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The Braham family told Insider Qantas booked their 13-month-old baby on a different flight to them.
A couple told Insider Qantas booked their 13-month-old baby on a separate flight from Europe to Thailand.
They spent over 20 hours on the phone with Qantas' customer service and had to call them 55 times.
They have finally managed to book a flight home, 12 days after the initial departure flight.
Qantas Airways booked a 13-month-old baby onto a separate flight to her parents who were trying to get home to Australia.
After nearly four weeks traveling around Europe, Stephanie and Andrew Braham told Insider they had an amazing time up until the point they arrived at Rome airport, Italy.
The flight, which Stephanie said she booked nine months in advance, was a connecting flight from Rome to Amsterdam, then Amsterdam to Bangkok in Thailand, where the family wanted to spend a night before heading home to Australia.
The couple said KLM Royal Dutch Airlines, which partners with Qantas, informed them at the check-in desk that their baby wasn't included in their booking on the flight from Amsterdam to Bangkok.
"She was on a different flight that departed 40 minutes after ours," Stephanie said. The couple sent their flight details to Insider for verification.
"We initially had flights booked through Qantas with British Airways. A couple of months later, I was notified there was an issue in relation to one of the connecting flights and so Qantas rebooked us over the phone with these KLM flights so think that's where the error arose," Stephanie said.
Over 20 hours on the phone
Even though their daughter would sit on their laps during the flight, the parents said KLM couldn't add her because the flight was full. After spending 90 minutes discussing the matter with KLM, the flight departed without them.
The pair said they spoke to Qantas at the airport but it told them it hadn't done anything wrong and the error wasn't the airline's fault.
Stephanie and Andrew said they left Rome airport six hours after arriving there and headed to a nearby hotel, where they booked a room and immediately contacted Qantas' customer service.
The pair were on the phone to the airline all night trying to rebook a flight home. They said customer service was a nightmare to get through to because the phone line would cut off and they would ring again, having to explain the whole situation again.
Overall, the couple told Insider they phoned Qantas 55 times and collectively spent 20 hours, 47 minutes, and 13 seconds speaking to customer service.
More flight trouble the next day
The following morning, Qantas told the parents it had booked them onto an afternoon flight that day. However, they said they found out at the airport that Qantas hadn't properly issued the family's flight tickets. The couple said they got nowhere with Qantas and asked every airline at the airport to find them a flight back to Australia, but every plane was full.
"It was so stressful because we didn't know if we were ever going to get home," Stephanie said.
Eventually, an agent phoned them to say they were booked on the next available flight home on July 26, which was 12 days after their initial departure date.
Qantas and KLM didn't immediately respond to Insider's request for comment about Stephanie and Andrew's flight disruption. Qantas said in a statement to Daily Mail Australia that they "sincerely apologize" to the family, saying it was a "backend administrative error" and the airline would reimburse them for accommodation.
Stephanie said Qantas contacted them on Thursday to say it would pay $200 Australian dollars per night.
The couple estimate they're $15,000 Australian dollars out of pocket because of the extra accommodation, food, travel, and entertainment they've had to pay for, as well as the income they've lost being off work. "[Qantas] haven't confirmed whether they'll compensate us for those financial losses," Stephanie said.
More: Qantas Qantas Airways KLM Royal Dutch Airline
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2022-07-22T11:21:02Z
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www.businessinsider.com
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Qantas Booked 13-Month-Old Baby on Separate Flight to Parents
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https://www.businessinsider.com/qantas-booked-baby-different-flight-parents-klm-australia-travel-chaos-2022-7
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https://www.businessinsider.com/qantas-booked-baby-different-flight-parents-klm-australia-travel-chaos-2022-7
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General Mark Milley said Wednesday that Russia has not "eliminated" US-donated HIMARS.
This stands in stark contrast to Russian claims of having destoyed four of them.
HIMARS are a prized weapon in Ukraine's attempt to hold Russia back in the east of the country.
Russia has not destroyed any of the HIMARS artillery which the US gave to Ukraine, General Mark Milley said.
Speaking at a Wednesday Pentagon press conference, the chairman of the joint chiefs of staff said: "To date, those systems have not been eliminated by the Russians."
Milley acknolwedged that the systems are at risk, adding "I knock on wood every time I say something like that."
His statement contradicted several claims by Russian officials and media outlets to have destroyed the prized weapons, which Ukraine lobbied hard for and says give it a much-needed way to blunt Russia's invasion.
The HIMARS — short for High Mobility Artillery Rocket System — has proved crucial in attempts to hold back Russia's advance in the eastern Donbas where it is focusing its troops.
The truck-like mounted units can fire precision-targeted heavy artillery around 50 miles, depending on the rounds used.
The US has given Ukraine 12 units so far, with another four on the way, Milley said.
His remarks followed several Russian claims to have destroyed as many as four of them.
In a brefing reported by the state-operated media outlet Zvezda, a Russian defense ministry spokesperson said Russian forces had destroyed four HIMARS launchers between the dates of July 5 and July 20.
Two of these were in Malotaranovka in the Donbas, according to a July 6 Russian MOD Telegram post, which also said it had destoyed two ammunition depots for the weapon.
Milley did not specifically address the Russian claims in his briefing, instead saying in broad terms that the HIMARS had not been destroyed.
Neither the Pentagon nor the Russian Embassy in London immediately responded to Insider's out-of-hours request for comment.
As well as supplying the units themselves, the Pentagon is sending hundreds of rounds for them and providing training in how to use them.
The HIMARS had been used "against Russian command and control nodes, their logistical networks, their field artillery near defense sites and many other targets," Milley said. Strikes made by HIMARS were "steadily degrading" Russia's efforts, he said.
CNN footage shot from the Ukrainian frontline in the Donbas in early July showed a HIMARS in operation, clearly prized by its Ukrainian operators.
As Insider's Alia Shoaib reported, Ukraine has been forced to switch tactics since Russia began to focus its efforts in the east of the country, where Russia has made significant gains.
If Russia is held back, commentators are predicting a bloody "slugfest" in which a lengthy stalemate is possible.
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2022-07-22T11:21:08Z
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www.businessinsider.com
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Russia Not Destroyed HIMARS in Ukraine Despite Claims: Pentagon
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https://www.businessinsider.com/russia-not-destroyed-himars-in-ukraine-despite-claims-pentagon-2022-7
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https://www.businessinsider.com/russia-not-destroyed-himars-in-ukraine-despite-claims-pentagon-2022-7
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Popshop Live
A business owner's database of platforms to sell products and build a 6-figure brand
A Census Bureau survey found that e-commerce sales surged in 2020.
From Shopify to Instagram, there are many platforms for selling a product.
Choosing the best platforms for your business depends on your product and customer base.
This guide breaks down the top marketplaces and how to use them.
E-commerce sales surged in the pandemic, and entrepreneurs have a wide array of online platforms to sell their products.
If you have a direct-to-consumer brand, you'll probably need Shopify. If you're a reseller, you might list your items on Poshmark or eBay. And if you sell collectibles, you may want to check out Popshop Live or Whatnot.
Most businesses don't sell on just one platform — getting your products on several marketplaces can help you reach different types of customers. For example, Tori and Chris Gerbig built Pink Lily, a women's clothing brand that made $65 million in 2020, by selling across social-media channels like Instagram, Pinterest, Facebook, and TikTok.
Here's Insider's database of platforms to sell your products, including how to use them and how much it costs to get started.
Hans Schrei and Luis Gramajo are the founders of Wunderkeks, a cookie brand.
Wunderkeks
Whether you're just starting your business or ready to expand operations, listing your products online is an essential part of reaching customers where they're spending their time.
The founders of Wunderkeks started selling their cookies at farmer's markets, then found success on Shopify as more people shopped online during the pandemic.
"Everything was moving to e-commerce," one of the founders, Hans Schrei, said. In 2021, the brand hit nearly $5 million in annual revenue, documents reviewed by Insider showed.
Best suited for: If your business needs reach, Amazon is the place. A survey by the retail publication Pymnts suggested Amazon hosted about 56% of all US e-commerce sales in 2021.
Cost: The individual plan costs $1 per unit sold. The professional plan, with more seller tools, costs $40 a month, and most sales are subject to a 15% commission. Amazon offers additional services like advertising and fulfillment for a fee.
Best suited for: Etsy is a low-cost platform if you're just starting your business and aren't ready to commit to a higher-volume sales channel. It's also good for customized products, digital downloads, and handmade items that shoppers are likely to search for.
Cost: Etsy charges $0.20 per product listing.
Best suited for: Use Shopify if you have a unique product you want to sell directly to your customers and don't want to build a website from scratch.
Cost: A basic plan, which includes website hosting, marketing tools, and app integrations, is $29 a month. The next tier with additional features is $79 a month, and the advanced plan is $299 per month; you can get a 50% discount on either plan for the first year if you pay annually. High-volume businesses can subscribe to Shopify Plus for $2,000 a month.
There are no transaction fees if you use Shopify's payment processor, but if you use a third-party provider like Affirm or Afterpay there's a 2%, 1%, or 0.5% fee based on your plan.
Chris Gerbig and Tori Gerbig, the founders of Pink Lily.
Courtesy of Pink Lily
The IT company Accenture said it expects sales through social media to double in the US and nearly triple globally by 2025.
Tori and Chris Gerbig, who founded a online women's clothing store called Pink Lily, have used multiple social-media platforms to sell their products. They said that Pinterest had been an incredible source of growth and that the brand's account got more than 10 million monthly views. In 2020, the company made $65 million in revenue, documentation verified by Insider showed.
Best suited for: While Instagram isn't recommended as a primary sales channel — retailers told Business of Fashion last year that clicks don't usually convert to sales — it's a powerful form of brand awareness for direct-to-consumer brands that prioritize creative and engaging visuals. It's also a prime spot to reach young shoppers, since it's popular among millennials and Gen Zers.
Cost: It's free to set up a business account, which gives you access to engagement metrics and customer insights. According to the marketing company Hubspot, ads and boosted posts can cost as little as $0.70 per click or exceed $5 per click, depending on time, placement, and category.
Best suited for: Facebook Marketplace caters well to resale items such as used furniture or thrifted goods. Some brands also use the platform to access certain communities and bolster their customer base.
Cost: It's free to list items. Prices to promote listings and increase exposure vary based on time and location, among other factors.
Best suited for: If you sell aspirational products or handmade goods, Pinterest is a great place to catch customers' attention with high-quality photos, how-to guides, and other content. Business owners can become verified merchants to sell directly on the platform.
Cost: Pinterest is free to use. Business accounts can buy ads, which work similarly to Facebook and Instagram ads: You set a daily budget based on how many people you want to see the ad.
Shannon Jean sells designer handbags on Poshmark and eBay.
Courtesy of Shannon Jean
Some entrepreneurs are starting their own businesses with what they already have in their homes, selling unwanted clothing and household items. A report from ThredUp suggested the US secondhand market was worth $35 billion in 2021 and is expected to reach $76 billion by 2025.
Shannon Jean, a former tech-business owner, sells designer handbags on Poshmark and eBay. He told Insider he sold about $500,000 in 2020, and he estimated that 70% of those sales came from Poshmark.
Best suited for: Younger people tend to look for trendy fashion on Depop. You'll also see more streetwear and designer brand clothing on the platform.
Cost: It's free to list. There's a 10% transaction fee on all sales.
Best suited for: Collectible and rare items do well on eBay, where you'll find the serious buyers. Plus, if you sell through auctions, you could get more money than if you list through other platforms more focused on markdowns.
Cost: It's free to list up to 250 items a month, then it's $0.35 per item after that. Transaction fees depend on the item, but typically eBay takes a 13% commission on sales.
Best suited for: Sellers list a variety of items on Mercari, such as household items, electronics, video games, apparel, and kitchen appliances. It's like an online version of a garage sale, so shoppers are looking for deals.
Cost: It's free to list. There's a 10% fee on all sales.
Best suited for: If you're reselling brand-name clothing, accessories, and home goods, Poshmark is the place to be. The popular marketplace app also functions as a resale community and rewards sellers who engage with customers, participate in virtual shopping events, and promote others' listings.
Cost: It's free to list. Poshmark takes a 20% commission on sales of $15 or more. For sales under $15, Poshmark charges a flat rate of $2.95.
Mimi Striplin is the owner of The Tiny Tassel in Charleston, South Carolina.
Aneris Photography
Small businesses and resellers can use livestreamed shows to connect with customers on a more personal level. Coresight Research has suggested that live shopping in the US is set to become a $25 billion market by 2023.
Shortly after opening her brick-and-mortar shop, Mimi Striplin hosted her first live-shopping event on Facebook and Instagram; she said sales increased by nearly 50%. Last year, her jewelry and fashion store, The Tiny Tassel, made more than $970,000 in total sales, which Insider verified with documentation.
Best suited for: Retailers and small businesses with large Facebook followings can use the Live Shopping feature to generate direct sales.
Cost: Facebook Live is free to use.
Best suited for: Retailers and small businesses with large Instagram followings can use the Live feature to generate direct sales.
Cost: Instagram Live is free to use.
Best suited for: Ntwrk focuses on drops — when a product or collection is released for a limited time — and on exclusive products like sneakers, art, designer clothing, and collectibles.
Cost: There's no monthly fee. Ntwrk takes a 20% commission on every sale.
Best suited for: Popshop Live caters to independent retailers and e-commerce businesses.
Cost: There's no monthly fee. Popshop Live takes a 9% commission on every sale.
Best suited for: Whatnot is like a millennial eBay that caters to resellers and collectors. The app recently opened to vintage apparel and streetwear but mainly sells Funko Pops, Pokémon cards, and other collectibles.
Cost: There's no monthly fee. Whatnot takes an 8% commission on every sale.
Read more about these platforms in our guide to the top live-shopping apps for businesses »
More: Features eCommerce Entrepreneurship Retail
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2022-07-22T11:21:14Z
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www.businessinsider.com
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Where to Sell Your Product Online and Build a 6-Figure Business
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https://www.businessinsider.com/shopify-instagram-etsy-poshmark-where-to-sell-your-product-online-2022-7
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https://www.businessinsider.com/shopify-instagram-etsy-poshmark-where-to-sell-your-product-online-2022-7
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"Friday." Doesn't that word have a glorious ring to it? Phil Rosen here, today writing to you from Los Angeles, California. But I won't take long, since today we're covering shorts.
Tesla shorts, that is.
Elon Musk's EV-maker is the most shorted stock in the world, but this week, those betting against Mr. Musk lost big, and there's likely more pain to come.
1. Investors betting against Tesla are headed for "short squeeze hell," according to research group S3 Partners. Those who bet against Tesla lost $1 billion on Thursday as the stock rallied after its second quarter earnings report.
Production records at Tesla's Fremont and Shanghai factories in June led Musk to praise the company, saying it has "the potential for a record-breaking second half of the year."
Musk's optimism helped drive the stock gain, but it was also driven by short-seller covering, which happens when investors who have bet against a stock snap up shares in the open market to close their losing positions.
At the same time, Tesla remains the ninth most popular long position among hedge funds — which means they could help drive further momentum.
"These buy-to-covers and the potential for hedge funds to bulk up their positions in a high beta name with a positive price trend may help reverse Tesla's year[-to-date] price weakness," S3 Partners said.
Meanwhile, another interesting tidbit that emerged from the earnings call was that the automaker has dumped 75% of its bitcoin.
We don't quite know what motivated the move, but it's a safe bet to look at this year's slumping asset prices (especially for tech and crypto) as well as frosty economic conditions — which may also be part of the reason why Musk is looking to nix the Twitter deal.
Christine Lagarde is the President of the European Central Bank.
2. US stock futures fall early Friday, as Snap's downbeat second-quarter earnings rattles investors. Also, wheat prices dropped to pre-war levels after Ukraine and Russia agreed a deal to unblock shipments. Here are the latest market moves.
3. On the docket: Verizon Inc., American Express Co., and Twitter, all reporting.
4. These dividend stocks can provide extra income as inflation erodes purchasing power. That's according to a fund manager who has performed better than 96% of his competitors this year. See his list of seven companies.
5. Retail investors have been scared away from the stock market after this year's brutal decline. According to JPMorgan: "The younger cohorts' deleveraging has advanced by so much that all the previous post pandemic increase has been unwound already."
6. The chance of a US recession in the next 12 months is a "coin flip," the Mortgage Bankers Association said Thursday. The comments followed the firm's lower growth revision for the US economy. Aggressive Fed policy and soaring inflation have pushed the firm to expect a 50-50 shot of a full downturn.
7. In case you missed it: The European Central Bank hiked interest rates yesterday for the first time in 11 years. In a bid to cool searing inflation, policymakers authorized an outsized 50-basis-point hike. The central bank is staring down the onerous task of trying to balance out an increasingly delicate eurozone economy.
8. Tech-stock picker Alex Umansky ran the world's best mutual fund for years. But like a lot of growth stock investors, he's had to take some hard losses lately. He explained what he's buying now to get back to the top after a deep downturn — and how his strategy has changed.
9. Hedge Fund chief Mark Spitznagel said we should expect inflation to be "elevated forever." He called the Fed's bluff on raising interest rates enough to tame high prices — and told Insider how he thinks investors should approach risk mitigation.
Snap stock price on July 22
10. Shares of Snap tanked as much as 30% after hours on disappointing second-quarter earnings results. The tech company missed big on expectations, posting its weakest ever sales for the quarter, and announced it would slow down its hiring and rate of operating expense growth. Goldman Sachs almost halved its price target for the stock after the disheartening result.
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2022-07-22T11:21:20Z
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www.businessinsider.com
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Tesla Short-Sellers Took a $1 Billion Hit - and Have More Pain to Come
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https://www.businessinsider.com/tesla-short-sellers-took-a-1-billion-hit-and-have-more-pain-to-come-2022-7
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https://www.businessinsider.com/tesla-short-sellers-took-a-1-billion-hit-and-have-more-pain-to-come-2022-7
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See the 21-slide pitch deck that a Belgian biotech used to raise $114 million to restore function to failing organs
AgomAb Therapeutics CEO Tim Knotnerus.
Belgium's AgomAb Therapeutics is developing treatments to restore function to damaged organs.
The company raised $144 million in a Series B round from Pfizer and other investors.
AgomAb CEO Tim Knotnerus says the cash extends the company's cash runway into 2024.
As markets tighten, healthcare startups are looking for ways to extend their cash runway.
AgomAb Therapeutics, a Belgian biotech company focused on repairing damaged organs, just raised an additional $40.5 million in an extended Series B round, increasing its total funding for this round to $114 million.
"It's always good to raise the money when you can, not when you have to," AgomAb Therapeutics CEO Tim Knotnerus told Insider.
The additional funding was led by Pfizer through its Pfizer Breakthrough Growth Initiative. Walleye Capital and Asabys Partners also participated in the extension, as did existing investors. The latest funding is an extension of its $74 million Series B, which was announced in March 2021.
Knotnerus said the round would extend the company's cash runway to 2024, removing the need to tap into public markets anytime soon. He added that the additional funding carved a path to bring on some good partners and validation for the company.
AgomAb is developing a portfolio of drugs directed at stopping fibrotic diseases — chronic thickening of scar tissue around damaged organs, which can eventually lead to organ failure. It plans to repair these damaged tissues through therapeutics to restored organ function.
AgomAb said Pfizer would lend its development expertise to the development of the company's lead compound, AGMB-129, which is being developed to treat Crohn's disease. Pfizer's Thomas Wynn, who specializes in inflammation and immunology research, will join AgomAb's scientific advisory board as part of the agreement.
Paul van der Horst, AgomAb's chief business officer, said the money raised would allow the company to get "real clinical data'' on its lead compounds. He added that AgomAb had several undisclosed compounds it was researching.
"This organization will look very differently one or two years from now. That's clear," Knotnerus said.
See the 21-slide presentation AgomAb Therapeutics used to raise $114 million from Pfizer.
AgomAb Therapeutics is a Belgian healthcare startup focused on restoring function to damaged organs.
AgomAb
The company has several compounds in its pipeline, including one focused on Crohn's disease. That one is nearing the end of its phase-one trial in healthy volunteers.
AgomAb is researching two types of therapeutics: small molecules and antibody treatments.
A big portion of the company's Series B round will be focused on furthering trials of its lead compound, AGMB-129, for Crohn's disease, Knotnerus told Insider.
AgomAb was founded in 2017. Knotnerus joined the company as its CEO in 2019 after working as the vice president of corporate development at AM-Pharma.
Since its founding, AgomAb has raised about $140 million from investors. Last year, it acquired the Spanish biotech company Origo Biopharma.
AgomAb's compounds fall into two categories. One targets transforming growth factor beta (TGF-ß), a protein which plays an important role in anti-inflammation and healing wounds — but can lead to scar tissue.
AgomAb said similar drugs developed by other companies could have severe side effects. Its molecules are designed so that they're active in only one organ.
The company's lead compound, AGMB-129, is expected to enter phase-two trials early next year.
Fibrostenotic strictures, or narrowing within the intestines caused by scar tissue, are extremely common in Crohn's-disease patients, but there are no treatment options that effectively prevent or reverse the condition.
AgomAb's treatment targets a receptor on the TGF-ß protein that prevents it from overcreating scar tissue, which can lead to strictures.
Another compound AgomAb is developing, AGMB-447, focuses on idiopathic pulmonary fibrosis, a condition that causes scarring in the lungs and makes breathing difficult.
AGMB-447 is an inhalable medicine, and the company said it planned to start a phase-one trial for healthy volunteers in the first half of 2023.
The company is also developing treatments that target hepatocyte growth factor, or HGF, a small protein that stimulates tissue growth and is believed to play a big role in organ regeneration.
"This is not something you will want to inhibit," Knotnerus said about HGF, "but actually you want to stimulate or actually overexpose in the human body."
AgomAb has two compounds in its HGF platform, AGMB-101 and AGMB-102. Both are in early stages of research.
AGMB-101 is an antibody that mimics the activity of HGF.
Preclinical studies with the drug have indicated promising effects on illnesses such as diabetes, liver disease, and acute kidney injury.
Another HGF-mimicking compound, AGMB-102, is in the discovery stage. AgomAb said this compound was intended for use in chronic illnesses.
Knotnerus said the company hoped to have positive patient data for its most advanced compounds by 2024.
Knotnerus said the majority of the funds from the company's Series B would be invested into research and development, while a portion would be used to expand the company's head count.
More: Features Healthcare Biotech
antibody drug
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2022-07-22T12:51:38Z
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www.businessinsider.com
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The Pitch Deck AgomAb Used to Raise a $114 Million Series B
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https://www.businessinsider.com/agomab-pitch-deck-114-million-series-b-funding-round-2022-7
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https://www.businessinsider.com/agomab-pitch-deck-114-million-series-b-funding-round-2022-7
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Airbnb will up its maximum penalty for hosts who cancel last-minute from $100 to $1,000
Airbnb is changing its cancellation fee policy for hosts from August 22.
Hosts who cancel reservations last-minute could face a fee of up to $1,000.
The current maximum fee is $100.
Airbnb is changing its cancellation policy so hosts who suddenly cancel guests' reservations could pay a penalty ten times higher than what they pay now.
Currently the maximum penalty for hosts that cancel reservations less than seven days before check-in is $100. From August 22, the maximum fee will be $1,000, Airbnb said in blog post Wednesday. Fees are deducted from hosts' future payouts.
Airbnb said it is changing its policy to crack down on hosts cancelling on guests unfairly.
"When Hosts cancel on guests for preventable reasons — such as accidentally double-booking or wanting to host friends and family instead — guests lose the confidence to book on Airbnb, and this affects all Hosts and hurts our entire community," the company said.
"We found that this fee structure doesn't adequately reflect the costs of moving guests into a similar or better place, often at the last minute, after a Host cancels for an avoidable reason," it added.
Airbnb did not immediately respond when contacted by Insider to ask why it is waiting until near the end of the summer holiday season to enact the new policy.
Hosts will still be able to apply for exemptions to the fees if they have to cancel for a valid reason such as emergency repairs to the property or personal illness.
Hosts are also allowed to cancel reservations if they can prove a guest intends to throw a party at their property.
Airbnb permanently banned house parties in June, solidifying a temporary ban it introduced in August 2020 in response to the COVID pandemic.
