text
stringlengths 237
126k
| date_download
stringdate 2022-01-01 00:32:20
2023-01-01 00:02:37
⌀ | source_domain
stringclasses 60
values | title
stringlengths 4
31.5k
⌀ | url
stringlengths 24
617
⌀ | id
stringlengths 24
617
⌀ |
|---|---|---|---|---|---|
Top of the morning, readers. Phil Rosen here, reporting from the Big Apple.
Of course I couldn't miss hump day — especially when the US has just seen three weeks straight (!) that gas prices have fallen.
Let's see what's crackin'.
A gas station near San Francisco, California in May 2022.
1. Gas prices have fallen for 21 days straight, even amid ongoing war in Ukraine and peak summer driving season. That's good for the longest streak of declines since April 2020, when the pandemic first hit.
The current average for a gallon of gas in the US is $4.80, even though some cities in California were paying nearly $7 just a few weeks ago.
Let's think back to Econ 101: Prices are falling, in part, because they've gotten so high that demand may be waning. Consumption for gasoline hit its lowest point for this time of year since 2014, excluding the pandemic months.
At the same time, stockpiles of oil have increased by over 4 million barrels during the last two weeks, even though those figures usually move in the opposite direction during summer.
Changes in supply and demand are also pulling oil prices down. Crude dipped below $100 a barrel Tuesday, shedding nearly 9% as Citibank warned prices could hit as low as $65 thanks to weak demand.
Recession fears, too, are sending ripples across energy markets and creating headwinds for prices.
And all this, of course, likely comes as a relief for President Joe Biden, who of late has been scrambling to speak lower prices at the pump into existence.
REUTERS/Fred Prouser
2. US futures slipped Wednesday morning as recession fears grip markets. Stocks in Europe, meanwhile, rebounded after falling sharply Tuesday. Investors are awaiting the latest employment data, set to release on Friday, which will provide a fresh snapshot of the economy. Take a look at your morning wrap.
3. On the docket: American Eagle Outfitters, Alibaba Group Holding Limited, Autodesk, and 23andMe, all reporting. Plus, keep an eye out for today's release of Fed minutes from the central bank at 2 p.m. ET.
4. This batch of stocks share key factors that will help them outperform during a recession or economic slump. Bank of America's Jim Carey Hall broke down which companies should fare best, based on their market history. See his top seven picks here.
5. A recession could crater the S&P 500 by more than 20% and send it to 3,000. Morgan Stanley's Mike Wilson said the downturn is already worse than expected, and more pain could be coming. In his view, the bear market is not complete.
6. Markets have plunged in 2022 but Mohamed El-Erian said there are three positive outcomes of the brutal downturn. The top economist's comments come as inflation continues to run hot and stocks are capping off their worst first half to a year in decades: "The promise now is one of a more sustainable destination."
7. BlackRock warned commodity prices will remain "structurally higher" for decades. The firm explained that declining oil investments fail to keep pace with surging demand, and that clean energy options will struggle to match fossil-fuel generated power. Here's what you want to know.
8. The housing market is facing an "untenable frenzy." That's according to a real estate appraisal consultant. He broke down why summer 2023 could be the best time to buy — and signs to watch out for in the market.
9. The chief strategist at a $1.5 billion hedge fund said we're in a commodity super cycle right now. He shared three ETFs that investors should buy into right now so they don't miss out on another opportunity, and explained which three geopolitical factors to bet on.
10. US oil prices slipped below a key level this week after soaring all year. As we mentioned, crude prices dipped below $100 — and the world's biggest oil trader said the soaring prices had already caused demand destruction.
Edited by Max Adams (@maxradams) in New York.
More: Newsletter 10 things opening bell Markets Gas
|
2022-07-06T12:34:38Z
|
www.businessinsider.com
|
Gas and Crude Prices Are Falling. Here's What to Know.
|
https://www.businessinsider.com/gas-crude-prices-falling-what-to-know-2022-7
|
https://www.businessinsider.com/gas-crude-prices-falling-what-to-know-2022-7
|
A photo shared on Twitter showed blocks of white cheddar cheese from Aldi's Essentials range with security tags on.
Courtesy of Tam Herrington
A photo shared on Twitter appears to show a UK Aldi store using security tags on blocks of cheese.
Other items spotted at supermarkets with security tags on include butter, chocolate, and toothpaste.
This comes amid a period of surging inflation, which is believed to spark an increase in retail theft.
Discount retailer Aldi appears to be putting security tags on blocks of cheese to deter theft at a store in the Midlands region of England.
A photo shared on Twitter showed blocks of white cheddar cheese from Aldi's Essentials range with tags on, which the user said was taken at a store in Wolverhampton, just north of Birmingham.
—Tam (@Celeste_Tam42) July 5, 2022
The cheese was priced at £3.99 ($4.76) for a 900 gram (32 ounce) block. Insider was unable to independently verify the use of the security tags and Aldi did not immediately respond to Insider's request for comment.
Another Twitter user posted an image of £6 ($7.14) tubs of Lurpak butter with security stickers on at an Asda store in Elswick, Newcastle.
"Asda hasn't started tagging this product as a rule, individual stores may add tags to products they may have noticed have been going missing," an Asda spokesperson told Insider. "We've no data to suggest it's being stolen more than anything else or more than it has been in the past."
"We're certainly not looking at this as any kind of change in customer behavior or a side effect of inflation, a single store has probably had some of this product stolen recently and has decided to place tags on the rest to ensure they don't also get stolen," the spokesperson added.
One Sainsbury's that Insider visited in London had security stickers on a wide range of items. These included many medical, healthcare, and beauty products, such as hay fever tablets, disposable face masks, plasters, mouthwash, hair wax, and toothpaste, as well as bars of Cadburys and Lindt chocolate.
"To maintain great prices, these products have been protected with a security device," one sign in the store said. Sainsbury's didn't immediately respond to Insider's request for comment.
—Charlie Bennett (@CharIieBennett) July 5, 2022
It is normal for higher-value items, including alcohol, video games, meat, and batteries, to come with security tags or cases on. But it is rare for them to be used for everyday products.
This comes amid a period of surging inflation, which is believed to spark an increase in retail theft. One store manager told UK industry publication The Grocer that more shoplifters were targeting low-price, everyday items, while another said an elderly customer had tried to steal shampoo and washing powder.
The price of food and non-alcoholic beverages rose by 8.7% in the year to May 2022, according to the UK's Office for National Statistics – and increased by 1.5% between April and May alone.
More: Aldi cheeses Cheese Retail
|
2022-07-06T14:05:44Z
|
www.businessinsider.com
|
Aldi Store Appears to Put Security Tags on $4.80 Blocks of Cheese
|
https://www.businessinsider.com/aldi-store-security-tags-cheese-inflation-retail-theft-shop-uk-2022-7
|
https://www.businessinsider.com/aldi-store-security-tags-cheese-inflation-retail-theft-shop-uk-2022-7
|
TikTok / @travel.w.lex
High gas prices have some Americans reconsidering their summer road trip plans.
In a viral TikTok, Lexi Laube recorded the cost of her 54-hour road trip from Minneapolis to Colorado.
She told Insider she balanced out her $750 gas bill by carpooling, camping, and packing groceries.
Record-breaking gas prices across the US haven't killed the summer road trip. At least not for 22-year-old Lexi Laube, a part-time barista and content creator from Minneapolis.
While inflation has forced some Americans to reconsider their summer travel plans, Laube set out on a week-long road trip in early June to visit national parks in Colorado and Utah with her younger brother and friend.
When they returned, she posted a TikTok breaking down the total cost of the trip. It currently has 158,000 views and 18,000 likes.
"In college, I wanted to travel a lot more than I could afford to, so I just learned how to travel cheap," Laube said in an interview with Insider. "I didn't know there would be this much interest in it."
Laube, who shares cheap travel tips with her 423,000 followers on the video-sharing app, grew up going on road trips with her mother. She said the no-frills trips helped inspire her to push back on the idea that traveling is only for the wealthy.
"I still think road tripping in many ways is cheaper than flying somewhere," she said. "Especially if you're trying to travel really cheap ... if you want, you can tent out or stay in your car."
How much money they spent during a week-long road trip
"It's really not as expensive as it seems," Laube told Insider. "The gas does add up though if you're by yourself."
Courtesy of Lexi Laube
Before hitting the road, Laube knew she wanted to keep the trip under $400 each and that gas would be the biggest expense by far.
In order to put a limit on how many miles the trio could afford to drive, she estimated that her friend's car could drive 350 miles for every $50 spent on gas. For food, Laube said they packed a cooler full of groceries and only ate out at restaurants twice.
They were able to save the most money by camping out or sleeping in the car at night, Laub told Insider. She found most of the campsites through the app FreeRoam.
"I definitely think the key is traveling with other people," she added. "This wouldn't have been nearly as doable if I wasn't in a group."
Here's the breakdown of Laube's personal expenses totaling $371.66, according to iPhone notes and bank account screenshots shared with Insider.
@travel.w.lex
54 hours of driving & a week long trip 🥰 follow for cheap travel tips! :)
♬ original sound - carlykrupp
Day 1 & 2: Overnight drive from Minneapolis to Great Sand Dunes and Zapata Falls in Colorado
Groceries: $14
Dining out: $24
Day 3 & 4: Drive three hours to Garden of the Gods and six hours to Arches National Park
Dining out: $9
Park entrance fees: $10 per person
Day 5: Drive five hours to Zion National Park
Food and coffee: $9 each
Park entrance fees: $35 per car ($11.66 per person)
Parking: $10 per person
Day 6: Drive 16 hours to Badlands National Park
Gas: $100
Day 7: Drive 7 hours back to Minneapolis
Total: average of $360 per person
More: Road Trip TikTok Gas Gas Prices
|
2022-07-06T14:05:50Z
|
www.businessinsider.com
|
TikToker Breaks Down Gas, Food Costs of Her 54-Hour Road Trip
|
https://www.businessinsider.com/gas-costs-food-prices-for-cheap-road-trip-viral-tiktok-2022-7
|
https://www.businessinsider.com/gas-costs-food-prices-for-cheap-road-trip-viral-tiktok-2022-7
|
Genomics giant Illumina is looking beyond the sequencing box. But investors aren't sold on CEO Francis deSouza's 'legacy-defining' $8 billion gamble.
Illumina's CEO Francis deSouza.
Illumina's CEO, Francis deSouza, is moving the gene-sequencing giant into drugs and diagnostics.
The $30 billion company wants to make the 21st century the era of genetics, deSouza told Insider.
But investors aren't convinced about deSouza's recent "legacy-defining" $8 billion acquisition.
SAN DIEGO — In the cafeteria of a corporate headquarters that boasts a koi pond, soccer fields, and an amphitheater, one imposing wall reveals exactly where you are.
"Innovation is in our DNA," shiny silver lettering announces, followed by row after row of black-and-silver plaques. Illumina's employees eating lunch can look up to the lines of plaques, each representing a patent owned by the life-sciences powerhouse that calls this six-building, 43-acre San Diego campus home.
The 300-plus plaques don't come close to covering all of Illumina's intellectual property, which eclipses 1,000 issued US patents. Still, the patent wall is an unmistakable reminder of the company's dominance in sequencing the genetic code — the A's, C's, G's, and T's — that comprises human life. Illumina's sequencing machines have made the company a genetics leader — it posted $4.5 billion in revenue in 2021 and has more than 9,000 employees.
Illumina showcases its intellectual property with a patent wall in its San Diego headquarters.
Despite a profitable and growing business, Illumina is standing on a precipice. Its stock is down 60% over the past 12 months, new sequencing competitors are making headlines, and investors are looking at how Illumina will respond.
The company's CEO, Francis deSouza, and other top executives sat down with Insider at the San Diego headquarters to outline the company's future strategy. The company is venturing deeper into integrating genetics with diagnostics and drug discovery, hoping to become a leader in what deSouza calls the genome's era.
"From a consumer's perspective, your genome will be the foundational element of your health record," said deSouza, a bespectacled 51-year-old former software and telecom executive. "It won't be your blood pressure and your temperature; it will be your genome that lays out the disease you have predispositions for, your screening schedule, which therapeutics will be most effective, and which therapeutics you should avoid."
Illumina plans to spin off new biotechs to diagnose and treat disease
Joydeep Goswami, Illumina's interim chief financial officer and chief strategy and corporate development officer.
Over the past few months, Illumina has announced several deals, increasing its involvement in drug research by working with Big Pharmas, academic groups, and life-sciences investors.
In January, Illumina signed a deal with Nashville Biosciences, a subsidiary of Vanderbilt University Medical Center. Illumina's labs will analyze DNA samples from Vanderbilt, and the two partners will then look to work with drug companies to develop therapies from their findings.
In April, Illumina announced a deal with Johnson & Johnson's Janssen to find new genetic drug targets and develop tests that can match patients to specific therapies.
And most recently in May, the company partnered with Deerfield Management, a major biotech investor, to launch new biotechs. The two will focus on 30 undisclosed diseases, with Illumina identifying promising genes to target. Deerfield's own scientific team will design drugs that affect those genes.
Joydeep Goswami, Illumina's chief strategy and corporate development officer, told Insider the partnership should yield several genetic targets in the next six months. Successful drug programs will spin off into independent companies.
"We are not in the business of developing drugs ourselves, and we won't be," deSouza said. "Our approach is to bring everybody along and enable as many players as possible."
It's a risky bid.
Broadly, Illumina has succeeded at selling tools. It's largely left the job of using sequencing to create drugs or tests to its customers. Entering areas like diagnostics and drug research are different businesses that require different approaches, Puneet Souda, an analyst at SVB Leerink, said in an interview, and investors are hesitant to assign credit to the plan unless it shows success.
"Illumina doesn't have the track record of having a leading, dominant position in the diagnostic market," Souda said. "That's something they have to prove."
An acquisition gamble is likely to make or break deSouza's tenure
Illumina's sprawling campus covers more than 40 acres.
DeSouza's most dramatic bet has polarized investors. In September 2020, Illumina announced an agreement to acquire the cancer-blood-test developer Grail at an $8 billion valuation. Grail originally spun out of Illumina in 2016, allowing the biotech to run independently without dipping into Illumina's profits.
Many investors are skeptical, particularly as antitrust regulators are scrutinizing the deal and competition in blood testing keeps heating up. The past year has been brutal for Illumina's stock, as shares have fallen more than 60% with the business losing $50 billion in market value since the acquisition was completed in August 2021, despite ongoing antitrust probes.
"It's a fork in the road with what happens with Grail," Simon Barnett, a genomics analyst for Ark Investment Management, told Insider. "There may have been some pressure to make a big, bold move and a statement that would be legacy-defining. Grail was it."
Illumina's execs have told investors that it can make Grail's cancer test available to patients faster. Illumina will get a spot in the cancer-screening market, which is worth more than $50 billion, Souda said. Grail's test will also generate tons of genomic data that Illumina will own and could lead to breakthroughs in the fight against other diseases.
"These data sets, as you generate them, you find new things," Alex Aravanis, Illumina's chief technology officer, told Insider. "We know on the kind of scale of data that Grail is generating that there will be other discoveries that could be useful for neurologic diseases like Alzheimer's or Parkinson's."
DeSouza's legacy increasingly appears to hinge on the success of the Grail deal.
Companies are typically careful to not upset regulators, waiting to close deals when regulators give the OK. Instead, European regulators are now investigating Illumina's decision to close, with the potential to fine the company up to 10% of its revenue, which could be as much as $500 million. A court is set to rule on July 13 whether or not European regulators can review the Grail deal, as Illumina argues Grail has no business presence in the European Union. US regulators have also objected to the deal, with the Federal Trade Commission and Illumina battling in a pending court case.
Barnett is not a fan of the acquisition from a financial and strategic perspective. These concerns contributed to Ark selling off its Illumina shares in late 2020, which were worth more than $300 million. The sell-off was an about-face for Ark, whose CEO, Cathie Wood, called Illumina "the bedrock of the genomic revolution" in 2016.
Now, Barnett said he hopes the deal will fall apart. If the Grail acquisition falters, deSouza, entering his seventh year as CEO next month, could be on the hot seat, particularly after scrapping a previous proposed acquisition of rival Pacific Biosciences in 2020 because of antitrust concerns.
"Unfortunately, I think what's best for the company and the stock is something that would not be best for Francis personally," Barnett said.
Investors are also concerned about the deal's hit to Illumina's finances. Beyond the $8 billion valuation, which Barnett called "pretty egregious," Grail is burning through cash and expected to bring in just $70 million to $90 million in 2022 revenue. Illumina's net income for the first three months of 2022 showed the impact, dropping 41% compared to 2021.
Derik de Bruin, a Bank of America analyst, said at a May healthcare conference that many investors like Illumina's core business but won't invest because Grail "is such a black hole of costs," according to a transcript from the financial-research service Sentieo.
Acquiring Grail could also drive away key customers that compete in the cancer-testing market, Barnett said. Companies like Exact Sciences and Invitae, both of which are working on their own blood-based cancer-diagnostic tests, are top-20 customers of Illumina, but have already started to switch off its sequencing, Barnett said. In June, Exact signed a long-term deal to use Ultima Genomic's sequencing technology instead.
"Many of them don't want to subsidize their own competition, and these are big accounts," Barnett said. "There's a very real scenario where they lose half of their hyper-scale diagnostic accounts over the next few years to different competitors."
While new projects get underway, investors watch Illumina's bread and butter
A researcher in the lab at the gene-sequencing giant Illumina.
While Illumina expands into new areas, investors are closely watching the business that pays today's bills — selling sequencers. The company is facing new competitive and legal risks that threaten to hurt its bottom line.
For years, startups have tried taking on Illumina's sequencing boxes, which have proven to be an entrenched tool in the industry. Illumina's sequencers work by breaking DNA strands into short segments and then placing them back together. Analysts say there's reason to believe Illumina's market share has peaked by commanding about 90% of the market, and competitors could take away business over the next few years.
"This is the fiercest competition has ever been for Illumina," Ark's Barnett said, ticking off a list of competitors, including Pacific Biosciences, Element, Singular Genomics, BGI, and Ultima Genomics, a new startup that just unveiled a $100 sequencer program.
There's also a rare metaphorical crack in Illumia's imposing patent wall. Complete Genomics took Illumina to court, arguing the giant infringed on two of its patents, and won, with a jury ruling in May that Illumina owed Complete $334 million. Illumina is appealing the case, calling the verdict "indefensible." Vijay Kumar, an Evercore ISI analyst, said it was the first time a competitor had taken Illumina to court and won, which could change the perception of Illumina's IP strength.
Despite the challenges, Illumina's leaders say they are confident in the future and excited to grow the company's ambitions in diagnostics and drug research.
"Illumina is trying to look several years out and position itself for newer markets," Souda said. "That is ambitious, and it's going to take some time."
More: Healthcare Biotech Pharmaceutical
|
2022-07-06T14:06:02Z
|
www.businessinsider.com
|
Illumina's CEO on What's Next for the Massive Company
|
https://www.businessinsider.com/inside-the-lab-of-genomics-giant-illumina-ceo-on-whats-next-2022-6
|
https://www.businessinsider.com/inside-the-lab-of-genomics-giant-illumina-ceo-on-whats-next-2022-6
|
A RadioShack store in Manhattan, before the company went bankrupt
RadioShack's Chief Marketing Officer said he's seeing results from shitposts on the brand's Twitter.
Ábel Czupor told Input Magazone that web sales have jumped since his tweets started going viral.
According to Czupor, the company's Twitter account got 100 million impressions in three days.
RadioShack's marketing boss says the tech retailer turned cryptocurrency firm has seen a big increase in online sales after it pivoted to a provocative new style of social media posting.
Chief marketing officer Ábel Czupor told Input that sales have boomed since the company's Twitter account began "shitposting" – internet lingo for posting satirical content to get attention.
RadioShack's particular type of posting involves being "horny on main" and sending "thirst tweets" to celebrities, including singers Lizzo and Miley Cyrus.
—RadioShack 😈 (@RadioShack) June 28, 2022
"It seems to be working out," Czupor, who joined the company in April, told Input, without providing specifics of how much sales have grown. Input referred to a "huge" increase in sales at RadioShack's webstore.
"Sales have actually grown since we started upping out Twitter game over the past several weeks," the company said in an email to the Washington Post earlier in July.
According to Czupor, RadioShack's tweets got 100 million impressions in three days at the end of June.
Before joining RadioShack, Czupor worked as Marketing Director at NFT marketplace Rune Games, according to his LinkedIn profile. He didn't immediately respond to Insider's request for comment, made outside of normal working hours.
After several RadioShack tweets went viral, Czupor, who told Input he is responsible for any posts under the brand's social media handle, again riffed off of the public attention.
Following one overtly sexual tweet going viral, RadioShack's social media account joked that the tweet was sent by an intern — referring to another popular meme — saying: "No we didn't get hacked, and no I'm not fired."
RadioShack, an electronic goods brick-and-mortar company, went bankrupt in 2015 – and again in 2017 – but the name has lived on, and was relaunched in March as a cryptocurrency retailer by investors Alex Mehr and Tai Lopez.
The company still sells some gadgets on the side, maintaining around 400 stores in the US, per the Washington Post.
Companies have increasingly taken nontraditional or provocative approaches to posting on social media in recent years to build their branding.
In 2019, a provocative post on the Twitter account of Netflix : "What's something you can say during sex but also when you manage a brand Twitter account?" — prompted a slew of brands, from Absolut Vodka to Charmin toilet paper , to reply.
Another example is language learning app Duolingo, which has courted an extensive audience on TikTok by posting "unhinged content" — a strategy led by Zaria Parvez, a 24-year old global social media manager.
More: RadioShack Cryptos cryptocurrency Twitter
|
2022-07-06T14:06:26Z
|
www.businessinsider.com
|
RadioShack CMO Says Sales Jumped After Brand Started Posting Memes
|
https://www.businessinsider.com/radioshack-cmo-says-sales-jumped-after-brand-memes-2022-7
|
https://www.businessinsider.com/radioshack-cmo-says-sales-jumped-after-brand-memes-2022-7
|
U.S. President Joe Biden attends an Indo-Pacific Economic Framework for Prosperity (IPEF) launch event at Izumi Garden Gallery in Tokyo, Japan, May 23, 2022.
With Biden set to decide on student debt forgiveness soon, opponents see higher inflation as a key risk.
Republicans argue debt cancelation could boost demand and worsen price increases.
The White House might resume payments after canceling debt to counteract a possible surge in spending.
Every element of broad student-loan relief is fodder for debate, from how much to forgive to who should receive forgiveness. And right now, the impact debt cancellation could have on the economy is adding another layer to the mix.
On the campaign trail, President Joe Biden pledged to voters with federal student debt that they would see a $10,000 reduction of their balances — but it's been over two years, and millions of borrowers are still waiting for that relief. Most recent reports have suggested the president is considering $10,000 in forgiveness for borrowers making under $150,000 a year. Forgiving $10,000 per borrower would wipe out $321 billion in federal student loans, according to researchers at the Federal Reserve Bank of New York.
But with the US facing 40-year-high inflation, that potential burst of new spending power from consumers who'd instantly see their net worth jump by thousands of dollars could send the cost of common goods and services even higher. Prices soared 8.6% in the year through May, powered by an abundance of consumer demand and woefully insufficient supply.
The possible inflationary spike gives the GOP a new talking point in the debate over broad forgiveness. Forgiving hundreds of billions of dollars in debt, Republicans argue, will only boost demand and exacerbate already stifling inflation, but Democratic lawmakers have stressed the need for relief, and the economic stimulus it would bring.
The Biden administration is working on a fairly tight schedule. The freeze on student-loan payments is set to expire after August 31, and many lawmakers and advocates worry payments will resume before any broad relief is fully implemented.
For the White House, though, resuming payments after canceling some student debt might be necessary to fight rising inflation.
Those against forgiveness are also pushing for a reversal of the payment freeze, arguing that ending the pandemic-era policy could cool demand further as Americans shift their budgets back toward making those payments.
Top Republican on the House education committee Virginia Foxx has repeatedly slammed the idea of any broad student-loan forgiveness and continued payment pauses, citing the $150 billion cost to taxpayers that accompanied Biden's latest extension of the payment pause and the potential inflationary impact further relief would bring.
"Taxpayers have been footing the student loan bill for graduate students and Ivy League lawyers to the tune of $5 billion every month while their wallets are being drained by skyrocketing inflation," Foxx previously said.
The Committee for a Responsible Federal Budget — a conservative think tank — also wrote in a report that broad student-debt cancellation is a poor economic stimulus, putting $90 billion per year back into the economy while costing the US around $1.5 trillion in uncollected loan repayments.
Student-loan forgiveness 'could be good for the economy'
Still, as Insider reported, some experts think broad relief is something the government can afford to implement.
Marshall Steinbaum, an economics professor at the University of Utah, previously said the economy has been "more than fine" without student debt payments, and some members of the Biden administration see a clear benefit from moving forward with forgiveness efforts. Treasury Secretary Janet Yellen said such a move "could be good for the economy" by removing a "substantial burden" from millions of Americans' financial lives.
While it appears Biden plans to restart student-loan payments on September 1 to ease concerns over inflation, it's still unclear if even that will happen. Education Secretary Miguel Cardona recently said another extension of the pause is not off the table, and advocates argue that a continued freeze — and broad debt cancellation — could help borrowers deal with the rising prices that are draining their wallets right now.
"We strongly urge your administration not to threaten the financial security of people with student debt as a tactic to fight inflation," nearly 200 organizations, including the NAACP, recently wrote to Biden. "Instead our organizations urge you to enact robust student debt cancellation that is not means-tested and does not require an opt-in for participation and to fully implement this policy before any student-loan bill comes due."
Whether forgiveness exacerbates inflation or not, it's up to the Fed to slow the price surge. Officials have already raised interest rates at the fastest pace in nearly three decades in hopes of closing the gap between supply and demand. Chair Jerome Powell emphasized the importance of cooling inflation in a Wednesday panel hosted by the ECB, saying there's "a clock running" before faster price growth turns permanent.
Yet for all the talk of forgiveness posing new inflation risk, the central bank is steering clear of taking a side on the matter. When asked by Republican Rep. John Rose of Tennessee whether canceling student debt would worsen inflation, Powell deferred, leaving the potentially risky decision to the Biden administration and Congress.
"I'm going to leave that to CBO to score, and also the Office of Management and Budget," Powell said at the June 23 hearing. "To be independent, we need to be out of these very difficult fiscal issues, which are really your job."
More: White House Economy student loan forgiveness Student Debt
Student debt relief
Student debt forgiveness
Student debt cancellation
|
2022-07-06T14:06:57Z
|
www.businessinsider.com
|
Looming Student Debt Forgiveness Move Raises Fears of Worse Inflation
|
https://www.businessinsider.com/student-debt-forgiveness-inflation-worse-biden-white-house-payment-pause-2022-7
|
https://www.businessinsider.com/student-debt-forgiveness-inflation-worse-biden-white-house-payment-pause-2022-7
|
We got an exclusive look at the 16-slide pitch deck Celus, a deeptech startup addressing the chip shortage crisis, used to raise $25.6 million
Celus CEO Tobias Pohl.
CELUS
German startup Celus has raised $25.6 million in a round led by Earlybird Venture Capital.
Celus' platform uses machine learning to help engineers speed up the development of circuit boards.
We got an exclusive look at the 16-slide pitch deck Celus used to raise the fresh funds.
A startup that aims to speed up the development of circuit boards used in everything from electric vehicles to toothbrushes has raised €25 million ($25.6 million) in fresh funds.
German deeptech firm Celus, which was founded in 2018, has developed a machine learning platform that can cut down on the time-consuming parts of circuit board engineering. The Munich-based firm believes its tech can streamline the $142 billion electronics market.
The industry's longtime process for designing circuit boards has been a largely manual one that leans on the knowledge of engineers to pick the right components. However, the process can often lead to "very complex" and "iterative" design cycles, according to Celus.
Its cloud-based platform offers engineers access to a database of details on components from manufacturers. The platform also uses automation to accelerate designs that often involve hundreds of thousands of components.
"Engineers spend far too much time relying on their memories, or manually searching parts that might serve a certain function," said Celus CEO Tobias Pohl.
"Celus changes the game, providing engineers with the digital tools to dramatically speed up this process and automate much of the hard work."
The Series A funding round, which was led by Earlybird Venture Capital, was closed as the world grapples with an ongoing chip shortage crisis that was kickstarted by the pandemic. The chip shortage has hobbled industries as far-ranging as vehicle manufacturing to smartphones, in turn putting pressure on engineers to be more efficient with their use of electronic components.
Additional funds came from investors including DI Capital and existing backers Speedinvest and Plug and Play.
The startup also attracted investment from a number of angel investors who will form a part of its advisory board, with the likes of ex-Rolls Royce CEO Sir John Rose, Google's electronic engineering lead Paul Gogenola and TSMC board member Sir Peter Bonfield joining the lineup.
According to the firm, over 1,800 engineers currently use its technology, and it plans to add more to its user base as it eyes a rapid growth strategy in the US.
Check out the 16-slide pitch deck Celus used to raise the funds below:
More: Features Semiconductors Chip Crisis
Earlybird Venture Capital
|
2022-07-06T14:36:11Z
|
www.businessinsider.com
|
Celus: Deeptech Startup Rasies $25.6 Million in Round Led by Earlybird
|
https://www.businessinsider.com/celus-deeptech-startup-rasies-256-million-round-led-by-earlybird-2022-7
|
https://www.businessinsider.com/celus-deeptech-startup-rasies-256-million-round-led-by-earlybird-2022-7
|
Pedestrians walk past a Now Hiring sign in Arlington, Virginia, on March 16, 2022.
The US boasted 11.3 million job openings in May, according to JOLTS data published Wednesday.
That landed above the median estimate of 11 million and below the April count of 11.7 million.
The report signals the labor shortage eased as the country neared pre-crisis employment levels.
Job openings slid again through May as the US economy crept closer to a full recovery and the labor shortage seemed to ease.
The number of job openings throughout the economy fell to 11.3 million at the end of May, according to Job Openings and Labor Turnover Survey, or JOLTS, data published Wednesday morning. That landed above the median estimate of 11 million openings from economists surveyed by Bloomberg. It also marks the second month in a row of declines.
The April sum was revised to 11.7 million from 11.4 million, according to the report.
Openings fell the most at professional and business services firms, with such companies shedding 325,000 openings through May. Durable goods manufacturers followed with a decline of 138,000 openings, and nondurable goods manufacturers erased 70,000 openings.
Few sectors showed notable increases in labor demand. Openings rose by 104,000 at retailers, and hotels and restaurants notched a 73,000-opening uptick. The majority of sectors saw openings fall slightly, hinting at broad improvement in the still-healing labor market.
The monthly JOLTS survey provides economists fresh insights into the balance between available workers and labor demand. The gap between the two has come to define the labor shortage, with companies complaining about a lack of workers to fill near-record openings. Unemployed Americans, meanwhile, point to factors like child care costs, fears of catching COVID, and unattractive wages as reasons for staying on the labor market's sidelines.
The Wednesday report reveals little improvement in matching workers with jobs. The ratio of available workers to job openings held at 0.5, matching the all-time low first seen in March. That means there were two openings for every available worker in May. Such a low ratio is typically only seen far into an economic cycle, when the labor market is usually in its tightest state. The current gap signals labor force participation — Americans either working or actively seeking work — has a long way to go before worker supply matches demand.
The slight easing in the labor shortage echoes the encouraging signs from the May payrolls report. Data out in early June showed the US creating 390,000 jobs through May, exceeding economist forecasts and nearly doubling the average job growth seen before the pandemic. Payroll creation is expected to have slowed in June, but with the economy within spitting distance of matching its pre-crisis job count, the stronger-than-usual growth signals companies are still finding workers to fill openings.
More: Economy Economic Data Economic Indicators JOLTS
|
2022-07-06T14:36:17Z
|
www.businessinsider.com
|
US Job Openings Slide to 11.3 Million in May JOLTS Report
|
https://www.businessinsider.com/job-openings-jolts-may-labor-market-shortage-hiring-recovery-data-2022-7
|
https://www.businessinsider.com/job-openings-jolts-may-labor-market-shortage-hiring-recovery-data-2022-7
|
Meta shuts down Novi, its crypto wallet that was live for less than a year.
The company now plans to repurpose Novi's digital wallet technology for its push into the metaverse.
The news: Meta will retire its digital wallet Novi in September, bringing to an end its cryptocurrency project, per its website. The Big Tech firm advised users to withdraw their funds.
How we got here: Meta originally designed Novi to hold the Facebook-backed digital currency Diem (formerly known as Libra), but Meta abandoned the project after being plagued by US regulatory scrutiny.
Meta then switched gears and planned to operate Novi as a peer-to-peer payments service backed by an external stablecoin. In October, it kicked off a pilot that let users send and receive money between the US and Guatemala for free using Paxos's Pax Dollar (USDP), a stablecoin pegged to the US dollar.
What went wrong? Meta didn't provide a reason for the shutdown, but the company has started cutting back across lines of business as it braces for what CEO Mark Zuckerberg expects will be "one of the worst downturns that we've seen in recent history."
Two other factors may also have influenced Meta's decision to shutter Novi:
Former Novi head David Marcus' departure. Marcus left the company in December to start his own crypto venture. Marcus played a central role in developing Novi and the defunct Diem project. His departure may have kneecapped the unit's operations and forced Meta's hand.
The deepening crypto winter. The crypto market has gone belly up as the US contends with rising interest rates and fears of a recession . Even crypto heavyweights like Crypto.com and Coinbase have laid off employees—sending reverberations throughout the wider digital currency sector. Market conditions may have made projects like the Novi wallet less desirable for Meta to pursue as a standalone service.
What's next? Meta plans to repurpose Novi's digital wallet technology for its push into the metaverse.
Meta is working on a "digital wallet for the metaverse" that will include a range of financial products. Cryptocurrencies are the most probable payment method in the metaverse, so Novi's tech could support a framework for metaverse payments that would mimic a crypto wallet.
Novi may also support Meta's push into nonfungible tokens (NFTs): The tech giant is piloting an NFT project for select Meta users in the US as part of its move into the much-hyped market.
|
2022-07-06T14:36:19Z
|
www.businessinsider.com
|
Meta Retires Its Digital Wallet Novi, Making Crypto Exit
|
https://www.businessinsider.com/meta-makes-crypto-exit-retiring-novi-2022-7
|
https://www.businessinsider.com/meta-makes-crypto-exit-retiring-novi-2022-7
|
Should you change jobs when the stock market is down and inflation is at a 40-year high? Here's how to decide, based on economic factors.
A desire for higher pay, more benefits, and remote flexibility are among the reasons people have been quitting their jobs over the past year.
High inflation, falling stock prices, and layoffs in some sectors have experts bracing for a recession.
For job seekers, the window to change jobs may be closing.
Insider spoke to a career advisor and an economist to determine if job-hopping is the right choice.
For the past year, job seekers have thrived in a ripe labor market, securing higher pay and better benefits across various industries.
However, certain indicators suggest that this period may be coming to a close. Inflation is at a 40-year high, eating up some of the wage gains workers made over the past year, and earlier this month the stock market entered bear territory. A poll released on June 30 from The New York Times found that 52% of the 5,432 adults surveyed said they are worse off financially than they were a year ago. These signs have many experts and economists bracing for a recession.
But Nick Bunker, head of economic research at the jobs platform Indeed, said it's still a good time to consider a new gig. Wages are continuing to increase, job openings are close to a record high, and unemployment is still low. But he said job seekers should proceed with caution.
"The outlook isn't as rosy as it was a couple of months ago," Bunker told Insider. "Now, people should think things through a little bit."
It can be hard to make sense of the economy, along with the personal factors that go into career decisions like pay, benefits, flexibility, and fulfillment. Insider spoke to experts to understand what the current economy means for the Great Resignation.
How to job-hop responsibly
Lindsey Pollak, a career coach and the author of "Recalculating: Navigate Your Career Through the Changing World of Work," said there's no harm in looking for other opportunities. Especially in times of economic uncertainty, it's important to keep your network active to find connections who can help you in the worst-case scenario of losing your job.
"Control what you can — what you can control is staying in touch with your network and reaching out to people," Pollak told Insider.
Bunker encourages job seekers to look down the line when considering a new opportunity. If the company you're interested in joining has laid off employees recently, new hires could be at risk if another round of layoffs comes around.
"How solid do you feel about your current employer versus somewhere else?" Bunker said. "Do you think you'll be able to get somewhere where you have similar stability?"
Additionally, making the decision to switch jobs also depends on what industry you're in, Bunker said. Some tech companies have already cut staff, while finance and investment banking are also facing cutbacks, especially in the housing sector.
However, Bunker said essential industries like healthcare are resilient in economic downturns. If you can find a position in a stable sector, job-hopping can help you secure higher pay to ride out the recession .
Lastly, larger companies usually fare better in tumultuous times, Bunker added.
When will job-hopping slow down?
Experts still say job-hopping is a good move under the right circumstances, but workers should observe unemployment rates when deciding whether or not to stay at their current employers, Bunker said.
According to data from the Bureau of Labor Statistics, the unemployment rate held at 3.6% in May — in 2022, the rate has remained near a five-decade low. But if that starts to change, Bunker said job seekers should take that as an indication to stay put.
Pollak also emphasized there are lots of ways to be resilient and there are always opportunities in times of change.
"I take comfort in knowing that we've been through some of this before," said Pollak, referring to the 2008 recession. "The economy has ups and downs, some very high ups and some very low downs."
More: great resignation recession outlook inflation 2022
|
2022-07-06T14:36:20Z
|
www.businessinsider.com
|
Should You Change Jobs Before a Recession, According to Experts
|
https://www.businessinsider.com/should-you-change-jobs-before-recession-great-resignation-2022-7
|
https://www.businessinsider.com/should-you-change-jobs-before-recession-great-resignation-2022-7
|
The Education Department released a list of proposed regulations to improve targeted student-loan forgiveness programs.
The Education Department released a list of proposals to improve student-loan programs.
Included are improvements to targeted loan forgiveness programs, like PSLF and borrower defense.
The proposals will enter a public comment period and will likely be implemented next year.
President Joe Biden's Education Department has a list of ways it wants to help millions of student-loan borrowers.
On Wednesday, the department released a list of proposed regulations to improve targeted student-loan forgiveness programs, along with taking on the issue of surging interest that can accompany student debt. The programs in question are the Public Service Loan Forgiveness (PSLF) program, the borrower defense to repayment, and total permanent and disability (TPD) discharges, which the department has started to reform but borrowers are continuing to see issues accessing relief.
"Borrowers should not have to jump through hoops to get the relief they deserve," Under Secretary of Education James Kvaal said in a statement. "The regulations we've proposed today would remove many of those barriers and help create a federal student loan system that works better for borrowers."
Here are the major provisions the department is proposing according to the press release, and will soon be published for public comment for 30 days.
If borrowers believe they were defrauded by a for-profit school, they can file a borrower defense claim that will forgive the student debt they acquired from attending that school. The proposed regulation to improve those claims include getting rid of "overly strict limits" on when a claim can be filed, expanding the type of misconduct by a school that warrants an approved claim, and ensuring borrowers are notified of relief in a timely manner.
The department also wants to ensure borrowers who went to schools that close and leave them with debt but no degree will receive an automatic debt discharge if they were enrolled within 180 days prior to the closure.
The Public Service Loan Forgiveness (PSLF) program is intended to forgiveness student debt for public servants, like government and nonprofit workers, after ten years of qualifying payments. Proposed improvements to the program include allowing more payments to qualify for the program, along with making the rules work better for non-tenured teachers that need full-time employment to qualify. This builds on the limited-time waiver expanding qualifying payments for the program that's expiring on October, 31 2022.
Total and permanent disability discharges grant student-loan relief to borrowers who are determined permanently disabled by a physician, the Social Security Administration, or the Department of Veteran Affairs. The proposed improvements would allow a broader set of disabilities to qualify for relief, eliminate the three-year income-monitoring period for borrowers who receive discharges, and widen the types of documentation borrowers can submit to prove they're eligible for relief.
The department wants to "protect borrowers from seeing their balances balloon" by eliminating interest capitalization — which is when accrued interest is added to the original loan balance and future interest will grow on a higher amount — when a borrower enters repayment, exits forbearance, defaults on a loan, and leaves most of the income-driven repayment plans.
"The Biden-Harris Administration is determined to build a more accessible, affordable, and accountable student loan system," Education Secretary Miguel Cardona said in a statement. "These proposed regulations will protect borrowers and save them time, money, and frustration, and will hold their colleges responsible for wrongdoing."
Following the public comment period, the Education Department will aim to finalize the rules by November 1, 2022 to ensure they go into effect no later than July 1, 2023. The department will also likely be working with Biden on implementing broad student-loan relief for federal borrowers, with the president reportedly planning to announce a decision on relief in July or August, closer to when student-loan payments are set to resume.
More: Policy Politics Economy Biden
|
2022-07-06T14:36:21Z
|
www.businessinsider.com
|
Biden Wants Major Student-Loan Forgiveness Programs to Get a Revamp
|
https://www.businessinsider.com/student-loan-forgiveness-program-improvements-biden-education-dept-interest-debt-2022-7
|
https://www.businessinsider.com/student-loan-forgiveness-program-improvements-biden-education-dept-interest-debt-2022-7
|
Andrew Steinwold, founder of NFT investment firm Sfermion
Sfermion
As crypto markets tumble, many NFT collections have seen their values plunge as well.
The managing partner of an NFT investment firm explains why gaming will onboard more users.
NFTs, or non-fungible tokens, felt like all the rage last year, with celebrities from Snoop Dogg to Reese Witherspoon sporting six-figure JPEGs as their profile pictures. Meanwhile, Beeple's "Everydays: The First 5,000 Days" NFT sold for more than $69 million at Sotheby's auction house. Dolce & Gabbana and the NBA jumped on board with collections of their own.
Benjamin Cohen, founder of crypto venture firm Web 3 Equities, says the majority of NFTs won't be featured on social media accounts as a way to flex a collector's wealth. Instead, they will have a wide variety of use cases, which includes music, gaming, ticketing, virtual real estate, deeds for houses, medical records, and even collateral for loans.
"Over time entrepreneurs will find creative ways to use NFTs and smart contracts in ways that we haven't conceived yet, far beyond the scope of status symbols," Cohen said.
People will cut out the "middlemen," Katz said, with ticket NFTs, weeding out third parties like Ticketmaster. YellowHeart, which has worked with musicians like Kings of Leon and Maroon 5, announced a partnership with Tao Group Hospitality, to sell tickets to its venues as NFTs.
"Businesses are going to figure out cool ways to incorporate NFTs into something that we're doing everyday right now," Katz said, adding that most projects will have fiat on-ramps. "For ticketing, you could cut the line, get to the venue early, or get a free beer."
In 2032, NFTs will also be more accessible than they are now so that "most internet users" can afford them, says Stephen Young, the founder and CEO of NFT lending marketplace NFTfi.
"At the moment, many NFTs are expensive because blockchains are expensive and slow, so the use cases that make sense require high value NFTs," he said.
To mint or purchase an NFT on Ethereum, investors and creators have to pay gas fees. These costs occur when performing any sort of function on Ethereum's network. At times, these fees can be more expensive than the NFT itself. Other blockchains and Layer-2s like Solana or Polygon, however, have quicker transaction times with lower costs.
"I think NFTs in gaming have a really simple selling point to the user, 'Hey you spent $20 on this digital good in this video game, but you don't actually own it. Wouldn't you like to own it?'" Steinwold said.
Video games are also "fun and easy" to understand for people of all ages, Steinwold says, which lowers the barrier of entry to enter its ecosystem. Blockchain-based gaming, or games that integrated tokenized assets on-chain, grew 2,000% last year, per a Q1 2022 DappRadar and Blockchain Gaming Alliance report.
Critics are wary of the ecosystem due to security concerns, scams, and money laundering allegations. Earlier this month, Yuga Labs, creator of Bored Ape Yacht Club, said its Discord server had been compromised, with a hacker draining $360,000 worth of ether-based NFTs at the time. In January, anonymous founders of an NFT collection called Frosties vanished after siphoning $1.3 million worth of funds from its investors.
"Money laundering, and in particular, transfers from sanctioned cryptocurrency businesses, represents a large risk to building trust in NFTs, and should be monitored more closely by marketplaces, regulators, and law enforcement," blockchain research firm Chainalysis said in a recent report.
Whether you love them or hate them, NFTs don't seem to be going away anytime soon. Investment bank Jeffries forecasts a massive percentage growth in the next five years, along with a market cap of over $80 billion by 2025.
More: Master Your Crypto crypto NFT venture
|
2022-07-06T15:37:45Z
|
www.businessinsider.com
|
Web3 VCs, Founders Share NFT Predictions and 10-Year Outlooks
|
https://www.businessinsider.com/nft-crypto-web3-vcs-founders-share-predictions-10-year-outlooks-2022-6
|
https://www.businessinsider.com/nft-crypto-web3-vcs-founders-share-predictions-10-year-outlooks-2022-6
|
Tobi Lütke is founder and CEO of Shopify.
Shopify is pushing its compensation overhaul to the fall.
The company announced the overhaul in April following employee backlash.
Shopify is also reportedly laying off employees and delaying some hiring.
Shopify is delaying a company-wide pay overhaul that it had planned to roll out this month, a spokesperson confirmed on Wednesday.
The overhaul, intended to give employees more flexibility over the balance of stock and cash in their total compensation package, was announced in April and meant to roll out in July.
"This is a massive undertaking that needs to be designed with consideration and rigor [to meet various legal and regulatory requirements]," a Shopify spokesperson told Insider on Wednesday. "We remain excited to roll out this new program as planned when it's fully ready in the Fall."
The delay of the new compensation program comes amid reports that the Canadian e-commerce company quietly laid off employees across various teams. The Globe and Mail reported that about 50 people have been laid off since April, in part due to pay mismatches created by the new compensation structure.
Shopify denied that any employees had been laid off due to the new pay approach. But the spokesperson did not answer Insider's questions regarding how many had been affected or why they were laid off.
Some potential hires who have been interviewing with Shopify have also said they are experiencing significant delays with written offers, according to conversations on Blind, the anonymous messaging platform popular with tech workers. Some say they have been waiting weeks to receive a written offer with salary details after receiving a verbal offer from Shopify recruiters.
Shopify did not respond to Insider's question about the delay in offers.
Shopify initially announced that it would be overhauling its approach to pay in April, following employee backlash. Shopify grants employees restricted stock units, or RSUs, when they join the company, in addition to their base salaries.
But as Shopify's stock fell dramatically in the first half of this year, some employees expressed concern about the total value of their compensation packages. Others worried there could be a talent exodus if the company didn't adjust its pay practices.
"Shopify has always been known to pay less, especially in base salary, but it'd somewhat be compensated with the RSUs," one current employee told Insider in March. "But it's not the case anymore."
Shopify also instituted a 10-for-1 stock split at the end of June.
Canada's tech scene is being affected as well — Canadian fintech darling Wealthsimple recently laid off 159 people, or about 13% of its workforce.
Companies within Shopify's own ecosystem are also tightening their belts. In June, Postscript, a startup making SMS-marketing software for Shopify merchants, laid off 43 employees, and the delivery company Swyft — which also counts Shopify as an investor — laid off about 30% of its staff.
Got a tip? Contact this reporter at mstone@insider.com or on the encrypted messaging app Signal at (646) 889-2143 using a nonwork phone.
|
2022-07-06T15:37:57Z
|
www.businessinsider.com
|
Shopify Delays Pay Overhaul Amid Layoff, Hiring Delays Reported
|
https://www.businessinsider.com/shopify-delays-pay-overhaul-amid-layoff-hiring-delays-reported-2022-7
|
https://www.businessinsider.com/shopify-delays-pay-overhaul-amid-layoff-hiring-delays-reported-2022-7
|
Boris Johnson during a visit to Kigali, Rwanda, this week
Cabinet ministers gathered Wednesday to tell Boris Johnson to quit, Insider's sources said.
Simon Hart and Brandon Lewis were among those going into Downing Street, per the sources.
But a defiant Johnson hinted he would call a snap election if people become "crazy".
A delegation of Cabinet ministers went to Downing Street to tell Boris Johnson he has to stand down, two sources told Insider, after more than 35 members of the government quit this week.
The delegation includes Welsh Secretary Simon Hart and Northern Ireland Secretary Brandon Lewis, the sources said. They requested anonymity to speak frankly.
—Louis Degenhardt (@LouisDegenhardt) July 6, 2022
The Times reported that others included Nadhim Zahawi, the newly-appointed chancellor, as well as Grant Shapps, the transport secretary.
Sky News reported on Wednesday that Home Secretary Priti Patel and Trade Secretary Anne-Marie Trevelyan were also in Number 10.
The Conservative Party's 1922 Committee has brought forward elections to form a new executive to Monday, paving the way potentially for a second confidence vote in just over a month.
This could come, the sources said, despite a convention that at least a year should pass between votes. The last vote, which Johnson survived, was on June 6 this year.
Earlier in the day, chief whip Chris Heaton-Harris and Michael Gove, the levelling up secretary, told Johnson he had to resign, per Insider's sources.
However, speaking to Parliament's Liaison Committee on Wednesday afternoon, Johnson gave no indication that he would leave, instead dropping heavy hints that he would call a general election.
Challenged by senior Tory MP William Wragg, the prime minister said: "It's not going to happen unless everybody is so crazy as to have a new…"
In the same session, he initially refused to rule out a snap election, telling the committee chairman Bernard Jenkin: "The risk is people continue to focus on this kind of thing."
