text
stringlengths 237
126k
| date_download
stringdate 2022-01-01 00:32:20
2023-01-01 00:02:37
⌀ | source_domain
stringclasses 60
values | title
stringlengths 4
31.5k
⌀ | url
stringlengths 24
617
⌀ | id
stringlengths 24
617
⌀ |
|---|---|---|---|---|---|
A view of damaged civil settlements after Russian attacks in Zhytomyr, Ukraine.
State Emergency Service of Ukraine/Handout/Anadolu Agency via Getty Images
The mother of a Russian soldier in Ukraine said the Russian army repeatedly told her that here son was alive, but that she found out that he was dead after someone tipped her off on social media.
The mother spoke to the BBC about her son. The BBC identified her by the pseudonym Valya as she was afraid of being punished by Russian authorities for speaking out.
Valya said that the last time she spoke to her son was on February 20 — four days before Russia invaded Ukraine — and he told her at the time that his unit was doing "exercises" near Ukraine's border.
Throughout March, military officials would contact her and tell her that her son was fine, she said.
But then a man who claimed to be friends with her son messaged her on social media, and said her son was dead, the BBC reported.
"I didn't know him. He found me on social media. He told me my son's leg had been blown off and that he was dead. I made lots of calls and tried to meet officials. But no one could tell me anything," Valya told the BBC.
She said that a Russian sergeant "eventually" told her that her son had not been in contact with the army since February 23.
She said she asked him: "So why have you been calling [to say everything is fine]? Just to calm us down?"
She said he replied: "Sorry, I'm only a sergeant."
Valya said she wrote to different parts of the military, but got little back: "No-one has given me the basic information: Where, when and how my son disappeared. All I've been told is that he was taking part in the 'special military operation' and that he is missing."
Valya received official confirmation that her son had died in Ukraine after she spoke to the BBC, the broadcaster reported.
Little information from Russia
Parents of other Russian soldiers have reported being given scant information about their children.
One mother said she saw a photo on social media showing her son had been captured, but that military officials would not give her answers when she tried to speak to them, ITV reported in March.
An organization helping the families of Russian military members told ITV in March that it was getting thousands of calls a day from parents, saying parents were asking things like: "What happened to my child, is he alive? Is he captured? Where is he? Is he in Russia near the border with Ukraine or is he in Ukraine?"
Russia has not updated its death toll in the Ukraine invasion since March.
Ukraine has accused Russia of using mobile crematoriums in Ukraine to burn its dead and hide its true death toll.
Valya told the BBC that a growing number of Russian mothers resent Russian officials for sending their sons to fight in Ukraine.
Early in the invasion, Ukrainian President Volodymyr Zelenskyy appealed directly to Russian mothers, telling them to oppose the invasion that meant their sons were being sent to war. But media is highly controlled in Russia, and it is not clear how many Russians would see his words.
Russia has also banned protests against the Ukraine war and arrested thousands of demonstrators.
|
2022-07-14T09:35:07Z
|
www.businessinsider.com
|
Mom of Russia Soldier Killed in Ukraine Says Army Claimed He Was Alive
|
https://www.businessinsider.com/russia-soldier-dead-ukraine-mom-says-army-claimed-alive-bbc-2022-7
|
https://www.businessinsider.com/russia-soldier-dead-ukraine-mom-says-army-claimed-alive-bbc-2022-7
|
Sizzling inflation, frazzled Americans, and an aggressive Fed walk into a bar — and everyone and their uncles seem to have an opinion on what happens next.
(Hint: Most of the punchlines aren't very funny.)
I'm Phil Rosen, and today I'm breaking down why one top Wall Street firm adjusted their economic forecast after yesterday's new inflation data, and is now expecting a recession to hit sooner rather than later.
Plus, if you didn't see it yesterday, Insider is seeking nominations for its new series, 100 People Transforming Business — take a gander.
Without a moment to spare…
Jerome Powell's Federal Reserve has pledged to cool down red-hot inflation.
1. Bank of America said a mild US recession will arrive this year. Americans are getting bogged down by a so-called "inflation tax," analysts wrote in a Wednesday note, and it's weighing on spending power as consumers spend less on goods and services.
Before yesterday, the bank had predicted a growth recession, where the US would avoid an outright contraction of the economy. But BofA swiftly adjusted course the same day new government data was published.
Yesterday, June's consumer price index clocked in at 9.1%, above the expected 8.8%, and the bank said broader economic momentum is slowing as financial conditions tighten.
"The Fed has communicated its desire to restore price stability and a willingness to accept at least some pain in labor markets in the process," BofA analysts wrote.
But the slowdown isn't just coming for the US — the IMF is gearing up to slash its global growth forecasts for the second time in three months as inflation, China's COVID lockdowns, and war in Ukraine hammer economies.
In a Wednesday statement, the IMF's managing director, Kristalina Georgieva, pointed to worsening downside risks that have been exacerbated since the last G20 meeting in April.
In her words: "It's going to be a tough 2022 — and even possibly a tougher 2023, with increased risk of recession."
Fabrice Cabaud/Getty Images
2. US stock futures fell early Thursday, after Wednesday's consumer price data hardened expectations of more aggressive interest rate hikes. Here are the latest market moves.
3. Big banks are on deck today: JPMorgan Chase, Morgan Stanley, First Republic Bank, and more, all reporting. Plus, look out for the unemployment insurance weekly claims report, expected from the US Department of Labor this morning.
4. Top Wall Street firms agree that stocks are set to rally in the second half of the year, but their forecasts vary wildly. JPMorgan, Goldman Sachs, Morgan Stanley, and others all have predictions for the rest of 2022. See what the heavyweights expect to happen next — and how they say to invest.
5. "Rich Dad Poor Dad" author Robert Kiyosaki said he's itching to buy cheap bitcoin and real estate in the current market. He's celebrating the market slump as a sale on key assets, and noted that he's got cash on hand to scoop up bargains — and he's recommending other investors do the same.
6. Wharton's Jeremy Siegel thinks the US economy is past the peak of inflation. However, Siegel said the Fed needs to be very careful in order to prevent an economic slowdown. Here's why he still expects the Fed to hike rates by another 75-basis points this month.
7. An economist explained how the euro could drop below the dollar after the world's top currencies hit parity this week. The Boston College professor said the European Central Bank may not actually move to stop the decline: "I think the ECB is really not in any hurry to raise the euro, and it will let the export sector — including tourism — benefit from the current situation."
8. A blockchain founder who's nailed bitcoin's tops and bottoms just shared new price targets for it and ethereum. He's advising to wait for the actual bottom, which could be much steeper than previous bear markets. These are the four key things investors should know to navigate the digital asset winter.
9. US stocks are trading at historically cheap prices, according to Morningstar, and investors should be "adding judiciously" while they can get shares at a discount. Here are the 33 best undervalued companies to buy in the second half of 2022.
10. Here's a look at the historic level the Consumer Price Index just hit on Wednesday. It accelerated at its fastest rate since 1981, and the reading came in above expectations. Read the full report on what the numbers tell us about the state of the economy.
|
2022-07-14T11:10:13Z
|
www.businessinsider.com
|
At Least One Big Bank Is Calling for a Recession This Year.
|
https://www.businessinsider.com/bank-recession-forecast-wall-street-cpi-inflation-economy-bofa-markets-2022-7
|
https://www.businessinsider.com/bank-recession-forecast-wall-street-cpi-inflation-economy-bofa-markets-2022-7
|
British Airways passengers got an email mid-air saying their connecting flight was canceled.
Three British Airlines passengers say they got an email mid-air informing them that their connecting flight had been canceled.
The passengers told Insider that their flights from the US to Edinburgh, Scotland to watch the British Open golf tournament had been hit by the spate of cancelations affecting airlines worldwide.
Separately, two other passengers traveling with two small children told Insider that BA had canceled their Monday flight from Heathrow to Frankfurt, where they were due to connect with a flight to Hong Kong, with only a few hours notice.
|
2022-07-14T11:10:19Z
|
www.businessinsider.com
|
BA Passengers Emailed Mid-Air Saying Their Second Flight Was Canceled
|
https://www.businessinsider.com/british-american-airlines-passengers-flight-canceled-email-mid-air-heathrow-2022-7
|
https://www.businessinsider.com/british-american-airlines-passengers-flight-canceled-email-mid-air-heathrow-2022-7
|
Hi, Aaron Weinman here. Allow me to introduce you to the "sponsor banker," Wall Street's quintessential relationship manager. These savvy folks sit in the trenches with private-equity firms, one of banks' most generous (and demanding) fee-paying clients.
Before we get into that, however, a kind reminder that nominations are open for Insider's next class of Wall Street rising stars. Here's how you can spotlight the standouts in investment banking, sales and trading, and investing.
Without further ado, here are 10 bankers who can be the first call for top execs at investment firms like Thoma Bravo and Apollo.
1. Sponsor bankers could rake in hundreds of millions of dollars in fees this year as company valuations slide and private-equity sizes up opportunistic acquisitions. But who is a sponsor banker, and what do they do, you ask?
They're Wall Street rainmakers who work exclusively with private-equity firms (sponsors). These bankers are in the trenches with these firms when their sponsor clients are bidding on assets. And they're often the banker criss-crossing between different asset classes — like leveraged-finance departments — depending on what their client wants.
Does KKR want to spin off a portfolio company through an IPO? Call the sponsor banker. Thoma Bravo wants to take the hottest public tech company private? Hit up the sponsor banker. Or does a private-equity client want to raise debt for an existing portfolio company? Ping the sponsor banker. They'll hook you up with almost any part of an investment bank or capital-markets department.
It's a fruitful, yet sometimes thankless job given the demanding nature of private equity. These cashed-up investment firms, after all, are one of Wall Street banks' best sources of income.
"Private-equity clients aren't the easiest. They can be difficult when it comes to negotiating deal terms. But because they're such big fee payers, they know banks will agree to work with them," one senior banker told Insider.
At the end of the day, it's all about the Benjamins. And private-equity firms have an estimated $2.5 trillion in cash that they need to deploy. And once stock markets settle, these firms are expected to put their money to work on a bevy of acquisitions.
Here's 10 sponsor bankers who have forged long-lasting relationships with some of the biggest private investors.
Klarna CEO Sebastian Siemiatkowski
David M. Benett/Getty Images for Klarna
2. Klarna's cofounders are no longer billionaires after a devastating down round. Here's how the downfall of the BNPL phenomena has slashed the net worths of three other fintech founders.
3. Financial advisors are rethinking the tools they want to keep in their tech stack. As the market navigates a downturn, here's the fintechs they're most likely to cut loose.
4. Wall Street firms like JPMorgan are getting some help as they wade into the digital-assets space. TRM Labs, a crypto compliance provider, is fielding increased interest in its back-end tools that help firms tackle risk management.
5. Celsius files for Chapter 11 bankruptcy. Celsius said the decision would provide an opportunity to stabilize its business. Former staff told the Financial Times about how the company's pursuit of high returns left it victim to market turbulence. Here's how Celsius, one of crypto's biggest lenders, ground to a halt.
6. Twitter said it had "very real concerns" about Musk's data requests. Some feared he'd use the massive information dump to build a competing app.
7. Musk's decision to back out of his Twitter buy could help banks avoid steep losses, according to Bloomberg. Losses could top $150 million on one part of the debt financing as weak credit markets have made it harder to sell riskier deals in the capital markets.
8. Uprise, a personal-finance app, just raised $1.4 million in pre-seed funding. Here's the 14-page pitch deck that helped the company get support from the cofounders of SoFi and Gusto.
9. Everyone, including Wall Streeters, are talking about their relocation to Florida. But the high prices and hot weather are pushing some residents out of the Sunshine State.
10. Generation Z actually hates working from home. You'd think most of the younger brigade would love working from anywhere in the country, but some miss the camaraderie and the water-cooler banter.
TA Associates-backed software company Compusoft + 2020 has acquired business-management software provider Resource and Financial Management Systems.
Private investment firm Sun Capital Partners has bought Andersen Commercial Plumbing.
|
2022-07-14T11:10:49Z
|
www.businessinsider.com
|
10 Bankers in the Trenches With Private Equity
|
https://www.businessinsider.com/private-equity-thoma-bravo-apollo-bankers-sponsors-2022-7
|
https://www.businessinsider.com/private-equity-thoma-bravo-apollo-bankers-sponsors-2022-7
|
Now that shoppers’ budgets have shifted to travel and service spending, stores are saying they need to get rid of their excess inventory.
Major retailers like Target, as well as luxury outlets, are having big sales.
That's because they have a backlog of pandemic-era products they need to offload.
Now that shoppers have shifted their focus, retailers need to make space for travel items and back-to-school supplies.
One Twitter user was ecstatic about the furniture and home decor sales at Target on Monday morning.
"Target having a sale," the user going by the handle @_dimelodennise posted. "Studio McGee between 25-30% off. My cart is just full of vibes right now," adding, "I got bookends, a bowl/beverage pitcher set, a round mirror, and a few vases yesterday. Now I'm tryna find which target has the lamps I want and throw pillows for my bedroom."
Promoting shopping deals might seem surprising after months of rising inflation, but some retailers are announcing huge sales this summer as they struggle to adjust Americans' changing shopping habits. And the sales might help offset some of the pain that rising prices have inflicted.
It's the result of the response to last year's supply chain crisis finally catching up with companies. The merchandise on cargo ships stuck overseas a few months ago is now saturating store shelves, and retailers need to get rid of them. Data from the St. Louis Fed shows that non-auto inventory has grown by nearly $100 billion between April 2021 and April 2022. That's bad news for the stores like Target, who are looking to cut their inventory, and good news for consumers, who are benefitting from major discounts after inflation took some bang out of their buck.
"It's a retail armageddon," Burt Flickinger, managing director for Strategic Resource Group, told CBS News last week. "You have too many goods and too many stores chasing too few shoppers with too few dollars," Flickinger said.
Retailers like Macy's, Target, and Walmart have confirmed this in recent weeks, saying that they are overstocked with products their customers were buying up only a few months ago, like sweatpants, televisions, video games, and home goods. Now that shoppers' budgets have shifted to travel and service spending, stores are saying they need to get rid of this excess inventory.
And those discounts are stretching to higher-end sellers too: luxury platforms like Mr. Porter and Farfetch are currently promoting many discounts in the 50%-to-70% range.
"There is clear evidence that inflation is slowing," Dean Baker, co-founder of the Center for Economic and Policy Research, told Insider. "Many large retail outlets are complaining about an excess of inventory and the need to have big price markdowns."
Even luxury brands are touting some rare deals
Luxury retailers typically cut prices less often than other sellers because their wealthy clientele is viewed as insulated from the tightening of the economy. That was clear this year when luxury outlets like Ralph Lauren and Nordstrom avoided the inflation hit that chains like Walmart and Target sustained.
But anecdotal evidence shows that even luxury products are getting marked down now. Despite an increase in the total dollar amount spent on luxury items, outlets like SSENSE are offering hundreds of dollars off sticker price. SSNENSE and Bloomingdales, for instance, are both selling designer sneakers from high-end brands like Comme des Garçons, for 50% off.
And even as demand for designer watches grows, sales are still reasonably easy to find: New Omega watches can be purchased for 20%, and one pre-owned luxury watch dealer is offering $300 off across the board.
—Will Feuer (@WillFOIA) July 7, 2022
Matchesfashion, a London-based luxury clothing retailer, is currently offering its own dramatic markdowns of up to 60% as it struggles to turn a profit after supply delays, hurt sales.
How retailers ended up overbuying
Retailers are currently suffering from something called the "bullwhip effect," which is a phenomenon where distorted demand for products causes supply-chain inefficiencies such as lengthy wait times and excess inventory.
This has happened after they panic-bought too much stock in the wake of supply chain fears over the last few months. That panic snagged supply lines and caused shortages, and now companies are stuck with the arriving products — an even bigger problem because consumer demand shifted.
Target reported that its inventories increased 43% from last year, Walmart said that its own are up 32%, and Macy's said it has 17% more inventory than 2021.
And retail executives have directly linked the current glut of sales to their excess inventory. Last month, Target CEO Brian Cornell cited inflation, as well as "historic highs with inventory levels," as he addressed dramatic markdowns on inventory. He called the current environment one "many of us haven't seen before."
Earlier in June, Target announced its goal to reduce inventory by offering discounts, as well as canceling existing orders from suppliers. Analysts believe that Target's main discounts will be "largely discretionary items" such as televisions and appliances that consumers have avoided as inflation spiked over the past few months, Reuters reported in June.
Macy's own CEO said this week that the prices of overstocked items would fall soon, if they haven't already.
"Customers are about to get some amazing deals on products that were hot during the pandemic," he told Time.
Carolyn Ng Cohen, a spokesperson for Macy's, told Insider that the company was attempting to "minimize" markdowns as much as possible while evening out its inventory.
Walmart's own recent, inventory-clearing discounts have been so steep that it didn't hold a specific event to compete with Amazon Prime Day this year, which it traditionally does. In fact, markdowns have been so high at Walmart stores that investment bank Oppenheimer Holdings removed the company from its list of top picks for investors.
—~Alexandria~ “AstroPetty” (@DOPECHICKBEATS) July 2, 2022
At all budgets, it looks like some consumers are willing to venture out of the inflation burrow.
"Parents if you're able to take advantage of this massive Target toy clearance sale I would," one Twitter user said. "Pretty much wrapped up Christmas shopping in 1 day. $550 worth of stuff for $200."
More: Economy Targets Walmart Target
|
2022-07-14T11:11:25Z
|
www.businessinsider.com
|
Summer of Sales: Many Retailers Are Cutting Prices on Excess Inventory
|
https://www.businessinsider.com/summer-sales-retailer-price-cuts-excess-inventory-supply-chain-delays-2022-7
|
https://www.businessinsider.com/summer-sales-retailer-price-cuts-excess-inventory-supply-chain-delays-2022-7
|
Amazon backed anti-misinformation startup Logically in a $24 million funding round after seeing this 16-slide pitch deck
The number of fact-checking organizations has doubled since 2016.
Logically
Logically uses AI to root out viral misinformation and conspiracy theories online.
The firm recently won investment from tech giant Amazon's VC unit, the Alexa Fund.
Insider got an exclusive look at the pitch deck Logically used to bring investors on board.
Logically, an AI startup helping governments and businesses root out misinformation online, recently raised $24 million in a funding round backed by Amazon.
The past decade has seen an explosion in harmful online misinformation, with extremist radicalization, political polarization, and even national election results being attributed to fake news and conspiracy theories.
The number of fact-checking and anti-misinformation firms has boomed in tandem, with researchers at Duke University finding the number of organizations around the world had more than doubled since 2016, from 186 to 378.
Based in Yorkshire, UK, Logically offers a mix of human moderation and artificial intelligence to allow entities such as government agencies to sift through thousands of pieces of content at a time, flagging false stories and fake news.
Using Logically's "threat intelligence platform", clients can keep track of relevant topics across the internet, including btoh public websites and forums and closed networks like social media app Telegram.
These tools allow users to get ahead of the rumor mill, the company says, with governments better placed to tackle disinformation campaigns, and companies likewise enabled to counter malicious reputational damage.
Corporate misinformation campaigns are a growing threat. In 2019, a false rumor spread on WhatsApp claimed UK-based Metro Bank "may be shut down or going bankrupt," prompting thousands of customers to withdraw their cash. While the rumor was fake, it did compound the bank's genuine cashflow problems.
As useful as Logically's kit might be, it's worth noting that tackling misinformation remains a tricky business, with no simple solutions to prevent campaigns in the first place. Patrick Walker, a former Facebook exec and founder of edtech app Uptime, has described tackling fake news as "a game of whack-a-mole."
As part of its work, Logically regularly publishes research on the spread of misinformation, covering subjects like COVID-19, the 2020 US presidential election, and Russia's invasion of Ukraine. Its key target markets are the US, UK, and India.
The firm has now raised investment from Amazon's venture capital arm, the Alexa Fund, alongside Vitruvian Partners, which has previously backed the likes of Trustpilot and Just Eat, and the UK Northern Powerhouse Investment Fund.
"Given the evolving threat landscape and the increasingly sophisticated technology being used by adversarial actors, this investment will help us continue to stay at the forefront of the fight against misinformation, funding further research and development of end-to-end technology solutions that really break down and combat information threats," said chief exec Lyric Jain.
Insider got an exclusive look at the pitch deck Logically used to bring investors on board. Check it out below:
More: Misinformation Disinformation UK
|
2022-07-14T12:41:30Z
|
www.businessinsider.com
|
Logically Series a Pitch Deck: Anti-Misinformation Startup Raises $24m
|
https://www.businessinsider.com/amazon-fake-news-firm-logically-pitch-deck-2022-7
|
https://www.businessinsider.com/amazon-fake-news-firm-logically-pitch-deck-2022-7
|
An ex-Qantas baggage handler told Nine's Today Show that luggage has been left in rooms for weeks.
The whistleblower, who was sacked in the pandemic, said there has also been damage to planes.
He told Today the travel chaos followed Qantas laying off staff during the pandemic.
A former Qantas worker has revealed how passengers' bags were left in rooms for weeks after the Australian airline fired thousands of staff in the pandemic.
The whistleblower, who remained anonymous, told the Nine network's Today show that he was one of the employees laid off following the outbreak of COVID-19.
Qantas let 2,000 workers go during the pandemic, according to the Transport Workers Union. The sackings have since triggered travel mayhem, the former baggage handler told the breakfast TV programme.
"You've got a skilled workforce that has just been totally sacked," he said in the interview.
Luggage has been left in rooms "for weeks at a time, waiting to be claimed," he told Nine. "There has been damage to planes."
He told Today that he enjoyed working at Qantas because of the camaraderie, but there was now no morale or incentive to work there.
Last month Qantas asked its office workers to help out at airports to cope with the surge in travel during school holidays in Australia.
However, the whistleblower told Today: "You can't just learn 30 years experience with a 20-minute security or safety online course. Bringing in a 50-year-old middle management person, that's a sedentary lifestyle for them and then they have to come in and throw 600 bags of 20-kilos plus for eight hours — that hurts young men."
—The Today Show (@TheTodayShow) July 13, 2022
Qantas didn't immediately respond to Insider's request for comment. The airline told Nine that outsourcing was not the problem, but rather COVID-19 had caused long delays across the aviation sector.
The whistleblower's comments come at a time when the airline industry grapples with a staffing shortage after the pandemic, which has brought travel chaos to airports and passengers.
Qantas is Australia's biggest and oldest airline, with about 37% of the domestic market, ahead of Virgin Australia. Qantas also owns the Jetstar budget carrier, which has about a 30% market share.
More: Qantas Airline plane transport
|
2022-07-14T12:41:48Z
|
www.businessinsider.com
|
Luggage Was Left for Weeks After Airline Cut Jobs, Says Whistleblower
|
https://www.businessinsider.com/former-qantas-airline-baggage-worker-luggage-left-weeks-fired-staff-2022-7
|
https://www.businessinsider.com/former-qantas-airline-baggage-worker-luggage-left-weeks-fired-staff-2022-7
|
The cat, called Rowdy, went missing at Boston Logan airport after flying in on a Lufthansa flight.
A cat that was missing for 19 days at Boston Logan International airport, was found Wednesday.
Lufthansa hired a pet tracker to aid the search for Rowdy, a black cat per Simple Flying.
Rowdy went missing after chasing some birds while she was being unloaded from a Lufthansa flight.
A pet cat that escaped while passing through Boston Logan airport, sparking a search involving specialist pet trackers and cameras, has been found after 19 days on the run.
On Wednesday, Boston Logan International Airport tweeted that the cat, named Rowdy, had been found and passed to local animal protection services to await being reunited with her family.
The four-year-old black feline had been missing since June 24, after chasing birds while being unloaded from a Lufthansa flight, per the AP press and multiple publications. She'd travelled in cargo in a pet carrier, per CNBC's 10 Boston.
Rowdy was flown in from Frankfurt, with her owners Patty and Rich Sahli, who were relocating back to the US after spending 15 years in Germany, where Rich was part of the US military, per AP.
Airport staff installed wildlife cameras and safe-release traps to track Rowdy's movements after she was spotted roaming around Logan's Terminal E. Lufthansa even hired animal trackers to aid the search, per the industry publication Simple Flying.
On Wednesday, Rowdy entered a cage and was caught, Patty Sahli told Boston's WCVB5 channel.
"Whether out of fatigue or hunger we'll never know, but this morning she finally let herself be caught," a spokesperson for Massport, which runs Boston Logan International, told the Associated Press.
—Boston Logan International Airport (@BostonLogan) July 13, 2022
Sahli told CNBC's Boston 10 program that Lufthansa agreed to fly her from Florida to Boston on Friday evening, so she can collect Rowdy on Saturday.
Boston Logan Airport, Lufthansa, and Sahli did not immediately reply to Insider's approach for comment, which was made outside of regular business hours.
The summer period has period have proved highly chaotic for the aviation industry, which has been struggling to cope with peak post-pandemic travel demand.
Existing staff shortages of pilots, baggage handlers, and airport staff, exacerbated by the pandemic, have led to thousands of flights being canceled, long queues, and reports of huge piles of lost luggage at multiple airports globally.
More: Boston Logan International Airport Transportation Aviation Lufthansa
|
2022-07-14T12:42:07Z
|
www.businessinsider.com
|
Lufthansa Hired Pet Tracker to Find Lost Cat at Boston Airport
|
https://www.businessinsider.com/lufthansa-hired-pet-tracker-to-find-cat-lost-boston-airport-2022-7
|
https://www.businessinsider.com/lufthansa-hired-pet-tracker-to-find-cat-lost-boston-airport-2022-7
|
RingCentral ranked seventh on Comparably's Best Leadership Teams ranking among large employers.
25. Delta Air Lines
Ed Bastian, CEO of Delta Air Lines
Industry: Aerospace and aviation
Employee quote: "Ed Bastian is the best CEO I've ever worked for. I trust his experience and vision to move us forward. The leadership, transparency and communication from the entire executive team was appreciated over the past year-and-a-half of COVID."
24. Deloitte (US)
Joe Ucuzoglu, CEO of Deloitte (US)
Employee quote: "They lead by example and provide tools and coaching for success."
23. Intel Corporation
Patrick Gelsinger, CEO of Intel Corporation
Industry: Semiconductor chip manufacturer
Employee quote: "They are hard-working, intentional, and deliberate in their decision making, and work hard to show their employees how much they value them."
22. GoodRx
GoodRx CEOs
Employee quote: "They provide the autonomy, tools and support I need to get things done well, quickly, effectively — and very clear about expectations and goals. Alignment on values, purpose, direction, and rationale is strong. I've experienced many companies, but GoodRx wins."
21. UiPath
Industry: AI software
Employee quote: "Open, transparent, and respectful. They live and breathe the values on which this company was founded."
20. Dell Technologies
Michael Dell, CEO of Dell Technologies
Employee quote: "Adaptability and a commitment to looking after each employee as a person and not a number."
19. The Knot Worldwide
Timothy Chi, CEO of The Knot Worldwide
Industry: Wedding/event management
Employee quote: "The compassion for employees makes this an amazing organization of which I'm very proud to be a part of."
Chuck Robbins, CEO of Cisco
Industry: Network hardware
Employee quote: "Open-door communication and super supportive of all employee opinion, feedback, and contributions across the organization."
Ryan Roslansky, CEO of LinkedIn
Employee quote: "Leadership cares about your whole well-being and leads through example. They care and show it."
Industry: Finance software
Employee quote: "They are accessible and communicate freely throughout the organization."
15. Redfin
Glenn Kelman, CEO of Redfin
Employee quote: "Our leadership team always makes themselves available and care about our success as individuals and as a team."
14. Momentive.ai
Zander Lurie, CEO of Momentive
Employee quote: "The Momentive leadership team is visionary, passionate, agile and above all, focused on creating a culture that places employee well-being at the top of the list."
13. Samsung Semiconductor (US)
Employee quote: "Our leaders are extremely capable and yet very humble. They demonstrate that they care about our employees in addition to caring about the success of the business."
Sumit Singh, CEO of Sumit Singh
Employee quote: "Chewy's leadership is incredibly attentive to the needs of both our customers and our employees. They are open minded, listen, and adapt well in uncertain or changing environments."
Carlos Rodriguez, CEO of ADP
Employee quote: "Our leadership team leads with heart and integrity. They are very relatable and always put associates at the forefront of every decision."
10. Adobe
Shantanu Narayen, CEO of Adobe
Employee quote: "They listen, not just hear employees. They encourage change and 'out of the box' thinking. Then the most incredible thing happens, the leadership supports the efforts of improvement! That last part is what sets Adobe aside of any other tech company."
Employee quote: "They genuinely care about all employees at Chegg and do everything they can to create an environment where everyone can contribute at their best."
Employee quote: "They communicate transparently, and follow through on what they say they'll do. I trust that we are prepared as a company for most unexpected crises/hardship."
Employee quote: "I love how our leadership embodies fairness and equality. They create equal opportunities for everyone to show up, display their abilities and skills — and get recognized for it."
Sundar Pichai, CEO of Google
Industry: Internet cloud computing
Employee quote: "The best part of working at Google is that our leadership is strong and determined, ready to always make big movements in today's technological world."
Employee quote: "They create a culture of appreciation, recognition, respect, trust, personal responsibility, team work and cohesiveness."
4. 23andMe
Anne Wojcicki, CEO of 23andMe
Employee quote: "It really seems as though the leadership team cares about their employees. RTO is an example of where they've been incredibly open and receptive to new forms of work — and it's clear that it is important to leadership that people feel heard."
3. Nextdoor
Sarah Friar, CEO of Nextdoor
Employee quote: "This is by far the most transparent leadership team I have ever worked for in my entire adult career. Culture comes from the top down and they truly create a workspace where everyone is welcome and supported."
Employee quote: "Mission focused team that wants to innovate and create solutions to empower customers. Leadership listens, is empathetic and encourages us to grow. They've been amazing, especially throughout the pandemic."
Employee quote: "What I like best about the leadership team is that they show a genuine interest in developing my career and my skills, and promote work/life balance."
Here are the 100 teams at large companies that were highly ranked this year
More about this list and how it was created
After publishing earlier this week two rankings looking at top CEOs —the best CEOs based on ratings from workers of color and highly ranked CEOs according to ratings from women — Comparably also published its ranking that highlights where workers think their leaders are doing a good job.
The ranking, "Best Leadership Teams," uses 12 months of anonymous worker rating data, starting from the end of June 2021.
"Great culture is driven by strong leadership teams who know how to work together to bring out the very best in their people," Jason Nazar, CEO of Comparably said in a statement. "Based on direct feedback from employees, the companies who do this well lead by example by focusing on transparency, empathy, and opportunities for growth."
Amazon Consumer ranked at the top of this year's iteration of the list for the ranking that only includes places with over 500 employees, or large companies according to Comparably.
Nextdoor's leadership team placed third on this list. The company's CEO Sarah Friar also ranked 13th in this year's list of the "Best CEOs for Diversity." Friar placed on the list for "Best CEOs for Women," placing 93 on the large business ranking.
Industry and quotes are from the workplace site Comparably, and the full ranking is available on Comparably.
|
2022-07-14T14:12:48Z
|
www.businessinsider.com
|
Highly Rated Leadership Teams at Large Companies, Per Comparably
|
https://www.businessinsider.com/comparably-large-companies-highly-rated-leadership-teams-2022-7
|
https://www.businessinsider.com/comparably-large-companies-highly-rated-leadership-teams-2022-7
|
I'm the cofounder of Crumbl Cookies. Here's how we captured Gen Z and became a cult favorite.
Sawyer Hemsley co-founded and became the COO of Crumbl Cookies with no business experience.
Sawyer Hemsley founded Crumbl Cookies in 2017 with his cousin in while he was still at college.
Since Hemsley's parents opened the first franchise in 2018, the company has grown to 330 locations.
Here's how Hemsley launched the franchise and his day-to-day as COO, as told to Kimanzi Constable.
This as-told-to essay is based on a conversation with Sawyer Hemsley, the 31-year-old cofounder and chief operating officer of Crumbl Cookies. It has been edited for length and clarity.
While studying marketing at Utah State University in 2015, I started an apparel business called Embr. My cousin Jason McGowan liked the branding of Embr and invested in the business.
Jason has a background in technology and, at the time, was the director of products for the genealogy company Ancestry's app. He had already founded tech startups that were acquired by Fundly and Ancestry.
I became overwhelmed with college work and running Embr, so I agreed to let Jason fold Embr into a ring business he had as a side hustle. I kept an equity stake in the combined company.
Jason continued to build Embr on the side for years before it was sold in 2021. After this joint endeavor, Jason and I were often chatting about business.
We thought delivering warm cookies to people's doorsteps would be a great business
The possibility of ordering warm cookies without needing to bake them felt unique in 2017. This was around the time DoorDash blew up. We spitballed about creating a cookie app.
At first, nothing came of the conversations, but I kept bugging Jason for months.
Every time I passed a "for-rent" sign in my college town, I would take a picture for Jason captioned, "Here's our cookie shop."
In May 2017, Jason said he'd invest $10,000 into the cookie business if we could find a good deal on a building.
We agreed that Jason would be the investor and I would be the operator in charge of running the store.
I found a building for $900 a month that let us rent pro rata.
Jason's initial $10,000 quickly grew to $50,000, eventually becoming a $75,000 investment because we needed more equipment than we had anticipated. Jason invested from his savings.
We did all the construction for the first store to keep costs low.
We don't have a background in food science, but we wanted to sell the best chocolate-chip cookie
We networked with other commercial bakers, read books, watched YouTube videos, and met with moms and grandmas.
We experimented with ingredients and mixing techniques.
Finally, we came up with a good-enough chocolate-chip cookie to serve to the community. It was the only product we sold when we started.
We now offer six flavors at every store that change weekly. Chocolate chip is our constant, but the others rotate between 150-plus options. We announce the week's flavors on social media at 6 p.m. on Sundays.
When we opened in September 2017, there was a line out the shop's door from day one
My college newspaper and the local newspaper picked up our story. We talked about our chocolate-chip cookies on social media and paid for Instagram and Facebook ads.
Family and friends would deliver cookies or bake for us for free when we were starting. My mom and dad called working in the kitchen "date night."
We're self-funded. We focused on single-unit economics in our first store and were profitable within the first month.
We chose to scale through the franchise model
We wanted to win the nation over with our products and brand without taking on debt or outside investment.
We didn't know much about franchising, so we met with franchise lawyers and went through everything it entailed to set up a franchise in Utah.
Our first franchisees were my mom and dad. Their store opened in 2018. The following two franchises were run by college roommates and the fourth went to a cousin.
We've never had to recruit franchise partners
We have an extensive interview process for prospective franchise owners. We look at finances, do background checks, and gauge commitment levels. We ask them personal questions about the brand.
The initial franchise fee is $50,000, and then there are costs to lease and renovate a store to fit Crumbl standards. We take a royalty fee that's 8% of gross sales.
We love local franchise owners because they can build hype and connect with the community. We've had to turn away people.
By the end of 2021, we had 330 stores, and we are on track to have 1,000 stores by the end of this year.
Social media has always been a big part of our marketing and growth
In 2019, Jason and I started to get overwhelmed with the growth. I ran the social accounts and answered all of our inquiries up to that point, but we knew we needed help. We hired a vice president of marketing at end of 2019.
In the beginning, our best demographic was soccer moms. We choose pink boxes and branding to appeal to this audience.
When we started using TikTok, our engagement steadily grew compared with Instagram and Facebook. Now, we have 9.5 million followers across these platforms.
We exploded on TikTok last year. Our sales skyrocketed because we captured a younger demographic that we had never tapped into before. We have 5.5 million TikTok followers and a separate manager for each social-media platform.
As the chief operating officer, I oversee the branding, the training, and our teams, as well as choose the weekly cookie
My days usually last from 8 a.m. to 6 p.m. and are filled with meetings and other managerial tasks. Our internal team is a little over 300 people at our headquarters in Orem, Utah.
Every day, I have a 3 p.m. meeting for cookie-taste testing. I get to see the variations of cookies we are revamping or about to release to our customers.
I also decide which cookie flavors should be released each week. We use data to decide which combinations will make up the six weekly flavors.
We have internal calendar software where we can see the cost of each cookie, how well it sold, and the social feedback it generated. The software determines the cookie's "strength."
If a previous cookie's strength score was under 13%, we take it back into the research-and-development kitchen to improve it.
Many people didn't believe in us in the early days and thought we were crazy for even trying to sell cookies. We didn't care and just went for it.
fast-food chain
Fast-food desserts
|
2022-07-14T14:12:54Z
|
www.businessinsider.com
|
How I Founded Crumbl Cookies, the Gen Z Cult-Favorite Desert Franchise
|
https://www.businessinsider.com/crumbl-cookie-coo-founder-how-to-start-franchise-2022-7
|
https://www.businessinsider.com/crumbl-cookie-coo-founder-how-to-start-franchise-2022-7
|
These 7 digital-health companies can deliver birth control to your house without an in-person doctor's visit
Samantha Stokes and Rebecca Torrence
Digital-health startups are providing birth control via telehealth and the mail.
Since Roe v. Wade was overturned, companies offering birth control by mail have picked up steam.
Google searches for "how to get birth control online" peaked in popularity after the June 24 ruling.
These seven startups deliver birth control to your door — no in-person doctor visit required.
After the Supreme Court overturned Roe v. Wade on June 24, startups focused on birth control were in the spotlight.
While Republican-led states have moved to outlaw abortion, access to contraceptive care has also been called into question. Several states have restricted access to so-called morning-after pills and toyed with the idea of banning certain types of contraception altogether.
As a result, people have turned to healthcare startups that deliver various contraceptives, including birth-control pills, patches, rings, and shots. Google Trends indicates that following the Supreme Court's ruling, searches in the US for "how to get birth control online" hit their peak popularity of the past year.
Many of these startups are tackling access to birth control differently. Some focus on contraceptive prescriptions, while others are more general telehealth companies that offer birth control. Some have expanded into other areas of reproductive health, fertility care, and sexual-health education.
For founders and investors alike, startups offering birth control can lead to a big payday down the road: 23andMe acquired Lemonaid Health for $400 million in October, and Well Health acquired Wisp in September for $41 million.
Hims & Hers, which raised $233 million in funding when it was a startup, went public in January 2021 via a $1.6 billion SPAC deal, though the company, much like the rest of the public market, has struggled in recent months.
Here are seven startups that offer birth control through the mail.
Alpha Medical
Gloria Lau, the cofounder and CEO of Alpha Medical.
Alpha Medical is a virtual women's-health clinic that says it has providers available to treat over 100 medical conditions.
It's been offering birth-control prescriptions online since its founding in 2017. Customers can get prescriptions for pills, the patch, and the vaginal ring through Alpha.
Alpha charges a one-time $15 fee to all patients for the initial consultation and prescription. Some patients with insurance can get their prescriptions for free; for those without insurance, Alpha's plans start at $15 a month.
The startup banked a $24 million Series B round in September from SpringRock Ventures, Outcomes Collective Growth Capital, FMZ Ventures, Samsung Next, Chameleon, AV8 Ventures, GSR Ventures, and Margo Georgiadis, the former CEO of Ancestry.
Liz Meyerdirk, the CEO of Favor.
The Pill Club
Formerly known as The Pill Club, Favor began in 2016 as a birth-control prescription-and-delivery startup, packaging pills with extras like sweets and stickers. The startup rebranded earlier this year as it breaks into other areas like skincare.
The company says it offers over 120 brands of birth control. It says prescriptions are free with most insurance plans and as low as $7 a month for people without insurance who opt to receive a yearlong supply.
Favor's site now includes a section on reproductive rights in response to the Roe v. Wade decision. It encourages people to "stay prepared with the morning after pill," shares resources for pregnant people, and provides links to donate to abortion funds.
The startup raised $41.9 million in a Series B round extension in June 2021 led by the venture-capital firm Base10 and including Acme, GV, Shasta Ventures, VMG, iGlobe, Uber CEO Dara Khosrowshahi, and Honey CEO George Ruan.
Hims & Hers
Andrew Dudum, the CEO of Hims & Hers.
Hims & Hers began as just Hims, a men's-health brand selling products like hair-loss treatments and Viagra.
After banking $97 million in investor cash, the company started offering products for women, including birth control , in 2018 under the Hers brand.
The company says it offers 13 varieties of the pill, with plans starting at $12 a month. The startup says it ships the next month's supply six days before the customer's current supply is scheduled to run out.
The direct-to-consumer company went public in January 2021 in an SPAC deal that valued it at $1.6 billion. Like most digital-health companies to exit last year, its share price has dropped steadily since its stock-market debut.
Nurx CEO Varsha Rao.
Born out of the startup accelerator Y Combinator in 2016, Nurx says it offers more than 50 forms of birth control , including generic and name-brand pills, the shot, the patch, and the ring.
Nurx says customers can get their birth control shipped for free with most insurance plans, or starting at $15 a month without insurance. It says its packaging is logo-free for discreet delivery.
Since its launch, the reproductive-health company has expanded into dermatology and mental-health services in addition to emergency contraception and STI testing and treatment.
In February, Nurx announced it would merge with the direct-to-consumer digital-health unicorn Thirty Madison. Before the merger, Nurx had raised $193 million in total equity and debt financing, according to PitchBook.
The company's last equity raise, in May 2020, at $22.5 million, included funds from Trustbridge, Comcast Ventures, Wittington Ventures, Union Square Ventures, and Kleiner Perkins Digital Growth Fund.
Dr. Sophia Yen, the CEO and cofounder of Pandia Health.
In 2016, Dr. Sophia Yen was preparing to give a presentation to other doctors about the reasons people don't take their birth control — mainly that they don't have their medication on hand or they struggle to get the correct prescription in the first place.
That's how Pandia Health was born. The startup offers a place for patients to meet with a doctor virtually; get prescriptions for birth-control pills, patches, or rings; and receive the medication in the mail.
Pandia has expanded to offer topical and oral acne medication by mail, and it says its providers will work to provide birth-control prescriptions for acne, PMS management, and other reasons in addition to family planning.
It says that for birth control, patients pay a $20 doctor fee and receive free shipping and goodies like candy, stickers, and tea with their orders.
Pandia incubated at the Stanford StartX fund and Springboard Enterprises.
Carrie SiuButt, the CEO of SimpleHealth.
For $15 annually, SimpleHealth provides birth control and other medications by mail and virtual care from medical professionals.
It says that after a consultation, a doctor will prescribe one of more than 120 name-brand and generic birth-control options, delivered to a home address and automatically refilled.
The startup can also ship Ella, an emergency contraceptive. In February, SimpleHealth acquired Emme, a smart case and app to help people keep track of taking their birth control.
SimpleHealth has expanded into other areas of women's health, such as fertility and perimenopause care, and offers a variety of supplements and educational resources.
SimpleHealth has raised $26 million in funding — most recently a $16 million Series B in May 2018 led by Waypoint Capital Partners. Goodwater Capital and Autonomous Ventures are also investors.
Twentyeight Health
Bruno van Tuykom and Amy Fan, the cofounders of Twentyeight Health.
Twentyeight Health's mission is to provide reproductive- and sexual-health care for people of all gender identities and sexualities, with an emphasis on underserved communities.
The startup provides birth control by mail in more than 30 states, including Mississippi, where doctors and nurses can refuse to provide contraception-related services and whose governor this spring refused to rule out banning contraception if Roe v. Wade were overturned.
In addition to providing prescriptions and delivery of birth-control patches, rings, shots, emergency contraception, and internal condoms, Twentyeight Health recently expanded to provide prenatal vitamins and at-home COVID-19 tests.
The Brooklyn-based startup's $5.1 million seed round, completed in October 2020, was led by Third Prime with participation from Town Hall Ventures, SteelSky Ventures, Predictive VC, and other firms.
More: Features Tech Startups
|
2022-07-14T14:13:00Z
|
www.businessinsider.com
|
7 Digital-Health Startups That Deliver Birth Control by Mail
|
https://www.businessinsider.com/digital-health-startups-deliver-birth-control-by-mail-2022-7
|
https://www.businessinsider.com/digital-health-startups-deliver-birth-control-by-mail-2022-7
|
New York state is investigating Getir's employment practices as the rapid-delivery startup's employees say the company shorted their paychecks and paid workers under the table
Alex Bitter and Narimes Parakul
A Getir delivery courier riding through Manhattan.
The rapid-delivery app Getir is under investigation by the New York State Department of Labor.
Insider learned about the investigation after requesting documents related to Getir's pay practices.
Employees told Insider the startup struggled to pay employees.
The rapid-delivery startup Getir is the focus of an investigation by the New York State Department of Labor, the department said in a statement emailed to Insider.
The department did not specify the nature of the investigation. It provided the statement in response to a Freedom of Information Act request from Insider.
Current and former employees have told Insider that the startup, which set up shop in the US in November, has struggled to pay employees for all the hours they worked. Getir, which promises to deliver groceries and convenience-store goods in about 10 minutes, is one of several ultrafast-delivery startups that have raised significant funds but struggled in the past few months. Getir raised nearly $2 billion in venture capital but said in May that it would lay off 14% of its global workforce.
Insider's request to the New York State Department of Labor sought documents related to how Getir paid its employees in the state; the department declined to provide the documents but sent the statement. Getir operates 19 stores in New York City, in addition to stores in Chicago and Boston.
"Please be advised that the Department's investigation into this matter is ongoing," the department said in its statement.
A Getir spokesperson did not immediately respond to a request for comment from Insider.
Two US employees who were laid off by Getir told Insider that they'd been told state unemployment agencies had no record of their earnings from Getir. Former employees said the company has used Zelle, Cash App , and handwritten checks to pay employees.
Earlier this month, three former Getir employees who worked for the company in New York filed a lawsuit against the startup in federal court in Brooklyn. They claim that their managers asked them to work outside of their agreed-upon schedules, such as during meal breaks, without pay.
Getir workers have also told Insider that the company held employees to strict metric targets as part of its ultrafast-delivery promise. Former employees said the approach had also put the company's couriers in danger, with some winding up in hospital emergency rooms after accidents while riding scooters and e-bikes on busy city streets.
Do you work at Getir or have a tip about the company? Reach out to Alex Bitter at abitter@insider.com or via the encrypted messaging app Signal at (808) 854-4501.
More: Getir Delivery Fast Food
|
2022-07-14T14:13:18Z
|
www.businessinsider.com
|
Getir Under Investigation by New York State's Department of Labor
|
https://www.businessinsider.com/getir-under-investigation-new-york-states-department-of-labor-2022-7
|
https://www.businessinsider.com/getir-under-investigation-new-york-states-department-of-labor-2022-7
|
Read the 12-page pitch deck I used to raise $30 million for my food-tech startup
Fengru Lin.
Courtesy of TurtleTree
Fengru Lin is the cofounder of TurtleTree, a food-tech company with offices in the US and Singapore.
TurtleTree is a company that creates cell-based milk without the need for cows.
Here's Lin's story and the pitch deck she used to raise money, as told to writer Claire Turrell.
This as-told-to essay is based on a conversation with Fengru Lin, the cofounder of TurtleTree. It has been edited for length and clarity.
I've always been a foodie, but little did I know that my cheesemaking hobby would spark the idea for a multimillion-dollar business.
My search for the perfect raw-milk ingredients brought me face-to-face with the harsh realities of dairy farming in the region I lived in of Southeast Asia. Cows were being pumped with antibiotics and hormones, and I thought, There must be a better way to create dairy produce.
I bumped into my now cofounder, Max Rye, in 2018 when he was giving a talk about sustainability at the Google office in Singapore, where I worked at the time in sales on the Google Cloud team. Other companies were already working on cell-based meat and shellfish, and we wondered if we could create cell-based milk similarly to how they were reproducing meat cells in a bioreactor, like a microbrewery.
In January 2019, we launched the cell-based dairy company TurtleTree. We bootstrapped the company with $500,000 of our own money, hired two microbiologists, and rented a lab at a research facility in Singapore. Ten months later, we filed our first cell-based-milk patent. We now have 42 employees across three locations, and we launched our first US office in Davis in west Sacramento, California, in September 2021 and another office a few months later in Boston.
As soon as we were ready to file our first patent, I decided to leave Google
Max, who had an entrepreneurial tech background in California, also chose to go full-time.
When COVID-19 hit, it highlighted the importance of our work even more. As Singapore imports 90% of its food, the ability to produce food within close proximity of the city to reduce waste and improve the supply chain became even more vital.
The pandemic could've affected our plans, but the Singapore regulators deemed us an essential business, so our scientists could continue working in the lab while office staff worked from home.
While the microbiologists worked on refining the product, Max and I met with potential investors, employed a headhunter to help us find the right staff for the company, and took a "Business of Biotech" course at MIT online to help us understand the economics of biotech investments and how to scale biotech companies. We also started seeking mentors, one being sustainability professor Nathaniel Salpeter of the nonprofit Sweet Farms, who advises companies and the US government on food biotech. He's been supportive from the moment I first emailed him.
We started fundraising in June 2020 and between our preseed and Seed rounds, we raised $9.4 million from investors. Then in November 2021, we raised $30 million in our Series A led by Verso Capital, which is now being spent on getting our processes ready to bring it to industrial scale, growing the team to help bring it to market, and opening a new manufacturing facility outside of Singapore and the US.
During our research phase with potential B2B customers, we were asked if we could produce the immune-boosting protein lactoferrin, which is found in mother's milk. We made this ingredient our focus, and once it's approved by regulators, we hope to sell it to our baby-food-brand customers the following year. We also created Gut Logic, which contains lactoferrin and complex sugars but is designed for adult nutrition brands.
Before we pitched investors, we learned to edit the deck for our audience
If we're talking to investors who are very educated about the food-tech space, we add more details around the technical areas, or if we're talking to investors who care more about sustainability and the UN's goals, we talk a little bit more about those. For me, the three key slides in the deck include slide five, the size of the market; slide four, the products that we've created that offer a sustainable solution; and slides eight and nine, the slides that show the expertise of our team.
However, slide seven, the milestone slide, is also important to show the progression of the company. Every year our milestones are themed: 2020 was the year of winning a lot of competitions for us, including the Entrepreneurship World Cup. The focus of 2021 was talent and hiring employees from companies such as biotech company Novozymes. Now 2022 is the year of scale with the launch of our factory.
Three-and-a-half years after starting, we're now looking at bringing our first product to market. Here's the pitch deck that helped us get here.
More: Features BI-freelancer Pitch Deck
|
2022-07-14T14:14:01Z
|
www.businessinsider.com
|
The Pitch Deck Food-Tech Startup TurtleTree Used to Raise $30 Million
|
https://www.businessinsider.com/pitch-deck-used-raise-30-million-food-tech-startup-turtletree-2022-7
|
https://www.businessinsider.com/pitch-deck-used-raise-30-million-food-tech-startup-turtletree-2022-7
|
WASHINGTON, DC - DECEMBER 17: Roger Stone, a former adviser and confidante to former U.S. President Donald Trump, arrives to the Thomas P. O'Neill Jr. Federal Building for a deposition before the House Select Committee investigating the January 6th Attack on the United States Capitol on December 17, 2021 in Washington, DC. Stone, who was pardoned by President Trump before leaving office, is set to plead the Fifth Amendment when he appears before the committee.