"Over time, the party ban became much more than a public health measure," the company said in June.
"It developed into a bedrock community policy to support our Hosts and their neighbors," it added.
This summer has seen a strong rebound in international travel, leading to widespread travel chaos as airlines struggle to cope with the renewed demand.
More: AirBnB cancellation Policy hosts
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2022-07-22T12:51:44Z
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www.businessinsider.com
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Airbnb Ups Host Cancellation Fee From $100 to $1000
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https://www.businessinsider.com/airbnb-ups-host-cancellation-fee-from-100-to-1000-dollars-2022-7
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https://www.businessinsider.com/airbnb-ups-host-cancellation-fee-from-100-to-1000-dollars-2022-7
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The CEO of chip giant Arm explains how it's banking on new markets like cloud computing and self-driving cars to move it past the failed $40 billion Nvidia acquisition
Rene Haas, CEO of ARM.
Arm CEO Rene Haas says the chip design firm is doubling down on cloud, automotives, and more.
SoftBank, which owns Arm, has reportedly been pursuing an IPO after the failed Nvidia acquisition.
But it's an uphill battle against a chip shortage and supply chain constraints, Haas told Insider.
Chip design company Arm had a rocky start to the year when chip giant Nvidia's planned $40 billion acquisition of the firm fell through because of regulatory hurdles.
Still, Arm CEO Rene Haas says the company is not looking back on this. Instead, Arm plans to double down on industries like cloud, networking, automotives, and Internet of Things while navigating an ongoing chip shortage, he told Insider.
"It's not something we're looking back on," Haas said. "We like where Arm is right now, and we think we're in a really good space in terms of going forward as a company."
Before Japanese holding firm SoftBank acquired Arm for $31 billion in 2016, Arm designed chips for a broader market. But now, it's a "very different company," Haas said. It's creating designs for specific markets like cloud, which needs high-performing chips, and automotives, which need safety features built in.
Today, Arm counts cloud giants like Amazon Web Services and Microsoft Azure as major customers.
Meanwhile, SoftBank has reportedly been pursuing an initial public offering for Arm. It halted plans for a London IPO due to political turmoil in the country, the Financial Times reported on Monday. But SoftBank's billionaire founder Masayoshi Son said in June he favored a listing in the US, where many of Arm's customers are based.
Still, Arm hasn't been immune to the ongoing chip shortage. If Arm can't make the shipments it needs to partners like AMD, Nvidia, Broadcom, and Intel, then it can't receive royalties from its designs, Haas said. Likewise, Arm's designs are used in driver systems, automatic braking, and more. If those chips aren't available, then the cars can't ship.
The chip designer has still experienced growth. Arm's royalty revenues in 2021 were up 20% to a record $1.54 billion thanks to growth in 5G smartphones, chips for cars, and more, according to its financial results published in May. It also shipped a record 29.2 billion chips, which could've been even higher if there was no shortage, Haas said.
Worldwide, the chip shortage has wreaked havoc on the supply chains of cars, computers, and more. Electronics companies like Apple and automotive companies like GM and Ford have all seen their products hit hard by the lack supply. In response, the chip giant Intel is building new factories in the US, while chip manufacturer Taiwan Semiconductor reported record-breaking revenue of $18.16 billion in the second quarter of this year due to rising demand.
Going forward, Arm is focused on making its chip designs more efficient in power for high-performance tasks, such as machine learning. Haas says he's bullish on autonomous vehicles because it could potentially be safer, and he also sees an opportunity for growth in the metaverse, a virtual reality space where users can interact with each other online.
"We think the need for high performance computing and on top of that, power efficient computing has never been greater in those spaces," Haas said. "We're going to continue to invest in our market share there."
More: ARM nVidia Softbank Data Center
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2022-07-22T12:51:50Z
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www.businessinsider.com
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Arm CEO Says He's 'Not Looking Back' on Fallen $40 Billion Nvidia Deal
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https://www.businessinsider.com/arm-ceo-rene-haas-softbank-40-billion-nvidia-deal-2022-7
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https://www.businessinsider.com/arm-ceo-rene-haas-softbank-40-billion-nvidia-deal-2022-7
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Aam Aadmi Party/Twitter
Bhagwant Mann, chief minister of the Punjab region, was filmed drinking a whole glass of water from the Kali Bein, a rivulet that is considered holy to Sikhs, according to The Indian Express.
According to the Express, Mann was trying to demonstrate the effectiveness of a 22-year project to clean up the river. While there he announced a wider project to clean up rivers and drains statewide, India Today reported.
Mann's Aam Admi Party tweeted the footage on Sunday, writing in Punjabi about the cleaning project and the rivulet's holy associations.
—AAP Punjab (@AAPPunjab) July 17, 2022
Two days later, Mann went to a Delhi hospital, the Express reported.
More: India Water Pollution sikhism Politics
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2022-07-22T12:52:08Z
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India: Leader Drinks Holy River Water to Prove Safety, Is Hospitalized
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https://www.businessinsider.com/indian-official-drinks-holy-river-water-rove-safety-is-hospitalized-2022-7
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https://www.businessinsider.com/indian-official-drinks-holy-river-water-rove-safety-is-hospitalized-2022-7
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Real estate startup Residently wants to digitize the entire rental process. Here's the 10-slide pitch deck it used to raise $5.4 million.
The Residently team.
Residently
Residently has raised £4.5 million ($5.4 million) to build a digital marketplace for renters.
The startup allows renters to arrange viewings through its app while offering virtual property tours.
Check out the 10-slide pitch deck it used to raise the fresh funds below.
Residently, a startup that aims to digitize the entire rental process for both renters and agents, has raised £4.5 million ($5.4 million) in fresh funds.
The London-based company, founded in 2017 by serial entrepreneur Tom Allason, wants to build a marketplace for rental properties that will have the same disruptive impact Uber had on taxis and Deliveroo had on takeaways.
Homes available within the next 30 to 90 days are listed on the platform, enabling tenants to avoid paying double rent as they wait for their existing tenancy to come to an end. The app also boasts resident reviews and can facilitate communication between residents and property managers.
The startup allows renters to arrange viewings through its app, while offering the opportunity to take virtual tours of properties they're interested in before making an offer and putting down a deposit. If renters want to stay on, the startup also enables them to extend and renew leases.
Residently also allows users to include add-ons for their property such as broadband, furniture, and cleaning, to ensure it is prepared as they need before moving in.
According to Allason, the app's ability to allow renters to secure their next home more than a month in advance can "eliminate unnecessary stress and double rent", as well as "costly voids for landlords".
"In a world where we can secure a taxi, takeaway, or trip away in seconds it is nuts that we tolerate friction and uncertainty where we spend most of our time and money," he said. "We're here to transform the experience and economics of renting."
Demand for rental properties is increasing as years of climbing house prices has left many young people in the UK in cities such as London, Birmingham, and Manchester turning to rentals as they are priced out of securing a mortgage and buying a home.
Despite the growing demand, the UK suffers from a shortage of rental homes, with research from Capital Economics, a consultancy, suggesting that the sector will need to boost supply by 227,000 homes per year over the next 10 years to ensure sufficient supply.
Residently raised its funds from a number of investors including Love Ventures, Felix Capital, LocalGlobe, A/O PropTech, and a Seedrs crowdfund.
Check out the 10-slide pitch deck Residently used to raise the funds below:
More: Features Real Estate Rentals
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2022-07-22T12:52:24Z
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Residently: Real Estate Startup Targeting Rentals Lands $5.4 Million
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https://www.businessinsider.com/residently-real-estate-startup-targeting-rentals-raises-54-million-2022-7
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https://www.businessinsider.com/residently-real-estate-startup-targeting-rentals-raises-54-million-2022-7
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Happy Friday! Aaron Weinman here. It was a bumper Thursday with Amazon announcing a play for the primary-care market with a nearly $4 billion deal to buy One Medical.
We will get to that, but today I want to unlock the golden handcuffs that have trapped some of Wall Street's financial advisors, and introduce you to a fun app that's helping bankers destress from all the hoopla around layoffs and weaker earnings.
1. Wall Street is keeping financial advisors tied down. Those who dare leave might also jeopardize recruitment bonuses.
Wealth-management firms like UBS or Morgan Stanley lure in the Street's best financial advisors with sizable loans. Structured as promissory notes, they can be life-changing for high-earning advisors. But these loans come with strings attached.
If advisors stay with the company for a number of years and meet their performance goals, they pay off these notes, which can amount to millions of dollars.
It's an easy win for both advisor and wirehouse if the rainmaker stays with the firm until the loan matures. But what happens if a successful advisor wants to test the job market? They have to pay this money back.
It's the "ultimate golden handcuffs," Louis Diamond, the president at recruitment firm Diamond Consultants, told Insider.
Check out the full story from Insider's very-own billionaire chaser, Hayley Cuccinello.
Meanwhile, as previously reported, investment-banking revenues shouldered much of the burden for banks' latest quarterly results.
But one banker has found a way to let peers — stressing about potential layoffs — flush their concerns away.
A screenshot of the app Swirly from the App Store
Jake Chasan, an analyst at Goldman Sachs, has a side hustle on the App Store. His app, Swirly, allows you to scrape a picture of someone off the internet, or use a picture you take, and that person's picture spirals down a virtual toilet bowl.
"On Wall Street, people are worried and stressed," Chasan told Insider. "Everyone I've spoken to from a waiter to my fellow banker, it can help."
I can't imagine Goldman Chief Executive David Solomon loves the idea of his face being flushed down a pretend dunny (Aussie speak for toilet) by disgruntled staff, but according to Chasan, the app has been a hit with his colleagues.
As professional services that help customers get onto their cloud providers are increasingly needed, analysts say AWS may want to bring specialized firms on board.
2. Amazon just made a near $4 billion bet on the primary-care industry. The tech giant agreed to buy clinic operator One Medical for $18 a share in cash, the third-largest acquisition Amazon has made to date.
3. Some venture capitalists believe they're integral to people's lives. Here's 26 rising-star fintech VCs who remain excited about the space despite many of their peers tightening their purse strings.
4. What do you get when you combine bitcoin and peso? Latin America's leading crypto exchange, Bitso. The firm has nabbed over four million users across five countries, and it's hoping crypto can help the region as it combats weak currencies and high inflation.
5. HSBC has installed a Communist Party committee at its Chinese investment bank, the Financial Times reported. It's the first foreign lender to put in place such a committee in the country.
6. The party's over for Amazon aggregators. These folks were once the belle of the ball, and raked in billions of dollars in capital. Insiders share what's next as funding evaporates.
7. Goldman Sachs-backed Casavo has raised over $400 million in debt and equity. The real-estate startup wants to shake up how people buy and sell homes online at a tough time for the industry, and Insider got a look at the 12-slide pitch deck it used to snare funding.
8. Coatue just led a $60 million funding round into a tax-automation startup. Check out the 25-page pitch deck that Fonoa, founded by former Uber staffers, used to secure the money.
9. More companies are taking their talents to South Beach with snazzy office spaces in Miami. Venture capital firm Andreesen Horowitz will open an office in the Starwood Miami building, while law firm Sidley Austin signed a lease for a new spot in the Brickell area, according to Bloomberg.
10. And here's our Friday Banker of the Week. Meet Dan Pietrzak, KKR's co-head of private credit.
He and his team just closed a $2.1 billion asset-based financing fund, the first fund KKR has dedicated to asset-backed financing.
Pietrzak has long been a fan of the asset-backed space, and since he joined the investment firm in 2016, he's helped close 54 deals that has amounted to about $6 billion in cash.
Check out the full story here, and learn more on why Pietrzak thinks KKR is ahead of the curve when it comes to this counter-cyclical asset class.
Bain Capital and a subsidiary of the Abu Dhabi Investment Authority have agreed to acquire Merchants Automotive Group, DBA Merchants Fleet, and Merchants Auto. Known collectively as Merchants, the target companies provide fleet-management services.
Blackstone Real Estate has agreed to buy real estate investment trust PS Business Parks for about $7.6 billion. PS Business Parks acquires, develops, owns, and operates commercial properties.
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2022-07-22T12:52:58Z
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Wall Street Banks Hold Loans Over Advisors' Heads to Stop Them From Leaving
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https://www.businessinsider.com/wirehouses-banks-morgan-stanley-loans-hiring-advisors-wealth-2022-7
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https://www.businessinsider.com/wirehouses-banks-morgan-stanley-loans-hiring-advisors-wealth-2022-7
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Cadillac says the electric Celestiq will be its most advanced car to date.
Cadillac unveiled the Celestiq show car, which previews its flagship electric sedan of the same name.
The long, sleek car takes inspiration from midcentury design, Cadillac said.
The Celestiq is rumored to cost $300,000 and up when it goes on sale.
Cadillac, General Motors' luxury brand, is becoming electric-only. A key part of its plan is the Celestiq, a high-end flagship sedan launching in the near future.
The Cadillac Celestiq show car.
After months of teasers, now we know roughly what it'll look like. On Friday, Cadillac unveiled the Celestiq show car, a concept vehicle that previews the Celestiq's sleek looks and high-tech features.
The car will cost around $300,000, matching ultra-luxury heavyweights like Rolls-Royce and Bentley, The Wall Street Journal reported in June. A Cadillac spokesperson said details like pricing and production timing will come later this year.
Cadillac says it will hand-build each Celestiq. The Journal reported that Cadillac intends to produce just 500 per year.
The stretched-out four-door sedan takes inspiration from midcentury design, Cadillac says.
Its striped front end and boomerang-shaped brake lights echo the Lyriq, Cadillac's electric SUV that just launched to customers.
Read more: Chevrolet unveils $45,000 electric Blazer with up to 320 miles of range to take on Ford's popular Mustang Mach-E
It has a four-quadrant glass roof that lets each passenger independently control the amount of light they want to let into the cabin.
The interior appears spacious and comfy, and it's jam-packed with screens.
There are five LED touchscreens, to be exact, including two entertainment displays facing the back seat.
A 55-inch display spans the entire width of the car's dashboard.
It includes a passenger screen with "electronic digital blinds," so front-seat passengers can watch YouTube videos and the like without distracting the driver.
Two smaller screens between passengers control functions like the seats.
Between its many screens and its bold, sculpted seats, the Celestiq looks like a spaceship out of a 1950s sci-fi movie.
The show car uses cameras instead of side-view mirrors, which isn't legal in the US currently.
The production car will come with an advanced driver-assistance feature called Ultra Cruise, which General Motors says will enable hands-free driving in most environments.
We don't know much about the Celestiq's performance, but Cadillac has said it will be all-wheel drive and offer four-wheel steering.
To compete with high-end offerings from Tesla, Lucid Motors, and Mercedes-Benz, it'll need to offer at least 350 miles of range.
The technologies previewed in the show car and more will make the Celestiq "the most advanced vehicle ever from Cadillac," the company said.
More: Features Transportation Auto Industry Electric Cars
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2022-07-22T14:22:50Z
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www.businessinsider.com
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Cadillac Celestiq: Ultra-Luxe Electric Car With $300,000 Price Tag
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https://www.businessinsider.com/cadillac-celestiq-electric-ev-price-photos-revealed-2022-7
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https://www.businessinsider.com/cadillac-celestiq-electric-ev-price-photos-revealed-2022-7
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These 8 VCs are looking to fund electric vehicle startups that can solve the biggest threats to an industry growing to $53 trillion
Uncertainty can be a threat to the industry, Rachel Holt, a cofounder and general partner at Construct Capital, said.
The auto industry is undergoing a transformation as it spends billions of dollars to go electric.
Venture capitalists are keeping an eye on several threats that stand in its way.
VCs shared the threats they saw — and how some startups were poised to cash in despite them.
As the auto industry undergoes a $526 billion transition to electric vehicles, there are a lot of factors threatening its success.
Widespread supply-chain constraints, market uncertainty, debilitating production delays, and lagging consumer adoption pose major threats to the success of EVs. As the industry invests massive amounts of time, talent, and resources in the transition, any new roadblock can make or break parts of the business.
Threats are scary, but they leave room for startups to come up with innovative technologies and solutions — with a potential for a major payday to the winners in a market that could hit $53 trillion by 2050, according to BloombergNEF.
Eight top venture capitalists who invest in auto-tech and EV startups told Insider the threats they saw facing the industry and what signaled a startup was poised to capitalize on them.
Supply-chain constraints
Laurie Yoler of Playground Global.
Supply-chain constraints are top of mind, Laurie Yoler, a general partner at Playground Capital, said.
"The big challenges continue to be transportation costs and supply-chain shortages," Yoler said. "The supply-chain shortages continue to plague, in particular, the auto industry. The geopolitics don't make it easier."
Also faced with labor shortages, the industry has its hands full — but any startup that can demonstrate it's nimble enough to maneuver around supply-chain jams has a leg up.
Samantha Huang of BMW i Ventures.
The whole supply chain is a challenge, especially in regard to batteries, Samantha Huang, a principal at BMW i Ventures, said.
"There are so many opportunities within that, but the biggest ones are probably batteries, rare minerals that would go into the batteries, anything that would enable electrification of the car," Huang said.
Startups that work to address threats to battery supply, from those related to raw materials and chemistries to manufacturing, are well positioned.
Milo Werner of The Engine.
The Engine general partner Milo Werner said charging availability could threaten EV adoption and, thus, the success of the industry.
"One of the big problems that I think the industry is grappling with right now is home charging and the ability for the power industry to upgrade the amperage to all the homes," Werner said.
"The power industry is obviously very slow to adopt these new technologies, but I think it is really causing a slowdown in the adoption of electric vehicles because people cannot install charging plugs in their homes because of these restrictions," Werner added.
Entrepreneurs tapping into the charging space, especially home charging, are likely to be much more attractive to investors and more likely to receive a big payday, given how critical being able to plug in is for the transition.
Rachel Holt of Construct Capital.
"What is return to work going to look like? Is the dislocation from cities that happened over the last couple of years going to stick?" Holt said.
Venture capitalists need to have a thesis on the macro environment, not just the auto-tech space — and startups need to do the same.
"The people who just have a point of view on mobility maybe are going to miss a little bit of what is happening in this space," Holt added.
Startups that can demonstrate an understanding of factors outside mobility, like consumer behaviors, may be poised for greater success.
Production and rollout delays
Katie McClain of Energize Ventures.
Katie McClain, a partner at the Chicago firm Energize Ventures, said delays, caused by any number of factors, posed a threat.
"The supply-chain issues are going to have a huge impact. There's going to be a huge shortage of the materials that are going into the batteries and going into the cars. How are we going to meet this new demand?" McClain said. "I think that we'll solve those, but the timing might be a little bit later than what everyone's thinking."
Startups that promise to help navigate or alleviate the influence of these delays are often safe bets.
Attracting mission-driven talent
Clara Brenner, left, with the Urban Innovation Fund team.
Companies that don't authentically incorporate sustainability-related innovation and world-positive views can struggle to land the top talent in the EV space, Clara Brenner, a cofounder and managing partner at the Urban Innovation Fund in the Bay Area, said.
But the companies and entrepreneurs that indicate they are genuine about these missions are often clear winners of future success.
"Generally, in the entrepreneurship space, we found that companies who lead with a world-positive mandate have done the best job of attracting talent, retaining talent through really difficult times, like the first quarter of the pandemic, for example," Brenner said. "That has also attracted a lot of capital for us."
Cassie Bowe of Energy Impact Partners.
Timing, especially surrounding expectations for product launches or when a milestone can be hit, is the biggest factor working both for and against the industry right now, Cassie Bowe, a partner at Energy Impact Partners, said.
"That's going to determine how many companies succeed that were created recently, today, going forward," Bowe said. "Anything that impacts timing is going to have a potential hindrance and then a potential accelerant to the space."
Startups that can show they are flexible enough to adjust to different timing demands are often more attractive to investors.
Kai Daniels of GM Ventures.
Embracing speed is a major challenge, Kai Daniels, a senior associate at GM's in-house venture-capital arm, GM Ventures, said.
"What a lot of organizations are going to have challenges with is: How do you move quickly?" Daniels said.
Daniels said startups that could maintain a fast pace, keeping quality and safety high, and deliver unique solutions amid challenges were high value.
"That's what's important when we're talking about the challenges of keeping up with pace of innovation and with the demand of customers," she said.
Funders And Founders
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2022-07-22T14:23:02Z
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EV Funding for Startups That Can Solve 8 Problems Say Top VCs
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https://www.businessinsider.com/ev-funding-startups-venture-capital-solutions-problems-2022-7
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https://www.businessinsider.com/ev-funding-startups-venture-capital-solutions-problems-2022-7
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Jake Epstein and Hilary Brueck
US President Joe Biden prepares to remove his mask at the White House on December 23, 2021.
Despite his demanding social schedule, Biden got COVID-19 over two years into the pandemic.
Experts said he avoided illness because he wore a mask, tested frequently, and is up-to-date on boosts.
President Joe Biden tested positive for COVID-19 on Thursday, becoming the second US president to get infected by the virus in as many years.
The White House said in a statement that the 79-year-old — who is fully vaccinated and twice boosted — is experiencing "very mild symptoms" and taking the antiviral drug Paxlovid.
Despite Biden's age — making him more vulnerable to infection — and the many people he meets with as part of his job, experts say he likely managed to avoid getting sick for over two years of the pandemic because he routinely wore a mask, tested frequently, and stayed up-to-date with his vaccinations.
BA.4 and BA.5 make it extra hard to avoid COVID now
It's "certainly possible" that mask-wearing and frequent testing helped Biden avoid getting infected for so long, Dr. Seth Cohen, medical director of infection prevention at the University of Washington, told Insider.
"I do think this reflects that the nature of his job — and that of many Americans — makes it almost impossible to avoid Omicron entirely, but there are clearly measures that people can take to decrease their risk," Cohen said.
"There are just very, very high rates of COVID transmission right now across many communities in the US. And I think him getting COVID reflects that."
The nation is averaging over 126,000 daily new cases and has seen a steady rise in infections since late-March, according to data from the Centers for Disease Control and Prevention.
Fueling the current rise in cases are the highly infectious BA.4 and BA.5 Omicron subvariants, which can better evade protection from vaccines and reinfect individuals more easily and quickly than previous versions of the virus.
Cohen said there is "very, very strong data" that show it's important to be fully boosted in order prevent severe outcomes from COVID. He stressed that the BA.5 variant is "really adept" at permeating social groups and seeking out those who are vulnerable.
Dr. Michael Klompas, an infectious disease expert at Harvard Medical School, agreed. He told Insider it's "not that surprising" Biden finally tested positive.
He echoed Cohen, saying "aggressive" testing of those around the president helped protect Biden until now.
But Klompas also said there's "a lot" of COVID going around, and Biden is not always "wearing a mask as he interacts with people" these days.
"He's clearly in a sort of more permissive state now compared to what he was doing before," the doctor said. "He seems to interact with a lot of people recently."
After Biden's positive test was revealed Thursday morning, the president tweeted a photo of himself without a mask at his desk, and said: "Folks, I'm doing great."
A letter from Kevin O'Connor, Biden's physician, said the president's positive test came during a "routine screening" and his "mild symptoms" include a runny nose, fatigue, and the occasional dry cough.
White House Press Secretary Karine Jean-Pierre told reporters that Biden will stay in isolation for at least five days until he gets a negative COVID-19 test.
Cohen and Klompas said they expect Biden's illness shouldn't last too long.
"I have every expectation that like most people who have COVID these days — in the context of vaccination — you'll have a few days feeling lousy, and then it'll be okay," Klompas said. "A healthy and vigorous person with 4 shots — his risk of a bad outcome's incredibly low."
More: Speed desk Biden coronavirus Experts
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2022-07-22T14:23:08Z
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How Biden Avoided Getting COVID-19 Until Now: Experts
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https://www.businessinsider.com/how-biden-avoided-getting-coronavirus-until-now-disease-experts-2022-7
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https://www.businessinsider.com/how-biden-avoided-getting-coronavirus-until-now-disease-experts-2022-7
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Instagram's new Map feature lets you see Stories across your city and around the world — here's how to use it
Instagram has a new Map feature that lets you see the most popular spots in your area and view local Stories.
To open the Instagram Map, tap the location tag in a post or search for a city's name.