But he later stressed "the most likely date" for an election either 2023 or 2024.
|
2022-07-06T17:08:32Z
|
www.businessinsider.com
|
Cabinet Ministers Gather to Oust Boris Johnson As PM: Sources
|
https://www.businessinsider.com/cabinet-ministers-gather-to-oust-boris-johnson-as-pm-sources-2022-7
|
https://www.businessinsider.com/cabinet-ministers-gather-to-oust-boris-johnson-as-pm-sources-2022-7
|
What recession? The Great Resignation rages on with 4.3 million Americans quitting in May amid a still-hot job market
4.3 million American workers quit in May, according to Wednesday's data release from the Bureau of Labor Statistics.
Americans are still quitting at a high level even though fears of a recession loom.
4.3 million Americans quit in May, according to Wednesday's data release.
Indeed's Nick Bunker said workers and employers don't seem to think there's a recession.
Even as Americans brace for an economic slowdown, they're still job hopping like it's 2021.
In May, 4.3 million Americans quit, according to the latest data release from the Bureau of Labor Statistics. That means that 2.8% of the workforce walked out on their jobs, most likely to take up a new one. Hiring stayed robust, with 6.5 million workers getting an offer letter.
Job openings dipped a little to 11.3 million — a 427,000 decrease from the month before — but businesses are still hiring.
"Even if the job market is cooling from white hot to red hot, it's still hot," Daniel Zhao, senior economist and data scientist at Glassdoor, wrote on Twitter about the latest job openings figure.
The millions of workers quitting seem to know that the labor market is still considered hot — even with talks of a recession. After a year of quitting at near-record highs, workers are still able to job switch into new roles, and businesses are ready to hire them. Many Americans want more money — or better conditions — out of work, especially as prices continue to stay high.
"Workers don't think there is a recession happening. Employers certainly don't either. Workers quit their jobs when there's job opportunities out there for them," Nick Bunker, economic research director at Indeed Hiring Lab, told Insider. He added: "All the data from this report, the quits rate, just point to a labor market that continues to be tight, continues to be hot."
Layoffs and discharges also remained low in May, with 1.4 million Americans getting let go. Of course, that data lags a few months behind, but it shows that fears of mass layoffs aren't necessarily that widespread.
"For all the news and headlines about layoffs, which are happening at firms, you really can't see it in the aggregate data," Bunker said. Before the pandemic, Bunker said, the lowest the layoffs rate ever got was 1.1%. Now, it's been below that for 15 months straight.
Workers in low-paying industries currently facing a busy summer season quit at high levels
"The unfortunate reality is that we've seen workers treated poorly for quite some time," Bunker said.
In May, 857,000 leisure and hospitality workers threw in the towel. In total, 5.5% of the leisure and hospitality workforce quit. Within leisure and hospitality, quits saw a big jump in the arts, entertainment, and recreation industry, with 19,000 more workers leaving in May.
However, Bunker noted that the quits rate in the leisure and hospitality industry overall has been trending down — meaning that demand is still strong, but it's easing up a little bit.
"Employers are feeling perhaps less of a need to poach workers from other jobs," he said.
So, while financial markets look ahead to the future — and flash potential warning signs about a downturn — the current labor is "still very strong," according to Bunker. The layoff rate in the information sector, which does encompass tech companies, did pick up a little bit from 0.9% to 1.0%.
"I think that's an indication that yes, there might be some firms in the tech sector, maybe there is some retrenchment there and some some layoffs," Bunker said, "but they are either very uncommon or very small."
Have you quit your job? Are you happy about it? Do you regret it? We want to hear from you. Contact these reporters at jkaplan@insider.com and mhoff@insider.com.
More: Economy JOLTS Quits quit job
|
2022-07-06T17:08:50Z
|
www.businessinsider.com
|
Hot Job Market: 4.3 Million Workers Quit in May Despite Recession Fears
|
https://www.businessinsider.com/millions-americans-quitting-jobs-may-jolts-recession-great-resignation-2022-7
|
https://www.businessinsider.com/millions-americans-quitting-jobs-may-jolts-recession-great-resignation-2022-7
|
Norwegian Cruise Line is the first major cruise line to announce that it's dropping its pre-travel Covid-19 testing requirement.
The change doesn't affect people traveling from the US, where local regulations still require testing.
Carnival and Royal Caribbean didn't immediately say whether they will also ease testing requirements.
Norwegian Cruise Line is the first major cruise company to drop its policy requiring a negative Covid-19 test before passengers can set sail, but it won't affect travelers in the US.
The newly relaxed policy will officially take effect on August 1, but Norwegian says testing requirements will remain in places with local regulations, like the US, Canada, Greece, and Bermuda.
In a statement, Norwegian said that "the relaxation of the testing policy is in line with the rest of the travel, leisure and hospitality industry worldwide as society continues to adapt and return to a state of normalcy."
Norwegian's competitors, Carnival Cruise Line and Royal Caribbean Cruises, still have pre-travel testing requirements in place. However, neither company could be immediately reached for comment when asked by Insider whether they were planning to follow Norwegian and ease pre-travel testing policies.
The cruise industry has taken a beating since the start of the Covid-19 pandemic in 2020. Cruise companies operating out of the US were barred from sailing by the CDC for more than six months beginning in March 2020. Since then, cruise lines have faced a slew of operating challenges, including slowing demand, hiring shortages, and outbreaks onboard.
NOW WATCH: The world's largest cruise ship landed in Miami — here's what it's like on board
More: Cruise Cruise Ship COVID covid19
Royal Carribean
|
2022-07-06T17:08:56Z
|
www.businessinsider.com
|
Norwegian Cruise Line Drops Its Pre-Travel Covid Testing Requirement
|
https://www.businessinsider.com/norwegian-cruise-line-drops-its-pre-travel-covid-testing-requirement-2022-7
|
https://www.businessinsider.com/norwegian-cruise-line-drops-its-pre-travel-covid-testing-requirement-2022-7
|
Rivian, Amazon, and Apple are snapping up laid-off Tesla employees amid Elon Musk's workforce reduction plans
Rivian, Apple, and Amazon claimed the majority of ex-Tesla staff, per LinkedIn data.
Last month, Amazon and Microsoft recruiters called for unhappy Tesla workers to join their companies.
Major tech companies like Apple, Amazon, and Google have taken in dozens of former Tesla talent, according to a report from Punks & Pinstripes. The organization tracked the LinkedIn data of over 450 Tesla employees who left the company over the past 90 days as of June 30.
A large number of the workers moved to work for other EV companies. 90 former Tesla employees joined electric-car makers Rivian and Lucid Motors, per the LinkedIn data. Meanwhile only eight of the departures moved to more traditional automakers, including General Motors and Ford, Pinstripes & Punks said.
EV battery recycling company Redwood Materials and Amazon-backed autonomous driving company Zoox also claimed a portion of the workers.
Over 100 of the former Tesla staffers transferred to Amazon and Apple, the organization reported. Apple has hired top Tesla talent in the past. In 2021, the tech company snatched Tesla's former Autopilot software director Christopher Moore amid whispers of Apple's car project, codenamed Project Titan.
The LinkedIn data comes only a few weeks after Tesla CEO Elon Musk announced the company was cutting up to 3.5% of its total workforce, including 10% of salaried staff. Insider's Isobel Asher Hamilton previously reported that the layoffs began within days of Musk's announcement. The decision came after the billionaire warned the US was already in the midst of a recession .
It's not the first time that recruiters at top tech companies have shown interest in Tesla talent. In June, recruiters at Amazon and Microsoft issued a call to Tesla staff who might be looking to leave the company after Musk told employees to return to the office full-time or resign.
"If the Emperor of Mars doesn't want you, I'll be happy to bring you over to #AWS," Choudhury wrote on LinkedIn, referencing Musk's fixation with colonizing Mars.
It's no surprise tech companies are eager to snatch ex-Tesla staff. Tesla has a high bar for its workers. At Tesla, Musk has pushed for lofty goals and demanded excellence. The CEO has said he looks for candidates with first-hand experience and hands-on testing over a degree.
But, experts have warned Musk's return-to-office ultimatum could set off a talent exodus.
Tesla employees have been rocked by a series of changes since Musk issued his ultimatum. Last week, Financial Times reported workers were struggling to find desks and parking spots in Tesla's Fremont factory due to Musk's plans for workers to return to the office for 40 hours a week. Meanwhile, Insider was first to report that employees who hadn't returned to the office for at least 16 days over the past month received an automated email monitoring how often they'd "badged in" at the office.
Over the past few weeks, Musk has repeatedly expressed concern for the future of the company. Last month, the Tesla CEO warned that Tesla's new factories in Austin, Texas and Berlin, Germany have become "gigantic money furnaces." On Monday, it was reported that Tesla's sales had dropped by nearly 18% between April and June.
The electric-car maker isn't the only tech company facing headwinds. On June 30, Meta CEO Mark Zuckerberg said the social media company planned to scale back hiring. Earlier in June, Coinbase CEO Brian Armstrong said the crypto platform would lay off 18% of its total workforce. Microsoft, Apple, and Amazon have also slowed growth in some sectors as well.
More: Cars Elon Musk Tesla Rivian
|
2022-07-06T17:09:14Z
|
www.businessinsider.com
|
Rivian, Amazon, Apple Snap up Laid-Off Tesla Workers
|
https://www.businessinsider.com/rivian-amazon-apple-hire-tesla-workers-elon-musk-layoffs-2022-7
|
https://www.businessinsider.com/rivian-amazon-apple-hire-tesla-workers-elon-musk-layoffs-2022-7
|
Vkusno & tochka aim to open all 850 stores by the end of summer.
Russians are posting photos of moldy and expired food from Russia's rebranded McDonald's.
Posts about the food from Vkusno i tochka were shared on Twitter and Telegram.
The restaurant commented on the expired sauce for fries saying it was "only a small quantity."
Russians took to Twitter and Telegram to post photos of moldy buns on their burgers from Russia's rebranded McDonald's, Vkusno i tochka, which translates to "Tasty and that's it."
The photos, which were sent in from subscribers to popular Telegram channels in Russia, mostly show food from the rebranded restaurants around Moscow. Vkusno i tochka opened in June after McDonald's sold its Russian franchises to Russian businessman Alexander Govor amidst the country's war in Ukraine. McDonald's first opened in Russia after the fall of the Soviet Union, and operated in the country for 30 years.
One Moscow-focused channel on Telegram shared photos of a burger with mold from Vkusno i tochka that it said was taken by one of the channel's subscribers in Khoroshyovo-Mnyovniki, a district of the city. The account said it contacted Vkusno i tochka's management for comment.
In a follow-up post, the account said Vkusno i tochka told the channel it contacted the manufacturer responsible for its buns about the mold. The restaurant chain's press relations branch said it is determining how the expired bread made it into the restaurant.
In a Telegram post from Ksenia Sobchak, a Russian TV anchor, Sobchak posted another photo of a burger with moldy buns and wrote, "It seems that 'Vkusno' does not exactly honor the covenants held by McDonald's. At least with regard to quality of the product."
Sobchak went on to say in addition to the burger from Khoroshyovo-Mnyovniki having mold, two of her channel's subscribers from Zvenigorod and Strogino also had moldy burger buns.
At the end of her post, Sobchak wrote, "Guys, figure it out over there, there is no need to poison people."
Twitter account @ru2ch posted more photos of expired buns it said came from a Vkusno i tochka in northwest Moscow.
—Двач (@ru2ch) July 3, 2022
Sobchak also shared a photo that shows expired cheese sauce for fries. The photo, she said, is from a "former McDonald's" in central Moscow.
"It expired by one day, of course, but it's a matter of principle," Sobchak wrote.
RBK, a Russian media group based in Moscow, shared a Telegram post with comments from Vkusno i tochka on the expired sauces.
"We double checked all the sauces, only a small quantity of them were expired, it has been taken off the shelves," Vkusno i tochka's press relations told RBK.
Vkusno i tochka plans to reopen all 850 former McDonald's restaurants by the end of summer.
More: Russia Retail McDonald's russia ukraine war
|
2022-07-06T17:09:20Z
|
www.businessinsider.com
|
Russians See Moldy Buns, Old Sauce at Rebranded McDonalds
|
https://www.businessinsider.com/russians-share-photos-telegram-moldy-buns-expired-sauce-rebranded-mcdonalds-2022-7
|
https://www.businessinsider.com/russians-share-photos-telegram-moldy-buns-expired-sauce-rebranded-mcdonalds-2022-7
|
Payactiv asks CFPB to terminate safe harbor protections
The Consumer Financial Protection Bureau (CFPB) ends Payactiv's sandbox protections.
Firms voluntarily giving up their protection status also indicates that they are fed up with the agency's approach to innovation.
The news: The Consumer Financial Protection Bureau (CFPB) terminated early-wage access provider Payactiv's sandbox protections at the company's request, per a press release.
What exactly happened? Last month, the CFPB told Payactiv that it was considering ending the protections after Payactiv implied the agency endorsed the company's early wage access products. The protections, which were granted in December 2020, provided a temporary safe harbor from liability under the Truth in Lending Act and allowed Payactiv to test new, innovative products.
Payactiv then requested that the CFPB terminate its Sandbox Approval Order early.
Payactiv said it wants to make changes to its fee structure without getting approval from CFPB. Terminating the sandbox would allow it to do this quickly and flexibly.
In a press release announcing the termination, the CFPB made it clear that the protections do not represent a product endorsement.
Other companies have also requested that the CFPB end their protection agreements early, including lender Upstart, which ended its agreement six months prematurely.
A new approach: In May, the CFPB said it will begin backing away from offering the sandbox protections because they've proved to be ineffective. Companies currently receiving protection will keep it until its expiration.
The CFPB said that companies were misconstruing the meaning of the protections. It feared consumers would think certain products these companies offered had the bureau's backing.
The agency has subsequently created the Office of Competition and Innovation to promote product development.
The agency will host incubation events like sprints, hack-a-thons, and table-top exercises to encourage discussion and innovation in the industry, and to give participants an opportunity to share concerns with regulators.
Added control? The CFPB has been vocal under the Biden administration about consumer protectionism, and has promised to investigate a slew of topics from open banking regulation to overdraft fees. The growing list and the bureau's new approach to innovation may raise red flags to financial institutions.
Doing away with the sandbox innovation approach might clear the way for the agency to crack down on firms trying new things.
Hosting events is a collaborative way to allow companies to voice concerns and share ideas. But at the end of the day, they're not likely to instill confidence in firms that they can test new concepts without repercussions.
Firms have grown critical: Firms voluntarily giving up their protection status also indicates that they are fed up with the agency's approach to innovation. Payactiv's desire to quickly move forward with a new fee structure and its willingness to surrender its protections is a sign that the CFPB imposes too many restrictions or obstacles on the innovation process. Firms are finding it more beneficial to move forward on their own and watching to see whether they end up in hot water. It also indicates that even though the CFPB has been barking about enforcement, firms aren't scared of its bite.
The big takeaway: The relationship between financial institutions and the CFPB is strained. Trade groups are speaking up about reforms deemed too "radical" and disadvantageous to consumers, and businesses are starting to question if the agency is stifling innovation rather than promoting it. The relationship is headed toward a tipping point. The CFPB needs to determine whether it wants to rekindle good feelings, or end things for good.
|
2022-07-06T17:09:32Z
|
www.businessinsider.com
|
The CFPB Ends Payactiv's Sandbox Protections—and May Hurt Innovation
|
https://www.businessinsider.com/the-cfpb-ends-payactivs-sandbox-protections-2022-7
|
https://www.businessinsider.com/the-cfpb-ends-payactivs-sandbox-protections-2022-7
|
If you already have auto insurance, you may not need rental car insurance.
Between rising airfares and hotel costs summer travelers are looking to save wherever they can.
For some that means choosing a more fuel-efficient rental car — or going electric altogether.
The amount of savings ultimately depends on how much driving is on the itinerary.
When Jennifer Lewis was planning a road trip with her family from Florida to New Jersey, she told the Wall Street Journal she tried unsuccessfully to reserve a hybrid car in an effort to save money on fuel.
"I was sitting there thinking, 'We're about to spend $400 on gas,'" Lewis said. "I was trying to avoid that as much as possible."
After an extensive search with the help of an Enterprise employee, Lewis was able to locate a hybrid for her thousand-mile trip north, managing to spend just $90 on gas, the WSJ reported.
Record high gas prices, paired with inflation and roaring summer travel demand driving up costs on airfare, hotels, and food, are leading more travelers like Lewis to try to cut costs anywhere possible. According to AAA, the national average has eased somewhat to around $4.80 per gallon, but that's still about $1.75 more than last year.
More than twice as many people used Kayak's eco-friendly filter when searching for a rental car on the site this year than they did last year, and the service saw a year-over-year boost for more efficient categories like compact vehicles and minis.
"Given the rise in gas prices and inflation, we expect to see this trend continue as travelers search for ways to save money this summer," Matt Clarke, Kayak's vice president of marketing for North America, told Insider in a statement.
While many renters would prefer to bypass gas prices altogether by borrowing an electric vehicle, most companies consider Teslas and similar models to be luxury cars, since customers have proven willing to pay a premium.
Some hybrids may also command a premium cost, which could erase the savings on gas, particularly during shorter trips.
"If cost is the overriding factor, look at what vehicle class is going to offer you the best deal, and if the fuel economy is different between those classes, think about how many miles you're going to drive," Jonathan Weinberg, founder and CEO of the rental deals website Auto Slash, told the Wall Street Journal.
In other words, travelers planning a long road trip will likely come out ahead by paying up for an EV, while those embarking on shorter or local travel might do better renting the cheapest car they can find.
More: Car Rental Summer Travel Gas Prices Fuel efficiency
|
2022-07-06T17:09:38Z
|
www.businessinsider.com
|
High Gas Prices Spike Demand for Hybrid and Electric Vehicle Rentals
|
https://www.businessinsider.com/travelers-renting-compact-hybrid-electric-vehicles-high-gas-prices-2022-7
|
https://www.businessinsider.com/travelers-renting-compact-hybrid-electric-vehicles-high-gas-prices-2022-7
|
College students.
Mark Chilton/Getty Images
Biden's Education Department released proposals to improve student-loan forgiveness programs.
If approved, the changes will go into effect no later than July 1, 2023.
Here's what you need to know about the suggested reforms.
The student-loan industry is on track for major reforms.
On Wednesday, President Joe Biden's Education Department released a list of proposed improvements to four major student-loan forgiveness programs. From easing access to relief for public servants and those defrauded by for-profit schools to tackling surging interest on student loans, the proposed rules cover a range of areas that borrowers have struggled with and the department plans to prioritize.
"We are committed to fixing a broken system. If a borrower qualifies for student loan relief, it shouldn't take mountains of paperwork or a law degree to obtain it," Education Secretary Miguel Cardona said in a statement. "Student loan benefits also should not be so hard to get that borrowers never actually benefit from them."
The list of proposals is part of the department's rulemaking process, and the next step for these rules is a 30 day public comment period, in which anyone can submit feedback on the proposals. The department will then plan to finalize rules by November 1 and implement them no later than July 1, 2023. If you are enrolled, or planning to apply, for a loan forgiveness program, here's what these new rules could mean for you.
Borrower defense to repayment is a student-loan forgiveness process for borrowers who believe they were defrauded by a for-profit school, allowing them to submit a borrower defense claim for relief. Here are the key changes the department plans to make to this program:
A single streamlined process for relief that will apply to all claims made as of July 1, 2023
A broader standard of school misconduct that can fall into these categories: substantial misrepresentations, omissions of fact, contract breaches, and aggressive and misleading recruitment tactics
Reconsideration of claims for borrowers who were not approved for full debt relief
A clear timeline for individual and group borrower defense claims
An expectation that the department will hold colleges accountable for costs of approved claims
The Public Service Loan Forgiveness (PSLF) program is designed to forgive student debt for government and nonprofit workers after ten years of qualifying payments. Leading up to Biden's presidency, the program had a 98% denial rate, leading to reforms in October that included a waiver through October 31, 2022 allowing prior ineligible payments to qualify for the program. These proposed improvements build on that waiver:
Give borrowers more flexibility by allowing lump-sum and partial payments to count toward forgiveness
Make the full-time employment requirement simpler by defining it as 30 hours of work a week and clarify how to calculate hours for non-tenured teachers
Allow certain types of deferments and forbearances to count toward forgiveness progress, including cancer treatment deferment, Peace Corps service deferment, military service deferments, and National Guard Duty forbearance
Reconsider applications that were denied
Open public comment on other types of employment that currently don't qualify for PSLF.
Borrowers who are determined to be totally and permanently disabled by a physician, the Social Security Administration, or the Department of Veterans Affairs can qualify for student-debt relief. Here's how the department proposes easing that process:
Expand the types of disabilities recognized for discharges
Eliminate the three-year monitoring period that tracks a borrower's income after they receive debt relief, which has been a major paperwork hurdle for many qualifying borrowers
Expand the types of accepted documentation to qualify for the program
In the past, schools have shut down in the middle of a borrower's education, leaving them with student debt but no degree. To ensure those borrowers aren't buried with debt, the department proposed the following changes:
Provide automatic debt relief to borrowers who were still enrolled 180 days before a school's closure within one year
Clarify that students can get debt relief as long as they didn't graduate or attend a teach-out program, which allows students to finish their studies at a different school
|
2022-07-06T17:09:44Z
|
www.businessinsider.com
|
What to Know About Biden's Student-Loan Forgiveness Improvements
|
https://www.businessinsider.com/what-are-the-student-loan-forgiveness-reforms-biden-education-department-2022-7
|
https://www.businessinsider.com/what-are-the-student-loan-forgiveness-reforms-biden-education-department-2022-7
|
Biden and Vice President Kamala Harris called Cherelle Griner, the wife of Brittney Griner.
The pair assured Griner's family that the White House is doing everything it can to secure Griner's release.
A legal expert said, though, that the call, "neither speeds up the prisoner swap nor makes the Russian court system less corrupt."
President Joe Biden and Vice President Kamala Harris called Cherelle Griner, the wife of Brittney Griner, on Wednesday to reassure the WNBA star's family that the US is doing everything it can to get Griner out of Russia.
"The President called Cherelle to reassure her that he is working to secure Brittney's release as soon as possible, as well as the release of Paul Whelan and other U.S. nationals who are wrongfully detained or held hostage in Russia and around the world," the White House said in a statement about the call.
Biden also read Cherelle Griner part of a draft he's written in response to Griner's letter from earlier this week. The imprisoned star made an emotional plea for the president to do more to secure her release. Griner contrasted her incarceration with the freedom that flows from the Fourth of July.
"On the 4th of July, our family normally honors the service of those who fought for our freedom including my father who is a Vietnam War Veteran," the Phoenix Mercury star wrote to Biden, according to an excerpt shared with the media. "It hurts thinking about how I usually celebrate this day because freedom means something completely different to me this year."
The seven-time WNBA All-Star has been in Russian jail since mid-February after local officials claimed that they found vape cartridges with hashish oil in her luggage at a Moscow airport. The urgency of calls for Griner's safe return have only increased since her trial began at the start of the month.
Griner leaves a courtroom after a hearing, in Khimki just outside Moscow, Russia, on May 13.
Before Wednesday's call, Cherelle repeatedly lamented the fact that she still had not spoken directly to Biden — the individual best suited to secure the two-time Olympic gold medalist's freedom — months into her wife's detainment. But the circumstances surrounding negotiations have been complicated, as Griner has been caught in the middle of rapidly deteriorating US-Russian relations following Moscow's invasion of Ukraine.
For this reason, legal experts warn that Griner's supporters shouldn't read too far into Biden's call with Cherelle. While the conversation signals that the former Baylor standout's case is on the administration's radar, Esquire Digital Chief Legal Analyst Aron Solomon insists that it has no bearing on the timeline of Griner's return home.
Griner competes for the WNBA's Phoenix Mercury.
"I think the president has no choice but to make the call," Solomon told Insider. "Finally, we're beginning to see a broader dialogue here, including timely questions being aimed at the White House press secretary.
"But calling Cherelle, while the right thing to do, neither speeds up the prisoner swap nor makes the Russian court system less corrupt," he added.
With the 6-foot-9 superstar's imprisonment drawing international attention, the world will be watching as Griner's hearings — which experts like Solomon tell Insider is nothing more than a "show trial" with a "predetermined" outcome — proceed this week. She faces up to 10 years in prison.
More: Brittney Griner Joe Biden White House Kamala Harris
|
2022-07-06T18:39:56Z
|
www.businessinsider.com
|
Biden Calls Brittney Griner's Wife After WNBA Star's Emotional Letter
|
https://www.businessinsider.com/biden-calls-brittney-griners-wife-after-wnba-stars-emotional-letter-2022-7
|
https://www.businessinsider.com/biden-calls-brittney-griners-wife-after-wnba-stars-emotional-letter-2022-7
|
TikTok is facing a new wave of political pressure led by the FCC. Experts say the agency's 'stunt' reflects the shifting mood in DC.
Dan Whateley and Claire Atkinson
TikTok's data practices are being questioned by members of Congress and an FCC commissioner.
The FCC's Brendan Carr asked Apple and Google to remove TikTok from app stores.
But the FCC doesn't have authority on the matter, four policy experts told Insider.
TikTok is under fire once again as officials in Congress and the FCC question whether it's effectively guarding US user data from the Chinese government.
Last month, FCC Commissioner Brendan Carr, a senior Republican at the agency, sent a letter to the CEOs of Apple and Google asking them to remove TikTok from the companies' app stores. Carr cited a BuzzFeed News report from June that revealed that engineers from TikTok's parent company ByteDance had repeatedly accessed US user data from within China, a practice Carr called "surreptitious."
The commissioner asked that the two companies respond to him by July 8 should they decide to keep the world's most downloaded app in their stores.
But experts told Insider that TikTok isn't in any real danger of a ban given that Carr's letter failed to assert jurisdiction over the issue. Without a vote from all four FCC commissioners or a directive from its chair, it's not considered an official action from the agency.
"FCC action would require a creative and convincing legal rationale for claiming power over this matter," Peter Cowhey, dean emeritus of the School of Global Policy & Strategy at UC San Diego and a former US government official, told Insider. "Carr's letter omits any such discussion. So, as of now, it is only a stunt reflecting the political mood of DC."
In an interview with Insider, Carr pushed back on the idea that his June 24 letter was a stunt, pointing to his previous work concerning US data flows into China via companies like Huawei and China Mobile. But he said that the FCC was unlikely to move forward in an official capacity in banning TikTok from Apple and Android devices.
"This isn't a situation like China Mobile or Huawei where there's a direct FCC license or direct FCC authority," Carr said. "I don't anticipate the full FCC taking sort of official regulatory action here."
Apple and Google have yet to respond to Carr's letter and did not respond to Insider's request for comment. But policy experts told Insider that the companies will likely brush off the request.
"My guess is that Apple and Alphabet will issue a kind of vague, 'We understand your concern, but we don't think it's appropriate for the FCC to be stepping in at this time' kind of response," said Aram Sinnreich, chair of the Communication Studies division at American University's School of Communication.
Carr acknowledged doubts that Apple and Google would remove TikTok from their app stores based on his letter. "I think a lot of people are skeptical that that would happen," Carr told Insider, saying the companies could disagree with the premise of the letter.
He added: "Or they could say, 'You're right. They haven't been straightforward with their data flows. But we don't think that rises to the level here of the death penalty.'"
But Carr still hopes the letter will reignite the conversation around TikTok's data practices among US officials.
TikTok has faced the threat of a US ban on and off since 2020
For some TikTok users, this moment may elicit a sense of déjà vu.
In late 2020, the Trump administration attempted to ban TikTok from US app stores. Trump later negotiated a middle ground with ByteDance where the company would sell TikTok's US operations to an American company to address data security concerns.
That plan dissolved after President Biden signed an executive order canceling Trump's efforts, writing that the government should evaluate national-security threats from foreign apps through "rigorous, evidence-based analysis." His administration has since been considering a proposed rule change that would grant the government greater oversight over apps with ties to what it views as foreign adversaries, like China.
But the White House has largely been at a standstill when it comes to advancing its China policies, Shehzad Qazi, managing director at the research firm China Beige Book, told Insider.
"I don't have clear insight into what the FCC commissioner is trying to get accomplished other than raising attention since the admin itself isn't doing anything here short of endlessly studying the matter," Qazi said.
A White House spokesperson referred Insider to the FCC when asked about the administration's position on TikTok's availability in the US and whether President Biden agreed with Carr's stance around the company's data practices. The FCC's media relations team declined to comment.
DC is riled up in the wake of reporting that showed TikTok US user data has been accessed in China
While limited political gestures from the FCC and White House may not be enough to threaten TikTok's existence in the US, pressure on the company has been mounting in recent weeks.
Two days after Carr issued his letter to Apple and Google, nine Republican senators sent a different letter to TikTok CEO Shou Zi Chew that also cited BuzzFeed News' reporting around access to TikTok's US user data in China. Chew responded to the senators' questions on June 30, writing, "we have not provided US user data to the CCP, nor would we if asked."
And then on Tuesday, Senate Intelligence Committee Chair Mark Warner and Vice-Chair Marco Rubio asked the Federal Trade Commission to investigate whether TikTok had misled the public about Beijing's access to US user data. Unlike the FCC, the FTC has exercised jurisdiction over TikTok in the past.
A TikTok spokesperson said in response: "For two years, we've talked openly about our work to limit access to user data across regions, and in our letter to senators last week we were clear about our progress in limiting access even further through our work with Oracle."
TikTok isn't available in China, and its CEO and COO are based in Singapore and Los Angeles. But current and former employees previously told Insider that employees in ByteDance's Beijing office, referred to internally as "HQ," often have final say over product decisions for the app.
"It's that feeling a little bit in the US where you're sort of helpless to a lot of the decisions that are made out of China," a former staffer, who spoke on the condition of anonymity to avoid damaging professional relationships, told Insider in December.
The main question troubling US legislators is whether access to US user data by Beijing-based ByteDance employees means that the Chinese Communist Party has also had access to that data.
"China is engaged in a protracted cyber espionage war with the US," Sinnreich said. "It would be miraculous if once Chinese engineers had access to those data about American users, if the Chinese government did not have access to it."
Carr told Insider that he similarly found it hard to believe that data available to ByteDance personnel in China wouldn't subsequently flow into members of the CCP.
If the Biden administration decides to weigh in on the issue this year, it could score an easy political win, China Beige Book's Qazi told Insider.
"A move against TikTok could be low-hanging fruit for the administration, so it looks like they're doing something on China," Qazi said. "Still, it's hard to say we'll see any major action anytime soon."
More: TikTok FCC Bytedance
|
2022-07-06T18:40:08Z
|
www.businessinsider.com
|
FCC Commissioner Can't Ban TikTok but DC Pressure Is Mounting: Experts
|
https://www.businessinsider.com/fcc-tiktok-letter-experts-say-ban-unlikely-despite-political-pressure-2022-7
|
https://www.businessinsider.com/fcc-tiktok-letter-experts-say-ban-unlikely-despite-political-pressure-2022-7
|
What is the Sharpe ratio?
Understanding how the Sharpe ratio works
What is a good Sharpe ratio?
How to calculate Sharpe ratio
Sharpe ratio example
Sharpe ratio vs. Sortino ratio
Limitations of the Sharpe ratio
What is the Sharpe ratio? How investors use it to analyze an asset's risk
The Sharpe ratio may help determine the success of long-term investments.
The Sharpe ratio is a financial metric showing how an investment is performing relative to its risk.
The higher an investment's risk ratio is, the more returns it offers relative to its risks.
The ratio is not useful to short-term traders since it's designed to analyze long-term investments.
Any investment you make is going to come with some sort of risk. It's natural to wonder how much your investment will really benefit you. Before you dive into a new venture, you'll want to know whether the time and money you put in will be worthwhile in the end.
This is where the Sharpe ratio comes in handy. Measuring investment returns and risk, the calculation is widely used among professional investment managers. It's important to understand the Sharpe ratio and what it can teach you about your money.
The Sharpe ratio is a risk ratio that calculates an investment's average returns compared to its potential risks. It is calculated by subtracting the risk-free rate — such as that of a US Treasury bond — from the expected rate of return of the portfolio, and dividing the result by the standard deviation, otherwise known as the statistical measure of the asset's volatility.
The Sharpe ratio helps you determine whether the risk you've taken on has paid off in your returns, compared to the returns you might have seen without taking on risk.
William F. Sharpe developed the Sharpe ratio in 1966 as an investment performance analysis tool. In 1990, Sharpe won the Nobel Prize in Economic Sciences.
Quick tip: The Sharpe ratio provides a quick analysis for how your investment risk is paying off based on your returns.
The Sharpe ratio is a measurement that gives investors insights into investments' performances. The ratio analyzes performance over the long term, to help investors get a return that may not be the greatest possible, but is still good enough when downturns arise.
The Sharpe ratio is largely used by hedge funds and investment managers, rather than everyday investors, since they manage large portfolios and want to maximize customers' returns without too much volatility .
Quick tip: You may not have to calculate the Sharpe ratio yourself. Your brokerage may provide it for you in your account documents, or you can ask your investment manager about it.
Generally, the higher Sharpe ratio, the better. A high Sharpe ratio means the risk is paying off in the form of above-average returns. However, a Sharpe ratio greater than zero is typically considered good. A zero Sharpe ratio means that your returns are matching the "risk-free" version of your investment, typically a Treasury security. While that's not necessarily bad, you also don't want to be taking on risk just to match that benchmark.
Under 1.0 is considered bad
1.0 is considered acceptable or good
2.0 or higher is rated as very good
3.0 or higher is considered excellent
One way to increase your Sharpe ratio is to have a diversified portfolio. A main concept of modern portfolio theory, diversification and asset allocation ensure slow steady growth over time and help your portfolio weather the ups and downs of the markets.
To calculate the Sharpe ratio, you first need your portfolio's rate of return.
Next, you need the rate of a risk-free investment, such as Treasury bonds. Subtract this risk-free rate from your portfolio's rate of return to find the excess return, or what your investment gives you above the Treasury bond.
Finally, you divide the difference of those two components by the standard deviation of the portfolio's excess return.
Here's what the equation looks like:
There are three variables required to calculate the Sharpe ratio.
Return of portfolio: This is what your portfolio has earned, or what you expect to earn, over a given amount of time as a percentage of what you have invested.
Risk-free rate: This figure acts as your benchmark, or what you would've earned without virtually any risk. The Sharpe ratio often uses Treasury securities here because of their unlikeliness to default. For example, you might use a 5-year Treasury note rate to calculate the Sharpe ratio for your 5-year portfolio.
Standard deviation: This measurement of volatility indicates how much a return fluctuates over a period of time. Expressed as a positive number, the standard deviation accounts for both downside and upside changes.
"The impetus behind the ratio is taking standard deviation and volatility to find a simple numerical value," says Randy Frederick, Schwab managing director of trading and derivatives.
Volatility is often understood as a bad thing, Frederick points out. But really, volatility means you're seeing price upsides along with downsides over time. The Sharpe ratio takes these factors and spits out a number that can tell you how your investments are doing relative to the risk.
Let's say you have an ETF with a 5-year, 30% return (Rp = 30).
Meanwhile, the 5-year Treasury has a rate of 0.83% (Rf = 0.83).
In this example, let's assume the standard deviation is 20% (σp = 20).
Now we can fill out the Sharpe ratio calculation.
Sharpe ratio = (30 – 0.83) ÷ 20
Sharpe ratio = 29.17 ÷ 20
Sharpe ratio = 1.46
With a solid Sharpe ratio of 1.46, you know the volatility your ETF weathers is being more than offset by your additional return.
The Sortino ratio, created by Frank A. Sortino, is a relative of the Sharpe ratio that accounts more for downside risk.
In its calculation, the Sortino ratio still uses a risk-free rate, but subtracts that from the portfolio's average rate of return rather than the known or expected rate of return. It then divides the return difference by the standard deviation of the downside, not the general standard deviation.
The idea behind the Sortino ratio is that it provides a more real look at the risk being taken on since it doesn't account for the upside of volatility, which actually benefits the portfolio.
Sharpe ratio Sortino ratio
Identifies risk as total volatility
Uses expected or known rate of return in calculation
Better used on generally lower-risk investments
Identifies downside risk specifically
Uses average rate of return in calculation
More suited for higher-risk investments since it better accounts for that added risk
The Sharpe ratio is not particularly useful for short-term traders, as it was designed to analyze long-term investments. Using the Sharpe ratio to manage your investments in the short term may even lead you to be more optimistic than you should be.
For example, let's say you use the Sharpe ratio using numbers around a three-year investment. If you only end up holding your investment for a year, that ratio won't really apply to your investment anymore. You may even end up operating at a loss depending on when you buy and sell.
Quick tip: Don't use the Sharpe ratio if you plan to trade investments within a year. The calculation is built for longer-term investments and may mislead your short-term investment strategy.
The Sharpe ratio is an important tool to understanding your investments. It takes into account your returns and your risk, and shows you whether your returns are worth the level of risk you're taking on.
If your Sharpe ratio is below 1, you'll know that while you're performing better than the benchmark, there is still some improvement to be made with your investments. Diversifying your portfolio can help drive that ratio up by buffering your investments against downturns.
Calculating a portfolio's Sharpe ratio doesn't have to be left up to professional investment managers. Everyday investors can calculate the ratio and turn to their brokerage to better understand what the ratio means for their portfolio.
MARKETS Alpha measures the performance of an investment in comparison to a benchmark index
MARKETS Beta can help you determine how much your portfolio will swing when the market moves
More: Economics & Markets Financial Ratios service graphics Alyssa Powell
|
2022-07-06T18:40:27Z
|
www.businessinsider.com
|
Sharpe Ratio: Definition, Formula, How to Use It
|
https://www.businessinsider.com/personal-finance/sharpe-ratio
|
https://www.businessinsider.com/personal-finance/sharpe-ratio
|
Democrats are putting forward a measure to slash drug prices through a Senate review.
It's the first step to revive their stalled economic agenda, and Manchin is on board with this part.
Other parts of the economic bill are still up in the air, like an extension of ACA subsidies.
Senate Democrats are taking the first step to revive swaths of their dormant economic agenda with a greenlight from Sen. Joe Manchin of West Virginia. It amounts to the most serious attempt to enact some parts of their economic plans in 2022, seven months after they fell apart due to Manchin's opposition.
Democrats are putting forward a measure to slash prescription drug prices, intended to pass using the intricate reconciliation process — a maneuver allowing Democrats to circumvent a Republican filibuster and approve bills with a simple majority vote. The first step in that process is a review known as the "Byrd Bath" from the Senate parliamentarian, the top official overseeing what can be included in such a bill.
Passing a bill through reconciliation would require a unanimous vote from Senate Democrats in the evenly divided chamber. While Manchin has been a key holdout on many parts of the broader agenda, he has expressed support for prescription drug reform. "Senator Manchin has long advocated for proposals that would lower prescription drug costs for seniors and his support for this proposal has never been in question," Manchin spokesperson Sam Runyon said in a statement. "He's glad that all 50 Democrats agree."
The 190-page bill text from the Senate Finance Committee shows part of the package is intended to:
Allow Medicare to negotiate prices for some drugs starting next year
Cap price increases at inflation in Medicare and private insurance
Limit out-of-pocket costs for Medicare beneficiaries at $2,000 annually
Provide free vaccines to seniors
Experts say these provisions are capable of providing financial relief to both the private and public sector.
"There is potential here with the drug pricing reforms to save money for the government, employers, and patients," Larry Levitt, executive vice president for health policy at the Kaiser Family Foundation, told Insider. "That's a trifecta that's quite unusual in health care."
He continued: "The trade-off is potentially somewhat fewer new drugs coming to market, a point the pharmaceutical industry will continue to hammer away at."
For now, Democrats removed a planned $35 monthly cap on insulin. It's a top Democratic priority once included in the House-approved legislation that later died in the Senate.
It was at always at risk of falling out of the bill if the Senate parliamentarian deemed it unrelated to the federal budget. It's possible for Democrats to reintroduce it into the bill later in the coming weeks. A spokesperson for the Senate Finance Committee declined to comment.
Senate Majority Leader Chuck Schumer has committed to advancing a alternate bipartisan bill from Sens. Susan Collins of Maine and Jeanne Shaheen of New Hampshire that would establish the $35 limit on insulin starting in 2023. The measure would omit people without health insurance.
Talks are underway and it's unclear whether their insulin legislation would secure the backing of 10 Senate Republicans needed to clear a filibuster to pass the upper chamber. GOP lawmakers tend to oppose federal price controls, arguing they stymie research and innovation.
Other signature Democratic priorities remain up in the air, such as an extension of enhanced federal subsidies under the Affordable Care Act set to expire in December and a range of clean energy tax credits. Democrats are eyeing $1 trillion in total spending with half the amount directed to slash the federal deficit.
More: Policy Chuck Schumer Reconciliation Congress
|
2022-07-06T18:40:33Z
|
www.businessinsider.com
|
Senate Dems Take First Step to Reviving Economic Agenda With Manchin Aboard
|
https://www.businessinsider.com/senate-dems-economic-agenda-prescription-drugs-manchin-2022-7
|
https://www.businessinsider.com/senate-dems-economic-agenda-prescription-drugs-manchin-2022-7
|
While staring at the same screen — dubbed "Parallel Reality" — up to 100 people can see something entirely different. The screen shows each passenger their gate number, departure time, and even which direction to walk and how long it will take to get there.
"It's simply the tip of the iceberg," Albert Ng, CEO of Misapplied Sciences, told Insider. "It's a glimpse into what the future could look like."
To quell privacy concerns, the screen won't work for passengers who don't opt-in to the experience.
More: Tech Tech Insider Dela Air Lines Parallel Reality
|
2022-07-06T20:07:11Z
|
www.businessinsider.com
|
Delta's New Airport Screen Displays Personalized Flight Info Using AI
|
https://www.businessinsider.com/delta-parallel-reality-board-detroit-displays-personalized-flight-information-2022-7
|
https://www.businessinsider.com/delta-parallel-reality-board-detroit-displays-personalized-flight-information-2022-7
|
Ahead of Prime Day, Amazon just announced that Prime members can get a year of Grubhub+ for free.
Grubhub+ usually costs $9.99 a month and gets you free delivery on mobile food orders, plus occasional freebies.
New and existing Prime and Grubhub+ members are eligible for the deal.
Amazon announced today that new and existing Prime members can claim a year's subscription to Grubhub+ for free as a membership perk. The announcement comes in the leadup to Amazon's huge deals event, Prime Day, which is an exclusive shopping event for members that will take place on July 12 and 13 this year.
Grubhub is a food delivery app that allows you to order food from local and chain restaurants in your area. While the app is free to use, you typically pay a delivery fee on each order, ranging from $2.50 to $7.50. Grubhub+ allows you to avoid the delivery fees on your orders, but usually costs $9.99 per month. With Amazon's new offer, a year of Grubhub+ is now included with a Prime membership fee, which costs $14.99 per month.
How to claim a year of Grubhub+ with Prime
New and existing members can visit Amazon's Grubhub+ page and click the "Activate free Grubhub+" button. You'll be prompted to set up or sign into your Prime account and then rerouted to Grubhub.
All Prime members are eligible, including Prime Student members. If you are already a Grubhub+ member, you can still claim the offer. The only exceptions are Grubhub Campus, Corporate, and certain existing partnership members.
What are the benefits of Grubhub+?
Grubhub+ lets you order food from the app with unlimited $0 delivery fees on orders over $12 at eligible restaurants. You can also get free food and occasional member discounts, like $10 off a pickup order every month. We've found that if you order food at least once a week, Grubhub+ is worth it.
What are the other benefits of Amazon Prime?
Aside from a year of Grubhub+, an Amazon Prime membership comes with a number of useful benefits. Chief among them are free shipping on most orders and access to the retailer's huge sales event, Prime Day . This year, Prime Day will be held on July 12 and 13 and feature deep discounts on electronics, homewares, and more. If you're unsure of whether Prime is for you, Amazon offers a free 30 day trial that allows you to take advantage of the benefits before committing.
More: Grub Hub Amazon Prime Day 2022 Insider Reviews 2022 Insider Picks
|
2022-07-06T20:07:23Z
|
www.businessinsider.com
|
Amazon Prime's Newest Benefit: a Free Year of Grubhub+
|
https://www.businessinsider.com/guides/deals/amazon-prime-grubhub-benefit-2022-7
|
https://www.businessinsider.com/guides/deals/amazon-prime-grubhub-benefit-2022-7
|
If your iPhone isn't charging, there might be something obstructing the port.
You can clean it out with compressed air or a toothpick, but always be very careful.
Never insert anything metallic in the iPhone's charging port, and do not get it wet.
There are a few reasons that your iPhone might not be charging properly — you might need to restart your phone, check the Lightning cable for kinks and breaks, and ensure your power source is working.
If you check all those things and it still doesn't work, it's possible there's enough debris in your port to keep the connector from making a solid connection.
Yes, your iPhone's port can get so dirty it stops working. Anytime you put it in a pocket or bag, small bits of dirt, dust, and lint can find their way in.
And when you insert the cable, that compresses and packs the dirt deep in the port. Eventually, it might become so fouled with debris that it stops working.
How to clean your iPhone's charging port
You should get a flashlight, or work under a bright LED desk lamp — the brighter the better, since you need to see deep into the charging port.
You can clean your iPhone's charging port — carefully — with some compressed air and a toothpick.
And while you may want to start with compressed air, if you're planning to insert anything into the port to pull out wedged-in dirt, there's only one acceptable tool for the job: A toothpick.
Important: Never try to clean the charging port with anything harder than wood, like any sort of pin or metal rod. There are delicate electronics in the port, and ramming it with a sharp metal pin can permanently damage it.
1. Power off your iPhone completely. You can open the Settings app and then tap General, followed by Shut Down.
2. Holding the compressed air can upright (so it only blasts air, and doesn't expel wet propellent) shoot a few short, controlled bursts into the port.
3. Turn your phone on and try to charge it again. If it's still not working, it's time to try the toothpick.
Don't use anything made of metal to clean the port of your phone – a toothpick is the right size, shape, and hardness for the job.
4. Again, with your phone turned off, gently insert the toothpick into the port and lightly scrape it against the inside wall of the port. Don't apply pressure to the inside wall that's closest to the front of the phone, because there are delicate pins there. Overall, it's important to be gentle, because in addition to those pins, the sides are home to two small spring-mounted anchors that latch onto the charging port when you insert it (that's why it "snaps" into place when you push the cable in). If you break anything, its charging days will be over permanently.
Be sure not to damage the electronics or mechanical springs inside the port when you swipe it with the toothpick.
5. After using the toothpick for a while, give the port another burst of compressed air to help remove anything you've loosened.
6. If you push some dirt out, turn the phone back on and try to charge it.
If it works, congratulations — you're back in business. If it still doesn't work, you can continue to try — carefully — or take it to an Apple service center for professional help.
How to get water out of your iPhone's charging port
If you get a notification that there is water in your iPhone's charging port, unplug all accessories and tap it on your hand with the port facing down.
To completely dry the port, leave the phone in a dry area with decent airflow.
Quick tip: Apple states that it may take up to 24 hours for the port to completely dry. Despite how tempting it may be, don't use an external heat source, like a hairdryer.
TECH How to clean your AirPods to remove earwax and improve audio quality
TECH How to clean your MacBook screen without damaging it
TECH 3 ways to fix your iPhone if it won't turn on
TECH What to do if your iPhone screen is cracked or broken, and how to prevent any further damage
More: Tech How To Apple iPhone Troubleshooting
|
2022-07-06T20:07:29Z
|
www.businessinsider.com
|
How to Clean Your iPhone Charging Port Properly
|
https://www.businessinsider.com/how-to-clean-iphone-charging-port
|
https://www.businessinsider.com/how-to-clean-iphone-charging-port
|
In March 2022, global pharmaceutical company Novartis published its first-ever Novartis in Society integrated report.
That means the company combined its report on annual financial performance together with details of its progress toward sustainability goals, or ESG. Other companies that produce integrated reports include Etsy and Ford.
From Ford's 2022 report: "Last year we were proud to launch our inaugural Integrated Sustainability and Financial Report,building on more than two decades of sustainability reporting at Ford and giving our stakeholders a more holistic view of our performance."
Such reporting is not new, but it's also not universally adopted. Advocates of this type of reporting say that it deepens the connection between business strategy and sustainable goals.
Global organizations for decades have wrangled with not just what to report on sustainability goals, but how to report. Novartis' decision to combine financial and sustainability reporting into one combined overview is something more companies may choose to do as international bodies adopt these standards.
Measuring impact on community health
Public health and sustainability goals are not new to Novartis, but the global pandemic clearly brought them under a new kind of scrutiny.
Lutz Hegemon, group head of corporate affairs and global health, told Insider about how the pandemic had impacted the company's community health goals.
"Our priority now, more than ever before, is to ensure uninterrupted supply of essential medicines, including antibiotics , to all those who need them, wherever they may be," he said.
Hegemann also said that the pandemic had demonstrated how fragile infrastructures and public health systems fail to reap the benefits of health innovation. "COVID-19 reinforces the need to continue to do more to strengthen healthcare systems across the globe as we implement the Novartis Access Principles across our portfolio," he said.
To learn more about the Novartis Access Principles, Insider turned to the company's integrated report.
"We aim to implement an access strategy for all new medicines launched," the report reads. "These strategies include innovative pricing and access models, earlier launches in low- and middle-income countries, and approaches to strengthen healthcare systems."
The report includes a data table of patients reached through "access approaches," at 56.2 million in 2021, including the proportion that was funded by the company's 2020 sustainability-linked bond.
In keeping with the principles of the integrated report, it also includes broader reporting of the company's financial performance, reflecting $52 billion in net sales, a 4% increase over the past year.
Global reporting standards
Integrated reporting is not a new concept. According to ESG - The Report, the International Integrated Reporting Council (IIRC), issued its first global framework in 2013, following consultation with accounting, business, and investor groups.
Other acronym-heavy organizations have recently weighed in on the benefits of combining externally facing materials. On May 25, 2022, the International Financial Reporting Standards Foundation (IFRS), the chairs of the International Accounting Standards Board (IASB), and the International Sustainability Standards Board (ISSB), announced they would be incorporating the IIRC's current framework.
