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Amazon Fire TV 65-inch Omni Series 4K Fire TV
Samsung's QN90A QLED from 2021 still offers some of the best overall picture performance of any 4K TV model. The TV's contrast isn't quite as good as an OLED, like the LG C1, but it has an edge when it comes to brightness. This $1,600 deal price doesn't match the all-time $1,440 low we briefly saw in the lead-up to Prime Day , but it's still a great price for a TV in this class.
More: Features product card Amazon Prime Day 2022 IP Deals
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2022-07-11T16:16:58Z
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www.businessinsider.com
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The 8 Best Prime Day TV Deals in 2022: LG, Samsung, Sony, Fire TV
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https://www.businessinsider.com/guides/deals/amazon-prime-day-tv-deals-2022-07-11
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https://www.businessinsider.com/guides/deals/amazon-prime-day-tv-deals-2022-07-11
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Lush, a $943 million cosmetics brand, quit Instagram and Facebook last year. Here's how the company is tapping into 5 alternative marketing strategies.
Rowena Bird is one of the six cofounders of the UK cosmetics brand Lush.
Jennifer Ortakales Dawkins/Insider
Lush is a $943 million cosmetics brand based in the UK with locations across the globe.
Last year, Lush quit Instagram, Facebook, Snap, and TikTok to advocate for mental health.
Now the company is tapping into other marketing avenues like podcasts and catalogs.
The UK cosmetics company Lush has long fought against animal testing and advocated sustainability. Now it's taking on another soapbox to push back on the harms of social media.
Last year, when a Facebook whistleblower's Senate testimony revealed concerns about social-media apps' influence on mental health, Lush — which generated $943 million in revenue from July 2020 to June 2021 — announced it would no longer be active on Instagram, Facebook, Snapchat, and TikTok.
"If we found out that an ingredient was harmful for you, we wouldn't put that in our products," Lush's head of global public relations, Karen Huxley, told Insider. "To know that those particular platforms were potentially dangerous to young people, it's not something we could ignore."
Though Lush estimated it would lose $13 million from the decision, its six cofounders said they were willing to take the hit if it meant staying true to their values. The company reinvented its marketing strategy with a greater focus on wellness — encouraging customers to log off and take a bath.
Rowena Bird, a Lush cofounder, told Insider that shoppers are increasingly turning to companies to reflect the changes they wish to see and are accustomed to Lush leading the way.
"There's a general level of interest from consumers," she said. "If governments aren't taking action, consumers are turning towards brands and asking those questions about what you are doing."
Here are the five methods Lush is using to connect with customers.
Other social platforms
Lush is still active on YouTube, Twitter, LinkedIn, and Pinterest and works with influencers to promote its products. "We're on YouTube because they don't use the same gambling algorithms as Facebook and Instagram," Bird said, referring to techniques app developers employ to keep users glued to their screens.
Lush hasn't completely deleted its other accounts, and its product pages feature links to creators' Instagram posts.
When Insider asked Lush how pulling out of Instagram and Facebook had affected sales, Huxley said it was difficult to quantify alongside the implications of inflation and the war in Ukraine.
"But we do know we are not getting the click rate that we used to get because people aren't being reminded about us on Instagram," Bird added.
The Lush app
Lush created an app in 2015 but is putting more emphasis on it now that it's doing less on social media.
"Wherever possible, we are in full control of everything that we do," Bird said. "We didn't want to be beholden to another business to communicate with our customers."
The app features a tool to identify products — so if, for example, a customer buys two of Lush's Naked products, which are sold without packaging, and forgets which bar is for shampooing and which is for conditioning, they can snap a photo and the app will tell them.
Lush is perhaps best known for its bath bombs.
The 'Sound Bath' podcast
This spring, Lush launched its podcast, "The Sound Bath," hosted by the poet and activist Aja Monet. Her 30-minute conversations with poets, philosophers, authors, and professors explore wellness topics that intersect with climate and social-justice issues. Each episode is followed by a few minutes of music.
IRL bathing appointments
As the world adjusts to COVID-19 and as foot traffic increases, Lush is expanding its retail presence and in-store experiences. The company offers immersive bathing appointments at some locations, with each bathroom designed around featured bath bombs.
"These are things that we're investing in as opposed to spending money on Instagram," Huxley said. "We want to offer people experiences and get them to really understand the brand."
For customers bathing at home, Lush created Spotify playlists based on its bath bombs. "Bathe in Nature" has acoustic guitar and folksy vocals to match its Lakes bath bomb, while "Main Character Energy" has electropop and '70s disco vibes to match its Diamond Dust bath bomb.
Return of the Lush Times
While many retailers stopped printing seasonal catalogs, Lush brought back its tabloid-sized mailer, called the Lush Times, as another way to educate customers about its products.
"We stopped doing it for a good few years because we thought people didn't really want paper, because they were looking online," Bird said, adding that customers told Lush they missed the catalog.
Each issue of the Lush Times includes a letter from the CEO, Mark Constantine, followed by several articles featuring Lush products, such as how to dye your hair using its henna dye bars and give yourself a massage with its massage bars.
More: Entrepreneurship Lush Lush Cosmetics
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2022-07-11T16:17:29Z
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www.businessinsider.com
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Marketing Strategies for Businesses, Including Podcasts
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https://www.businessinsider.com/lush-how-to-market-business-social-media-podcast-catalog-2022-7
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https://www.businessinsider.com/lush-how-to-market-business-social-media-podcast-catalog-2022-7
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Google CEO Sundar Pichai predicts the pandemic trend of worker flexibility will continue into the next decade
Google CEO, Sundar Pichai said workers will have "more agency and flexibility" in the future on a podcast episode of How I Built This with Guy Raz.
Google CEO Sundar Pichai predicts workers will retain their hard-won flexibility after the pandemic.
As company bosses debate the value of offices, Pichai says workers permanently have more agency.
Greater flexibility might allow Google to hire more diversely, Pichai said on a podcast.
Google CEO Sundar Pichai sees flexibility as a permanent fact of working life, even as other company bosses push for a return to five days a week at the office.
Pichai, speaking on a June episode of the "How I Built This with Guy Raz" podcast, said "people will have a lot more agency and flexibility in their lives."
"Ten years out from now, you will definitely see employees having a lot more flexibility at least speaking for technology companies and companies like ours," he said. "We as a company, we internalize that, and I think we are embracing it as an opportunity to think about how that future looks."
Not every top CEO or manager agrees. Tesla CEO Elon Musk, for example, gave staff an ultimatum in June to either return to the office for a minimum of 40 hours a week or resign.
And a one-time predecessor of Pichai's, ex-Google CEO and chairman Eric Schmidt, took a more hardline stance on in-office working, telling CNBC Make It in April that he's a "traditionalist."
He said: ″[I]t's important that these people be at the office, in my view," and that it's the best way for younger workers to learn.
Pichai said part of what makes him comfortable with permanent flexibility is Google's own history of experimenting with what an office can look like. In 1998, the company put slides in the middle of its offices, becoming the poster child for "fun" startup offices.
"20 years ago, I think Google challenged a lot of notions of what a workplace could be," Pichai said. "The fact that you could mix fun and work together in the same space, the fact that you could have childcare close to campus and that would actually make everyone happier, you can have slides in the middle of the office and that won't make people any less productive."
Pichai's remarks may raise eyebrows among his own colleagues.
Google has opted for a hybrid working model, but is still asking most of its workers to return to the office three days a week at minimum. That compares with rivals like Meta and Twitter, which are allowing workers to be fully remote permanently. And in March, Insider reported that Googlers had complained about uneven application of the hybrid policy at an all-hands meeting, saying some employees were barred from remote work entirely.
Pichai said ongoing flexibility could even out racial and gender disparities at work, favoring mothers or those who couldn't afford to live in pricey metropolises such as San Francisco.
"We can now go to where people are and hire them and we don't have to be as sensitive to location as before," he said.
Offices right now are designed for being physically present, five days a week. In a "future flexible world," Pichai said it will be essential to "reconfigure spaces" and "evolve technology" to adapt to hybrid working models.
More: Google Sundar Pichai Remote Work
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2022-07-11T16:18:05Z
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www.businessinsider.com
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Sundar Pichai: Pandemic Worker Flexibility to Continue in Next 10 Years
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https://www.businessinsider.com/sundar-pichai-pandemic-worker-flexibility-to-continue-in-next-10-years-2022-7
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https://www.businessinsider.com/sundar-pichai-pandemic-worker-flexibility-to-continue-in-next-10-years-2022-7
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The UK granted its second fintech banking license to Fiinu.
Once official, Fiinu plans to bring its overdraft plug-in to market quickly to assist customers with the increasing cost of living.
The news: The UK granted fintech firm Fiinu a banking license—the second such license it's given out in the past few months to a fintech. But an administrative shakeup means the future of UK fintech suddenly looks uncertain.
Fiinu gets a license: Fiinu is a UK-based fintech that is set to offer a first-of-its-kind plug-in overdraft feature, which gives customers access to overdrafts without their needing to switch banks or current accounts.
The feature will be available via open banking and will sit alongside customers' existing bank accounts.
Fiinu approaches overdrafts through a unique underwriting model, which allows it to bring overdraft features to customers who wouldn't normally be able to access them.
Fiinu has been working with the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) for five years to obtain its banking license. Once it's official, Fiinu plans to bring its overdraft plug-in to market quickly to assist customers with the increasing cost of living.
In addition to the banking license, Fiinu underwent a reverse takeover by Immediate Acquisition Plc. The new company will be named Fiinu Plc.
The company is now listed on the London Stock Exchange (LSE) and is valued at £53 million ($72.9 million).
UK banking license rollout: Obtaining a banking license in the UK isn't easy. The government demands that financial institutions (FIs) demonstrate they have robust systems and that they employ strict compliance and risk management processes. It's also very critical of FIs that wish to offer crypto-related products.
Revolut is still fighting for a UK banking license, after applying more than a year ago. Regulators are concerned the neobank's dealings in cryptocurrency could leave it susceptible to fraud and anti-money laundering.
But Fiinu's banking license is the second the UK government has issued in the past month.
Late last month, digital bank Kroo was granted a license based on an application it began in July 2020.
Future fintech uncertainty: The UK has prioritized financial technology in an effort to become a global fintech powerhouse. That's why Fiinu chose to list on the LSE: The firm applauded the UK's support of fintech. But Prime Minister Boris Johnson's planned resignation leaves the future of UK fintech in question. A few big initiatives are in progress at the FCA:
Open banking regulation: The UK is still refining open banking, including replacing the Open Banking Implementation Entity (OBIE) with a new regulator and gathering feedback from stakeholders.
Crypto regulation: Earlier this year, Economic Secretary to the Treasury John Glen vowed the UK will also become a crypto powerhouse and said it would allow companies to innovate using digital currencies in a sandbox environment. The country has also promised to become a hub for digital assets.
The big takeaway: The UK has put in a lot of work to get to its current, advanced technological state. Banks are eager to earn a UK banking license to jump in on the innovation, and UK regulators seem ready to heavily promote stablecoins and other digital currencies. But the political turmoil currently unfolding in the country could lead to delays and scrapped plans in the fintech sector.
More: BI Intelligence BI Intelligence Content Marketing Financial Services News Insider Intelligence - Finance
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2022-07-11T16:18:17Z
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www.businessinsider.com
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UK Fintech Firm Fiinu Wins a Banking License
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https://www.businessinsider.com/uk-fintech-firm-fiinu-wins-a-banking-license-2022-7
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https://www.businessinsider.com/uk-fintech-firm-fiinu-wins-a-banking-license-2022-7
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C. Ryan Barber and Jacob Shamsian
A US House lawyer said a judge should reject Steve Bannon's request to subpoena members for his trial.
Bannon is headed to trial July 18 for refusing to comply with a January 6 committee subpoena.
Prosecutors said Bannon's last-minute offer to testify himself shouldn't affect the trial.
Steve Bannon is seeking to turn his upcoming trial on contempt of Congress charges into a "political circus," the House of Representatives' top lawyer argued Monday, pushing back against the former Trump advisor's attempt to call lawmakers to testify in court.
"It seems clear that Mr. Bannon's trying to turn this into some kind of political circus," argued House general counsel Doug Letter. "That cannot be allowed."
Letter appeared in federal court in Washington, DC, on Monday as Bannon prepares to stand trial, beginning July 18, on a pair of criminal contempt of Congress charges stemming from his defiance of the House January 6 committee.
As the high-profile proceeding drew near, Bannon issued subpoenas last month to 16 lawmakers and staff — including Speaker Nancy Pelosi and members of the House January 6 committee — seeking their testimony and records.
The subpoenas gave rise to a separate case connected to Bannon's trial, with House lawyers arguing that the Constitution's speech or debate clause shields lawmakers from questioning.
In court papers, Bannon's lawyers argued that House lawmakers waived that constitutional protection by filing an unusual amicus brief that backed up the Justice Department's prosecution and described Bannon's arguments for escaping criminal charges as "deeply flawed."
On Monday, Letter pointed again to the speech or debate clause's protections, saying "Mr. Bannon's argument is with the Constitution itself."
Steve Bannon with his attorneys.
The hearing before Judge Carl Nichols, a Trump appointee confirmed in 2019, came just days after Bannon reversed course and agreed to testify before the House January 6 committee. Explaining his about-face after months of stonewalling, Bannon cited a letter from former President Donald Trump saying he would waive claims of executive privilege.
Bannon's executive privilege claims have been disputed, in part because he only served in the White House in 2017, years before Trump's efforts to overturn the 2020 election and the January 6 attack.
In an overnight court filing, federal prosecutors also said that Trump lawyer Justin Clark told the FBI in a June 29 interview that the former president "never invoked executive privilege over any particular information or materials" related to Bannon, "and that the former President's counsel made clear to the Defendant's attorney that the letter provided no basis for total noncompliance."
Nichols asked Monday whether he should delay Bannon's trial in light of his last-minute offer to testify. Bannon's lawyer David Schoen argued that proceeding with the trial on July 18 would run "contrary to the constitutionally-mandated accommodation process."
But federal prosecutors and House lawyers said that the 11th-hour offer should not sidetrack the trial, arguing that Bannon cannot reverse his outright defiance of the January 6 committee last year, that he still hasn't produced documents demanded in the subpoena, and that the offer amounted to mere "optics."
His recent offer to testify has "no bearing on the criminal case," said assistant US attorney Molly Gaston.
Letter said later in the hearing that the House "has no reason to think that it is appropriate for the trial to be postponed."
More: Steve Bannon Justice Department House january 6 committee Nancy Pelosi
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2022-07-11T17:47:46Z
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www.businessinsider.com
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Steve Bannon Wants to Make His Trial 'Political Circus': House Lawyer
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https://www.businessinsider.com/bannon-trial-political-circus-house-lawyer-contempt-congress-january-6-2022-7
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https://www.businessinsider.com/bannon-trial-political-circus-house-lawyer-contempt-congress-january-6-2022-7
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Why VCs are racing to bet on startups solving healthcare's critical staffing problem
Nomad Health, a healthcare-job marketplace, is the latest staffing startup to bank venture capital, announcing a $105 million round on June 27.
Nomad Health
Healthcare-staffing startups are booming as the US nursing shortage intensifies.
Investors are pouring money into the market — Nomad Health banked $105 million in June.
Some investors said startups promising higher wages without a heavy tech focus could be in trouble.
Nursing shortages, while prevalent before 2020, quickly worsened in the face of a pandemic.
Widespread burnout has driven many clinicians to retire or change careers, and the sentiment stuck around even as COVID-19 infection rates waned — in a survey conducted in February by the staffing startup Incredible Health, 34% of nurses indicated they planned to quit their job by the end of this year.
As demand for nurses outpaces supply, investors have turned to startups aiming to solve healthcare's labor crisis. In the past year, staffing startups have raised at least $700 million, according to a tally by Crunchbase.
While incumbents like AMN Healthcare and Cross Country Healthcare have historically used recruiters to seek out clinicians and manually match them with open positions, a new wave of digital-health startups is aiming to use technology to make the process faster and cut costs for health systems. Startups for traveling clinicians, permanent job seekers, and per diem workers are addressing the staffing market from all angles to tackle skyrocketing demand.
"Those companies saw a huge tailwind in the last couple years, when we've seen everything from burnout to wage inflation," said Julie Yoo, a general partner at Andreessen Horowitz who's invested in a staffing startup. "There are a dozen factors creating tons of constraints in staffing. It's logical you would see response from the market to fund those businesses."
Big raises, despite the downturn
Investments in healthcare-staffing startups have continued this year, even as digital-health funding has slowed. Nomad Health, which offers a staffing marketplace for travel-nursing jobs and allied health positions, announced a $105 million funding round on June 27 co-led by Adams Street Partners and Icon Ventures. Two staffing companies, IntelyCare and Clipboard Health, crossed the $1 billion valuation threshold in funding rounds this year.
Garheng Kong, a managing partner at HealthQuest Capital who participated in Nomad Health's funding round, said his firm had identified the healthcare-staffing shortage as a key trend in which to explore investments, adding that it picked Nomad Health because of its technology stack and its impressive growth in 2021.
Other companies targeting healthcare staffing raised substantial rounds in 2021.
Trusted Health announced $149 million in fresh funding in November for its staffing marketplace and tech platform to match nurses with open roles while helping hospitals balance costs. ConnectRN, ShiftMed, and CareRev raised capital for their own versions of healthcare-staffing marketplaces, too.
Trusted Health offers travel or local contract jobs for nurses.
A 'huge' market
Though venture-capital funding has slowed this year, the nursing shortage is only expected to intensify, and investors are still betting on healthcare-staffing startups.
"The market size is huge, and the current state of healthcare staffing, despite the capital that's gone into it, is still dominated by legacy players and mom-and-pop solutions," said Lainy Painter, a partner at Craft Ventures who participated in the firm's investment in Trusted Health. "There's an opportunity to improve the experiences of both nurses and hospitals."
Lucy Deland, a partner at Inspired Capital, expressed concerns that not all staffing startups would continue to grow. Deland, who hasn't invested in healthcare-staffing companies, questioned whether the startups are tackling the root of healthcare's labor shortage or merely capitalizing on the supply-demand imbalance.
"There's a burning need, so their business models can take off because if they staff them, they get paid for it," she said. "But is this increasing the overall retention of nurse practitioners?"
Lainy Painter, a partner at Craft Ventures.
Solving the supply issue?
Deland said that while Inspired Capital had considered a few staffing startups working to improve the experiences of nurses, such as by giving nurses more scheduling flexibility, the firm hasn't bought into any companies in the market.
"I think that there are green shoots, but we haven't seen anything in the pure staffing space that we think is going to help solve our supply issue," she said.
Nurse salaries have shot up since the start of the pandemic as more clinicians have left their jobs, too, and Yoo said the startups soaring on a promise to pay high wages to travel nurses could be in trouble.
"Hospital execs are starting to put travel-nurse-based staffing strategies in the 'not sustainable' bucket from a cost-structure perspective, so that tailwind is starting to die down," she said.
Julie Yoo, a general partner at Andreessen Horowitz.
Yoo is an investor in Incredible Health, a staffing platform to automate the hiring process for nurses, with options for permanent, part-time, and per diem roles.
The staffing startups likely to survive, she said, are those with strong technology at their core — "like technology-based solutions that enable a smaller number of clinicians to treat a larger number of patients without compromising on quality, or models that leverage underutilized pools of clinical labor."
Kong said startups not adequately using technology to make hiring more efficient would have to adjust their strategy if they want to survive.
"If you don't have a heavy tech component, you don't really have a competitive advantage over the incumbents," he said.
More: Dispensed Nomad Health IntelyCare Clipboard Health
Incredible Health
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2022-07-11T17:47:58Z
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www.businessinsider.com
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Investors Are Betting Big on Healthcare-Staffing Startups
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https://www.businessinsider.com/investors-betting-big-healthcare-staffing-startups-nursing-labor-shortage-2022-7
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https://www.businessinsider.com/investors-betting-big-healthcare-staffing-startups-nursing-labor-shortage-2022-7
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Can one person close a joint bank account?
How to close a joint bank account
How to remove yourself from a joint bank account
How to close a joint bank account when you're going through a breakup or divorce
Joint bank account owners have equal ownership in an account, so typically everyone who owns the account needs to agree to close it.
ONOKY - Eric Audras/ Getty Images
Two or more people have equal ownership over a joint bank account.
To close a joint bank account, co-owners need to be present at a bank or have written permission.
If you're going through a divorce, separating finances may be more complicated.
If you're going through a breakup or divorce, closing a joint bank account may be an important step for completely separating your finances.
Closing a joint bank account may not be as simple as closing an individual bank account, though. We'll walk you through the steps of closing a joint bank account and provide tips on what you can do after.
A joint bank account usually cannot be closed by one account owner unless they plan to remove themselves from an account or have permission from the other person.
This is because joint bank account owners have equal ownership over the account. A bank account owner may be able to withdraw, deposit or transfer money independently, but if they plan to change account ownership that change needs to be authorized by all owners.
To request an account closure, financial institutions will usually also have you fill out a form that requires each owner's signature.
If you've decided to close a joint bank account, here are three steps you can take.
Come to an agreement on closing the account
Ideally, before you close the account, the account owners need to agree on when to close the account and how the deposited money will be distributed.
"If you have a joint account with someone, say it's a bad breakup, that person could take all the money out of that joint account, and you have no recourse. There's nothing you can do because it was a joint account," points out Niv Persaud, CFP® professional and founder of Transition Planning & Guidance, LLC.
If you're going through a divorce, closing a joint bank account may take more time but also provides some legal protection since neither account owner can take out money from the bank account. You'll have to wait until divorce papers are finalized before accessing and distributing funds.
"Your divorce decree — your final document after the divorce — that's what's used so you can easily close an account," says Persaud.
Close the bank account
At some financial institutions, both of you will need to be physically present at a branch to close the account. Others may permit one person to close an account, but you may need to have a written document signed by the other person.
If you've gone through a recent divorce, you'll provide your divorce decree to help close the account. Otherwise, you and the other account owners will only need to fill out an account closure form.
Quick tip: If you're in a situation where the account co-owner cannot be found, Persaud suggests removing yourself from the joint bank account so you won't be liable for anything involving the account in the future.
Open a new bank account
If you don't already have an individual bank account, it's recommended that you open an account for yourself. You could open an individual bank account at the same bank or choose another financial institution.
Opening a bank account usually requires two forms of US IDs, proof of address, your Social Security number, and some money for a minimum opening deposit. If you're not a US citizen, you can also look at our list of bank and credit unions that accept alternative forms of ID.
If you decide to remove yourself from a joint bank account, the remaining account owner will have full control of the account and any money left deposited into the account.
You can visit a nearby branch and close an account by filling out a form. You may be asked to present two forms of identification to verify your identity.
What to do after you've closed a joint account
Persaud says in a relationship, you may have shared expenses for essential expenses. However, once you're on your own, you may need to make adjustments to your spending.
Two spending areas you may want to consider looking over your essential expenses and discretionary expenses. You can use a spreadsheet to create a budget or a budgeting app to help you examine your income and stay on top of your expenses.
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More: joint bank account Savings Bank Account Personal Finance Insider
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2022-07-11T17:48:34Z
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How to Close a Joint Bank Account
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https://www.businessinsider.com/personal-finance/how-to-close-a-joint-bank-account
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https://www.businessinsider.com/personal-finance/how-to-close-a-joint-bank-account
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Inside Snapchat's talent partnerships team, which has grown as creators become a focus for the platform
Monica Kran leads talent acquisition for Gen Z creators.
Monica Kran
Snap wasn't always keen on creators, with its CEO once conceding they'd been "historically neglected."
But Snap has grown its talent partnerships team from four to about 15 amid the success of Spotlight.
Here's how the team works and how it helps onboard creators.
Despite pioneering Stories, a now-ubiquitous social format, Snapchat wasn't always keen on digital creators.
Jim Shepherd, a former Hollywood agent at CAA who serves as director of global talent partnerships, joined the earliest iteration of Snap's talent partnerships team in 2015, which consisted of just four people. In 2016, the company first began making overtures to influencers with a tool called "Official Stories," or verification denoted by an emoji (DJ Khaled's key, for instance, or Kim Kardashian's peach).
Still, in 2017, CEO Evan Spiegel conceded that the company had "historically neglected" the creator community. Instead, early areas of focus included disappearing DMs and a Discover section of highly curated content from major publishers.
But everything changed with Spotlight, a TikTok-like hub for user-generated content, which launched in November 2020. Shepherd said Spotlight, which hands out millions of dollars to creators furnishing short-form viral videos, marked the first time that a veritable path to fame existed on Snapchat.
"When you think about Snapchat as a 10-year-old company, we've really only been a platform that's hyper focused on the creator experience for the last few years," he said. "The team has grown tremendously over the past two years to meet that need."
Today, Snap's talent team comprises about 15 employees globally, each of whom works with thousands of creators on a one-on-one basis.
While the biggest portion of the team is in the US, Snap has also hired talent staffers globally, including the UK, France, Middle East, Mexico, and India. Julie Bogaert, formerly of Meta, joined Snapchat as head of talent partnerships for EMEA in September.
Though Snap's team has grown, it still is only a fraction of the size of some competitors. Though not a one-to-one comparison, The Wall Street Journal reported last fall that YouTube had 1,000 creator partnerships managers servicing 12,000 of its homegrown stars.
To that end, Shepherd anticipates hiring more talent managers, but also said the team might in the future have to rely more on scaled communications like the Creator Hub website, which houses best practices, tutorials, and how-tos.
"We're starting to become a little more sane about this stuff," he said. "But we really have built a relationship with everyone."
'I get calls at 3:00 am from creators sometimes'
In the US, Snap's talent team is split into two groups. One is focused on operations for verified creators, led by former ICM agent Quincy Kevan. The second handles "high-impact talent partnerships," including getting creators original shows. The latter faction is led by Francis Roberts, a former top creator partner manager at YouTube.
The team's overarching mission is twofold: onboarding new "Snap Stars" – the platform's current parlance for verification – and then coaching them through Snapchat's complex array of different formats and monetization tools.
A key member of the team who helps with onboarding is Monica Kran, who leads talent acquisition with a focus on emerging Gen-Z creators. Other team members are also focused on onboarding across other verticals, like head of athlete partnerships Racquel Douglas, but Kran is squarely focused on Gen Z.
"If you're verified on our platform, you probably have someone on our talent partnerships team on speed dial," Kran told Insider. "I get calls at 3:00 am from creators sometimes, and I'm cool with it because it's probably an emergency – like their account got hacked, or they're just curious about a new product."
Jim Shepherd, Snapchat's director of global talent partnerships.
Jim Shepherd
Kran, who is 30 and has been at Snapchat for six years, said her upbringing uniquely prepared her for her role.
As a first-generation American, Kran's parents immigrated to the US from Cambodia during the Cambodian genocide. When she was just eight months old, her mother injured her spine in an accident that left her paralyzed from the waist down.
"That translates to who I am now on this talent partnerships team," she said. "I really do care about people because I've been a caregiver my entire life."
Kran scours Snapchat and other social platforms to onboard creators, including the actor and singer La'Ron Hines, ceramicist Lisa Asano, and beauty creator Leilani Green.
She has her finger on the pulse being a kind of micro influencer in her own right, as a longtime sneakerhead with 18,000 Snapchat followers. Several other members of the team are also micro influencers.
Kran has helped the creators she's onboarded land opportunities on Snapchat, including Snap Originals (premium series produced by third-party studios) and syndicated shows (a lower-lift format not unlike a YouTube video).
Hines, for instance, blew up on TikTok but has also seen success on Spotlight. In May, his Snap Original docuseries "La'Ron in a Million" was announced. Creators like Mia Finney, Cam Casey, and Dominic Andre also rose to fame on Spotlight and have now landed syndicated shows.
Kran's day-to-day work involves teaching creators about monetization, including a tipping tool (via Story replies) and a Shopify merch integration. The team has also helped creators land brand collabs through its Creator Marketplace, including deals with Crocs and Hollister.
Today, creators are most frequently asking about a mid-roll ads test that is currently taking place within Snap Star stories, Kran said. One hundred creators are currently piloting the feature, which rolls out later this year.
More: Snapchat Talent spotlight
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2022-07-11T19:19:28Z
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How Snapchat's in-House Talent Team Has Grown As Creators Become Focus
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https://www.businessinsider.com/insider-snapchat-talent-partnerships-team-gen-z-acquisitions-monica-kran-2022-7
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https://www.businessinsider.com/insider-snapchat-talent-partnerships-team-gen-z-acquisitions-monica-kran-2022-7
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Oracle Advertising just laid off staff, and some are furious that they're facing huge losses in stock compensation
Ryan Joe
Rob Tarkoff, EVP of Oracle Advertising and CX
Oracle Advertising quietly just had two rounds of cuts, according to multiple sources.
Some longtime employees were cut just before their RSUs were scheduled to vest.
RSUs at Oracle are a key part of compensation, often making up 25% of an employee's salary, sources said.
Oracle Advertising has just laid off a batch of people, causing some to lose out in restricted stock units that were about to vest, according to multiple people who were impacted.
Oracle Advertising is an Oracle unit that helps brands use their data to improve their marketing.
The layoffs took place in two rounds, June 16 and July 1, and impacted about 60 in total, sources said. The second round hit longtime employees, some of whom had been with the company for over a decade. Some were furious about the timing, saying their restricted stock units were scheduled to vest as little as days after their termination date and that the company said they would now be canceled.
The loss of the RSUs is particularly contentious because Oracle Advertising positions shares as a part of total compensation in lieu of base salary increases, and the shares amount to about 25% of an employees' salary when they vest each year, said people who were laid off.
"There are people who have worked for 11 and a half months for RSUs, and it's a matter of days where they're getting screwed out of a very significant portion of their annual salaries," one of the sources said. "There are a number of people in significantly bad spots because of that."
Another expected to lose about $40,000 in shares and called the timing "egregious."
"I'd rather have my RSUs than my severance," this source said.
Sometimes companies will let outgoing employees retain their RSUs. One person said Oracle Advertising's leadership has not said if exceptions would be made to grant unvested shares to laid-off employees.
Oracle Advertising lists 1,000-5,000 employees on LinkedIn but is believed to have between 600 and 650 employees. Oracle did not respond to a request to comment.
The layoffs came shortly before The Information reported that Oracle is considering $1 billion in cost reductions that could result in the layoff of thousands of employees.
Oracle Advertising was once known as Oracle Data Cloud. It came together after Oracle spent billions buying independent adtech companies like Datalogix, Moat, Grapeshot, and AddThis. In 2019, it cut 10%-15% of its staff in a shift away from selling third-party data.
Other advertising companies have laid off staff lately, including NextRoll, Bizzabo, AppLovin, Sprinklr, and IPG agencies Huge and R/GA.
Are you an Oracle Advertising employee with a tip? Contact Ryan Joe via encrypted messaging app Signal at +1 (310) 880-8992, email at rjoe@businessinsider.com, or Twitter DM at @threefirstnames. We will keep sources anonymous.
More: Oracle Layoffs RSUs
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2022-07-11T19:19:46Z
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Oracle Advertising Laid Off Staff; Some Face Restricted Stock Unit Losses
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https://www.businessinsider.com/oracle-advertising-laid-off-staff-rsu-compensation-losses-2022-7
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https://www.businessinsider.com/oracle-advertising-laid-off-staff-rsu-compensation-losses-2022-7
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Ro Khanna, Gavin Newsom, and J.B. Pritzker are being eyed as possible presidential contenders.
But they told CNN they're backing Joe Biden in 2024.
Biden is "still the safe brand in the midwestern states" to defeat Donald Trump, Khanna told CNN.
Three Democratic leaders are saying they don't want to run against President Joe Biden in a primary, even as they're being eyed as potential presidential contenders.
Rep. Ro Khanna and Gov. Gavin Newsom, both of California, and Illinois Gov. J.B. Pritzker told CNN that they're backing Biden, who has said he intends to run in 2024 if he's in good health.
Khanna told CNN he would "absolutely not" seek his party's nomination and that Biden, if he chooses to run, is still the best person to defeat former President Donald Trump.
"I plan to support (Biden) because of the danger that Donald Trump poses," said Khanna, who represents Silicon Valley and served as co-chair of Sen. Bernie Sanders' 2020 presidential campaign. "I would certainly not do anything to weaken him, and I hope no one else will do anything to weaken him. He's still the safe brand in the midwestern states to make sure Trump is kept far away from the Oval Office."
Khanna's support for Biden in 2024 is "nuts," progressive commentator Cenk Uygur said on his talk show "The Young Turks," citing Biden's low poll numbers.
A recent New York Times and Siena College poll found nearly two-thirds of Democrats don't want Biden to be their party's presidential nominee in 2024.
"Why did you just say Biden is our best bet to beat Trump?" Uygur said on his show of Khanna. "No he's not. Not even close. Not within a million miles of that being true."
Khanna is beloved among Sanders progressives, while Pritzker and Newsom have been offering different approaches to taking on Republicans, signs that they could be laying the groundwork for a future presidential campaign.
Pritzker, who also said he supports Biden, drew attention for his strongly-worded response to the Highland Park mass shooting on July 4. "If you are angry today, I'm here to tell you to be angry," he said then, in contrast to Biden's milder posture.
Newsom, meanwhile, told CNN that Democrats need to "unify" and "not destroy ourselves from within." Newsom has been picking fights with Florida's Republican Gov. Ron DeSantis with a $105,000 ad buy over the July 4 weekend, fueling national speculation about whether he's considering his own 2024 bid.
"We need to have our President's back," he told CNN. "But we also have to get on the field. He needs troops."
Trump has repeatedly teased another presidential run but he's held off on making an official announcement.
More: Ro Khanna Gavin Newsom JB Pritzker Joe Biden
Democratic primary 2024
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2022-07-11T19:19:58Z
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Ro Khanna, Gavin Newsom, J.B. Pritzker Say They're Backing Biden in 2024: CNN
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https://www.businessinsider.com/ro-khanna-gavin-newsom-jb-pritzker-back-biden-2024-2022-7
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Yu Fangping / Costfoto/Barcroft Media via Getty Images
Over the last year, Americans have become all too familiar with supply chain issues.
In the post-vaccine era, consumers wanted to spend, but the goods just weren't there yet.
Now, the supply chain is finally getting back on track, and prices may finally drop.
The supply chain crisis has become so ubiquitous in the US that it's spawned its own genre of memes. But consumers and jokemakers alike might finally have an opportunity to rejoice: It looks like the gnarled supply chain might finally be untangling itself.
Goods are taking less time to get across the ocean. Shipping is getting cheaper. Retailers are also sitting on piles of inventory — a reversal from last year's bare shelves. That could bode well for your wallet.
As reported by Alex Kantrowitz in Big Technology, an analysis from logistics company Flexport — which just snapped up Amazon's former head of retail as CEO — saw an important gauge slide down yet again.
Flexport's Ocean Timeliness Indicator tracks how long it takes for an item to leave when it's ready to go from its original port to when it's picked up at the port it's headed to. It took more than 110 days for goods to make their way from Asia to the US in October 2021; that has dramatically fallen to 95 days in the week ending July 10. While 15 days may not seem that dramatic, it makes a huge difference to American shoppers used to 2-day shipping — and it's a rate not seen since mid-2021.
At the same time, economists see supply chains stabilizing. In a Monday note from Morgan Stanley chief investment officer Lisa Shalett, the investment bank found that "pressures on global supply chains have eased."
The Baltic Dry Index, which tracks how much it costs to ship bulk commodities, has also been tumbling. The index is a composite of several different major shipping costs, and the decline in recent weeks shows those costs getting closer to normal. In late summer and early fall of 2021, the index began to spike, as supply chain woes seemed to dominate the economy. Now it's back at lows unseen since April 2021.
That's good news for consumers used to sky-high prices
While Morgan Stanley warns that supply chains stabilizing may be dour news for corporate profits, it may provide some relief to the consumers who have gotten used to waiting months for more expensive goods.
Target, for instance, has already started marking down its excess inventory, which includes pandemic-era popular picks like home goods and outdoor furniture. CEO Brian Cornell said in a June call with investors that they "didn't anticipate the magnitude" of the shift away from categories like outdoor furniture, televisions, and kitchen appliances. Just last year, some consumers found themselves staring down bare shelves looking for those same items.
Target isn't the only retailer with too much stuff. Companies like Walmart, Kohl's, and Dick's are sitting on much more inventory than they were last year. That inventory seems to be making its way into bargain stores; The Wall Street Journal reported that Donna Griffin, a 61-year-old retiree, bought some $100 off-season coats marked down to $2.75 at a nearby bargain store in Alabama.
That's a good deal for Donna, and she may not be alone in paying less soon. A more stable supply chain will be good news for cash-strapped bargain hunters. Supply chain issues, and resulting shortages, have been one of the forces propelling inflation to levels unseen in decades.
When Americans emerged from pandemic-era lockdowns into a post-vaccine era, they were eager to spend and keep buying and buying — but the goods just weren't there. So the stuff that was here got a whole lot more expensive. That continued scarcity has helped keep prices high. But with the supply chain finally righting itself, stuff is now more than abundantly available, and goods and services prices aren't climbing up at the same clip, as Insider's Ben Winck reported.
As inflation finally seems to peak, that might be good news all around for Americans' wallets. Just don't expect prices to drop right away.
More: Economy Supply Chain supply chains Supply shortages
supply disruptions
inflation peak
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2022-07-11T19:20:04Z
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Supply Chain Crisis Is Getting Better: Prices, Inflation Should Drop
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https://www.businessinsider.com/supply-chain-crisis-over-prices-inflation-go-down-2022-7
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https://www.businessinsider.com/supply-chain-crisis-over-prices-inflation-go-down-2022-7
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More online banks are raising interest rates on CDs. First Internet Bank of Indiana, for example, now pays 0.60% to 3.25% APY depending on the term.
We've reviewed over a dozen financial institutions to keep up with the new rate offerings. Our list includes CDs with much higher interest rates than the national average, since online institutions tend to offer high-yield bank accounts.
The most competitive institutions may offer 6-month CDs over 1% APY and 5-year CDs over 3.25% APY.
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2022-07-11T20:50:42Z
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The Highest CD Rates Today: July 11, 2022 | 2-Year CDs up to 3% APY
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https://www.businessinsider.com/personal-finance/highest-cd-rates-today-july-11-2022-7
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https://www.businessinsider.com/personal-finance/highest-cd-rates-today-july-11-2022-7
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Savings interest rates have continued to go up throughout 2022. If you're looking for a place to keep your money, a high-yield savings account could be a good choice.
Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research. But if you prioritize finding the highest rates above all else, then this might have some strong contenders for you.
Find a Savings Account
The BrioDirect High-Yield Savings Account offers the highest interest rate on our list and might be ideal if you can keep at least $25 in your account daily.
If you're looking for a high-yield savings account with a low minimum opening deposit, you might consider exploring UFB High Yield Savings or the Synchrony High-Yield Savings Account These savings account pay a high interest rate, and you can open an account with $0.
For example, LendingClub offers checking accounts, savings accounts, and CDs. You may like the LendingClub High-Yield Savings Account if you have at least $100 for a minimum opening deposit.
Quontic Bank also has a variety of online bank accounts. You may like the Quontic High Yield Savings Account if you have at least $100 for an initial deposit.
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2022-07-11T20:50:48Z
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www.businessinsider.com
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The Highest Savings Account Rates Today: July 11, 2022 | 1.40% APY and Higher
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https://www.businessinsider.com/personal-finance/highest-savings-account-rates-today-july-11-2022-7
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https://www.businessinsider.com/personal-finance/highest-savings-account-rates-today-july-11-2022-7
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DAOs vs. traditional governance
How does a DAO work?
How to join a DAO
Types of DAOs
Criticisms of DAOs
The future of DAOs
Decentralized autonomous organizations (DAOs) are non-hierarchical communities operating on blockchain technology
In order to join a DAO, you will need to own their governance token, cryptocurrency that allows you to participate in the DAO's proposal approval process.
Busakorn Pongparnit/Getty
Decentralized autonomous organizations (DAOs) are non-hierarchical, community-led organizations that can gather for a number of reasons.
Most DAOs are joined by buying the DAO's governance token, which allows them to vote on actions the DAO will take.
Believers in DAOs say that it will be essential to web3 while skeptics point out its potential to exacerbate inequality.
The underlying philosophy driving decentralized autonomous organizations (DAOs) is that our current democracy isn't working. So DAOs give their members a way to directly participate in the development of the DAO. As a key building block in the web3 ecosystem, DAOs come with many promises and just as many criticisms.
We can break the term DAO (decentralized autonomous organization) into its individual letters. As a decentralized organization, a DAO is community-led. In theory, there would be no central, hierarchical structure within a DAO.
As an autonomous organization, DAOs operate on an open-source blockchain protocol. They're powered by cryptocurrencies called governance tokens, which act like membership cards. These tokens also play a role in the upkeep and maintenance of these organizations, which we'll focus on in a moment.
You can think of a DAO — as it exists currently — as a medium for people with similar interests to congregate without central leadership. The function of a DAO depends on the community. The purpose of most current DAOs revolves around investments or socialization.
However, like many aspects of decentralized finance, much of the emphasis on DAOs is placed on what it could be in the future. So for many advocates, that "could be" is a rethinking of democracy as we know it.
"This form of representative democracy that we're in is not functioning adequately for the types of challenges that humanity is facing today," says Rebecca Rachmany, the founder of DAO Leadership. "I want to say the inspiration behind DAOs is perhaps how we could invent new forms of governance, and new forms of democracy that would be appropriate for governing the things that belong to all of us, like the oceans, the planet, and the health of the planet."
The main difference between DAOs and traditional governance is where the decision-making occurs and who gets to make those decisions.
Traditional governance
DAOs are controlled by members of the DAOs, usually proportional to their ownership of the DAO's token
A small group of administrators makes decisions on behalf of the larger group
DAO members get to vote for proposals directly
Members of traditional organizations indirectly vote for proposals by electing representatives
Approved proposals are executed by smart contracts automatically
Decisions are executed by the leaders
The specifics of how a DAO operates vary with each organization, but generally, in order to participate in a DAO, you need to own the DAO's governance token. These tokens allow you to participate in the governance of the DAO, which comes in the form of member-submitted proposals.
Proposals can concern any number of things. Some proposals pertain to actions that the DAO will take like deciding which NFT a DAO should buy or selecting a venue to host a party. Others can address the function of the DAO itself, such as changes in the DAO's code and protocol.
With smaller DAOs, the process for creating a proposal can be relatively simple. But as a DAO grows and more members join, the number of proposals that the community is faced with can get overwhelming. "Voter fatigue is a huge problem," Rachmany says. She says that some DAOs are lucky to get 10% of their members to vote.
To avoid too many proposals, larger DAOs will require members to stake governance tokens to submit a proposal or charge an entry fee. If a proposal requires members to stake tokens, the proposal's creator will put effort into ensuring that the proposal passes.
Once someone has put forth a proposal, the community will vote on it. The number of votes a member has will be proportional to how many governance tokens they own. If a proposal is passed, it will be executed automatically through a smart contract.
Joining a DAO is a relatively simple process, though you need some tools to get started.
Set up a crypto wallet: Since most DAOs require ownership of a token or even an NFT, you'll need to get a crypto wallet to hold those. Some crypto wallets only support certain currencies, so make sure you're able to buy the token of the DAO you want to join.