You can also use Instagram's Map to bookmark locations you want to visit or share them with friends.
One of Snapchat's flagship features is the Snap Map, which lets users view public Snapchat Stories from anywhere in the world.
Although it's taken a few years, Instagram has its own version of that feature now too. The Instagram Map lets you watch Stories, find new accounts to follow, make travel plans, and more.
How to use the Instagram Map
You've got a few ways to open the Instagram Map.
First, you can tap the magnifying glass icon at the bottom of the screen, then search for the location you want to see. In the results, tap Places in the top-right corner, then pick any spot on the list to open the map on that location.
Search for the location and select "Places."
Instagram; William Antonelli/Insider
Second, if someone has tagged a location in their post, you can tap on the location to open the map on that spot.
Once the map is open, you can drag your finger to scroll around the world, and pinch to zoom in or out. There's no limit to how far you can go on the map — as long as people are using Instagram in the spot you want, you'll find results.
When you tap Search this area at the top of the screen, the menu at the bottom will update to show you all the most popular places in the area you're looking at. You can either tap the spot you want on the map (they'll have a bubble on top of them) or select it from the list to see all the posts and Stories people have made there.
Tap one of the bubbles to see posts from that spot.
And once you've selected a location, you've got a few more options. Aside from seeing all the posts made there, you can tap the bookmark icon to save the location so you can come back to it later. Tapping the paper airplane icon lets you share the location with any of your Instagram contacts. These are great if you're making travel plans and scouting places to visit.
Finally, tapping the three dots at the very top of the location's info menu lets you copy the address or open it in Apple Maps or Google Maps.
Tap the icons at the top to save or share the location.
TECH How to use Instagram filters and effects on your photos or videos
TECH How to see an archive of the posts you've liked on Instagram
TECH How to sync your contacts on Instagram to find and follow people you know
TECH Instagram Reels can be 15 to 60 seconds long — here's how to customize length
More: Instagram map Instagram Stories Instagram posts
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2022-07-22T14:23:14Z
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How to Use the Instagram Map
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https://www.businessinsider.com/instagram-map
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https://www.businessinsider.com/instagram-map
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9 top Netflix executives who've exited in the past year for companies like Amazon, NBCUniversal, and Vice
From left: Former Netflix execs Lindsay Salt, Bozoma Saint John, and Jonathan Bing.
BBC; Amy Sussman/Getty Images; Jonathan Bing / Insider
In the past year, turnover has hit every level at Netflix, with layoffs as well as exec departures.
High-profile exits at the streamer include CMO Bozoma Saint John and VP of product Todd Yellin.
Netflix execs have moved on to positions at Amazon, the BBC, and Hollywood agency UTA.
Netflix has seen unprecedented turbulence in 2022. Between subscriber losses, its tumbling stock price, and layoffs of at least 450 staffers so far this year, there's a sense in Hollywood that the disruptor's highest-flying days may be behind it.
"We have some headwinds right now, and we are navigating through them," co-CEO Ted Sarandos said during the company's second quarter earnings call.
Amid those headwinds, turnover has come at all echelons of the company, from C-suite executives such as marketing chief Bozoma Saint John to contract workers at the streamer's editorial publication Tudum. Netflix's most recent departure, VP of product Todd Yellin, was notable for his longevity, having spent 17 years at the streamer (he oversaw the creation of its "tudum" sonic logo, according to Variety).
Some leaders have left the streamer for roles at other big entertainment companies — comedy marketing director Casey Benesch joined Amazon Prime Video, while content exec Lindsay Salt joined the BBC.
At the same time, Netflix is still focused on strategic growth and has hired heavy hitters to lead in areas like gaming, bringing on former Facebook Oculus exec Mike Verdu as vp of games.
Here's a list of nine execs who've left Netflix over the past year to join rival streamers and studios or to declare themselves, in one case, "Retired (ish)."
After three years as director of communications at Netflix, Bing left in the spring to become chief communications officer at Vice Media Group, overseeing communications strategy across all of the group's brands, including Refinery29, Vice TV, and Vice News.
Lindsay Salt is one of the most recent high-profile departures from Netflix, having left the streamer in July for the BBC — notable for the unusual direction of the move, since Netflix has been prolific in poaching talent from traditional networks and streaming competitors. For about three years, Salt was part of Netflix's first scripted team in the UK, where she developed new titles and also worked on the fifth season of "The Crown."
Bozoma Saint John was Netflix's chief marketing officer for two years.
Shannon Willett led a global group of 250 staffers by the end of her time at Netflix, after working her way up to vp of global marketing strategy and operations over the course of nearly seven years. She initially joined the company as a marketing manager for North America, Australia, and New Zealand, before being elevated several times.
Former Netflix engineering exec Mark White was a member of the high-level Lstaff.
One of the longest-tenured Netflix execs, Mark White joined the streamer in 2007, long before it became the most disruptive player in entertainment. As vp of engineering and a member of the high-level Lstaff, the PayPal alum oversaw Netflix's powerful personalized-recommendation algorithms, e-commerce, and content-creation tools that allow subscribers to discover new content on the platform.
Todd Yellin spent eight years as Netflix's VP of product.
Having joined Netflix in 2006, before it became the streaming market leader it is now, Yellin is one of a handful of longtime execs who've been along for the streamer's disruptive ride.
He was upped to VP of product about eight years ago, and was "at the heart of our product strategy," according to a statement from Netflix COO and chief product officer Greg Peters. Now, Yellin's making a return to creative pursuits once he leaves in September.
"When I joined Netflix nearly 17 years ago, I had just released my first feature film and planned to stay for a couple of years to right my finances before setting out on another film project," Yellin told Variety, which first reported the news.
"Year after year, the allure of revolutionizing how movies and TV shows are discovered and consumed, let alone having the opportunity to evolve video storytelling, became impossible to walk away from," Yellin continued. "This was a hellish decision but life is short and I want to get back to my filmmaking roots."
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2022-07-22T14:23:32Z
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9 Top Netflix Executives Who Left to Join Amazon, NBCUniversal, and More
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https://www.businessinsider.com/netflix-executives-marketing-content-product-left-quit-amazon-nbcu-2022-7
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https://www.businessinsider.com/netflix-executives-marketing-content-product-left-quit-amazon-nbcu-2022-7
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Under Sec. of Education James Kvaal said that canceling student debt is not as easy as it seems.
He noted he is still continuing to examine Biden's authority to enact $10,000 in relief without Congress.
Biden is expected to announce loan forgiveness before payments resume in September.
It's a question millions of student-loan borrowers want an answer to: Why is it taking so long for President Joe Biden to cancel their debt?
Under Secretary of Education James Kvaal said it's just not that easy.
"We've been working hard on it," Kvaal told YouTube personality Philip DeFranco in an interview this week. "There's a lot of twists and turns, and I know that from the outside these do seem like easy questions, but it's not a question of yes, you have the authority, or no, you don't have the authority, there's a lot of hoops we have to go through."
Kvaal did not elaborate in the interview on what exactly those hoops are, but he did note that whether Biden has the authority to enact broad student-loan forgiveness is something the Education Department is continuing to examine — specifically, whether the president can wipe out $10,000 in debt "without an act of Congress." Biden is reportedly considering $10,000 in relief for federal borrowers making under $150,000 a year. A White House spokesperson recently confirmed to Insider that he's still planning to make that announcement before August 31, when the pause on payments is set to expire.
While Biden campaigned on $10,000 in loan forgiveness, many advocates and Democratic lawmakers have been pushing him to go bigger. Massachusetts Sen. Elizabeth Warren, for example, championed $50,000 in relief as part of her presidential campaign, but Biden expressed hesitancy with his legal authority to wipe out that amount of relief. He said in April $50,000 is off the table.
It's unclear, though, what authority the department is continuing to examine, as Kvaal noted, because redacted documents last year revealed that the department produced a memo on Biden's legal authority to cancel student debt. While the actual conclusion of the memo is not available to the public, the fact the memo exists and was circulated within the White House suggests there is an answer on that authority, but borrowers do not yet know what that answer is.
Republican lawmakers have remained adamant that Biden does not have the authority to wipe out student debt, but Democrats have maintained the opposite. "Higher education is supposed to level the playing field, but our current financing system widens the racial wealth gap. It's time for bold reforms—and that includes President Biden using his executive authority to #CancelStudentDebt," Warren wrote on Twitter.
A possible reason for the hold-up could be related to inflation. As Insider previously reported, Biden wants to ensure any relief does not exacerbate already high prices in the country, and his top economic advisers said that canceling student debt around the time of the payment restart could balance out any inflationary impacts.
Still, the payment pause ends in just over a month, and Democrats, Republicans, advocates, and borrowers have said an announcement on any upcoming relief is overdue.
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Canceling Student Debt Isn't As Easy As It Seems: Under Sec. Kvaal
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https://www.businessinsider.com/canceling-student-debt-isnt-easy-twists-turns-kvaal-education-biden-2022-7
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https://www.businessinsider.com/canceling-student-debt-isnt-easy-twists-turns-kvaal-education-biden-2022-7
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Former Washington Metropolitan Police Department officer Michael Fanone listens as the House select committee investigating the Jan. 6 attack on the U.S. Capitol holds a hearing at the Capitol in Washington, Thursday, July 21, 2022.
A former DC cop who was attacked on January 6 was heckled by protestors after Thursday's hearing.
Protestors asked Michael Fanone why he was at the Capitol on January 6 if he was not on duty that day.
Former Washington, DC Metropolitan Police officer Michael Fanone — who was attacked during the Capitol riots — was heckled by protesters on the street after Thursday's January 6 Committee hearing.
"Why were you there January 6? You were not even on duty," one protester can be heard asking Fanone in a video posted to Twitter by ABC News Investigative Reporter Will Steakin.
The video appeared to show a group of protestors following Fanone in Washington, DC and videotaping him while they asked him questions. Fanone ignored all of their advances.
"Are you a real police officer?" the same woman asked Fanone. "Are you disappointed that you're going to make men face years in jail because of your lies?"
The video then appeared to show a counter-protestor stepping in front of Fanone to block him from the hecklers. The man can be seen hitting one of the protestors with his sign.
—Will Steakin (@wsteaks) July 22, 2022
Also on Thursday, Fanone responded to a video shown during the committee hearing of Sen. Josh Hawley fleeing the Capitol during the insurrection by calling him a "coward" and a "bitch."
"I thought he ran like a coward," Fanone told CNN's Don Lemon on Thursday. "Like many people in Trump world, he performs when he's in front of a camera, and he acts very differently when he is not."
When interviewed by Politico on Thursday, Fanone said the first thought that popped into his mind when seeing the Hawley video was, "Josh Hawley is a bitch. And he ran like a bitch."
"The fist pump, combined with what he did in the immediate aftermath just shows the true character or lack thereof," he added, before saying there was an "eruption" of laughter in the room after the Committee played the clip of Hawley.
"Listen, obviously, I see the amusement of it, and I'm not going to fault people for finding it humorous, but that pisses me off. That guy's a clown," Fanone told Politico.
—JC (@JCWhittington_) July 22, 2022
More: Speed desk Breaking january 6 capitol riots
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DC Police Officer Attacked on Jan. 6 Heckled After Committee Hearing
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https://www.businessinsider.com/dc-police-officer-michael-fanone-capitol-jan-6-heckled-hearing-2022-7
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https://www.businessinsider.com/dc-police-officer-michael-fanone-capitol-jan-6-heckled-hearing-2022-7
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Health insurer Elevance is starting to embrace the same strategy that turned rival UnitedHealth into a $490 billion colossus
Shelby Livingston
Elevance Health CEO Gail Boudreaux
Elevance (formerly Anthem) is dialing up its focus on providing health services, including home-based care.
The goal is to lower health-plan costs by connecting sicker members to in-house providers.
It's part of an ongoing movement among insurers to do more than process medical claims.
The major US health insurer Elevance Health — formerly called Anthem — is doubling down on businesses beyond insurance, following a blueprint outlined by competitors such as UnitedHealth Group.
Elevance has pushed deeper into home healthcare, mental-health services, and pharmacy benefits over the past few years, most recently buying up myNexus, a company that helps patients get medical care at home after a hospital stay, in April 2021.
Progress has been slower than competitors, but during a second-quarter earnings call on Wednesday, Elevance CEO Gail Boudreaux said the company's focused on speeding up the growth of its health-services business, recently named Carelon, and connecting its health-plan members to those services to improve care and lower costs.
"It's an important strategic lever for us, but importantly, it's really early innings," Boudreaux told analysts, according to a Sentieo transcript.
Elevance is using myNexus, for example, to coordinate in-home care for its Medicare members in Indiana. It plans to roll out the tool to Medicare members across the country over the next six to 12 months, she said.
Though it's small, Carelon was Elevance's fastest growing business in the second quarter, pulling in $3.3 billion in operating revenue, an increase of 31% over the same quarter a year ago. Elevance reported total operating revenue of $38.5 billion, up 15.6%.
Still, investors focused on higher COVID-related costs in the health-plan business, sending the stock down 7.6% on Wednesday. Elevance has a market value of about $110 billion, while UnitedHealth's market cap is $490 billion.
Elevance's push is part of an industry-wide transformation
Elevance's growing focus on coordinating and providing care highlights how the broader insurance industry has shapeshifted from intermediaries that paid medical claims to giants that provide care directly to patients, manage prescription drug benefits, and sell technology to customers.
This industry-wide metamorphosis has been underway for years, but Elevance has been slower to change than some competitors, preferring to partner with primary-care providers rather than buy them.
Still, the company has waded deeper into delivering care to complex patients through acquisitions of myNexus, Aspire Health, which provides care at home to seriously ill patients, and Beacon Health Options, a business that delivers behavioral health services. It also built out its own company to manage prescription drug benefits, called IngenioRx.
Rebranding as Elevance in June was a nod toward its progress.
"It's a milestone in terms of this strategic reformation of the business, illustrating that, 'We're no longer just a stodgy health insurer and we're not just processing claims,'" said Whit Mayo, an analyst at SVB Securities. "'We're aggregating a lot of capabilities and solutions that are non-insurer oriented that we think we can own and we think interplay and can co-mingle with our health-plan business.'"
Pushing into health services allows insurers to pocket more premiums
Owning businesses outside of insurance gives insurers a way to bolster their revenue and, by owning medical providers, to better control the medical costs of patients.
It's also a strategy that allows insurers to sidestep federal requirements governing how much they have to spend on care. Health insurers by law must spend 80% to 85% of every dollar they receive in premiums on paying patient's healthcare claims or improving the quality of care. By steering patients toward providers that they own, insurers can keep more of those premium dollars in house.
No insurer has expanded into care delivery as much as UnitedHealth, the parent company of the country's largest health insurer. Under its Optum health services business, it's amassed a sprawling empire of clinics, urgent care centers, and surgery centers staffed by more than 50,000 doctors. Optum also houses companies that manage pharmacy benefits and sell technology and analytics to healthcare providers.
OptumCare Cancer Center's chemotherapy infusion area in Nevada
Courtesy Optum
"A lot of the industry has had some envy with Optum," Mayo said.
Still, Elevance is taking a different approach to diversifying compared to UnitedHealth. It's focusing on owning businesses that serve people with serious and chronic illnesses. The insurer is unlikely to start buying up primary-care offices across the country.
Elevance's budding Carelon business is nowhere near the size of UnitedHealth's Optum. But it could grow in importance.
"By profitability, the Carelon business is maybe less than 5% of profits, so as it stands today it's very small. But they want it to grow and part of the way it will grow is just by servicing more of the members in its insurance plans," said David Windley, a Jefferies analyst.
Going forward, Elevance executives said they want Carelon businesses to enter "value-based" arrangements in which they take on lump sums to care for chronically ill, expensive patients, rather than getting paid smaller amounts for each service delivered. UnitedHealth also has been transforming how Optum doctors are paid.
"This is the next iteration across all of our Carelon services," Boudreaux said.
More: Dispensed Health Insurers UnitedHealth Group
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2022-07-22T15:50:19Z
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Elevance Health, Formerly Anthem, Is Ramping up Its Push Into Healthcare Services
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https://www.businessinsider.com/elevance-health-anthem-ramping-up-push-into-healthcare-services-2022-7
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https://www.businessinsider.com/elevance-health-anthem-ramping-up-push-into-healthcare-services-2022-7
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Macro and CTA hedge funds soared while tech-heavy funds tanked. Here are the biggest winners and the losers for the first half of 2022.
Hedge fund assets dropped below $4 trillion in June, due to poor performance and investor exits.
Institutional investors withdrew roughly $27.5 billion from hedge funds during the second quarter.
See which hedge fund strategies performed the best during the first half of 2022.
Many hedge funds had a rough ride during the first half of 2022.
Hedge fund assets dropped below $4 trillion in June, due to poor performance and investor withdrawals, new Hedge Fund Research data showed.
Institutional investors pulled out roughly $27.5 billion from hedge funds during the second quarter, the highest quarterly outflow since the first quarter of 2020. High inflation and a looming economic recession is to blame for the drop in flows, HFR said.
The S&P 500 finished the initial six months of 2022 with a 20.6% loss, the worst mid-year performance in 50 years. According to HFR, the average hedge fund outperformed the overall market by delivering 5.8% over the same period. But while some hedge funds have been able to thrive in the volatile environment, other types of funds were hit hard.
"Given the acceleration of macroeconomic and geopolitical uncertainty, institutional investors are likely to increase their commitment to funds combining effective, volatility-positive, capital preservation with managers offering opportunistic exposure to interest rate and inflation trends, with these effectively complementing existing portfolio holdings and duration," said HFR president Kenneth Heinz, in a statement announcing the new data.
Hedge funds that are equipped to navigate those trends will be top performers through the second half of 2022, he said.
Here's a rundown of the winners, losers, and those somewhere in between of the $3.8 trillion industry.
Winners: Macro investors and CTA strategies
Nir Bar Dea is the deputy CEO of Bridgewater Associates.
Courtesy of Bridgewater
HFR's Macro Index returned 14.2% during the first half of 2022, thanks to gains in macro, CTA, risk mitigation, and commodity strategies.
Macro hedge funds – which trade assets based on big picture political and economic events– are up so far this year, posting 8.6% in the first six months of the year, according to HFR.
The world's largest hedge fund's flagship strategy, the Bridgewater Associates' Pure Alpha II fund, posted a 32% gain in the first six months of the year.
Fellow macro manager Brevan Howard's flagship fund gained 14% during the same period, Bloomberg reported earlier this month, and Chris Rokos's $13 billion macro hedge fund gained 12% after losing about 3.8% in June.
CTAs, which trade futures contracts of commodities, are up 15% year to date, data from hedge fund research firm PivotalPath showed.
Mick Mulvaney, a former White House chief of staff for former President Donald Trump, has seen his eponymous hedge fund's CTA strategy, the Mulvaney Global Diversified Program, soar so far this year with a return of 97.9%. It delivered 7.7% in June, said Societe Generale in a report from its prime services business.
Nigol Koulajian, the founder of Quest Partners, a New York-based systematic CTA, told Reuters in May he looks to make moves during tail events.
"You can actually look for places where the volatility in the market is cheap relative to historical norm ..., where the recent volatility has been low, because those are the assets that will give you the most bang for the buck when there's a tail event," Koulajian told Reuters at the time.
Winners: Quant managers
CNBC/ Heidi Guzman
Quant strategies started 2022 off strong, with many outperforming in the first quarter. According to PivotalPath data, macro quant strategies were up 12.5% in June, while equity-focused quants returned 0.4% in June and 4% year to date.
Kenneth Tropin's Connecticut-based Graham Capital's quant macro fund has delivered 20.92% so far this year and was up 1.04% in June, according to Societe Generale's report.
Billionaire Jim Simons' Renaissance Technologies was up in three of its funds, the Societe General report showed. Its biggest, the Renaissance Institutional Equities Fund, is up 0.8% for the last six months, after delivering 1.8% in June. Its Diversified Alpha Fund and Diversified Global Equities are both up 5.4% for the year.
AQR Capital Management told investors its global macro strategy fund rose about 23.1% through June, according to a report from Reuters.
Leda Braga's Systematica Investments benefitted from the sell-off in bitcoin and ether, the Financial Times reported in June. The quant firm's $6.7 billion Alternative Markets fund was up 15.9% for the year, it reported.
Losers: Tech-heavy growth funds
Mike Nudelman/Insider
Growth hedge funds saw disastrous losses during the first half of the year. Chase Coleman's $80 billion Tiger Global is down 50.1% for the first half of the year, even though it was able to gain 3.4% in June, the Wall Street Journal reported.
Growth managers have piled into buzzy tech names in recent years. Plunging valuations for tech firms have hit both public and private companies, the latter of which many of these fund managers had been buying up.
Andreas Halvorsen's $19 billion flagship fund also gained 2% last month, paring its decline for the year to 7.4%, according to an investor letter seen by Bloomberg.
In May, Philippe Laffont's Coatue Management told investors it had lost 17%, amid the massive tech sell-off.
And stock-picking managers like now-defunct Melvin Capital and Whale Rock fell by double-digits during the first quarter of 2022. Alex Sacerdote's Whale Rock lost more than 25% during the first three months of 2022 in its public-only portfolio.
Yet to be seen: Multi-strategy firms
Ken Griffin, Founder and CEO, Citadel, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 30, 2019.
Performance figures for multi-strategy firms are still trickling out.
Ken Griffith's Citadel has experienced double-digit returns for the year so far. The firm's flagship multi-strategy fund, Wellington, returned a little over 4% for the month of June, bringing year-to-date performance to 17.5%, according to a source familiar with the firm's performance.
Its multi-strategy tactical trading strategy returned 2.5% in June and year-to-date performance around 12.5%.
More: Hedge Funds Macro Funds CTAs
Multi-Asset Strategy
Brevan Howard
Izzy Englander
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See Which Hedge Fund Strategies Performed the Best in 2022 so Far
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https://www.businessinsider.com/hedge-fund-performance-first-half-year-winners-losers-2022-7
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https://www.businessinsider.com/hedge-fund-performance-first-half-year-winners-losers-2022-7
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Check out the pitch deck that helped a pair of media veterans raise $5.7 million to launch climate-focused media startup The Cool Down
The Cool Down Cofounder Anna Robertson.
Media veterans Dave Finocchio and Anna Robertson have launched a digital media startup.
The Cool Down aims to bring accessible climate-focused content to a more mainstream audience.
Upfront Ventures led a recent $5.7 million seed round in the company.
US-based startup The Cool Down this week said it had raised a $5.7 million seed round to help launch its new climate-focused media and commerce company.
Led by the cofounder and CEO of sports media site Bleacher Report Dave Finocchio and longtime ABC News producer and executive Anna Robertson, The Cool Down is aiming to reach a mainstream American audience by making the topic of climate more accessible and less focused on often-politicized doom and gloom.
Articles currently running on The Cool Down's website include "5 sustainable food swaps to make for your health and the planet," "Plant thought to have gone extinct 40+ years ago found in Ecuador," and "What is the circular economy? Here's how we can return to the natural cycle humans disrupted."
The Cool Down intends to use a similar approach that helped The Bleacher Report grow into a mainstream sports-media brand: leaning on entertaining creators and formats that are shareable across social channels and building a community that people want to engage with.
The Cool Down Cofounder Dave Finocchio.
"One of the reasons I got really excited about doing this is that I could not help but notice the similarities in where digital climate content is today and where digital sports content was at when I started Bleacher Report —it was very fragmented and difficult for consumers to get valuable information." said Finocchio. "Our team is doing a lot of hard work for the users in distilling down complex topics and giving them actionable advice or feedback about what they can do about things."
Finocchio said he began thinking about the project around two years ago and was introduced to Robertson by a mutual contact early last year. Both members of the "My Climate Journey" podcast's Slack community, the pair soon built a rapport and by this January, they had begun working on the project full-time. It currently has around 10 staffers.
The Cool Down initially plans to make money through affiliate marketing, generating revenue from the environmentally friendly products its writers recommend to readers. Next year, the aim is to launch its own ecommerce marketplace. At this stage, the company doesn't intend to sell advertising or paid-for subscriptions.