"We are convinced that the Integrated Reporting Framework drives high-quality corporate reporting and connectivity between financial statements and sustainability-related financial disclosures which improves the quality of the information provided to investors," read a statement by Andreas Barckow, chair of the IASB, and Emmanuel Faber, chair of the ISSB.
Hegemann said Novartis decided to merge its previous Novartis in Society ESG Report and Annual Review into one document to "increase the quality of our ESG disclosures by providing a streamlined and integrated view of how we create value for our stakeholders through our purpose and corporate strategy."
Novartis tapped the Integrated Reporting Framework in developing the report, as well as SASB Standards provided by the Value Reporting Foundation.
Standards are constantly evolving, and Hegemann said the integrated approach leaves the company "well positioned to continue to enhance our ESG disclosures and adapt to emerging ESG reporting standards."
More: Financing a Sustainable Future Governance ESG Financial reporting
Value Reporting Foundation
|
2022-07-06T20:07:41Z
|
www.businessinsider.com
|
Novartis Released Its Report Covering Sustainability and Finance
|
https://www.businessinsider.com/novartis-released-its-report-covering-sustainability-and-finance-2022-6
|
https://www.businessinsider.com/novartis-released-its-report-covering-sustainability-and-finance-2022-6
|
1. Choose a platform to trade
2. Choose your investments
3. Choose a trading strategy
Pros and cons of day trading cryptocurrency
3 steps for beginners to start day trading crypto
Ryan Austin
Day trading crypto is a high-risk trading strategy.
Crypto day trading is a short-term trading strategy based on the purchase and sale of crypto assets on the same day.
Day trading crypto is a high-risk venture made possible by the distinct volatility and liquidity in the cryptocurrency markets.
While day trading comes from the traditional markets, crypto day trading requires a deeper knowledge of crypto and blockchain technology in order to find consistent success.
Day trading is an investing strategy that relies on frequent trades of one or more securities throughout the day to turn a profit. While traditional buy-and-hold investors are concerned with the long-term performance of a company, day traders seek to take advantage of more immediate profit-making opportunities.
Successful day traders rely on a number of resources and tools to be successful — such as stock screening or trading simulator software — to capitalize on short-term price movements of stocks, bonds, and other commodities and currencies.
This process of trying to profit off of price discrepancies and movements within a short window of time can be very difficult, and the risk associated with day trading is high.
Recently, the crypto markets have become an increasingly popular destination for day traders. Unlike the traditional markets, the crypto markets never close. Day trading crypto doesn't require a subscription to a brokerage or margin account, making the ability to indulge in short-term trades more accessible than the stock markets.
Although crypto is a new and exciting industry, it has its risks for those who are interested in investing in it. And with thousands of new cryptocurrencies emerging on exchanges and trading platforms, anyone who considers investing in a cryptocurrency should also take into account the volatility and speculative nature of the market.
No matter the market, a day trader should have a thorough understanding of crypto as well as trading principles. Only invest what you're prepared to lose. If you have impeccable risk management skills and nerves of steel, here's what you need to know to get started day trading crypto.
The first step a day trader has to take is deciding what platform to use. US-based traders can use only domestically regulated crypto-trading platforms, so this is a major factor to consider when researching the right platform.
Exchange liquidity , asset liquidity, and fees are at the top of a trader's list when choosing the right platform for them to buy and sell crypto. The volatility of the crypto market means the value of digital assets can oscillate wildly. For traders looking to maximize profits in this market, they need to make moves fast.
The first choice isn't always the best choice when figuring out where to conduct crypto trading. For budding crypto day traders, the options and differences between the many crypto exchanges can be overwhelming.
Here are the major things to consider when shopping around for the right trading platform:
Years active: The longer an exchange has been in business can be a sign of stability and credibility.
Supported cryptos: Knowing what cryptocurrencies are available to trade ahead of time can be a valuable tool when weighing which platform to use. Day traders interested in altcoins may find more use out of a smaller exchange with more supported cryptos and trading pairs than a bigger exchange with fewer options.
Fees: Transaction fees are what exchanges charge when buyers or sellers execute a trade. All cryptocurrency exchanges charge users a transaction fee to monetize their business. The transaction fee structure can vary depending on the exchange's strategy, like charging no fee for trades over $10,000 to incentivize large-scale trades.
Deposit methods: similar to a brokerage, users need to finance their exchange account with capital. Many exchanges allow for bank transfers and wires, but fewer allow for credit card funding, PayPal transfers, and even gift card transfers.
User reviews: Visiting different crypto communities and reading user feedback is one of the best ways to evaluate which exchange to choose.
Liquidity: The liquidity of an exchange, or exchange liquidity, means both the speed and the ease of access an exchange has in converting one asset into another without affecting its price. The best crypto exchanges are highly liquid, meaning they can buy or sell assets almost immediately and with a minimum difference between the bid price and ask price.
Quick tip: For traders looking for a more detailed comparison of crypto exchanges, Cryptowisser and CoinMarketCap are trusted resources to compare different platforms according to liquidity, trading volume, and cryptos supported.
Exchange liquidity is influenced by a handful of internal factors. High trading volume for the listed crypto assets, the number of active traders on a specific exchange to fulfill orders, low fees that incentivize makers to open positions, and a variety of funding options that bring more traders to the platform.
Another thing prospective traders should keep in mind: They should weigh whether the exchange of their choice makes it affordable and easy (or even possible) to send their assets off-platform to another crypto wallet of their choice. If your day trading gets cut short, your exchange should make it easy to send account funds or assets to off-platform wallets.
Once you're set up on a platform, it's time to pick what you're interested in investing in. For crypto day traders, market volatility is a necessary evil. The same market condition that scares away buy-and-hold investors is the chaos that makes opportunities for day traders to make profit. Volatility and liquidity are two elements the day trader needs to actively participate in the crypto market.
Tally Greenberg, head of business development at Allnodes believes that success as a crypto day trader requires more than reading the charts. "Knowing what the blockchain does, its network size, governance, and protocols will allow you to assess the overall condition of your prospective investment," Greenberg says. "So, be prepared to learn a lot and follow news on your selected assets' blockchain updates."
According to Greenberg, a technical understanding of the technology and team behind an altcoin project gives traders a competitive edge. When asked on how a day trader should decide which coin to trade, Greenberg emphasized careful deliberation. "One common crypto strategy is to invest in the top 15 to 20 coins by market cap . But even here, I would tread with caution," Greenberg adds. "Not all coins on this list make perfect sense, and you'll need to research thoroughly to figure it out for yourself. Crypto day trading is a risky activity. Invest [only] what you can [afford to] lose. But when you approach day trading with the same respect as any serious job and learn everything about the craft and the assets you are trading, you'll be profitable."
When choosing what to invest in, consider asset liquidity, volatility, and trading volume.
Asset liquidity is a measure of how easily an asset can be converted into cash without affecting its price. The price of a crypto asset can change when the trader executes the trade and the exchange fulfills the order. The difference between those prices is slippage, and in the crypto markets, a few minutes can mean the difference between a big profit or a big loss.
A lack of liquidity can be disastrous to the entire crypto market, causing slippage and increasing the risk of a flash crash. Flash crashes happen when a large market sell order clears out the top buy offers in the order book. Traders preemptively try to exit their position as soon as possible, and with no buy orders present, the price of the asset can nosedive. In the past, flash crashes have led to exchanges refunding millions of dollars in losses to affected users.
Understanding and accounting for volatility is a day trader's best friend. The volatility of a market refers to the unpredictability of crypto price movements. Factors that affect the volatility of markets include the news cycle, economic data, and research reports. In the crypto markets, the same factors have a dramatic impact (or none at all) on certain crypto assets.
Volatility is highest in altcoins with small market caps compared to the more popular and well-known cryptocurrencies like bitcoin or ether.
Trading volume refers to the total number of cryptocurrencies traded over a defined period of time. A crypto's trading volume is a measurement of overall market interest. A crypto with high trading volume tends to have higher liquidity. In this same vein, a crypto with high liquidity is often accompanied by a higher price. While the crypto market is highly liquid, highly volatile; not all cryptocurrencies are equal. Crypto day traders should look carefully at an asset's trading volume to gauge whether it can be sold quickly and at a higher price level than purchased.
The crypto market is still in a nascent phase, and the uniqueness of the blockchain technology underpinning cryptocurrencies make for crypto-specific market issues. One example of this is the correlation between the price of bitcoin and every other altcoin. If there is an exodus of Bitcoin miners out of a specific country, for example, the price could tank due to miners dumping coins. When the price of bitcoin dips due to downward pressure, the altcoin market tends to fall with it.
Finding a crypto asset with high liquidity and volatility is a nice start to identifying the right crypto to day trade. Making the decision to enter should be not based on these two conditions alone, but other factors specific to the crypto in question. How is it mined or minted? Is there a lot of buzz on the coin? When should you cut your losses if the coin's price doesn't rise by a certain time?
There are many techniques day traders use to make gains on short-term fluctuations in the crypto markets. A crypto day trader should devise a winning strategy backed by research, with well-laid plans for when to enter and exit their positions.
For prospective day traders, certain websites allow users to track and copy the most successful traders on the platform. Below are some of the most popular trading strategies in the crypto day trading game.
Bitcoin; Ethereum, Tether; Insider
Arbitrage in crypto is when traders buy a cryptocurrency on one exchange and make a profit by selling it immediately on another exchange at a higher price.
Cryptocurrency pairs can facilitate arbitrage opportunities. When the price of a crypto pair consisting of a lesser-known altcoin and Bitcoin varies from one exchange to another, arbitrageurs can make a profit by taking advantage of the value difference. While arbitrage is a complicated financial mechanism usually automated by price-monitoring software, it keeps the digital asset prices stable between different exchanges.
Note: Crypto trading pairs are assets that can be directly traded with one another on an exchange. When the price of a crypto pair consisting of a lesser-known altcoin and Bitcoin varies from one exchange to another, arbitrageurs can make a profit by taking advantage of the value difference. While arbitrage is a complicated financial mechanism usually automated by price-monitoring software, it keeps the digital asset prices stable between different exchanges.
Bot trading
A trading bot is an automated software tool investors use to buy and sell financial instruments at a preconfigured time or when predefined conditions are met to maximize profits. Crypto trading bots are designed to increase profits and reduce losses and risk.
Crypto trading bots can streamline the process of looking at price movements, exchange fees, and opportunities to make short-term profits on trades. For decades, bot trading software has been a staple of brokerages trading on stock exchanges. Traders with an understanding of software programming and APIs should definitely consider using this to their advantage as a day trader.
The long straddle — also known as the buy straddle, option straddle, or just straddle — involves the purchase of both a put and call order. The call and put orders in a long straddle are on the same cryptocurrency, striking price, and expiration date.
The long straddle is a popular option in crypto trading because of the crypto market's volatility. A crypto day trader using this strategy is betting on the change of a crypto asset's price. The day trader earns regardless if the price rises or falls in the long straddle. If the price doesn't move, the trader will incur a loss.
Note: A strike price is the set price at which a derivative contract can be bought or sold when it's exercised.
Range trading capitalizes on sideways markets (or non-trending markets) by pinpointing stable high and low prices, represented on charts as resistance and support levels. Day traders using range trading techniques identify a period of time to buy a crypto asset when it is oversold (at a low price) and sell when it is overbought (at a higher price) to make profits.
Crypto day traders can use online screeners to identify the right crypto asset to range trade. Range trading, like the majority of other trading strategies, can work beyond the crypto space and is flexible for other markets. Crypto day traders favor range trading for its clearly defined entry and exit points, which can minimize losses. By making small profits over a short period of time, the range trader minimizes losses incurred by unfavorable news cycles or market conditions.
Recognized as the trading strategy with the fastest turnaround, scalpers leverage large amounts of liquidity to seize on small price movements. This investing strategy can involve buying and selling bitcoin or altcoins over the course of a few hours and cashing out on small percentage gains by the day's end — or setting up a bot for high-intensity and frequent trades according to signals or technical indicators.
Day traders favor scalping crypto because of its ease of automation for bots, low risk, and potential profitability. Programming trading bots can take the anxiety and stress out of trading. Since the positions are smaller with scalping, traders can evaluate the gains or losses at the end of a day instead of long-term investing. Because of the volatility of the markets, traders can reliably earn small profits over time that can amount to considerable gains in the long run.
Technical analysis (TA) is the study of financial data like historical price and volume data points to identify statistical trends in the markets. TA provides traders with a science to find opportunities to trade and earn profits.
Technical analysts can apply their strategy to any market or security as long as it has historical trading data. In crypto, TA can be used as a guideline to evaluate how past performance can indicate future gains or losses.
The applicability of TA in the crypto markets is a hot topic of debate between traders. Many believe the absence of global regulations and the number of exchanges in crypto make it incompatible with technical analysis. Other traders believe some indicators like the relative strength index (RSI) are worth using. The RSI indicator evaluates the relationship between the price of a crypto and the actual demand for the asset. The RSI identifies whether an asset or security is overbought or oversold, it can be of use to traders plotting entry and exit points based on momentum.
Another important oscillator that technical analysts use in crypto is the Money Flow Index (MFI). The MFI can be used in addition with the RSI to check whether the price of BTC is trending towards a bullish or bearish divergence.
The application of technical analysis in crypto is best used in conjunction with other strategies. Crypto day traders should be aware of TA and have it in their repertoire, but take it into consideration along with the news, fundamental analysis, correlation arbitrage, and other market drivers. The best aspect of technical analysis is the emphasis on determining a complete strategy for when to enter and exit positions.
Any investment in crypto is high risk, high reward. Crypto is a new class of digital assets, and investors should always consider the possibility that their crypto investments are capable of evaporating.
Traders should set time aside to familiarize themselves with the upcoming rules and regulations taxing profits earned from crypto. Crypto is not exempt from short-term capital gains tax, for example. For day traders, the sale of any crypto held for less than a year is taxed as marginal income. Make sure to include your crypto gains when reporting earnings online or with your accounting professional.
Anyone with access to a crypto exchange can freely trade it. Outside of verifying your identity and funding your exchange account, there are no additional barriers to entry for retail investors or day traders to access, research, and interact with the crypto markets. And for those who want to own bitcoin but cannot make a $60k+ investment can buy and sell a fraction of any crypto.
The crypto markets are open 24/7 all year around. Traders have the ability to buy and sell without limits as the crypto markets do not close. For the New York Stock Exchange or the Nasdaq, market hours are open to trade from 9:30 a.m. to 4 p.m. ET. An advantage of 24/7 market access is the luxury of being able to trade when it suits you (rather than suiting the market).
Cryptocurrencies and the blockchain technology that powers them are decentralized and designed to keep users anonymous and capable of processing payments without an intermediary. For day traders on a centralized exchange, the absence of government taxes and fees make the cost of transacting crypto very cheap.
Because it's so easy to start trading crypto, a new and inexperienced trader can just as easily incur catastrophic losses as they can gain profits
The 24/7 market is a double-edged sword. The always-open nature of cryptocurrency means there are fewer patterns in the day where predictable (and profitable) trades are being made. Crypto day traders may find themselves glued to the charts looking for the right time to execute a trade longer than they would have to in the traditional markets. This can make trends much harder to find, and a quick day trading session can turn to night trading sessions.
While US government watchdogs like FinCEN are steadily ramping up the know-your-client and anti-money laundering requirements for domestic crypto exchanges, the space remains mostly unregulated. The lack of government oversight means no protection for exchanges, institutions, and traders who are hacked or scammed. This means without a private insurance fund, if an exchange shuts down users are unlikely to retrieve their funds.
When trading cryptocurrencies, you could fall victim to pump-and-dump schemes or wash-sales. This occurs when a group of people coordinate to artificially pump up the price of a specific cryptocurrency to attract unsuspecting traders. The traders then dump the crypto after earning profits, tanking the price.
Crypto day trading is a high-risk strategy involving the frequent purchase and sale of cryptos in the pursuit of short-term profit. Anyone who's interested in day trading crypto should know where they plan on trading, have a detailed day trading strategy, and stick to their entry and exit points.
It's also important to remember that the large majority of day traders lose profits. Setting time aside to focus solely on your trades, measuring profits and losses, and sticking to a fully-fledged strategy are the key factors that separate crypto day trading from gambling. There are a ton of opportunities to profit in crypto, and day trading is only one avenue to earn profits.
"I'd suggest starting off with what is called paper trading," says Shaun Heng, VP of operations at CoinMarketCap. "After all, there is a learning curve to crypto trading. Paper trading is offered by most exchanges and is essentially training wheels, or 'trading wheels' if you will. You trade as if you were trading with real money, but without depositing any money. This allows you to try your hand and practice without using money to trade that you could lose. This means that you won't lose or earn money but it will also help you consider the potential risks and rewards."
Ryan Austin is a writer, researcher, and content strategist who specializes in crypto, blockchain, and FinTech. Based in New York, Ryan has a decade of experience working with investment research, financial services, and PR firms including Institutional Analyst, Inc. and Newswire.com. Today, Ryan consults with various agencies, crypto platforms, and FinTech companies. In addition to Insider, you can find his work on SeekingAlpha, OKEx, and Prime Trust. Outside of the office, Ryan enjoys walking with his dog, instigating his girlfriend, and Brazilian jiu-jitsu. You can connect with Ryan on LinkedIn, or reach out to him directly at Ryan.Austin.Career@gmail.com.
PERSONAL FINANCE Is Coinbase safe? How to use the popular crypto-trading platform safely and securely
More: day trading crypto Rachel Mendelson Alyssa Powell
|
2022-07-06T20:07:47Z
|
www.businessinsider.com
|
How to Day Trade Crypto: Platforms, Investments, and Strategies
|
https://www.businessinsider.com/personal-finance/day-trading-crypto
|
https://www.businessinsider.com/personal-finance/day-trading-crypto
|
Dado Ruvic/Illustration/File Photo/Reuters
Apple announced a new 'Lockdown Mode' designed to protect users who may be targets of hacking.
The option will be available this fall in the next version of iOS: iOS 16, iPadOS 16, and macOS Ventura.
Only a "very small number of users" who face threats to their digital security will have the option.
Apple announced a new initiative to protect high-risk users from hackers and security threats.
The new 'Lockdown Mode' option will be available to select users this fall as part of the rollout of Apple's newest operating system, iOS 16. According to Apple, the feature is designed to protect potential targets of "sophisticated digital threats," including those hailing from "private companies developing state-sponsored mercenary spyware ."
When a user turns on Lockdown Mode, most message attachments other than images will be blocked and link previews will be disabled. Invitations and service requests, such as FaceTime, will also be blocked if the caller hasn't previously been contacted by the user.
Additionally, wired connections to computers and accessories will be blocked if the user's iPhone is locked.
Ivan Krstić, head of security engineering and architecture at Apple, said in a statement that Lockdown Mode reflects the company's commitment to protecting users from digital attacks.
"While the vast majority of users will never be the victims of highly targeted cyberattacks, we will work tirelessly to protect the small number of users who are," Krstić said. "That includes continuing to design defenses specifically for these users, as well as supporting researchers and organizations around the world doing critically important work in exposing mercenary companies that create these digital attacks."
Last November, Apple announced a $10 million cybersecurity grant to support organizations advocating and researching mercenary spyware threats.
In its statement, Apple cited spyware firm NSO Group as one of the companies threatening user privacy. Apple sued NSO Group and its parent company Q Cyber Technologies last November, claiming its products were being used against Apple users, including politicians, activists, journalists, and academics.
The damages awarded from the lawsuit will be added to the $10 million grant that Apple said will be given to the Dignity and Justice Fund.
"There is now undeniable evidence from the research of the Citizen Lab and other organizations that the mercenary surveillance industry is facilitating the spread of authoritarian practices and massive human rights abuses worldwide," Ron Deibert, director of the Citizen Lab research group at the University of Toronto, said in a statement.
Lockdown Mode's protection capabilities will be improved over time, the company said. Apple is adding a new category to its Apple Security Bounty program to reward up to $2 million to researchers who find ways to get through Lockdown Mode so Apple can improve the feature.
More: Apple iPhone iOS 16 iPad
iPhone Hacking
iPhone security
|
2022-07-06T21:42:24Z
|
www.businessinsider.com
|
Apple's New 'Lockdown Mode' to Offer Protection Against Hacking
|
https://www.businessinsider.com/apple-iphone-lockdown-mode-offers-protection-against-hacking-spyware-2022-7
|
https://www.businessinsider.com/apple-iphone-lockdown-mode-offers-protection-against-hacking-spyware-2022-7
|
Amazon is offering $20 in store credit to Prime members who try out Amazon Photos — here's how to snag the early Prime Day deal
Denys Prykhodov/Shutterstock/Insider
How to get $20 in Prime Day credit using Amazon Photos
How can I use the Amazon Photo Prime Day credit?
How can I earn more Prime Day credits?
What is Amazon Photos?
For a limited time, Amazon is giving $20 in Prime Day credit to any Prime member who backs up photos with the Amazon Photos app for the first time. Prime Day kicks off on July 12 and runs through July 13, and the credits earned through this promotion will be eligible on any purchase made during the sale on products sold directly by Amazon.
You only have until July 8 at 11:59 p.m. PT to claim the credits, which will be emailed to you within four days of finishing the required steps.
To take advantage of the Amazon Photos deal, you'll need to be an Amazon Prime member. Amazon Prime costs $15 a month or $139 a year. This promotion is only eligible to paid Prime members who upload photos for the first time using the Amazon Photos app, so you won't be able to earn the credit using a free trial.
You can claim the Prime Day $20 credit deal by following these simple steps:
Download the dedicated Amazon Photos app, which is available on desktop, iOS, and Android.
Once the app is on your device of choice, sign in with your Amazon Prime account.
Upload at least one photo using the app for the first time.
The $20 credit will be emailed to you within four days.
For a limited time, Prime members can get $20 in Prime Day credits when they try the Amazon Photos app. This offer expires on July 8 at 11:59 p.m. PT.
Amazon Photos Prime Day deal FAQs
The $20 credit will become active starting July 12 at 12:00 a.m. PT and must be used by July 13 at 11:59 p.m. PT. If unused at that point, the credit will expire.
The credit is only good on items sold by Amazon.com or Amazon.com Services LLC; items "fulfilled by Amazon.com" but sold by other retailers are not eligible. You'll also need to spend at least $40 to use the $20 credit.
Amazon is also offering $10 in credits to anyone who fills out a stampcard prior to Prime Day . To learn more about the deal, check out our Stampcard deals explainer.
Amazon Photos is a service offered to Prime Members that lets subscribers back up an unlimited amount of full-resolution photos into the cloud. You can easily access the photos via the app on any device, and you can even turn the photos into screensavers for Amazon products like the Echo Show and Fire TV.
Amazon also offers printing services, so you can have your saved photos turned into prints, wall decor, and more, with free shipping.
|
2022-07-06T21:42:30Z
|
www.businessinsider.com
|
Early Prime Day Deal: $20 Credit for Prime Members With Amazon Photos
|
https://www.businessinsider.com/guides/deals/amazon-photos-prime-day-deal
|
https://www.businessinsider.com/guides/deals/amazon-photos-prime-day-deal
|
15 reasons why an Amazon Prime membership is worth the $139 annual fee
Even after a price increase, Amazon Prime can still save you money.
If you don't have an Amazon Prime membership, you should sign up for a free 30-day trial to participate in Prime Day deals.
Amazon Prime might be the most popular subscription service in America. When you consider how many benefits it unlocks, it's not hard to understand why.
But at $139 a year — or $14.99 a month — a Prime subscription can take a big chunk out of your wallet. So even if you're an Amazon die-hard, you have to ask the question: Is Amazon Prime worth the money?
Yes, Amazon Prime is worth it even at $139 a year
If you're using all the benefits that Amazon Prime unlocks, those perks more than make up for the steep cost. In 2018, banking firm JPMorgan even estimated that a Prime membership is worth $785 annually — and that value has only gone up as new features and services get added.
For the $139 yearly or $14.99 monthly fee, Prime members earn a ton of benefits. These include free one-day delivery, two-hour grocery delivery, premium streaming services like Prime Video and Prime Music, and an unbelievable amount of extra discounts and coupons. You'll also get access to Prime Day discounts on everything from new TVs to Instant Pots to Amazon Echo devices.
Even if you're not using every feature included with your Prime membership, it might still be worth it for the time saved alone.
Here are some of our favorite Amazon Prime perks that make a subscription worth the cost, even at $139 a year.
An Amazon Prime subscription grants you access to a vast host of exclusive perks, including free two-day shipping on eligible items, entertainment options like movie and music streaming, and, of course, the ability to shop during Amazon Prime Day 2022 in July.
Save on shipping costs
Free shipping is one of the key benefits of Amazon Prime.
Your Prime membership includes free two-day delivery on over 10 million items. And if your order is over $25, you might even unlock free one-day or same-day shipping. Without Prime, you'll only get free regular shipping if your order is over $25.
Without Prime, shipping fees usually cost between $4 and $10. This means that it doesn't take many purchases with Prime's free shipping to start noticing your savings.
A 2019 study showed that Amazon Prime members spend an average of $1,400 on the platform every year. If it weren't for free shipping, that number would be hundreds of dollars higher — more than enough to pay for a Prime subscription by itself.
Order fresh groceries with two-hour delivery
You can order groceries with Amazon Prime in many locations.
Amazon operates two different grocery store brands: Whole Foods and Amazon Fresh. With a Prime subscription, you can order groceries and everyday essentials from both brands and have the products delivered right to your doorstep. And the prices aren't much different than those in physical grocery stores.
This service isn't available everywhere, and depending on where you live, you might need to meet a minimum price. But if you're in a big city like New York or Los Angeles, you'll probably be able to have your groceries delivered in less than two hours.
Stream movies and music in HD
Prime Video offers exclusive shows and movies.
Patrick Semansky / AP Images
Your Prime subscription comes with a free membership for both Prime Video and Prime Music.
Prime Video is one of the hottest streaming services around, offering thousands of movies and TV shows. These include popular titles from the past few years, along with original Amazon shows like "The Boys" and "The Marvelous Mrs. Maisel." Some titles can't be streamed for free, but you can still buy or rent them for an extra fee.
You'll also have access to Prime Music, Amazon's music streaming app with over 2 million songs. There are no ads, and all the music streams in high quality.
Compare these two services to Netflix and Spotify Premium, which cost about $25 together. Saving $25 a month with Prime Video and Prime Music pays for Prime's yearly membership cost in six months.
Prime Video houses thousands of movies and TV shows that can be streamed and downloaded for free, as well as titles that can be rented for a brief time period or purchased for permanent access.
Earn free video games and Twitch subs
Prime Gaming links with Twitch for extra perks.
Prime Gaming lets you subscribe to one Twitch streamer for free every month — it normally costs $4.99 — which unlocks exclusive emotes and stops ads from playing while you watch.
But what some Prime subscribers don't realize is that Amazon gives out free games to every Prime subscriber every month. These include fighting games, puzzle games, RPGs, shooters, and more. You'll also have the chance to redeem free rewards in popular games like Warframe and League of Legends.
Few Amazon Prime perks give you more than Prime Gaming — be sure to take advantage of it.
Store all your photos and videos safely
Amazon Photos is a great cloud-storage alternative.
Amazon Photos lets you save and share an unlimited amount of full-resolution photos across all your devices, as well as share that unlimited storage with up to five people. If you're paying every month for extra iCloud or Google Drive storage just to make room for your photos, you can cut out that cost.
You'll also get five GB for videos and files. And Amazon Photos comes pre-installed on Amazon devices, so you can also view your photos on a Fire TV or Echo Show.
Save money with Prime Day and exclusive deals
Prime Day gives you access to the best deals around.
Amazon Prime Day is an annual shopping holiday, like Black Friday or Cyber Monday, where thousands of items go on sale. Log into Amazon on Prime Day , and you'll find gadgets, furniture, clothing, accessories, and more selling for lower prices than they do all year.
But here's the catch: Those deals only show up for Prime subscribers. Aside from free shipping, Prime Day is probably the number one way to save money with your Prime membership. If you've been saving up for a certain product, like a TV or game console, check it out on Prime day for the best price.
Your Prime membership also unlocks an exclusive coupon book and regularly rotating deals. And if you choose the "no-rush" option when you're placing an order, you'll earn discounts on future purchases in exchange for waiting a few days longer for that order to arrive.
Try clothes on at home before actually buying them
Prime Try Before You Buy makes online shopping easier.
The best part of going clothes shopping is getting to try clothes on before you buy them. But Amazon Prime subscribers don't have to give that up when they shop for clothes online.
The Prime Try Before You Buy perk lets you order up to eight items to try on for a week. Keep the ones you want to buy, and send back the ones you don't — you'll only be charged for what you kept.
And for an extra $4.99 fee, you can hire a personal stylist to pick out a set of clothes for you.
If you've ever gotten burned by online clothes shopping, Try Before You Buy is a great way to save money and frustration.
Buy your medications at lower prices
Prime Rx can save you money on medication.
Amazon/Handout via Reuters
Amazon Prime Rx is a newer feature that lets users find the cheapest prices for their medications, and have those medications shipped either to them or a nearby pharmacy.
You don't need to have insurance to use Prime Rx. For users spending hundreds of dollars each month on medications, Prime Rx can be a life-saver.
Access books, magazines, and comics
Prime Reading offers a digital library that's tough to beat.
Prime members get access to Prime Reading, a massive digital library for books, magazines, and comics. The exact titles available rotate occasionally, but members can read anything in the library for free. Some titles even come with audiobook versions, perfect for listening on the go.
Alongside Prime Reading, Prime also includes the Amazon First Reads program, which lets you read selected titles before they go on sale to the public.
Sign up for kid-friendly subscriptions
Amazon Prime has additional benefits for kids.
Amazon Prime isn't just for the grown-ups. Prime members earn discounts on two premium kid-focused subscription services: Amazon Kids Plus and Amazon Book Box.
Kids Plus offers a suite of age-appropriate books, movies, shows, and apps for kids from ages 3 to 12. There are also parental control options that you can use to finetune exactly what your child is seeing. It costs $4.99 a month or $48 a year for Prime Customers — down from $7.99 or $79 for non-Prime users.
If you want to stay away from the apps and games, consider Amazon Book Box. Made exclusively for Prime members, Book Box lets you order a box full of curated children's books every month. You get to pick an age group before you order, so the books will always be age-appropriate. It costs $16.99 for the first box, and then $19.99 for every box afterwards.
Unlock discounts and perks on other websites
Prime gives you access to perks from other partner brands.
Amazon's reach stretches far beyond their own website. Amazon Prime customers shopping on Shopbop, East Dane, Woot!, or Zappos will get free shipping, discounts, and more.
Zappos especially loves Prime customers. Logging into Prime on the Zappos website or app lets you earn the double the VIP points on every order, and try on shoes for up to 30 days before deciding whether to buy them.
Get cashback on every purchase with a special Visa card
The Amazon Prime Rewards Visa Card takes your benefits to the next level.
Want to keep saving money, even outside of Amazon? Prime subscribers can apply for the Amazon Prime Rewards Visa Card.
This card will get you 5% cashback on all Amazon or Whole Foods orders, 2% back at restaurants and gas stations, and 1% back on everything else. And that's not even counting the points, which you can turn into more cashback or Amazon discounts.
If you're approved for the card, you'll also immediately receive a $70 Amazon gift card.
Get Prime 50% off if you're a student or EBT recipient
Students and EBT recipients get a discount on Prime.
AleksandarGeorgiev/Getty Images
If you're currently a student at an American university and have an .edu email address, you're entitled to a six-month trial of Prime Student at no cost. Once it's over, your Prime membership will be half the price of a normal membership ($69 a year or $7.49 a month). It'll last for four years or until your indicated graduation date — whichever comes first.
Similarly, qualifying customers with an EBT or Medicaid card only have to pay $6.99 a month. There's no yearly plan.
New subscribers to Amazon Prime Student can enjoy a six-month free trial and then Amazon Prime at 50% off the regular subscription price at the end of the trial.
Share your Prime benefits with the entire family
Amazon Household supplies Prime benefits for the whole family.
One of the easiest ways to maximize your Prime savings is to use Amazon Household. This lets up to two adults, four teens, and four child profiles link up in a "Household" and all enjoy every Prime benefit for no extra charge. This is leagues less expensive than having everyone pay for their own Prime account.
Adults on the account will also get to approve any purchase a teen profile makes, and set parental controls on child profiles.
Give yourself time and flexibility
The best part about Prime is flexibility.
Brendan McDermid TPX Images of the Day/Reuters
More so than money, maybe the most valuable thing Amazon Prime can give you is time. Between quick shipping times and release-day deliveries on brand new products, you'll rarely have to wait long for your orders to arrive.
Features like Amazon Day and Amazon Key In-Garage deliveries give you more control over when your packages arrive too. You don't need to worry about missing your deliveries because you're not home.
Amazon Prime gets you millions of items quickly and cheaply. There are few deals better for your money.
Who Amazon Prime isn't worth the money for
Amazon Prime isn't right for everybody.
For most customers, Amazon Prime is a great way to save money over time. But every customer is different, and not everyone will be amazed by Prime's benefits and features.
If you don't buy items from Amazon a lot, you might not save enough on free shipping to justify the $139 yearly fee. Same goes if you don't plan on using the entertainment services that Prime unlocks, like Prime Video, Prime Music, and Prime Reading.
Some of Prime's benefits are also pretty niche. Kids Plus and Book Box won't mean much if you don't have children. And the Prime Gaming perks are aimed at users who regularly watch Twitch streams and play games like League of Legends, which might not be you.
There's also a human cost. Reporters have written countless articles about how Amazon's push to ship products as fast as possible has led to unsafe working conditions for its employees. The more customers order products using Prime, the faster Amazon's warehouses have to move to fulfill those orders. Depending on your views, the money saved with Prime might not be worth that.
Amazon Prime is a massively popular and cost-effective subscription. But it's not for everyone — think about what services you know you'll use before you sign up and pay $139.
Mara Leighton and Tercius Bufete contributed to a previous version of this article.
More: Amazon Prime Amazon Prime Day product card Reviews
|
2022-07-06T21:42:36Z
|
www.businessinsider.com
|
Is Amazon Prime Worth It? Cost, Benefits, and More
|
https://www.businessinsider.com/guides/deals/is-amazon-prime-worth-it
|
https://www.businessinsider.com/guides/deals/is-amazon-prime-worth-it
|
IPG ad agency Huge just laid off staff as clients cut spending in the face of a possible recession
Fraser Hall/Getty Images
IPG agency Huge just cut 3% of staff as clients pull back spending amid concerns of a recession.
Global CEO Mat Baxter blamed the cuts on the agency's exposure to finance and crypto clients.
He also said the agency was too reliant on project work and that it would be restructuring.
Interpublic Group of Cos.-owned ad agency Huge announced layoffs on Wednesday in one of the first signs that the industry is starting to feel the impacts of a possible economic downturn.
Huge Global CEO Mat Baxter told Insider that the layoffs would affect 37 people in North America, or about 3% of its 1,200-person global workforce.
Baxter blamed the layoffs on clients pulling back spend due to concerns of a recession , noting the agency's heavy exposure to financial and crypto clients, which have been cutting marketing spend.
He said the agency also recently lost Brooks Running as a client of three years when the running shoe and apparel company took its advertising in-house.
"I hate to have to be the CEO where layoffs are happening," Baxter said. "Unfortunately, it's unavoidable. This is never a nice thing. But I don't think we're the first and I don't think we'll be the last to be taking actions like this."
Baxter said Huge has also historically relied on project- versus retainer-based work, which tends to be the first area of marketing to be cut.
Baxter was appointed global CEO in June from another IPG agency, Initiative, where he was chairman.
Under his leadership, Huge has focused on digital transformation work — which includes ecommerce and more backend-type capabilities — versus traditional advertising. Huge's website features recent work like its redesign of Gucci's ecommerce platform and its creation of Nike's Snkrs, which gave customers access to exclusive sneakers and brand news.
"This is validation that that we do need to change our core business," Baxter said. "We need to become less reliant on project work."
One Huge employee said Baxter's plans to shift the business has been communicated in all-staff meetings but that employees were confused about how it would affect their jobs. "We mostly know what the goal is but have no idea how it will work in reality," the person said.
The employee said the agency recently lost some of its business with Realtor.com, a client that it had done traditional advertising for since 2019, like the company's "Homes for Every Homebuyer" ads.
Baxter said Realtor.com remains a client but declined to say in what capacity.
He also said Huge plans to unveil its restructuring plans in August, which will give employees a better sense of how their jobs will be affected.
"Transformations take time," Baxter said. "You can't just flick a switch and change what you do in a business over night."
The ad and marketing world have just started showing signs of the economic slowdown. Brands are canceling influencer marketing campaigns and delaying payments to creators as they brace for a downturn. Software company Sprinklr just laid off dozens of staffers in marketing as part of a broader tech sector slowdown. WPP's GroupM, Morgan Stanley, and Publicis Groupe's Zenith have revised down their global ad spending forecasts for 2022 in recent weeks.
More: Huge IPG Marketing
|
2022-07-06T21:42:42Z
|
www.businessinsider.com
|
IPG Ad Agency Huge Lays Off Staffers As Clients Cut Spending
|
https://www.businessinsider.com/ipg-ad-agency-huge-lays-off-staffers-clients-cut-spending-2022-7
|
https://www.businessinsider.com/ipg-ad-agency-huge-lays-off-staffers-clients-cut-spending-2022-7
|
Mick Mulvaney said fellow Republicans need to watch the House January 6 hearings.
The investigation is uncovering shocking details, said Mulvaney, a former Trump chief of staff.
Mulvaney said the significance of Cassidy Hutchinson's testimony last week "cannot be overstated."
Former White House chief of staff Mick Mulvaney on Wednesday urged his fellow Republicans to pay closer attention to the January 6 hearings that have painted a devastating picture of his former boss, President Donald Trump.
"The significance of last week's Congressional Jan. 6 committee hearings cannot be overstated," Mulvaney wrote in an opinion piece for the Charlotte Observer.
Mulvaney, who was Trump's third chief of staff, stressed that many Republican complaints about the congressional panel investigating the attack on the Capitol are fair. In particular, Mulvaney pointed to the lack of cross-examination of witnesses and the panel waiting to release the full transcriptions or footage of their taped depositions.
But even with this in mind, Mulvaney said, the panel has uncovered shocking details. Despite the panel being controlled by Democrats, some of the biggest revelations have been from Republicans, he added.
"When Republicans start testifying under oath that other Republicans lost the 2020 election and then broke the law to try to change that, Republicans should pay attention," Mulvaney wrote.
Mulvaney, who represented South Carolina for four terms in the House, name-checked former Trump White House aide Cassidy Hutchinson, Arizona House Speaker Rusty Bowers, and former Attorney General Bill Barr as Republicans whose respective testimonies are worth watching.
Hutchinson told the panel that Trump knew that there were armed supporters trying to attend his rally on January 6, 2021. Bowers testified that Rudy Giuliani privately admitted that Trump's circle had no "evidence" of widespread election fraud. And Barr depicted a president who became increasingly unhinged after losing the election, content with spreading so many "bogus" fraud claims that it was like "playing Whac-a-Mole" trying to debunk them.
Mulvaney was among a handful of high-profile Trump officials who resigned in the wake of the January 6 attack.
Two Republicans, Reps. Liz Cheney and Adam Kinzinger, serve on the January 6 panel, though they were appointed by House Speaker Nancy Pelosi. House Minority Leader Kevin McCarthy pulled his picks from the committee after Pelosi rejected two of his selections. Trump has repeatedly expressed frustration that there aren't more loyal Republicans defending him during the hearings.
The committee's next hearing is scheduled for July 12. Rep. Adam Schiff, a California Democrat who serves on the committee, has said the hearing will focus on the planning for Trump's January 6 rally that preceded the riot and how far-right fringe groups like the Proud Boys got involved.
Schiff told CBS' "Face the Nation" that the panel hasn't "answered all the questions that we have" about whether the Trump White House was in contact with any of the far-right groups.
More: Mick Mulvaney Donald Trump january 6 Capitol Siege
|
2022-07-06T21:42:54Z
|
www.businessinsider.com
|
Former Trump Official Mick Mulvaney: GOP Must Watch Jan. 6 Hearings
|
https://www.businessinsider.com/mick-mulvaney-republicans-must-watch-january-6-hearings-trump-2022-7
|
https://www.businessinsider.com/mick-mulvaney-republicans-must-watch-january-6-hearings-trump-2022-7
|
NHL-bound Russian hockey players may be in a precarious position thanks to Vladimir Putin's war.
A Philadelphia Flyers goalie prospect was "sent to a military facility in the far north and has no ability to communicate," his agent told Insider.
Thursday's NHL draft will measure how spooked the league has become, with uncertainty looming.
Four months after Russian forces invaded Ukraine, the nation's standing in the hockey community is heading into uncharted territory.
Russia has not only shown a willingness to detain international stars, such as WNBA star center Brittney Griner, but also an iron fist leveled toward its own hockey players.
Ivan Fedotov, a Philadelphia Flyers goalie prospect selected 188th overall in the 2015 NHL draft and considered a contender for the team's backup netminder spot, was sent to the arctic on military duty last week.
"He was sent to a military facility in the far north and has no ability to communicate. That's all the information we have," JP Barry, Fedotov's agent, told Insider.
Kirill Kaprizov, a star winger for the NHL's Minnesota Wild, became the subject of confusion on Wednesday after reports emerged from Russia saying he is wanted for allegedly purchasing a military ID before returning to the US. Kaprizov's agent told The Athletic that the player has yet to return.
NHL general managers have even wanted stars as big as Washington Capitals captain Alexander Ovechkin — who has enjoyed a relatively close relationship with Putin — to consider not returning to Russia over the off-season, according to The Athletic. (Ovechkin went back anyway.)
Going back to the Soviet Union, hockey has been the premier Russian sport and a source of soft power, but uncertainty over the status of its players has reached a level not seen since the Cold War, when players from the Soviet Red Army team had to defect to the United States to play in North America.
Thursday night's 2022 NHL Entry Draft will be an early test of how comfortable front offices around the NHL feel about putting their confidence in Russian players.
"The hesitation was evident as soon as the invasion of Ukraine began because there was a fear that Russia would tighten up their borders for defectors as they have," Tony Ferrari, a draft analyst for The Hockey News, told Insider.
"Recently, the Ivan Fedotov detainment has been seen as Russia setting an example for young Russian players who plan on leaving the country for the NHL and North American in general," Ferrari continued. "This level of uncertainty and the lack of Canada and the US granting work visas — or visas of any kind — to Russian nationals has made drafting a Russian-born player a major risk."
Ferrari explained that, previously, Russian players faced a "mostly outdated" hesitancy from some teams in the post-Soviet era, largely because of the lengthy contracts teenage players would sign in Russia's KHL, widely considered the second best professional league in the world.
However, with the invasion of Ukraine, some teams won't even make a bargain pick for a top Russian player later in the draft — such as Pavel Mintyukov and Danila Yurov, both ranked in the top 10 by the NHL Central Scouting Report for their North American and European skaters — according to Ferrari.
"There are multiple teams I've spoken to that have taken Russians off their board in the first three rounds, and there have been rumors of others taking the Russian players off their boards completely this year," Ferrari said.
"Hockey, and sports in general, are ultimately a business," he added. "Putting your money in a sinking asset isn't going to work in business of any sort and currently, NHL teams often view the Russian market as a sinking asset."
Senior sports editor Sarah Kwak contributed reporting for this article.
More: russia ukraine Vladimir Putin NHL NHL Draft
|
2022-07-06T21:43:12Z
|
www.businessinsider.com
|
How Putin's War in Ukraine Penalizes Russian Hockey Players: NHL Draft
|
https://www.businessinsider.com/nhl-draft-russian-players-issues-war-ukraine-kaprizov-ovechkin-fedotov-2022-7
|
https://www.businessinsider.com/nhl-draft-russian-players-issues-war-ukraine-kaprizov-ovechkin-fedotov-2022-7
|
Did it go to junk mail?
Restart Outlook
Double-check for rules
Does the email contain a large attachment?
7 ways to troubleshoot if your Outlook account is not receiving emails
If your Outlook account is not receiving emails, there are several potential issues you should check on.
Make sure the message wasn't marked as spam or processed by an Outlook rule, and check your internet connection.
Here are seven of the best troubleshooting tips for fixing Outlook when it won't receive an email message.
Most people utterly depend on email for day-to-day communication for business and personal use. That's why it's such a crisis when Outlook fails to work in mundane ways, such as not receiving email. If you are expecting an email message and it's failed to arrive, here are seven of the best ways to troubleshoot and resolve your problem. Follow the steps below and in most cases you'll be receiving email in no time.
This might seem obvious in hindsight, but many people forget to check their junk or spam filter when waiting for an important message. It's far from uncommon for messages to be sent to spam in error, so double check to see if it got filed there.
If you find an important message in the spam folder, select it and then click the Home tab in the ribbon menu. Click Junk and then choose Never Block Sender from the drop-down menu to prevent problems with similar email in the future.
If you find the missing email in a junk or spam folder, you can "whitelist" the message so that doesn't happen again.
Outlook can be set to both online and offline mode, and it's possible the program is currently offline. Check the status at the bottom right of the Outlook window; you should see Connected. If it says Offline, click the Send/Receive tab in Outlook's ribbon and then click Work Offline. This should de-select the mode and you should see the status revert to Connected.
If the status is still offline after that, you might actually have an internet connection problem. To test, try to open a web page in a browser. If you can't access the internet at all, reboot your WiFi network (unplug your internet modem and WiFi router, leave them powered off for at least two minutes, and then plug them back in again). After the network is fully restarted, test your connectivity again. Still down? You might need to contact your internet service provider for support.
If you have a reliable internet connection but you're still not receiving email, close, and restart Outlook. You can't just close the Outlook window, because Outlook leaves services running in the background. To make sure Outlook is fully closed, use the Task Manager.
This might not be a common problem, but it can crop up occasionally. If you have configured Outlook to automatically process email with rules, the email might have triggered a rule, been automatically processed, and then filed in a different folder, avoiding the inbox entirely.
If you're not sure if you have a rule that might have diverted your email, click the Home tab in the ribbon menu. Click Rules, then Manage Rules & Alerts. Check the Rules & Alerts dialog box for relevant rules, and then review the rule to see where the message was sent.
Check your rules to make sure that the email you're waiting for wasn't automatically diverted to another folder.
If someone tries to send you an email with a large attachment, it may be stopped by your internet service provider. You'll never know it was received but prevented from going all the way to your computer. Reach out to the email's sender and, if there were attachments, ask for the email to be sent with just the message text. The sender can provide you with links to the files stored in a cloud service like Dropbox or OneDrive.
Finally, Microsoft offers some tools that can potentially repair Outlook if certain aspects of the program get corrupted. If you still can't receive email, it might be time to try to repair Outlook. This is a time-consuming process (it can take an hour) so save this for a last resort.
You can try to repair your email account — it's time-consuming, but might solve a problem with a corrupted file.
More: Outlook Troubleshooting Microsoft Tech How To
|
2022-07-06T21:43:18Z
|
www.businessinsider.com
|
7 Ways to Troubleshoot If Outlook Is Not Receiving Emails
|
https://www.businessinsider.com/outlook-not-receiving-emails
|
https://www.businessinsider.com/outlook-not-receiving-emails
|
Michael Gove, leveling up secretary, speaks to journalists in Westminster
UK Prime Minister Boris Johnson has sacked Michael Gove after the senior minister told him to resign.
The Prime Minister is "buoyant" and "up for a fight," aide James Duddridge told Sky News.
He added that some "major appointments" would be made tonight as Johnson fills dozens of vacancies.
UK Prime Minister Boris Johnson has sacked Michael Gove, one of the most senior ministers in his government, as he begins to fight back against the current leadership crisis.
Gove, who was the housing and leveling up secretary, told the prime minister he should resign earlier today, sources told Insider.
One source said the message to Johnson was "brutal."
Gove's intervention came before Sajid Javid, the health secretary who resigned late Tuesday night, called on Cabinet ministers to act, saying "not doing something is an active decision."
Cabinet ministers Brandon Lewis, Simon Hart, Grant Shapps, and Priti Patel were among those who visited Downing Street to urge Johnson to stand down, sources said.
However others, including the recently-appointed chancellor Nadhim Zahawi and long-time ally Nadine Dorries, offered support behind the prime minister.
James Duddrige, MP for Rochford and Southend East and PPS to the prime minister, told Sky News that Johnson was in a "buoyant" mood" and "he is up for a fight."
"He is going to make some changes, he is going to make some Cabinet meetings today, I wasn't in the meeting, but I am told he sacked Michael Gove," he said. "There are a number of other appointments to be made, he will be engaging with that today, as we go through.
Duddrige continued: "Nadhim Zahawi is solidly behind him, so reports there were wrong."
Johnson would focus on tax cuts and other "red meat," Duddridge said, adding that Johnson "has got a 14m mandate from the British public — he now needs to deliver [on] that. Now is not the time for a stupid election."
Through a turbulent Wednesday, dozens of junior ministers and aides quit the government, leaving some MPs to speculate that there would not be enough backbenchers able to fill the vacancies.
But Duddridge told Sky News there would be "some major appointments made tonight," and that there were many MPs "keen, willing, and able to serve."
But one MP told Insider that Johnson was "delusional" if he thought he could remain in place.
Another MP said he expected as many as three-quarters of the Cabinet to resign in the coming days, after several senior ministers visited Johnson to tell him he must go on Wednesday afternoon and evening.
A third MP said Johnson would have to resign "tonight, maybe tomorrow — either way he's gone."
