeks-2022-5 | https://www.businessinsider.com/abbott-nutrition-could-resume-michigan-formula-production-in-two-weeks-2022-5 |
Liz Truss, the UK's foreign secretary, gave Maroš Šefčovič warning of her plan.
Justin Tallis - WPA Pool/Getty Images
The UK government has "no choice but to act" in tearing up the Northern Ireland protocol, Liz Truss said.
She spoke to Brussels chief Maroš Šefčovič days before plans for new legislation are to be unveiled.
The US President Joe Biden has called for "leadership" to find a negotiated solution.
A senior UK minister has told the European Union she will have "no choice" but to rip up parts of the Northern Ireland protocol, further ratcheting up tensions between the two sides.
Liz Truss, the foreign secretary and chief Brexit negotiator, told her Brussels counterpart Maroš Šefčovič that the EU was leaving Britain without any alternative but to unilaterally tear up the agreement signed less than three years ago.
In a call on Thursday morning, the European Commission president "confirmed there was no room to expand the EU negotiating mandate, or introduce new proposals to reduce the overall level of trade friction," according to a read-out of the call issued from London.
But Truss said that the situation in Northern Ireland had become a "matter of internal peace and security" and that "with regret" the government had no choice but to "act."
As early as next Monday Boris Johnson is expected to "float" plans for how the UK will override parts of the protocol, Insider reported Wednesday night. Truss will then set out the details of the bill – which carries the working title 'UK Internal Market 2' – to the Commons, before appearing at the 1922 committee of Tory backbenchers.
The plan is designed to end border checks on goods traveling from Britain into Northern Ireland and the jurisdiction of the European Court of Justice on UK territory, which have become major bones of contention for unionists on both sides of the Irish Sea.
Sources told Insider that Suella Braverman, the attorney general, had given the new bill her legal backing, although a sizeable Tory rebellion is expected. Braverman recently told Johnson to suspend "disloyal" MPs.
However, the EU has not backed down from its threats of retaliation.
"Unilateral action, effectively disapplying an international agreement such as the protocol, is simply not acceptable," Šefčovič said in a statement.
"This would undermine trust between the EU and UK as well as compromise our ultimate objective – to protect the Good Friday agreement in all its dimensions, while ensuring legal certainty and predictability for the people and businesses in Northern Ireland."
Despite the UK government sending Conor Burns, a Northern Ireland minister, to Washington to discuss the move, the White House has made clear its displeasure at the plans.
President Biden called on the prime minister to show "leadership" and continue negotiations, with his spokeswoman saying: "We urge the parties to continue engaging in dialogue to resolve differences and bring negotiations to a successful conclusion." | 2022-05-12T12:51:42Z | www.businessinsider.com | Liz Truss Tells EU She Has 'No Choice' but to Ditch NI Protocol | https://www.businessinsider.com/liz-truss-tells-eu-no-choice-but-ditch-ni-protocol-2022-5 | https://www.businessinsider.com/liz-truss-tells-eu-no-choice-but-ditch-ni-protocol-2022-5 |
The former model accusing Leon Black of sexual assault is raising new allegations about his friendship with Jeffrey Epstein
Sindhu Sundar and Casey Sullivan
Leon Black.
Leon Black's assault accuser says Black's friendship with Jeffrey Epstein is vital to her story.
Apollo's board enlisted Dechert to investigate its then-CEO's ties to Epstein.
Black denied allegations of assault and abuse, saying his affair with the accuser was consensual.
A closely watched legal dispute between the billionaire private-equity executive Leon Black and his former lover Guzel Ganieva is stirring up new allegations about Black's relationship with the late convicted sex offender Jeffrey Epstein.
On May 6, a New York state judge said Ganieva's allegations about Black's relationship with Epstein were "at the center of the material facts in dispute" in her sexual-assault lawsuit against Black.
The comments came in a ruling issued by Judge David Cohen, who offered the public a peek into his thinking on the dispute.