The Cool Down's seed round was led by Upfront Ventures and included participation from Revolution's Rise of the Rest Seed Fund, Jetstream, Niche Capital, Swingbridge. The Ringer founder Bill Simmons and Credo Beauty CEO Dawn Dobras, and Bonaroo Cofounders Rick Farman and Richard Goodstone were among the angel investors who also participated.
Check out the key slides from The Cool Down's investor pitch deck below:
The Cool Down Cofounder Anna Robertson says the company wants to grow into a mainstream brand by reaching all Americans, not just those who are "already on board" with the climate topic.
The Cool Down is building an ecommerce hub to help consumers buy more sustainable items, from induction stove tops to electric vehicles.
The Cool Down's founders said this quote from John Doerr, the chairman of venture capital firm Kleiner Perkins, highlights the opportunity for their company.
Finocchio said the climate movement in the US has mostly been driven by early adopters so far. But that's soon to become the "early majority," he said.
"Unfortunately it's being pushed along by more extreme weather but it's also been pushed along by the fact that the technology has come along so far with so many great products," Finocchio added.
The Cool Down's founding team includes Chief Operating Officer Ryan Alberti — formerly a director at Bustle Digital Group and Bleacher Report — and ecommerce and marketing expert Nina Tooley.
The Cool Down wants to work across social channels with "unexpected messengers" to tap into particular passion points.
"Whether that's a beauty creator, or a young conservative, we are working to engage and amplify and showcase some of the breakthrough voices who maybe haven't been asked to participate in the climate discussion," Robertson said.
The Cool Down's first plan is to grow a loyal audience that trusts its content, and then it'll build the commerce platform.
"I'm confident if we have a community that is really leveraging us for help, there's going to be a substantial business opportunity here," Finocchio said.
More: Features ABC News Climate Change
Dave Finocchio
Upfront Ventures
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2022-07-22T15:51:01Z
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PITCH DECK: the Cool Down Raises $5.7 Million Seed Round
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https://www.businessinsider.com/pitch-deck-the-cool-down-raises-5-million-seed-round-2022-7
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https://www.businessinsider.com/pitch-deck-the-cool-down-raises-5-million-seed-round-2022-7
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A 7-Eleven sign hangs outside a building.
Hundreds of employees at 7-Eleven have lost their jobs due to the company's purchase of Speedway.
The cuts will hit 880 employees in Ohio and Texas.
If you are a 7-Eleven employee with a story to share about these layoffs, email acain@insider.com.
Over 800 7-Eleven corporate employees in Ohio and Texas will lose their jobs as the convenience store chain reorganizes following its purchase of a rival business.
In a statement sent to Insider, a 7-Eleven spokesperson said the company has been undergoing an "integration process" since it bought Speedway for $21 billion in 2020. The spokesperson wrote that the company assessed the new "combined organization structure," a process that recently came to a completion after being "slowed by COVID-19."
"As a result, we made the difficult decision to reduce our current workforce in our Irving, TX and Enon, OH support centers and field support operations by approximately 880 associates," a 7-Eleven spokesperson said in a statement to Insider. "These decisions have not been made lightly, and we are working to support impacted employees, including providing career transition services."
Some of the laid-off employees have seemingly taken to the web to vent about the news. A representative of the Layoff.com — a message board for employees experiencing layoffs — told Insider that the website is seeing a lot of traffic on its 7-Eleven page, mostly from legitimate IP addresses and real devices based in the Dallas metro area.
If you are a 7-Eleven employee with a story to share about these layoffs, email acain@insider.com. We protect our sources.
More: 7-Eleven BI Select Layoffs
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2022-07-22T17:25:27Z
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7-Eleven Slashes 880 Corporate Jobs Because of Speedway Purchase
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https://www.businessinsider.com/7-eleven-slashes-880-corporate-jobs-because-of-speedway-purchase-2022-7
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https://www.businessinsider.com/7-eleven-slashes-880-corporate-jobs-because-of-speedway-purchase-2022-7
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Turn off iMessage if the number was once used on an iPhone
Deregister iMessage if you don't own your iPhone anymore
You've blocked the iPhone number
Make sure you have cellular connectivity
Clear the Messages app cache
Update the Android OS
There are several potential issues you may need to troubleshoot if your Android is not receiving texts from iPhones.
If your Android device is using a phone number that was once in an iPhone, you need to deregister it from iMessage.
You should also check your cellular reception and make sure you're not blocking the iPhone's phone number in the Phone app.
Here are eights ways to fix your Android if it isn't receiving texts from iPhone users.
Android devices and iPhones don't have a lot in common, but at they're core, they're both phones and need to work alongside each other for voice calls and text messages.
Some Android users occasionally find that they can't receive text messages from their iPhone contacts, though. If this happens to you, it can be frustrating — but thankfully, there are a handful of common troubleshooting steps that get texts from iPhone messages in your Messages app quickly and easily.
If you get text messages from other Android devices but not from iPhones, the most likely culprit is that your phone number is registered as an iPhone in Apple's database. If so, incoming iPhone messages are sent as iMessages, which your Android phone can't process — so you get nothing. This can happen if you moved your SIM card from an iPhone to an Android device, for example. If you still have the old iPhone that the SIM card came from, the fix is straightforward.
1. Remove the SIM card from your Android phone and reinsert it in the iPhone.
2. On the iPhone, start the Settings app and tap Messages.
3. Turn off iMessage by swiping the button to the left.
4. Tap the Back button to the return to the main Settings page.
5. Tap FaceTime.
6. Turn off FaceTime by swiping the button to the left.
Turn off iMessage and FaceTime before you move a SIM card from iPhone to Android.
The previous step only works if you still have your old iPhone. If you no longer own it, or the number was associated with someone else's iPhone, you can do this same thing online. Go to Apple's Deregister iMessage webpage. In the No longer have your iPhone? section, enter your phone number and wait for a confirmation code on your Android. When it comes, enter that code in the Confirmation Code field, then click Submit.
You can easily deregister from iMessage online if your Android phone number is still associated with an iPhone.
It's possible that the problem is relatively mundane — you might have blocked the iPhone and that's why you're not seeing text messages from that number. While the exact steps might vary depending on what model Android you have, here is a general overview of what to do:
1. Start the Phone app.
2. Tap the three-dot menu at the top right.
3. In the dropdown menu, tap Settings.
4. Tap Blocked numbers.
5. If your number is in the list, tap the X to the right of the number.
Check your Android Phone app to see if you've blocked any numbers.
Not getting a text you're expecting? Perhaps you're not getting any messages because there's a glitch with your cellular radio or the wireless software. Turning your phone's cellular radio off and back on again may resolve the issue. Swipe down from the top of the screen to see your shortcuts, then tap Airplane mode to turn it on. Wait a few seconds, then tap it again to re-enable your wireless networks.
Text messages rely on your phone's cellular service, not Wi-Fi. So in order to get text messages, you need a solid cellular signal. Be sure to check your wireless signal strength in the status bar at the top of the screen, and move outdoors if needed. Toggling Airplane mode can also help reestablish a solid cellular signal.
If all else has failed so far, rebooting your phone might get your texting working again. Android devices vary, but you can turn off many phones by pressing and holding the power button on the side of the phone for several seconds or by swiping the shortcuts menu down from the top of the screen and finding the power icon.
If nothing else has worked thus far, you could be experiencing a problem with the Messages app — in particular, the data cache could be corrupted, which can interfere with its ability to receive and display text messages. The steps to clear the cache might vary slightly depending upon which version of Android you have, but here's what you should do:
3. Go to the list of apps (tap See all apps if necessary) and tap Messages.
Clear the data cache within your Messages app.
It's also possible that there's a more pervasive problem with your phone, such as a software bug or incompatibility that's preventing your Messages app from working properly. Check to make sure your operating system is up to date and then install any available updates, if needed.
TECH How to set up call forwarding on an Android phone
More: Android iPhone Tech How To Reference Freelancer
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2022-07-22T17:25:33Z
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Android Not Receiving Texts From IPhones? 8 Ways to Fix It
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https://www.businessinsider.com/android-not-receiving-texts-from-iphone
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https://www.businessinsider.com/android-not-receiving-texts-from-iphone
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Democratic Rep. Alexandria Ocasio-Cortez has been a fierce critic of Sen. Josh Hawley over his actions on January 6, 2021.
Chip Somodevilla/David Dee Delgado/Getty Images
AOC ripped into Josh Hawley for fundraising off of his infamous fist-pump on January 6.
Her criticism came in response to footage showing Hawley fleeing the pro-Trump mob just hours later.
AOC has called on Hawley to resign over his actions on January 6, 2021.
Democratic Rep. Alexandria Ocasio-Cortez ripped into Sen. Josh Hawley for fundraising off of an image of him raising his fist in solidarity with January 6 protesters, after the House committee investigating the insurrection showed video of the Missouri Republican fleeing the pro-Trump mob.
"Remember: Even after running for his life, Sen. Hawley chose to fundraise off his encouraging and fist-pumping the violent mob, and even sold merchandise of himself doing so from then through *this year* — even after Politico, who later acquired the image, sent a cease and desist," Ocasio-Cortez said in a tweet.
The New York Democrat has not shied away from criticizing Hawley over January 6 and his full-throated endorsement of former President Donald Trump's effort to overturn the election, and has called on the Republican senator to resign.
Back in February, a little more than a year after the fatal riot at the US Capitol, Hawley's campaign began selling coffee mugs that featured the image of him fist-pumping for $20. Hawley's campaign described the mug as " the perfect way to enjoy Coffee, Tea, or Liberal Tears," per Shane Goldmacher of the New York Times.
Politico sent Hawley a cease and desist letter demanding he stop using the image, but the mug remained on his website, the Guardian reported in March. The picture was taken by a photographer for E&E News, which was acquired by Politico in December 2020.
On Friday, Hawley tweeted a link to purchase the mug. The tweet featured a kissy face emoji.
Hawley, who voted against certifying the election results, has maintained that he was not encouraging the rioters with his fist-pump.
"It is not a pro-riot mug," Hawley told HuffPost in February. "This was not me encouraging rioters."
The fist-pump, which has been widely criticized, came up again on Thursday during a hearing held by the House committee investigating January 6.
But a US Capitol police officer who was protecting the building that day said that Hawley's actions "riled up the crowd," according to Rep. Elaine Luria, a Democratic member of the January 6 committee.
Luria, who showed video of Hawley fleeing the pro-Trump rioters during Thursday's hearing, added that the officer said the Republican lawmaker's gesture "bothered her greatly because he was doing it in a safe space, protected by officers and the barriers"
"Later that day, Sen. Hawley fled after those protesters he helped to rile up stormed the Capitol," Luria went on to say.
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2022-07-22T17:25:39Z
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What is an assignment of benefits agreement?
How does assignment of benefits work?
Assignment of benefits example
Assignment of benefits for homeowners
Assignment of benefits in healthcare
Pros and cons of an AOB agreement
Canceling an AOB agreement
An assignment of benefits contract lets someone else bill an insurance provider on your behalf
Assignment of benefits agreements are common in healthcare and home construction.
Marco VDM/Getty
An assignment of benefits is a contract that lets a service provider bill your insurance company directly.
These agreements are often used in industries like healthcare and home repair.
Assigning your benefits to someone else can streamline payments, but may increase fraud risk.
When you obtain insurance, whether for your health or your home, you're probably thinking about what the coverage will pay for, not how the payments will be made.
Policyholders who sign an assignment of benefits agreement allow their insurance benefits to go directly to the service provider. Usually, this eliminates the headache of dealing with an insurance company's claims department. But it can also open you up to potential fraud.
An assignment of benefits (AOB) agreement is a contract that a policyholder signs to allow a third party to receive their insurance benefits.
"An assignment of benefits is designating who's going to receive the payment that the insurance company issues after a claim is received," explains Lauren Winans, chief executive officer and principal HR consultant at Next Level Benefits, an HR consulting firm that helps companies navigate employee benefits including insurance.
Without an AOB agreement in place, the policyholder would pay the other party out of their own pocket, then file a claim with their insurance company to get reimbursed.
For example, if you go to a doctor, you might sign an AOB agreement so that their billing department can deal with the insurance provider directly. Ideally, that would prevent you from having to get involved with the claims department at your insurance company.
That said, there can still be circumstances where you have to get involved, even with an assignment of benefits agreement — for example, if you owe the difference between what your doctor charges and what the insurer pays.
These AOB agreements can vary depending on factors like the type of insurance policy, the provider, and state laws.
In some cases, an AOB happens automatically. If you go to an in-network doctor, they're under contract with that insurance company. That contract states that the provider will handle billing and receive payment directly from the insurance company, Winans says.
But with out-of-network providers you might sign an AOB agreement as part of standard check-in paperwork. That way the doctor can still receive at least some payment directly from the insurance company, and then bill you for the remainder.
Similarly, with property insurance, a contractor or other type of service professional might ask you to sign an assignment of benefits for repair work. When that happens, the service provider would be able to file a claim on your behalf and receive reimbursement from the insurance company.
Important: Not all insurers or service providers allow for the AOB, nor do you have to agree to it. Make sure you know what you're getting into and what your rights are before signing an assignment of benefits agreement.
The exact terms of an AOB agreement vary based on who's asking you to sign. Some agreements might be specific to one type of repair or project, whereas others might cover several.
Some agreements go beyond an assignment of benefits and give the contractor full power of attorney rights, says Angel Conlin, chief insurance officer at Kin Insurance, a home insurance provider.
Insurers can also differ in how they handle these agreements. A 2019 Florida law, for example, enables insurers to offer policies that restrict the right to use an assignment of benefits agreement, as long as the policy is offered at a discount. Conlin says Kin Insurance policyholders who waive their assignment of benefits right save an average of 5% on their policy.
"The good news is they get a discount for giving up a right they probably never knew they had and never really want to use," she says.
What does an AOB agreement look like in practicality? Winans said she recently had a situation in her personal life where she went to see an out-of-network healthcare provider who asked her to sign an AOB form.
Winans spoke with the billing department and worked out an arrangement. In exchange for signing the assignment of benefits agreement, where the healthcare provider bills the insurance company directly, the provider was willing to give Winans a 40% discount on any remaining amount she had to pay out of pocket, known as balance billing.
That type of discount doesn't happen regularly, she says, but it goes to show the value of scrutinizing the agreement, rather than quickly signing whatever papers are presented to you.
For homeowners' insurance, an AOB agreement could be used if a contractor wants to get paid directly from the insurer. In many cases, says Conlin, that happens in a high-pressure situation.
"You discover that there's a water leak and your house is flooding. So you quickly call the fastest place you can find," she says. "Then you're standing there with some papers on a clipboard in front of you to sign so they can start sucking the water out. Oftentimes, there's an assignment of benefits included in there."
In healthcare, an AOB agreement might be used to pay a medical professional that you don't necessarily choose, like an anesthesiologist, Winans says. You may have chosen a surgeon, but the anesthesiologist that gets assigned to you the day of the surgery might bill separately. So, you might be asked to sign an assignment of benefits when you check in.
"You're essentially signing that anyone who sees me today can accept payment directly from the insurance company, it doesn't have to go through me as the patient," Winans adds.
An AOB agreement can make the claims and payment processes easier at times, but there are also some downsides to note. Much depends on the situation, so consider factors like what your insurer allows and what the service provider is specifically asking for.
Here are some general pros and cons to consider:
Streamlined process. Instead of dealing with the insurer yourself, the other party handles billing.
Potential for fraud. A contractor might knowingly inflate a claim, which could lead to consequences like getting the claim denied and ultimately having your premiums go up.
Avoid negotiations. Similarly, you can sometimes avoid negotiations with both the insurer and the provider on payment amounts, as they might work out an arrangement on their own.
Potential for lawsuits. Someone you assign benefits to could sue on your behalf. Paying out higher claims and attorneys' fees can also drive up premiums and lead to financially damaged insurers dropping customers.
Even though an AOB agreement can streamline the claims and payment processes, there can be downsides that come with transferring benefits to another party, particularly with property insurance.
"Because they now stand in the shoes of the insured, they can do everything without asking the insured's permission," Conlin says.
For example, a vendor could inflate a claim and commit fraud, she says, causing the claim to get denied and leaving the homeowner unable to get their home repaired. Or, the vendor could sue the insurance company on your behalf for payment on an inflated claim. "So then the insured doesn't have any idea that all of a sudden they have a lawsuit on their record," Conlin adds.
In Florida, these types of lawsuits became an issue due to a state law that helped contractors get attorney's fees paid for by the insurance company. That incentivized some attorneys to work with contractors to obtain AOB agreements and then sue insurers.
"That way, the vendor gets to inflate the amount they're demanding, and the attorney gets attorney's fees. So it was this sort of symbiotic partnership between them," Conlin says. A 2022 Florida law removed this allowance, but contractors are trying to fight it in court.
Depending on the circumstances, including laws where you live, policyholders might have some flexibility to cancel an assignment of benefits agreement. For example, in Florida, homeowners have at least 14 days to back out of an agreement without any penalties.
Quick tip: Consider contacting your home insurer first when you have a loss, Conlin says. That can help you avoid high-pressure scenarios that lead to signing an AOB agreement against your best interests. Your carrier might be able to quickly dispatch a repair person while providing a discount, like a decreased deductible.
Once the grace period passes, there isn't much recourse. For example, a vendor might file a lawsuit long after the period passes where you can rescind the agreement. In that case, the assignment of benefits agreement stands.
An AOB agreement can make it easy for you to receive insurance benefits without dealing with the claims department at your insurance company. But not all agreements look the same, so read carefully before signing. In some cases, like healthcare, the agreement could work well for all parties. But in other cases, such as home repairs, it might be benefitting the vendor more than the policyholder.
If you're unsure about what an assignment of benefits agreement means for you, consider talking to a professional. Your insurer should be able to explain what's allowed in your situation, and external experts, like an attorney, might help you make a more informed decision.
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2022-07-22T17:26:15Z
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Assignment of Benefits: Definition, How It Impacts Insurance
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https://www.businessinsider.com/personal-finance/assignment-of-benefits
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https://www.businessinsider.com/personal-finance/assignment-of-benefits
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Hannah Van Sickle
The author, Hannah Van Sickle.
Courtesy Hannah Van Sickle
After my divorce I wanted to buy my ex out of his equity in our house, but I couldn't get a mortgage.
I didn't have two years of documentation showing my income as a freelancer.
So I quickly found a W-2 job and qualified, then quit the job months later and went back to freelancing.
The first time I applied for a mortgage on my own, affording the monthly payments was not an issue — well all least not for me, anyway.
That said, good old Fannie and Freddie felt otherwise.
I was 42 years old at the time and had lived a largely conventional fiscal existence to date. I was a lifetime W-2 employee, working in the field of education, where I taught English full-time for a decade before having kids.
When I became a mom, I stayed home during the day and worked nights as a one-on-one academic tutor and writing coach at a local private school. I didn't make a ton, but I earned enough to supplement my then-husband's salary as a high school history teacher. Plus, I really loved the work.
When I decided to file for divorce, I went into creative overdrive. With loads of free time on my hands (three full days each week while the kids were with their dad), I began cobbling together a side hustle as a freelance writer — a passion I had long aspired to cultivate but could never find the time to properly execute. Or so I believed.
Once I convinced myself I had nothing to lose, I dove in head first — driven by a single mantra: Why not?
Looking back, the simple rhetorical question came with a very loud answer I did not hear at the time: 1099 contractors like me (to call us employees is a misnomer, as our income is actually dubbed "non-employee compensation"), make mortgage lenders incredibly nervous.
Why mortgage lenders get skittish around 1099 contractors
If W-2 employees fit neatly inside the box occupied by typical, salaried employees, 1099 contractors present a bit like wild cards.
While the former have signed a contract and work regular hours according to their employer's needs and schedule, the latter function as independent contractors (often called gig workers) who work job to job.
The boxy conventions don't stop there: W-2 employees are paid via their employer's payroll, participate in employee benefit programs, and have payroll taxes withheld throughout the year. On the other hand, 1099-contractors constitute any self-employed worker hired to complete particular assignments according to a mutual agreement. (And nothing, from income tax to Medicare or Social Security, is withheld from their earnings.)
In the big scheme of things, 1099 contractors have a lot more freedom than their W-2 counterparts — unless they are new to their respective field, have been earning from the same source for fewer than two years, and are keen on getting approved by either of the aforementioned federally-backed home mortgage companies, Fannie Mae and Freddie Mac, created by the United States Congress in 1938 and 1970 respectively.
I had to take a W-2 job to buy my ex out of his equity in our house
Once I was officially divorced — following a 15-month process in which my side hustles took off — I set to work securing the final piece of my financial picture: assuming sole ownership of our family home (rather than selling it and splitting the proceeds, as my ex had wanted) in order to retain some sense of stability for my kids who were 12 and 10 at the time.
Sounds romantic, right? Well, not really. Despite my income falling within the required range for a mortgage, I arrived at bat with two strikes immediately against me: neither my 1099 income nor my child support had been officially documented for two years, the minimum required for either of those sources of income to "count" in the mortgage application process.
Rather than strike out, I balked and applied for and took a W-2 job just to qualify to buy my ex out of his half of equity in our family home. Which is not to suggest I stayed at the job after closing (spoiler alert: I did not).
It didn't matter that I quit the job
I offer this point to illustrate that, while I was presented with a series of hoops — some of which felt downright discriminatory as they were linked to my marital status — I jumped. Save for selling our family home and entering the rental market (which, in the tourist-driven region where I live, would have cost me two if not three times my monthly mortgage for a three-bedroom apartment), it was my only option.
As to the real zinger? No one cared that I quit the job — or likely even knew for that matter — so long as I kept up with my monthly payments! Which I have, for going on six years now.
It likely comes as no surprise that I also promptly shifted gears, driving straight back into the self-employment lane where I've been happily cruising for the same amount of time I've been keeping up with those mortgage payments.
Are there lingering obstacles? Sure. When interest rates bottomed out during the pandemic — reaching record lows in the fall of 2021 — I attempted to refinance. After several months performing in what felt like a three-ring circus (where the evidence of income required far surpassed what was asked of me the first time around, stopping short only at a DNA sample), I did not qualify.
Still, there's an incredibly shiny silver lining: I'm a single mom of two teens, one of whom is headed to college, and I own my own home — a feat financed by successfully achieving self-employment.
I am beyond proud to be a 1099 contractor who, in a very short amount of time, has established myself as an expert in my field as evidenced by the myriad business partnerships I've maintained for many years. When those pesky hoops crop up (which at times they still do), I've learned to navigate them deftly — so I can get back to working when I want, for whom I want, and enjoying the inherent freedoms that come from living outside the (W-2) box.
Hannah Van Sickle is a freelance writer who lives and works in the Berkshires of western Massachusetts. After a decade teaching English at public and private high schools, she made the switch to freelancing. Hannah works with college-bound seniors on their application essays and contributes regularly to Berkshire magazine and The Berkshire Edge; essays about her journey parenting daughters can be found at Refinery29, Modern Loss, and SheKnows.
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2022-07-22T17:26:45Z
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I Had to Take a W-2 Job to Get a Mortgage Because I'm an Entrepreneur
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https://www.businessinsider.com/personal-finance/w2-job-mortgage-entrepreneur-2022-7
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https://www.businessinsider.com/personal-finance/w2-job-mortgage-entrepreneur-2022-7
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Meet the mud wrestlers keeping an ancient Indian sport alive
Dylan Barth and Reem Makhoul
Kushti is a traditional form of wrestling that has roots dating back 2,500 years in India.
A career in mud wrestling is a way out of poverty for many wrestlers from farming families.
Wrestlers live a regimented lifestyle at wrestling academies, waking up at 4 a.m. almost every day to train.
Kushti is a sport with roots dating back 2,500 years in India. Today, wrestlers leave their hometowns as children to live and train at wrestling academies, called talims. The lifestyle at a talim is extremely disciplined: Wrestlers wake up at 4 a.m. to train every day and rarely get the chance to see their families. We went inside Gangavesh Talim in Kolhapur and followed one of the top fighters there, Mauli Jamdade, to see what it takes to be a mud wrestler.
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2022-07-22T18:56:55Z
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Meet the Mud Wrestlers Keeping the Ancient Indian Sport Kushti Alive
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https://www.businessinsider.com/mud-wrestling-kushti-indian-sport-2022-7
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https://www.businessinsider.com/mud-wrestling-kushti-indian-sport-2022-7
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What is a margin loan?