More: News UK Boris Johnson Michael Gove Partygate
|
2022-07-06T21:43:42Z
|
www.businessinsider.com
|
UK Prime Minister Boris Johnson Sacks Michael Gove Amid Leadership Crisis
|
https://www.businessinsider.com/uk-prime-minister-boris-johnson-sacks-michael-gove-leadership-crisis-2022-7
|
https://www.businessinsider.com/uk-prime-minister-boris-johnson-sacks-michael-gove-leadership-crisis-2022-7
|
You can use rewards from the Hotels.com Visa card to stay at over 500,000 hotels, resorts, and villas worldwide.
The Hotels.com®️ Rewards Visa®️ Credit Card now comes with an elevated welcome bonus offer.
New cardholders can earn 2 reward nights (each worth up to $125) after spending $1,000 on purchases in the first 3 months from account opening and a third reward night (worth up to $125) after spending $4,000 on total purchases in the first 6 months from account opening.
This no-annual-fee card offers good benefits, including cell phone protection and travel insurance.
Read Insider's guide to the best hotel credit cards.
Most major hotel chains, like Hilton and Marriott, offer their own co-branded credit cards. These can make sense if you're loyal to a particular brand, but if you tend to stay at independent properties or mix-and-match hotels when you travel, you're likely better off with a card that earns rewards you can use at just about any hotel.
The Hotels.com®️ Rewards Visa®️ Credit Card is one option, and there's a new reason to give it a fresh look. For a limited time, you can earn an elevated welcome bonus offer of 2 reward nights (each worth up to $125) after spending $1,000 on purchases in the first 3 months from account opening and a third reward night (worth up to $125) after spending $4,000 on total purchases in the first 6 months from account opening. Because each reward night is worth up to $125 (before taxes and fees), you could potentially receive up to $375 in value from this bonus.
For a no-annual-fee card, the Hotels.com®️ Rewards Visa®️ Credit Card comes with decent benefits as well. But before you decide to apply for the card, there are a few caveats to keep in mind. Here's what to know.
Hotels.com Rewards Visa offer: Earn up to 3 reward nights
Hotels.com®️ Rewards Visa®️ Credit Card
Earn reward nights without worrying about complex hotel loyalty programs
No annual fee and no foreign currency conversion fees
Automatic Silver Membership that comes with VIP perks as long as your card remains open
Rewards are only good for reward nights hotel stays
No bonus rewards categories
Limited Time Offer! Get 3 reward nights worth $375 total (max $125 per night)* with qualifying purchases. Get 2 reward nights worth $250 total (max $125 per night)*, when you spend $1,000 on purchases in the first 3 months. Plus, get another reward night worth $125 when you spend $4,000 in total purchases within the first 6 months. *Excludes taxes and fees. If a night costs less than $125, you won't get the difference.
Choose from over 500,000 properties in 200+ countries around the world.
Enjoy Silver membership exclusives such as free breakfast, airport transfers, free WiFi, and more at selected properties for as long as your card is open.
Pay your monthly cell phone bill with your card and get up to $600 protection against damage or theft (subject to a $25 deductible).
No foreign currency conversion fee.
Offers reimbursement for non-refundable passenger fare if your trip is interrupted or cancelled for a covered reason, when your passenger fare is booked with your card.
The welcome offer to earn 2 reward nights (each worth up to $125) after spending $1,000 on purchases in the first 3 months from account opening and a third reward night (worth up to $125) after spending $4,000 on total purchases in the first 6 months from account opening is a good deal. You'll have the flexibility to redeem your reward nights at over 500,000 properties worldwide through Hotels.com, including popular brand names, boutique hotels, all-inclusive resorts, and vacation villas.
Keep in mind if you use a reward night at a hotel that costs less than $125, you won't be refunded the difference and will still need to pay the taxes and fees; if the property costs more than $125, you can still use the reward night, but you'll need to make up the difference (plus taxes and fees) with cash.
Beyond the elevated welcome offer, the Hotels.com®️ Rewards Visa®️ Credit Card earns "stamps" you can use toward reward nights through Hotels.com. The earning structure is simple: For every $500 you spend on purchases with the card, you'll be awarded one stamp, and when you reach 10 stamps you'll receive a reward night.
You also collect one stamp for every Hotels.com night you stay. This is where it gets a little complicated because the reward nights you earn this way are based on the average value of the 10 stamps you redeem. Each stamp you earn from spending on your Hotels.com®️ Rewards Visa®️ Credit Card is assigned a value of $110, and stamps from Hotels.com nights are assigned the value of that stay (before taxes and fees).
Here's an example. Suppose you earn 10 stamps in the following way:
Spending $2,500 on your Hotels.com®️ Rewards Visa®️ Credit Card: Earn five stamps valued at $110 each
Stay two nights at a Hotels.com property that costs $150 per night (before taxes and fees): Earn two stamps valued at $150 each
Stay three nights at a Hotels.com property that costs $200 per night (before taxes and fees): Earn three stamps valued at $200 each
In total, you'll have earned 10 stamps with an average value of $145, so you can redeem your reward night for a hotel that costs up to that amount, again before taxes and fees.
Hotels.com®️ Rewards Visa®️ Credit Card cardholders can also access an array of benefits, some of which you won't often see on a no-annual-fee card, including:
Car rental insurance (secondary)
Hotels.com Silver elite status
Here's our full Hotels.com credit card review with all the details.
The Hotels.com Rewards program isn't for everyone
Hotels.com is great if you aren't picky about brands and don't collect points with a particular chain. But be aware —because it's a third-party site, you won't earn hotel points or elite night credits for your stays. And if you already have status with a chain, there's no guarantee you'll receive elite perks when you book your stay this way.
Because of this, the Hotels.com®️ Rewards Visa®️ Credit Card is really only worth it for certain kinds of travelers. In particular, if you gravitate toward independent or boutique hotels that don't have a loyalty program, this can be a nice way to earn rewards you wouldn't usually receive if you booked directly.
It's also important to consider the rate of return you'll get for spending on the Hotels.com®️ Rewards Visa®️ Credit Card. You're effectively earning a hotel stay worth $110 (before taxes and fees) for every $5,000 you spend on the card, or a 2.2% rate of return on your spending.
Depending on your typical expenses, you could do better by using no-annual-fee cash-back card, some of which offer bonus categories of up to 6% cash back. And you can redeem cash rewards for anything — not just hotel stays.
Be sure to read our guides to the top cash-back credit cards and travel rewards credit cards to find the card that best fits your travel and spending habits.
|
2022-07-06T23:09:59Z
|
www.businessinsider.com
|
Hotels.com Rewards Visa Card Elevated Offer: Earn up to 3 Reward Nights
|
https://www.businessinsider.com/personal-finance/hotelscom-rewards-visa-credit-card-elevated-offer-2022-7
|
https://www.businessinsider.com/personal-finance/hotelscom-rewards-visa-credit-card-elevated-offer-2022-7
|
Jerone Davison, who is running for Congress in Arizona, posted a video on Twitter on July 6 with the caption "Make Rifles Great Again."
In a campaign video, Jerone Davison uses a gun to scare off a group of people in Ku Klux Klan robes.
He baselessly claims he needs a semiautomatic to fend off "angry Democrats in Klan hoods."
Davison posted the video to Twitter on July 6, writing: "Make Rifles Great Again."
A GOP congressional candidate in Arizona has posted a bizarre, racially charged, pro-gun campaign video on Twitter.
Davison posted the video on Twitter on July 6 with the caption "Make Rifles Great Again," along with the hashtag #SelfDefense and #2A — a reference to the Second Amendment.
The video appears to show a group of armed individuals in Ku Klux Klan outfits, one toting a baseball bat wrapped in barbed wire, approaching a home where Davison waits dressed in a suit.
"Democrats would like to say that no one needs an AR-15 for self-defense, that no one could possibly need all 30 rounds," he says in a voiceover.
Davison then appears to emerge from the home to approach the group while carrying an AR-15-style rifle.
"But when this rifle is the only thing standing between your family and a dozen angry Democrats in Klan hoods, you might just need that semi-automatic and all 30 rounds," he baselessly claims in his voiceover for the video.
—Jerone Davison for Congress #AZCD4 (@Jerone4Congress) July 6, 2022
Responding to a Twitter user who called the video a "cinematic depiction" of congressional hopeful's life growing up, Davison wrote: "I was born in 1970 in Mississippi. When the KKK came to town, I always felt safe, because my father had rifles to protect us."
"Racist white liberals love to tell me that my LIVED EXPERIENCE didn't happen!" he added.
Davison, a former NFL player for the Oakland Raiders, is currently running for Congress in Arizona. His video was posted two days after a mass shooting during a Fourth of July parade in Illinois' Highland Park, left seven people dead and dozens injured.
More: GOP congressional candidate Ku Klux Klan ar-15
|
2022-07-07T06:49:52Z
|
www.businessinsider.com
|
GOP Candidate Scares Off 'Angry Democrats' in Pro-Gun Campaign Video
|
https://www.businessinsider.com/gop-candidate-scares-off-angry-Democrats-pro-gun-campaign-video-2022-7
|
https://www.businessinsider.com/gop-candidate-scares-off-angry-Democrats-pro-gun-campaign-video-2022-7
|
How a 57-year-old went from painting in prison to becoming a prominent NFT artist who has brought in six figures worth of sales
An NFT titled "I'm ok" by Maryanne Chisholm
Maryanne Chisholm
Maryanne Chisholm picked up painting while in prison and later began minting that art into NFTs.
During the last bull market, Chisholm worked roughly 80 hours per week as an NFT artist.
Chisholm says Ethereum gas fees take a large chunk of her income as a creator.
Maryanne Chisholm picked up painting while she spent over a decade in Perryville Women's Prison in Goodyear, Arizona.
"I started by doing pencil drawings and colored pencil pieces on the back of envelopes," Chisholm told Insider, adding that art helped her cope with various mental health diagnoses. "I just did the best I could do with what I had at the time."
She was sentenced after a white-collar crime conviction, spending time behind bars from 2005 to 2018. Once she was released, she pursued fine art full-time in 2018, and later pivoted to NFTs, or non-fungible tokens, as a way to make a living.
After Beeple's "Everyday: The First 5000 days" sold for nearly $70 million at Christie's last year, Chisholm began teaching herself about the nascent NFT space. She connected with other artists and creators online and ended up garnering more than 64,000 followers. Her artwork tackles themes like mental health, often coupled with vibrantly colored abstract paintings and portraits.
"NFTs for me are about taking control of our future. We can create our own income. We don't have to work for big corporations," she said. "We do not have to go to these nine-to-five jobs... It gives us a vehicle to share our creativity and our stories."
The 57-year-old brought in about $117,000 worth of sales in roughly a year, per a screenshot of her accounting records reviewed by Insider. Chisholm says she has sold about 330 pieces of her digital artwork so far. During the recent bull market , she worked 80 hours per week pursuing a career as an NFT artist.
Chisholm made roughly 19.3 ether, per dashboard cryptoart.io, on ether-based NFTs alone. During Ethereum's all-time high in November, this would have been roughly $93,000, per crypto dashboard Messari. Currently, this amount totals $22,125 due to the token's steep decline in recent months. The artist sold NFTs on other blockchains like Tezos as well, but those were not added to the total.
Bear market impact on NFT sales
Ethereum, which is used to mint and purchase NFTs, is down 76.08% from its record high, according to Messari. Subsequently, blue-chip collections have seen their values fall as well, per a DappRadar industry report on June 7. OpenSea, one of the largest NFT marketplaces, declined 65% in trading volumes last month.
Amid the broader crypto market downturn, NFT artists have borne hits to their livelihood. Creators like Chisholm say their income is in a state of flux due to crypto's volatility .
"We're in the middle of a bear market right now. Business was really wonderful, and then it was really awful," she said, adding that she's made supplemental income in other ways like coaching other creators in order to make rent.
Ethereum gas fees take a large chunk of her income as well. To mint on Ethereum, costs are incurred when performing any sort of function on its network. These fees can be even more expensive than the NFT itself. Many have turned to other blockchains and Layer-2s like Polygon and Solana because they have lower costs and shorter transaction times.
Once this market cycle subsides, Chisholm predicts that she will take home an even larger amount of money than the six figures she made when she started.
Large companies pouring millions, and at times billions, into NFTs and blockchain integration leave the artist optimistic for the industry's future. Twitter, for example, announced plans for blockchain integration on its platform in January.
"I do believe this is the year where I'm going to make a lot of profit," she said. "I actually don't doubt it at all. I feel it in my bones."
More: Investing crypto NFT
NFT artist
|
2022-07-07T08:21:04Z
|
www.businessinsider.com
|
Crypto: How a Formerly Incarcerated Woman Became Prominent NFT Artist
|
https://www.businessinsider.com/crypto-how-an-nft-artist-painting-prison-six-figure-sales-2022-7
|
https://www.businessinsider.com/crypto-how-an-nft-artist-painting-prison-six-figure-sales-2022-7
|
Check out the 15-slide pitch deck Griffin, a banking-as-a-service fintech, used to raise $15.5 million in fresh funds
Adam Moulson, acting CEO at Griffin.
London-based fintech startup Griffin has raised $15.5 million in fresh funding.
The new capital comes off the back of the company submitting its banking license application.
Check out the 15-slide pitch deck Griffin used to raise the fresh funds below.
Banking-as-a-service fintech Griffin has raised $15.5 million in fresh funding.
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 tech enables companies to open new ring-fenced accounts with a tighter, less record-heavy compliance structure. The startup's sell is that it enables users to skip the process of finding a banking partner, which is usually slow and expensive, and start launching products straight away.
The company recently submitted its banking license applications to British regulators the FCA and PRA after a yearslong process.
"Becoming a bank is really hard but fintechs have to work with banks so it's an important way for us to create value," Griffin's acting CEO Adam Moulson told Insider.
"We've submitted our banking license application so we are raising now as we have a lot of exciting things we want to build which will be beneficial to us, but also our customers."
The round was led by Notion Capital, with participation from existing investor EQT Ventures as well as fintech angels including William Hockey, cofounder of Plaid, Nilan Peiris, VP of Growth at Wise, and Shane Happach, CEO of Mollie. Griffin's new round takes it to $28.2 million in total funding raised to date.
"As we get more market validation we'll be hiring more people across engineering, compliance, and risk management," Moulson added. "We're scaling up as we get closer to the finish line but actually hopefully getting the banking license is actually just the start line for us."
Griffin will also use the funding to increase the number of products its able to offer with a focus on lending and embedded finance solutions.
Check out Griffin's 15-slide pitch deck below:
|
2022-07-07T08:21:10Z
|
www.businessinsider.com
|
Griffin: UK Fintech Startup Raises $15.5 Million in Fresh Funds
|
https://www.businessinsider.com/griffin-uk-fintech-startup-raises-155-million-in-fresh-funds-2022-7
|
https://www.businessinsider.com/griffin-uk-fintech-startup-raises-155-million-in-fresh-funds-2022-7
|
Employee insurance and wellbeing startup YuLife raised $120 million from one of Japan's biggest insurers using this 13-slide pitch deck
YuLife cofounders Sam Fromson, chief operating officer, Sammy Rubin, CEO, Jaco Oosthuizen, chief insurance officer, Jonathan Roomer, chief customer success pfficer, and Josh Hart, chief product and technology officer.
London-based life insurance startup YuLife has raised $120 million in fresh funding.
The Series C funding comes from Japanese insurance giant, Dai-Ichi Life.
YuLife will use the new capital to grow its UK operations and expand to the US in 2023.
YuLife, a life insurance startup that provides incentives to employees who live more active lifestyles, has raised $120 million.
The London-based startup was founded in 2017 and wants to differentiate from traditional competitors, who provide a lump sum upon death, by focusing on offering incentives such as Amazon vouchers and air miles for users to put their health and wellbeing first.
The startup has its own virtual currency, YuCoin, which can be earned by completing everyday wellness activities such as walking, cycling, meditation , and mindfulness . Employees can log their exercises on the company's app, where it will grant them one YuCoin per mile walked. More recently, the company has offered tree planting as an exchange for coins.
"Our proposition has been borne out post-pandemic and building a culture of wellbeing at companies has gone from being a fringe offering to now becoming more mainstream," Sammy Rubin, cofounder and CEO of YuLife, said. "Employees now expect more from their employers and that's what we're offering."
Rubin said the company now manages half a million policies and had quadrupled revenues in the year since its last funding round.
This Series C round was led by Dai-ichi Life, Japan's third largest insurance company, as a strategic investment. Existing investors including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo also backed the round, with YuLife raising $206 million in total funding to date.
"We weren't looking for funding but the company wanted to make a strategic investment in Europe and they like our model and our focus on prevention," Rubin said.
Funding will go towards further growing YuLife's headcount, which stands at nearly 200. The company will also expand beyond the UK into the US market at the start of 2023 and has begun hiring staff in North America and beginning the process for regulatory approvals.
The global life insurance market is valued at around $2.2 trillion, per Swiss Re.
YuLife's clients include US bank Capital One, grocery business Co-op, fintech Curve, French ad agency Havas Media, British water company Severn Trent, and food services business Sodexo.
More: Features Pitch Deck UK
|
2022-07-07T08:21:16Z
|
www.businessinsider.com
|
YuLife: Insurance Startup Raises $120m Investment From Dai-Ichi Life
|
https://www.businessinsider.com/yulife-pitch-deck-raises-120m-from-dai-ichi-life-2022-7
|
https://www.businessinsider.com/yulife-pitch-deck-raises-120m-from-dai-ichi-life-2022-7
|
Henry Dyer, Catherine Neilan, and Bill Bostock
UK Prime Minister Boris Johnson agreed to resign after several dozen ministers quit his government.
A senior government source told Insider on Thursday that Johnson had agreed to go.
The source said Johnson would not leave immediately, but would stand aside for a successor.
Boris Johnson agreed to stand down as Prime Minister on Thursday after the mass resignation of his ministers in the wake of a string of scandals.
Johnson resigned after at least several dozen Tory MPs quit the government, including former chancellor Rishi Sunak and health secretary Sajid Javid.
A senior government source told Insider that Johnson had agreed to go. Multiple other outlets including the BBC carried the same news.
The source said Johnson would quit as leader of the Conservative Party, but "remains Prime Minister until [a] new leader is in place in time for party conference," an annual event scheduled this year for October 2-5.
The source said the plan had been "agreed with Graham Brady", the chair of the backbench 1922 committee which oversees the process for electing Conservative Party leaders.
The source gave the information on condition of anonymity, a convention in UK political reporting.
Before Johnson agreed to quit ministers, including the newly promoted ministers Chancellor Nadhim Zahawi and Education Secretary Michelle Donelan, as well as longer-standing ministers Simon Hart and Brandon Lewis, gathered to tell Johnson he had to go.
Nadhim Zahawi, who was brought in to replace Rishi Sunak late on Tuesday night, published a letter Thursday morning telling Johnson he must go.
Using Treasury-headed paper, the Cabinet minister confirmed he was one of several senior Tories who told Johnson the time had come for him to quit.
"I am heartbroken that he hasn't listened," Zahawi added. "Prime Minister, you know in your heart what the right thing to do is, and go now."
His intervention comes after another deluge of ministerial resignations brought the total to leave Johnson's government to more than 50.
Michelle Donelan later resigned after 36 hours as Education Secretary. However, Defence Secretary Ben Wallace said he would remain in post, citing the safety of the UK.
The ministers quit following the latest scandal around Johnson's premiership — allegations that Chris Pincher, his deputy chief whip, had drunkenly groped two men in a private members' club.
In the aftermath of Pincher's resignation, Johnson claimed not to have known about similar allegations when he gave him the job. That soon fell apart in another public example of him not telling the truth.
Those who quit repeatedly cited a loss of trust in the government, and in Johnson personally, as their reason for going.
In April, Johnson became the first sitting prime minister to be found to have broken the law after he received a fine from the Metropolitan Police for attending an illegal gathering in Downing Street during a coronavirus lockdown, despite telling Parliament that he and others had followed the rules.
The gathering, to mark his birthday, was one of a number of lockdown-breaking events in the "Partygate" scandal examined by senior civil servant Sue Gray. In a report, Gray criticised "failures of leadership and judgement in No 10 and the Cabinet Office" amid details of vomiting, fighting, and a child's swing being broken in parties at the heart of government.
On June 6, he survived a vote of no confidence which saw 41% of his own MPs vote to remove him.
Johnson was also criticized for moving to refurbish his official apartment with money from a Conservative Party donor.
More: News UK Boris Johnson
|
2022-07-07T09:48:21Z
|
www.businessinsider.com
|
UK Prime Minister Boris Johnson to Quit After Mass Resignations
|
https://www.businessinsider.com/boris-johnson-resigns-uk-prime-minister-following-pincher-scandal-2022-7
|
https://www.businessinsider.com/boris-johnson-resigns-uk-prime-minister-following-pincher-scandal-2022-7
|
Premium Home Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Science
Electric cars are way, way dirtier than you think — and they won't solve the climate crisis
Electric vehicles require certain minerals like lithium, cobalt, and nickel. Converting the world's one billion cars would require dozens of new mines across the globe.
Ian Morse
Earth is in bad shape. Each new United Nations report declares we are closer than before to global catastrophe and implores leaders to take drastic action immediately. But even when policymakers agree the situation is dire, deciding how to tackle the problem is where things get heated.
Global emissions from greenhouse gasses need to be almost halved by 2030 to prevent a rise of more than 1.5 degrees Celsius in temperatures before 2050 and the resulting cascade of extreme weather, sea-level rise, biodiversity loss, and crop failure. To get there, the energy sector needs to transition away from fossil fuels like oil and coal toward renewable energy from things like solar panels, wind turbines, and electric cars.
To make this shift, the world will need to produce the raw goods that make these technologies possible. Materials like lithium and graphite play a central role in producing lithium-ion batteries, which are used in electric vehicles and the storage systems for wind and solar energy. Since 2017, the World Bank has predicted that stifling rising temperatures will push demand for these minerals several times higher than their current supplies.
But massively increasing production of these minerals may cause more problems than it solves. Climate policies have traditionally favored new technologies like electric vehicles to help replace fossil fuels with renewable electricity. But given the amount of mining required to electrify the world's more than 1 billion cars, creativity around consuming less or in different ways could move the world more beneficially toward sustainable development goals than the replacement of the consumption with cleaner versions. For the one-third of greenhouse-gas emissions that come from industry, for example, the Intergovernmental Panel on Climate Change found the most significant steps to help the planet would be slashing the amount of material used, produced, and wasted.
"We've seen studies that hypothetically see the potential for drastic reductions — up to 50% — of energy demand in the next 20 or 30 years. That's a significant reduction in materials," Narasimha Rao, an associate professor of energy systems at Yale and a contributing author on the IPCC's chapter that assessed demand-side climate tools, said.
More institutions are following the IPCC's lead. BloombergNEF, an energy-transition analyst group, found in a May report that a "modest 10% reduction" in car travel could take pressure off companies straining to meet EV demand.
"What was really striking when we were modeling EV uptake was how challenging it would be to produce enough electric cars to have a zero tailpipe emissions fleet by 2050," Andrew Grant, a BloombergNEF intelligent-mobility analyst, said.
Reducing and altering consumption can quickly and efficiently slash harmful emissions. Yet a core goal in many climate policies is not reduction but an inflation of thirst for newly mined materials. Financial institutions, consultancies, and the International Energy Agency (which was formed to support the oil industry) have framed climate action as a trade-off between mining for critical minerals and reducing emissions. In the process, they have given dreamlike forecasts to mining companies and investors who scour the world for minerals.
"This says that our approach to the climate crisis is a consumer-driven one, which is bad news for the planet, the climate, and many communities worldwide," Javiera Barandiarán, an associate professor of global studies at the University of California, Santa Barbara, told me. She joins a suite of advocates, researchers, and communities challenging climate policy that requires more mining.
Many local communities, like this Native American tribe in Nevada, are pushing back against new mining projects in their backyards.
Ty O'Neil/SOPA Images/LightRocket/Getty Images
Adopting technology as fast as possible seems like the simple solution — develop products like electric vehicles that make it easy to switch energy from dirty hydrocarbons to clean electrons. But balancing the need for a clean-energy grid and fewer fossil-fuel cars with the harms of mining is tricky. We do need more minerals for a clean-energy transition, but how many, which ones, and how we get those minerals are important questions to answer.
Raquel Dominguez, a circular-minerals-economy policy advocate with the nongovernmental organization Earthworks, told me: "Who is it the most easy for? It's not easier for people who live on the front lines of extraction for the minerals we need for these vehicles. It's further shoving frontline communities under the electric bus."
'Climate minerals' get low environmental scores
Mines typically take a decade or more to get from discovery to operation. And when they are operational, they are capital-intensive, risky, and a major source of greenhouse gasses. Mineral processing predominantly depends on fossil-fuel combustion to shape molten rock, and the process is difficult to decarbonize. The industry's emissions already make up 7% of the global total, but the mines' indirect emissions grow as more cars demand manufacturing, roads, and deforestation.
Plus, mines can cause damage to the communities and ecosystems where they are built. They displace people and forests, and exposed land can pollute waters and cause dramatic flooding. Metals like lithium and nickel exist in very small quantities, and processing them turns the remaining rock into toxic waste that companies struggle to manage — they sometimes even dump it into waterways or store it behind shaky dams.
Across the globe, companies are facing backlash for new climate-branded mining projects. In Serbia last year, the multinational mining company Rio Tinto announced its next major lithium project, stirring the country's largest protests since the downfall of its dictator and causing the government to suspend the project. Around the same time that Tesla began to seek out iron-based batteries for its cars, an iron-ore miner in Australia blew up Aboriginal heritage sites to develop a mine — pushing the country to review its mining governance. A Canadian company is using the climate crisis to justify mining at the bottom of the Pacific, despite warnings of a biodiversity disaster and financial fallout in Pacific island states.
In the US earlier this year, a Chilean company lost a years-long bid to mine copper and nickel and lost several lawsuits from environmentalists — the plan was expected to disrupt Minnesota's 1 million-acre Boundary Waters protected wilderness. In Arizona, what analysts call the most promising source of copper in the energy transition has caught flak from protesters who say it will trample the rights of a local Apache community and dehydrate natural life. And in Idaho, a gold miner says it can join the fight for clean energy, even though the Environmental Protection Agency found the mine would have disproportionately adverse effects on water for the Nez Perce tribe.
A dam burst at a mining waste site in Brazil in 2015 unleashing a deluge of thick, red toxic mud that smothered an entire village.
Christophe Simon/AFP/Getty Images
Despite the local pushback, politicians in Washington, DC, have carried mining into the climate conversation in a bipartisan agreement to boost the industry. The Trump administration smoothed the path both for mining companies to acquire permits and avoid cleaning up pollution from their mines. The Biden administration has also emphasized the need for expanded mining to address its climate policies. In both parties, senators say Chinese companies dominate in almost all industries for battery materials, which threatens US businesses and national security. Therefore, the US needs to step up its production, they say.
But these debates are largely dominated by people with a vested interest in driving as much demand as possible, rather than managing both the demand and the supply sides of the equation. Electric-car companies loom large in scientific studies and media debates on climate, and some mining companies have branded themselves as climate saviors, encouraged by financial institutions like Morgan Stanley and consultancies like Wood Mackenzie.
"These companies are not acting out of altruism. They're acting out of their own interest, and their own interest is billions of dollars of profits per year," Dominguez said of mining companies.
Which minerals does climate action require?
Mineral-demand forecasts are built on a string of assumptions and ever-changing data about EV use and battery prices.
"We know that the green transition is more intensive in terms of minerals," Perrine Toledano, who leads the mining and energy team at the Columbia Center on Sustainable Investment, told me. "But it's very difficult to identify which minerals and in which quantity. The only thing you can do is make forecasts based on current technologies, but 10 to 15 years down the road, we don't know."
The World Bank's projections from 2020 are still widely cited today. If the global economy is to shrink its emissions to keep temperatures below a 2-degree Celsius rise by 2100, demand for lithium and graphite in climate technologies like batteries will need to increase five times the total production of 2018.
But those projections keep changing — sometimes shrinking. In 2017, the World Bank predicted the need for lithium would be at least 10 million tons; but in its most recent report, it predicted the need would be less than 5 million tons. Its 2017 forecast on cobalt demand was also several times higher than its more recent predictions. The International Energy Agency in 2021 concluded that climate action demanded lithium production leap by 42 times by 2040, with needed graphite, cobalt, and nickel growth roughly half as steep. Many materials are left out of these projections, such as steel, which can make up to 10% of global emissions and is used in battery packs, car frames, road construction, and charging infrastructure.
These predictions are setting the tone for global leaders to increase mining capacity, but Toledano advised caution at the World Bank's projections. Commodity prices could rise, or a company could be worried about taking materials from politically unstable places or countries where consumers worry about human rights concerns. Batteries could get more efficient or long-lasting. If charging ports become ubiquitous, there would be less reason to design a battery that lasts 300 miles. A small change in battery chemistry, deployed at a large scale, could mean dozens of mines are opened or closed. Plus, new innovations emerge constantly that could require fewer or different minerals.
"The mineral compositions of technologies are changing, have been changing, will change again," Toledano, who works with public and private institutions to craft sustainable-extraction policy, said.
Minerals will be needed for all sorts of climate technologies, but planning economies around specific ones may leave entire industries treading water. That uncertainty should raise questions about a climate plan focused exclusively on extraction.
Electric vehicles are crucial to the energy transition and far better than gas-guzzlers, but they are just one piece of a much larger climate puzzle. Moving the spotlight from electric vehicles and mining doesn't leave a dearth of action. Vehicle-sharing schemes, plant-based diets, and taxes on large cars not only reduce emissions quickly but also can lead to less demand for raw materials. A strict carbon price could push companies to shrink fossil-fuel-based supply chains and strengthen local supply that uses less transportation.
One of the primary reasons the World Bank's projections were scaled down in 2020 was the inclusion of reusing and recycling materials. Even so, the projections maintain a "flat assumption on recycling that is staying at current levels," Toledano told me.
Not everyone agrees that recycling can play a role in climate policy. Industry players, mostly those tied to carmakers, are beginning to build out factories that would recover pieces of lithium-ion batteries. These plants face major hurdles, and some industry players predict that recycled minerals may make a dent in the need for newly mined minerals in a decade.
Dominguez of Earthworks said the switch to recycled materials could be even more significant if started quickly. A report last year found that getting recycling programs started soon could offset half the demand for copper and at least one-quarter of the demand for lithium, cobalt, and nickel. The European Commission, which is rewriting its battery regulation, will likely implement a requirement that manufacturers reuse or recycle their own products. A recent California review recommended similar steps. In a report with the Natural Resources Defense Council, Barandiarán of UC Santa Barbara and her coauthors suggested expanding public transportation to reduce the pressures on communities in South America's "Lithium Triangle."
These kinds of policies, in tandem with a targeted approach to the clean-energy transition, could save humans from disastrous warming more quickly than exclusively relying on mineral production. The prominence of climate minerals in clean-energy policy stems from a long history in the US and elsewhere of encouraging mining to support the consumption of luxury goods, like cars, Barandiarán told me.
"We need to address climate change urgently," she said, "but with a human- and planet-centered approach that is committed to real solutions, not false solutions like the privately owned individual electric car."
Ian Morse is a science and environment journalist with a focus in Indonesia. He investigates land and extractive businesses, reports on the natural sciences, and writes the Green Rocks newsletter.
More: climate crisis Mining clean energy Electric Cars
Environmnetalism
|
2022-07-07T09:48:27Z
|
www.businessinsider.com
|
Electric Cars Are Not the Solution to the Climate Crisis
|
https://www.businessinsider.com/electric-cars-vehicles-solution-climate-change-crisis-dirty-minerals-mining-2022-7
|
https://www.businessinsider.com/electric-cars-vehicles-solution-climate-change-crisis-dirty-minerals-mining-2022-7
|
70 workers at Hawaii's DK Restaurant Group were illegally required to share their tips with managers, the DOL said.
Damien Eagers/PA Images via Getty Images
A Hawaii restaurant group illegally shared $58,855 of servers' tips among managers, the DOL said.
The 70 servers' tips were used to top up managers' salaries after the company cut them, per the DOL.
The restaurant paid $117,710 in taken tips plus damages to the servers following the investigation.
Servers at a restaurant group in Hawaii were illegally forced to share $58,855 in tips with managers whose salaries had been cut by the company, the US Department of Labor (DOL) said.
The DOL said DK Restaurant Group, which operates seafood, sushi, and steak restaurants in Hawaii, reduced managers' salaries by "at least" 25% when it reopened its locations after COVID-19 lockdown — then topped up managers' salaries using tips accumulated by 70 servers.
This violated the Fair Labor Standards Act (FLSA), the DOL said. The law stipulates that managers and supervisors are not allowed to keep staff tips "under any circumstances," including through tip pools.
US employers can pay tipped staff as little as $2.13 an hour, with tips bringing their take-home pay up to at least $7.25 an hour. In Hawaii, the minimum take-home pay for tipped workers is $10.10 an hour, with at least $9.35 of it coming from their employer.
"Customers' tips to restaurant staff for good service are the private property of those workers in the tip pool, such as servers, bartenders, and other front-line workers," Terence Trotter, district director of the DOL's Wage and Hour Division in Honolulu, said in a statement.
Trotter added: "Any attempt by management to misuse a portion of these tips violates tipped workers' wage rights."
The DOL said it recovered $58,855 in illegally-taken tips and an equal amount in damages. It also fined DK Restaurant Group $8,580 "for the willful nature of its violations."
Previous investigations by the DOL have found that other restaurants have committed similar FLSA violations by withholding servers' tips, including making them participate in illegal tip pools.
A burrito chain in New Hampshire included managers in its tip pool, according to the DOL, leading to the department recovering $62,000 in tips and liquidated damages for 39 employees.
A seafood restaurant in South Carolina had to repay $624,000 to workers after the DOL said it forced 92 workers to participate in an "illegal tip pool."
The DOL has warned that illegal practices such as these could be helping fuel the industry's labor shortage as workers continue to leave in droves.
In the year to April 2022, 9.15 million workers in the accommodation and food-services industry quit their jobs, according to the US Bureau of Labor Statistics — a roughly 17% rise compared to the year April 2019, before the pandemic hit. The industry had 1.34 million job openings in April 2022, per preliminary BLS data, up from 898,000 three years earlier.
More: Jobs Work Employment Restaurants
|
2022-07-07T09:48:39Z
|
www.businessinsider.com
|
Restaurant Illegally Shared 70 Servers' $59K Tips Among Managers: DOL
|
https://www.businessinsider.com/hawaii-restaurant-took-tips-from-servers-shared-among-managers-dol-2022-7
|
https://www.businessinsider.com/hawaii-restaurant-took-tips-from-servers-shared-among-managers-dol-2022-7
|
How an Insider investigation into the powerful workplace tracking system at JPMorgan Chase spawned an emergency 'fire drill' meeting and greater secrecy
JPMorgan has sought to become more secretive about its workplace tracking efforts, employees say.
The bank's clandestine behavior around its tracking follows an Insider investigation from May.
Employees have complained that they don't understand the purpose or extent of the tracking.
JPMorgan Chase is seeking to tamp down on access to an internal company system that monitors virtually everything its staffers do at work, following an Insider investigation that revealed their concerns over its use, according to two current employees with direct knowledge of the program.
The system that company executives have sought to shroud from view is called the "Workplace Activity Data Utility," or WADU for short. It's a powerful tracking apparatus that pulls in data about employees' workplace activities, including how long they spend on Zoom and phone calls and what they do on their company cell phones, among other work-related data.
Insider published a story in May about WADU, detailing employees' fears over how managers' use of the data it collects could negatively impact their performance reviews, bonuses, and careers. One current employee even described downloading a mouse "jiggler" to trick the company into thinking the person was working on their home laptop even while taking a bathroom break.
In an effort to rein in further unwanted leaks to the press, bank executives have become even more secretive about the program internally and attempted to crack down on access to the system for people who could be "loose ends," the two employees, both of whom work in technology roles, told Insider in early July.
Some executives at the firm convened a virtual emergency "fire drill" meeting in late May to decide how to respond to the leaks, one of the employees who attended the small gathering told Insider. Last month, the bank also sent out emails seeking to cull some staffers' access to the system. And, the two people said, some managers have also been instructed to communicate to their staffers verbally, as opposed to in writing, about updated company policies — such as those tied to its hybrid return to work — in the hopes of minimizing additional leaks of sensitive documents or emails.
People felt disgusted. They just felt as if they were being betrayed.
In an email to Insider, Michael Fusco, a spokesperson for JPMorgan Chase, said that any messages that staffers received last month from the bank inquiring about whether they still needed ongoing access to WADU were part of an "annual recertification of access to all applications in June." Fusco added that he was "not aware of any direction or meeting with 'mid-level or senior-level executives' to restrict access or knowledge of WADU, nor have we made any access changes to the system, as your anonymous source suggests."
But the tech employee who attended the virtual meeting said Insider's report was shown on screen to attendees during that gathering, and executives cited it as the cause of the meeting and a reason for them to become more clandestine about WADU.
Reading Insider's May report about the bank's surveillance efforts whipped up feelings of anger and mistrust within the firm, both tech employees told Insider.
"People felt disgusted. They just felt as if they were being betrayed, and that this was a way for the company to just instill fear into employees," said the employee who attended the "fire drill" meeting.
"At home, if I do my personal chores" during the workday, "we now feel like we can't do that," this person added. "We feel like we can't take breaks while working, because we're being monitored at every moment… [There is] fear that we need to be at our desk, in front of our computers all the time."
The two tech employees insisted on speaking to Insider under the condition of anonymity, citing fear of reprisal from the bank because they were not authorized to discuss internal matters with reporters.
Jamie Dimon is the CEO of JPMorgan Chase.
A secretive 'fire drill' meeting
As Insider has previously reported, some employees say they feel anxious and disconcerted by the company's monitoring of their work-related activities because they don't know how the data is being used or why. Aside from boilerplate language in the JPMorgan intranet informing employees they are being tracked for legal or compliance reasons, staffers said the bank has yet to be clear with them over how far the monitoring goes, or what end it ultimately serves.
Some current and former employees have also told Insider that their managers had referenced the data in performance reviews or other meetings, suggesting it could be used as a gauge of performance.
Rather than soften its stance or move to become more transparent with staffers, the bank appears to be growing even more secretive about its tracking efforts, both technology staffers said.
"They have been extremely hush hush about it," said the second of the two people. "Every WADU access request is getting mulled over like 20 times because they are really limiting what people are seeing," this person added, "which in all reality is making it worse on them, because now it really looks like they're trying to hide something."
The first tech staffer said that the "fire drill" meeting took place shortly after Insider's late May investigation into WADU. A group of fewer than 10 executives in operations and technology functions convened at the virtual gathering to discuss next steps, the person said.
The emergency meeting's objective was to find ways to "lock down" knowledge of the system from those who didn't need access to it, so as to prevent additional employees from sharing unauthorized information with journalists, the person said. During the meeting, executives in attendance — most of whom were based in New York or Texas — displayed a "pretty serious" tone given the gravity of the situation, and identified Insider's reporting as driving the sudden need to limit visibility into the system by revoking some staffers' accounts, according to the person.
Now it really looks like they're trying to hide something.
"They were going back over their loose ends," the staffer said, recalling that the executives decided to "start certifying access" for users to determine who could have their access pulled. "They had to assign someone to go in and make sure who has access to reporting and, out of this list of folks, who no longer needs access to this database."
Insider is withholding the names of the individuals who are said to have attended the meeting, at the staffer's request.
About two weeks after that meeting, the employee received an email asking whether they still required access to WADU. The deadline to respond to that email was in late June. Insider reviewed the email, which asked recipients to answer a series of questions including queries along the lines of:
Did recipients require access to WADU's data going forward?
For what purpose did recipients use the data?
Did recipients share the data or reports obtained through WADU with their team or other colleagues throughout the organization?
Did the recipient require continual approval to receive data through WADU from a "senior leader"?
Did the recipient log a formal request to continue receiving data through WADU?
The employee did not know how many other accounts held by non-managerial staffers might have seen their access to WADU revoked, or how many people beneath the senior level of management had access to begin with.
Tamping down on hybrid-work envy
For workers who are deemed eligible to partake in it, JPMorgan's official hybrid work policy requires that staffers spend at least three days per week in the office.
But both technology workers said that, following Insider's series of reports depicting the bank's strict expectations for employee attendance, they had privately received verbal assurances from their bosses that they could come in two days per week, instead of the stated three. Other tech workers have received similar overtures from their managers in recent weeks, the two employees added.
Managers have made a concerted effort to only discuss the new guidance verbally, intentionally avoiding putting it in writing, because the firm is keen to stop additional written memorandums about its internal policy updates — particularly those pertaining to returning to the office — from leaking to reporters, the people said. The bank is fearful that other JPMorgan employees who have not been granted the two-day-per-week perk could feel envious or angry upon reading about the heightened flexibility extended to tech workers, the people added.
One such leak resulted in a story Insider published in late April about an email memo sent by Drew Cukor, a top artificial intelligence and machine learning executive at JPMorgan, who told members of his teams in writing that they would be permitted to come into work just two days per week, rather than three, going forward.
Cukor sent the email announcing the deviation from the company's official hybrid-work parameters following an earlier report Insider published in April that originally revealed how the bank keeps track of its employees' comings and goings at the office by counting their ID badge swipes. Cukor's email pointed to internal pushback from employees as a reason for his softening stance.
Even within the WADU system, some tech employees' calendars still appear to show that they are expected to come into the office three days per week, in spite of these assurances from their bosses that two days will be satisfactory, according to a review of the second tech staffer's calendar. This tech worker also oversees a small team of direct reports, and was told by a higher-ranking manager to refrain from putting anything in writing about the new two-day-per-week expectation for those staffers as well.
Maybe when they lose talent here is when they may realize that what they're doing is wrong.
In a recent hybrid town hall in June, which employees attended both virtually and in person, some tech personnel who work on payments functions in the Chase division were told that they could come in as few as six days per month — which constitutes a major break from the bank's official hybrid rules — according to the first technology worker who also sat in on the "fire drill" meeting in late May.
"As we have said all along, hybrid work schedules vary by business, job function, and individual managers," Fusco, the JPMorgan spokesperson, told Insider via email.
But this tech employee described feeling disheartened that mounting scrutiny about JPMorgan Chase's workplace monitoring has yet to dissuade executives from pushing ahead with their data collection.
"They're not stopping," this person said. "Maybe when they lose talent here is when they may realize that what they're doing is wrong. Because, at the end of the day, if they're going to lose talent, the bank is not going to succeed. Hopefully that will help them realize. But, if that doesn't work, then I'm not sure what will."
Are you an employee at JPMorgan Chase? How do you feel about the bank's ongoing surveillance of employees' activities? Contact this reporter. Reed Alexander can be reached via email at ralexander@insider.com, or SMS/the encrypted app Signal at (561) 247-5758.
More: Wall Street JPMorgan JPMorgan Chase
|
2022-07-07T09:48:45Z
|
www.businessinsider.com
|
Criticisms of JPMorgan's Employee Monitoring Has Led to More Secrecy
|
https://www.businessinsider.com/jpmorgan-fire-drill-meeting-about-wadu-employee-tracking-complaints-2022-7
|
https://www.businessinsider.com/jpmorgan-fire-drill-meeting-about-wadu-employee-tracking-complaints-2022-7
|
Over the weekend, 12,000 American Airlines flights set for July briefly didn't have pilots scheduled after a glitch in scheduling software allowed pilots to drop assignments, the Allied Pilots Association (APA) said. The glitch has since been resolved and American says that it doesn't expect it to impact travel plans.
The APA said Wednesday that the airline, which has around 15,000 pilots, had agreed to pay a 200% premium to pilots who fly the routes that had been been removed and then "non-contractually added" to pilots' schedules, CNBC first reported.
American did not immediately respond to Insider's request for comment, made outside of regular working hours.
The scheduling issues at American come amid a period of mounting travel chaos.
On Wednesday, 26% of American Airlines flights were delayed and 6% were canceled, according to flight-tracking site FlightAware.
More: American Airlines Wage Salary Pay
|
2022-07-07T11:19:45Z
|
www.businessinsider.com
|
American Airlines Pilots Get Triple Pay for Working Glitch-Hit Flights
|
https://www.businessinsider.com/american-airlines-pilots-triple-pay-flights-schedule-glitch-apa-wage-2022-7
|
https://www.businessinsider.com/american-airlines-pilots-triple-pay-flights-schedule-glitch-apa-wage-2022-7
|
British Airways is canceling 10,300 short-haul flights this summer.
British Airways is canceling 10,300 short-haul flights to and from London airports this summer.
The airline is cutting its summer schedule by about 13% after being offered a landing slot amnesty.
As well as flight delays and cancellations, passengers face long lines at airports and lost luggage.
British Airways is canceling more than 10,000 flights this summer amid mounting travel chaos.
Airlines have been delaying and canceling flights due to staffing shortages, surging passenger demand, and technical issues.
Passengers have also faced lengthy delays at airports, with some saying they missed their flights because queues for check-in and security were so long, while others have waited days to be reunited with their luggage.
British Airways said it was consolidating some services, cutting 10,300 short-haul flights to or from London airports between early August and late October. About 1 million customers who have already booked tickets will be affected, The Times reported.
Along with previously announced cancelations, this means the airline has eliminated close to 30,000 flights between April and October, the BBC reported. BA is canceling about 13% of its summer schedule overall.
"The whole aviation industry continues to face into significant challenges and we're completely focused on building resilience into our operation to give customers the certainty they deserve," British Airways told Insider.
Affected customers will be offered another flight with BA or a different airline, or a full refund.
After announcing the cancellations on Wednesday, BA tweeted that it was "experiencing high call volumes due to current disruption."
In late June, the UK Government introduced a one-off "amnesty" allowing airlines to hand back airport landing slots they are not confident they can be operate this summer. Airlines are normally required to use the highly valuable slots a certain number of times to keep them.
The government said the slot amnesty would help prevent last-minute flight cancellations due to staffing shortages and let airlines "deliver a realistic summer schedule that minimizes disruption at the airports."
The new policy, part of the UK Government's 22-point plan to tackle airline and airport chaos this summer, appears to be behind British Airways' latest cancelations.
"The Government recently decided to give the whole industry slot alleviation to minimise potential disruption this summer," British Airways told Insider.
BA's long-haul flights will not be affected by the latest cancelations.
Other airlines cutting their summer schedules include Lufthansa and Delta.
On June 29, Heathrow, the UK's largest airport, asked airlines to cut flights set for the next morning due to a lack of capacity.
More: British Airways flight plane Travel
|
2022-07-07T11:19:57Z
|
www.businessinsider.com
|
British Airways Cancels Another 10,000 Flights This Summer
|
https://www.businessinsider.com/british-airways-cancel-flights-airport-airline-plane-fly-labor-shortage-2022-7
|
https://www.businessinsider.com/british-airways-cancel-flights-airport-airline-plane-fly-labor-shortage-2022-7
|
Bill Gates just poured more money into a car-metal-recycling startup. Here's an exclusive look at the 12-slide pitch deck that won over him and investors at Assembly Ventures.
Sortera just closed a $10 million Series B round.
Sortera Alloys
Sortera Alloys, an auto-aluminum-recycling startup, just raised $10 million.
The Series B funding round was led by the mobility-focused venture-capital firm Assembly Ventures.
Here's an exclusive look at the pitch deck Sortera used in its latest raise.
Bill Gates' Breakthrough Energy Ventures climate fund announced this week a second investment into a recycling startup that could give the auto industry an answer to its aluminum-supply pinch.
Sortera Alloys just closed a $10 million Series B round, led by investors from Detroit's Assembly Ventures with participation from the aluminum company Novelis and Breakthrough (which led Sortera's $10 million raise late last year). The latest round brings the Fort Wayne, Indiana, startup's total funding to $22 million.
Sortera, cofounded in 2020 by the materials and artificial-intelligence scientists Nalin Kumar and Manuel Garcia, has previously received funding from the venture-capital firm Chrysalix and the Department of Energy Advanced Research Projects Agency. Assembly Ventures has previously invested in companies like the electric-vehicle-battery startup Our Next Energy and the e-commerce firm Metropolis.
While the EV-battery-recycling efforts of companies like Redwood and Li-Cycle have pulled in a lot of investment and attention, the auto industry still needs gobs of aluminum, and it's not always easy to find.
Automakers across the globe in recent years have been shifting from traditional steel to aluminum, whose lightness improves fuel efficiency and lets EVs go farther on a charge. The Ford F-150, for instance, has had an aluminum body since 2015.
Aluminum is the fastest-growing material in the auto business, with the market expected to grow about 12% on a per-vehicle basis by 2026, according to the Aluminum Association.
Sortera is jumping on that opportunity by turning old aluminum into new.
"The fundamental problem is, the aluminum makers can't get enough recycled material," Michael Siemer, who was named Sortera's CEO in April, said. "We need more recycled material to go into the primary aluminum, as a primary material can be energy-intensive to make."
Because used aluminum comes as a mixture, that mix needs to be sorted through to make the aluminum that can go back into cars, Siemer said.
That's where Sortera comes in. The startup uses data analytics, sensor tech, and AI to sort mixed aluminum scrap, called twitch, into individual elements that can be returned to the aluminum-manufacturing process.
"We can really make a dent in having to source the raw materials and all the energy to create more aluminum," Siemer said.
The startup has a 10-acre processing facility at its headquarters. It plans to scale to high-volume production by the end of the first quarter next year and is set to process 100 million pounds, or 45,000 metric tons, of the aluminum recycled material a year starting then.
Sortera could eventually apply its sorting technology to other areas.
"We're beginning with aluminum, but this is a holistic opportunity as it relates to how do we reuse all aspects of a vehicle — or of any manufactured asset," Chris Thomas, an Assembly Ventures cofounder and partner, told Insider. "We have the ability here to lean in to looking at the future of plastics, looking at the future of electrification, looking at the future of batteries."