The J6 committee on Tuesday aired video of Roger Stone reciting the Proud Boys' initiation oath.
The 14-word oath was inspired by a popular white supremacist slogan, some experts told Insider.
Stone, who denies being a Proud Boy, recited it at a 2017 'Cinco de Milo' event honoring Milo Yiannopoulos.
Tuesday's public hearing of the House Select Committee investigating the January 6 Capitol siege gave many viewers their first look at a disturbing video clip of longtime Donald Trump adviser Roger Stone.
It showed Stone brashly reciting the Proud Boys' so-called "fraternity creed." Recording oneself reciting the creed is the first of four initiation steps for joining the violent, right-wing extremist group.
"Hi, I'm Roger Stone," he says in the brief black and white clip. "I'm a Western chauvinist, and I refuse to apologize for the creation of the modern world."
Extremism experts know the creed well and say its recitation made Stone a first-degree honorary member. Stone has denied being a Proud Boy.
Many experts say the creed is a thinly-disguised homage to white nationalism. Two people who advised the January 6 committee went even further, telling Insider that the 14-word creed is directly linked to "14 words," considered the most popular white supremacist slogan in the world, though other experts warned against making such a direct link.
Stone recorded himself reciting the creed in 2017, says Samantha Kutner, who studies violent extremism at the Khalifa Ihler Institute.
Kutner and the Institute advised the January 6 committee on the Proud Boys' alleged role at the forefront of the Capitol break-in.
"That happened on May 5, 2017, at a 'Cinco de Milo' event at some random mansion in Florida," Kutner told Insider of the Stone initiation clip.
"It was right after Milo Yiannopoulos lost his book deal with Simon and Schuster" over his white nationalist ties, she said of the ex-Breitbart editor who is now interning for Rep. Marjorie Taylor Greene.
"That was the event where Enrique Tarrio attended, and a Proud Boy actually recruited him" at the gathering, Kutner said of the extremist group's former national chair. Tarrio is currently jailed along with four other alleged Proud Boys leaders, awaiting a December trial on seditious conspiracy charges.
Stone, who is mired in a Justice Department lawsuit over $2 million in outstanding taxes, did not respond to messages requesting comment.
But Kutner and other experts told Insider that after recording himself reciting the creed, Stone was a first-degree honorary member.
To reach second degree, prospects submit to a frat-worthy hazing ceremony: being beaten by fellow Proud Boys while shouting out the names of five breakfast cereals. Subsequent membership degrees require getting a Proud Boys tattoo and committing an act of violence against an enemy, such as a perceived member of antifa.
—Rex Chapman🏇🏼 (@RexChapman) November 14, 2020
The video shown at Tuesday's January 6 committee hearing actually first went public immediately after it was taped — five years ago. It was briefly posted to YouTube the next day by Stone himself.
By February 2018, the Proud Boys were featuring the clip on their own YouTube channel, also since taken down, says Emily Kaufman, who tracks the Proud Boys for the Anti-Defamation League.
"They obviously saw this as a pretty significant endorsement," Kaufman said.
Within the year, the clip reached the mainstream media. The Daily Beast included the Stone initiation clip prominently in its January 29, 2019, feature, "How the Proud Boys Became Roger Stone's Personal Army."
The "fraternity creed" was written in 2016 by Proud Boys founder Gavin McInnes. It is 14 words long.
Kutner and other experts call that number a conscious homage to a darker and more widespread white supremacist and neo-Nazi slogan.
Known as "14 Words" — and coined by David Lane, a member of the domestic terrorist group The Order — it states, "We must secure the existence of our people and a future for white children."
"It's definitely something he did consciously when he wrote it," Kutner said of McInnes' word count.
McInnes used the words "white" and "Western" interchangeably, she and other experts said.
"Once, while on a show with a neo-Nazi host, he recited the '14 words' slogan, and simply replaced 'white' with 'Western,' knowing that 'Western' is code for 'white,'" she said.
"The number 14 is not a coincidence," agreed Heidi Beirch, co-founder of the Global Project Against Hate and Extremism and another adviser to the House Select Committee.
"It is definitely a wink and a nod — and probably a lot more," to the Lane slogan and the number 14, Beirch said, which she said is common in neo-Nazi and white supremacy iconography.
"You see its symbology everywhere. People's avatars online have '1488' — so, 14 words and then 88 meaning 'Heil Hitler,'" Beirch told Insider, "H" being the eighth letter of the alphabet.
"It's all over the place. You see Nazis selling T-shirts for 14 dollars and 88 cents. It's completely permeated the culture."
It was Beirch who alerted the committee to Stone's initiation video, explaining to members the significance of the creed and its link to white supremacy in a detailed backgrounder report she sent to panel members, "The Role of the Proud Boys in the January 6th Capitol Attack and Beyond."
Kaufman of the ADL cautioned against drawing a direct link between the Proud Boys' initiation creed and the "14 Words," which her group calls the most popular white supremacist slogan in the world.
Jonathan Lewis of the George Washington University Program on Extremism, also cautioned against a direct link.
"I would be careful of tying them together explicitly," Lewis said of the "14 Words" and the Proud Boys initiation creed.
"But I think that the reality is, they are an organization that is rooted in right-wing ideology," he said. "It's rooted in white supremacy, bigotry, hate, anti-Semitism. These are ideas, concepts, narratives, that are a feature, not a bug, of the Proud Boys."
Extremism watchdogs agree that given his ties to both Trumpworld and extremism, Stone has been, and will continue to be, a central focus of the hearings.
On Tuesday, Rep. Jamie Raskin said Stone communicated extensively with leaders of the Proud Boys and the Oath Keepers, a network of anti-government militias, nine of whose members are also awaiting trial, currently scheduled for September, on seditious conspiracy charges.
The committee has thousands of encrypted messages from a chat named "Friends of Stone," as first reported in May by The New York Times, which said the chat's 47 members included leadership of both the Proud Boys and Oath Keepers.
Stone used members of both groups as security, Raskin noted Tuesday.
More: Roger Stone Proud Boys Capitol Siege January 6 committee
The Oath Keepers
|
2022-07-14T15:43:47Z
|
www.businessinsider.com
|
A Deep Dive Into Roger Stone's Proud Boys Initiation Video
|
https://www.businessinsider.com/a-deep-dive-into-roger-stones-proud-boys-initiation-video-2022-7
|
https://www.businessinsider.com/a-deep-dive-into-roger-stones-proud-boys-initiation-video-2022-7
|
One of COVID-19's original symptoms, loss of smell, could be making a comeback as some patients are reporting it again
Taiyler Simone Mitchell and Dr. Catherine Schuster-Bruce
Loss of smell was a hallmark of COVID-19 in 2020.
Georges Gobet/AFP/Getty Images
Health professionals in the US have said more patients with COVID-19 are reporting a loss of smell.
Loss of smell was a hallmark feature of the original virus, but it's less common with more recent variants.
More data is needed to confirm that BA.5 definitely causes loss of smell.
Loss of smell could once again become a hallmark feature of COVID-19, as health professionals say increasing numbers of people infected with the virus are reporting the symptom again.
Back in 2020, if people lost their sense of smell, it was highly likely that they'd caught the original virus. But more recent variants, including other Omicron subvariants, haven't caused the symptom as often.
However, loss of smell may be making a comeback, as the BA.5 subvariant, which can easily evade the body's immune response, has become the most common cause of new COVID-19 cases in the US.
Valentina Parma, a psychologist at the Monell Chemical Senses Center in Philadelphia who works with COVID patients, told NBC News she was seeing more people with loss of smell, compared with the beginning of the year.
"What I am seeing in my corner of the world is a spike," she said.
Parma said that those who reported a loss of smell were the ones that couldn't smell at all. "But when you administer a smell test, we're seeing about 25% of people have an impaired sense of smell, which is not a small number," she said.
Parma added that the number of people reporting a loss of smell was "significantly less" than with the Delta variant, which was dominant in the US in 2021.
It's not clear why certain variants cause loss of smell more than others. However, research suggests the loss of smell is caused when the virus infects nerve cells in the nose.
Early data from French health authorities published on July 15 found people infected with BA.4 or BA.5 were more likely to present with loss of smell or taste than those infected with BA.1, one of the earliest Omicron subvariants. BA.5 is not currently the most common cause of new COVID-19 cases there.
However, there isn't any data to confirm loss of smell is a feature of a BA.5 infection.
Dr. Lora Bankova, an allergist and immunologist at Brigham and Women's Hospital in Boston, told NBC News: "I have talked to people overall about losing their taste and smell lately and it seems that there is an uptick, but the data isn't there yet."
The symptom can be treated with smell re-training and nasal steroids, if given immediately.
If people get a sudden loss of smell and don't have a positive COVID-19 test, they should talk to a doctor, because other illnesses can cause loss of smell, such as epilepsy and rhinitis.
More: COVID covid19 BA.5 Omicron
|
2022-07-14T15:43:54Z
|
www.businessinsider.com
|
Loss of Smell With COVID Could Be Making Comeback With BA.5
|
https://www.businessinsider.com/coronavirus-ba5-omicron-subvariant-symptoms-loss-smell-making-comeback-2022-7
|
https://www.businessinsider.com/coronavirus-ba5-omicron-subvariant-symptoms-loss-smell-making-comeback-2022-7
|
2 Snap recruiters reveal how to land a job at the social-media giant — and the biggest mistake candidates make
AJ Eckstein
Snap Inc. has approximately 300 available jobs in the US.
Courtesy of Snap Inc.
AJ Eckstein hosts "The Final Round" podcast interviewing recruiters at top companies on hiring.
He spoke to Alex Bader and Lauren Turrisi, two talent leads at Snap Inc.
They shared advice on how to get your foot in the door at the social-media giant.
According to Statistica's 2022 report, with over 332 million daily active users, Snapchat is the 6th most popular social-media platform in the US and the 11th most popular social-media platform in the world.
I host of The Final Round Podcast, spoke with two lead business recruiters at Snap Inc., the parent company of the Gen Z social-media brand Snapchat, about their recruitment process.
Snap has expanded its workforce to roughly 6,131 full-time employees in Q1 2022 — up 51% from the previous year — to support its grand ambitions in areas like augmented reality, short-form video, and original shows.
The company is currently advertising approximately 300 full-time roles and 2 internship spots across 22 teams in 40 locations according to their career portal.
According to Insider's analysis of public data, the base salaries for certain US employees at Snap hired between October 2020 and December 2021 ranged from $50,315 to $500,000 a year.
Alex Bader and Lauren Turrisi are two lead business recruiters at Snap. They have a combined 20 years in talent-acquisition experience, including Bader's eight years as a talent manager at Hulu .
Here's their best advice for impressing interviewers and landing a job at the social-media giant that they shared in conversation with me on my podcast.
Snap recruiters are in your corner
Bader wants potential Snap candidates to understand that "recruiters are on your side, and they really do have candidates' backs."
While the recruitment process can seem daunting and include a wave of unknowns, "candidates should not read too much into anything," Bader said.
She told me the talent-acquisition team prioritizes "advocating for candidates and sharing feedback when applicable." She reassures applicants that recruiters were once candidates as well, and they know how competitive the job market has become.
Avoid answering the "Why Snapchat?" interview question incorrectly
During interviews, Turrisi told me that aside from learning about a candidate's prior experience, they want to "understand what excited the candidate about Snap."
Turrisi said the interview is a great time for candidates to showcase their understanding of the company, the role, and the industry.
When they ask candidates the inevitable "Why Snap?" interview question, both recruiters agreed the biggest mistake candidates make is giving a general answer such as, "I use Snapchat every day."
Bader recommends candidates conduct a deeper dive into Snap before speaking to a recruiter: Research what brands they own, company news, and how the candidate aligns with the company values. "Be sure to research the company in detail before you talk to a recruiter," Bader said.
Reach out to relevant Snap employees before recruiters
"Most recruiters are inundated with countless messages daily. It is challenging for recruiters to respond to everyone with their limited time," Bader said.
Bader and Turrisi agree that it's more impressive to reach out to a current Snap employee.
"Find someone at the business that you're interested in that can give you insight into the company and the culture, and then you in turn can tell them a little bit about yourself and what you're interested in," Bader said.
Most companies have a strong referral program; Bader suggested current employees are often "happy to advocate for you."
Thank-you notes make you stand out
According to Turrisi, "Thank-you notes go a long way since they showcase your interest and eagerness for the role and company."
Turrisi said that employees — especially recruiters — are busy, and thank-you notes create an added touchpoint after a conversation or interview.
However, candidates need to remember to be intentional with their notes.
Bader reminded candidates to tailor and proofread their thank-you notes before sending them. She has received countless messages over the years saying "I hope to work at Netflix ," as a Snap recruiter.
Recruiters are aware that candidates might be interviewing at multiple companies, but they still need to pause and be thoughtful with their messages.
More: UK Freelance contributor 2022 original contributor Careers
|
2022-07-14T15:44:13Z
|
www.businessinsider.com
|
How to Get a Job at Snap, According to 2 Recruiters Who Work There
|
https://www.businessinsider.com/how-to-get-job-social-media-snap-interview-tips
|
https://www.businessinsider.com/how-to-get-job-social-media-snap-interview-tips
|
QR-code startup cuts staff and pulls out of 4 global markets less than a year after raising over $120 million, as layoffs strike restaurant tech sector
Sunday uses QR codes for payments.
The QR-code-payment startup Sunday raised more than $120 million in less than a year in 2021.
This month, the Atlanta startup cut staff and pulled out of four of seven global markets.
The spiraling of food-tech startups comes as investors seek profits over growth, analysts say.
An economic downturn and a looming recession have a handful of well-funded food-tech startups spiraling, laying off staff, and restructuring business models to focus on profitability.
The downsizing this month of staff at startups like Nextbite and Gopuff underscores how investors like SoftBank made high-risk bets on companies that flourished earlier in the pandemic, when consumers and restaurants were forced to rely on digital ordering solutions as a precaution to keep guests safe.
For Nextbite and Gopuff, recent cuts are the second round of layoffs for the companies this year. Both have received millions from SoftBank and other investors. In May, the ghost-kitchen operator Reef Technology, also backed by SoftBank, cut staff and ousted Michael Beacham, a key executive, in June.
Perhaps the biggest example of a struggling food-tech startup that blossomed during lockdowns is Atlanta's Sunday. The QR-code-payment startup raised more than $120 million in less than a year from Coatue and DST Global, according to TechCrunch.
Earlier this week, a Sunday spokesperson confirmed the layoffs and restructuring at the company but declined to say how many employees were let go. The layoffs were first reported by Sifted and the Atlanta Inno business journal.
Citing investor pressure for profits, Sunday told Insider it had pulled out of four of its seven markets — Portugal, Italy, Spain, and Canada. It's now focusing its growth in the US, the UK, and France.
"With the current state of the market, investors are now expecting profit from the get-go. Sunday, which is just 16 months old, has been navigating this shift by refocusing its geographical footprint to its most important markets," the company told Insider in a statement. "Focusing on its biggest markets will also allow Sunday to innovate even faster and to keep being the leading and best in class technical solution, across all product lines — Order & Pay, Pay at Table and Click & Collect."
The startup used its initial venture-capital funding to grow rapidly internationally. In the US, the startup works with 1,000 restaurants, including the local Atlanta restaurants Two Urban Licks, Atlanta Fish Market, and Bulla Gastrobar. Yohan Bisson, a Sunday spokesperson, told Insider the company planned to expand locations in the US by 50% by the end of the year.
Sunday, whose technology was launched in France amid the pandemic, brought its QR-code software to the US in April 2021. The codes are used as a contactless way for customers to read menus and pay a restaurant check via their cellphones.
Food-tech startups are focusing on core businesses to satisfy investors
Restaurant-industry analysts said these food-tech startups faced multiple headwinds, including investor demand for profits over rapid growth, an onslaught of competitors, and a slowdown in demand for pandemic-fueled technologies like QR codes and curbside pickup.
"The change in the investing climate has adjusted tolerance for loss-making businesses, as the market has been least kind to high-flying, high-multiple companies with an occluded path to profitability," John Zolidis, a retail- and food-tech analyst at Quo Vadis Capital, said.
Meredith Sandland, a restaurant technologist, author, and private-equity advisor, added that food-tech layoffs prevalent in the industry didn't address profitability. Rather, they are usually the outcome of an underlying pivot in a business model to focus on core products, she said.
That's true for both Nextbite and Gopuff. In announcing their layoffs, both companies said they would be prioritizing business segments with the most promise for success.
Sunday is also focusing on growing in core markets but still diversifying its product mix, the company told Insider.
Sandland said food tech cuts didn't mean demand for digital technologies in the restaurant industry were going away.
"What we are seeing now is not at all emblematic of a return to pre-COVID restaurants," she said. "Even after all the change we witnessed during COVID, we are still at the very front end of restaurant digitization."
Businesses 'perceived as pandemic tech' are out of favor
By the end of the summer, Sunday said it planned to launch a customer-feedback form for restaurants and a loyalty program. A few months ago, the company introduced a feature to order and pay at the table using a QR code, while before it offered only a payment option.
Zolidis and Jim Balis, a food-tech expert, said that made sense for a startup that relied heavily on a service that was more in demand earlier in the pandemic.
"Businesses that are perceived as pandemic tech, i.e., their models were accidentally or purposely suited to the unique consumer behaviors or conditions that occurred during the pandemic, are out of favor," Zolidis said.
Still, Balis, a managing director at the restaurant investment firm CapitalSpring, said Sunday faced a string of food-tech competitors offering the same services.
Sunday brought its QR-code-payment technology to the US last year when it was ubiquitous among other players, including the popular point-of-sale provider Toast. Sunday's new products are also offered by well-established restaurant-tech companies, including the loyalty companies Thanx and Punchh and the customer-feedback startups Tattle and Ovation.
"Investors are just looking more closely at burn rates, realistic modeling, and what the competitive set is and how they differentiate," Balis said.
One former Sunday corporate employee, who wished to remain anonymous fearing career repercussions but whose identity is known to Insider, said the startup "didn't study the market," adding: "They had no idea what they were doing."
Bisson, the Sunday spokesperson, told Insider Sunday had the advantage over rivals because the company was run by restaurateurs, not tech people. Sunday's cofounder Victor Lugger is a high-profile hospitality figure in France who operates a string of well-known restaurants in Europe under the company Big Mamma.
"We are the beginning of something that is big, and we're not looking at our competitor," he told Insider on Tuesday. "The first obsession of a restaurant is its guest, and so everything we do, we do it to merge the interests of the guests and the owner and to never forget guests because we believe that's the path to success."
Are you an insider at Sunday, Gopuff, Reef, or Nextbite with insight to share on recent layoffs? Got a tip? Contact this reporter via email at nluna@insider.com or via the Signal encrypted number 714-875-6218.
More: food delivery Layoffs Softbank Retail
|
2022-07-14T15:44:49Z
|
www.businessinsider.com
|
QR-Code Startup Sunday Cuts Staff As Layoffs Strike Food-Tech Industry
|
https://www.businessinsider.com/qr-code-startup-sunday-cuts-staff-amid-food-tech-layoffs-2022-7
|
https://www.businessinsider.com/qr-code-startup-sunday-cuts-staff-amid-food-tech-layoffs-2022-7
|
Biden's Education Department released a list of proposals to reform the student-loan industry.
The public can now submit comments on those proposals for the next 30 days.
The reforms included improvements to targeted loan forgiveness programs, like PSLF.
President Joe Biden's Education Department wants to know what you think of its plans to reform the student-loan industry.
Two weeks ago, the department released 750 pages of proposals on student loans it wants to implement, including easing access to targeted loan forgiveness programs for public servants and those defrauded by for-profit schools, along with preventing interest capitalization.
Those proposals are part of the regulatory process — a years-long process that involves negotiated rulemaking with experts and stakeholders that generated the department's proposals, with final implementation by July 2023.
"Student loan benefits also should not be so hard to get that borrowers never actually benefit from them," Education Secretary Miguel Cardona said in a statement following the proposals' release. "The Biden-Harris Administration is determined to build a more accessible, affordable, and accountable student loan system. These proposed regulations will protect borrowers and save them time, money, and frustration, and will hold their colleges responsible for wrongdoing."
As of Wednesday, the proposals entered a 30 day period of public comment, in which anyone can submit a comment on the changes the department put forth. The process is simple: click on this link to read the proposals in question. The option to submit a comment is in the top left corner, and your deadline for submission is August 12.
As Insider previously reported, a major focus of the proposals are reforms to student-loan forgiveness programs. The Public Service Loan Forgiveness (PSLF) program, which is intended to forgive student debt for government and nonprofit workers after ten years of qualifying payments, has faced years of flaws that have blocked eligible borrowers from relief, and the department wants to ensure the program is more accessible. The same goes for the "borrower defense to repayment" process — borrowers who believe they were defrauded by for-profit schools can submit a borrower defense claim for relief, and the department wants to broaden the scope of school misconduct to qualify for claim approval.
Meanwhile, Biden is also in the process of deciding whether he will implement broad student-loan forgiveness for federal borrowers. He is reportedly considering $10,000 in relief for borrowers making under $150,000 a year, and his officials have said an announcement will be made before the pause on student-loan payments expires after August 31.
|
2022-07-14T15:45:01Z
|
www.businessinsider.com
|
Student-Loan Borrowers Can Now Submit Comments on Biden's Debt Relief
|
https://www.businessinsider.com/student-loan-borrowers-can-submit-comments-on-bidens-debt-relief-2022-7
|
https://www.businessinsider.com/student-loan-borrowers-can-submit-comments-on-bidens-debt-relief-2022-7
|
The 25 highest-rated leadership teams at small and midsize companies
Per a Comparably ranking, the best leadership team among small and midsize businesses is at Route.
Comparably used anonymous reviews to analyze which employers have highly ranked managers and executives.
Below are the leadership teams at employers with no more than 500 employees that made the ranking.
25. Pie Insurance
John Swigart, CEO of Pie Insurance
Employee quote: "I've worked at a lot of places and I've never seen this level of transparency and care at the top echelons of leadership. I think we truly have a rare thing going on here at Pie."
24. Eargo
Christian Gormsen, CEO of Eargo.
Employee quote: "They put serious effort into keeping me informed and made to feel I am a valued member of the team."
23. Everlight Solar
Industry: Solar energy
Employee quote: "The vulnerability and wisdom they share based off real experiences. They're not just preaching, they're sharing and relating to help grow our mindset and rewire our way to lead our team better."
22. Armorblox
DJ Sampath, CEO of Armorblox.
Industry: Software cybersecurity
Employee quote: "Leadership is very personable and care greatly about the company. Always looking to improve."
21. tray.io
Employee quote: "They are humble, and open to feedback and being challenged. They are also empathetic and great mentors."
20. Alida
Ross Wainwright, CEO of Alida.
Employee quote: "They listen, continuously engage, and actively do what they can to empower employees — it's not a them vs us thing. We're all in this together and they make that fairly transparent!"
19. Nature's Sunshine Products
Employee quote: "They are great coaches. They help to develop others to succeed in their roles and prepare for future roles."
18. APS Payroll
Aaron Johnson, president of APS.
Employee quote: "They value the input of their employees and make decisions based on our best interest and the interest of the company."
17. Stack Overflow
Prashanth Chandrasekar, CEO of Stack Overflow.
Industry: Internet
Employee quote: "I love how smart, driven, and empathetic our leadership team is — I feel like I can truly trust them with my career and the direction Stack is going. They are open to feedback, consistently push us to be the best versions of ourselves, and lead by example."
16. People.ai
Industry: AI/enterprise software
Employee quote: "People.ai's leadership team is incredibly transparent compared to other organizations I've worked at in the past. They genuinely care about the team, and are leading the company in the right direction."
15. SmartBug Media
Jen Spencer, CEO of SmartBug Media
Industry: Digital marketing
Employee quote: "They listen to their team and set up structures to be sure they hear feedback from everyone from the bottom to the top. They provide insight with monthly updates and are always accessible."
14. RFPIO
Ganesh Shankar, CEO of RFPIO.
Employee quote: "Leadership team is hands-on, practical and long-term thinkers."
13. Therapy Brands
Employee quote: "Their empathy, excitement, energy, and enthusiasm for the subject matter are contagious and it is obvious that the priority is taking care of the client to help support their patients and practices. And that 'teamwork makes the dreamwork' is the lay of the land!"
12. Nylas
Gleb Polyakov, CEO of Nylas.
Employee quote: "They seem to have a cohesive and strong vision for both the company product and culture. It's really easy to get on board with such a passionate team."
11. Namely
Larry Dunivan, CEO of Namely.
Employee quote: "I like that each person in leadership has taken the time to personally meet with me whether via a group meeting or individually to introduce themselves. And to let me know that I can reach out to them if I need them for anything."
10. Optomi
Chuck Ruggiero, CEO of Optomi.
Industry: IT, staffing, and recruiting
Employee quote: "They are incredibly welcoming and want you to succeed. They root for you to do well and provide very helpful feedback in order to make sure you are feeling confident in the work you are doing. They are also funny and kind people."
9. Class
Employee quote: "I believe in the knowledge of the leadership team. They bring a lot of experience in education and technology to our team."
8. Sila Nanotechnologies
Gene Berdichevsky, CEO of Sila Nanotechnologies.
Employee quote: "The leadership team is transparent about sharing company goals, information communicated to key stakeholders, and company strategy."
7. TextNow
Derek Ting, CEO of TextNow
Employee quote: "There is a solid mixture of long tenure and newer leadership which both bring historical experience and industry experience to TextNow to help us become more successful as an organization."
6. Copper Mobile
Rupak Lohit, CEO of Copper Mobile
Industry: Web design
Employee quote: "I love the honesty, humility and integrity of my leadership team and CEO."
5. GR0
Kevin Miller, CEO of GR0
Industry: Digital media
Employee quote: "They create a collaborative learning environment that looks at the systems in place and how to tweak them to get better results across the board. They encourage everyone to have a voice and to speak up and be part of the growing process. They truly care about the employees here as well as clients."
4. Civic Financial Services
William J. Tessar, CEO of Civic Financial Services.
Employee quote: "They demonstrate a culture to always improve the firm. Any suggestion is taken seriously; every employee has an opportunity to improve themselves, their job function, and the firm."
3. Mixpanel
Amir Movafaghi, CEO of Mixpanel
Industry: Data analytics
Employee quote: "Super engaged, genuinely open, have developed a culture where people have a voice."
Employee quote: "Open books and happily connect with everyone. No questions are taboo and they care a great deal about feedback."
Employee quote: "They are transparent, clear, and concise about team goals and individual expectations while maintaining an open-door policy on any and all conversations you may want to explore."
More about this ranking and the top companies that made the list
Comparably uses anonymous rankings left on the site to come up with rankings like the one above. The latest ranking looks at reviews from employees regarding different leaders at their workplace.
"Comparably's 5th annual Best Leadership Teams is derived from employees who anonymously rated their CEOs, executive leaders, and direct managers on Comparably.com over a 12-month period," Comparably wrote about how they analyze the top teams for this ranking.
Top teams part of the small and midsize employer ranking — employers with no more than 500 employees — included some in technology or software. That includes the team at TheoremOne, which Comparably noted as part of the technology industry , and Copper Mobile, which Comparably says is part of web design.
Insider has previously rounded up reporting on how to become a good manager as well. This includes avoiding biases in the hiring process, ways to get respect when you are starting out as a new leader at the business, and what questions you should ask during employee check ins.
The companies' industries and anonymous worker quotes were shared with Insider from Comparably. The top 25 and the other companies that made the list can be found on Comparably.
|
2022-07-14T15:45:07Z
|
www.businessinsider.com
|
Top Leadership at Small and Midsize Companies, Per Comparably
|
https://www.businessinsider.com/top-leadership-at-small-and-midsize-companies-per-comparably-2022-7
|
https://www.businessinsider.com/top-leadership-at-small-and-midsize-companies-per-comparably-2022-7
|
We asked rideshare drivers how they stay safe at work. They prep for anything — even jumping out of the car.
Teddi Burgess (left), Paul Rivera (middle), and Ivan Ventura (right).
Rideshare and delivery drivers face dangers like assault, carjacking, and theft on the job.
Drivers are creating advocacy groups to address safety risks and share advice for working with the public.
Insider spoke with seven current and former rideshare drivers about their top tips for staying safe.
An increasing number of rideshare drivers, delivery drivers, and community advocates are speaking out about the dangers they face on the job.
Rideshare and delivery drivers face assaults, carjackings, thefts, and even death. Drivers have thus started to band together to make their jobs safer through advocacy groups and by sharing safety tips with one another.
Insider talked to seven current and former rideshare drivers about their best advice for staying safe.
Michele Dottin, Uber driver
"Always stay calm," said Dottin, a coalition member of Justice for App Workers in New York City. "If you feel like you're in a dangerous situation, the worst thing you can do is escalate it. If you see a rider already coming in aggravated, the best thing to do is stay as calm and level-headed as possible."
Ivan Ventura, Uber driver
"Always be aware of your surroundings, and always stay around areas that you know," said Ventura, who's a member of the Black Car Mafia and a coalition member of Justice for App Workers in New York City. "Don't get out of your comfort zone."
Jacqueline Wideman, former Uber and Lyft driver
"I tell new drivers to always confirm the passenger's name and to always keep your doors locked until confirmation of the passenger is done," said Wideman, who's a full-time activist and coalition member of Justice for App Workers in Long Island, New York.
"Drunk passengers are often a safety issue. Their uncontrolled alcoholic persona can have them grabbing the steering wheel, opening doors while in motion, or attacking the driver. I tell other drivers to not take drunk passengers, especially if they wouldn't feel safe having them in their car. Many times, when a passenger is drunk and reaches their destination, they don't want to get out of the car. I tell drivers to not argue with them or physically remove them. Instead, call the cops to come and remove them.
"The most important safety tip is to get a dual dash cam that records inside the vehicle. This covers a driver against false accusations and denials on the part of the passenger."
Johnny Ibradov, Uber driver
"Driving requires a lot of skill," said Ibradov, who's a member of UzBER and a coalition member of Justice for App Workers in New York City. "However, the most overlooked skill is the ability to smile and say sorry. Road rage is one of the leading causes of car accidents, and the simple act of letting it go keeps everyone safe.
"Rushing is the leading cause of car accidents. Take your time."
Teddi Burgess, Uber driver
"If the rating is low, just skip it," said Burgess, who works in Chicago. "If someone has a low rating, there's a reason why. Passengers don't get a low rating because one driver felt bad about their trip.
"I also completely separated the front area of the car from the back area, so no one can reach under it and get to me in any way. I know rideshare drivers that have had their cars carjacked or had a gun put to their head, so I hope the shield is a little bit of a deterrent. I also have a dash camera that records inside and outside of the car, and it uploads video immediately to the cloud, so I can get proof of anything happening immediately on my phone.
"Lastly, stay off your phone when you're waiting for a passenger, and be aware of your surroundings. Always check behind you. Always look for the customer. If there's ever a situation where I feel in my gut that something's not right, I'll cancel the trip."
Anwaar Malik, Uber driver
"Try to deescalate a tense situation," said Malik, who works in New York City. "Talk it out. Take a deep breath, feel your surroundings, and try to understand the problem. Don't resist. Don't panic. Try your best to not argue or fight back. Before you start driving, install a heavy plastic partition in between you and the customer."
Raul Rivera, Uber driver
"I once was told by a driver that when picking up a passenger, he would take off his seatbelt just in case he had to make a run for it if he was ever in a stickup situation," said Rivera, who helped found NYC Drivers Unite and is a coalition member of Justice for App Workers in New York City. "After a few blocks, if the driver felt safe, he would put his seatbelt back and continue the trip. I've followed that advice."
Do you drive for Uber or Lyft? We want to hear from you. Get in touch with drivers@businessinsider.com
More: Uber Lyft Uber Drivers Rideshare
rideshare safety
Justice for App Workers
|
2022-07-14T15:45:25Z
|
www.businessinsider.com
|
7 Rideshare Drivers' Advice for Staying Safe on the Job
|
https://www.businessinsider.com/uber-lyft-drivers-share-job-safety-tips-career-strategy-2022-7
|
https://www.businessinsider.com/uber-lyft-drivers-share-job-safety-tips-career-strategy-2022-7
|
CHART: The doom and gloom around startup investments is greatly exaggerated
Boxes of Kellogg's Unicorn cereal sit on display in a market in Pittsburgh, Wednesday, Aug. 8, 2018.
Finally, there's good news for startups, according to a new report from PitchBook.
Venture capitalists are still shoveling money into startups, though deals are down year over year.
While deal count and deal value fell in the second quarter, they exceeded pre-2021 quarterly totals.
The good times may be over for startups, but it's not as doom and gloom as Twitter would make you think.
In the second quarter of this year, venture capitalists plowed $62.3 billion into startups in the US, according to a recent report from PitchBook. That deal-value figure is down 23% from the same period last year, but it still exceeded pre-2021 quarterly totals.
The deal value — or total amount of money flowing into startups — declined across all stages, as investors take a more cautious approach amid the public market slowdown, PitchBook reported.
The data shows deals are still closing, although fewer.
In the second quarter, deal count stayed relatively high, with 3,374 financings across all stages. It fell from 4,467 deals in the first quarter of this year, but was well above the same period in 2020. The onset of the COVID-19 pandemic ground startup fundings to a halt.
The report indicates that while investment activity has slowed, it looks so much worse when compared to last year's funding bonanza. It describes 2021 as "perhaps an unusual benchmark" for deals.
The continuation of deal activity over the past six months may be a positive sign for the market, despite the industry narratives.
More: Startups Venture Capital Fundraising Startup funding
|
2022-07-14T15:45:31Z
|
www.businessinsider.com
|
CHART: the Doom and Gloom Around Funding Startups Is Greatly Exaggerated
|
https://www.businessinsider.com/venture-capital-funding-tech-startups-second-quarter-q2-2022-7
|
https://www.businessinsider.com/venture-capital-funding-tech-startups-second-quarter-q2-2022-7
|
Restart the app
Try using the website instead
Check to see if the service is offline
Clear the Cash App's data cache
Check with your bank
Contact Cash App's customer service
7 ways to troubleshoot if Cash App is not working
If the Cash App is not working for you, there are a handful of ways to troubleshoot the problem.
Start by closing and restarting the app, or check to see if it works in a web browser.
Here are seven common ways to get the Cash App back up and running.
Similar to apps like PayPal and Venmo, Cash App is a popular peer-to-peer payment system that lets you send and receive money. A full-featured financial platform, Cash App issues you a debit card tied to your Cash account and even lets you use it for investing and Bitcoin. Like any online service, though, sometimes things can go awry and it may not work when you need it. If Cash App is not working for you, here are seven ways to troubleshoot the app and get up and running quickly.
If the Cash App doesn't appear to be working properly, the first thing to try is to close the app completely (sometimes called force-closing the app). Here is how to close an app on Android and close an app on iOS. After you close the Cash App, start it again and see if that has solved the problem.
If Cash App isn't working properly, try closing it and starting it again.
When you encounter a problem with an app like this, it can be annoying because there are so many potential issue. Is there a problem with your phone, the mobile app, or is the service offline entirely? One quick troubleshooting step: Try using the Cash App website. Log in and see if you can take care of your transaction there. If not, keep working your way through these steps.
If you're having trouble with the app, try logging into the Cash App webpage.
Because the Cash App relies on an online service, it's possible that the service could be down, affecting connectivity for everyone. For many online services, you can check status on Downdetector, but Cash App has a better option: Cash App has its own status page, which can tell you if specific services like Send & Receive Money, Cash Card, Direct Depots and Add Cash are working properly. If the service you need is offline, there's nothing you can do except wait for the problem to be solved.
You can log into Cash App's status page to see if all its services are online.
If you're having trouble connecting to Cash App or completing a transaction from your mobile device, there's a good chance that you are having internet connectivity issues. The Cash App needs to be able to go online, of course, either via Wi-Fi or your phone's cellular service. Make sure you see a strong Wi-Fi or cellular signal in the status at the top of the phone's display. If it's not clear if you have reliable service, try to use another app that accesses the internet to make sure your connection isn't what's causing a problem.
If nothing has solved your problem so far, it's possible that there is a problem with the Cash App's data cache . If the cache is corrupted, you might need to clear the cache to get the app working again.
Unfortunately, the only way to clear an app's cache on the iPhone is to delete the app and then reinstall it from the App Store. But you can clear the Cash App's cache on your Android device without removing the app:
2. If necessary, tap See all apps and then tap Cash App.
Use the App Info page on your Android device to clear the app's data cache.
Perhaps the problem isn't with the app not connecting properly — if you're having trouble completing a transaction, then the issue is more likely to be associated with your bank. You might need to talk to your bank's customer support to authorize the Cash App, or find out why you're having trouble with a transaction. If in doubt, call your bank.
If all else fails, reach out to Cash App's customer support. The app maintains excellent customer service, both on the website and in the mobile app.
On the app, tap your account icon at the top of the screen, then, in the Account & Settings section, choose Support. Tap Start a Chat to start a live chat. On the website, tap Settings in the navigation pane on the left, then tap Support at the bottom of the page. There's no live chat on the web, but you can send an email.
TECH Is Cash App safe? Yes, but there are certain drawbacks to using it, and several ways to keep your money secure
TECH How to permanently delete your Cash App account and unlink it from your bank
TECH How to add money to your Cash App and use it with a Cash Card
TECH How does Cash App work? Cash App's primary features, explained
More: cash app Software & Apps Troubleshooting Tech How To
|
2022-07-14T17:15:18Z
|
www.businessinsider.com
|
7 Ways to Troubleshoot If Cash App Is Not Working
|
https://www.businessinsider.com/cash-app-not-working
|
https://www.businessinsider.com/cash-app-not-working
|
The 25 large companies with the best career growth opportunities
Some people have quit their jobs during the Great Resignation because they didn't have chances to grow.
An annual ranking from Comparably highlights where workers reported having growth opportunities.
Below are the large companies that made the workplace site's list of the Best Companies for Career Growth.
Employee quote: "I have been given a lot of different opportunities with this company, and I enjoy the growth in my profession and as a person."
24. LexisNexis Legal & Professional
Industry: Legal information and analytics
Employee quote: "The company invests in robust learning platforms to develop skills for growth opportunities."
23. Verisys Corporation
Industry: Information technology and services
Employee quote: "They push me to do my best and want me to grow to my full potential."
22. TripActions
Employee quote: "Not only do I have faith in the future of TripActions, but I also have faith that my career will continue on an upward trajectory."
21. Vector Marketing
Industry: Direct marketing and sales
Employee quote: "It's been fantastic being able to experience the overall growth of who I'm becoming during my time here at Vector Marketing."
20. IBM
Employee quote: "It's been a great place to grow my career, and get support along the way."
19. nCino
Employee quote: "Being at nCino is a dream come true. A place where everyone respects each other no matter their position, and huge career growth as the company is so willing to invest in our potential."
18. Smartsheet
Employee quote: "Great culture, very team focused, rewarded for hard work and results."
17. Cue Health
Employee quote: "They are fully vested in employees' careers. Always available to help you with any doubts and make it easier for you to grow within the company."
Employee quote: "I am an ADP lifer. This company has set the bar high and has always challenged me to grow. With the consistent development I've had with various leaders, I have been given opportunities to expand constantly at ADP. I love that my feedback is always heard by those above me."
15. Meltwater
Employee quote: "Could not ask for better leadership — their willingness to help and how invested they are in my growth and goals. "
14. Nucor Corporation
Industry: Mining and metals
Employee quote: "My leadership has advanced knowledge and experience, and willing to support our growth."
13. Outreach
Employee quote: "The company values my development, and are present for feedback and to provide specific guidance."
Employee quote: "My team encourages one another. We push each other to keep growing and seeking additional education and opportunities. We always find new ways to teach each other new things."
11. GoDaddy
Industry: Website hosting platform
Employee quote: "My teammates are invested in my growth and supportive of my ambitions."
10. Qualtrics
Industry: SaaS/market research
Employee quote: "I get so many opportunities to learn and grow, while contributing meaningfully to the work our team does."
Employee quote: "The team has been supportive of me and my growth. They are optimistic, offer feedback and advice, and give space for my contributions. I enjoy the potential to grow from this role into another more advanced role."
8. Samsung Semiconductor (US)
Employee quote: "Smart, innovative, collaborative, supportive, growth oriented."
Employee quote: "They encourage internal mobility and growth."
Employee quote: "Every single person you meet is excited about your growth at the company."
5. Medallia
Employee quote: "I feel the company cares for each employee's professional growth and career, but also our well-being."
4. Insight Global
Employee quote: "They spend a lot of time working with individuals to hold onto good talent, help them adapt, and pursue their career goals."
Employee quote: "Everyone is supportive of you and your growth, and make you feel really valued."
Employee quote: "Genuine care in their employees, their job satisfaction, and their ability to achieve career goals and success."
Employee quote: "BCG not only expects a growth mindset from its employees, but invests in it as a firm through frequent and wide-ranging learning and development opportunities."
Here are the companies that made up the top 100 on the large employer list
Here's how Comparably analyzed the best of the best companies for this ranking
Over 4 million people have quit their jobs each month in the US so far in 2022. One reason people are leaving jobs are because their businesses don't have robust growth opportunities. According to one poll from Pew Research Center, 63% who quit in 2021 reported lack of advancement opportunities as a major or minor reason they chose to leave.
For those looking to try a new job, they may want to look at which companies employees find their workplace helps them grow. Comparably's recent ranking, "Best Companies for Career Growth" highlights some of these employers.
To create the list, the workplace rating and review site used various anonymous employee reviews over a one-year period starting on June 24, 2021. This includes responses about whether they say they have a work mentor and about feedback they receive at work.
Only companies with over 500 workers are part of Comparably's large employer ranking, such as Meltwater and Sunrun. The companies that are ranked as the best of the best among large employers fall into different industries. Consulting firm Boston Consulting Group took the top spot for instance, while some of the other top companies fell into tech or software like Adobe.
Boston Consulting Group also ranked number one in last year's list of large employers.
Industry and anonymous quotes are from Comparably. The full ranking for this year is available on Comparably.
|
2022-07-14T17:15:24Z
|
www.businessinsider.com
|
The 25 Large Companies With the Best Career Growth Opportunities
|
https://www.businessinsider.com/comparably-large-companies-with-best-career-growth-opportunities-2022-7
|
https://www.businessinsider.com/comparably-large-companies-with-best-career-growth-opportunities-2022-7
|
The 25 small and midsize companies with the best career growth opportunities
pixelfit/Getty Images
Comparably recently looked at where workers say they can grow at work.
Nylas, Lunchbox, and Globality are three companies that Comparably found are great for career growth.
Below are the 25 employers that made up the top of the small and midsize employer list from Comparably.
25. Rex
Employee quote: "Rex has provided me with an incredible opportunity to see the measurable results of my hard work and determination."
Employee quote: "Maxwell has been welcoming and the best decision I've made in my career. It's exciting to be a part of a growing company, with strong leadership and a solid foundation."
23. FightCamp
Industry: Fitness and wellness
Employee quote: "I've had nothing but a good time — this company has given me freedom and room to grow."
22. iTrustCapital
Employee quote: "This is a great company that looks out for its employees. I want to make this company my career."
21. Vanta
Industry: Security and investigations
Employee quote: "Very positive experience with the company — growth is phenomenal and the opportunity is unparalleled."
20. The Hollister Group
Employee quote: "I'm constantly challenged and given opportunities to thrive and contribute to our company's success."
19. Zevia
Industry: Food and beverage
Employee quote: "They care about us as people and want us to succeed, and are actively searching for tools to make us all better at what we do."
18. Elementum
Employee quote: "Overall a very positive experience with a lot of challenges that help me grow professionally."
17. Savory Restaurant Fund
Employee quote: "There's lots of opportunity, with a great environment, nice people, and consistent work."
16. Classy Llama
Employee quote: "I've experienced tremendous growth, challenges, and super interesting work."
15. Hometap
Employee quote: "My overall experience here is outstanding. The opportunity to grow is available, it's challenging, I am able to learn something new everyday."
14. Productboard
Employee quote: "It has been a positively stimulating workplace with a lot of opportunities to grow."
13. EQRx
Employee quote: "There is so much energy and good vibes. Opportunities to take on new things are plentiful, and there is such a great path towards growth in terms of my career and overall knowledge."
12. CyberCoders
Employee quote: "Great opportunity, great culture, company, and teams. Challenging, constantly learning, growing, becoming better."
11. Prove
Industry: Cybersecurity and identity management
Employee quote: "Prove is a company that moves fast and is full of people who are bright and very good at their jobs, but also people of great integrity. Performance is rewarded and the potential for growth is substantial."
10. Globality
Employee quote: "I have had a great experience working at the company. I enjoy the work and the opportunities that the company provides."
9. inDinero
Employee quote: "Working at inDinero was one of the best decisions I made for my career. I came from a very traditional corporate working environment, so it was a breath of fresh air. The job is very challenging with great opportunity for career advancement."
8. connectRN
Employee quote: "I appreciate the support and encouragement. Room for advancement and many growth opportunities."
7. Lunchbox
Employee quote: "My team allowed me to hit the ground running and move quickly, but also provided me support every step of the way. These opportunities have allowed me to be put up for a promotion very quickly!"
Employee quote: "Overall the company is well positioned for the future, and this provides many career opportunities."
5. Nextbite
Industry: Restaurant technology
Employee quote: "The company has been inviting, growth focused, and a positive place to work."
4. Nylas
Employee quote: "Working at Nylas has rejuvenated my career! After being stuck at a large Fortune 500 for many years, Nylas has provided an environment that is invigorating, motivating and provides plenty of growth."
Employee quote: "It has been great working for Route. I have met great people, acquired new skills, and connections to further my career in the future."
2. Velosio
Employee quote: "I really like working at Velosio, great opportunity to learn, advance my career and work with good people."
1. Therapy Brands
Employee quote: "We consistently strive for improvement. This is in the products themselves, individual performance, and in the processes of the company. Feedback on any of these are welcome, and iterative progress is made."
Here are the companies that made up the top 100 on the small and midsize employer list
More about this annual ranking
Comparably's latest list released for 2022 is all about the companies employees believe they can move up in and where they say they get great work feedback.
The "Best Companies for Career Growth" list used anonymous responses from workers between the end of June 2021 and the end of June 2022. Only companies with no more than 500 employees were part of the small and midsize list.
The industries, which were provided to Insider from Comparably along with employee quotes, these companies fall into vary. Healthcare technology company Therapy Brands ranked at the top of this year's list. Restaurant tech company Nextbite rounded out the top five.
|
2022-07-14T17:15:30Z
|
www.businessinsider.com
|
Small and Midsize Companies With the Best Career Growth Opportunities
|
https://www.businessinsider.com/comparably-small-midsize-companies-best-career-growth-opportunities-2022-7
|
https://www.businessinsider.com/comparably-small-midsize-companies-best-career-growth-opportunities-2022-7
|
Delta Air Lines CEO said avoiding more cancelations and delays is the airline's "number one challenge" in an interview with the Financial Times.
Travelers on Delta have recently been faced with an uptick in flight delays, cancelations, and lost luggage.
Delta's CEO said he sees "very healthy demand" for air travel, despite rising inflation.
Delta Air Lines CEO Ed Bastian said avoiding air travel chaos has been the airline's "number one challenge" in an interview with the Financial Times.
US airlines have been plagued by delays, cancelations, staffing shortages, and lost luggage this summer, and Delta has been no exception.
Delta's CEO attributed some of the recent havoc to a massive uptick in travelers, telling the Financial Times that flight delays and cancelations in May and June were their "rough patch... a function of an enormous surge in demand." Bastian said Delta "didn't do as good as we could."
Delta recently announced plans to reduce flights through August to try to mitigate flight disruptions.
Despite the issues many air travelers have faced this summer, Bastian doesn't think the recent surge in air travel will cool down any time soon, telling the FT he sees "very healthy demand." He also said seating capacity is still at only 82% of the pre-pandemic levels in 2019.
While some experts predict that an economic slowdown and rising inflation will weigh on how much people are willing to spend, Bastian doesn't think that will hurt his airline yet, telling the FT that he's "not worried" about recession risks.
Delta could not immediately be reached for comment.
More: Delta air travel flight Flight Delays
|
2022-07-14T17:15:36Z
|
www.businessinsider.com
|
Delta Air Lines CEO Says Flight Chaos Is 'Number One Challenge'
|
https://www.businessinsider.com/delta-air-lines-ceo-flight-chaos-is-number-one-challenge-2022-7
|
https://www.businessinsider.com/delta-air-lines-ceo-flight-chaos-is-number-one-challenge-2022-7
|
Google wants to make it easier for politicians to email you for money and support.
The company asked the Federal Election Commission for permission — and to move quickly.
But commissioners are giving the public more time to comment on the proposal.
Facing growing public outrage over misleading and hyperbolic fundraising pitches, the Federal Election Commission unanimously agreed to give Americans three more weeks to critique Google's request to quickly allow political committees' emails to skirt its Gmail spam filters.
If Google gets its way, Americans could expect significantly more political fundraising and communications emails to hit their main inbox instead of disappearing into their spam folders.
The unanimous decision Thursday of the 6-member, bipartisan Federal Election Commission follows a recent Insider report about how the public had little knowledge of the obscure but potentially pivotal case for Gmail users— or much time at all to send the FEC comments on it.
The FEC originally stated the public had until July 11 to issue feedback on Google's request, which became public July 6. Regulators then revised the deadline to July 16 before officially extending it Thursday to August 5.
"Insider's coverage of the short comment period caught the Commission's attention," said an FEC staffer familiar with the commissioners' deliberations but not authorized to speak on the record.
FEC Chairman Allen Dickerson, a Republican, said it is "prudent to exercise our discretion" to extend the public comment period, given the case's implications.
Added Democratic Commissioner Ellen Weintraub: "There seems to be quite a lot of interest in this one."
Following Insider's article, hundreds of people emailed the FEC with comments on Google's request.
"Both as a long-time Google (Gmail) user as well as a voting citizen in this country, I plead with you not to allow unsolicited political emails to be sent to Gmail users," one commenter wrote on July 12. "There is no conceivable benefit for the user and, instead, poses security risks, abuses to their privacy, and opens the door for further foreign influence in our country's elections."
Another wrote: "You are clearly aware that you are allowing corporate profiteers to manipulate the system & get unfair advantage by: 1. FAILING to adequate inform the public 2. FAILING to extend the time the public can respond."
One of many email comments received by Federal Election Commission about a request from Google
Republican FEC Commissioner Trey Trainor expressed concern Thursday that the FEC hadn't yet proposed or drafted an official response to Google, and that beyond Google's request itself, "the public has nothing to comment on."
He also lamented that the commission, in general, is often slow to make decisions, and that regulated companies such as Google are "moving more quickly than we are."
Nevertheless, Trainor voted to extend the comment period, citing the FEC having initially, and erroneously, advertised the public comment deadline as July 11.
"We need to get it right every time," he said.