How do margin loans work?
Example of a margin loan
Pros and cons of margin loans
Margin loans allows you to borrow against securities you already own to make additional investments
As with any other loan, margin loans do charge interest, which varies by the brokerage firm.
Choreograph/Getty
A margin loan is a type of interest-bearing loan that allows you to borrow against the value of the securities you already own in a margin account.
Margin loans increase your buying power since you can buy more securities than you could using cash.
While taking out a margin loan could increase your earning potential, it could also amplify your losses.
When opening a brokerage account, you have two options: cash account and margin account. If you decide to open a margin account, the amount you'll deposit into your account will act as collateral for the margin loan.
Here's what you need to know about what a margin loan is, how these loans work, and the pros and cons of using them.
A margin loan allows you to borrow against the value of the securities you own in your brokerage account. Whether you have stocks or bonds in your portfolio, such investments act as collateral to secure the loan.
Each brokerage firm has its own terms on margin loans and what securities they consider marginable. Typically, they'll have a list of stocks, mutual funds, and bonds that are marginable. You can use margin to leverage your account as it will increase your buying power.
Buying on margin occurs when you buy stocks, bonds, mutual funds, or any other market securities by borrowing money from a broker. "If you buy on margin, you will effectively be borrowing money from a brokerage to purchase stock,' says Baruch Silverman, founder of The Smart Investor. "In simple terms, you could think of it as a loan from a broker." When you buy investments on a margin, you're essentially using your securities as collateral to secure a loan.
Most brokerage firms allow customers to borrow up to 50% of the value of marginable securities. So if you have $4,000 of marginable investments in your margin account, you can borrow up to $2,000. Using a margin increases your buying power because you can buy more securities than you could otherwise buy with a cash account.
Note: You don't have to borrow a margin loan of up to 50%. You can borrow less, say 10%, 20%, or even 30% based on your investing needs.
As with any other loan, "margin loans do charge interest," says Cliff Auerswald, president at All Reverse Mortgage. The annual percentage rate for margin interest is usually lower than that of personal loans and credit cards. Plus, "there isn't a set repayment schedule for everyone," he adds. Margin loans don't require a fixed payment schedule and any interest charged is applied every month.
Investors with a margin account can borrow up to 50% of the purchase price of marginable investments. Let's take a look at how that would work: Let's say you want to purchase $6,000 worth of shares in company X and have $3,000 in your brokerage account. You'd pay for 50% ($3,000) and your broker can lend you the other 50% ($3,000) for company X's shares. Your total purchasing power would then be $6,000, meaning you can spend up to $6,000 worth of marginable investments.
A margin account can also allow you to borrow against your marginable securities you already own. For example, if you have $3,000 in marginable stocks and haven't borrowed against them yet, you can buy other investments worth $3,000 without having to add any cash into your account. The marginable securities you already own act as collateral for the first 50% ($1,500), while the newly purchased marginable investments provide collateral for the other 50% ($1,500). So you'd now have $6,000 worth of stock in your account with a 50% loan value.
Quick tip: Buying on a margin is a highly risky venture, especially for new, inexperienced investors. It's therefore advisable to start with a cash account before using margin.
Using margin comes with several potential benefits, including:
Increased buying power. A margin loan allows you to buy more investments than you could otherwise buy with a cash account. Let's say you want to purchase 100 shares of a specific company, but you have less money in your brokerage account. When you use margin, you leverage your account to buy more investments.
Easy access to funds. With a margin account, you can access cash without having to sell your investments. Your brokerage can give you instant access to funds, which you can pay back at your convenience by either depositing cash or selling securities.
Allows you to diversify your portfolio. A margin loan gives you more buying power, meaning you can buy more different securities like stocks, bonds, mutual funds, and exchange-traded funds. A diversified portfolio translates to reduced risk investment.
You can repay the loan by depositing cash or selling securities. Buying on a margin allows you to pay back the loan by either adding more money into your account or selling some of your marginable investments.
There's no set schedule for repaying the loan. The good thing with a margin loan is that you can pay back the principal at your convenience, provided that you meet your maintenance margin requirement.
As with any other financial tool, margin loans also come with drawbacks.
You may face a margin call or liquidation of securities. Margin accounts have a minimum maintenance requirement, and if not maintained, you may be subject to a margin call. A margin call is an alert from your broker to load more money into your account, sell some investments, or add more marginable assets. If you don't meet a margin call, your broker can take prompt action to liquidate the securities in your account.
Interest rates may rise. Margin loans charge interest but tend to have lower rates than other forms of lending. But, if you don't pay your margin loan interest for a long time, interest rates may rise, which can result in the cost of your loan increasing.
You can suffer losses if the securities in your account decline in value. While a margin loan can increase your potential returns, the opposite is true 一 it can also magnify your losses. When securities in your portfolio decline in value, your losses go up. It's even possible to lose more than your initial investment.
A margin loan allows you to borrow against the securities you own in your brokerage account. Buying on a margin increases your buying power since you can purchase more investments than you could otherwise buy using cash. While margin can increase your potential returns, it can also magnify your losses. Plus, even if you're right with your trades, interest charges can eat up your profits.
Generally speaking, buying on a margin is highly risky, and you can lose more than your initial investment, especially if you're inexperienced. If you decide to take a margin loan, be sure to weigh the benefits and risks.
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2022-07-22T18:57:11Z
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Margin Loans 101: Borrowing Money to Buy Stocks
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https://www.businessinsider.com/personal-finance/margin-loan
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Entrepreneur Kendra Y. Hill made $2 million in less than a year during the pandemic.
Before becoming her own boss, Hill struggled to manage her finances.
Five money habits, like setting notifications for purchases over $10, help her maintain her wealth.
Even though she started her first business in 2011, entrepreneur Kendra Y. Hill had to work for nine more years to achieve multi-million-dollar success — and actually maintain it.
According to records viewed by Insider, Hill earned $2 million in 2020, during the height of the pandemic, through Kendra Scale My Business, a consulting firm that helps social media creators monetize their content.
Before becoming her own boss, Hill struggled to manage her finances. "I grew up very, very poor," she tells Insider, "and that poverty mindset was following me."
When she was 18, she had large amounts of credit card debt and struggled to pay it off. "Once I decided to get serious about creating generational wealth, I had to stop first and say, 'I forgive myself for what I've done,'" she says.
Now, Hill swears by five money habits to stay wealthy.
1. She checks her cash flow monthly and creates an earning plan for each week
Most people with fixed incomes start creating their budget based on how much they make, but Hill does things differently.
"At the end of every month, I map out what I'm going to sell for my business the following month," says Hill, whose monthly expenses come out to about $12,000. "Then I map out, week by week, what will I be selling? What are the price points? How do we promote that on social media?"
On top of that, she'll make a list of fun spending that she wants to add, and figure out how to increase her business income from there.
2. She gives herself a large discretionary spending budget each month
In addition to $12,000 in monthly expenses, Hill allows herself up to $30,000 monthly for discretionary spending, money in your budget specifically for fun things, like going to the movies or eating out.
"Even then, I try not to spend that money," she says. "If I wanna do something extra, I take it from that money. I'm not someone who believes in depriving myself of things."
Having a large discretionary budget gives Hill peace of mind that she can do whatever she needs to do to be happy. In the same way that someone on a diet who might be in a restrict-and-binge cycle with certain foods, being too restrictive with her discretionary spending can create an unbalanced relationship between Hill and her money, she says.
3. She's intentional about separating her business and personal expenses
Some business owners write off trips and meals as business expenses to pay less taxes at the end of the year, but Hill says that method doesn't actually help her.
For example, Hill just finished touring the country to promote her new book, "Purpose-Driven Enterprise: Finding Your Purpose and Making It Your Paycheck." Instead of expensing the whole tour through her company, she says, "I paid for that whole tour outta pocket."
She adds, "Sometimes, when you want to test something, don't put it on your company to test it. Invest your own money. The more of your own money you invest in things, the more indebted you feel to your own victory."
4. She sets text notifications for each credit card transaction over $10
Hill sets an alert for any transaction over $10 to track her expenses. "For a person who has a lot of money, $10 is nothing," says Hill. "But I keep myself in that space because it keeps me humble."
Hill says she grew up in poverty and struggled to manage her finances in the past. The text notifications from her bank keep her from overspending and going back to her old ways.
She says, "Just because you have money, doesn't mean you have to spend all of it, or hoard all of it. There needs to be a balance between overspending and over-hoarding, because both of them are bad."
5. She gives away 90% of her clothes once a year
Hill used to be a fashion stylist, which means her closet is stacked with designer clothes and high-end pieces. Each November, Hill makes a point of donating or gifting almost everything in her closet to welcome abundance. "I don't mean selling clothes on Poshmark, I mean literally giving it away," she says. She gives her clothes to friends, Goodwill, or other organizations.
She adds, "If you're holding onto your money and material things so tight that you never release it, you literally have no room to receive."
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2022-07-22T18:57:17Z
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3 Money Habits That Helped Kendra Y. Hill Earn $2 Million in a Year
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https://www.businessinsider.com/personal-finance/millionaire-money-habits-entrepreneur-2022-7
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https://www.businessinsider.com/personal-finance/millionaire-money-habits-entrepreneur-2022-7
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5 hardware investments IT teams should make in 2022
In today's volatile economic climate, the need for businesses to operate with efficiency is greater than ever. This reality, coupled with the continued demand from employees for hybrid work environments, has led many organizations to modernize their IT solutions in ways that allow them to operate more flexibly and intelligently.
Such concerns are especially pressing for small- and mid-sized businesses. According to a recent survey from Frost & Sullivan, 76% of respondents found the workload of IT departments has increased since the adoption of flexible work models, and 95% of companies are planning to consolidate their IT tools in 2022. And while budgets have continued to rise year-over-year for 77% of companies, such increases are not sustainable for SMBs. To remain competitive, these organizations require modern IT tools and services tailored specifically to their needs.
Here are five ways hardware investments can help SMB IT teams improve their operations and keep up with changing business demands:
1. Modernize applications to maximize value from data
Taking a containerized approach to applications can make deployment and management more consistent while using fewer computational resources. Containers provide lightweight runtime environments for applications, enabling the deployment of microservices to update applications with greater efficiency. Rather than having to augment an entire application to meet increased loads, DevOps can scale only the specific containers with the greatest loads.
Investing in modern servers like IBM Power10, which has recently been expanded with mid-range and entry-level scale-out solutions, gives SMB IT teams the flexibility to run virtual machines (VMs) and containerized applications on the same hardware. An expanding ecosystem of solutions with Red Hat OpenShift enables IBM to collaborate with clients, connecting workloads to cloud-native services that maximize the value of their existing infrastructure investments and drive ROI on new projects.
2. Secure infrastructure to defend against attacks
Safeguarding data is an imperative for organizations of all sizes, but it can be especially taxing on SMBs with limited resources. New servers can help smaller IT teams stay on top of security with enterprise-grade features like transparent memory encryption, enhanced processor and system isolation, and the ability to leverage the Linux Foundation's OpenBMC project for easier scale-out management while preventing emerging side-channel attacks from hackers. In addition, the latest entry-level and mid-range servers also employ advanced security standards such as quantum-safe cryptography and fully homomorphic encryption, bringing even greater peace of mind to data management.
3. Automate operations to improve productivity
For short-staffed organizations struggling to tackle the challenges of remote work, the ability to automate operations is key. By investing in modern hardware, IT teams can greatly enhance their productivity by automating manual infrastructure tasks so they can focus on higher-value projects.
4. Pay as you go to lower costs
Cloud services offer many benefits to IT departments, but costs can sometimes outweigh the value of the offering. To address this, companies have begun providing flexible consumption models with pay-as-you-go options. This approach allows businesses to quickly adapt to changing business needs by moving on-premises applications into the cloud as workloads demand.
IBM offers by-the-minute metering for its Power Private Cloud, giving departments more control over the cost of running solutions like OpenShift. These new consumption models build on capabilities already available with the IBM Power Virtual Server to enable greater flexibility in clients' hybrid journeys.
5. Work with a hybrid cloud partner
With hybrid cloud, companies can modernize their IT services and create the optimal infrastructure and operating environment. IBM Power Virtual Server enables architectural consistency across an entire IT infrastructure.
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2022-07-22T18:57:29Z
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5 Hardware Investments IT Teams Should Make in 2022
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https://www.businessinsider.com/sc/5-hardware-investments-it-teams-should-make-in-2022
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Katie Anthony and John Haltiwanger
On April 13, 2022, a Russian soldier stands guard at the Luhansk power plant in the town of Shchastya.
Since its invasion of Ukraine, Russia has lost "thousands" of lieutenants and captains, a US official told Reuters.
Russia and Ukraine are both experiencing hundreds of losses per day, the unnamed official said.
The official also added that more than 100 "high-value" Russian targets in Ukraine had also been destroyed.
The Russian military has lost "thousands" of lieutenants and captains and "many" generals during their invasion of Ukraine, a senior US defense official told Reuters.
"The chain of command is still struggling," the anonymous official told Reuters.
The official said Russian troops are suffering "hundreds" of casualties per day.
CIA Director William Burns estimated that Russian casualties have reached around 15,000 killed and 45,000 wounded, according to the report.
In June, an adviser to Ukrainian President Volodymyr Zelensky told the BBC between 100-200 Ukrainian troops were being killed each day.
The US official also told Reuters more than 100 "high-value" Russian targets in Ukraine have also been destroyed since the invasion in February.
More: Speed desk Ukraine Russia Troops
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2022-07-22T18:57:35Z
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Thousands of Russian Officers Taken Out in Ukraine: US Official
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https://www.businessinsider.com/thousands-of-russian-officers-taken-out-in-ukraine-us-official-2022-7
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https://www.businessinsider.com/thousands-of-russian-officers-taken-out-in-ukraine-us-official-2022-7
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A jury needed just three hours to find Steve Bannon guilty of contempt of Congres.
The House voted in October to hold Bannon in contempt for refusing to sit for questioning or turn over documents to the nine-member committee investigating the January 6 attack and former President Donald Trump's efforts to overturn the 2020 election. Within weeks of that vote referring Bannon to the Justice Department for prosecution, a grand jury indicted Bannon on a pair of contempt of Congress charges, each carrying a maximum sentence of a year in prison and $100,000 fine.
Bannon's defense lawyer Evan Corcoran flatly declared the Trump ally was "innocent" and argued the contempt charges were fueled by politics. In a closing argument that drew multiple objections from Gaston, Corcoran recalled listening to the news about foreign countries where "people in power" attempt to "silence the opposition."
More: Steve Bannon Justice Department contempt of congress january 6 cases
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2022-07-22T19:01:26Z
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Steve Bannon Found Guilty of Contempt of Congress for Defying House January 6 Committee
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https://www.businessinsider.com/steve-bannon-guilty-contempt-congress-jury-trial-house-january-trump-2022-7
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https://www.businessinsider.com/steve-bannon-guilty-contempt-congress-jury-trial-house-january-trump-2022-7
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Air Canada has been ordered to pay a woman $1,200 for clothes and toiletries she bought while waiting for her delayed luggage that arrived 2 days late.
The airline initially paid her $500, but the passenger said the items cost more than $2,100.
A tribunal awarded her $770, finding she was entitled to more than the initial $500 but that some of her purchases were excessive.
A Canadian woman has been awarded $1,200 after the luggage she brought on a flight was delayed by two days.
Jessica Kalynn flew on Air Canada in September from Vancouver to Dubai for a six-day trip, according to a decision released by British Columbia Civil Resolution Tribunal, which awarded her the money.
When Kalynn arrived in Dubai, she found out her luggage was delayed because it hadn't been loaded onto her connecting flight. It would arrive two days later.
Kalynn bought clothing and toiletries to use for the time being. Her purchases came out to $2,120.67. They included four pairs of shoes, five tops, six bottoms, a bathing suit, two bras, two pairs of underwear, three pairs of socks, and toiletries.
Under Canada's Carriage by Air Act, travelers can receive up to $2,200 in damages if their luggage is delayed.
Air Canada previously gave Kalynn $500 to cover these costs. She brought the matter to the tribunal to seek the $1,620.67 difference.
The airline argued that her clothing purchases were "excessive and unreasonable," according to the tribunal's public decision. Kalynn countered that she needed the clothes for various planned activities on her fully scheduled trip, including a work conference, an upscale work dinner, and gym workouts.
The tribunal sided with both parties to an extent.
"I find it was reasonable for Ms. Kalynn to purchase some different clothes and shoes given the activities she indisputably had scheduled. However, I find some of the purchased replacement items were excessive given the 2-day delay," the decision reads.
It continues: "Even with the different activities, I find Ms. Kalynn has not adequately explained why she needed 4 pairs of footwear (in addition to what she wore on the plane) and 6 bottoms and 5 tops, even if she had to change her clothes during a day."
Ultimately, the tribunal determined Kalynn should receive an additional $700 for the expenses for a total of $1,200.
Air travel chaos this summer means many other passengers are also seeing their luggage get delayed or lost during their trips. Lost baggage claims are up 30% this summer compared to 2019, according to insurance company Mapfre SA.
More: Air Canada air travel Flights Luggage
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2022-07-22T20:28:03Z
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Air Canada Passenger Gets $1,200 After Luggage Delayed Two Days
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https://www.businessinsider.com/air-canada-passenger-gets-1200-after-luggage-delayed-two-days-2022-7
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https://www.businessinsider.com/air-canada-passenger-gets-1200-after-luggage-delayed-two-days-2022-7
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Waiting until December for "best books of the year" lists can feel impossible.
Fortunately, Goodreads reviewers are always rating new releases.
According to Goodreads, these are the 22 most popular books published in 2022.
Waiting for the "best books of the year" lists to come out in December can feel impossible. And with dozens of new books released every week, choosing a new book can be overwhelming, especially when you want to find something you know you'll love.
Fortunately, Goodreads reviewers are constantly rating and reviewing new releases of every genre so we can find the best books of the year so far. Goodreads is the world's largest platform for readers to review and recommend their favorite books.
The books on this list are ranked by how often they've been added to readers' Goodreads shelves. They've all been published this year and have at least a 3.5/5-star rating. If you're looking for a great new book to add to your reading list, these are the ones readers love the most right now.
The 22 best books of 2022 so far, according to Goodreads reviewers:
Available on Amazon and Bookshop, from $9.57
Added to readers' shelves over 818,000 times, the most popular book of the year so far among Goodreads reviewers is "Reminders of Him" by Colleen Hoover. Loved for her gripping and heart-wrenching romances, this novel is the story of a young woman named Kenna Rowan, who returns home after serving five years in prison and hopes to reunite with her four-year-old daughter. Though everyone is determined to keep Kenna away from her daughter, she forms a connection with a local bar owner and must find a way to prove herself to build a future with her child. If you're looking for another great Colleen Hoover read, check out our list of her best books here.
Available at Amazon and Bookshop, from $11.58
When NYC literary agent Nora Stephens is invited for a month-long sister trip to the storybook town of Sunshine Falls, North Carolina, she's eager to spend time with her sister, who has seemed distant lately, and hopefully become the heroine of her own story for once. Instead of a romance-novel meet-cute, Nora runs into Charlie Lasta, a book editor with whom she has a less-than-adorable relationship, and together find they may be able to rewrite their own stories. You can check out our full review of "Book Lovers" here.
Jess has just arrived at her step-brother's apartment in Paris to find that it is far more lavish than she could have imagined — and that Ben seems to be mysteriously missing. With little more than an ominous voice mail, some scribbled notes, and a strange business card as clues, Jess sets out to find Ben and quickly realizes that each of his neighbors may be suspects with their own potential motives.
Though Molly Gray struggles with understanding social cues and situations, her nearly obsessive love of cleaning lends perfectly to her job as a hotel maid — until one day, she finds a wealthy man dead in his bed. Molly's seemingly strange demeanor tags her as the police's prime suspect until her friends unite to search for clues and help prove her innocence in this locked-room mystery read.
"Things We Never Got Over" by Lucy Score
Available at Amazon and Booskhop, from $13.89
In this "grumpy/sunshine" romance novel, Naomi's life is completely overturned when, after running away from her wedding with her estranged twin to a small but rough town, she's abandoned by her sister and left with no car, no money, and a niece she didn't know she had. Though the local barber, Knox, prefers to be alone, he's compelled to help Naomi get back on her feet until the trouble she's in turns into true danger.
"House of Sky and Breath" by Sarah J. Maas
In this highly anticipated sequel to "House of Earth and Blood," Bryce and Hunt have just saved Crescent City and are looking for a chance to slow down and get back to normal. But as the threat of the Asteri begins to rise, they're pulled into the rebels' plans and can't turn their backs on the chance to fight for what's right.
"Hook, Line, and Sinker" by Tessa Bailey
Fox Thornton is used to every woman finding him irresistible so when his new roommate, Hannah, just wants to be friends he's thrown for a loop, especially since he really likes her and was hoping for something more than a fling. Though Hannah has a desperate crush on one of her coworkers, she finds that the more time she spends with Fox, the more she grows to like him. This fun friends-to-lovers romantic comedy read follows the pair as they try to deny their chemistry until they find their own happily ever after.
"A Flicker in the Dark" by Stacy Willingham
20 years ago, Chloe's father went to prison for the serial murders of six teenage girls in her small town. Now, she's a psychologist preparing for her wedding when teenage girls begin to go missing once again, digging up past pain and paranoia as Chloe searches for connections to unmask a killer once again.
When Katy's mother passes away, she feels like a piece of her is missing and decides to take their planned mother/daughter trip alone to the Italian coast where her mother spent one life-changing summer before she met Katy's father. In this atmospheric novel, Katy somehow meets her mother from the past and spends the summer learning about her mother in a way she could never have expected. "One Italian Summer" is one of our favorite summer reads. You can check out our full review here.
"Book of Night" by Holly Black
Though Holly Black is known for her young adult fantasy novels, this adult debut has wowed readers with its dark and gritty urban fantasy feel. Charlie Hall is a low-level con artist in a world where shadow manipulation can change power, influence, feelings, and memories. When her past and present collide, Charlie's life is thrown into a chaotic web of secret societies, murder, and magic.
Over six summers, Percy and Sam fell in love on the lakeshore until everything tragically fell apart. A decade later, Percy returns to the lake for Sam's mother's funeral and while their connection is just as strong as ever, their past mistakes threaten to keep them apart and leave them with only a weekend to repair years of damage.
"Sea of Tranquility" is a complex and intricate science fiction novel that follows linked stories from a young man in the Canadian wilderness to a moon colony detective over 300 years later. Readers love careful and intellectual storylines that cumulate into a thought-provoking, reflective, and emotional novel.
After a tumultuous series of events and a career as a chemist in a terribly sexist industry, Elizabeth Zott finds herself a single mother and the host of a beloved cooking show in the 1960s. There, she combines cooking and her love of chemistry to teach women revolutionary new cooking methods that dare them to change the status quo.
"The Book of Cold Cases" by Simone St. James
Shea Collins runs a true crime website, fueled by her own attempted abduction as a child. When she meets Beth Greer, the infamously acquitted suspect of the 1977 Lady Killer Murders, Shea can't help but ask for an interview. This eerie thriller moves between dual timelines as Shea feels less and less at ease around Beth and the truth about the crimes is slowly revealed.
In the wake of their mother's passing, siblings Byron and Benny are left with little more than a voice recording and a recipe for a traditional Caribbean black cake with a long family history. In this masterfully written historical fiction read, the two must reconnect with each other, uncover their mother's past, and fulfill her final wish to share the cake when the time is finally right.
"Daughter of the Moon Goddess" by Sue Lynn Tan
Inspired by the legend of the Chinese moon goddess, this young adult fantasy read is about Xingyin's journey to save her mother from the Celestial Emperor after a flare in her magic revealed her secret existence. Readers love this story for its elements of Chinese mythology, strong female warrior protagonist, and the inspiring yet perilous quest.
"Gallant" by V.E. Schwab
V.E. Schwab's latest young adult fantasy, "Gallant", is about a young girl named Olivia who receives a peculiar letter inviting her to come home from her boarding school to Gallant, yet no one seems to be expecting her. While exploring the grounds, Olivia crosses a ruined wall at the exact right moment to find herself in a dark and shadowy version of Gallant where she finally uncovers the secrets that unraveled generations of her family.