Ganieva has alleged that Black, former CEO of Apollo Global Management, forced her into engaging in violent sexual acts after promising to help her professionally and facilitating introductions within the financial community.
She has also said that Black and Epstein were close friends, and that she encountered Epstein during their relationship. Black has denied Ganieva's accusations, calling them "a work of fiction" in court documents. He has maintained that their relationship was consensual, and said that her references to Epstein were irrelevant and simply meant to sensationalize her suit and press coverage. Black is not facing criminal charges.
Black had moved to strike the Epstein allegations from Ganieva's lawsuit, but Cohen denied the motion in his ruling, saying they were relevant.
Epstein has appeared in Ganieva's lawsuit on multiple occasions. When Black had Ganieva sign a confidentiality agreement in 2015 after their relationship ended, he confided about that agreement to only two other people: a private investigator, and his friend Epstein, according to court documents.
Cohen said in his ruling that Black "was not merely 'associated' with Epstein," adding: "Epstein is not a background figure in this case."
Ganieva has also cited several unnamed women who she says have information about the two men, and Cohen is allowing those claims to move forward.
The development is significant because the case may offer insight on Black and Epstein's relationship.
In a statement to Insider, an attorney for Black called Ganieva's claims "frivolous," and said the judge's ruling was merely procedural in allowing the suit to continue.
"Ms. Ganieva's lawsuit is and always has been a frivolous attempt to further extort Mr. Black," Michael Carlinsky, the managing partner of Quinn Emanuel's New York office, said in a statement.
"Documentary evidence shared in response to Ms. Ganieva's allegations demonstrates beyond doubt she had a years-long consensual relationship with Mr. Black," added Carlinsky. "Her allegations about Jeffrey Epstein were thrown into her most recent complaint in an obvious attempt to divert attention away from the actual evidence showing her claims to be complete fiction."
Ganieva has alleged Black and Epstein were 'best friends'
Ganieva previously accused Black of flying her to Epstein's mansion in Florida in 2008 without her consent and pressuring her to have a threesome with them, which she said she refused. Black has called this a "fabricated story" contradicted by flight records.
In a court filing in May, Ganieva alleged that an unnamed woman, whom she characterized as a victim of Epstein's, also experienced abuse from Black. This woman is not a plaintiff in the lawsuit.
Ganieva added other allegations about Black's friendship with Epstein, pointing to a phone message that came up as evidence in suits against Epstein and his associate Ghislaine Maxwell, who was convicted in December for her role in enabling Epstein.
A copy of the 2005 message, included in Ganieva's latest filing, showed that a woman had called for a "Leon" at Epstein's house and left her number. Ganieva said that it showed Epstein and Black were so close that Epstein's housekeeper "considered it part of her daily duties" to take messages for Black.
Ganieva has described her relationship with Black as one marked by intimidation and control and characterized Black's favors for her as a technique to keep her tethered to him. Black has denied this in past filings, saying: "Ganieva consistently professed her love and appreciation for Mr. Black, while regularly extracting millions of dollars from him in money, gifts, rent, furniture, tuition, vacations — the list goes on."
Ganieva has also said Black misled Apollo's investors, as well as attorneys at Dechert who conducted an internal investigation in 2020 into the nature of his decades-long friendship with Epstein. The Dechert investigation was commissioned by Apollo's board. Apollo is not involved in the lawsuits, and a representative for the company declined to comment for this story.
Ganieva's lawyers want to revisit the Dechert investigation into Black's relationship with Epstein
Ganieva's lawyers are hoping to use her lawsuit as a way to revisit Dechert's investigation, which they alleged missed critical information about Black's ties to Epstein.
The investigation acknowledged that Black and Epstein had been friends for a long time and that they maintained a professional relationship. But Dechert concluded that beyond paying him a cumulative $158 million for advice on taxes and other issues, Black was not aware of or involved in any criminal conduct involving Epstein.