Google's political email plan
More: Federal Election Commission FEC Google Gmail
allen dickerson
|
2022-07-14T17:15:54Z
|
www.businessinsider.com
|
Americans Get More Time to Critique Google's Political Spam Email Case
|
https://www.businessinsider.com/google-spam-filter-gmail-political-committees-fec-ruling-2022-7
|
https://www.businessinsider.com/google-spam-filter-gmail-political-committees-fec-ruling-2022-7
|
Real estate broker Fredrik Eklund.
Mortgage rate hikes on top of already high prices are pushing out many would-be homebuyers.
But as buyer competition cools, home sellers are starting to losing their leverage.
Fredrik Eklund says homebuyers now have more power to negotiate on home deals.
A vibe shift is happening in the real estate market.
Over the past few years, a lack of housing inventory has resulted in intense bidding wars that have kept home prices at historic highs. But as mortgage rate hikes push out many would-be buyers, competition is cooling — and that means sellers are losing their leverage.
As market dynamics begin to change, NYC-based real estate broker Fredrik Eklund has some advice for homebuyers who still have their skin in the game.
"Inventory is rising and you have more opportunities out there," Eklund told NBC 5 News."I say to my buyers, try to be second in line."
With less people competing for homes, buyers now have more room to negotiate. Data from real estate brokerage Redfin shows that across the country, 14.9% of homes that went under contract in June fell through due to buyer apprehension. With the exception of March and April 2020, June's reading was the highest percentage on record.
Because of this, Taylor Marr, the deputy chief economist at Redfin, says that buyers now have more say-so in their home purchasing decisions.
"The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals," Marr said in a statement to Insider. "Buyers are increasingly keeping rather than waiving inspection and appraisal contingencies. That gives them the flexibility to call the deal off if issues arise during the homebuying process."
Now that the market is shifting in favor of buyers, Eklund says they should strategically approach bidding wars.
"You want to be the second in line so when that deal falls through, the escrow falls through or they can't get the financing, you can maybe even renegotiate your deal to even a lower value," he said.
According to Redfin, an increasing share of home sellers are now lowering their asking price as buyer demand falls due to declining sentiment. The brokerage's data shows that in June, the highest share of sellers on record dropped their list price as mortgage rates deterred home shoppers.
"The housing market isn't crashing, but it is experiencing a hangover as it comes down from an unsustainable high," Marr said, adding that rate hikes will continue to stretch homebuyers' budgets to the point that many more could be priced out.
More: Real Estate bidding wars housing inventory Housing Supply
|
2022-07-14T17:16:12Z
|
www.businessinsider.com
|
Homebuyer Power Building to Negotiate Lower Prices: Real Estate Broker
|
https://www.businessinsider.com/homebuyer-power-negotiate-lower-price-real-estate-broker-fredrik-eklund-2022-7
|
https://www.businessinsider.com/homebuyer-power-negotiate-lower-price-real-estate-broker-fredrik-eklund-2022-7
|
How Mercado Libre, the 'Amazon of Latin America,' could disrupt the region's banking industry
Goldman Sachs lent Mercado Libre $233 million to help it grow its financial services presence in the region.
The Latin American banking space an increasingly competitive space that already contains neobanks like Nubank and Revolut.
The news: Goldman Sachs has loaned $233 million to Latin American online marketplace Mercado Libre as the ecommerce heavyweight looks to grow its financial services presence in the region.
The fintech arm of the company Mercado Pago plans to use $106 million to expand its credit portfolio in Brazil, while setting aside $127 million for its Mexican operations.
Shaking up LATAM banking: Sometimes dubbed the "Amazon of Latin America," Mercado Libre already generates huge sales and boasts a vast active user base of over 80 million, mainly from its ecommerce operations. Now it's targeting financial services growth.
Last week, it partnered with Western Union on US-Mexico remittances.
And Citi loaned the firm $375 million in November to grow its credit arm in Brazil and Mexico.
These investors see Mercado Libre's growth potential determined by whether it can harness its regional retail success and use it to build its finance arm.
Mercado Pago is already one of the most lucrative parts of the company's wider business and has successfully picked up customers by attempting to democratize finance for the millions of underbanked Latin Americans.
This is, however, an increasingly competitive space that already contains neobanks like Nubank and Revolut, fintechs such as Creditas and Inter, and incumbents including Santander and Banco do Brasil.
Analyst comment: "Mercado Libre is Latin America's biggest ecommerce company, but competition from local players is heating up," says Insider Intelligence senior analyst Matteo Ceurvels. "This has forced the digital retailer to continuously innovate and invest billions of dollars into its ecommerce and fintech businesses in Latin America—most notably in Mexico and Brazil."
"Goldman Sachs' loan will enable Mercado Libre to provide its millions of sellers with the crucial access to funding they need to take their businesses to the next level," Ceurvels added.
"Shoppers also stand to benefit through more democratized access to consumer credit in a region where fewer than one in 10 banked adults owned a credit card, according to the World Bank's 2021 Global Findex survey."
Ceurvels also believes that "capital injections into its regional and local operations will pay dividends. We expect them to help the pure-play retailer grow market share in Mexico [and Argentina] and mitigate more severe decreases in Brazil."
|
2022-07-14T17:16:30Z
|
www.businessinsider.com
|
Mercado Libre Receives $233 Million Loan to Grow Financial Services
|
https://www.businessinsider.com/mercado-libre-receives-loan-to-grow-financial-services-presence-2022-7
|
https://www.businessinsider.com/mercado-libre-receives-loan-to-grow-financial-services-presence-2022-7
|
Dana Miranda
The author, Dana Miranda.
Dana Sitar
I grew up working class and learned good work ethic from my parents.
But I didn't learn much else about money, because, I'm sure, my parents were in the dark about financial services.
Working for a personal finance startup opened my eyes to the ways I could use money to thrive.
When I was about 8 or 9 years old, my parents offered my sister and me our first allowance. We were each responsible for a rotating set of weekly chores, and we each got $3 per week for completing them.
By the time I was 10 or 11, they discontinued the allowance program.
Our parents realized using money as an incentive meant we could forfeit the week's pay if we didn't want to do the housework on our list. We were elementary school children with parents to feed, clothe, and house us, so we had little need for money. The novelty of cap erasers and Airheads from the school store wore off fast, and money didn't have much luster.
But the housework still needed to get done.
So they pulled the allowance and instituted a "You do the chores because we told you to do the chores" policy in its place.
That's the earliest I remember learning anything about money from my parents. The lesson? You do work because work needs to be done.
We're a rural, working-class family from the Midwest. In our part of Wisconsin, with its German roots and farm families, work ethic is our moral code.
My parents didn't teach us much about our country's financial systems — because, I assume, they were as much in the dark about them as most Americans are. We didn't talk about financial services, because they aren't built for people like us, who are, as my parents put it "not born rich."
My parents taught us how to work, and that shaped everything I believed about money.
What 'good work ethic' means for your finances
Because it's in my DNA, I can't help but see strong work ethic as a virtue. My efficiency, stoicism, and persistence have earned me the life my parents hoped I'd have — one where I earn double what they did at my age and have the adventures they delayed to raise us.
But the glorification of work ethic is insidious. It underpins millennial hustle culture and the ridiculous politics that have stuck us with a federal minimum wage that hasn't budged in more than a decade.
"You do the work because it needs to get done" is the attitude that kept my mom silent when she knew she earned less money than her male coworkers while doing more work and honing more skills to stand out. It motivated my stepdad to be promoted to supervisor in his manufacturing job, only to lose all the protections of his union — and to turn his bitterness on the union workers instead of the system that pit him against them. It convinced my dad not to chase down payments owed for his construction jobs, even when his electricity was being cut off.
Operating on work ethic means you make do with what you get.
That makes money management a matter of discipline. You don't expect more, you don't spend more than you make, and you never ask for help.
(Because we're white and able-bodied, we were inherently trained to believe paying work would be available as long as we were willing to do it.)
Overcoming internalized budget culture
My parents' disciplined approach to money is pretty much in line with the maxims of overall budget culture — the mindset that good money management means restriction and deprivation, and financial wellness is about hoarding what you've got.
I internalized all of it — work hard, ask for nothing, spend nothing, do it yourself. But I didn't adopt the behaviors. Instead, I became an adult who was bad with money.
I borrowed student loans for college and promptly ignored them as soon as I stepped off campus. I maxed out a credit card by 24 and stopped applying for more. I lived paycheck to paycheck — spending when I had it and restricting when I didn't. I didn't know my credit score . I paid 11% interest on a seven-year loan for an $8,000 used car. I paid the maximum security deposit to move into new apartments.
I believed being good with money meant settling for a boring job and forgoing all luxury or comfort until retirement, and I didn't want to live that way. The other option seemed to be to throw it all out the window, bury my head in the sand, and hope for the best.
In 2015, I got my first full-time job as a staff writer with a personal finance media startup, and everything I believed about money changed. I was earning a solid living doing creative work I loved. Plus, because of the niche, I was gaining an understanding of financial systems and services that helped me make decisions about money that had nothing to do with discipline or restriction.
I figured out how to have a better relationship with money — on my own terms.
What I wish I'd learned about money earlier
I'll always be grateful for the work ethic I learned from my parents ... and I wish I'd gotten the nuances of money a bit earlier in life.
I don't fault my family or community for this. Our education system is lacking in general, and it barely noted financial literacy until my generation was mostly done with school. My parents taught me what it takes to thrive when you're not born rich.
As an adult, I fought against those lessons until I realized I didn't have to bury my head in the sand to feel OK about money. I could find easy ways to stay on top of my finances without toiling away on a budget or sucking all the fun out of my life.
I learned how to use my interests and skills to get paid well for work I enjoyed. I learned to be ambitious. In the flush startup world, I learned to expect a standard of employee wellness and benefits, so I'd know to ask for more in the future.
I learned about paying myself first, so I can work on financial goals and spend money on comfort and joy at the same time. I learned that online banking and financial apps can handle the most boring parts of money management for me.
I learned that finance is a spectrum, and not everyone's definition of "thriving" is my definition of thriving. I can manage my debt, savings, and long-term planning however I see fit — and there are so many ways to do that without running afoul of financial service providers.
I learned to value my time and mental health, so I don't feel guilty when I eat out, pay someone to clean my house, or take a Lyft to the airport. I'll happily rent forever so I'm not the one dealing with a washer on the fritz. I'll always feed my travel fund, but my IRA might have to wait.
Money doesn't have to be a drag
When you're "not born rich," the messages you get around money from your community and the culture at large tell you you don't deserve it. You're not meant to do exciting work, earn a living wage, build wealth, enjoy the finer things, or live free of financial stress. You'll work hard and pinch pennies; that's just the hand you were dealt.
Through a little financial literacy, I learned there are a ton of ways to be good with money.
I work hard and expect to be paid well. I spend money, because that's what it's made for. I use credit cards and loans to ease financial burdens, and I repay them in ways that fit into the life I've designed.
I'm a product of my working-class roots, but I don't have to follow the rules they taught me.
Dana Miranda is a Certified Educator in Personal Finance® and founder of Healthy Rich, a platform for inclusive, budget-free financial education. She's written about work and money for publications including Forbes, The New York Times, CNBC, NextAdvisor and a column for Inc. Magazine.
More: low income Working Class work ethic Building wealth
|
2022-07-14T17:16:48Z
|
www.businessinsider.com
|
I Learned 'Good Worth Ethic' Growing up, but I Wish I'd Learned More
|
https://www.businessinsider.com/personal-finance/good-worth-ethic-working-class-2022-7
|
https://www.businessinsider.com/personal-finance/good-worth-ethic-working-class-2022-7
|
What is a rollover IRA?
How to set up a rollover IRA
1. Decide which type of IRA account you want.
2. Open the account.
3. Move your money.
4. Invest your funds.
IRA rollover rules to consider
Rollover IRA alternatives
What is a rollover IRA? How to transfer funds from your 401(k) to an IRA and avoid taxes
Jean Folger and Jasmine Suarez
A rollover IRA offers the same tax-deferred growth as a workplace retirement plan, but with more control over your investments.
A rollover IRA is a tax-advantaged account that accepts funds from your former 401(k) or other workplace retirement plan.
Establishing a rollover IRA allows you to avoid the taxes and penalties that normally come with a 401(k) withdrawal.
In rolling over funds, it’s important to observe certain transfer procedures and deadlines to avoid any tax consequences.
If you have an employer-sponsored plan like a 401(k), you might wonder what happens to your money when you leave the job — either for a new gig or to work on your own.
A rollover IRA is one alternative. It could be a smart choice if you're looking for more investment options, lower fees, and significant tax benefits.
A rollover IRA is an account that allows you to transfer a former employer-sponsored retirement plan into another IRA. Most rollovers happen when people leave a job and want to transfer funds from their 401(k) or 403(b) account into an IRA, but it can also apply to most any pension or workplace plan.
When you roll over your IRA, you avoid early withdrawal penalties (if you're under 59 ½) and maintain the tax-deferred status of your assets. That means they'll continue to grow in the account free of income tax .
What's more, you'll likely end up with a broader range of investment options and lower fees than you had with the 401(k).
Any type of IRA can be a rollover IRA. You can set up a new account, or use an IRA you already own. If it's the latter, for this one deposit you aren't bound by the usual annual IRA contribution limits: You can invest the total amount of your old account.
Ready to roll over your employer-sponsored plan into an IRA? Here's how to do it, step by step:
A rollover IRA can be either a traditional IRA or a Roth IRA. You can roll tax-deferred (traditional) accounts into Roth accounts, but not vice versa.
It's generally better to move like to like — roll over a plan into an account with the same tax status. If you have a traditional 401(k), you can roll it into a traditional IRA without owing any taxes on the amount (you pay taxes later when you withdraw funds, usually after you retire). Likewise, you can move a Roth 401(k) into a Roth IRA tax-free.
However, if you roll money from a traditional 401(k) into a Roth IRA (aka a Roth conversion), you'll be on the hook for income taxes for that sum — because the 401(k) was funded with pre-tax money, remember, and a Roth is funded with after-tax dollars. But after that, the money will grow tax-free, and you won't owe any taxes on withdrawals during retirement.
Visit your bank or brokerage firm's website to fill out an application online. If you don't have an existing brokerage, be sure to consider investment options, IRA custodian fees, trading costs, customer service, and research tools before making a decision.
Of course, they vary, but since it's a competitive business, often the custodial costs will be lower than the management fees your 401(k) plan sponsor charged.
The best (and safest) way to roll over funds is to request a direct transfer from your old 401(k) plan. Your former employer will send the money directly to the brokerage (or other financial institution) where you opened the IRA.
Alternatively, you can do an indirect rollover, where you receive a check from your previous employer, and then deposit it yourself with your IRA provider. The indirect transfer is a riskier option: If you don't complete the transfer within 60 days, the IRS could treat the money as a taxable distribution — that is, as a regular withdrawal from the account.
Translation: You could owe taxes on the entire amount, plus a 10% early withdrawal penalty.
The last step is to select your IRA investments. "Rolling over one's funds from a company retirement plan to an IRA certainly opens up the world of investment options," says financial advisor Sam Davis, a partner with TBH Global Asset Management.
With your 401(k), you were limited to the funds (or the fund families) offered by the plan's manager. With an IRA, you can invest in any mutual fund or exchange-traded fund out there — not to mention individual stocks or bonds, too.
Many investors opt to work with a trusted financial advisor or planner. "If one prefers an advisor to manage those funds, research their track record, compensation model, client references, and investment philosophy," Davis recommends. "If an investor doesn't want to have those funds professionally managed, I would encourage [them] to use low-cost index funds, or maybe even a target-date fund. It's going to reduce the probability of a negative outcome."
What sort of rollover you can do depends on the type of workplace plan the money's coming from, and the sort of retirement account it's going to.
If you're considering a rollover IRA, keep these other factors in mind:
The Employee Retirement Income Security Act (ERISA) protects 401(k)s and other employer-sponsored plans from creditors. In general, IRAs don't offer the same level of protection. The only exception to this is when filing for bankruptcy.
Under section 2022 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can withdraw up to $100,000 from your employer-sponsored plan during 2020 without penalty if you have been affected by COVID-19. If you think you might need funds, keeping the 401(k) might be the better course.
Advantageous as the rollover IRA can be, you do have three other options:
Leave your money in your former employer's 401(k). Of course, this is the simplest course. And if you have a robust plan with lots of fund choices that's performing well, why change it?
Roll the money into your new employer's 401(k). "If one is young and working with a small balance, rolling the old retirement funds into the new employer's plan can make a lot of sense," says Davis. "This often reduces fees, ensures the person is prudentially invested and consolidates accounts versus having small accounts scattered at various firms."
Cash out your account. In general, it's not a good idea to empty and close your 401(k). If you do, your employer will withhold 20% for income taxes, and you may owe a 10% penalty — unless you are older than 59 ½ or qualify for an exception.
When you leave a job with a retirement plan, a rollover IRA can be a good option, especially if:
Your new employer doesn't offer a 401(k) plan
Your new employer's 401(k) plan has high fees or limited investment options
You'll be self-employed
You want more diverse investment choices
You want to consolidate your financial accounts (especially good if you change jobs often)
In transferring the funds, a direct rollover — with the retirement plan administrator directly depositing the money into the IRA is the preferred way to go. Since you don't ever touch the funds, you can't make a costly mistake.
Keep in mind that you do have some time to weigh your options. According to FINRA, the government-authorized overseer of broker-dealers, "By law, you must have at least 30 days to decide what to do with your 401(k) when you switch jobs."
So, take the time to choose carefully — after all, your retirement nest egg is at stake. Making a smart decision now helps ensure you will be adequately prepared for a comfortable retirement.
PERSONAL FINANCE What to know about 401(k)s — the investment vehicles that can help you to save for retirement
PERSONAL FINANCE A 403(b) plan is a great way to save for retirement if you work for a nonprofit, church, or public school
More: IRA Rollover 401 (k) 401k rollover
|
2022-07-14T17:17:06Z
|
www.businessinsider.com
|
Rollover IRA: Benefits, Rules, Whether It's Right for You
|
https://www.businessinsider.com/personal-finance/what-is-a-rollover-ira
|
https://www.businessinsider.com/personal-finance/what-is-a-rollover-ira
|
Manuel Oliver and Sen. Ted Cruz
Change the Ref / AP
Oliver Manuel is sending a fleet of 52 busses to Sen. Ted Cruz's house in Texas to show the number of kids killed by gun violence this year.
The "NRA Children's Museum" was created in part "with the intention that some people will think this is truly an NRA museum," Oliver told BuzzFeed News.
The first bus in the procession will carry items belonging to children killed by guns both this year and in the past.
The Parkland shooting victim's dad who on Monday interrupted President Joe Biden's speech about gun control is sending a fleet of 52 school buses to Sen. Ted Cruz's house in Texas to represent the number of kids killed by gun violence this year.
The 4,368 empty seats in the mile-long procession are meant to represent each of the children who have died at the hands of guns this year alone, according to Change the Ref, the organization leading the charge.
The project, dubbed the "NRA Children's Museum," was created by Manuel Oliver whose son, Joaquin Oliver, was killed in the 2018 Parkland shooting.
"It's partially with the intention that some people will think this is truly an NRA museum," Oliver told BuzzFeed News of the project.
The procession of yellow school buses hit the road Thursday morning. One Twitter user shared a photo of the vehicles, which have draped black and purple flags along their sides.
—aziz gilani (@TexasVC) July 14, 2022
The first bus in the procession will carry items from school shooting victims from this year and years past, according to Change the Ref's Instagram.
The items on the first bus include a pair of checkered vans from 15-year-old Gracie Muehlberger, who was killed at her Santa Clarita high school in 2019.
It is also carrying a kindergarten graduation card with a smiling teddy bear on it which was given to Chase Kowalski, a Sandy Hook Victim.
Oliver's son's LeBron James Miami Heat Jersey is also on that first bus.
In addition, Oliver will hand deliver a 2013 note penned by his son for a school project in which he discusses issues of gun control with gun owners in the US.
Oliver told BuzzFeed his wife found the letter just a month after Joaquin was killed.
"My son knew, at 12 years old, what to do better than Ted Cruz. I want [Cruz] to read that with his own eyes," Oliver's wife, Patricia, told BuzzFeed News.
In the note, Joaquin questioned why U.S. gun owners are against background checks.
This is not Oliver's first project — just last year he put on a fake graduation at which a former NRA president spoke to an audience of 3,000 empty seats, each one representing a teen lost to gun violence.
He also interrupted Biden's speech touting a bipartisan gun control bill this week, saying it didn't go far enough to prevent more violence.
"I just told the president, who I know personally, who I voted for, who I campaigned for: 'President Biden, you can do more,'" Oliver told the gun control advocacy group Guns Down America later that day.
More: Speed desk Breaking Ted Cruz NRA
|
2022-07-14T17:17:24Z
|
www.businessinsider.com
|
School Buses Sent to Ted Cruz's House to Represent Kids Killed by Guns
|
https://www.businessinsider.com/school-buses-ted-cruz-house-kids-killed-by-guns-demonstration-2022-7
|
https://www.businessinsider.com/school-buses-ted-cruz-house-kids-killed-by-guns-demonstration-2022-7
|
The House January 6 committee played video in which Steve Bannon predicted on January 5, 2021, that "all hell is going to break loose tomorrow."
For the second time this week, a judge refused to delay Steve Bannon's trial
Bannon's lawyers asked again for a delay after the House January 6 panel played footage of the Trump ally
Judge Carl Nichols said he was hopeful to find impartial jurors when the trial starts Monday
A federal judge declined once again Thursday to delay the trial of Steve Bannon on contempt of Congress charges, rejecting the former Trump advisor's request to push back the proceeding in light of the publicity surrounding the House investigation into the January 6, 2021, attack on the Capitol.
During a pre-trial hearing, US District Court Judge Carl Nichols said he was hopeful the jury selection process — known as voir dire — would filter out any bias against Bannon. A prosecutor handling Bannon's case, Molly Gaston, said the Justice Department is expecting to find jurors from Washington, DC, who haven't watched the House January 6 committee's public hearings and "may not even know who the defendant is."
Nichols suggested that he would reconsider delaying the trial if it proved difficult to impanel a jury based on Bannon's public profile and the House January 6 committee's closely-watched hearings.
"I am cognizant of concerns about publicity and bias, and whether we can seat a jury that is appropriate and fair. I believe the appropriate course is to go through the voir dire process," the judge, a 2019 Trump appointee, said.
Days earlier, Nichols rejected a request to delay the trial during a court hearing in which the judge also took virtually all of Bannon's defenses off the table, leaving the longtime Trump ally with few options to contest a pair of Congress charges. Nichols said he would not allow Bannon to argue that that executive privilege excused his decision to outright defy the House January 6 committee by refusing to sit for questioning or turn over subpoenaed records.
The judge similarly denied Bannon's bid to subpoena Speaker Nancy Pelosi and Rep. Bennie Thompson, chair of the House January 6 committee, to testify at the trial.
"What's the point of going to trial here if there are no defenses?" asked Bannon's lawyer David Schoen at the end of Monday's hearing.
Steve Bannon has been trying to have his criminal trial delayed due to publicity surrounding the January 6 insurrection.
In their renewed bid to delay the trial, Bannon's lawyers pointed to an upcoming CNN documentary set to air on the network Sunday night. They also highlighted a portion of Tuesday's House January 6 committee hearing in which the panel played footage of Bannon predicting on January 5, 2021, that "all hell is going to break loose tomorrow."
Bannon's defense lawyers have also noted his recent offer to testify before the House January 6 committee, which prosecutors dismissed as a "last-ditch attempt to avoid accountability." His defense team attributed the reversal to a recent letter from Trump waiving a purported claim of executive privilege.
A grand jury indicted Bannon in November on two contempt of Congress charges, each carrying a maximum sentence of a year in prison and a $100,000 fine. The indictment came weeks after the House voted to refer Bannon to the Justice Department for prosecution.
Bannon did not attend either of this week's hearings in his case.
More: Capitol Siege House january 6 committee Steve Bannon Carl Nichols
|
2022-07-14T17:17:30Z
|
www.businessinsider.com
|
Bannon Denied Again on Bid to Delay Contempt Trial
|
https://www.businessinsider.com/steve-bannon-delay-trial-contempt-congress-house-january-6-trump-2022-7
|
https://www.businessinsider.com/steve-bannon-delay-trial-contempt-congress-house-january-6-trump-2022-7
|
The "digital twin" is just one way companies are harnessing tech and data innovation to drive change, according to Accenture's CMO
Selima Hussain
The pace of innovation accelerated during the pandemic, said Jill Kramer, chief marketing and communications officer at Accenture.
Innovation through digital and data transformation — including tools like "digital twins" — will help companies navigate economic challenges.
Kramer was interviewed by Insider during the 2022 Cannes Lions International Festival of Creativity.
The global pandemic accelerated the pace of business change, and helped companies build "muscle" to deal with economic challenges ahead.
"We call it compressed transformation," said Jill Kramer, chief marketing and communications officer at Accenture. "Which just means that jobs that clients would have taken seriously or slowly, at least more slowly than they do today, accelerate because they want to get to the value faster."
Kramer was interviewed by Insider at the 2022 Cannes Lions International Festival of Creativity. She said that as companies face more economic challenges, innovation won't stop, but the focus will shift. "So how do you continue to make sure you're making changes that will allow you to be resilient and efficient and continue to thrive and see the next thing."
The consulting business was undergoing significant changes before the pandemic, thanks to data and digital innovation, which have helped clients work out problems and consider new growth plans. Kramer cited one application of emerging technology — the digital twin — as particularly helpful for modelling out new strategies.
"You want to transform an organization and you can build a digital twin and run it, and change things, and see this how you tweak the outcomes," Kramer said. "It allows you to take client's ambitions and aspirations and flesh them out and and make decisions, in ways you couldn't just a short time ago."
|
2022-07-14T17:17:36Z
|
www.businessinsider.com
|
The CMO of Accenture Talks About Digital and Data Innovation Driving Change
|
https://www.businessinsider.com/the-cmo-of-accenture-talks-about-digital-and-data-innovation-driving-change-2022-7
|
https://www.businessinsider.com/the-cmo-of-accenture-talks-about-digital-and-data-innovation-driving-change-2022-7
|
How entry-level product manager programs at companies like Meta and Google are helping workers without relevant experience or education break into tech and earn six-figure salaries
Salesforce co-CEO Bret Taylor.
Tech companies like Google, Meta, and Uber offer rotational or associate product manager programs.
These programs target new graduates or people with little product experience to train them.
Here's how to get into an associate product manager program at a tech company.
When Renee Kar-Johnson graduated from the University of Wisconsin at Madison with a degree in marketing and entrepreneurship, she didn't know what she wanted to do with her career, other than that she was drawn to the world of tech.
Her answer came when she found herself working at the credit-card giant Visa — specifically, in its associate product manager, or APM, program. She was drawn to working in fintech and the idea that the APM program would let her rotate through several teams at the company, helping her find the right role for her. Ultimately, she found she had a passion for go-to-market strategy, leading to her current role as a senior associate product manager at the company.
"After graduating, you're still kind of confused, at least for me, on what I want to do," Kar-Johnson said. "I was not sure what I concretely wanted to do every day."
Kar-Johnson is in good company: Salesforce co-CEO Bret Taylor kicked off his tech career as an APM intern at Google, while the Instagram cohead of product Ashley Yuki is an alum of Meta's equivalent program.
With interest in a lucrative tech career higher than ever, APM programs at companies like Visa, Google, Roblox, Salesforce, and Meta are proving a popular path into the field for anybody who either didn't study computer science in school or doesn't have relevant work experience. These programs, which generally last for a year to 21 months, can fast-track a budding career, while also providing a lucrative salary: Data from the career site Glassdoor suggests that Google pays its APM participants as much as $158,000, while Meta is said to pay as much as $139,000.
"If you're someone who enjoys speaking the language of a software engineer and a designer while considering business and user needs— that is a strong indicator of a good PM," said Hemangini Raina, a product manager at Affirm.
What these programs involve
When Raina started looking for opportunities to work in product full time as a recent graduate, she found that most product-manager positions were for workers with more experience. Her research suggested APM programs could help her break into the field, however, and ultimately she got accepted into Uber's program.
APM programs train people in product-management skills by having them work with different teams during their time in the program. Participants will go through extensive onboarding and orientation before getting placed with various teams for weeks or months at a time.
In each rotation, APMs get to try a little of everything. Depending on which team they're assigned to, APMs might get tasked with writing product specifications and documentations, working with engineers to design a new feature, putting together marketing plans, studying customer feedback, and managing product launches. They're often mentored by more senior product managers, who help guide them through learning each new skill.
"We treat them like most other product managers on a team," said Shreya Ramamurthy, the chief of staff at Roblox. "While they have a temporary stay, they're given the reins to execute on a product."
Once APMs graduate from the program, they can get placed into a more permanent position at the company if there's an open role.
"One of the compliments I got when recruiting for my next job was, 'Wow, for someone who has been a product manager for a couple of years, you are able to grasp problems and thrive in ambiguity quickly," Raina said.
APM programs often — but not always, depending on the company — focus on recruiting graduates straight out of college to "harness the creativity of a younger generation," Roblox's Ramamurthy said.
Beyond that, these programs value candidates with experience working on projects like websites or apps who have a strong understanding of technology. They should also show they have the skills to solve confusing problems and get a group of people motivated to complete their tasks. They should be passionate about working across teams. Product internships help but are not a requirement.
For their part, candidates should consider their options when it comes to applying to an APM program. An APM at a startup may have more impact but in a less-structured environment, while a large company may have more established processes but also more bureaucracy and less immediate chance for advancement.
Tim Matthews, a lead product manager at Meta, recommends joining meetups around product management like ProductTank and Silicon Valley Product Group so people can talk to working product managers and learn more about their job.
"People don't know if product management is right for them until they try," Matthews said. "If you have that passion for technology and core competencies, breaking down ambiguity, that's really what we're looking for."
More: Associate Product Manager Enterprise Software Interviewing Meta
|
2022-07-14T18:42:03Z
|
www.businessinsider.com
|
How to Get Into Associate Product Manager Program Like at Meta, Google
|
https://www.businessinsider.com/associate-product-manager-apm-program-meta-google-2022-7
|
https://www.businessinsider.com/associate-product-manager-apm-program-meta-google-2022-7
|
BlackRock, led by its chief executive, Larry Fink, is the world's largest asset management firm.
BlackRock has told employees that it's pulling back on some hiring, citing economic uncertainty.
The approach underscores steps even the largest firms are taking amid the downturn.
A BlackRock spokesperson said Thursday that there have been no firm-wide hiring restrictions.
BlackRock is slowing down hiring for some roles at the firm, with leadership citing economic uncertainty, Insider has learned. The approach underscores steps even the largest firms are taking as they assess the market downturn that has gripped the US this year.
Leadership at the world's largest asset management firm has told employees during at least two town-hall-style meetings the company has held this year that it is pulling back on hiring, with economic uncertainty as a contributing factor, according to a person who heard the remarks. The person said leadership at the New York-based firm has conveyed that BlackRock is not conducting layoffs.
Another person, who has interviewed with BlackRock in recent weeks, said they were told by the recruiter they worked with that their interview process was paused, citing pauses in hiring for some roles. Insider could not determine which divisions, roles, or teams are impacted. The firm has about 18,400 employees globally, up from about 16,500 in 2020.
"There have been no firmwide hiring restrictions," a BlackRock spokesperson said on Thursday. "We are always focused on managing our entire discretionary expense base and will continue to be prudent in evaluating our overall level of spend as needed."
BlackRock, which managed some $9.6 trillion in assets as of March, is set to provide investors insight into how it fared during the second-quarter when it reports quarterly earnings on Friday. This week Bank of America research analysts led by Craig Siegenthaler said that they are maintaining their positive rating on BlackRock shares, though they have a cautious outlook on the wider traditional asset management industry against the market backdrop.
The firm's hiring approach underscores how big financial services firms and tech companies are taking steps to help guard against an economic downturn. Big corporations like Google and Salesforce have instated hiring slowdowns this year, a departure from what has been a hot job market. Legacy firms like JPMorgan to a range of venture capital-backed startups are also cutting staff.
"We have navigated these choppy waters before and are well prepared for what may lay ahead," the BlackRock spokesperson said on Thursday. "As always, we remain committed to delivering strong investment performance and client service while optimizing organic growth in the most efficient way possible for our shareholders."
George Wilbanks, the managing partner of search firm Wilbanks Partners, said in a report in May that while C-suite recruitment in the asset management and wealth management industries are strong, hiring pipelines have "significantly slowed as a result of the market downturn."
Wall Street investment analysts and executives have suggested in recent months that they are preparing for the possibility of an intensified downturn. On Thursday, JPMorgan Chief Executive Officer Jamie Dimon said that while the US economy continues to grow and consumer spending is healthy, factors like geopolitical tension and high inflation are "very likely to have negative consequences on the global economy sometime down the road."
BlackRock's investment strategists have warned investors that economic risks are piling up and they are positioning their investment portfolios more defensively.
"We are not calling for a recession , but we are cognizant that the risks of a recession are rising," Tony DeSpirito, a portfolio manager and the chief investment officer of US fundamental equities, said in a June 24 report, pointing to elements such as the Federal Reserve raising interest rates and mortgage rates rising and inflation starting to eat into consumers' household savings.
Are you a BlackRock employee with more to share? Contact this reporter at rungarino@insider.com or rungarino@protonmail.com. Signal number available upon request. Check out Insider's source guide for suggestions on how to share information securely.
More: Finance Asset Management BlackRock
|
2022-07-14T18:42:15Z
|
www.businessinsider.com
|
BlackRock Slows Hiring for Some Roles, Citing Economic Uncertainty
|
https://www.businessinsider.com/blackrock-hiring-slowdown-economic-uncertainty-2022-7
|
https://www.businessinsider.com/blackrock-hiring-slowdown-economic-uncertainty-2022-7
|
I got into Google after a graphic designer made over my cover letter. Here's the version I used.
Jon Youshaei.
Courtesy of Jon Youshaei
Jon Youshaei decided to take a unique approach after being rejected from Google's BOLD internship.
He created a cover letter that replicated the look of a Google search-results page.
Here's how he did it, as told to writer Robin Madell.
This as-told-to essay is based on a conversation with Jon Youshaei, who previously worked at YouTube, owned by Google, and is based in Los Angeles, California. The following has been edited for length and clarity.
When I first applied for the Google BOLD internship program in summer 2011, I was rejected. So the following year, I decided to approach the application process differently by forgoing a traditional cover letter for one that would stand out from the pack — a replica of Google's search-results page at the time.
Here's what it looked like:
The cover letter Youshaei used when applying to Google's BOLD internship program.
This approach is obviously time-consuming — but it's also a great filter for whether you actually want the job and like the company's product enough to put in the effort. It also shows the company that they're not "just another option" for you.
In creating this, I tried to show my 'Googleyness'
In other words, I tried to show how much I wanted the job and how I could think outside the box if hired.
I didn't have the design and Photoshop skills I do now to create this cover letter. So I wrote a description of what I wanted it to look like, filled out the details in a document, and found a graphic designer to help mock it up.
It cost a few hundred dollars and several months to make since I was really particular about how I wanted it to look and what it should say. I went through a bunch of social-media pages and freelance websites to find a designer who could execute on it.
My strategy worked, and I landed the internship the second time around
This led to me then being hired as a brand-marketing manager on the YouTube team, eventually becoming the head of creator product marketing, a role I held for two of the five years I spent at YouTube.
From there, I got recruited to join Instagram to help build its creator product-marketing team. I then went on to become a creator myself and work with platforms like Origin Protocol, where I'm its creator-in-residence, and TubeBuddy, where I'm its head creator advisor and host a show interviewing guests like Paris Hilton, Danny DeVito, and Logan and Jake Paul.
You can leverage this strategy when applying to almost any company
For example, if you're applying for a job at TikTok, make a TikTok that shares your story in addition to your experience. If you're applying to Squarespace, make a cover-letter website.
Getting the job after initially getting rejected taught me that sometimes companies aren't rejecting who you are as a candidate — they're rejecting who they think you are on paper. In other words, they're rejecting how you're presenting yourself.
Nothing substitutes skills and experience, but if you find a creative and concise way to present yourself, like designing a custom cover letter or resume, you could significantly increase your chances of landing the job.
More: YouTube Google google intern
|
2022-07-14T18:42:21Z
|
www.businessinsider.com
|
The Cover Letter That Got Me an Internship at Google
|
https://www.businessinsider.com/cover-letter-got-internship-job-google-after-rejected-youtube-2022-7
|
https://www.businessinsider.com/cover-letter-got-internship-job-google-after-rejected-youtube-2022-7
|
People stand by a Metamask billboard in Times Square during an NFT conference in New York City.
A co-founder of a popular crypto wallet said investing in digital assets amounts to gambling.
In an interview with Vice, Aaron Davis of MetaMask — which has allowed crypto users a place to store their holdings for six years now — warned against the current unsafe and unregulated state of crypto that has led to consumers losing hundreds of millions of dollars in holdings, company bankruptcies, and a decrease in trust in the market's future.
"It feels too little too late, but putting your money in cryptocurrencies is gambling," Davis told Vice. "I'm not saying what we have right now is the future of finance and [you should] move your life savings over. A lot of people are advocating that and I think that is extremely dangerous behavior."
It's a rare admission from someone who has founded or leads a major crypto company.
Crypto critics have long likened crypto investing to gambling, dubbing the market an unregulated casino. Others have labeled it a Ponzi scheme, arguing it relies on recruiting new investors to repay early ones that already coughed up the cash.
A former employee at the now-bankrupt crypto lending platform Celsius is suing his former employer, similarly calling it a "Ponzi scheme." The lawsuit alleges Celsius failed to hedge against risk, resulting in a liquidity crisis and a suspension of withdrawals that trapped its users' holdings.
Davis's fellow MetaMask co-founder David Finlay said there may be bad actors in the crypto world, but there is only so much MetaMask can do about it.
"We can't stop people from making Ponzis on blockchains," Finlay told Vice. "It's by definition impossible for us to wrap the whole thing into one unified bow and enforce it in a direction."
Davis and Finlay also discussed with Vice their company turning six and boasting 30 million monthly active users, the ongoing storm raging in the crypto market and its many failures, and the hope that despite that fact, it may have a bright future.
"We will know that maybe we or somebody else did something right, when we have addressed climate change or there's better social equality," Finlay said. "Those are my two longest term hopes for the ecosystem."
More: crypto Cryptos Digital Wallet MetaMask
|
2022-07-14T18:42:27Z
|
www.businessinsider.com
|
Metamask Crypto Wallet Founder: 'Gambling' to Put Money Into Market
|
https://www.businessinsider.com/crypto-wallet-founder-metamask-gambling-put-money-into-market-2022-7
|
https://www.businessinsider.com/crypto-wallet-founder-metamask-gambling-put-money-into-market-2022-7
|
Former Disney CEO Bob Iger battled the company's board over succession, insiders say, and was unhappy about the transition of power to Bob Chapek
Bob Iger, who left Disney in December, attended Allen & Co.'s Sun Valley Conference in Idaho last week.
When Bob Iger stepped down as Disney CEO, he planned to mentor successor Bob Chapek through a two-year handoff.
The Disney board instead wanted to make Chapek the company's COO before elevating him to CEO.
Iger disagreed with many of Chapek's moves and lobbied the board to re-enforce his authority as executive chairman.
Bob Iger thought he would spend his final year as Disney's CEO on a global goodbye tour, bidding a personal adieu to the dignitaries and employees who helped create Shanghai Disney and theme parks from Tokyo to Paris.
Instead, according to several Disney sources and others familiar with Iger's thinking, the executive spent 2020 and 2021 watching COVID-19 devastate the company he had led for 15 years — and regretting what he has called one of his worst business decisions: the selection of Bob Chapek as his successor.
The company was facing an unprecedented crisis and had two men with their hands on the wheel steering in different directions. One of them had to prevail.
In the press release announcing Chapek's appointment, the company said the new CEO would report to Iger, now Disney's executive chairman, and the board (chaired by Iger). Iger's intention was to mentor his successor, especially as the COVID crisis deepened.
But the transition didn't roll out as Iger had planned and he remains unhappy with how it was handled, said one person closely familiar with his thinking.
Disney, known for its superb marketing and textbook public relations and investor relations, began stumbling. Chapek and Iger had different ideas about how to handle COVID, how the company should be structured, and where Disney's politics should be. They even had different corporate advisory teams, sometimes working against each other.
Even after finally wrapping his Disney story in December, Iger has found ways to register his disagreement with Chapek's decisions and his concern about the company's performance. From an ugly contract dispute with "Black Widow" star Scarlett Johansson to a battle over Florida's so-called "Don't Say Gay" legislation to the handling of top exec Peter Rice's exit, Chapek has made several prominent missteps — and Iger has indicated, privately and in one case on Twitter, his disagreement with his successor's choices.
Why Iger moved up the timeline of his exit
Iger's fateful February 2020 handoff of the CEO role, while expected for years (and postponed multiple times), came as a surprise — with its "effective immediately" wording — to Wall Street and Hollywood. Paul McCartney even phoned his friend Iger to see if he was OK or possibly facing an illness.
The day of the announcement, the company's share price fell by more than 2%. The mastermind of huge acquisitions such as Pixar, Lucasfilm, and Fox, Iger had boosted Disney's stock to stratospheric heights, and the company's market capitalization rose 400 percent during his tenure. He'd been expected — and was contracted — to stay on as CEO through 2021.
"He got tired of all the things you have to do," added the Disney exec, who recalled going to Iger with day-to-day business issues in those final years — only to be told that the boss didn't want to engage. "He really wanted to play around with creative and not worry about all the business crap."
The person familiar with Iger's thinking disputed this, saying the CEO was still engaged and simply felt that with Disney+ successfully launched in 2019, the company was in good shape for a handoff.
In April 2020, just two months after Chapek was elevated, Iger told the New York Times he was still hands on. "A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob [Chapek] and the company contend with it, particularly since I ran the company for 15 years!" he wrote in an email to Ben Smith, then the paper's media columnist.
Iger's public assertion of power came as "a slap in the face" to Chapek, an executive familiar with Chapek's thinking previously told Insider. Iger was also lobbying the board, according to the Disney executive, to enforce the chain of command and keep him involved in decision making.
Three days after Smith's Times column ran, the board gave Chapek a director's seat, with lead independent director Susan Arnold and Iger both singing his praises. (Arnold would later take Iger's place as board chair.)
Two former Disney executives told Insider they are piqued at their former leader for stepping down when he did. They are powerless to do anything but wring their hands as the stock price and their 401(k) plans languish. One close associate of Iger's told Insider it still pains him to see Chapek stripping Disney of all that he built.
Iger's succession planning was 'a notable failure'
It was soon after the November 2019 launch of Disney+, which notched 10 million subscribers on its first day, when Iger broached the idea with Disney's board of speeding up the succession plan, said the person familiar with his thinking.
Iger's relationship with the board had been less than rosy in the years before he stepped down. "The board was harassing Bob about his succession plan and his planning was a notable failure," said a former Disney executive.
While Iger had been an extraordinarily capable CEO, it seems his blind spot was identifying the best person to follow him.
Iger had lined up a series of potential successors, most prominently CFO Jay Rasulo to COO Tom Staggs, but both departed Disney by 2016. One person close to the company said former Disney CEO Michael Eisner had made life difficult during Iger's own ascension, and Iger felt any successor ought to be suitably battle tested.
Three months after Chapek was elevated, Disney lost another exec who'd been considered a CEO candidate: head of streaming Kevin Mayer, who — after a brief stint at TikTok — partnered with Staggs to set up Blackstone-backed production acquisition vehicle Candle Media.
In late-2019 conversations with the board, according to the person familiar with his thinking, Iger pointed to the succession plan at Nike, where Mark Parker relinquished the CEO role and became executive chairman as a new CEO stepped in. (Parker has been a member of the Disney board since 2016.)
Iger proposed that he continue to ensure there was a pipeline of content for the company's multiple distribution platforms while Chapek stepped up to manage the other parts of Disney's business, according to the person familiar with Iger's thinking.
The board wasn't thrilled with Iger's proposal and suggested that he consider making Chapek a chief operating officer instead, with Iger remaining as CEO until he was ready to fully relinquish his operational duties.
The board and Iger continued to toss around multiple candidates. But Iger pushed for Chapek as CEO, said the person familiar with his thinking. Chapek, after all, had been in charge of two major units — parks and consumer products — and there was a belief in his integrity, this person said, and that "he wouldn't screw it up."
Chapek wasn't viewed as a "visionary," this person added, but nor was Iger at the beginning of his tenure.
The former Disney exec said that in the years leading up to his exit, Iger felt that the board had not fully appreciated his leadership. "He said he was tired of being harangued about [succession] and said, 'Fine, you guys have someone else run the business.'"
That was Iger's mindset when he proposed Chapek, this person said, adding, "He greatly regretted it as soon as COVID hit."
Disney board chair Susan Arnold and other board members referred questions to the company's internal PR executive.
The transition of power from Iger to Chapek 'wasn't smooth'
Iger began to have regrets about his decision to step down, insiders said, as it became clearer with each passing week in early 2020 that COVID would bring a wrecking ball to the company. He also questioned Chapek's restructure that would break the content business into two halves: "creative engines," said the company's announcement, and a centralized distribution group.
"If he had known and understood the scope of the pandemic, he never would have stepped down when he did," said a second former Disney executive, who cited the CEO's leadership qualities and high EQ.
The Disney board backed Chapek rather than enforcing the original agreement that Iger would guide and mentor his successor.
"It wasn't smooth," said the person familiar with Iger's thinking. After a 47-year run at the company, Bob Iger felt his final Disney years were a disappointment.
And the board's decision to renew Chapek in June — even after a series of communications missteps and amid an ongoing political battle with Florida Gov. Ron DeSantis — appears to be an attempt to put the Iger years firmly in the rearview mirror.
While morale is described as terrible among many content-side executives, Wall Street is giving Chapek the benefit of the doubt for now, counting on a rebound at the company's parks, where margins are expanding thanks to big price hikes. After hitting an all-time high of over $200 in March 2021, Disney's share price has fallen 41% year-to-date.
Iger meanwhile has continued to voice his regrets. He has said he did not know that Chapek was such a "novice" when it came to handling complex issues like talent management and political battles, and that Chapek was arrogant and uninterested in other people's opinions, said the former Disney exec. Chapek defenders say he has made bold moves in restructuring Disney and led huge capital spending projects at the parks. A Disney spokesman declined comment.
"For many of us who are deeply loyal to him," Iger's choice of Chapek was "confusing," this person said. "No one expected it to fall apart this fast."
These days, Iger's been sailing and cycling, including long rides around Santa Ynez and a cruise in the Panama canal. He has set up in a Los Angeles office at former Goldman Sachs banker Gerry Cardinale's RedBird Capital Partners and is investing in start-ups with his former Disney chief of staff, Nancy Lee. Despite entreaties to join private equity firms, he prefers to go it alone.
"He's still figuring it out," said the former Disney exec. "He's got plenty of money, he's got great skills. I expect him to do great things. I don't think he has to be in a rush."
Iger is still rooting for Disney to win, whoever is in charge, said the person familiar with his thinking — and friends say he is still giving notes on movies and still checks the Emmy nominations and talks to executives at the company.
At 71, Iger is also at work writing a second book.
The topic? Leadership in times of crisis.
More: Disney Bob Iger Bob Chapek
succession plans
|
2022-07-14T18:42:33Z
|
www.businessinsider.com
|
Former Disney CEO Iger Battled Board, Was Unhappy With Chapek Succession
|
https://www.businessinsider.com/former-disney-ceo-iger-battled-board-unhappy-chapek-succession-2022-7
|
https://www.businessinsider.com/former-disney-ceo-iger-battled-board-unhappy-chapek-succession-2022-7
|
The safest, smartest way to buy things abroad is the same as in the US: a credit card
Eric Rosenberg
Credit cards with no foreign transaction fees, like the Chase Sapphire Reserve® and the Wells Fargo Autograph℠ Card are the best way to make a purchase outside of the United States due to low costs and added fraud protections.
ATMs usually give the best exchange rate — just look out for fees charged by your bank for using an international ATM.
Cash is a good backup plan, but avoid using your debit card when traveling. If a thief gets your debit card, they can drain your account and it's difficult to get the money back.
See Insider's list of the best travel rewards cards »
I love the feeling of stepping off a plane in a new country. After stretching out from a long flight, I love winding my way through the airport following signs in exotic languages, through a hopefully quick and easy customs and border control, and into the expansive terminals that usher new visitors onto the next phase of their trip.
One stop I always try to make in that terminal is at an ATM. While I know I can use my credit card to pay for a taxi or use my phone to hail a ride here in the US, money isn't always so simple abroad. Here's how I handle my money when traveling anywhere outside of the United States.
Always use credit when you can
Credit cards are hands-down the safest and best way to make any purchase abroad, when it's an option. If you have a card with no foreign transaction fee, you'll generally get a competitive exchange rate with all the $0 fraud liability most US cards offer.
Tourists are often a target for payment scams and fraud. I was on a trip at the same time my sister was traveling and both of us had card numbers stolen in the same week! Because we used credit cards, we were not liable for any purchases we didn't make.
If you use a debit card and the number is stolen, the bad guys can drain your checking account. If you do get the money back, it can take months. Credit card protections are more extensive and easier to use. And in many cases, you'll get additional purchase protections or travel coverage. That's why you should always use credit when you can.
Note that you shouldn't be paying fees for transactions outside the US, and there are plenty of no-foreign-transaction cards that can be used all over the world without incurring those fees. Some of the best available options are:
Chase Sapphire Preferred® Card ($95 annual fee)
Chase Sapphire Reserve® ($550 annual fee)
The Platinum Card® from American Express ($695 annual fee)
Wells Fargo Autograph℠ Card($0 annual fee)
See our guide to the best cards with no foreign transaction fees for more top picks.
Avoid exchange shops and get cash from the ATM
If you walk through downtown Jerusalem, where I spent a semester in college, you'll see busy currency exchange shops dotted throughout the area. While it may feel safe and easy to walk in and turn your dollars into shekels, you probably won't get a very good deal. The same is true of airport currency exchange shops, and virtually all exchange businesses when traveling abroad.
Like any business, currency exchanges have to make money. They typically do this by offering unfavorable exchange rates to customers. Big banks usually offer much better rates. You may be able to exchange cash in a branch, but it's much easier to use your ATM card to get what you need.
My Schwab checking account doesn't charge any ATM fees and automatically reimburses anything other banks charge. But even if your bank charges a modest fee, you may still save by getting your cash at the ATM.
Balance security, cost, and convenience
Travel is fun and exciting. With limited time to explore and enjoy your trip, you shouldn't waste too much time dealing with money. If you are visiting most developed countries, you should be able to easily use your credit card to meet your money needs.
Cash is a good backup plan, and with the right checking account you can get it for the best possible rate from a local ATM when you land. Then you can move on to worrying about more important things, like where you can find the perfect piña colada by the beach.