"The Golden Couple" by Greer Hendricks and Sarah Pekkanen
When Marissa cheats on her husband, Matthew, the two decide to try and repair their relationship for the sake of their son. Meanwhile, Avery Chambers has lost her therapist license but hasn't stopped counseling couples, requiring they strictly follow her far-from-traditional methods. In this thriller, the three are set on a fast-paced and dangerous course from the moment Marrisa and Matthew walk through Avery's doors.
"The War of Two Queens" by Jennifer L. Armentrout
"The War of Two Queens" is the fourth fantasy novel in the "Blood and Ash" series and continues Poppy and Casteel's story as they try to stop the destruction of the Blood Queen as shocking and terrible revelations emerge. In this suspenseful installment, Poppy fears she may have to realize her prophecy if she stands a chance against the ancient primal powers that have already begun to rise.
"The School for Good Mothers" by Jessamine Chan
Available on Amazon and Bookshop, $17.99
Frida Liu is already struggling with her career and marriage when a lapse in judgment lands her in a Big Brother-like government reform program that will force her to prove herself a "good" mother. This science fiction dystopian novel addresses the deep challenges of parenthood as Frida navigates the year-long program in the hopes of keeping her daughter.
"Reckless Girls" by Rachel Hawkins
When Lux McAllister and her boyfriend are hired to sail two women to a remote island, they find another delightful couple already docked and begin to enjoy their exotic and remote trip as a group. As an unsettling solo traveler arrives on the shores, the group's secrets begin to emerge and dismantle their seemingly blissful trip, truly illuminating how isolated they are when one person goes missing and another turns up dead.
"Violeta" by Isabel Allende
This expansive historical fiction novel follows Violeta through her joyful and painful century-long life, marked by momentous events in history. Born in 1920 as the Spanish flu arrives in South America, Violeta lives through the Great Depression, the fight for women's rights, a second pandemic, and so much more in this emotional and compelling novel written as a letter to her grandson.
Education and Personal Development
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2022-07-22T20:28:09Z
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www.businessinsider.com
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22 Most Popular Books of 2022, According to Goodreads
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https://www.businessinsider.com/guides/learning/most-popular-books-2022
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https://www.businessinsider.com/guides/learning/most-popular-books-2022
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Instagram is shutting down its native affiliate marketing program for influencers
Sydney Bradley and Amanda Perelli
Instagram's native affiliate tools let influencers earn a commission from sales driven through tagged products.
Instagram is ending its native affiliate-marketing program.
The tech platform has been testing the program with some influencers for more than a year.
The program let influencers earn a commission from sales driven through tagged products.
After a year of testing, Instagram is shutting down its native affiliate-marketing program on August 31.
The program, which was introduced as part of Meta's buffet of monetization tools for content creators last June, allowed influencers to earn a commission from sales driven via tagged products on Instagram posts.
For creators like Bethany Everett-Ratcliffe, a lifestyle and fashion micro influencer with 64,000 followers, the affiliate program provided another stream of income as a full-time creator.
The affiliate program, which was in its alpha phase of testing, will come to an end on August 31, according to documentation viewed by Insider. Creators will be able to continue earning commission on posts through the end of August.
This isn't the first monetization test that Instagram has made changes to recently. Last month, Instagram sunset multiple incentives that paid some creators hundreds of dollars for affiliate posts. Over the past year, several bonus programs, which pay creators for meeting certain benchmarks, have either drastically changed (in the case of the Reels Play Bonus) or have been retired.
While the affiliate program had been generating money for some creators with access to it, two sources told Insider that the announcement doesn't come as a surprise since the program had glitches and limitations.
"It's a shame, it could've been a really great opportunity," one influencer-talent manager, told Insider.
Nonetheless, the change in direction has been frustrating for some in the creator community.
"There was a lot of resources put into the affiliate program, including support, training, and best practices, and then all of a sudden a quick shift on recommending the use of the feature, and a focus on Creator Marketplace," another influencer-talent manager wrote to Insider. "Needless to say, it's been a bit confusing to follow along on what we should be relating to our creators."
The influencers and managers requested anonymity in order to speak freely about the matter, but their identities are known to Insider.
Instagram unveiled its "Creator Marketplace" this month.
Currently, Instagram has its eyes set on other new tools. For instance, the platform recently unveiled its Creator Marketplace, which will connect brands and creators for sponsorships, similar to TikTok's Creator Marketplace.
"We want to make Instagram the best place for creators to earn a living by partnering with brands," a spokesperson for Meta told Insider in an email. "To do this, we are focusing on Instagram's Creator Marketplace — a singular destination where brands and creators can more easily build content partnerships — and ending the current test of Instagram onsite affiliate."
More: Instagram Influencers Creators
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2022-07-22T20:28:15Z
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Instagram to End Its Affiliate Program to Focus on Creator Marketplace
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https://www.businessinsider.com/instagram-ending-influencer-affiliate-program-test-focus-creator-brand-marketplace-2022-7
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https://www.businessinsider.com/instagram-ending-influencer-affiliate-program-test-focus-creator-brand-marketplace-2022-7
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What is a defensive stock?
Which industries have defensive stocks?
Defensive vs. cyclical stocks
Advantages of defensive stocks
Defensive stocks can provide stability to your portfolio regardless of how the market or economy is doing
Defensive stocks can be a safe haven from risk and loss.
bluekite/Getty Images
Defensive stocks provide consistent returns, regardless of conditions in the broader stock market or the economy.
Defensive stocks typically belong to well-established companies that offer goods and services people always need.
Defensive stocks protect a portfolio from losses, but tend not to offer much growth potential.
Most people invest for appreciation — to have their money grow. But growth isn't the only goal worth considering. A smart investment strategy also protects a portfolio, shielding it against financial downturns.
Defensive stocks function as their name suggests. They defend an investment portfolio against losses. While they don't offer huge growth potential, defensive stocks perform consistently even during periods of economic decline, when other equities are tumbling.
Like a bulwark against erosion, defensive stocks can prevent your portfolio from substantially losing its value during a recession or bear market.
A defensive stock is one that can be relied on to provide consistent returns even during an economic or market downturn. These companies typically offer goods or services that people continue to buy even when the economy isn't doing well.
There are no hard and fast rules to define a defensive stock, but there are some general guidelines you should look for:
History of success: The company is established and very large. It has a couple of decades in business, at the very least, and a total market value in the billions is a reasonable threshold.
Consistent dividends: The stock has consistently paid dividends over a long period of time — 10 years or longer.
Low volatility: The beta coefficient, which measures a stock share's movements compared to the overall stock market's, is low — ideally below 1. This indicates that the stock isn't greatly affected by market swings. The beta coefficient is a complex economist's tool, but you can often find it in analysts' reports on a company, or it may be included in its online stock listing.
Conservative investors and investors who are seeking to preserve capital often lean toward defensive stocks because of their reliability. More aggressive investors may avoid defensive stocks altogether and protect their wealth by maintaining a buffer in cash and bonds.
However, a mix of both is usually wise. By developing a strategy that includes a healthy balance of defensive and cyclical stocks in your portfolio, you're able to shield against total loss during a downtown and make the most of periods of economic growth.
Defensive stocks are usually found in these fields or sectors:
Utilities: Companies in the electric, water, gas, and waste management sectors offer necessary services, and continue to operate as usual through economic downturns.
Consumer staples: When consumers are cutting their budgets down to bare-bones necessities, staples like household goods, toiletries, tobacco products, and food and beverages likely won't be eliminated. Within these, it can be smart to opt for companies that prioritize affordable brands.
Health care: Health care is another good or service that consumers will continue to purchase in an uncertain economy, and for that reason, it's performed well over through recessions in the past. This sector includes insurance, pharmaceuticals, medical devices, and hospitals.
Telecom: Telecommunications, which includes cable, phone, and internet service providers, are services that consumers never stop needing. They might cut back on or downgrade during hard times, but for the most part, these businesses have pretty stable revenue.
Discount retailers: When the economy weakens, consumers pivot toward value. While most retailers tend to suffer during a recession, the ones that do well are those that help people get the best bang for their buck. These are companies that operate with large economies of scale and offer lower prices relative to their competitors.
These are the traditional defensive sectors. But it's possible for a company that's not necessarily in a "recession-proof" industry to still have stock that's considered defensive because of the company's size, history, and proven ability to adapt to changes in the market.
For example, some investors might argue that certain giants in the tech sector — like Amazon and Alphabet (Google's parent company) — are prosperous, life- and industry-dominant, and adaptable enough to be considered defensive stocks.
At the same time, just because a stock is in a defensive sector doesn't necessarily make it a defensive stock. It still has to meet some of the other guidelines mentioned above, such as consistently paying out dividends for a long period of time and having an established, sound financial track record.
Cyclical stocks vs. defensive stocks
Defensive stocks are also sometimes referred to as non-cyclical stocks because they don't follow the cycles of the economy. In fact, they typically underperform when the market is up.
Cyclical stocks, on the other hand, are stocks that tend to do well when the economy is doing well. Think luxury goods and services. Of course, these are also the areas that people tend to decline during harsh economic times — the automotive, travel, and high-end retail industries are a few examples.
Some of the difference between the way defensive and cyclical stocks perform has to do with the industries they're in. Being in recession-proof industries such as utilities, healthcare, and consumer staples helps defensive stocks weather the ups and downs of the business cycle and makes them less volatile.
Cyclical stocks tend to be in industries that struggle during times of economic hardship — those that offer goods and services that people cut out of their budget when they're short on cash. In other words, they may offer more growth potential but with that comes more volatility.
Defensive stocks advantages and disadvantages
While defensive stocks can bring many advantages, they also have their drawbacks. It's important to carefully consider both before investing.
Stability: Market volatility can scare some consumers away from investing, and the stability of defensive stocks offers a solution to this. Padding your portfolio with these predictable performers can act as a defense against sudden swings in the stock market.
Low-risk: Defensive stocks are often attractive to investors who prioritize protecting their wealth against loss. These low-risk companies maintain their value, and investors' capital, value over time.
Outperformance in periods of economic decline: When the economy drops, defensive stocks tend to do better than their cyclical counterparts. In theory, this can provide some balance to any losses experienced by the growth stocks during a recession.
Low-growth: The flipside of stability is that defensive stocks rarely experience rapid growth. They might preserve their value over time, but you're probably not going to get rich off of them.
Can be overvalued: Defensive stocks are often overvalued in periods of economic decline. If you're going after a stock because you're worried about the economy and see it as a safe bet, a lot of other people probably are as well. This can lead the stock to take on an artificially inflated value during a downturn.
Underperformance in periods of economic growth: In a strong economy when other stocks are soaring, defensives are more likely to stay where they've always been in terms of growth. This means that holding too many defensive stocks can hurt your portfolio when the market is doing well.
In the end, a defensive stock is any stock that performs consistently regardless of changes in the market. While looking for stocks in defensive sectors is a good starting point, it's more important to pay attention to the relevant features of an individual stock (company size, dividend payout, and historical returns) that suggest it will perform defensively.
Defensive stocks can help you preserve wealth and protect yourself against losses during a recession. However, these stocks are unlikely to provide supercharged growth.
Conservative investors and those who are investing to preserve capital often lean toward defensive stocks because of their reliability. More aggressive investors may avoid defensive stocks altogether. Living by the motto that "offense is the best defense," they prefer to bet on cyclical stocks that offer waves of high growth they can ride out through periods of economic decline. Or, they protect their wealth by maintaining a buffer in cash and bonds.
In the end, defensive stocks are just one way to mitigate risk in your portfolio. Most investors will want a diversified strategy that combines them with the right cyclical or growth stocks. Like most things in life, investing is all about finding the right balance.
PERSONAL FINANCE What is growth investing? A strategy that focuses on high-growth companies in hopes for significant investment returns
PERSONAL FINANCE Blue-chip stocks: Highly reliable stocks from well-established companies that can add strength and safety to any portfolio
More: Freelance Defensive stocks cyclical stocks Recession
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2022-07-22T20:28:45Z
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Defensive Stocks: Definition, Pros & Cons, Examples
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https://www.businessinsider.com/personal-finance/what-are-defensive-stocks
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https://www.businessinsider.com/personal-finance/what-are-defensive-stocks
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Former Manhattan prosecutor Mark Pomerantz, left. Former president Donald Trump, right.
David Karp/AP, left. James Devaney/GC Images, right.
A Manhattan prosecutor who resigned over failure to indict Donald Trump calls January 6 facts 'quite damning.'
Mark Pomerantz likened any January 6 prosecution of Trump to 'cancer surgery' — risky but urgent.
Pomerantz spoke this week on Columbia University Law School's new 'The Cutting Edge' podcast.
A Manhattan prosecutor who resigned in protest when his office failed to indict Donald Trump on financial charges thinks a January 6 prosecution would be simpler and "easier" to win, not to mention as risky but as vital as "cancer surgery."
"The facts seem quite damning," Mark Pomerantz said this week, speaking on Columbia University Law School's new 'The Cutting Edge' podcast.
"There's no evidence of any large-scale voter fraud, yet you have the repetition of the big lie that Donald Trump won the election," Pomerantz said, according to a transcript posted by Columbia.
"You have proof of efforts to intimidate state election officials, efforts to concoct slates of phony electors, efforts to suborn the vice president, even expressing support for the people who were clamoring to hang him," he said in the podcast, which was taped in late June.
Trump also leaned on Justice Department officials "to support the false claim of corrupt voting practices," Pomerantz said. On January 6 itself, Trump tried to join the mob and then refused to call off demonstrators for three hours, Pomerantz noted.
"So you put all that together. Does it look like an illegal effort to obstruct the orderly transfer of presidential power? Is that a crime?" the ex-prosecutor rhetorically asked his host, law professor John C. Coffee Jr. and his fellow guest, Jed Rakoff, a senior US District Judge based in Manhattan.
"I'm not going to express a view," Pomerantz told them, "but you probably kind of know what view I'm yearning to express."
Pomerantz and attorney Carey Dunne, who led the DA's three-year probe into Trump's alleged financial crimes, resigned abruptly in February.
Pomerantz said in a later-revealed resignation letter to their boss, Manhattan DA Alvin Bragg, that the team that investigated Trump believed beyond a doubt that the former president is guilty of "numerous" felonies.
The ex-prosecutor said he still believes that. And in his most expansive remarks on the DA's Trump probe yet, he added that he thinks the probability of Trump being convicted of financial crimes "was more than 50 percent — and by a healthy margin."
But when Bragg took office in January, he and his team quickly focused on the risk of losing, Pomerantz said on the podcast.
"It was a hugely complicated set of facts," he said of the allegations that had been developed under the outgoing DA, Cyrus Vance. He also suggested that Bragg and his new team did not have, or take, the time to fully absorb the probe's intricacies.
The DA's investigation — and a parallel civil probe by Attorney General Letitia James — were looking at alleged misstatements in a decade's worth of Trump Organization financial documents used to secure hundreds of millions of dollars in bank loans and tax breaks.
"It's very hard to take somebody who has not been exposed to those facts on a trip through the capillaries of the financial statements in a meeting or even a meeting or two," Pomerantz said.
Any federal January 6 prosecution of Trump will be "certainly more politically fraught" than a New York financial crimes prosecution would have been, he added.
"You know, Merrick Garland, as the attorney general, is a member of the administration, and the question is whether to indict the main political rival of the head of the administration. That is not something that Cy Vance or Alvin Bragg had to worry about," he said.
"I think legally, it's complicated, because Trump had powers as president and First Amendment rights. Was he inciting a riot on January 6 or rallying his political supporters?
"Those are issues that are perhaps unique to the circumstances. Having said all that, factually, it could well be an easier case," Pomerantz said.
And it's even more important, he said.
"For me, the conduct of usurping the electoral process, if it can be proved, is like a cancer on the body politic," he said.
"The cancer has to be exposed and treated. And a prosecution is like cancer surgery. It's risky, it may not succeed, it creates risks, it may even kill the patient.
"But my view is the conduct has already sickened the country, and if the facts are there, I don't think there's an option not to bring the case."
Otherwise, "the public comes to believe that Donald Trump — who has a lifetime of experience of dancing between the raindrops of accountability — that he's in a special category and somehow he always finds a way.
"And I think that does violence to public confidence in the rule of law."
More: Donald Trump January 6 committee capitol seige Manhattan DA
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2022-07-22T20:28:57Z
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Ex-DA in NYC Donald Trump Probe Calls January 6 Facts 'Damning'
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https://www.businessinsider.com/prosecutor-donald-trump-ny-probe-january-6-facts-damning-2022-7
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The new Google Pixel 6a phone starts shipping on July 28 for $450.
If you preorder through Amazon or the Google Store, you can snag a free pair of Pixel Buds A-Series.
The limited-time offer is available now through July 27.
Google Pixel 6a and Pixel Buds A-Series Bundle
Google's new Pixel 6a smartphone serves as a more affordable version of its flagship Pixel 6. The phone launches on July 28, and it's available for preorder right now with a sweet bonus.
Through July 27, customers who preorder a Google Pixel 6a through Amazon or the Google Store can get a free pair of Pixel Buds A-Series. The A-Series are the brand's budget-friendly wireless earbuds and they typically cost $100.
The promotion and pricing are the same whether you grab the deal through Google or Amazon, but orders through the Google Store allow you to choose the color of your Pixel Buds.
How do I get the Pixel Buds A-Series for free with my Google Pixel 6a preorder?
Claiming the Pixel 6a preorder deal is simple. If you order via Amazon, just be sure to select the "Pixel 6a + FREE Pixel Bud A-Series" option. Keep in mind, however, you won't be able to customize the Pixel Buds' color — only white is available through Amazon.
Google’s Pixel 6a is basically a cheaper and smaller version of the premium Pixel 6 phones. It’s available for preorder and releases on July 28. If you preorder through Amazon before July 27, your order will come with a free pair of Pixel Buds A-Series.
If you'd rather make your purchase from the Google Store, just be sure to add your Pixel 6a preorder to your cart along with the Pixel Buds A-Series. The headphones will then be free at checkout. With this method, you can also opt for a different color of Pixel Buds.
If you preorder the Pixel 6a through the Google Store before July 27, your order will come with a free pair of Pixel Buds A-Series — just make sure to add both items to your cart to snag the deal.
Google Pixel Buds-A
The Google Pixel Buds A-Series are the brand’s budget wireless earbuds. They feature up to five hours of listening time, sweat- and water-resistant earbuds, and Google Assistant compatibility. Right now, you can get a free pair with a Google Pixel 6a preorder when you add both to your cart through the Google Store.
$99.00 from Google
$99.00 from B&H
What's the difference between the Google Pixel 6a and the Google Pixel 6 smartphone?
Google's latest addition to the Pixel lineup, the Google Pixel 6a is a smaller and cheaper version of the Pixel 6 and Pixel 6 Pro. The 6a runs on the same processor as its siblings for similar performance, but its cameras are a slight downgrade over the Pixel 6. It also boasts a 60Hz screen rather than the Pixel 6's 90Hz display.
To learn more about Google's Pixel phones, read our review of the Google Pixel 6.
More: Insider Reviews 2022 Insider Picks IP Deals FAQ Page
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2022-07-22T21:59:27Z
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Google Pixel 6a Deal: Free Pixel Buds a-Series When You Preorder
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https://www.businessinsider.com/guides/deals/google-pixel-6a-pixel-buds-deal-2022-7
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Disney Plus is finally fixing one of its key drawbacks by adding R-rated movies — here's what the move means for subscribers
Disney Plus has added its first R-rated movies: "Logan," "Deadpool," and "Deadpool 2."
The move marks a big step forward for the service by offering better value to its adult subscribers.
Disney also added a slate of mature Marvel shows in March, along with increased parental controls.
Now in its third year of service, Disney Plus has finally added its first batch of R-rated movies to its US catalog. The initial lineup includes "Logan," "Deadpool," and "Deadpool 2."
These films have all been long-awaited by Marvel fans, but they were previously kept off Disney Plus as a result of the platform's focus on PG-13 and under content. As of July 22, it appears that restriction is no longer in place.
With the arrival of these R-rated movies and the prior addition of several TV-MA rated Marvel shows, Disney Plus seems ready to expand beyond its family friendly image and embrace more mature content. That said, it remains to be seen if the streaming service will commit to producing more adult programs, or if it will simply tolerate them for the sake of Marvel fans.
What R-rated movies and shows can I watch on Disney Plus?
"Deadpool," "Logan," and "Deadpool 2" are the first R-rated movies available to watch on Disney Plus in the US.
Before the arrival of these R-rated films, the service began embracing more mature content with the addition of several TV-MA Marvel shows in March. The shows all originally streamed on Netflix and made the move to Disney Plus once the studio's deal with Netflix expired. The lineup includes "Daredevil," "Jessica Jones," and "Luke Cage."
Though the addition of mature content is big news for subscribers in the US, Disney Plus has been streaming R-rated movies in other regions for some time. In many international markets, Disney Plus members can access the service's Star channel, which features R-rated movies like "Die Hard" and "Borat."
It appears Disney Plus it forgoing a separate channel in the US, and is instead just adding R-rated movies to its regular lineup.
What does the addition of R-rated movies mean for Disney Plus subscribers?
Disney Plus has a huge library of movies and shows along with some of the streaming market's most popular exclusives, but the service has traditionally lacked variety for adults without children. Outside of the "Star Wars" and Marvel franchises, Disney Plus has suffered from a large gap for adult-oriented content.
While Disney Plus' massive catalog will always be valuable for parents and families, the potential for expanded offerings geared toward adult viewers will help it better compete with other streamers. Netflix and HBO Max, for example, already have huge libraries full of R-rated movies and mature shows. Until now, Disney Plus had been the only major streaming provider that limited its movie selection to PG-13 material.
Adding more mature content will benefit older subscribers who don't want to pay for a supplementary service like Hulu to get access to R-rated entertainment. At $8 a month, Disney Plus is already one of the most affordable streaming services, so a shift toward allowing more movies for adult viewers will only add to its value and open the door for a much larger selection of titles to stream.
What other R-rated movies could get added to Disney Plus?
"Die Hard" is one of many R-rated movies from Fox that has the potential to get added to Disney Plus.
Disney's 2019 acquisition of Fox brought a ton of mature content into the Disney library, but not all of it has found a streaming home due to the family-first approach of Disney Plus. While Hulu has become the default service for a lot of these movies and shows, Disney Plus' addition of "Deadpool" and "Logan" could signal an openness to bring more of these titles directly to Disney Plus subscribers.
Outside the US, the Star Channel on Disney Plus offers R-rated fare like "Con Air," "Office Space," and "The Grand Budapest Hotel." Furthermore, classic Fox movies like "Alien" and "Die Hard" wouldn't feel too out of place alongside Disney's other nostalgia-inducing franchises.
Only time will tell if these other R-rated movies get added to the Disney Plus lineup in the US, but the studio has no shortage of films to choose from if it wants to keep expanding its appeal to adult members.
Does Disney Plus offer parental controls?
When Netflix's mature Marvel shows launched on Disney Plus, the streaming service also introduced a new PIN code system that lets adult viewers prevent kids or other unauthorized users from accessing their account profile. It's a simple security measure, but it also gives Disney the ability to offer more mature content without fear of kids gaining access.
The parental controls are easily accessible by navigating to your profiles in the app or on the Disney Plus website and then selecting "edit profile." From there, you'll find an option to add a PIN.
Disney Plus also offers kids profiles, which will limit their experience to shows rated TV-Y7 or under. Kids accounts can also be locked with a PIN, and a security question can be added to make it harder for them to switch profiles.
More: Streaming Insider Reviews 2022 Insider Picks Disney Plus
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2022-07-22T21:59:33Z
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R-Rated Movies on Disney Plus: 'Deadpool,' 'Logan,' and More
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https://www.businessinsider.com/guides/streaming/disney-plus-r-rated-movies-shows
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Inside the layoffs at MEL magazine, a 'chaotic, clearly last-minute' decision by Recurrent Ventures that stunned staffers
Elaine Low and Amanda Perelli
MEL magazine's homepage on July 22.
Just one year after Recurrent Ventures acquired MEL, the firm is shuttering the men's web magazine.