Search through DAOs: As mentioned earlier, there are many types of DAOs out there, each with its own purpose and its own community. DeepDAO not only shows you an extensive list of DAOs, but also the number of members and recent proposals.
Fill requirements set by the DAO: Most DAOs will have some way to earn membership, which usually involves buying governance tokens or an NFT. Some may also have an application process on top of these requirements.
Engage in the community: If you feel like the community isn't quite right for you, you can sell your tokens, rinse and repeat.
DAOs are formed for a multitude of reasons, often — but not necessarily — for monetary gain. Here are some ways that DAOs are currently used.
Protocol DAOs: One of the primary uses for DAOs right now, protocol DAOs govern decentralized protocols. For example, MakerDAO maintains the stablecoin Dai's peg to the dollar.
Collector DAOs: The purpose of a collector DAO is to acquire NFTs. Members of a DAO will pool their money and buy the NFTs chosen by the members of the DAO. PleasrDAO might be the most high-profile collector DAO, purchasing Wu-Tang Clan's album "Once Upon a Time in Shaolin" in 2021 at a government auction.
Another Collector DAO named ConstitutionDAO attempted to buy a copy of the US Constitution at an auction, raising $47 million in Ether to do so.
Social DAOs: Most DAOs have some kind of social aspect to them, but social DAOs are purely created with the explicit purpose of gathering people with similar interests.
Since most DAOs require ownership of governance tokens, the social DAOs can start looking like a country club. For example, Friends with Benefits requires full members to buy 75 FWB tokens. Famously, the Bored Ape NFT collection grants owners access to the Bored Ape Yacht Club discord channel and members-only events.
Investment DAOs: Also called venture DAOs, members of investment DAOs pool their money and vote on how and where to invest it using governance tokens. Profits and losses are shared by all members proportional to their stake.
Philanthropy DAOs: These DAOs gather funds and collectively decide which organizations to donate them to, acting as a community-led charity. These operate similarly to grant DAOs, which choose DeFi projects to support.
Like DeFi and blockchain technology, DAOs come with their criticisms. One of the most prominent criticisms is that if votes can be bought, then all the power within a DAO goes to the wealthiest members in the community and this supposedly non-hierarchical structure falls apart.
Even without exacerbating inequality, DAO proposals don't always pass with the DAO's best interest in mind. Rachmany says that proposals often become popularity contests, with voting results based on the person behind the proposal as opposed to the proposal itself. A DAO called Cordana got around this issue by appointing a Council of Experts that evaluates proposals on a five-star system. Yet appointing a board that evaluates each proposal then defeats the purpose of a decentralized organization.
As mentioned earlier, a DAO's code is open-source which means that anyone can view it. This opens them up to bad actors who might exploit weaknesses in a DAO's code. This is exactly what happened in 2016 when a DAO named The DAO was hacked. The hackers stole $11 billion in ether, forcing the cryptocurrency to fork. The old hacked ethereum is now sold as ethereum classic (ETC) while ethereum (ETH) is the newly forked, unhacked ethereum.
Supposedly, DAOs are supposed to take a major role in the web3 ecosystem. To understand this relationship between DAOs and web3, we can look back at the history of the web. In web 1.0, web pages were static and users couldn't interact with the content. It's also known as the read-only web. In web 2.0, users can read and write, interacting with content instead of just consuming it. This is the version of the web we know today. The newest iteration of the web, web3, includes reading, writing, and ownership. "This is really where DAOs come in, by having an organizational construct to align people around a common purpose," says Rene Reinsberg, the co-founder of Celo, a financial tools development company. The governance token model theoretically allows for users to own a piece of the company they're interacting with.
Paul Kim is a Personal Finance fellow at Insider where he writes explainers and how tos that help readers understand how to better manage their money. A recent NYU graduate, Paul has spent the majority of his journalism career at his student-run newspaper Washington Square News, where he wore a number of hats. Most recently, he helped rebuild the newspaper in the spring of 2021 as its managing editor after nearly all the staff resigned the previous semester over issues of editorial independence.When he's not writing, Paul loves cooking and eating. He hates cilantro. Direct tips to pkim@insider.com and family recipes to @PaulKimWrites on Twitter.
PERSONAL FINANCE Proof of stake vs. proof of work: key differences between these methods of verifying cryptocurrency transactions
PERSONAL FINANCE What to know about staking — the process of locking up crypto holdings to earn rewards and interest
PERSONAL FINANCE How to invest in blockchain, the high-risk but high-potential technology behind bitcoin and other digital transactions
PERSONAL FINANCE Cryptocurrencies: What makes it valuable and why it's so volatile
More: Personal Finance Insider PFI Reference DAO TOC-jump-to
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2022-07-11T20:51:13Z
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What Is a Decentralized Autonomous Organization (DAO)?
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https://www.businessinsider.com/personal-finance/what-is-a-dao
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https://www.businessinsider.com/personal-finance/what-is-a-dao
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How does Ethereum work?
Is ether the same as Ethereum?
A brief history of Ethereum
Forks of Ethereum
Ethereum vs. Bitcoin
What is Ethereum? What to know before investing
Ether is a type of cryptocurrency, and Ethereum is the blockchain technology behind it.
Ethereum; Alyssa Powell/Insider
Ethereum is a general-purpose decentralized computing platform that uses blockchain technology.
Ether (ETH) is Ethereum's native currency and is currently the second-largest cryptocurrency by volume.
Despite its popularity and wide applications, Ethereum remains a highly speculative investment.
Ethereum and Bitcoin have nearly become household names. However, while they're often mentioned in tandem, they're far from the same.
Bitcoin was created as an alternative, decentralized currency. Ethereum draws inspiration from Bitcoin, but has bigger aspirations: To create a software platform that not only supports cryptocurrencies, but any kind of decentralized application that can run without the need of a third party, thus giving people more control over their data.
Ethereum is an open-source, decentralized computing platform network. The Ethereum network works like the Bitcoin network in that it's built on blockchain technology, essentially a digital public ledger where financial agreements can be verified and stored entirely by software — without intervention of a third party.
The easiest way to think of the Ethereum network is as a secure database that's accessible to anyone. When new "blocks" of data get added, they're cryptographically "chained" to a parent block, effectively making an uneditable record of the previous changes.
Ethereum is considered one of the largest cryptocurrencies (next to Bitcoin), because ether is the second largest crypto next to bitcoin by market capitalization.
Note: The process of mining cryptocurrency is known as proof of work . However, Ethereum developers have plans to adopt an alternative method, called proof of stake, which requires less energy and makes mining more accessible.
But what makes Ethereum so exciting to users and enthusiasts is the network's potential to do more than just handle financial transactions. Ethereum takes the Bitcoin blockchain further by allowing developers to run programs (known as "smart contracts") that can host any kind of decentralized application (known as "dApps").
"Bitcoin was the pioneer of blockchain technology, used to create a peer-to-peer payment system," says Jacob Wade, a financial coach and president of iHeartBudgets. "Ethereum uses similar blockchain technology, but added the ability to create decentralized applications on top of its platform."
People have already created and launched a variety of dApps on Ethereum, including games, marketplaces for digital art, and decentralized finance (DeFi) apps.
Ethereum works by using computing power to power the network. In practice, this means people and organizations are using their computers to run specific software, or nodes. Anyone can set up their computer to run a node.
"Ethereum relies on node operators to process transactions on the Ethereum network," says Wade. "These operators collect a fee for running the hardware and software necessary to facilitate these transactions."
The fees are called gas fees because they keep the network running. And they're paid in ether (ETH).
Consider the many ways that you could use a large network of computers. Similar to Bitcoin, Ethereum uses it to power peer-to-peer transactions and track who owns the ether cryptocurrency. Additionally, developers can create and run dApps on the network.
The dApps connect to the Ethereum blockchain with "smart contracts," which are more like computer programs than contracts in the traditional sense of the word.
"Smart contracts are small programs stored on the Ethereum blockchain that can self-execute when certain conditions are met," says Robert Farrington, founder of The College Investor. "A good way to think about it is that the dapp is the front-end of the program, and the smart contract is the backend of the program."
Also, dApps rely on the decentralized and open-source Ethereum network and can't be controlled by a single entity. In fact, once a dApp is added to the Ethereum platform, it can't be taken down — even if the original creator wants to remove it or disbands entirely.
The decentralized system can lead to more anonymity for users, who may be able to pseudonymously use dApps. And it can also result in less control and censorship from third parties, including corporations and governments.
Ethereum and ether work in tandem, but they're not the same. "Ethereum is the technology, and ether is the actual cryptocurrency," explains Farrington. "You can think of ether as the actual 'cash' or fuel that powers the Ethereum network."
If you want to invest in Ethereum, you can buy ether on a cryptocurrency exchange. You may also be able to use ether to buy other products or services, similar to how you can use bitcoins and other currencies. Ether could also potentially act as a "store of value," similar to how you may want to buy and hold gold.
Ethereum was originally conceived of by Vitalik Buterin, who published an introductory white paper on the idea in 2013. The basic idea was to build on the blockchain technology that Bitcoin uses to create a decentralized and programmable platform.
Here are a few key moments in Ethereum's history beyond its original inception:
2014: Ether goes on sale for the first time and people could initially buy 2,000 ether for one bitcoin. The Ethereum blockchain publicly launched the next year.
2016: The decentralized autonomous organization (DAO) hack leads to a disagreement about whether people should get back the money they lost. The resulting DAO fork leads to the creation of Ethereum Classic — a continuation of the original blockchain — and Ethereum.
2017: Popular dApps launch, including the CryptoKitties game. The price of ETH increased from around $8 to over $700 during 2017.
2021: The London hard fork makes several important changes, including EIP-1559, which makes network fees more predictable and reduces the supply of ether.
Ethereum has also changed since it was first launched. "When blockchain technology changes (or upgrades), a fork can occur — just like a fork in the road," says Farrington. "When this happens, it can be a soft fork or hard fork."
In general, there are what's known as soft forks and hard forks in ethereum:
Soft forks can be minor changes that are backward compatible. Node operators can stay connected to the blockchain, but they're incentives to upgrade to the latest version if they want to continue earning ether.
Hard forks are major upgrades that can significantly change the system and aren't backward compatible. Node operators need to switch to the latest version to keep the blockchain going. Or, if there's a disagreement, a split could result in two competing blockchains.
Often, changes are proposed and discussed in an attempt to form consensus before making a change. For example, there's a multiple-step upgrade to Ethereum 2.0, which may be completed in late 2022 or early 2023. The update will make significant changes to how Ethereum works, and may help make it more scalable and ecologically sustainable.
Ether and bitcoin are both popular cryptocurrencies that rely on blockchain technology, but they're far from identical.
"Ethereum is also a technology platform that enables smart contracts — which is very different from Bitcoin, which is essentially just a store of value," says Farrington. "This aspect of smart contracts on Ethereum unlocks a lot of potential use cases that you can't do with Bitcoin."
Ethereum Bitcoin
It's an open-source platform built with blockchain technology that uses the ether cryptocurrency.
Developers can create and run dApps on the Ethereum network.
The total number of potential ether isn't predetermined.
It's a cryptocurrency built using blockchain technology.
It's primarily used to store value or purchase goods and services.
There's a finite number of bitcoins that can be created.
It depends. There's no one right answer for anyone looking to invest in Ethereum. The major thing to know that like any investment — it's risky and should be considered as such before adding it to any portfolio.
Ether is becoming more widely available and there's a lot of noise in the news about it's rising value — but it's always important not to get sucked into the speculation too much.
"It may serve some purpose in a portfolio, but it should be a very small amount and be viewed as highly speculative," says Farrington. "It's also important to note that it's still very early — so while the technology is promising, it's unknown which technology may win in the long run."
In the news: Ethereum network changes could make cryptocurrency staking a $40 billion industry within a few years.
Ethereum uses blockchain technology to create a decentralized platform. The ether cryptocurrency is the "fuel" that powers the network, and you can invest in the Ethereum network by buying ether. "As with any cryptocurrency, buying Ether is a speculative investment," warns Wade. "Always do your research before investing into any digital currency, and don't risk more than you are willing to lose."
If you're interested in cryptocurrencies more broadly, you could also look for ways to invest in companies that participate in the space rather than buying a single cryptocurrency.
FINANCE Bitcoin taxes: Understanding the rules and how to report cryptocurrency on your return
FINANCE Alternative investments are exotic assets that can diversify your portfolio — here are the five major kinds and everything you should know about them
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2022-07-11T20:51:19Z
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Ethereum for Beginners: What Is It and How Do You Invest?
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https://www.businessinsider.com/personal-finance/what-is-ethereum
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https://www.businessinsider.com/personal-finance/what-is-ethereum
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The author, Leo Aquino
Leo Aquino/Jia Nocon
I've tried every side hustle under the sun, from dog-sitting to working at a sewing factory.
Three side hustles everyone told me to try actually sucked.
I lost money driving for Instacart, and working at a cookie shop put my health at risk during the pandemic.
I've tried every side hustle under the sun.
In Chicago, while I was in college, I hand-sewed leather wallets for a high-end accessories brand, worked as a personal assistant for two wealthy businesspeople, all while I was completing my first internship at a local magazine.
In New York, I decluttered people's homes, worked as a personal assistant again for my downstairs neighbor, worked behind the scenes at Fashion Week, and watched people's dogs.
In Los Angeles, I worked at a cookie shop, started delivering groceries through Instacart, and continued getting paid to be the world's best dog uncle and dog-sitter.
I was desperate for cash and took any side gig suggestions that people had, including becoming a delivery driver for services like Postmates and Instacart. While I'm grateful for of the side gigs that helped me put food on the table while I was struggling financially, a few of them just sucked the life out of me.
Here are the three side gigs I wish I never tried.
1. Driving for Instacart
Nothing made me lose faith in humanity like seeing how poorly people tip Instacart shoppers during a global pandemic. Some customers ordered 12-packs of sodas and gallons of water, which I had to carry up many flights of stairs while my car was precariously double-parked on the street — and they only tipped $1.50 on an order worth hundreds.
After calculating the cost of gas in Los Angeles and the precious time wasted looking for specific items at the store, I actually lost $2 an hour while driving for Instacart.
The only plus side is that they pay out on a reliable, regular basis, with an option to get paid instantly using the Instant Cashout feature. On the days that I otherwise couldn't afford to eat, that feature came in handy.
Don't get me wrong: Being a personal assistant comes with many unique perks. When my wealthy bosses didn't want their expensive clothes, furniture, books, or other items anymore, I was able to keep or resell them for a profit. I was paid to go shopping at fancy stores, like the upscale furniture store Restoration Hardware, while swiping my boss's credit card. I had an influx of cash during the holidays when they needed more help picking out and wrapping presents.
But the stress of someone texting me at all hours of the day to make sure their needs will be taken care of simply wasn't worth it. I felt helpless over my own schedule, plus I couldn't help but feel like some of the tasks were just busy work that didn't make a real impact on their lives. Especially as a person of color who mostly worked for wealthy white people, I had a hard time making peace with the nature of the work.
I started working at a cookie shop in LA in February 2020. I'm grateful for the opportunity because it helped me make ends meet during a difficult time, however, once the pandemic started, things changed drastically in our work environment.
While everyone else was collecting unemployment checks worth twice what I made in a month, we were risking our lives during the pandemic to bake cookies. It was heartbreaking and frustrating that the shop didn't close, choosing to prioritize profits over workers' health.
Many customers were unwilling to wear masks. To make matters worse, the company decided to add more food delivery platforms, like Uber Eats , on top of our own delivery service. Soon, we were swamped with cookie orders, yet the store would not increase their budget to put more workers on the schedule to keep up with demand.
At the time, I didn't have a choice but to take these gigs. I had to bake cookies for minimum wage, or else I wouldn't be able to afford groceries. I'm thankful those days are behind me, but these three side gigs in particular did more damage to my mental health and self-esteem in the long run.
PERSONAL FINANCE I used to make thousands side-hustling on the weekend, and I think 5 simple gigs can earn you the most cash
SMALL BUSINESS Financial stressors like a recession and inflation could increase entrepreneurs' needs for ancillary income. Here are the top 10 freelance jobs that earn the most money.
CAREERS Here's how to start your 6-figure side hustle, according to experts who have done it
More: side hustles side jobs side gigs Instacart
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2022-07-11T20:51:25Z
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3 Side Hustles Everyone Told Me to Try That Actually Sucked
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https://www.businessinsider.com/personal-finance/worst-side-hustles-everyone-told-me-to-try-2022-7
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https://www.businessinsider.com/personal-finance/worst-side-hustles-everyone-told-me-to-try-2022-7
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President Joe Biden's Education Department has a range of ideas for easing access to student-loan relief — and a major proposal centers on borrowers who were misled by their colleges to believe their post-graduation salaries would help them repay their debt.
What's called "borrower defense to repayment" is a process that allows student-loan borrowers who believe they were defrauded by a for-profit school to file a claim detailing their experiences, and if approved, the department will wipe out the debt they acquired from attending that school. But currently, there are strict standards in place for actually proving types of fraud. The department proposed a number of ways to simplify the process.
Last week, the department unveiled its list of regulatory proposals for the upcoming year, which included ideas to reform student-loan forgiveness programs and prevent interest capitalization. When it comes to borrower defense, the 2019 regulation required borrowers to prove they could not get a job post-graduation for reasons beside economic recessions, or the borrower would have to provide documentation of the quality of their job search and inability to find employment.
"The Department does not believe it is reasonable for a borrower to have to act as a labor economist to show they were harmed by an institution's misrepresentations," the Education Department's preamble on its regulatory proposals stated.
As the preamble noted, the regulation currently in place could potentially hurt borrowers if they managed to find employment even after being defrauded by a school because they would be at risk of having their borrower defense claim denied. The Education Department has already taken a number of steps to provide relief to defrauded borrowers, most recently approving the biggest group borrower defense claim to date for all remaining borrowers defrauded by Corinthian College, a major for-profit chain.
These regulations intend to take the relief a step further by establishing a broader standard for the types of misconduct that would qualify for loan relief:
Substantial misrepresentations. Rather than having a borrower show the school misrepresented information with knowledge it was false and misleading, the proposals will allow the borrower to articulate any misrepresentations, like job prospects or credit transfers, that they relied on when taking out a student loan.
Substantial omission of fact. The department proposes making the omission of any relevant information a college provides to the borrower a separate standard from any misrepresentations to signify that omitting facts can have the same misleading effects on borrowers.
Breach 0f contract. The 2019 regulations removed breaches of contract as a factor that could lead to approved borrower defense claims, as the department is now proposing to reinstate it in instances when the school fails to fulfill contractual promises for certain programs.
Aggressive recruitment. This would be a new category for identifying misconduct that addresses tactics schools use when recruiting borrowers. Oftentimes, schools found of fraud target vulnerable students, usually those who are first-generation or come from a low-income background, and urge them to enroll despite having the capacity to do so.
Judgments against institutions. The department proposes to retain a 2016 provision that takes into account legal judgments against institutions as a basis for misconduct that could lead to approval of a borrower defense claim.
Other key changes the department proposes to the program include a streamlined process for relief that applies to all claims made as of July 1, 2023, reconsideration of claims for borrowers who were not approved for full debt relief, and a clear timeline for individual and group borrower defense claims.
These proposed changes are expected to enter a 30-day public comment period, after which the department aims to finalize the rules by November with implementation by July of next year. Meanwhile, Biden is expected to make an announcement on broad student-loan forgiveness for federal borrowers in July or August, before student-loan payments are set to resume after August 31.
For-Profit Education
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2022-07-11T20:51:31Z
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www.businessinsider.com
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Biden Wants Easier Student-Loan Relief Rules for Defrauded Borrowers
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https://www.businessinsider.com/student-loan-borrowers-labor-economist-defrauded-proposals-biden-education-department-2022-7
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https://www.businessinsider.com/student-loan-borrowers-labor-economist-defrauded-proposals-biden-education-department-2022-7
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Substack may have been slowing down hiring even before it announced layoffs last month, a review shows
Chris Best, CEO of Substack
Last month, Substack laid off 13 employees and said it was hiring for roles at a "slower pace."
The company told The New York Times in May that it was still growing and pointed to its job page.
But a review of the company's job listings shows that it had actually removed roles at that time.
Newsletter platform Substack recently had layoffs, with CEO Chris Best telling staff in a note that it was also hiring for specific roles, but at a "slower pace."
But a review of the company's website page of job listings indicates that Substack's hiring goals may have slowed even before Best revealed the new direction.
In mid-March, the company had 22 open roles, but by May, it had removed 16 listings from its job listings web page, according to Insider's review. It was around this time that Vice President of Communications Lulu Cheng Meservey told The New York Times — in response to rumors that Substack was dropping fundraising efforts — that the company's web page of job listings was evidence that it remained "in growth mode."
Substack did not respond to a request for comment.
Over a month later, Substack announced it was laying off 13 employees and slowing hiring. Its current job listings page consist of just six open roles: three in the engineering department and the others for roles on the product, human resources and sales teams.
Substack's layoffs fall within a broader cooldown within the tech industry. Venture capital investors have pulled back on funding startups across the board with that being felt by once high-flying companies like Substack, which was a pandemic startup darling. In late May, Substack reportedly abandoned its efforts to raise a new round of capital because of the investing cooldown The company was in talks to raise $75 million to $100 million in funding, with some of the fundraising talks valuing the company between $750 million and $1 billion, The New York Times reported.
That would have been a marked valuation step-up from when Substack raised $65 million led by Andreessen Horowitz at a valuation of $650 million in early 2021, according to PitchBook data. Yet, many startups have now seen their once lofty valuations being slashed by investors across the board.
Substack soared to success amidst the pandemic. It recruited established writers like Matthew Yglesias and Glenn Greenwald to its ranks, and gave emerging writers a platform to monetize their work. Many believed it was poised to disrupt an otherwise fractured media industry.
In its blog post announcing the $65 million funding round last year, Substack said when the company first launched, it didn't know if "the model would work," and later pointed out that it was. But with Substack's recent troubles, its model may be in question.
More: Substack
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2022-07-11T20:51:37Z
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www.businessinsider.com
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Substack May Have Been Slowing Hiring Even Before Layoffs Last Month
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https://www.businessinsider.com/substack-slowing-hiring-before-layoffs-last-month-2022-7
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https://www.businessinsider.com/substack-slowing-hiring-before-layoffs-last-month-2022-7
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During key holiday weekends like the Fourth of July and Juneteenth, airlines have canceled thousands of flights and caused chaos at airports.
Passengers stands in front of United departure and arrival board
However, you can still be removed for safety, security, or health-related risks. Or, if you were a disruptive passenger. If you were bumped for a reason that was not within your control, like unruly behavior, then the airline is required to compensate you.
Xackery Irving/Shutterstock
Tarmac delays occur when passengers on an arriving or departing aircraft do not have the option to get off the plane, according to the DOT. Airlines in the US are required to allow passengers the opportunity to disembark an aircraft before three hours have passed for domestic flights and four hours for international flights.
More: Flight Delays Flight Cancellations Travel Aviation
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2022-07-11T20:51:49Z
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What to Do When an Airline Kicks You Off a Plane You're Already on
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https://www.businessinsider.com/what-do-when-airline-kicks-you-off-a-plane-2022-7
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https://www.businessinsider.com/what-do-when-airline-kicks-you-off-a-plane-2022-7
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Major casino operators like Wynn, MGM, and Las Vegas Sands could stand to lose millions of dollars after Macau temporarily shut down operations.
The Chinese government recently reaffirmed its 'zero Covid' strategy of lockdowns and mass testing to curb Covid infections.
US-based casino operators have poured billions of dollars into Macau in recent years, and the Chinese region has grown into a major gambling destination. But the lockdowns come as the casino-operators struggle to maintain steady growth amid China's virus-mitigation policies.
Wynn, MGM, and Las Vegas Sands derive hundreds of millions of dollars in revenue from their China businesses. However, all three casino operators saw Macau revenues decline in the first quarter of 2022 compared to last year. In their quarterly earnings reports, all three companies partially attributed this slump to travel-related restrictions in China.
Reuters reports that casinos in Macau will be shut down for one week, and stringent punishments will be imposed on those who leave home except for essential services. The Chinese government recently reaffirmed its 'zero Covid' strategy, which involves sudden lockdowns and mass testing where Covid cases are detected.
Wynn, MGM, and Las Vegas Sands could not immediately be reached for comment.
More: COVID-19 coronavirus China Macau
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2022-07-11T20:51:55Z
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Wynn, MGM Casinos Could Lose Millions After Lockdowns in China's Macau
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https://www.businessinsider.com/wynn-mgm-casinos-could-lose-millions-after-lockdowns-china-macau-2022-7
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https://www.businessinsider.com/wynn-mgm-casinos-could-lose-millions-after-lockdowns-china-macau-2022-7
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Can you buy bitcoin with a credit card?
Is it a good idea to buy bitcoin with a credit card?
Credit cards offering Bitcoin rewards
How to buy bitcoin using a credit card — and the drawbacks you'll face
Buying bitcoin with a credit card is possible — but it's not recommended.
You can buy bitcoin with a credit card, but it depends on the crypto exchange you're using.
Buying bitcoin with a credit card may trigger fees from both the company and the crypto exchange.
You could end up owing more on your credit card than what your bitcoin is worth if the price drops.
Bitcoin, which made its debut in 2009, is a cryptocurrency — a digital form of money that exists without a central government or bank. Over the last few years, Bitcoin has gone from an obscure method of payment to a mainstream investment option.
With its rise in popularity and the lure of massive gains, investors who may not have the largest budgets are looking for a way to get in. For some, using a credit card to purchase Bitcoin seems like a savvy way to own the cryptocurrency and use the future gains to pay off the debt and fees. But can you actually buy bitcoin with a credit card? If so, what are the risks?
Yes, it's possible to buy bitcoin with a credit card. But it depends on what exchange you're using. Some crypto exchanges do allow you to buy bitcoin with a credit card — but they do come with fees.
Your ability to purchase crypto with a credit card will also depend on the credit card issuer.
"[American Express] specifically prohibits purchasing currency with their card but, for now, allows purchases of cryptocurrency," says Courtney Richardson, Esq., founder of The Ivy Investor. If your chosen exchange and credit card issuer allow you to make the purchase, the process for setting up these transactions is very similar to the process to link and verify your bank account via ACH (automated clearing house).
Using a credit card to buy Bitcoin or any other cryptocurrency is not recommended. "I prefer individuals to purchase bitcoin with cash," says Dr. Hans Boateng, founder of the Investing Tutor. Using a credit card to buy Bitcoin is a highly speculative and expensive proposition in which the drawbacks tend to outnumber benefits.
Additionally, Bitcoin purchases are usually assessed differently than regular purchases by credit card issuers. "In many cases, purchasing cryptocurrency is considered risky behavior and the credit issuer may close the card or have the credit limit lowered," adds Richardson.
Here are the main drawbacks of buying bitcoin with a credit card:
Broker fees
Cryptocurrency exchanges make money through transactional fees but for the use of a credit card you may be charged even more. So you may be facing broker fees should you to choose to buy bitcoin with a credit card.
For example, Crypto.com allows credit card purchases and charges 2.99% for credit and debit card fees, but this is waived for the first 30 days.
Generally, credit cards treat cryptocurrency purchases like a cash advance which, depending on the card you have, could be between 25% to 27% APR and would begin accrual immediately.
This is in addition to the fee for using the cash advance from the credit card issuer. In some cases it can be $10 or 3% of the cash advance, whichever is greater.
If an exchange is based outside of the US, your credit card may also add a foreign transaction fee for each purchase. This fee could range between 1%-3% per purchase.
Credit utilization ratio increase
There are various factors that make up your credit score . One of these factors is credit utilization ratio, which makes up 30% of your credit score. Buying Bitcoin can use up your available credit, potentially lowering your credit score. Even if the value of Bitcoin falls, your credit utilization stays the same.
Quick Tip: Credit utilization ratio is the amount of revolving credit you're using, divided by the total amount of credit you have available to you. It's recommended that you keep your credit utilization below 30% of the credit balance.
Fees are not the only risk of buying Bitcoin with a credit card — volatility is a big factor, which Bitcoin is known for. "The most significant risk is understanding that Bitcoin is a new technology with a high level of speculation," Dr. Hans says.
Bitcoin has had large price swings over time, which can negate the perceived advantages of using a credit card to buy crypto — and it may also put the buyer "underwater" if they end up paying more in credit card debt than the asset is worth. This becomes especially dangerous when factoring in interest on the credit card if the balance cannot be paid in full and the price of Bitcoin is falling.
While using a credit card to buy bitcoin may not be the best idea, there are a few credit cards that can help you earn rewards in Bitcoin for typical day-to-day purchases. Keep in mind that even with a bitcoin rewards card, its benefits may erode if you're paying late fees and interest charges on the balance.
BlockFi Bitcoin credit card: With this credit card, all purchases earn a percentage back in Bitcoin. If you meet a certain spending threshold, you can earn a higher rate.
SoFi credit card: In April 2021, SoFi was the first company to redeem rewards points directly into cryptocurrency via their SoFi Invest app.
Brex credit card: This is a credit card for business owners and rewards cardholders up to 8x in Bitcoin or Ethereum.
Venmo credit card: In a recent company announcement, Venmo will enable a new feature that allows Venmo Credit Cardholders to use monthly cash back in their Venmo account to auto-purchase the cryptocurrency of their choice, with no transaction fees.
Crypto.com rewards Visa: Crypto.com offers a range of credit cards ranging from 1% to 8% in rewards depending on the card.
Quick Tip: You could also consider using your favorite cash-back rewards credit card and use that cash to buy Bitcoin. If the debt is managed responsibly, you may avoid many of the fees attached to credit cards for cryptocurrency purchases.
While it is possible to buy Bitcoin with a credit card, it isn't the most sound financial decision given the risk of the asset and the fees. These fees not only reduce your potential gains, but they can also impact your credit score if your purchase is large. "Use cash to purchase, dollar cost average, and look into other ways to get rewarded for crypto," says Richardson.
MARKETS How a Bitcoin wallet gives you more security and control over your digital assets
More: service graphics Rachel Mendelson Investment Assets cryptocurrency
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2022-07-11T22:22:36Z
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Can I Buy Bitcoin With a Credit Card?
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https://www.businessinsider.com/personal-finance/buy-bitcoin-with-credit-card
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https://www.businessinsider.com/personal-finance/buy-bitcoin-with-credit-card
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1. Choose a broker or cryptocurrency exchange
2. Fund your account
3. Place an order
4. Select a storage method for your assets
Is crypto a good investment?
Digital assets are becoming the new normal — 4 steps to buy cryptocurrency
Since the creation of Bitcoin in 2009, thousands of other cryptocurrencies have surfaced, leading to the expansion of the global crypto market and acceptance of virtual currencies as forms of payment.
Bitcoin; Alyssa Powell/Insider
Cryptocurrencies are digital assets that can be transferred without third-party interference.
There are generally three ways to buy crypto: crypto exchanges, brokerages, or payment services.
Order types greatly influence how much you'll pay for different cryptocurrencies.
Cryptocurrencies are digital assets that trade on a 24/7 global market. If you're thinking about adding cryptocurrencies like bitcoin, ether, or dogecoin to your investment portfolio, you have several options for doing so.
"Cryptocurrency is a unit of measure. It is a digital token that can be transferred from one party to another, but not duplicated," explains Charles Allen, chief executive officer of BTCS, Inc.
Unlike physical fiat currencies (e.g., the US Dollar), cryptocurrencies are decentralized, virtual currencies that are typically used to purchase goods or services. These assets utilize blockchain technology to ensure that transactions between each party are secure.
"If I own a bitcoin, I don't really own anything physical," Allen says. "I just own a key that allows me to move a record or a unit of measure from one person to another, without a trusted third party. And that's really all the cryptocurrency is. So if I own two bitcoins, I can move it from myself to someone else without a trusted third party in the middle. And that transaction would be verified by this decentralized network of computers from nodes and minors."
Here's how to buy cryptocurrency — along with an outline of where you can buy it and the different types of investment vehicles you can use for exposure to it.
If you're interested in buying and selling cryptocurrency, the first step is choosing a platform to do so. Generally, you can choose from a traditional broker or dedicated cryptocurrency exchange.
Traditional brokers: There are a few online brokers that offer ways to buy and sell cryptocurrency, in addition to other assets like stocks, bonds, and ETFs. These platforms tend to offer lower trading costs but fewer crypto features.
Cryptocurrency exchanges: You'll have many cryptocurrency exchanges to choose from, each with varying offerings of cryptocurrencies, wallet storage, interest-bearing account options, and more. Many exchanges charge asset-based fees.
As you're comparing different platforms, it's wise to consider things like supported cryptocurrencies, security features, fees, storage and withdrawal options, and educational resources.
A crypto exchange is a platform dedicated to facilitating the trading of cryptocurrency. Each exchange has their own rules when it comes to the buying, selling, and trading of cryptocurrency.
The best exchange for you depends on your needs, but beginners should look for exchanges that offer simple web and mobile interfaces, educational resources, and readily available customer support.
Depending on the crypto exchange, you can trade one cryptocurrency for another, or exchange fiat money (like the US Dollar) for cryptocurrency, or vice versa. Prices are based on daily market rates.
Quick tip: With crypto also comes stablecoins and non-fungible tokens (NFTs). Stablecoins are backed by fiat currencies like the US Dollar to stabilize their value (if it's backed by dollars, you can usually redeem one stablecoin for $1). NFTs, however, are unique, art-or-collectible-associated tokens that can't be exchanged for other tokens.
It should be noted that not every exchange offers every cryptocurrency. But here are several exchanges and brokerages that do:
Exchange/broker Features
Kraken Global support, 50+ cryptocurrencies, margin and futures trading, staking, and institutional services
eToro USA 15+ crypto assets, wallet storage, Copy Portfolios, video tutorials, and educational resources
Binance.US More than 50 cryptocurrencies, staking rewards, over-the-counter trading, and institutional services
SoFi Commission-free stock and ETF trading, automated accounts, IRAs, and 20+ crypto assets
Traditional online brokerages that offer cryptocurrencies are few, but more options are becoming available for crypto-oriented traders.
Online brokerages usually don't offer as many cryptocurrencies as crypto exchanges (nor do they provide interest-earning account perks like staking). If you're looking for a wider range of assets and account options, crypto exchanges might be a more beneficial option to consider.
So why should you choose a broker?
You should choose a broker if you're looking to trade a variety of asset types under the same roof. TradeStation offers cryptocurrencies in addition to its selection of stocks, ETFs, options, bonds, and mutual funds.
Robinhood — another online brokerage — has a smaller investment selection, but you can trade cryptocurrencies commission-free. TradeStation, however, charges up to 0.30% for trades.
As mentioned above, more online brokerages are offering cryptocurrencies. Online brokerages are investment platforms that let you buy assets like stocks, bonds, ETFs, options, and mutual funds. Brokerages also offer accounts like IRAs, 529 college savings plans, and trusts.
Other ways to invest in crypto
You'll also have multiple other options to choose from when it comes to buying crypto. In the past year, payment services like PayPal, Cash App , and Venmo all expanded their accepted payment options, allowing you to buy, sell, or hold cryptocurrencies like bitcoin.
In addition, you can throw your hat in the crypto ring by utilizing the following vehicles:
Bitcoin trusts: You can buy shares of bitcoin trusts with a regular brokerage account. These vehicles essentially give retail investors crypto access through the stock market.
Bitcoin mutual funds: Though bitcoin ETFs are still under SEC speculation, two bitcoin mutual funds have launched: The Bitcoin Strategy ProFund (BTCFX) and the Cboe Vest Bitcoin Strategy Managed Volatility Fund (BTCVX).
Blockchain stocks or ETFs: You can also indirectly invest in crypto through blockchain companies that specialize in the technology component of crypto and crypto transactions. Another option is to buy stocks or ETFs of companies that utilize blockchain technology.
Overall, you'll have so many options for exposing your portfolio to crypto assets. The best option for you, however, depends on your goals and risk tolerance.
After you've chosen a crypto exchange or online broker, you'll need to fund your account to begin trading. "Although it differs by platform, most crypto exchanges allow users to purchase crypto using fiat currencies such as the US Dollar or the Euro using their debit or credit cards," says Marie Tatibouet, chief marketing officer at Gate.io.
Tatibouet adds that you can usually either use Visa or Mastercard bank cards to make purchases.
However, crypto purchases with credit cards are especially risky and some exchanges, such as Coinbase, don't support them. Some credit card companies don't allow crypto transactions either. Cryptocurrencies are highly volatile assets, and it may not be the best idea to risk going into debt — or potentially paying high credit card transaction fees — for certain assets.
Another option platforms typically accept is ACH transfers and wire transfers, but the accepted payment methods and time it takes for deposits or withdrawals differs per platform (and not all exchanges accept credit cards).
Plus, the time it takes for deposits to settle varies for different payment methods. For instance, ACH transfers at Coinbase take three-to-five business days. However, debit card transfers are instant, but wire transfers can take one-to-three days.
Another thing to look out for is fees. You may run into deposit/withdrawal transaction fees in addition to trading fees. And the fees you pay for funding or withdrawing from your account typically depend on your payment method.
For instance, Coinbase charges a 3.99% fee for debit card transactions, and it charges $10 for wire transfers. ACH transfers, however, are free.
These fees vary per exchange, so you'll want to pay close attention to each platform's prices before you get started.
You can usually place an order with the click of a button on your broker's or exchange's web or mobile platform. If you're planning to buy cryptocurrencies, you can do so by selecting "buy," choosing the order type, entering the amount of cryptocurrencies you'd like to purchase, and confirming the order. The same process applies to "sell" orders.
But when it comes to transactions, the type of order you select affects the price at which your order is executed. There are generally three types of orders: market orders, limit orders, and stop orders.
In general, you'll basically have all the order options available if you were buying any other asset.
"The three most popular order types used by global exchanges are spot, margin, and futures trading," says Tatibouet. Spot trading is when users place "buy" or "sell" orders on the open market to be filled as soon as the price hits their specific target.
"Margin trading is where users are able to trade in larger quantities than they can afford to by 'borrowing' funds from others, with many exchanges allowing a multiple of up to 20 times the trader's capital," says Tatibouet. "Finally, futures trading is when two parties agree on a specified price at a specified future date on any supported cryptocurrency."
After you've purchased your cryptocurrency, you'll need to store it in a safe place to protect it from hacks or theft.
This is where cryptocurrency wallets come in. A crypto wallet is a physical device or online software used to securely store the private keys to your cryptocurrencies. Some exchanges offer built-in wallet services, making it easy for you to store directly though the platform. But all exchanges or brokers don't automatically provide wallet services for you.
Quick tip: If your exchange doesn't offer a wallet, you may need to set up one with a personal wallet service. There are several different types of providers that may charge fees depending on whether it's a hot or cold wallet. For example, cold wallets always generally charge fees, while hot wallets generally don't.
There are quite a few wallet providers to choose from, where you'll have the choice between two custody options:
Hot wallet storage: The phrase "hot wallet" describes a form of crypto storage that utilizes online software to protect the private keys to your assets.
Cold wallet storage: Unlike hot wallets, cold wallets (also known as hardware wallets) rely on offline electronic devices to securely store your private keys.
Cryptocurrencies have many advantages. For one, you can buy them 24/7, so you won't be limited to trading during set hours like regular stock exchanges that open from 9:30 a.m. to 4 p.m. ET. Prices also regularly fluctuate by large percentages, opening the door for big returns if that price swing falls in your favor.
But this volatility is also what makes cryptocurrencies a speculative investment. In fact, even more passive crypto tactics like staking aren't completely immune to loss, nor are virtual assets absolutely invulnerable to cybersecurity threats.
Finally, many exchanges have geographic restrictions, meaning they don't serve residents in certain states because of regulatory reasons. Before you get started, you'll want to make sure your exchange is available in your region.
You'll have a number of options — such as crypto exchanges, online brokerages, and even payment services — when it comes to buying and selling cryptocurrencies. And in most cases, you can fund your account with credit or debit card deposits, ACH transfers, or wire transfers (though many exchanges also accept crypto deposits).
But it's important to choose the right place to buy your crypto. From online brokerages — like Robinhood, TradeStation, and Webull — to crypto exchanges like Coinbase or Gemini, the list of avenues for purchasing crypto is vast.
After you've set up and funded your crypto account, be sure to familiarize yourself with the different types of trading orders as these can influence the final price you'll pay for different assets. And although storage for crypto assets isn't mandatory, it can be useful in securing your holdings against cyber attacks or other threats.
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2022-07-11T22:22:42Z
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www.businessinsider.com
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How to Buy & Invest in Crypto: 4 Steps for Beginners
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https://www.businessinsider.com/personal-finance/how-to-buy-cryptocurrency
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https://www.businessinsider.com/personal-finance/how-to-buy-cryptocurrency
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Twitter sees attrition increase due to Elon Musk takeover, then created a new category to track it, but still laid off scores of workers
More workers are leaving the company because of the Elon Musk takeover, which is now heading to court.
Meanwhile, Twitter has laid off 33% of its talent acquisition team amid a hiring freeze.
"It's been a bit of a slog and downhill," an employee said of working at Twitter in recent months.
Twitter is seeing so many employees leave because of the tumultuous acquisition by Elon Musk that it created a new way to keep track.
The number of workers leaving the company that directly cite Musk as the reason for their departure has caused Twitter to change the way it classifies employee resignations in order "to capture Tweeps leaving due to the acquisition by Elon Musk," according to an internal document seen by Insider. "Tweeps" is an internal nickname for employees. Musk on Friday told Twitter leadership he is backing out of the deal to acquire the company and Twitter is preparing to sue him to enforce the merger agreement.
The new categories for attrition are "Voluntary: regret pending M&A" and "Voluntary: non regret pending M&A," the document shows. Those filed under "regret" are employees Twitter would have liked to stay. "Non regret" implies the departure of people the company is fine with losing. Twitter does not share with workers how many colleagues have left for either reason.
Attrition amid Musk's acquisition of Twitter appears to have increased in recent weeks, two current employees said. Someone seems to post about their exit "every week now," one said.
"Generally, the morale is so low," another employee said. "So many people have left because of Elon and how leadership has dealt with it."
In previous years, Twitter had a reputation as one of the best work cultures in tech, with good perks, more humane work hours, a true dedication to diverse hiring and battling the rise of misinformation on the platform. Almost as soon as Musk became involved in the company, employees viewed him as a threat to their internal culture and many began looking to leave.
The way new CEO Parag Agrawal has communicated with workers throughout the Musk takeover has added to frustrations for workers. The term " fiduciary duty" has become an internal joke for many employees, as it has been said so many times by Agrawal in meetings since Musk made his bid to acquire the company. Three people agreed that he comes off as "frustrated" and "annoyed" with workers when they ask questions in meetings.
"Jack wasn't perfect, but it's been a bit of a slog and downhill since he left," an employee said of Jack Dorsey, Twitter's former CEO and co-founder.
Twitter this week also began layoffs for the first time, after being in "hyper growth mode" since last year, as it worked to hit ambitious goals for users and revenue.
The company let go of scores of recruiters, two employees told Insider, totaling 33% of its "talent acquisition" group. There was no announcement about layoffs made by the company, but another worker estimated that those let go this week exceeded 100 people. A company spokesperson claimed those let go numbered less than 100 but declined to specify.