Ganieva's lawyers at Wigdor LLP have issued subpoenas to Teterboro Airport in New Jersey, seeking documents including flight logs and manifests documenting any trips by Black to visit Epstein, particularly in 2008. The firm has also subpoenaed Andrew Levander, a Dechert partner who led the investigation, and Black's attorney Brad Karp, the chair of Paul, Weiss, Rifkind, Wharton & Garrison.
Wigdor's subpoena to Levander asks for detailed information about Dechert's internal investigation, including whom the firm interviewed and what they told the firm, documents pertaining to Black's visits with Epstein, and several other documents pertaining to Black's financial and personal relationship with Epstein.
Dechert said in its report that it interviewed "more than 20 witnesses" in its investigation, including Black, Apollo's cofounders, current and former employees, and Black's attorneys. Apollo's board didn't limit the scope of the law firm's investigation, Dechert said.
In his own lawsuit against Ganieva in New York federal court, Black has accused Ganieva and former business associates of conspiring to damage his reputation by bringing scandalous allegations, which they have denied. Black has also invoked the Dechert investigation to argue that the firm's detailed inquiry had cleared him of wrongdoing.
He has said that he "cooperated fully" with the firm's investigation and that Apollo spent millions "to ensure the investigation's thoroughness and rigor."
Black's lawyer Carlinsky said in his statement that the "Dechert Report, following an exhaustive investigation by one of the most reputable lawyers and law firms in the U.S., completely discredits her allegations."
But Ganieva's attorneys have questioned the investigation's scope.
"I would want to know if they spoke to anybody from Epstein's direct circle," Wigdor partner Jeanne Christensen told Insider, referring to Dechert. "If they didn't, I think it's significant — that they weren't really finding out how much contact Black had with Epstein outside of this alleged working on trust and tax issues. What, if anything else, was he involved in?"
None of the parties Wigdor has issued subpoenas to has shared responses, Christensen said.
More: Leon Black Apollo Global Management Lawsuits | 2022-05-12T13:26:20Z | www.businessinsider.com | Leon Black's Assault Accuser Is Citing His Friendship With Epstein | https://www.businessinsider.com/leon-black-assault-accuser-dragging-in-his-friendship-with-epstein-2022-5 | https://www.businessinsider.com/leon-black-assault-accuser-dragging-in-his-friendship-with-epstein-2022-5 |
Uber's founding engineer Conrad Whelan just came out of early retirement to join crypto startup Nillion. Here's why he's betting on the 40 person team working in stealth to improve Web 3.0 computations by "horcruxing" data.
Nillion's chief technology officer, Conrad Whelan
Jakob Voges, photographer
Uber's founding engineer and one of the company's first hires Conrad Whelan is exiting early retirement for crypto.
Whelan is joining the 40 person crypto startup Nillion as chief technology officer.
Nillion aims to improve decentralized computations by "horcruxing" data.
Exiting the traditional worlds of finance, technology and marketing to try and find riches in crypto is now becoming the rule rather than the exception.
But coming out of early retirement, after finding success with building a $45 billion technology company, to join an unknown crypto startup is definitely the exception, especially for a crypto skeptic.
"I read the bitcoin paper back in 2011 and I thought it was a cool, interesting idea," Conrad Whelan said. "I think when I looked into it I was never really doubtful of the actual technology platform, but for me the currency part never really felt to me like a killer app."
Whelan entered early retirement in 2016 after playing a founding role in the development of ridesharing application Uber. He was the platform's first engineer and is credited with building the company's early sign-up flows and dispatch algorithm.
Having spent a significant amount of time working on high performance computing, the crypto world was like a parallel universe to Whelan, who found blockchains to be very inefficient.
"It was a little bit counter to all the ways I had been working throughout my career and the things I'd been doing," Whelan said. "So I think that's where some of the doubts had come in."
After leaving Uber, Whelan chose to focus on advising and investing in technology startups rather than continuing with software development.