In the meantime, Sortera has a five-year contract with its investor Novelis and is targeting work with other manufacturers that supply aluminum to automakers desperate for the material.
Siemer shared the pitch deck Sortera used to pitch its vision. Sensitive information has been redacted.
Sortera used this pitch deck to raise a $10 million Series B.
Sortera
Sortera was founded in 2020 and sees an addressable market of $10 billion.
The startup explained how it differentiated itself from others.
Sortera gave a glimpse of its company history.
The company explained its long-term vision of reducing the waste found in products at the end of their life.
Sortera's market opportunity is massive, the company says.
The environmental influence from Sortera's recycling is one point the company stressed to investors.
Sortera has received investment from Bill Gates' VC fund twice.
The company explained how its recycling technology worked.
Sortera shared details about its artificial-intelligence-driven tech.
Sortera explained why its tech was so important to the auto industry.
Sortera introduced its leadership team.
Breakthrough Energy Ventures
assembly ventures
|
2022-07-07T11:20:33Z
|
www.businessinsider.com
|
Read the Sortera Pitch Deck That Won Over Bill Gates' Fund
|
https://www.businessinsider.com/sortera-aluminum-recycling-pitch-deck-startup-bill-gates-breakthrough-energy-2022-7
|
https://www.businessinsider.com/sortera-aluminum-recycling-pitch-deck-startup-bill-gates-breakthrough-energy-2022-7
|
Chinese airlines are in talks with Airbus to buy its A220 aircraft, state media reported.
Airbus is discussing new aircraft deals with Chinese airlines, state media said Wednesday.
Last week, Airbus unveiled a $37 billion deal to sell A320s to Chinese airlines, beating out Boeing.
China's Global Times said Airbus is now discussing deals for its newer A220s.
Airbus is reportedly in talks with Chinese airlines about a new round of jet sales, having just beaten fierce rival Boeing to a bumper $37 billion deal.
Global Times, the state-owned Chinese newspaper, reported Wednesday that Europe's Airbus was in "close contact" with Chinese airlines about a deal for its A220 aircraft.
Days earlier, Airbus unveiled one of the largest single-day deals in aviation history, to sell 292 of its A320 jets to major Chinese airlines — thereby beating firece rival Boeing to the punch.
The A220 is a narrow-body passenger jet that seats between 100 and 150 passengers, whereas the A320 variants carry around 200 passengers.
Global Times reported that Airbus was "seeking to further increase its footprint in the Chinese market." It said the planemaker held an event Monday to "promote the A220 for short-haul flights and vowing to tap the market potential in Western China."
Yang Xiaoyu, Airbus' head of flyable procurement in China and East Asia, told China Daily: "Among all Airbus aircraft models, the A220 boasts the highest number of Chinese elements." Yang said 15 Chinese suppliers "have been contributing to its manufacture, from providing raw materials and components to the assembly of big parts."
The $37 billion A320 deal was met with disappointment by Boeing, with a spokesperson telling Bloomberg that "geopolitical differences continued to constrain US aircraft exports."
Beijing responded by saying it was "natural" for the US to "feel sour" after losing out on the deal, via an editorial in the Global Times newspaper published Sunday. The editorial further suggested that US public opinion had been "flooded with jealousy" after Airbus sealed the deal, Insider reported.
More: Airbus Boeing China Travel
|
2022-07-07T12:54:58Z
|
www.businessinsider.com
|
Beijing: Airbus Now in Talks to Sell China A220s After $37B A320 Deal
|
https://www.businessinsider.com/airbus-chinese-airlines-boeing-plane-manufacturer-2022-7
|
https://www.businessinsider.com/airbus-chinese-airlines-boeing-plane-manufacturer-2022-7
|
Today, we will explore why the Sun Valley confab hosted by boutique investment bank Allen & Co. is so fascinating to Wall Street. (Hint: It's not just the celebrity sightings.) We will also review Reed Alexander's latest scoop on JPMorgan's monitoring of its employees, which has caused tensions with some workers. (Hint: The bank is responding to workers' complaints, but not exactly in the way they had hoped.)
1. Sun Valley is M&A heaven. Every year like clockwork the private jets start descending on a 7,500-foot runway surrounded by mountains in the otherwise sleepy town of Hailey, Idaho. Out of those planes pop many of the richest and most powerful people in the world — from Jeff Bezos to Warren Buffett.
They are all invitees of the annual Allen & Co. conference for media and tech movers and shakers, which is taking place right now.
Not a lot of news comes out of the closely guarded conference. Still, Wall Street is sure to be watching it closely because it's known as a hotbed for dealmaking. And as we have discussed here before, M&A is way down this year and Wall Street could use the fees.
Secretive Sun Valley plotting has been traced to Comcast's deal for NBCUniversal, Verizon's takeover of AOL, and Bezos' purchase of the Washington Post. This year's attendees include Meta's outgoing Chief Operating Office, Sheryl Sandberg, billionaire investor Warren Buffett, GM CEO Mary Barra, and Uber CEO Dara Khosrowshahi.
Here's who's been spotted at Sun Valley so far.
2. JPMorgan steps up its secrecy. Following Insider's May report about JPMorgan's expansive internal tracking system, known as WADU, company executives held an emergency "fire drill" meeting to clamp down access to the system, employees told Reed Alexander.
3. Berkshire Hathaway is a "conflict nightmare" for judges. Warren Buffett's holding company is so massive that judges say they can't always tell when a case involves a subsidiary that raises a conflict of interest.
4. Bill Ackman on the Highland Park shooting. The hedge fund billionaire donated $18,000 to the toddler whose parents were shot and killed at a July 4 parade.
5. Sam Bankman-Fried speaks out about the crypto liquidity crisis: The FTX founder told Reuters that the worst is likely over — and that his exchange still had a "few billion" on hand to prop up failing ventures. More here.
6. Shopify is delaying its planned compensation overhaul. Intended to give employees more flexibility over the balance of stock and cash in their comp packages, the overhaul was first announced in April. The delay comes amid reports of layoffs and hiring delays.
7. And now, some personal finance advice from an actual financial planner. Most CEOs expect a recession in the next year — so here's how to recession-proof your retirement.
8. It pays to be a new hire. Per the WSJ, new hires are getting salary raises after just weeks on the job. Here's what's going on.
9. Thinking of visiting the financial hub of Singapore? We've got you covered. Our reporter has lived there for 20 years — and outlines the five mistakes she keeps seeing visitors make there.
10. Are you a financial industry rockstar? Don't be modest. If you or someone you know is a rising star on Wall Street, fill out this form and you just might make our exclusive list.
Curated by Kaja Whitehouse in New York. Tips? Email kwhitehouse@insider.com or tweet @kajawhitehouse. Edited by Hallam Bullock (tweet @hallam_bullock) in London.
More: Newsletter 10 Things on Wall Street Finance Sun Valley Conference
|
2022-07-07T12:55:10Z
|
www.businessinsider.com
|
What Billionaires Are up to at Sun Valley Conference
|
https://www.businessinsider.com/billionaire-sun-valley-conference-deals-allen-co-2022-7
|
https://www.businessinsider.com/billionaire-sun-valley-conference-deals-allen-co-2022-7
|
Boris Johnson confirms resignation in TV speech, but says he will stay in post until a successor is named
Boris Johnson speaks on Thursday.
UK Prime Minister Boris Johnson confirmed on Thursday he would stand down.
Johnson said he planned to stay in office for a time, and has appointed new ministers to keep the government running.
But several MPs told Insider they wanted him to quit immediately.
Boris Johnson has confirmed he will stand down as prime minister, saying it is "clearly now the will" of the party for there to be a new leader, after dozens of his ministers resigned.
In a televised speech on the steps of Number 10, Johnson said he had agreed with Sir Graham Brady, chairman of the backbench 1922 committee, that "the process of choosing that new leader should begin now".
But he will stay in post until a successor is identified, Johnson said. A timetable would be confirmed next week, he added.
In a typically upbeat speech, surrounded by supporters including his wife Carrie, Johnson said he had tried to persuade colleagues that it would be "eccentric" to change leaders currently, noting that Tories are "only a few points" behind in the polls.
"I regret I was unsuccessful in those arguments," he added, blaming the party's "herd instinct" for his defenestration.
Sources have indicated that Johnson, who as late as Wednesday night had claimed via aides that he would fight on, is hoping to stay until the party conference in October.
But several MPs told Insider they wanted Johnson to quit immediately, with many suggesting deputy prime minister Dominic Raab as a replacement. They all asked for anonymity so speak frankly.
One said it was "not tenable" for him to remain. Asked who should replace him, another MP said: "Anyone – my mum is free."
Johnson had spent Thursday morning scrambling to fill the vacancies, with Greg Clark – from whom Johnson suspended the whip back in 2019 – being made levelling up secretary to replace Michael Gove who was fired Wednesday.
James Cleverly, previously a Foreign Office minister, was made education secretary. Robert Buckland, who had been among those saying Johnson must resign, was made Welsh Secretary.
Some MPs told Insider they had turned him down, saying they would not serve under him.
Suella Braverman and Steve Baker, both ardent Brexiters, have already thrown their hats into the ring for the future leadership contest.
Johnson said he would give "as much support as I can" to the new leader.
More: News UK Boris Johnson Conservative Leader Partygate
|
2022-07-07T12:55:16Z
|
www.businessinsider.com
|
Boris Johnson Confirms Resignation, Wants to Stay in Office for Now
|
https://www.businessinsider.com/boris-johnson-resigns-tv-scandals-resignation-2022-7
|
https://www.businessinsider.com/boris-johnson-resigns-tv-scandals-resignation-2022-7
|
3 ways pro athletes can make passive income for their rest of their lives, according to a 31-year-old retired soccer player
Amobi Okugo, 31, is a retired professional soccer player and founder of A Frugal Athlete.
He said endorsements are a very popular way for athletes to earn money post-career, but they're not for everyone.
Real estate, venture capital, and digital courses are growing in popularity with former athletes.
Amobi Okugo, a retired midfielder and defender with the Austin Bold Football Club, knows that making sure you have enough to get by when your athletic career ends is very important. He is after all, only 31 years old and already pivoting to his second career as the founder of A Frugal Athlete.
Okugo told Insider that one of the best ways for professional athletes to make sure that their money outlasts their typically short careers is by paying attention to opportunities to make passive income.
He listed three forms of passive income that are particularly popular with professional athletes after they've stepped off of the field.
1. Digital courses
Digital courses are growing in popularity with all sorts of entrepreneurs seeking passive income, especially since the beginning of the pandemic — but Okugo said that former pro athletes have specific skills to offer in this format.
He said that many athletes can create digital courses on topics like "How I made it to pro" or "How I navigated working with this coach," or about different specific skills they have as a professional athlete. These courses can be very popular and lucrative for the creator, he added, because there are a lot of athletes out there who want to make it to the pros, and will pay to learn more and achieve what professional athletes have.
Okugo said that endorsements and brand sponsorships are the "biggest way" that former professional athletes make money after retirement.
However, he doesn't think that endorsements and brand sponsorships are best for everyone. "That's only that's contingent on how well you promote yourself and how big your personal brand is," Okugo said. "Not everyone likes to be in front of the camera, or has that personal brand."
Plus, it's not as passive as other options: Successful endorsements do require some level of active involvement to maintain a steady stream of income after retirement.
3. Venture capital and real estate
Okugo said that many professional athletes also make more traditional investments in order to have passive income. Real estate in particular is increasingly more popular among retired pro athletes.
Another thing that many former professional athletes like to get involved in, he said, is venture capital. "I would say it's still not as prevalent or widespread across the board, but athletes are coming in and helping companies from a strategic perspective as a brand advisor," he said. Pro athletes can serve as subject matter experts, relationship partners, and "sweat equity" ambassadors — investing labor, mental effort, or time rather than solely capital — for different brands.
However, Okugo warned that it's important not to "bite off more than you can chew," when it comes to things like venture capital, and to be realistic about how much you make in comparison to bigger players within professional sports.
For instance, he said, he can't do "the same deals as LeBron, because he's looking at a whole different spectrum of deals. I've got to stay in my lane."
"I can't invest in Liverpool," he continued. "That's not ideal — even though I'm a soccer player. There's certain things that don't make sense."
PERSONAL FINANCE Millennial entrepreneurs who built 6-figure passive income streams share 7 tips on how to get started
PERSONAL FINANCE I'm always looking to earn more, so I asked experts for 4 passive income streams that bring in 6 figures a year
PERSONAL FINANCE 3 expert tips to start making passive income with just $100
More: Passive Income Professional athlete PFI SP
|
2022-07-07T12:55:28Z
|
www.businessinsider.com
|
3 Passive Income Streams Favored by Former Professional Athletes
|
https://www.businessinsider.com/passive-income-retired-professional-athletes-2022-7
|
https://www.businessinsider.com/passive-income-retired-professional-athletes-2022-7
|
Chip Somodevilla/Getty Images; Rachel Mendelson/Insider
An employee of student-loan servicer Nelnet leaked an email to Insider about layoffs at the company.
Following the layoffs, Insider spoke to current and former Nelnet employees on company culture.
With at least some student-loan forgiveness on the horizon, they say job security is lacking.
A major student-loan company that let go of about 150 workers last month said it's not planning to lay off any more of its employees.
But two people Insider spoke to, one a current and one a former Nelnet employee, are worried — especially as President Joe Biden is reportedly poised to forgive some portion of student debt over the coming months, a move that would greatly impact their industry.
Jo — a current Nelnet employee using a pseudonym for privacy — told Insider the lack of notice with the past layoffs has some employees in a "mass panic."
"We just didn't know who was going to be next, and they weren't saying anything to us," Jo said. "These people were being fired and removed without a word."
Nelnet did not comment to Insider on the process it took for notifying workers of layoffs, but when Insider reported last month that Nelnet laid off about 150 employees, the company said it was due to lack of work caused by the over two year pause on student-loan payments, and although they were able to "redeploy" some workers to different divisions.
"Unfortunately there are not enough opportunities for everyone, and we've had to make the difficult decision to right size our loan servicing teams," Nelnet spokesperson Ben Kiser told Insider.
Anne, an employee who was laid off from Firstmark Services, a private loan division of Nelnet, on May 24 and is also using a pseudonym for privacy, told Insider she can attest to the shock factor when she was notified she no longer had a job. When she started hearing rumors circulating that layoffs were coming, Anne said she brought the issue up with her manager and was assured she would be fine. But after a quick meeting and an email wishing her luck in her future endeavors, she was out of a job.
"It was spread around that roughly 40 people between federal and private were laid off due to there not being enough work," Anne said, referring to the two kinds of loans Nelnet services — those made by the US government and those made by private lenders. "But when the announcement was made about how many people actually got laid off, which was 150 instead of 40, that raised a red flag."
Not only were the layoffs much more than Anne expected — she also worked on private student loans, and it was confusing to her that she would be impacted by President Joe Biden's pandemic pause on federal student-loan payments, along with the potential loan forgiveness for only federal borrowers.
Nelnet did not comment on the layoffs from Firstmark Services. Kiser told Insider that "any decision affecting people's employment is difficult," and did not provide any additional information regarding potential future layoffs.
"Some people here are living paycheck to paycheck," Anne said. "We're worried about what is going to happen to the families if Nelnet starts laying off more people after having assured everyone they're not going to. It's going to hurt so many families."
'Nobody feels like they have job security anymore'
According to screenshots another current Nelnet employee provided to Insider, the way in which Nelnet went about the most recent round of layoffs sparked alarm among some employees.
One employee wrote in a group chat:
"welp y'all I'm logging out they just told me they're laying off people starting today bc of overage in workers" to which another employee responded: "ARE YOU FREAKING SERIOUS?"
The employee informed of the layoff later wrote in that chat: "It's all good. They said they're going to pay me for an extra 2 weeks as well as any leftover eto (earned time off) and the rest of today but I have to clock out now. It's just so crazy they didn't give a heads up. Just scheduled meeting this morning."
Anne said she got two weeks severance following her layoff, and according to her layoff package reviewed by Insider, any unused time off will be included in her final paycheck and the Employee Assistance Program, which provides a certain number of free counseling sessions, is available up to three years after termination.
But the student-loan business is anything but certain, and Nelnet employees aren't ready to take the company at its word, especially given the uncertainty surrounding student-loan relief. Biden is reportedly considering $10,000 in forgiveness for federal borrowers making under $150,000, and while the decision is likely to be announced in July or August, the White House has yet to confirm any details.
"Nobody feels like they have job security anymore. Working is very tense," Jo said. "It's very much full of people just pretending like it's business as usual, but it's clearly not."
More: Economy Politics Student Debt Student Loans
|
2022-07-07T12:55:46Z
|
www.businessinsider.com
|
Nelnet Layoffs: Employees Describe Fear at Student-Loan Company As They Await Forgiveness
|
https://www.businessinsider.com/student-loan-company-nelnet-layoffs-mass-panic-jobs-debt-forgiveness-2022-6
|
https://www.businessinsider.com/student-loan-company-nelnet-layoffs-mass-panic-jobs-debt-forgiveness-2022-6
|
MI5 boss Ken McCallum, left, and FBI Director Chris Wray, right, spoke at Thames House on Wednesday
Dominic Lipinski/PA Images
The UK's Security Service recently halted a cyberattack by China against key aerospace firms.
The heads of the FBI and the UK's MI5 raised alarms of the threat of Chinese espionage Wednesday.
The unprecedented joint remarks described risks of "Chinese state action" to companies' technology.
In May, the UK's MI5 disrupted a "sophisticated attack" by Chinese Community Party (CCP) agents against critical aerospace companies, MI5 head Ken McCallum revealed on Wednesday in an unprecedented joint address by the heads of the UK and US domestic security services.
McCallum and his FBI opposite number Chris Wray gave the address to business and academic leaders in London to sound the alarm on the threat of "Chinese state action" against businesses.
The UK has conducted intelligence sharing with 37 countries over the last 12 months, McCallum confirmed.
He also revealed in his remarks that over 50 students "linked" to the People's Liberation Army, the armed wing of the CCP, have left the country since the UK reformed its Academic Technology Approval Scheme.
The security directors were careful to distinguish between Chinese state actors and positive collaboration with Chinese businesses.
They said that there was no need for businesspeople to make their business a "fortress," but warned that "if you are involved in cutting-edge tech, AI, advanced research or product development, the chances are your know-how is of material interest to the CCP [Chinese Communist Party]."
The remarks, made from Thames House in London's Westminster neighborhood, were a rare public statement by the two highly secretive organizations.
China's Foreign Ministry fired back in a daily press conference on Thursday. Foreign Ministry spokesperson Zhao Lijian said to reporters in Beijing: "We urge this US official to have the right perspective, see China's developments in an objective and reasonable manner and stop spreading lies and stop making irresponsible remarks," the AP reported.
In the same remarks, Zhao called the United States "the biggest threat to world peace, stability and development."
In November last year, a US court convicted a senior Chinese intelligence officer of espionage of industrial secrets, including of military and aircraft technology.
McCallum seemed to preempt China's public response, saying in his speech: "If my remarks today elicit accusations of Sinophobia, from an authoritarian CCP, I trust you'll see the irony."
More: MI5 FBI ccp Aerospace
|
2022-07-07T12:55:58Z
|
www.businessinsider.com
|
UK and US Security Services Issue Unprecedented Joint China Warning
|
https://www.businessinsider.com/uk-us-security-services-china-spying-warning-unprecedented-joint-address-2022-7
|
https://www.businessinsider.com/uk-us-security-services-china-spying-warning-unprecedented-joint-address-2022-7
|
Courtesy of Latham Jenkins / Live Water Properties
A $35 million Jackson Hole ranch is the most expensive home currently listed in Wyoming.
Its buyer will share 233 acres bordering Grand Teton National Park with a herd of over 600 elk.
Remote workers are buying luxury "co-primary" homes in the mountain town, the listing agent told Insider.
This $35 million Jackson Hole ranch is the most expensive listing in Wyoming.
Courtesy of Lantham Jenkins / Live Water Proporties
With a 4,800-square foot main house and a 2,070-square foot cabin, over 96% of the ranch's 233-acres is under conservation.
The previous owners hoped to protect a herd of over 600 elk that lives on the property.
While you won't find many human neighbors, the Teton Mountain Range and Snake River are right next door.
An outdoor lover's paradise, you can go cross country skiing and snowmobiling ...
... camping ...
... and even ice skating without ever leaving the property.
Jackson Hole's luxury real estate has boomed as remote workers buy "co-primary" homes by the mountains, the property's listing agent Latham Jenkins told Insider.
For example, tech workers "might still have the home in Palo Alto, but they've added a property here and they bounce between them," he said.
"Historically, the market was more of a vacation destination for baby boomers," he said. "About 10 years ago, we started to see a trend of virtual workers."
"During the COVID years, it was really amplified as more and more high wage earners were freed up to work remotely and could afford real estate here," he added.
While virtual workers are drawn to Jackson Hole's lifestyle and community, Jenkins said Wyoming's tax-friendly laws are also a huge incentive.
"The market for luxury property has really evolved to where virtual work enables these buyers to move between their properties throughout the year based on the season," he explained.
Courtesy of Latham Jenkins
If you've had enough of the great outdoors, step inside and check out the interior of the main house, which has 5 bedrooms and 6 bathrooms.
The ranch was built in 2001 using a local materials palette — river rocks and logs.
It was formerly part of a larger guest ranch for tourists, Jenkins said.
Working remotely is no problem with this spacious at-home office.
Be warned, it might be difficult to pay attention to your inbox with this view distracting you all day.
After work, kick back on the couch and enjoy some wine — this time, taking in those mountain views.
Here's another view of the living room.
Even though the majority of the property is protected conservation land, there's still room to build "up to six homes" on the parcels that do have building rights, Jenkins said.
"It's a great property for anyone looking to build out a family compound," he added.
Here's the dining area in the cabin, which has an additional 4 beds and 2 baths.
A massive stone fireplace dominates the cabin's living room.
The median listing home price in Jackson Hole was $2.8 million in May 2022, up 74.7% from last year, according to Realtor.com. This drastic increase has made it increasingly difficult for local workers to find housing.
Jackson Hole welcome sign.
Matt Henry Gunther / Getty Images
Source: Realtor.com, Teton Regions Housing Needs Assessment, Wyoming Public Media
"It's an ongoing challenge that we've seen in all great places to live," Jenkins — who said he lived in a hotel room when he moved to the area 30 years ago — told Insider.
The Pandora and Swarovski Crystal store in Jackson Hole, gateway to the Grand Teton National Park on May 28, 2021.
"The wages here have to be at a level to invite workers to come and be able to afford it," he continued. "We're seeing labor rates now starting at $30 an hour to keep up with the cost of living."
More: Features business news visual features Business Visual Features Real Estate
|
2022-07-07T13:29:45Z
|
www.businessinsider.com
|
PHOTOS: $35M Jackson Hole Ranch Is Wyoming's Priciest Listing
|
https://www.businessinsider.com/35-million-jackson-hole-ranch-photos-most-expensive-wyoming-listing-2022-7
|
https://www.businessinsider.com/35-million-jackson-hole-ranch-photos-most-expensive-wyoming-listing-2022-7
|
A rampant Facebook Marketplace scam uses fake Zelle emails to trick sellers into sending money
A prevalent Facebook Marketplace scam involves fake emails from Zelle, a person-to-person payment platform.
The fake emails ask sellers to pay money to phony potential buyers.
One seller who fell for it said he was out $300 and warned others to look more closely at details.
Beware: A rampant Facebook Marketplace scam is targeting users as soon as they list an item.
It's a warning I'm telling myself, because — full disclosure — I nearly fell for it the other day.
Last week, as I was listing a few items to sell on the app, I received an immediate barrage of messages from people seemingly eager to purchase them.
I was fielding five or six direct messages at once and they all followed a similar sequence. Almost every message began, "Hello, I'm interested in your item. [A copy and paste of the listing title.] Is it still available?" When I said yes, they then would either respond with "what's the condition?" or "where are you located?"
After a brief back-and-forth, they committed to purchasing it, and asked for my info on Zelle, a popular person-to-person payment platform and rival to Venmo.
"I'll be making the payment now," someone purporting to be "Charlotte" wrote to me. Once I gave her the email associated with my Zelle account, I received an email that appeared to be from Zelle, but was actually from an email address seemingly not linked to the company (info@zellebanksllc, in my case).
Zelle did not respond to multiple requests for comment from Insider for this story.
The fake Zelle email asks the user to "expand" to a business account by sending an extra $200 to the buyer to meet the minimum.
Tanya Chen / Gmail
Note the typos in the email I received. "We have a problem crediting your funds $75 USD because the account status is not a business user which makes your account have limit," the first line reads.
I spoke with four other Facebook Marketplace users who had been targeted in similar ways. A few other email aliases used for this were info@zellebanksllc.com and zellememberquickpay@aol.com.
One person I spoke with recently sent funds to someone purporting to be a buyer on Facebook Marketplace, and he said he'd accepted that he'd lost $300 for good.
Devesh, who asked to be identified by a pseudonym when discussing personal finances, said he was recently selling an office chair on Marketplace. An interested buyer contacted him, and said they would send him the funds immediately to secure the purchase. The Zelle email he received was from zelle3889@gmail.com. When the email asked him to pay the buyer back $300 for an upgrade to a business account, he did. The buyer then asked for another $500, claiming they erroneously double-paid over Zelle.
That's when Devesh got suspicious and looked at their interactions more closely.
"In my case, I felt like just relying on the Facebook Messenger chat and not closely inspecting the confirmation emails was probably what led me to fall for it," he said. "The attacker gives the victim a sense of urgency so they're not thinking straight and don't look at the details of what's happening as closely as they would otherwise."
'Facebook should have employees to individually go through scam reports...'
Devesh blocked and reported the user to Facebook owner Meta, but said he had not heard back from the company. Several others who flagged similar suspicious emails and correspondences said they'd also blocked and reported the incidents and users.
When asked to comment on the scheme, a spokesperson for Meta sent Insider several links to blogs titled "Tips for Shopping Responsibly on Marketplace," "How do I avoid scams while shopping on Facebook?," and "Fake Accounts."
In some of its tips to avoid Marketplace scams, Meta suggests avoiding "messages or emails directly from the seller telling you that there was something wrong with your payment" and "buyers or sellers that push you to move quickly to complete a sale."
The Meta spokesperson did not comment on why the company had been unable to stop the prevalence of this apparent scam, but said, "When we find scam activity, we take appropriate action, which can include disabling the seller's commerce accounts, removing listings and canceling existing orders."
But some users said they wanted the company to do more.
"Facebook should have employees to individually go through scam reports to ban their accounts," said Maurice, a 23-year-old user who detailed a similar Zelle experience when he listed an item on Marketplace last week.
All the Facebook Marketplace users I spoke with for this story said they had reported and blocked suspicious users they came in contact with. But none of them had yet heard back from Facebook about their cases.
Devesh said he wanted "more robust policies for reporting accounts involved in fraud, and overall content moderation," though he didn't hold Facebook directly responsible for the money he lost.
"This is definitely a mess," he added.
More: Instagram Scams Facebook Marketplace
|
2022-07-07T13:29:51Z
|
www.businessinsider.com
|
New Facebook Marketplace Scam Uses Fake Zelle Emails to Trick Sellers
|
https://www.businessinsider.com/facebook-marketplace-scam-uses-fake-zelle-emails-to-trick-sellers-2022-7
|
https://www.businessinsider.com/facebook-marketplace-scam-uses-fake-zelle-emails-to-trick-sellers-2022-7
|
7 recruiters at high-flying venture firms like Accel, Index, and Lightspeed share their best tips for jobseekers
"Don't settle for the first job that comes your way."
The tech job market remains strong even as layoffs sweep startups from Better to Bolt.
We asked talent partners — the hiring experts at VC firms — to share strategies for jobseekers.
Their advice: Be honest, target companies and people you admire, and practice interviewing.
"Target businesses that are doing well"
Katie Hughes is a talent parter at General Catalyst.
The tech industry is bracing for a possible recession , and startups across industries are slashing costs to stretch their runways, while venture investors pull back from writing new checks.
In this market, Katie Hughes, an executive talent parter at General Catalyst, tells jobseekers to "target businesses that are doing well, not just roles that are available."
"Don't settle for the first job that comes your way"
Tammy Han is the head of talent at Emergence Capital.
Tammy Han, the head of talent at Emergence Capital, tells people to use a job interview to evaluate the company and assess if they can envision themselves working there.
"Don't settle for the first job that comes your way. You wouldn't buy the first dress or shirt off the rack, so why would you treat your job search without the same level of rigor?" Han said.
"Be honest about why you need to find a new role"
Lauren Illovsky is a talent partner at Gradient Ventures.
Gradient Ventures
People who get laid off might be tempted to try to hide it from recruiters. There's no need for tricks, said Lauren Illovsky, a talent partner at CapitalG, a firm that's backed by Alphabet.
"In this climate, you don't need to worry about reputational damage from being let go due to a company restructuring or change in company priorities," Illovsky said.
She tells people to treat a layoff like any other job transition.
"Have conversations with people you've enjoyed working with in the past," she said, "seek out opportunities in companies that you feel excited about working for, and be honest about why you need to find a new role — but do it in a way that doesn't disparage your former employer."
"Do your homework ... on yourself"
Paula Judge is a vice president of talent at Accel.
Paula Judge, a vice president of talent at Accel, said her first job interview after five years working at the software firm Palo Alto Networks was a total disaster. Her mistake: She rambled on about her most recent projects, not necessarily the most shining or relevant work.
She tells people to prepare for job interviews by reflecting on their own stories: "It's not enough to be able to talk about your skills or accomplishments in an interview. You need to be able to contextualize them in a way that's relevant to the company you're interviewing with, and you need to do it succinctly. Do your homework on the company you're meeting, and on yourself!"
"Write your story down, practice it out loud"
Kat Steinmetz is a principal at Initialized Capital.
Initialized Capital
Kat Steinmetz, a principal at Initialized and a former human resources practitioner, echoes Judge's advice. She tells jobseekers to take time to "put together the story of your career."
"A resume can help open a door, but employers are going to be interested in you — your overall goals, what you've done so far and where you want to go, how one experience led to another, the environments where you thrived, what you've learned," Steinmetz said.
She added, "Write your story down, practice it out loud."
"Focus on the quality of the business and leadership team above all else"
Erik Kriessmann is the head of human capital at Index Ventures.
In this market, jobseekers might be wise to evaluate a job offer on the merits of the company, rather than the specific role, said Erik Kriessmann, head of human capital at Index Ventures.
"As you look for new opportunities, focus on the quality of the business and leadership team above all else. Depending on your unique situation, this might mean making a lateral move or even taking a smaller role. Focusing on the people is smart in all times, especially right now."
"Take this time to reflect on what you really want and don't be shy to go after it"
Nicole North is an executive talent partner at Lightspeed Venture Partners.
If there's a silver lining of being laid off, it's the opportunity to pause and pursue a dream career, said Nicole North, an executive talent partner at Lightspeed Venture Partners.
"Of course, be responsive to inbounds that come your way and job postings you see, but also take this time to reflect on what you really want and don't be shy to go after it," she said.
"Intentionality is a powerful thing that we often don't make the time for, or we don't feel empowered to embrace. We all have dream lists written down, or floating around in our heads, of companies we admire and wish to work with. Don't let those dreams stay on the 'list.'"
More: Jobs Startups Venture Capital
Talent partners
|
2022-07-07T13:29:57Z
|
www.businessinsider.com
|
VC Recruiters Share Job Hunting Advice for People Laid Off at Startups
|
https://www.businessinsider.com/vc-recruiters-advice-jobs-startups-layoffs-2022-7
|
https://www.businessinsider.com/vc-recruiters-advice-jobs-startups-layoffs-2022-7
|
Cambridge Associates' Joe Marenda helps the world's top institutions invest in digital assets. He's warning a shake-up could be on the horizon for crypto VC but not a slowdown, thanks to investors having 'enormous amounts of dry powder.'
Joe Marenda, head of digital assets investing at Cambridge Associates
Joe Marenda is global head of digital asset investing for Cambridge Associates.
The digital assets space is experiencing a crisis at the moment with prices way down.
Crypto VC is a key way for institutions to invest and Marenda says it isn't slowing anytime soon.
Cambridge Associates' Joe Marenda has been through a number of market crises from running a Japanese internet company in the dot-com boom-and-bust cycle to working as a hedge fund specialist during and after the 2008 financial crisis.
"[Market crises] are always different," said Marenda. "They rhyme but they're not really the same."
He now heads up digital asset investing for institutional investment consultancy firm Cambridge Associates, which has $552 billion in assets under advisement.
The digital assets space is experiencing its own crisis at the moment with crypto assets like bitcoin and ether down 50% and 63% year-to-date. The downturn comes as investors try to navigate a very different macroeconomic environment where interest rates are rising, inflation is surging and growth is slowing.
A number of recent crypto specific events have also resulted in a loss of confidence in the crypto ecosystem from the collapse of well-known hedge fund Three Arrows Capital and to the liquidity crises facing centralized crypto lenders like Voyager and BlockFi.
Marenda advises some of the world's biggest institutions on how to invest in digital assets. Many of his clients are now coming to him with questions on the complexities of the recent fallout in the ecosystem and its long-term implications, rather than with fear.
They don't need to be too fearful as Marenda has been preparing for an event like this by tempering commitments in the heat of the crypto bull market when bitcoin and ether were reaching highs of $68,000 and $4,800 respectively. Though he had no idea what would trigger the downturn.
"The vast majority of our clients are active in this space," Marenda said. "I would say that the majority of their capital it's committed, but it hasn't been invested. So we're in a very good position to be buying into these lower prices."
Valuations have been getting dramatically re-marked across asset classes and crypto is no exception, Marenda said. Most startups are looking at down rounds at this point, he added.
"The takeaway for a lot of clients that are already active in this space and the takeaway for a lot of colleagues has been this is the time if you're committed to the space to be looking to be investing because valuations have come down dramatically," Marenda said.
"There are some late stage growth rounds that are quite literally 80% discounts to prices three months ago or a year ago," he added.
Marenda's clients predominantly gain exposure to digital assets through directly investing in venture capital. He has a bias toward crypto native investors who focus on the early and seed stages.
The biggest risk in investing in crypto right now is the regulatory uncertainty, which remains the same across each venture stage, he said
"If you think about it, given that the risks are the same, we gravitate towards the highest risk adjusted returns, which in our view is seed and early stage venture investing," Marenda said. "You could do late stage growth and maybe get like a 3x potential return or you can do seed and early stage and maybe get 10 to 20x return."
'Enormous' amounts of dry powder
Despite recent valuation drops and the wider crypto bear market , crypto native VCs continue to be in a strong position relative to the last crypto bear market, Marenda said.
"There is an enormous amount of dry powder amongst the crypto native venture funds and traditional venture funds that is uncommitted, and that's different from the prior cycle," Marenda said.
Within the last six to seven months Marenda's seen around $10 billion raised by just a handful of firms and it doesn't look set to slow down.
"The funds that we've invested with are still planning to raise their next fund at the end of this year or early next year but I expect smaller sizes," Marenda said.
"But we don't need as much capital, if a seed round was going off at $100 million post money last time around, if it's $30 million this time, you don't need a giant fund anymore to support that."
A shake-up ahead
While a small round doesn't phase Marenda, he does have a preference for investors who have already survived at least one crypto winter when managing institutional money.
He expects in this cycle that crypto VCs with a desire to manage institutional money will also need to take some lessons from the hedge fund world.
Marenda's clients gain exposure to digital assets through some hedge fund strategies such as arbitrage and relative value trading with liquid tokens.
"Those are quite attractive because the sharpe ratios on those are higher than two, which is very hard to find anything with a sharpe ratio of two anymore," Marenda said. "And that's just because of all the inefficiencies in the crypto markets."
With the recent challenges in the crypto market from the collapse of Three Arrows Capital to the liquidity challenges of centralized lenders, Marenda expects investors will start demanding better risk management functions similar to what hedge funds offer.
"They have a portfolio that's probably half illiquid and half liquid, so there's going to need to be a risk management function brought into the crypto native venture funds," Marenda said. "And that's a function that has historically been absent from non-crypto traditional venture funds."
He expects a lot of institutional investors will be unwilling to hand over capital unless the firms can show how they handle risk and that they understand counterparty risk. The firm's with this already place will come out winners in this cycle, he added.
"I think the broad conclusion in this current cycle is that a lot of firms didn't understand their counterparty risk and a traditional hedge fund would never have made that mistake," Marenda said.
More: Investing Investing Strategy Investing Outlook
crypto investing outlook
crypto investing strategy
investing in crypto
Joe Marenda
crypto hedge funds
hedge fund strategies
|
2022-07-07T14:26:16Z
|
www.businessinsider.com
|
Crypto VC Isn't Slowing Down but Challenges Lies Ahead: Joe Marenda
|
https://www.businessinsider.com/crypto-vc-investing-cambridge-associates-venture-investing-valuations-joe-marenda-2022-7
|
https://www.businessinsider.com/crypto-vc-investing-cambridge-associates-venture-investing-valuations-joe-marenda-2022-7
|
Insider economy reporter Ben Winck is a self-proclaimed "Fed geek" covering market action and economic data.
Hollis Johnson/Insider
Reporter Ben Winck talks to Sarah Belle Lin about being a "Fed geek" and how his work has influenced his spending habits.
You can read Winck's reporting for Insider here.
Sarah Belle Lin: You write about the economy, including the hottest topics right now like inflation, the crazy housing market, and climbing gas prices. How did you get started on this beat?
Ben Winck: I covered financial markets when I started at Insider, and lots of the market action I covered was powered by new economic data, Federal Reserve actions, or legislation making its way through Congress. That sparked my interest in covering those topics. I expanded my beat through 2019 and 2020 to include the Fed, economic data, and some economic policy coverage. Once the economy team was created in early 2021, I made the jump and have been focusing more on those topics ever since.
Lin: You talk to experts on both sides of the recession debate. So what do you think, is a US recession inevitable?
Winck: I definitely don't think a recession is inevitable. Yes, there are several factors that could plunge the country into a downturn sometime in 2023, and a growing number of economists see a recession as increasingly likely. Yet I still believe there's a decent chance that the Federal Reserve can bring inflation lower without tanking the economy. Much of it relies on factors the Fed can't control like tangled supply chains, but I think it's possible! Then again I've always erred on the optimistic side.
Lin: You've reported about how renters of color spend hundreds more on average than white renters. How and when do you try to incorporate race in your reporting?
Winck: Knowing how uneven the recovery from the 2008 financial crisis was, I felt that I wouldn't be doing my job if I didn't cover the disparities of today's recovery. It's easy to say that the country has fully healed when you only look at the privileged groups that are likely to rebound the fastest. I need to consider all perspectives and the structural disadvantages in our economy if I'm going to accurately cover the economy as it exists today. I also like to think that by calling out racial, gender, and socioeconomic inequities, I can help educate readers about how many parts of our economy aren't equal playing fields.
Lin: What topics have been the most challenging to report on? How did you work through them?
Winck: Everyone on my team knows I'm a massive Fed geek. I absolutely love covering central banks and monetary policy, but it can be difficult to explain how a slight change in Jerome Powell's remarks or quantitative tightening affects the everyday American. The best Fed stories are those that balance insight with accessibility, and it can be a challenge to nail that mix. Finding the right sources for those topics can be tough as well, as I've had several interviews that just turn into a source talking about what they would do if they ran the Fed.
Lin: Walk us through a day in your work life (be they one of the busier ones or typical ones).
Winck: Many of my days start right at 8:30 a.m. ET, since that's usually when new economic data drops. If my editor and I decide it's worth covering, we'll write up a story on that report, and typically we'll follow that up with a step-back analysis of the data and what it means for the economy overall. If there aren't any relevant speeches or hearings to cover then I'll usually spend the rest of the day working on longer analysis pieces, either by interviewing sources, combing through the FRED (Federal Reserve Economic Data) site, or reading some research papers. And if there's an important report dropping the following morning, I'll prewrite a story on that so we can publish ASAP.
Lin: For folks trying to understand the current market landscape, what books or shows would you recommend?
Winck: Great question. For understanding markets, reading a variety of daily market wraps (stories that sum up what's going on in markets) is the best way to quickly get a handle on what's going on. Having Bloomberg TV or CNBC on in the background is also a great way to get a read on the biggest financial and economic stories of the day. Markets Insider does a fantastic job at covering both the major trends in markets and the day's biggest stock moves. As for TV shows and movies, I'd recommend "Industry," "The Big Short," and "Too Big to Fail."
Lin: How does your reporting at Insider influence your own spending or investing habits?
Winck: It's actually made me more passive than active with my investing! I didn't do any active trading when I covered markets, just because of the obvious conflict of interest issues that would emerge. That's not as much of an obstacle on the economy team (no, I'm not getting the monthly jobs report ahead of everyone else), but covering the economy broadly has made me appreciate just how futile active trading would be for me. So I'm more focused on investing into a handful of broad ETFs when I can and then forgetting about it, instead of letting it distract me. As for spending, I just try to steer clear of spending on things that I know have seen very strong inflation. I don't think I've ever been happier to not have a car I need to fuel up!
You can read some of Winck's stories here:
There is no good solution to the kind of inflation we're seeing right now
The next recession will be mini compared to the last 2 — and feel completely different
Inside the 2 sides of America's recession debate: From Jamie Dimon predicting a 'hurricane' to a Harvard economist completely unworried about a downturn
More: The Inside Story Federal Reserve Economy Jerome Powell
|
2022-07-07T14:26:28Z
|
www.businessinsider.com
|
Q&a With Ben Winck on the Economy and Global Markets
|
https://www.businessinsider.com/insider-reporter-ben-winck-on-the-economy-and-global-markets-2022-6
|
https://www.businessinsider.com/insider-reporter-ben-winck-on-the-economy-and-global-markets-2022-6
|
AR glasses-maker Nreal is planning to introduce video ads to its devices as advertising makes its way into the metaverse
Nreal's glasses show multiple windows in the user's field of vision.
AR glasses maker Nreal is working on an adtech solution to be released later this year.
Brands like L'Oreal and Bugatti have signed up to trial the product.
Spend on AR ads is forecast to reach $6.86 billion by 2025, according to research firm ARtillery.
Beijing-based technology firm Nreal is developing a video adtech solution for its augmented reality glasses that it plans to release later this year, the company told Insider.
The ads will be served to viewers watching content through Nreal's TV app at preset timestamps. Reminiscent of YouTube's in-video ads, viewers will be able to skip them after 5-seconds, continue watching, or clicking on the call-to-action button, via hand gestures.
A demo of how the ads will display to viewers.
Nreal will develop the underlying ad serving technology template, while streaming company Cinedigm will oversee content distribution. The aim, the companies said, is to replicate the traditional ad-funded commercial model in AR media.
Brands including L'Oreal, Adidas, Gucci, and Bugatti are set to run ads on the service, Nreal said.
Even though brands' spend on AR ads is still a small part of their overall budgets, the format is on the rise. Research firm ARtillery estimated that AR advertising will reach $6.68 billion in 2025, up from the $2.86 billion estimated for 2022. Snapchat in particular has committed resources to developing AR as a channel for advertisers, opening a studio for AR brand ads last year.
Ad spend on AR application is forecasted to grow quickly in the coming years.
Insider Intelligence. Data from ARtillery
The market for AR glasses has over the years attracted the attention of major tech firms, from Google's Glass, to Snap's Spectacles, and Facebook and Ray-Ban's Stories. But none have taken off among consumers for a number of reasons, ranging from high prices to limited functionality. Apple is also rumored to be working on its own AR glasses.
A report from Insider's research firm Insider Intelligence estimated that the number of AR users in the US will exceed 100 million by 2025, although that will be partly because the technology is more accessible via smartphones.
Nreal's flagship glasses, the Nreal Light, have been available in the US since November last year and retail for $599. The company also unveiled a cheaper, smaller version, called the Nreal Air, available in markets across Asia and in the UK for 399 pounds, or around $490.
"Consumers today are seeking lighter, but longer lasting AR glasses exclusively for streaming media and working from home," company founder Chi Xu told The Verge last year.
The company's glasses allow viewers to watch content on a large virtual screen.
The company's glasses weigh less than competitors like the Magic Leap One because they don't have a battery, instead relying on a USB connection to a smartphone.
Nreal raised $60 million earlier this year in a round led by Alibaba, and has amassed $231 million in funding to date from investors.
Venture capital funding of VR/AR software and hardware startups set a quarterly record in the fourth quarter of 2021, reaching nearly $1.9 billion, according to Crunchbase. Investor enthusiasm has been buoyed by interest in the role VR and AR will play in the metaverse and improvements in VR technology, Insider Intelligence said in an April report.
More: AR Advertising Metaverse Video Ads
AR ads
|
2022-07-07T14:26:34Z
|
www.businessinsider.com
|
Nreal Is Introducing Video Ads to Its AR Glasses
|
https://www.businessinsider.com/nreal-launches-video-ads-for-ar-glasses-2022-7
|
https://www.businessinsider.com/nreal-launches-video-ads-for-ar-glasses-2022-7
|
Read the 33-page pitch deck that career coaching startup Skye used to raise $1.6 million
Jessica Wolf, CEO and cofounder of coaching platform Skye.
Skye.
Skye, a platform to find executive and life coaches, is launching to the public today.
The platform has tapped current and former execs from Google, Conde Nast, and Lyft as coaches.
Read the 33-page pitch deck the founders used to raise a $1.6 million pre-seed round in January.
The idea for coaching platform Skye, a marketplace to find life and executive coaches, came from a personal experience. Three years ago, Jessica Wolf, Skye's CEO and cofounder, spent months looking for a coach without success.
She was trying to break into venture capital, was considering moving across the country for a job offer, and couldn't decide if business school was the right move. On top of it all, she was ending a relationship.
But she couldn't find the right person to advise her. Some existing coaching platforms, like BetterUp and Torch, targeted companies, not individuals. Meanwhile, Ginger, a platform for behavioral health coaching, didn't provide the kind of career expertise she wanted.
"I thought 'A therapist will not cut it because I need strategic career advice,'" Wolf told Insider. "I wanted someone who had a tenured background. I didn't want the coach who graduated from college and just became a coach, or was a therapist for a few years and then switched over to coaching."
In 2021, after two years of sitting with the idea, Wolf, who had decided she did want to get that MBA, teamed up with two fellow Columbia Business School students — CPO Tony Lin and CTO Gabriel Chen — to build a new coaching platform to fill the needs she had had years ago.
Today, Skye is home to nearly 100 coaches, including current and former executives from Google, Conde Nast, Lyft, Dropbox, Oscar Health, BCG, and Sony Entertainment, in addition to professional coaches. The platform, which launched to the public this month after nine months in beta, has hundreds of users.
Before they went to investors, the cofounders wanted to have a platform built out, as well as a solid roster coaches.
"We have to get coaches first," Wolf said. "If we don't have coaches, we can't sell anything."
She pulled from her own connections from the Columbia Business School alumni network, venture capital, and media.
These coaches are matched with clients through an algorithm. When joining, clients fill out a questionnaire about their background, goals, and growth areas, and the algorithm creates recommendations for coaches based on those answers, price point, values, and objectives.
Currently, coaches set their own prices for monthly subscriptions, and the platform takes 10% in fees.
New coaches have to be referred to Skye by current coaches, and they then go through a vetting process which includes an interview and a mini coaching session with the cofounders.
Once a coach is on board, Skye connects them with clients and also serves as their CRM, with tools like contracting, calendar integration, video conferencing, billing, and goal tracking.
In early 2022 — after the platform had launched in beta, and brought on 50 coaches and over 200 clients — the company raised a pre-seed round of $1.6 million from Stellation Capital, Incite Ventures, Day One Ventures, and several angel investors.
In order to hook investors, Wolf used a 33-page pitch deck that she put together in November 2021, when she began the pitching process. She updated it and tailored it to different investors during the three months she spent raising funds.
"I had two different versions, depending on the fund," Wolf said. "If I knew a fund was more into pre-seed, all about the founder, I had one deck. But if I knew that they were a numbers person, I would use another one."
The cofounders also included information they collected during calls with people in their network about coaching, including their needs and budgets.
"We were able to actually say 'This is an average willingness to pay' because we learned that, we're not making it up," Wolf said.
Read through Skye's pitch deck that helped them raise their $1.6 pre-seed round:
The pitch deck opens with a presentation page.
The second page includes a concise description of the product.
The third page gives a definition of coaching, according to Skye, and how it combines and differs from consulting and therapy.
AT SKYE, WE DEFINE COACHING AS:
A partnership that outlines a solution-oriented strategy for success.
It is a process that involves understanding where you are and where you aspire to be in an effort to co-design a behavioral and strategic roadmap to get you there. Coaching is a strategic approach to purpose and fulfillment.
The next page defines the ROI of coaching and lists notable individuals who have received coaching.
This slide lists individuals who have had coaches, like Oprah Winfrey, Bill Clinton, and Serena Williams, and describes the "ROI" of coaching, which improves actionability by 91%, outlook by 94%, and learning by 88%.
It also includes some relevant quotes about coaching, like "Everyone needs a coach" from Bill Gates and "Best advice: find a coach" from former Google CEO Eric Schmidt.
Then, there are concrete examples of Skye clients and why they seek coaching.
There are also examples of Skye coaches and why they're getting into mentoring.
The next page details how Skye's technology works, both for coaches and for clients.
Then, it explains how the algorithm pairs coaches and clients, and includes a real example of a successful match.
Then, the deck goes into a brief history of how Skye grew before raising capital.
What we've bootstrapped together, in a few short months.
Early September
Started onboarding coaches
Mid September
Manual matches delivered to 15 clients
Pivoted to a monthly subscription model
Late September
Launched coach profiles and editing capabilities
Early October
Social media announcement & grassroots marketing
Launched calendar management and booking
Mid October
Forbes U30 & Soho House event series
Launched matching algorithm
Started 100s of client calls and onboarded over 50 coaches
Launched packages payments
Early November
Over 150 coach-client matches on platform
Launched a multi- touchpoint email engagement campaign
The following two pages are for industry analysis.