Certain recruitment teams, which are divided by the departments they hire for, were reduced by as much as half, an employee said. The reason for the layoffs was expectations by the company internally of a recession , the person added, not dealings with Musk. The company imposed a hiring freeze in May.
The Twitter spokesperson said the decision to cut workers was "difficult" but was made to align recruiting "with our revised business needs."
Another layoff among full time staff is not widely expected internally, two employees said, mainly because attrition has increased so much.
"The way things are going, they don't need to," one worker said.
Another worker agreed, saying if people continue leaving at their current rate it should "make up the rest" of the headcount Twitter may be looking to cut.
Are you a Twitter employee with insight to share? Got a tip? Contact Kali Hays at khays@insider.com, through secure messaging app Signal at 949-280-0267 or on Twitter DM at @hayskali. Reach out using a non-work device. Check out Insider's source guide for other suggestions on how to share information securely.
More: Twitter Elon Musk Workers
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2022-07-11T22:22:54Z
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www.businessinsider.com
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Twitter Sees More Workers Leave Due to Musk Takeover, Starts Layoffs
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https://www.businessinsider.com/twitter-sees-more-workers-leave-musk-takeover-starts-layoffs-2022-7
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https://www.businessinsider.com/twitter-sees-more-workers-leave-musk-takeover-starts-layoffs-2022-7
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Bose QuietComfort noise-cancelling headphones are $90 off as a Prime Day deal
Amazon Prime Day 2022 hasn't started yet but you can already find great deals on Bose's most popular noise-canceling headphones, including its popular QuietComfort series.
Bose is one of the biggest names in the audio industry and its QuietComfort headphones have been one of its best sellers since their release. Between great sound quality and near-unbeatable noise-canceling, we're huge fans of the QuietComfort headphones.
Both the Bose name, and the quality that comes with it, tend to carry a hefty price tag. But right now, you can snag these high-end Bose headphones for up to 33% off throughout Prime Day .
Bose headphones can be pricey. When not on sale, QuietComfort 35 II headphones retail for about $300 to $350.
If you're looking to buy a pair of QuietComforts outside of Amazon Prime Day , be sure to check other retailers. Amazon, Target, Best Buy, and others often list different prices at different times.
According to our price data, Bose headphones are cheaper on Black Friday and around Christmas too, usually dropping below $200. Check back then for more deals — they could perhaps be even better than we're seeing right now.
The best thing about Bose's QuietComfort series is that they can be both wired and wireless.
Audio does tend to sound better with a wire but the Bluetooth mode will be more than perfect for most listeners.
Thing is, the Bose 700s are expensive and rarely ever go on sale for less than $300. If it's the best over-ear Bose headphones you absolutely want, then consider investing in a pair of Bose 700s.
Bose also produces a variety of different earbuds, including the QuietComfort Earbuds. These aren't as powerful as the over-ear models, but are less expensive and still come with noise canceling.
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2022-07-11T23:52:40Z
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www.businessinsider.com
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Bose Noise Cancelling Headphone Prime Day Deals
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https://www.businessinsider.com/guides/deals/amazon-prime-day-bose-quietcomfort-headphones-deals-2022-7-11
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https://www.businessinsider.com/guides/deals/amazon-prime-day-bose-quietcomfort-headphones-deals-2022-7-11
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$349.00 from GameStop
Legend of Zelda: Link's Awakening
Nintendo Super Mario Maker 2
Nintendo Switch Fire Emblem: Three Houses
"Fire Emblem: Three Houses" is a turn-based war strategy game that encourages you to build relationships with your soldiers and master your tactics on the battlefield.
Nintendo Legend of Zelda: Breath of the Wild
Nintendo Switch Joy-Con (Pair)
The Joy-Cons that attach to the left and right of the Nintendo Switch are actually two separate controllers. An extra set can add two more players to your games, or replace your original Joy-cons. $25 off is decent.
The Hori Nintendo Switch Split Pad Pro is a Joy-Con alternative for the Switch. It provides a larger, more comfortable grip, two customizable triggers, and a D-Pad.
This SanDisk Ultra microSDXC card is a great option to expand the Nintendo Switch's limited 32GB internal storage.
The Orzly Carry Case is a sturdy hard case with room for a Switch or Switch Lite, Joy-Con controllers, and game cartridges.
Your Joy-Cons will usually charge just fine when attached to your Nintendo Switch, but if you have spares you use for multiple players, a must-have. The PowerA Joy-Con Charging Dock is a solid choice and right now it's available for only $15, a solid $10 discount.
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2022-07-11T23:52:46Z
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www.businessinsider.com
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12 Best Prime Day Nintendo Switch Deals 2022
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https://www.businessinsider.com/guides/deals/amazon-prime-day-nintendo-switch-deals-2022-7-11
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https://www.businessinsider.com/guides/deals/amazon-prime-day-nintendo-switch-deals-2022-7-11
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Amazon's Prime Day 2022, one of the year's biggest sales events, is here and set to run officially on July 12 through July 13.
Prime Day is an excellent time to get a new phone with some of the deepest discounts you'll find throughout the year. And you've done well if you've been waiting for Prime Day 2022 to buy a new phone, at least if you're after a new phone from Samsung, Google, or Motorola.
So far, the majority of Prime Day phone deals are centered around Android phones. Apple's iPhones are still at their usual price but we'll be on the lookout and update you here as soon as we find decent iPhone deals. Carriers or Amazon's competitors, like Best Buy, might have a tempting deal that Amazon doesn't, so it helps to shop around a bit.
Below are the best deals we've seen thus far. Make sure to check back often as we'll be updating this page with new deals throughout Prime Day.
Best Prime Day Samsung phone deals 2022
$699.99 $599.99 from B&H
Best Prime Day Google phone deals 2022
Best Prime Day Motorola phone deals 2022
Samsung and Motorola have quality deals during this year's Prime Day but Google and its Pixel phones don't have significant deals. Likewise, discounts on iPhones are always difficult to find, even on deal days.
Samsung, Google, and Motorola design different phones with different users in mind. If you're looking for a powerful phone with some of the best cameras you can find on a phone, the Samsung models listed above will handily do the trick. If you're looking for a simple and reliable phone that doesn't cost too much, Motorola's phones offer excellent value. Pixel phones offer the latest Android updates if you want to stay up to date with the newest features and apps.
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2022-07-11T23:52:52Z
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www.businessinsider.com
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Best Prime Day Phone Deals 2022
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https://www.businessinsider.com/guides/deals/amazon-prime-day-phone-deals-2022-07-11
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https://www.businessinsider.com/guides/deals/amazon-prime-day-phone-deals-2022-07-11
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Xbox games are up to 70% off during Prime Day 2022
An Xbox controller.
Amazon Prime Day is a few hours away but you can already snag early deals on thousands of items, including a ton of Xbox games. Right now, we're seeing all-time low prices with discounts up to 71% on many popular games, including recent releases like Elden Ring, Marvel's Guardians of the Galaxy, and Far Cry 6.
We've rounded up some of the best deals from Amazon below, along with notable discounts from other competing retailers as well.
To shop from retailers like Target or Best Buy, you won't be restricted if you're not a member but to take advantage of Prime Day deals on Amazon, you'll need a Prime membership. Prime costs $15 a month or $139 a year, but new members can get a 30-day free trial when signing up.
Grand Theft Auto: The Trilogy (for Xbox)
NHL 22 (for Xbox)
Hades (Xbox)
Just Dance 2022 (for Xbox)
Far Cry 6 (for Xbox)
Call of Duty: Vanguard (for Xbox)
Depends. With there being so many retailers who sell video games, sales do tend to happen often but it's not always on the same games or platforms. For instance, a retailer like GameStop may run a big sale but only on something like used games, or games for the Nintendo Switch only.
Put plainly, an event like Amazon Prime Day is one of the best times each year to buy that new game you've had your eye on.
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2022-07-11T23:52:58Z
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www.businessinsider.com
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12 Best Prime Day 2022 Xbox Deals
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https://www.businessinsider.com/guides/deals/best-prime-day-2022-xbox-deals-2022-7
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https://www.businessinsider.com/guides/deals/best-prime-day-2022-xbox-deals-2022-7
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The 'Eat the Rich' popsicles depict tech billionaires — down to details like Bill Gates' glasses and Mark Zuckerberg's hair.
People line up outside of MSCHF's ice cream truck selling "Eat the Rich" popsicles.
MSCHF is also the company that brought the world a browser add-on that disguises Netflix -watching as a conference call, as well as a rubber chicken that doubled as a functioning bong.
More: Tech Tech Insider MSCHF Mark Zuckerberg
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2022-07-12T01:23:56Z
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www.businessinsider.com
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'Eat the Rich' Ice Cream Truck Sells Gates, Zuckerberg Popsicles
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https://www.businessinsider.com/eat-the-rich-ice-cream-popsicle-mschf-gates-zuckerberg-musk-2022-7
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https://www.businessinsider.com/eat-the-rich-ice-cream-popsicle-mschf-gates-zuckerberg-musk-2022-7
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Facebook engineering head tells managers to find low performers, those that are 'failing this company,' so they can be let go
Managers at Facebook are being told to review all of their reports for performance.
Those who are seen as "coasting" or "neutral" need to be weeded out, engineering head said in a memo.
Layoffs could be next. Facebook already put in place a major hiring slowdown, as Insider first reported.
Facebook managers are being asked to take a serious look at each engineer they oversee and decide whether their performance is serving the company well enough to remain employed.
On Friday, Maher Saba, Facebook's head of engineering, wrote to managers at the company that they were required to identify everyone on their teams they thought fell into the category of "needs support," according to a memo seen by Insider. The memo first appeared over the weekend in a post to Blind, an app popular with tech workers, by a Facebook employee.
Those identified by managers as underperforming were to be submitted through an internal performance tool by the end of Monday for review, according to the memo. Saba, who has worked for a decade at the company, which last year changed its name to Meta, said this process is being undertaken in order to "move to exit people who are unable to get on track."
"Every manager needs to think about each person on their team and the value they are adding to Meta," Saba wrote. "If a direct report is coasting or a low performer, they are not who we need; they are failing this company. As a manager, you cannot allow someone to be net neutral or negative for Meta."
The company in early May implemented a significant hiring slowdown, freezing new hires for some engineering levels and departments entirely, as Insider first reported. CFO David Wehner said "slower than expected revenue growth" was the main cause. This was just after founder and CEO Mark Zuckerberg said more employees choosing to leave the company would ensure it had "the best" people working for it.
Saba reiterated that point to managers, saying in his note, "I believe we have incredible managers here and we are depending on you to help us make sure we have the talent we need to operate in this new environment."
This is adding to fears that layoffs at Facebook are on the way, as insider previously reported. The hiring freeze was seen as a move "to stem the tide of spending" on new hires, an employee told insider. Meta Platforms, Facebook's formal new name, had 77,805 employees as of March 31, 2022, an increase of 28% year-over-year, it reported in April.
"My guess is there are layoffs coming," the person said.
The employee who first posted about the memo to Blind referred to Saba's review demand as "basically a mass PIP because we over hired." PIP is short for "performance improvement plan," previously the term many tech companies used to describe actions taken with workers who they identified as underperformers.
A spokesperson for Facebook did not respond to a request for comment.
Are you a Facebook or Meta employee with insight to share? Got a tip? Contact Kali Hays at khays@insider.com, on secure messaging app Signal at 949-280-0267 or on Twitter DM at @hayskali. Reach out using a non-work device.
More: Facebook Mark Zuckerberg Layoffs
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2022-07-12T01:24:02Z
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www.businessinsider.com
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Facebook Engineering Head Tells Managers to Find Underperformers
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https://www.businessinsider.com/facebook-engineering-head-tells-managers-to-find-underperformers-2022-7
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https://www.businessinsider.com/facebook-engineering-head-tells-managers-to-find-underperformers-2022-7
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This $11 color-changing Bluetooth lightbulb is one of the most popular Prime Day deals among our readers right now
The color-changing smart lightbulbs from Sengled are proving to be a popular choice among Business Insider readers.
The average price for a single bulb from Sengled is $14.99, which is already significantly cheaper than popular color-changing bulbs from big names like Philips which usually cost north of $50 per bulb.
Starting at $11.77 for a single bulb during Prime Day , Sengled's smart color-changing bulbs are incredibly affordable. Buying a four-pack for $33.99 reduces the price of each bulb to $8.50, and a 10-pack gets each bulb down to $6.84.
The Sengled bulbs work with Amazon's Alexa voice assistant, so you can control them with voice commands on any Alexa-powered device, like Amazon's Echo Dot. They're dimmable with a maximum brightness of 800 lumens and you can change the light's temperature from a warm 2000K yellow tint to a cooler blue tint up to 6500K. You can also set up routines and schedules for lights to turn on or off, change color, and change temperature.
If you prefer controlling the bulbs in a more conventional way, you can use the mobile app, or toggle them on or off via an included remote.
No matter how you intend to use them, Sengled's bulbs offer an incredibly economic way of adding several smart color-changing bulbs to your home. And Amazon Prime Day 2022 is the best time to snag a deal and give them a try.
Best Amazon Prime Day Sengled LED light bulb deals
Sengled Smart Color-Changing LED Light Bulbs (4 Pack)
Sengled Smart Color-Changing LED light bulbs (10-pack)
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2022-07-12T01:24:14Z
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www.businessinsider.com
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Best Prime Day 2022 Sengled Bluetooth Lightbulb Deals
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https://www.businessinsider.com/guides/deals/amazon-prime-day-sengled-bluetooth-lightbulb-deals-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-sengled-bluetooth-lightbulb-deals-2022-7
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The best Amazon Prime Day 2022 vacuum deals on robot vacs, cordless models, and uprights
The best Prime Day deals on robot vacuums
The best Prime Day deals on cordless vacuums
The best Prime Day deals on corded upright vacuums
What vacuum deals to expect during Amazon Prime Day
How we vet deals on vacuums on Amazon Prime Day
Where to shop more vacuum deals on Prime Day
Other Amazon Prime Day FAQs
Amazon Prime Day 2022 starts July 12 and runs through July 13. If you're in the market for a vacuum — whether it's a robot vacuum, upright vacuum, or cordless stick vacuum — you'll likely find one of our favorites on sale.
If you haven't figured out what vacuum you need yet, check our guides to the best vacuum cleaners, robot vacuums, cordless vacuums, and budget vacuum cleaners to help narrow down your search. Each of them has been recently updated with our latest fully tested picks and guidance on how to shop for the best vacuum for your needs.
To shop Prime Day deals, you'll need to be a member. Sign up for a free 30-day trial to gain access to all of the deals and many other perks. You can also find great deals on vacuums from competing sales at Target, Best Buy, and more this week that don't require a membership. We've included some of those deals here too.
Robot vacuums, after some initial set-up, are mostly hands-off and do most of the cleaning work for you. Keep in mind they can't climb stairs and can have difficulty getting into corners. We'll be on the lookout for deals from iRobot, Roborock, Ecovacs, and more.
Shark ION Robot Vacuum AV752
The Shark ION AV752 can handle a variety of surfaces with its tri-brush system for less than other models. Right now, it's $10 less than we've seen it priced before.
Ecovacs Deebot Ozmo T8 AIVI Robot Vacuum
The Ecovacs Deebot Ozmo Pro Mopping System thoroughly cleans floors as opposed to pushing a wet cloth around. When paired with the Ecovacs Deebot Ozmo T8 AIVI Robot Vacuum, the two make easy work of time-consuming chores.
$799.99 $499.99 from Ecovacs
This robot vacuum has seven different sensors to better map your home and connects via the Wyze app — which lets you establish "no-go zones" if you're not around to clean up any cords ahead of time.
Cordless vacuums are very convenient and usually lighter and more compact than corded vacuums. The downside is you might need to charge them often depending on the size of your space. Dyson cordless vacuums are notoriously expensive, but a few models are usually on sale during Prime Day. You'll also see deals on cordless vacuums that are already pretty affordable, like those from Hoover.
Hoover OnePWR BH55500PC HEPA+ Vacuum
The Hoover HEPA+ vacuum has all the advantages of a trusty bagged vacuum cleaner: large cleaning head, large dust bag capacity, and powerful suction that easily takes on high-pile carpet and rug. This is the lowest price we've seen in six months.
Corded upright vacuums are good for large homes and long cleaning sessions where you don't want to worry about battery life. They tend to be powerful and have large dustbins to collect lots of dust and particles. They're also more affordable than cordless and robot vacuums. Shark, Bissell, and Hoover often discount their corded upright vacuums on Prime Day.
You can read more about the different types of vacuums and their pros and cons in these buying guides: best vacuum cleaners, best robot vacuums, best cordless vacuums, and best budget vacuum cleaners.
Shark NV752 Lift-Away TruePet Upright Vacuum
The anti-allergen seal and HEPA filter in the Shark TruePet ensure that pet hair and dander stay locked away after they've been sucked up with the help of a brush head specialized for pet hair. The only time the price was this low was Black Friday.
Shark Navigator Lift-Away XL
We've tested several Shark vacuums and the products live up to their reputation as effective and simple vacuums. This model is the best price we've seen, even lower than our best budget vacuum pick.
There will be deals on all kinds of vacuums, whether you're looking for a traditional upright vacuum, lightweight cordless vacuum, or time-saving robot vacuum.
We're expecting (and already seeing) deals from major vacuum brands including iRobot, Shark, and Hoover.
We see deals on vacuums all year long, but the discounts are the most significant on Prime Day and Cyber Weekend. We use historical price data to compare how the newest deals compare to those of past years. We'll recommend the deal if the new deal is the same or better than in previous years.
In addition, we like to recommend deals on the best products from our buying guides. At their normal price, they already provide great value and top performance. We want to help you get even more value out of these high-quality products by highlighting any applicable Prime Day deals.
For vacuums specifically, we also take into account whether the deal includes additional attachments or bundled offerings that aren't ordinarily included.
Learn more about how we vet deals and terms like "MSRP" and "street price" you might see in our deals roundups.
Retailers like Walmart, Target, and Best Buy will also have competing vacuum deals that are comparable if not better than Amazon's deals. Here's when you can shop their sales:
Target's Deal Days: Now through July 13.
Best Buy's Black Friday in July Event: Now through July 13.
Walmart isn't having a special sale but will be offering plenty of deals.
We'll be covering these competing sales on Prime Day as well. And no, you don't need a special membership for these retailers' deals — just for Amazon Prime.
Prime Day is Amazon's annual sales event, featuring millions of deals across all categories from fashion to tech. During the event, prices drop to all-time lows, often beating out prices we see over Black Friday and Cyber Monday.
Prime Day starts at 3 a.m. EDT on July 12 and ends at 11:59 pm PDT on July 13. Some deals are only available on one of the two days, while others are available during the entire event.
Yes, deals are exclusive to Prime members. If you're already a Prime member, there's nothing additional you need to do. If you're not a member, you can sign up for a 30-day trial to access Prime Day. You can activate your trial now in time to shop for Prime Day deals.
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2022-07-12T01:24:20Z
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www.businessinsider.com
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Best Amazon Prime Day 2022 Vacuum Deals: Roomba, Shark, Dyson
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https://www.businessinsider.com/guides/deals/amazon-prime-day-vacuum-deals-2022-07
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https://www.businessinsider.com/guides/deals/amazon-prime-day-vacuum-deals-2022-07
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C. Ryan Barber and Camila DeChalus
The January 6 committee meets at the US Capitol building.
The January 6 committee is expected to hold another hearing next Tuesday.
The hearing will focus on the violence that occurred on January 6 at the US Capitol building.
The hearing will also focus on Trump's associates' relationship with extremist groups.
A month later, the House panel is poised to delve even deeper. At its next public hearing, set for 1 p.m. ET Tuesday, the House January 6 committee is expected to focus on how the violent pro-Trump mob coalesced on January 6 and the involvement of far-right groups, including the Proud Boys and the Oath Keepers.
The committee plans to show that Trump tweeted that message shortly after a White House meeting in which he weighed seizing voting machines and appointing Sidney Powell, a conservative lawyer known for spreading conspiracy theories, as special counsel to investigate election fraud.
While several aides saw the December 14, 2020, meeting of the Electoral College as the end of the election, Trump looked to another date for hope, committee aides said Monday. The hearing will show, they said, how Trump grew increasingly desperate to cling to power and summoned supporters to Washington, DC, on January 6, 2021, the day Congress was set to certify the 2020 election results.
Two Democratic members of the committee, Reps. Jamie Raskin and Stephanie Murphy, are expected to lead the hearing. The committee plans to play video footage from former White House counsel Pat Cipollone's recent closed-door testimony.
For the House January 6 committee, the upcoming hearing will revisit a theme the panel teased in early June. At that first committee hearing, on June 9, the panel played footage of Trump being asked during the September 2020 presidential debate to disavow white supremacist groups.
"Proud Boys, stand back and stand by," Trump said at the time.
The House committee went on to display how that remark emboldened the Proud Boys, with one member attributing the debate-stage comment to a three-fold rise in membership.
At another point in the hearing, the House committee showed how Enrique Tarrio — a former Proud Boys leader now charged with seditious conspiracy in connection with the Capitol attack — responded on social media to Trump's remark.
"Standing by sir," Tarrio wrote.
The committee aides said that the upcoming hearing will showcase the links between these extremist groups and those close to Trump. They added that they are not going to announce any witness names ahead of tomorrow's hearing due to security concerns for the witnesses.
More: House january 6 committee Enrique Tarrio Proud Boys Oath Keepers
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2022-07-12T01:24:26Z
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www.businessinsider.com
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House January 6 Panel's Next Hearing to Link Trump Even More Closely to the Capitol Attack
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https://www.businessinsider.com/house-january-6-hearing-trump-far-right-capitol-attack-2022-7
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https://www.businessinsider.com/house-january-6-hearing-trump-far-right-capitol-attack-2022-7
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Cassidy Hutchinson and Liz Cheney have formed an "unlikely bond" according to The New York Times.
Hutchinson, a former White House aide, delivered damning public testimony in the Jan. 6 probe last month.
Cheney admires Hutchinson's dedication to country over personal power, according to The Times.
Cassidy Hutchinson, the former Trump White House aide whose explosive January 6 testimony stunned Washington last month, has found what The New York Times described as an "unlikely bond" with Rep. Liz Cheney, the Wyoming Republican who has been ostracized from the GOP for criticizing the former president and serving as vice-chair on the House Select Committee investigating the January 6 Capitol riot.
The two Republican women — both on the outs with the party's overwhelming Trump faction — have developed this relationship as the January 6 panel riot zeroes in on increasingly damning testimony about former President Donald Trump.
On June 28, Hutchinson publicly testified before the panel, dropping bombshell after bombshell about Trump's actions on January 6, 2021. The 26-year-old, who served as a top aide to former Trump administration chief of staff Mark Meadows, described a fuming president who knew his supporters were armed, seemingly unconcerned about the possibility of violence.
Her testimony offered color and insight into the chaotic hours of January 6, 2021, as a mob of Trump supporters laid siege to the Capitol in an attack that led to five deaths and multiple injuries. Hutchinson also revealed that former Trump lawyer Rudy Giuliani and former White House Chief of Staff Mark Meadows were among those who asked the former president for a preemptive pardon in the aftermath of the attack.
In a Sunday report, The Times traced Hutchinson's trajectory from a conservative college student to a wunderkind White House aide to a star witness in the January 6 panel's ongoing probe. Hutchinson was deposed by the committee three times in private before making her public debut. For months, she was represented for free by a Trump world lawyer whose primary interest seemed to be protecting the former president, according to The Times. Hutchinson eventually opened up to the idea of cooperating more fully with the panel and found new, pro-bono representation.
As she offered more details about her recollection of Trump on January 6, the committee decided it was time to put Hutchinson on the national stage, the outlet reported.
In the weeks since her public testimony, Hutchinson has been sequestered with her family and a security detail, according to The Times. The once-White House prodigy is now unemployed and facing criticism from Trumpworld and the former president himself. But she's found an admirer in Cheney.
The congresswoman admires Hutchinson's dedication to the country over personal power, according to The Times.
"I have been incredibly moved by young women that I have met and that have come forward to testify in the January 6 committee," Cheney said in a speech at the Reagan Library the day after Hutchinson testified. "Some of these are young women who worked on the Trump campaign, some worked in the Trump White House, some who worked in offices on Capitol Hill, all who knew immediately that what happened that day must never happen again."
"America had the chance to meet one of these young women yesterday, Ms. Cassidy Hutchinson," Cheney continued to a round of applause. "Her superiors, men many years older, a number of them hiding behind executive privilege, anonymity, and intimidation, but her bravery and patriotism yesterday were awesome to behold."
More: Cassidy Hutchinson Liz Cheney january 6 Jan 6 committee
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2022-07-12T02:55:12Z
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NYT: Cassidy Hutchinson, Liz Cheney Have Formed 'Unlikely Bond': NYT
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https://www.businessinsider.com/nyt-cassidy-hutchinson-liz-cheney-have-formed-unlikely-bond-nyt-2022-7
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https://www.businessinsider.com/nyt-cassidy-hutchinson-liz-cheney-have-formed-unlikely-bond-nyt-2022-7
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The Theragun Mini is the travel power move you're missing — get it for 20% off during Prime Day
For everything massage guns do right (i.e. relieve muscle soreness, act like a personal masseuse, etc.), their main problem is that they aren't terribly portable. So, if you ever hit the road for an extended period of time, it's likely there isn't much space to store a wonky, triangle-shaped massaging device in your suitcase.
Then, there's the Theragun Mini, a product we called the best entry-level massager on the market, and something that's on sale for just $149 throughout Amazon Prime Day 2022.
With the Mini, not only is it a massage gun that easily slides into a carry-on, backpack, or suitcase but it also delivers quality, muscle-soothing massages anywhere, anytime (even in the seat of a plane, if that's what you're in to).
If you like something with a little more kick, Theragun's other massage guns, like the professional-level Pro and the middle-tier Prime, are also discounted by up to $100 off through July 13. Even the brand's vibrating foam roller, the Wave Roller, is discounted down to $74.
Best Amazon Prime Day Theragun deals
Therabody's fourth generation of massage guns introduced the Theragun Mini, a portable device that packs a percussive punch in a much smaller package.
The Theragun Pro is our top pick: a powerful, customizable, and durable massager that's worth every bit of its hefty price tag.
$599.00 from Therabody
Theragun Wave Roller
The Wave Roller from Theragun is a vibrating foam roller designed to work over large muscle groups to help release tension, warm-up before a workout, or cool down after a long run.
Theragun's Prime massage gun is the perfect blend of performance and value. It delivers a high-quality massage, is durably built, and features an ergonomic design that makes it easy to use anywhere on your body. It's also half the price of the flagship Pro model.
$299.99 from Kohl's
Prime Day Theragun deals FAQs
Are massage guns easy to use?
They can be, yes. There is a little bit of a learning curve to using a massage gun but they can be extremely effective when used correctly.
It's also recommended that you do some research on the best places to use the gun, as well as where to avoid, to prevent any possible injuries. If you do experience pain while using a massage gun, stop using it altogether and consult your doctor.
Are massage guns only for athletes?
No, not at all — anyone can use a massage gun. Whether you want to use it to wind down at night, to prep for a workout, or to just give your muscles some R&R, massage guns can be used by anyone, anytime.
Are there different kinds of massage guns?
Yes, there are a few different types of massage guns. The biggest difference between most models is how much force they're able to exert and how long their battery runs.
More expensive models, like the Theragun Pro, have a rating of higher no-stall force, meaning that it can be pressed down quite heavily into a massage area before completely stalling out. Smaller options, like the Theragun Mini, can't handle as much force, however, can be transported more easily.
Is Prime Day a good time to buy a massage gun?
It can be, yes. There are a number of other sales on massage guns throughout the year but Prime Day tends to offer similar discounts. A good sale on a massage gun should equate to saving anywhere from $50 to $100 off a particular model.
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2022-07-12T04:22:22Z
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Best Prime Day Theragun Deals 2022: Theragun Mini on Sale for $150
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https://www.businessinsider.com/guides/deals/amazon-prime-day-theragun-massage-gun-deals-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-theragun-massage-gun-deals-2022-7
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Save on Kindle
Save 50% on Fire tablets
Save on security cameras from Ring and Blink
Amazon Fire TV Omni Series and 4-Series
Amazon Prime Day is the best time of year to buy Amazon devices, including Echo speakers, Fire Tablets, Kindle e-readers, and more. The massive deal event brings all-time low prices on these products, often beating or matching discounts we see during Black Friday or Cyber Monday.
We've surfaced the best deals from the sale, below. Right now, that includes more than a dozen deals on different devices, like 50% off Fire tablets and deep discounts on Echo speakers. Check back often, as we'll be updating this page with more discounts as they go live.
Best Prime Day deals on Amazon products:
Amazon's Alexa-enabled Echo smart speakers are on sale during Prime Day , providing a great opportunity to enter the world of smart home appliances, or simply improve your home audio setup.
If you're looking to upgrade your current Echo speaker, Amazon is also offering a special trade-in deal that gives you an additional 25% off a new Echo, plus a gift card for the value of your old speaker.
Amazon All-New Echo (4th Generation)
Kindle is one of Amazon's signature devices, and we're seeing healthy discounts on the standard version for Prime Day 2022. The essentials bundle includes a case and charger for the Kindle, while the Kids edition comes with a cover and a one-year subscription to Amazon Kids+, a service that provides books and other interactive apps for kids.
Amazon is also offering 50% off its Android-based Fire tablets during Prime Day 2022. Like the Kindle, the Kids Edition of the Fire tablet comes with a protective case and a one-year subscription to Amazon Kids+, which provides books and games for kids.
Amazon Fire 7 Kids Edition Tablet
Amazon Fire HD 10 Plus (32GB)
Ring and Blink security cameras
Amazon's popular Ring and Blink security cameras are on sale during Prime Day . While both brands focus on security, Blink cameras have local storage if you don't want to pay to keep your recordings in the cloud.
Echo smart displays
Amazon's Echo Show smart displays are Alexa-enabled and can run all sorts of apps. They're ideal for use as a bedside alarm clock or a kitchen counter display. So far, these are some of the best prices we've seen on all Echo Show models.
Though it was already discounted in the lead-up to Prime Day , the 50-inch Omni Series Fire TV is down to a new low of $280. The Omni Series boasts features like hands-free Alexa support and video calling (webcam sold separately) along with the latest Fire TV software.
The 4-Series is a more affordable brand of smart TV from Amazon; it supports the Alexa voice remote and uses the same software as the Fire TV Stick.
Purchasing the Band comes with 6 months of access to the Halo app, while the View comes with an entire year subscription.
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2022-07-12T04:22:40Z
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29 Best Prime Day Amazon Device Deals 2022: Echo, Fire, Kindles, and More
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https://www.businessinsider.com/guides/deals/prime-day-deals-on-amazon-devices-products-2022-07-12
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Electric vehicle maker Rivian is reportedly planning layoffs.
Rivian is planning to lay off about 700 employees, or 5% of its 14,000-strong workforce, Bloomberg reported on Tuesday.
The move aims to cut down staffing in areas where it has grown too fast, the news outlet reported, citing people familiar with the matter. The job cuts, which could be announced in the next few weeks, will zoom in on non-manufacturing roles, per Bloomberg.
Like its peers in the auto industry, Rivian has been dealing with global supply chain disruptions and a shortage of parts. In a May letter to shareholders, the company wrote that it has been forced to stop production for longer periods than it had anticipated due to supplier constraints since March 31. That has resulted in about a quarter of planned production lost, the company wrote.
The news about layoffs at Rivian comes amid a surge in US layoffs due to slowing growth, rising labor costs, and concerns about a recession .
In the EV space, Tesla also started laying off staff last month after CEO Elon Musk told executives in an email he had a "super bad feeling" about the economy.
Rivian did not immediately respond to Insider's request for comment that was sent outside regular business hours. It declined comment to Reuters.
Rivian's share price is down about 71% year-to-date.
More: Rivian News Tech Layoffs
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2022-07-12T05:57:44Z
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Tesla Rival Rivian Plans to Cut About 700 Jobs: Bloomberg
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https://www.businessinsider.com/tesla-rival-rivian-plans-hundreds-layoffs-job-cuts-hiring-spree-2022-7
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https://www.businessinsider.com/tesla-rival-rivian-plans-hundreds-layoffs-job-cuts-hiring-spree-2022-7
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Wefox, a European insurance rival to Lemonade, hits a $4.5 billion valuation after raising $400 million
Wefox founder and CEO Julian Teicke.
German insurance startup Wefox has raised $400 million at a $4.5 billion valuation.
The company says it is now the most valuable private insurance tech company globally.
The higher valuation comes amid a broader cooling in appetite for high-risk tech firms.
German insurance tech startup Wefox has raised $400 million at a $4.5 billion valuation, bucking a broader trend of cooling valuations in tech.
Founded in 2015, the company offers direct-to-consumer insurance products alongside its main platform, which connects brokers with customers. It has previously said it wants to become "the Stripe of insurance," referring to the ubiquitous payments platform.
At its last fundraise in June 2021, the firm was valued at $3 billion. Bloomberg earlier reported the startup was seeking a valuation of between $5 billion and $6 billion for its current fundraise.
"We were well financed already but received outside interest in a deal at a higher valuation," Wefox CEO and founder Julian Teicke said. "We want to use this current crisis as an opportunity and build up a war-chest so that we can come out of this crisis as the clear global number one."
This Series D funding round was led by Mubadala, with participation from Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global.
Teicke was bullish about his firm's prospects, given the beating insurance tech and startups more generally have taken this year, saying the new funding was testament to investor faith in the business.
Wefox will use the funding to increase its international presence, expanding to the Netherlands before looking to grow into the US in 2024. The company currently has around 1,300 staff and plans to increase headcount to 2,000 by the end of this year.
Teicke told Insider that Wefox was not yet profitable but that the company could be "when we want to be."
"We built this business in a bull market but have been conservative about where to invest," Teicke said. "Profitable growth has always been top of mind, we only want to invest in a sustainable way and have a strong cost culture."
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2022-07-12T05:57:50Z
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www.businessinsider.com
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Wefox: Insurance Startup Valued at $4.5 Billion With $400 Million Fundraise
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https://www.businessinsider.com/wefox-valued-4-5-billion-after-400-million-fundraise-2022-7
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https://www.businessinsider.com/wefox-valued-4-5-billion-after-400-million-fundraise-2022-7
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Best Prime Day iPhone deals 2022
Amazon Prime Day 2022 is here, and with it comes thousands of deals on a huge variety of tech gadgets, from laptops to smartphones.
Smartphones often get the Prime Day deal treatment, but iPhone deals are harder to come across. Don't expect the discounts to come from Apple itself, if any iPhone deals are making it through, they'll likely come from stores like Amazon, Best Buy, or cell carriers like AT&T and Verizon.
We're not seeing any deals on iPhones at the time of writing, but we're constantly on the lookout and we'll update this post as soon as see a tempting discount. For more savings, we're keeping tabs on the Prime Day deals as they go live.
Best Prime Day iPhone 11 deals
You can get a deeper rundown in our best iPhones buying guide.
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2022-07-12T07:29:00Z
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Best Prime Day iPhone Deals 2022
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https://www.businessinsider.com/guides/deals/amazon-prime-day-iphone-deals-2022-7-12
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https://www.businessinsider.com/guides/deals/amazon-prime-day-iphone-deals-2022-7-12
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PowerA Joy-Con Charging Dock for Nintendo Switch
Your Joy-Cons will usually charge just fine when attached to your Nintendo Switch, but if you have spares you use for multiple players, a charging dock is a must-have. The PowerA Joy-Con Charging Dock is a solid choice with a $5 discount.
This lotion from CeraVe contains ceramides and hyaluronic acid to hydrate skin. You'll get an extra $3.19 off at checkout, making this one of the lowest prices we've seen for this lotion.
The Dash Mini Waffle Maker is small but mighty. It's very easy to use and clean and perfect for a quick breakfast. This is the lowest price we've seen on an already budget appliance.
EZ Tofu Press
Make squeezing excess water out of tofu easier with the EZ Tofu Press, which can shorten the hour-long process to just 15 minutes. Right now, it's on sale for 16% off.
Mario Badescu's hydrating and refreshing skin care products are excellently priced, but at $3 off, this is nearly the lowest price we ever see for its facial spray. The spray's ingredients include aloe, herbs, and rosewater, and it's appropriate for all skin types.
CamelBak Horizon 16-ounce Tumbler
$22.00 from Camelbak
A strong and durable full powder coat finish keeps drinks tasting great, while the double-wall vacuum insulated stainless steel keeps them hot or cold for hours on end. Now you can keep your drinks at the perfect temperature for 25% off the usual price.
Moleskine planners are an organizational staple. This 2022-2032 planner has calendar grids, space for to-do lists, bullet journaling, and blank pages for sketching. This is the lowest price we've seen on it since the year began.
If you thought a pick-up-four card made was a big move, just wait for what you can do with UNO Remix. Write-on cards allow for maximum chaos and fun, and it's all majorly discounted for the first time since the holidays.
Mrs. Meyers Liquid Dish Soap in Honeysuckle (3 Pack)
We like the scent and cleaning power of Mrs. Meyer's dish soap. This three-pack is currently on sale for about $1 off, matching its usual sale price.
The Amazon Smart Plug with Alexa takes any device and makes it smart, allowing you to control devices with your voice or remotely with the app. This model rarely goes on sale — though we saw a steeper discount on Black Friday, this is the best price by far that we've seen since.
Deals on gift cards are great if you're looking for gifts or to treat your future self. Target has 15% cards up to $100 from Dominos, Fandango, Spafinder, VUDU, and Feeding America.
This is a rare deal on Rockstar's sequel to its popular Wild West-action-adventure game. The game is known for its exceptional level of detail.
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2022-07-12T07:29:24Z
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LIVE: 39 Amazon Prime Day Deals Under $25 Right Now
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https://www.businessinsider.com/guides/deals/best-live-amazon-prime-day-deals-under-25-2022-07-12
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Amazon Prime Day 2022 is officially here. Amazon-branded products are down to their lowest prices of the year, making it a great time to shop for Fire TV streaming devices.
To take advantage of Amazon's exclusive Prime Day offers, you need an Amazon Prime subscription. The service costs $15 a month or $140 a year, and new members can get a 30-day free trial. For more savings, check out these Prime Day deals under $25.
Fire TV Edition smart TVs: Amazon's Fire TV Edition displays are televisions that already have the Fire TV experience built-in. Brands like Insignia and Toshiba make Fire TV Edition smart TVs in several screen sizes with options for HD and 4K screens. Amazon also makes its own smart TVs, the Omni Series and 4 Series. The Omni series even has hands-free Alexa voice control.
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2022-07-12T09:00:10Z
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Best 7 Fire TV Prime Day Deals 2022: Sticks, Cubes, More
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https://www.businessinsider.com/guides/deals/amazon-prime-day-fire-tv-deals-2022-7-12
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https://www.businessinsider.com/guides/deals/amazon-prime-day-fire-tv-deals-2022-7-12
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LIVE: The best Lightning Deals Amazon Prime Day 2022 has to offer, including Anker chargers and cat condos
Prime Day has arrived! Tons of deals are going live, but not all of them will last for long. Amazon's famously short-lived Lightning Deals, in particular, will be gone before you know it.
Trtl Travel Pillow
Didn't get the window seat? The Trtl Travel Pillow helps support your neck, no matter where you're sitting. Typically priced around $35, you can currently get one for $22.42.
Overture PLA Matte Filament
Overture makes filament for 3D printers that is high quality, affordable, and available in a wide variety of colors. Right now, a handful of colors are down to $16, a rare, all-time low that won't last long.
Anker 6-Foot Braided Micro USB Cables (2 Pack)
If you're looking to stock up on charging cables, this deal from Anker is worth checking out. Two of these braided nylon Micro USB cables are only $14 — a small but rare discount from Anker.
Miulee Decorative Throw Pillows (2 Pack)
For added comfort or color on your couch, these affordable pillows will do the trick. Down to only $7 for a pair, this is a steal and the best price they've seen all year.
MelodySusie Rechargeable Portable E-File
If you do your own nails at home, a nail drill or e-file can help make quick work of nail removal and shaping. This one from MelodySusie is powerful and uniquely portable, meaning you just have to charge it then you can work cable-free. It's down to only $62 right now, which is the best price we've seen for it all year.
The Shroom Company
Specially designed to catch hair before it goes down your drain, the Tubshroom replaces your typical drain cover with an easy-to-clean alternative. Usually it'd cost you about $13, but right now you can get one for only $10.
When doing your makeup on the go, you're not always guaranteed the best lighting. A small, portable vanity like the FunTouch Rechargeable Mirror has you covered. It's on sale for $14 right now, a new all-time low price.
The Arlo Essential Indoor Camera helps you keep an eye on the house when you're not there. It offers easy setup and smart alerts, making it a great baby, pet, or nanny cam. It'd typically cost you $100 for one, but right now it's only $80 to get your own.
Ototo Spaghetti Monster Kitchen Strainer
The Ototo Spaghetti Monster Kitchen Strainer will look cute on your countertop and help you drain your pasta after boiling. At full price, it might be a hard purchase to justify, but right now it's down to only $17 — the best price we've seen all year.
Rainbean Tortilla Blanket
Looking for an excuse to buy a tortilla blanket for yourself or as a gift? Now is your chance — the Rainbean Tortilla Blanket is down to only $14, a new all-time low price.
Bentgo Glass Lunch Box
The Bentgo Glass Lunch Box will keep your lunch in place, even when it's jostled around in your purse, briefcase, or backpack. Right now it's down to only $16, a rare discount from its typical selling price of $30.
Spigen 20W USB-C Charger
This 20W output charger enables fast charging for your iPhone and features prongs that fold away for easy storage. Currently down to $14, this is the best deal we've seen for this charger in over a year.
EufyCam Solar Panel
This add-on for Eufy Security Cameras allows you to monitor your home's surroundings without the pain of lengthy wiring. With just a few hours of sunlight a day, it ensures your camera remains powered around the clock. Typically it costs about $60, but right now it's down to $40, matching the previous all-time low.
Waterfly Fanny Pack
The Waterfly Fanny Pack carries your essentials when you're on the move. It's adjustable, water-resistant, and available in a few different colors. Right now you can snag your own for only $16.
Trekking The National Parks Board Game
This award-winning board game is a game for all ages and enjoyers of the outdoors. It typically costs $50, but it's down to a rare price of only $40, making it a good time to buy your own for family game night.
Deevike Cloud Slides
Cloud Slides are big right now for their iconic look and plush feel. The Deevike Cloud Slides are made of EVA foam for soft support and come in a variety of colors to choose from. Right now, you can get your very own pair for only $16.
'Dune' on DVD or BluRay
The 2021 "Dune" film stars Timothée Chalamet and Zendaya in a sci-fi action-adventure. Fans of DVD or BluRay collecting can pick up their own copy now for only $12, a huge price drop from the original price of $34.
Anker USB Wall Charger
The Anker USB Wall Charger is perfect for homes with multiple smartphone users or any home with a lot of devices to charge. It provides six USB ports to plug your cables into while only occupying one outlet slot in your wall. Typically it'd cost you $30 for one, but right now you can get your own for only $19.