Eric Rosenberg is a finance, travel, and technology writer in Ventura, California. He is a former bank manager and corporate finance and accounting professional who left his day job in 2016 to take his online side hustle full-time. He has in-depth experience writing about banking, credit cards, investing, and other financial topics, and is an avid travel hacker. When away from the keyboard, Eric enjoys exploring the world, flying small airplanes, discovering new craft beers, and spending time with his wife and little girls. You can connect with him at Personal Profitability or EricRosenberg.com.
More: Credit Cards PFI TPG Personal Finance Insider PFI More Card Coverage
Credit card feature
|
2022-07-14T18:43:03Z
|
www.businessinsider.com
|
How to Use Money Traveling Abroad: Always Choose a Credit Card First
|
https://www.businessinsider.com/personal-finance/how-to-use-money-traveling-abroad-choose-credit-card-first
|
https://www.businessinsider.com/personal-finance/how-to-use-money-traveling-abroad-choose-credit-card-first
|
Pros and cons: TD Bank
Pros and cons: Chase
Money market account comparisons
Which bank is more trustworthy?
TD Bank vs. Wells Fargo: Which bank is best for you?
Bank Editor's overall rating Standout feature Savings APY Next steps
Easy to waive fees on checking account
Several ways to waive monthly service fee on savings account
The bottom line: You might prefer TD Bank over Wells Fargo if your goal is to avoid monthly service fees on a checking account. For savings accounts, it could be a draw between the two banks since both pay low interest rates and have similar minimum balance requirements.
TD Bank and Wells Fargo are brick-and-mortar financial institutions with big branch and ATM networks.
To help you determine which banks suit you best, we're comparing the institutions' bank accounts. We're also assessing each bank's trustworthiness so you can learn more about their previous settlement history.
Pros and cons of TD Bank
More than 1,100 branches
Over 2,600 free ATMs
Possible to waive monthly services fees
$200 checking account bonus
Only available on the East Coast
Low interest rates on savings and CDs
Monthly service fees
High CD early withdrawal penalties
A- rating from the Better Business Bureau because the government took action against the business
Pros and cons of Wells Fargo
More than 7,200 branches around the US
Over 13,000 free ATMs
Save As You Go® feature transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
F rating from the Better Business Bureau and public settlements involving racial and disability discrimination
TD Bank vs. Wells Fargo checking account comparisons
Below, we've compared the TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account. These accounts have similar fees and require an opening deposit of $25 or less.
TD Bank Convenience Checking Account Wells Fargo Everyday Checking Account
Minimum opening deposit $0 $25
Monthly service fee $15 or $0 $10 or $0
Meet one of the following requirements each month:
Have $100 or more in your account daily
Are between the ages of 17 and 23
Receive direct deposits of at least $500
Link your account to a Wells Fargo ATM Card or Campus Debit Card
Sign-up bonus $200 $200
Next steps Learn more Learn more
Your best option between these two banks may ultimately depend on whether it's easier to waive monthly service fees at a particular bank and if you're eligible for a sign-up cash bonus.
The TD Bank Convenience Checking Account and Wells Fargo Everyday Checking Account both waive monthly service fees for people between the ages of 17 and 23.
If you are over the age of 24, it may be easier to waive monthly service fees at TD Bank. The TD Bank Convenience Checking Account also has a much lower minimum balance requirement than Wells Fargo.
Both bank accounts offer a cash bonus if you're a new customer and opening a checking account. Wells Fargo has a $200 bonus if you make at least $1,000 in direct deposits within 90 days of opening an account. To be eligible for the $200 bonus at TD Bank, you'll need to receive $500 or more in direct deposits during the first 60 days.
Winner: TD Bank
The TD Bank Convenience Checking Account narrowly edges out the Wells Fargo Everyday Checking Account. TD Bank makes it easier to waive the account's monthly service fee and earn a cash bonus. If you're between the ages of 17 and 23, it could be a toss-up between the two checking accounts .
TD Bank Convenience Checking Account
No monthly service fee if you're ages 17 to 23
No interest earned
Doesn't reimburse out-of-network ATM fees charged by providers
Access to 1,100 branch locations and over 2,600 ATMs
Waive $15 monthly fee with $100 daily balance
TD Bank vs. Wells Fargo savings account comparisons
The TD Simple Savings Account and Wells Fargo Way2Save® Savings Account are each bank's standard low-fee savings account. See how the two savings accounts stack up.
TD Simple Savings Account Wells Fargo Way2Save® Savings Account
APY 0.02% APY 0.01% APY
Monthly service fee $5 or $0 $5 or $0
No monthly service fees during the first year if you do the following:
Receive a monthly direct deposit of $25 or more from a TD Bank checking account
If you don't set up direct deposit or skip a month, you must meet one of the following requirements to waive the fee:
Maintain $300 in your checking account daily
Fulfill one of the following criteria monthly:
Have $300 in your account daily
Use the Save as You Go feature if you have a checking account
Transfer $25 or more from a linked Wells Fargo checking account
TD Bank and Wells Fargo savings account share similar features. Both accounts have low minimum opening deposits and pay low interest rates.
The requirements for waiving the $5 monthly service fee are also comparable. The only significant distinction is that the TD Simple Savings Account automatically waives the monthly service fee if you're over the age of 62.
If you'd like to open a high-yield savings account or a bank account with strong budgeting features, consider looking over our best high-yield savings account guide.
There isn't a clear winner between TD Bank and Wells Fargo savings accounts. The TD Simple Savings Account might be a better choice if you're over the age of 62 because you'll automatically be eligible to waive monthly service fees on the account. However, other than that slight distinction, the requirements for waiving the monthly service fee are similar.
TD Simple Savings Account
No monthly fee for students, or for adults under age 24 or age 62 or older
No monthly fee for the first 12 months, with recurring monthly deposits of $25
No monthly service fee for students, adults under age 24 or age 62 or older
Waive $5 monthly service fee by maintaining $300 minimum daily balance
No monthly fee for the first 12 months if you make recurring $25 monthly deposits
Interest compounded daily
Wells Fargo Way2Save® Savings Account
Automatic savings feature
Includes a debit card
Over 7,200 branches and 13,000 ATMs
Waive $5 monthly service fee by maintaining a $300 daily balance, OR setting up automatic savings options, OR be under age 24 and the primary account owner OR transferring $25 or more from a linked Wells Fargo checking account
Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
TD Bank vs. Wells Fargo CD comparisons
TD Bank Choice Promotional Certificate of Deposit Wells Fargo Fixed Rate Certificate of Deposit
Term lengths 3 months to 5 years 3 months to 1 year
Minimum opening deposit $250 $2,500
APY 0.05% APY 0.01% to 0.02% APY
Early withdrawal penalties 3 months to 2 years interest 3 months interest for all CD terms
Types of CDs Standard CDs, No-Penalty CDs, Step-Up CDs Standard CDs
Neither financial institution pays competitive CD rates .
Wells Fargo has fewer CD terms than most brick-and-mortar banks. Usually, you'll be able to choose from terms 6 months and 5 years. However, you can only open a 3-month, 6-month, or 1-year term at Wells Fargo.
At TD Bank, you may choose from a variety of standard CD terms. You'll also be able to choose from special types of CDs like a no-penalty CD or a step-up CD. A no-penalty CD permits withdrawals from a CD without facing a penalty. A step-up CD increases its rate at a set date.
TD Bank CDs might catch your eye if you're searching for CD variety or special types of CDs. However, bear in mind that online banks pay higher CD rates than Wells Fargo and TD Bank.
TD Bank Choice Promotional Certificate of Deposit
Standard term options
Earn 0.05% APY on all terms
Early withdrawal penalties: All interest earned for terms under 90 days; 3 months of interest on terms between 90 days and 1 year; 6 months of interest on terms between 1 year and 2 years; 9 months of interest on terms between 2 years and 3 years; 1 year of interest on terms between 3 years and 4 years; 18 months of interest on terms between 4 years and 5 years; 2 years of interest on terms 5 years or longer
Interest compounded and deposited monthly
TD Bank vs. Wells Fargo money market account comparisons
Wells Fargo doesn't offer a money market account, while TD Bank does. The TD Bank Growth Money Market Account might be worthwhile if you don't have a lot of money for an initial deposit. You may open the account with $0 upfront.
The money market account works best if you keep at least $2,000 in your account daily. By meeting this requirement, you won't have to pay a $12 monthly service fee.
TD Bank nabs the win in this category because Wells Fargo doesn't have a money market account. The TD Bank Growth Money Market Account could be a decent option if you don't meet the minimum opening requirements for money market accounts at other banks. It pays a low interest rate, though.
TD Bank Growth Money Market Account
Possible to waive the monthly service fee
Check writing included
Free ATM card included
Earn Relationship Bump Rate if you meet the requirements
Access to 1,100 locations and over 2,600 ATMs
No monthly service fees for anyone age 62 or older
To waive the $12 monthly service fee, keep at least $2,000 in your account daily or link to a TD Relationship Checking or TD Beyond Checking account
Standard interest rate: Earn 0.01% APY on account balances under $25,000; Earn 0.02% APY on account balances over $25,000
Relationship Bump interest rate: Earn 0.01% APY on account balance under $2,000; Earn 0.02% on account balances between $2,000 and $25,000; Earn 0.03% APY on balances over $25,000
To earn the Relationship Bump Rate, you must do the following: Link a TD Checking account; complete a transfer from another TD Bank account each month, and grow your savings by $50 each month
TD Bank vs. Wells Fargo trustworthiness and BBB ratings
We include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
Good BBB ratings do not guarantee a perfect relationship with a bank. You may want to talk to current customers or read online customer reviews to get a well-rounded perspective of a bank.
Wells Fargo received an F rating from the BBB because it hasn't responded to a high volume of customer complaints and government action has been taken against the business. TD Bank has an A- rating because government action was taken against TD Bank.
Both banks have been involved in recent public controversies.
The US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement in 2020 that accused the bank of charging customers a Debit Card Advance service without their permission.
Wells Fargo has been involved in the following cases:
In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that stated the bank had an inefficient compliance risk management program.
In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.
In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that accused the bank of engaging in predatory mortgage lending to racial minorities.
In 2019, the California Department of Insurance also required Wells Fargo to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers for insurance products without their knowledge.
Wells Fargo and TD Bank have been involved in recent public settlements. You might want to learn about mission-driven financial institutions if you want to bank a financial institution that closely aligns with your values.
Is Wells Fargo better, or TD Bank?
You might lean more toward TD Bank if you are searching for a checking account or CD.
You'll be able to waive the $15 monthly service fee on the TD Bank Convenience Checking Account if you keep $100 or more in your account daily. Meanwhile, the Wells Fargo Everyday Checking Account requires you to keep a minimum of $300 in your account to waive its $10 monthly service fee.
TD Bank CDs have a lower minimum opening deposit than Wells Fargo CDs. You'll also have a great variety of options.
It could be a toss-up between Wells Fargo and TD savings account because their accounts are similar.
Which has more branches, Wells Fargo or TD Bank?
Wells Fargo has more branches. TD Bank has 1,100 branches, while Wells Fargo has 7,200 locations.
PERSONAL FINANCE You can have two checking accounts at the same bank — but here's what to consider beforehand
PERSONAL FINANCE ATM withdrawal limits: How much can you take out with your bank daily?
More: TD Bank Wells Fargo TD Bank Convenience Checking Wells Fargo Everyday Checking
TD Bank Simple Savings Account
TD Bank CD
Wells Fargo Way2Save Savings
Wells Fargo CD
|
2022-07-14T20:14:02Z
|
www.businessinsider.com
|
TD Bank Vs. Wells Fargo: Which Bank Is Best for You?
|
https://www.businessinsider.com/personal-finance/td-bank-vs-wells-fargo-comparison-review
|
https://www.businessinsider.com/personal-finance/td-bank-vs-wells-fargo-comparison-review
|
Rep. Eric Swalwell (D-California) attends a hearing of the House Judiciary Committee on June 24, 2020.
Two FEC commissioners are publicly fighting over the treatment of Rep. Eric Swalwell.
Swalwell asked to use campaign funds to pay for overnight childcare services while working and abroad.
An FEC commissioner tweeted she'd "never seen a requestor treated so disrespectfully' by another member.
Two commissioners in the Federal Election Commission are beefing after an intense public hearing over California Rep. Eric Swalwell's request to use campaign funds for overnight childcare for when he travels abroad and for campaign events.
On May 26, 2022, counsel for Swalwell petitioned the FEC to see if the 5-term Democratic lawmaker could use campaign funds to pay for overnight childcare as both he and his wife both work full time, he travels often, and the couple have three children still in diapers.
Thursday's public hearing grew intense at its end when Trump-appointed Commissioner Trey Trainor took a moment to disparage Swalwell for his travels.
"To be real honest with you," Trainor said, "I'm actually going to pass judgment on it. I think it's abhorrent that Congressman Swalwell would have such a young child and want to leave them in the care of someone else, for a weeklong trip overseas and using donor contributions to pay for that. I think it's inappropriate we even had to address this question."
Following the hearing, FEC Commissioner Ellen Weintraub, a Democrat appointed by President George W. Bush, took to Twitter to address Trainor's rhetoric and treatment of Swalwell at the hearing. She likened his treatment to the TV show "The Handmaid's Tale."
Trainor publicly responded, writing that "I've never seen campaign donors treated so disrespectfully! The Republic will persevere even if Swalwell doesn't get all the junkets he'd like."
—Trey Trainor (@TXElectionLaw) July 14, 2022
Swalwell's office did not immediately respond to a request for comment.
The congressman, who ran for president in 2020, came under fire for his international travels in July 2021 when photos emerged of him and fellow Democratic Rep. Ruben Gallego of Arizona shirtless on camels, seemingly straying from their official duties. They were in Qatar during a trip that appeared to be funded by the US-Qatar Business Council.
Insider previously reported that Trainor spoke at an "election integrity" event held by the Republican Party in Denton, Texas, in late 2021, where he was billed as a member of the "Trump Elections Team."
The public spat among FEC leaders came after the election regulators were deemed one of the worst small federal government agencies to work for by the nonprofit Partnership for Public Service.
More: politics enterprise INSIDER Data Eric Swalwell FEC
|
2022-07-14T21:48:57Z
|
www.businessinsider.com
|
Swalwell's Bid to Pay for Childcare Via Campaign Funds Sparks Debate
|
https://www.businessinsider.com/eric-swalwell-childcare-campaign-money-ignites-fec-debate-2022-7
|
https://www.businessinsider.com/eric-swalwell-childcare-campaign-money-ignites-fec-debate-2022-7
|
Gov. Ron DeSantis of Florida signed the states Stop WOKE bill into law in April, and it took effect this month.
Florida's new Stop WOKE law clamps down on diversity training in the workplace.
As a result, some CEOs could scale back diversity training or scrap it altogether.
Yet there are options for leaders to advance inclusion despite the obstacles the law poses.
First, conservative political leaders in Florida targeted Disney for having a "woke" culture. Now, lawmakers are putting employers in the Sunshine State on notice regarding talk around diversity.
The state's Stop WOKE law, which took effect this month, prohibits employers from requiring workers to participate in certain types of diversity, equity, and inclusion training. It restricts how race-related topics can be addressed in workplace training and opens up opportunities for workers to bring legal action against employers that they say violate the law.
The way the law is written, which critics say is ambiguous, could undermine employers' efforts to advance equity in the workplace, business experts told Insider. Yet for businesses committed to diversity, there are steps they can take beyond training to ensure they are responding to demands to create more inclusive workplaces.
"By using contradictory, confusing, and ambiguous language, the regulation invites employees to bring lawsuits against any company mandating any kind of diversity training," Zoe Chance, a professor at the Yale School of Management, said. "The question is, what range of discussions will be avoided for fear of lawsuits?"
America's culture wars enter the office
As the country heads into what's likely to be a contentious midterm-election season and then what could be another bruising presidential race, culture wars in America around diversity will likely take center stage. That's perhaps by design.
The move by Gov. Ron DeSantis of Florida and conservative lawmakers comes as many on the right criticize the efficacy of diversity training. While there's mixed research on how effective such training is, the measure also appears geared toward ginning up voters animated by what they see as corporate overreach around diversity efforts.
The Stop WOKE law follows a coordinated effort by Florida Republicans to punish Disney after the company complained about the state's law limiting classroom discussion of sexual identity. It's part of a larger battle in America against what critics deride as "woke" capitalism.
Though the new law faces pushback from some conservative groups who say it hampers free speech, more red states could propose bills designed after Florida's Stop WOKE law. If enacted, such provisions would likely scare corporations and other employers like universities, with the threat of legal action hanging over their heads, corporate observers said.
The result is that leaders could be swayed to not make their DEI trainings mandatory when they otherwise would have. In other cases, leaders might water down the content of those trainings.
"The actual impact of this law will be the chilling of much-needed, tough conversations about systems of privilege and oppression, as well as on progress in our understanding of how these issues manifest in people's lives," Joshua Perry, a professor of business law and ethics at Indiana University's Kelley School of Business, said.
The influence could be significant
Stop WOKE includes a list of concepts that businesses are not allowed to espouse in their DEI training.
It reads: "An individual's moral character or status as privileged or oppressed is necessarily determined by his or her race, color, sex, or national origin."
It adds: "Virtues such as merit, excellence, hard work, fairness, neutrality, objectivity, and racial colorblindness are racist or sexist or were created to oppress members of another race, color, sex, or national origin."
The vast majority of diversity, equity, and inclusion trainings do not teach such things, according to Ella F. Washington, a professor at Georgetown University and the author of the forthcoming book "The Necessary Journey." Despite this, many CEOs will likely be scared, Washington and other sources said.
"Even meritless lawsuits triggered by this new law can be extremely costly and disruptive," Perry said.
DEI trainings will be "highly scrutinized" to avoid legal action, Washington said, and other companies might even abandon their diversity trainings altogether.
"For organizations and leaders who really didn't want to do diversity and inclusion training in the first place," Washington said, "this is their way out."
Chance, the Yale professor, said more states would likely follow Florida's lead and seek to influence workplace diversity trainings. At least 35 states have enacted or proposed laws or regulations clamping down on critical race theory, which says that race is a social construct used to oppress certain people.
"Stop WOKE is an insidious, Orwellian set of rules claiming to outlaw what it protects: discrimination," Chance said.
It's still possible to advance diversity
While the law erects barriers to diversity conversations and could scare some leaders from hosting difficult conversations, corporate diversity leaders still have ways to build inclusive cultures.
"Leaders should remember that mandatory diversity training is no panacea," Chance said. "The real benefits come from evolving workplace culture and making policy decisions that address biased outcomes."
For example, employers can create inclusive organizations by doing pay-equity reports or racial-equity audits, inviting speakers for optional events, and supporting employee-resource groups, such as those for LGBTQ workers or Black workers.
In the corporate world, diversity goes beyond the wellbeing of workers; it can add show up in financial results. A report from S&P Global found that companies with newly named female CEOs performed better than companies with newly named male CEOs. Companies with more diverse management teams, including those with more racially diverse leaders, show higher revenue, both McKinsey and Boston Consulting Group research found.
"I want to give encouragement to leaders who still want to do the work of DEI. I hope they don't take these potential roadblocks as stop gaps," Washington said. "Progress is still possible."
NOW WATCH: The Equity Talk: Despite the diversity reckoning of 2020, trans voices are still largely missing from corporate plans for the future
More: Leadership Strategy DEI Diversity
|
2022-07-14T21:49:09Z
|
www.businessinsider.com
|
Florida 'Anti-Woke' Law Could Limit Employee Diversity Training
|
https://www.businessinsider.com/florida-stop-woke-law-impact-business-ceos-diversity-training-desantis-2022-7
|
https://www.businessinsider.com/florida-stop-woke-law-impact-business-ceos-diversity-training-desantis-2022-7
|
Prime Day is over but you can still snag these lingering deals on earbuds, TVs, makeup, and pet products
Toshiba Canvio Flex 2
Prime Day 2022 has come to an end but there are still plenty of leftover deals to be found at Amazon and other competing stores.
Some of the best lingering deals you can still take advantage of include deep discounts on our favorite LG TV, top tech gadgets from Google and Samsung, Covergirl makeup, a Levoit air purifier, and even a handy dog camera for pet owners.
All of the products we selected are items that we recommend based on past reviews and the overall quality of each deal.
12 best lingering Prime Day deals
The LG C1 is the 2021 version of our favorite OLED TV. This is the best price we've seen on the smaller 48-inch model, which is considered one of the best gaming displays for PlayStation 5 and Xbox Series X.
OLED displays can outshine more common LED models with their individually lit pixels and infinite contrast ratio. The C1's robust set of features includes support for Dolby Vision, HDR10, Dolby Atmos, Nvidia G-Sync, and variable refresh rate.
Multiple JBL speakers are still on sale after Prime Day, but the JBL Flip 5 is our favorite of the bunch thanks to its versatile performance. The speaker's battery can last around 12 hours, it's waterproof, and it weighs just over one pound, making it ideal for beach trips and other travel.
This bestselling toothbrush from Oral-B incorporates AI to give you feedback on how to brush your teeth more effectively. While it's a bit more expensive than competing brushes, the current Amazon deal knocks a full 50% off the price.
Samsung's Galaxy Buds Live offer noise-cancelling capabilities for much less than competitors like Apple's AirPods Pro and Sony's 1000mx4 wireless earbuds. We rated the slightly newer Galaxy Buds 2 the best earbuds for Android phones, but for $100, the Galaxy Buds Live offer great value.
This Covergirl foundation has seen a massive surge in popularity thanks to viral TikTok videos, and it's still 70% off on Amazon after Prime Day.
Levoit's Core 300 made our list of best air purifiers as the top choice for small rooms. It includes an app for smart functionality, so you can adjust the settings and check your home's air quality from your phone whenever you like.
The Tile Mate is one of the company's most popular wireless tracking devices. Two- and three-pack bundles are currently discounted on Amazon. Once you sync the device with your phone and Tile app, the Tile Mate can be attached to your keychain, a pet's collar, or anything you're worried about misplacing.
$210.00 $147.00 from Furbo
The newest model of Furbo's dog cam is on sale for 30% off. This camera will rotate to track your dog at all available angles and will stream the video feed directly to your phone. It even includes two-way audio so you can talk to your pet, and night vision so you can track their nighttime adventures.
Fubo's camera can also be loaded with treats, so you can reward your pet or calm them down when you're not at home.
If you're not a fan of Alexa or you missed buying a discounted Echo Show device during Prime Day, Google's brand of smart displays are still on sale. Nest Hub Max uses Google Assistant instead of Alexa but can still serve as a smart home hub for a variety of devices, along with broad app support, video calls, and other features you'd expect from a smart display.
While Amazon's Fire TV Sticks dipped to the lowest prices we've ever seen during Prime Day, Roku's very capable streaming devices are still on sale. The Roku Express 4K + is designed to sit on a shelf or table like a cable box rather than plug directly into your TV, and the remote supports voice control.
Google's flagship smartphone is currently $200 off. While Samsung's S22 is our top Android phone pick, the Pixel 6 Pro has better battery life and an excellent camera. Pixel phones also tend to get Android updates sooner than Galaxy devices, if you want to stay on top of the latest features.
The Toshiba Canvio Flex 2 external drive is designed to work out of the box with both Windows and Mac; the more affordable Canvio Basics needs to be formatted for use with MacOS. At more than 20% off it offers better value than the competition right now, and it should remain reliable for years to come.
|
2022-07-14T21:49:15Z
|
www.businessinsider.com
|
12 Best Prime Day Deals Still Available: up to 70% Off Products
|
https://www.businessinsider.com/guides/deals/amazon-prime-day-deals-still-available-7-14-2022
|
https://www.businessinsider.com/guides/deals/amazon-prime-day-deals-still-available-7-14-2022
|
1. Choose where to open your IRA
2. Select your IRA account type
3. Open your IRA account
4. Make contributions to your IRA
5. Start investing your funds
Here are 5 steps to opening an IRA to start saving for retirement
An IRA is a great way to save for retirement.
boggy22/Getty
You can open IRAs through many types of institutions, including banks, brokerages, and robo-advisors.
There are several IRAs to choose from: Traditional, Roth, and SEP IRAs are three common options.
You can choose both hands-on and hands-off methods for managing your IRA.
IRAs — or individual retirement accounts — are one of the many ways you can plan for retirement. There are several types of accounts to choose from, including some that allow for tax-free withdrawals once you retire.
Are you considering using an IRA to reach your retirement goals? Here's how to get started.
The first step is to choose what type of institution you'll open your IRA through. There are many options to choose from, including banks, brokerage firms and robo-advisors.
If you want a hands-off role in your IRA, then a robo-advisor may be a better choice. These typically come with low management fees, risk-based investment options, automatic portfolio balancing, and other perks. They can often be managed easily using an online dashboard.
For more hands-on investors, a brokerage may be a better option. Brokerages offer full-service management and may have a wider selection of investments. If you want the most economical option, consider looking for brokers with low or no account fees and a variety of commission- and fee-free investment options. These are often called discount brokers.
Avoid basing your decision off fees or commissions entirely. While choosing an affordable solution is important, other factors should play a role, too, including your level of tech-savvy, your investment know-how, the institution's investing minimums, and the service they're known for.
"Consider the overall service you'll be receiving," says Heather Welsh, vice president of wealth planning at Sequoia Financial Group. "While robo-advisors are generally inexpensive, your level of comfort with technology might suggest taking a different direction and talking with your bank or financial advisor."
There are several types of IRA accounts to choose from. Some offer tax-free withdrawals upon retirement, while others qualify you for a valuable tax deduction now.
Here are the main types of IRAs you'll want to consider:
Traditional IRAs: These account types are tax-deferred, meaning you fund the account with pre-tax earnings, and then pay income taxes on the withdrawals later on. Contributions are tax-deductible, and you can begin withdrawing money as early as age 59.5.
Roth IRAs: These are funded with post-tax income — money you've already paid income taxes on. Because of this, withdrawals in retirement are not subject to taxes. This makes them a smart option if you expect to have a higher tax bracket later on. Unlike traditional IRAs, Roth IRA contributions are not tax-deductible.
SEP IRAs: Simplified Employee Pension IRAs are for business owners and self-employed professionals. They work similarly to a traditional IRA: They're funded with pre-tax earnings and withdrawals are taxable in retirement.
Quick tip: Other types of IRAs include SIMPLE IRAs, designed for small business owners, and Payroll Deduction IRAs, which allow employees to contribute directly out of their paychecks. Talk to a financial advisor for more guidance on these types of IRAs.
Opening your account is usually pretty simple, and often, can be done online or easily through your brokerage. However, the exact process will vary.
"How you open an account will depend on your selected IRA provider or advisor," Welsh says. "If you take the do-it-yourself approach, you can likely do it online. If you work with a bank or advisor, you will be provided with forms to open the account, either electronically or in hard copy depending on their processes and your preferences."
Typically, you'll be asked for the following documentation and information:
A copy of your government-issued ID, such as a driver's license or passport
Your personal information, including your name, phone number, address, date of birth, and Social Security number
Details on your beneficiaries, or who you'd like to inherit the account when you die
Banking information (if you want to fund the account with an electronic transfer) or information on your other 401(k) or IRAs (if you're doing a rollover)
If you opt to roll funds over from a 401(k) or another retirement, you'll also have some forms to fill out there. Some will send the money directly to your new IRA account. Others may send you a check, which you'll then need to deposit into the new IRA yourself. Typically, the whole process takes anywhere from two to four weeks.
If you rollover funds to a traditional IRA, you won't need to pay taxes on the funds (until you start making withdrawals). If you roll over funds to a Roth IRA, though, you'll owe taxes on the rolled-over amount when you file your annual returns.
Quick tip: If you receive the rollover check directly, make sure to deposit it quickly. If you fail to deposit your rollover funds within 60 days, it will qualify as a withdrawal and could mean a penalty if you are not of retirement age.
Once your IRA has been established, you can begin making contributions. You do this via rollover, check, or electronic payment or, in some cases, you may be able to link your bank account and directly transfer funds.
"As a general rule, I'd say the most you can add to your retirement funds, the better off you'll be in the future," says Scott Staton, founder and president of Staton Financial Group.
Keep in mind that you can't contribute more than the IRS' annual limit. Here's how those limits break down for traditional IRAs:
Age Contribution limit
Under 50 $6,000
50 or older $7,000
And these are the limits on Roth IRAs:
If you have a SEP IRA, they're limited to 25% of your annual compensation or $61,000, whichever is less.
Quick tip: Contribute as close to the maximum amount as possible each year. Just be sure your contributions fit your budget, and consider scaling back on your risk as you get closer to retirement age.
After you've funded your account, you can begin investing. There are many options for investments, including stocks and bonds.
"One important thing to understand is, an IRA isn't an investment, nor does it pay a particular rate of return," Staton says. "What determines the rate of return and level of risk of an IRA are the investment choices you make within it."
Your options for investing include:
Stocks: These allow you to purchase ownership shares of publicly traded companies.
Bonds: Bonds are debt securities, which offer money to investors and, often, the government. They're one of the lowest-risk investments you can make.
Index funds: These are stock portfolios that aim to match the returns of a specific market index, like the S&P 500, for example.
Exchange Traded Funds: Exchange Traded Funds, or ETFs, are baskets of securities that track an index, like the S&P 500 — similarly to index funds. These can be traded throughout the day on the stock market.
Mutual funds: Mutual funds are investment pools made up of many different investments. They're managed professionally, and individual consumers can buy shares in the fund.
The latter — mutual funds — come in many forms, including target-date funds. These funds operate with a certain retirement year in mind. As you approach that date, the investments shift, reducing your risk and exposure to loss.
Quick tip: You don't have to choose just one type of investment. You can — and should — diversify your portfolio with investments in several types of securities. This reduces your exposure to risk.
IRAs can be a useful tool in planning for retirement. To ensure your IRA investments are as successful as possible, be careful about which type of account you choose and what institution you opt to manage it.
If you're not sure or just need guidance, talk to a financial advisor or Certified Financial Planner. They can provide advice personalized to your exact goals and finances.
FINANCE How to invest in index funds to build long-term wealth
More: IRA retirement account investment account Personal Finance Insider
|
2022-07-14T21:49:51Z
|
www.businessinsider.com
|
Open an IRA: 5 Quick Steps for Beginners
|
https://www.businessinsider.com/personal-finance/how-to-open-ira
|
https://www.businessinsider.com/personal-finance/how-to-open-ira
|
What are the main elements of DeFi?
Pros and cons of DeFi
How to invest in DeFi
DeFi: The peer-to-peer financial system based primarily on Ethereum
All investing comes with some level of risk and DeFi is no different.
Decentralized finance or DeFi is a financial system that reimagines financial transactions by removing intermediaries and is based on blockchain technology, typically Ethereum.
Various financial transactions are possible with DeFi's 'smart contracts' that execute financial transactions under certain conditions.
There are many different decentralized applications, or dApps, and uses within DeFi that open accessibility but come with risk.
DeFi has been called the "wild west" of the cryptocurrency world. It's an unregulated financial system that many believe will revolutionize the way we conduct financial transactions.
But because it's still largely unregulated, investors generally don't have the same protections they do in traditional financial markets. In spite of the risks, the possibilities enabled by DeFi make it a very exciting space for crypto investors.
Decentralized finance or DeFi is a global financial system that's available on blockchains that are public — most often Ethereum.
"DeFi stands for decentralized finance. In simple words it stands for self-custody finance. Unlike traditional finance where a company, bank, fund is responsible for your money, in DeFi no one but you has access to it," explains Anton Mozgovoy, co-founder of Mover, a DeFi Savings platform.
Through this new emerging technology, DeFi expands what's possible with cryptocurrency and moves beyond just currency and creates sophisticated systems with an abundance of uses with the creation of applications, typically referred to as decentralized apps, or dApps, which we'll get into later.
DeFi was coined in 2018 by a group of entrepreneurs and Ethereum developers who wanted to open up finance applications from traditional systems. The abbreviation sounds like defy, which is intentional.
DeFi, previously referred to as "open finance," takes out the middleman in financial transactions. So instead of having your bank or credit card issuer be the intermediary between you and a merchant when you make a purchase, you use the digital currency and have ownership of it to use directly. DeFi is primarily based on Ethereum, the top cryptocurrency next to Bitcoin.
Here are the main tenets of DeFi:
There are no intermediaries, so no banks or institutions overseeing your money
There's a level of transparency, as the code is available for anyone's review
There are open networks that transcend geographic borders
There are many applications for users, primarily based on Ethereum
Though DeFi is usually a main player in the cryptocurrency conversation, it goes beyond creating an alternative digital currency or value. DeFi works to replace the role of traditional financial systems through its smart contracts.
"DeFi is all about code. With the help of things called smart contracts, your money is programmed to perform various [functions]. It creates a unique opportunity for anyone with a computer and internet connection to participate in the global economy," notes Mozgovoy.
One of the most attractive parts of DeFi for people is that it eliminates the barrier to entry for many of these financial transactions. You no longer have a government or corporation manage your money or need to qualify for certain financial products.
Using traditional financial systems, you apply for a loan and may be rejected based on your credit. You have a bank account or investment brokerage with a company that oversees your money.
With DeFi's smart contracts, certain financial transactions are executed after specific conditions are met. The smart contracts allow for borrowing, lending, and more and the terms of the transaction are literally written in the code. While that makes these transactions easy-to-use and more efficient, it can also make them more susceptible to errors that can't be fixed.
Because of these smart contracts and the ability for Ethereum to create applications, DeFi can be used:
As a lending network, which offers peer-to-peer borrowing and lending
Through decentralized exchanges, where users can exchange one type of currency for another. For example, trading ether for US dollars
For betting, where users bet on potential outcomes of certain events
As stablecoins, which connect a type of cryptocurrency to a more traditional type of currency like the US dollar, in order to lower price volatility and add more stability
There are certain DeFi "building blocks" that create a software stack, with every layer building upon another. These layers work together to create DeFi and its related applications that serve users in a variety of different ways. If one layer is off, so are the other layers.
The five layers that make up DeFi include:
The settlement layer, which is the foundational layer of the blockchain and its specific native asset. For example, Ethereum is the network on the blockchain and ether is the native currency on that blockchain. This layer provides security and a set of rules to follow.
The asset layer, which refers to all the tokens and digital assets that are native to the particular blockchain.
The protocol layer, which sets the protocols or guidelines for smart contracts.
The application layer, which brings the protocols to life with a user interface that is consumer-facing.
The aggregation layer, which consists of aggregators that connect the various dApps and protocols which make up the foundation for borrowing, lending on and other financial services.
The rising popularity of DeFi and other cryptocurrency make it seem like an attractive investment. But it's important to understand what you're getting into before taking the plunge, and understand the benefits and drawbacks.
"In DeFi you hold your money, you control where your money goes and how it's spent. DeFi is efficient, since everything is programmable, in a click of a button you can perform complex transactions," explains Mozgovoy.
The accessibility factor can remove some barriers, but there are a number of cons to be aware of.
"DeFi is new and experimental. Since everything is code, it can have bugs. Bugs lead to money loss or hacks. DeFi is new and complicated," says Mozgovoy. "User experience can still be rough. Learning curve is still steep, but it will change."
There is no intermediary between transactions
If you forget your password, you can lose your assets since there is no governing body
May offer more accessibility for loans and insurance without a credit score
Lack of consumer protections
May offer higher interest rates
High volatility and risk
All investing comes with some level of risk and DeFi is no different. But any cryptocurrency or DeFi application may have a higher level of risk due to difficulties with regulation (though the SEC is looking to fix that) and potential scams. A good rule of thumb is to not invest any money you can't afford to lose.
If you're interested in investing in DeFi, there are a number of ways to do it.
"To start in DeFi you need native currencies — like ETH, AVAX, BNB, FTM, MATIC and others — as every transaction will require gas. You can purchase those through various exchanges, wallets, and crypto services," explains Mozgovoy.
You can start with a decentralized exchange (DEX) such as Uniswap. According to their site, you can "Swap, earn, and build on the leading decentralized crypto trading protocol."
It's important to keep in mind that since everything is relatively new with DeFi and there is no governing body, be careful about what you invest in.
"In DeFi anyone can launch their own project, token, contract — that is why you should be aware of scams and low quality projects," notes Mozgovoy. Aside from being aware of scams, in practicality, Mozgovoy states that with DeFi users can save, lend, or take part in derivatives and exchanges.
Quick tip: Read about Proof of Stake, which is used as a way to confirm crypto transactions, and what it means here.
DeFi is an expansive financial ecosystem that strives to take out the middleman and allow for financial transactions between users. Currently, there is a lot of hype around DeFi and crypto. If you want to take part, be sure to understand not only the rewards but also the risks before getting started.
PERSONAL FINANCE 3 myths too many people believe about crypto, according to a 29-year-old investor who's unbothered by the crash
PERSONAL FINANCE Cryptocurrency is crashing. What does that mean for you?
More: PFI Reference DeFi cryptocurrecny service graphics
|
2022-07-14T21:49:57Z
|
www.businessinsider.com
|
Decentralized Finance (DeFi): Definition, How It Works
|
https://www.businessinsider.com/personal-finance/what-is-defi
|
https://www.businessinsider.com/personal-finance/what-is-defi
|
yPillow CEO Mike Lindell told Vice News that Peters is now "holed up" in a safe house.
Getty Images, Mesa County
An arrest warrant was issued for former Mesa County election clerk Tina Peters on Thursday.
The Mesa County DA said that Peters made an unauthorized trip to Las Vegas.
In Vegas, she spoke at a conference and signed a recount letter for the primary she lost.
A Colorado judge issued an arrest warrant for pro-Trump former Mesa County election clerk Tina Peters after she violated her bond agreement by attending a law enforcement conference in Las Vegas, according to court documents.
Mesa County District Attorney Daniel Rubinstein sought the warrant this week after he said that Peters violated the terms of her bond agreement; he also revoked her $25,000 cash bond.
According to the warrant, Peters traveled without seeking authorization from the court to attend and speak at the Constitutional Sheriff's and Peace Officer's Association conference in Las Vegas, Nevada.
The DA said that they were partly tipped off because a video of the conference was streamed on MyPillow CEO Mike Lindell's website Frankspeech.com.
"Looking at the website of the organization, they had a conference scheduled in Las Vegas at that time," Rubinstein said in the warrant. "DA Investigator Struwe has also now found a video on Frankspeech.com with the three-hour video from 7/12/2022 in Las Vegas of the conference. At the 2:27:50 second mark, Ms. Peters takes the stage."
Peters also signed a notarized letter to Colorado Secretary of State Jena Griswold, demanding a recount of the Republican primary for Secretary of State that she lost weeks ago. The letter was signed in Nevada, the DA said.
"Ms. Peters is a gold-star mother with a love for public service and longstanding ties to her community and the State of Colorado," Peters' legal team said in a motion to quash the warrant, adding that Peters did not know she was barred from traveling to Vegas.
Last year, Colorado District Judge Valerie J. Robison alleged that in March 2021 as a county clerk overseeing elections, Peters allowed an unauthorized consultant to access the county's voting machines, with one of her aides requesting that election-department cameras be turned off for two weeks — long enough to allow that unauthorized third party to make a "forensic image" of the hard drive used by Dominion vote-tabulating equipment.
In March 2022, Tina Peters was indicted on 10 counts by a Mesa County grand jury related to her alleged role in the election data breach, according to the county's district attorney. Her aide, Belinda Knisley was indicted on six counts related to the breach.
Peters was indicted on counts of attempting to influence a public servant, criminal impersonation, conspiracy to commit criminal impersonation, identity theft, first-degree official misconduct, violation of duty, and failing to comply with the secretary of state. Prosecutors are now seeking federal charges against Peters.
"Using legal muscle to indict political opponents during an election isn't new strategy, but it's easier to execute when you have a district attorney who despises President Trump and any constitutional conservative like myself who continues to demand all election evidence be made available to the public," Peters said in response to the March 2022 indictment.
Peters pleaded not guilty to the charges.
For two years in a row, Peters has been barred from performing clerk duties, and in June Peters lost in a Republican primary for the Colorado Secretary of State, which she made a trip to Mar-a-Lago for in May and campaigned for alongside Mike Lindell at times.
More: Tina Peters
|
2022-07-15T00:51:31Z
|
www.businessinsider.com
|
Pro-Trump Clerk Tina Peters Issued Arrest Warrant for Vegas Trip
|
https://www.businessinsider.com/pro-trump-clerk-tina-peters-issued-arrest-warrant-vegas-trip-2022-7
|
https://www.businessinsider.com/pro-trump-clerk-tina-peters-issued-arrest-warrant-vegas-trip-2022-7
|
Ongoing pandemic curbs are slowing the construction and completion of homes in China.
Zhang Peng/Getty
A growing number of homebuyers in China are refusing to pay mortgages on unfinished apartments.
COVID lockdowns have slowed construction activity and delayed the completion of homes.
The payment boycott could worsen an existing debt crisis in China's property sector.
A growing number of homebuyers in China are refusing to pay their mortgages for apartments that are still under construction, adding to market concerns about an escalation in the country's real-estate debt crisis.
Buyers of homes in more than 200 projects in 75 to 80 cities are refusing to pay their mortgages, according to a Nomura note released on Thursday that was seen by Insider. This is up from fewer than 20 projects at the beginning of the week, Reuters reported on Thursday, citing media reports and analysts.
"Presales are the most common way of selling homes in China, so the stakes there are high," said Nomura analysts in another Wednesday note seen by Insider. Property developers in China can sell homes before they are completed and buyers need to start paying for them before they take possession of the units.
COVID-19 pandemic curbs have slowed construction activities and delayed the completion of apartments. Buyer sentiment has also slumped in China as movement restrictions drag on. The situation is so dire that some developers have even started accepting crops for down-payments.
Developers use mortgage payments to finance new property projects, so the fallout from non-payments are concerning as the sector is also dealing with a cash crunch that started after Beijing cracked down on excessive borrowing by property developers.
The liquidity crunch lead to real-estate giant Evergrande defaulting on its debt late last year. This spilled over to other companies as banks tightened sector-wide lending. Real estate and related industries account for up to 30% of China's GDP, so any impact would hit the world's second-largest economy hard, and could create a domino effect on China's financial system, which in turn could spill over to the rest of the world.
"The presale model has significantly increased developers' leverage, so a disorderly deleveraging may not only lead to a credit crunch for developers and massive defaults in offshore dollar bond markets, but also rising non-performing loans for banks, which sit at the center of China's financial system," Nomura analysts led by Jizhou Dong wrote in the Thursday note.
Chinese banks report 2.11 billion Chinese yuan ($312 million) in loans that are at risk to due the mortgage payment boycotts, Bloomberg reported on Friday, citing information from various banks. Authorities in China have held emergency meetings with banks to discuss the mortgage boycott, Bloomberg reported on Thursday, citing people familiar with the matter. There was no immediate solution.
The development comes at a sensitive time for China as the Chinese Communist Party is set to hold its 20th National Congress in the autumn of 2022 where President Xi Jinping is expected to secure a third term in office.
|
2022-07-15T09:59:09Z
|
www.businessinsider.com
|
China Debt Crisis: Homebuyers Refuse to Keep Paying Mortgages
|
https://www.businessinsider.com/china-homebuyers-refuse-continue-paying-mortgages-unfinished-aparments-debt-crisis-2022-7
|
https://www.businessinsider.com/china-homebuyers-refuse-continue-paying-mortgages-unfinished-aparments-debt-crisis-2022-7
|
Hi, Aaron Weinman here. It was quite the Thursday with JPMorgan Chase and Morgan Stanley's earnings both missing forecasts. As expected, investment-banking revenues took a hit.
Today, however, I want to talk about BlackRock. The world's largest money manager is slowing down hiring for some roles, Insider's incomparable Rebecca Ungarino reported.
And let's not forget, our Banker of the Week! We're back after a one-week break with one of Bank of America's most sought-after private client advisors.
"More of our clients are interested in voting on their index holdings," BlackRock CEO Larry Fink, pictured here in March, told analysts last year.
1. BlackRock told staff it's pulling back on some hiring due to economic uncertainty. The decision to curb hiring comes as Wall Street navigates choppy markets and a slowdown in dealmaking.
Leadership at the world's largest asset-management firm told employees during town-hall-style meetings of its decision, Insider has learned. One person who interviewed with BlackRock said they were informed by a recruiter of a pause in their interview process.
To be sure, BlackRock's leadership did tell staff that the company isn't conducting layoffs. There's also been no firmwide hiring restrictions, a spokesperson said.
The slowdown in welcoming newbies, however, shines a light on how financial services firms and tech companies are moving to combat wobbly economic conditions that have been gobsmacked by soaring inflation.
Big tech firms like Google and Salesforce have also cooled their hiring ambitions, while JPMorgan and a number of venture capital-backed startups have slowed hiring and conducted layoffs.
BlackRock, which had almost $10 trillion in assets under management in March, will provide further insight to investors when it reports second-quarter earnings on Friday.
Read the full story on BlackRock's hiring here.
2. Insider's 2022 rising stars of equity research broke down the biggest challenges in their sectors. Sixteen standout analysts, covering everything from Bumble to Beyond Meat, unpack how inflation and uncertainty is impacting their spaces.
3. Morgan Stanley's misuse of personal devices cost the bank $200 million, according to Bloomberg. Morgan Stanley is part of a broader probe by the Securities and Exchange Commission into bankers' use of unauthorized messaging platforms like Whatsapp .
4. Staying on the SEC, it said Elon Musk ghosted its request for more information about his Twitter buy. Lawyers for the billionaire responded a month later.
5. Elon Musk's lawsuit with Twitter adds to his woes at other firms Tesla and SpaceX. Musk built his reputation on being able to juggle different businesses, but that skill is being tested like never before as he embarks on a fiery legal battle with Twitter, the Wall Street Journal reported.
6. The price of paper has more than doubled this year. Publishers are freaking out that print magazines and newspapers are in jeopardy.
7. Stripe has cut its internal valuation by 28%, according to the Wall Street Journal. The payments company told employees that its internal share price was about $29, compared with $40 from its previous valuation.
8. Here's how to land a gig at N26, one of Europe's largest digital banks. Chris Hunter is the firm's head of talent acquisition and employer branding, and he shared his best interview tips.
9. Super Bowl champion Steve Young is now a force in private equity. Young's firm HGGC — which made a healthy bet on Planet Fitness last November — now manages $7 billion in assets, and he told Bloomberg that he's intent on writing a new playbook for former athletes and private equity.
10. And here's our Friday Banker of the Week. Meet Dega Nalayeh, a managing director and private-client advisor at Bank of America's private bank.
She's currently climbing Mount Kilimanjaro in honor of her sister, Somali-Canadian journalist Hodan Nalayeh, who was killed during a terrorist attack at a hotel in Somalia in July 2019.
Nalayeh, alongside 14 other climbers, have raised more than $230,000 for the nonprofit Give to Learn to Grow Foundation, which helps underserved communities in Somaliland.
Here's how Nalayeh became one of BofA's top advisors to private clients and built a book that's swelled to $6.4 billion in client assets.
If you know of any bankers we should feature in our Banker of the Week series, please email me at aweinman@insider.com.
|
2022-07-15T11:30:26Z
|
www.businessinsider.com
|
BlackRock Slows Hiring Due to Economic Uncertainty
|
https://www.businessinsider.com/blackrock-hiring-asset-management-investing-larry-fink-2022-7
|
https://www.businessinsider.com/blackrock-hiring-asset-management-investing-larry-fink-2022-7
|
Workers are worried about losing their jobs in a recession. Here are 6 tips to keep yours or find a better one.
Economists are predicting a recession, but careers coach John Lees said it's an ideal time to progress your career.
Nearly 80% of workers are anxious about losing their jobs in the next recession, a survey found.
That doesn't mean you should stay put in a stable job if you're miserable, careers experts say.
Here are 6 tips to keep your job or find a better one right now.
Economists are predicting a recession that will accelerate unemployment in the US, and workers are worried their jobs are on the line.
Some 78% of US workers are anxious about job security if the US enters a recession , a recent survey from Insight Global found. With a wave of layoffs and hiring freezes sweeping across the US, employees may be tempted not to rock the boat by quitting or pushing for changes.
Savvy workers can still look out for opportunities to progress though, according to careers coach John Lees.
"I'm finding that candidates are getting more than one job offer," Lees said in an interview. "There is definitely more competition for talented workers, so if people are interested in changing jobs, or getting a better job or looking for a promotion, it's a pretty good time to be doing it."
He added: "There'll be different positives and negatives happening at exactly the same time. Don't buy into the national narrative about what the labor markets doing, look for real opportunities."
Although the number of job postings in the US decreased slightly in June, companies are still in need of workers so hiring continues to remain strong.
Career coaches gave their six tips on how to keep a job or find a better one, even when it feels risky in an economic downturn.
Lees recommended clients "plan 18 months ahead" when heading into a poorer economic climate to stave off the worst effects of a recession.
He said: "Anticipating change and movement is always a good idea rather than being caught in the hop."
If you suspect negative changes coming to your company then it's important to "increase your market awareness" and get your LinkedIn profile and résumé together.
This includes strategizing how to make yourself indispensable, according to Traci Wilk, chief people officer at The Learning Experience and ex-HR director at Starbucks.
"I would say to look at this as an opportunity to say: 'Okay if I'm detecting that the company may be in trouble, I'm going to take these next couple of months and just do nothing else, but continue to show how indispensable I am, how collaborative I am, and how optimistic and innovative I can be.'"
2. Don't quit in a hurry
Over half of American employees have said they'll look for a new job if there's a recession, recent data from recruitment software company Greenhouse found.
Although it may be tempting to quit your current job if you're unhappy, the effects of "unemployment depression" may be worse.
"I have never recommended people quit because the reason it's easier to find a job if you're in one is that you've got more competence," Lees said. "The psychological effect of being out of work is not great for people that want to reposition themselves."
Wilk said that instead of coming to your manager with problems you're facing, try to offer solutions to counteract your feelings of unhappiness, also showing your value to your manager.
"That is the thing that leaders want to hear within organizations, is having employees come to them and say, 'I want to do more in addition to what I'm doing, how can I help?'"
Part of making yourself indispensable at work is your attitude and how your leaders perceive you, Wilk added.
Attributes that shine include being proactive, helpful, and optimistic, she said.
"You want people around and on your team that are not complaining about what's happening, but are saying that in spite of the current circumstances, 'I still want to be helpful.'"
4. Networking will speed up the job hunt if you do plan to quit
Building relationships at your current place of work and reaching out to your network will help you secure better opportunities.
Wilk said to "project manage your job search" when you don't have time outside of work — that includes networking.
She said: "Look at that as an opportunity to just surround yourself with other successful people. Maybe it's not your exact line of work, but someone that you may want to emulate. Listen to their story and be interested, because every opportunity that I've had personally has come from knowing someone else in my network."
5. Be flexible about your demands
Having a degree of flexibility during a recession can't hurt your job hunt.
It's "important to have that that list of non-negotiables" but having too many demands will limit you, according to Wilk.