This slide includes information the cofounders collected during introductory calls with people in their network about coaching.
Then, there are two pages dedicated to Skye's marketing practices.
With a combination of events, influencers, and endorsements, we are generating a lot of buzz.
Science of Happiness
Productivity and Creativity Power of Support
Your Value System
From Founder to Leader
Mental and Emotional Fitness
Influencer Promotion
Devon Levesque - 501k
Summit - 56.7k
Minnie Kim - 74k
Val Chapman - 29.3k
Natalie Hill Jensen 15k
Erica Saeur - 14k
Quddus - 14k
Jenna Starkey - 1.5k
Dale Moss - 700k
We have engaged in high level partnership discussions with some of the leading and most prestigious coaching institutions. We are also exploring partnerships with recruiting and law firms.
Instagram and Linkedin have been strong organic channels that can be improved with targeted paid marketing efforts.
"Investors liked seeing this page," Wolf said. "It showed how we started with organic events. Community's a huge part of our work. We have about five in-person events a month. Coaches get to practice some new topic or programming, and our clients get to meet each other."
The next page, edited for confidentiality, includes financial projections.
This slide details Skye's financial projections through 2026, but it has been edited for confidentiality reasons.
The next page details the marketing and business development through Q3 2022.
The next page analyzes competitors.
Then, the deck gives some background about the cofounders.
And the company's board of advisors.
The following 14 pages are part of an appendix.
This appendix was originally envisioned as a part for "traditional pitch deck needs," like market size, competitors, and financial projections.
As Wolf realized that investors would ask questions about certain elements earlier on in the pitch — like competitors and projections — she moved them up the deck.
The first two pages in the appendix gives some background about the first days of Skye.
And what they learned about their potential clients and the challenges they face.
The next page includes a product-market fit analysis.
Then it moves into Skye's business model.
In this deck, Skye projected to withhold a 5% fee from coaches, but that number has now increased to 10%.
And their target audience.
The following page highlights the untapped market potential.
Then it lists what services Skye offers coaches.
And what services it offers clients.
The next page lists Skye's business partners, both on the coaching and client side.
And how it plans to be a combination of the business management tools coaches already use.
The next page, edited for confidentiality, includes business development and financial projections.
This slide has been edited for confidentiality reasons.
Towards the end, there is a page with screenshots highlighting interest from prospective clients and the success of one of Skye's first events in October 2021.
The deck concludes with a thank you page.
More: Features Pitch Deck Coaching
|
2022-07-07T14:26:46Z
|
www.businessinsider.com
|
The Pitch Deck That Coaching Startup Skye Used to Raise $1.6 Million
|
https://www.businessinsider.com/pitch-deck-coaching-startup-platform-raise-1-million-preseed-funding-2022-7
|
https://www.businessinsider.com/pitch-deck-coaching-startup-platform-raise-1-million-preseed-funding-2022-7
|
Bill Clark/CQ-Roll Call, Inc via Getty Image
The Education Department released a list of proposed changes to the student-loan industry.
Rep. Virginia Foxx criticized the proposals, saying it doesn't solve issues of "endless borrowing."
The public has 30 days to comment on the proposals before they move toward implementation.
President Joe Biden's Education Department just released a long list of proposed fixes to the student-loan industry. A top Republican lawmaker says it will only make things worse.
Wednesday's plan includes attempts to improve targeted student-loan forgiveness programs, like the Public Service Loan Forgiveness (PSLF) program and borrower defense to repayment, which provides relief to those defrauded by for-profit schools. These rules are part of the rulemaking process, which can take years, and the next step the department will take is entering a 30-day period in which the public can submit comments on the rules the department put forth.
Top Republican on the House education committee Virginia Foxx isn't pleased with the rules — or the timeline for implementation.
"The Biden administration's proposed regulations on student loans are yet another example of why we need a complete overhaul of the Higher Education Act," Foxx said in a statement. "Allotting lawmakers and stakeholders only 30 days to review 750 pages of regulations with massive significance for students and taxpayers is shameful."
"These proposals not only fail to fix the structural problems in our higher education system that have led to endless borrowing and ballooning college costs, but will make them exponentially worse," Foxx added.
While it's unclear what implementation will look like, it appears the Education Department is planning to tackle surging costs by working to prevent interest capitalization, which is when accrued interest is added to the original loan balance and future interest will grow on a higher amount. Other proposed reforms included increasing access to targeted student-loan forgiveness programs by expanding eligibility and decreasing paperwork, which has blocked people from relief in the past.
The department aims to finalize the rules by November, with implementation no later than July 2023.
But Foxx, and many of her Republican colleagues, have criticized Biden's targeted student-loan forgiveness due to the cost those actions place on taxpayers amid rising inflation. Insider previously reported on the issues inflation brings when it comes to implementing student-loan relief — and even some members of Biden's White House share that fear. As Biden is inching closer to a decision on broad student-loan forgiveness, some of his advisors believe that canceling student debt and then resuming loan payments will balance out potential inflationary effects.
But advocates believe the payment pause, currently set to expire August 31, needs to be extended to allow time for relief to be fully implemented.
"We strongly urge your administration not to threaten the financial security of people with student debt as a tactic to fight inflation," nearly 200 organizations recently wrote to Biden.
|
2022-07-07T15:31:30Z
|
www.businessinsider.com
|
Biden Doesn't Fix 'Endless Borrowing' With Student Loan Reforms: Foxx
|
https://www.businessinsider.com/biden-student-loan-forgiveness-proposals-dont-solve-endless-borrowing-foxx-2022-7
|
https://www.businessinsider.com/biden-student-loan-forgiveness-proposals-dont-solve-endless-borrowing-foxx-2022-7
|
A top Wall Street analyst lays out 5 neuroscience stocks to buy now, including one that could pop 75%
Biotech companies targeting central nervous system diseases are on the rise.
Mizuho analyst Graig Suvannavejh named five companies that investors should bet on.
Athira Pharma's stock could jump 75%, Suvannavejh said.
Amid the volatility in the biotech space, companies targeting central-nervous-system diseases could be an opportunity for investors.
That's according to Mizuho analyst Graig Suvannavejh, who started coverage on six small and mid-sized companies in a research note on Wednesday.
"We believe the neurology (neuro) space offers investors unique investment opportunities, especially as the collective unmet medical need in neurological disorders remains incredibly high," Suvannavejh said.
In the US, around $800 billion is spent annually on diseases like Alzheimer's disease and Parkinson's disease, according to Suvannavejh, and opportunities in the space — for new companies, treatments, and deals — are on the rise. CNS deals increased from $7 billion in 2019 to $54.5 billion in 2021, according to the note. Between 2017 and 2021 the space boasted the second highest number of deals in biotech, after oncology.
Suvannavejh said that five companies in particular could be good picks for investors, giving them buy ratings. He gave Cerevel Therapeutics a neutral rating.
Harmony Biosciences and Intra-Cellular Therapies, which are "de-risked, revenue-generating companies" offer a more general appeal, while BioXcel Therapeutics, which is soon launching its first product, is on the "cusp of transitioning into a commercial-stage company."
Alector and Athira Pharma, both of which are working on treatments for Alzheimer's disease, are higher risk, Suvannavejh said, but also offer higher reward opportunities, "given the vastness of the AD market should their product candidates succeed." Athira's stock could reach $6, compared with its $3.43 price before the note was published, a gain of 75%.
Here are the 5 stocks he named that could perform well over the next year, and their price targets:
Alector (ALEC): $15
Athira Pharma (ATHA): $6
BioXcel Therapeutics (BTAI): $19
Harmony Biosciences (HRMY): $64
Intra-Cellular Therapies (ITCI): $75
More: Biotech Healthcare Neuroscience
|
2022-07-07T15:31:36Z
|
www.businessinsider.com
|
5 Biotech Stocks to Buy Now, Including One That Could Pop 75%: Mizuho
|
https://www.businessinsider.com/biotech-stocks-to-buy-mizuho-neuroscience-2022-7
|
https://www.businessinsider.com/biotech-stocks-to-buy-mizuho-neuroscience-2022-7
|
Boris Johnson in front of 10 Downing Street on July 7, 2022, giving his resignation speech.
Boris Johnson resigned Thursday, setting the stage for a leadership contest among Tory MPs.
Johnson favors a transition that leaves him in office to October, but could be forced to go faster.
Sources told Insider that the process could conclude in time for a new prime minister by August.
UK Prime Minister Boris Johnson said Thursday it was "clearly the will" of the Conservative party to find a new leader, and that the process to decide a replacement "should begin now".
He might not have said the word "resign" but after a bruising week of ministerial resignations, he has at last kicked off the race to find his successor.
Speaking to Sky News, a close ally of Johnson, James Duddridge, said the Prime Minister that "will not be there by party conference" in early October, but avoided giving a specific date.
Johnson also gave no date in his speech. A government source earlier told Insider that Johnson intended to stay in place right up to the October conference, but that ambition has not been repeated since.
Some MPs were initially supportive of the idea, but senior Tories spoke out against the idea of such a long transition.
Sir John Major, the former Conservative prime minister, wrote the Sir Graham Brady, the MP who oversees the group of Conservatives in charge of leadership elections, to say that timeline was "unwise, and may be unsustainable".
Ruth Davidson, the former Scottish Conservative leader, said: "There's no way he can stay on until October. It's arrant nonsense to think he can."
The decision ultimately rests not with Johnson but with the leaders of the 1922 Committee, which Brady chairs.
What is the timeline for the leadership contest?
Two Tory MPs told Insider that things could move pretty quickly from the Thursday resignation.
The 1922 Committee brought forward a vote to form a new executive committee, which is now due to happen on Monday July 11.
The MPs — who requested anonymity to speak frankly — said the vote this would likely usher in a group tilted in favour of Johnson's rapid departure.
The first vote in a leadership contest could take place as early as next week, the MPs said, with candidates being whittled down to the final two in time for Parliament's recess to begin on July 21.
Under Conservative Party rules, ordinary members choose between the final two candidates in a vote, which could take place over the recess and conclude in time for a new Prime Minister by the end of August.
Conservative MPs who want to be considered need to tell the 1922 Committee, which will set a deadline for applications.
Some prominent MPs have already ruled themselves out, including Matt Hancock, the former Health Secretary who resigned over an affair; Dominic Raab, who is Johnson's deputy; and Michael Gove, a senior minister who was sacked on Wednesday.
—John Stevens (@johnestevens) July 7, 2022
But plenty of others have been courting MPs for some time anticipating a leadership election on Johnson's departure.
Tory backbenchers — who also asked not to be named to describe the lobbying frankly — told Insider they expected Penny Mordaunt, Rishi Sunak and Sajid Javid to fare well.
Sunak and Javid were in Johnson's cabinet as Chancellor and Health Secretary respectively until Tuesday.
Tom Tugendhat, who has never held a ministerial position, is seen as a wildcard, but has the backing of a significant number of One Nation Tories.
Jeremy Hunt, who came second to Johnson in 2019, has support – but some sources believe it is more likely he will play kingmaker to another "moderate" choice.
Ben Wallace, the Defence Secretary, and Liz Truss, the Foreign Secretary, are also seen as likely candidates.
Under the selection rules, anybody with the support of less than 5% of Tory MPs gets eliminated after the first round. The second eliminates anyone with less than 10%.
After this, rounds of voting continue, with the last-place candidate eliminated each time, until only two remain. Then party members make a final choice.
Will the new ministers remain?
During his speech on Thursday, Johnson said he had appointed a new Cabinet to maintain the functioning of government until his successor arrives.
A new prime minister could keep any of those people in place, but new prime ministers tend to overhaul their top team substantially on taking office.
|
2022-07-07T15:31:42Z
|
www.businessinsider.com
|
Boris Johnson Resignation: What Happens Next? Process, Successors
|
https://www.businessinsider.com/boris-johnson-resigns-what-next-leadership-contest-successor-2022-7
|
https://www.businessinsider.com/boris-johnson-resigns-what-next-leadership-contest-successor-2022-7
|
Rep. Dan Crenshaw, Republican of Texas, is one of many conservatives who want to see the ESG investing boom reined in.
A group of vocal conservative lawmakers are criticizing aspects of ESG investing.
Insider has pinpointed key players, like Kentucky Rep. Andy Barr and West Virginia's treasurer.
The attacks come as investors and regulators scrutinize Wall Street's vast sustainability efforts.
Republican officials are growing increasingly vocal in their attacks on investing with environmental, social, and governance considerations in mind. That's compounding scrutiny that ESG-labeled funds and Wall Street's vast sustainability operations are already facing from investors and regulators.
The pushback from politicians like Sen. Tom Cotton of Arkansas and Allison Ball, the treasurer of Kentucky, are growing more pointed. Midterm elections are this fall, inspiring more frequent rhetoric from lawmakers, and ESG opponents view the Securities and Exchange Commission's recently introduced climate disclosure proposal as evidence of an investing movement that has gone too far and favors liberal values.
The lasting impact of anti-ESG legislation and political rhetoric remains to be seen.
But they add to an extremely challenging moment for ESG investors and big US banks and asset managers, all of which have heavily invested in ESG products and teams, and could challenge the perception and embrace of ESG in the long run. As broader markets have plunged, investors pulled $2 billion from US equity exchange-traded funds in May, according to Bloomberg Intelligence data, the first month of outflows in three years.
"We believe many of these proposals and policies that 'push back' on ESG may impact sentiment more than long-term AUM growth," Morgan Stanley equity analysts wrote in a June 24 report, adding that states with such proposals and policies represent some 30% of overall US public pension fund assets.
These treasurers, governors, and state legislators hold sway over aspects of the sprawling ESG ecosystem, like writing policy or selecting funds for states investments. They're also using their online platforms to fire up followers. Sen. Cotton in a tweet on June 21 called on the Department of Justice and Congress to "crack down" on ESG investing, then tweeted the next day: "The next Congress will take action to end this scam."
ESG standard-bearers like S&P Global and BlackRock, the world's largest money manager and an influential proponent of ESG investing, are often the subject of their critiques. These are corporations that sell ESG-linked products to make money and appeal to investors who want to see their values reflected in their portfolios. But these officials often paint large financial firms as functions of left-leaning agendas instead.
This push, parts of which are coordinated actions between states, also reflects a wider shift of Republicans challenging corporate America — a departure from years past, when the party was often aligned with big business.
And in the lead-up to the midterms, Republicans will wield anti-ESG issues in the scope of wider culture wars as a way to suggest government overreach and drum up support for Republicans over Democrats, said Kodiak Hill-Davis, vice president of government affairs for the Niskanen Center and cofounder of non-profit Republican Women for Progress.
Here are key GOP players who are taking aim at ESG investing.
On June 29, Ball sent a letter with other Kentucky officials to S&P Global's ratings business to object to the company incorporating ESG factors when determining states' credit ratings. It also objected to its assessment of her state.
The company's website says ESG considerations have played a large role in assessing credit ratings since before before ESG became a well-known term. But Ball, who is now serving in her second term as state treasurer, objects to ESG usage in credit indicators at all.
"It creates a dangerous framework for state borrowing mechanisms, whereby state creditworthiness will fluctuate wildly based on ever-changing political tides," the letter said. Ball added that she agreed with her "friends in Utah" who share similar concerns, referring to a letter officials including Gov. Spencer Cox sent to S&P in April.
A spokesperson for S&P Global Ratings referred Insider to the firm's most recent credit report of Kentucky, from February, which affirms its A credit rating with a positive outlook and its ESG assessment of E-2, S-3, and G-2. S&P uses a scale of 1 to 5, with 1 denoting the most positive rating in that category.
Moore has emerged as one of the loudest voices against ESG investing, declaring that banks and asset managers could lose the state's business if they do not work with the energy industry.
Funds BlackRock manages on behalf of clients remain significant shareholders of fossil fuel companies. He has focused efforts on criticizing the asset manager, though, over the firm's commitments to encourage companies to transition to an economy with net zero greenhouse gas emissions, a move that Moore says punishes states like his.
West Virginia is the fifth-largest energy producer in the US and provides about 5% of the country's total energy, almost half of which is from coal production, according to the US Energy Information Administration.
In January, the state's Board of Treasury Investments stopped using a BlackRock fund over Moore's concerns. At the time, West Virginia's investment with BlackRock was just $21.8 million. The state has since used a fund offered by Dreyfus, a unit of BNY Mellon, a spokesperson for Moore said. A BlackRock spokesperson declined to comment.
Rep. Dan Crenshaw of Texas
Rep. Crenshaw, a Texas native whose father worked in the state's oil and gas industry, was elected in 2018. He sits on committees directly involved with environmental policy, including the House Energy and Commerce Committee and the House Select Committee on the Climate Crisis.
In an episode of his podcast in April, Sen. Crenshaw said ESG factors are "threatening to destroy the American energy industry, including the natural gas industry, which is the latest target of ESG and radical activist investors."
Sen. Cotton, who sits on committees including the US Senate Committee on the Judiciary, has recently spoken out on Twitter to express his concern with corporate ESG.
Sen. Cotton has grown more vocal with anti-ESG rhetoric.
Tom Brenner/Pool via Reuters
"Let's call the ESG movement what it is: illegal corporate collusion to implement leftist policies," he said on June 21 to his 325,000 followers, adding in another tweet the next day: "The next Congress will take action to end this scam."
It is unclear what about ESG investing is illegal or what plans Sen. Cotton has. Spokespeople for Sen. Cotton did not return a request for comment.
South Carolina Treasurer Curtis Loftis
Last September, he emailed JPMorgan management and warned banks "to stay out of political culture wars and particularly abstain from the petty, 'woke' cancel culture," according to a New York Times report in May.
Loftis, who is serving his third term, signed a letter to the SEC in late June to oppose the commission's climate disclosure rule. He views the SEC's disclosure as overreach.
"This is another flagrant attempt by the Biden administration to take power away from the states by circumventing the democratic process and legislating through SEC regulations," Loftis said in a statement at the time.
Rep. John Rose of Tennessee
Rep. Rose, who is serving his second term in Congress and is a member of the US House Committee on Financial Services, led a letter to the SEC in May expressing concern over the commission's climate disclosure rule.
"To do business with public companies, small farms would be required to disclose a significant amount of climate-related information," the letter said. "But unlike large corporations, small farms do not have full-scale compliance departments."
Rep. Rose said last month that he expects Republican lawmakers to try and overturn the SEC's rules if the party takes control of the House of Representatives in the midterm elections this fall, according to a report from the Hill.
Rep. Andy Barr of Kentucky
Rep. Barr introduced a bill in March, called the Ensuring Sound Guidance (ESG) Act aimed at requiring fund managers to prioritize financial returns above all other factors when acting as fiduciaries for their clients.
Barr, who sits on the US House Committee on Financial Services, introduced the bill with Republican Rep. Rick Allen of Georgia. Rep. Allen sits on the Health, Employment, Labor and Pensions Subcommittee.
"The ESG Act is intended to protect investors from their returns being diminished because of politically motivated asset managers who prioritize environmental or social goals instead of returns," the lawmakers said in an announcement at the time.
Rep. Barr said the ESG movement is a "threat" to America that is "undermining American competitiveness, according to an Axios report last month.
Sen. Dan Sullivan of Alaska
Sen. Sullivan, who sits on the US Senate Committee on Environment and Public Works, introduced a bill in May aimed at curbing the power of large asset managers like BlackRock. The firms' commitments to ESG is tied to his proposed legislation, Sen. Sullivan said in an appearance on CNBC in May.
Sen. Sullivan and his cosponsors, including Republican Sens. Marco Rubio and Rick Scott of Florida, want to see power shifted away from big money managers on proxy votes and toward investors in funds run by those firms.
"This would democratize corporate governance and largely eliminate the influence that these firms wield at shareholder meetings, often to push political agendas," he said in a statement at the time.
Since last October, BlackRock established and has expanded a program meant to open up proxy voting choice to more large investors like pension funds and endowments.
Gov. Greg Abbott of Texas
Last year, Gov. Abbott signed into law a bill that prevents Texas from investing in or doing business with firms that cut ties with the energy industry.
Gov. Abbott signed into law a bill that prevents Texas from investing in or doing business with firms the state deems as hurting the energy industry.
"This bill sent a strong message to both Washington and Wall Street that if you boycott Texas energy, then Texas will boycott you," Rep. Phil King of Texas said last year, according to an NPR report from April.
Abbott, who is seeking reelection in November, was early to denouncing ESG investing. At the time, it was one of the first such state laws. But a spokesperson for the state's comptroller's office told NPR in April that enforcing the law "has proven challenging."
"The simple truth is that the creation of this list would present no challenge whatsoever if these companies were open, transparent and honest about their position on the fossil fuel sector," the spokesperson told NPR.
Sen. Mike Crapo of Idaho
Sen. Crapo, a member of the US Senate Committee on Banking, Housing, and Urban Affairs, has spoken out about his concerns with ESG frameworks.
Last month, Sen. Crapo hosted a discussion with Idaho Treasurer Julie Ellsworth about ESG investing and included Vivek Ramaswamy, an anti-ESG pundit who is widely followed on Twitter. Sen. Crapo said he opposes ratings agencies using ESG scores when evaluating states' credit ratings.
"The use of these criteria may seem innocuous on its surface. But unfortunately, many standards are subjective and grant regulators and corporations undue influence on public policy," Sen. Crapo said.
More: Finance Politics Investing ESG Investing
|
2022-07-07T15:31:48Z
|
www.businessinsider.com
|
Meet the GOP Officials Taking Aim at ESG and Sustainable Investing
|
https://www.businessinsider.com/conservative-politicians-esg-sustainable-investing-2022-6
|
https://www.businessinsider.com/conservative-politicians-esg-sustainable-investing-2022-6
|
The COVID variant Omicron BA.5 is on the rise.
Omicron BA.5 is the dominant COVID strain in the US.
One expert called it "the worst version of the virus that we've seen."
It is 4 times more resistant to antibodies and can reinfect people in a matter of weeks.
Health experts in the US and abroad have found that the coronavirus variant currently responsible for most infections in the US, Omicron BA.5, can quickly reinfect people who already have protection against the virus.
However, Chief Health Officer of Western Australia Andrew Robertson told news.com.au that he's seeing people get reinfected with COVID-19 in a matter of weeks.
"What we are seeing is an increasing number of people who have been infected with BA2 and then becoming infected (again) after four weeks," he said. "So maybe six to eight weeks (later) they are developing a second infection, and that's almost certainly either BA4 or BA5."
As of July 2, Omicron BA.5 was responsible for about 53% of COVID infections in the US, according to the Centers for Disease Control and Prevention. BA.4, another contagious Omicron subvariant, accounted for 16.5% of the infections
The two sub-variants are known to have mutations that let them evade protection against the virus from COVID-19 vaccines or prior infections.
Latest subvariants are extra resistant to antibodies
A recent study out of Columbia University that has not yet been peer-reviewed found that the recent BA.4 and BA.5 subvariants are at least four times more resistant to protection against the virus compared with previous variants in the Omicron lineage.
Researchers led by David Ho, MD, director of the Aaron Diamond AIDS Research Center, took antibodies from people who had received at least three doses of an mRNA vaccine, or got two shots and were then infected with Omicron. In a lab study, they watched to see how these antibodies performed against Omicron subvariants.
Compared with their predecessors, the BA.4 and BA.5 subvariants were at least four times more resistant to antibodies, increasing the risk of reinfection in vaccinated people.
Peter Chin-Hong, a University of California, San Francisco infectious disease expert, told the Los Angeles Times that variants BA.4 and BA.5's "superpower is reinfection."
Meanwhile, Dr. Eric Topol, director of the Scripps Research Translational Institute in La Jolla, called BA.5 "the worst version of the virus that we've seen" in a recent blog post due to its ability to evade immunity and increased transmissibility.
NOW WATCH: Epidemiologists debunk the 14 biggest coronavirus myths
More: Speed desk COVID Omicron coronavirus
|
2022-07-07T15:31:54Z
|
www.businessinsider.com
|
Omicron BA.5 COVID Variant Can Reinfect in Four Weeks, Expert Says
|
https://www.businessinsider.com/covid-variant-omicron-ba5-reinfection-contagious-health-experts-2022-7
|
https://www.businessinsider.com/covid-variant-omicron-ba5-reinfection-contagious-health-experts-2022-7
|
Elon Musk had twins with Shivon Zilis, one of his top executives, in November, Insider reported.
Elon Musk said he's trying to help the "underpopulation crisis."
The comments came a day after Insider reported that Musk had twins in November with one of his top executives.
Musk now has nine known children.
Elon Musk said he is trying his best to head off an "underpopulation crisis."
"A collapsing birth rate is the biggest danger civilization faces by far," he tweeted on Thursday.
The comments came a day after Insider reported that Musk had previously unknown twins in November with Shivon Zilis, a top executive at Neuralink, one of his companies. Musk now has nine known children.
Neuralink, which Musk cofounded and serves as a co-CEO of, is developing brain-computer interfaces. Zilis works there as director of operations and special projects. Musk and Zilis did not respond to Insider’s requests for comment.
Musk has expressed concerns about declining birth rates for years. "The world's population is accelerating towards collapse, but few seem to notice or care," he tweeted in 2017. Last year the Tesla CEO called population collapse "potentially the greatest risk to the future of civilization." Experts are divided on the topic.
One consequence of population decline that worries Musk most: not enough people to colonize Mars. Musk, who founded and helms the rocket company SpaceX, aims to land humans on Mars before the end of the decade.
The entrepreneur has highlighted his efforts to curb population decline before. "Contrary to what many think, the richer someone is, the fewer kids they have. I am a rare exception," he tweeted in May. Musk is the world's richest person, with a fortune estimated to exceed $200 billion, according to Bloomberg.
"Mark my words, they are sadly true," Musk said in a subsequent tweet Thursday.
More: Tech Elon Musk Neuralink
|
2022-07-07T15:32:00Z
|
www.businessinsider.com
|
Elon Musk Says Working to Solve 'Underpopulation Crisis' After Twins
|
https://www.businessinsider.com/elon-musk-twins-children-underpopulation-crisis-birth-rate-shivon-zilis-2022-7
|
https://www.businessinsider.com/elon-musk-twins-children-underpopulation-crisis-birth-rate-shivon-zilis-2022-7
|
I visited Helsinki's new stress-busting airport terminal — it had bird song in the bathrooms, a Moomin cafe, and rocking chairs to wait for boarding
Helsinki airport thumb
I visited the new terminal at Helsinki airport in Finland on a recent trip to the country.
It is conceived specifically to reduce passenger stress with its Finnish nature-themed design.
Here's what the airport was like, from the Moomin cafe to the in-terminal rocking chairs.
Helsinki's new airport terminal opened on December 1, 2021, boasting a stress-reducing Finnish-inspired design. I visited the airport on my way home to London, and was surprised by how relaxing it was to go through it. Keep reading to see what it was like.
Helsinki on a sunny June day.
I reached the airport via train.
This is where the train arrives.
From Helsinki, the trip is easy. A train goes from central Helsinki to the airport for about 4.10 euros (about $4.20).
This is departure hall.
Helsinki departure hall on a relatively busy day.
The terminal has been designed to simplify the path of passengers through the airport. There is only one terminal and everything is all in one room.
I didn't need to check my bag in, so I was headed straight to security. I got there from the train within ten to 15 minutes without having to stop to find my way around.
The departure hall's Finnish birch ceiling is curved to make it warm and guide the passengers intuitively through to security.
The ceiling of the departure hall.
Signage in the airport has been designed to minimize confusion among passengers as much as possible, Katja Siberg, a spokesperson for Finavia, which operates the airport, told Insider.
The roof of the departure hall, made of Finnish birch, is also intentionally curved to "guide the passenger intuitively from the main entrance through the check-in to the security control," Siberg told Insider.
You don't have to take your electronics and liquids out of your bag for security because of this high-tech machine.
A press photo of the security machines at Helsinki airport.
The security area was designed in shades of blue to instill a sense of calm among the travelers, per Finavia.
I was surprised not to be asked to take my laptop or liquids out of my bag at security.
"The new 3D scanners speed up security control, as liquids and electronic devices no longer need to be taken out of hand baggage for scanning. For the passenger, this means less unpacking and repacking, which makes the process more comfortable and stress-free," said Siberg.
In spite of this, my bag was pulled to the side because the machine didn't read it correctly the first time, so it had to be scanned a second time. I noticed a few people had a similar issue next to me.
Nevertheless, I went through security in less than ten minutes.
The terminal is bright and airy.
The terminal is essentially one corridor surrounded by large windows on both sides.
All of the terminal's design is reminiscent of natural themes. It used a lot of birchwood and green colors.
It was easy to get around the relatively small hall.
Here, benches that mimic green hills.
The hall is generally quite quiet.
People seemed generally quite relaxed in the airport while waiting for the plane.
The terminal was designed to encourage a relaxing atmosphere, Siberg said. I was surprised by how quiet it was.
Announcements are purposefully kept to a minimum in the airport to reduce stress and "sense of hurry," said Siberg.
"A lot of attention has been paid to the acoustics and materials of the new terminal facilities, to keep the background noise at a low level even during peak hours," she said.
There was one waiting area where a screen showed scenes from the Finnish countryside.
The screen wraps around the area and shows videos of natural landscapes on a loop.
Sounds of nature are also played into the area.
An interactive touch screen provided more information about the area being shown.
An interactive display gave some information about the area you were looking at.
It was quite relaxing to sit there for some time while waiting for the plane.
The scenery changed from forests to lakes to streams over time.
There were many areas to enjoy a comfortable seat looking out of the large windows.
There were long chairs throughout the terminal.
I particularly enjoyed trying the rocking chairs.
The departure hall was peppered with rocking chairs and wood logs to sit on.
Bird song was playing in the bathroom
The bathroom has a sleek design.
And taps outside of the bathroom gave hot and cold drinking water.
Had I known ahead of time, I would have brought tea bags.
There was a Christmas cabin inside the airport.
There was a santa cabin inside the airport.
... fitted with a mock sauna. It wasn't functional, as far as I could tell.
There was a mock sauna inside the cabin to set the theme.
There was also a mobile library.
The little mobile library was filled with children's books.
The airport had a few shops selling staple Finnish brands merch from iconic national cartoon the Moomins.
A colorful Moomin shop is in the terminal
Continuing the Moomin theme was a cafe.
The cafe was decorated with pastel colors.
It was designed to mimic a Moomin house.
This is me in the Moomin cafe
The cafe was decorated with cheerful pastel colors.
This is what the cafe looked like.
I enjoyed a coffee there while I waited.
It came with nondescript foam art.
I think the foam art was meant to be Moomin themed, but didn't quite work out.
There were a few areas I didn't visit.
The airport also has an exercise room and a pet relief area, but I didn't look for those.
All in all, it was a nice experience.
I enjoyed the nature theme.
I found the airport met its brief: it was relaxing, much more so than many other airports I've been to before.
More: Features News UK Helsinki Airport
|
2022-07-07T15:32:36Z
|
www.businessinsider.com
|
Photos From Inside Helsinki's Stress-Busting New Airport Terminal
|
https://www.businessinsider.com/photos-from-inside-helsinkis-stress-busting-new-airport-terminal-2022-7
|
https://www.businessinsider.com/photos-from-inside-helsinkis-stress-busting-new-airport-terminal-2022-7
|
Krisztina Katai of Deutsche Bank is rising through the ranks of Wall Street at 34. She told us which retailers are breaking away and setting themselves up as long-term winners.
Krizstina Katai is the lead analyst covering US broadline, discount, and food retailers for Deutsche Bank.
Krisztina Katai is Deutsche Bank's lead analyst covering food, discount, and broadline retailers.
She said "best-in-class" retailers are breaking away from stocks that outperformed in the pandemic.
Insider named Katai, at 34 years old, one of its Rising Stars of Equity Research this month.
"Retail stocks move really fast," Krisztina Katai, who has led Deutsche Bank's coverage of a slew of retailers, said. "If you think you're going to have one week to go after something and write a research report, it might be too late."
The 34-year-old Katai has taken on coverage of more and more kinds of retailers and now tracks broadline, discount, and food companies. She's analyzed stocks for 11 years and just celebrated her first anniversary as a lead analyst. Leading up to that year, she had a front-row seat for retail's COVID crash, the rocket-speed comeback, and the reshuffling that has followed.
"We're now getting into an environment where we're really starting to see variances between the best-in-class retailers with really good merchandise, and then the ones that we would say potentially over-earned during the pandemic that are now going to re-rate," she said.
Discount retailers got left in the dust when shoppers had stimulus checks to spend in 2020 and 2021, she said. But that's starting to change now that more people have spent their pandemic savings and inflation has hit 40-year highs.
"My outlook for the rest of the year is that value is going to become much more important for the consumer," Katai, who Insider recently featured on its list of Rising Stars of Equity Research, said. "And I think we're going to see that in the form of value retailers outperforming," she added, naming warehouse clubs like BJ's Wholesale Club, Costco, and Walmart as potential winners.
Her view is that consumers are "channel agnostic" and will switch between options like pickup and delivery based on whatever is convenient for them at the moment. That means retailers need to make all of those options work to keep shoppers coming back instead of defaulting to Amazon.
They're also going to react to the recent supply-chain crises by making themselves less vulnerable to those kinds of disruptions, she said. That means sourcing products from businesses closer to their homes and giving themselves more flexibility.
While things change quickly in retail, Katai said she's always trying to blend identifying short-term winners with the companies that are investing in ways that will help them in five or ten years.
Asked about her current favorites in the space, she said that Dollar Tree will benefit from the shift toward bargain hunting, and that she likes its new management, which includes Richard Dreiling, the former CEO of Dollar General. Dollar Tree bought rival Family Dollar in 2015 and has struggled to improve its performance.
"It's one of the best and most compelling stories within retail as we think about the next three to five years in terms of the amount of opportunities that the team has to really fix Family Dollar's business and make its margin profile look a lot more like Dollar General," Katai said.
She also sees Ulta Beauty staying ahead of its competitors. The stock has notably outperformed the broader market this year, and Katai said Ulta should have the wind at its back as shoppers spend more money on items like color cosmetics.
"Travel is back, entertainment is back, and that just goes hand-in-hand with engagement in that category," she said. "The consumer is shifting their spending very rapidly to away from some of the COVID-winning categories like home and decor and sporting goods to the more going out, apparel, luggage, cosmetics, and the likes of that."
discount retail
Analyst Research
|
2022-07-07T15:57:35Z
|
www.businessinsider.com
|
Retail Stocks to Buy, Best Investing Ideas: Krisztina Katai of DB
|
https://www.businessinsider.com/best-investing-ideas-retail-stocks-to-buy-krisztina-katai-db-2022-7
|
https://www.businessinsider.com/best-investing-ideas-retail-stocks-to-buy-krisztina-katai-db-2022-7
|
I tried a Stanford professor's top productivity routine. Here's how it helped — and why I'll keep doing it.
Dopamine is the neurotransmitter that helps people feel pleasure, according to Stanford professor Andrew Huberman.
I followed Huberman's dopamine-detoxing methods for a week to try to reduce my procrastination.
It helped me accomplish significantly more work — and I'm sticking with it.
As a full-time university student and a freelance writer, focusing on one task at a time can be difficult. From prolonged procrastinating to being easily distracted, getting work done can feel like a chore.
I became interested in a concept called "dopamine fasting" after watching a YouTube video called "Controlling Your Dopamine For Motivation, Focus, and Satisfaction," published by Dr. Andrew Huberman, a neuroscientist and professor at Stanford University. In the video, he outlines what dopamine is and how to regulate it to become more productive.
Throughout my workday, I decided to follow some of Huberman's guidelines and pointers to make myself into a better, more productive person.
Dopamine is a neurotransmitter that communicates between nerve cells in the brain. It helps us feel pleasure and is directly linked to motivation, mood, and sleep, among other things. Low dopamine levels can lessen one's motivation, but high levels can be related to addiction and other impulse-related conditions. Keeping your dopamine levels in check is necessary to maintain a healthy lifestyle.
Something as effortless as checking your Instagram or eating a sugary snack can release dopamine, and that's where the slippery slope of addiction can begin. Once you sink your teeth into that warm, freshly-baked chocolate chip cookie, it usually isn't just one you'll end up eating. The effects of dopamine are temporary, so once you eat that cookie, your dopamine levels will drop lower than they initially were.
The need to feel that dopamine release again is one factor of addiction. You can replace the cookie with video games, alcohol, or any other pleasurable activity, and it becomes apparent how vital understanding dopamine can be when trying to live a more balanced life.
Resisting dopamine-releasing products
In the podcast, Huberman pointed out some activities to avoid. Even something as seemingly benign as bringing your phone and listening to music during a workout can yield negative effects.
Listening to music from your phone while working out "layers in" dopamine, Huberman said. Long-term effects can include a lessening of one's interest in working out and a lowered baseline, because layering in dopamine-releasing activities removes one's pleasure and excitement from the main activity. If you like exercising and always listen to music while working out, you may find that your enjoyment for the workout diminishes over time.
Like exercising, listening to music from your phone even while working or writing can have similar effects.
You can still do things that are fun, like listening to music or watching movies, but the rules of dopamine fasting say you should avoid mixing these activities together. For instance, if you want to watch a TV show, don't simultaneously use your phone.
Radically altering your lifestyle requires significant initial changes
I decided waking up at 5:30 a.m. and going to the gym would give me momentum to start my morning off well. However, saying I'd wake up early and actually doing it are two very different things.
I bought an $8 timer off of Amazon and connected it to a lamp. Whenever the timer goes off, it'll turn on the power to the lamp. I also scheduled an alarm on my phone and placed it underneath my dorm bed, so I would have to get up to silence it. Pairing these two things together makes it nearly impossible not to wake up.
To get enough sleep, I also needed to go to bed at a reasonable time. I found somewhere between 10 p.m. and 10:30 p.m. was a suitable time frame for me.
Once 5:30 a.m. rolls around, it's time to forget that I'm in a comfortable bed and realize I have responsibilities — namely, my grades and my job.
After getting up and silencing my alarm, I make my bed. While it may sound arbitrary, making my bed is a simple and easy task that helps propel me throughout the day.
Starting the day off right is key
I head to the gym and try to limit listening to music and using my phone, since they're dopamine-releasing activities. While no music is ideal at the gym, it can be difficult to adjust to at first. I've found that podcasts are a great middle ground, but I make sure to not use my phone for anything else once in the gym.
I have an upper- and lower-body routine at the gym, but you can do whatever fits your lifestyle as long as you feel like you've accomplished something. Physically challenging yourself early on is the key to a good day.
Once I'm back home from the gym, I make myself breakfast. My typical breakfast consists of eggs and a protein shake with fresh peaches.
After breakfast comes a cold shower.
While some may have reservations about jumping into an icy shower, doing so has many merits. Cold showers can help with recovery after a workout and boost immunity, and while it seems miserable at first, it actually becomes mildly pleasant after a minute or so.
After completing my morning routine, I have plenty of energy and feel motivated to seize the day.
Making a schedule and setting goals for success
When I get to my desk, I first plan out the day by using a paper calendar. Writing out my goals for the day seems to be the best method for having a visual representation of what I need to get done.
When creating your schedule, it's best to be lenient at first. If you go for adventurous goals at first and fail to live up to them, it will decrease your motivation for the future. Giving yourself a strict, yet achievable daily workload will allow you to "graduate" up to more rigid tasks.
When starting my work, I try to reduce listening to music with lyrics, but some classical music, especially Max Richter's "Sleep," can help me get into a state of flow. I also put my phone on silent and place it in a different room so I don't feel the urge to pick it up.
Keeping the momentum going throughout the day
By late morning, I'm typically finished with work from my summer course, a calculus lecture, and homework. Then after lunch, and with my sense of accomplishment from the morning, I start writing and can usually get hard to work on whatever crosses my path.
By sticking to these guidelines, I'm able to make everyday an extremely productive one. Looking back on the day in the evening, I feel that I've achieved something. This feeling of achievement helps motivate me for the next morning.
Done right, I wake up with ample energy and want to make each day more productive than the last. This routine has made me into a more regimented person, and the effects may inspire you too.
More: dopamine fasting dopamine detox Dopamine Standford University
|
2022-07-07T15:57:47Z
|
www.businessinsider.com
|
Why I'm Following a Stanford Professor's Productivity Routine
|
https://www.businessinsider.com/i-tried-dopamine-restricting-for-procrastination-motivation-productivity-strategy-2022-6
|
https://www.businessinsider.com/i-tried-dopamine-restricting-for-procrastination-motivation-productivity-strategy-2022-6
|
Axie Infinity is an NFT-based online video game where players can earn Ethereum-based cryptocurrencies.
Axie Infinity Media Kit
In March, North Korea-linked hackers stole $620 million in crypto from the online game Axie Infinity.
Scammers tricked an engineer at the company into applying for a fake job, according to The Block.
After multiple interview rounds they sent an offer letter filled with spyware, the report says.
Scammers used an elaborate fake job scheme to steal over $600 million in crypto from the online NFT-based game Axie Infinity, The Block reported Wednesday.
The hackers, who the US Treasury linked to North Korea's notorious Lazarus Group, posed as job recruiters on Linkedin and tricked a senior engineer at the game's developer, Sky Mavis, into going through "multiple rounds of interviews" for a position that did not exist, sources told the outlet.
They then sent the engineer a fabricated offer letter with "an extremely generous compensation package" that was laced with spyware , The Block reported.
Once downloaded, the hackers could access Axie Infinity's blockchain network known as "Ronin," where users transferred Ethereum-based digital currencies in and out of the game.
The security breach, which the company first disclosed back in March, is believed to be one of the largest crypto heists in the world.
However, experts told Insider in April that the cyberattack shouldn't be a deterrent to widespread crypto adoption, as the heist was largely due to human error and a lack of cybersecurity rather than a flaw in blockchain technology itself.
In May, the US Treasury sanctioned the virtual currency mixer Blender.io, which the department alleged was used to obscure the source of over $20.5 million of the cryptocurrency stolen from Axie Infinity.
"Virtual currency mixers that assist illicit transactions pose a threat to US national security interests," Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said in a statement. "We are taking action against illicit financial activity by the DPRK and will not allow state-sponsored thievery and its money-laundering enablers to go unanswered."
More: crypto Cryptocurrencies Axie Infinity NFT
|
2022-07-07T17:24:38Z
|
www.businessinsider.com
|
Fake Job Offer With Spyware Caused $620 Million Crypto Heist: Report
|
https://www.businessinsider.com/axie-infinity-crypto-hack-fake-job-offer-letter-spyware-phishing-2022-7
|
https://www.businessinsider.com/axie-infinity-crypto-hack-fake-job-offer-letter-spyware-phishing-2022-7
|
Senator Bob Menendez (D-NJ) Chair of the Senate Foreign Relations Committee, speaks during a hearing to examine U.S.-Russia policy at the U.S. Capitol on December 7, 2021 in Washington, DC.
Student-loan borrowers placed on deferment while in school may be blocked from PSLF.
Sen. Bob Menendez wants the Education Department to expand relief to those borrowers.
In the past, loan servicers have placed borrowers on in-school deferment against their requests.
A student-loan forgiveness program is undergoing a series of reforms, following years of flawed implementation. A Democratic lawmaker wants President Joe Biden's Education Department to take those fixes a step further.
On Thursday, New Jersey Sen. Bob Menendez sent a letter to Education Secretary Miguel Cardona — first reviewed by Insider — detailing concerns with the Public Service Loan Forgiveness (PSLF) program. While the program is intended to forgive student debt for government and nonprofit workers after ten years of qualifying payments, those who are placed on deferment by their loan servicer while in school are left out of relief. Menendez said this has "derailed" the program and failed to give all public servants relief the program intended.
"I am concerned that without corrective action, numerous public servants who were working in public service jobs while attending school will be left out of the current waivers and flexibilities being offered by the Department," Menendez wrote.
In October, the department announced reforms to PSLF, included a waiver through October 31, 2022 that allows an past payments, including those that had been deemed ineligible, to qualify toward loan forgiveness progress. But borrowers placed on in-school deferments, as Menendez noted, may not be able to access that additional relief. Those deferments allow a borrower to postpone loan repayment while they're in school, but if they choose to return to school and wish to continue paying off their previously acquired loans, loan companies may take actions to prevent that from happening.
A report from the Consumer Financial Protection Bureau in 2017 found that despite borrowers requesting to remain on a repayment plan while in school, "their servicer will automatically place their loans into in-school deferment, preventing borrowers who work in public service while attending school from making qualifying payments under PSLF," adding that it could take months for the borrower to be places back onto a repayment plan, "resulting in unnecessary accrued interest and missed qualifying payments."
To ensure those public servants can access relief they qualify for, Menendez requested that the department include in-school deferments in any future waivers or reforms to the program.
The department has not yet commented on those deferments specifically, but it recently unveiled its list of regulatory proposals to improve loan forgiveness programs, including PSLF, by making the relief easier to qualify for. While those rules could take at least a year to implement, Biden is also in the process of deciding broad student-loan forgiveness for federal borrowers — a decision likely to be announced in July or August, before payments are set to resume.
|
2022-07-07T17:24:44Z
|
www.businessinsider.com
|
Student-Loan Companies 'Derailed' Public Service Debt Forgiveness: Menendez
|
https://www.businessinsider.com/biden-expand-public-service-loan-forgiveness-debt-relief-bob-menendez-2022-7
|
https://www.businessinsider.com/biden-expand-public-service-loan-forgiveness-debt-relief-bob-menendez-2022-7
|
Alex Goy
McLaren's LT cars are a callback to the company's exclusive F1 Longtail supercars from the 1990s.
The $388,000 McLaren 765LT has a monstrous 755 horsepower, and I drove it around London recently.
I learned that the car's greatest weakness — not being ideal for the street — is also its greatest strength.
Throughout its history, McLaren Automotive has found a way to mix technology, comfort, and otherworldly speed with ease. It allows regular drivers to experience cutting-edge supercar tech and not worry that it'll spit them off the road, unless they opt to turn all the safety systems off and poke it with a stick.
The $388,000 McLaren 765LT is a different animal. Even in its most inert setting, it's wild, unhinged, loud, and ridiculous. It belongs on a dry track somewhere hot, without any obstacles or inclement weather.
Instead, I drove one in London — and I had things to do.
McLaren's LT cars are a hark back to its famous Longtail F1 cars from the 1990s. Modern LTs are lighter, more driver focused, less huggy machines than the cars they're based on. The 765LT Spider is a McLaren with the gloves off and barbed wire taped to its forehead.
The 765LT has a 4.0-liter, twin-turbocharged V8 engine with 755 horsepower and 590 pound-feet of torque. With the car's seven-speed dual-clutch automatic transmission and rear-wheel drive, you can hit 62 mph from rest in 2.8 seconds. From there, you can hit 124 mph in 7.2 seconds and top out at 205 mph.
The 765LT's signature dihedral doors open upwards, and its roof takes 11 seconds to fold away with the push of a keyfob. McLaren gave me a quick demo and driving lesson before turning the keys over, because it knows the 765LT Spider is a bit of a handful. It was enough to let me know to treat it with caution.
On the highway to London, roof down, the car's outrageous purple hue drew eyes. Kids' faces lit up, while parents pretended to be disinterested. Its V8 comes attached to a titanium exhaust system, which makes it sound wonderfully aggressive — find a tunnel and pin the gas pedal to the floor for pops and crackles — but it can be a bit of a drone on the highway.
Riding through the city's lumpy roads, I had the drive mode set to "comfort." Its fixed carbon bucket seats can be a little jarring, since they leave little room for anything other than locking your body in place and keeping your hands on the wheel.
The 765LT Spider isn't the most comfortable a McLaren's ever felt, but considering it's as hardcore as they get, it was pleasant.
What I didn't expect was to be able to hear quite so much of the car itself. In order to cut all the extra weight, things like carpets were taken out. The side effect is not only a quicker car, but mechanical noises. You can hear the car's innards do their thing. It's peculiar, but it offers a refreshing honesty.
In the city, its 755 horsepower seems a little lost. You can get to the speed limit awfully quick, but the car begs you to take it further — even if pressing on its pedals would result in losing your license in seconds. The LT's automatic transmission is smooth when you ask it to be, both when it's shifting itself and when you're pulling its tactile shift paddles.
You'd expect a car like this — one with a wide rear and not too much rear visibility — to be a nightmare to navigate around tight spaces, but it isn't at all. The wing mirrors do a good job, as does the backup camera.
A car like the 765LT Spider will probably spend most of its life as it did with me: being paraded through built up areas having its picture taken. But to have it for a short time and not go exploring in the countryside is a crime, so I headed toward the coast.
Drive mode set to "Sport" (because "Track" is too rough for the real world), the Spider felt incredible. Nailing the gas caused the car to pick up pace with gusto.
The whole car feels light, gliding to ludicrous speeds without issue. However, if you don't treat it with the respect it deserves — like being gentle with its hair-trigger gas pedal — it can catch you unaware. When that happens, the rear wheels skate around.
When the speeds get high, you have to handle it with care. If not, it feels like it'll bite rather hard.
The brakes, a McLaren strong point, are incredible. That's partly thanks to pedal feel, but also the active. The spoiler slices through the air at high speeds, but when you need to stop in a hurry, it'll lift itself to an angry, almost vertical angle and essentially become a sail.
With sport mode engaged, the gearbox and suspension are more ferocious. Lumps and bumps make themselves known.
McLaren nailed the steering feel on the car as well. It's smooth, perfectly weighted, and better than most. You'll likely only find better steering in a Lotus race car or track-prepped special.
While driving the 765LT, it only tried to bite me once or twice with seemingly little provocation. That is, until I was taking it back to McLaren's headquarters in Woking, Surrey. As I left my house, gently accelerating to the speed limit, the rear decided it would rather be anywhere other than where it was.