"I didn't really see anything that was super compelling come around in front of my plate," Whelan said.
That changed when he advised on crypto startup Nillion's whitepaper. It kickstarted a three month due diligence process resulting in him joining as its chief technology officer.
"It's funny, it's the exact same thing I did with Uber," Whelan said. " … I did it on a three-month contract with the intent of checking it out and maybe get a more sciency, or a harder tech job. But again, I saw the potential of that product."
"I pretty much signed on right away after the three months, with Nillion it was the same thing," he added.
A different type of decentralized network
Nillion is a crypto startup that aims to solve the problem of efficiently and securely running computations on data at scale through decentralization.
"I always describe it as a distributed data platform with the key idea being that the more nodes added to the platform and those nodes being owned by different people, the greater security guarantees are possible on the data," Whelan said.
Nillion been quietly operating since last June and currently has a team of 40.
The leadership team at Nillion have played founding roles in Hedera Hashgraph, an enterprise grade public network that uses a distributed ledger technology known as hashgraph and Reserve, a provider of stablecoins backed by a basket of cryptocurrencies.
"We've been bootstrapping from an expense perspective because most of the founders have had previous exits," Alex Page, Nillion's CEO, said. "We don't need to go out and raise a seed round to fund the initial development that we've been doing."
Despite having not started fundraising yet, the team is still receiving inbounds from funds, said Andrew Yeoh, Nillion's chief marketing officer. Talks at university campuses, such as Cambridge University and Columbia University, are helping Nillion build momentum.
"The founding team really helps as well," Yeoh said. "We have some pretty interesting people on it. And so I would say all of these conversations are just preliminary conversations, because we haven't kicked off a round yet."
One of those impressive individuals is Nillion's chief scientific officer Miguel de Vega, who has a PH.D. in machine learning. He spent a number of years as an IT consultant at companies like Nokia and Siemens working on networking projects and has authored 27 patents.
Since 2017, Vega's worked on Nil Message Compute (NMC), which is known as Nillion technology.
"Horcruxing private data"
Nillion's technology offers a new way to store and run computations on data in a decentralized manner. The solution opens the door for companies to work with more sensitive data, such as private keys, passwords and eventually even medical records for scientific studies, in a Web 3.0 environment.
The network works by splitting data into hundreds of different pieces with each piece of data being sent to a different node on the network. Yeoh refers to this process as "horcruxing" data, which refers to a term from Harry Potter where a witch or wizard could hide their soul by splitting in parts into multiple objects.
This approach enables the network to reach a level known as "Information-Theoretic Security", Yeoh said. It's one of the safest ways to store data because an attacker wouldn't have enough information to uncover the data underneath, he added.
It's a move away from using encryption to secure data, which is increasingly becoming prone to attacks as computing power improves, Yeoh said.
Nillion builds on an existing technology known as Secure Multi-Party Computation (SMPC). It also reached the ITS security level but struggled with performance issues.
Nillion's technology enables computations to be completed at commercial speeds by combining SMPC with blockchain concepts, according to the whitepaper.
Whelan sees the most potential for Nillion technology with medical research where the technology stack would enable individuals to keep their data private but also share components of the dataset in a collaborative and safe way for scientific research.
"We don't want everything to be private," Yeoh said. " … You want it to be a choice, a feature, right?"
"If we want crypto to mature, there will be a point where everyday people like my mom or my sister they'll use things like Web 3.0, but I think some things are assumed that they want the feature of privacy," he added.
When can this be achieved ?
The team already has a working prototype of the technology, Whelan said. The next stages are testing features internally and finding some initial development partners to try the Nillion product in the next few months, he added.
"I really would love it if we could have our testnet out by the end of this year," Whelan said.
"Then into next year pushing really hard to get certain fixed core functions onto our mainnet, and then eventually exposing new functionality as we go," he added.