Woyyho Pet Sling
For your small dogs who never want to leave your side, a pet sling helps you take them with you, whether it's to the dog park or to run errands. The Woyyho Pet Sling comes in a few colors, all of which are discounted to only $22 right now.
Elegant Little Tail Floral Dog Collars
A floral dog collar is a cute and functional way to accessorize your pup. The Elegant Little Tail Floral Dog Collars come in a variety of different colors and patterns. One of these collars would typically cost you $16, but right now you can snag one for as low as $11.
Genius Games Math Rush
Math Rush is a fun way to learn basic arithmetics without monotonous math drills. It's a cooperative game designed to help players work together to get through tough problems. Right now you can get it for only $7.
Facebook Icon The letter F. Facebook Email icon An envelope. It indicates the ability to send an email. Email Twitter icon A stylized bird with an open mouth, tweeting. Twitter LinkedIn icon The word "in". LinkedIn Fliboard icon A stylized letter F. Flipboard
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2022-07-12T09:00:22Z
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LIVE: Best Amazon Prime Day Lightning Deals
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https://www.businessinsider.com/guides/deals/amazon-prime-day-lightning-deals-2022-7-12
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Spinview, a startup that creates digital twins of real life assets, just raised $6.6 million in a round led by Alchemmy
Linda Wade, CEO of Spinview.
Spinview
London-based Spinview has raised $6.6 million from Alchemmy.
The startup creates digital twins of real-world assets and spaces like buildings and train tunnels.
It counts Transport for London, the operator of the tube, among its customers.
A startup that creates digital twins of real-life assets such as buildings and train tunnels has raised $6.6 million in pre-Series A funding.
London-based Spinview, founded in 2015, believes digital recreations can be crucial in helping decarbonize existing infrastructure. Spinview enables users to trial how a virtual copy would react to real-world problems and solutions, giving owners better insights into the usability of their spaces.
Linda Wade, the company's CEO, said its platform created models that informed users how they would interact with its physical counterpart.
Its client roster includes over 40 customers with its technology used by the likes of Transport for London (TfL), as well as the Norwegian Military, and subcontractors across the UK, Sweden, the US, Serbia, and India.
With TfL, Spinview is working to "deliver a rail asset, infrastructure, and environmental emissions digital twin," said Wade.
"The data from this project will provide information from temperature and noise optimization to support the decarbonization program, starting with the Piccadilly Line," she said.
Currently, its business model takes into account three factors: the size and number of buildings or physical space that a company has, how much live data or vision analysis the company needs, and how frequently the company will update the data.
The round was led by Alchemmy, a management consultancy primarily operating in the transportation and sustainability sphere.
Appetite for applications in the industrial metaverse has grown as more companies deploy digital twins to reduce the need for testing physical prototypes of products. Recently, Siemens partnered with AI company Nvidia to "enable users to create photorealistic virtual simulations" as it develops its footprint in the industrial metaverse, per VentureBeat.
With the fresh funds, Spinview with ramp up its intellectual property used in its platform, and develop the hardware used in the data capture process while creating 3D models.
More: digital twins Metaverse Startup
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2022-07-12T10:31:45Z
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Spinview Has Raised $6.6 Million in Pre-Series a Funding
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https://www.businessinsider.com/exclusive-spinview-has-raised-66-million-pre-series-a-funding-2022-7
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https://www.businessinsider.com/exclusive-spinview-has-raised-66-million-pre-series-a-funding-2022-7
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Wellness coaching startup Hintsa just raised $5.23 million in a round backed by James Corden. Check out the 45-slide pitch deck it used to raise the funds.
Annastiina Hintsa, cofounder and CEO of Hintsa.
Hintsa
Wellness coaching startup Hintsa just raised $5.23 million in Series A funding.
The startup has offered coaching to C-Suite execs and sports stars to date.
Check out the 45-slide pitch deck used to raise the fresh funds.
A startup that offers wellness coaching to C-Suite execs and sports stars has raised $5.23 million in a round led by a former Unilever CEO.
Helsinki-based Hintsa, which was launched in 2016, monitors a user's physical activity, sleep, recovery patterns, nutrition levels, and biomechanics and then develops goals that focus on reducing fatigue and stress, getting enough sleep, and managing burnout.
The company, now backed by The Late Late Show host James Corden, will launch a new smartphone app to help companies alleviate the pressures its employees face in everyday life. Hintsa already offers a program optimizing organizational wellbeing, including leadership, work culture, and working in a way that achieves a good work-life balance.
While the program was originally geared towards helping executives, cofounder and CEO Annastiina Hintsa wants to scale the product to a wider consumer market.
"One of the challenges that businesses have is that the C-suites underestimate how much their employees are struggling," she said. "How do you target individuals? That's where the digital comes in, and we have identified their key struggles and built weekly coaching."
The startup has two main revenue streams. It offers one-to-one coaching for athletes, but the bulk of the business comes from its B2B coaching services — which it aims to expand further. Its clients include the likes of corporate giants such as Deloitte, Accenture, Nokia, and CGI, as well as Formula 1 world champions and CEOs of Fortune 500 companies.
Cofounder Ed Beccle said that investor appetite for mental health services was still rife, despite an oversaturation of startups entering the wellness sector following the pandemic. He said this marked a shift from usual recession trends where "HR and mental health are usually the first services to be cut."
The funding was led by former Unilever CEO Paul Polman, with participation from Corden, Miami-based VC firm K5 Global, which has previously backed SpaceX and Canva, and Charles Plowden, the former senior partner at Edinburgh investment firm Baillie Gifford & Co.
Hintsa will release its new app and enable employees to access coaching and more personalized support with the cash injection.
More: Features Health Startup
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2022-07-12T10:31:51Z
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Hintsa: Wellness Startup Raises $5.23m in Round Backed by James Corden
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https://www.businessinsider.com/hintsa-raises-523-million-series-a-for-wellness-coaching-app-2022-7
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https://www.businessinsider.com/hintsa-raises-523-million-series-a-for-wellness-coaching-app-2022-7
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First Lady Jill Biden.
The first lady Jill Biden addressed a Latino group and compared their diversity to breakfast tacos.
She called the community as "unique as the breakfast tacos here in San Antonio."
The National Association of Hispanic Journalists said in response: "Do not reduce us to stereotypes."
A Hispanic journalists' group slammed the first lady, Jill Biden, for a Monday speech where she compared the diversity of the Latino community to the uniqueness of "breakfast tacos."
She said Raul Yzaguirre built it "with the understanding that the diversity of this community, as distinct as the bodegas of the Bronx, as beautiful as the blossoms of Miami, and as unique as the breakfast tacos here in San Antonio." She also appeared to mispronounce "bodegas" in the speech.
The National Association of Hispanic Journalists shot back at Biden's speech, saying: "Using breakfast tacos to try to demonstrate the uniqueness of Latinos in San Antonio demonstrates a lack of cultural knowledge and sensitivity to the diversity of Latinos in the region."
"NAHJ encourages Dr. Biden and her speech writing team to teak the time in the future to better understand the complexities of our people and communities."
A number of Republicans also seized on Biden's speech, with Rep. Andy Bigg of Arizona tweeting: "Jill Biden says Hispanics are as 'unique' as tacos and calls bodegas 'bogidas.' No wonder Hispanics are fleeing the Democratic Party!"
And Steve Guest, an advisor to Sen. Ted Cruz, tweeted: "Which White House speechwriter just won a bet for getting the First Lady to say something like this?"
More: News UK Speed desk Jill Biden Voices of Color
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2022-07-12T10:31:57Z
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Jill Biden Slammed for Comparing Latinos to Tacos in Speech
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https://www.businessinsider.com/jill-biden-slammed-compared-latinos-tacos-hispanic-journalists-say-stereotype-2022-7
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https://www.businessinsider.com/jill-biden-slammed-compared-latinos-tacos-hispanic-journalists-say-stereotype-2022-7
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Why refinance a student loan?
This week's student loan refinancing rates: July 12, 2022 | Rates stay flat
Average interest rates on 5-year refinanced graduate student loans have gone down since two weeks ago, and 5-year undergraduate loans have stayed the same, according to Credible. Rates on 10-year loans haven't changed significantly from two week ago.
However, rates may go up substantially in the future. For the 2022-23 school year, federal student loan rates will rise by the highest amount since the 2005-06 year. These new rates won't directly impact private student loan rates, but private rates may increase as they don't have to remain as low to be on par with federal loan rates.
Note: While you can refinance your federal loan into a private one, private loans usually come with higher interest rates and without benefits like the current repayment pause — which pretty much always makes federal loans the better option.
Refinance rates on 5-year variable-rate undergraduate student loans have stayed the same this past week, but are up by about 1% from six months ago.
The refinance rates on 5-year variable graduate loans have dropped by 43 basis points.
The rates on 10-year fixed undergraduate student loan refinances have dipped a bit from two weeks ago. Undergraduate rates have gone down by 20 basis points, while graduate rates have ticked up by three basis points. Rates are up almost 2% from one year ago.
Your credit score significantly impacts the rates you get. You'll often get a better rate the higher your credit score. Below, we've listed the 10-year fixed student loan rates by credit score:
You might qualify for a better rate when you refinance your student loans. You will also be able to change from a fixed-rate to a a variable-rate loan, or switch up your term length. By choosing a different term length, you might be able to distribute costs over an extended period for smaller monthly payments, though you'll pay more in total interest.
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2022-07-12T10:32:03Z
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www.businessinsider.com
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This Week's Student Loan Refinancing Rates: July 12, 2022 | Rates Stay Flat
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https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-tuesday-july-12-2022-7
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https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-tuesday-july-12-2022-7
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Bill Gates' VC fund and Intidex just led a $30 million round into Circ, a startup that slashes emissions from fast fashion. Check out the 11-slide pitch deck it used to raise the funds.
Peter Majeranowski, CEO of Circ.
Circ recycles and restores clothes to source materials to help decarbonize the fashion industry.
The Patagonia-backed firm just raised a $30 million Series B from Bill Gates' fund and Intidex.
We got an exclusive look at the 11-slide pitch deck it used to lure investors.
A startup helping the fashion industry massively reduce its carbon footprint by restoring mixed fabric clothing to its source material just raised $30 million in a round led by Bill Gates' VC firm and Zara-owner Intidex.
Virginia-based Circ, which was founded in 2011, has developed a hydrothermal process that uses water, pressure, and chemistry to recover materials in clothing, particularly in polycotton blends. Polycotton blends are a popular mixture of cotton and plastic used in everything from bedding and clothing to napkins.
The separated materials are then sold back to the supply chain, creating a circular sub-economy, ready to be made into another item. The fashion industry was responsible for 4% of global emissions in 2018 – equal to the combined emissions of France, Germany, and the United Kingdom, according to McKinsey.
Peter Majeranowski, CEO of Circ, first became interested in alternative fuels while working in the US Navy. His job was to board ships smuggling oil out of Iraq, where there were UN sanctions at the time, and recover it. The first iteration of Circ, then named Tyton BioSciences, used the same hydrothermal process to extract sugars and oils from plants to make ethanol and biodiesel.
"We got really good at extracting things from plants," Majeranowski said. However, the startup struggled to raise funds after it launched in the aftermath of the cleantech boom, which tapered off in 2011.
Circ puts shredded textiles into a reactor – not dissimilar from a pressure cooker – to restore materials. It then adds water, cranks up the temperature, and deploys a "little bit of responsible chemistry" to create three reactions.
First is depolymerization, which is the reverse reaction to what made the polyester in the first place. "We're breaking it down to its building blocks, or monomers, and these are materials that traditionally come from oil and gas," Majeranowski said. From there, separation happens as the monomers become liquid.
How Circ's technology works.
"You have a natural separation, where now the solid stream is pure cotton," Majeranowski added. The cotton fibers can be then tuned depending on what the final product is, whether it will be spun into cotton or used to create other materials.
The separated materials are then sold back to the supply chain to be made into new items. Circ currently recycles four to five tons per day, but is not operating all the time, Majeranowski said. By 2030, it aims to have recycled 10 billion garments, representing 10% of annual production and saving 100 million trees.
The Series B round was led by Breakthrough Energy Ventures, founded by Bill Gates, and Inditex, the owner of high street fashion brands including Zara. Clothing company Patagonia, which is well known for having sustainability baked into its DNA, has also previously handed Circ a check.
Patagonia is also one of many partners that Circ sources fabric from, via its take-back policy where consumers recycle clothes in-store. Circ also takes advantage of high street returns, charity shop donations, and old bed covers from hotels – all otherwise destined for landfill.
Majeranowski added that Circ will launch garments with its partners. "If we don't get circularity in every closet around the planet, we have failed as a company," Majeranowski said.
The investment will be used to bolster its 28-strong team to 50, with roles available in engineering, research and development, and business development. It will also finish engineering on its large-scale facility.
The fresh cash brings the startup's total raised to $45 million.
Check out the 11-slide redacted pitch deck the company used to raise the Series B.
More: Pitch Deck Startups Fundraising Venture Capital
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2022-07-12T10:32:15Z
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www.businessinsider.com
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Patagonia-Backed Fashion Recycling Firm Circ Just Raised $30 Million
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https://www.businessinsider.com/pitch-deck-patagonia-fashion-recycling-circ-30-million-bill-gates-2022-7
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https://www.businessinsider.com/pitch-deck-patagonia-fashion-recycling-circ-30-million-bill-gates-2022-7
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Here's an exclusive look at the pitch memo former Y Combinator startup Arist used to raise $12 million to simplify workplace training
From Left: Michael Ioffe, Maxine Anderson, and Ryan Laverty, the cofounders of Arist.
Arist is an edtech startup that lets businesses run training courses for staff via text message.
Employees across the world who only have access to phones, not just laptops, can do the trainings.
Arist was part of Y Combinator's Spring 2020 class and now has raised $12 million in new funds.
According to Allied Market Research, corporate training for employees is a $300 billion industry. Arist is an early-stage startup that's trying to tackle this massive industry and change how companies run corporate-business trainings. Instead of hours-long video presentations completed via a computer, the company builds mobile software that runs five- or ten-minute "micro-lessons" by quizzing employees with short questions via text message, WhatsApp, Slack , or Microsoft Teams. The goal is for a company's employees to engage with deeper, less disruptive learning during the work day.
Now, Arist has raised a $12 million Series A round that PeakSpan led — with Rainfall Ventures also participating — to expand its training program to Fortune 500 companies nationwide, the company exclusively told Insider.
Michael Ioffe, Maxine Anderson, and Ryan Laverty — the cofounders — initially created Arist to help students in war zones continue their schoolwork on mobile phones. Ioffe told Insider that while he first was concerned with how to make learning accessible to people who don't have full-time access to the internet, he realized there was a much larger opportunity to help everyone learn through mobile devices.
"People are really busy, so if you're a single mother with multiple jobs, for example, you don't have time to learn in a class, but almost everybody has access to phone, so we could deliver learning to people where they are," Ioffe said.
Arist currently partners with Fortune 500 companies like Amazon and BP to offer its once-a-day corporate lessons, but also offers lessons with nonprofits and universities like Report for America and the University of Washington. Two of Arist's most popular courses include career development and diversity, equity, and inclusion training. Arist's closest competitors are learning apps like Connecteam or quiz apps like SurveyMonkey, but Ioffe quickly noted that those generally face low adoption and engagement and aren't able to get the same learning outcomes that Arist does.
Arist students average a 20% increase in learning retention compared to a traditional training course, Ioffe said. These results helped Arist get accepted into Y Combinator's Spring 2020 cohort and helped the cofounders meet investors like the team at PeakSpan Capital, who liked that the company used a pitch memo in lieu of a traditional pitch deck.
"We felt like a memo could help us tell our story and impact more, and it's also consistent with how we operate internally, since Arist is fully remote and most internal decision making is memo-driven," Ioffe said.
Check out Arist's redacted pitch memo that raised $12 million in funding for micro trainings:
Arist's Series A pitch memo, shared with permission.
More: Features Pitch Deck Series A
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2022-07-12T10:32:21Z
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Here's the Pitch Memo Workplace-Edtech Arist Used to Raise Millions
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https://www.businessinsider.com/pitch-deck-workplace-edtech-arist-amazon-bp-ycombinator-2022-7
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https://www.businessinsider.com/pitch-deck-workplace-edtech-arist-amazon-bp-ycombinator-2022-7
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10 charts that show why the stock market sell-off likely isn't over
The S&P 500 have fallen as much as 23% this year. Some Wall Street experts warn further downside is likely ahead.
Views on Wall Street are split on whether or not stocks have more downside.
Insider compiled 10 charts from market experts showing why stocks may have further to fall.
The charts are sourced from Bank of America, Morgan Stanley, Societe Generale, and others.
Stocks have put together a solid period of gains going back to mid-June. Since June 16, the S&P 500 is up over 5%.
That's been good news for weary investors who had suffered a 23% loss up until mid-June at the hands of tightening monetary policy thanks to four-decade-high inflation.
But are the gains sustainable? Some say yes, and see the S&P 500 closing out the year well above its current level around 3,850. Goldman Sachs' David Kostin has a 2022 price target of 4,300, and Oppenheimer's John Stoltzfus has a target of 4,800, to name two examples.
Others, like Societe Generale's Solomon Tadesse and Morgan Stanley's Mike Wilson, say no, and warn of further downside ahead.
And some have taken less of a hardline stance, and just shared research that puts the current situation in the context of prior sell-offs.
Below, we've compiled a number of charts that show why stocks have further downside ahead. They come from a variety of sources, including Wall Street banks and independent fund managers.
1. A strong dollar usually means a poor environment for stocks.
The dollar is strengthening as the Federal Reserve tightens policy. The dollar and the euro are almost on par for the first time in two decades.
The chart above from Morgan Stanley shows that this has typically weighed on earnings — foreign companies aren't able to purchase as much as their currency weakens relative to the dollar — and corresponded with some of the biggest market drawdowns in recent decades.
The DXY is an index measuring the dollar's strength relative to other currencies.
2. Strong dollar is bad for earnings revisions, and earnings revisions are bad for the market.
These charts, also from Morgan Stanley, are an extension of the first, and show more directly a strong dollar's effect on earnings revisions, and revisions' effects on the performance of the S&P 500.
The main point for equity investors is that this dollar strength is just another reason to think earnings revisions are coming down over the next few earnings seasons, which starts next week," the bank's Chief US Equity Strategist Mike Wilson said in a July 10 note. "Therefore, the recent rally in stocks is likely to fizzle out before too long."
3. The sell-off so far has been valuation-driven
Speaking of earnings, the above chart from wealth management firm Glenmede shows that much of the sell-off this year has been due to valuation reductions, not an earnings collapse as spending remains relatively strong.
But the last three major market crashes have all been in part because of a contraction in earnings, Glenmede said. That means negative earnings revisions are likely coming, they said.
"So far, the ongoing bear market is the first of the millennium to feature rising earnings estimates. In each of the other three, the peak-to-trough decline in the S&P 500 could be attributed to a mix of falling earnings estimates and falling valuation multiples (e.g., price-to-earnings ratios) that are applied to those estimates," said Jason Pride, CIO of private wealth at the firm, in a July 5 note.
4. Poor consumer sentiment has historically coincided with weak profit margins.
Morgan Stanley Wealth Management CIO Lisa Shalett also warned in a July 5 note that earnings are likely to disappoint going forward, and cited the correlation between profit margins of the Russel 1000 and the University of Michigan's Consumer Sentiment Index.
"The University of Michigan Consumer Sentiment Index has been deteriorating steadily since the onset of the COVID-19 pandemic," Shalett said. "Even so, investors have generally ignored it as gross profit margins, a reflection of corporate pricing power, soared to all-time highs due to stimulus-fueled demand and crisis-and war-related supply constraints."
She continued: "With supply chains clearing and demand cooling, we are less certain that this break between consumer confidence and company profits can persist — especially as the two have been strongly correlated for most of the past 27 years. We believe profits will disappoint, and earnings expectations will be marked down when second and third quarter results are reported during the next three to four months."
5. The market is still overvalued relative to the past.
Despite the fact that much of the sell-off this year has been valuation driven, the market still remains expensive relative to history, according to Bank of America.
The bank's Head of Equity and Quantitative Strategy Savita Subramanian said in a June note that 16 of their 20 valuation measure remain extended compared to the past.
6. Another valuation measure showing stocks are still expensive
John Hussman, president of the Hussman Investment Trust, also said in a July 6 commentary that stocks remain overvalued despite the valuation-driven sell-off. Here, Hussman's valuation measure is total market cap of non-financial stocks divided by total revenue of non-financial stocks.
"At the January 2022 market peak, our most reliable valuations measures exceeded their 1929 and 2000 extremes. While the market decline of recent months has retraced the frothiest portion of the bubble, market valuations remain near those 1929 and 2000 extremes," Hussman said.
7. Prior bear markets have been worse.
To get a better idea of the what the magnitude and duration of the current correction may be, Subramanian and her team also compared this bear market to all of those since 1929.
The Bank of America chart above shows the current sell-off remains on the shallow and shorter side of the average bear market.
8. The recovery after March 2020 was too strong.
A team of strategists at Societe Generale led by Solomon Tadesse conducted a similar analysis, looking at every bear market since the 1870s.
They found that the market's recover since the March 2020 bottom has outpaced prior recoveries by an extraordinary margin, and that the S&P 500 would have to fall 37% from January's peak in order to return to historical norms of returns.
"The S&P has surged by 113% over the past two years from its market bottom of 2237.50 on 23 March 2020, reflecting the unprecedented asset bubble induced by, among other things, excessive liquidity from the monetary and fiscal policies of the time," Tadesse said.
9. It's a bad environment for tightening monetary policy.
In mid-June, Keith McCullough, a former money manager at Carlyle Group, said on his website Hedgeye that the Fed was taking the wrong approach in hiking rates right now.
His four-quadrant model showed that the bank should be taking a dovish stance amid slowing growth and decelerating inflation. (Whether or not inflation is decelerating is still up for debate.)
"The Fed shouldn't be doing 50 basis points, they shouldn't be doing any," he added. "Until they stop doing more than expected, the market's just going to just get us paid more on the short side. If they do what's on the board there, 11 hikes, the S&P is not going be -22%, it's going to be -32%, then -42%."
He added: "If you get tightening financial conditions into a #Quad4 economic slowdown, you will implode the stock market."
More: Investing Features Stock Market Crash
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2022-07-12T10:32:33Z
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10 Charts That Show Why the Stock Market Sell-Off Likely Isn't Over
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Wall Street is racing to nab tech talent as Silicon Valley hiring slows, but lower comp and less flexibility could make it a tougher sell
Bianca Chan, Carter Johnson, and Reed Alexander
Wall Street is looking to gain an edge on Silicon Valley in the ongoing battle for tech talent.
Wall Street firms plan to hire thousands of tech workers this year.
Recruiting at startups and Big Tech has been hampered by a falling market.
But nabbing talent from a space known for its laid-back, work-from-anywhere culture won’t be easy.
Wall Street is not known for shying away from a tough fight — a reputation that could come in handy as financial giants gear up to best tech companies large and small in the ongoing war for tech talent.
For years the tech industry has been eating Wall Street's lunch when it comes to such talent. Whether it's to up-and-coming startups, fintechs or tech incumbents, big banks have seen their fair share of senior execs depart to firms offering the promise of fast growth, high salaries, and less rigid working environments.
But this year has been deeply unkind to public and private tech companies, and Wall Street execs who have previously lamented how difficult hiring has become are keen to push the advantage as their competitors either lay off staff or deploy hiring freezes.
Since January 1, the tech-focused Nasdaq Composite Index is down nearly 30%. And second-quarter venture-capital funding to startups fell 26% from the previous quarter, Crunchbase News reported this month. Scores of fintechs, from Robinhood to Coinbase to Klarna, have announced job cuts or recruiting freezes. Big Tech isn't immune, with Facebook and Twitter announcing their own freezes this spring.
The stage is set for the hiring tide to turn, and banks haven't been shy about their intentions to step into the breach.
But bringing all those workers to finance will be challenging as banks look to match the once-lofty salaries — and the flexible culture — of tech companies. While some financial firms have expressed an openness to the remote working environments that became prevalent during the pandemic, for example, others have maintained that the office is the best place to work.
In addition to the pay and perks, it could be hard for financial companies to compete with the pure romance of startup life.
Even after having an offer rescinded from Coinbase earlier this year, one former employee of a large bank told Insider they were not deterred in their efforts to leave Wall Street for the startup world.
"I want to stay the course and be a big bank drop out," the candidate wrote to Insider. "After 22 years of bureaucracy and politics, I'm ready for something new and sexy!"
Banks are ready to pounce as tech hiring cools off
Throughout the pandemic, financial firms on both the buy and sell sides faced what many say was the most competitive tech talent market in years as compensation skyrocketed across the industry.
"Over the past two years, we have seen the most active market for engineering talent in recent memory," Two Sigma's Chief Technology Officer, Jeff Wecker, told Insider.
It hasn't been any easier in banking, Stuart Riley, the global head of technology for Citi's Institutional Clients Group, told Insider this June. "I would say the last 12 months have been the most competitive [hiring] market I've seen in my career as a technologist," Riley previously told Insider.
Todd Cassidy, CIO of associate experience and chief of staff of technology at Capital One, told Insider that financial firms have been affected by "a huge imbalance of supply and demand" — or simply too few technologists with too many job openings.
It hasn't stopped banking giants from looking to hire in large numbers for their tech organizations, or from filling seats, albeit slower than some firms would like.
Capital One hired 3,000 technologists in 2021 and has "hundreds" of open roles now available, Cassidy said.
This year, meanwhile, Citi has said it plans to hire 4,000 technologists in its institutional clients group alone, while firms like Wells Fargo and TD Bank have also touted their plans to hire thousands of technologists.
The depth and breadth of technology required to run a bank is drastically different than it was a decade or even five years ago. The pandemic accelerated twin trends towards digitization and the cloud that now require new sorts of tech skills and experiences. Chief information officers, viewed not too long ago as the "back end IT person that was managing your desktop" are emerging as key leaders, while banks are taking inspiration, and talent, from Big Tech giants.
"There's a recognition that how customers do business with banks has permanently changed. And the branch, and reducing branch numbers, is the tip of the iceberg," Chris Marinac, director of research at Janney Montgomery Scott, told Insider. "Now the whole process is getting reorganized. That's where the technologists and the thinkers come into play."
Wall Street firms are now hoping the turbulence in the tech and crypto worlds will turn the tides in their favor.
"There's no question — the companies that have committed to digital-asset strategies need talent and they see this as an opportunity for sure," Todd Taylor, who leads the global financial services practice at search firm Heidrick & Struggles, told Insider. He referenced an exec of a multi-trillion dollar asset manager focused on digital assets who called the current tech industry chaos "an opportunity."
"Banks could be a safe haven," Taylor said.
Here's why Wall Street might have trouble
While banks have been clear in their desire to hire thousands from the tech sector, offering a career to match the salary levels and lifestyle of the startup world might prove a challenge.
As Insider has previously reported, demand for tech workers across industries hasn't slowed this year. Further, banks might still be priced out in competition with Big Tech and startups.
When they were hiring, base compensation for entry-level candidates at giant fintech startups like Robinhood and Coinbase reached $180,000 annually, Jayson Bevacqua, a vice president at financial search giant Selby Jennings, told Insider. Such salaries were "leaps and bounds" above what "JPM or Goldman could do," Bevacqua added, which typically tracks closer to $180,000 for vice-president levels with seven to 10 years of experience, he added.
Insider has previously reported that, as one example, JPMorgan engineers and developers can earn a wide range in annual base pay, per publicly available visa data. According to 2019 disclosures, for example, vice presidents in engineering could expect to see between roughly $140,000 and $250,000 a year at the bank.
"Basically someone at the VP level at Goldman would be getting paid as much as a junior engineer who went to a really good school and then got an offer from a Robinhood, Coinbase, or even Klarna," said Bevacqua. And as Insider has previously detailed, even at the world's biggest quantitative hedge funds, entry-level salaries hew more closely to bank levels than tech ones.
"We continuously benchmark against other financial services and technology employers and offer competitive compensation. This is partly how our hiring has continued to be strong," a spokesperson for JPMorgan said.
Spokespersons for Goldman Sachs and Coinbase declined to comment, and a spokesperson for Robinhood did not respond to a request for comment.
Of course, many tech startups have run into trouble precisely because of the unsustainable salaries they offered candidates, and industry experts say that compensation within tech, particularly stock-based compensation, will naturally have to come down. But such changes take time to play out across industries, Capital One's Cassidy said.
"Folks that may be either doing layoffs or pulling back from hiring, we haven't yet seen that show up as easing in the marketplace. It's still really competitive," Cassidy said. "We're hopeful that some of those things will ease some of the competition in the market."
Apart from compensation, a less definable but just as important factor might stand in the way as banks look to recruit from tech companies. The cultures of the two industries can be vastly different, especially as the pandemic underscored the importance for many of flexible working arrangements — which tech companies have embraced and some banks continue to scorn.
There is some evidence that tech workers' flexible work demands are already putting pressure on banks. Bank of America and JPMorgan have both told some tech workers they can come in just two days per week. JPMorgan even told some workers in Chase's payments division they only have to come in six days per month, Insider previously reported.
Other cultural differences that stand to be a barrier to financial firm recruiting include the idea that Wall Street moves slowly while Silicon Valley prioritizes speed and growth.
Another worker who had an offer rescinded from Coinbase this June, albeit from a non-technical background, told Insider that "I would be open to going back to financial services, but they don't always move as fast."
That being said, "it was disappointing to see how caught off guard they were," the employee said of Coinbase, adding they are now looking for "security."
More: Fintech Hiring Layoffs
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2022-07-12T10:32:45Z
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How Wall Street Firms Are Trying to Hire Silicon Valley Tech Talent
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https://www.businessinsider.com/wall-street-firms-hiring-tech-talent-from-silicon-valley-fintechs-2022-7
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https://www.businessinsider.com/wall-street-firms-hiring-tech-talent-from-silicon-valley-fintechs-2022-7
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Creators are seeing big drops in Pinterest payouts after making thousands per month from its beta Rewards program
Pinterest/Jasmine Richardson.
In October 2021, Pinterest launched a $20 million fund to encourage creators to use the platform.
Creators were making thousands of dollars a month, but payouts dropped sharply in May.
Pinterest said the program is evolving as the platform finds ways to support creators of all sizes.
When creator Natasha Greene joined the Pinterest Creator Rewards program in December 2021, it didn't take her long to realize it would be an easy, lucrative way to supplement her income.
"It was huge, huge, huge for me," Greene told Insider. "In March, I made almost $6,000, and I thought 'This is going to be a great trend.'"
The next month, the full-time food and lifestyle creator, who has about 167,000 followers on her Pinterest account, brought in $5,3oo. (Insider verified her earnings with documentation she provided.)
But since May, Pinterest bonuses have dropped sharply, with earnings falling from thousands of dollars — and sometimes tens of thousands — per month to hundreds. While creators are disappointed with the shift, most say they still believe the program is worth their time.
How the program works — and the money at stake
The Creator Rewards program launched in a closed beta test in October 2021, with an initial investment of $20 million.
In order to be considered for the invitation-only program, creators need to have posted at least three original "idea pins" — a multi-page, video pin similar to an Instagram Story that doesn't disappear — in the last month, have garnered 150 saves on their pins in the last month, and have 250 followers.
The program works on a "goal" basis. Creators are presented with multiple goals to meet every month, such as posting an idea pin every week or hitting a certain number of saves.
The goals change each month and are the same for all creators, but the reward amounts vary depending on the performance of posts, a Pinterest spokesperson said.
Many challenges during the first months of the program had no earnings caps, so creators could submit entries for the same goal multiple times. Other goals granted extra money for each save on a post, so the more saves a creator got, the higher their payment would be.
Natasha Greene wasn't the only one to earn big from the Creator Rewards payouts in the first months of 2022. Insider spoke to four other creators about how much they made from the program and verified their income with documentation they provided.
Jasmine Richardson, a family creator who goes by @demarcusbsean on Pinterest, brought in six figures in just four months, making $127,000 from the Creator Rewards program between January and April. She earned $70,000 from a single goal in February and $32,000 from another one in March.
Fitness creator Wendy Traylor made $2,350 in March and $4,700 in April, and blogger Tiffany Telles, who runs Pinterest account @thisblisslife, made $4,500 in April alone.
James Greene, or @jamesbusinesstips on Pinterest, joined the program in March and soon began telling fellow creators how good it was. In March and April, he made a combined $5,250 from Creator Rewards.
"I was taking screenshots and showing them to people saying 'You have to look at this, this is crazy," he said.
Such high payouts were not sustainable, creators said
James Greene said he knew from the start that such high bonuses could not last.
"It was to the point where, as a business-minded person, I thought 'This is not sustainable," he said. "I was always waiting for the devaluation to come."
Other creators agreed.
"If I had to be honest, deep in my heart, I knew that something had to change," Traylor said. "Though I think that it would've been an easier pill to swallow if the amounts had been smaller in the first place."
Pinterest Creator Jasmine Richardson.
Holly Roberts Photography.
In May, that change came, with monetary rewards falling significantly.
"It's been a mess," said Natasha Greene about the program's recent development. She made $1,800 in May after making over $5,000 in both March and April.
One reward for weekly posting that granted $1,300 in April only paid out $250 in May. A post with a "details list" would make $2oo in April, but only $50 in May.
The goals have also become harder to achieve. One goal that would grant $300 for a pin with three saves turned into $250 for a pin with 100 saves.
Plus, there's a new cap on how many creators can participate in a goal. Now, for most goals, only the first 7,000 creators get a bonus. A Pinterest spokesperson said these caps are evaluated on an ongoing fashion, month by month.
Creator James Greene only made $200 in May, after earning $1,150 in March and $4,100 in April. Telles made $525, down from $4,5oo in April, while Traylor only made $150 in May, down from $4,700 in April. And Jasmine Richardson went from high five-figure months to making $450 in May.
However, the creators admitted to not participating in all the challenges, as they did in previous months, because the monetary reward was not as high, or the goals were too hard to reach.
Example of Pinterest Creator Rewards goals in April (left) and in May (right).
James Greene.
Pinterest's Chief Content Officer Malik Ducard told Insider that because the program is still in beta, changes are to be expected, as Pinterest works out a way to "support and honor economically" creators of all sizes.
"We're really in a building and learning stage," he said. "And really working with creators to design an economic model to really support creators."
The creators Insider spoke to agreed that the platform has been helpful and responsive to them when they were experiencing issues or had concerns, and that the rewards, although they are smaller, are still significantly better than those they could get on other platforms.
"I'm glad a platform came out to support the small creators because it's not common," said James Greene, who has about 9,500 followers on the platform. "Usually you have to have a really big following to really be able to make any type of income off your content."
Creators also said that because the platform functions more as a search engine than a social network, they feel less pressure around posting and performance.
"The content is evergreen," said Jasmine Richarsdon. "As long as someone is searching for something, there's a possibility they can find my content."
More: Pinterest Creator Fund Reward
Creator money
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2022-07-12T12:02:44Z
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Creators Are Seeing Big Drops in Pinterest Payouts
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https://www.businessinsider.com/creators-seeing-big-drops-pinterest-creator-reward-earnings-2022-7
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https://www.businessinsider.com/creators-seeing-big-drops-pinterest-creator-reward-earnings-2022-7
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Hi, Aaron Weinman here. The largest US banks will reveal their second-quarter earnings this week.
But before getting into that, today and Wednesday mark Amazon Prime Day . So if you're in the market for an air fryer or a pair of hideous Crocs flip flops , we've got you covered with 59 of this year's best deals.
1. JPMorgan and Morgan Stanley kick-off second-quarter bank earnings on Thursday. Weak mortgage lending numbers and the dearth of capital-markets activity will be scrutinized as rising rates and market volatility tame the appetite to transact.
Investment banks boosted their earnings in recent years thanks to record-breaking activity in capital markets and M&A, both of which thrived in a low interest-rate environment.
But the script has flipped. The Federal Reserve is raising rates in part to tamp down consumer spending. Investment-banking numbers have taken a hit as rate hikes have made it challenging to get deals done.
Corporate earnings, meanwhile, are expected to weaken. Startups' comfy bubble has also burst and loan defaults should rise next year, meaning that companies are reluctant to take on debt, according to data from Fitch Ratings. Global syndicated loan volumes totaled $2.14 trillion for the first half of 2022, a 21% dip on the same period last year, according to Refinitiv data.
Whispers of layoffs have risen above water-cooler talk. Institutions like JPMorgan and Wells Fargo have shed plenty from their mortgage teams, while the slump in IPOs and SPACs have equity-capital-markets bankers brushing up their resumes.
Renaissance Capital's IPO index is down 43% year-to-date, and Axios reported that equity-capital-markets bankers — who are responsible for arranging IPOs — might have to wait until next year to launch new deals.
One banker told Insider that he expects to see cuts in capital markets after the Labor Day Holiday.
Despite the slump in dealmaking, bankers who focus on advisory services are confident that deals will get done should conditions normalize. And then there's restructuring folks who stand to benefit when companies under duress need to clean up their capital structures and balance sheets.
Citi and Wells Fargo report on Friday, while Bank of America and Goldman Sachs round out the quarterly earnings on Monday, July 18.
2. John Sandberg, a Douglas Elliman real-estate agent, purchased a Miami penthouse with funds he pulled from the stock market. Here's why he thinks Citadel's relocation from Chicago will boost Miami's real-estate market.
3. As dealmaking cools off, banks face billions in "hung debt," according to Bloomberg. Bank of America, Credit Suisse, and Goldman Sachs could each face a $100 million hit on one financing deal.
4. Morgan Stanley has named new global co-heads of investment banking, Reuters reported. The bank's current heads of investment banking, Mark Eichorn and Susie Huang, have been elevated to executive chairs of the division, Bloomberg first reported.
5. Bill Ackman is returning the $4 billion he raised for his record-breaking SPAC to investors. In a letter to Pershing Square Tontine Holdings shareholders, Ackman said the rapid economic recovery from the COVID pandemic disrupted attempts to find a suitable target company to take public through a merger.
6. A Facebook Marketplace scam uses fake Zelle emails to trick users into sending money. One seller who fell for it said he was out $300 and warned others to look closely at details. When customers say their money was stolen on Zelle, banks often refuse to pay, according to this report from the New York Times.
7. SoftBank-backed Remote is cutting 10% of its staff. The onboarding startup was valued at almost $3 billion during its last funding round. It cited economic uncertainty and a focus on more sustainable growth as reasons for laying off nearly 100 workers.
8. The founders of Three Arrows Capital are not cooperating with liquidators. The bankrupt crypto hedge fund defaulted on a $670 million loan and its founders' whereabouts are unknown.
9. Claira, a startup using AI to parse through financial contracts, just scored funding from Citi's strategic investment arm. Here's the 14-page pitch deck that sold the US lender on Claira.
10. Accountants and consultants working at the "Big Four" firms rake in six-figure salaries and can pocket healthy bonuses too. Here's how much folks from Deloitte, PwC, KPMG, and EY make.
Partners Group acquired a majority stake in Energy-as-a-Service provider Budderfly. The private-equity firm also committed more than $500 million in growth capital as part of its investment.
Canada Pension Plan and Investment Board has invested $334 million in Latin American discount food retailer D1. The Canadian firm will own a 19.3% stake in D1.
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2022-07-12T12:02:50Z
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www.businessinsider.com
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Analysis: JPMorgan, Morgan Stanley Kick Off Earnings Week
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https://www.businessinsider.com/earnings-morgan-stanley-jpmorgan-bank-analysis-2022-7
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https://www.businessinsider.com/earnings-morgan-stanley-jpmorgan-bank-analysis-2022-7
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Scorching temperatures melt tarmac at military air force base, causing flights to be halted
A Royal Air Force (RAF) aircraft takes part in a rehearsal, ahead of the Queen's Platinum Jubilee, over RAF Cranwell in Lincolnshire, Britain, May 24, 2022.
Hot weather melted the tarmac at a UK military base, which halted flights, per Sky News.
Tar has got stuck to RAF officials' boots and aircraft wheels since summer began, a source said.
Temperatures hit highs of 32 degrees Celsius on Monday in the UK, according to the Met Office.
Flights have been put on hold at a military base in the UK after hot temperatures melted the tarmac, Sky News first reported.
The flight line, where aircraft are parked and serviced, became softer at Royal Air Force (RAF) Cranwell in Lincolnshire, a county in east England, a source told Sky News. As a consequence, all flying at the base had to stop on Monday and Tuesday, the source added.
The source told Sky News that flying training for pilots was also impacted but an RAF spokesperson told Sky News that training will continue in an alternative service area,
Temperatures hit highs of 32 degrees Celsius on Monday in the UK, according to the country's Met Office, which issued an extreme heat warning.
Since the beginning of summer, tar has got stuck to RAF officials' boots and the wheels of two training aircraft, the source told Sky News.
Sky News reported that an investigation had been launched into why the flight line was experiencing problems, although the high temperatures were considered a contributing factor.
"Our aircraft flight line has melted in the heat, so all flying at Cranwell has been stopped," the source said in the interview with Sky News.
The disruption this week has affected around 60 students undertaking flying training and engine training, the source said. The trainees were frustrated by the situation, the source told the broadcaster.
The RAF didn't immediately respond to Insider's request for comment made outside of normal working hours.
An RAF spokesperson told Sky News that the main aircraft service area at the base was "currently unavailable for routine use."
RAF Cranwell, which began operating in 1918, was where Prince Charles began his RAF flying training, according to the facility's website.
The RAF isn't alone when it comes to halting flights. Other sectors of the aviation industry are struggling with shortages of airport workers and flight crew. Heathrow Airport, a crucial global travel hub, on Tuesday asked airlines to stop selling tickets and caps passenger numbers amid travel chaos.
More: Planes transport Military Weather
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2022-07-12T12:03:02Z
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www.businessinsider.com
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Scorching Heat Melts Tarmac at Military Base, Halting Flights: Report
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https://www.businessinsider.com/flights-halted-military-air-base-scorching-heat-weather-melts-tarmac-2022-7
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https://www.businessinsider.com/flights-halted-military-air-base-scorching-heat-weather-melts-tarmac-2022-7
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Grace Dean and Kate Duffy
Heathrow Airport said it's asking airlines to stop selling summer tickets.
Major UK airport Heathrow has asked airlines to stop selling summer tickets as travel disruption continues.
Heathrow CEO said there is now a cap of 100,000 passengers flying per day from the airport.
Passengers at Heathrow told Insider on Monday about their flight delays and cancellations.
Daily passenger numbers have frequently exceeded 100,000 and this has resulted in long lines, lost luggage, and flight delays and cancellations, he added.
The maximum number of daily passengers which Heathrow and the airlines there can serve over the summer is 100,000, Holland-Kaye said. The number of daily outbound seats available will average 104,000 over the summer, but only 1,500 of the 4,000 daily seats have been sold to passengers so far, he said.
Delta passengers stand in line for check-in at Heathrow Airport on Monday, July 11.
"We are asking our airline partners to stop selling summer tickets to limit the impact on passengers," Holland-Kaye said in the statement.
He added that staff at Heathrow are putting all their effort into making sure passengers fly, "but we cannot put them at risk for their own safety and wellbeing."
Heathrow and individual airlines had been advising customers to arrive at the airport three hours before their scheduled departure time in case of long lines for check-in and security.