"Maybe that second list of 'I don't want to go into the office more than three days a week' or 'I only want to work for a company that is in the state where I currently live,' things like that, particularly in these times, you need to be a little bit more flexible," she said.
Even in a recession, there will be organizations and industries that are booming whilst others are in decline.
"Having guided people through several recessions, I would say that one of the tips is always to follow the money," Lees said.
"Follow the money says: Go towards organizations where your job will be about managing positive change. So managing decline can be done and it can look good on a CV, but it's actually quite a dispiriting thing to do. Moving into a role where things are growing and budgets are increasing, that's a very different experience."
More: Layoffs UK
|
2022-07-15T11:30:44Z
|
www.businessinsider.com
|
How to Keep Your Job in a Recession or Find a New One
|
https://www.businessinsider.com/how-to-keep-your-job-in-a-recession-2022-7
|
https://www.businessinsider.com/how-to-keep-your-job-in-a-recession-2022-7
|
Here are the skills and certifications you need to land a job in the hot AI and machine-learning markets that can pay up to $160,000
A demo of Snowpark, Snowflake's Python integration, at the 2022 Snowflake Summit in Las Vegas.
Machine-learning jobs are one of the hottest and highest-paid jobs in tech.
Data scientists and other roles can make upward of $160,000.
Insider compiled 10 concepts and skills companies look for when hiring machine-learning experts.
Most modern products and tools have at least some artificial intelligence or machine-learning element. From personalized search results to photo-identifying tools, experts use various tools and techniques evolving at a blistering pace to build those algorithms.
As a result, it's now one of the hottest and highest-paid jobs in tech. Some roles might require high-level degrees to work on the most cutting-edge tech, but experience with a few tools and mathematics can still get candidates jobs.
That includes several different roles, like data scientists that analyze massive datasets for trends to inform company decisions. They earn $122,431, according to a sampling of data based on H-1B visa applications from 2021. The US Citizenship and Immigration Services office requires companies to disclose salary information on H-1B visa applications when hiring international workers. The data doesn't include additional compensation like cash bonuses or stock awards.
Data scientists for production models earn $143,960, according to the H-1B data. Advanced data scientists generally build machine-learning models that work within products, like personalization algorithms. Or workers can pursue the emerging field of machine-learning engineers, which put the models into production and fine-tune them. They earn $159,775, according to the H-1B data.
At the top of the pay scale, research scientists work at the cutting edge of AI, developing new techniques for complex models. These employees often have extensive experience, education, or both, and they earn $161,944, according to H-1B data.
Because of the wide range of positions available, breaking into machine learning can range from learning basic data-science techniques to more advanced deep-learning skills. The field is complex and evolving, but workers can start with a few fundamental skills.
Here are 10 concepts and skills companies look for when hiring machine learning experts:
Learning platforms like Scikit-learn
Scikit-learn helps people comprehend the basics of machine learning; and it's easy to use. Some experience in the programming language Python and a basic understanding of statistics will let users to do a lot.
There's an extensive library of standard machine-learning tools available through Scikit-learn. Companies use it for models to bucket customers into groups or predict which customers are about to leave.
There isn't a certificate for expertise in Scikit-learn because it's a fundamental part of the field. But many core machine-learning and data-science certificates like those Amazon and Microsoft offer will dig into Scikit-learn.
Statistical methodologies and SciPy
Machine-learning experts need a basic understanding of statistics and probability. Modern machine-learning algorithms rely on those methodologies to help predict trends.
SciPy provides data scientists and machine-learning experts with tools for managing statistical analysis. That includes the tests they use to understand if the trends they see are significant or are flukes, a methodology called hypothesis testing.
There isn't a certificate for understanding the statistical underpinnings of machine learning, but there are courses that cover the basics on learning platforms like Udemy.
Advanced knowledge in programming languages Python or R
Python can be used for a variety of coding purposes beyond simple web development.
5432action/Getty Images
Intermediate Python knowledge can get workers far in data science, but moving on to complex machine-learning problems requires understanding more intricate parts of the programming language.
Machine-learning experts need to know how to use Python-based packages like NumPy, a way to run algorithms on extensive datasets with many data types. For example, NumPy can help predict what a user might do with a product based on thousands of different data points.
While Python is a preferred language, many companies and institutions use another statistical-programming language, like R, instead. Most packages that work in Python also work in R.
The Python Institute offers certifications in more advanced Python skills.
Managing and visualizing large datasets with data frames like Pandas
Most statistical analysis in Python will use a tool called Pandas, which lets programmers manipulate large datasets. Programmers can arrange data in columns and rows, though each entry can contain any data type.
Pandas produces graphic representations of data with visualization platforms like Matplotlib or Seaborn. That gives machine-learning experts a way to see any trends in the data and present it internally if needed.
There isn't a certification for understanding advanced Pandas usage. It's typically wrapped up in core certificate programs and data-science courses like those the learning platform DataCamp offers.
Broader machine-learning frameworks like PyTorch or TensorFlow
Sundar Pichai, the CEO of Alphabet, on stage at a product launch in 2016.
Google brought AI to a more general audience in 2007 when it launched the open-source software platform TensorFlow. While TensorFlow is still ubiquitous, the open-source platform PyTorch has quickly emerged as a favorite among machine-learning experts and enthusiasts.
Machine-learning enthusiasts looking to break into AI should have a strong understanding of the strengths and weaknesses of these frameworks.
There isn't a PyTorch certification, though Facebook AI runs a free course in Udemy for PyTorch. There is also a developer certification for TensorFlow.
A deep-learning framework like Keras
Citizens learn about new AI technologies at the ARTIFICIAL Intelligence Exhibition area of the world Manufacturing Conference 2021 in Hefei, East China's Anhui Province, Nov. 19, 2021.
Xu Qingyong/Costfoto/Future Publishing via Getty Images
Machine-learning frameworks like PyTorch and TensorFlow are both highly flexible languages. But there are tools that work with the platforms to reduce the complexity and focus specifically on problems like deep learning.
Keras is one of the most popular frameworks that sits on top of TensorFlow, opening up more complex techniques for a broader audience. Users can create deep-learning models with the framework.
Udemy hosts a course to learn both TensorFlow and Keras.
Managing immense data analysis on cloud computing
Most machine-learning analysis doesn't happen on a laptop. Instead, it will occur on a cloud server, if not many of them.
Some machine-learning cloud tools like Google Colab are readily available, especially using TensorFlow. But many companies may be tied to Amazon Web Services or Microsoft Azure, and knowledge of those AI tools will be necessary to handle immense amounts of data.
Certifications like those for Amazon Web Services' machine-learning specialty cover how to handle those problems. Microsoft also offers the Azure data-science associate certification.
Big-data analytics with Spark or Hadoop
Ali Ghodsi, the CEO of Databricks.
Data scientists and machine-learning experts still have to access enormous amounts of data. That requires expertise in data lakes or warehouses, where that data is managed and stored.
Snowflake and Databricks both run data-management platforms. Large data frameworks like Spark operate with Python and are generally required for any machine-learning team building active models within products.
Databricks runs a certification program for Spark, while Cloudera has a certification for both Spark and its competitor Hadoop.
Tools for natural-language processing
Natural-language processing and computer vision are two of the most prominent sub-fields of machine learning. Computer vision focuses on how computers understand images and videos, while natural-language processing is how computers understand human language.
It's helpful to understand exactly what's happening with the algorithms when working with those fields.
Additionally, these problems generally involve transformers, a common mathematical process behind modern machine-learning problems. While it's not necessary to understand every individual step of how transformers work, machine-learning experts should understand some of the basics.
There is a variety of courses on Udemy and other platforms that explain natural-language processing, computer vision, transformers, and other common machine-learning problems.
Experimental tools for machine learning
Lukas Biewald, the CEO of Weights & Biases.
Weights & Biases
There is a variety of emerging tools that are increasingly popular with machine-learning experts.
The open-source tool FEAST gives machine-learning experts a way to save some of their most extensive computations, saving a lot of time and money in cloud-computing costs.
Tools like Weights & Biases help machine-learning experts track any experiments running to see if they can understand user behavior and trends. Additionally, Hugging Face has become a go-to platform for machine-learning experts to find off-the-shelf algorithms.
Finally, machine-learning app stores like Hugging Face's Gradio and Snowflake's Streamlit give machine-learning experts a way to build more shareable and accessible machine-learning tools.
The field is rapidly expanding, with dozens of startups trying to build pieces of the machine-learning process. Most of them offer tutorials on their websites to help users understand how they work.
More: Features python AI Machine Learning
|
2022-07-15T11:31:02Z
|
www.businessinsider.com
|
Machine-Learning Experts Can Earn up to $160,000 With These Skills
|
https://www.businessinsider.com/machine-learning-experts-earn-160000-skills-amazon-meta-google-2022-7
|
https://www.businessinsider.com/machine-learning-experts-earn-160000-skills-amazon-meta-google-2022-7
|
Today's mortgage and refinance rates: July 15, 2022 | Rates trend back up
Average mortgage rates increased this week, following two consecutive weeks of decreases. The average 30-year fixed mortgage rate is now at 5.51%. Average 15-year fixed and 5/1 adjustable mortgage rates also increased.
Rates started the week relatively high but trended down when the Bureau of Labor Statistics released its latest Consumer Price Index data. The CPI report showed that prices increased at an even faster rate in June than they have been in previous months, at a year-over-year rate of 9.1%. Fears that such a high rate of inflation could lead to a recession fueled a slight drop in mortgage rates, though they've since ticked back up and are now holding steady.
|
2022-07-15T11:31:08Z
|
www.businessinsider.com
|
Today's Mortgage, Refinance Rates: July 15, 2022 | Rates Trend Back up
|
https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-friday-july-15-2022-7
|
https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-friday-july-15-2022-7
|
Satellites captured images of an umbrella cloud generated by the underwater eruption of the Hunga Tonga-Hunga Ha'apai volcano on January 15, 2022.
The picture shows Vince's cross on Hut point, erected in remembrance of George Vince, the first person known to have died in Antarctica.
More: News UK Antarctica Tonga Volcano
|
2022-07-15T11:31:14Z
|
www.businessinsider.com
|
Photo: Antarctica Sky Went Pink After Tonga Volcano Eruption
|
https://www.businessinsider.com/photo-antarctica-sky-went-pink-after-tonga-volcano-eruption-2022-7
|
https://www.businessinsider.com/photo-antarctica-sky-went-pink-after-tonga-volcano-eruption-2022-7
|
History may not repeat itself, but it does often rhyme. I'm Phil Rosen, and today we're breaking down what could be the largest Fed rate hike in decades.
The last time the US central bank made a 100-basis-point rate hike, Paul Volcker ran the show. He's the really tall guy who smoked cigars, and he famously curbed historic inflation in the early 1980s — and also sent the US into a steep recession .
So yes, he got sky-high prices under control, but his policy maneuvers had consequences. It's a similar situation facing Jerome Powell today.
Let's break down who expects the rhyme to get under way…
Paul Volcker, former Fed Chair 1979 to 1987.
1. Traders think there's a significant chance the Fed makes a historic move this month. Expectations have jumped for the central bank to make its first 100-basis-point rate hike in decades, and Fed Fund futures contracts fluctuated wildly yesterday.
The odds of a 1 percentage point hike were at 83% early Thursday, but later dropped to about 45% following comments from Fed Governor Christopher Waller.
"We don't want to make snap policy decision based on some knee-jerk reaction to what happened in the CPI report," Waller said.
The Fed now has no choice but to get aggressive with rate hikes, according to economist Mohamed El-Erian. He said a 100-basis-point hike remains on the table for the July 26-27 meeting.
"Have no doubt: the latest inflation numbers are indicative of rough seas ahead, particularly for the most vulnerable segments of society in the US and around the globe," El-Erian said.
And through it all, stocks are probably in for more pain. One day after revising its recession forecast, Bank of America yesterday slashed its S&P 500 forecast to 3,600 — the lowest on Wall Street.
"Equities are not adequately discounting a recession if we are already in one," BofA said.
Aapsky/Getty Images
2. US stock futures rise early Friday. Elsewhere, data shows China's economic growth has slowed sharply in the second quarter of the year. Meanwhile, Pinterest shares soared as much as 20% in premarket trading, after the Wall Street Journal reported Elliott Management has accumulated a stake of over 9% in the company. Here are the latest market moves.
3. More banks on deck today: Wells Fargo, Citigroup, and more, all reporting. Plus, look out for June's advance monthly sales for retail and food services data, expected from the US Census Bureau this morning.
4. RBC recommends these stock picks as the risk of recession rises. "Defensive" stocks are getting overpriced, analysts at the firm said, so these growth stocks present better potential as long-term winners. See the list of 29 names here.
5. Treasury Secretary Janet Yellen said inflation is "unacceptably high," and a cap on Russian oil prices could be the best hope at taming it. As CPI in June accelerated to a 41-year high, policymakers are focused on controlling energy costs which have been driven by Russia's wartime maneuvers, according to Yellen. But some analysts worry that a price cap would only cause Moscow to retaliate and send crude soaring.
6. Russian oil arrived in Cuba as Moscow continues to seek alternative buyers for its shunned supplies. An oil tanker carrying 700,000 barrels of Russian oil docked in Cuba Thursday, Reuters reported. All told, the ship's cargo is worth roughly $70 million at the current market price.
7. Two of Wall Street's biggest banks missed on earnings Thursday. Both JPMorgan and Morgan Stanley fell short of analysts' expectations, led by weakness in investment banking. Plus, CEO Jamie Dimon sounded the alarm on global growth.
8. A 33-year-old real estate investor who acquired 22 units in five years explained her strategy. She separates her business into three phases: acquisition, stabilization, and optimization — and each step helped her scale up her operations quickly.
9. Now is the time to buy the dip in these energy stocks, according to a hedge fund manager who's defined the market by staying afloat in 2022. Harris Kupperman isn't concerned that stocks in the energy sector are cratering as oil demand stays resilient in the face of a downturn. These are the five picks he's keeping an eye on.
10. Cannabis stocks jumped after a report that Senate Democrats are set to introduce a bill for federal decriminalization. Shares of Tilray jumped as much as 20%, Aurora Cannabis spiked 10%, and Canopy Growth climbed 7%. Here's everything you want to know.
|
2022-07-15T11:31:33Z
|
www.businessinsider.com
|
Why Traders Are Betting the Fed Could Make a Historic Move This Month
|
https://www.businessinsider.com/traders-fed-bet-historic-rate-hike-july-central-bank-inflation-2022-7
|
https://www.businessinsider.com/traders-fed-bet-historic-rate-hike-july-central-bank-inflation-2022-7
|
Meet 16 top reverse-logistics leaders tackling retail's $761 billion e-commerce returns problem
Sender Shamiss/goTRG, Gaurav Saran/ReverseLogix, Becca Meinz/Best Buy, Marcus Shen/B-Stock; Tyler Le/Insider
As supply chain and fuel costs rise, e-commerce returns are going from a headache to a migraine.
There still isn't enough dedicated "reverse logistics" capacity to handle the growing demand.
Reverse-logistics leaders are in a position to fix — and cash in on — the pervasive problem.
Retail returns are a a multibillion-dollar problem without a clear solution, and the logistics industry is eagerly trying to crack the code.
Whoever wins will reap huge rewards: The National Retail Federation estimated consumers returned 16% of the things they bought last year — roughly $761 billion in products.
The question is how to handle these goods sustainably, and make them resalable at a profit.
"That represents an opportunity for somebody," Tony Sciarrotta, the president of the Reverse Logistics Association, said. "It's so big that there are no dominant players."
Returns became a bigger issue as e-commerce boomed, but delivering a smooth consumer experience for returns is only getting more expensive.
"That's where I say the low-grade headache has become a migraine," David Sobie, the CEO of Happy Returns — a reverse-logistics startup acquired by PayPal in a deal that, for some, signified maturation among reverse-logistics startups — said.
Retailers have hired more dedicated talent to focus on returns in recent years, both to figure out if returns can ever beocome profitable and to prevent them in the first place. Major logistics companies, along with venture-capital funding, are focusing more and more on returns.
Here are 16 power players in the world of reverse logistics, from retailers to full-service logistics providers to pure-play tech. They are all trying to solve one of retail's thorniest problems. They are listed in no particular order.
Colleen Robinson, the director of Amazon-devices reverse logistics
Colleen Robinson is the director of reverse logistics at Amazon.
Colleen Robinson has been a leader within Amazon's reverse-logistics team for over a decade. She joined the company in 2012 as a senior manager.
Amazon employs every strategy in the book to handle its mammoth number of returns — including "just keep it" strategies, refurbished and open-box outlets, and online auctions. Robinson has championed the company's electronics-refurbishment efforts, supporting the reverse-logistics supply chain for Amazon's tablets, Ring, and Blink products. Robinson also supported launching a global Certified Refurbished buying option, recycling programs, and a walk-in repair shop.
Before joining Amazon, Robinson worked in supply-chain management and repair operations for Qualcomm, Palm Inc., and HP.
Patrick Super, the vice president of customer-operations retail at FedEx Supply Chain
Patrick Super is the vice president of customer-operations retail at FedEx Supply Chain.
Patrick Super has worked at FedEx for over 28 years. After spending 12 years as a district manager for FedEx's largest service, FedEx Ground, he moved into the vice-president role at FedEx Supply Chain — the company's warehousing, fulfillment, and distribution arm — in 2017.
FedEx Supply Chain operates seven million square feet of warehouse space in the US and Canada and developed out of FedEx's 2015 acquisition of the third-party logistics provider GENCO. Super is responsible for developing new solutions in areas such as returns, liquidation, and sustainability, and others. The company has a partnership with Happy Returns to allow consumers to drop off their returns in high-traffic locations like shopping malls.
Becca Meinz, the vice president of end-to-end supply chain at Best Buy
Becca Meinz is the vice president of the end-to-end supply chain for Best Buy.
Becca Meinz not only heads Best Buy's reverse-logistics strategy, she has influence over the products and sales operations so that the entire company can optimize to reduce returns. The company created her position in 2020 after Meinz's work optimizing reverse logistics taught the company the importance of preventing returns in the first place and illuminated the connection between the return experience and brand reputation. That work takes place across many departments, Meinz explained at the National Retail Federations' Big Show in January.
"Without pulling it all together, you're gonna miss the bigger picture," she said. Meinz has worked for Best Buy for over 11 years, starting as a financial analyst. She's held her current position since December 2020.
Marcus Shen, the CEO of B-Stock
Marcus Shen is the CEO of B-Stock.
B-Stock
B-Stock offers a marketplace and online-auction capability so retailers like Walmart, Amazon, and Target can sell inventory in large quantities, selling whole pallets and truckloads to businesses as well as individuals who resell the goods on platforms like Poshmark and eBay. In 2021, founder and then-CEO Howard Rosenberg said B-Stock sold 145 million items across its platform.
B-Stock announced that Marcus Shen would take over the CEO role from Rosenberg in March. Shen served as the company's COO since 2019 when he led strategy, product, engineering, business operations, and finance. Shen told ModernRetail that now he'll lead the company out of the pandemic and business is still booming.
Steve Lewis, the senior vice president of commercial strategy at GXO
Steve Lewis is the senior vice president for commercial strategy at GXO.
GXO aims to find serious growth in returns, with Steve Lewis leading that charge. Lewis works with global brands to develop tailor-made reverse-logistics programs. The company recently gained a new tool to help him out with the $1.3 billion deal to buy the UK e-commerce warehousing business Clipper Logistics, a retail-logistics firm with 55 facilities across the UK and Europe.
Clipper adds repair and refurbishing to the GXO skill set, which brings it closer to being an all-inclusive provider. GXO already performs repairs for fashion and sportswear, but Clipper is better at repairing electronics and the kind of refurbishing that manufacturers certify with their stamp of approval.
Lewis had been with XPO Logistics for two and a half years when it spun out its contract-logistics arm and formed GXO in July 2021. Before that, Lewis served in operations roles for Penn Power Group and the US Navy.
Gaurav Saran, the founder and CEO of ReverseLogix
Gaurav Saran is the founder and CEO of ReverseLogix.
ReverseLogix
Gaurav Saran founded ReverseLogix as a software-as-a-service platform dedicated to making returns simpler for consumers and helping retailers offer multiple collection options. The company works with clients like FedEx, Samsonite, Electrolux, Wilson, and more.
Before founding ReverseLogix in 2012, Saran was the founder and CEO of the app-development company CloudXtension. Before that, he worked for Microsoft, where he identified the lack of attention and investment in returns.
In 2021, after years of bootstrapping, ReverseLogix raised its first funding round, which the private-equity investor Cambridge Capital led. Since raising $20 million in February 2021, ReverseLogix has announced partnerships with B-Stock and DHL Supply Chain.
Michael Prince, the vice president of reverse logistics and quality at Walmart
Michael Prince is the vice president of reverse logistics at Walmart.
Michael Prince has worked for Walmart for almost five years and moved into his current role about five months ago. Before coming to Walmart in 2019, Prince worked operations jobs at Amazon for nearly four years. He came to Amazon after nine years at the Environmental Protection Agency.
According to the company, Prince addresses the reverse-logistics challenge with a "startup mentality." A Walmart spokesperson said Prince has shepherded companywide sustainability efforts, including a push for new sales channels focused on selling returned and used items.
Prince was previously responsible for the design and implementation of Walmart's recently announced next-generation fulfillment centers.
David Sobie, the CEO of Happy Returns at PayPal
David Sobie is the CEO of Happy Returns.
Before starting Happy Returns in 2015, David Sobie worked for early innovators in modern e-commerce, including eBay, Hautelook, and JustFab.
PayPal acquired Happy Returns — which Sobie cofounded with Mark Geller, a former Hautelook colleague — in 2021 after about six years of operations with $25 million raised in four rounds. The company is known for its 5,000 "return bars," where customers can bring their unwanted purchases from a broad range of brands.
Happy Returns assesses the condition of the items customers return and consolidates them into pallets, making it easier for retailers to receive the returns. The company has been particularly popular with direct-to-consumer retailers like Rothy's and Everlane, and works with traditional brick-and-mortar retailers like Staples and Ulta Beauty.
Sobie told Insider that since the acquisition, Happy Returns has doubled the number of merchants it works with and tripled its processing capacity at the hubs where employees evaluate and consolidate returns. In March, Happy Returns made its software element free for any merchant using PayPal for checkout.
Sender Shamiss, the CEO of goTRG
Sender Shamiss is the CEO of goTRG.
goTRG
Sender Shamiss has been a major player in the world of retail returns for roughly 15 years. He founded goTRG in 2006. The company now handles returns for Amazon, Home Depot, and Walmart.
GoTRG operates processing facilities that assess and, in some cases, refurbish and repair returned goods, as well as resale sites. The company has more than 5,000 employees across 15 locations, processing 100 million returned units of apparel, electronics, home goods, and more every year.
The company claims to be the first to put all the disparate and necessary reverse-logistics services — including software, assessment, physical processing, and resale — under one roof. The company's software uses artificial intelligence to determine the most profitable outcome for each returned item, and Shamiss has repeatedly said his goal is for that option to be to resell whenever possible to keep potentially usable goods from ending up in waste streams.
Tobin Moore, the CEO of Optoro
Tobin Moore is the CEO of Optoro.
Optoro
Before cofounding the returns-tech firm Optoro, Tobin Moore cofounded eSpot, an online-reselling platform that helped individuals sell previously owned items on multiple sites. Optoro has been growing rapidly, raising more than $260 million — most recently a $25 million "strategic investment" that warehouse-hardware company Zebra Technologies led, with participation from eBay and UPS.
Optoro aims to reduce costs associated with returns by streamlining processes and minimizing shipping. The company allows retail clients to offer shoppers a branded-returns portal, instant credit, and contactless drop-offs in stores. The startup also helps retailers sell returned goods on their own websites and on marketplaces like eBay and Amazon. Optoro customers include Ikea, Target, American Eagle Outfitters, and Bed Bath & Beyond.
Ben Whitaker, the CEO of Reconomx
Ben Whitaker is the CEO of Reconomx.
Reconomyx
After nearly five years at B-Stock, Ben Whitaker set out to fill what he saw as a gap among companies offering solutions for retailers. Founded in 2021, Reconomx grades returns based on quality and "resalability." Whitaker decided to build the company in Europe to focus on cross-border e-commerce orders — or orders shipped directly to consumers in Europe from other regions.
"Fundamentally, there is a lot of tech that enables distanced selling, but not returns," Whitaker said. He estimated the cross-border-returns problem to be worth $100 million.
Processing and finding a productive sales channel for returned goods in Europe is more cost- and emissions-efficient than shipping the goods back to their country of origin. Whitaker is bootstrapping the company and announced a partnership with Seko Logistics in September.
Amit Sharma, the CEO of Narvar
Amit Sharma is the CEO of Narvar.
Founded in 2012, Narvar provides the tech that helps retailers handle the post-purchase experience, including tracking shipping and returns. After years of only focusing on software, the company began providing convenient drop-off options for consumer returns. Earlier this year, it launched a pick-up service.
Amit Sharma told Insider that Narvar had to physically move things if it was going to truly alleviate the friction for consumer returns.
"When done right, consumers are returning goods 25% faster, and that is really important," Sharma said. The company has also made moves to offer retailers more than just post-purchase transparency, teaming up with supply-chain-visibility startup Fourkites earlier this year so that customers can track where goods are on the way into their warehouses as well as on the way out.
Before founding Narvar in 2013, Sharma held supply-chain and e-commerce roles at Williams-Sonoma, Walmart, and Apple. He's raised more than $60 million in 10 years building Narvar.
Jonathan Poma, the CEO of Loop Returns
Jonathan Poma is the CEO of Loop Returns.
Loop Returns
Before he founded Loop Returns in 2016, Jonathan Poma worked to support direct-to-consumer startups in various roles, which led him to create returns-management tech aimed at Shopify sellers.
Loop Returns is a software platform that aims to automate returns and encourage shoppers to exchange their item or take store credit over a refund. For products that do need to go back, it generates shipping labels. Loop branched out to integrate with multiple platforms in 2020. It also partnered with Happy Returns — which is technically a competitor in the space — to provide thousands of drop-off options for Loop Returns transactions earlier this year.
Loop raised a $65 million Series B last year with Shopify as a participating investor. At the time, Poma told TechCrunch the company had grown its team from 20 to 100 employees in two years.
Kraig Foreman, the president of e-commerce at DHL Supply Chain North America
Kraig Foreman is the president of e-commerce at DHL Supply Chain North America.
DHL Supply Chain North America
Kraig Foreman oversees North American operations for DHL Supply Chain, the German logistics giant's warehousing-and-fulfillment service that oversees a significant amount of reverse logistics.
Foreman has worked for DHL for over 26 years, starting in the company's management-development program in 1996. Earlier this year, he led a partnership with ReverseLogix.
DHL chose the startup as its software partner to help its warehouses automate workflows to process returns faster while following consistent rules and policies. DHL customers will be able to use ReverseLogix's data metrics and online interface.
Eduardo Vilar, the senior vice president of merchant solutions at Affirm
Eduardo Vilar is the senior vice president of merchant solutions at Affirm.
Returnly
Serial entrepreneur Eduardo Vilar founded Returnly in 2014 and raised more than $30 million in four rounds. The tech startup focused on getting consumers their refunds immediately upon starting a return with the idea that the funds would allow them to replace the unwanted item faster.
Affirm, the delayed-payment company which was an existing investor in Returnly, acquired the company in 2021 for $300 million. At that time, Returnly had more than 1,800 merchant users on its roster.
"In 2019, Affirm invested in Returnly because we recognized their technology's ability to help merchants remove friction from returns, drive loyalty, and retain more customers. Store credit, issued before the item is actually returned, is now a practical requirement in highly competitive segments like fashion and lifestyle," Max Levchin, the CEO of Affirm, said in a statement announcing the acquisition.
Glen Sutton, the executive vice president at Ceva Logistics
Glen Sutton is an the executive vice president at Ceva Logistics.
Glen Sutton came to Ceva Logistics when its parent company, CMA CGM, agreed to acquire most of Ingram Micro's e-commerce-logistics business in 2021 and with it, 11,500 staff members across 59 warehouses in the US and Europe. The deal closed earlier this year.
Ingram Micro — and now Ceva — is a major player in e-commerce logistics for mobile phones. Sutton told Collaborative Robotics Trends that the company touches two out of every three mobile phones sold in the US including forward and reverse logistics, plus refurbishment and repair services.
Sutton worked at Ingram Micro for three and a half years before the acquisition, spending his final year as the company's COO. Before that, he spent 13 years at various operating units within DHL in Japan, Hong Kong, Germany, and the US.
More: BI Insider Tyler Le
|
2022-07-15T13:02:08Z
|
www.businessinsider.com
|
16 Reverse-Logistics Executives Trying to Solve E-Commerce Returns
|
https://www.businessinsider.com/reverse-logistics-experts-executives-wrangling-e-commerce-returns-power-players-2022-7
|
https://www.businessinsider.com/reverse-logistics-experts-executives-wrangling-e-commerce-returns-power-players-2022-7
|
Elizabeth Holmes and Ramesh Balwani faced similar charges related to their tenures at Theranos.
While Holmes was convicted on 4 counts, Balwani was convicted on 12 counts last week.
The variance in verdicts owe to several factors, including their ages, differences in experience, and the order of their trials.
Former Theranos COO Ramesh "Sunny" Balwani was convicted on fraud-related charges in federal court last week. But he received a very different verdict than that of his ex-girlfriend, former business partner, and co-defendant, Elizabeth Holmes, who faced similar charges.
Up against 11 charges, Holmes received a split verdict from jurors in January. She was found guilty on four investor-related counts and acquitted on four counts related to defrauding patients and doctors. Jurors deadlocked on the remaining three charges, which concerned venture capitalists' investments in Theranos.
Balwani, on the other hand, was found guilty last week on all 12 charges brought against him.
Several factors likely contributed to the stark difference in verdicts between them, legal experts say.
For one, prosecutors tackled Balwani's case with the benefit of hindsight, having already done a trial run of their arguments against Holmes.
"The government got to essentially try the case for a second time," said Michael Weinstein, chair of the White Collar Defense & Investigations Department at Cole Schotz. "So they were able to better refine their narrative."
Differences between the two defendants also likely influenced their juries.
Holmes was a 19-year-old college dropout when she built Theranos, while Balwani was twice her age. Before joining Theranos, he'd worked at Microsoft and Lotus Software and even been president of a software development startup. Holmes' much younger age and nonexistent work experience when she built Theranos let her present a naivete defense in court that Balwani couldn't use.
"With the whole notion that he got duped by her, given his age and his experience, one must ask if the jury could have found that to be a credible argument," said Jennifer Kennedy Park, a partner at Cleary Gottlieb Steen & Hamilton who focuses on white collar defense.
Holmes' gender probably helped her defense, given long-standing assumptions about what crimes men and women are capable of, respectively, and the fact she'd become a mother not long before her trial began could have made a jury more sympathetic to her.
Perhaps the death knell for Balwani's defense was the fact he oversaw the lab's operations and was much more hands-on while Holmes, kept busy as the public face of the startup, couldn't be as involved in many company matters.
It's true going second may have aided Balwani in anticipating prosecutors' moves by seeing their strategy in Holmes' trial. As second-in-command at Theranos, he also could have more believably pointed the finger at Holmes than she, as CEO, could have done to him.
And while Holmes reached a level of superstardom in Silicon Valley and was the charismatic face of Theranos, the private Balwani worked in her shadow. He made far fewer public statements about Theranos' purported capabilities that could've come back to bite him during his trial.
Nonetheless, there was some indisputable evidence against Balwani.
Prosecutors presented a damning text exchange between Balwani and Holmes from 2015, the year the company began to unravel after reporter John Carreyrou, then at The Wall Street Journal, published an exposé highlighting the startup's testing woes.
"I am responsible for everything at Theranos," Balwani had written. "All have been my decisions too."
Another key difference is that Holmes took the stand and Balwani didn't. Testifying might have given Balwani a chance to directly refute some of the prosecution's claims, but it's not certain it would've helped him.
"Holmes was able to convince many others of her theories and her plans," said Kennedy Park. "If she couldn't persuade a jury, how is someone who by all accounts is less charismatic than her going to persuade a jury?"
Holmes and Balwani await sentencing in October and November, respectively. They'll both likely receive prison time.
More: Elizabeth Holmes Elizabeth Holmes trial Theranos Theranos trial
|
2022-07-15T13:02:14Z
|
www.businessinsider.com
|
Why Elizabeth Holmes, Ramesh Balwani Trial Verdicts Differed
|
https://www.businessinsider.com/why-elizabeth-holmes-ramesh-balwani-trial-verdicts-differed-theranos-fraud-2022-7
|
https://www.businessinsider.com/why-elizabeth-holmes-ramesh-balwani-trial-verdicts-differed-theranos-fraud-2022-7
|
Influencer-marketing startup Aspire has laid off 23 staffers across various teams due to 'challenging macro-economic environment'
Amanda Perelli and Sydney Bradley
kovaciclea/Getty Images
Aspire is one of several creator economy startups to be impacted by layoffs.
The influencer-marketing firm laid off 23 staffers in June.
The company, which helps creators connect with brands, recently announced a partnership with TikTok.
Aspire, a marketing firm that helps connect brands with influencers, laid off 23 employees at the end of June, the company confirmed to Insider.
The company's influencer-marketing platform is a popular tool for nano and micro influencers looking to land paid brand partnerships.
"We made the hard decision back in June to let go of 23 members of our staff to adapt to a more challenging macro-economic environment," an Aspire spokesperson wrote in an email to Insider. "We remain confident in the growth of our business and the opportunity we have to continue to support growth for brands and creators."
The layoffs impacted staffers across teams, such as recruitment and customer service, according to several LinkedIn posts reviewed by Insider.
"They said that it wasn't performance related and they would hire me back in a minute — and you know, I believe that," one laid-off employee, who spoke on the condition of anonymity to protect future job prospects, told Insider. "As much as it sucks to lose my favorite job I've ever had, it doesn't feel personal."
Aspire, formerly known as AspireIQ, works with over 800 Shopify merchants and e-commerce brands, the company said. Earlier this month, the company announced a strategic partnership with TikTok, allowing brands who use Aspire's platform to access data from TikTok's Creator Marketplace, including audience demographics and content performance metrics.
While the influencer-marketing industry has grown in recent years — in the US, for instance, marketing spend is expected to reach $4.14 billion this year, according to Insider Intelligence — it is not immune to the impacts of the economic downturn.
This spring, influencers told Insider they have begun to feel heat as some brands cut back on budgets or cancel paid partnerships.
Aspire is one of several other influencer-marketing and creator economy companies that has laid off employees in the last three months, including Spring, Jellysmack, and Lightricks.
More: Influencers Creators TikTok
|
2022-07-15T14:33:14Z
|
www.businessinsider.com
|
Influencer Marketing Startup Aspire Lays Off Staffers Across Teams
|
https://www.businessinsider.com/influencer-marketing-firm-aspire-lays-off-staffers-creator-economy-2022-7
|
https://www.businessinsider.com/influencer-marketing-firm-aspire-lays-off-staffers-creator-economy-2022-7
|
The electric Rivian R1S is cool, capable, and practical.
The SUV's sprawling, 15.6-inch touchscreen may be a turn-off for people who prefer physical buttons and knobs (like me). Almost every basic function in the vehicle runs through the screen, including the direction of the air vents, which can make it difficult to toggle settings while driving. But I have to hand it to Rivian: Both the main display and digital gauge cluster are easy to use and stunning to look at.
NOW WATCH: How to transforming a 1972 Beetle into an off-roading monster
More: Transportation Rivian Tech car reviews
|
2022-07-15T14:33:57Z
|
www.businessinsider.com
|
Rivian R1S First Drive Review: 3 Cars in One Electric SUV
|
https://www.businessinsider.com/rivian-r1s-electric-suv-review-drive-range-photos-price-2022-7
|
https://www.businessinsider.com/rivian-r1s-electric-suv-review-drive-range-photos-price-2022-7
|
First Lady of Ukraine, Olena Zelenska.
Ukraine's first lady said she recognized the girl from a Christmas video they previously made together.
Liza Dmitrieva, who had Down's Syndrome, was among at least 22 people who died in the attack in the Ukrainian city of Vinnytsia on Thursday, Ukraine's defense ministry said.
Zelenska, the wife of Ukrainian President Volodymyr Zelenskyy, tweeted that she recognized the girl from a Christmas video she once made to celebrate the holidays.
—Олена Зеленська (@ZelenskaUA) July 14, 2022
"Russia ended the girl's life just at the time when a conference on Russian war crimes was taking place in the Netherlands, in The Hague," he said. "Can you think of any other terrorist organization that would allow itself such audacity? To kill just at the moment when its previous crimes are the subject of international discussion."
Screengrab from surveillance footage shows people taking cover as a missile strikes Vinnytsia, Ukraine, on July 14, 2022.
@StratcomCentre via Twitter/via Reuters
Dmitrieva's mother survived, but was taken to the hospital with her leg torn off, Ukraine's defense ministry said.
More: News UK Ukraine Russia Volodymyr Zelenskyy
|
2022-07-15T14:34:03Z
|
www.businessinsider.com
|
Ukraine First Lady Says She Knew Girl, 4, Killed by Russian Missile
|
https://www.businessinsider.com/ukraine-first-lady-says-knew-girl-killed-by-russia-missile-2022-7
|
https://www.businessinsider.com/ukraine-first-lady-says-knew-girl-killed-by-russia-missile-2022-7
|
Amazon aggregator Heroes, which has raised over $300 million, quietly laid off 20% of its staff in May
Heroes founders Riccardo, Giancarlo and Alessio Bruni.
Amazon aggregator startup Heroes quietly cut a fifth of its staff in May, Insider understands.
The London-based firm, founded in 2020, acquires and scales top sellers on Amazon.
Heroes cited market conditions and potential difficulty raising capital as reasons behind the cuts.
Amazon aggregator startup Heroes, which has raised over $300 million in two years, quietly laid off a fifth of its staff in May as the nascent industry attempts to shift from hypergrowth to profitability.
Aggregators, or rollups, acquire third-party brands that rely on Amazon infrastructure to store, process, and ship out products. London-based Heroes, founded by brothers Riccardo, Alessio, and Giancarlo Bruni in 2020, joined a bevy of these newly-spawned companies trying to capitalize on an ecommerce boom fueled by the pandemic.
The ballooning sector has attracted $15 billion in funding since March 2020, when lockdowns drove a surge in online shopping. Heroes' backers include Cray hill Capital Management, 360 Capital, Fuel Ventures, and Upper 90. The company faces competition from London-based Olsam and Berlin-based firms SellerX and Razor.
Heroes cofounder Riccardo Bruni informed staff on May 30 that 20% of the company's 120-strong workforce would be cut, Insider understands. Bruni cited challenging market conditions, a potential global recession , the consequent shift in consumer spending, and potential difficulty raising future capital as the driving forces behind the cuts during a 10am meeting.
In a follow-up email seen by Insider, Bruni said the company had come to the "hard decision" to restructure the business and reduce its workforce in order to help it become a "cash-flow positive business." He also said the company was "unfortunately dependent" on the flow of external capital to enable them to acquire more sellers.
The move to slash up to 24 jobs at Heroes was sudden, according to a source familiar with the situation, who said the company had still been focused on growth during an all-hands meeting in April. Heroes had just acquired its first brand with substantial traction off Amazon, which was in bricks and mortar stores, a goal previously made clear by the company.
Bruni confirmed the cuts in an interview Friday with Insider. He said the company hired 12 to 18 months in advance and that the slowdown meant Heroes was overstaffed. Layoffs were company-wide but the investment team, which sources deals and acquisitions, was particularly hard hit. Up to five people from a team of 10 lost their job, Bruni said.
Those being made redundant were invited to a 1:1 session within half an hour of the cuts being announced. Two to four people were offered different roles within the company when there was a fit, Bruni said. The others being made redundant were instantly cut off from the company's IT and placed on gardening leave – per advice from a HR consultancy, Bruni added.
The Heroes cofounder said the decision to cut staff was not a result of investor pressure and that the people who were let go had "immensely contributed" to the startup's success to date.
"But, as a business, we also have a fiduciary duty towards our investors, who trust us as management to take the right decisions," he said. "We felt it was the right decision to go through this round of redundancies and right-size the business."
Bruni said that no further cuts will be made at Heroes but predicted layoffs across the wider tech ecosystem.
"My view is that we're just seeing the very, very beginning of mass layoffs across the entire industry," he said. "And I'm not talking about the FBA aggregator space but about the industry as an economy as a whole."
Like other aggregator businesses, Heroes is largely funded by debt. It raised an undisclosed sum in February, according to PitchBook. US heavy hitter Thrasio, which pioneered the business model and has raised a total of $3.4 billion, also announced layoffs in May.
Do you work at an aggregator? Got a tip? Contact Tasmin Lockwood via email at tlockwood@insider.com, tasminlockwood@proton.me or DM her on Twitter at @tasjourno for encrypted messaging app Signal.
More: Startups Amazon aggregators Tech Insider
|
2022-07-15T15:55:32Z
|
www.businessinsider.com
|
Amazon Rollup Heroes, Quietly Laid Off 20% of Its Staff
|
https://www.businessinsider.com/amazon-rollup-heroes-quietly-laid-off-staff-2022-7
|
https://www.businessinsider.com/amazon-rollup-heroes-quietly-laid-off-staff-2022-7
|
I made $1.4 million in revenue selling Canva templates. Here's how I scaled my business in less than 3 years.
Katya Varbanova says she now spends only about 10 hours a week maintaining her Canva business.
Claudia Ellul
Katya Varbanova worked in a bank when she started running a Periscope Facebook group.
She quit to pursue a career in freelance social-media consultancy and coaching but found it tiring.
Here's how she started selling Canva templates for viral content, as told to Kimanzi Constable.
This as-told-to essay is based on a conversation with Katya Varbanova, the 30-year-old owner of Viral Marketing Stars, about her Canva template business. It has been edited for length and clarity. Varbanova's revenue has been verified by Insider.
After graduating from Liverpool Law School in July 2013, I was offered a position in banking and signed a two-year contract with Santander in the UK. In July 2015, I started watching Periscope streams. It was fun, so I started streaming .
Periscope is an app specifically for livestreaming. It's the same as going live on other social-media networks.
I began livestreaming my life, and my audience grew to 1,300 regular viewers in three weeks.
I started a Facebook group for Periscope streamers in early August 2015. The goal was for us to help one another grow our followings.
Someone suggested I charge for access to all the valuable tips our community offered. In late August 2015, I launched my first membership.
The Periscope membership started at $15 a month for the first 20 people, $25 a month for the next 20, and then a standard $35 a month.
Members got access to guest training, collaborative calls, daily events where people would collaborate to grow their audience, and access to a private Facebook group.
I got tired of working at my 9-to-5 banking job and running my membership
In September 2015, I registered my membership as a business. It had grown to 60 paying members, but it was hard managing work and this side hustle.
By October 2015, my membership income matched my $26,000-a-year salary at Santander, so I handed in my notice.
I wanted to go all in on the business. I expanded to coaching and consulting for other social-media platforms.
I had insights from my experience in sales at Santander and marketing from working as a campaign manager in a marketing agency while at college.
Over the next four years — from 2015 to 2019 — I built an audience of more than 100,000 entrepreneurs on my social media and email platforms.
I explored ways to help these entrepreneurs with their marketing and social media. I did coaching, consulting, workshops, free books, videos, and digital information products.
I found coaching or offering free resources to be exhausting
I wanted to grow my business while working less.
In late 2019, I decided to ditch free guides and coaching and focus on creating self-study digital information I could sell.
I started by selling a guide about engaging live videos and a PDF guide with content prompts, but I wasn't satisfied.
In 2019, I noticed the kind of content that performed well on Instagram was shifting. Posts with valuable educational graphics, carousels, and reels were going viral.
Many of my clients were struggling to adapt. They didn't have the design skills or the marketing expertise to know how to create these graphics.
Immediately, I turned to the online graphic design tool Canva
I've been using Canva to create my social-media graphics since 2017
I loved making these kinds of assets and put a lot of effort into the visuals for my business.
I saw an opportunity to design and sell Canva templates that replicated this viral Instagram aesthetic that my clients could customize.
If I was going to pivot my business and spend time creating these templates, I wanted to see whether there was a demand for them. I decided to presell my Canva templates to ensure it was a viable product.
Before creating any templates, I asked my followers whether they'd buy a pack of 100 templates to help them create viral business content.
Within a day, 100 people said they would pay for my templates
I gave my team — which was just me; my fiancé, Jamie; a Facebook ads manager; and a finance manager — the go-ahead on the presale.
We created a basic checkout page where people could preorder the template pack.
We got 100 preorders within a day. In the first few days of opening presale in December 2019, we sold 255 Canva template packs for $7,647.00.
Another week passed, and we sold 779 for $23,362.00. By the third week, we made more than 1,300 sales — all organically from my social-media following.
We took $1,000 from our sales and bought Facebook ads, which made $6,000 in sales. The demand was bigger than we ever could've realized. The first set of 100 Viral Content Templates was born.
When we started making the templates, we asked preorder customers what they wanted
We researched what templates were on the market already and what content performed best on our accounts and other people's.
I created the first iteration of the Viral Content Templates alongside Jamie. Neither of us did graphic design.
We spent a few weeks making the templates on Canva before we released them on December 23, 2019, to our preorder buyers.
Some of our preorder customers loved the templates and asked to become affiliates. They shared our templates with their friends and followers, and we gave them a small commission on each sale through their affiliate link.
We also invested more in ads
From December 2019 to April 2020, we made $105,013 in revenue and spent $36,502 on ads. After paying out affiliate commissions, we made a $52,619 profit in the first five months.
Customer success stories rolled in like Jessi Romero, who built an account to more than 40,000 followers in a year, and Annie Kaszina, who built her account to more than 100,000 followers in 18 months using our templates.
People asked us for more templates, so we started the Viral Content Club membership.
The membership is $499 a year or $57 a month. The idea is that with the tools and templates we provide, members can create 30 days of social-media content in one to two hours a month and revamp their online presence.
We grew to 1,500 members in the first 13 months. Since its launch, it's made $688,957 in revenue for my business.
Since the templates launched in December 2019, my template business has brought in $1.4 million in revenue and continues to grow.
My hours deceased over the next two years. In 2022, I've worked about 10 hours a week because of health issues.
I spend most of my time creating marketing material
I worked for about an hour the other day, and we still made 23 template sales totaling $2,444.89 — all from social-media engagement.
We have 13,000-plus customers and more than 1,000 affiliates sharing our templates and the membership.
I am the sole owner of my business. I have a lean team: my fiancé, who does operations; a freelance designer who does all things design, branding, and templates; a finance manager; and a few freelancers on the side for ad hoc jobs.
Nobody is a full-time employee.
Templates are a significant part of the business, but we now offer more. We have courses, workshops, training, and consulting.
I'll always be glad I found Canva because it's a resource that's helped me build a $750,000-a-year business.
More: UK Freelance BI-freelancer Kiera Fields
|
2022-07-15T15:55:44Z
|
www.businessinsider.com
|
How I Made $1.4 Million in Revenue Selling Canva Templates
|
https://www.businessinsider.com/canva-templates-how-to-make-millions-selling-digital-products-2022-7
|
https://www.businessinsider.com/canva-templates-how-to-make-millions-selling-digital-products-2022-7
|
What is cancel for any reason travel insurance?
How much does cancel for any reason travel insurance cost?
Will you get a full refund if you cancel your trip?
Can you use CFAR coverage to cancel because of the coronavirus?
4 myths about cancel for any reason travel insurance
Shop around for your CFAR coverage
Cancel for any reason travel insurance provides comprehensive coverage for your trip in case you can't go
Cancel for any reason travel insurance covers your trip if you want to cancel due to fear of contracting COVID.
martin-dm/Getty Images
Cancel for any reason insurance is a type of travel insurance add-on.
It allows you to cancel your trip and get reimbursed up to 75% of your costs for any reason.
CFAR insurance generally increases your premium by 40% to 50%.
No one wants to cancel a trip — especially an expensive one. But sometimes, it's necessary. You might get sick, have a family emergency, or just find yourself unable to take time off work.
Whatever the problem, travel insurance — particularly a plan that allows you to cancel for any reason — can help you minimize the financial damage a trip cancellation comes with. Here's what you need to know about this type of travel insurance.
Travel insurance is a type of insurance policy that protects you from various losses that can occur while on a trip. Though most standard policies cover trip cancellation, it's typically limited to specific scenarios — like illness or a natural disaster.
If you add on cancel for any reason (CFAR) coverage, you can cancel for virtually anything as long as you do it within the required timeframe. You typically need to cancel at least two days before the trip is scheduled to start.
"The cancel for any reason benefit means you can nix your trip for reasons other than those specifically covered in your plan," says Jeff Rolander, director of claims at Faye, a travel insurance provider. "Adding CFAR protection to your travel insurance plan helps give you peace of mind knowing you have the ability to cancel your trip if you simply don't feel like going."
Important: Time is of the essence if you're considering CFAR coverage. You typically must buy it within 15 to 21 days of putting down the first deposit on your trip.
The cost of CFAR travel insurance varies by provider and depends on the age of the travelers, the destination, the duration of the trip, and other details. You can generally expect to pay between 40% to 50% more when adding CFAR coverage.
Here's a look at how much CFAR coverage costs at three different travel insurance providers. These quotes are for a $5,000 weeklong trip to Mexico for one person (30 years old).
Travel Insured International
Cost of regular insurance
Additional cost of cancel for any reason insurance
Total cost of insurance (regular + cancel for any reason)
Policy cost increase as a percentage
Important: Most travel insurance companies offer free quotes on their websites. You can also use a comparison tool like SquareMouth or InsureMyTrip.com to shop around.
While CFAR insurance allows you to cancel your trip for any reason, it will not reimburse you 100% of your costs if you do. Typically, insurers will reimburse 60% to 75% of your trip costs, but this percentage varies by provider.
"There are no CFAR policies that provide 100% reimbursement," says Megan Moncrief, chief marketing officer at SquareMouth.
Still, 75% can make a big difference if you're forced to cancel a trip. For example, if you paid $10,000 for a trip to Hawaii and then had to cancel because your childcare arrangements fell through, you'd only lose $2,500 — rather than the $10,000 loss you'd see without CFAR coverage.
Standard travel insurance would likely reimburse you if you contracted COVID-19 before the trip, but not if you canceled due to exposure or fears of getting the virus while traveling.
Fortunately, CFAR does cover these instances. If you need to cancel due to COVID-related border closures, travel restrictions, a recent exposure, or even fear of exposure on your trip, CFAR will reimburse you.
"CFAR is a great option for travelers who have to cancel for reasons related to COVID — outside of contracting the virus," Moncrief says.
1. CFAR is worth it for any trip, no matter the cost
CFAR increases the cost of travel insurance quite a bit, so it may not be worth it on shorter, less costly trips or ones you're very unlikely to cancel (like a trip to your own wedding, for example).
If you're taking a particularly long or expensive trip, it might be worth it — especially if there's some concern you may need to cancel. If you want the freedom to cancel due to COVID-related concerns, it can also be smart.