The hiring of Whelan comes amid significant volatility in the crypto market following the Federal Reserve's decision to hike interest rates. In the space of five days, bitcoin (BTC) fell by 21%, while volatile alt-coins like cardano (ADA) have dropped by 45%.
The broader market environment is also feeling the pain as interest rates rise. Big tech firms like Uber and Facebook have implemented hiring freezes while some startups have made sweeping layoffs.
"It doesn't concern me because, from my perspective, I'm joining an NMC company, we're using amazing math to build a new type of network," Whelan said. "We're going to take some of the innovations of the blockchain world to enable a new payment model for this type of network."
"There's an analogy here to the internet stocks and what happened in the late 90s," he added. "There are obviously problems within the marketplace. But there were still generational amazing companies that were founded in those times. So I'm not scared at all."
More: Investing crypto crypto startups
nillion
blockchain companies
Conrad Whelan
Stealth startups
blockchain data | 2022-05-12T13:26:26Z | www.businessinsider.com | Why Uber's Founding Engineer Is Exiting Retirement for Crypto Startup | https://www.businessinsider.com/uber-founding-engineer-conrad-whelan-crypto-startup-nillion-decentralized-computing-2022-5 | https://www.businessinsider.com/uber-founding-engineer-conrad-whelan-crypto-startup-nillion-decentralized-computing-2022-5 |
A Penn Jersey Food Mart station in Pennsylvania on March 6, 2022.
Crude oil prices are on the downtrend, yet gasoline in the US is the most expensive it's ever been.
The split has to do with the "crack spread," or how much refiners charge to process oil into gas.
The spread currently sits at a record high as massive demand crashes into weakened refining capacity.
Oil prices are falling but refueling your car has never been pricier. Blame the "crack spread," the latest supply-chain hurdle to exacerbate US inflation.
For a few weeks, it looked as though Americans were getting some relief. Crude oil prices eased as countries released millions of barrels from their strategic reserves. Gasoline prices fell in kind, with the average nationwide price per gallon falling to $4.06 in mid-April after hitting a record $4.32 the month prior.
The cooldown was short-lived. Gas prices quickly rebounded through late April and early May. The nationwide average price for a gallon of gas touched an all-time high of $4.40 on Wednesday.
The cause, however, hasn't been a similar rally in crude prices, which are down about 15% since the early-March peak. Instead, oil refiners are now the bottleneck in the energy market, and they're reaping record profits in the meantime.
While the prices of crude oil and gas typically move in tandem, they're not directly linked. Crude must be processed by oil refineries before it becomes the gas, diesel, and jet-fuel used for travel. The refining process comes at a cost, and that cost is known as the crack spread. "Crack" describes the process of breaking crude oil down into key components, and "spread" harks to the price difference between crude oil bought by refiners and the final products sold by them.
The crack spread has long been an extra burden shouldered by consumers, but the size of that burden has surged in recent weeks. The margin hit a record of nearly $55 per barrel of gasoline last week, Bloomberg reported Monday. By comparison, the crack spread averaged about $10.50 per barrel from 1985 to 2021, and only rarely rose above $20 when refiners were swamped with demand. The new high effectively means gasoline costs about $155 per barrel, well above the $100-per-barrel that West Texas Intermediate crude currently trades for.
Current crack spreads are even higher for diesel and other crude products. That can affect consumers through other costs like plane tickets and shipping rates.
The reasoning behind such large spreads is, ironically, largely to do with the rebound in crude supply. The global release of crude oil from countries' strategic reserves have helped ease the supply-demand imbalance that plagued energy markets in early 2022. Yet only a small fraction of the release was of refined products, and that only took place in Europe. The rest of the world is desperate for gasoline and other petroleum products, not the crude released by the US and its allies.
The release has also created a new supply-chain bottleneck. Refiners are working at full tilt to process crude into final products, but overall refining capacity has been on the decline since the start of the pandemic. The onset of virus-related lockdowns forced many plants to shut their doors, and that's left the industry unable to service the boom in demand for crude processing. Total US refinery capacity is currently the second-lowest its been since late 2014, according to the Energy Information Administration.