Had I been too harsh with it? I don't expect so. But a "lesser" McLaren probably wouldn't behave quite like that.
That brings us to the 765LT Spider's biggest failing, but also its greatest strength: It's meant for a track — or at least a big, wide, warm road with plenty of space. To try and wrangle it in town to show off is a foolish, if fun, endeavor, but less harsh McLarens will be far kinder to regular mortals.
The 765LT's ability is beyond almost every road car. It's something truly skilled drivers will make the most out of with ease — and they probably won't do it running to the store for milk.
Disclosure: We may receive a commission if you click on car insurance quotes from our partners.
More: McLaren 765LT McLaren LT McLaren Car Review
|
2022-07-07T17:24:50Z
|
www.businessinsider.com
|
McLaren 765LT Review: Made for Attention, Not the City Streets
|
https://www.businessinsider.com/car-review-i-drove-the-mclaren-765lt-in-london-transportation-2022-6
|
https://www.businessinsider.com/car-review-i-drove-the-mclaren-765lt-in-london-transportation-2022-6
|
$3.2 billion digital-health startup Cedar just cut 24% of its workers amid a market downturn
Cedar co-founder Arel Lidow, left, and co-founder and CEO Dr. Florian Otto.
Healthcare-payments startup Cedar cut its workforce by 24% on Wednesday, the company told Insider.
CEO Florian Otto said the decision was necessary "to adapt to the current market realities."
Cedar is the latest digital health unicorn to announce layoffs as the market continues to sink.
Cedar, a healthcare startup that helps simplify medical payments, is the latest digital health player to cut its workforce.
In an email to Insider confirming the layoffs, a Cedar spokesperson said the company is cutting 24% of its employees.
CEO Florian Otto wrote in a LinkedIn post that the cuts were made "in order to adapt to the current market realities." The laid-off workers were notified on Wednesday, according to the post. "This move will help ensure we forge ahead sustainably on our mission," he wrote.
Otto also said the layoffs were related to the company's changing strategy following its acquisition of Ooda Health, which Cedar said in May 2021 it would buy for $425 million.
The Cedar spokesperson told Insider the decision "is not about achieving short-term cost cuts."
"Going forward, we are focused on creating a long-term strategic path to profitability that supports Cedar's business and product goals, while continuing to exceed the expectations of our customers and their patients," the spokesperson said.
The company last raised $200 million in a March 2021 series D round led by Tiger Global Management. The funding boosted Cedar's valuation to $3.2 billion.
Cedar said in May that it was moving headquarters to a different New York City building to give its employees more flexibility and amenities.
"In addition to expanding our footprint last year to San Francisco and Salt Lake City after our acquisition of Ooda Health, this move is reflective of our strategic growth and commitment to investing in our current workforce," Otto said in a statement about the move.
The announcement follows a slew of layoffs by digital health unicorns announced in recent months, including players like direct-to-consumer startup Ro and primary-care provider Carbon Health. Like Cedar, many of the startups have raked in hundreds of millions in venture capital over the past two years.
More: Dispensed Cedar Layoffs
|
2022-07-07T17:24:56Z
|
www.businessinsider.com
|
Healthcare Startup Cedar Lays Off Workers Amid Market Downturn
|
https://www.businessinsider.com/cedar-layoffs-workers-jobs-cut-healthcare-market-downturn-2022-7
|
https://www.businessinsider.com/cedar-layoffs-workers-jobs-cut-healthcare-market-downturn-2022-7
|
A laid-off employee of student-loan company Nelnet described the process for helping borrowers.
She said in her experience resources are limited, and employees "literally cannot help" many struggling borrowers.
Borrowers have previously reported frustrating experiences getting help from their servicers.
Dozens of student-loan borrowers have told Insider of the hours-long wait times and unsatisfactory customer service they say they get when they call their loan servicer for help.
A former employee at a major student-loan company told Insider there's really not much the workers can do about it.
After being laid off from Nelnet last month, Anne — who requested to use a pseudonym for privacy — told Insider there's a very generic script workers are trained to use when a borrower calls with a complaint. Nelnet is one of the largest student-loan servicing companies in the US, with nearly 8,000 full-time employees servicing 16.8 million borrowers who hold loans issued by both the federal government and by private companies. Anne said a large part of her job was "deescalation."
"A lot of people are calling in with a problematic situation and they're very upset," Anne said. "Essentially, we say, 'Thank you for the feedback. We appreciate it. We'll try to do better in the future.' And it just doesn't feel very reassuring to the customers unless you individually put in an actual sincere apology for affecting their financial lives like that."
Nelnet did not comment on the nature of the calls it receives or the script workers are given to assist borrowers.
Insider was first to report last month that Nelnet was laying off 150 employees, according to a leaked email. The email said the job cuts were a result of lack of work caused by the over two-year pandemic pause on student-loan payments, and "a performance-based approach was used to identify impacted associates. All released associates have been notified and we are not planning further release of staff."
Anne was one of those impacted associates, and leading up to her layoff, she was working in Firstmark Services, a private student-loan division of Nelnet.
"You literally cannot help people," Anne said. "You just have to give them this verbatim script, where if a person is out of payment relief options, their credit is probably so bad that they can't get a good interest rate, and if they reconsolidate, it's going to be a higher rate and they'll end up owing hundreds of thousands of dollars more, and the idea of actually paying off a loan is virtually impossible."
Nelnet spokesperson Ben Kiser told Insider that Nelnet seeks "regular feedback from our customers to help drive improvements in our loan servicing experience."
"Feedback takes the form of customer satisfaction surveys, experience testing, and other metrics, such as Net Promoter Scores," Kiser said. "Overall, Nelnet prioritizes compliance with consumer protection requirements and specific loan program guidance."
'There were always times where we wish we could do more'
When a student-loan borrower calls in with a problem, Anne said workers are given a flow chart they have to follow to work toward the best payment relief option for the borrower. The first step workers typically do, according to Anne, is determine if there is any COVID-19 relief available for the borrower, like the pandemic payment pause. Anne said workers "exhaust" all available federal relief before putting a borrower on forbearance.
"The goal is always to make sure we're getting as much information as we need from a customer to get that done," Anne said. "If you're a good call center agent, that's what you're going to focus on."
But issues sometimes arise with transactions borrowers make to Nelnet. If a borrower has multiple student loans, for example, and a payment isn't applied correctly across that account, the error could make some of the loans appear past-due, hurting the borrower's credit report — and Anne said Nelnet does not look at payments as frequently as they should, so the errors do not get fixed automatically.
"I have seen it get overlooked before and customers have to fight for the credit reporting to get revoked," Anne said.
Nelnet did not comment on how often it checks borrowers' accounts.
Aimee, a student-loan borrower who requested her last name be withheld for privacy, can attest to this. In an email to Insider, she described her interactions with Firstmark Services as "long and frustrating" due to their inability to resolve issues with her payments that arose when she paid two months of student debt bills upfront, and her servicer interpreted that payment as only one month's worth.
"I spent hours and hours on the phone with them trying to understand why my monthly payments weren't applied to all of my accounts when I should have been ahead of schedule," Aimee said. "It took a month, they had to sift through all of my accounts manually and reapply my payments and issue a correction to my credit."
And when she thought the issue was resolved, Aimee said the same thing kept happening when she tried to get ahead of her payment schedule, and the "nightmare" lasted two years until January 2022, in which she spent at least 30 hours of her time on the phone and filing complaints.
"The biggest issue was that every time I called, the person was confused and surprised the issue was happening, would put me on hold to speak with their manager and then they'd come back to me and promise to fix it only to repeat the process over and over again," Aimee said.
Nelnet did not comment on the amount of time it generally takes to resolve account errors.
Escalating customer complaints to management can only go so far. Anne said if a customer's account was severely mismanaged, she could submit a "rush request," in which she would have to write out "incredibly detailed notes" regarding the issues the borrower was having. But Anne said that in her experience, she found it to be a multi-step process that might not match the urgency of the situation.
Nelnet's Kiser did not comment on the rush request process, but told Insider that "associates are trained to provide each borrower customer in the federal programs with all available repayment and aid benefit options based on their loan type(s), so borrowers are empowered to choose and enroll in the best federal repayment, forgiveness, or payment postponement (deferments and forbearances) option available to them based on their unique circumstances."
"The main thing was advocating for why the customer deserves a rush, and even if the customer had their payment misapplied by thousands of dollars and was severely credit reported for it, that didn't make it a higher priority than anything else," Anne said. "There were always times where we wish we could do more for people."
'Student loans are such a horrible thing'
Insider also spoke to Jo, a current Nelnet employee using a pseudonym for privacy, who said the process for helping a student-loan borrower is essentially a checklist of prompts.
"The Department of Education is just one big beast," Jo said. "They just have one big list and you gotta follow it. They have what they call the 'priority of solutions.' So when a customer calls in requesting help with their payment, you gotta tick down the list."
Jo described the typical process for interacting with customers on the federal servicing side, saying the conversation would entail offering a standard repayment plan or an income-based repayment plan, making the borrower aware of any relief options, or consolidating the loans. The conversation didn't extend far beyond that.
President Joe Biden is in the process of deciding what student-loan relief he will implement, with most recent reports saying he is considering $10,000 in forgiveness for borrowers making under $150,000 a year. Lawmakers have expressed some concerns with student-loan companies' abilities to implement that relief effectively, and Insider has previously reported on struggles borrowers have faced with repayment and the lack of help they were receiving from their servicers.
As a student-loan borrower themself, Jo said working in the industry made it clear their debt will likely never be paid off.
"I'm taking out federal loans and I'm doing it with the knowledge that I'm probably never going to pay them off," Jo said. "Student loans are such a horrible thing that often, when you get into those situations and have a chance to make it better, you're not going to know about it until it's too late and your credit is destroyed."
|
2022-07-07T17:25:14Z
|
www.businessinsider.com
|
Former Worker Says Student-Loan Company 'Cannot Help' Borrowers in Trouble
|
https://www.businessinsider.com/former-worker-student-loan-company-cannot-help-borrowers-trouble-nelnet-2022-6
|
https://www.businessinsider.com/former-worker-student-loan-company-cannot-help-borrowers-trouble-nelnet-2022-6
|
Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 09, 2022 in Houston, Texas.
Gas prices have fallen quickly over the past three weeks and now sit well below the mid-June record.
Thousands of stations' prices could fall below $4 per gallon in the coming weeks, one analyst said.
Summer traveling, hurricane risk, and delayed refinery maintenance still threaten to push prices higher.
Gas prices in the US are tumbling just as fast as they surged.
The average price for a gallon of regular-grade fuel slid to $4.77 in the week that ended July 4, according to the Energy Information Administration. The reading marked a third straight weekly decline and puts the nationwide average nearly 5% below the mid-June peak of $5.01 per gallon.
Daily price data is even more encouraging. The nationwide average dipped to $4.75 on Thursday, according to AAA, down from the record high of $5.02 recorded on June 14. Separately, fuel-price tracker GasBuddy recorded a nearly 3-cent decline in the average price per gallon on July 6, tying the second-largest one-day drop in the last decade.
Plunging wholesale gas prices could put even more downward pressure on costs at the pump. Refiners' profit margins, known within the industry as the "crack spread," are also turning over, meaning the cost of turning crude into gasoline isn't as high as it was a few weeks ago.
The multi-week decline could be the start of a much longer downtrend, Patrick De Haan, head of petroleum analysis at GasBuddy, tweeted Wednesday. Americans are already spending about $100 million less every day on gas compared to when prices peaked in mid-June.
Should crude oil prices continue to tumble, most stations will lower prices by 1 or 2 cents every couple of days, De Haan tweeted. More than 2,500 stations across the country are already selling gas for $3.99 or less, and that number is poised to climb, he added.
"In the days and weeks ahead we're going to see hundreds, nay, thousands of stations falling back under $4 per gallon," De Haan said in a separate tweet.
The return to cheap gas will be a bumpy and uneven ride
To be sure, relief will look very different from state to state. While Californians are still paying $6.22 for a gallon of gas on average, the same measure sits at $4.29 in South Carolina, according to AAA.
Georgia, Louisiana, Arkansas, and other southern or Sun Belt states will be the first to see averages fall below $4 per gallon, De Haan said. Average prices in California, meanwhile, aren't likely to dive below $5 for several months.
A steady decline isn't a given. Weakened demand pulled prices lower through the summer, but there are still several weeks left of peak travel season. The drop in gas prices could revive some Americans' travel plans and power demand sharply higher.
The future of the crude oil market is also fairly murky. Though crude has fallen considerably from its June peak, the decline has been choppy. West Texas Intermediate crude futures slid as much as 4.4% on Wednesday, yet Thursday's session saw prices rebound as much as 5.8%. Investors could view the decline as an opportunity to buy oil at discounted levels and spark a recovery rally that would push gas prices back to June's highs.
Some top economists on Wall Street are bracing for exactly that. Analysts at JPMorgan deemed energy its "highest conviction sector," arguing in a Thursday note that lower prices offer the strongest risk-return outlook. The downturn in energy commodity prices including crude "has proved painful for long-term buyers," but the bank sees current prices as "very attractive" for investors, the team said.
The looming hurricane season and delayed maintenance at refiners also threaten to drive prices higher, JPMorgan added.
Gas prices still have a long way to go before they reach the sub-$3 average enjoyed before the pandemic. But as prices continue to drop and several signs hint at broad inflation cooling, the US just might be past the peak of gas-pump pain.
More: Economy Gas Prices oil prices Gas
|
2022-07-07T17:25:20Z
|
www.businessinsider.com
|
Gas Prices Getting Cheaper, Could Soon Fall Below $4 in Several States
|
https://www.businessinsider.com/gas-prices-falling-oil-demand-waning-energy-inflation-cooling-2022-7
|
https://www.businessinsider.com/gas-prices-falling-oil-demand-waning-energy-inflation-cooling-2022-7
|
Democrats intend to levy a tax on some rich Americans to extend Medicare's solvency.
It would apply to high-earning individuals and couples who earn money from certain businesses.
Democrats are still ironing out how to pay for other parts of a $1 trillion package.
Senate Democrats are eyeing a new tax on rich Americans to extend Medicare's lifespan as part of a slimmer economic spending bill they hope to pass by the end of the month.
Under the proposal, Democrats will impose a 3.8% tax on some high-earners who draw income from so-called "pass-through" businesses, per a source familiar with the ongoing negotiations. That would delay a shortfall in the Medicare hospital trust fund to 2031 from 2028, providing a three-year extension for benefits being fully paid.
The tax would apply to individuals who earn $400,000 or more annually and couples, trusts, and estates making at least $500,000.
"Pass-through" businesses — defined as entities not subject to the corporate income tax — make up the vast majority of American businesses, per the Brookings Foundation. They range in size from small family-owned shops to large companies and their profits flow to owners who then pay individual income tax on it. Many have been able to avoid paying the 3.8% net income investment tax up to now.
If Congress doesn't step in, the Medicare hospital trust fund would only be able to pay 90% of its bills starting in 2028. That would leave older Americans on the hook for some medical expenses.
Senate Majority Leader Chuck Schumer is continuing his private negotiations with Sen. Joe Manchin of West Virginia. The conservative Democrat sank the expansive, House-approved Build Back Better bill in December and the party's economic agenda has been stuck in neutral ever since. Under reconciliation, the legislative maneuver maneuver allowing Democrats to circumvent a Republican filibuster and approve bills with a simple majority vote, the party needs all 50 Democratic senators on board to move legislation.
In the past, Manchin has expressed concern about Medicare running out of money to cover its growing spending and has pushed to extend its solvency.
"Medicare is a lifeline for millions of American seniors and Senator Manchin has always supported pathways to ensure it remains solvent," Manchin spokesperson Sam Runyon said in a statement. "He remains optimistic there is a path to do just that."
There's still haggling behind the scenes on other crucial Democratic priorities like clean-energy tax incentives to combat the climate emergency and an extension of Affordable Care Act subsidies. Democratic aides are still ironing out how to pay for a roughly $1 trillion bill with half of spending going to deficit-reduction in an effort to accommodate Manchin's narrow parameters.
Other tax proposals like a surtax on millionaires have been knocked out.
But Democrats struck an agreement on some aspects of the bill, like cutting prescription drug prices. Senior Democrats on Wednesday submitted legislative text on prescription drug prices to the Senate parliamentarian, the top official overseeing that Democrats are able to pass on their own without the GOP through the reconciliation process.
More: Policy Joe Manchin Congress Chuck Schumer
|
2022-07-07T17:26:14Z
|
www.businessinsider.com
|
Senate Dems Want to Beef up Medicare by Taxing Richer Americans
|
https://www.businessinsider.com/senate-dems-manchin-medicare-pass-through-taxes-schumer-bbb-2022-7
|
https://www.businessinsider.com/senate-dems-manchin-medicare-pass-through-taxes-schumer-bbb-2022-7
|
SoftBank exec Rajeev Misra will step back from his role heading its Vision Fund 2 to create his own $6 billion external fund
SoftBank veteran Rajeev Misra is setting up his own fund.
Reuters / Mike Blake
Rajeev Misra is stepping back from his role running SoftBank's second mega size investment fund.
Misra will launch his own $6 billion fund, SoftBank founder Masayoshi Son said in a memo to staff.
The veteran investor will still head up the management entity for SoftBank's first Vision Fund.
Rajeev Misra, the long-serving boss of SoftBank's Vision Fund, is stepping back from his role overseeing its latest megasized investment vehicle to launch his own $6 billion fund.
The former Deutsche Bank and UBS executive has been a crucial lieutenant to Masayoshi Son, SoftBank's founder, and a key driver of the Japanese firm's multibillion-dollar bets on Uber, WeWork, and DoorDash.
Misra will vacate his role as CEO of SoftBank Global Advisors, the entity that oversees SoftBank's newest tech investment vehicle, Vision Fund 2, Son said in a memo to staff on Thursday that was first reported by the Wall Street Journal.
Vision Fund 2 has had mixed success with several portfolio companies struggling amid an economic downturn that has hobbled tech valuations.
In April, amid industry chatter that Misra was in discussions to potentially leave his role, a SoftBank spokesperson denied to Insider that this was the case and said the executive would be taking on additional responsibilities in the US.
In Thursday's memo, Masayoshi Son said Misra would continue as CEO of SoftBank Investment Advisers, the entity that manages SoftBank's $100 billion Vision Fund 1. Son said Misra's new external fund would have a remit that will be "much broader" than the Vision Fund and that it will enable him to bring his "unique skillset" to both the technology and financial markets.
India-born Misra spent time in the Middle East this year as part of talks with prospective investors in the region about setting up his own fund. The memo indicated that Misra will set up his own investment vehicle with backing from investors from the region. The latter includes Sheikh Tahnoon, brother of the president of the UAE, Sheikh Mohammed bin Zayed, sources with knowledge of the matter said.
Misra's decision to take on a reduced role at SoftBank may be a blow to Son, who lost his chief operating officer Marcelo Claure in January in a dispute over compensation. The Japanese firm has faced a rout on the valuations of its portfolio companies; the collapse of the sale of chipmaker ARM to Nvidia; and financial pain wrought by Beijing's regulatory crackdown on tech.
More recently, SoftBank, which invested in Swedish buy now, pay later company Klarna at a $45.6 billion valuation, has seen the value of its deal decline significantly with a new deal for the fintech giant set to give the business a $6.5 billion valuation, the Journal also reported.
In the wake of Claure's exit from the company, Misra was tasked with taking over his responsibility for its Latin America funds, Bloomberg reported. The two vehicles manage around $8 billion.
Misra's discussions around leaving come after the FT reported Son told his top executives to slow down their investments as he looks to secure fresh capital.
Akshay Naheta, another senior SoftBank executive, is also in talks to leave the investor to start up his own fund, Bloomberg reported in December. It was reported that seven managing partners had left SoftBank since March of last year.
Read the memo in full below:
We recently passed the five-year anniversary of the formation of the SoftBank Vision Fund, and I thank you for your hard work over the past five years. We pioneered a new approach to investing, partnered with more than 450 companies, and helped take more than 40 companies public around the world.
None of that would have been possible without the partnership, imagination, and talent of Rajeev, and I have been exceptionally fortunate to have him by my side for the last eight years. Today I would like to share that Rajeev has accepted a unique opportunity to build and run a new external multi-asset investment fund. Its investing remit will be much broader than SVF and will allow Rajeev to bring his unique skillset across technology and financial markets to bear. He will make further announcements about the fund in due course, and I wish him immense success in everything he does.
Importantly for all of us, I'm pleased to share that Rajeev will continue as the CEO of SoftBank Investment Advisers leading our activities for SVF1, and as a trusted senior adviser and integral part of the SoftBank family. To afford Rajeev the time to focus on his new venture, he will transition from his current role as CEO of SoftBank Global Advisers, the manager for SVF2, to become Vice Chairman, and I will take on a more direct leadership role supported by our existing leadership team who already manage SVF2 on a day-to-day basis.
We face a tough and rapidly evolving economic environment and although investing has slowed and the hurdle rate for new investments is higher, our conviction in the AI revolution remains strong. As long-term investors, we need to pace ourselves for long-term performance. We have made extraordinary progress in the past five years and it's exciting what the next five years have in store; I am full of motivation, full of confidence, and full of dreams.
More: Softbank SoftBank Investment Advisers UK
|
2022-07-07T17:26:20Z
|
www.businessinsider.com
|
SoftBank's Rajeev Misra Stepping Back for New $6B Fund
|
https://www.businessinsider.com/softbank-vision-fund-ceo-rajeev-misra-steps-back-2022-4
|
https://www.businessinsider.com/softbank-vision-fund-ceo-rajeev-misra-steps-back-2022-4
|
How should you prepare for the switch to a new servicer?
What are the recent changes to the PSLF program?
What is Public Service Loan Forgiveness?
Public Service Loan Forgiveness borrowers are getting a new loan servicer — here's what it means for you
Public Service Loan Forgiveness borrowers, including some teachers, will soon have a new loan servicer.
Public Service Loan Forgiveness borrowers will soon have their loans transferred to a new servicer.
FedLoan Servicing is ending its contract with the government and MOHELA will now service the loans.
To prepare for the switch, document current paperwork and keep track of your credit report.
FedLoan Servicing, a company that services federal student loans, will stop serving student loans when its current contract with the government ends. Borrowers enrolled in the Public Service Loan Forgivenss program who are currently serviced by the company will be transferred to MOHELA, another servicer, beginning in early July.
PSLF borrowers will get several notifications as their accounts are transferred, including one at least 15 days before the transfer happens and a welcome message from MOHELA after the transfer is done. If your loans are forgiven through PSLF during the transfer timeframe, your loans won't be transferred.
The terms of your loan won't change with a new servicer, and you'll still qualify for the temporary payment pause and 0% interest benefits you were already receiving.
While there's no action required ahead of the switch, you may want to take proactive steps to make sure none of your information gets lost in transition.
Document all of your current paperwork
One of the bigger problems you may encounter as your loans are handed over from one student loan servicer to the next is the lack of consistent record-keeping. You'll want to make sure you can prove you made timely payments on your loans, so print or download your payment history from your lender's website and store it in a safe place.
Keeping track of your payment history is particularly important for the PSLF program, as the time spent repaying these loans is crucial to eventually getting your student loans forgiven.
You should also retain copies of all correspondence between you and your loan servicer, including anything referencing your enrollment in PSLF. Save paper copies if possible and upload digital copies to the cloud.
Keep track of your credit report
When your loan is transferred from one servicer to the next, you may run into incorrect negative credit reporting, such as a missed payment that isn't accurate. This can continue to hurt your credit score if you don't catch it, so get a copy of your credit report and know where your account currently stands.
You can find your credit report for free on annualcreditreport.com from any of the three major credit bureaus weekly through December 31, 2022. While this report won't give you your credit score, it will show you information about your credit and payment history, which lenders use to decide whether to give you a loan. Reviewing your credit report can help you know what you need to improve.
Reach out to your servicer for any additional questions
As the federal government transitions many borrowers to a new company, your servicer will likely have the most up-to-date information on where your loan is headed and can probably answer any questions.
About 550,000 borrowers may be closer to student loan forgiveness due to changes in the Public Service Loan Forgiveness Program the Department of Education made last year. A limited-time waiver through October 2022 will temporarily alter the rules of the PSLF program and make it easier for borrowers to qualify for forgiveness.
All repayment plans now count for PSLF
Until October 31, 2022, borrowers may receive credit for past payments that wouldn't normally be eligible for PSLF. All you need is qualifying employment — it doesn't matter the repayment plan, or if the payment was made in full or on time.
Parent PLUS Loans are not eligible for PSLF, even with this waiver, though Grad PLUS Loans are eligible.
Previously, you had to repay your loans under an Income-Driven Repayment Plan to be eligible for PSLF, but now past payments under any plan count.
Direct Loans and Direct Consolidation Loans count for PSLF
If you have Direct Loans or Direct Consolidation Loans, the government's changes will apply to you. If you consolidate previously ineligible loans (like Perkins Loan or FFEL Loans) into Direct Consolidation Loans by October 31, 2022, these changes will also apply.
Non-payments ($0 towards your loans) on IDR plans during the student loan payment freeze due to the COVID-19 pandemic have counted towards the 120 monthly payments you need to make to qualify for PSLF. Under the waiver, the guidelines are a little murkier on non-payments made on other payment plans.
"Logic tells us that if a Direct Loan borrower was and is eligible for the ongoing repayment pause, then yes, their non-payments on a Standard Repayment Plan should count toward PSLF progress," said Andrew Pentis, certified student loan counselor and higher education finance expert at Student Loan Hero.
The government didn't explicitly confirm what happens in this scenario, so you should contact your federal loan servicer and confirm the new eligibility rules for PSLF, Pentis said. FFEL and Perkins Loans still aren't eligible for the repayment pause. You'll need to consolidate any non-Direct Loans to possibly become eligible for non-payments to count for PSLF — though it isn't guaranteed.
The Department of Education has a handy table to review the differences between normal PSLF and the limited-time waiver:
The limited-time PSLF waiver makes it easier to qualify for the program.
Visit your Aid Summary page and verify your loan details. You'll need to log into your account, then go to the loan breakdown section and see the types of loans you've taken out. You may need to verify your employment to determine if you're eligible for PSLF.
Submit your PSLF Certification and Application Form. You need to submit this form annually or when you change employers. You don't have to fill out separate forms for previous years and the government recommends you use the PSLF help tool to assist you in filling it out. The government will use the information you input to let you know if you're making qualifying PSLF payments.
If you have Perkins or FFEL Loans, consolidate them into a Direct Consolidation Loan by October 31, 2022. You won't get credit for payments under this waiver period if you consolidate after the deadline. After you've consolidated, submit your PLSF form to your loan servicer.
Public Service Loan Forgiveness, or PSLF, forgives the debts of graduates employed in the public sector following at least 10 years of service and eligible payments. Your particular job isn't important, only that you work for a public service employer. There's no limit to the amount of money that can be forgiven.
Here are the basic requirements to qualify:
Be an employee of the US federal, state, local, or tribal government, or an eligible not-for-profit organization (this includes military service)
Work full-time for that employer
You won't be eligible for the program if you work for a labor union, partisan political organization, or for-profit company (which includes government contractors).
To learn more about the PSLF program and its recent changes, contact your loan servicer or read the Department of Education's fact sheet.
ECONOMY A new student-loan company is now taking over the accounts of public servants seeking debt cancellation
PERSONAL FINANCE Over half a million student loan borrowers are now closer to forgiveness — here's how to know if you're one of them
PERSONAL FINANCE What is Public Service Loan Forgiveness, and who qualifies?
PERSONAL FINANCE Are you one of nearly 16 million student loan borrowers whose student loan servicer will shut down at the end of the year? Here's what to do.
More: Student Loans Loans Public Service Loan Forgiveness Program student loan forgiveness
|
2022-07-07T17:28:53Z
|
www.businessinsider.com
|
How the Recent Change to the PSLF Loan Servicer Will Affect You
|
https://www.businessinsider.com/personal-finance/public-service-loan-forgiveness-student-loans-transferred-mohela
|
https://www.businessinsider.com/personal-finance/public-service-loan-forgiveness-student-loans-transferred-mohela
|
Sydney Bradley, Amanda Perelli, Geoff Weiss, JP Mangalindan, Dan Whateley, Tanya Chen, Kali Hays, and Ben Bergman
Cameo, Jellysmack, and Substack have laid off employees in 2022.
Cameo; Jellysmack; Substack; Getty
The creator economy is not immune to the recent wave of layoffs hitting the tech industry.
Cameo, Substack, and Facetune's parent company have laid off employees in recent months.
Insider is keeping tabs on which creator economy startups are cutting back on staff.
In June, 40 influencer-marketing insiders — from creators to managers and agents— spoke with Insider about how the economic downturn is affecting the creator economy. Some reported delayed payments, while others had brand deals canceled entirely.
But it's not just influencers who are being hit: The companies that support them are also facing economic headwinds. Since May, eight startups in the space have laid off employees.
For more than a year, the creator economy was a red-hot industry flowing with new players, big deals, and massive investments. According to Crunchbase, funding for VC-backed creator economy startups topped $939 million in 2021.
These sunny days are coming to a halt, however, as creator economy startups grapple with a looming recession .
"What VCs are basically asking these firms to do, especially startups, is to be more productive and to make sure that they're in a position to become profitable sooner rather than later," Dan Wang, an associate professor at Columbia Business School, told Insider. "Rather than deliver the promise of growth, they have to basically concentrate on the fundamentals of business, and doing so often means cutting costs."
What is often first to go — and one of the biggest costs for tech companies — is labor, Wang said.
In May, Cameo, which was valued at $1 billion in 2021, laid off 87 employees.
"A lot of us have rent and mortgages to pay, kids, and everything like that," one ex-Cameo staffer, who spoke on the condition of anonymity, told Insider in May.
More companies would follow, including Clubhouse, Jellysmack, and Substack. On Tuesday, Lightricks, the Israel-based company behind photo-editing app Facetune, confirmed it laid off 80 employees in July.
As the creator economy responds to the changing markets, Insider is keeping track of which companies are laying off staffers.
Here are 8 creator economy startups that have laid off staff, as of July 2022:
Note: Companies are listed in order of when layoffs occurred, with the most recent first.
Lightricks: 80 staffers (July)
Zeev Farbman is the cofounder and CEO of Lightricks.
Lightricks, the startup behind the popular photo editing app Facetune, laid off 80 staffers — 12% of the company — in July, the company confirmed to Insider.
Lightricks has raised $335 million in total capital and was valued at $1.8 billion in September when it raised $130 million in Series D funding, TechCrunch reported. In February, the company brought on the D'Amelio family as investors and strategic advisors. The startup made its first acquisition, Popular Pays, an influencer-marketing platform, in March.
Read more: Facetune maker Lightricks has laid off 12% of its staff and is reducing 'marketing and operations spending'
Substack: 13 staffers (June)
Chris Best is the CEO of Substack.
Substack, a leading newsletter publication and subscription platform, announced it was laying off 14% of its staff at the end of June.
"Today's the saddest day we've had at Substack," CEO Chris Best wrote on Twitter, sharing a copy of a note that went out to employees.
MasterClass: About 120 staffers (June)
Masterclass, which hosts celebrity-taught classes, laid off 20% of its staff in June.
The online-course platform has hosted classes taught by creators such as tech gadget reviewer Marques Brownlee and gaming streamer Ninja.
"I made the really hard decision to reduce our team by 20% to adapt to the worsening macro environment and get to self sustainability faster," CEO and founder David Rogier wrote on Twitter in June.
Community: 40 staffers (June)
Influencers used Community to text fans affiliate links with MagicLinks.
Community, a platform that allows influencers and brands to communicate with fans over text message, laid off about 40 staffers in June, according to two sources with direct knowledge of the situation.
The company launched in 2019 and raised a total of $90 million from backers including Salesforce Ventures, Twilio, and the Sony Innovation Fund.
Read more: Layoffs hit Community, a startup that lets influencers and brands directly text their fans
Jellysmack: 8% of staff (June)
Jellysmack, a startup that helps creators crosspost content across platforms, laid off 8% of its employees in early June as part of a larger restructuring that affected several departments.
The company has raised over $991 million, according to Pitchbook, from backers including SoftBank, Unilever Ventures, and Highland Europe. It makes a money from ad revenue and licenseing rights to creators' content.
"In light of the current macroeconomic volatility , Jellysmack – like many other technology companies – anticipates a short-term decline in ad spending," a Jellysmack spokesperson told Insider in a statement. "We have made the difficult decision to reduce the size of the Jellysmack team by 8% to focus on areas of growth that bring the most added value for our creator partners."
Read more: Creator economy startup Jellysmack has laid off 8% of its staff amid concerns of an ad downturn. Here's the email the cofounders sent to employees.
Clubhouse: undisclosed number of employees (June)
The Clubhouse app.
Early in June, Bloomberg reported that Clubhouse laid of an undisclosed number of employees.
The audio social-media platform received buzz in late-2020 and gained momentum through the spring of 2021. In April 2021, it was valued at 4 billion. Since then, however, the audio golden child has declined in popularity.
Picsart: 90 staffers (May)
SOPA Images/Gettu
Picsart, a photo and video editing platform used by creators, laid off 90 employees in May — about 8% of the company's staff.
The SoftBank-backed company raised a $130 million Series C in 2021, securing its unicorn status.
Cameo: 87 staffers (May)
Cameo, a platform that lets fans pay for custom video recordings from celebrities and influencers, laid off 87 employees in early May — roughly a quarter of its staff.
Cameo CEO Steven Galanis confirmed the layoffs in a May 4 tweet: "Today has been a brutal day at the office," he wrote on Twitter. "I made the painful decision to let go of 87 beloved members of the Cameo Fameo."
Cameo's round of layoffs, first reported by The Information, broke at a time when the buzzy startup appeared to be thriving. Last year, the company raised a $100 million Series C at a valuation of $1 billion.
Read more: Cameo insiders pull back the curtain on its brutal layoffs, revealing slowing growth, internal dissent, and concerns about overspending
More: Features Creator economy Influencers cameo
|
2022-07-07T19:04:37Z
|
www.businessinsider.com
|
8 Creator Economy Startups With Layoffs: Cameo, Substack, Jellysmack
|
https://www.businessinsider.com/creator-economy-startups-layoffs-employees-cameo-substack-jellysmack-2022-7
|
https://www.businessinsider.com/creator-economy-startups-layoffs-employees-cameo-substack-jellysmack-2022-7
|
Amazon Prime unlocks all sorts of perks and benefits.
Amazon; Alyssa Powell/Business Insider
Amazon Prime comes with so many features that it's easy to lose track of them them all. This means that if you're already a Prime subscriber, you might be missing out on some amazing benefits that could save you money and make your life easier.
Whether you're still on the fence about buying a membership, or already subscribed and want to make the most of your Prime account, here's a guide to Prime's best benefits. We've broken it down into four categories: Shipping, shopping, entertainment, and services.
The 7 best Amazon Prime shipping benefits
Free shipping is just one of Amazon Prime's key benefits.
Amazon Prime's most famous perks make shipping cheaper and easier.
Free two-day shipping
Thousands of items on Amazon have the Prime logo near their price, which signifies that you don't have to pay for shipping on them, and they'll reach your doorstep in two days or less.
This is the absolute best way to save money when shopping on Amazon — always look for that Prime logo.
Free one-day and same-day shipping
If you're ordering items from Amazon before noon, you might see an option for Prime Next-Day or Same-Day delivery. These options let you order and receive your items even quicker than the standard two-day shipping — either by 9 p.m. the next day, or by 9 p.m. the same day.
Not all items qualify for faster shipping, and it's not always free. If your order is under $25, you'll need to pay $2.99 for faster shipping. If it's above $25, there's no charge.
Schedule multiple deliveries for Amazon Day
Are you going to be away from your home for a few days, and don't want Amazon packages piling up on your doorstep? That's where Amazon Day comes in.
When placing an order, you'll see an option to have your packages delivered on Amazon Day. This perk lets you choose any day of the week (except Sunday) to receive all of your orders at one time. Nearly every Prime item is eligible for Amazon Day deliveries.
It's flexible, too. Even if you've already placed an order for Amazon Day, you're totally free to choose another shipping option for the rest of your orders. You're never locked into Amazon Day deliveries.
Earn rewards with No-Rush Shipping
Want to save even more on shipping? Try out the No-Rush option. This option delays your order by a few days, but once it arrives, you'll earn credit toward future Amazon purchases, free music downloads, and more.
Release date deliveries
There's nothing worse than hyping yourself up to buy a new product, only for it to sell out before you can make your order.
Amazon Prime customers can pre-order certain items before they release to the public. As soon as the product hits the market, Amazon will reserve and deliver it to you (sometimes on the same day).
Release day shipping sometimes comes with extra charges, which vary based on the product. But if your item doesn't reach you on release day, Amazon will refund you the delivery fee.
Free two-hour grocery delivery
Amazon owns and operates two different grocery store brands: Whole Foods and Amazon Fresh. And if you're a Prime customer, you can order your groceries online from either brand and have them delivered to your doorstep in as quick as two hours.
Grocery deliveries aren't available everywhere, and you'll have to meet a minimum order amount that changes from location to location. To check if Amazon offers grocery delivery in your area, head to this page and enter your zip code.
Amazon Key In-Garage deliveries
If you have a myQ brand garage door opener, you can sign up for Amazon Key In-Garage deliveries. This program gives Amazon drivers the ability to open your garage door, so they can safely leave packages inside the garage. Amazon will verify the driver's identity and your package before the door opens.
On delivery day, you'll get a notification in the morning with a four-hour delivery window for when the driver will arrive at your home. Right before the driver arrives, you'll receive an Arriving Now notification.
Note: Amazon Key also used to offer In-Home and In-Car deliveries, but those have been suspended indefinitely since the start of the COVID-19 pandemic.
The 10 best Amazon Prime shopping benefits
Amazon Prime Day is one of the best perks of a Prime membership.
Not only does Prime make shipping cheaper, but it also gives you access to exclusive deals and products.
There's no better time to shop on Amazon than Prime Day, the yearly event where thousands of popular items go on sale. Prime Day discounts are only offered to Prime members, and have the potential to save you more money in a day than you spend on your yearly membership.
Despite the name, Prime Day actually lasts two days. In 2022, it'll go from July 12th to July 13th. We'll keep you updated with all the best deals on our Amazon Prime Day guide.
Like we mentioned earlier, Amazon Fresh is one of Amazon's two grocery brands. And while anyone can shop from one of Amazon's real-life Fresh stores, only Prime customers can shop from Amazon Fresh online.
Amazon Fresh offers everything you'd expect to find at your local grocery store, from healthy produce to canned goods to toiletries. And if your order meets a certain threshold, you might be eligible for free two-hour shipping. Even if you're not taking advantage of two-hour delivery, you can always pick a delivery window that's convenient for you.
Amazon Prime Rx and Amazon Pharmacy
Amazon runs its own online pharmacy too. Amazon Prime subscribers can use the Prime Rx database to find their medication, compare prices, and pick it up from their preferred pharmacy — or order it straight from Amazon Pharmacy and have it delivered.
Just note that you can't combine any savings you get from Prime Rx with your insurance. You have to use one or the other.
Prime Try Before You Buy (formerly known as Prime Wardrobe) lets Prime members order and test out new clothes and accessories before making a final purchase. You can choose up to eight items and keep them for a weeklong "try-on" period. Keep what you want, send back what you don't, and complete checkout online.
Amazon will only charge you for the clothes you keep. This means that if you end up sending back everything, you don't have to pay a cent.
You'll also have access to the Personal Shopper feature. For $4.99, Amazon will hire a personal stylist to choose a selection of men's or women's clothes for you. You'll still have a week to try them on, and you can send back whatever you don't want for no charge.
Free standard shipping on Shopbop, East Dane, and Woot!
The free shipping benefits extend past Amazon.com.
Shopbop is an online destination for luxury and designer clothes, shoes, bags, and accessories. East Dane is its menswear counterpart. Woot!, meanwhile, is an Amazon-owned startup that hosts daily flash deals on discounted products.
Log into your Amazon account on these sites to get your shipping perks.
Earn VIP points and deals from Zappos
Zappos, Amazon's online shoe store, offers extra perks to Prime members. Aside from free shipping on all orders, you'll earn double the VIP points on every order, and unlock exclusive deals.
Like with Try Before You Buy, you'll also have the option to try on any pair of shoes for up to 30 days before deciding to buy or return them.
A free subscription to Grubhub Plus
All Amazon Prime members can sign up for a full year of Grubhub Plus. This perk usually costs $9.99 a month, and comes with zero delivery fees on any order over $12, and occasional offers for free food or discounts.
Prime Coupons give customers another extra way to save money. Every day, hundreds of Amazon items generate coupons that let you save up to 30% off the price at checkout.
If an item you're looking at has a coupon available, you'll see it under the price. But you can also visit the Amazon Coupon home page for a full list of all the coupons currently available. Click the Clip Coupon button to save that deal to your account.
Just looking for discounts, no matter the item? Amazon has an entire page it uses to store every exclusive Prime Member deal currently available. Use the Filters or Department options to sort through the offers.
This is a credit card exclusive to Prime members. It'll get you:
5% back on all purchases from Amazon.com and Whole Foods
You can redeem your points on Amazon products, or turn them into cash back, gift cards, and travel discounts. You'll also earn a $70 Amazon.com gift card upon approval.
The 7 best Amazon Prime entertainment benefits
Prime Video offers a ton of exclusive shows and movies.
When Amazon's not shipping products quickly, it's running a juggernaut of an entertainment empire.
Prime Video allows you to freely stream thousands of movies and TV shows, including original Amazon shows like "The Boys" and "The Marvelous Mrs. Maisel." It also includes a number of titles that you can't stream, but can still buy and rent.
For an extra fee, Prime members can also subscribe to over 100 premium channels, including HBO, Showtime, and CBS All Access.
Prime Music is Amazon's music streaming service — think of it like its version of Spotify. With Prime Music, you can stream over 2 million songs ad-free and on-demand.
For an extra $8.99 a month, you can also subscribe to Amazon Music Unlimited, which expands the library to 60 million songs and lets you download them for offline listening on any device.
Perfect for Kindle owners, Prime Reading gives you unlimited access to a massive library of books, magazines, comics, and more. While you can't rent physical books, you can download ebooks and read them using your Kindle or the Kindle app on iPhone, iPad, and Android.
Some ebooks also come with audiobook versions, with the narration pulled from Audible, Amazon's audiobook and podcast division. If it's available, you can freely switch between reading and listening at any point in the book.
This perk also entitles you to one free "pre-release" book that you can read before it hits the public shelves, picked by Amazon's editors.
This perk, formerly known as Twitch Prime, gives Prime subscribers a free subscription a month to any Twitch channel.
It also comes with free downloadable or add-on content for popular games like Warframe and League of Legends, free games every month, and a special badge for all your Twitch messages.
Luna is Amazon's new cloud-gaming platform, in the vein of Xbox Game Pass or Google Stadia. Prime members have access to a rotating selection of games, which you can play on PC, Mac, Fire TV, Chromebook, iPhone, iPad, and Android. Amazon adds four games every month.
If you're playing a co-op game like Overcooked, you don't need to make your friends subscribe to Luna too — as long as one person has a Luna account, both of you can play. It's also easy to stream your gameplay to Twitch.
Just note that although Luna is free, if you want to use the specialized Luna controller, you'll still need to buy it.
Formerly known as FreeTime Unlimited, Amazon Kids Plus is a subscription service that gives you and your kids access to child-friendly books, movies, TV shows, apps, and games.
Kids Plus offers three different age group categories, each with its own selection of apps and features: Ages 3 to 5, 6 to 8, and 9 to 12. It also comes with parental controls that you can manage from your phone to set screen time limits and filter out content.
For Prime customers, Kids Plus costs $4.99 a month or $48 a year. And if you'd like to try it out, Amazon also offers a one month free trial, or the first three months for $4.99.
Amazon Book Box
Amazon Book Box is a service exclusively for Prime members that lets you order a box of curated children's books every month. Like Kids Plus, you can pick from four different age groups. And you can choose whether you want a box delivered every month, every two months, or every three months.
You get to keep the books you receive. While Amazon's editors will pick a list of books every month, you can tailor the list yourself so you only get the titles you want.
Book Box costs $16.99 for the first box, and then $19.99 for every box afterwards.
2 other great Amazon Prime services
Prime Household can help the whole family save.
These two benefits don't fit into the other categories, but are just as worthwhile.
You can save and share an unlimited number photos across your computers, mobile devices, and tablets, and share that unlimited photo storage with up to five people. You'll also get 5 GB for videos and files. Amazon Photos comes pre-installed on Amazon devices, so you can also view your photos from your Fire TV and Echo Show.
If you turn your photos into prints and other photo gifts through Amazon Prints, you get free standard and expedited shipping.
Prime Household
Two adults and up to four teens and four child profiles can share a "Household," allowing everyone in the family to enjoy Prime benefits like free shipping, Prime Video, and Prime Photos, and share content like ebooks, audiobooks, apps, and games.
Another benefit of linking accounts is that adults can approve orders before they're placed (for teens) and set parental controls on digital content (for kids).
For most people, an Amazon Prime subscription costs $139 a year or $14.99 a month, but some users can unlock discounted memberships.
If you're currently enrolled in an American college or university, you can sign up for Prime Student. This gives you all the benefits of Prime along with exclusive discounts, but only costs $69 a year (or $7.49 a month). Best of all, the first six months are free.
And if you currently receive EBT, SNAP, or other government benefits, you might qualify for a 50% discount. This makes Prime cost $6.99 a month — you can't sign up for a yearly plan.
For the full details on how to sign up for Amazon Prime, check out our detailed guide.
More: Amazon Prime Amazon Prime Perks Amazon Prime
|
2022-07-07T19:05:07Z
|
www.businessinsider.com
|
The 26 Best Amazon Prime Benefits in 2022
|
https://www.businessinsider.com/guides/tech/amazon-prime-benefits
|
https://www.businessinsider.com/guides/tech/amazon-prime-benefits
|
Stuart Kirk, the former head of responsible investments at HSBC, said in May during a presentation pictured here that investors don't need to worry about climate risk.
FT Live YouTube channel
The HSBC executive the bank reportedly suspended this spring said Thursday that he had resigned.
Stuart Kirk, who had led responsible investments, made controversial climate remarks in May.
The controversy his remarks ignited highlights the fierce debate surrounding ESG investing.
Stuart Kirk, the HSBC executive the bank reportedly suspended after he said in a presentation that climate change should not concern investors as a financial risk, announced on Thursday that he had resigned.
Kirk, who was the head of responsible investments for HSBC's asset management arm, said during an event hosted by the Financial Times in May that he disagreed with the financial industry's widely held view that the climate crisis is a threat to investments.
"Ironically given my job title, I have concluded that the bank's behaviour towards me since my speech at a Financial Times conference in May has made my position, well, unsustainable," Kirk, who was a journalist at the Financial Times earlier in his career before going into the finance industry, said in a post on LinkedIn on Thursday.
The uproar over his presentation — whose contents had been agreed upon internally before Kirk's public remarks, according to the Financial Times — prompted members of HSBC management to distance themselves from Kirk and led to his suspension, the FT reported.
The controversy highlights the fierce debate surrounding investing while considering environmental, social, and governance factors.
As every major bank and asset management firm has invested heavily in creating new teams, launching new products, and aggressively marketing their commitments to ESG frameworks, the industry is growing increasingly divided over whether ESG considerations are a marketing gimmick or a way to address the climate crisis.
Kirk had presented a series of slides, entitled, "Why investors need not worry about climate risk," and seemed to downplay the science-backed threat that climate change poses. A video of his 16-minute speech on YouTube has 160,000 views.
In the presentation, Kirk had said comments warning of grave risks stemming from climate change by public figures like Henry Paulson, the former US Treasury secretary, and bodies like the Bank of England were overstated. They amounted to attempts to "out-hyperbole the next guy."
In his LinkedIn post, Kirk said that "there is no place for virtue signalling in finance," and that "words or trading shares can only achieve so much" in the fight to save the planet.
"True impact comes from the combination of real-world action and innovative solutions. Which is why I've been gathering a crack group of like-minded individuals together to deliver what is arguably the greatest sustainable investment idea ever conceived. A whole new asset class. Sounds fanciful — but I am not one for hyperbole, as viewers of my presentation know well," he wrote, adding that the project he is planning will launch this year.
A spokesperson for HSBC did not immediately provide comment about Kirk's LinkedIn post on Thursday.
More: Finance Investing HSBC ESG Investing
|
2022-07-07T19:05:55Z
|
www.businessinsider.com
|
Suspended HSBC Exec Stuart Kirk Resigns Following Climate Controversy
|
https://www.businessinsider.com/suspended-hsbc-stuart-kirk-resigns-climate-change-2022-7
|
https://www.businessinsider.com/suspended-hsbc-stuart-kirk-resigns-climate-change-2022-7
|
The FCC commissioner putting TikTok on blast explains why he's asking Apple and Google to ban the app and how he expects Big Tech to respond
FCC Commissioner Brendan Carr asked Apple and Google to remove TikTok from app stores.
Carr gave the companies until Friday, July 8 to reply to his request.
Insider spoke with Carr about how he expects the tech giants to respond.
A deadline is looming for Apple and Google to respond to FCC Commissioner Brendan Carr on whether they plan to remove TikTok from their app stores.
The commissioner sent a letter to the companies' CEOs in June, telling the execs that TikTok "presents a serious national security threat" and pointing to a recent BuzzFeed News report that revealed the app's parent company ByteDance had accessed US user data from within China.
"TikTok should answer one simple question, which is, 'Can you guarantee that no member of the CCP has accessed or seen non-public US user data?" Carr, a senior Republican at the agency, told Insider in an interview.
Carr asked Apple and Google to respond to him by Friday, July 8 should they decide to keep TikTok in their app stores.