"CFAR is worth the money if a traveler has a very specific concern that can't be covered otherwise," Moncrief says. "CFAR proved popular throughout the pandemic as a way for travelers to prepare for the constantly changing travel landscape."
2. CFAR costs a ton of money
While CFAR coverage does make your travel insurance more expensive, you'll still pay around $100 or less in most cases. As you can see in the chart above, the typical CFAR policy costs about $60 to $130 — in addition to your basic travel insurance premium per person.
3. My credit card offers trip cancellation coverage, so CFAR is never worth it
While many credit cards do come with travel benefits, they're often limited in scope. The Chase Sapphire Preferred card, for example, won't reimburse you for trips canceled due to a "change in plans or financial circumstances." The American Express Platinum card covers cancellations due to injury, sickness, inclement weather, terrorist actions, and other reasons covered by most basic travel insurance plans. Still, in comparison, CFAR offers much wider coverage and protection.
4. You can buy CFAR at any point before your trip begins
You have to purchase CFAR coverage soon after booking your trip. Most companies require you to purchase within 15 to 21 days of putting down an initial deposit. After that point, you will be unable to add CFAR coverage to your policy.
If you do opt for cancel for any reason coverage, make sure to shop around for your policy. Every provider offers different plans and fees. Comparing at least a few options can help ensure you get the best rate and coverage for your needs.
More: Insurance pfi PFI Reference Personal Finance Insider
|
2022-07-15T15:56:20Z
|
www.businessinsider.com
|
Cancel for Any Reason Travel Insurance: Pros and Cons for Your Trip
|
https://www.businessinsider.com/personal-finance/cancel-for-any-reason-travel-insurance
|
https://www.businessinsider.com/personal-finance/cancel-for-any-reason-travel-insurance
|
Shopify is canceling some students' internships via email as a key onramp to the tech industry dries up
Shopify rescinded a number of job offers this week.
Shopify rescinded offers for some interns who were set to begin this fall.
The company is also pausing recruiting for other fall internships.
The rescinded offers come after the company laid off about 50 people this spring and summer.
Shopify rescinded a number of job offers this week for interns who were set to start with the company in September. The company is also pausing recruiting for other fall internship roles.
Shopify spokesperson Alex Lyons told Insider that the fall internship program would continue, but with "a reduced number of roles, which we have completed hiring for."
"We continue to evaluate and hire for mission-critical roles, teams, and skills to ensure we are best structured to support our millions of merchants," Lyons said.
For Anthony Zhao, a third-year university student in a co-op program, the rescinded offer is a frustrating end to an interview process that took more than two months to complete. These internships are often a career launching pad, but as tech companies face slowdowns, many students and new grads are seeing their job offers rescinded from companies like Coinbase, Twitter, and Redfin.
Zhao accepted a verbal offer in June before receiving an automated email from Shopify this week saying the company had "shifted priorities to focus on more immediate initiatives at Shopify" and was no longer hiring for the backend developer internship he interviewed for.
"I wanted to work for a company that was doing something that would actually impact everyday people," Zhao said. "And also since it's a big company, I thought the work would be challenging."
He said he is now scrambling to find a new internship before the semester begins in September. While he's optimistic he'll find another job, he's running out of time.
"It's cutting it a bit close," he said. "I don't think it'll have as much clout as Shopify, but I think it'll be fine."
The rescinded offers come after Shopify quietly laid off about 50 workers and delayed a planned compensation overhaul to the fall.
Shopify announced the compensation overhaul in April following employee backlash about the company's compensation structure, which relied heavily on granting employees restricted stock units, or RSUs. As Shopify's stock fell dramatically in the first half of this year, some employees expressed concern about the total value of their compensation packages. Others worried there could be a talent exodus if the company didn't adjust its pay practices.
"This is a massive undertaking that needs to be designed with consideration and rigor" to meet various legal and regulatory requirements, a Shopify spokesperson told Insider of the compensation overhaul delay earlier this month. "We remain excited to roll out this new program as planned when it's fully ready in the fall."
Got a tip? Contact this reporter at mstone@insider.com or on the secure messaging app Signal at (646) 889-2143 using a non-work phone.
|
2022-07-15T15:56:45Z
|
www.businessinsider.com
|
Shopify Rescinds Offers for Some Fall Interns, Pauses Recruiting
|
https://www.businessinsider.com/shopify-rescinds-offers-for-some-fall-interns-pauses-recruiting-2022-7
|
https://www.businessinsider.com/shopify-rescinds-offers-for-some-fall-interns-pauses-recruiting-2022-7
|
Remove and reinstall the SIM card
Carefully clean the SIM card
Try the SIM card in another device
Reset your phone's network settings
7 ways to troubleshoot if your phone's SIM card isn't working
Diy13/Getty Images
If you can't make a call or if you see an error message that your phone's SIM card is not working, there are several ways to troubleshoot the problem.
Ther error might not be related to your SIM card; you should toggle Airplane mode as well as reset your carrier and network settings.
Cleaning or reseating the SIM card can also fix problems associated with the SIM card.
Your SIM card is what enables your smartphone to work on the wireless cellular network; it identifies you and your phone and contains information about your cellular provider so you can complete calls and transfer data.
Usually your SIM card works exactly as intended, but there are a few reasons it might not be working. You might not get a specific error message — your phone simply can't connect to the network — but more commonly you'll see an error that says your SIM card isn't working or isn't installed. If that's happening to you, here are the most common ways to troubleshoot your phone and get your SIM card back up and running.
If you suspect there's a problem with your SIM card, it might actually be a software issue with your phone that's easily remedied with a few simple troubleshooting tricks that don't involve opening your phone and touching the SIM card at all. For example, some SIM card errors can be remedied simply by switching your phone into Airplane mode and then back again.
On most phones, including iPhone and Android, just swipe down from the top right of the screen to show the Control Center or quick settings. Tap Airplane mode to turn it on, wait a few seconds, and then tap it again to turn it off. Try to make your call again to see if this solved your problem.
Swipe down to open the Control Center, where you can toggle Airplane mode on and off.
Another way to clear out a temporary glitch is to turn your phone off, wait about a minute and then turn it back on again. Here is how to restart an iPhone. If you have an Android device, you can generally swipe down from the top of the screen and tap the Power icon.
If you still see an error message or otherwise can't complete a call, you might need to reseat your SIM card. To do that, find the SIM card removal tool that came with your phone — you can also use a pin or very thin paperclip and insert into the hole near the SIM card try until the tray pops out. Make sure the SIM card is seated properly in its tray and then reinsert it carefully.
For more detailed instructions, here is how to remove a SIM card from an iPhone and here is how to remove the SIM card from a Samsung phone.
Use the SIM card removal tool that came with your phone to pop out the SIM card tray.
Steven John/Insider
If simply reseating the SIM card didn't do the trick, your phone might benefit from ensuring the card is clean and the contacts are clear. Remove the SIM card from your phone, carefully extract it from the tray and then use a microfiber cloth to wipe away any dust, dirt, or debris. A can of compressed air can help blast away any grime, but don't get the SIM card wet — always use a dry cloth.
If you've restarted the phone and the card has been cleaned and reseated, it's entirely possible there's something wrong with the SIM card. The easiest way to find out? Install the SIM card in another device and see if it works there. You'll need to test it in an unlocked device, or a device that works with the same cellular carrier as the SIM card you're testing. If the SIM card works, it's probably an issue with your phone rather than the SIM card.
If that's not an option, you can try the opposite test: Put another device's SIM card in the phone that's not working and see if the problem persists. If it works, then the SIM card is to blame, not your phone.
It's possible that your phone's carrier settings might be to blame, especially if your cellular provider has recently updated its configuration and the changes update automatically on your phone for some reason.
If you have an iPhone, start the Settings app and then tap General, followed by About. If there's a carrier update available, you'll be prompted to install it now.
If there are carrier settings that need updating, you'll see them on the iPhone's About screen.
Like iPhone, Android phones should update carrier settings automatically — but if something goes awry, not all versions of Android OS allow you to update your carrier settings manually. To check your phone, start the Settings app and then search for Carrier Settings. If you have that option, tap Update Profile.
If you're still offline, try to reset your phone's network settings. Treat this as a last resort, because it will also reset your Bluetooth paired devices and Wi-Fi network passwords. But if your SIM card is still not working, it might be worth the inconvenience.
On the iPhone, start the Settings app and then tap General, followed by Transfer or Reset iPhone. At the bottom of the screen, tap Reset, then Reset Network Settings.
Resetting your network settings could solve your connection problems.
On Android, start the Settings app, then System. Tap Reset options, then Reset Wi-Fi, mobile & Bluetooth.
TECH A guide to SIM cards, the small chips that connect your phone to a cellular network
TECH How to remove the SIM card from your iPhone to replace it or throw it away
TECH iPhone microphone not working? 5 ways to troubleshoot
TECH 6 ways to troubleshoot a 'Call Failed' message on an iPhone
More: SIM cards Smartphones Troubleshooting Tech How To
|
2022-07-15T15:56:51Z
|
www.businessinsider.com
|
7 Ways to Troubleshoot If Your SIM Card Is Not Working
|
https://www.businessinsider.com/sim-card-not-working
|
https://www.businessinsider.com/sim-card-not-working
|
Former President Donald Trump speaks at the Road to Majority conference June 17, 2022, in Nashville, Tenn
Trump should "come on in" and "jump in the pool" of the 2024 race, a top Biden pollster said.
Trump is considering launching his 2024 campaign before the midterms election.
Some Democrats are eager for an early Trump campaign announcement, Politico reported.
President Joe Biden's pollster John Anzalone says former President Donald Trump should "come in on" and "jump in the pool" by announcing his 2024 campaign before the midterm elections this November.
The ongoing January 6 Committee hearings are spotlighting Trump's intense and aggressive efforts to overturn the 2020 election, and the legal jeopardy he could face.
"It's bad for them because he takes so much oxygen out of the room," Anzalone told Politico of how Trump's announcement would affect Republicans in the midterms. "More people think he should be charged with a crime. Individual things about his actions and comments have come out. All that stuff has hurt him. In general, he will want to be front and center and that's not good for Republicans because the public is against him."
"So come on in," Anzalone said. "Jump in the pool."
Trump told New York Magazine that in his own mind, "I've already made that decision," about whether to run in 2024, adding, "I would say my big decision will be whether I go before or after" the midterms.
The Washington Post also reported that Trump is readying his campaign infrastructure for a possible pre-midterms announcement and could launch his 2024 campaign as early as September.
Some Democrats, Politico reported, are champing at the bit for a Trump candidacy to rile up their base and distract from some of the factors, including Biden's poor approval ratings, the state of the economy, and persistent inflation, that could hurt downballot candidates.
Trump's unpopularity, and voters' strong disapproval with his actions in office, led to Democrats winning back the House in 2018 — a wave election year; cost Trump the presidency in 2020; and helped Democrats win back control of the Senate with a pair of January 2021 runoff elections in Georgia.
"It puts in perspective what's at stake, shows that the Republican Party is still extreme and helps set up the contrast," Cedric Richmond, a top Biden surrogate and former White House official who currently serves as senior adviser to the Democratic National Committee, told Politico.
"Democrats need to home in on what they stand for — from their agenda to their values and contrast it with how extreme the other side is and what they want to do," Richmond added, saying a pre-midterms Trump announcement "will help Democrats."
"Everyone I talk to is desperately hoping for it — desperately. I don't know anybody who is not hoping for it," another Democratic strategist told Politico.
Jim Manley, a former longtime aide to former Democratic Sens. Ted Kennedy and Harry Reid, reacted to reports that Trump could announce a campaign early with one word: "sweeet."
—jim manley (@jamespmanley) July 14, 2022
While Trump may be an unpopular and polarizing figure, an official Trump announcement wouldn't necessarily save Democrats, who are staring down a potentially brutal midterm year.
"We have to hold Republicans accountable for stopping our efforts to help families in an inflationary economy," Democratic Sen. Bob Casey of Pennsylvania told Politico, arguing that Democrats should focus their message on the economy. "Over and over again, they had a chance to do something to help families get through this difficult time with prices and inflation. They've done nothing."
More: President Donald Trump President Joe Biden 2022 elections 2024 election
|
2022-07-15T15:56:52Z
|
www.businessinsider.com
|
Trump Should 'Jump in the Pool' of 2024 Race: Biden Pollster
|
https://www.businessinsider.com/trump-2024-race-jump-in-pool-biden-pollster-2022-7
|
https://www.businessinsider.com/trump-2024-race-jump-in-pool-biden-pollster-2022-7
|
Flights and travel expenses are pricey amid 41-year high inflation.
But people are still heading on vacation even if it is expensive to do so.
Consumer spending data also shows a drop on vehicle spending from earlier this year.
Even though inflation is at a four-decade high, Americans are still spending big on travel and experiences.
The Consumer Price Index rose 9.1% over the year ending in June per data published this week, higher than the 8.6% over the year ending in May. The 9.1% rate — the highest since November 1981 — is affecting people's spending behavior.
Although some people are modifying how they spend their money like looking for cheaper alternatives amid high inflation, people are handing over lots of money on certain goods and services. Spending on travel and transportation has shot up this year, but on the other hand, people aren't spending as much on vehicles, consumer spending data shows.
The following chart shows the percent change from January 2022 to May 2022 in Personal Consumption Expenditures from the Bureau of Economic Analysis. The items and services in the chart are some of the things that have seen the largest percent increases in consumer spending during this period.
People are splurging on vacations and good times away from home despite higher prices, as travelers once again take part in "revenge travel." Expenditures on foreign travel were 68.4% higher in May than at the beginning of the year. Spending on air transportation is also almost 40% higher than in January. Additionally, people are spending more on accommodations as they buy hotel and motel rooms for their travel needs.
Monthly Personal Consumption Expenditures data is only available up until May. But with travel demand up as people vacationed for fourth of July and throughout the summer, it may be the case that travel continues to be a popular thing people dish out money on, even with the high costs consumers are facing.
Consumer spending for gas was also up in May from January, with a percent increase of 27.7% for gas and other motor fuel, mirroring skyrocketing gas prices over the last few months. However, Energy Information Administration and AAA data show gas prices have been coming down from their peak.
There are also goods and services that have seen personal spending decline from where they once were earlier in the year. As seen in the following chart, that includes various kinds of vehicles like motorcycles and new autos or light trucks.
People may not be willing to spend big on cars right now with monthly payments soaring. Data from Cox Automotive research shows the monthly payment for a car has reached a record high.
The above chart also highlights that spending is down from earlier this year for different kinds of repairs.
In general, people were spending more on services than goods in May — with spending on services rising $76.2 billion but falling $43.5 billion on goods from April according to the Bureau of Economic Analysis.
Is inflation impacting your spending habits? Is it changing your monthly budget? Contact this reporter at mhoff@insider.com.
More: Economy pce pce inflation Inflation
|
2022-07-15T17:35:44Z
|
www.businessinsider.com
|
What Americans Are Spending Money on Amid Four-Decade High Inflation
|
https://www.businessinsider.com/american-consumer-spending-inflation-travel-expenses-2022-7
|
https://www.businessinsider.com/american-consumer-spending-inflation-travel-expenses-2022-7
|
Bill Gates and Mark Cuban are not on speaking terms, Cuban said in a podcast interview.
Cuban says he once told a joke at a conference that got Gates "so pissed" that they never spoke again.
The interaction happened right after Cuban sold his company Broadcast.com for $5.7 billion in 1999, he said.
Bill Gates and Mark Cuban are seemingly not on the friendliest terms.
Mark Cuban joined the "Full Send" podcast and discussed his relationship with the billionaire Microsoft co-founder, who Cuban said became "the king of tech," after Microsoft went public in 1986.
Cuban and Gates have only met once, Cuban said, and the interaction left Gates "so pissed" that they have never spoken again.
Cuban said the interaction occurred at a conference where the two were invited to speak.
Bill Gates was scheduled to speak first, and Cuban said he told the conference organizers, "'the only reason I'm doing this is because Bill Gates is talking right before me,' and they were like 'okay, whatever,'" Cuban told the hosts of "Full Send."
"So I get on there, and I say, 'you know, I'm excited to say I've sold my company, and finally, after all these years, Bill Gates is my opening act," Cuban said.
The joke apparently did not go over well with Gates.
"Oh, he got so pissed, and I've never talked to him since... not to this day," Cuban said.
Cuban said that the interaction happened right after Cuban sold his internet radio company, Broadcast.com to Yahoo in 1999 for $5.7 billion in stock.
Bill Gates did not immediately respond to Insider's request for comment.
More: Mark Cuban Bill Gates Microsoft Podcast
Full Send Podcast
|
2022-07-15T17:36:20Z
|
www.businessinsider.com
|
Mark Cuban Says He's Never Spoken to Bill Gates Again After a Bad Joke
|
https://www.businessinsider.com/mark-cuban-bill-gates-never-spoken-again-after-joke-2022-7
|
https://www.businessinsider.com/mark-cuban-bill-gates-never-spoken-again-after-joke-2022-7
|
I asked financial advisors if I should keep investing during inflation, and they said yes with key 3 changes
Courtesy of Jen Glantz
Financial advisors told me it's smart to keep investing during inflation, but I should make some changes.
They recommend dollar-cost averaging over lump-sum investing, and value stocks over growth stocks.
They also suggested investing in physical assets, like real estate, that hold value over time.
When I turned 30, I vowed that I'd start taking my personal finances more seriously than I had been. After a decade of overspending and having no investments, I wanted to set money goals for myself and work toward them on a daily basis.
While it's taken me a few years to build my savings account, open a SEP IRA retirement account, and start investing in a brokerage account, I often find that right when I think my personal finances are in a good place, something happens that makes me second-guess everything. In 2020, that was the pandemic, and in 2022, it's inflation and a potential recession on the horizon.
This made me wonder what kind of changes I should make to my finances now to prepare for the future, especially when it comes to my investment strategy. Should I even keep investing during inflation? The financial experts I asked said yes, but with a bit of a different approach. Here's what they recommended.
1. Invest in value stocks
During the pandemic, I invested in the stock market for the very first time. Now that inflation is taking a toll on my budget, I wondered if I should make any changes to my investment strategy, which includes putting money into index funds and ETFs, and buying individual stocks of companies that I believe in.
Financial advisor Saumen Chattopadhyay says that stocks are one of the best places to be in a rising-inflation world.
However, he also says it could be worth investing in more value stocks, which are stocks that trade for a cheaper price than their financial performance and overall worth, over growth stocks, which are companies expected to grow their sales at a faster-than-average rate.
"In above-average inflation environments (5% to 10%), value stocks have performed particularly well. If you think about investing time horizon, the expectation is that a value stock will return capital to shareholders faster than a growth stock," says Chattopadhyay.
My current investment portfolio is made up of more growth than value stocks, so adjusting this ratio is one recommendation I may follow.
2. Investing in physical assets
As consumer prices rise in the US, Chattopadhyay says more investors start to place their faith, and money, behind physical assets.
For example, Chattopadhyay says that the returns you could get on real estate and infrastructure investments usually have a positive correlation to inflation, especially when combined with high economic growth.
"Keep in mind, real estate may not be an effective short-term hedge against inflation but it holds its value against inflation over the longer term," says Chattopadhyay.
3. Dollar-cost averaging
If you're not quite sure you want to make significant changes to your current investment portfolio, financial planner Clark Kendall says your approach to investing during inflation can include dollar-cost averaging.
This approach means dividing up the total amount that you want to invest in a period of time and investing it on a recurring basis (for example: investing $12,000 this year and putting $1,000 into your investment accounts every month) as opposed to investing the whole lump sum at once. Dollar-cost averaging spreads out your risk by allowing you to buy stocks as they rise and fall in price.
"Dollar-cost average is a good long-term investment [strategy] and it helps reduce the impact of volatility on an investment," says Kendall.
PERSONAL FINANCE 5 things to do with your money right now to prepare for a recession, according to a financial planner
PERSONAL FINANCE I'm a financial planner, and I'm telling everyone to invest in I bonds to beat inflation
More: Investing Inflation dollar-cost averaging value stocks
|
2022-07-15T17:36:26Z
|
www.businessinsider.com
|
3 Changes I'm Making to My Investment Strategy During Inflation
|
https://www.businessinsider.com/personal-finance/investment-strategy-inflation-changes-2022-7
|
https://www.businessinsider.com/personal-finance/investment-strategy-inflation-changes-2022-7
|
What are blue-chip stocks?
Are blue-chip stocks a good investment?
What makes a stock a blue chip?
Blue-chip stock list
Pros of blue-chip stocks
Cons of blue-chip stocks
What is the blue-chip index?
Blue-chip stocks: Highly reliable stocks from well-established companies that can add strength and safety to any portfolio
Taking their name from the most valuable poker chips, blue-chip stocks represent the highest-quality companies trading on the market.
alengo/Getty Images
A blue-chip stock is a stock from the market's highest-quality companies and is known for their low risk and reliable performance.
Blue-chip stocks are stable and pay high dividends, but they're typically expensive and don't grow much.
Blue-chip stocks belong in any well-diversified portfolio, though they tend to be favored by older or more conservative investors.
Investing sometimes gets compared to gambling — something prudent investors and financial pros deny, naturally. But the stock market has borrowed one bit of lingo from casinos and card games: blue-chip stocks.
Just as blue chips in poker hold the highest value, so do blue-chip stocks in the stock market. They represent the crème de la crème of equities — the biggest, richest companies. Many of them are household names.
Blue-chip stocks provide a way to invest in stable, good-performing corporations with minimal risk. Plus, they usually pay good dividends.
Blue-chip stocks occupy the most respected level of the stock market. As leaders in their industries, these companies have strong histories — some are more than 100 years old — and deliver consistently strong performance. Whether the market overall is up or down, blue chips prove themselves as steady and reliable investments. As a result, their share prices tend to be high.
The blue-chip term came into financial parlance in the early 1920s. According to Wall Street lore, it was coined by a journalist for Dow Jones, Oliver Gingold, as he watched a stock tape ticker reporting trades of shares valued at $200 or more. He promptly dubbed these companies "blue-chip stocks."
Generally, yes, a lot of investors consider blue-chip stocks good investments. Because of their lower risk, more established company, and consistent performance, these are considered ideal for most portfolios.
No official guidelines exist around the size and value of blue-chip companies. But they do share some characteristics:
Large market capitalization: Blue chips tend to be large, well-financed corporations. Their market capitalization — that is, the total market value of all their outstanding shares — is in the high billions, putting them in the category of large-capitalization (or large-cap) stocks. The least expensive of these large caps enjoy a value of at least $5 billion; most are north of $10 billion.
Growth history: Blue-chip companies display years, sometimes decades, of sustained growth and ongoing prospects. Their share prices rarely jump dramatically, but they can show steady appreciation over time.
Stock index: Blue chips occupy positions in the major market indexes: the Dow Jones Industrial Average (DJIA), the S&P 500, the Nasdaq 100. A company is often seen to have "made it," blue-chip status-wise, if on one of these lists, which act as bellwethers for the stock market itself.
Dividends: While not always a feature, many blue chips pay shareholders a good, steady dividend. As mature companies, blue chips focus less on growth than start-ups and other businesses that need to continually seed development. For blue-chips, the freed up cash flow allows companies to share profits with stock owners through dividend payments. As profit margins grow, the dividends often increase as well.
Blue-chip stocks include notable names familiar to almost everyone, a trait attributable either to their long histories or to their positions as industry leaders (or both). Some of them include:
Investors find a number of benefits in buying shares of blue-chip companies. These include:
Low volatility: As big corporations, blue-chip companies benefit from economies of scale and also enjoy revenue streams from multiple products and services. While not immune from economic downturns, well-established blue chips are not easily shaken, even in times of market volatility.
Dependability and transparency: With their long histories and status as industry leaders, blue chips operate with seasoned management teams. The companies' fame and high profiles tend to keep their operations transparent.
Rich income: Steady earnings without a need to invest heavily in growth means blue chips can provide steady, strong dividend payments. Next to US Treasuries, blue-chip dividends are the most reliable go-to for income-oriented investors.
On the flip side, the blue-chip features that work as benefits for some investors act as deterrents for others.
Low growth: Unless you invested in one decades ago, you won't make a killing in blue-chip stocks. These are mature companies, for the most part — their big-growth days are behind them. They appreciate steadily, but not dramatically. That's the trade-off for their low risk.
Expensive: No bargains here — blue-chip stocks have been discovered. Because blue chips play in the large-market cap sandbox, the price to buy in on a single share often runs a couple hundred dollars or more. For many younger investors, the share cost far exceeds the level needed to acquire a stock position of any significant size.
Strong but not invulnerable: Sometimes a sterling reputation can hide the fact that a blue chip is resting on its laurels and failing to innovate. Monolithic corporations can be slow to respond to changing times, consumer demands, and industry trends. Though it happens rarely, blue chips can and do go bankrupt: General Motors and Lehman Brothers are two recent examples.
Investors seeking exposure to those companies considered most valuable often turn to indexes as a way to slice a piece of the blue-chip pie. Exchange-traded funds and index (mutual) funds focus provide an entry point into blue-chip investing without the cost-prohibitive price.
These funds basically track "blue-chip indexes" — that is, the major stock exchange indexes that include individual blue-chip stocks: the Dow Jones Industrial Average, the S&P 500, and the Nasdaq-100. The funds cherry-pick from the exchanges to populate their portfolios with industry blue chips.
Across the pond, the New Europe Blue Chip Index tracks 30 of the top stocks traded on the Continent. The DAX Index tracks the top 30 companies on the Frankfurt Stock Exchange.
The security of blue chips ranks at the top of their appeal to investors. Blue chips' history of weathering even the stormiest of times puts them in a kind of safe-haven category. This gives investors comfort in knowing these stocks emerge less scathed than their counterparts in rocky times.
These stock-market stalwarts look especially attractive to older investors, who are often risk-averse, dislike volatility , and seek income from their investments. More often than not, younger investors, who want bigger growth and can take chances, avoid blue chips for these very reasons: the lack of flash and hype, and the high price of their shares.
Still, while the weighting varies based on their goals and risk tolerance, all investors can rely on blue-chip stocks as a means to add strength and stability to their portfolios.
PERSONAL FINANCE Penny stocks are securities from small companies that trade for $5 or less
More: blue chip stock Stocks Risk Dividends
|
2022-07-15T17:36:32Z
|
www.businessinsider.com
|
Blue-Chip Stocks: Definition, Risks, Examples
|
https://www.businessinsider.com/personal-finance/what-are-blue-chip-stocks
|
https://www.businessinsider.com/personal-finance/what-are-blue-chip-stocks
|
US Senate candidate John Fetterman of Pennsylvania is locked in a high-profile race against Republican candidate Mehmet Oz.
Senate Democrats will gather in DC to raise big money for Senate candidate John Fetterman.
At least 12 senators, including Majority Leader Chuck Schumer, are scheduled to attend.
Tickets start at $1,000, with the most expensive seats going for $5,000.
Some of the nation's most powerful Democratic senators are gathering July 19 at an exclusive fundraiser in Washington, DC, to boost Senate candidate John Fetterman in Pennsylvania's pivotal US Senate race.
Fetterman, who has touted his campaign as a "grassroots" effort fueled by small-dollar donations, is facing Republican nominee Mehmet Oz in a race that will help determine whether Democrats or Republicans control the Senate in 2023.
The event — location undisclosed — is co-hosted by Sen. Bob Casey, Pennsylvania's senior senator, and is slated to feature Senate Majority Leader Chuck Schumer of New York.
Others listed on an invitation obtained by Insider include:
Sen. Tammy Duckworth of Illinois
Sen. Kirsten Gillibrand of New York
Sen. Mazie Hirono of Hawaii
Sen. Tim Kaine of Virginia
Sen. Ben Ray Luján of New Mexico
Sen. Jeff Merkley of Oregon
Sen. Gary Peters of Michigan
Sen. Jacky Rosen of Nevada
Tickets to the event, which the Democratic Senatorial Campaign Committee is also co-hosting, begin at $1,000. "Host"-level status will cost donors $5,000.
The first $2,900 an attendee donates will go to Fetterman's campaign, with additional contributions going to the Pennsylvania Democratic Party, according to the invitation.
The invitation states that contributions from political action committees are welcome — notable in that Fetterman, currently Pennsylvania's lieutenant governor, has previously railed against the influence of corporate political action committees, specifically. He has likewise said he won't accept corporate PAC money and has vowed to "get big money out of politics".
A donation form for a July 19 fundraiser in Washington, DC, that top Democrats are conducting for Senate candidate John Fetterman of Pennsylvania.
Fetterman's campaign told Insider on Friday that the DC fundraiser will only accept PAC money from non-corporate PACs.
Unions and various special interest groups, like corporations, may also operate federal PACs.
Representatives from the DSCC did not respond to Insider's request for comment. Oz's campaign also did not immediately respond to requests for comment.
Fetterman won't personally attend
While the DC event is designed to raise money Fetterman, his campaign confirmed that Fetterman himself will not attend. Fetterman had a stroke on May 13 and has since made few public appearances.
According to the Washington Post, he's still recovering and "has struggled to regain the ability to speak fluidly."
Fetterman's Senate race against Oz is poised to become one of the most expensive races in Pennsylvania history and is likely to end up one of the most expensive of the 2022 election cycle.
Fetterman has aggressively campaigned against Oz in the race, painting him as a carpetbagger from New Jersey — The Philadelphia Inquirer reported in late 2021 that the doctor recently used his in-law's address in Pennsylvania to register to vote.
Oz, who former President Donald Trump has endorsed, narrowly defeated David McCormick in the Republican primary by fewer than 1,000 votes.
On Friday, Fetterman's campaign announced that it had raised $11 million during the year's second quarter.
"We're going up against an ultra-millionaire who can pour millions of dollars of his own money into this campaign, and who has the backing of the special interest groups that fear John," wrote Brendan McPhillips, Fetterman's campaign manager. "Our campaign is funded solely by our grassroots supporters and donors kicking in a couple bucks at a time."
Oz, who has poured millions of dollars of his own money into his campaign committee, has not yet disclosed his campaign's second-quarter finances.
More: politics enterprise INSIDER Data John Fetterman mehmet oz
|
2022-07-15T17:36:38Z
|
www.businessinsider.com
|
Senate Democrats to Raise Big Money in DC for John Fetterman's Senate Bid
|
https://www.businessinsider.com/senate-democrats-raising-big-dc-money-to-help-fetterman-beat-oz-2022-7
|
https://www.businessinsider.com/senate-democrats-raising-big-dc-money-to-help-fetterman-beat-oz-2022-7
|
Brent D. Griffiths and Joseph Zeballos-Roig
Democrats are lighting up Manchin after he moved to obstruct their climate agenda.
One Senate Democrat "questioned" whether Manchin should chair a key energy panel.
Manchin maintains he's open to cut a deal on a climate bill later without committing.
Some fellow Senate Democrats have had enough of Joe Manchin.
A pair of his colleagues tore into the West Virginian on Friday after he dealt a serious blow to President Joe Biden's economic agenda, dispensing with the traditional deference lawmakers usually grant each other in favor of scorching attacks on his resistance to address the climate emergency.
"We have an opportunity to address the climate crisis right now," Sen. Martin Heinrich of New Mexico wrote on Twitter. "Senator Manchin's refusal to act is infuriating. It makes me question why he's Chair of ENR."
The attacks come after Manchin told top Democrats he would not support a bill before August that included new climate spending, like clean energy tax credits and incentives to get Americans to buy electric vehicles.
Rep. Alexandria Ocasio-Cortez of New York backed up Heinrich, thanking him for calling out Manchin and described it as courageous.
Sen. Tina Smith of Minnesota, who has strongly pushed for transitioning to electric vehicles, assailed Manchin as well.
"It's infuriating and nothing short of tragic that Senator Manchin is walking away, again, from taking essential action on climate and clean energy," the Minnesota Democrat said in a statement. "The world is literally burning up while he joins every single Republican to stop strong action to cut emissions and speed the transition to clean energy for the survival of our planet, clean air and health, energy independence, and lower energy prices."
The US is bound to miss President Joe Biden's goal of slashing emissions in half by the end of the decade if Congress doesn't address climate. It's a target meant to restrain global warming at 1.5 degrees Celsius, the threshold in which severe storms, droughts, and floods becomes far more likely. The planet has already warmed 1.1 degrees Celsius.
Manchin has signaled that he would not support including the Democrats' climate and clean energy policies in a reconciliation bill before the August recess. That's the legislative maneuver Democrats are employing to approve it on their own without Republicans in the 50-50 Senate.
On Friday, Manchin cautioned that he is still negotiating with Senate Majority Leader Chuck Schumer but he wants to take another pause to review how the current decades-high level of inflation stands over the next month. He suggested he'd be open to either passing a skinny bill that slashed prescription drugs and extended Obamacare subsidies now or a larger climate, energy and healthcare package if it's a "good" bill in early September.
Henrich's comment about Manchin's chairmanship of the Senate Energy and Resources Committee illustrates the ever-deepening frustration among some of his colleagues. It is not unprecedented for party leaders to strip a defiant member of prime post, though that has become less common in recent years.
More: Joe Manchin Congress Democrats Build Back Better
|
2022-07-15T18:36:31Z
|
www.businessinsider.com
|
Democrats Pummel Manchin for Dealing Major Blow to Biden Agenda Again
|
https://www.businessinsider.com/democrats-pummel-manchin-major-blow-biden-agenda-again-2022-7
|
https://www.businessinsider.com/democrats-pummel-manchin-major-blow-biden-agenda-again-2022-7
|
The message is not specifically for you
It's chock full of spelling and grammatical errors
The message promises freebies
The message demands immediate action
It contains mysterious links
The message is from a bank or some other financial institution
It's comes from an unusual number
Fake text messages can appear in a wide variety of forms.
Texting scams are common and you should be on the lookout for fake texts and other kinds of spam messages.
Fake texts often have lots of spelling errors, promise free gifts and have a sense of urgency.
Here are seven ways to sniff out and identify a fake text message that is probably part of a scam.
Spam has been a part of our digital lives for decades, and many of us are savvy enough to easily detect fake email. But how do you identify a fake text message? The basics are, not surprisingly, much the same. Here is everything you need to know to identify fake text messages and avoid falling for scams, fraudulent messages, and other unwanted texting spam.
It's pretty likely that you exchange text messages with a relatively small group of people — friends, family and co-workers. Most people don't get a lot of "cold call" texts from people they don't know, so a message from someone you don't know, or a simple "Hello" directed to no one in particular, is a big red flag. A group message or a text that doesn't immediately seem directed to you isn't necessarily spam, but it probably is. Treat it with caution.
If you get a generic greeting from a number you don't recognize, don't engage.
For whatever reason, spammers who specialize in sending fake messages seem especially bad at grammar and spelling. That's good news for us, because any text purporting to come from a large, legitimate business will ensure its texts are letter perfect. If you get a text that has obvious errors and it's not from a close friend, you can assume it's fake.
Sweepstakes, giveaways and prizes are the stock and trade of the modern marketing industry , so just because you get a text that promises free stuff, that doesn't automatically imply you've gotten a fake test. But there's a good chance it's spam — look for the context clues. If you've been told you have already won, and you simply need to complete some steps to claim your prize, that should definitely smell fishy. Of course, you should never give away personal information or spend money to get money — these are the telltale signs of a digital scam.
One common trick that spammers and fraudsters use is to install a sense of urgency in their message — whether it's to convince you that the message is coming from a friend who needs immediate financial assistance, the IRS looking for a missing payment, or a company warning that you have a problem with your car, house, or some other asset and need to pay some money right away to resolve the issue. If you ever get a text message looking for urgent action, verify the problem is real independently, whether that's by phone or email. Don't use any links or phone numbers provided in the text message as part of your independent verification, of course.
Fraudulent texters and spammers try to disguise themselves, so they might include unidentified links in their messages. Never tap a link that doesn't come from someone you know — the link could lead to a phishing site or contain malware . In fact, you can generally assume any text you get from an unknown party that has mysterious links is probably fake.
It's not uncommon to get nonsense texts with mysterious links. Don't reply or click the link.
As a general rule, financial institutions don't contact customers via text message, and those that do won't ask for personal details or demand payments that way. Often, spammers won't know who you bank with, so you might get text messages from a bank you don't even have an account with. If they get lucky, though, and spam you with a text from a financial institution you do business with, confirm anything in the message independently by calling your bank's customer service phone number before taking any action.
Finally, beware of texts from unknown parties — either phone numbers you don't recognize or, worse, lengthy numbers that don't conform to the standard usual 10-digit domestic phone number convention. Texts from international numbers or automated systems can generate these awkward numbers and they are tell-tale signs that you're getting something from a spammer and can safely ignore it.
TECH How to mute spam calls on your iPhone with the 'Silence Unknown Callers' feature
TECH What is Scam Likely? Why the message appears on your phone, and how to block calls associated with it
More: Fake text message Text messages Smartphones Tech How To
|
2022-07-15T18:36:49Z
|
www.businessinsider.com
|
7 Ways to Identify Fake Text Messages That Are Likely Scams
|
https://www.businessinsider.com/how-to-identify-a-fake-text-message
|
https://www.businessinsider.com/how-to-identify-a-fake-text-message
|
What is a balanced investment strategy?
How to build and maintain a balanced portfolio
What is portfolio rebalancing?
How to rebalance your investment portfolio
When you should rebalance your portfolio
Regular portfolio rebalancing is key to keeping your investment strategy on track. Here's how to do it
Failing to rebalance your portfolio becomes increasingly perilous as you get closer to retirement.
AlexanderFord/Getty
To properly balance a portfolio the first step is to understand your investing goals and appetite for risk.
When rebalancing, it's important to consider all your accounts and the tax implications.
You should monitor your portfolio for imbalance at least once per year.
As an investor, you set long-term goals that will guide key decisions including how much money you're willing to risk, the types of accounts you use, and when you'll retire.
While those long-term goals may not change, your portfolio certainly does over time. These changes are a result of natural movements in the stock market and the assets you've selected. If left unchecked, this could have a significant impact on your financial outlook. The key to reducing this risk is creating a balanced portfolio and reviewing it regularly to make sure it stays that way.
With a balanced investment strategy, your objective is to create a portfolio that has the right mix of stocks and bonds to align with your investing goals and appetite for risk. This approach is intended to help reduce potential volatility during rough patches in the market.
Balanced investing relies on the nature of how stocks and bonds typically behave over time. Stocks, while more volatile historically, outperform bonds gaining 7% to 10% on average annually. In the short term, however, stocks are more vulnerable to severe losses. Bonds are historically known to offer more stable returns with less volatility, but with the drawback of lower growth.
A balanced investment strategy is a more holistic approach to investing when compared with other approaches including those focused on income, capital preservation, and growth. For example, an investor who follows an income investing strategy will likely focus primarily on blue chip dividend stocks and high-quality bonds. Their main goal is to buy assets that will produce a consistent income in retirement. Because of this, their mix of stocks and bonds may not adjust periodically based on age or risk.
A balanced approach aims for equilibrium between risk and reward, which means it could be more growth-focused for younger investors and more income-focused for those that are closer to retirement.
Building a balanced portfolio begins with understanding what your risk tolerance is and creating a target allocation that matches up.
A risk tolerance questionnaire is a set of survey questions that help investors illustrate how they would react during certain market conditions. The questionnaire helps determine a target allocation of what a balanced portfolio should be based on the answers to each question.
When assessing if a portfolio is balanced, you compare it to the most recent risk tolerance questionnaire taken. Typically, you should complete a questionnaire at least once per year
"This is important because target asset allocations reflect the most appropriate exposure to equities, fixed income, and cash for the investor," says Sabina Smailhodzic Lewis, a CFP® professional and co-owner of Avant-Garde Wealth.
If you're a do-it-yourself investor you can use Vanguard's questionnaire here.
A best practice is to have separate target allocations for each financial goal. Your retirement accounts may have a different allocation than the investments you may have set aside for a child through a custodial account or 529 plan.
For example, your answers to the questionnaire might determine a target allocation of 60% stocks and 40% bonds, which has long been considered a good balance for moderate-risk investors. The answers provided for a young child, however, might indicate a more aggressive and riskier mix of 80% stocks and 20% bonds since they won't need the money for several years and can absorb the long-term ups and downs in the stock market.
Portfolio rebalancing is the process of adjusting your portfolio back to your intended target allocation. Even if you start by creating a balanced portfolio, your portfolio can become unbalanced due to changes in the market.
This often happens because equities tend to earn higher returns than bonds, which means they represent a larger portion of the total value of your investments over time, according to Lewis. "The further an asset allocation drifts from the target asset allocation, the less appropriate the investor's portfolio becomes," she says.
Failing to rebalance your portfolio becomes increasingly perilous as you get closer to retirement. This is because your target allocation is largely influenced by the number of years you expect to continue working. Typically, you should become increasingly more conservative with your asset mix as you get older to avoid losing too much money if the stock market suddenly turns sharply lower soon before retirement.
With your target allocation in mind, to rebalance your portfolio first take a look at how your assets are currently allocated. Keep in mind that you should account for all of your investing accounts. This may include their 401(k) held at your employer (as well as accounts that may not have been rolled over) plus any other IRAs and brokerage accounts held with popular retail apps like Robinhood, M1 Finance, and others.
In most cases, you should be able to find out what your current allocation is by logging in to your brokerage account. If your portfolio is scattered across different brokerages, consider using an app like Personal Capital to help aggregate and organize your accounts to get a full picture of your allocation. If you're savvy with Microsoft Excel you can also use it to monitor your allocation.
For example, let's say you reviewed a portfolio that you hadn't revisited during a period when the stock market was rallying. You find that it's out of balance. The asset allocation is 90% stocks and 10% bonds, but your preferred mix for that account was 80% stocks and 20% bonds.
To rebalance your portfolio back to the target levels in this case you have two options. You could sell 10% of your stock holdings and invest the money in bonds. Alternatively, if you have the cash on hand you could add 10% to the bond portfolio without selling. The second option can become less practical depending on the size of the portfolio and how far out of balance it is.
Important: Pay close attention to the account type before rebalancing. Retirement accounts are simple to rebalance as there are no taxes on potential gains. You will want to be more mindful about capital gains taxes when rebalancing a brokerage account.
The most common rule of thumb is to rebalance your portfolio at least once per year with quarterly rebalancing being the maximum recommendation. But remember that rebalancing is more about how far the portfolio has drifted, if it has drifted at all.
"Five percent drift is a good default number in terms of when to rebalance," says Kevan Melchiorre, a CFP® professional and co-founder of Tenet Wealth Partners. "But this is more of a personal preference depending on your situation and risk tolerance. As long as you are evaluating once a year and ensuring that your target asset allocation is still appropriate for your situation and goals, then that's most important."
Like regular maintenance on a vehicle or home, rebalancing your investments should be a part of your regular financial tune-up routine.
Start by taking account of where you are as an investor with a risk tolerance questionnaire and compare those results against how your portfolio is currently allocated. From there adjust as needed to the target allocation and check back in on a regular schedule.
"Whenever you build a portfolio, you should be doing so with a purpose and your goals in mind," Melchiorre says. "If your portfolio sways too far from your targets, then that might mean too much risk."
More: Personal Finance Insider PFI Reference investing strategies Freelance
|
2022-07-15T18:37:13Z
|
www.businessinsider.com
|
Rebalancing Your Portfolio: When and How to Do It
|
https://www.businessinsider.com/personal-finance/rebalance-portfolio
|
https://www.businessinsider.com/personal-finance/rebalance-portfolio
|
This comes amid renewed calls by the US government to look into whether TikTok poses a security risk due to its ties to China.
Last month, reports that TikTok employees in China accessed US user data caused backlash from Washington.
TikTok's chief security officer is leaving the role in September amid renewed calls from members of the government to look into the social media app's ties to China.
A TikTok spokesperson told the Wall Street Journal that the decision to replace Roland Cloutier as Chief Security Officer is unrelated to any data-privacy concerns.
TikTok, which is currently the fastest growing social media company, has often faced scrutiny for being owned by the Chinese company ByteDance.
Last month, Buzzfeed News reported that US user data had been repeatedly accessed by TikTok employees in China based on leaked audio from internal company meetings.
The report resulted in backlash from Washington, with an FCC commissioner calling on Apple and Google to remove TikTok from its app stores.
TikTok confirmed in a letter that its China-based employees have access to US user data, but only through an "approval process."
CEO Shou Zi Chew sent a note to TikTok employees about Cloutier's exit as Cheif Security Officer, writing that "part of our evolving approach has been to minimize concerns about the security of user data in the U.S., including the creation of a new department to manage U.S. user data for TikTok. This is an important investment in our data protection practices, and it also changes the scope of the Global CSO role."
Cloutier will officially step down from his role as Chief Security Officer in September and transition to an advisory role at TikTok.
More: TikTok China Data Security
|
2022-07-15T19:06:57Z
|
www.businessinsider.com
|
TikTok Chief Security Officer Steps Down Amid Concerns About Privacy
|
https://www.businessinsider.com/tiktok-chief-security-officer-steps-down-amid-concerns-about-privacy-2022-7
|
https://www.businessinsider.com/tiktok-chief-security-officer-steps-down-amid-concerns-about-privacy-2022-7
|
President Joe Biden speaks to reporters in the Oval Office of the White House on May 9, 2022.
President Joe Biden gave in to Senator Joe Manchin's ultimatum on spending.
Manchin wanted to focus solely on healthcare subsidies, not climate and other measures.
In a statement, Biden called on Congress to bring healthcare to his desk before the August recess.
As the complex political drama of Joe's plays out on the Democratic stage, President Joe Biden is giving in to Sen. Joe Manchin's latest ultimatum.
Manchin, a centrist Democrat from West Virginia, said on Thursday night that he wasn't willing to back a slimmer Democratic climate, health, and tax package before August. He later opened the door to keep negotiating through September.
On Friday, Manchin suggested he was open to supporting a much smaller bill centered on slashing prescription drug prices and extending financial assistance through the Affordable Care Act which cut monthly premiums for many middle-earners.
Biden, who has seen multiple iterations of an ambitious social spending package killed by Manchin, seems to have conceded. In a statement, Biden said he wants the Senate to pass the healthcare subsidies, and emphasized executive action rather than legislation on climate issues.
"Families all over the nation will sleep easier if Congress takes this action. The Senate should move forward, pass it before the August recess, and get it to my desk."
Manchin's opposition to climate measures inflamed fellow Democrats. Sen. Tina Smith of Minnesota said in a statement that it's "infuriating" and "nothing short of tragic that Senator Manchin is walking away, again, from taking essential action on climate and clean energy."
Because Democrats have a razor-thin majority — and Republicans have signaled no willingness to vote with them on spending packages — they've been passing legislation through simple-majority reconciliation. That's given Manchin, and fellow centrist Sen. Kyrsten Sinema, huge sway in dictating the future of legislation as Democrats scramble for their votes. When Manchin pronounced Build Back Better dead, it was dead.
So, without Manchin, not much climate action can be taken in Congress right now — something that Biden seems acutely aware of.
"So let me be clear: if the Senate will not move to tackle the climate crisis and strengthen our domestic clean energy industry, I will take strong executive action to meet this moment," Biden said, adding: "I will not back down: the opportunity to create jobs and build a clean energy future is too important to relent."
More: Economy Joe Manchin Sen. Joe Manchin President Joe Biden
|
2022-07-15T20:38:09Z
|
www.businessinsider.com
|
Biden Gives in to Manchin, Urges Dems to Advance Healthcare Without Climate
|
https://www.businessinsider.com/biden-gives-manchin-urges-democrats-to-advance-healthcare-without-climate-2022-7
|
https://www.businessinsider.com/biden-gives-manchin-urges-democrats-to-advance-healthcare-without-climate-2022-7
|
Kris Jenner is hosting a Masterclass on personal branding and how she 'turned a vision into reality' by becoming the Kardashian 'momager'
Kris Jenner teaches personal branding — narrative, monetization, and launching a business.
Kris Jenner, prolific "momager," just debuted a personal branding MasterClass.
In it, Jenner advises on creating a narrative and engaging visual story, building a business, and launching your own ventures.
Jenner also uses KUWTK and the Kardashian Jenner brands as case studies.
Kris Jenner — the matriarch, manager, and business mastermind behind reality's First Family, The Kardashians — just debuted a MasterClass on personal branding.
"On the Power of Personal Branding" is a behind-the-scenes peek into the Kardashian-Jenner playbook. Jenner discusses how to create and build a personal brand narrative, find your target audience, harness the power of social media, and monetize what you've built.
Of course, a crash-course on personal branding from Jenner wouldn't be complete without a mention of "Keeping Up with the Kardasians." She uses the family's multiple brands as case studies on launching your own ventures. Aside from the expertise, the lessons are infused with Jenner's characteristic "you're doing amazing, sweetie" warmth.
Masterclass: Kris Jenner on the Power of Personal Branding
$180.00 from Masterclass
"From multiple billion-dollar brands to more than 48 million followers, Kris is no doubt the mother of self-invention" the founder of MasterClass, David Rogier, said in a press release. "We've had a front-row seat to her family's life on TV. Now, in her class, she'll uncover the secrets to her and her family's success."
It's worth noting that MasterClass doesn't have single-class memberships — members pay $180 ($15/month) for access to the entire catalogue of classes. After personal branding, you can listen to Chris Voss teach you negotiation and Bob Iger's insight on business strategy and leadership.
Whether you know Kris Jenner as the genius behind a show paying her family a nine-figure salary, the manager of four of the ten most-followed people on Instagram, or just the star of "the devil works hard but Kris Jenner works harder" memes, you have to admit — Kris Jenner has made herself into a household name, whether you like it or not.
Browse the course here and check out our guide to the best Masterclass courses.
Masterclass All-Access Pass
How much does MasterClass cost?
MasterClass costs $180 for its annual subscription ($15 a month), which gives you unlimited access to all its classes until you cancel.
How does MasterClass work?
MasterClass classes are about 2-5 hours on average, with individual lessons ranging from 2-5 minutes. Classes include pre-recorded video lessons by your instructor, a class workbook, interactive assignments, and sometimes community activities. MasterClass may have opportunities for students to submit work to instructors for feedback, but that's not the norm.
More: Insider Reviews 2022 Insider Picks E-Learning Education & Personal Development
|
2022-07-15T20:38:45Z
|
www.businessinsider.com
|
Kris Jenner Masterclass: Momager Debuts Course on Personal Branding
|
https://www.businessinsider.com/guides/learning/masterclass-kris-jenner-kardashian-personal-branding-class
|
https://www.businessinsider.com/guides/learning/masterclass-kris-jenner-kardashian-personal-branding-class
|
Why buy silver?
How to invest in silver, a precious metal that diversifies your portfolio and rises with new tech industries
Bullion bars and coins are the "purest" way to invest in silver, but silver-company stocks and silver -tracking funds and notes can be more convenient to own.
VladK213/Getty Images
You can buy silver in two basic ways: as physical bullion or silver-backed securities.
Bullion is a more direct way to own silver; securities are easier to hold and can appreciate.
Silver offers a long-term hedge against inflation and stocks.