The European Union faces an even tougher dilemma as crude supplies there remain tighter than in the US. The bloc was heavily reliant upon Russian crude before the country's invasion of Ukraine, and members have since moved to block the use of Kremlin-sourced energy commodities. That leaves the EU with both diminished gas supply and the need to find crude oil elsewhere.
Cooling demand could solve the imbalance, but that's unlikely to happen. The coming summer months tend to see increased travel activity, meaning demand for gas, diesel, and jet fuel will all likely climb. COVID-19 cases also remain relatively low in the US, meaning there likely won't be another round of lockdowns and related drop in travel activity.
Bolstered refining capacity, then, is the sustainable path to lowering prices at the pump. But reopening facilities will take some time, meaning Americans could be in for many more headlines of new gas-price records.
More: Economy Gas Prices Crack Spread energy market | 2022-05-12T13:26:38Z | www.businessinsider.com | Here's Why Gas Is More Expensive Than Ever Despite Falling Oil Prices | https://www.businessinsider.com/why-gas-prices-so-high-crude-oil-market-crack-spreads-2022-5 | https://www.businessinsider.com/why-gas-prices-so-high-crude-oil-market-crack-spreads-2022-5 |
Charles Hand at the Capitol riot in Washington D.C, on January 6, 2021.
A January 6 defendant asked a court if he could have some of his confiscated guns returned to him.
Lawyers for Charles Hand said he needs a gun to protect himself from wildlife, court documents show.
Hand had to kill a snake on his property with a shovel since he didn't have a gun, documents say.
A January 6 defendant asked a court if he could have two of his confiscated guns back so he can kill snakes on his property, court documents seen by Insider show.
Lawyers for Charles Hand, of Butler, Georgia, made the request to the US District Court for the District of Columbia earlier this week, arguing that Hand needs "the protection of one or both firearms for his daily activities in the backcountry of rural Georgia."
The request cites an incident in Hand's backyard, where he encountered a snake and killed it with a shovel.
"Hand claims to need a firearm, in part, because he recently killed a Water Moccasin snake on his property with a shovel since no firearm was available," prosecutors wrote in another memo, seen by Insider.
Water moccasins, formally known as Cottonmouths, are venomous.
Hand and his wife, Mandy Robinson-Hand, were both charged with the same four misdemeanors after they were spotted amid a crowd of rioters fighting with a line of Metro DC Police on January 6, 2020.
They did not have any firearms on them at the time, although Hand had broken off a piece of metal fencing and placed it into the back pocket of his jeans, a criminal complaint said.
In March, Hand had his guns taken away from his home after a request from prosecutors to restrict his firearms possession was granted by a judge.
In the documents, Hand is asking for two guns: a single-shot .410 shotgun kept inside his work shed, and a .45 revolver kept inside his vehicle console.
Robinson-Hand did not immediately respond to Insider's request for comment on her husband's behalf.
More than 820 people have been arrested so far in connection with the attack, and more than 250 have pleaded guilty.
More: News UK Capitol Siege january 6 | 2022-05-12T14:23:15Z | www.businessinsider.com | Capitol Riot Defendant Asks for Guns Back to Kill Snakes on Property | https://www.businessinsider.com/jan-6-defendant-asks-guns-back-kill-snakes-on-property-2022-5 | https://www.businessinsider.com/jan-6-defendant-asks-guns-back-kill-snakes-on-property-2022-5 |
Rep. Cori Bush, D-Mo.
Democratic Rep. Cori Bush called out Biden for his reluctance to publicly say the word "abortion."
"I do think that he should say it more," the Missouri congresswoman told HuffPost.
Since becoming president in January 2021, Biden has rarely said the word "abortion" in public.
Democratic Rep. Cori Bush called out President Joe Biden for his reluctance to publicly say the word "abortion" during his time in office.