Multiple passengers at Heathrow on Monday told Insider that their flights from the airport had been canceled, some only getting a few hours notice. Of 12 British Airways flights set to depart from Heathrow to Edinburgh on Monday, five were canceled and only one departed on time.
One passenger told Insider that she was only reunited with her luggage four days after she flew into Heathrow, while three others said that they had flown into the airport a few hours earlier and had no idea where their luggage was.
Uncollected suitcases piled up at Heathrow's Terminal Three baggage reclaim on Friday, July 8.
In an investor report in June, Heathrow said that it expected to serve 54.4 million passengers in 2022 – 9 million more than first forecast in December and putting it at around two-thirds of 2019 levels.
Though Holland-Kaye said Heathrow expects to be able to handle 100,00 passengers a day at most this summer, its forecast is based on it serving an average of around 150,000 passengers a day. Each year between 2014 and 2018, the airport handled more than 200,000 passengers each day on average.
The mounting chaos at airports comes amid a huge surge in the number of passengers traveling post-lockdown. Heathrow said that by the end of May it had already surpassed the total number of passengers it served in 2021.
Heathrow said that in May, 90% of passengers were through security in less than 10 minutes.
More: Heathrow Heathrow Airport London transport
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2022-07-12T12:03:08Z
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www.businessinsider.com
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Heathrow Asks Airlines to Stop Selling Tickets, Caps Flyer Numbers
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https://www.businessinsider.com/heathrow-airport-london-stop-selling-tickets-caps-passengers-travel-chaos-2022-7
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https://www.businessinsider.com/heathrow-airport-london-stop-selling-tickets-caps-passengers-travel-chaos-2022-7
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Weekly travel insurance rates: July 12 | Premiums are still inching up
We're well into the summer travel season, and the cost of travel insurance continues to creep up. The current average cost to insure a trip is $267.62, up from $264.10 last week, according to travel insurance agency SquareMouth.
The exact amount you'll pay for travel insurance depends on several factors, including your destination, how many people are traveling, and the cost of your trip.
Find your travel insurance quote
Average premium: $267.62 per trip
Average trip cost for all destinations worldwide: $5,974.94
The more you spend on flights, hotels, and pre-booked activities, and the longer you're planning to travel, the more you'll pay to insure your trip.
According to the US Travel Insurance Association, travel insurance usually costs 4% to 8% of the total trip cost. Here are the current average costs of travel insurance for domestic and international trips.
Destination Average trip cost Average cost of travel insurance
Domestic $4,358.94 $174-$349
International $4,274.67 $171-$342
Some destinations are more expensive than others, and traveling to a more expensive country can increase the amount you'll spend to insure your trip.
Here's how the prices stack up for the 10 most popular destinations. The average cost of travel insurance for each country is calculated based on the US Travel Insurance Association's benchmark of travel insurance costing 4% to 8% of the total trip price.
Argentina $1,656.57 $66-$133
According to a survey by AAA, 88% of travelers think reimbursement after a trip cancellation is the most valuable benefit of travel insurance.
According to data collected by SquareMouth over the last six months, travelers generally buy cancellation travel insurance 49 days before their trip, while travelers who buy travel insurance without cancellation coverage usually make the purchase 15 days before their trip.
Travel insurance type Average days from purchase to trip Average trip length Average cost of travel insurance
Cancellation 49 15 $325.88
Non-cancellation 15 21 $91.76
The older a traveler is, the more travel insurance will cost for their trip. Insurers factor in the likelihood of a traveler needing medical care on a trip, and the likelihood is higher for older travelers.
Here are the average trip and travel insurance costs, by generation. Again, we're calculating the average cost of insurance using the 4% to 8% of total trip cost metric.
Gen Z (born 1997-2012) $1,777.44 $71-$142
Millennials (born 1981-1996) $1,899.31 $76-$152
Gen X (born 1965-1980) $2,138.41 $86-$171
Baby Boomers (born 1946-1964) $2,911.63 $116-$233
Silent (born 1945 or before) $2,718.23 $109-$217
If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. Many airline credit cards and travel credit cards come with trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with some travel coverage, including trip cancellation, interruption, and delay coverage, baggage delays, rental cars, accidental death, and dismemberment coverage.
PERSONAL FINANCE The Chase Sapphire Preferred card's travel insurance has saved me over $4,000 — here's why I'll never cancel it
More: Personal Finance Insider Squaremouth PFI Squaremouth PFI Guide
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2022-07-12T12:03:20Z
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Travel Insurance Rates Today: July 12, 2022
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https://www.businessinsider.com/personal-finance/travel-insurance-rates-today-july-12-2022-7
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https://www.businessinsider.com/personal-finance/travel-insurance-rates-today-july-12-2022-7
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Grace Dean and Beatrice Nolan
Subway tuna sandwich.
Photo Illustration by Justin Sullivan/Getty Image
A federal judge ruled that Subway can be sued over the contents of its tuna products.
An original class-action lawsuit was filed in January 2021.
The lawsuit alleged that the company's tuna products were made from "a mixture of various concoctions."
A lawsuit claiming that Subway misled customers about the contents of its tuna products can proceed, a federal judge has ruled.
California judge, Jon Tigar, partially rejected Subway's motion to dismiss an ongoing lawsuit on July 7, opening the door for the plaintiff, Nilima Amin, to try to prove her claims in court.
The original class-action lawsuit, filed in January 2021, included a claim that the company's tuna products were made from "a mixture of various concoctions," including other fish species, chicken, pork, and cattle.
The class-action lawsuit claimed that independent testing had "repeatedly" shown that Subway made its tuna product with no tuna fish, but the plaintiffs amended their claims in June 2021 to focus instead on whether Subway served "100% sustainably caught skipjack and yellowfin tuna."
Subway's lawyers argued that any traces of other ingredients found in its tuna products might result from cross-contact when making sandwiches or from eggs in mayonnaise, the court filings show.
Subway has vigorously defended its tuna, saying it only buys wild-caught skipjack and yellowfin tuna. It added that its suppliers for US stores require statements on the species, catch method, and traceability information for each delivery of fish.
Subway has also launched a webpage to counter what it describes as "myths" about its tuna, as well as "misinformation generated in the media."
A spokesperson for Subway told Insider: "We are disappointed the Court felt it couldn't dismiss the plaintiffs' reckless and improper lawsuit at this stage. However, we are confident that Subway will prevail when the Court has an opportunity to consider all the evidence."
US District Judge Jon Tigar dismissed one of the two plaintiffs from the lawsuit, saying that she had no evidence that she herself had bought sandwiches from Subway. The judge, however, granted plaintiff, Nilima Amin, permission to attempt to prove her claim that Subway's tuna salads, wraps, and sandwiches "partially or wholly lack" tuna.
In February 2021, Inside Edition sent samples from tuna sandwiches in Queens for testing and found that they were made from tuna. But four months later, The New York Times sent some of Subway's tuna to a commercial lab, which told the publication that "no amplifiable tuna DNA was present in the sample," leaving it unable to identify the species.
Subway says that the NYT investigation didn't prove that Subway's tuna wasn't actually tuna, arguing that the lack of DNA found "was a problem with the test, not the tuna."
The sandwich chain revamped its menu last summer, rolling out new ingredients, as well as changing existing ones but CEO John Chidsey said that "the one thing we did not touch was our tuna."
NOW WATCH: Sephora's rewards program and product display may make you spend more money. These are other sneaky ways it gets your money.
More: Subway Tuna Law Retail
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2022-07-12T12:03:26Z
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Subway Can Be Sued Over Contents of Tuna Products, Judge Rules
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https://www.businessinsider.com/subway-sued-tuna-products-judge-rules-lawsuit-2022-7
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https://www.businessinsider.com/subway-sued-tuna-products-judge-rules-lawsuit-2022-7
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How World Fund investor Victoria McIvor landed her first VC job after starting out in nuclear decommissioning
Victoria McIvor of climate tech VC World Fund.
World Fund
Victoria McIvor is currently an investor at European climate tech venture capital firm World Fund.
Before landing her first job in VC, at energy-focused firm SET Ventures, she worked in nuclear decommissioning.
McIvor said new investors should be authentic, hands-on, and not underestimate operating experience.
Victoria McIvor has had an unconventional route into the world of venture capital.
The University of Glasgow graduate was working in nuclear decommissioning when she had her first taste of entrepreneurship. Now, she invests in early-stage energy and mobility startups at European climate tech VC, World Fund.
While studying physics and math at university, McIvor, 30, turned her attention to renewable and nuclear energy, and later secured a place on a nuclear graduate scheme. The scheme had a focus on corporate social responsibility and required graduates to launch a startup to experience the challenges of a small business and work with the community.
Together with a team of 11 volunteers, McIvor started a company selling herb kits from different parts of the world. Proceeds were donated to conservation charities in the kits' respective countries. "It was awesome," she told Insider.
When the scheme ended, McIvor joined British nuclear decommissioning company Magnox, where she was responsible for radiation and contamination compliance on nuclear sites across the UK.
Having originally been lured by nuclear's potential in the future energy mix, McIvor felt she wasn't having the level of impact that she wanted to have, she said. Keen to travel, she earned a spot on the Daiwa Scholarship, where British graduates move to Japan to learn the language, experience a home-stay, and take part in a work placement.
McIvor intended to work at Fukushima during the six-month work placement but encountered challenges, concluding no available role would be a good fit. "Maybe as foreign woman in energy as a whole, with poor Japanese, it was very hard to be able to demonstrate value," she said. "I realised quickly my strengths are in communication, management, network, and balancing that with the technical and problem solving side. My ability to do this was severely limited by all of these factors combined."
"I could see no way to reconcile my new entrepreneurial interest with nuclear decommissioning," McIvor added.
Falling into VC
Exploring her options, McIvor networked her way to the founder of energy startup Trende, a spin-out of the venture arm of Japanese utility company Tepco. He was impressed by her ability to get in front of him, having just moved to Japan, she recalled. It showed she can take initiative and network, she said.
McIvor joined Trende, where she wore many hats helping the company scale. Its founder was also investing in energy access for emerging markets, which she supported.
As the Daiwa Scholarship came to an end, McIvor was on the hunt for another job at a Japanese startup when an investor in the UK recommended a VC fund. "In all honesty, I fell into VC," she said. "I was amazed to be offered the job over Zoom whilst backpacking through Japan."
The job was at Amsterdam-based SET Ventures, an energy-focused VC. She spent two-and-a-half years there as an analyst and then associate, building on the knowledge she gained from working in the energy sector.
Now, McIvor specializes in energy and mobility as an associate at World Fund, a climate tech fund backed by tree-planting search engine Ecosia.
Here are her 3 key takeaways for landing a job in venture capital.
Spend time as an operator
McIvor said her time at the startup and running the herb business were invaluable in transitioning to VC. It was important that she experienced life as an operator, including fundraising, before sitting on the other side of the table, she said. Joining a specialist VC helped, she added, as they look for industry knowledge.
Know your weaknesses – and nail them
With no experience in finance, McIvor chose hands-on experience over buzzword-filled articles and books. "People like to make finance sound very hard and complicated, and it's not," she said. "Reading about finance is probably just gonna throw you off because it's all wrapped up in this lingo," she added.
Instead, she suggests those new to VC dive into numbers until they start to make sense. McIvor, for example, started by analyzing startup finances and presenting her findings both internally and to LPs.
Every VC is different, so be yourself
Although McIvor was used to being in a male-dominated industry, she still experienced impostor syndrome in venture capital.
"You have to find a way to become yourself," McIvor said. "If you're trying to model yourself on another VC, it just doesn't work. I had a phase where I cut my hair short, I took out my nose ring, I tried to look more professional. Over time, I've just realized that's not me."
While startups are pitching VCs for cash, investors are also going up against competitive firms trying to get in on a deal. Knowing who you are and what you bring to the table is vital, McIvor said.
This is particularly difficult for women, she added. "You do need to see different examples of how things are done and I was mainly watching how men were doing things."
McIvor has set up a peer support network called Climate Mosaic, which brings together underrepresented investors and founders in climate tech. McIvor values diversity networks and local climate communities highly in part due to her experience as a foreign woman in Japan's energy sector.
The hope is that members will feel a little less isolated, she said.
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2022-07-12T12:03:50Z
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www.businessinsider.com
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How World Fund Investor Victoria McIvor Landed Her First VC Job
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https://www.businessinsider.com/world-fund-investor-victoria-mcivor-first-job-in-vc-nuclear-2022-6
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https://www.businessinsider.com/world-fund-investor-victoria-mcivor-first-job-in-vc-nuclear-2022-6
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Former President Donald Trump speaks during a rally Greensburg, Pennsylvania, on May 6.
Republicans are reportedly concerned about a Trump 2024 bid announcement.
They believe it could upend their midterm plans.
Trump is reportedly considering an announcement before November.
Republican Party leaders are worried that former President Donald Trump could upend their performance in the midterms by announcing a 2024 bid in the next few weeks, Politico reported.
Top Republicans believe that they can maximise their performance in the election by focusing attacks on President Joe Biden and on topics like inflation, and fear a distraction from Trump, the article said.
The GOP is likely to retake the House in the midterms, and possibly the Senate, per projections from the polling site FiveThirtyEight.
But an early Trump declaration is an extra factor that could harm the party's chances.
"The political landscape and environment is favorable. And I think the fewer disruptions, obviously, the better," said Senate Minority Whip John Thune told the outlet.
"Anything you have that takes you off of what your message is, or creates distractions, is obviously something you'd have to adapt to."
Thune's intervention is notable for being a time a senior Republican has said in public they would rather not see an early Trump declaration.
Politico characterized that view as typical of leading Republicans, without citing other specifics. Sen. Chuck Grassley seemed to concur, saying: "I don't even want to think about the presidential election until after the midterms."
Insider recently reported similar prospects for Republicans in the case of an early Trump declaration.
Ryan C. Barber and Kimberly Leonard interviewed GOP strategists who warned of a "train wreck" in such a scenario.
CNN recently reported that Trump is considering timing his announcement to distract from the Jan. 6 committee hearings, where witnesses have presented damaging testimony about his bid to overturn his defeat in 2020, culminating in the Capitol riot.
In recent days he has further teased a potential run on his Truth Social page, sharing a Town Hall column hyping a potential campaign.
He also responded to a news cycle about Joe Biden's age by saying out that being old isn't necessarily a barrier. Trump is 76 and if re-elected would be the same age in his term as Biden is now.
More: Donald Trump Republican Party Midterm elections Trump 2024
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2022-07-12T13:34:14Z
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www.businessinsider.com
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GOP Fears Early Trump 2024 Run Will Wreck Midterm Plans: Politico
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https://www.businessinsider.com/gop-fears-early-trump-2024-run-wreck-midterm-plans-politico-2022-7
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https://www.businessinsider.com/gop-fears-early-trump-2024-run-wreck-midterm-plans-politico-2022-7
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Canadian Prime Minister Justin Trudeau and Ukrainian President Volodymyr Zelenskyy in Kyiv, Ukraine, on May 8, 2022.
Canada decided to return a key part of the Nord Stream 1 pipeline to Germany, allowing it to resume operations.
The repaired turbine was stuck in Canada due to sanctions imposed by the Canadian government.
Zelenskyy said Russia would see Canada's move as a "manifestation of weakness."
Ukraine is furious at Canada for waiving sanctions on a crucial pipeline part that Russian President Vladimir Putin needs to sell gas to Europe.
In his nightly address on Monday night, Ukrainian President Volodymyr Zelenskyy said Canada's decision to send a repaired turbine for the Nord Stream 1 pipeline back to Germany was "absolutely unacceptable."
The Nord Stream 1 pipeline carries natural gas from Russia to Germany. Last month, Russia cut 40% of its natural gas supplies to Germany because the turbine sent to Canada for repairs was stuck there due to sanctions imposed by the Canadian government over Russia's invasion of Ukraine.
Germany, which relies heavily on Russian energy, had asked Canada to waive the sanctions and return the turbine. Over the weekend, Canada announced that the turbine would be sent back to Germany in a "time-limited and revocable" exemption to the sanctions, the Canadian Broadcasting Company reported.
Zelenskyy heavily criticized the move, saying in his Monday speech: "If a terrorist state can squeeze out such an exception to sanctions, what exceptions will it want tomorrow or the day after tomorrow?"
"This question is very dangerous ... not only for Ukraine, but also for all countries of the democratic world."
"The decision on the exception to sanctions will be perceived in Moscow exclusively as a manifestation of weakness," he said, adding that he had summoned Canada's ambassador over the decision.
Summoning a country's ambassador is a diplomatic move by a host country to signal its anger.
Zelenskyy also said there was "no doubt" that Russia would completely shut down its gas supply to Europe, echoing the French economic minister Bruno Le Maire's Sunday warning.
Germany's economy minister Robert Habeck has also said he fears Nord Stream 1 may not go back online after it closes for routine maintenance works from July 11 to July 21.
The US government has backed Canada's decision to return the turbine, saying it "will allow Germany and other European countries to replenish their gas reserves, increasing their energy security and resiliency and countering Russia's efforts to weaponize energy," Bloomberg reported.
Ukraine and Canada have an otherwise close relationship, with Canada sending weapons to Ukraine to help fight Russia and Prime Minister Justin Trudeau meeting Zelenskyy in Kyiv this May.
A spokesperson for the Canadian government did not immaturely respond to Insider's request for comment.
Germany — Europe's largest economy — is heavily dependent on natural gas from Russia, though it plans to wean itself off the imports by 2024. European countries are scrambling to reduce their reliance on Russian energy in light of the Ukraine war.
More: News UK Ukraine Russia Canada
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2022-07-12T13:34:44Z
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Ukraine Furious at Canada for Waiving Sanctions on Gas Pipeline Part
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https://www.businessinsider.com/ukraine-furious-canada-waived-sanctions-nord-stream-pipeline-part-2022-7
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https://www.businessinsider.com/ukraine-furious-canada-waived-sanctions-nord-stream-pipeline-part-2022-7
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The 25 best CEOs at large companies, rated by BIPOC employees
Satya Nadella ranked number one on this year's list of Comparably's best CEOs at large companies that used ratings from BIPOC workers.
Software and tech leaders made up some of the top spots on Comparably's "Best CEOs for Diversity" ranking.
Using ratings from BIPOC workers, Comparably found Microsoft's Satya Nadella ranked first this year.
Here's who made the top 25 on the large company list.
25. Cesar Carvalho, Gympass
Cesar Carvalho.
Industry: Health and wellness
Employee quote: "The Global CEO remains humble and mission-focused. He treats all with respect and appears to value his employees."
Employee quote: "Great values are driven by the leadership. No discrimination is made based on culture, race, religion, color, or diversity."
Employee quote: "Very progressive, innovative, and forward-thinking. They care about diversity, inclusion and making their people feel heard."
Robert G. Painter.
Employee quote: "It's a very diverse environment, where great input and advice can be found from all coworkers, from single contributors to executives and the CEO."
Employee quote: "Empathetic leadership. Diverse and forward-looking."
20. Mike Salvino, DXC Technology
Mike Salvino.
Employee quote: "Values inclusiveness and diversity, and ensures employees are engaged."
Kenneth Lin.
Employee quote: "Commitment to diversity that comes from the top-down."
18. Archie Black, SPS Commerce
Archie Black.
Employee quote: "I love the diversity and the clear vision that our leadership has. I feel confident and well-informed."
Employee quote: "Great diversity in culture and talent that is helping this company separate itself from peers in the industry."
Employee quote: "International, truly diverse company with many academics, under the leadership of an amazing CEO who is successfully empowering employees."
15. Nikesh Arora, Palo Alto Networks
Nikesh Arora.
Employee quote: "Strong focus on diversity; strong vision and goals for the company."
14. Leslie Stretch, Medallia
Employee quote: "Our CEO is committed to diversity which is such a pleasure to see."
13. Sarah Friar, Nextdoor
Sarah Friar.
Employee quote: "Sarah Friar acts with transparency and humanity. The team is diverse."
Employee quote: "Deeply concerned with your personal welfare. Very open to diversity and respects you for who you are."
Martin Migoya.
Employee quote: "Aligned with the company's objectives, promoting staff care, promoting diversity, inclusion, and a sense of belonging."
10. Zander Lurie, Momentive.ai
Zander Lurie.
Employee quote: "Committed to diversity, equity, and inclusion. Open and communicative."
Employee quote: "They come through with promises to make Experian inclusive and diverse."
8. Dan Rosensweig, Chegg
Employee quote: "Chegg leadership is open to listening to employees about how to continually enhance our business, culture, and diversity. They are invested in every aspect of what makes Chegg a great environment!"
Employee quote: "This is the first company that I have worked in where the employee and management diversity reflects the current world which is so inspiring."
Employee quote: "Top-down support of diversity, equity, and inclusion."
Employee quote: "I love the bold moves — choice to focus on Diversity, Cloud, AI, Quantum — that our new CEO has taken in his short tenure so far."
Yamini Rangan.
Employee quote: "Transparent, diverse and inclusive with a female CEO. What's not to love?"
Employee quote: "The CEO welcomes diversity, freedom of expression, and has a genuine care for our wellbeing."
Shantanu Narayen.
Employee quote: "Diverse, driven, knowledgeable, and personable. I am always proud and excited to hear them speak."
1. Satya Nadella, Microsoft
Satya Nadella.
Employee quote: "Our CEO is thoughtful, empathetic, and lives our mission statement every day."
Here's the list for large companies
How Comparably created this year's ranking
Microsoft CEO Satya Nadella placed at the very top of company review site Comparably's ranking called the "Best CEOs for Diversity" this year. This ranking used anonymous CEO ratings left by workers of color from June 24, 2021 to June 24, 2022, according to Comparably's methodology.
The CEOs on the large company list lead companies with over 500 employees.
Yamini Rangan of HubSpot, who ranked number one on Comparably's "Best CEOs for Women" list this year, also ranked fourth in this newly published ranking.
There are ways companies and leaders can continue to make strides in improving their DEI efforts, as Insider has previously reported.
Each company's industry and quotes for each CEO were given to Insider by Comparably. The full list and more about the ranking can be found on Comparably.
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2022-07-12T14:00:07Z
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www.businessinsider.com
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The 25 Best CEOs at Large Companies, Rated by BIPOC Employees
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https://www.businessinsider.com/best-ceos-large-companies-rated-by-bipoc-employees-comparably-2022-7
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https://www.businessinsider.com/best-ceos-large-companies-rated-by-bipoc-employees-comparably-2022-7
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Advertisers have always stuck by Facebook. This time, it's different.
Claire Atkinson, Lucia Moses, and Lara O'Reilly
Meta's ad problems go beyond the economic slump.
It's not the must-buy it used to be and advertisers are starting to shift dollars elsewhere for the first time.
As a result, Meta's expected to lose market share for the first time this year.
Digital ad sellers are having a bad year. But for Facebook parent Meta Platforms, the problem is worse — and it may be one it doesn't recover from.
Already, analysts expect the social giant to record zero growth in the second quarter, in a first for the company. Mark Zuckerberg himself called the situation "one of the worst downturns that we've seen in recent history," according to Reuters. The rest of the digital ad sector, made up of Google, Twitter, Snap and others, is also facing a slowdown in growth.
What's different is that Meta is in a perfect storm. As a result, more advertisers are not just increasingly willing to diversify away from Meta, but doing so for the first time. It's a big shift for a company that historically could always count on their dollars, scandal after scandal, as long as their ads performed.
One top exec at a major holding company agency said the economic downturn would affect everyone in the second half but that significantly, Meta would lose share of client spending as well, saying, "This is a first."
The major ad forecasters have cut their overall ad spending outlooks for the year, and other agency execs say Meta, long considered a "must-buy," is now at the top of clients' lists of places to cut.
Analysts, too, say Meta is coming down to Earth after years of explosive growth. Needham analyst Laura Martin on Monday downgraded Meta's stock from "hold" to "underperform," given its guidance for slower revenue growth and huge investment in its vision for the metaverse. Matthew Bailey, principal analyst at research firm Omdia, forecasts that the company will post 16% growth for all of 2022, down from 37% in 2021.
"We are forecasting that Meta's share of global net online advertising revenue will decline for the first time in 2022," Bailey said.
A Meta spokesman responded with a statement: "We believe our platforms offer businesses the best ways to connect with people, so we're focused on successfully executing on our long-term plans."
Business model, reputation problems
Some of Meta's challenges go to the business model. Facebook has been harder hit than other apps by Apple's privacy update last year that dented advertisers' ability to target and measure the effectiveness of their ads. Google, with its core search business, has been more immune to Apple's privacy update. Google has said it also intends to introduce a similar privacy update for Android apps in the coming years.
The reputation damage caused by the 2020 advertiser boycott over Facebook's handling of misinformation and hate speech on the app hasn't gone away. Investors and boards of major Facebook advertisers also are scrutinizing where corporate ad dollars are placed with an eye on compliance with ESG — Environmental, Social and Corporate Governance — criteria.
Lou Paskalis, the former media head for Bank of America and now president of the MMA, a marketing and tech trade association which counts Meta as a member, says other social media companies like Twitter, Pinterest, and Snap do a better job of talking about brand suitability, while Zuckerberg isn't viewed as being as interested in it as his ad leads once were.
"They're going to be more thoughtful about when they invest because reputational risk now is part of the ecosystem," he added of the marketers and chief investment officers he talks to. "Consumers today shop their values more than ever before. And just like with Black Lives Matter, and other social issues, you can't advertise on platforms that don't try to fix some of the issues that they're well known for."
Meanwhile, Meta's ad leadership has undergone a big transition. With chief operating officer Sheryl Sandberg's imminent departure and the exits of multiple top ad leaders including David Fisher and Carolyn Everson, advertisers are getting used to a new team under Marne Levine, who had a long career outside advertising; and Nicola Mendelsohn, whose Facebook advertising career has mostly been outside the US.
The company also announced a multi-year plan to remake its core identity around the metaverse, where ads' role is TBD.
All this makes it easier for advertisers who are eager for alternatives to Meta to look elsewhere.
"There are a lot of other headwinds going against Meta — aging older, TikTok being much more successful right now, the iOS privacy changes hurting their ability to prove attribution," said a top ad buyer.
Google, Meta, and Amazon for years have taken every dollar of incremental ad spending, but TikTok and Apple are on track to gain market share this year at the expense of Facebook, along with Snap and Google's YouTube, Barclays wrote in a research note last week.
"Meta still drives some of the strongest performance for clients, whether it's awareness, return on ad spend. It's a key part of our social budget," said Carly Carlson, head of social at the agency PMG. But clients plan to increase TikTok spending "a lot" this year, and are also excited about Twitter and Reddit, she added.
Small businesses still need Facebook
To be sure, for many of Meta's advertisers, it's business as usual. It's still the second-biggest ad business after Google, and the vast majority of its advertisers are small- to medium-sized companies that rely on it for promotion — even if the performance of their ads is more difficult to measure post-Apple's privacy changes.
Indeed, some ecommerce companies are pouncing on dips in Meta's ad prices and accelerating their ad spending when they see the opportunity, said Luke Jonas, chief commercial officer at ad agency Nest Commerce.
"This is an opportunity for more nimble brands to react to data rather than economic sentiment," Jonas added.
Ron Jacobson, CEO of Rockerbox, a marketing attribution platform that works with around 150 D2C brands, said Meta's share as a percentage of its clients' total spend had risen from 29.9% in the first quarter of this year to 31.7% in the second. However, this was still down from the 38.6% share Meta held of its clients' spending in the first quarter of 2021.
Elsewhere, TikTok's data practices and China ties are coming under scrutiny again, which could dampen its growth. Plus, unlike some digital ad sellers, Meta has billions of dollars of cash on hand — it had more than $43 billion of cash, cash equivalents, and marketable securities on its balance sheet as of March 31 — to help it cushion the impact of a broader downturn in online ad spending.
But a lot of work lies ahead for Meta. The company has said it would rebuild its ad infrastructure to continue ad targeting in a way that protects people's privacy in the wake of Apple's changes, but warned it would be a multi-year effort. It's also getting into the popular short-form video format with Reels and showing rapid growth there, but monetization is still a work in progress.
"We recommend investors move to the sidelines and use the time to assess several potential longer-term Meta valuation risks," Needham analyst Martin wrote in a research note published Monday.
Are you a Facebook employee or advertiser with a tip to share? Contact Claire Atkinson on Google Voice (973) 544-8309 or Catkinson@insider.com, Lucia Moses at lmoses@insider.com or (917) 209-8549 on Signal, and Lara O'Reilly at loreilly@insider.com, @loreilly1 on Telegram, or Twitter DM @larakiara. Other types of secure messaging app details are available on request. Get in touch using a non-work device.
More: Facebook Meta Metaverse
Marne Levine
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2022-07-12T14:00:13Z
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www.businessinsider.com
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Facebook Advertisers Are Starting to Shift Spending for the First Time
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https://www.businessinsider.com/facebook-advertisers-are-starting-to-shift-spending-for-the-first-time-2022-7
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https://www.businessinsider.com/facebook-advertisers-are-starting-to-shift-spending-for-the-first-time-2022-7
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The 25 best CEOs at small and midsize companies, rated by BIPOC employees
Neha Sampat ranked fifth on this year's list of Comparably's best CEOs at small and midsize companies that used ratings from BIPOC workers.
Comparably, a site where workers can rate companies, released its new ranking based on anonymous ratings.
This ranking, "Best CEOs for Diversity," used ratings from BIPOC workers.
The following are the top 25 leaders at small and midsize companies that landed on the list.
Shaival Shah.
Employee quote: "Our CEO is both the brightest and most caring and empathetic person I know."
24. Karl Mehta, EdCast
Karl Mehta.
Industry: Cloud data services
Employee quote: "Fair and equitable! The CEO is really good."
23. Christian Gormsen, Eargo
Employee quote: "Helps foster a great complex diversity here that goes together like jazz."
22. Taran Nandha, Growth Natives
Taran Nandha.
Employee quote: "Inclusive and open attitude."
21. Gene Berdichevsky, Sila Nanotechnologies
Gene Berdichevsky.
Employee quote: "Believes in nurturing the human side of science and innovation, which includes diversity and inclusion."
20. Giuseppe Incitti, Sitetracker
Giuseppe Incitti.
Employee quote: "Promotes cultural diversity, a startup spirit, and flexibility."
19. Didi Gurfinkel, DataRails
Didi Gurfinkel.
Employee quote: "Created an inclusive culture and makes sure to look after the well-being of the employees."
Employee quote: "Commitment to diversity, willingness to address employee concerns."
Employee quote: "Cares about diversity and inclusion. Our HR programs are rooted in inclusion and our ERG's have a big part in designing policy."
16. John Swigart, Pie Insurance
John Swigart.
Employee quote: "I really appreciate the focus on diversity and intersectionality."
Lindsay Poe.
Employee quote: "Leads by example and makes everyone feel welcomed and included."
Employee quote: "An open, inclusive approach to decision making and team building."
13. Joel Hyatt, Globality
Joel Hyatt.
Employee quote: "Diversity is taken very seriously and inclusivity is priority for everyone."
12. Apu Pavithran, Mitsogo
Apu Pavithran.
Employee quote: "CEO is always in direct connection with the employees and you would not be able to find superiority anywhere. Everyone is judged based on their talent."
11. Melanie Nallicheri, EQRx
Melanie Nallicheri.
Employee quote: "The commitment to diversity in every form is real."
Employee quote: "Diversity is embraced and celebrated."
9. Ted Jeanloz, connectRN
Ted Jeanloz.
Employee quote: "There is a lot of mutual support and inclusiveness, and it comes from the CEO, not just the managers or HR."
8. Brandon Krieg, Stash
Brandon Krieg.
Employee quote: "Very open about what he wants for the company and pushing our organization to be very diverse and inclusive."
7. Joe Longo, Velosio
Joe Longo.
Employee quote: "This company has been inclusive since I got here. People are friendly and they genuinely want to see people succeed in their role and in life."
Nandan Banerjee.
Employee quote: "Fosters a supportive and inclusive culture where everyone is allowed to share their ideas."
Employee quote: "Company vision is clear, added with equality, diversity and integrity."
Employee quote: "There is strong awareness to embrace all types of diversity, be it in thought, beliefs or culture. You are always safe."
Employee quote: "Open and honest with company goals and direction. Demonstrates diversity successfully and has the right people in the right seats."
2. Roy Dekel, SetSchedule
Roy Dekel.
Industry: Real estate tech
Employee quote: "Advocates for open communication and inclusive culture along with a high-level of performance."
1. Larry Dunivan, Namely
Employee quote: "I love his commitment and follow through regarding diversity, and also encouraging folks to embrace all the positive new changes that have come with working remotely."
More about this ranking and the top CEOs
Namely CEO Larry Dunivan not only ranked first in this list of CEOs that used ratings from BIPOC workers, but Dunivan ranked 10th in Comparably's recently released list of CEOs based on just ratings from women at small and midsize companies.
The companies included on the small and midsize list are companies with no more than 500 employees.
The list for 2022 used anonymous data from June 24, 2021 to June 24, 2022. Dunivan ranked ninth in last year's list that used a similar 12-month data collection period to find the best of the best CEOs ranked by BIPOC workers.
William J. Tessar, who placed first on the "Best CEOs for Women" ranking in 2022 for leaders at small and midsize companies, rounded out the top three leaders in 2022's "Best CEOs for Diversity" list from the workplace site.
Reporting from Insider shows not everyone thinks business leaders are doing enough for diversity, equity, and inclusion (DEI). According to a 2021 story from Insider's Marguerite Ward citing an Insider survey, a higher share of management than BIPOC workers or even workers in general said they think leadership at the workplace is "motivated to improve DEI."
"It's not surprising that workers, individuals who do not have that power or privilege like managers do, have a very different perspective around whether or not an organization's diversity, equity, or inclusion efforts are having an impact," Kerryn Agyekum, DEI principal at The Raben Group, told Insider. "They are waiting to see results."
Industry and anonymous employee quotes were shared with Insider. The list can also be found on Comparably, along with their other rankings.
More: Features Comparably Careers Best CEOs
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2022-07-12T15:05:20Z
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www.businessinsider.com
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The 25 Best CEOs at Small and Midsize Companies, Rated by BIPOC Employees
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https://www.businessinsider.com/best-ceos-small-midsize-companies-rated-by-bipoc-employees-comparably-2022-7
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https://www.businessinsider.com/best-ceos-small-midsize-companies-rated-by-bipoc-employees-comparably-2022-7
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BMW is selling monthly subscriptions for heated seats, a heated steering wheel, and advanced cruise control in some countries.
BMW is selling heated seats as a monthly subscription in several countries.
They cost roughly $18 per month at current exchange rates.
Companies are set to make billions per year by charging subscription fees for features.
Imagine for a moment you're the proud owner of a brand-new BMW 5 Series. One chilly morning, you try to flip on your luxury sedan's heated seats and... nothing. Your frigid rear end sees no relief.
This scenario isn't out of the question. BMW is now selling heated seats — and some other basic features — as a monthly subscription in certain countries. Owners who don't pay up won't get access, even if their car came with all the necessary hardware from the factory.
The move comes as car companies push to make more money from the software in their vehicles. Through subscriptions and the like, automakers intend to generate a steady stream of revenue (tens of billions per year, some say) that continues long after a car is made and sold.
A handful of car websites noticed this week that heated seats and a heated steering wheel popped up as monthly subscriptions on BMW's South Korea site. (It appears they've since been removed.) The Verge spotted the features on the menu for BMW owners in Germany, the UK, South Africa, and New Zealand.
The heated seats cost around $18 per month, with additional options for 1-year, 3-year, and unlimited terms. A heated steering wheel will run you roughly $10-$12 monthly. Some other subscriptions BMW has on offer and their approximate cost: automatic high-beam headlights ($12/month) and adaptive cruise control with lane centering ($42/month).
BMW didn't respond to questions about when it launched the subscriptions.
Cars are becoming more computerized and internet-connected than ever before. This means that automakers can add, unlock, or update features in their cars remotely, potentially keeping vehicles modern and relevant for longer. On the flip side, they can charge owners handsomely for doing so.
Lexus, Toyota, and Subaru all invite owners to pay for the ability to lock or start their cars remotely through an app. Super Cruise, the hands-free driving feature that's available in some Cadillacs and Chevrolets, costs $25 per month. Tesla, which pioneered remote software updates in cars, charges $199 monthly for its most advanced driver-assistance system.
The trend has elicited customer pushback. BMW abandoned a plan to charge $80 per month for Apple CarPlay in the US following backlash. It may take some push and pull before car companies better understand what customers are willing to pay for, experts say.
"I think we're going to see some interesting ebbs and flows of what really sticks," Kristin Kolodge, an auto-industry analyst at JD Power, previously told Insider.
Got a tip about the auto industry? Have a story about buying or owning a car that you'd like to share? Contact this reporter at tlevin@insider.com
More: Transportation Tech BMW Auto Industry
subscription features
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2022-07-12T15:05:32Z
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www.businessinsider.com
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BMW Is Now Charging $18 Per Month for Heated Seats in Some Countries
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https://www.businessinsider.com/bmw-subscription-features-heated-seats-steering-5-series-2022-7
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https://www.businessinsider.com/bmw-subscription-features-heated-seats-steering-5-series-2022-7
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A Michael Burry expert breaks down what makes the 'Big Short' investor special. He also revisits Burry's iconic bet against the housing bubble, and his GameStop, Tesla, and Ark wagers.
A Michael Burry expert says the investor's multifaceted approach is key to his success.
The "Big Short" investor is flexible, independent, and acts with conviction, Gabriel Colominas said.
Burry showcased those traits with his housing, GameStop, Tesla, and Ark bets, Colominas said.
Michael Burry, the investor of "The Big Short" fame, has attracted a huge following with his bold bets, dire warnings, and uncanny predictions. Gabriel Colominas, who has closely studied Burry for years, explained what makes him an exceptional investor, and discussed some of his recent calls and wagers, in an interview with Insider.
Colominas, a buy-side equity analyst at Gesiuris Asset Management, took a deep dive into Burry's investing approach in 2016. He scoured the fund manager's public comments, letters to investors, MSN Money articles, posts on the Silicon Investor forum, and quotes in "The Big Short" in an effort to create the most complete compilation of Burry's thoughts available.
Burry, who closely studied Warren Buffett as a young man, embraces value-investing principles such as focusing on fundamentals and ensuring a margin of safety. Yet he also puts a personal emphasis on free cash flow, applies a deep understanding of behavioral finance and business and financial cycles, and jumps at the chance to harness innovations such as derivatives, making him a "very complete investor," Colominas said.
The Scion Asset Management chief's mastery of investing is especially impressive given he worked as a neurology and pathology resident before switching to professional stock-picking. "It's remarkable for an outsider to be as good as he is," Colominas said.
Burry's psychology has also been key to his success. The investor is a ferociously independent thinker who cares little what people think of him, can withstand pressure, and possesses the deep conviction required to stay the course and ignore naysayers, Colominas said. He pointed to Burry's iconic bet against the mid-2000s housing bubble, which was ridiculed on Wall Street and met with skepticism and anger by the investor's clients before he was proven right.
The Scion boss isn't afraid to swap out his playbook or take big risks either. "If you are a guy who is very good at picking stocks or choosing businesses, why do you have to change and risk it all for a bet that most people would consider nonsensical?" Colominas remarked about Burry's use of credit-default swaps to bet the farm on the housing market crashing.
Pandemic plays
Burry has continued to marshal all kinds of market information, and place contrarian bets, over the past couple of years.
He invested in GameStop for under $5 a share, and sold out when the stock climbed towards $20 in the fourth quarter of 2020. While he likely pocketed a nice profit, he missed out on a short squeeze sending the video-game retailer's stock as high as $483 in January 2021.
However, Burry's GameStop bet was "totally a deep-value play," not an attempt to wildly speculate on a meme stock, Colominas said.
The Scion chief also took short positions against Elon Musk's Tesla and Cathie Wood's Ark in the first half of 2021, only to exit them a few months later. Those stocks skyrocketed during the pandemic, but have plunged 44% and 660% respectively from their November peak.
"He was right, but too early this time," Colominas said, adding that Ark was emblematic of the historic bull market at the time.
More recently, Burry predicted US households would virtually exhaust their savings by Christmas as they cope with higher food, fuel, and housing costs and less government support, while retailers would cut prices to get rid of vast amounts of excess inventory. As a result, he expects a consumer recession and slower inflation by the end of this year.
"Most of his tweets are right," Colominas said. "He was right about inflation. About the recession and crisis? We'll see."
"Probably time will prove that he's right on his positions and the economy," he added.
As for why Burry keeps tweeting out predictions, Colominas said the investor probably enjoys being proven right, and may genuinely want to protect people from suffering the kind of devastating blow to their finances they suffered during the financial crisis.
More: Markets Investing Michael Burry
Gabriel Colominas
Gesiuris Asset Management
Short Sellers
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2022-07-12T15:05:56Z
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www.businessinsider.com
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'Big Short' Michael Burry Expert on Skills, GameStop, Tesla, Ark Bets
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https://www.businessinsider.com/michael-burry-big-short-investing-housing-bubble-gamestop-tesla-ark-2022-7
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https://www.businessinsider.com/michael-burry-big-short-investing-housing-bubble-gamestop-tesla-ark-2022-7
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Peloton, the struggling exercise-equipment company, announced on Tuesday that it would no longer manufacture its own fitness equipment. Taiwanese company Rexon Industrial Corp. will become its primary manufacturer.
"The shift is a natural progression in Peloton's strategy to simplify its supply chain and focus on technology and best-in-class content to continue driving the business forward as the leading global Connected Fitness company," the company said in a statement.
Peloton is also shutting down its Tonic Fitness Technology facility in Taiwan through the rest of the year, after buying the manufacturer in 2019.
The announcement comes five months after John Foley stepped down as CEO of the company and it scrapped plans to build its own $400 million factory in Ohio. Peloton also laid off 2,800 employees in February
Experts have told Insider that Peloton is experiencing a "bullwhip effect": After ramping up manufacturing, it failed to foresee declining demand before it was too late, and is now in cost-saving mode.
Analysts with the Wall Street firm Baird wrote in February that Peloton "needs to provide a credible framework for shifting to a profitability-at-all-cost strategy aimed at cutting excess spending."
In Tuesday's announcement, CEO Barry McCarthy said that the move was "another significant step in simplifying our supply chain and variablizing our cost structure – a key priority for us."
More: Peloton Fitness fitness technology
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2022-07-12T15:06:02Z
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www.businessinsider.com
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Peloton Will Stop Making Its Own Exercise Equipment
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https://www.businessinsider.com/peloton-will-stop-making-its-own-exercise-equipment-2022-7
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https://www.businessinsider.com/peloton-will-stop-making-its-own-exercise-equipment-2022-7
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Shopify's hopes of competing with Amazon as a one-stop e-commerce platform are dimming as Shop app downloads dwindle
Downloads of Shopify's Shop app were down about 25% in the second quarter, according to data from Apptopia.
Growth of Shopify's Shop app has slowed in recent quarters, Apptopia data shows.
Shop is one of Shopify's biggest efforts to build a consumer-facing brand.
It could help Shopify compete with Amazon more directly.
Downloads and sessions of Shopify's consumer-facing app, Shop, have slowed in 2022, according to data from the app-intelligence platform Apptopia.