Savvy investors often step outside the comfort zone of conventional paper investments — stocks, bonds, and funds — and into more exotic, hard assets like silver.
How do you invest in silver, anyway? Here's what interested investors should know.
Like other alternative investments, silver often performs in an opposite way to traditional securities: its price rising when theirs falls, and vice versa. So it can be an invaluable way to diversify a portfolio.
Silver is more than a stock market hedge, though. As a physical commodity, it has an intrinsic value, which means it's immune to inflation — the rise in prices that erodes the value of paper, government-issued currencies. Given its inherent worth, some investors also see it as a safe haven against political and economic turmoil, similar to its more glamorous cousin, gold.
Silver is much more affordable than its yellow-metal cousin. Also, unlike gold, silver is valued for its widespread industrial uses — including innovative, high-growth tech industries like solar energy and electric autos.
All these factors have precious metal experts like Giancarlo Camerana, a strategic advisor at QORE Switzerland feeling optimistic about the performance of silver in the coming decade. What it comes down to, he says, is "a combination of bullish factors: increased demand from both the industrial sector and financial investors as they worry of the ongoing currency debasement and the possible dollar devaluation."
There are a variety of ways to invest in silver. But for individual investors, the buying options boil down to two basic forms:
Physical silver, or bullion (the most direct and obvious way to invest)
Silver securities, such as stocks, funds, and exchange-traded notes (less of a pure play, but more convenient)
Physical silver
The physical metal is known as bullion. Investment-grade bullion typically refers to silver that's 99.9% pure. It comes in the following forms:
Bars — Bars consist of solid silver weighed by the troy ounce that's been poured or pressed into stamped blocks. They're available for purchase from reputable metals dealers. If you're starting here, aim for smaller ounce-counts, as they'll be easier to sell off if need be.
Coins and rounds — We're talking solely about specie issued by government mints for investment purposes only. Rounds, as their name implies, are the same shape as coins, but not official legal tender.
Junk silver bags — These are bags of dimes, quarters, and half-dollars issued by the United States Mint prior to 1965, at which point it switched from using silver in its coinage to other alloys. Anything minted before that time could be upwards of 90% silver, so while it has no collectible value (thus the term "junk"), it does have a value based on its purity.
Bullion in its various forms is generally available from precious metals dealers. Be sure to look for a well-established one: JM Bullion, APMEX, and SD Bullion are among the most reputable. Many banks also sell silver bullion.
Silver stocks
You can invest in individual stocks that give you exposure to the silver industry. There are two major types of silver companies:
Silver mining stocks — Also called "silver miners," these are stocks that invest in every stage of silver production, from exploration to refining. When production is soaring, so are the prospects for these companies — and vice versa, of course. For silver stocks, Camerana recommends Pan American Silver (PAAS) and Fresnillo (FRES:LSE) , the world's largest silver mining company, which is listed in London. Other major players include Endeavor Silver Corp. (EXK) and Fortuna Silver Mines (FSM).
Silver streaming company stocks — Instead of digging themselves, some companies make an agreement to finance a mining project in exchange for a portion of future profits, which are then meted out to shareholders. First Majestic Silver Corp. (AG) is one of the largest streaming companies.
You can buy silver stocks as you would shares of any company, via a brokerage, investment app, or online trading platform.
Silver ETFs and Mutual Funds
Instead of relying on a single stock, you can also invest in an exchange-traded fund (ETF) or mutual fund that bundles together multiple silver-related assets. Some contain shares of silver company stocks, while others invest in the metal itself or in futures contracts.
ETFs and mutual funds are purchased through brokers or trading apps, or through the investment companies that sponsor them.
Leading silver ETFs and what they invest in
iShares Silver Trust (SLV) (physical silver)
Global X Silver Miners (SIL) (silver stocks)
Aberdeen Standard Physical Silver Shares ETF (SIVR) (physical silver)
iShares MSCI Global Silver Miners ETF (SLVP) (silver stocks)
Invesco DB Precious Metals Fund (DBP) (silver and gold futures)
Silver exchange-traded notes (ETNs)
Among the most complex of the silver-centric investment options are exchange-traded notes (ETNs) and exchange-traded commodities (ETCs). They track an underlying asset (in this case the price of silver) like the funds, but the major difference is that ETNs and ETCs are actually debt instruments.
A silver ETN operates like a mix between a stock and a bond. When you own it, you own a debt rather than anything physical, which tempers your risk. When the note matures, you get a lump sum tied directly to the price of silver — if it's risen during your possession of the note, you'll see that as a return.
The silver ETC is similar, except that it actually holds physical silver as collateral, while the ETN just tracks silver's price moves.
Some investors prefer ETNs to ETFs. Both track an index, but ETFs respond more to market investor demand than they do the actual price of the asset. so sometimes ETF investors miss out on gains because the fund fails to accurately move with the underlying commodity — what's called a tracking error. With ETNs, the value is based directly (and solely) off the market price, so tracking errors are vastly reduced.
Among ETNs, the VelocityShares 3x Long Silver ETN (USLV) is one of the best-known. Others include the iPath Silver ETN (SBUG) and the X-Links Silver Shares Covered Call ETN (SVLO).
Each silver investment method comes with its own advantages and risks.
Investing in bullion is traditionally vaunted as the purest form of investment: You own the actual metal, and it can be bought and sold for an amount equivalent to silver's market or spot price per ounce (plus a small mark-up — usually more for coins than bars). But storage and insurance costs mount quickly.
And bullion provides no interest or dividends. You can't appreciate any gains on your coins or bars until you actually sell them — hopefully for a higher price. Even then, there are transport costs and other fees to eat into returns.
Silver stocks, funds, and ETNs, on the other hand, add some sterling diversification to your portfolio without making you shell out for storage space. They're more liquid, trading daily as they do. And of course, there's the convenience of buying and keeping them in a regular investment account. "Paper silver," as Camerana calls these securities, are "an easy and often less-expensive way to get exposure" — especially if you opt for a silver ETF or mutual fund.
But they're an indirect investment. Just as with any company, a silver company's operating costs, reserves, and management all play a factor in its performance; so can the political and economic conditions in its native country. As a result, silver stocks can be volatile, exaggerating the already sharp price swings silver is prone to.
Even miners aren't always quite as pure a silver play as one might hope, as silver is often mined alongside or extracted from other metals.
What form of silver to invest in depends on your own desire for convenience and appreciation, and your risk tolerance. Owning silver bullion is the most direct, purest play. But owning silver-based securities is more economical and offers a chance at appreciation.
While it certainly looks like a promising moment for silver, with its industrial uses predicted to expand in the next decade, there are no guarantees. Silver is vulnerable to recession in ways that gold is not. If the tech industry begins to lag, silver prices will fall, which will hit you in your pocketbook whether you're invested in the physical metal, a silver streaming company stock, or anything in between.
Still, silver as a sliver of your portfolio makes sense anytime — as a diversifier, if nothing else.
PERSONAL FINANCE Is silver a good investment? A beginner's guide to silver and the role it can play in your portfolio
PERSONAL FINANCE What is a stock exchange? Understanding the marketplace where shares are bought and sold
More: Freelance Silver Gold Alternative Assets
ETNs
|
2022-07-15T20:39:03Z
|
www.businessinsider.com
|
How to Buy Silver: Physical Silver, Silver Stocks, Strategies for Each
|
https://www.businessinsider.com/personal-finance/how-to-buy-silver
|
https://www.businessinsider.com/personal-finance/how-to-buy-silver
|
What is a mortgage recast?
How mortgage recasting works
Qualifying for a mortgage recast
Pros and cons of recasting your mortgage
Mortgage recast vs. refinance
How to calculate your mortgage recast
Mortgage recast: A way to lower your monthly payment and help you save on interest in the long run
Lenders typically charge a fee to recast your mortgage. Expect to pay between $150 and $250.
A mortgage recast lets you pay off a large chunk of your mortgage at once and have your loan reamortized, resulting in a lower monthly payment.
You'll need to make a substantial payment to qualify for a recast. Lenders may require as little as $5,000 or more than $25,000.
Recasts aren't available on government-backed mortgages.
If you have extra money that you'd like to put toward paying off your house, doing so through what's called a recast can help you save money each month without having to go through the hassle of refinancing.
But there are limits on your ability to recast your mortgage, and those with certain loan types or little equity might not have the option.
A mortgage recast happens when a borrower makes one large, lump sum payment toward their remaining mortgage balance and the lender reamortizes the loan, calculating a new monthly payment based on the now-lower balance.
All mortgages follow an amortization schedule. Amortization is a complex-sounding word that just refers to the paying off of the mortgage over a set amount of time. For example, if you borrow $200,000 that needs to be repaid over 30 years with a 5% interest rate, you'll need to pay $1,074 every month to pay back the principal in full with interest.
When you request a mortgage recast, you'll use the funds you allocated for it to pay off a chunk of your mortgage principal. Your lender or servicer then recalculates how much you need to pay each month to fully pay off your balance by the end of your loan term.
Because you now owe less on your mortgage, a recast will result in a lower monthly payment.
This differs from prepaying your mortgage, which shortens the amount of time it will take you to pay off your loan but doesn't lower your monthly payment. Some borrowers will make a few extra mortgage payments each year or prepay a lump sum without requesting a recast to pay down their mortgage faster.
If your primary goal is to save money on interest, you might want to consider prepaying rather than recasting.
"Our analysis is that if someone is merely looking to save on their 'total life of loan interest' payments, then prepaying the principal balance without recasting your mortgage will save you over the life of the loan," says Shmuel Shayowitz, president and chief lending officer at Approved Funding.
Recasting will save you on interest as well, because you're decreasing the amount of money you'll pay interest on. But prepaying without a recast has the benefit of both reducing your balance and shortening your term.
If you want to recast your mortgage, you'll need to find out if you have enough money to do so.
Shayowitz says that servicing companies typically want principal reduction amounts to be "substantial," and may require borrowers to pay $25,000 or more toward their mortgage balance if they want to do a recast.
Some lenders or servicers may not have a minimum principal reduction requirement. And some allow as little as $5,000. You can reach out to your lender to find out if it offers recasts and what its requirements are. The lender may require that you have a certain amount of equity already in your home, and you'll likely need to be current on your mortgage, with no history of late or missed payments.
Lenders typically charge a fee between $150 and $250 to recast, according to Shayowitz.
You'll also need to make sure the mortgage you have allows recasts, because not all types of mortgages do. Government-backed mortgages, such as FHA, VA, and USDA loans, don't allow recasts.
Whether a recast is right for you depends on your goals, budget to pay for the required amount and fees — and whether it's even an option for you to do so.
Lower monthly payment
Not available with all loans and lenders
Simpler and cheaper than refinancing
May need a large sum to recast
Keep your current interest rate
Funds tied up in home could be used elsewhere
Save on interest over the life of the loan
Costs money
The biggest benefit of recasting your mortgage is that you'll have a lower monthly payment, which can give you more wiggle room in your budget each month for other things. The only other way to lower your monthly payment is by refinancing, which takes time and costs money.
A recast is also beneficial if you're generally happy with the terms of your mortgage, and don't want to lose your current interest rate or reset your loan term.
While it can be financially advantageous to recast, not everybody has the ability to do so. Even if you have a loan and lender that allows recasting, you might have a hard time clearing your lender's minimum principal reduction requirements.
If you do have a large chunk of money available, tying it up in your home's equity might not be your best option. Consider whether that money could do more for you in your retirement savings or a brokerage account.
A mortgage recast can be really beneficial if your current monthly mortgage payments are putting a strain on your budget. But depending on your situation, you might be better served by other options, such as prepaying your mortgage or refinancing.
A mortgage refinance can help you achieve similar goals to a recast, but it requires a little more work on your end.
When you refinance, you replace your current mortgage with a new one. Borrowers can get a rate-and-term refinance to change the interest rate or term length of their current loan, or a cash-out refinance to take equity out of their home.
It costs money to refinance, and you'll likely need to go through a credit check and get a new appraisal to get approved. But if you need to lower your monthly payment and you don't have a large enough sum to qualify for a recast, refinancing may be your best option.
With refinancing, you can only lower your monthly payment if you get a lower interest rate or if you refinance into a longer loan term (for example, if you have 25 years left on your current mortgage and you refinance into a new 30-year term). Keep in mind that the longer it takes to pay off your mortgage, the more you'll pay in interest in the long run.
Whether a recast or a refinance makes more sense for you depends on your goals, your finances, and the economy. When rates are low, a refinance could be the best option. But if you want to keep your current rate and lower your monthly payments, a recast is likely the better choice – provided you have the funds to put toward it.
The easiest way to determine what your new monthly payment would be after recasting your mortgage is to use an online amortization calculator or reach out to your lender.
If you use an amortization calculator, you'll need to know the following:
What your loan balance will be after you make your lump sum payment
How many years you have left on your mortgage
Your current interest rate
You'll input this information and the calculator will tell you what your new monthly payment will be and how much you'll pay in interest over the life of the loan. Compare this number to what you currently pay each month to decide if recasting is worth it to you.
PERSONAL FINANCE There's no limit on how many times you can refinance your mortgage, but that doesn't always mean you should
More: Mortgages mortgage recast Mortgage Refinancing Personal Finance Insider
|
2022-07-15T20:39:15Z
|
www.businessinsider.com
|
Mortgage Recast: Definition, How It Saves You Money
|
https://www.businessinsider.com/personal-finance/recast-mortgage
|
https://www.businessinsider.com/personal-finance/recast-mortgage
|
Leaked emails: Crypto exchange Coinbase is 'temporarily shutting down' its US affiliate-marketing program
Crypto exchange Coinbase will temporarily shut down its affiliate-marketing program on July 19.
Coinbase is "temporarily shutting down" its US affiliate program for influencers and publishers.
In leaked emails shared with Insider, Coinbase said the US program will close on July 19.
In those same emails, the company said it plans to relaunch the program in 2023.
Crypto exchange Coinbase is "temporarily shutting down" its US affiliate-marketing program, according to emails sent to three creators and shared with Insider.
The US program will temporarily shut down on July 19, the emails said.
"We regret to inform you that Coinbase will be temporarily shutting down its Affiliate Program in the United States with an effective date of Tuesday, July 19th," the emails read. "This has not been an easy decision, nor was it made lightly, but, due to crypto market conditions and the outlook for the remainder of 2022, Coinbase is unable to continue supporting incentivized traffic to its platform."
The company said in the emails that it planned to relaunch the program in 2023, although it didn't share an exact timeline.
"We have established many valued partnerships through our affiliation platform that we hope to renew in the future," the emails said.
This change comes at a time when Coinbase is reeling from the crypto crash.
On June 14, Coinbase CEO Brian Armstrong announced in a blog post that the company was laying off 18% of its staff, or roughly 1,100 employees. On Friday, Bloomberg reported that Coinbase is now the world's 14th largest crypto exchange, down from the fourth position less than a year ago.
Before this recent affiliate news, Coinbase had already lowered commission rates for some influencers in June. One creator who was earning $40 per sign up as of early 2022 said they saw that amount drop more than 90% to $2 per sign up.
"My commissions are almost non-existent with them anymore so I haven't paid attention," said a fourth influencer who used the program.
Many personal-finance influencers earn revenue from affiliate marketing, or driving sales or sign ups to a platform.
These finance affiliate programs are run directly through the company or through an affiliate marketing network, like Impact or CJ Affiliate. Coinbase launched its affiliate marketing program in 2019. The program is run in partnership with Impact, which helps the company connect with influencers, manage rates, and track sign ups.
More: Influencers crypto affiliate marketing
|
2022-07-15T22:09:32Z
|
www.businessinsider.com
|
Coinbase Shutting Down US Affiliate-Marketing Program for Influencers
|
https://www.businessinsider.com/coinbase-temporarily-shutting-down-us-affiliate-marketing-program-for-influencers-2022-7
|
https://www.businessinsider.com/coinbase-temporarily-shutting-down-us-affiliate-marketing-program-for-influencers-2022-7
|
Michael Cohen.
Michael Cohen said he thinks Donald Trump is growing increasingly nervous about the January 6 investigation.
The panel accused Trump of trying to call a witness in the probe during a public hearing this week.
Cohen said he believes Trump has "decided to do it himself" because he no longer trusts anyone.
Former Trump attorney Michael Cohen posited that former President Donald Trump is growing increasingly nervous about the January 6 panel's inquiry, as evidenced by the most recent allegations of witness tampering against him earlier this week.
The House Select committee investigating the insurrection and Trump's efforts to overturn the 2020 election ended its seventh public hearing earlier this week with a bombshell revelation — Republican Rep. Liz Cheney said Trump, himself, tried to call a witness in the probe, prompting the unnamed person to decline the former president's call and alert their lawyer.
The revelation came just days after the committee first went public with concerns about intimidation efforts from members of Trump's inner circle, citing text messages from the former president's allies attempting to pressure witnesses.
Cohen, who served as Trump's personal lawyer from 2006 to 2018, told CNN's Don Lemon that Trump's alleged outreach to a witness signals the former president is "melting down."
"What it tells me is that he's extremely nervous. Why? Because first of all, in my tenure with him, I never saw him call anybody," Cohen said, noting that Trump usually had his employees make such calls on his behalf.
"He would never do it himself. I think the way I know him and as well as I know him, he doesn't trust anyone anymore, so he decided to do it himself," he added.
Cohen faced Trump's wrath after he testified against the former president in 2019 as part of the Special Counsel Robert Mueller's investigation into Russian interference in the 2016 presidential election. Cohen agreed to cooperate with the inquiry after he pleaded guilty to eight counts, including campaign finance violations and tax evasion.
After Cohen testified to Congress in early 2019, Trump and his then-personal attorney Rudy Giuliani unleashed a barrage of attacks against Cohen and his family, prompting Cohen's legal team to accuse the president of witness intimidation.
Following the January 6 committee's first allegations of witness tampering earlier this month, Cohen told The Washington Post that Trump behaves like a "mob boss."
"Giving an order without giving the order," Cohen said. "No fingerprints attached."
But as the congressional panel has presented increasingly damning testimony in recent weeks — all while racking up a slew of high-profile witnesses — Cohen thinks Trump is turning to desperate measures.
"He is nervous that everyone is jumping ship on him and worrying about themselves, which they should," Cohen told CNN. "I should've done that myself."
More: Michael Cohen Donald Trump Trump january 6
|
2022-07-15T23:43:44Z
|
www.businessinsider.com
|
Cohen: Trump's Alleged Witness Tampering Shows He's 'Melting Down'
|
https://www.businessinsider.com/cohen-trumps-alleged-witness-tampering-shows-hes-melting-down-2022-7
|
https://www.businessinsider.com/cohen-trumps-alleged-witness-tampering-shows-hes-melting-down-2022-7
|
Rep. Liz Cheney, a Wyoming Republican
OLIVIER DOULIERY/POOL/AFP via Getty Images
Rep. Liz Cheney is on the cusp of a blowout primary loss, according to a new poll.
A Casper Star-Tribune poll found the Republican lawmaker trailing by 22 points to her Trump-backed challenger.
According to the survey, Cheney's role on the January committee is only worsening her standing.
Republican Rep. Liz Cheney appears headed toward a brutal primary drubbing next month against Harriet Hageman, her Trump-backed challenge, according to an independent poll released Friday evening.
According to a Casper Star-Tribune poll, Cheney trails Hageman 52% to 30% in a poll of likely primary voters. The same survey found that only 27% of Wyomingites have a favorable view of the top Republicans on the House January 6 committee and the eldest daughter of former Vice President Dick Cheney.
"The big story is Liz Cheney is going to get beat," said Brad Coker, manager of the Mason Dixon Polling & Strategy, the firm that conducted the survey, told the Star-Tribune. "That's a foregone conclusion."
Up until now, there had been scant independent polling of what is a closely watched race.
A primary loss would cap a stunning split from what is now the Trump-influenced mainstream GOP; Cheney was once the No. 3 House Republican. Now, former President Donald Trump has made it one of his personal missions to see her forced out of the party. House Minority Leader Kevin McCarthy has even taken the rare step of endorsing Hageman as well.
The survey found that the January 6 investigation, which Cheney has presented as her most important legacy in public service is further disillusioning voters. According to the poll, 54% of voters were less likely to support Cheney because she's helping probe the Capitol attack and what led up to it.
Cheney's campaign has hoped that Democratic or independent voters crossing over in the primary might help save her. But it's unlikely there are enough of them to sustain a victory. In the poll, 69% of crossover voters say they would back Cheney. Yet, she still trails by 22 percentage-points overall.
Most of the other 10 House Republicans who voted to impeach Trump either have retired or have become more muted in their criticism of the former president. Cheney has done neither. In fact, she recently spoke at the Ronald Reagan Presidential Library in California, delivering a blistering speech that suggested Republicans must choose between the truth and Trump.
"At this moment, we are confronting a domestic threat that we have never faced before: and that is a former president who is attempting to unravel the foundations of our constitutional Republic," Cheney said at the time. "And he is aided by Republican leaders and elected officials who have made themselves willing hostages to this dangerous and irrational man."
A representative for Cheney's campaign was unable to be immediately reached.
The Casper Star-Tribune poll was conducted from July 7-11, shortly before early voting began. Pollsters surveyed 1,100 registered Wyoming voters likely to participate in the primary. The margin of error is +/- 3%.
More: Liz Cheney Wyoming 2022 elections Harriet Hageman
|
2022-07-15T23:44:02Z
|
www.businessinsider.com
|
Poll: Liz Cheney Is Down 22 Points to Her Trump-Backed Primary Foe
|
https://www.businessinsider.com/poll-liz-cheney-is-down-22-points-wyoming-primary-trump-7
|
https://www.businessinsider.com/poll-liz-cheney-is-down-22-points-wyoming-primary-trump-7
|
The Justice Department said in a court filing the House was justified in subpoenaing Mark Meadows.
The filing was part of a lawsuit Meadows filed against Nancy Pelosi and the January 6 committee.
It comes a month after the Justice Department declined to hold Meadows in contempt of court.
The Department of Justice said the House select committee investigating the Capitol riot was justified in its subpoena of former White House Chief of Staff Mark Meadows.
The determination was made in a court statement filed Friday as part of a civil lawsuit brought by Meadows in December against House Speaker Nancy Pelosi and members of the January 6 committee. He filed the lawsuit after the committee had subpoenaed him for testimony and documents.
The judge in the case asked the Department of Justice to evaluate whether or not Meadows had immunity that would allow him to ignore the subpoenas. But in its filing Friday, the Justice Department said that as a former adviser to a former president, he did not.
"When a congressional committee demands testimony from an immediate presidential adviser after the President's term of office has ended, the relevant constitutional concerns are lessened," the filing said. "Accordingly, the Department does not believe that the absolute testimonial immunity applicable to such an adviser continues after the President leaves office."
The filing said the adviser does have "a form qualified immunity" but that it can be overruled if Congress can make "a sufficient showing of need" for the information.
The Justice Department's conclusion comes a month after it declined to hold Meadows in contempt of court for not complying with the House subpoenas and refusing to testify. The decision was met with some criticism, including from Democratic Rep. Adam Schiff, who is also a member of the House select committee.
It also comes as reports suggest Trump's inner circle is anticipating Meadows' downfall over January 6. Lawyers for Trump told Rolling Stone this week that they believe Meadows will be a fall guy.
"Mark is gonna get pulverized," one of Trump's legal advisers told the magazine, which spoke with eight unnamed sources for its report. "And it's really sad."
The lawyer added that he believed Meadows did not buy into the election lies but was "trying to perform" for Trump and may have "screwed himself completely."
Meadows was also tied up in the explosive testimony of Cassidy Hutchinson, who served as a top aide to Meadows at the time of the Capitol riot. Hutchinson testified that Meadows was among the Trump allies who preemptively sought a pardon from the former president. She also said that Meadows had told her in January that he thought "things might get real, real bad."
A lawyer for Meadows did not immediately respond to Insider's request for comment.
More: Mark Meadows january 6 Capitol Siege
|
2022-07-16T02:46:17Z
|
www.businessinsider.com
|
DOJ Supports January 6 Committee Subpoena of Mark Meadows
|
https://www.businessinsider.com/doj-supports-january-6-committee-subpoena-of-mark-meadows-2022-7
|
https://www.businessinsider.com/doj-supports-january-6-committee-subpoena-of-mark-meadows-2022-7
|
Florida Gov. Ron DeSantis said over 50 math books submitted for review were "doing woke math."
DeSantis blocked a record number of textbooks in April over concerns about CRT.
They "took the woke out and sent us back normal math books," DeSantis said Friday.
Florida Gov. Ron DeSantis doubled down on his decision to exclude a record number of math books from classrooms that he said included bits of "woke math."
"These math books — they were doing woke math," DeSantis said, referring to Florida's rejection of dozens of math textbooks in April. His remarks came Friday in Tampa at an event for Moms for Liberty, a conservative nonprofit.
"I'm just thinking to myself, like, two plus two equals four, right? It's not 'two plus two equals, well, how do you feel about that? Is that an injustice?'" he quipped to an audience that responded with laughter.
"No, we gotta teach the kids to get the right answer," he continued as the crowd applauded.
According to an April press release from Florida's Department of Education, state reviewers found allusions to Critical Race Theory in 54 out of 132 math textbooks submitted by school districts.
DeSantis and the FDOE referred to the content in the books as "attempts to indoctrinate students" and rejected the submissions.
In May, the department released a 6,000-page report reviewing each of the books, according to Politico. The report noted instances where books were rejected for mentioning "racial profiling in policing" and "types of housing for different groups of people."
On Friday, DeSantis said the publishers removed the pieces of the textbooks that the state said contained Critical Race Theory.
They "took the woke out and sent us back normal math books," said DeSantis.
"It doesn't matter how you feel about the math problem," the Republican governor said in April after rejecting the books. "It matters whether you can solve the math problem.
More: Ron DeSantis Florida Critical Race Theory
|
2022-07-16T05:48:01Z
|
www.businessinsider.com
|
DeSantis: Math Book Rejections Forced 'the Woke Out' of Textbooks Containing CRT
|
https://www.businessinsider.com/desantis-math-book-rejections-forced-woke-textbooks-containing-crt-2022-7
|
https://www.businessinsider.com/desantis-math-book-rejections-forced-woke-textbooks-containing-crt-2022-7
|
Indoor plants, AirPods, and snacks are the most popular perks for startup employees right now
Indoor plants are the top workplace perk at startups.
Startups are incentivising employee benefits in the war for talent.
London-based startup Juno provides companies with a marketplace for workplace perks.
It analyzed 5,250 selections of employee benefits and found that indoor plants were the number one choice.
Before the pandemic, employee benefits were synonymous with pension packages and the odd discounted gym class.
As employees embraced remote work and had a respite from busy commutes, many placed a greater priority on their mental health and work-life balance. This, coupled with employee resignations in 2021, is prompting companies to rethink the 'one size fits all' quality of the employee benefits they allocate.
It's also pushed startups to use employee benefits as a currency to acquire and keep their talent.
"It's becoming more important to incentivize benefits, from a recruitment and retention perspective," said Andrew Short, strategic partnerships manager at mobility startup Bolt.
Juno, which provides a marketplace for flexible benefits, analyzed more than 5,000 employee choices of perk. It found that the top picks reflect workers' changing priorities while working from home. Perks offered through Juno are mostly tangible, rather than more formal benefits such as additional leave.
The number one perk that employees cashed in on was indoor plants, followed by Apple Airpods, Juno found.
"After working from home, the demand for indoor plants spiked, because people were trying to beautify their home," said CEO Ally Feikaki.
The top ten selections are varied, ranging from donations to Ukraine relief funds to ground coffee — a sign that "there are many flavors of wellbeing and benefits," said Feikaki.
Bolt's Short also found that the startup's employees were more inclined towards choosing benefits related to health and wellness through Juno, and sees the flexible benefits model as a key tool that startups can lean on to retain their employees.
Given that many startups don't tend to start out with large, well-resourced HR teams, making benefits a flexible choice can help attract talent.
"In the past, a lot of benefit platforms have been health and life insurance. They're not something people would engage with on a daily basis," Feikaki added. "The other end of the spectrum is voucher sites or lunchtime meditation , and those aren't universal either."
Companies started to take note of this sentiment when COVID-19 lockdowns hit, said Feikaki, as "essentials became a lot more important for employees" instead of complementary perks such as lunches or meditations.
As the public rushed to buy groceries and essentials online, Juno found caterers around London and the UK, and partnered with companies to provide grocery boxes as an employee benefit in a bid to adapt to shifting circumstances.
"The future is all about being able to offer flexibility and choice — and that goes beyond benefits," he added.
More: Employee Benefits Startups
|
2022-07-16T08:46:28Z
|
www.businessinsider.com
|
The 10 Most in-Demand Employee Benefits at Startups
|
https://www.businessinsider.com/the-10-most-in-demand-employee-benefits-at-startups-2022-7
|
https://www.businessinsider.com/the-10-most-in-demand-employee-benefits-at-startups-2022-7
|
Justin Cox said Air Canada hadn't been able to locate his bag since June 29.
An Air Canada passenger made 76 calls in search of his lost bag, but only got through 3 times.
Justin Cox said his luggage was last scanned in Toronto, but now cannot be located.
Cox said because his last flight was with American Airlines, Air Canada told him it was AA's problem.
An Air Canada passenger has called the airline 76 times in search of his lost luggage, but has only been able to get through to an employee three times.
Justin Cox flew with Air Canada from Toronto Pearson Airport to Austin via Dallas-Fort Worth on June 29, when he said the airline failed to put his luggage worth more than $1,500 on the flight. The last known scan of his bag was in Toronto.
Cox told Insider he has called 76 times over the space of 10 days, but was only able to get through to an employee on three occasions. Every other call he was left on hold for an hour before the line disconnected. Cox said each time he called he was redirected to a toll-free number.
When he eventually got through, an employee in Toronto told Cox the airline could not locate his bag at Toronto airport and has no idea where it is.
Because Cox's final leg to Austin was with American Airlines, he was told by Air Canada to take up his complaint with AA.
"They told me to stop calling yesterday because there's nothing they can do – 'only American can give you the bag'," Cox told Insider. While he said American told Cox it was also their issue, the airline couldn't do anything until Air Canada gave the bag to them.
"The last known scan on my bag according to their computer file was in Toronto, so now I am quite confident I am never going to see my stuff again," Cox said. "My plan is to cross my fingers and hope for the best."
Airlines are dealing with a wave of staffing shortages as summer travel demand returns, leading to numerous horror stories for passengers.
A spokesperson for Air Canada said: "We deal with our customers directly but can tell you that, as has been well reported in the media, the global air transport industry is currently challenged due to issues with airports and third-party providers of such services as passenger screening, customs, and air navigation. We are working hard with these partners and governments to resolve these issues as they are affecting the performance of airlines."
American Airlines did not respond to a request for comment.
More: Weekend BI UK Air Canada American Airlines travels
|
2022-07-16T10:17:19Z
|
www.businessinsider.com
|
Air Canada Passenger Made 76 Calls Trying to Locate His Lost Luggage
|
https://www.businessinsider.com/air-canada-passenger-spoken-three-people-since-airline-lost-bag-2022-7
|
https://www.businessinsider.com/air-canada-passenger-spoken-three-people-since-airline-lost-bag-2022-7
|
Elon Musk tweeted laughing emojis in response to Twitter bot memes seemingly taking a jab.
Twitter filed a lawsuit against Elon Musk on Tuesday and used a poop emoji as evidence against him.
Musk accused Twitter of trying to rush the process at "warp speed" in a court filing on Friday.
Elon Musk is continuing to tweet emojis about Twitter that appear to mock its claims of spam bots accounting for just 5% of users after it sued him.
Musk responded on Saturday to a meme posted about his spat with Twitter, which shows an illustration of a person representing "real Twitter accounts" under heavy fire from Twitter bots in the form of knives, grenades and missiles.
The world's richest person posted a sideways laughing emoji in response to the meme. He also posted the same response to a screen recording video showing what appears to be dozens of spam accounts posting an identical tweet.
Musk's latest attempt to make light of Twitter's claims comes after it sued him this week for abandoning the deal to buy the social media platform. Twitter claimed he was choosing not to "honor his obligations."
The Tesla chief executive tried to walk away from his $44 billion deal to acquire Twitter and the company launched a lawsuit against him, using a poop emoji tweeted by him as evidence.
Musk announced in May that the Twitter deal was on hold, citing the number of spam accounts and how it calculates this number as a reason. He also proposed running his own sample of 100 accounts.
Twitter's chief executive, Parag Agrawal, tweeted that the survey could not be performed outside the company as private information was also needed to determine the number.
"The hard challenge is that many accounts which look fake superficially – are actually real people," Agrawal said in the thread. Musk responded with a smiling poop emoji shortly after Agrawal's tweets.
The company wants Musk to be forced to acquire the company at the agreed price, per the lawsuit. The SpaceX founder was also accused of not properly looking at the summary of how Twitter calculates the volume of spam accounts provided to him.
Musk's legal team responded with its own court filing Friday, obtained by The Washington Post, arguing that Twitter is attempting to hurry the proceedings at "warp speed".
The filing also said it was the company's "latest tactic" and accused it of "foot-dragging" on the number of spam accounts.
Musk and Twitter did not immediately respond to Insider's requests for comment.
More: Elon Musk Twitter lawsuit Emoji
|
2022-07-16T10:17:25Z
|
www.businessinsider.com
|
Elon Musk Appears to Mock Twitter's Bot Claims by Responding to Memes
|
https://www.businessinsider.com/elon-musk-appears-to-mock-twitters-bot-claims-2022-7
|
https://www.businessinsider.com/elon-musk-appears-to-mock-twitters-bot-claims-2022-7
|
Dan Legg with his friends before boarding a private jet to Ibiza.
Dan Legg
Dan Legg takes 'empty leg' flights on private jets across Europe, saving thousands of dollars.
Private jets fly empty legs when they return to their home airport after a flight.
Legg said small groups can get last-minute tickets from London to Spain for about $1,200 each.
Amid a sea of lost luggage, canceled flights, and frustrating delays, you might be inclined to abandon all hope of a summer trip if it involves air travel.
But there appears to be an affordable way to bypass travel chaos by using the "empty leg" trick.
Dan Legg told Insider he has taken six last-minute empty leg trips from the UK to European destinations including the islands of Jersey, Ibiza and Menorca over the past three years.
@dan.legg The reason why I fly private all the time 😱🤫 #privatejet #lifehack #danlegg #fyp ♬ original sound - Dan Legg
How to get an empty leg flight
An empty leg flight occurs when a chartered private jet has to return to its original airport after dropping off its passengers. Private jets offer big discounts, with tickets usually going on sale a day or two before the flight.
Legg said: "It's normally for when I've had a buildup of stress and I need a little getaway quickly. I have a look at different locations and planes and then see if I can get a couple of people together and we do a little trip."
By using a broker like JustJet in the UK that aggregates last-minute private jet deals, Legg told Insider he saves at least 50% on private travel, and when he books with friends it's comparable to flying commercial business class.
"If there's six of you going from London to Spain, for example, it will probably cost you £1,000 ($1,200) each. The best way to get a deal, well for me, I just use that website and refresh it religiously," he said. A similar last-minute flight from London to Heathrow with British Airways would cost £866 ($1,000).
Dan Legg, right, will also charter normal private jets, but will use the "empty leg" trick at short notice.
'Just drive onto the runway'
Going private has become more attractive for those wanting to avoid the delays, cancelations and lost luggage making commercial flights even more complicated this summer.
Heathrow airport has asked airlines to sell fewer tickets over the coming weeks to reduce the burden as it deals with surging demand and a labor shortage.
Legg said that going private means he doesn't have to deal with airport security and can arrive shortly before the flight takes off, as well as being able to keep an eye on his luggage.
"So if your flight is scheduled for three o'clock, you can turn up at 2:45 and you just drive onto the runway," Legg said.
"Whereas with Heathrow now you've got to be there like four hours before and it just takes up a lot of time. And if there's a group of you, obviously it's a lot more expensive, but it doesn't work out too bad."
Doug Gollan, founder of Private Jet Card Comparison, said empty leg flights are great because the price is negotiable, and you could hypothetically ask the pilot to drop you off at a location close to the intended destination.
However, he admits they require a lot of flexibility from passengers: "The interesting thing with empty legs is if you know what you're doing, you can find some deals, but it's not something that you'd want to use if you're going to a wedding, or if you booked a villa that's non-refundable."
More: Weekend BI UK Private Jets lost luggage private travel
Cheap Flight
Cheap Flight Hacks
|
2022-07-16T10:17:37Z
|
www.businessinsider.com
|
How I Fly by Private Jet to Ibiza for $1,200 and Dodge Travel Chaos
|
https://www.businessinsider.com/how-i-fly-private-to-ibiza-dodge-travel-chaos-2022-7
|
https://www.businessinsider.com/how-i-fly-private-to-ibiza-dodge-travel-chaos-2022-7
|
Wall Street is warning that the next leg down for stocks is coming shortly as companies and investors realize how much inflation and the Fed are hurting earnings
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020.
Many on Wall Street are warning that earnings estimates for this year and next are too high.
If they are, stocks likely have further downside.
The sell-off this year has primarily been valuation driven.
When the S&P 500 fell as much as 23% in the first half of this year, much of the correction was valuation driven.
In other words, investors became less willing to pay for the higher price multiples that were a result of the zero-interest-rate, low-yield environment that was present from early 2020 to early 2022.
Now, as inflation continues to rise — it hit a 41-year-high of 9.1% in June — and the Federal Reserve forcefully tightens policy to slow soaring prices, stocks face another threat: lower earnings.
The US economy is beginning to slow as the central bank sets out to cool demand. Consumer spending is rolling over, as is manufacturing activity. As recession fears rise, corporate earnings could be next.
Forward earnings estimates remain high for the S&P 500. The market expects 10% growth in earnings per share for the S&P 500 in 2022, and 9% in 2023. But a chorus of Wall Street strategists and money managers are warning that downward revisions lie ahead, and will likely kick off in the months ahead. That's bad news for stocks.
'These forecasts are too optimistic'
Jason Pride, the CIO at Glenmede, a private wealth manager, highlighted the disparity in earnings estimates between the current bear market and others since 2000.
"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," Pride said in a July 5 note.
Morgan Stanley's Chief US Equity Strategist Mike Wilson is also arguing that earnings will come down as a result of tightening. In a July 10 note, he referenced the strengthening dollar's impact on earnings. A stronger dollar makes goods more expensive for foreign buyers.
Inflation is also a factor working against earnings, he said.
"Ultimately, the Fed wants a meaningful economic slowdown to curtail inflation and a stronger dollar is part of that cocktail," Wilson said in the note. "From the standpoint of stocks, the stronger dollar is going to be a massive headwind to earnings for many large multinationals. This could not be coming at a worse time as companies are already struggling with margin pressure from cost inflation, higher/unwanted inventories, and slower demand."
Wilson expects the S&P 500 to fall to 3,400-3,500 if the Fed can reduce inflation while avoiding a recession, and 3,000 if a recession unfolds. Those represent about 8-10% and 20% further downside from the index's current levels around 3,800.
Goldman Sachs is also bearish on current earnings estimates. David Kostin, the bank's chief US equity strategist, said in a July 8 note that his team expects 8% earnings growth in 2022 compared to 10% consensus, and 6% growth in 2023 compared to 9% consensus.
"We believe these forecasts are too optimistic, primarily due to overly optimistic margin estimates," Kostin said. "2Q earnings season will likely be a catalyst for negative revisions as companies offer cautious commentary."
If a recession comes to pass, however, Kostin said he expects -19% earnings growth. In a more moderate downturn, he expects -11% growth.
His price target for the S&P is 4,300 with no recession, and 3,150 with a recession.
Roberto Perli, the head of global policy research at Piper Sandler, an investment bank, told Insider on Friday that he also sees downward revisions to earnings ahead, and that the market would likely fall another 10% as a result.
Richard Saperstein, CIO at Treasury Partners, a wealth management firm, echoed these sentiments as well on Friday, and expressed concern that the Fed can mange a soft landing.
"We remain skeptical that the Fed can pull off simultaneously normalizing its balance sheet, controlling inflation, and avoiding severe market disruptions," Saperstein said. "We're increasingly concerned that investors may be forced to endure more downside volatility in this tricky environment."
He added: "The official $225-$230 2022 S&P 500 EPS consensus estimates are strong, and we consider them overoptimistic given the deteriorating macroeconomic backdrop."
Is the US really headed toward a recession?
Consensus on Wall Street remains that a recession does not lie ahead. But the market is becoming increasingly wary of growing risks to the economic expansion as the situation quickly evolves.
Wednesday's CPI release surprised to the upside at 9.1%, and there appears to be a 50% chance the Fed hikes rates by 100 basis points later this month.
With the Fed increasingly likely to tighten even harder than they have thus far in 2022, and with some economic indicators already showing signs of a slowdown, 2-year and 10-year Treasury yields inverted the most since 2000 this week. Such inversions have preceded every recession over the last seven decades.
Still, a recession isn't inevitable. Many see inflation peaking in the near future as commodity prices fall and demand cools, allowing the Fed to back off.
BlackRock's Chief Investment Officer of Global Fixed Income Rick Rieder said on Wednesday that he anticipates the Fed will be able to signal a less hawkish approach by the end of the year.
Patrick Palfrey, a senior equity strategist at Credit Suisse, told Insider on Wednesday that he also expects the US to avoid a recession, and for stocks to begin a recovery.
"We've right-sized a lot of the excess in the valuations in response to rising interest rates and wider credit spreads. The question then becomes, do we slide into recession, in which case there would be a conversation on what happens in the market environment. Or, do we avoid a recession, in which case I think we could get back some of the valuation, and the market will move higher."
Palfrey's base case is the latter scenario. But he also acknowledged that the Fed's window for pulling off a soft landing is getting smaller. Investors might do well to do the same.
More: Investing Stock Market Crash Stock Market Analysis
S&P 500 EPS
lower corporate earnings estimates
earnings forecasts
|
2022-07-16T10:18:25Z
|
www.businessinsider.com
|
Stock Market Crash: More Downside Ahead As Earnings Set to Take a Hit
|
https://www.businessinsider.com/stock-market-crash-more-downside-ahead-earnings-revisions-sp500-recession-2022-7
|
https://www.businessinsider.com/stock-market-crash-more-downside-ahead-earnings-revisions-sp500-recession-2022-7
|
Celsius, Voyager, and Three Arrows are bankrupt. Here's how risky investments, DeFi glitches, and the crypto crash paved each firm's path to insolvency.
Morgan Chittum, April Joyner, and Jack Newsham
In an industry that is no stranger to volatility, crypto's market cap is down 66% from its peak.
The collapse of crypto hedge fund Three Arrows Capital led to a widespread crypto contagion.
Insider breaks down how each of these billion-dollar companies ended up in bankruptcy court.
Crypto is going through one of its coldest winters in recent years, with some of the largest companies in the industry going bankrupt.
Last year, crypto markets experienced euphoric highs with bitcoin, ethereum, and major altcoins hitting new records. Exchanges and digital mining companies raised billions in IPOs, and NFT marketplaces like OpenSea were among the latest crop of unicorns. Technology that had been conceived of by anti-establishment coders went mainstream, with Coinbase, Crypto.com, eToro, and FTX shelling out millions for ads in the 2022 Super Bowl.
Seven months ago, however, the market began to crumble as the Fed prepared to raise borrowing costs and combat inflation. After peaking last fall, crypto's total market cap has slashed more than 66% in value. Ethereum, the largest smart-contract network, is down about 60% in the past three months, while bitcoin has declined nearly 50% in the same time frame.
In broader crypto markets, the industry's biggest names have experienced liquidity crises, insolvency, and even bankruptcy. This has left investors assessing systemic risks, and weary of speculative bets. In the past month, for example, hedge fund Three Arrows Capital, centralized lender Celsius, and brokerage Voyager Digital have all filed for bankruptcy. On some level, the causes have been similar: crypto prices have fallen by about two-thirds since last fall, straining an ecosystem that had gotten used to growth.
"There needs to be a return to the first principles of finance," said Vinay Singh, a managing director at the fintech-focused venture capital firm Anthemis Group. "Are the markets so inefficient that crypto yields can be two times, three times, four times, what traditional yields are? No."
Here's how each of these three billion-dollar companies ended up in court.
Three Arrows Capital and the crypto contagion
Three Arrows Capital, a crypto hedge fund which reportedly managed $10 billion in assets as recently as March, filed for insolvency in the British Virgin Islands on June 27. Its liquidators, two consultants who have essentially been given the keys to the company, filed for Chapter 15 bankruptcy in the US and have said in court filings that founders Zhu Su and Kyle Davies have been uncooperative.
The full scope of Three Arrows' debts and assets, however, still isn't known. Russell Crumpler, one of the liquidators, cited news accounts to explain the company's downfall, saying on July 1 that his investigation had only just begun.
Three Arrows, also known as 3AC, was once one of the most prominent firms in the industry. Su and Davies – both former derivatives traders for Credit Suisse – had operated the hedge fund since 2012 and were hailed by many as legendary investors. In a sea of FOMO-driven capital allocators, 3AC was supposed to be the "adult in the room," Nik Bhatia, a professor of finance and business economics at the University of Southern California, told CNBC.
3AC took risky bets, borrowing from across the industry, and then investing that capital in other projects. Blockworks reported that protocols which were backed by the hedge fund also held portions of their treasury with 3AC. The fund manager was underwater on Grayscale Bitcoin Trust and Lido staked ether positions, according to CoinDesk. Equity plays and select investments include giants like lender BlockFi, custody platform Fireblocks, and scaling infrastructure provider Starkware.
"What surprises me most about 3AC's collapse was how they were able to amass so much leverage in the first place," Ryan Watkins, cofounder of crypto hedge fund Pangea Fund Management, told Bloomberg. "It was the lack of transparency that both enabled 3AC to borrow so much money as well as cause panic across the industry, as no one knows who was exposed and how badly they were."
3AC troubles began to show after the crash of algorithmic stablecoin TerraUSD, which some have compared to crypto's "Lehman moment." TerraUSD, a US dollar-pegged token that was backed by a basket of various cryptocurrencies, collapsed amid the market downturn in May. With promised 20% annual yields, investors – both retail and accredited – turned towards the algorithmic stablecoin as a safe way to enter and exit crypto markets. After its downfall, holders of both Luna and UST lost roughly $42 billion in a week, per blockchain analytics firm Elliptic.
According to The Wall Street Journal, 3AC had invested around $200 million in Luna. Some reports, however, said that its exposure was around $560 million. After placing risky bets, the collapse of 3AC led to widespread crypto contagion. The fund failed to repay a $270 million to exchange Blockchain.com, along with defaulting on a $670 million loan from broker Voyager Digital.
Voyager Digital caught 3AC's bug
Then came the crypto-lender solvency crisis.
Voyager Digital filed for Chapter 11 bankruptcy protection on July 5 after suspending customer withdrawals, deposits, trading, and rewards. The publicly traded digital-asset firm made an unsecured loan to 3AC, which the hedge fund could later not pay back. The company said in a court filing that 3AC collapsed owing $350 million and 15,250 bitcoins — worth about $319 million on Friday — to Voyager.
"The debtors are facing a short-term 'run on the bank' due to the downturn in the cryptocurrency industry generally and the default of a significant loan made to a third party," CEO Steve Ehrlich said in Voyager's bankruptcy papers, referring to 3AC.
Voyager Digital listed multi-billionaire Sam Bankman-Fried's Alameda Research Venture and Alameda Research among its creditors. In June, Alameda Research gave Voyager a $500 million credit line, per a filing with the bankruptcy court in the Southern District of New York. Alameda Research, however, already owed Voyager $377 million with an interest rate of 1% to 5%. The company hired Moelis & Co. to try to find a buyer, but no offers ultimately panned out.
Voyager attracted depositors with its high APYs of up to 9% on USDC holdings which convinced many to put their savings in the company's hands. The company offered debit cards as well, essentially operating like a crypto bank. At its peak, the investing platform once reported roughly $5.9 billion in assets, with more than 3.5 million users.
While 3AC's liquidators are focused on making creditors whole, Voyager has filed for Chapter 11 bankruptcy, a process where creditors and stakeholders renegotiate the terms of their loans and try to set the company back up for success. But some creditors have more rights than others, and the process doesn't always result in a successful reorganization.
The company has hired lawyers at Kirkland & Ellis, and they have proposed a plan that would give depositors a mix of crypto, Voyager tokens, whatever can be recovered from 3AC, and a piece of the new company. A court hearing is scheduled for August 4, and creditors are supposed to meet on August 30.
Celsius's risky bets left it vulnerable to the market collapse
Celsius announced it was pausing all withdrawals, swaps, and transfers on its platform, effectively freezing its customers' accounts, on June 12. A month later, on Wednesday, it filed for bankruptcy, stating $5.5 billion in liabilities against $4.31 billion in assets.
While the snowballing crisis at Celsius reflects the broader issues affecting crypto-focused financial institutions, the lender faced specific challenges related to its investment strategies.
For customers depositing money with Celsius, it offered yields up to 17%, much higher than the typical interest on traditional assets. On average, according to a declaration by CEO Alex Mashinsky tied to the company's bankruptcy filing, customers earned a 5% yield.
To make a profit, Celsius needed to earn big returns from its own activity. It did so in part through a process called staking: exchanging ethereum for a different version of the cryptocurrency, tied to an update of the Ethereum blockchain, that would earn the company yield.
Ethereum typically traded one-to-one with its staked counterpart. But as cryptocurrencies plummeted in the spring and market participants sought to sell their holdings, staked ethereum slid in value. With a significant portion of its capital — more than 410,000 staked ethereum, or about $467 million, according to Celsius' filings — locked up, the company found itself unable to meet mounting customer requests for withdrawals from its platform, Mashinsky said.
Even before the recent crypto meltdown, Celsius had been burdened by inauspicious financial strategies.
Between August 2020 and April 2021, the lender sent $534 million to a fund manager, previously known only by its Ethereum wallet address, 0xb1. At the end of that period, those assets had grown to $1.14 billion. But according to the crypto research firm Arkham Intelligence, Celsius could have earned a greater return, with those invested assets totaling $1.49 billion, simply by holding its initial capital as ethereum's price rose.
The fund manager 0xb1, now having been revealed as KeyFi, filed suit against Celsius in June, claiming that the lender failed to put in place proper risk management.
In Mashinsky's declaration tied to Celsius' bankruptcy filing, the company said it "strongly disagrees with the allegations raised in the KeyFi complaint and intends to vigorously defend itself." Even so, Celsius' filing acknowledges that it "made what, in hindsight, proved to be certain poor asset deployment decisions."
The company, for instance, incurred a series of losses tied to mishaps on several of the platforms on which it invested. It lost 35,000 ethereum in June 2021 after the staking platform StakeHound announced that a set of tokens on its platform were no longer accessible because of misplaced blockchain "keys." Later that year, in December, Celsius also incurred losses when the DeFi application BadgerDAO was hacked for $120 million. Estimates at the time suggested that the company lost around $50 million.