The companies have yet to reply to Carr's letter and did not respond to Insider's multiple requests for comment.
But several policy experts told Insider that neither company is likely to kick out the video app any time soon. The FCC doesn't have jurisdiction over the matter, and Carr's move to act alone without the involvement of the agency's three other commissioners signals that his letter doesn't constitute an official FCC action.
"My guess is that Apple and Alphabet will issue a kind of vague, 'We understand your concern, but we don't think it's appropriate for the FCC to be stepping in at this time' kind of response," Aram Sinnreich, chair of the Communication Studies division at American University's School of Communication, told Insider.
Carr acknowledged that a TikTok ban stemming from his letter is considered unlikely. "I think a lot of people are skeptical that that would happen," he told Insider, saying the companies could disagree with the premise of his letter or wait to act until other parts of the government with jurisdiction over social media weigh in.
Still, Carr outlined several other paths the tech giants could take if they choose to keep TikTok in their storefronts.
Why Apple and Google are unlikely to act in the short term
One possibility is that Apple and Google execs could recognize Carr's concerns around TikTok's data policies, but tell him the app's actions don't deserve an outright ban.
"They could say, 'You're right. They haven't been straightforward with their data flows. But we don't think that rises to the level here of the death penalty,'" Carr told Insider.
The companies could also hold off on taking action until a separate agency, like the Federal Trade Commission, reviews whether TikTok has mishandled US user data, Carr said. Unlike the FCC, the FTC has exercised jurisdiction over TikTok in the past, settling with the company in 2019 after it alleged that its app had illegally collected personal information from children.
Earlier this week, the chair and vice-chair of the Senate Intelligence Committee asked the FTC to investigate whether TikTok had misled the public on its data practices. And nine members of Congress sent a letter to TikTok CEO Shou Zi Chew in June that similarly raised questions about access to TikTok's US user data in China.
Chew replied to the senators' questions on June 30, writing, "we have not provided US user data to the CCP, nor would we if asked."
A TikTok spokesperson also said in response: "For two years, we've talked openly about our work to limit access to user data across regions, and in our letter to senators last week we were clear about our progress in limiting access even further through our work with Oracle."
But Apple and Google may also be weighing whether kicking out TikTok could damage the companies' own business interests when it comes to China, Carr said.
"Both Google and Apple have deep supply-chain ties back into China," he said. "Potential retribution from China with respect to those supply chains if they take action against TikTok, I'm assuming, is maybe something that Google and Apple are thinking about."
However, Google's business could also potentially benefit from boxing out TikTok. The Alphabet-owned company owns YouTube, a social entertainment platform that competes with TikTok for ad dollars.
Carr said it didn't matter to him whether a TikTok ban could indirectly benefit or hurt the app's competitors.
"I don't care whether this action on TikTok that I think should be taken ends up being to Google or Apple's benefit, financial or not," Carr said. "I think it's required as a national security matter."
NOW WATCH: Apple, Google, 23andMe, and others are fighting COVID-19, from wearables to faster CT scans to contact tracing
More: TikTok FCC Apple
|
2022-07-07T19:06:01Z
|
www.businessinsider.com
|
TikTok Ban? How FCC Commissioner Expects Apple and Google to Respond
|
https://www.businessinsider.com/tiktok-fcc-commissioner-interview-apple-google-response-2022-7
|
https://www.businessinsider.com/tiktok-fcc-commissioner-interview-apple-google-response-2022-7
|
How to revert the Windows 11 taskbar to the Windows 10 style
Windows 11 lets you revert to a Windows 10-style taskbar by accessing the Personalization page in the Settings app.
Windows 11 features a massively redesigned taskbar that's centered on the desktop.
Alignment aside, other changes to the Windows 11 taskbar cannot be reverted.
Among the many changes in Windows 11 is a completely redesigned taskbar. It's fundamentally different — and while the most obvious change is the new Mac-like centered design, it's also missing a lot of customization, drag-and-drop file launching, right-click access to the Task Manager, and other features that have been a core part of the taskbar through many versions of Windows.
Unfortunately, most of those changes in the Windows 11 taskbar are permanent and can't be reverted back to the Windows 10 style (at least until the next version of Windows, which might include a more robust taskbar). But there is one thing you can change right now: You can revert the Windows 11 centered taskbar back to the more traditional left-justified taskbar from Windows 10.
By default, the new Windows 11 taskbar is centered on the desktop, but you can make it left-justified like on Windows 10.
2. In the navigation pane on the left, click Personalization.
3. In the Personalization settings, click Taskbar.
You’ll find the taskbar options in the Personalization tab of the Settings app.
4. Click Taskbar behaviors.
5. To the right of Taskbar alignment, click Center and, in the drop-down menu, choose Left.
You can choose to make the taskbar centered or left-justified using the Taskbar behaviors option in Settings.
The taskbar will slide to the left of the screen immediately.
Quick tip: If you miss having right-click access to the Task Manager from the taskbar, start the Task Manager app from the Start menu. Right-click the app icon in the taskbar and choose Pin to Taskbar. This permanently adds it to the taskbar.
TECH 8 ways to take a screenshot on Windows 10 and Windows 11
TECH 7 ways to troubleshoot if your microphone is too quiet on Windows 11
TECH How to change your username in Windows 11
More: Windows Windows 11 Windows 10 Taskbar
|
2022-07-07T19:06:13Z
|
www.businessinsider.com
|
How to Revert the Windows 11 Taskbar to Windows 10 Style
|
https://www.businessinsider.com/windows-11-revert-to-windows-10-taskbar
|
https://www.businessinsider.com/windows-11-revert-to-windows-10-taskbar
|
An ad exec shares what it was like working behind the scenes on a hit campaign for Pringles
Laura Jordan Bambach.
Courtesy of Grey London
Laura Jordan Bambach is the president and CCO at Grey, an advertising firm and a part of WPP.
She ran the Pringles campaign 'Frank' last year, which accumulated 450 million media impressions.
Here's what the process was like to build it, as told to writer Robin Madell.
This as-told-to essay is based on a conversation with UK-based Laura Jordan Bambach, the president and chief creative officer at Grey, an advertising agency that's part of WPP. It has been edited for length and clarity.
My background is in digital-ad innovation, so I don't shy away from ambitious projects. I live and breathe campaigns where the outcome is complex and you have to be prepared for change.
In my career, I've helped create a "knitition," or knitting petition, for Macmillan Cancer Support and turned the nightly flights of bats in Austin at SXSW into live music for Bacardi.
One hugely successful campaign that I worked on last year was the Pringles 'Frank' campaign
Salty-snack lovers everywhere adore Pringles. But for the brand to grow, we needed to get more people to snack on them more frequently.
We looked at the one thing people everywhere have been doing more of — more precisely, what 3.24 billion people around the world have been spending an average of eight hours and 27 minutes per week doing: gaming.
Who doesn't love a good snack when they're gaming? Gaming is also a space where brands can engage with consumers in new and interesting ways.
We created a gaming character for our campaign
Frank was an NPC (non-player character) from video-game company Raw Fury's first-person, zombie-Western game "West of Dead." In partnerships with Twitch , Xbox, Raw Fury, and Pringles, we launched a campaign where Frank "left" the video game as an influencer played the game in a sponsored livestream. Frank crossed over into the real world and physically showed up in the gamer's real-world room in order to eat their Pringles — to the shock of fans watching live. Frank then spent two weeks in the real world eating Pringles, taking over Pringles' and Raw Fury's Twitter accounts, and learning the ways of the world.
After those two weeks, Raw Fury reintroduced Frank into "West of Dead," re-entering the game with a new purpose and a different role: providing power-ups and other helpful input to gamers rather than trying to eat them. Raw Fury did not livestream Frank's return, but the gaming community became aware of the key time he returned to the game.
Raw Fury then made Frank a permanent member of "West of Dead." Now players can find him sitting down at a table in the game's opening saloon, waiting to meet them to provide hints and tips.
Our campaign had more than 450 million media impressions and a total of 9.9 million minutes watched on Twitch. It even ignited its own array of adorable fan art dedicated to Frank. All of this engagement paid off in terms of sales, too.
This campaign was the most epic that I've done, and took being comfortable with the uncomfortable to a new level
We needed a clear idea that ran from our main experience with the game to more traditional assets through social-media and point-of-sale.
Gaming culture is vast and complex — it has its own language, rules, and rituals. Others have made attempts, some good, some bad, to get gamers on board with their brands: Burger King famously angered gamers who create Twitch videos by exploiting a feature that lets streamers collect donations from fans.
Interrupting gamers certainly wouldn't cut it. Instead, we needed to live in their world. It could have gone one of two ways, so we confronted the challenge head-on.
With an audience that's seen it all, the premise was simple: Give them something they've never seen. Our research unpacked who the modern gamer is and what's exciting in their world. What became clear was how gaming has moved from a space just to play to a place for social connection. And nowadays, the gaming audience is anything but only young men.
A recent Accenture report found that 84% of respondents said video games help them connect with others, and we found the same theme in our focus groups with gamers. Just look at the rise of social-oriented games like "Fortnite," "Roblox," and "Animal Crossing," and new gaming-oriented platforms like Discord .
When we spoke to a diverse mix of gamers, the reason why people game has moved on, too. It's no longer about escaping reality — gaming has become the place to be and be seen. By using Frank as our creative vehicle, we brought gamers together and enabled them to interact with the Pringles brand on their own terms.
It was an incredibly collaborative process, from the clients to the game developers who rightly needed to stay focused on the integrity and gameplay of 'West of Dead'
It involved real-life and online appearances and stunts, all while keeping the gaming audience's passions and needs at the center of everything.
This was all new to us, too — we produced Frank during the COVID-19 pandemic, with the above-the-line aspect of the campaign marking the agency's very first remote shoot.
This campaign was a great example of not waiting for an audience to come to you, but going to them first. It was also a lesson in the power of partners: Gaming exists across a plethora of touchpoints and media spaces, so activating our campaign by ourselves would have been impossible.
More: Pringles Advertising Grey WPP
|
2022-07-07T20:35:55Z
|
www.businessinsider.com
|
An Ad Exec at WPP on How It Built the 'Frank' Pringles Gamer Campaign
|
https://www.businessinsider.com/ad-exec-grey-wpp-how-built-frank-pringles-campaign-gamers-2022-7
|
https://www.businessinsider.com/ad-exec-grey-wpp-how-built-frank-pringles-campaign-gamers-2022-7
|
Michael Burry and Elon Musk
Michael Burry appeared to call out Elon Musk for fathering children with a subordinate.
Insider reported the billionaire quietly fathered a set of twins with a Neuralink executive.
"Doing my best to help the under-population crisis," Musk said on Twitter.
Michael Burry appeared to take a swipe at Elon Musk on Thursday after it was revealed the richest man in the world had quietly fathered a set of twins with an executive at one of his companies.
"Babies born in the US are at 1950 levels, but that doesn't mean that bosses should sleep with subordinates to try to remedy the situation," Burry tweeted. "Bigger problem is nuclear families are at 1959 levels, and woke doctrine wants it lower. More babies in broken families not the way."
Burry is most famously known for earning $800 million by shorting the housing market in 2008 — a phenomenon that was publicized in the Hollywood hit "The Big Short." More recently, the investor has said there will be a consumer recession in December.
While the "Big Short" investor did not directly name Musk in his recent tweet, the comment came only a few hours after the Tesla CEO tweeted about declining birth rates.
"Doing my best to help the underpopulation crisis," Musk said on Twitter in an apparent response to the news of his relationship with Neuralink executive Shivon Zilis. "A collapsing birth rate is the biggest danger civilization faces by far."
Since as early as 2017, Musk has repeatedly warned that declining birth rates could cause civilization to collapse. The US birth rate has fallen about 20% since 2007.
While Burry has not been known to comment on underpopulation, he's no stranger to Musk. The investor famously shorted Tesla in 2021, saying the electric-car maker's stock would collapse much like the housing bubble.
The investor is one of many people to comment on Musk's relationship with Zilis.
The news of Musk's relationship with the Neuralink executive comes after Insider reported in May that SpaceX paid a company flight attendant $250,000 to stay quiet after she alleged that Musk exposed himself and propositioned her for sex, even offering to buy her a horse in exchange.
Last year, the Microsoft founder Bill Gates resigned from the company's board following an investigation into an extramarital affair with a Microsoft employee.
More: Elon Musk Michael Burry Tesla Neuralink
|
2022-07-07T20:36:01Z
|
www.businessinsider.com
|
'Big Short' Investor Jabs at Musk Over Twins With Subordinate
|
https://www.businessinsider.com/big-short-investor-jab-elon-musk-twins-with-neuralink-executive-2022-7
|
https://www.businessinsider.com/big-short-investor-jab-elon-musk-twins-with-neuralink-executive-2022-7
|
Former Russian banker Dmitry Leus who donated £25,000 to Dominic Raab is 'absolutely dependent on the FSB', MP claims
Composite image of Dominic Raab and Dmitry Leus
Composite: DANIEL LEAL/AFP via Getty Images; Handout/Dmitry Leus
A Conservative donor that gave £25,000 to Dominic Raab is "dependent on the FSB", an MP has claimed.
Labour MP Liam Byrne said Dmitry Leus was recruited by the FSB, "who got him out of prison".
A spokesperson for Leus dismissed the allegations as "completely untrue and somewhat ridiculous".
Intelligence sources believe that a former Russian banker who gave £25,000 to Deputy Prime Minister Dominic Raab while he was foreign secretary in July 2021 is "absolutely dependent on the FSB", an MP has claimed.
Speaking during a parliamentary debate on Thursday afternoon, Labour MP Liam Byrne said the Turkmenistan-born former Russian banker Dmitry Leus was recruited by the FSB "who got him out of prison".
Leus was convicted of money laundering in Russia in 2004 and the conviction was later removed from his record; whether this was the result of an appeal or not is disputed. He insists the conviction was politically motivated.
Byrne, a former Treasury minister, said: "There is a clear knowledge of his recruitment by the FSB, who got him out of prison. He has a criminal record in Russia. Intelligence sources I have seen say he is 'absolutely dependent on the FSB'."
The Labour MP later told Insider his intelligence sources were from within the Kremlin.
A spokesperson for Leus told Insider the allegations were "completely untrue and somewhat ridiculous, given Dmitry suffered in the infamous Lefortovo prison."
"One rather wonders who Liam Byrne MP has been associating with," she said, noting she had not been able to contact Leus directly before issuing the statement.
She later added: "Allegations made in the House of Commons today, 7 July 2022, by Liam Byrne MP are completely false.
"It seems particularly offensive to suggest that a man held at the notoriously unpleasant FSB prison Lefortovo prison, where human rights are routinely abused, be in anyway connected with that organisation.
"Mr Leus nearly died in that prison after a poisoning attempt. The truth is that the FSB destroyed his life and he came to rebuild it in the UK."
Insider has previously revealed how Leus was president of the Runnymede and Weybridge Conservative Association from June 2021 to February 2022.
A senior local Conservative source, given anonymity to speak frankly, told Insider they were not surprised by Byrne's allegations.
"Why did he suddenly get let off by the Russian authorities? They don't tend to deal with people like that kindly," the source said. "We're trying to disown Dmitry as much as we can now. We did bank his £25,000. I don't know whether we should send it back."
"The main embarrassment is for people like Dominic Raab. Raab was just stupid in accepting the donations," they added.
Leus donated £25,000 to Raab – who is at risk of losing his seat to the Liberal Democrats – in July 2021, back when Raab was foreign secretary. The gifts are the only successful political donations listed to Leus's name by the Electoral Commission.
Raab has been floated as a potential caretaker for the role of prime minister since Boris Johnson announced he would stand aside amid mass ministerial resignations.
A spokesperson for Raab told Insider: "Mr Leus had a wrongful conviction overturned on appeal. Professional due diligence was conducted before accepting the donation. Like all donations it was properly and transparently declared."
But Labour say that Raab's "murky" relationship with Leus risks the UK's national security.
Rachel Hopkins, shadow minister for the Cabinet Office, told Insider: "Whether it's the Lebedev's links to Boris Johnson or Dmitry Leus' links to Dominic Raab MP, it's clear for all to see that dodgy Russian money and influence has infiltrated the Conservative Party.
"These murky relationships risk British national security. The prime minister and deputy prime minister cannot be trusted with matters of national security. We need a cast-iron proof that the interests of rich foreign donors to the Conservative Party are not being put before our national interest."
A report by the foreign policy think tank Chatham House contests Leus' claim the conviction was "overturned on appeal", noting that Russian law allows for convictions to be struck out from a record.
Leus also sought to give £100,000 to Prince Charles's foundation, The Sunday Times revealed, in a donation that was returned by the charity's ethics committee citing concerns over the origin of the funds, while hoping to secure a meeting with the future monarch.
Leus's representatives have previously told Insider the Prince's Trust has sent a letter of apology and that the Charity Commission has confirmed no wrongdoing on his part.
More: UK Politics News UK Dominic Raab Dmitry Leus
|
2022-07-07T20:36:07Z
|
www.businessinsider.com
|
Dominic Raab Donor 'Absolutely Dependent on the FSB', MP Claims
|
https://www.businessinsider.com/dominic-raab-donor-absolutely-dependent-on-the-fsb-mp-claims-2022-7
|
https://www.businessinsider.com/dominic-raab-donor-absolutely-dependent-on-the-fsb-mp-claims-2022-7
|
By Kevin Webb and Mara Leighton
Amazon Prime Day 2022 is around the corner, and Prime members will get a $12.50 reward when they spend $50 or more on gift cards.
Gilbert Espinoza/Business Insider
Other ways to get Amazon store credit to use on Prime Day
What products are on sale during Prime Day?
Who can access deals on Prime Day?
Amazon Prime Day 2022 is right around the corner. You'll find some of the year's steepest discounts from July 12 to July 13, though some competing Prime Day sales go even longer.
This year, shoppers can get up to 25% off select gift cards from brands such as Amazon, Airbnb, Grubhub, Nordstrom, Old Navy, UberEats, and more. You can find the full list of discounts and gift cards here.
Additionally, Prime members get a $12.50 promotional credit when they buy a $50 Amazon gift card purchase or Amazon reload anytime from July 12 to July 13. All you have to do is be a Prime member, add the $50 Amazon gift card or reload to the cart, and click the yellow "apply code to your account" button on the page or use the code "EGCPRIME22" in the "Gift Cards and Promotional Codes" box during check out.
The $12.50 credit should show up in your account within two days after your order was completed. There are some strings attached to the promotional credit: for instance, you can't use it on products sold by third parties or on other gift cards, you have to use it by August 28, 2022, and $12.50 is the maximum you can earn.
This deal ends at 11:59 p.m. PT on July 13, 2022 — or whenever supplies run out.
Uber Eats $50 Gift Card
If you have an Amazon Prime Store Card, you can earn 6% back on your Amazon.com Prime Day 2022 purchases, and 5% back on your usual Amazon purchases. Points earned with Amazon purchases can be redeemed as a statement credit or used as future Amazon store credit. There's no annual fee, either.
Have more Prime Day questions? We've got answers in this list of FAQs:
Amazon Prime Day 2022 will begin on July 12 at 12 a.m. PT, and will run through July 13, 11:59 p.m. PT.
Like always, Prime Day offers tons of deals on a variety of products covering tech, home, kitchen, and more. You can find a roundup of the best early Prime Day deals here, and a live-updated roundup of the best Prime Day 2022 deals here.
Prime Day deals are only available to Amazon Prime members. Prime offers Amazon shoppers free two-day shipping, on-demand streaming video, and a bunch of other shopping perks like early access to limited-time deals.
Prime costs $15 a month or $139 per year; new subscribers can sign-up for a 30-trial.
More: IP Deals Deals product card IP Graphics
|
2022-07-07T20:36:26Z
|
www.businessinsider.com
|
Amazon Prime Day Gift Card Deal 2022: Get $12.50 When You Spend $50
|
https://www.businessinsider.com/guides/deals/amazon-prime-day-gift-card-deal
|
https://www.businessinsider.com/guides/deals/amazon-prime-day-gift-card-deal
|
We calculated how much 2-day shipping costs without Amazon Prime, and it proves why the $139 fee is worth it
Amazon Prime includes free 2-day shipping for members.
Amazon Prime includes free 2-day shipping for members, who pay $139 per year.
While there are many perks of a Prime membership, free two-day shipping is one of the best.
For non-members, shipping is free with purchases over $25, but not guaranteed within 2 days.
An Amazon Prime subscription offers its members many benefits (more than 25, in fact), but one of the best and most popular perks is free two-day shipping. The convenience of purchases delivered straight to your door, sometimes only within hours of ordering, is well worth the annual cost of Prime alone.
Non-Prime members have to order at least $25 of eligible items to get free shipping, and orders aren't guaranteed to arrive within two days. If you order less than $25, you'll be charged a shipping fee, which varies on the shipment weight and selected shipping speed.
We calculated how much these shipping fees come out to and whether it makes more sense to just sign up for Amazon Prime and get free shipping.
How much is 2-day shipping on Amazon without Prime?
For example, ordering an Anker Powerline+ II USB-C Cable, our pick for the best smartphone charging cable, would typically cost $22 with free two-day shipping for Amazon Prime members.
Since the order amount is less than $25, non-Prime members would have to pay $6 extra for standard shipping and $10 for two-day shipping. Of course, that cost may vary depending on location, shipment weight, and Amazon seller.
Assuming $10 is the average cost of two-day shipping, if you opt for two-day shipping on two under-$25 orders per month, an annual subscription to Amazon Prime would still be cheaper ($139 vs. $144 per year).
This doesn't even account for all of the perks and benefits included with Prime, like access to Prime Video and deals during the upcoming sales event, Amazon Prime Day.
Amazon Prime shipping options
If you're in the Contiguous US and willing to pay the yearly fee, you'll have a handful of different shipping options at your disposal, year-round:
One-Day Shipping: free
Two-Day Shipping: free
Same-Day Delivery: free on orders over $35 or $3 per order
Prime Now: free 2-hour delivery in eligible zip codes
Amazon Day Delivery: free weekly delivery on a day you choose
No-Rush Shipping: free
Standard Shipping: free shipping within 4 to 5 business days
Release-Date Delivery: free on qualifying pre-order items
No matter how many benefits Prime membership offers, it's inevitably up to you to determine if it's worth the cost to join.
Whether it's because you're not much of an online shopper or you just don't feel like the $139 membership is for you, you can still qualify for free shipping that's fast enough if you're able to spend over $25 per order.
More: Amazon Prime Shipping Subscriptions product card
|
2022-07-07T20:36:32Z
|
www.businessinsider.com
|
How Much Is 2-Day Shipping on Amazon Without Prime?
|
https://www.businessinsider.com/guides/tech/how-much-is-two-day-shipping-on-amazon-without-prime
|
https://www.businessinsider.com/guides/tech/how-much-is-two-day-shipping-on-amazon-without-prime
|
How to compare two Word documents to see any differences between them
Canberk Sezer/Getty Images
You can compare two versions of the same Word document using the Compare Document command in the ribbon's Review tab.
This feature is especially convenient if a document was modified without using Track Changes.
The Compare Document feature shows two versions of a document side-by-side along with a list of all changes.
If you have two similar versions of the same document, such as a draft manuscript or boilerplate contract along with revised or edited version of the doc, you can use the Compare Documents feature in Microsoft Word to see exactly what is different between them.
This feature, which can generate what's known as a blackline comparison, is especially common in the legal profession. But even in other professions, this can come in very handy if a party didn't use Track Changes in Word, but simply made changes and saved a new version of the document.
How to compare two Word documents
The Compare Documents feature takes two versions of a document and displays a third document in which all changes are easy to see.
1. Start Word and open a new blank document.
2. In the ribbon menu, click Review.
3. Click Compare and then, in the drop-down menu, click Compare again.
To compare two documents, use the Compare command in the ribbon's Review tab.
4. In the Compare Documents dialog box, choose the two documents you want to compare. To do that, click the Folder icon on the left, in the Original document section, and select the Word document. Then do the same with the Folder icon in the Revised document section to select the Word document that has the changes.
5. Optionally, you can click More and customize the settings for your file comparison by choosing exactly what kind of changes you want to see. Also make sure that under Show changes in, New document is selected.
Choose the two documents to compare along with which changes to show.
You should now see a three-pane Word document. Here's how to use it:
The center pane displays the compared document. It incorporates all the changes in the revised document, and you can edit it as needed.
The right pane shows the original and revised documents on top of one another. You cannot make changes to these documents; they are visible for reference only. As you scroll through the document, though, the center and right panes stay in sync and scroll together.
The left page summarizes every change in the revised document in list form. You can click any change and the center (and right) pane will immediately scroll to that part of the document.
You can accept, reject, and make additional changes. When you are satisfied with the document, be sure to save this new file.
Word generates a so-called blackline comparison using a three-pane display.
TECH How to use Track Changes in Word to effectively collaborate on a document
More: Microsoft Word Software & Apps Tech How To Reference Freelancer
|
2022-07-07T20:36:38Z
|
www.businessinsider.com
|
How to Compare Two Word Documents
|
https://www.businessinsider.com/how-to-compare-two-word-documents
|
https://www.businessinsider.com/how-to-compare-two-word-documents
|
People gathered outside City Hall Plaza at a Boston Celtics pep rally hosted by Dunkin, on City Hall Plaza in Boston, before Game 3 of the NBA Finals on June 8, 2022.
Massachusetts lawmakers rolled out a plan to provide direct payments to residents.
Individuals would be eligible for a one-time $250 check, and married couples would get a $500 check.
Those earning above $38,000 qualify and high-earners are excluded.
Americans are still feeling the burn from soaring costs and gas prices — and Massachusetts lawmakers want to give them a little relief.
On Thursday, Massachusetts Speaker of the House Ronald J. Mariano — alongside legislators including Massachusetts Senate President Karen E. Spilka — announced that lawmakers "will act to establish" a fund to provide rebates for residents.
"Whether it is the rising price of gas, groceries, or summer clothes for kids, the Massachusetts Legislature has heard loud and clear that increased costs due to inflation have cut into family budgets," the legislators wrote in a release.
The plan would provide a single round of payments to all taxpayers who earned at least $38,000 in 2021. It would cut off eligibility for singles earning above $100,000 and couples making more than $150,000. Most people would receive their payments before September 30.
According to the Boston Globe's Matt Stout, the plan will have to pass the state's Senate and House by July 31, when the legislature's session ends.
"These rebates represent the Legislature's commitment to delivering immediate financial relief directly to residents of the Commonwealth, rather than to large oil companies that continue to profit off economic uncertainty and international conflict," the lawmakers said.
It comes as some states issue direct payments to help residents deal with rising prices at the pump and grocery store. California Gov. Gavin Newsom approved issuing a round of direct payments to millions of California residents this summer. The $350 checks will flow largely to middle-income residents, though some high-earning taxpayers are eligible to get smaller payments as well.
It seems very unlikely that Congress will approve a fourth round of direct federal payments similar to the $1,400 stimulus checks that were distributed under the March 2021 stimulus law. Republicans and some Democrats are likely to argue that the measure would both aggravate inflation and add to the national debt.
Are you getting creative to save money amid record-high inflation? Reach out to these reporters at jkaplan@insider.com or jzeballos@insider.com.
More: Massachusetts Stimulus checks Direct payments Inflation
fourth stimulus check
|
2022-07-07T20:36:50Z
|
www.businessinsider.com
|
Massachusetts Lawmakers Propose $250 Tax Rebate Checks for Inflation
|
https://www.businessinsider.com/massachusetts-stimulus-checks-inflation-payments-tax-rebates-gas-rent-prices-2022-7
|
https://www.businessinsider.com/massachusetts-stimulus-checks-inflation-payments-tax-rebates-gas-rent-prices-2022-7
|
Resend the message
Ensure you're connected to the internet
5 ways to troubleshoot if your Outlook account is not sending emails
BigTunaOnline/Shutterstock
Occasionally, Outlook stops sending emails, and they accumulate in the outbox.
You can try to resend the message, delete and re-create the message, and restart Outlook to fix the issue.
Here are five of the most common and effective ways to fix Outlook when it's not sending emails.
Email isn't supposed to be rocket science; you write a message, click send, and the message should be sent more or less instantly and arrive in the recipient's inbox at just short of the speed of light. And usually, it works just like that.
But every Outlook user has probably suffered through the mysterious and frustrating experience of Outlook inexplicably not sending emails. Messages sit unsent in the outbox while you get increasingly agitated that you can't communicate with the outside world. This problem is more common than you think, so here are five ways to troubleshoot and solve a clogged Outlook outbox.
There are a lot of reasons why your email might not be sending, but the easiest potential solution is to try resending it. A momentary glitch or sync problem could have consigned the email to the outbox for longer than usual.
To resolve it, click the outbox in your folder list and double-click the email that won't leave. Click Send a second time and wait a few moments to see if that works. If not, you might try deleting the message and rewriting it from scratch. If you send this second message and it still won't budge, then move on to the next troubleshooting step.
Outlook could have been accidentally set to offline mode. This can happen if there's a temporary problem with your internet connection, for example, and Outlook fails to go online again after connectivity is restored. Check the status at the bottom right of the Outlook window — you should see Connected. If it says Offline, click the Send/Receive tab in Outlook's ribbon menu and then click Work Offline. This should de-select the mode and you should see the status revert to Connected.
Make sure Outlook hasn’t switched to Offline mode.
If the status remains offline, you might have an internet connection issue. See if you can go to a web page in a browser on the same computer. If you can't access the internet at all, reboot your WiFi network (unplug the internet modem and WiFi router, leave them powered off for at least two minutes, and then plug them back in again). Check your status after the network fully resets.
If you have a reliable internet connection but the email still won't leave your inbox, close and restart Outlook. You can't simply close the Outlook window, because Outlook leaves services running in the background. To make sure Outlook is fully closed, use the Task Manager.
To make sure Outlook is fully closed, end the task from the Task Manager.
Microsoft offers some tools that can repair Outlook if certain aspects of the program get corrupted. If you still can't send email, it might be time to try to repair Outlook. This is a time consuming process (it can take up to an hour) so save this for a last resort.
There’s a repair tool for Office integrated into the Add or Remove programs controls in Windows.
More: Outlook Emails Software & Apps Tech How To
|
2022-07-07T20:36:56Z
|
www.businessinsider.com
|
5 Ways to Troubleshoot If Outlook Is Not Sending Emails
|
https://www.businessinsider.com/outlook-not-sending-emails
|
https://www.businessinsider.com/outlook-not-sending-emails
|
What is a stock screener?
How to use a stock screener
Stock screener example
Stock screeners: How to use them to find the right stocks for your investment strategy
Many stock screeners are free for basic features, but there are some that charge monthly subscription fees for more advanced options.
A stock screener is a search tool that helps investors find stocks that meet certain requirements.
Stock screeners allow investors to search and find stocks based on market cap, P/E ratio, and more.
Not every stock screener is the same and some require payment for more advanced features.
What you choose to invest in ultimately determines your overall returns in the stock market and can be the difference between gains and losses. It's key to have the tools necessary to both find and analyze the various stock options available to you.
But with nearly 8,000 different stocks to choose from between the New York Stock Exchange and the Nasdaq, how can investors quickly identify stocks that have the potential to grow without being overwhelmed by the number of options? This is where a stock screener can become a very useful tool.
A stock screener is a search tool that allows an investor to search and sort through stocks that meet criteria the investor is looking for. Put another way, a stock screener is to an investor what Google is to the internet.
"Screeners are great for narrowing your list of potential stocks to invest in," says Joseph Hogue, CFA, former venture capital analyst and blogger at My Stock Market Basics. "There are more than 3,000 stocks traded on the NYSE alone so it helps to narrow the list by filtering out those that might not make for a good investment."
Many stock screeners are free for the most basic features and may include a paid option for more advanced functionalities. Some of the most popular stock screeners are independent websites, but some brokerages also include a stock screening feature as well.
A stock screener works by compiling a list of stocks and begins to filter them out as you include your selection criteria. Once you've finished entering your desired traits, the stocks remaining on the list are those that fit your targets.
You can then use those remaining stocks to make investing decisions or continue researching to determine which of the remaining stocks will help you meet your goals. Investors tend to use stock screeners for different reasons. Some investors have a specific strategy that they like to follow. Stock screeners can help them save time and quickly identify the stocks that may be best for that strategy.
For example, if you're an investor who wants to buy only dividend stocks priced above $20 per share, a stock screener can quickly generate a list of good options to choose from. A screener can also help to narrow down further and search for companies within a certain sector of the market, like financial services, energy, or hotels.
Stock screeners may also help investors cut out some of the noise around a particular stock. This is because a screener is looking for stock types and doesn't directly account for recent news or investor sentiment that may cloud a sound investing decision.
But stock screeners are not perfect. "The biggest drawback to stock screeners is they can't tell you which one stock to invest in. Screeners are very good at narrowing down your list to a few handfuls that meet criteria, but you'll still need to do a little research to find the best few to buy," adds Hogue.
Quick tip: While stock screeners have the advantage of cutting out some of the subjectivity when choosing a stock, some could see this as a disadvantage if you want to use current news events to inform your investing strategy. They also do not include qualitative factors like competitive advantage or a company's leadership.
Let's walk through an example using the free stock screener from Markets Insider. Let's say you're an investor who's looking for dividend-paying stocks based in the US. Dividends are payments made by a company to its shareholders.
First, start by selecting the country as "USA." Next is the index section — an index measures the performance of a group of individual stocks. For this example, we'll use the S&P 500, which represents the 500 largest companies in the US. If you're following along, you'll see that these two selections have already narrowed down the list to large companies in the US after you've hit the blue search button. But by using other factors we can trim our list down a bit more.
Using the "dynamic search criteria" section, select dividend in the first drop-down menu and then select dividend yield % for the second drop-down. Dividend yield shows how much a company pays its shareholders in dividends compared to its share price. It's a ratio that's expressed as a percentage.
Generally, a dividend ratio between 2% and 6% is considered good. For this example, across from the dividend yield we will select greater than 2% and hit the search button again. You should see more than seven pages of stocks that all fit our criteria. (Keep in mind that your results may differ based on the current market's price.)
A stock screener will compile a list of stocks that meet the search criteria you select.
Let's narrow down a bit further: Now in the dividend row, enter greater than $5. This will provide a list of companies in the S&P 500 that pay a greater than $5 dividend with a greater than 2% divided yield. With these selections you should see just one page of results which should be more manageable.
Adding search criteria will narrow results, but your own research is needed for your final decisions.
Which screening criteria is the best? That's going to depend on your individual goals and your investing strategy. Fundamental investors may screen for companies using P/E ratio, earnings per share and strong cash flows to determine which stocks to buy.
While technical investors are more focused on price action and might screen for companies that are traded with a certain volume or its performance against a moving average. Whether you lean more to the fundamental side or technical, a stock screener can still help you quickly identify a list of suitable stocks to invest in based on your selections.
Quick tip: The results found through a stock screener are only as good as its criteria. It is important to know why you're searching for those factors and what type of results to expect.
Stock screeners make it simple to curate thousands of stocks based on your specific criteria. Before attempting to find the perfect stock screener, it's important to take a moment and define your investing goals and strategy. With a firm foundation on those two elements, you can better assess what type of features you might need for a screener.
But you shouldn't rely on any stock screener blindly. "Even if you narrow the list down to a few stocks, don't just blindly invest in each just because they met a few criteria. Always spend a little more time researching the stock to make sure the company is a good investment," says Hogue.
MARKETS Dividend yield is a key way to evaluate a company and the regular payouts from its stock
MARKETS ESG Investing: How to build an ethical portfolio that reflects your values
More: Investment Assets Stocks Personal Finance Insider PFI Reference
|
2022-07-07T20:37:08Z
|
www.businessinsider.com
|
Stock Screeners: How to Use Them and Examples
|
https://www.businessinsider.com/personal-finance/stock-screener
|
https://www.businessinsider.com/personal-finance/stock-screener
|
Here's an exclusive look at the pitch deck savings plan startup Vestwell used to raise $70 million from investors like Wells Fargo, Goldman Sachs and Morgan Stanley
Aaron Schumm, founder and CEO, Vestwell
Courtesy of Aaron Schumm
Vestwell helps companies offer workplace savings plans to their employees.
It first started with 401(k) plans, but has expanded to 403(b), IRA, and 529 college saving plans.
The company raised a $70 million Series C led by Wells Fargo with other banks contributing.
Vestwell, a startup that provides 401(k) services to small and medium-sized businesses, aims to make it easier for these companies to start offering 401(k)s and other workplace savings plans to their employees.
One reason why small businesses typically have trouble setting up workplace savings programs is because of high fees by legacy providers like ADP and Vanguard, said Vestwell founder and CEO Aaron Schumm.
"There are 32 million small and medium-sized businesses but less than one million workplace savings programs, so definitely there's a savings gap in the country," Schumm said. "But it's difficult to set up some of these programs in a way that really helps people."
Vestwell connects businesses to 401(k) providers, banks, advisors, and payroll providers to make it easier for smaller companies to start building out savings offerings to employees. It allows businesses to direct employee payroll to the right savings programs.
The company white labels its software and platforms to companies like Morgan Stanley, which uses the technology for its workplace financial platform, Morgan Stanley at Work. It also partners with other payroll startups like Toast and Gusto to direct information for their clients to savings providers.
Working with states like Oregon, Connecticut, Maryland, Colorado, Virginia, and Maine and Vestwell provides a technology platform to connect data to government savings programs like the 529 college savings plan.
Vestwell raised $70 million in Series C financing last year led by Wells Fargo Strategic Capital and Fin Venture Capital. Other investors include Goldman Sachs, Morgan Stanley, Manulife, and Point72.
Schumm said the company plans to further expand the savings programs it covers. In the past year alone, Vestwell now works with 529 college savings plans and ABLE savings — a savings plan for people living with disabilities and their families — and hopes to also service emergency savings accounts and health savings accounts.
Here's the 12-slide pitch deck Vestwell used to raise $70 million:
Vestwell slide 1
Vestwell slide 10
Vestwell 13
|
2022-07-07T20:37:14Z
|
www.businessinsider.com
|
The Pitch Deck Vestwell Used to Raise $70 Million From Wells Fargo
|
https://www.businessinsider.com/pitch-deck-vestwell-used-to-raise-funding-from-wells-fargo-2022-7
|
https://www.businessinsider.com/pitch-deck-vestwell-used-to-raise-funding-from-wells-fargo-2022-7
|
Reload the page
See if the SSL certificate is expired
Make sure you're fully logged into the WiFi network
Clear your browser cache
Make sure the date and time are set correctly
Proceed anyway
6 ways to resolve a privacy error message in Google Chrome
If you see a privacy error message in Chrome, your connection isn't private, and data you share could be stolen.
This error usually means Chrome can't verify the website's SSL certificate.
Here are the most common ways to troubleshoot and solve the privacy error in Chrome.
Whenever you're online, it's important to maintain your privacy and security. That's why it can be alarming to see an error message in your web browser advising that your privacy may be compromised. You may occasionally see an error message when using the Google Chrome browser that says "Your connection is not private." The error further warns that attackers may try to steal your information at the website you are trying to reach.
When you encounter this message, don't panic — most of the time, there's nothing seriously wrong. Chrome generally displays this message when it can't immediately verify the SSL certificate of the site you're trying to reach. Every website should have an SSL certificate that establishes the site's identity and allows encrypted data to be exchanged.
Here are the most common ways to resolve this privacy error in Chrome and reach the website you are trying to browse.
Believe it or not, simply reloading the webpage in Chrome may resolve the issue. Click the Reload this page button to the left of the address bar, or press F5 on your keyboard. If the glitch was momentary, the website will load properly the second time.
Reload the web page to see if the problem persists.
It's possible the SSL certificate for the website may have expired. To check, go to to SSL Checker page at sslshopper.com and enter the URL you are trying to reach. After a few moments, you'll get a lot of details about the site including the status of the SSL certificates. Of course, if the certificate is expired, there's nothing you can do about it. But if it's a small or non-commercial site, you can reach out to the webmaster to let them know the site is misbehaving.
You can see if the problem is at the website’s end using the SSL Checker website.
If you're logged into your personal or corporate WiFi network, you don't need to worry about this option. But if you're logging in through a public WiFi network (such as one at a cafe or airport), you can see this error if you try browsing before fully accepting the network's sign-in and user agreement.
Be sure you accept the public WiFi network's terms of service. If that webpage hasn't opened, you can go to a non-SSL webpage to force it to appear. Go to weather.com, for example. After you complete the WiFi network's registration, try going to the problematic website again.
It's possible that your browser's cache is corrupted or an old cookie is preventing the page from loading correctly. The remedy is to clear your cache and delete your browser's cookies, then try visiting the site again. Beware, of course, that if you clear your cookies, you will be logged out of all websites and will need to log in again the next time you visit.
Chrome relies on your computer's time and date to make sure that the SSL certificate is authentic and current. If your time is wrong, it can generate a privacy error. For the best results, make sure your computer is configured to automatically set the time from the internet.
If you are using Windows, click Start and then choose Settings. In the search box, type "clock," and choose Set time automatically from the search results. Make sure that Set time automatically is enabled by swiping the button to the right.
Make sure your computer is configured to set the time automatically.
On a Mac, click the Apple logo at the top left and then choose System Preferences from the menu. Click Date & Time, and make sure Set date and time automatically is checked. If it isn't you'll need to unlock the window by clicking the lock at the bottom, then check the box.
If Chrome displays a privacy error message, you can still choose to proceed. You may determine the risk is low — especially if you know and trust the website — and open it anyway.
To do that, click Advanced below the error message and then click Proceed to [website].
If you want to go to the website anyway, click Advanced and then click the link to proceed.
TECH How to restart a Google Chrome browser without losing your open tabs
TECH How to clear the cache on your Google Chrome desktop browser or mobile app
TECH How to update Google Chrome on your computer or smartphone
TECH 3 ways to restore tabs on Google Chrome and recover old webpages
More: Google Chrome Privacy Error Software & Apps Tech How To
|
2022-07-07T20:37:26Z
|
www.businessinsider.com
|
6 Ways to Resolve a Privacy Error in Google Chrome
|
https://www.businessinsider.com/privacy-error-chrome
|
https://www.businessinsider.com/privacy-error-chrome
|
How to remove the password from a PDF file in 2 ways
You can remove the password from a PDF file if you know the password to your protected PDF.
If you have Adobe Acrobat Pro, open the file's Document Properties, remove the security from the file, and save it.
You can also open the PDF in any program that displays PDFs and then print it as a new PDF file to remove the password.
If you have a PDF that contains private, confidential, or proprietary information, the creator might have tried to safeguard the document by adding a password. You'll need to enter that password every time you open the doc, which is usually not a big deal unless you find yourself doing that frequently. If you can keep the document safe and secure, you might want to remove the password from the PDF file instead.
There are a couple of simple ways to remove the password from a PDF. While one method relies on you owning a subscription to Adobe Acrobat Pro — a commercial program that you must purchase or subscribe to — there's another method that works no matter what software you have.
Important: You need to know the password to remove it from a PDF. If you don't know the password, there's no practical way to open the file or remove the password.
How to remove the password from a PDF using Adobe Acrobat Pro
If you own a copy of Adobe Acrobat Pro (or have a subscription to Adobe Acrobat Pro DC) then it's easy to change the settings of a PDF file, removing the password in the process.
1. Open the password-protected PDF in Adobe Acrobat. Enter the password when directed.
2. Click File in the menu bar, then choose Properties.
3. In the Document Properties window, click the Security tab.
4. In the Document Security section, click the drop-down menu for Security Method. Choose No Security.
To disable the password, just change the Security Method from Password Security to No Security.
5. Confirm you want to remove the security from the document by clicking OK.
6. Click OK to close the Document Properties window.
7. Click File and then Save.
How to remove the password from a PDF for free
If you don't have access to Adobe Acrobat Pro, you can still easily remove the password. The only downside of this process is that you'll lose access to some special features of your PDF, such as the ability to select and manipulate the text in the document. Instead, all the text will be rendered like a photocopy, so you can't select or edit it.
1. Open the password-protected PDF in any program that can open PDFs, such as your web browser, preview app, or Microsoft Word. The exact steps after this vary slightly depending on which program you use, but they are all fairly similar.
2. Click Print or click the Print icon.
3. In the Print Preview or Print settings window, choose the printer. One of the options should be PDF or Microsoft Print to PDF. Choose this option.
4. Click Print. You will need to choose the destination to save the PDF file.
If you don't have Adobe Acrobat, you can save the file as a new PDF, which will create a new password-free document.
The new PDF file will be a duplicate of the original but will not include the password protection.
TECH The 5 best free PDF editors that allow you to edit and save a PDF file
TECH How to convert Apple's HEIC files to PDF on a Windows or Mac computer
TECH How to convert a PDF file to a Google Doc with or without its original formatting
TECH How to type on a PDF in 5 different ways
More: Password PDF Adobe Acrobat Software & Apps
|
2022-07-07T20:37:32Z
|
www.businessinsider.com
|
How to Remove the Password From a PDF in 2 Ways
|
https://www.businessinsider.com/remove-password-from-pdf
|
https://www.businessinsider.com/remove-password-from-pdf
|
A new watch from Swiss luxury brand Richard Mille is as thin as a US quarter — just 1.75mm.
The RM UP-01 collaboration with Ferrari is now the thinnest mechanical watch in the world.
Bulgari briefly held the title for the world's thinnest watch, the 1.8mm Octo Finissimo Ultra.
Now, the company has taken the title for maker of the world's thinnest mechanical watch.
That's the same thickness as a US quarter, and 0.05mm thinner than the previous record holder.
Source: US Mint
Earlier this year, Bulgari held the record with its 1.8mm-thick Octo Finissimo Ultra, but the reign was short-lived.
Source: Hodinkee
The new watch is made from grade 5 titanium that is harder, stronger, and 40% lighter than steel.
A special winding tool is needed to set the time and power up the mainspring with up to 45 hours of reserve.
All internal components are machined to a tolerance of a single micron, or .001 millimeters…
… and a laser-engraved Ferrari prancing horse logo features on the exterior case.
The result is a water- and shock-resistant watch that can be worn for most normal uses, albeit with a very small dial.
The manufacturing run is limited to 150 pieces, and each watch will cost $1.88 million.
Formula 1 Ferrari driver Charles Leclerc.
That’s considerably more than the $440,000 for Bulgari’s offering, but only ten of those will be sold.
Formula 1 Ferrari driver Carlos Sainz.
Like Richard Mille's other offerings, the UP-01 is sure to be a conversation starter.
More: Richard Mille Swiss Watches Ferrari luxury watches
Business News Features
|
2022-07-07T20:37:38Z
|
www.businessinsider.com
|
Richard Mille Ferrari Watch Is Thinnest in the World
|
https://www.businessinsider.com/richard-mille-ferrari-watch-is-worlds-thinnest-2022-7
|
https://www.businessinsider.com/richard-mille-ferrari-watch-is-worlds-thinnest-2022-7
|
UPS drivers are voicing concerns around working conditions amid death of 24-year-old Esteban Chavez Jr.
The death of 24-year-old Esteban Chavez Jr. has renewed calls from some employees for air conditioning on UPS trucks.
Other delivery companies — like Amazon and USPS — have air conditioned vehicles, says driver.
UPS encourages drivers to speak up if they feel their health is at risk, according to the company.
Fellow UPS workers and the family of a 24-year-old delivery driver who died on the job in June are urging the national powerhouse to change its policies and provide air conditioning during scorching summer months - even as the company holds firm on its heat safety protocols.
Esteban Chavez was found unconscious in his truck while on his UPS route in Pasadena and later died. Although an official cause of death has not been publicly released, Chavez's family suspects high temperatures in the 90s that day are to blame.
"Everyone knows, it is pretty hot out there, those trucks are a hot box," his father, Esteban Chavez Sr., told WFLA. "They have all these guys running around, delivering packages and trying to meet their quotas and do their jobs."
Some UPS workers agree as the summer heat makes trucks, which are not air conditioned, stifling.
New York UPS driver Ben Douglass told Insider that he and his local coworkers are concerned, and that union members are fighting for better safety all around.
Douglass used the air-conditioned vans of Amazon and other delivery services as examples of possible accommodations for UPS drivers.
"There's a constant pressure on drivers to meet the quotas and try to deliver everything that's put on the truck," Douglass said. "I don't think UPS management prioritizes safety."
But according to Director of Media Relations Matthew O'Connor, UPS delivery trucks don't have air conditioning because the frequent stops would render it "ineffective."
The company's warehouses also lack air conditioning because the buildings' large overhead dock doors are frequently open, which would make AC ineffective there, too, O'Connor said.
"We have studied heat and heat mitigation, and we have installed forced air systems with venting to create air flow on the driver, changed the roof of vehicles to minimize heat in the cargo area, insulated the roof of the cab, and we offer fans to drivers upon request," O'Connor told Insider.
One UPS driver who wished to remain anonymous for fear of repercussions expressed his desperation for air conditioning inside his truck.
"We're dying out here," he told Insider. "Those trucks can reach around 10 degrees higher than the outside temperature."
It's not a new complaint. A New Jersey UPS driver nearly went into kidney failure in 2019 after being unable to finish his delivery route in the summer heat, according to NBC News. That report included comments from multiple drivers.
"Our workload is increasing and we're still expected to get done faster," a driver in Kentucky told NBC News. "I pray every year I don't get a heatstroke."
UPS has directed all questions surrounding the death of Chavez toward investigators, according to a statement made by the company after Chavez's death.
More: UPS Heat wave Delivery driver Unions
|
2022-07-07T20:38:08Z
|
www.businessinsider.com
|
UPS Employees Are 'Shocked' by the Death of 24-Year-Old Driver
|
https://www.businessinsider.com/ups-employees-shocked-death-24-year-old-driver-2022-7
|
https://www.businessinsider.com/ups-employees-shocked-death-24-year-old-driver-2022-7
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.