Shop represents a major effort from Shopify to more directly compete with Amazon for consumer dollars. While Shopify and Amazon are both e-commerce giants in their own right, Shopify is known more for providing the infrastructure for merchants to sell goods than for being a brand that people can shop from directly, like Amazon.
Shopify's biggest challenge lies in turning Shop into a place where shoppers come back time and again to discover products and make purchases. To do this, analysts said, it needs to continue to grow beyond package-tracking capabilities, its primary feature when it launched in 2020.
"That's where it really struck dominance, having all these merchant partnerships — once you realize that just by shopping online, you all of a sudden have this company, Shop, organizing all of your orders and status delivery, it makes sense to download their app," Tara Kirkpatrick, a manager of content and communications at Apptopia, told Insider.
Apptopia found that downloads of the Shop app were down about 25% to 5.9 million year over year in the second quarter. By comparison, Amazon's app downloads grew by more than 27% to 11.9 million in the same period.
Tien Le / Insider
Seasonality can affect downloads of shopping apps like Shop. For example, Shop's downloads fell by nearly 35% to under 6 million between the end of 2021 and first quarter of 2022. Quarter-over-quarter growth then rebounded by 6%, according to Apptopia. It's likely that holiday shopping period would bring more people to the app for its package-tracking tool.
But the app's slowing growth may also reflect Shopify's challenges in growing Shop into a destination for consumers. Getting people hooked on a practical tool like package tracking is one thing; getting them to come back to shop is another.
Plus, e-commerce demand has fallen in recent months as shoppers have returned to stores, though demand for mobile apps remains strong, Kirkpatrick said.
Apptopia also found that user sessions for Shop were down about 19% year over year in the second quarter. Apptopia calculates sessions by multiplying the average sessions of a user per day on an app by the total number of daily active users.
A Shopify spokesperson did not return Insider's request for comment on the Apptopia data.
'It remains extremely early' for Shop
Shopify has recently added features to Shop, including the ability to search for products across merchants and to send gifts with a text. Shop Cash rewards shoppers for purchases made with Shop Pay and allows them to redeem those rewards on the Shop app. Shop Cash Boosts help brands promote themselves to new buyers on the app.
For Shopify, the growth of the Shop app is important for several reasons, analysts told Insider. It offers an opportunity to establish Shopify as a stand-alone consumer brand that can compete more directly with Amazon. It also entices merchants to engage with more of Shopify's services, like its express-checkout product, Shop Pay, and its buy-now-pay-later product, Shop Pay Installments.
The Shop team is often described as a startup environment within the Canadian e-commerce giant. The team, which has about 300 people, has its own careers page, separate from the general one on Shopify's website. Shop's leadership is largely made up of the former cofounders of the Swedish social-shopping startup Tictail.
Despite its stagnating growth, Shop has consistently ranked among the top five shopping apps by downloads each quarter since it was launched in April 2020. In the most recent quarter it came in fourth, behind Shein, Amazon, and Walmart.
In bringing package tracking, shopping, buy-now-pay-later loan monitoring, and rewards under one app, Shopify seems to be turning Shop into something of a superapp, a single location where people can manage many digital activities.
Companies like Amazon and PayPal have tried to emulate that model, which became popular in Asia in the past decade.
"Anyone who starts as kind of, like, this fintech commerce player seems to be after this, just because if you have the payments piece in place, then there's nothing you can't get a consumer to also do with the app," Kirkpatrick said.
Still, Ken Wong, a former Guggenheim Securities analyst, told Insider in February that developing a superapp begins with increasing the number of users on the platform.
"I think once you get that consumer engagement and you've got hundreds of millions of consumers regularly opening the app on a daily basis, then you have a seat at the table in that superapp game," Wong said.
Many analysts see Shop as having lots of potential for Shopify, though it still has a ways to go to catch up to its competition.
"The Shop App has both a scaled merchant and user base," a group of JMP Securities analysts led by Andrew Boone wrote in a recent research note. "However, we believe it remains extremely early for consumers as the primary consumer use case today is tracking packages, in our view."
Got a tip? Contact this reporter at mstone@insider.com or on the secure messaging app Signal at (646) 889-2143 using a nonwork phone.
More: Tien Le Shopify Retail
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2022-07-12T15:06:08Z
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www.businessinsider.com
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Shopify's Shop App Downloads Have Slowed As It Competes With Amazon
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https://www.businessinsider.com/shopify-amazon-marketplace-challenge-dwindling-as-shop-app-downloads-slow-2022-7
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https://www.businessinsider.com/shopify-amazon-marketplace-challenge-dwindling-as-shop-app-downloads-slow-2022-7
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A Subway employee making a sandwich.
Subway recently announced its biggest menu overhaul in company history, and it's giving away up to a million sandwiches to get customers to try the new subs.
The company's new Subway Series features 12 sandwiches that customers order as-is, without the customization that made the sandwich chain a hit. The subs are divided into four categories: cheesesteaks, Italianos, chicken, and clubs.
On Tuesday, you can try one for free. From 10am-12pm local time or while supplies last, the first 50 customers at participating locations can get a free 6-inch Subway Series sandwich of their choice.
There is a limit of one 6-inch sub per customer, and the offer is only available in stores. Add-ons cost extra, and there are no substitutions.
Here's the full list of Subway Series sandwiches you can get through the offer:
More: Subway Sandwich Customization Fast Food
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2022-07-12T15:06:14Z
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Subway Giving Away 1 Million Free Subs — How to Get One
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https://www.businessinsider.com/subway-giving-1-million-free-subs-how-to-get-one-2022-7
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https://www.businessinsider.com/subway-giving-1-million-free-subs-how-to-get-one-2022-7
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Brazil-based Creditas buys bank and raises additional funding to enhance profitability
Brazilian lender Creditas is buying a banking license and using its funding to build the tech behind its operations.
The company's continued acquisitions and new ventures beg the question of whether it’s striving to become a super app.
The news: Brazilian lender Creditas has raised funding and is buying a bank as it aims to increase profitability, per PYMNTS.
More on the deal: The online consumer loan platform raised $200 million and is set to purchase a Brazilian banking license from Andbank, a Brazilian bank with roughly $30 billion in assets under management.
Creditas will begin accepting deposits immediately, stating that retail deposits will help improve the platform's margin.
The deal is worth $100 million, but it is still awaiting approval from the Brazilian central bank and CADe, Brazil's antitrust regulator.
The lender also purchased mortgage marketplace Kzas, which will allow it to offer even more loans from various lenders.
More about Creditas: The 10-year-old Brazilian fintech has continued to take on the country by storm. In January, it raised $260 million, part of which came from major investor Fidelity, and was valued at $4.8 billion.
The fintech specializes in auto loans, insurance, and used cars.
Unlike most fintech companies , it provides transparency into its financials. Creditas doesn't hold loans on its balance sheet, but rather securitizes them and sells them.
It prides itself on offering cheap finance—something that is rare in Brazil.
Super app status? Creditas has been strategically using its revenue—which increased 233% to $48.6 million from Q3 2020 to Q3 2021—to build out its platform.
In 2021, the fintech acquired four companies, including credit and financing provider Bcredi, and auto insurance firm Minuto Seguros.
Creditas also operates Creditas Auto, a car marketplace; Creditas Store, an ecommerce platform with a payroll-deductible buy now, pay later (BPNL) model; and Voltz Motor, which offers electric motorcycles.
The new funding will be used to develop all of Creditas' technology in-house to run its operations.
Creditas has said it desires to be "a one-stop solution for those seeking a digital-first experience in everything related to their house, car, motorcycles, and salary-based benefits." Its continued acquisitions and new ventures beg the question of whether it's striving to become a super app.
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2022-07-12T16:36:17Z
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www.businessinsider.com
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Brazilian Lender Creditas Is Entering the Banking Space
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https://www.businessinsider.com/brazilian-lender-creditas-enters-the-banking-space-2022-7
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https://www.businessinsider.com/brazilian-lender-creditas-enters-the-banking-space-2022-7
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Data shows that Instagram in-feed posts have seen drastic dips in engagement in recent months as the app pushes Reels
Sydney Bradley and Tanya Chen
Instagram; Samantha Lee/Insider
Later, a social media marketing company, published a report on the decline of static Instagram posts.
It found the average engagement rate on in-feed Instagram posts decreased by 44% since 2019.
However, the report found Reels' engagement increased by over 500% since the app began pushing them.
Engagement rates on old-fashioned Instagram photos are plummeting.
Average engagement rates for in-feed posts (such as photos, carousels, and non-Reel videos) on Instagram have decreased by 44% since 2019, according to a June study by social media marketing platform Later.
These rates are typically calculated on Instagram by taking the total number of likes and comments on a post, and then dividing that number by a creator's follower count. Engagement rates help influencers and brands set pay rates for brand deals, showcasing just how many followers a creator's content reaches.
Later, recently acquired by influencer-marketing agency Mavrck, analyzed 81 million Instagram posts (excluding Reels and IGTV content) between January 2019 and February 2022 for its study. The company found that in 2019, the average engagement rate for in-feed posts was about 5.6% — but by the end of 2021, that rate decreased to an average of about 2.9%.
Reels appear to be the antidote for declining engagement, according to Later's research.
Later, which incorporated Reels into the company's social media strategy in 2020, reported a 500% increase in engagement. In 2020, Later's average engagement rate on Reels was about 2%. Today, that rate is around 9%, Later reported in its study.
This trend follows Instagram's heavy-handed approach to Reels. Over the last two years, the platform has redesigned its interface to prioritize Reels, and its executives have encouraged creators to use Reels to grow on the platform.
Influencers whose livelihoods depend on maintaining high engagement rates are feeling immense pressure to pivot to this video content.
Earlier this year, travel influencers reported that they've seen a 30% to 50% decline in both engagement and reach. Several travel photographers told Insider they've had to learn video skills to keep up with the industry — despite the fact that they've built a core audience around their impressive photography.
"I would say everyone I know personally in this space are in a stage of, 'I have to learn video or I'm not relevant anymore,'" said Chris Hau, a Canadian travel photographer and videographer with more than half a million followers on Instagram, in May. "Anyone that is an amazing photographer has to learn video now. They're definitely feeling the pressure."
Other travel influencers are moving away from Instagram entirely.
"Instead of relying heavily on Instagram, I'm focusing on my blog and doing SEO work to increase that revenue stream," travel influencer Asdghik Melkonian said.
More: BI Graphics Instagram Meta
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2022-07-12T16:36:29Z
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Data Shows Decline in Instagram Post Engagement As App Favors Reels
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https://www.businessinsider.com/data-shows-decline-instagram-feed-post-engagement-rate-favors-reels-2022-7
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https://www.businessinsider.com/data-shows-decline-instagram-feed-post-engagement-rate-favors-reels-2022-7
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Tim Levin and Tom Dotan
It is also closing down 76 warehouses to prepare for an economic downturn.
The company employs at least 10,000 people. In March, Gopuff laid off 3% of employees, or more than 400 people.
A company spokesperson confirmed the layoffs.
As it prepares for an economic downturn, Gopuff also plans to close 76 warehouses, according to a memo to investors seen by Insider.
It's one of a slew of companies tech companies cutting back amid fears that the US is on the brink of a recession . Tesla plans to lay off 10% of its salaried workforce. Coinbase, the cryptocurrency exchange, said it would reduce staff by 18%.
Read the full email:
For the last 18 months, Gopuff had operated in a market that incentivized growth, scale, testing, and investment, but the market has shifted quickly. As leaders, we took many risks for the benefit of the business, and we made a lot of swift moves. We benefited from many successes as a result of those moves, but in line with our core values, we also learned from the mistakes. Although challenging at times, the scale, customer focus, and experience we gained allow Gopuff to be set up for long-term success.
As a business, during these uncertain times, we owe it to our investors and customers to accelerate our timeline to profitability. As such, we have decided to confront the current moment by making difficult decisions about our core business - optimizing our MFC network, doubling down on our investment in the UK, and reevaluating others. We will continue to keep our customers at the center of everything we do.
With these changes, we will also say goodbye to roughly 10% of Gopuff employees worldwide. We know this news is difficult; these are not decisions we make lightly. In the next few hours, impacted employees will receive an email from the People & Culture team to discuss the next steps.
It is our people that define who we are as a business. As leaders, we are inspired by each of you daily - your ideas, contributions, and grit in even the most difficult of circumstances are admirable - for that, we are forever grateful. Thank you.
We commit to transparency and supporting those impacted during and after this process. This will include providing severance packages, healthcare options, job support, and ensuring that everyone remains a shareholder of Gopuff regardless of how long they worked here. In addition, Gopuff will do everything possible to ensure everyone receives support during and after this change.
Whether you have been part of Team Blue for a few months or years, this is the best team in the business. We — all of us together — have built the foundation for the future of commerce and we are forever grateful for your contributions.We understand you may have questions or concerns. Tomorrow, we will host an All Hands to facilitate that discussion and provide additional context.
Rafael and Yakir
Are you a Gopuff insider with insight to share? Got a tip? Contact reporter Tom Dotan via email at tdotan@insider.com or Twitter DM at @cityofthetown. Check out Insider's source guide for more tips on how to share information securely.
More: Retail Delivery gopuff News
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2022-07-12T16:36:53Z
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Delivery Startup Gopuff Is Laying Off 10% of Employees
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https://www.businessinsider.com/gopuff-layoffs-ultra-fast-delivery-startup-employees-workers-2022-7
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https://www.businessinsider.com/gopuff-layoffs-ultra-fast-delivery-startup-employees-workers-2022-7
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The best back-to-school deals you'll find on Prime Day, including 50% off lunchboxes and pens
Amazon Prime Day is here (running July 12 to July 13) and this year's discounts include everything from AirPods to cool tech products. We're also seeing good competing Prime Day sales from stores such as Best Buy and Target.
School supplies, as a necessity, are something we're likely to wind up buying at some point before the school year resumes — whether they're on sale or not. If you know your kids will inevitably need six spiral notebooks, a new (and less grimy) lunchbox, or a sturdier backpack, you may want to save yourself a bit of money and stock up on them now.
These chisel-tip EXPO markers are good for broad or fine writing and are designed to have a less intense smell. This pack includes colors that range from black and green to pink and lime. This is a couple of dollars more than the lowest price we’ve seen.
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2022-07-12T16:36:59Z
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www.businessinsider.com
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Best Prime Day Back-to-School Deals in 2022
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https://www.businessinsider.com/guides/deals/amazon-prime-day-back-to-school-deals-2022-07-12
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https://www.businessinsider.com/guides/deals/amazon-prime-day-back-to-school-deals-2022-07-12
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Best Prime Day deals under $50: Kindle, Fire TV stick, gift cards, Halo band, and more
By Amir Ismael and Jessica Orwig
Prime Day 2022 is here. The two-day shopping event kicks off today, July 12, and ends on July 13, and we're already seeing deep discounts on products we regularly buy and recommend at full price.
You can expect deals on everything from tech and headphones to mattresses and kitchen items — but you won't need to spend big bucks to participate. To help budget-conscious people shop, our team of journalists rounded up the best deals under $50.
Bookmark this page as we'll be continuously tracking the best deals throughout the event.
The Amazon Fire TV Stick is one of the most affordable ways to turn any TV into a smart TV. This particular model supports 4K Ultra HD streaming .
AquaSonic Black Series Ultra Whitening Toothbrushes
Packing a powerful 40,000 vibrations per minute, this Aqua Sonic toothbrush is highly capable of getting your teeth clean. It also comes bundled with eight replacement heads.
With Amazon's Kindle, you can download countless books straight to your device. This model has a front light that's perfect for nighttime reading. For less than $50 on Prime Day, this is the lowest price we've ever seen.
Designed for Amazon's cloud gaming service, Luna, this control will bring your online gaming experience to the next level without the lagging delay of most Bluetooth controllers.
If you don't need a smartwatch or can't afford one, the Halo Band is an affordable alternative that can be used to monitor steps, heart rate, sleep time, and sleep tracking.
Amazon Echo Dot and Sengled Color Bulb Bundle
Featuring the power of Alexa, the Echo Dot is one of the most useful Amazon devices you can buy. It also comes bundled with a Sengled Bluetooth Color Bulb that can be controlled via Alexa.
Amazon Kindle Unlimited Subscription
If you enjoy reading new titles on your Kindle, this deal on the Kindle Unlimited Subscription is well worth it. You'll gain access to over 2 million titles and more.
With the convenience of the Revlon One-Step, you can dry, style, and add volume to your hair in, well, one step. For less than $40, it'll help you cut down the amount of time you spend doing your hair and you'll love the look.
Taking place in the year 2042, Battlefield 2042 is a futuristic first-person shooter. With an in-depth story mode and incredibly fun online multi-player, it's well worth the $20 price on sale.
Forza 5 Horizon for Xbox Series X and Xbox One
Forza is arguably the most realistic racing game available on Xbox. Whether you're into cars or not, it's worth adding to your gaming collection for $21.99.
amFilm Tempered Glass Screen Protector for Nintendo Switch
A glass screen protector is a cheap, yet super important accessory that every Nintendo Switch owner should have. It'll help keep your screen from getting scratched or damaged beyond repair. This is a great price on this gaming staple.
Casper Sleep Essential Standard Pillow
You can top the skillet cookie with ice cream.
You can make warm, gooey chocolate chip cookies in almost any decent baking dish, but a cast iron skillet is a way for you to take your cookies to the next level. We've seen the price dip a bit lower on this Lodge skillet, but you're still saving 33% on an already affordable pan.
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2022-07-12T16:37:11Z
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www.businessinsider.com
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The 16 Best Amazon Prime Day Deals Under $50
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https://www.businessinsider.com/guides/deals/best-prime-day-deals-under-50-2022-7-12
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https://www.businessinsider.com/guides/deals/best-prime-day-deals-under-50-2022-7-12
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How do TIPS work?
Advantages and disadvantages of TIPS
Tax treatment of TIPS
How to buy TIPS
Treasury Inflation-Protected Securities can preserve your investment when the value of a dollar decreases
The principal value of Treasury Inflation-Protected Securities is adjusted in tandem with the Consumer Price Index (CPI).
nortonrsx/Getty
Treasury Inflation-Protected Securities (TIPS) are issued by the US government.
The principal value of TIPS is linked to the Consumer Price Index (CPI).
TIPS can be a good hedge against inflation, but there are downsides to consider.
Treasury Inflation-Protected Securities (TIPS) are a type of US Treasury bonds with face values that are indexed to inflation. When inflation rises or falls, the principal value adjusts with it.
The US government issues TIPS, but these investments aren't risk-free. It's important to understand how TIPS work as well as the benefits and risks before investing.
Inflation causes a gradual increase in the cost of goods and services, so your money won't go as far. When inflation rises, you'll be able to buy fewer goods and services in the future than you can today.
And inflation can have a negative impact on your investments, especially if you have regular Treasury bonds. The interest rate paid is fixed for the life of the bond, so the interest payments may not keep up with inflation.
If the rate of inflation exceeds the interest rate on your bonds, you're losing money on your investment. That's why some investors choose TIPS to diversify their portfolios.
"TIPS are like other government-issued bonds that pay you a percentage yield based on the bond principal," explains Katherine Fox, a CFP® professional and investment and philanthropic advisor at Arnerich Massena, Inc.
The main difference between TIPS and other government bonds, however, is that when you invest in TIPS, your principal rises with inflation and decreases with deflation. "As inflation increases, the face value of TIPS also increases. Although you are still being paid a set yield, that yield will increase as the face value increases with inflation," Fox says.
TIPS are tied to the Consumer Price Index (CPI), which affects your interest and the price you're paid when the TIPS mature. That means they can help combat inflation risk more than other investment vehicles.
Note: The CPI measures the average change in price consumers pay for products and services.
And since the rate is tied to the principal, your interest payments can vary. To calculate the value of a security you already own, you can check the issue date with TreasuryDirect.
The main benefit of TIPS is that they are protected during periods of high inflation since the face value of TIPS holdings will increase at the same rate as the CPI. And TIPS are among the few investments that can outperform inflation while still being backed by the US government.
However, the fact that your principal will increase with CPI can also be a disadvantage, according to Jason Blumstein, a chartered financial analyst (CFA) and founder of Julius Wealth Advisors. That's because the principal increase is subject to federal taxes, even though you don't receive it until you sell or the bond matures, he explains.
And Fox notes that TIPS are not an investment guaranteed to increase during periods of high inflation. Investors' future view of inflation also plays a big role in the performance of TIPS in the secondary market, where they are bought and sold after the government initially issues them.
For example, Fox explains, as inflation was rising to 40-year highs in mid-2022, the secondary market value of TIPS was decreasing because investors expected inflation to decline significantly in the the coming years.
And since TIPS are indexed based on inflation, this can be a drawback during deflationary periods. The face value of TIPS will decrease as the CPI decreases. And because the payments are dependent on inflation, it's hard to anticipate your income, which can lead to unpredictable cash flow.
Interest payments increase with inflation.
They can be a good option for conservative investors.
TIPS can be a good investment when the economy isn't performing well
They are backed by the US government.
TIPS aren't as valuable if inflation doesn't occur.
You may be subject to higher taxes on increased coupon payments.
The CPI may not necessarily reflect the true rate of inflation
Cash flow can be difficult to predict.
Fox says that TIPS do provide investors with certain tax benefits as principal increases and interest payments are exempt from state and local taxes.
According to Blumstein, new investors should consider the tax ramifications of TIPS where the principal increase is taxed though no actual income is produced. He says investors should also analyze the TIPS breakeven for the respective maturity.
"If inflation is higher than the TIPS breakeven, the investor will be better off owning TIPS versus Treasuries," he explains.
But if it's below, investors may be better off owning regular Treasuries.
You can buy TIPS by opening an account with TreasuryDirect or a banker or broker. TIPS are sold at auction, and you can bid on them in two ways — through a non-competitive or competitive bid.
A non-competitive bid means that you agree to accept the yield determined at auction. That means you're guaranteed to receive the tips you want in the full amount you bid on.
If you place a competitive bid, you'll specify the yield you want to receive. Your bid will either be accepted in the full amount you want or less than you wanted. Your bid may also be rejected if the yield you want is higher than the yield set at auction.
According to TreasuryDirect, TIPS are issued in five-, 10-, and 30-year terms and sold in increments of $100. Once you purchase TIPS, you can either hold them until they mature or sell them in the secondary market.
You can also hold TIPS through a mutual fund or exchange-traded fund (ETF). This can give you more diversification, but since there's no maturity date, there's no guarantee as to what the prices will be in the future.
PERSONAL FINANCE Treasury bonds are securities that offer stability for your investment portfolio
More: Personal Finance Insider PFI Reference Freelance Treasury bonds
treasury inflation protected securities
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2022-07-12T16:37:54Z
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Treasury Inflation-Protected Securities: Definition, How to Invest
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https://www.businessinsider.com/personal-finance/treasury-inflation-protected-securities
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https://www.businessinsider.com/personal-finance/treasury-inflation-protected-securities
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This startup helps Airbnb hosts make a greater profit. Here's the pitch deck it used to raise $1.85 million.
Annie Sloan and Mikel Hubbard founded The Host Co. as a virtual gift shop for Airbnb guests.
The Host Co.
Annie Sloan and Mikel Hubbard met working for HGTV and were familiar with the property world.
They launched an online retail solution for Airbnb hosts to sell products in their rentals.
They announced their $1.85 million seed round in March. Here's the pitch deck they used to fundraise.
Annie Sloan and Mikel Hubbard both worked as producers for HGTV and met in the mid-2000s. After both left the network, Sloan worked on contract as a creative director at Facebook in 2020.
Sloan was also a property host on Airbnb, and at the time, Hubbard was a property manager.
They began talking about the lack of resources for short-term rentals and noticed that when guests check into a property, hosts often cannot make any additional revenue.
Sloan told Insider that Airbnb hosts faced "a sunk cost after your guest checks in." She added guests want to get their money's worth so they'll "crank up the AC" or "use two gallons of dish soap."
The ex-HGTV producers came up with The Host Co. – a retail platform that allows hosts to sell products they display in their short-term rental spaces via scannable QR codes. Hosts can sell essential items like Advil and Gatorade, or more luxurious products like blankets and candles.
Sloan started working full-time on the business in August 2020.
According to Sloan, most hosts have display items and store further stock in a closet. Guests can access the items after being told where it is on their email receipt.
Sloan said advisors from Airbnb suggested they'd tried a similar product in-house, which was successful but didn't align with the company's main focus.
The Host Co. began raising money before its launch in late 2021 after a six-month beta test that Sloan and Hubbard bootstrapped to $100,000.
Sloan and Hubbard launched their business to the public in February 2022 and announced the $1.85-million seed round in March, which they'd raised in six months after initially setting out to raise $1.5 million.
Sloan walked Insider through the pitch deck they used to attract angel investors like Joe Thomas, the CEO and co-founder of Loom.
Courtesy of The Host Co.
When approaching the introductory tagline for this pitch deck, Sloan told Insider they asked themselves "how do we convey the benefit in three words?" Their answer was "shop your Airbnb".
She added it was crucial to highlight how the product would benefit the "guest experience" early on in the deck.
Sloan said this photo was first because it shows how hosts can curate "very high-quality items" that "elevates your experience of staying in an Airbnb."
"On the bottom, there's a very small tag, but otherwise there is nothing that conveys you shop here," she added.
Sloan also said that the photo includes local products. One of the company's "strongest values" is encouraging hosts to sell local wares.
Sloan used this photo to reinforce the experience of being in an Airbnb.
Airbnbs are "a retail experience," according to Sloan. "You’re walking around, you’re touching that blanket, your feet are on the floor," she said. "We're showing all of these things can be shoppable," she added. "All of those things should be for sale."
Three bullet points on this slide are in response to questions investors have asked Sloan about the business model.
She told Insider an investor once said, "I've never wanted to buy anything in my Airbnb." She responded: "Have you ever forgotten your toothpaste and needed some?"
Sloan told Insider she wanted to show investors what the technology would look like since the concept had not existed previously. Sloan wanted to convey to the investors they had "put a lot of thought into the design for this product."
She said that the design of the virtual storefront is intentionally simple to avoid overcomplicating the purchasing process.
According to Sloan, most holiday purchases on the platform were impulse purchases. People get vacation brain and the adrenaline of spending money on an Airbnb, so The Host Co. is "playing into what guests want," she added.
Sloan said this slide helps investors understand the business concept from the host's perspective. The product is conventionally guest-focused.
The social proof shows the demand from hosts, as well as the benefits to guests, Sloan told Insider.
Sloan added the screenshots to show investors "proof" that hosts also want this idea.
She said that Airbnb hosts are their main customers, adding: "We get 7% of a sale from the host and then we add a small convenience fee on the guest side of 8%."
Sloan wanted to include numbers that help conceptualize the market's scale and the gap for retail offerings.
The market is growing, according to Sloan, but "none of these short-term rentals have a retail component or upsell component."
The company wanted to convey the "incredible opportunity to be in this space", she added.
Sloan told Insider that the company took inspiration from Poshmark's scaling model. "We don't stock any products, we are just the marketplace that facilitates all of these exchanges," she said.
Sloan told Insider that she wanted to help investors understand that the product benefits women; primarily, older women, reflecting the demographic of vacation-rental hosts.
The company is empowering "primarily women to make more money," Sloan said.
When conceptualizing The Host Co., Sloan reflected on her travels aboard. She said she thought of "all the places I've stayed and all of the things I would have liked to buy."
According to Sloan, sometimes these add-ons can make up more than the rental cost in cheaper locations.
"This year we are only in the United States", but The Host Co. is looking to expand and increase the benefit it has, she said.
Sloan said it's uncommon to pitch pre-launch, so this roadmap was a way to show investors that they had a clear and actionable plan to grow.
She said, with this slide, she wanted to convey that The Host Co. was a "strong investment" and "how much could be made in this space."
The Host Co. has almost reached its 500-listing target for June 2022.
Sloan used this slide because she wanted to show investors that the total addressable market for this product is "absolutely huge."
With their industry knowledge, they have the "opportunity to market to over 400,000 hosts, because they're all in Facebook groups," she added.
Sloan mentioned the Airbnb Superhosts Facebook group has more than 140,000 members.
The Host Co. is building up slowly and has been talking to HGTV shows about the potential of appearing on them to publicize the company, Sloan said.
More: Features Pitch Deck contributor 2022 UK Freelance
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2022-07-12T16:38:10Z
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The Pitch Deck an Airbnb-Retail Startup Used to Raise $1.85 Million
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https://www.businessinsider.com/pitch-deck-airbnb-startup-raised-million-seed-funding-2022-7
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https://www.businessinsider.com/pitch-deck-airbnb-startup-raised-million-seed-funding-2022-7
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We asked employees how they dealt with major life changes like parenthood at work. Here's what they said.
Lauren Schneider, who works in public relations, recently became a mother. Her priorities shifted because of it.
Other employees explored their sexuality and gender, and they felt the same shift.
Insider asked how they dealt with the changes — and helped their colleagues get used to them, too.
During the seemingly endless months of the pandemic, people have had time to do things they wouldn't normally — like knit, bake bread, and explore their identities. For Anthony McEachin, that identity exploration led him to a place of questioning his gender and sexuality. McEachin wasn't alone.
"I finally came to the realization I never was cis," they told Insider. "I am a nonbinary man that goes by they/he pronouns."
McEachin said the amount of time they spent indoors due to social distancing and isolation led to him spending more and more time online, and the online spaces McEachin found were diverse. It felt like everyone they were surrounded with was questioning the same things they were: Am I straight? Am I queer? Am I cisgender?
Embracing a new identity — and bringing it to work
As the world reopened, many wondered: How did their new identities fit into their workplaces? McEachin, who worked at a credit union, chose to share his nonbinary identity. They took the time to explain to his colleagues what pronouns are and how to be inclusive. They even brought materials.
Courtesy of Anthony McEachin
"I bought a comic-book guide to they/them pronouns, and I had a little Post-It note that said 'read me' with a smiley face," McEachin said.
But even as they tried to bring change to their workplace, they wondered if the credit union was the right place for them. They didn't feel free to express their gender or racial identity as a Black person, and that took a toll on them. They started to run out of patience trying to explain what being nonbinary meant, and they wanted freedom.
McEachin eventually quit, and they now have that freedom as a self-employed person.
"I got my nails painted, I wear dresses, I feel comfortable correcting someone if they misgender me," McEachin said. "I feel comfortable. I feel like myself."
When priorities shift and colleagues can't fully comprehend
Lauren Schneider went through a monumental identity change while working from home as well — she became a mother. Schneider works in public relations, and she was sure she wanted to return to work when her daughter was born.
Then she went on maternity leave for three months and felt her priorities shift.
Courtesy of Lauren Schneider
"My world totally shifted from: 'Yeah, career woman, get out there, get that bread,'" Schneider told Insider. "Now, I'll do literally anything to stay home with this child every single day to watch her roll over for the first time."
The way Schneider carries herself at work has changed, too. She said she's much more confident since becoming a mother.
"I think it's because I'm not doing it on behalf of myself anymore, but on behalf of her," she said. "So in terms of negotiating salary and benefits, I have almost no fear anymore."
Her coworkers watched the shift through Zoom . Some of them don't understand her new identity, Schneider said — but she doesn't blame them, because she didn't understand parents before she came one either.
When Schneider used to see colleagues leave early to pick up children from school or activities, she would wonder why she couldn't leave early. But now, she gets it.
Luckily, her boss gets it too, because he has two children of his own.
"I just want this really flexible life where I can work the hours I want to work and be home with my daughter," she said.
Finding freedom in living as yourself at work
For Abiola Agoro, who works for an advocacy organization, the pandemic lead to a different kind of identity realization: that she's queer.
Courtesy of Abiola Agoro
"The term queer gave me the opportunity to fully express who I was … without confining myself to limitations," she told Insider.
As Agoro was stuck inside and hanging out online, she had time for conversations about what femininity is, what masculinity is, and why people are forced into boxes. As a person who grew up in a religious community, Agoro felt shame over her identity.
But now, she feels free — and she felt comfortable enough to take her changing identity with her to work. Agoro changed her pronouns to she/they, and their colleagues didn't mention it.
"It's nice to be in a workplace where I can be my fullest self," Agoro said. She's worked places where she didn't feel comfortable expressing her identity, but she said that at her current job, her boss and colleagues alike talk about partners outside of traditional heterosexual relationships.
Agoro knows that if their gender or sexual identity were to shift again, it would be accepted by her colleagues without question. But not everyone is so lucky. Expressing identity can be dangerous for some people — especially Black and brown trans people, Agoro noted — and no one should feel pressured to come out in any way at work.
"Do whatever feels safest," Agoro said. "There's no guilt in not being open. It doesn't make you any less queer."
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Gender at Work
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2022-07-12T16:38:28Z
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We Asked Workers How to Deal With Major Life Changes at Work
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https://www.businessinsider.com/these-employees-discovered-newfound-identities-during-the-pandemic-2022-6
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Struggling EV startup Canoo just inked a major deal with Walmart. But experts and insiders aren't sure Canoo has enough cash on hand to fill the order.
Canoo's deal with Walmart is a shot in the arm, experts say — but the electric vehicle startup still needs enough capital to be able to make the vans it is promising.
EV startup Canoo said Tuesday that Walmart is buying at least 4,500 its electric lifestyle delivery vehicles.
Walmart has focused on achieving zero carbon emissions in its global operations by 2040.
Analysts say the partnership provides Canoo with "breathing room" amid a "rocky road" this year.
Canoo said Tuesday that retail giant Walmart has a definitive agreement to buy at least 4,500 and up to 10,000 of the electric vehicle startup's lifestyle delivery vehicles, sending Canoo's previously-faltering stock price up 107%.
The move comes less than a year after Canoo announced it was moving its corporate headquarters from Torrance, California, to Bentonville, Arkansas — which is also home to Walmart.
That decision sparked rumors of a potential tie-up between Canoo and Walmart. Still, it surprised some, given that Arkansas lacks an established supply chain compared with auto manufacturing hubs like Michigan, Tennessee, and Kentucky.
The news is part of Walmart's strategy to reach zero carbon emissions across its global operations by 2040. Along with focusing on electrification, the company is also working to power vehicles with renewable natural gas and hydrogen.
Walmart also announced two other deals at the start of this year: an order of 5,000 electric delivery vans from General Motors subsidiary, Brightdrop and 1,100 E-Transit electric vans from Ford. And in 2020, subsidiary Walmart Canada ​​announced it had reserved 130 Tesla Semi trucks, though Tesla hasn't begun manufacturing the electric 18-wheelers yet.
The agreement with Walmart could serve as a much-needed lifeline for Canoo, which has recently faced scrutiny over its struggle to ramp up production. Its stock had been in freefall; before Tuesday's news, it had fallen 90% from an all-time high of $22 in December 2020 to around $2. Canoo ended the first quarter with $105 million in cash.
Insider talked to the industry analysts and insiders to get their take on what the deal means for the companies.
'Breathing room'
Canoo initially targeted a production range of 3,000 to 6,000 lifestyle vehicles (Canoo's consumer-oriented vehicle; the vehicle for Walmart is the commercial version) starting in the fourth quarter of 2022 at a factory in Bentonville.
But CEO Tony Aquila said in Q1 earnings that whether the company would hit its full target is "remaining open." Aquila has since said Canoo's production line in Arkansas may not start running until 2023 and that the start of production at its other plant in Pryor, Oklahoma, could slip into 2024.
Canoo has laid off about 6% of its workforce this year, lost critical talent, and missed payments to suppliers.
"With the exit of so many executives and the company's own reports of financial troubles, Canoo has been paddling upstream for quite some time," said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions. "An order of this size can give the startup a little breathing room, presuming they have enough capital banked to get them into production.
"By providing a buyer for its initial run of vehicles, Canoo gains some legitimacy, which it has needed," Fiorani added.
But, he said, "following this order with a longer-term plan of buyers to fill out the company's target volumes will be necessary, and quickly," he said. He said that the 10,000 vehicles Canoo could sell to Walmart represent just a fraction of Canoo's production goals. "The business plan needs higher volume to make the company viable on its own."
'A major shot of credibility in the arm'
Canoo has faced a "rocky road" in 2022 so far, said Dan Ives, a senior equity research analyst at Wedbush Securities. But he said Tuesday's announcement can help the EV company reverse course.
"This is a major shot of credibility in the arm for Canoo," Ives told Insider. "When you have Walmart, you're working with one of the best brand names in the world. That will ultimately bring more success."
Ives added that it might surprise some that Walmart entered this partnership with Canoo, but the move "makes sense" to him.
"Walmart is going to get sole focus from Canoo, and I think that's something that they want," he said. "The problem is that some other last-mile companies may be working with FedEx or UPS or Amazon. I think with Canoo, they're going to get white-glove service."
'Orders are good, but they still need to manufacture them'
Canoo is running low on cash and after issuing a going concern statement after first-quarter earnings announced a plan to raise $600 million. This includes $50 million in funding via a committed private investment in public equity, a $250 million equity purchase agreement with Yorkville Advisors, and filing a $300 million universal shelf registration.
The cash run-out has some insiders questioning whether Canoo will have the significant capital required to fulfill the binding pre-order.
"It should give them a little more runway," a former Canoo employee, who requested anonymity as they are unauthorized to speak publicly about the company, told Insider of the news. "It may very well be the Hail Mary they needed to land to get them back in the game."
"I am surprised this landed," the former employee said. "Orders are good, but they still need to manufacture them."
More: Transportation Retail Walmart
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2022-07-12T16:38:34Z
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Walmart and Canoo's EV Deal Hinges on If Canoo Can Make 4,500 Vehicles
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https://www.businessinsider.com/walmart-canoo-ev-deal-analysis-production-target-2022-7
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https://www.businessinsider.com/walmart-canoo-ev-deal-analysis-production-target-2022-7
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Dogecoin creator Jackson Palmer said he believes Elon Musk wanted to "destroy" Twitter.
Palmer made the comments months before Musk decided to back out of the deal.
On Friday, Twitter said it would take the billionaire to court and force him to buy the company.
Dogecoin Co-Creator Jackson Palmer said he knew Elon Musk would back out of his initial Twitter contract months ago.
"The second I heard he was going to make a bid, I thought that he intended to destroy Twitter," Palmer said in an interview with the Australian news outlet Crikey on May 30.
On Friday, July 8, Musk said he's backing out of the $44 billion deal. In a letter, the billionaire's lawyers accused the social media company of making "false and misleading representations" about the number of bots there are on its platform — an issue Musk has been harping on since the deal was signed in April.
Musk and Palmer did not respond to a request for comment from Insider.
Palmer resurfaced the interview with Crikey on Monday via Twitter in response to a Wired story that said Twitter has fallen into disarray after Musk said he would ditch the deal.
"Musk fucked around with us, fucked with the share price, catalyzed a load of redundancies and cuts," a Twitter employee, who preferred to remain anonymous due to the company's media policy, told Wired. "Morale is so fucking low that nobody wants to be here now anyway."
Insider's Kali Hays previously reported that several Twitter employees were considering jumping ship after Musk initially agreed to buy the social media company.
In his interview, Palmer said he believes it was Musk's plan all along to sabotage Twitter from the inside. The Dogecoin creator's comments came just days after the Tesla CEO said he thinks that about 25% of users on the platform are bots and dissed Twitter CEO Parag Agrawal on social media with a poop emoji.
"He was sowing a huge amount of discord and distrust on the platform, and there are huge amounts of churn and attrition from staff," Palmer told Crikey in May. "His play is to either dismantle all trust, or maybe he's delusional enough to think he can build an alternative. The other alternative is that he wants to drive it into the ground at a much lower price, and I think that's what he's doing," he added.
Palmer took several jabs at Musk during the interview, including calling the billionaire a "grifter" who had trouble running basic code. At the time, Musk promptly responded to Palmer's diss by saying the Dogecoin creator "never wrote a line of Dogecoin code" and claiming his kids could write better code.
On Friday, Twitter said it would take Musk to court to force him to buy the company. Experts previously told Insider Musk is likely to face a multi-billion dollar bill and could be forced to buy the company after all.
Since Musk announced he did not intend to honor the deal, Twitter's stock has slid as much as 11% — about 40% below the $54.20 per share price at which Musk agreed to buy the company.
More: Elon Musk jackson palmer Dogecoin Twitter
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2022-07-12T17:58:53Z
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Dogecoin Creator Said Elon Musk Wanted to 'Destroy' Twitter
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https://www.businessinsider.com/dogecoin-creator-elon-musk-destroy-twitter-purchase-2022-7
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https://www.businessinsider.com/dogecoin-creator-elon-musk-destroy-twitter-purchase-2022-7
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College students can save on laptops, backpacks, dorm gear, and more on Prime Day — here are the best deals
Save money on dorm and college essentials — from essential tech like laptops, tablets, and headphones to backpacks, dorm supplies, and pillows.
If you're heading back to college this fall — be it in person or online — Prime Day is your best opportunity to save some money on upgrades or necessities.
Amazon Prime Day is from July 12 to July 13 this year, but you'll also find competing sales at Target, Best Buy, Walmart, and more that might also be worth your time — and some may outlast Prime Day deals. Below, we're highlighting the best discounts on college supplies in the mass of deals this year — including those we've personally tested and recommend year-round.
Find the best college supply deals below. We'll be updating this post routinely throughout the event. You can also browse Prime Day sales on general school supplies here.
Prime Day deals on laptops and tablets
Save up to 49% on a new laptop or tablet during Prime Day.
Samsung's Galaxy Chromebook 4 is down to the lowest price we've seen yet, but only for a limited time. The device boasts an 11.6-inch screen and an Intel Celeron Processor for basic computing needs.
Apple 10.2-inch iPad 9th Generation (2021)
Samsung's Galaxy Tab S8 is the best Android tablet you can buy with a beautiful 11-inch screen, and it runs on the most powerful mobile processor of 2022, the Qualcomm Snapdragon 8 Gen 1. Down to $600 for Prime Day, it's a decent deal. We've seen it go below $580 recently, if you want to wait for the chance to save a bit more.
The Galaxy Tab S8 Plus is a gorgeous, powerful, feature-rich tablet, but it's expensive at $900.
The 2022 iPad Air has the same power as the iPad Pro for a lower price. It offers a sharp screen, Touch ID, 2nd-gen Apple Pencil Support, and mouse support. Though it's often discounted below its $600 retail price, $559 is an especially good price to find one at. We have seen it go down to $550 before, but don't let $10 get in the way of snagging this excellent tablet.
Samsung 2021 Galaxy Tab A8
The Tab A8 is a budget Android tablet with a large 10.5-inch display. It competes with Amazon's own Fire tablets, and its main draw is its access to the Google Play Store for a more comprehensive app library. At $160, it's hard to pass up this tablet if you're looking for something simple and affordable, especially with a large screen.
Prime Day deals on backpacks and bags
Save up to 47% on durable and organization-friendly backpacks from brands such as Adidas and VASCHY.
Modoker Vintage Laptop Backpack
This stylish, vintage-looking laptop backpack comes with a USB port for your charging cable. You can get 23% off on Prime Day.
Tzowla Travel Laptop Backpack
This water-resistant laptop backpack comes with a USB and headphone port as well as anti-theft features like a password lock. Right now, take 21% off for Prime Day.
Prime Day deals on headphones
Save up to 30% on some of our all-time favorite headphones during Prime Day 2022 from brands like Apple, Bose, Skullcandy, and Samsung.