Recurrent acquired and revived MEL a year ago after its original investor, Dollar Shave Club, shuttered it.
Recurrent said it "invested more into the business than we committed to because we wanted this to succeed."
Staffers at MEL magazine, a culturally astute men's lifestyle web publication, began their Friday with a last-minute invitation to a virtual meeting at 9 a.m. About 15 editorial employees logged on, joined by a few members of Recurrent Ventures, the venture equity-funded digital media company that acquired MEL almost exactly one year ago.
Recurrent had news: The company was laying off MEL's editorial team. And just as staffers were absorbing that they'd lost their jobs, they were all bumped out of the online meeting — the company deactivated their email and Slack accounts at the same time they were receiving the news — before they could even learn how much severance they would be paid.
"[They] basically unplugged us in the middle of firing us," one staffer told Insider.
"We're shocked," said this person, who asked to remain anonymous. From this person's view, "The site was performing very well and on its way to even more success. Also the brand has incredible value and could have been sold or offloaded in a smoother way. Instead this was a chaotic, clearly last-minute layoff plan."
Shortly after the call, staffers received an email with information on how to return their company laptops, and later, a second email with information about the severance agreement. Staffers are set to receive around six weeks' severance pay, according to the person affected who spoke to Insider.
MEL was brought back from the dead last summer, after Dollar Shave Club, an investor in the publication since its launch in 2015, dropped its financial backing in March 2021. A few months later, Axios broke the news that Recurrent Ventures — whose portfolio includes Popular Science, interior decor magazine Domino, outdoor guide Field & Stream, and foodie mag Saveur — would acquire MEL and rehire about three-quarters of its two dozen or so staffers (some had already found other employment, editor-in-chief Josh Schollmeyer told Axios at the time).
In a statement to Insider on Friday, a Recurrent spokesperson said the firm spent more than a year trying to monetize MEL, and "invested more into the business than we committed to because we wanted this to succeed." Its M&A strategy has since become one of "building a leadership position in our core verticals," according to the company.
The changes include a reorganization within Recurrent's direct sales and strategic partnerships and operations divisions; the company had "made the difficult decision to pivot our editorial and acquisition focuses away from the Lifestyle vertical which includes our key Lifestyle brand, MEL."
"We love MEL and are very aware that the team has been through a lot over the last few years," continued the statement. "Josh, Lindsay [Schrupp], and the incredibly talented writers have done a tremendous job not only getting the editorial back to where it was but expanding the scope of MEL's content."
Recurrent announced a $75 million fundraise in October, which brought the firm's total fundraising to $100 million of equity and debt. At the time, CEO Lance Johnson laid out for Insider the firm's strategy to buy distressed digital media properties.
"These are gems that have been out there, unappreciated, and we can polish them and reintroduce them to new audiences," Johnson said.
The plan for MEL, as part of a lifestyle division formed in January and led by executive Ryan Brown, was to tweak its business strategy and look to monetize more effectively by introducing affiliate marketing and programmatic advertising.
Schollmeyer told Insider in January that he told his team the theme for 2022 was to "take what's ours."
"I feel like the last few years we've left a lot of audience on the table," he said at the time. "We've left a lot of revenue on the table."
Contributing writer and "Tacky" author Rax King had freelanced for MEL in both incarnations, from its Dollar Shave Club days to the present. She learned about Friday's layoffs on Twitter, when full-time staffers began sharing news of the cuts.
The first time MEL shuttered, "I at least got a phone call" from an editor, King said, adding that under Recurrent's reign, her invoices were not always paid on time. She'd been set to file another piece on Monday and has emailed accounts payable about her most recent invoice but hasn't heard back.
"I generally don't trust when venture capital buys a media outlet," King told Insider. "It seems like they get bored and give them up faster and faster."
She also echoed a sentiment often tweeted or whispered by journalists and newsroom staffers in recent years: "There's nothing anyone anywhere can do to keep an outlet alive, except to find a benevolent rich person with deep pockets."
Insider's emails to two separate MEL addresses, including its media relations contact, bounced back.
More: MEL Magazines Recurrent Ventures
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2022-07-22T23:30:45Z
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Inside the Layoffs at MEL Magazine by Recurrent Ventures
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https://www.businessinsider.com/inside-layoffs-mel-magazine-recurrent-ventures-2022-7
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The Long March 5B rocket carrying the Wentian module rolls out from its assembly building to the launchpad in Hainan, China, July 18, 2022.
Chinese astronaut Tang Hongbo works inside the core module Tianhe of the Chinese space station as his colleagues conduct a spacewalk, August 20, 2021.
China Manned Space Engineering Office/cnsphoto/Reuters
People watch a Long March 5B rocket, carrying the Tianhe module, as it lifts off from the Wenchang Space Launch Center on April 29, 2021.
NOW WATCH: Here's why everyone should be paying attention to China's ambitious space program
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2022-07-23T02:33:14Z
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China to Launch Space-Station Module Sunday, Possible Runaway Rocket
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https://www.businessinsider.com/china-set-to-launch-space-station-module-possible-runaway-rocket-2022-7
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California Attorney General Rob Bonta (L) and Senate Majority Leader Emeritus Bob Hertzberg applaud as California governor Gavin Newsom address a news conference where he signed SB 1327 into law on July 22, 2022 in Los Angeles, California.
In Texas, Senate Bill 8 lets people sue anyone who performs or aids in an abortion.
Newsom's bill is similar but allows Californians to sue those who make or distribute illegal assault weapons.
Gun dealers who sell firearms to those who are under 21 can also be sued.
California Gov. Gavin Newsom signed a gun control bill on Friday that mimicked Texas' anti-abortion law allowing state residents to sue anyone who assists a pregnant person in obtaining an abortion.
Senate Bill 1327 will allow Californians to take legal action against those who make, sell, transport, or distribute illegal assault weapons such as .50 caliber rifles and ghost guns, or for damages of at least $10,000 per weapon.
In February, a Sacramento father used a ghost gun — a gun without a serial number — to kill his three daughters and then himself.
According to the bill, the same damages can also be applied to gun dealers who illegally sell firearms to those who are under 21 years old.
At the press conference, Newsom said the legislation was modeled after Texas' Senate Bill 8, which awards $10,000 to any private citizen who outs those that perform or aid in an abortion.
"We are taking action here today," Newsom said.
The announcement was made at Santa Monica College, where five people were killed in a 2013 shooting.
While Newsom was flanked by lawmakers and gun reform activists who support the measure, including Moms Demand Action, the legislation has its detractors.
In May, the American Civil Liberties Union criticized the bill in a letter, saying "replicating the reprehensible Texas model only serves to legitimize and promote it, as evidenced by the copycat measures already enacted in some states, with many more pending around the country."
Last month, Newsom announced $156 million in gun violence prevention grants through the California Violence Intervention and Prevention Grant Program.
Newsom's office and the National Rifle Association did not immediately respond to Insider's request for comment.
More: Gavin Newsom Guns Texas Abortion
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2022-07-23T04:04:37Z
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Gavin Newsom Signs California Gun Law Modeled After Texas Abortion Ban
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Selling Sunset star Emma Hernan told Insider the unglamorous side of her job as a realtor.
Jason Kent/Frank Lee
Celebrity realtor Emma Hernan told Insider her job isn't as glamorous as "Selling Sunset" portrays it.
Hernan said she has to crawl into tight spaces, create gardens, and run around for clients.
As a realtor, CEO, and Netflix star, she is used to working up to 15 hours a day.
Working as a realtor and selling properties in Los Angeles seems like the most glamorous job in the world in the popular Netflix series "Selling Sunset."
The show revolves around a dozen women working for The Oppenheim Group, a real estate brokerage founded in 1889 and currently headed by Jason Oppenheim. The chic realtors are filmed showing multi-million dollar houses to wealthy clients, driving around in flashy cars, and dining out throughout the day.
But one of the realtors working at The Oppenheim Group, Emma Hernan, told Insider in an interview that the job isn't full of the glitz and glam that viewers might expect.
"What everyone doesn't see is that I'm crawling in a small space trying to see if the house is okay for inspections," Hernan said.
Despite being filmed wearing stylish outfits, Hernan said behind the scenes she has to wear a hard hat when attending house inspections in order to help out the construction team.
"The last property that I listed, I created the garden because I needed it to look perfect for staging," Hernan said. "I was telling them where to put the succulents."
Selling Sunset doesn't show how many viewings the realtors actually fit into one day, Hernan said. The true amount of daily showings have to be cut down because only so much can fit into one episode, she added.
In reality, the Oppenheim Group realtors are running around LA, attending back-to-back house viewings, and meeting clients, Hernan said.
"Imagine trying to schedule to see 10 houses a day, scheduling them every 30 minutes, and then one of the agents changes the time," she said. "It's a lot of hard work."
Filming, which can last from three hours to 10 hours or more per day, means that Hernan can often work 15-hour days. Although it takes up a lot of time, Hernan, who is also the CEO of her own plant-based food company, said she's able to focus on other work during filming.
"I worked my butt off to get where I am today," Hernan said. She added that her biggest real estate deals came in at $15 million and $19 million. "I would definitely be the star of the circus for my juggling skills."
More: Selling Sunset Real Estate realtor Emma Hernan
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2022-07-23T08:38:41Z
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Netflix's 'Selling Sunset' Realtor Reveals Ugliness of Selling LA Houses
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https://www.businessinsider.com/selling-sunset-realtor-emma-hernan-los-angeles-houses-real-estate-2022-7
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I'm insanely jealous of one of my colleagues, and I hate feeling this way
The workplace is a breeding ground for feelings of competition and envy.
Brosa/Getty Images
Welcome to Insider's work-advice column, "What's Working?"
This week's letter is from a young sales associate who's jealous of a colleague in the same job.
Experts say there are ways to use feelings of envy as motivational fuel.
I'm a 25-year-old female sales associate at a software company and have a problem that's kind of embarrassing to admit: I'm insanely jealous of one of my coworkers.
The colleague, "Jane," is smart, hard-working, and good at her job. The same, I think, could be said about me. Thing is, Jane's sales numbers are a lot better than mine and she therefore gets a lot more attention from our bosses and from our company as a whole.
We have, more or less, the same job but we're on different teams. On my team, I work closely with coworkers of all levels. I support the senior salespeople by helping them prepare monthly reports and I do a lot of the grunt work on our client pitches. And I've been asked to mentor a college intern this summer. From what I gather, Jane doesn't have to do these things on her team and can focus solely on deals.
My last performance review was generally strong and I like having variety in my job. But when I see Jane's numbers compared to mine, or she gets recognition in an all-hands meeting, I am filled with jealousy. I swear I'm not usually such a competitive person — but Jane brings it out in me. I hate feeling this way.
I'm so new in my career that I keep wondering, Is this normal? And is there anything I can do to stop feeling so bad about myself and this person I work with?
First, some level setting: You're normal, and the emotions you're experiencing are common. In a recent survey of 1,000 American professionals, more than one in three respondents said they were "very jealous" of their colleagues' successes at work, including 51% of Gen Zers.
It makes sense when you think about it. The workplace is a breeding ground for feelings of competition and jealousy. You and a group of like-minded people are vying for the same resources, and the ways in which those resources are distributed are not always transparent. What's more, as a young person just starting out, you're trying to get noticed and progress. There's a lot of social comparison that goes on as you figure out where you fit.
Knowing that others feel as you do is lonely solace, however. What can be done about your jealousy of Jane? I spoke with Meena Andiappan, a professor of organizational behavior at the University of Toronto, and Tanya Menon, a professor of management and human resources at Ohio State University's Fisher College of Business, for ideas. Both have done extensive research on the topic.
For starters, Andiappan said your feelings were not jealousy per se but envy. Envy is when you yearn for what you don't have; jealousy, on the other hand, is a reaction to a perceived threat when you fear losing something to someone else. It might seem like a semantic quibble, but it's important. You're not afraid Jane is going to take your job, but you want what Jane has: strong numbers and kudos from management.
From your letter, it appears you're experiencing "benign envy." Research suggests you can counteract feelings of benign envy with self-improvement techniques. That is not the case with "malicious envy."
"When you envy someone, the human response is to either raise yourself up or cut the other person down," Andiappan said. "With malicious envy, you would sabotage Jane's relationships with clients, undermine her work, or talk ill about her to colleagues. But cutting down Jane does nothing for you — except create an enemy."
Instead, consider your envy as motivational fuel. You say you admire Jane's work. Try talking to her about her process. Andiappan recommended saying something like: "I'm impressed by how well you're doing in the organization. Do you have any advice for me? How do you manage your time? And how do you navigate other requests you receive?"
Next, a little soul searching is in order. Think about what it is you really want out of your job. Your role appears to be different from Jane's — she's more of an individual contributor, which is what allows her to specialize and therefore excel. But it doesn't sound as though that's what you want — or what plays to your natural strengths.
Talk to your boss to clarify expectations.
"Perhaps the conversation will reveal that your role is, in fact, quite different from Jane's and what your boss expects of you," Fisher College of Business' Menon said. "That different space and path could remove the problem of comparison."
Talk to your boss, too, about how you could delegate some of your grunt work to others, including your new intern. Grunt work keeps organizations chugging along, but it doesn't yield you much glory.
"Work with your boss to develop, manage, and lead those below you to step up and do that work," Menon said. "This will narrow your role and also increase your managerial experience at the same time."
Finally, one last observation from me: Getting attention from higher-ups for being good at your job requires a little horn tooting from time to time. I'm not suggesting you turn into a braggart, humble or otherwise, but it might be worth watching how Jane subtly advertises her stellar performance. She clearly has a knack for sales, and she might be someone skilled at self-promotion. Perhaps she can teach you a trick or two.
More: Jealousy Envy Work
negative emotion
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2022-07-23T10:09:54Z
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How to Deal With Feeling Jealousy and Envy Toward a Coworker
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An economist shares his simplest advice for job-searching when there aren't many openings in your field
Be open-minded about the kinds of jobs that can give you the experience you want.
The US economy is facing headwinds and some employers are pausing their hiring plans.
Job-seekers who can't find work in their desired field might need to look in different industries.
LinkedIn economist Kory Kantenga advises choosing a job in which you can build transferable skills.
Starting your career in an economic downturn means you might have to settle for a less-than-ideal first job.
But that stopgap gig can still propel your career forward if it allows you to build some of the skills you'll need in your next, more desirable, role. These so-called competencies are also often called "transferable skills" because they can be applied in more than one job context.
As the US economy faces headwinds like inflation and a possible slowdown — it's not certain that we're heading for a recession — some industries and employers could pause their hiring plans. Some tech and finance giants already have. This means job-seekers, especially those early in their careers, might have to look outside the field they really want to pursue.
The best strategy for choosing a job outside your desired field is to find a position that will allow you to develop at least some of the experience you'll need to nab the job you really want.
"Sometimes you'll just have to take the opportunity that comes along," said Kory Kantenga, a senior economist and data scientist at LinkedIn. "But make sure you're in a position to pivot."
Consider salesmanship, for example: It can help you sell a T-shirt, pitch your startup, or convince high-school students that your science curriculum is fun. It's a matter of being able to show a prospective employer that what you learned in your last job, selling T-shirts, will help you excel in this one, teaching science.
Consider the most useful transferable skills in today's job market
On LinkedIn, the most frequently listed skills in postings for US jobs in July included analytical, communication, and customer-service abilities.
Today, two broad areas that have the most job postings on LinkedIn are professional services and technology, information, and media. If you're hoping to break into one of these areas, Kantenga said, you'll want to find a job that allows you to develop the skills that those industries demand.
Kantenga mentioned a few for professional-services employees, including networking and branding your services as something people want to buy. And for many employees in technology, information, and media, Kantenga said, coding languages such as SQL and Python have become critical knowledge.
Certain skills are broadly applicable: Insider's Madison Hoff and Taylor Tyson crunched data from the Occupational Information Network (O*NET) and found that skills such as active listening and effective speaking can help you succeed across many jobs.
How to identify your transferable skills
There's a straightforward way to discern whether a job will allow you to develop transferable skills: Find out what your daily tasks will be, either by observing prospective colleagues at work or by asking the hiring manager.
Ask yourself, Kantenga said, "What can I get out of them?" He suggested imagining an interview with your dream employer. "What am I going to tell the next employer about what I did, how it was useful, and what I learned?"
Even if you already have a job, but you're hoping to eventually break into a different industry, you can benefit from learning to identify your transferable skills. As many as 48% of professionals globally who plan to leave their jobs are heading to different industries, per McKinsey data.
You can start by listing the skills you use every day at work, as well as relevant accomplishments. As Lindsay Witcher, senior vice president of sales and customer success at the talent-mobility firm Randstad RiseSmart, previously told Insider, that process will help you think about how you might add value in a new job context.
The cofounders of The Muse, a career-advice and job-listings site, shared similar advice in their 2017 book, "The New Rules of Work." They recommend regularly scanning postings for jobs you'd like to have someday and looking at the required skills section. Think about which skills you don't yet have so that you can identify the gap between where you are in your career today and where you'd like to be soon.
Kantenga said that developing and identifying your transferable skills might not immediately help you land a better job if the economy hits a rough spot. Still, take the time now to craft a work experience that gives you the skills you want. That way, "when things start to look good and employers start looking again," you'll stand out in the applicant pool.
More: Recession Economic Downturn Job search
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2022-07-23T10:10:00Z
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How to Job Search in a Recession: Economist's Advice
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https://www.businessinsider.com/how-to-job-search-in-a-recession-economists-advice-2022-7
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Today's mortgage and refinance rates: July 23, 2022 | Rates decrease
Mortgage rates trended down slightly today and have remained relatively steady this week.
So far this year, average 30-year fixed rates have increased by more than two percentage points. Significantly higher rates have forced many homebuyers to rethink their budgets or even drop out of the market altogether.
"It's certainly understandable that potential homebuyers are concerned and possibly overwhelmed by current levels of inflation, increased rates, low inventory, high home prices, and macroeconomic uncertainty," says Steve Kaminski, head of US residential lending at TD bank. "But as always, I strongly recommend anyone entering the market right now to focus on something imperative that they can control – the fundamentals of preparation."
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2022-07-23T10:10:12Z
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Today's Mortgage, Refinance Rates: July 23, 2022 | Rates Decrease
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-saturday-july-23-2022-7
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-saturday-july-23-2022-7
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The leaders of some of the biggest names in DeFi break down where the nascent industry goes from here and why old school financial institutions still want a piece of the action
Several DeFi vets gathered at the recent Bloomberg Crypto Summit to discuss the future of the industry.
During the Bloomberg Crypto Summit, four experts shared their thoughts on the future of DeFi.
They summarized "the good, the bad, and the ugly" that DeFi has seen in 2022.
They outlined the steps institutions will take to enter the DeFi industry over the next few years.
Summary List Placement
DeFi (decentralized finance) has seen tremendous growth in the past two years, but 2022 and its "crypto winter" has been a time for reflection.
Over the last six months the prices of cryptocurrencies have plummeted, major crypto companies like Celsius and Three Arrows Capital have collapsed, and calls for new regulation to protect retail investors have arisen. DeFi hasn't been able to escape unscathed, and the industry has suffered a roughly $152 billion loss in "total-value locked" (TvL) from January 1 of this year to now.
During the recent Bloomberg Crypto Summit in New York City, several DeFi industry experts gave their takes on the recent problems in the upstart industry, the advent of "DeFi 2.0," and whether or not institutional investors will continue to show interest in the space despite the crypto market downturn.
A DeFi industry reckoning
Matthew Rozak, the billionaire founder of Bloq, summarized his thoughts on the state of the industry to the panel.
"I think the last six months in defi has been the good, the bad and the ugly," Rozak said.
He went on to clarify that the "ugly" was the crash of the TerraUSD cryptocurrency, which cost many investors sizable amounts of money.
As for the "bad," Rozak described the situation with CeFi, or centralized finance.
"What we were talking about on the TradFi (traditional finance) centralized finance piece, which, you know, valuations went down, balance sheets got tested, and we now see bad risk management in CeFi," Rozak said.
He continued: "So when prices dipped, margins and loans were called, and the emperor had no clothes."
Rozak was specifically referencing companies like Voyager and Celsius, who would take crypto deposited by investors — who were lured in by attractive returns like 9% APY — and then went on to make risky investments using that capital.
Finally, he described what he saw as the "good" that has happened in DeFi this past year.
"The good is defi has worked as programmed, in the best way possible — meaning even today on some of these liquidations with Three Arrows and they are executing their liquidations on DeFi because there's no lawyer, there's no credit committee, there's no bankruptcy judge. It's code," Rozak said.
Rozak continued: "It's a really important moment in time for us where, as builders, this is like a pressure testing moment. From a defi standpoint I'm extremely proud of how certain defi protocols have performed in this market, because they got pressure tested. This is what we want to see."
This is a sentiment shared by fellow crypto billionaire Mike Novogratz, CEO of Galaxy Digital.
"The on-chain stuff worked like it was supposed to work. It was transparent. People got stopped at when they were supposed to be getting stopped out. There's no, 'oh, he lied to me. I can't believe that. I didn't know the rules,' right? It was all on a chain," Novogratz said.
He added: "So in lots of ways, as ironic as this sounds, this crisis is somewhat an advertisement for more transparency, and more DeFi."
DeFi 2.0
The speakers, while bullish about the future of DeFi, shared their thoughts on what needs to happen for further innovation to occur in the space.
John Wu, the CEO of Ava Labs — the company behind the Avalanche cryptocurrency — explained his idea of what "DeFi 2.0" will look like.
"If you want to grow DeFi for 2.0, to get it really big, you have to have more traditional people come over to use it. That means you can't have a whale existing loaning or over collateralizing your assets," Wu said.
He continued: "So to do that, you need better on-chain identity while preserving privacy so that you can do credit scores, et cetera. You also need to tokenize real world assets."
Some examples of tokenized real world assets that already exist include: songs — which the Web3 startup Royal has tokenized — and real estate — where the first ever building for sale as an NFT was listed earlier this year.
Mary Catherine Lader — the COO of DeFi platform Uniswap — addressed a potential criticism to Wu's statement.
"I don't think that just because you have more identity information doesn't mean something's not decentralized, that doesn't necessarily change the way that the technology operates or the way that critical decisions and evolutions in the technology are made," Lader said. "I think that there's an opportunity with defi to have even better identity management."
The future of DeFi
Rozak concluded the panel with a look to the future of the industry, noting that he sees institutional investors getting more involved with the world of DeFi.
"If I'm an institution, what's my baby step today? I'm buying ethereum, avalanche, or some kind of layer one tech and I'm staking it and I'm actually earning a yield. So you're making money on your money. That's a good first baby step in this space," Rozak said. "After that, then you're like 'maybe I should optimize this yield' or 'maybe I should take a loan out against my principal.' And so that's kind of the staircase stepping of a lot of people that come into DeFi.''
For Lader, the future of DeFi begins with better consumer protection standards.
"The emergence of identity solutions, risk management solutions and a bunch of exciting stuff that will make the whole ecosystem feel safer," Lader said.
"Hopefully in a year from now it looks pretty different and it's more evident how this is the future of finance," she added.
More: DeFi DeFi tokens defi platform DeFi regulation
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2022-07-23T11:41:12Z
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DeFi Elites: the Industry Will Rebound & Where It Goes From Here
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https://www.businessinsider.com/crypto-blockchain-defi-web3-bitcoin-ethereum-avalanche-uniswap-decentralized-finance-2022-7
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https://www.businessinsider.com/crypto-blockchain-defi-web3-bitcoin-ethereum-avalanche-uniswap-decentralized-finance-2022-7
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These are the 5 most common mistakes that investors make, says a fund manager who's beaten 99% of his peers in 2022 — and the 3 qualities to look for in stocks
Investors should target companies with three qualities as the stock market rallies.
Risk assets are beginning to rally following a dreadful start to the year.
Top-1% portfolio manager David Sherman listed five investing mistakes to avoid right now.
Sherman, a fixed-income guru, also listed three top qualities to look for in investments.
Stocks and bonds have shown signs of life in the past five weeks after starting 2022 on a miserable six-and-a-half month stretch.