Celsius also took out collateralized loans totaling $756 million from a variety of platforms, including the DeFi companies Maker, Aave, Compound, and Notional Finance, and the crypto exchange FTX. According to Mashinsky's declaration, Celsius has since repaid those loans and had its collateral returned. But in another instance, in July 2021, one of Celsius' lenders told the company it wasn't able to return its collateral in a timely manner. As of now, Celsius is still owed $439 million.
"With the Celsius case, it wasn't just that some of their counterparties failed. It appears they had a bunch of trading in DeFi. They were subject to a number of different hacks and exploits," said Miguel Morel, Arkham Intelligence's CEO. "I think that is pretty unique."
More: Investing Three Arrows Capital Voyager Digital
|
2022-07-16T10:18:37Z
|
www.businessinsider.com
|
Why Crypto Giants Celsius, 3AC, and Voyager All Filed for Bankruptcy
|
https://www.businessinsider.com/why-crypto-celsius-three-arrows-voyager-filed-bankruptcy-2022-7
|
https://www.businessinsider.com/why-crypto-celsius-three-arrows-voyager-filed-bankruptcy-2022-7
|
Taking a cruise could be your cheapest vacation option amid a summer of expensive and chaotic travel.
There are currently 45 cruises sailing for $50 a day or less through 2022.
Cruise Sheet has seen a 17% drop in average cruise fares compared to the same time in 2019.
Vacationing this summer has already shaped up to be "hellish" and expensive. Airlines have canceled thousands of flights, gas prices have soared to record highs, and some hotel rates have climbed past pre-pandemic levels.
But amid these skyrocketing prices, chaotic travel stories, and inflation, there's one glimmer of hope for budget travelers still looking for a relaxing getaway this year: cruises, many of which are sailing for under $100 a day.
A flurry of last-minute vacations at such discounted rates probably sounds too good to be true. And during most other circumstances, it is. Travelers often book their cruise trips at least a year in advance. But this time last year, the cruise industry and eager cruise goers were still battling continually changing restrictions and sailing protocols amid COVID-19.
In the last few months as travel and vaccine restrictions have eased, many cruise lines have begun increasing guest capacity and bringing their fleets back into operation for 2022 sailings. And because these companies haven't had the "normal amount of time" to sell cabins, cruise lines are now discounting their itineraries to entice travelers, Tynan Smith, the founder of cheap cruise aggregator Cruise Sheet, told Insider.
Cruise Sheet has seen a 17% drop in average cruise fares from June 1 to July 13 compared to the same time in 2019. "These aren't the absolute lowest prices I've seen, but there are [now] more low prices than I've ever seen," Smith said, noting that he's come across a cruise for as cheap as $29 a day in the past month.
According to Smith, Carnival Cruise Line has traditionally offered more affordable itineraries: One of its cheapest cruises in 2022 currently starts at $49 a day. But now, there are unusually inexpensive daily rates — under $80 a day — on cruise lines like Celebrity Cruises, Princess Cruises, Norwegian Cruise Line, and Holland America Line as well.
Through 2022, there are 45 cruises sailing for $50 a day or less, Smith told Insider, with another 2,000 going for under $100 a day. In comparison, hotel rooms in the US hit an average daily rate of about $153 between late June and July, according to data from hospitality analytics company STR, Hope King reported for Axios.
A vacation for under $100 may seem suspiciously cheap, but customers still be get the typical cruise ship amenities that'll blow most motels and hotels out of the water like large swimming pools, lounges with views of the ocean, buffets, and theaters.
Travelers have been scrambling to book these deals. Last-minute bookings with cruise and travel agency World Travel Holdings are up 55% compared to the same time in 2019, David Crooks, the company's senior vice president of product and operations, told Insider. And every month for the last three months, Cruise Sheet has seen a record number of bookings, primarily 2022 itineraries, Smith said.
"I tell anyone that's interested in going on a vacation right now that it's a great time to go on a cruise, price-wise and because ships aren't full," Crooks said, adding that its customer survey scores are higher than he's seen before. "People are not only getting a great value, they're getting a really good experience."
More: Cruise cruise line Princess Cruises Carnival Cruise Line
|
2022-07-16T11:52:37Z
|
www.businessinsider.com
|
Cruises Could Be This Summer's Cheapest Travel Option Amid Inflation, Gas Prices
|
https://www.businessinsider.com/cruises-summer-cheapest-travel-vacations-2022-7
|
https://www.businessinsider.com/cruises-summer-cheapest-travel-vacations-2022-7
|
The chief strategist at one of the world's biggest brokers says investors should 'back the truck up' to use this great opportunity to buy cheap stocks - and lists the parts of the market she likes the most
Liz Ann Sonders is the chief investment strategist at Charles Schwab, which oversees $8 trillion in client assets.
This past week's CPI print of 9.1% is widely being seen as the peak for inflation.
Markets are down heavily from all-time highs and many stocks look cheap now.
The chief strategist at an $8 trillion firm says it's time to buy despite economic uncertainty.
This past week's consumer inflation print of 9.1% is widely being seen as the peak for inflation because the slide in commodity prices could well bring the number down next month.
For many investors, a peak in inflation is seen as the starting gun on a recovery due to the way markets front run events.
The theory goes that as inflation recedes, the Federal Reserve will start signalling an easing back on rate hikes, and ultimately if the economy slows to the degree some are forecasting it will have to pivot to rate cuts.
This scenario is far from guaranteed to transpire, but if it is a correct reading of the runes, investors sitting on cash might want to start redeploying it.
Inflation is notoriously hard to forecast though for even the most seasoned economists, and there's a risk that it could become "sticky" even if it doesn't go any higher than 9.1%.
For Liz Ann Sonders, chief investment strategist at the $8 trillion stockbroker giant Charles Schwab & Co, inflation looks likely to be slow to return to the distant target of 2%.
"Transport, commodity prices are probably going to start moving down and in some cases they already have, so at this point we can say, overall CPI is likely to be lower next month," she told Insider. "But there was some of that chatter heading into this month on today's reading and obviously that didn't happen"
"The problem is that the shelter component of inflation has been hot too. That may not get much worse from here, but that tends to trend a little bit less volatile. So the likelihood of a major move down in short order is is low, just based on how that tends to be a bit stickier."
Sonders said that given how far off 2% inflation looks right now, she considers it conceivable that Jerome Powell and his Fed colleagues may start signalling they do not need to see it all the way back down to target in order to lift the foot off the pedal on hiking. This flexibility could provide the room to stop tightening early enough to achieve a "soft landing" for the economy. Such an occurrence would of course be bullish for stocks.
Complicating the picture at the moment is the fact that payroll numbers continue to be strong. Sonders said that does not necessarily mean there isn't weakness in the economy. Strong jobs numbers are a lagging indicator with hiring freezes and layoffs taking some time to be fully reflected.
Despite a somewhat bearish take on the economy Sonders is relatively bullish on stocks at these prices, providing you have a long time horizon and apply some crucial quality control.
"What I would tell a 22-year old investors who's got a 40-year time horizon, inherited a million dollars and doesn't need the money now is 'back up the truck' and buy here, because even if the low isn't in it's a great opportunity."
"If it was a 75-year old investor who has a nest egg and they're living off the income associated with it and they can't afford to lose much or any of the principal, what I would tell that investor is entirely different."
"So, broadly from a tactical perspective, what we're saying for equity investors, especially those who are stock-pickers, is don't get out over your skis. Don't take risk beyond what your strategic allocations suggests is appropriate. Make sure you're diversified, including outside the US. But importantly, stay very much up in quality."
In terms of what to buy specifically, Sonders says investors should get away from seeing everything through the lens of sectors.
"We moved away from sector recommendations back in February and went to a sector-neutral approach because we've been emphasizing factor-based investing to a much more significant degree than sector-based.
"Factors that we've been emphasizing that anybody really can screen for through a variety of sources including our own, would be strong free cash flow, healthy yield, balance sheets with low debt, high cash, positive earnings revisions and sticky profit margins in a growth constrained environment."
"That's a quality wrapper around a number of different factors, and you can apply that type of screening across all sectors."
More: which stocks should I buy? which stocks to buy Stocks to Buy stock recommendations 2022
Liz Ann Sonders
|
2022-07-16T11:53:01Z
|
www.businessinsider.com
|
It's Time to 'Back the Truck up' to Buy Stocks Right Now: Strategist
|
https://www.businessinsider.com/investing-strategy-bear-market-cheap-stocks-to-buy-recession-opportunity-2022-7
|
https://www.businessinsider.com/investing-strategy-bear-market-cheap-stocks-to-buy-recession-opportunity-2022-7
|
Dmitry Rogozin sparred with Elon Musk and astronaut Scott Kelly after Russia invaded Ukraine.
Dmitry Rogozin has been fired as Russia's space chief, the Kremlin announced on Friday.
The dismissal follows a new agreement between NASA and Roscosmos to integrate ISS flights.
Rogozin has had public spats with Elon Musk and astronaut Scott Kelly in recent months.
Dmitry Rogozin has been fired as Russia's space chief by Vladimir Putin, the Kremlin announced on Friday, following months of acrimony with NASA and other Western figures.
Rogozin was removed as the chief of Roscosmos after four years in the role. The Kremlin did not give a reason for his dismissal, but it follows a new agreement between NASA and Roscosmos to integrate flights to the International Space Station (ISS).
Yuriy Borisov was announced as Rogozin's replacement after recently being dismissed as deputy prime minister.
Tensions have flared between Western and Russian space organisations since Putin invaded Ukraine in February.
Rogozin has battled his opponents on Twitter, trading insults with astronaut Scott Kelly in March, when he claimed Kelly needed a brain examination after he told Rogozin to get a job at McDonald's.
The former space chief also said Elon Musk should be held accountable for sending Starlink satellites to help Ukraine in the early days of the invasion. Musk proceeded to joke that he might "die under mysterious circumstances."
The relationship between NASA and Roscosmos is seen as vital to safe space exploration, given the partnership developed over the years on the ISS by the US and Russia.
Roscosmos incrementally boosts the ISS to keep it in orbit. Rogozin previously threatened to send the space station crashing into the US or Europe if Russia was hit by sanctions.
Russia also signaled its intention to pull out of the ISS altogether in April due to the sanctions.
Last week, NASA rebuked Roscosmos after Russian astronauts flew separatist flags on the ISS in support of Russia's invasion.
Astronaut Kelly appeared to revel in Rogozin's dismissal, suggesting in a tweet that Rogozin get a job at Russia's rebranded McDonald's restaurant called "Tasty and That's It."
More: Weekend BI UK Dmitry Rogozin ISS International Space Station
|
2022-07-16T11:53:19Z
|
www.businessinsider.com
|
Putin Fires Russia's Space Chief Dmitry Rogozin, Who Trolled Elon Musk
|
https://www.businessinsider.com/putin-fires-russias-space-chief-dmitry-rogozin-who-trolled-elon-musk-2022-7
|
https://www.businessinsider.com/putin-fires-russias-space-chief-dmitry-rogozin-who-trolled-elon-musk-2022-7
|
Biden is expected to carry out broad student-loan relief before payments resume September 1.
That's less than two months away, and Democrats and the GOP have concerns about its implementation.
The Education Department says it's prepared to carry out whatever Biden decides.
A lot is at stake for millions of federal-student-loan borrowers over the next few months.
From broad student-loan forgiveness to resuming student-loan payments after a two-year pause, borrowers are anxiously awaiting announcements of any relief — but lawmakers on both sides of the aisle have concerns about whether President Joe Biden's Education Department has the tools it needs to carry everything out effectively.
Education Secretary Miguel Cardona told reporters last month the department was prepared.
"We're ready to roll up our sleeves," he said, adding that the department had "been working nonstop" on student-debt relief.
Biden is considering $10,000 in student-loan forgiveness for borrowers making under $150,000 a year, The Washington Post reported, and he's likely to announce his final decision in July or August, close to when the student-loan-payment pause expires after August 31.
But with that date less than two months away, with no indication as to whether the pause will be extended, lawmakers and advocates are unsure all these actions can be carried out on such a short timeline.
"When it comes to preparedness, the Department of Education might as well be taking a page out of President Lyndon Johnson's weathered playbook: Hunker down like a jackass in a hailstorm. This comes as a surprise to no one," Rep. Virginia Foxx, a top Republican on the House's education committee, told Insider.
"Despite what the Secretary said, there has been zero effort to demonstrate that the Department is ready to implement anything," Foxx, who has frequently criticized student-loan relief, added. "When it comes to squandering hundreds of billions of taxpayer funds, I hope the department is at the very least willing to share that plan with the American people — the same people writing the checks."
An Education Department spokesperson told Insider that it was continuing to review options for broad relief and would communicate any plans directly with borrowers.
Borrowers were promised 'ample notice,' but the deadline is 6 weeks away
Student-loan borrowers have faced a lot of uncertainty during the pandemic. While Biden has extended the pause on student-loan payments four times during his presidency, the extensions were announced very close to the date payments were set to resume, giving borrowers little time to financially plan. Last month, Cardona assured borrowers any announcements of relief, or further extensions, would be done well in advance.
"I don't have any information now to share with you about when it would end," Cardona told lawmakers last month, referring to the student-loan-payment pause. "I know we have a date, and it could be that it's extended. Or it could be that it starts there. But what I will say is that our borrowers will have ample notice. And we'll communicate that with you as well."
While he didn't specify what he meant by "ample notice," some might disagree that announcing any plans less than two months before payments resume counts as "ample."
Rep. Ilhan Omar of Minnesota led 55 of her Democratic colleagues last month in sending a letter to Cardona requesting information on his department's preparedness to implement broad student-loan forgiveness "quickly and efficiently," but Omar's office told Insider she had yet to receive a response.
Foxx sent a similar letter last month to Cardona, saying: "You said you are ready to act on student-loan forgiveness, but you can only be ready if you know the plan; therefore, please describe, what is this plan?"
Her office told Insider she had not received a response, either.
Rep. Alexandria Ocasio-Cortez of New York previously criticized the lack of notice the department had given student-loan borrowers, saying it inhibited many people from planning financially.
"I think some folks read these extensions as savvy politics, but I don't think those folks understand the panic and disorder it causes people to get so close to these deadlines just to extend the uncertainty," Ocasio-Cortez tweeted in April. "It doesn't have the effect people think it does."
Broad relief isn't the only thing on the department's plate
While the most pressing issues for student-loan borrowers right now might be broad student-loan forgiveness and a payment-pause extension, the Education Department has a lot more it's focusing on that could significantly affect many borrowers.
For example, the department announced reforms to the Public Service Loan Forgiveness Program last month, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments. Included in those reforms was a waiver running through October 31 that allows any prior payments, including those deemed ineligible, to count toward forgiveness progress.
But a recent analysis from the advocacy group Student Borrower Protection Center found that while 9 million public servants were eligible for student-loan forgiveness, only 2% of them had gotten their debt wiped out since November 2020 — and fewer than 15% had filed paperwork to track their PSLF progress.
Richard Cordray, the Federal Student Aid head, said during a conference last month that he's "pushing hard to get approval if we can get it extended," referring to the waiver, but that borrowers should plan for the waiver to expire in October.
Additionally, the department just released its list of regulatory proposals to reform the student-loan industry. Those proposals included reforms to loan-forgiveness programs like PSLF and ones for defrauded borrowers, as well as measures preventing interest capitalization. The department hopes to finalize those rules by November, with implementation next year.
On top of all those reforms, the department is overseeing the transfer of millions of borrowers' accounts to new student-loan servicers after three companies announced they would be ending their federal contracts. It's clear the department has a lot on its plate — and while Republicans want Biden to end the relief and return to pre-pandemic functions, advocates of relief want to ensure borrowers aren't thrown back into repayment too soon.
One hundred eighty student-loan advocacy groups recently wrote a letter to Biden, saying: "We strongly urge your administration not to threaten the financial security of people with student debt as a tactic to fight inflation."
They added: "People with student debt cannot be required to make payments toward loans your administration has promised to cancel."
|
2022-07-16T11:53:25Z
|
www.businessinsider.com
|
The Student-Loan Industry Is Facing a Shake-up Over the Next 2 Months
|
https://www.businessinsider.com/student-loan-industry-shakeup-coming-months-education-department-preparedness-2022-7
|
https://www.businessinsider.com/student-loan-industry-shakeup-coming-months-education-department-preparedness-2022-7
|
A US Secret Service agent outside the White House.
The January 6 commission issued a subpoena to the US Secret Service on Friday.
It came after the DHS watchdog accused the agency of deleting text messages from Jan. 5 and 6, 2021, after a request.
The commission is now seeking the relevant text messages and action reports from the Secret Service.
The letter said that the House select committee had been informed that the Secret Service had erased text messages from January 5 and 6, 2021, as part of a "device-replacement program."
The agency said the "pre-planned, three-month system migration" resulted in some lost data, the letter said. However, according to the Secret Service, none of the texts that the DHS Inspector General Joseph Cuffari sought had been "lost in migration," Thompson wrote.
The commission is now seeking the relevant text messages and action reports, the letter said.
On Wednesday, Cuffari sent a letter notifying the House Committee on Homeland Security that the Secret Service erased text messages after the watchdog requested records.
Responding to the letter, Secret Service spokesperson Anthony Guglielmi tweeted that his agency took "strong issue with these categorically false claims." In a follow-up statement on Thursday night, he called the "insinuation" that the Secret Service had "maliciously deleted" text messages false.
More: Secret Service DHS UK Weekend News UK
|
2022-07-16T13:20:11Z
|
www.businessinsider.com
|
Jan. 6 Panel Subpoenas Secret Service for Deleted Text Messages
|
https://www.businessinsider.com/jan-6-panel-subpoena-secret-service-deleted-text-messages-2022-7
|
https://www.businessinsider.com/jan-6-panel-subpoena-secret-service-deleted-text-messages-2022-7
|
Athletic Brewing Company founders John Walker, left, and Bill Shufelt at the company's brand-new Connecticut brewery.
Athletic Brewing Company's non-alcoholic beers now make up over 51% of the craft NA beer market.
The company is hoping to attract "flex-sober" drinkers who want to drink without the consequences.
Athletic CEO Bill Shufelt said he thinks NA beer will make up 20% of the beer market by 2030.
Maybe you've seen Athletic Brewing Company's beers on can lists at your favorite local bar. Or maybe you've noticed college athletes hawking the beers on Instagram, or seen them stocked at Whole Foods.
Either way, it seems Athletic's beers are everywhere.
The 5-year-old brewery owns 51% of the US non-alcoholic craft-beer market and surpassed 100,000 barrels of production in 2021. While Athletic declines to disclose its latest sales and revenue figures, it told Bloomberg that sales soared to about $15 million in 2020, up 500% from 2019.
Athletic's success is no accident, but instead the perfect alchemy of high-quality taste and growing distribution, plus the intersection of craft-beer appreciation and a burgeoning curiosity among millennials and Gen Z about alcohol alternatives.
"It's something that nobody talked about or wanted or considered five years ago," Bill Shufelt, Athletic's cofounder and CEO, told Insider. "And now we can't make enough of it."
'We're not trying to bring back Prohibition'
A can of Run Wild, Athletic's popular IPA.
Athletic's growth comes amid a boom in the non-alcoholic beer market.
The category grew more than 28% by volume in the US last year, according to IWSR Drinks Market Analysis, a global provider of alcoholic-beverage market data. Adam Rogers, IWSR's North American research director, told Insider by email that the trend is driven by a shift away from binge-drinking.
"People are approaching alcohol consumption more consciously as they have put more emphasis on moderation by drinking less, but better," Rogers wrote. "No-alcohol beer fits into the consumer lifestyle of wanting to drink a beer without the effects of alcohol, leaving open more consumption occasions for the segment."
Rogers pointed out that while a portion of the consumers driving NA beer sales completely abstain from drinking, others drink NA beer alongside beer that contains alcohol. He described the latter consumers as those who approach alcohol consumption "mindfully," many of them younger drinkers.
"Today's consumer lets the occasion dictate the alcohol type, which includes no and/or low-alcohol products," he wrote.
It's exactly this segment of drinkers Shufelt wants to target with his beers. While he estimates 50% of US adults "barely" drink, he's not just aiming for half the population — he's aiming for the whole thing.
Shufelt said that 80% of those who buy his beers do drink alcohol at other times. He described those people as "flex sober" — people who drink regularly, but choose sobriety on occasion.
"We're not really trying to take away any alcohol occasions. We're adding five days of the week, we're adding 50% the population into the category," he said. "We're not trying to bring back Prohibition, but we are trying to give people better options."
Disrupting the beer market
Athletic's 25-calorie light beer.
Of course, the eternal question around NA beer is taste.
Making beer that is low in alcohol has historically been at odds with making it taste good. Brewers typically have two options for making low- or no-alcohol beer: boiling off the alcohol after the beer is brewed, or halting the fermentation process early. Neither typically produces delicious results.
Athletic says it uses an "innovative, proprietary method" of making beer without alcohol, though it's tight-lipped about what the process is. Shufelt did say the company uses an organic malt in almost all its beers that he described as "extremely uneconomical, but very high-quality."
The rest he attributes to using the best ingredients and keeping the brewing process entirely in-house at Athletic's facilities, including its new 150,000-square-foot facility in Milford, Connecticut, which Shufelt said should help the company quickly ramp up production and distribution.
"Our co-founder, John [Walker] — when we teamed up in 2017, we were home-brewing in an empty warehouse for a year — he said, 'We're not launching a product ever unless it stacks up to like the best craft beer and is totally indistinguishable from alcoholic beer,'" Shufelt said. "And to his credit, he really accomplished that."
The company notes that it won more than 40 awards from 2018 to 2021, including honors from the Great American Beer Festival, the World Beer Awards, and the US Open Beer Championship in 2021.
Athletic has also attracted high-profile investors, some of them well-known athletes, including NFL stars J.J. Watt and Justin Tuck and cyclist Lance Armstrong. Shufelt says there are "a number of other celebrity investors" he couldn't yet reveal.
The products can be found at more than 15,000 retailers nationwide.
Rogers from IWSR noted that what sets Athletic apart from the NA beers of yore is its range of styles, including hazy IPAs, stouts, and seasonal options like Oktoberfest beers, something "incumbent" NA beer brands didn't offer when Athletic came on the scene.
Rogers compared the rise of craft NA beer to how the craft-beer boom of the 2010s disrupted traditional beer brands and said consumers should expect to start seeing "more retail shelf space being dedicated to the movement."
For his part, Shufelt believes that NA beer will account for over 20% of the beer market by 2030, a significant leap from 2017, when it made up just 0.3%.
"I think it's going to surprise everyone with how big this ends up being," Shufelt said. "People are going be super-psyched that they can drink great beer at any point in their week, in their day, in their life."
NOW WATCH: Samuel Adams spearheaded the craft beer craze that's now a $26 billion industry in America. See inside the legendary factory
More: Athletic Brewing Company NA beer Non-Alcoholic Beer Craft Beer
|
2022-07-16T13:20:23Z
|
www.businessinsider.com
|
Athletic Brewing's Non-Alcoholic Beer Aimed at 'Flex-Sober'
|
https://www.businessinsider.com/non-alcoholic-beer-athletic-brewing-growth-flex-sober-2022-7
|
https://www.businessinsider.com/non-alcoholic-beer-athletic-brewing-growth-flex-sober-2022-7
|
Kiersten and Julien Saunders retired in their 40s, and I want to follow their lead.
Their new book encourages people to reexamine why they want to become financially independent.
I'm revisiting my financial plan and adding 3 tips from their book, including talking to other Filipinos about money.
Because I have $96,000 in student loan debt, I never thought it was possible for me to retire early — until I read "Cashing Out: Win the Wealth Game by Walking Away" by Kiersten and Julien Saunders.
The book outlines the exact strategies they used to pay off $200,000 worth of debt, retire in their 40s, and create a lifestyle filled with ease and purpose. I had the pleasure of speaking to the Saunderses a few weeks ago about the their wealth-building journey and the idea of "cashing out."
The couple said, "It's completely countercultural, somewhat controversial, when we talk about 'cashing out,'" which they describe as having enough cash on hand for emergencies, while investing the rest into the market to secure their retirement. They also describe the term "cashing out" as the option to work as little or as much as they want on projects that are aligned with their values and serve the communities they care about.
Speaking with the Saunderses felt like I just had a comforting conversation with older siblings who were cheering me on from the sidelines and giving me generous advice about the wealth-building challenges ahead. Here are three simple changes I'm making to my financial plan after our conversation and reading their book, "Cashing Out."
1. I'm reevaluating why I want to achieve financial independence in the first place
As a reporter who speaks all day to people who have achieved significant money milestones, it's hard not to compare myself to others who have paid down six figures of student loan debt in less than two years, or people who have made a fortune investing their money in the stock market.
In their book, the Saunderses say that assigning a purpose to your income helps you build wealth. They write, "If you don't give your income a purpose, someone else will. And your purpose for your income may not be in your best interest."
Personally, I'm not trying to build financial independence so I can buy a mansion or brag about a brand-name car. After some deep soul searching, I learned that I want to achieve financial independence so that I can:
Become a stronger writer
Travel the world with my blood and chosen family
Give back to causes that I believe in, especially for the queer and trans community
Pay annual six-figure reparations to Black and Indigenous communities, and encourage other non-Black and non-Indigenous people with wealth to do the same
The Saunderses also write, "The act of building wealth isn't just a way for you to enjoy nice things; it allows you to leave the world in a better condition."
2. I'm increasing my giving budget by $10 a month
Early in their wealth-building journey, the Saunderses cut back their living expenses drastically, at one point saving 70% of their income from their corporate jobs for early retirement. However, the couple consistently gave back to the Black community, whether it was monetary donations or by giving their time and energy to help others.
Equipped with self-knowledge that part of my wealth-building motivation is to give back to my community, I realized it would be powerful to increase my own giving budget incrementally — starting with $10 a month — so that I can get a taste of what it would feel like to spend my money when I do achieve financial independence.
3. Talk to other Filipinos about money
In their book, the Saunderses write, "Over the years, we learned that your greatest defense to avoid being trapped in consumerism is to have a solid foundation of values, a community you can lean on for support, and rock-solid beliefs that guide your thinking about money."
The Saunderses also threw a virtual dinner party series called Money on the Table, where they talked to the Black community about their relationship with money and their financial goals for the future.
Coming from a community-organizing background, I can see why opening up these conversations helped the Saunderses stay motivated to achieve their financial goals. To follow in their footsteps, I plan on making more time to talk to my Filipino friends and family members about our collective relationship to money.
There's a Jay-Z lyric that goes, "Around here, we measure success by how many people successful next to you. Over here, we say you broke if everybody is broke except for you." That sentiment always stayed with me, but the Saunderses gave me the blueprint to actually incorporate my values into my wealth-building plan.
PERSONAL FINANCE 3 smart money habits I learned from a personal finance book that actually addresses economic injustice
PERSONAL FINANCE I spend hours every single month looking over my finances to feel in control, but now I'm ready to save time and automate my finances in 4 ways
More: Personal finance books Wealth FIRE movement Financial Independence
|
2022-07-16T13:20:29Z
|
www.businessinsider.com
|
3 Simple Tips to Improve My Financial Plan From the Book 'Cashing Out'
|
https://www.businessinsider.com/personal-finance/improve-financial-plan-cashing-out-book-2022-7
|
https://www.businessinsider.com/personal-finance/improve-financial-plan-cashing-out-book-2022-7
|
I got up close and personal with the Rivian R1S, the startup's new electric SUV.
It has three rows and tons of storage space.
The R1S's cargo area can fit a twin bed and has tons of interesting features.
Startup automaker Rivian is about to drop the coolest new electric SUV on the market: the R1S.
Read Insider's review of the Rivian R1S here.
The three-row SUV may not have a truck bed in back like Rivian's R1T pickup, but it's still super functional.
The R1S gets a vast cargo area that's way more versatile than your typical trunk.
I got to poke around the R1S and climb inside at a recent media event. Here's a full photo tour of the new vehicle's cargo area and everything it has to offer.
First, some quick background on the R1S.
It's Rivian's second consumer vehicle after the R1T pickup, which it started selling in September.
After some delays, it's set to ship to patient preorder holders in August.
The R1S will eventually start at $72,500 for a dual-motor base model. But at first, Rivian is focusing on top-tier versions that cost $90,000 and up.
Rivian's rugged truck and SUV take aim at outdoorsy consumers who want to get out into nature for things like biking, skiing, and camping.
And that shows through in the R1S's interior.
Behind the third row you get 17.6 cubic feet of storage.
Standing behind the SUV, you can open up more space by collapsing one or both rows of seats using two buttons.
Folding the third row bumps capacity to 46.7 cubic feet.
Collapsing the second row creates a simply massive 88.2 cubic-foot loading zone.
Read more: Power Players: Meet 30 leaders driving the electric-vehicle revolution at white-hot companies like Rivian, GM, and Lucid
It's big enough for a twin bed, Rivian demonstrated.
At 6-foot-1, I could comfortably stretch out.
You can also fold the second row's middle seat to seat four people and still accommodate long items like skis.
Repositioning a panel makes the cargo area's floor nearly flat, which would come in handy for sliding in bulky items.
Rivian included movable tie-down points for securing cargo that owners don't want bouncing around.
Rivian envisions owners will use those tracks to mount their own accessories, like drawers, tool boxes, or camping kitchens.
Rivian hasn't officially announced any accessories of its own, but that seems likely.
The left wall of the Rivian has two electrical outlets behind a sliding plastic cover.
Below that there's a built-in air compressor that owners can use to inflate their tires after a day on the beach or off-road trails.
The compressor could also come in handy for filling bike tires, inflatable kayaks, or air beds.
Under the R1S's floor you'll find a few extra nooks.
There's an air hose for the compressor and a first-aid kit.
Below that, there's a spot for a spare tire or some extra luggage.
The R1S has a split liftgate. There's an upper hatch that swings upward …
… and a tailgate that opens downward.
The tailgate can hold up to 500 pounds. The R1S's chief engineer told me it was designed to support the weight of 2-3 adults.
The hatch has lights on it that point down at the tailgate, allowing owners to sit and read a book or use the surface to cook a meal at a dark campsite.
Rivian packed the R1S with bonus storage space. If you run out of space in the back, you can always put some bags in the frunk.
|
2022-07-16T13:20:41Z
|
www.businessinsider.com
|
Rivian R1S Photos: Tour the Luxury SUV's Versatile Cargo Area
|
https://www.businessinsider.com/rivian-r1s-review-electric-suv-interior-cargo-area-2022-7
|
https://www.businessinsider.com/rivian-r1s-review-electric-suv-interior-cargo-area-2022-7
|
Bob's Watches
Rolex watches are on track to erase all the price gains they made this year on the resale market.
The drop follows steeper crashes for stocks and crypto that are hitting new collectors' wealth.
Even with the decline, experts say Daytonas and other top-tier timepieces are still a resilient asset class.
After a surprising two-year run in which preowned luxury watches increased in value like equities, real estate, and cryptocurrencies, it appears the Rolex Daytona is not immune to the forces of financial gravity.
The crowd-favorite Cosmograph Ref. 116500 has been in a months-long slide from its peak in mid-March at around $48,500, down more than 16% to about $39,500 today, according to data from Watch Charts.
The decline of that particular referent, along with others in its family, is driving a wider drop in the brand's performance on the secondary market, which is down more than 10% over the past three months, per Watch Charts.
Watch Charts
An echo chamber supercharged demand for top-tier models
Similar drops are also happening to the two other Holy Grail watches that collectors flocked to during the pandemic: the Audemars Piguet Royal Oak and the Patek Philippe Nautilus.
"The watch world has, in the last couple of years, become kind of a big echo chamber in some ways," WatchCharts founder Charles Tian told Insider.
Ultimately, this has created an extreme level of interest not just in the leading three brands, but also very specific individual models that are basically impossible to buy new in a store.
The fascination has even given a major lift to other well-established Swiss brands that happen to offer models that look a lot like the top picks.
Still, something seemed to kick in late last year that pushed buyers of the Daytona, Royal Oak, and Nautilus into a frenzy.
Paul Altieri, founder of Bob's Watches, a leading Rolex reseller, told Insider the market was particularly hot from October until early May, during which prices jumped "it seemed like overnight."
Since then, Altieri said he's seen a dip in the market for Daytonas at his shop, albeit somewhat less pronounced than the larger resale market tracked by Watch Charts.
One possible reason Daytonas are faring better for Altieri is that his company doesn't accept cryptocurrencies, which have been in a free-fall since April.
The crypto-fueled 'bling boom' comes to an end
As Bloomberg columnist Andrea Felsted observed, a "bling boom" bubble emerged in the secondhand watch market that was inflated by gains in crypto and stocks, citing a Jeffries analysis that crypto wealth accounted for at least a quarter of the growth in luxury sales in the US.
Altieri said his customers tend to have their eye on their 401k when considering a purchase, and stocks and bonds have both taken a beating in 2022.
A Goldman Sachs analysis found that the classic 60-40 portfolio — generally known to be the most conservative investing strategy balancing stocks and bonds — lost 17% in the first six months of this year, the biggest decline since 1932.
Meanwhile, even the cash in US bank accounts has lost 9.1% of its purchasing power since a year ago as inflation climbs to the highest level since 1981.
Interestingly, it was the geopolitical uncertainty, market volatility , and high inflation of the '70s and '80s that in large part helped to fuel the rise of Swiss luxury watches as an alternative investment.
By those measures, the declining quarter for Daytona looks rather less bad, and more like a necessary correction of a market.
"While the level of growth in the secondary market since 2021 may be unsustainable, we believe that there is a strong baseline of value to be found in 'investment-grade' luxury watches," Morgan Stanley analysts Edouard Aubin and Elena Mariani wrote in a research note.
What makes luxury watches a different asset from securities or crypto is the baseline of value established by enthusiast collectors across decades, Tian said. "Those people aren't going to go away just because the market drops."
A new generation of collectors is now figuring out a new balance between purely enjoying the horology and expecting a return on investment, he added.
In addition, US households — mostly the wealthiest ones who like to buy stuff like luxury watches — are still sitting on massive amounts of excess savings from pandemic emergency spending.
"That money is still out there," Altieri said, "and it's gonna find good quality assets to buy. There's just an insatiable appetite."
The "bling boom" may be over, but demand for certain rare and discontinued models continues to exceed supply, and you still won't have any luck finding a Daytona to buy at retail price.
More: Rolex Swiss Watch Audemars Piguet Patek Philippe
|
2022-07-16T13:20:47Z
|
www.businessinsider.com
|
Rolex Daytona Resale Prices Slide As Crypto Crash Wipes Wealth
|
https://www.businessinsider.com/rolex-daytona-resale-prices-slide-as-crypto-crash-wipes-wealth-2022-7
|
https://www.businessinsider.com/rolex-daytona-resale-prices-slide-as-crypto-crash-wipes-wealth-2022-7
|
The Gomez family traveled to Rome from San Diego on Air Canada.
Sandro Pavlov/Shutterstock
A family from California were forced to spend almost $1,600 on new clothes after having to spend their entire European vacation without any luggage.
In June, Steve Gomez, his wife, and his two sons embarked from San Diego on a 17-day trip to Europe, which included a seven-day cruise.
They flew on Air Canada via Toronto to Rome and their flights suffered only minor delays.
While they made it to the Italian capital on June 18, their luggage did not.
Gomez contacted Aviapartner, which handles the airline's baggage, to report their missing bags.
Gomez told Insider: "Having zero luggage for four people, we had to spend a few hundred dollars in the first two days just to have enough clothing to make it to the next day. Our travel plans were to stay in Rome for two nights, then boarding a seven-day cruise from Rome."
According to Air Canada's baggage tracker, their luggage got to Rome the following day.
But Gomez said: "It was impossible to reach a human. The partner phone either resulted in a busy signal or never answered and no emails were answered. The system is designed to hang up on callers when the hold time reaches 61 minutes."
Insider reviewed bank statements and booking receipts showing that the family spent almost $20,000 on their holiday.
The family spent almost $1,600 on new clothes, toiletries, suitcases and laundry expenses.
The Gomez family visited Rome while on their vacation.
Steve Gomez
After multiple failed attempts to speak to someone about their luggage, the baggage tracker showed their bags were to be delivered to Naples to coincide with their cruise's first stop in Salerno on June 21.
But Gomez said the luggage did not appear. "Our family of four spent the full cruise of 7 days, plus 4 days in Athens and 2 days in Venice with no luggage – a total of 17 days without our belongings from the day we departed."
When they returned to the airport to go home on July 3, Gomez told an agent what had happened and asked for an upgrade but was told none were available.
"She just dealt with a family of 'seven that had no luggage for 10 days' – as if I should feel better because others were worse off than me."
Five days after getting back to San Diego, they were told one bag had been found, so Gomez drove two hours to pick it up from the airport. The following day he got a call about another bag, requiring another trip.
By July 12, they finally had all their bags back.
"Now that we recovered our luggage, the next challenge is to recoup the cost in expenses. I suspect I'll need to take legal action," Gomez said.
Air Canada was contacted for comment.
More: Weekend BI UK Air Canada Flight Cancellations travel chaos
|
2022-07-17T09:06:43Z
|
www.businessinsider.com
|
A Family of 4 Flew Air Canada, Spent 17 Days in Europe Without Luggage
|
https://www.businessinsider.com/family-flew-air-canada-lost-luggage-european-vacation-2022-7
|
https://www.businessinsider.com/family-flew-air-canada-lost-luggage-european-vacation-2022-7
|
Fox Sports is facing criticism after using a the 9/11 memorial at Ground Zero in Manhattan as the background for their baseball night graphics.
The pools mark the locations of the North and South Towers that were destroyed in the September 11, 2001, terror attacks that killed 2977 people and shook the world.
Writing on Twitter, the 9/11 Day organization, which organizes memorial services for the terrorist attacks, said that "Fox Sports owes the 9/11 community an apology. On air"
—Steve Scott (@SteveScottNEWS) July 17, 2022
—Carol Eggers (@ceggersmidwest) July 17, 2022
Fox Sports did not immediately respond to Insider's request for comment, which was sent outside of US working hours on Sunday.
More: Fox Sports Baseball Red Sox Yankees
|
2022-07-17T10:41:54Z
|
www.businessinsider.com
|
Fox Sports Adapts 9/11 Memorial to Hype Baseball Coverage
|
https://www.businessinsider.com/fox-sports-adapts-911-memorial-to-hype-baseball-coverage-2022-7
|
https://www.businessinsider.com/fox-sports-adapts-911-memorial-to-hype-baseball-coverage-2022-7
|
Is a recession improbable or inevitable? JPMorgan, Goldman Sachs, and 10 other top investing firms reveal their predictions for the economy for the rest of 2022
Some Wall Street firms are banking on a recession, while others insist that the economy is too strong.
Talk of a recession has risen dramatically lately as the economy loses steam.
But investing firms are split as to whether a downturn will come, and many say it's no guarantee.
Here are predictions about the economy from 12 top firms at a pivotal time for the US.
From Wall Street to Main Street, all the buzz is about an impending economic downturn.
Inflation's seemingly never-ending rise has forced the Federal Reserve to raise interest rates, which makes buying a home, a car, and other big-ticket items more expensive. Stocks and bonds are feeling the pain, and consumers certainly are as well.
There's an increasingly popular sentiment that not only is a recession on its way — but that the economy may be in such a slump already. US GDP shrunk 1.4% in the first quarter of 2022, and the traditional definition of a recession is back-to-back quarters of negative GDP. When the next set of GDP numbers is announced in late August, the world will learn the truth.
But in what may be a surprise to some, many of the largest firms on Wall Street don't believe a recession is inevitable. In fact, a majority of the dozen shops that shared their mid-year outlooks for the economy with Insider believe there's only a 50-50 chance of a recession, and many view a downturn as either doubtful or even highly unlikely.
Firms with a glass-half-full view on the economy include BMO Capital Markets, Credit Suisse, JPMorgan, and Oppenheimer. Meanwhile, Ameriprise Financial, Citigroup, Goldman Sachs, and Morgan Stanley see substantial risks, but aren't calling for the economy to contract.
Conversely, Barclays Private Bank and UBS think that a downturn is likely, while Bank of America and Wells Fargo have made recession calls.
Below are the economic outlooks that Insider gathered from those 12 firms, grouped from most optimistic to most pessimistic.
A recession is highly unlikely
The chance of a recession is "moot," said Brian Belski, BMO Capital Markets' chief investment strategist, in an interview with Insider.
Belski's reasons for confidence are as follows: unemployment is historically low, consumers are continuing to spend and go on vacations, and — perhaps most importantly — he has a hunch that inflation isn't as sticky as the consensus believes it is.
Price growth has surged to an uncomfortable level as supply-chain issues pandemic and the Russia-Ukraine war created supply-demand mismatches. But Belski believes that inflation will finally start to roll over in the coming months.
And although consumer sentiment readings have tanked recently, Belski said that the main cause of that pessimism is record-high gas prices, which he believes will fade. And while there have been more layoffs and hiring freezes, those have mostly been in the tech sector, he said.
Jonathan Golub, the chief US market strategist at Credit Suisse, is in the same camp. He wrote in an early July note that the economy is slowing after running hot, but that alone isn't recessionary.
"Recessions are most accurately characterized by a meltdown in employment accompanied by an inability of consumers and businesses to meet their financial obligations," Golub wrote in the note. "While we are currently experiencing a meaningful slowdown in economic growth (from extremely high levels), neither of the above conditions are present today."
Credit Suisse's economists are calling for inflation-adjusted GDP growth of 2.5% and 1.9% in 2022 and 2023, respectively, according to the note. And while Golub recently trimmed his price target for the S&P 500 from 4,900 to 4,300, he explained in the note that the adjustment is because of lower valuations, "not recessionary concerns" or weaker earnings expectations.
Possible, but doubtful
JPMorgan Chase CEO Jamie Dimon made waves on July 14 during his company's earnings call by saying that although there are signs of weakness in the economy, a recession isn't imminent.
Economists at JPMorgan Global Research agree with that view. While they aren't banking on a recession in the next year, Marko Kolanovic, the firm's global markets strategy chief and global research co-head, wrote in a note that the "probability of recession increased meaningfully."
Surging inflation and less-loose financial conditions are among Kolanovic's concerns, but JPMorgan economists polled by Kolanovic believe that global growth will rise from 1.3% in the first half of 2022 to 3.1% in the back half of the year.
That growth acceleration will come as inflation tumbles from an annualized rate of 9.4% in the first six months of the year to 4.2% in the second half, Kolanovic wrote. Such a drop would come from a diplomatic solution to the Russia-Ukraine war, which would then give central bankers the ability to pivot away from hyper-hawkish monetary policy.
Indeed, Russia's invasion of Ukraine is one of the main reasons why John Stoltzfus, the chief investment strategist at Oppenheimer, was caught off-guard by stocks' massive declines this year. A COVID-19 outbreak in China despite the nation's tight restrictions didn't help either. Both situations exacerbated supply-chain disruptions and have kept inflation historically high.
But while the US economy isn't doing as well as Stoltzfus thought it would when he set his Street-high price target of 5,330 in late 2021, he told Insider in an interview that he thinks there are more reasons for optimism about the economy than stocks are currently pricing in.
"We believe US economic fundamentals remain on solid footing," Stoltzfus wrote in a July 7 email about his new S&P 500 price target. "US growth should remain well-supported by consumer demand, business investment, and government spending."
However, Stoltzfus told Insider in an interview that he sees more turbulence for the US economy ahead than his lofty S&P 500 price target would suggest. The path forward depends on how the Fed sets monetary policy and how the economy responds to it, the strategy chief said.
"We don't think we're going to get a soft landing," Stoltzfus said. "We think it's a bumpy landing."
A recession is no sure thing according to Goldman Sachs, given that the firm's view as of early July is that the odds of an economic downturn in the US were about 30%.
David Kostin, the firm's chief US equity strategist, wrote in a note published earlier this month that headwinds like inflation — which is currently nearly double the 4.8% mark that the firm's economists thought it would reach this year — and the US central bank's hawkish response to it certainly have the US economy and stocks on uneven ground.
But while many of his peers think that higher borrowing costs will cripple the economy, Kostin's counterargument is that this year has shown that there are no certainties in today's economy.
"Developments this year have been nearly impossible to predict," Kostin wrote in the note.
About a coin-flip
Given that the economic environment is highly uncertain, several firms are most comfortable stating that a recession has about a 50% chance of occurring.
One of those firms is Ameriprise Financial. Russell Price, the firm's chief economist, laid out reasons to be constructive in his firm's mid-year outlook webinar: unemployment is historically low, consumers still appear to have plenty of cash, and there's still pent-up demand for goods.
But inflation is a serious threat to his firm's outlook, and the fact that it accelerated again in both May and June was a huge red flag for Price and his colleagues, who previously thought price growth had peaked in March. While prices for used cars as well as commodities like lumber and metals have fallen, the cost of oil and gas will likely continue to rise, Price said.
"The adverse scenario that we laid out — which was some version of stagflation where growth is slowing, interest rates are going up, and inflation is kind of lingering longer, which is pressuring some of these earnings — I think that's more like the base case," said Anthony Saglimbene, the global markets strategist at Ameriprise Financial, during the webinar.
Citigroup is also of the view that there's a 50-50 chance of a global recession, said Scott Chronert, a top US equity strategist at the firm, in an interview with Insider. There's no consensus on when it would come, Chronert said, adding that the depth and duration of a downturn are also difficult to foresee.
On the one hand, solid corporate earnings reports in both Q4 2021 and Q1 2022 are reasons for optimism, Chronert said, as is the fact that profit margins hit an all-time high last year. He thinks that Q2 earnings results will meet expectations but added that he's watching industrial production data and other reports for hints of weakness.
Inflation is the main threat to the economy, as Chronert said that the US central bank could be willing to incur a recession in order to fully snuff out runaway price growth. Citi's economists expect inflation to recede to about 3% to 4% from above 9% now — that would represent significant progress, but would still be well above the Federal Reserve 's 2% target.
Morgan Stanley stopped short of making a definitive call on the economy during what the firm's team of economists called "the most chaotic, hard-to-predict macroeconomic time in decades" in a note about their outlook. The firm's base case is still that US GDP will rise 2.9% in 2022, but the economists also warned that the path forward is "rife with risk."
Mike Wilson, the CIO and strategy chief who leads Morgan Stanley's US equities team, has a bear case for US stocks that goes hand-in-hand with a recession. It would stem from margin weakness caused by unshakable inflation for input goods and workers, in Wilson's view, though softening demand and a hawkish Federal Reserve are also serious causes for concern.
A recession is more likely than not
Barclays Private Bank hasn't yet made a recession call, but its view about the economy is anything but rosy. Economic growth may be able to continue, though the firm thinks it will get sliced in half from last year as central banks rapidly raise interest rates in response to surging inflation.
"The combination of a worsening growth outlook and tighter financial conditions have depressed investors' sentiment to a point rarely seen outside of recessions," wrote Jean-Damien Marie and Andre Portelli, the co-heads of investment at Barclays Private Bank, in a note about their firm's mid-year outlook.
But while Julien Lafargue, the firm's chief market strategist, wrote that a "mild" recession is possible in the US and parts of Europe since the economic backdrop has "deteriorated," he added that "a temporary period of contraction isn't necessarily the precursor to a crisis."
The good news on the economic front is that inflation appears to be peaking, Lafargue wrote. His view is that price growth will "gradually moderate" in the next few months. If that's the case, it's possible that markets have also seen peak levels of hawkishness from central banks.
UBS also believes that the chance of an economic downturn has "increased significantly," as Solita Marcelli, UBS's Chief Investment Officer Americas, put it during her firm's mid-year outlook webinar in late June. However, she doesn't agree that the economy is already doomed.
"While I think the US economy is on the path to recession, it is not inevitable," Marcelli in the webinar. "And I think there's still a path to an alternative scenario where it can end up with maybe a soft-ish landing in the end."
If the Federal Reserve's rapid interest rate increases prove to be effective in cooling the US economy and bringing down inflation, then a continued expansion is possible, though Marcelli said that the two-year-old recovery may not be able to survive a continued barrage of hikes.
"If the Fed realizes the path it laid out — it hikes exactly the way they laid out so far — yes, I think we will be in recession," Marcelli said. "But we think that there's still a very sizable chance that economic data over the next several months would indicate a very quick momentum loss in the economy. And they might be able to pause at that point — avoiding a recession."
The silver lining is that if there is a recession it will probably be a shallow one, said Themis Themistocleous, UBS's head of the chief investment office for Europe, the Middle East, and Africa. If it's instead a deeper downturn, then he said investors should brace for more pain.
Count on it
Bank of America is one of the latest firms to make an official recession call. A team of the firm's economists led by Ethan Harris wrote in a July 13 note that their updated forecast is for a mild contraction of -1.4% for full-year GDP that starts in the second half of 2022.
Less than one month earlier on June 17, the firm saw just a 40% chance of a recession.
"Our previous baseline outlook for the US economy featured a growth recession (e.g., output growth remaining positive, but below our estimate of potential), but a number of forces have coincided to slow economic momentum more rapidly than we previously expected," Harris wrote in the mid-July note.
The forces that Harris and his team cited when making their call include a drop in services spending based on Bank of America credit and debit card data, as well as the continued threats of sky-high inflation, tight financial conditions, and slowing home sales.
Unemployment will rise modestly from 3.6% to 4.6%, in Bank of America's view. Harris noted that the Federal Reserve has shown "a willingness to accept at least some pain in labor markets" as it goes all out to slow inflation, adding that he sees the Federal Funds rate ending the year at 3.25% to 3.5%. This slowdown will, in fact, work to bring down price growth, Harris wrote.
Wells Fargo's base case is also for a short recession that lasts from late 2022 to early 2023. The firm first made that call in mid-May, according to Reuters.
"After only two years, we see clear signs that the expansion is in late cycle, thanks to an inflation accelerant that we expect to fade more noticeably in 2023," Wells Fargo strategists wrote in a note detailing the firm's mid-year outlook.
Those signs include higher interest rates, lower inflation-adjusted incomes, supply-chain issues, and the Russia-Ukraine war. When combined, the risks "outweigh support from solid job growth and erode consumer spending," in Wells Fargo's view.
Europe likely won't be able to avoid a recession either, given that the global economy is even more vulnerable to energy supply shocks caused in part by Russia's invasion of Ukraine, according to Wells Fargo analysts.
But by late 2023, Wells Fargo expects inflation and monetary policy to ease, which it believes would lay the groundwork for another global economic recovery.
More: Features Investing economic outlook
economy predictions
recession predictions
wall street outlook
wall street economy
goldman sachs outlook
goldman sachs recession
jpmorgan outlook
jpmorgan recession
jamie dimon recession
morgan stanley outlook
morgan stanley recession
|
2022-07-17T10:42:18Z
|
www.businessinsider.com
|
Is a Recession Coming? 12 Wall Street Predictions for the Rest of 2022
|
https://www.businessinsider.com/recession-risk-inflation-federal-reserve-economy-outlook-wall-street-prediction-2022-7
|
https://www.businessinsider.com/recession-risk-inflation-federal-reserve-economy-outlook-wall-street-prediction-2022-7
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.