These earbuds have built-in Tile tracking, so you’ll be able to find them easily if they are ever lost. The Sesh Evo will last for five hours on a single charge, and can pack a total of 24 hours of battery thanks to the charging case. The headphones are available in a selection of different colors, five of which are discounted to only $30 right now.
The Galaxy Buds 2 deliver incredible sound and noise-canceling performance, but the app is limited to Android devices only. Currently they’re down to $110, which is one of the best prices we’ve seen all year, though it’s a few dollars more than the all-time low.
Sony's WH-1000XM4 are our go-to pair of headphones when we look for a balance of sound quality and noise-cancelling performance. This $248 deal matches the lowest price we've seen so far.
Apple's 2nd-generation of AirPods are the company's cheapest and most basic model that feature a wired charging case. Their current $99 price is lower than most of the year from Amazon and other retailers.
Prime Day deals on dorm and apartment essentials
Pick up the dorm essentials — sheets, speakers, TV, decor, handheld vacuum — for up to 40% less until July 13.
The SoundLink Color II brings a pop of color and sound to any occasion, and it's compatible with iOS and Android. It's rare to find so many colors on sale, and right now, all available colors are discounted significantly from Target.
eufy Handheld Cordless HomeVac H11
This handheld vacuum is lightweight, completely cordless, and the size of a wine bottle. It also has a crevice tool to fit into hard-to-reach areas like under the couch or behind your desk.
Philips Hue Smart Bundle: 2-Pack White A19 Bluetooth + V2 Dimmer Switch
These light bulbs are a relatively affordable upgrade for how much of a difference the right lighting makes in creating an enjoyable ambiance. Control these lights via an app or by voice assistant.
We’re fans of Casper’s pillows; we ranked the Original as the best pillow for side sleepers in our buying guide to the best pillows you can buy. The Essential pillow is soft and breathable on the outside and supportive on the inside, so it feels plush to the touch.
Miscellaneous Prime Day deals for college
Save on the other miscellaneous essentials you'll need at school — from the best Kindle on the market to a Tile Pro that will find your lost wallet for you.
Amazon Oasis - With adjustable warm light - Without Lockscreen Ads + 3 Months Free Kindle Unlimited (with auto-renewal)
Amazon revolutionized the e-reader with the Kindle Oasis' daring design, great page-turn buttons, sharp screen, and giant ebook library. After extensive testing, it's our pick for the best overall e-reader.
The Tile Pro tracker has the longest range and loudest speaker of all the Tile models. Usually, a single tracker would cost you about $45, but for Amazon Prime Day, it's down to only $27.95. This is a rare chance to pick up one unit alone since Tile discounts are usually in the form of bundle deals.
The best Prime Day back-to-school deals
More: Features Prime Day 2022 Insider Reviews 2022 Insider Picks
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Best Amazon Prime Day Deals for College Students in 2022
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Amazon's latest Kindle Paperwhite hits an all-time low price of $95 for Prime Day
Prime Day is here, and you can find great deals on all of Amazon's Kindle e-readers through July 13.
The Kindle Paperwhite is on our list of the best e-readers and it's on sale for $95 right now. This is an all-time low price for the Paperwhite, which is packed with great features like a waterproof body and warm light setting.
If you're looking to upgrade your ereader or buy one for the first time, now is the perfect opportunity. It's likely we won't see price cuts this deep again until Black Friday or Cyber Monday. Read our full review of the Kindle Paperwhite.
Best Prime Day 2022 Kindle Paperwhite deals
Prime Day Kindle Paperwhite FAQ
Amazon Prime Day is July 12 and 13.
To take advantage of the deals listed above plus hundreds more, you'll need an Amazon Prime membership. Prime costs $15 a month or $139 a year, but new members can get their first 30 days free with all of the benefits, including Prime Day prices.
Which Kindle Paperwhite should I buy?
The Kindle Paperwhite and Kindle Paperwhite Signature have a lot of features in common, but a few premium features set the Signature Edition apart.
You'll have to consider whether those features, which include wireless charging, automatically adjusting brightness sensors, and 32GB of storage (as opposed to 8GB) are worth the extra cost ($30 as of this writing). If not, the standard Kindle Paperwhite is our choice for the best touchscreen e-reader and the Prime Day price of $95 is the best we've ever seen for it.
If you're buying an e-reader for your kids, the Kindle Paperwhite Kids is a great choice. It includes an Amazon Kids subscription, automatically giving your kids a library with thousands of books to choose from.
Can I trade in my old Kindle?
Yes, with Amazon's trade-in program, you can trade your old Kindle in for a gift card and discount to use toward a new one.
The amount you'll receive for your trade-in will depend on how old your Kindle is, and it will be applied to your account as an Amazon gift card. A separate credit for 20% off a new Kindle will also be added to your Kindle account, regardless of how old or broken your Kindle is, and you can apply that to Prime Day discounts.
Most Kindle and Paperwhite models are worth between $5 and $25 in Amazon trade-in credit, while the latest Kindle Oasis can be traded for $75.
More: Insider Reviews 2022 Insider Picks IP Deals Prime Day
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2022-07-12T17:59:05Z
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Prime Day Kindle Paperwhite Deal 2022: Save up to $60
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https://www.businessinsider.com/guides/deals/amazon-prime-day-kindle-paperwhite-deals-2022-7
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Instacart announces executive leadership changes amid valuation drop and a slowdown in pandemic-fueled grocery buying
Instacart filed confidentially for an IPO in May.
Instacart intends to go public but hasn't disclosed its financial performance.
Today the company announced major changes to its senior leadership team.
The executive moves come a year after Fidji Simo was named CEO, replacing founder Apoorva Mehta.
Instacart is making major changes to its executive leadership — pre-IPO moves that come a year after Fidji Simo was named CEO of the company.
Leadership changes include several C-suite promotions, the creation of a new chief architect position, and the exit of the company's first chief technology officer, Mark Schaaf. Instacart named Varouj Chitilian as the new CTO, a promotion from vice president of engineering.
The extension of its senior leadership, announced Tuesday morning to staffers, is part of Simo's evolving vision for the company.
Since taking over as CEO, Simo has emphasized an e-commerce strategy of developing products that empower — not compete — with grocery retailers. She has led various initiatives including expanding advertising opportunities for consumer-packaged-goods brands, leaning into automation, 15-minute deliveries, investing in smart carts, and rebranding the company's subscription program.
"As we reimagine the role that Instacart has to play — as an enablement platform for our retail partners and pioneer for the industry — ensuring our teams are set up for success has never been more important to our future," the company told Insider in a statement. "The growth of our leadership team is a testament to our expanded vision as a retail enablement platform and grocery technology company, and we're excited to see these leaders and our teams drive even more value for our partners, customers and shoppers as we look ahead."
Still, Simo has faced headwinds as Instacart has seen its sales, market share, and valuation drop, as e-commerce buying slows down amid record-breaking inflation rates.
Instacart's sales fell 4% in the first quarter of 2022 over the previous year, Bloomberg Second Measure said. Instacart's market share also declined 2.3% during the first five months of this year, according to the retail-analytics firm 1010Data.
Executives have also left. Last year, chief revenue officer Seth Dallaire left for Walmart, and president Carolyn Everson stepped down last fall after three months on the job.
Here's a rundown of the leadership changes:
Chris Rogers, formerly the vice president of retail at Instacart, is now the chief business officer. He replaces Nilam Ganenthiran, who left in January.
Chris Rogers, vice president of retail, was promoted to the role of chief business officer on Tuesday.
When Rogers started in mid-2019, Instacart had more than 300 retail partners. Today, Instacart said it now works with more than 800 merchants. He's been responsible for expanding Instacart's marketplace beyond traditional grocery stores by adding retailers such as Sephora, Best Buy, Michaels, Walgreens, Costco Prescriptions, 7-Eleven, and Dick's Sporting Goods, according to the company.
In his new role, the former Apple executive will expand his current merchant duties to include working with CPG brands. Brands like Ben & Jerry's, Breyers, Talenti, and Tillamook use Instacart's ad platform to directly market their products to consumers on Instacart's app.
JJ Zhuang will be taking on the newly created role of chief architect.
Daniel Danker, who joined Instacart in March 2021, was promoted to chief product officer. The former Uber Eats executive previously held the roles of vice president of shopper and fulfillment and vice president of product at Instacart. When he first started at Instacart, he oversaw the company's growing network of gig workers and shoppers, a similar role he held at Uber.
Most recently, Danker has been responsible for introducing new products to the company's platform, including the shopper-rewards program Cart Star, 15-minute delivery with Publix, and Priority Delivery. The latter, introduced last year, is a 30-minute delivery service from select retailers in North America.
Laura Jones, the former head of marketing who led the launch of Instacart's first national brand campaign, is now chief marketing officer.
JJ Zhuang, the head of infrastructure, will be taking on the newly created role of chief architect.
Instacart said CTO Mark Schaaf is "winding down his work with Instacart to take a break with family and pursue new opportunities."
Varouj Chitilian, the new CTO, has been with the company for four years and has led Instacart's "most significant technical milestones," including scaling the app and its performance during rapid consumer adoption during the pandemic, Instacart said.
More: Power Players food delivery Grocery Delivery eCommerce
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2022-07-12T17:59:17Z
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Instacart Announces Executive Leadership Changes, Promotions Pre-IPO
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https://www.businessinsider.com/instacart-announces-executive-leadership-changes-promotions-pre-ipo-2022-7
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https://www.businessinsider.com/instacart-announces-executive-leadership-changes-promotions-pre-ipo-2022-7
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A transcript of a phone call between former U.S. President Donald Trump and Brad Raffensperger, Georgia Secretary of State, appears during the fourth hearing on the January 6th investigation.
The House Select Committee resumed its January 6 hearings on Tuesday.
A hearing scheduled for Thursday night has been postponed.
Rep. Liz Cheney started off by promising to hold former President Donald Trump accountable.
At the start of the seventh House Select Committee hearing on the January 6 insurrection, Rep. Liz Cheney of Wyoming set the stakes for the hearing and hearkened back to the evidence presented about what Trump knew about the lack of evidence to back up his election fraud claims.
"President Trump is a 76-year-old man. He is not an impressionable child. Just like everyone else in our country, he is responsible for his own actions and his own choices," Cheney, the Republican co-chair of the committee, said. "As our investigation has shown, Donald Trump had access to more detailed and specific information showing that the election was not actually stolen, than almost any other American. And he was told this over and over again. No rational or sane man in his position could disregard that information and reach the opposite conclusion. And Donald Trump cannot escape responsibility by being willfully blind."
Rep. Stephanie Murphy of Florida said the hearing would focus on the planning leading up to the January 6 protests and the Trump White House's last efforts to overturn the election ahead of the Capitol siege.
The committee showed video clips from former White House counsel Pat Cipollone's video deposition, taken behind closed doors on Capitol Hill last Friday.
Cipollone, like several other former top Trump White House officials, declined to testify to the committee. However, the former White House counsel came forward following former aide Cassidy Hutchinson's bombshell testimony.
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2022-07-12T17:59:23Z
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Liz Cheney at Jan. 6 Hearing: Trump Is 'Not an Impressionable Child'
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https://www.businessinsider.com/january-6-hearings-update-liz-cheney-cipollone-deposition-opening-statements-2022-7
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https://www.businessinsider.com/january-6-hearings-update-liz-cheney-cipollone-deposition-opening-statements-2022-7
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The progressive group RootsAction.org is launching a national "DontRunJoe" campaign to 'dump' Joe Biden.
They say if Biden runs in 2024, "he will have a fight on his hands."
The group will launch digital ads in early nominating states after midterm elections, POLITICO reported.
A progressive group founded by supporters of Sen. Bernie Sanders plans to launch a national "#DontRunJoe" campaign, saying President Joe Biden "will have a fight on his hands" if he plans to run for re-election in 2024.
RootsAction.org, an online activist group, will spend six figures on the campaign and launch digital ads in early nominating states one day after the midterm elections on November 9, POLITICO first reported.
The 1.3-million-member group says in a statement on its "DontRunJoe" website that Biden has unfortunately been "neither bold nor inspiring."
"And his prospects for winning re-election appear to be bleak," the statement continues. "With so much at stake, making him the Democratic Party's standard bearer in 2024 would be a tragic mistake."
Democrats eyed as potential 2024 contenders told CNN that they're backing Biden, who has said he intends to run in 2024 if he's in good health. But a recent New York Times and Siena College poll found nearly two-thirds of Democrats don't want Biden to be their party's presidential nominee in 2024.
RootsAction supported Biden in the 2020 general election, but their statement on the "dontrunjoe" website says Biden has "no automatic right to renomination."
"Joe Biden should not seek it," the statement says. "If he does, he will have a fight on his hands."
In an FAQ, the group says they are objecting to Biden because of his job performance.
"We see Biden as a logjam that has to be cleared away if Democrats are to look forward to election victories – and the enactment of big, broadly popular policies that could lead to even more election victories," they write.
They add, "Our immediate goal within the Democratic Party is to 'dump Biden,' much as the anti-Vietnam-War forces among Democrats set out to "dump Johnson" in 1967, which led antiwar candidates Eugene McCarthy and Robert Kennedy to enter the race."
Former President Donald Trump has repeatedly teased another presidential run but he's held off on making an official announcement. Only half of Republican voters now say they'll support him in a primary, according to a new poll.
The 1.3 million-member Roots Action was co-founded in 2011 by progressive advocates and journalists, Norman Solomon and Jeff Cohen, longtime supporters of Sanders, the Vermont independent who ran for president in 2016 and 2020.
Sanders has said he will not challenge Biden in a 2024 primary and he will support Biden if he runs again. RootsAction says the group "respects Senator Sanders' views."
A Sanders delegate to the 2020 Democratic National Convention, Solomon called on progressives that summer to "keep the pressure on" Biden. He wrote then that "many 'Berners' are frustrated and angry," arguing that despite Biden's nods to the left, that he remains "largely oblivious to social imperatives."
More: Joe Biden Bernie Sanders Progressive Progressives
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2022-07-12T17:59:29Z
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Left-Wing Group to Launch '#DontRunJoe' Campaign to 'Dump' Joe Biden
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https://www.businessinsider.com/left-wing-group-ad-campaign-tells-joe-biden-dont-run-2022-7
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https://www.businessinsider.com/left-wing-group-ad-campaign-tells-joe-biden-dont-run-2022-7
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Some BNPL programs charge up to 30% interest on late payments.
Buy now, pay later programs are ubiquitous, but they make it too easy to spend more than you have.
They are loan programs, and they come with late fees up to 30%. One in three users has been late on a payment.
As a financial planner, I recommend saving up for these purchases instead of putting off payment.
Ever filled up your online cart and gone to the check out only to see it's way more than you wanted to spend? Enter buy now, pay later, a popular financing option that lets you make a small payment up front and walk away with your entire cart.
Sounds too good to be true? I would argue it definitely is. I consider it a form of predatory lending, and it seems like others are catching on: The Consumer Financial Protection Bureau recently began investigating BNPL companies to see if consumers are racking up more debt than they can handle.
As a financial planner, I always recommend against using BNPL programs. Here's why.
How buy now, pay later works
Buy now, pay later is a short-term financing option that allows you to break up larger purchases into smaller ones, spread out over a period of time. While each program works differently, most split up a purchase into four equal payments over six weeks. You'll typically have to put down around 25% of the purchase to receive your items, essentially removing any price friction from the online shopping experience.
BNPL is everywhere. Sometimes referred to as alternative financing, BNPL is integrated with most online retailers, exploding during the pandemic as more people spent time at home and shifted their shopping habits online. Over half of all Americans have used a BNPL service before, with an average purchase size of $690.
There are third-party companies offering BNPL, like Afterpay, Affirm, and Klarna. And recently, large retailers like Amazon and Apple rolled out their own financing options.
BNPL programs are basically loans
Though it goes by another name, buy now, pay later is essentially a type of installment loan.
Though it markets itself with perks like interest-free payments, the ability to apply, get qualified, and pay using BNPL in under a few minutes with just a few clicks makes it much easier, more convenient, and more dangerous than getting a traditional personal loan.
With a regular personal loan, you'd have to apply directly from a financial institution, which would take into account your credit score and other financial factors. With most BNPL programs, you'd only undergo a soft credit check, and they tend to be more lenient with their approvals.
BNPL financing may make things that you previously could not afford seem within reach, like that fancy new rug or pricey new computer. It can be easy to view a product as cheaper than it actually is and not forecast how it really fits into your budget.
Find a financial planner near you
Why I always recommend against BNPL programs
In theory, buy now, pay later is a great option to budget for large purchases over time — as long as you pay it back on time. If not, you could wind up paying late fees or, in some cases, interest, sometimes up to 30%. This is fairly common: A recent study found that one in three consumers who use buy now, pay later have fallen behind on one or more payments, and 72% said their credit score declined due to BNPL.
I believe buy now, pay later plays right into our desire for instant gratification over delayed gratification, and encourages impulse purchases. When we want something and have the option to pay for it now (especially with a discount), we take it — and assume we'll be able to deal with it in the future. Unfortunately, we can't always predict the future, and may wind up taking on more debt that we're able to pay off.
The short length of most BNPL programs also makes it difficult to find the funds to pay off the loan on such short notice. Plus, if you purchase multiple items using this financing option, you'll face a combined monthly payment that could be much larger than you anticipated. And if you can't pay it back, you may face fees, interest, and debt. More than half of people say they regret making a purchase through BNPL because it was too expensive.
While using BNPL smartly is possible, I think the potential downsides can vastly outweigh the positives. In most cases, I advise saving up for the types of purchases that often take BNPL, like clothing, furniture, or technology. Oftentimes, these aren't "essential" products, and you won't need them right away — and once you save up and have enough money, you may realize you didn't really want or need it after all.
The bottom line? Avoid buy now, pay later.
FINANCE How buy now, pay later startups like Klarna and Affirm went from the pandemic's fintech darlings to an industry turned on its head in 18 months
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2022-07-12T17:59:47Z
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I Think Everyone Should Avoid Buy Now, Pay Later Programs
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https://www.businessinsider.com/personal-finance/avoid-buy-now-pay-later-financial-planner-2022-7
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https://www.businessinsider.com/personal-finance/avoid-buy-now-pay-later-financial-planner-2022-7
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Rules for withdrawing funds from Robinhood
How to withdraw money from Robinhood on iOS
How to withdraw money from Robinhood on Android
How to withdraw money from Robinhood on the web
How to withdraw money from the Robinhood app
After you submit a request to withdraw funds from your Robinhood account, it can take a few trading days for the funds to settle in your account.
To withdraw money using the iOS or Android apps, you'll have to navigate to your account settings and then click on the transfers option using the website or app.
Before you can withdraw money from your Robinhood account, you'll have to meet certain requirements, depending on where the money came from.
You can make up to five withdrawals a day and are limited to $50,000 per business day.
Robinhood is one of the most popular trading platforms for young investors, but not all users are happy. If you want to switch from Robinhood to one of Insider's top-ranked investment apps, you can either directly transfer securities out of Robinhood into your new brokerage account, or you can sell your stocks and crypto and transfer the money into your bank account.
It's easy to withdraw money from Robinhood on your iOS or Android mobile device — or by using the website. If you can, it's best to withdraw your cash into the same bank account you used to fund your account. Otherwise, Robinhood may ask you for extra documents to prove that you own the bank accounts in question.
Robinhood users should look out for a few rules that limit how and when they can withdraw their cash from their accounts.
You may be required to wait up to five business days after depositing funds. Robinhood has an "Instant Deposits" policy, which means some customers can start trading as soon as they've moved cash into their Robinhood account from their checking or savings account. But there's a catch: Even though you might be able to buy and sell stock with your "instant deposits," you won't be able to transfer your cash back out of Robinhood right away. Once you've moved money into your Robinhood account, you're typically required to wait up to five business days before you can move that money out.
After selling stock, you must wait for the trade to settle. When you buy or sell stocks, ETFs, or options in the United States, it takes three business days for those trades to "settle," which means the trade is officially complete. If you're a Robinhood Gold or a Robinhood Instant user, you may be eligible for instant settlement, which means you can withdraw any proceeds right after you sell stocks, ETFs, or, options.
You can make only five withdrawals per business day. If you've already hit that limit, you'll have to wait until the next business day to make any additional transfers.
You can withdraw only $50,000 per business day. If you have a large balance that exceeds that amount, you will have to withdraw money in lump sums.
You have to wait 30 days to withdraw funds from selling free stock. You know that free stock you received from Robinhood's Referral program? Robinhood will let you sell that stock right away if you want, but you have to keep the cash value of that stock in your account for 30 days before you can withdraw it.
You'll face special rules if you're switching bank accounts. Watch out if you funded your Robinhood account with one bank account, and want to move your money into a different bank account. That can look suspicious, and Robinhood has some special rules that apply in that situation. They may ask you to send some documents to prove you're really the owner of both bank accounts, like sending pictures of your photo ID or bank statements. To avoid the hassle, it's best if you can withdraw your cash into the same bank account that funded your Robinhood account.
You may not be able to withdraw money while your account is restricted. Robinhood sometimes restricts users' accounts. That can happen if the user has a negative balance, had a bank account transaction reversed, if the user is suspected of fraud, or for a few other reasons. If your account is restricted, you may not be able to withdraw any money until you've contacted Robinhood to clear things up.
Tap the account icon in the bottom-right corner.
The account icon can be found at the bottom of your home screen.
Tap this icon to open the account's Menu.
Select Transfers.
Find Transfers near the top of the Menu.
Tap Transfer Money.
"Transfer Money" is the first option in the Transfers menu.
Enter the dollar amount and hit Continue. Select Robinhood for the "From" field and then the bank account of your choosing for the "To" field. Then select Transfer.
Select a dollar amount and hit Continue and you'll be taken to this screen.
Tap the account icon in the bottom right corner.
The account icon is at the bottom of the home screen.
Tap this icon to open the Menu of your account.
Tap Transfers.
Transfers is near the top of the Menu.
Tap Transfer to Your Bank.
"Transfer Money" is near the top of the Transfers menu.
It may take 5 days for money to transfer.
Navigate to the Transfers screen.
First, click Account and then click Transfers.
Fill in transfer details and select Review transfer.
In the "From" field, select Robinhood. In the "To" field, select the bank you want your money transferred to.Then select the dollar amount and then Review Transfer.
It may take a few days for your money to transfer.
You can easily transfer money out of Robinhood into your bank account. But there are a few catches. Most importantly, you can't take money out until five business days after you've transferred that money into Robinhood. You'll also need to wait three business days after selling stocks, ETFs, or options before you can withdraw the proceeds.
On the iOS or Android app, get started by tapping the "Account" button in the bottom right of the screen, which looks like a cartoon person. From your browser window, get started by clicking "Account" in the top right, and then click "Transfers."
More: Robinhood app Robinhood Cash Management Account Money service graphics
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2022-07-12T18:00:00Z
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How to Withdraw Money From Robinhood in 4 Steps
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https://www.businessinsider.com/personal-finance/how-to-withdraw-money-from-robinhood
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https://www.businessinsider.com/personal-finance/how-to-withdraw-money-from-robinhood
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6 takeaways from the massive debate about the SEC's proposed new climate rule
Drake Baer
Gary Gensler, the chair of the SEC.
The SEC proposed a new rule regarding climate-risk disclosure in March.
It asked the public to weigh in — and many large companies answered the call.
In March, the Securities and Exchange Commission proposed a big rule change, one that would require registered companies to disclose climate risk. The agency asked the public for comments, and major companies — in industries from finance and tech to consulting and retail — have weighed in.
Gary Gensler, the chair of the SEC, told Insider the proposed plan is to make environmental, social, and governance, or ESG, reporting more formalized. Since we're over three months into that hearing process, Insider went through the responses to look for trends and standout replies.
The Task Force on Climate-Related Financial Disclosures, or TCFD, is popular
From Deutsche Bank to Etsy, many of the responding firms called out preexisting ESG frameworks as inspirations to draw from. The most popular is TCFD, a set of letters you should get used to if you're interested in climate policy.
The Financial Stability Board — which a number of international bodies created in the wake of the Great Recession in 2008 — established the TCFD in 2015. The task force developed its own set of international recommendations for climate reporting, with "core recommendations" centered around governance, strategy, risk management, and metrics and targets.
TCFD — which Michael Bloomberg, the CEO of Bloomberg, chairs — has gained support from 3,600 companies in 95 countries, the organization told Insider.
But companies have framework fatigue
There are many reporting frameworks like this one. Trying to adhere to several of them replicates work for issuing companies. By their nature, many of these organizations operate globally, and the climate crisis is a global issue.
"In our view, there are too many frameworks that companies are asked to align their reporting to, which makes it difficult for investors to compare across companies and for companies to organize and publish ESG-related information," Prat Bhatt, Cisco's SVP and chief accounting officer, said in a statement. "As such, we believe a global framework would be ideal, but it may not be practicable unless there is widespread support and adoption by all stakeholders of such a global framework."
KPMG, a global accounting firm, added that without a global framework, there will be less consistency, clarity, and reliability, all owing to the lack of standardization.
Getting the world to agree on a single set of standards is a major undertaking, but having the SEC put its weight behind a standard could help formulate that global consensus.
One point of contention: Scope 3 reporting
Within greenhouse-gas emissions, scope 1 is "direct," the kind that comes from company vehicles or facilities, while scope 2 is "indirect," taking the form of energy purchased for the company's own use. Scope 3 is also indirect, but it covers everything scope 2 does not — a full 15 categories ranging from waste generation and employee travel to the use of products the company has sold.
As You Sow, a shareholder-advocate group, made an argument for requiring scope 3 reporting, noting research from this year that found that among 25 large companies, 87% of total emissions were scope 3, but just under a third of those companies disclosed moderately detailed plans regarding what they were going to do about it. Danielle Fugere, the president of As You Sow, said not requiring scope 3 reporting would be a big miss.
"Without rules requiring reporting on all 15 scope 3 categories, investors may assume that a company reporting its scope 3 emissions is reporting in full, while in reality, it is reporting only a fraction of such emissions," she said. "Further, required reporting of only scope 1 and 2 emissions can incentivize companies to outsource emissions to supply chains, making it appear that they are reducing emissions while, in reality, those emissions are being located elsewhere."
Scope 3 has its critics, because — as noted in the Harvard Business Review and elsewhere — it can be hard to get good data on all those outputs.
How synced should ESG reporting be with preexisting quarterly and annual reports?
Companies disagreed on whether this reporting should follow the regular quarterly and annual reporting schedule or be on an alternative timeline.
FedEx, for example, pointed out that ESG information isn't available in the same time frame as the financial information current reports require.
But PricewaterhouseCoopers argued that "investors should be provided with an integrated, holistic report including both financial and non-financial information" — so climate disclosures should be included in an annual report.
But what about going beyond climate?
There's more to ESG than just the "E."
Martin Whittaker, the CEO of JUST Capital, pointed this out in his statement asking that the SEC create a set of standard metrics "that includes but is not limited to climate-related disclosure."
For example, while there's been discussion around diversity, equity, and inclusion, the numbers are still meager. According to Whittaker, just 31 of the 100 largest companies acknowledge having done a race-and-ethnicity-based pay-equity analysis, and just under half of those — 14 companies — have publicized the results.
Making a new norm
In its comments, Walmart said that the SEC needs to foster a cultural shift of sorts. What needs to emerge is a "GAAP for ESG" — referring to the Generally Accepted Accounting Principles that govern how public companies file their financial statements.
"The financial reporting field has taken 80 years to mature to where it is today: detailed standards and interpretations informed by experience, a robust body of practice, and processes to assure accuracy and integrity," Kathleen McLaughlin, David Chojnowski, and Gordon Y. Allison, three Walmart executives, argued. "We believe ESG reporting will mature far more quickly but needs to follow a similar path."
More: Financing a Sustainable Future SEC Gary Gensler Greenhouse Gas
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2022-07-12T18:00:30Z
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SEC Climate Rule: Takeaways From Debate, Public Comments
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https://www.businessinsider.com/sec-climate-rule-takeaways-from-debate-public-comments-2022-7
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https://www.businessinsider.com/sec-climate-rule-takeaways-from-debate-public-comments-2022-7
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The world's largest asset manager says investors should be prepared for a long stretch of market volatility. Here's when BlackRock says to make 4 big portfolio changes during the turbulence.
Gargi Chaudhuri, head of iShares Americas Investment Strategy Americas.
BlackRock, the world's largest asset manager, says stocks and bonds won't rise in tandem again.
The firm says a new, more volatile period has begun and it will last for a long time.
It's telling investors how to trade "nimbly" in the short term while keeping a long-term view.
BlackRock, the world's largest asset management firm, is very bullish on stocks in the long term, and mildly bearish on both credit and government bonds. Like many market leaders, it expects inflation to continue growing and eventually reach a higher baseline level, which is positive for stocks.
But it also thinks that for a long time to come investors are going to have to deal with a volatile environment similar to the early 1980's, with more inflation and "sharp and short swings in economic activity" that drive bullish or bearish sentiment.
Investors must prepare for volatility
Since the early 1980's global growth and inflation grew at steady, predictable clips. Production capacity and supply grew in tandem, and interest rates were a good tool for fighting inflation or helping economies out of recessions.
But BlackRock says the trend started breaking down in the late 2010's. Globalization began to fade, then the pandemic finished it off by bringing about labor shortages and big, swift changes in the way consumers spent their money — as well as greater government debt.
"We are seeing a worsening tradeoff between inflation and growth," said Jean Boivin, Head of the BlackRock Investment Institute, in a media presentation on Monday.
He says that means the old investing environment, which drove stock and bond prices steadily higher, is gone and not coming back. If BlackRock is right, investors shouldn't expect another generation-long bull market in stocks or bonds or anywhere else.
As views about growth and inflation shift, investors will have to change their mindsets as well. Gargi Chaudhuri, the head of Americas investment strategy for BlackRock's iShares ETF business, says that investing "nimbly" is going to be more important than ever.
What's working now
Despite its position that volatility will reign for a time, the BlackRock Investing Institute has a positive view on credit, and recently upgraded global credit to "Overweight." The group also upgraded UK GILTs to "Overweight" in spite of its negative view on government bonds. Meanwhile, it's bearish on US and developed-market stocks in the short term.
Chaudhuri says minimum-volatility ETFs are working well. iShares has one, though investors could find similar offerings from other major firms like Vanguard and Invesco. She also likes investment-grade credit ETFs and shorter-dated Treasury bond ETFs. iShares' options in this arena include the iShares 1-5 Year Investment Grade Corporate Bond ETF, the iShares Short Treasury Bond ETF, and the iShares 1-3 Year Treasury Bond ETF, while SPDR and Charles Schwab offer similar funds.
Those funds are less sensitive to changes in interest rates and will have better returns if inflation increases in a meaningful way, she said. Among stocks, defensive sectors like healthcare and pharma make sense because of their pricing power.
While Chaudhuri didn't recommend any sector-specific ETFs, BlackRock offers several healthcare and pharma-focused ETFs to choose from, including the iShares US Healthcare Providers ETF and the iShares US Pharmaceuticals ETF. Industry and sector-spanning ETFs are also popular offerings from many firms such as Vanguard, with its Vanguard Healthcare Index Fund ETF, and VanEck's Pharmaceutical ETF.
How to know when to make a change
In a volatile environment, BlackRock says it's very important to recognize the "signposts" that will tell investors when to get more bullish or more bearish on different asset classes. For stocks and credit, BlackRock says that a "decisive dovish pivot" by central banks and further evidence that supply chain problems are in the rearview mirror will be reasons to get more bullish.
One reason they're concerned about stocks in the immediate future is that BlackRock thinks the Fed is going to damage the economy before it stops raising rates and accepts a greater level of inflation.
It will be time to get more bearish on stocks if inflation picks up, central bank policy gets more hawkish, and corporate earnings stay weak for a long period.
For government bonds, BlackRock says that it will be time to get bullish when those dovish pivots emerge, provided that inflation expectations remain anchored or bond yields hit attractive levels. Bearish signals include knee-jerk rallies and a "low term premium despite volatile growth and inflation."
On inflation-linked bonds, the positive signposts include continuing supply-driven inflation, high goods-related inflation, and an increase in services inflation, while the greatest negative sign is a recession that cuts into inflation.
Finally, for Chinese stocks it will be time to get more bullish if the country is able to vaccinate a greater number of elderly people and it makes a more forceful policy response to help the economy.
iShares BlackRock
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2022-07-12T18:00:36Z
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www.businessinsider.com
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How to Invest Now and for the Long Term Amid Volatility: BlackRock
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https://www.businessinsider.com/stock-market-investing-how-to-bonds-strategies-advice-blackrock-volatility-2022-7
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https://www.businessinsider.com/stock-market-investing-how-to-bonds-strategies-advice-blackrock-volatility-2022-7
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Grace Kay and Sam Tabahriti
Jack Sweeney said he "had a feeling" Elon Musk's Twitter deal would fall through.
The teen is known for tracking Musk's private aircrafts on Twitter.
Sweeney previously set up backup accounts in the event Musk shut them down after taking over Twitter.
Jack Sweeney, the teen known for tracking Elon Musk's jet, said he had anticipated that the billionaire's Twitter acquisition wouldn't go through.
"I had a feeling it was going to fall through," Sweeney told Insider. "It's been however many months, if a deal was gonna happen it would've happened, he just kept talking the talk."
On Friday, Musk said he's backing out of the $44 billion deal after agreeing to buy the company in April. In a letter to the Securities and Exchange Commission, he accused Twitter of being "in material breach of multiple provisions" of the merger agreement.
Musk's decision came after he had spent months questioning how much of Twitter's userbase was made up of bot accounts.
Sweeney also responded to the news on Twitter.
"I told you I wasn't worried," he tweeted as the news broke.
Despite his expectation now looking like reality, Sweeney originally started making backup plans for his Twitter accounts which tracks Musk's private aircrafts, as well as that of several other billionaires and celebrities, when Musk announced his plans to buy the social media company in April.
"It remains unknown if Elon would take down ElonJet if he takes over Twitter," Sweeney said in a tweet from his personal account. "If he considers ElonJet a security risk rather than a critic then I'm probably gone."
In January, Musk asked Sweeney to delete the account that tracks his jet, @ElonJet, over concerns it could pose a security hazard. But, the 19-year-old rejected the billionaire's offer of $5,000 in exchange for deleting the account.
While 19-year-old Sweeney doesn't have any expertise in mergers and acquisitions, he was one of many to question Musk's intentions with Twitter. In May, Dogecoin Co-Creator Jackson Palmer said he believed Musk wanted to "destroy" the social media company.
On Friday, Twitter said it would take Musk to court to force him to buy the company. Experts previously told Insider that Musk is likely to face a multibillion-dollar bill and could end up buying Twitter after all.
More: Elon Musk Twitter Jack Sweeney Private Jets
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2022-07-12T18:00:42Z
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Teen Who Tracks Musk's Jets Anticipated Twitter Buy Would Fall Through
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https://www.businessinsider.com/teen-who-tracks-elon-musk-jets-twitter-deal-2022-7
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https://www.businessinsider.com/teen-who-tracks-elon-musk-jets-twitter-deal-2022-7
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Former Trump White House aide Cassidy Hutchinson
Cassidy Hutchinson wrote "the west wing is UNHINGED" as a key December meeting went off the rails.
The December 18, 2020, meeting saw Trump lawyers face off against White House attorneys.
The two sides nearly came to blows and their shouting could be heard outside of the Oval Office.
White House aide Cassidy Hutchinson recorded in real-time the surreal scene of a December 2020 Oval Office meeting that nearly resulted in a brawl as Trump attorney Sidney Powell and White House lawyers clashed over efforts to push President Donald Trump's debunked claims of election fraud.
"The west wing in UNHINGED," Hutchinson, a top aide to then-White House chief of staff Mark Meadows, wrote in a text message to Anthony Ornato, another top aide, according to messages released by the House January 6 committee.
Lawmakers on the panel investigating the attack on the Capitol focused part of Tuesday's hearing on what unfolded during a six-hour December 18, 2020, meeting that began in the Oval Office. Rep. Jamie Raskin, a Democrat on the panel, said that things were so heated that aides could later hear screaming down the hallway.
The meeting began when Powell, former national security advisor Michael Flynn, and former Overstock.com CEO Patrick Byrne walked in for an unscheduled meeting with the president. White House counsel Pat Cipollone was alerted that the trio of election fraud pushers were in the building and quickly jumped in to counter their views. The gathering quickly went off the rails.
Hutchinson in another message sarcastically said the trio of Powell, Flynn, and Bryne were the "Dream team!!!!." Staffers were also comforting themselves by drinking, she added.
"That's why the alcohol opened," she wrote. "It's not flowing around the oval — just the outer oval." (The outer oval is a reference to the area just outside the Oval Office.
Those inside the meeting pain an even grimmer portrait. Axios' previously published an extensive report about it deemed "the craziest meeting of the Trump presidency" that depicted a scene of yelling and cursing.
"If it had been me sitting in his chair, I would have fired all of them that night and had them escorted out of the building," Powell told the committee of her view of the White House lawyers.
Rudy Giuliani, the former New York Mayor and one of Trump's lawyers, said he most likely called the White House attornies "pussies."
"I'm going to categorically describe it as, 'you guys aren't tough enough' or maybe I put it another way, 'maybe you guys are a bunch of pussies," Giuliani told the committee, trying to recall what he said. "Excuse the expression, I'm almost certain that word was used."
Eric Herschmann, a Trump White House lawyer, said that Flynn had belittled him so much during the meeting that he just finally lost.
"At a certain point, I had it with him and so I yelled back, "Either come over or sit your f-ing ass back down.'"
Hutchinson sent another message later that night. She said she took a picture of Meadows every day at the White House. That day's photo was of Meadows escorting Giuliani out of the building "to make sure that he doesn't wander back into the mansion."
More: Cassidy Hutchinson january 6th Capitol Siege January 6 committee
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2022-07-12T19:38:58Z
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Cassidy Hutchinson Texted: 'the West Wing Is UNHINGED' As Oval Office Meeting Went Off the Rails
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https://www.businessinsider.com/cassidy-hutchinson-texted-west-wing-is-unhinged-trump-january-6-2022-7
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https://www.businessinsider.com/cassidy-hutchinson-texted-west-wing-is-unhinged-trump-january-6-2022-7
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Companies are letting you work from home so they can pay you less — and so you'll be happier
Companies offering remote work may be treating it as a tradeoff for a bigger raise.
A new paper finds that 38% of firms see remote work as a way to moderate wage growth.
Workers may be somewhat aware of that, with some saying they'll accept a pay cut to stay remote.
If you're reading this from the comfort of your own home, you may be among the legions of office workers who no longer work in an office.
For many so-called knowledge workers — who have always been able to do their work from the comfort of a laptop screen — the pandemic made remote work the norm for many. It's been a boon for some, and one way that workers have seen themselves gain some power over when and where they're working.
But some companies might have ulterior motives for letting you work in your pajamas — it's saving themselves some money in a still-hot labor market.
A new National Bureau of Economic Research working paper from economists Jose Maria Barrero, Nicholas Bloom, Steven J. Davis, Brent H. Meyer, and Emil Mihaylov looks at wages and remote work, and how companies are approaching both.
The research, which was first reported on by NPR's Planet Money, is based on the Federal Reserve Bank of Atlanta's Survey of Business Uncertainty. That survey goes out to monthly to hundreds of executives, and the economists added new questions for April and May polling.
They asked executives if their "firm expanded the opportunities to work from home (or other remote locations) as a way to keep employees happy and to moderate wage growth pressures." The answer: 38% of the firms surveyed were letting their workers stay at home — and using that as a tool to not raise wages as much.
That was particularly concentrated among larger firms, where 52.4% said that they made remote work more available in an effort to offset potential wage growth.
And some companies are planning on letting their employees stay remote, but with a wage tradeoff. The researchers asked if, over the next year, firms will let employees stay remote for at least one day a week "to restrain wage-growth pressures." Broadly, 41% of executives said yes, and about 55% of executives at firms with over 250 workers said they were planning on it.
The study finds that this may be good news for inflation, since the remote work for less wages tradeoff means wages won't keep soaring and pushing businesses to pass those higher labor costs on to customers.
The research offers a glimpse into how employers are balancing workers' desires in the labor market. Workers still want to work from home, and some will even quit if made to come back. An ADP survey of 32,000 workers found that 64% of respondents would start job hunting, or consider it, if their bosses asked them to return to working in-person full time.
So allowing remote work is a good way to keep your employees, and keep them happy. The economists also noted that remote work can impact potential turnover, and cut down on hiring costs.
But when companies do offer remote work, it also presents an opportunity to pay their workers less than they might have otherwise. Some workers are fine with this tradeoff. Owl Labs and Global Workplace Analytics polled 2,050 workers in September 2021 for their State of Remote Work survey, and found that 38% would take a 5% paycut if it meant they could work remotely at least part time after the pandemic.
Alonso Morris, a 39-year-old who believes he could be earning more, told Insider's Jason Lalljee that being able to work remotely is worth the salary tradeoff.
"That kind of flexibility is honestly life-changing," Morris, who real name and company were kept private, told Insider.
More: Economy Remote Work remote worker Remote Workers
low wage
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2022-07-12T19:39:04Z
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Companies Are Letting You Work From Home so They Can Pay You Less
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https://www.businessinsider.com/companies-let-work-from-home-so-they-can-pay-less-2022-7
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https://www.businessinsider.com/companies-let-work-from-home-so-they-can-pay-less-2022-7
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Premium Home Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Investing
A former financial analyst shares the smartest way he's investing his money right now to prepare for a recession
Austin Hankwitz
Austin Hankwitz.
Austin Hankwitz is a former financial analyst and investing content creator.
He uses TACK, an ETF, in times of market uncertainty like we're seeing now.
He also says that continued market volatility is nearly certain.
There's been a ton of buzz recently around a looming recession – and mass hiring freezes and layoffs point toward one being right around the corner.
There are several things people should be thinking about when it comes to preparing for a recession, like paying down high-interest debt and building a savings account.
But I want to spend some time walking through how I've been strategically investing my money while keeping this uncertain macroeconomic environment front of mind.
I create personal finance and investing content online – mainly short-form videos. I graduated from the University of Tennessee with a bachelor's in finance and economics and worked as a financial analyst for three years at a healthcare company. I now create personal finance and investing content full-time and have amassed 900,000 followers across my social media platforms in only two years.
I always look at TACK — an exchange traded fund that follows the market
On March 23, 2022 Fairlead Strategies launched an ETF (exchange traded fund) called the Fairlead Tactical Sector ETF – or "TACK" for short.
TACK is an ETF that follows trend-following, overbought/oversold and relative strength.
Austin Hankwitz / Seeking Alpha
TACK is an ETF that follows three market characteristics that are incredibly important to observe and act upon during times of heightened volatility and uncertainty:
Trend-following: This generally means it observes and reacts upon trends in the markets in this case by watching mathematical indicators based on moving averages.
Overbought/oversold: This recognizes if a specific security is overbought (historically trading too high) or oversold (historically trading too low).
Relative strength: This gauges price performance of one security versus another using a price-to-price ratio, in this case applied to sectors versus the broader market.
Once per month, the ETF is rebalanced to reflect Fairlead's findings regarding these characteristics. This steers the ETF either "risk-on" or "risk-off."