"I do think that he should say it more," the Missouri congresswoman said in an interview with HuffPost that was published on Wednesday.
"People are looking to what the president does," said Bush, who previously revealed that she got an abortion as a teen after being raped.
She added: "A lot of times that holds more weight than what people are hearing come out of Congress. Because folks may not always know their Congress member's name. ... But everybody knows who their president is."
Since becoming president in January 2021, Biden has barely said the word "abortion" in public speaking engagements, sparking criticism from abortion rights advocates.
Biden has used the word "abortion" in some written statements, as well as two tweets, but in public remarks, he has strayed away from the word and instead opted for phrases like "access to health care" and "protecting the rights of women," CNN has previously reported.
In two separate January 2021 and January 2022 statements by Biden and Vice President Kamala Harris on the 48th and 49th anniversaries of Roe v. Wade, the landmark US ruling that granted women the constitutional right to an abortion, the word "abortion" was notably omitted.
Earlier this month, Biden put out a statement that included the word "abortion" in response to the leaked draft opinion that shows the US Supreme Court is poised to overturn the 1973 Roe v. Wade decision.
Biden publicly said the word "abortion" out loud for the first time in his presidency last week while speaking to reporters, HuffPost reported.
More: Speed desk Breaking Biden Abortion | 2022-05-12T14:23:27Z | www.businessinsider.com | Rep. Cori Bush Calls Out Biden, Says He Should Say 'Abortion' More | https://www.businessinsider.com/rep-cori-bush-calls-out-biden-lack-of-saying-abortion-2022-5 | https://www.businessinsider.com/rep-cori-bush-calls-out-biden-lack-of-saying-abortion-2022-5 |
Government blames 'security challenges' for delay in publishing Lord Lebedev security advice
Evgeny Lebedev and Boris Johnson in 2009 while Johnson was Mayor of London.
The government has failed to publish advice given to Boris Johnson about Lord Lebedev, citing "security challenges".
MPs voted for the security services' advice to be released by April 28, but the advice is still under lock and key.
Mark Spencer, the Commons Leader, insisted they would "not have very long to wait."
The UK government has delayed publishing the advice Boris Johnson received from security services before handing a peerage to Evgeny Lebedev, citing "security challenges".
Labour's binding motion on the government to publish the documents by April 28 was passed after government efforts to whip the Tory benches were scrapped at the last minute, amid widespread resistance to the move.
—Cat Neilan (@CatNeilan) March 29, 2022
The Commons vote drew criticism from Lord Lebedev himself, who attacked Labour for deciding to "debate me based on no facts and pure innuendo." Lebedev also tweeted that shadow minister Matt Western should "either provide some evidence for this nonsense he speaks, or keep his mouth shut."
But despite the deadline being passed two weeks ago, the documents remain unpublished.
Challenged as to why by Labour's Thangham Debbonaire, Commons Leader Mark Spencer said "security challenges" had delayed the process.
"I think I can share with the House that there are a number of security challenges in that information, which have been gone through in great detail," the minister told the Commons.
It would be published "very soon," he added, saying MPs would "not have very long to wait."
Lebedev's role has come under the spotlight in recent weeks, after the Sunday Times revealed Johnson – a long-time friend of the proprietor of the Evening Standard and i newspapers – had intervened after officials raised security concerns about Lebedev's peerage.
Separately, Insider revealed that Lebedev had never contributed to a debate in the House of Lords aside from his maiden speech, and was attending the premises for the minimum required to avoid automatic suspension.
More: Boris Johnson Evgeny Lebedev | 2022-05-12T14:23:33Z | www.businessinsider.com | 'Security Challenges' Delay Release of Lebedev Advice, Minister Says | https://www.businessinsider.com/security-challenges-delay-release-of-lebedev-advice-minister-says-2022-5 | https://www.businessinsider.com/security-challenges-delay-release-of-lebedev-advice-minister-says-2022-5 |
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