What risk-on means
When the ETF is deemed to go "risk-on," it aims to build on the return of the S&P 500. It does this in the most straightforward way possible – hold other ETFs that represent the sectors making up this index, concentrated in those with the best trends.
In case you all weren't familiar, there are 11 sectors that make up the S&P 500. All of these sectors can be invested into individually through ETFs offered by various companies. So when TACK wants to build on the return of the S&P 500, it holds proportionate weightings in the strongest eight of the ETFs shared below:
The Communication Services Sector (XLC)
The Consumer Discretionary Sector (XLY)
The Consumer Staples Sector (XLP)
The Energy Select (XLE)
The Financials Sector (XLF)
The Health Care Sector (XLV)
The Industrial Sector (XLI)
The Materials Sector(XLB)
The Real Estate Sector(XLRE)
The Technology Sector (XLK)
The Utilities Sector (XLU)
How to have the best chance to outperform long term
Think about it like this — we all know an ETF is easily explained as "a basket of stocks." By investing into an ETF, you're buying into a "basket" that holds dozens (sometimes hundreds) of individual stocks. One ETF, or basket, could hold hundreds of stocks.
Since this ETF is comprised of other ETFs, you can think of this as "a basket of other baskets." This one "basket" is full of other "baskets," especially the 11 economic sectors that make up the stock market.
Theoretically, by concentrating in the leading sectors that the S&P 500 holds — you'll have a chance to outperform over a long period of time.
What risk-off means
However, when Fairlead Strategies identifies a soft spot in the markets they go "risk-off" and migrate to the following ETFs:
SPDR Gold Trust (GLD)
SPDR Portfolio Long Term Treasury ETF (SPTL)
SPDR Portfolio Short Term Treasury ETF (SPTS)
Here's a good breakdown of the ETF:
"Fairlead Tactical Sector ETF (the "Fund") seeks capital appreciation with limited drawdowns. A drawdown is the amount of investment value lost during a significant market decline, here related to the equity market, measured from peak to trough. The Fund seeks to limit drawdowns to preserve capital, such that a greater amount can be reinvested once the market has bottomed.
"Our methodology attempts to proactively identify market declines. When successful, this process should position the Fund into more defensive sectors and assets before market declines become worse, thereby limiting drawdowns."
Overall, the fund's strategy is designed to benefit from sector leadership during uptrends while minimizing downside risk during downtrends.
To add color around that statement, since TACK was launched in late-March the S&P 500 has traded down -18%. On the other hand, TACK is trading down only -4% — producing more than 14% in alpha against the markets.
Here's more information if you want to see the specific holdings inside the ETF that allowed them to outperform the market since inception.
What I'm doing with this information
Including this ETF in my portfolio is a no-brainer. As I've been sharing to my Substack publication over the last seven months, I've been stacking cash in anticipation for a large market correction. I'm currently sitting around a 30% cash position in my active portfolio.
Given this looming recession, continued chatter about supply chain issues, and inflation eating into corporate profits (Target and Walmart specifically) – continued market volatility is nearly certain.
If we look back in time, the 200-week exponential moving average has done a fantastic job marking the market "bottom" or close to it. Sure, no one can predict which way the stock market is going to move. However, if we drop below this moving average (when the S&P 500 trades below ~3,260) there's no telling as to what's going to happen and for how long.
To mitigate my downside risk while still having exposure to the market, when and if the S&P 500 trades below this figure I'm going to move most of my cash position into this ETF. Considering it truly is "no man's land" below this moving average, I have no idea how volatile the market will be when trading below. Assuming TACK will be "risk-off" if this happens, my downside risk during the heightened volatility should be limited.
Austin Hankwitz is a former financial analyst and full-time investing content creator.
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2022-07-12T19:39:28Z
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www.businessinsider.com
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A Former Financial Analyst on How He's Investing His Money Right Now
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https://www.businessinsider.com/how-to-invest-money-recession-financial-analyst-austin-hankwitz-2022-7
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https://www.businessinsider.com/how-to-invest-money-recession-financial-analyst-austin-hankwitz-2022-7
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U.S. Rep. Liz Cheney (R-WY).
Former WH Counsel Pat Cipollone recently testified before the Jan. 6 committee.
Rep. Liz Cheney said Cipollone's testimony "met our expectations."
The committee will play some excerpts of his testimony at the next hearing.
Republican Rep. Liz Cheney said on Tuesday that recent testimony former White House Counsel Pat Cipollone gave to the House select committee investigating the January 6 insurrection "met" their expectations.
"If you've watched these hearings, you've heard us call from Mr. Cipollone to come forward to testify. He did, and Mr. Cipollone's testimony met our expectations," she said during the house select committee's seventh public hearing.
On queue, the House panel then aired several clips of Cipollone's sworn testimony at the start of their seventh hearing as part of a push to further show then-President Donald Trump's aides disagreed with his push to try to overturn the results of the 2020 election.
Cipollone told the January 6 committee that he agreed Trump should concede the 2020 election and that he lost to Democratic nominee Joe Biden fair and square. He also cited Senate Minority Leader Mitch McConnell's floor remarks where he congratulated Biden and said that the process was "done.
When Cheney asked whether the former president had "a particular obligation" to ensure US laws are "faithfully executed," the former White House counsel responded, "That is one of the president's obligations, correct."
Legal experts have previously told Insider that Cipollone's testimony could potentially heighten Trump's legal exposure in several investigations into the former president. His testimony could provide more insight into Trump's state of mind during the January 6 insurrection and whether he intended to commit a crime.
"The most important and compelling witnesses in a real trial, where the rules of evidence apply, could be people who spoke directly to the former president and can tell a jury what he said and thus what he intended. That could be someone like Pat Cipollone. It could be any number of people. We just don't yet know," Chuck Rosenberg, a former federal prosecutor, previously told Insider.
Cipollone's first-hand account of what Trump did and said on January 6 has become an important part of the January 6 committee's investigation. It came after former White House aide Cassidy Hutchinson testified that Cipollone expressed concerns about the criminal charges they could face if Trump planned to go to the US Capitol building with his supporters on January 6.
During an earlier January 6 committee hearing, Hutchinson recalled Cipollone saying at the time, "We're going to get charges of every crime imaginable if we make that move."
More: Liz Cheney pat cipollone january 6 Investigation
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2022-07-12T19:39:52Z
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Liz Cheney: Pat Cipollone's Testimony 'Met Our Expectations'
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https://www.businessinsider.com/liz-cheney-said-pat-cipollone-testimony-trump-january6-expectations-2022-7
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https://www.businessinsider.com/liz-cheney-said-pat-cipollone-testimony-trump-january6-expectations-2022-7
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A Nexo co-founder walked away with millions in bitcoin after he was fired in 2019, and the crypto lender has been fighting ever since to get it back, a new court document reveals.
Jack Newsham and Morgan Chittum
Businessman chasing Bitcoin falling down descending arrow
Nexo, a top crypto lender, transferred 1,451 bitcoins to an account with a co-founder's name on it.
Georgi Shulev tried to take the money with him after he was "terminated" in 2019, a new ruling says.
The ruling in Nexo's effort to reclaim the funds comes at a tough time for the crypto sector.
Nexo, one of the world's biggest crypto lenders, has quietly been engaged in a heated dispute with a co-founder who allegedly stole tens of millions of dollars' worth of company assets after he was fired, according to a recent court ruling.
An account with the online exchange Bitmex that once held over $10 million in Nexo's cryptocurrency was registered in the name of Georgi Shulev, a former banker who co-founded Nexo in or about 2017 and was "terminated" in September 2019, the decision said.
Nexo yanked Shulev's access to his company email account and warned Bitmex that Shulev might try to "siphon away funds." But Shulev told Bitmex that the money was his, and said he was worried that it might be "stolen" after losing access to his Nexo email account.
Bitmex froze the account and asked an English court to figure out who the rightful owner was.
The details of this years-long dispute comes at a difficult time for crypto. Digital asset values have plummeted and some companies have been eyeing bankruptcy. Nexo has said it's in good financial shape, but Shulev's alleged money-grab isn't the first time a crypto insider has been accused of taking advantage of the largely unregulated sector.
Nexo transferred 1,451 bitcoins to the Shulev account in May 2019, before Shulev was fired, though it fell to 880 bitcoins by the time a court got involved, the ruling said. In addition, Nexo said Shulev absconded with 45 million Nexo tokens before surrendering them last year when they were worth about $60 million.
In an effort to settle the dispute, Nexo agreed last year to pay Shulev $1 million to surrender the tokens, but he balked after only transferring some of them — prompting the English court to intervene. The judge on July 1 ordered Shulev to continue transferring the crypto assets to Nexo, but said he could hold onto an amount equal to what Nexo had agreed to pay him.
Shulev told Insider he couldn't comment without consulting his lawyers. Stella Zlatareva, a Nexo representative, told Insider that the company was grateful for the ruling and insisted that Nexo was a "safety-first lender."
"Unfortunately, it's a business where people will try to take advantage of their positions and do it in some very creative ways," she said.
The price of bitcoin has fallen to below $20,000 since peaking last November at over $67,000, and the total value of all cryptocurrencies has fallen from nearly $3 trillion to $888 billion over a similar time frame, according to the website CoinMarketCap.
Companies like Nexo that pay rewards to crypto depositors or issue loans backed by crypto collateral have also been hurting, with one competitor, Celsius, suspending user withdrawals and reportedly hiring bankruptcy lawyers. Voyager Digital, another crypto trading platform, filed for Chapter 11 bankruptcy.
Another company, BlockFi, struck a deal to be sold for a fraction of its previous valuation, but it's still allowing withdrawals and its CEO has said BlockFi is "fully functional across all products." Nexo, which is based in Bulgaria, has said that it is in good financial health and contemplating acquisitions, and it has attacked online critics who have suggested otherwise.
A "real-time audit" report on Nexo's site claims that its assets are somewhere north of the $3.6 billion in customer liabilities on its balance sheet. That figure is down by more than half since March 5, according to an archived version of the report.
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2022-07-12T19:40:04Z
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www.businessinsider.com
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Nexo Claims a Co-Founder Walked Away With Millions in Company Assets
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https://www.businessinsider.com/nexo-fight-with-cofounder-georgi-shulev-over-millions-of-bitcoin-2022-7
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https://www.businessinsider.com/nexo-fight-with-cofounder-georgi-shulev-over-millions-of-bitcoin-2022-7
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Coins you can stake
Staking rewards
Risks of staking
What to know about staking — the process of locking up crypto holdings to earn rewards and interest
Staking can be a good way for crypto investors to put their holdings to work, earning them interest and rewards.
Staking is the process of delegating or locking up crypto holdings to earn rewards.
Some of the rewards you can earn from staking are earning additional tokens and getting some voting rights.
Staking is also risky since crypto is volatile—you may need to pay fees, and won't have access to your holdings should you need to access.
While many crypto investors mine in order to gain more assets, there is another option available to some investors: crypto staking.
Crypto staking involves "locking up" a portion of your cryptocurrency for a period of time as a way of contributing to a blockchain network. In exchange, stakers can earn rewards, typically in the form of additional coins or tokens.
Crypto staking is similar to depositing money in a bank, in that an investor locks up their assets, and in exchange, earns rewards, or "interest."
"Staking is a term used to refer to the delegating of a certain number of tokens to the governance model of the blockchain and thus locking them out of circulation for a specified length of time," says Nicole DeCicco, the owner and founder of CryptoConsultz, a cryptocurrency consultancy in the Portland, Oregon area.
A particular network's protocol locks up an investor's holdings — similar to depositing money in a bank, and agreeing not to withdraw it for a set time period, which benefits the network in a couple of ways, according to DeCicco.
First, this can increase the value of a token by limiting the supply. Second, the tokens can be used to govern the blockchain if the network uses a proof-of-stake (PoS) system. A PoS system — as opposed to a proof-of-work (PoW) one, which incorporates "mining" — can be fairly complicated, especially for crypto newcomers.
In PoS systems, coins are staked to forge new blocks in the blockchain, for which participants are rewarded. "Winners are selected through randomization, ensuring no single entity will gain a monopoly over forging," says DeCicco.
The process is simplified for crypto exchange users, says Jeremy Welch, chief product officer at Kraken, one such crypto exchange. On Kraken, Welch says staking is as easy as "going to the staking page [on the user's interface], specifying the amount you want to stake, and hitting submit."
Welch also says that setting up a staking system on your own can be quite difficult. "You need to maintain and run a node yourself. And you need to know the crypto's infrastructure," he adds, which may require background knowledge many investors won't have.
Depending on how much of their total holdings are being staked, and the length that they're being staked for, a staker can earn a proportional reward by forging. Stakers can also pool their holdings to meet any required minimums, too, into a "staking pool." It's also possible to "cold stake" on some networks, which involves staking coins or tokens that are held in a "cold" wallet, or one that is kept offline.
Quick tip: The potential rewards you can reap from staking are directly influenced by how much you're willing to put at, well, stake. Keep that in mind when deciding what percentage of your holdings that you stake or delegate to a staking pool.
While not every cryptocurrency can be staked, most can. For instance, DeCicco says that seven of the ten most popular current coins can be staked. Here are some examples:
Ethereum: Previously employed a PoW system, Ethereum is now moving to PoS. To stake Ethereum on your own, you'll need a minimum of 32 ETH to become a validator, and you'll then "be responsible for storing data, processing transactions, and adding new blocks to the blockchain," according to the Ethereum site.
Cardano: Investors can also delegate Ada — the Cardano network's cryptocurrency — to staking pools to earn rewards. Cardano users can even set up their own staking pools, too, assuming they have the technical know-how to create and administer one.
Solana: Solana, or SOL, can likewise be staked or delegated to a staking pool, assuming an investor uses a digital wallet that supports it. From there, it's a matter of selecting a validator and deciding how much you'd like to stake.
There are many benefits and rewards to staking. Here are some of the most prominent:
You can earn additional tokens. This is the big one — increasing your individual stash of tokens or coins. Stakers aren't guaranteed anything, as the process of forging new blocks and doling out rewards is randomized, but stakers do "earn interest," so to speak, by staking.
Staking is less resource-intensive. Compared to crypto mining, staking consumes far fewer resources, which may help you sleep at night. Plus, staking is "servicing the ecosystem by making tokens more rare," says DeCicco, which can increase the value of your holdings.
Stakers get voting rights and participation. As mentioned, stakers are more entrenched in a specific ecosystem or blockchain network, which may give them more clout as to what happens next with a specific cryptocurrency. "It's similar to owning stock in a company. By staking, you're getting voting rights," says Welch.
Staking can be an easy way to grow holdings. For investors using an exchange, staking can be as easy as toggling a few switches to set things up. From there, they can watch their holdings grow. It's a hands-off, easy way to keep investing, while putting in very little effort.
As with any type of investment, staking has its risks. While it's unlikely that you'll see your entire account go kaput overnight, as may happen with certain stocks, there are some things to be aware of before you start staking:
Crypto is volatile. First and foremost, cryptocurrency is a volatile investment, and as such, price swings are common. The volatile nature of crypto and corresponding price swings can have you rethinking your strategy on a daily basis — so, volatility is something to keep in mind.
There are lock-up periods. Staking involves locking up your funds for a period of time, and if you lock up your holdings for months (or years), you won't have access to them for some time. Also important: There may not be a way to "unstake" your holdings once you start.
Beware of "slashing." If you're staking outside of an exchange, by setting up and configuring your own node, you may make a mistake and incur penalties. This is called "slashing," and is used against "validators that are performing poorly or dishonestly," says Welch. The result? "A portion of the funds can be taken as a penalty," he adds.
You'll have to pay fees. Yes, there are fees associated with staking, particularly if you do so through an exchange. The fees vary by exchange, but Welch says they're typically a percentage of a staker's rewards.
Quick tip: Be sure you know what you're doing if you plan to stake cryptocurrency outside of an exchange. It's a process that requires some in-depth technical background and knowledge, and if done incorrectly, may end up costing you.
Staking can be a good way for crypto investors to put their holdings to work, earning them interest and rewards. Plus, it can get you involved in the governance and validation side of blockchain networks, which may be something of interest to certain investors.
It may be useful to think of staking as owning a stock and earning dividends, or even putting money in a bank account and earning interest. It can be a relatively low-lift way to grow your account, but be sure to do your homework, and know the risks of staking before starting.
MARKETS What is Bitcoin? A beginner's guide to the world's most popular type of cryptocurrency, and tips for investing in it
More: crypto staking investing strategies service graphics
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2022-07-12T19:40:16Z
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www.businessinsider.com
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What Is Staking in Crypto & How Does It Work?
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https://www.businessinsider.com/personal-finance/staking-crypto
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https://www.businessinsider.com/personal-finance/staking-crypto
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What is a self-directed IRA?
Self-directed IRA alternative investment options
How self-directed IRAs are managed
How to set up a self-directed IRA
Benefits of self-directed IRAs
Risks of self-directed IRAs
Jean Folger and Paul Kim
Self-directed IRAs offer a tax-advantaged way to diversify your portfolio, but you must be mindful of their complex rules.
A self-directed IRA (SDIRA) is a kind of retirement account that allows you to invest in assets that are off-limits to regular IRAs.
You directly manage your self-directed IRA, and so are responsible for researching your investments and their tax consequences.
Self-directed IRAs are generally for people with more investing experience, including experience dealing with alternative investments.
When it comes to IRA investments, stocks, bonds, mutual funds, and exchange-traded funds (ETFs) are traditionally the assets of choice. After all, these securities are easy to buy and sell. Mutual funds also offer other benefits: professional management and instant diversification for your portfolio.
Still, some IRA investors may be uncomfortable leaving their retirement savings in control of other people. They might want the opportunity to earn higher returns or the option to move their money to alternative assets that may. If that sounds like you, a self-directed IRA (SDIRA) might be worth a closer look.
Be warned, though: It also involves extra effort and definitely complicates your financial affairs.
An individual retirement arrangement (IRA) is a tax-advantaged retirement savings account: The money within it grows tax-free. You take a tax deduction when you put funds into it and pay taxes on the sums when you start withdrawing, which becomes an option when you turn 59 ½ years old and mandatory when you turn 72 years old.
Self-directed IRAs (SDIRAs) are structured like standard IRAs, with the same contribution limits, distribution rules, and tax advantages. What sets SDIRAs apart are two things:
The wide variety of investment options they offer
Who makes the investment decisions about them
The IRS regulates what sort of investments regular IRAs can hold: stocks, bonds, mutual funds, ETFs, CDs, and other traditional assets. SDIRAs can own these too, but they can also hold alternative investments such as:
Real estate (the most popular SDIRA asset)
Gold and other precious metals
Private mortgages
Horses, livestock, and farmland
All IRAs have to be held at some sort of financial institution, which acts as their custodian or trustee. Someone at or affiliated with that institution — a broker, wealth manager, or financial planner — might advise you on investments, or even make trades in it on your behalf.
An SDIRA also has a custodian or trustee to administer it, but the account owner directly manages it (hence the name, "self-directed"). The IRS prohibits SDIRA custodians from giving financial advice. As a result, many traditional brokerages, banks, and investment companies don't offer self-directed IRAs; you have to go to a different custodian who specializes in them.
Find a custodian: To open an SDIRA, you'll need an IRA custodian that handles these accounts. You'll want to shop around to see all the investment options. It may be helpful to keep a preference for a particular asset in your mind while you're shopping.
Decide between traditional or Roth IRA: An SDIRA can either be set up as a traditional (tax-deductible) or Roth IRA (tax-free distributions). Making this decision will come down to your age when you start saving for retirement and your anticipated post-retirement income. If you anticipate your post-retirement income to be higher than your income now, it may be a good idea to choose a Roth IRA and pay the taxes within your current bracket.
Select your preferred investments: Choose your preferred investments. Ideally, since you've gone through the trouble of opening an SDIRA, you already know which investments you plan on putting your savings into.
Get a broker to make purchases: Once you have your investments selected, you need to get your custodian to make the purchase on your behalf.
SDIRA funding options include direct contributions, transfers from other investment or bank accounts, and rollovers from other IRAs or 401(k) plans. Contribution limits for 2022 are $20,500 and $27,500 for those over the age of 50.
All IRAs offer a tax-advantaged way to save for retirement. But the self-directed version boasts a few extra perks that can turbocharge a nest egg:
Better diversification
Because they can invest across asset classes, SDIRAs can diversify your portfolio in much more effective ways. In fact, they can hold just about anything that's not specifically prohibited by IRS rules (mainly, life insurance, S-corps, and collectibles like art and antiques, stamps, or other tangibles).
Higher potential returns
The average annual return for the S&P 500 is about 8% — about the same you would expect in a standard IRA. Many alternative investments, such as real estate, offer higher potential returns, without necessarily adding significant risk or volatility .
Flexibility with your investments
In general, you have to wait until you're at least age 59 ½ to take penalty-free withdrawals from either type of IRA (in the case of a Roth IRA, you can withdraw your contributions at any time without penalty) to invest in something else. However, you can access the capital in your SDIRA anytime and direct how it will be put to work — whether that's buying an office building or a racehorse. And because you're not withdrawing the money, doing so won't trigger penalties or taxes.
Legal protection
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 provides bankruptcy protection for IRAs. That means the investments you hold in an SDIRA — including valuable assets like real estate — would remain untouched in the event of bankruptcy or legal action.
Of course, SDIRAs have their downsides, as well:
Even though SDIRAs are "self-directed," the IRS requires a certified custodian or trustee to oversee your investments — and they don't work for free. Expect to pay a fee to establish the account, plus annual fees and service fees for any tasks the custodian handles, such as bill paying.
Limited liquidity
It's easy to buy and sell stocks, bonds, and mutual funds. That's not always the case with SDIRA assets, and your capital could be tied up in assets you no longer want. Poor liquidity also means you may not get the price you anticipated when it's time to sell.
Self-dealing
Self-directed IRAs offer greater freedom in your retirement investing within the confines of strict rules. Break these rules by making a prohibited transaction and you could find your savings set back with penalties and interest from the IRS.
A prohibited transaction happens when you, your beneficiary, or a disqualified person misuses your SDIRA. Self-dealing is one such prohibited transaction: Under IRS rules, you can't immediately or directly benefit from the assets in your account. Doing so could trigger a penalty or the immediate disqualification of the IRA, and its tax breaks.
For example, you could invest in a rental property like a vacation home, but you better not spend any time there.
Disqualified persons
SDIRA account owners can't participate in transactions with certain other people (this directly relates to the self-dealing rule that prevents personal gain). According to the IRS, disqualified persons include:
Any fiduciary to the account (including the account owner)
A family member, including a spouse, parent, descendent, or the spouse of a descendent
An employer of any employee covered by the plan
A corporation, estate, partnership, or trust where a disqualified person owns 50% or more of the interests
A director, an officer, or a 10%-or-greater partner or shareholder of any of the above entities
Lack of counsel
While they can (and do) make certain investments available, SDIRA custodians aren't allowed to give financial advice or make recommendations. In fact, the Securities and Exchange Commission (SEC) warns that custodians "generally do not evaluate the quality or legitimacy of any investment in the self-directed IRA or its promoters." Without this guidance, you need to be wary of potential fraud.
You could certainly work with an outside advisor (but not the custodian) to help you pick investments and develop a strategy. But you have to make all the decisions and direct the custodian to execute them.
Ultimately, you're on your own in evaluating the soundness of any investment, and in understanding the tax consequences of your investment picks.
Self-directed IRAs allow you to invest beyond the basics, diversifying your holdings for potentially higher returns. But while they offer more flexibility and options than standard IRAs, they involve more work, rules, and risks — and a steeper learning curve.
Consequently, SDIRAs are most appropriate for people who already have experience with alternative investments and want to hold those assets in a tax-advantaged account.
PERSONAL FINANCE A bitcoin IRA lets you profit from the cryptocurrency's potential gains in a tax-advantaged way
More: IRA self directed ira Roth IRA retirement account
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2022-07-12T19:40:22Z
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www.businessinsider.com
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What Is a Self-Directed IRA (SDIRA)? Rules, How to Sign up, Pros & Cons
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https://www.businessinsider.com/personal-finance/what-is-a-self-directed-ira
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https://www.businessinsider.com/personal-finance/what-is-a-self-directed-ira
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I'm the CEO of P.F. Chang's. My day starts with a 5 a.m. workout and ends with a cigar on the patio — here's what my work routine is like.
Damola Adamolekun.
Courtesy of Damola Adamolekun
Damola Adamolekun is the CEO of restaurant chain P.F. Chang's and lives in Scottsdale, Arizona.
He starts the day with an early-morning workout and commutes 20 minutes to his office.
He often visits restaurants to meet the team. Here's his routine, as told to writer Robin Madell.
This as-told-to essay is based on a conversation with Damola Adamolekun, the CEO of the restaurant chain P.F. Chang's, who's based in Scottsdale, Arizona. It has been edited for length and clarity.
I start my mornings with a 5 a.m. workout, typically a run through my neighborhood in north Scottsdale, Arizona.
Me on my morning run.
Damola Adamolekun
I've been intermittent fasting since 2020, so I don't eat breakfast. But I will enjoy a cup of coffee with grass-fed butter, heavy cream, and MCT oil.
Breakfast on a typical morning (when I'm fasting).
At around 6 a.m., I'll review daily financial and operational reports from my home office before heading to our global support center in Scottsdale.
My home office.
My commute is typically about 20 minutes long. I like to arrive at the office by 7:30 a.m. My daily commute here is a distinct change from when I lived and worked in New York two years ago.
View from my morning commute.
I take a few calls on the road to maximize my time. When I get the chance, I listen to music. Today, it was the new Drake album, "Honestly, Nevermind."
My neighborhood in north Scottsdale.
Our office has plenty of solitary space mixed with communal areas. I especially enjoy the windows — the natural lighting brings me tremendous energy. There are nice touches that really ground me in our brand, including replicas of the warriors and horses that decorate our restaurants.
My office.
One of my favorite decorations is the red-and-white Lucky Cat on a shelf above my desk. It's a sign of good luck in Japanese culture.
Everything on my desk has a special meaning.
My personal office is set up to align with my open-door policy. There's space for small-group huddles and, of course, my desk area for dedicated work.
Me at my desk.
I regularly visit our restaurants for meetings with our chefs and field teams. I want to find out what they're seeing on the ground. By being there, I'm able to send a very strong message that the executive leadership team cares about what they're doing and is highly invested in making their jobs easier and better.
Meeting with employees at a P.F. Chang's location.
Damola Adamolekin
For example, when we test our limited-time holiday-menu offerings in select markets, we receive feedback directly from guests and team members, helping us optimize before the national launch, so we can provide the best possible experience.
At a tasting for our executive team.
I work with my executive assistant to make sure my calendar is always up to date so I can easily do a quick check to see what the day holds. I use a simple Word document to track my priorities. I also always have a notebook on me to take handwritten notes in meetings.
Me at my desk taking calls.
I'm focused on providing clear quarterly action plans and ensuring day-to-day alignment from department leads and restaurant teams on projects like restaurant remodels, driving our digital off-premises business, preparing for more restaurant openings, and supporting our global franchise partners.
Me at one of our more than 300 locations.
My workday often extends to the evening, where I may have dinner planned with partners, directors, or executive team members. Otherwise, I enjoy going to Suns games, where I've become a season-ticket-holding superfan, and the Phoenix Symphony, where I've joined the board.
Enjoying a Suns game.
If I'm relaxing at home, I love to unwind with a novel or enjoy one of my favorite cigars along with the incredible Scottsdale views on my patio.
My evening cigar.
More: Features contributor 2022 P.F. Changs Restaurants
Executive Life
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2022-07-12T19:40:28Z
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www.businessinsider.com
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The Daily Routine of P.F. Chang's CEO Damola Adamolekun
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https://www.businessinsider.com/pf-changs-ceo-damola-adamolekun-daily-routine-2022-7
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https://www.businessinsider.com/pf-changs-ceo-damola-adamolekun-daily-routine-2022-7
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Rep. Jamie Raskin.
Rep. Jamie Raskin said Donald Trump "electrified and galvanized" his supporters with a tweet on Dec. 19, 2020.
The tweet in question said: "Big protest in D.C. on January 6th. Be there, will be wild!"
Raskin said it spoke to "dangerous extremists," including Oathkeepers and Proud Boys.
Rep. Jamie Raskin said President Donald Trump "electrified and galvanized" his extremist supporters with a tweet calling for a "big protest" on January 6, 2021.
The Maryland Democrat, during the House's January 6 committee hearing on Tuesday, was referencing a tweet Trump sent out on December 19, which said: "Big protest in D.C. on January 6th. Be there, will be wild!"
Trump's call to action spurred on "the dangerous extremists in the Oathkeepers, the Proud Boys and other racist and white nationalist groups spoiling for a fight against the government," Raskin said.
Tuesday's hearing is focused on events from December 14, 2020 to the morning of January 6, 2021.
Raskin said "three rings of interwoven attack" were operating toward January 6 to overturn the 2020 presidential election in favor of Trump.
Trump continued trying to get his vice president, Mike Pence, to "assert unilateral power to reject electoral votes," Raskin said. Meanwhile, members of domestic violent extremist groups created an alliance to "storm, invade and occupy the Capitol." The outer ring, Raskin said, was the "large and angry crowd" that assembled on January 6.
"Here were thousands of enraged Trump followers, thoroughly convinced by the Big Lie who traveled from across the country to join Trump's wild rally to 'stop the steal,'" he said. "With the proper incitement by political leaders, and the proper instigation from the extremists, many members of this crowd could be led to storm the Capitol, confront the vice president in Congress and try to overturn the 2020 election results."
Trump's supporters, Raskin said, "responded immediately" to his tweet. The pro-Trump group, Women for America First, moved a rally they had planned for January 22 and 23 to January 6 in the hours after the tweet, he said.
The rescheduling, Raskin added, created the rally where Trump would speak.
Another Trump supporter registered wildprotest.com, using the site to provide information about protest events. And other key Trump supporters and far-right media personalities began promoting the January 6 protest. One supporter called for a "red wedding," which Raskin described as a pop culture reference to a mass slaughter.
"Trump's call to Washington reverberated powerfully and pervasively online," he said.
More: January 6 committee Donald Trump Jamie Raskin
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2022-07-12T19:40:34Z
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Raskin: Trump 'Electrified' Fans With Call for 'Big Protest' on Jan. 6
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https://www.businessinsider.com/raskin-trump-electrified-fans-with-call-for-wild-jan-6-crowd-2022-7
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https://www.businessinsider.com/raskin-trump-electrified-fans-with-call-for-wild-jan-6-crowd-2022-7
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Left: A human heart after removal. Right: A genetically modified pig heart for human transplantation.
Joe Carrotta for NYU Langone Health, Hilary Brueck - Insider
(From left to right) Dr. Deane Smith, Dr. Syed Hussain, and Dr. Nader Moazami at the NYU Langone Transplant Institute prepare a pig heart for xenotransplantation into a corpse, on July 6, 2022, in New York.
The first known pig-human heart transplant into a living patient was completed at the University of Maryland in January. That transplant was for a 57-year-old man with life-threatening heart disease .
NOW WATCH: Why organ transplants are so expensive in the US
More: Organ Transplants Surgery Medical Ethics Hospitals
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2022-07-12T19:40:46Z
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2 Gene-Edited Pig Hearts Were Just Transplanted Into Humans
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https://www.businessinsider.com/two-gene-edited-pig-hearts-transplanted-into-humans-nyu-2022-7
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https://www.businessinsider.com/two-gene-edited-pig-hearts-transplanted-into-humans-nyu-2022-7
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With its large selection of can't-miss deals, Amazon Prime Day 2022 is the perfect time to buy a mattress online. Prime Day deals are live now and run through July 13 at 11:59 p.m. PT, with some deals continuing beyond Prime Day.
Throughout Prime Day, we will keep updating this guide with the latest sales. Purple, Casper, Nectar, and other top retailers also have sales to compete with Amazon's deals for Prime members. Many discounts continue beyond the end of Prime Day, giving you extra time to choose the bed you want.
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2022-07-12T21:10:22Z
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www.businessinsider.com
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Best Prime Day Mattress Deals 2022: Tempur-Pedic, Serta, Casper
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https://www.businessinsider.com/guides/deals/amazon-prime-day-mattress-deals-2022-7-12
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https://www.businessinsider.com/guides/deals/amazon-prime-day-mattress-deals-2022-7-12
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Consumers are still grabbing snacks at the grocery store despite higher prices but inflation remains a concern for PepsiCo
Inflation is a concern for shoppers and for big brands like PepsiCo.
Mok Jee Chuang/EyeEm/Getty images
PepsiCo reported stronger-than-expected sales and profits on Tuesday for its fiscal second quarter.
Higher grocery prices haven't kept some shoppers from grabbing many of the company's iconic brands.
Despite supply-chain disruptions, PepsiCo reported revenue rose 5.2% for the quarter.
PepsiCo says consumers are undeterred by higher prices for its beverages and snacks though inflation remains a concern for the company and many of its customers.
"Inflation is having so much impact on the consumer in so many ways," Hugh Johnston, PepsiCo's vice chairman and chief financial officer, told investors on a conference call. It's also affecting the company. He said PepsiCo still expects price increases for commodities will be "in the teens" this year.
Johnston said he expects stronger productivity in the second half of the year will help the company weather some of those cost increases.
The food and beverage giant reported stronger-than-expected sales and profits on Tuesday for its fiscal second quarter, which ended in mid-June. The higher grocery prices that have forced consumers to hand over more money in the checkout line haven't kept some shoppers from picking up many of the company's iconic products including Lays, Mountain Dew, Ruffles, and Gatorade.
Johnston said the questions facing the company — and the world — means PepsiCo has to be even more careful about its forecasting. The company raised its revenue forecast for the year but left its profit forecast unchanged. "The first thing that we're thinking about these days is just the level of volatility in the world," he said.
In uncertain times many consumers crave comfort foods, say experts, though some are looking for healthier alternatives, too. PepsiCo said its brands focused on "more nutritious snacking," including PopCorners, Smartfood, and SunChips, posted double-digit revenue growth.
Rising prices are a concern for consumers and for businesses like PepsiCo because if costs go too high, consumers might have to scale back on the snacks they buy. Inflation stands at a 40-year high though in recent weeks gas prices have started to come down.
A fresh snapshot of US prices is due from the Labor Department on Wednesday morning.
More: Inflation Corporate Earnings PepsiCo pepsico earnings
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2022-07-12T21:11:34Z
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PepsiCo Posted Stronger-Than-Expected Sales and Profits Amid Inflation
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https://www.businessinsider.com/pepsico-stronger-than-expected-sales-and-profits-fiscal-second-quarter-2022-7
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https://www.businessinsider.com/pepsico-stronger-than-expected-sales-and-profits-fiscal-second-quarter-2022-7
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How do CBDCs work?
Why are central banks developing CBDCs?
How are CBDCs different from cryptocurrencies?
Is the Federal Reserve creating a CBDC?
Potential risks of CBDCs
CBDCs: Digital currencies issued by central banks that get their value the same way paper money does
While many nations are looking into CBDCs, they remain largely in the experimental stages.
CBDCs could provide many benefits for both consumers and governments.
These digital fiat currencies would be issued by central banks and therefore centrally controlled.
More than 100 countries, including the US, are exploring the idea of issuing CBDCs.
A central bank digital currency (CBDC) is a form of electronic money that is issued and controlled by a monetary authority. Unlike cryptocurrencies, which rely on decentralized networks, CBDCs are centralized.
Like the US dollar and other regular currencies, CBDCs derive their value from the trust and faith that individuals have in the governments that issue them. The dollar and other so-called fiat currencies can be used as legal tender because their issuing governments have authorized it.
CBDCs are different from cryptocurrencies like bitcoin and ether since they are centralized, while cryptos rely on decentralized networks. Further, most cryptocurrencies use distributed ledger systems known as blockchains, while CBDCs don't necessarily require this technology.
Although a handful of nations had developed them as of mid-2022, CBDCs remained largely in the research and experimental stages.
CBDCs can be structured in different ways, depending on their intended use. One kind is called a wholesale CBDC, which financial institutions would use to make and settle transactions with each other. Market participants would potentially use wholesale CBDCs to make cross-border transactions, possibly simplifying the process by reducing the number of parties involved.
Another type is called a retail CBDC, which would be available to everyone. In this case, individuals and businesses would have digital fiat currency, which would function as a direct claim on the issuing central bank. This approach would differ from the traditional model, where the digital money held by depositors would represent a claim on an intermediary, like a commercial bank or non-bank payment service provider (PSP).
A third possibility is a hybrid model, in which financial institutions would take responsibility for many crucial functions, for example executing retail transactions, setting depositors up with accounts and enforcing any relevant regulations, while central banks would retain information on the account balances of all the aforementioned account holders.
In this case, the central bank would have the ability to step in and function as an intermediary should a bank or non-bank PSP be unable to make a transaction.
While CBDCs could harness blockchain technology to record transactions, several central banks have emphasized that it may not be necessary for digital fiat currencies to use this technology. Distributed ledgers have their own strengths and weaknesses, which could cause policy makers to look to other options.
Several jurisdictions used CBDCs as of mid-2022, including seven Eastern Caribbean countries, Nigeria, Jamaica and The Bahamas, according to figures provided by The Atlantic Council's CBDC tracker.
Further, over 90 more countries have looked into these digital fiat currencies, additional Atlantic Council data shows. Of these, 15 are conducting pilots, including China, Russia, Saudi Arabia and Sweden.
Note: More than 100 countries have looked into CBDCs, including major economies like the US and China.
Central banks are developing these digital fiat currencies to achieve multiple objectives. Researchers and industry participants have noted that they could create a more resilient payment system, make cross-border transfers faster and less expensive, and offer greater inclusion by extending financial services to people who live in remote areas or don't have bank accounts.
Further, CBDCs could give policy makers real-time access to financial transactions. Armed with information on specific sectors and their activity, these government officials could provide more precise policy solutions. They could also use the information to combat financial crime.
"The benefits of a CBDC are certainly potentially valuable to both governments and users," says Budd White, co-founder and chief product officer of crypto regulatory software firm Tacen. "Payments will be seamless and cheap. Users could use their phones for just about any purchase."
Central banks could also possibly use CBDCs to set interest rates on an individual, rather than national level, which would bring a lot of efficiency to national economies, White says.
In addition to the appeal of these benefits, some believe central banks are exploring CBDCs in response to the proliferation of cryptocurrencies. Government-issued digital fiat currencies could potentially compete with cryptocurrencies, which largely rely on decentralized networks and can be challenging to regulate.
"I certainly think central banks see crypto as a threat and, therefore, will hasten the implementation of CBDCs," White says.
CBDCs have several key characteristics that differentiate them from cryptocurrencies. The key distinction is that they are issued by a monetary authority and therefore centralized, while cryptocurrencies are created privately and rely on decentralized networks.
Another major difference is that some cryptocurrencies, such as monero and zcash, are specifically designed to provide users with privacy. Market experts, industry participants, and digital currency enthusiasts have raised concerns about how CBDCs could significantly reduce privacy by recording consumer transactions.
Issued privately
Managed by decentralized communities
Some designed to offer users privacy
Most are speculative assets
Issued by central banks
Controlled by governments
Could reduce consumer privacy
Backed by faith in government issuing them
The Federal Reserve has put effort into researching CBDCs, and Fed Chair Jerome Powell has repeatedly spoken on the matter. He emphasized earlier this year that the central bank would not implement a digital dollar "without support from Congress."
The Fed published a discussion paper in January 2022, stressing that the financial institution's "policymakers and staff have studied CBDC closely for several years."
The document looked at various digital assets, including cryptocurrencies and stablecoins. It also discussed the state of the US payment system, including its challenges. It mentioned, for example, that many more than 5% of Americans lack bank accounts.
The report also highlighting the risks, benefits, and uses for CBDCs. When issuing the document, the Fed asked 22 specific questions and gave interested parties an opportunity to provide input. This resulted in more than 2,000 pages of comments.
In June 2022, Powell told lawmakers tha the Fed plans "to work on both the policy side and the technological side in coming years and come to Congress with a recommendation at some point."
Note: The Fed has researched digital currencies, but Chair Jerome Powell has emphasized that the central bank will not adopt a digital dollar unless Congress provides its support.
While CBDCs could provide consumers and governments with multiple benefits, there also potential drawbacks.
A CBDC would give policy makers greater insight into economic activity. For instance, they could use information about transactions to get a better sense of which specific business sectors would be most in need of government stimulus. They could also use it to prevent financial crime.
However, critics are worried that allowing officials to harness this much data about economic activity would go too far in terms of reducing consumer privacy. Further, any infrastructure put in place for a CBDC would be vulnerable to cybersecurity threats. This would require any key stakeholders to perform substantial due diligence in order to manage such risks.
Charles is a financial writer and editor with strong knowledge of asset markets and investing concepts. An author of more than 500 publications, he has worked for financial institutions such as State Street, Moody's Analytics, and Citizens Commercial Banking.
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More: Personal Finance Insider PFI Reference Freelance cryptocurrency
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2022-07-12T21:11:40Z
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Central Bank Digital Currency (CBDC): Definition, Uses
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https://www.businessinsider.com/personal-finance/cbdc
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https://www.businessinsider.com/personal-finance/cbdc
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4 out of 5 travelers say they've hit snags like soaring prices, long waits, and cancellations in 2022
Most Americans have experienced travel issues in 2022.
Nearly 80% of people who have traveled this year have experienced some kind of problem, according to a survey.
High prices, long waits, and poor customer service were the most common issues.
Do you have a story to share about traveling in 2022? Contact this reporter at tlevin@insider.com
The theme of summer travel this year: Chaos.
Airlines have canceled and delayed flights by the thousands. Rental cars are expensive and in short supply. And periods of $5-per-gallon gas have jacked up the price for a simple family road trip.
According to a new survey released this week from Bankrate, 79% of US travelers who have taken an overnight trip in 2022 have experienced at least one problem.
The most common issue shouldn't come as a surprise in this era of inflation: 57% of respondents said they faced higher prices than they were accustomed to. Twenty-nine percent reported long wait times, while 27% said they experienced bad customer service.
The next most frequent snag was slim availability in areas like lodging, airline tickets, and rental cars, which 26% of respondents contended with. Fourteen percent said they had lost money due to cancelled or disrupted plans, and 4% reported other problems.
The survey backs up a slew of nightmarish anecdotes that paint a picture of an especially hectic summer travel season. Ongoing shortages of airline workers and lingering inflation are conspiring against travelers looking to enjoy themselves as the pandemic gradually subsides.
The trouble may stick around a while longer, Bankrate senior industry analyst Ted Rossman said in a statement.
"While many Americans are excited to travel again after being cooped up for the past couple of years due to the pandemic, they're encountering substantially higher costs and lengthy waits," he said. "The situation may get worse before it gets better as pent-up demand is unleashed this summer. High demand is combining with the hottest inflation readings in four decades and ongoing staffing shortages."
More: Transportation Travel Airlines rental cars
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2022-07-12T21:12:46Z
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4 in 5 Travelers See High Prices, Long Waits, and Cancellations
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https://www.businessinsider.com/summer-travel-high-prices-flights-canceled-airlines-hotels-rental-cars-2022-7
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https://www.businessinsider.com/summer-travel-high-prices-flights-canceled-airlines-hotels-rental-cars-2022-7
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