The S&P 500 is up 8.7% since recording a near-term low on June 16, and yields on the 10-year US Treasury note are down about 20% after peaking on June 14. Bond prices and yields move inversely, so a drop in the 10-year's yield coincides with an increase in its price.
But plenty of pundits still believe the worst is yet to come for both risk assets and the economy. That makes it tough for investors to know whether to believe in this rally or sell into strength.
Although 35-year market veteran David Sherman doesn't pretend to know where markets will move in the near term, he can offer some time-tested wisdom that's helped him become one of this year's top fixed-income fund managers.
Sherman manages about $2.7 billion in assets through Cohanzick Management, the investment firm he founded in 1996. Six of his fixed-income funds are at or near the top of their charts in their categories, including the three top funds in Morningstar's high-yield category, as of June 30.
Each of those funds — the RiverPark Short Term High Yield Fund (RPHIX), the CrossingBridge Low Duration High Yield Fund (CBLDX), and RiverPark Strategic Income Institutional Fund (RSIIX) — has outperformed 99% of its peers this year, according to Morningstar.
In a recent interview with Insider, Sherman shared five investing mistakes he always aims to avoid, as well as three qualities he looks for before buying a company's stock or bonds.
5 investing mistakes to avoid
1. Not doing due diligence
The biggest mistake investors — especially less-experienced ones — make is not taking the time to learn about an investment before putting their money into it, Sherman said.
"They don't do the work, and they don't take the time," Sherman said. "They read a headline, they hear a friend, they listen to 'Squawk Box' on CNBC and they're like, 'Oh, I'm in.'"
Sherman added: "Everybody forgets: In investing, the single most important investment decision after you do the business model is the buy."
Sherman noted that investors don't make other important purchases — like a car or a house — nearly as flippantly as they do with stocks, saying that they instead typically spend months researching the best options. Of course, stocks and bonds are far cheaper and easier to trade than cars or houses, but Sherman still believes investors should carefully consider their moves.
2. Not defining risk tolerance
Though there are certain best practices for investing, there's no one-size-fits-all approach. Instead, Sherman said that investors should define their risk tolerance by thinking through how much volatility they're comfortable with and when they'll need the money they're putting to work.
"You have to say, 'What's the risk I'm taking in?" Sherman said. "Can I accept that risk and what comes with that risk, or not?"
All investors — even the great Warren Buffett — are bound to make mistakes and fall "off the wagon" at one point or another, Sherman said. By defining risk upfront, investors can limit how much their setbacks hurt them, even if they aren't capturing as much upside as possible.
3. Not considering downside risk
Another common mistake investors make, in Sherman's view, is thinking more about a potential investment's upside than its downside. Preventing losses is even more important than logging gains — or, as Sherman put it, "return of principal is more important than return on principal."
"It's not about the return you generate in good times — it's about protecting the principal in bad times while you generate a reasonable return in good times," Sherman said.
While there will always be more chances to score big gains if an investors misses out on a big winner, rebounding from a crushing loss is no guarantee.
"We are willing to sacrifice FOMO — fear of missing out — to know that we're going to be standing at the end of the day," Sherman said.
4. Not valuing cash
Perhaps the main reason why investors jump into investments so easily, don't give much thought to risk management, and don't prioritize return of principal is because they don't value cold, hard cash like they should.
"Cash is a legitimate asset class in an overvalued market," Sherman said.
That's in sharp contrast to billionaire hedge fund mogul Ray Dalio's long-held assertion that "cash is trash." While Dalio's point is that 41-year-high inflation has eroded purchasing power and made cash alternatives more attractive, that still shouldn't excuse reckless investing.
5. Not being rule-based and disciplined
Lastly, Sherman believes that the key to successfully investing is taking time to set certain rules and principles to help navigate through the ups and downs that markets will inevitably bring.
"Most people don't really seriously think about their savings and how they should allocate it and spend it," Sherman said. "And they're like, 'Oh, it's too complicated. It's too hard.' But it really isn't. You don't have to beat the S&P; you don't have to beat something."
Sherman continued: "I am a believer — and I hope advisors don't kill me for this — that there's some sort of goal-based planning: build, maintain, keep your savings."
While there are times where it can be smart to be flexible, Sherman generally believes that investors should have the discipline to stick to their rules — especially during tough times.
"One cannot ever, ever underestimate the importance of being disciplined," Sherman said.
3 qualities to look for in a company
One of the rules that Sherman follows is ensuring that he properly evaluates companies and their business models before buying their bonds, though this also applies to stock investors. The portfolio manager noted that the best companies can make it through any market downturn.
"A good business is a good business, even in a bad economy," Sherman said.
Quality businesses have three specific qualities, Sherman said: they solve a need or have a use, and have good profit margins and reliable recurring revenue.
Companies with goods or services that are easy to live without or don't add much value to their customers are likely to be the first ones to go belly-up in an economic downturn. The most successful businesses are ones that have become an indispensable part of clients' lives.
"People know good," Sherman said. "My way of looking at a good business is if this is a place I'd like to work — not because it's fun at a party — but I actually like the product or I like the value we're adding or the value creation. We're doing something that has a need and a use."
Pricing power is a vital measure of how valuable customers deem a good or service to be. A company's ability to raise prices and pass on costs to consumers is reflected in both its gross margins and operating margins, Sherman said, with the latter giving a look into its efficiency. The ability to maintain high margins is especially vital as inflation continues to soar.
Another indicator of how entrenched a product is in its customers' lives is how often it's repurchased. Companies that have strong recurring revenue streams, either through regular orders of goods or a software-as-a-service subscription model, are highly valued by Wall Street.
Finally, investors must not forget to consider the price and value of a company's stock or bonds, Sherman said, even if it has all three of the qualities he looks for in an investment.
More: Investing David Sherman Cohanzick Management
David Sherman Cohanzick Management
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2022-07-23T11:41:30Z
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www.businessinsider.com
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How to Invest: 5 Mistakes to Avoid As Stocks Rally
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https://www.businessinsider.com/how-to-invest-stock-market-crash-rally-strategy-mistakes-sherman-2022-7
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https://www.businessinsider.com/how-to-invest-stock-market-crash-rally-strategy-mistakes-sherman-2022-7
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Lowe's workers transport emergency-relief supplies outside a store.
Brent Clark/AP Images for Lowe's
Lowe's employees have long decried the company's scheduling policies.
They describe workspaces rife with low morale and troubles maintaining work-life balance.
The retailer's latest response includes giving employees the option of coming in four days a week.
After years of hearing employee complaints about a "chaotic" scheduling system, Lowe's is giving its full-time sales associates the option of working a four-day week.
Lowe's employees have long blamed scheduling problems for what they say is widespread low morale among the workforce. They say the home-improvement giant's computerized system for assigning work hours has been ruining their weekends and making work-life balance impossible.
But now the company says it's doing an overhaul, including rolling out four-day workweeks.
"Based on recent feedback, last week we began offering most full-time associates the option to schedule a four-day workweek that maintains their hours," a Lowe's spokesperson told Insider. "The majority of our full-time associates receive consecutive days off."
The spokesperson said the latest changes are meant to provide workers "more flexibility and consistency in their work schedules, while continuing to deliver outstanding customer service."
"We value the hard work of our associates and recognize that they have unique and evolving work-life needs," the spokesperson said.
The retailer saw stunning sales throughout the pandemic as customers sought to improve their homes. But growth has since slowed, and some employees have begun sounding the alarm on working conditions.
Insider spoke with six Lowe's employees from different stores about what they said were ongoing issues with the scheduling system. Insider verified the employment of the workers, who asked to remain anonymous over fears of retaliation. Insider spoke with the workers prior to Lowe's latest announcement.
They said that in the years since Lowe's began using a software program, Kronos, that sets their work hours using an algorithm — and despite an attempt last year to improve scheduling — there was a pervasive sense that getting a full weekend off work was rare.
In 2019, Lowe's began switching workers from a four-week rotation that gave them a weekend off every month to a system known as "customer-centric scheduling" that gave them a weekend off every eight weeks. That year, Insider interviewed 17 then-current and former Lowe's employees from 14 states. They said the schedule, which also meant more nonconsecutive days off, hurt morale.
Here's how one Lowe's employee described their work schedule. Workers say that as complicated as the typical schedule was, getting time off on the weekend could be an even more daunting task.
Insider's reporting; Taylor Tyson/Insider
"Set days off would be every Monday and then Friday and then every Tuesday and then Thursday," one employee from Florida recently told Insider. "And it would rotate. So every month you knew when your days off would follow and it would constantly shift, but you knew what they would be."
After getting feedback from employees, Lowe's modified the system in 2021. "In 2019, we introduced a new scheduling program that enabled associates to request a standard shift, and last year we offered more frequent weekends off," the spokesperson said.
But employees say that to get a prized Saturday and Sunday off, they sometimes had to work six days straight.
"It pretty much holds your personal life hostage," the Florida employee told Insider. "Because you'll get one day off every six days. Then you work two or three days and get a day off, and work five or six days straight. And then you get your two days off. But a lot of that time is spent doing physical and emotional, and mental recovery."
As of last week, Lowe's is tweaking the system again.
'Chaotic' system
In interviews, workers said they felt burned out by long workweeks, and struggled to accomplish tasks like going to the gym, cleaning the house, and shopping for groceries during their time off.
One longtime employee described the scheduling system as "chaotic" for workers and managers alike, and said it made it "difficult to have a work and life balance." Employees also said that the situation has exacerbated what they said is understaffing in their stores.
"Sometimes you have three to four departments empty for several hours during a workday," the longtime employee said. "Regularly there are gaps of at least an hour or more where nobody is in a department or a position — like a loader."
They said the set-up made planning activities outside of work difficult and stressful. They described a system in which in-store management has been cut off from providing much assistance.
"Everyone is tired," one employee said. "We all just want some consistency."
NOW WATCH: Lowe's Is Testing Robots That Could Solve The Most Annoying Thing About Big-Box Stores
More: Lowe's BI Select Lowe's workers Lowe's employees
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2022-07-23T11:41:36Z
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Lowe's Adopts 4-Day Workweeks After Worker Complaints
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https://www.businessinsider.com/lowes-workers-scheduling-policy-weekends-2022-7
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https://www.businessinsider.com/lowes-workers-scheduling-policy-weekends-2022-7
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Sen. Joe Manchin (D-WV) speaks in a Congressional hearing on July 19, 2022 in Washington, DC.
Democrats seem wary of going on a wild-goose chase to win over Manchin on climate.
The year-long negotiating chaos has yielded a skinny bill centered on healthcare.
Manchin has not made his vote an easy thing to lock down for his party.
Senate Majority Leader Chuck Schumer is advancing the skinny, healthcare package that Sen. Joe Manchin of West Virginia offered as a concession. But the Democratic lawmakers asking themselves "Is this it?" still aren't ready to throw in the towel on a climate deal with Manchin.
Several Senate Democrats such as Sen. Ed Markey of Massachusetts are pressing for a Hail Mary shot to secure the support of Manchin on another spending package after September. Beginning with the new federal fiscal year in October, Democrats can craft another reconciliation bill separate from the one they aim to pass within weeks, also capable of skirting fierce GOP opposition and passing with only a simple majority vote. Democrats floated the maneuver last fall when final passage appeared achievable by the end of 2021.
But other Democrats seem incredulous at the prospect of getting anything on climate approved after the year-long, wild goose-chase Manchin led them on. In the end, all the procedural mayhem is poised to yield a healthcare bill that's a huge step down from their initial $3.5 trillion blueprint to reconfigure the American economy.
"Do you think it's possible?" Sen. Jon Tester of Montana responded to Insider with a puzzled look when asked about the chance of a second Democrat-only spending plan for climate.
"What's changed with this reconciliation bill or the next reconciliation bill?" Tester said with a laugh. "I think focus on this one, get this one done, get some healthcare and prescription drugs, then move on."
Democratic aides granted anonymity to speak candidly also largely expressed skepticism. One described it as "a pipe dream."
Such an endeavor rests on Manchin, the swerving conservative Democrat who hasn't made things easy for his party. He stunned many last week by yanking support for climate programs and tax hikes that he had backed for months, citing worsening inflation. Manchin offered to keep negotiating on climate or lend his vote for a healthcare bill centered on extending Obamacare financial aid and reining in the cost of prescription drugs. Democrats are pursuing the latter to secure a win and deliver on campaign promises years in the making.
Insider approached Manchin on Thursday to ask about a potential second reconciliation bill that deals with climate programs. He waved the question off and declined to comment.
Plenty of Democrats, however, say they want to keep the option open and warn that failure would jeopardize the planet's future. "With respect to the second reconciliation, it sounds like a big lift to me but I'm open to everybody's ideas," Sen. Ron Wyden, chair of the tax-writing Senate Finance Committee, said in an interview. "The consequences of inaction are so great."
Without a deal to secure programs to transition the nation to cleaner energy sources, the US is likely to miss Biden's goal of slashing emissions in half by 2030. The target is meant to restrain global warming at 1.5 degrees Celsius, the threshold in which severe storms, droughts, and floods become far more likely. The planet has warmed 1.1 degrees Celsius already.
"I think all options ought to be on the table," Sen. Mark Warner of Virginia told Insider. "And the idea when we've seen country after country in Europe with record high heats and most of the center-part of America with temperatures in excess of 100 degrees. I mean some of these places are going to become uninhabitable."
It would be 'an uphill effort' to pursue a Manchin climate deal
President Joe Biden, center, along with Senate Majority Leader Chuck Schumer, left, and House Speaker Nancy Pelosi at the Capitol on January 6, 2022 in Washington, DC.
Photo by Stefani Reynolds-Pool/Getty Images
The arc of the legislative universe is long, but it bends towards chaos on Build Back Better. It's that type of turmoil most Democrats are eager to put behind them as the midterm elections draw nearer.
"It seems very unlikely to get done before the November election," Zach Moller, the economic director of the center-left Third Way think tank, told Insider. "It's whether or not there is a path and desire to do it in the in the lame-duck Congress," referring to the period lasting from November through December between the midterm election and the swearing in of a new Congress in early January.
"It would be an uphill effort, for sure," John LaBombard, a former Democratic aide to Sen. Kyrsten Sinema, said in an interview. "It would be a mistake, always, to assume that 50 members of the same party are uniform in their thinking on these issues. We have now been reminded in very clear ways over the past 18 months that that is not the case."
Liam Donovan, a Republican strategist, argues that the hurdles facing Democrats may keep mounting.
"Whatever political problems you solve by getting past the election, guess what? There's another one coming," Donovan, who is also a lobbyist, told Insider. He said 23 Democratic senators are up for re-election in 2024 with Manchin among them. He argued some could balk at tax increases, particularly if the US economy starts to show signs of a slowdown.
The legislative to-do list is bound to get more packed after the midterms as well. Congress will likely need to deal with an omnibus package to fund the federal government for another year, plus haggle over a range of expiring tax programs. The frenzied pace of activity doesn't make conditions ripe for a sprawling deal with someone who tends to switch up his economic demands.
"One of the real problems here is that Senator Manchin was not an honest broker," Jim Manley, a former senior Democratic aide, told Insider. "He couldn't legislate his way out of a paper bag and felt absolutely no loyalty to the president and or this party."
More: Joe Manchin Senate Democrats Republicans Build Back Better
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2022-07-23T13:12:30Z
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Dems Want Hail Mary Attempt to Win Manchin on Climate, but Risks Are Plenty
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https://www.businessinsider.com/democrats-manchin-climate-biden-congress-deal-2022-7
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https://www.businessinsider.com/democrats-manchin-climate-biden-congress-deal-2022-7
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Herbert Diess is being replaced at VW.
Herbert Diess has been ousted as Volkswagen's chief executive three years before his contract ended.
He had often clashed with the powerful council representing workers, per the Financial Times.
Diess wanted VW to overtake Tesla as the world's largest electric car producer.
Volkswagen's chief executive Herbert Diess has been ousted after little more than four years in the role and three years before the end of his contract.
He was the architect of the German carmaker's multibillion-dollar push into electric vehicles and wanted to overtake Tesla as the world's number one electric car producer.
Diess will be replaced in September by Oliver Blume, the chief executive of Porsche, which is part of the VW Group.
The Financial Times reported that Diess had often clashed with the company's works council, which represents workers and accounts for half the seats on its board.
Daniela Cavallo, who leads the council, said it wanted to ensure that "job security and profitability remain equally important corporate goals in the coming years. Our focus as an employee organization is clear: all our colleagues must be involved. Today's decisions pay tribute to this."
Diess had privately said VW had an excess of about 30,000 staff, The FT reported.
Earlier this year, the group released the ID.Buzz, an electric version of its iconic Microbus and Insider reported that it could launch an electric pickup truck to rival Ford's F-150 Lightning and Chevrolet's Silverado EV in the US.
Volkswagen's electric ID.Buzz.
Elon Musk has acknowledged the company's achievements and told The FT in May that Volkswagen had made the most progress with EVs other than Tesla.
Last month Diess told workers at the company's Wolfsburg headquarters: "Elon must simultaneously ramp up two highly complex factories in Austin and Grünheide [near Berlin] — and expand production in Shanghai. That will cost him strength. We have to seize this opportunity and catch up quickly — by 2025 we can be in the lead."
A study by Bloomberg Intelligence expects VW to double production to more than 2 million battery-powered vehicles by 2024, overtaking Tesla, Insider reported last month.
Volkswagen aims to produce about 700,000 electric car this year, but is about half the number Tesla expects to make.
In Europe, however, the German company has about double Tesla's market share in EVs.
Hans Dieter Pötsch, the chairman of Volkswagen Group, said of Diess: "Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy."
Blume, who will continue to run Porsche as well, joined VW in 1994 and held management roles at its Audi, SEAT and Volkswagen divisions before moving to Porsche. Diess is a rare outsider and joined from BMW in 2015.
More: Weekend BI UK Volkswagen Herbert Diess Unions
auto indsutry
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2022-07-23T13:12:42Z
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Volkwsagen Boss Who Wanted to Overtake Tesla Is Pushed Out the Door
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https://www.businessinsider.com/herbert-diess-volkwsagen-overtake-tesla-is-pushed-out-2022-7
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https://www.businessinsider.com/herbert-diess-volkwsagen-overtake-tesla-is-pushed-out-2022-7
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The Volkswagen ID.4 electric SUV is built at a plant in Germany.
It's a critical material in electric-car battery packs. But demand will far outstrip supply for years to come.
Questions still remain about whether the world will be able to mine, refine, and ship enough lithium to support the green revolution set to occur over the next decade and beyond. Here we've laid out the basics of why lithium is so important and what could happen next.
As car companies have ramped up sales of electric cars in recent years, demand for lithium has exploded.
Against this backdrop, it's clear to see why Musk is urging entrepreneurs process more lithium. While raw lithium is abundant, it needs to be purified before it can be put to use in battery cells.
Securing enough lithium is one of the biggest challenges automakers face in the near term, Sam Abuelsamid, principal e-mobility analyst at Guidehouse Insights, told Insider. Sources of the metal are still fairly limited because there wasn't much demand for it until EVs started taking off, he said. But the industry is working to grow supply.
One way to make electric-vehicle batteries more environmentally sound — and shore up the lithium supply all at the same time — would be to place greater focus on recycling lithium-ion cells. If battery recycling was expanded, incentivized by the government, and made more efficient, it would drastically reduce the need to mine and refine lithium, Christensen told Insider.
More: Transportation Tech Elon Musk Electric Vehicles
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2022-07-23T13:12:48Z
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Why Elon Musk Is Asking for More Lithium Investment
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https://www.businessinsider.com/lithium-supply-electric-cars-elon-musk-tesla-2022-7
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https://www.businessinsider.com/lithium-supply-electric-cars-elon-musk-tesla-2022-7
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The author, Laura Wheatman Hill.
Courtesy of Laura Wheatman Hill
Costco is the closest gas station to my house so I get my gas there, and I'm saving about $10 a tank.
But I used to pay $60 once a week, and now it's costing me about $100.
With the price of everything so high, is anyone really "saving" right now?
I have two kids and live in suburbia. Therefore, I have a Costco membership. When we were in the diapers-and-wipes phase, it was most useful for the in-store purchases. But I still use it for big bags of apples and boxes of cereal, plus the occasional $10 pair of yoga pants for me, of course.
I also love my Costco membership because of the gas savings and have certainly been thankful for it lately, with gas prices at record highs. Ultimately, though, I don't know that buying Costco gas is doing much for my bottom line.
Costco is more or less the closest gas station to my house, depending on where I'm going afterward. I make it a point to get my gas there since it's cheaper than the "regular" gas stations near me.
Lately, gas at "my" Costco is hovering one or two cents above or below $5 a gallon of regular gas. Before inflation hit, I was reliably spending $60 to fill my tank. Now it's costing me about $100 every time.
My car is a Honda Odyssey with a 20-gallon tank and horrific mileage. Recently, I drove from Portland to Seattle, around Seattle for two days, and back again on one tank of gas, spending approximately $100. In my travels, I took note of the gas prices. I saw a Fred Meyer in Oregon right off I-5 at $4.99 as the lowest, and one gas station in Seattle's wealthy Mercer Island suburb asking for $5.80 a gallon.
So, on average, I saved about $10 getting Costco gas in Oregon before my road trip. That's one pair of Kirkland yoga pants, however. Good deal?
Everything is expensive
It's hard to celebrate saving $10 when I just spent the same amount to get sub-par-looking strawberries for my kids at the grocery store. Everything is more expensive right now.
I used to pay my $60 and fill my tank at Costco about once a week to make sure I was covered for the demands of carpool and whatnot. Now, I wait until the light goes on, pray I don't stall out while waiting in the long line, and pay my hundo for a full tank.
Bottom line: No one is "saving" anything these days. We're all white-knuckling it until things get better (they will, right?).
But I will say, if you are going to use Costco anyway, live near one, and have the time and emotional energy to hang out with everyone else waiting for Costco gas, then, yes, you will save a little money buying your gas there.
Laura Wheatman Hill (she/her) lives in Portland, Oregon, with her two children where she writes about everything and teaches English and drama when not living in an apocalyptic dystopia. She has been published by CNN, Real Simple, Parents, and others. You can find her at laurawheatmanhill.com and on Twitter @lwheatma.
PERSONAL FINANCE 5 apps that have saved me money in the last few months, even as inflation rages on
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2022-07-23T13:12:54Z
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I'm Saving $10 Every Time I Get Gas at Costco, but It's Not Helping
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https://www.businessinsider.com/personal-finance/saving-money-costco-gas-inflation-not-helping-2022-7
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https://www.businessinsider.com/personal-finance/saving-money-costco-gas-inflation-not-helping-2022-7
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Maggie Chiang for Insider
Rachael Pass became pregnant in her second year of rabbinical school and chose to have an abortion.
She described her experience as "deeply Jewish" and filled with religious study and ritual.
After becoming a rabbi, she started sharing her story in sermons, calling her abortion a blessing.
As questions about healthcare and religious freedom spur protests around the country, Rabbi Rachael Pass says her abortion was a sacred choice — one she is faithfully fighting to help protect for others.
In 2017, as a rabbinical student in her second year, Rabbi Pass accidentally conceived on the second night of Rosh Hashanah. She took a pregnancy test to confirm her suspicions weeks later on Rosh Chodesh Cheshvan, a Jewish holiday that occurs at the beginning of every month in the Hebrew calendar, marked by the new moon.
"The very first thing that I thought to do after reading the positive pregnancy test was to say the blessing that you say after using the bathroom," Pass told Insider, describing a prayer of gratitude for good health, asher yatzar. "Like, everything about my decision was Jewish."
Pass said her religious study and rituals were central to her pregnancy, the decision to terminate, and finally her decision to have an abortion: She prayed. She consulted her own rabbi. She studied the religious texts of the Torah, Mishnah, and Talmud for any reference to abortion.
The Torah, also called Jewish Written Law, contains the five books of the Hebrew Bible and is known more commonly to non-Jews as the "Old Testament." The Mishnah is the first major work of Jewish literature and contains oral traditions and commentaries known as the "Oral Torah." The Talmud is the primary source of Jewish religious law and Jewish theology.
Faith and the First Amendment
Jewish law does not hold the belief shared by many abortion opponents that life begins at conception. A 2015 Pew Research survey found that 83 percent of American Jews believe abortion "should be legal in all/most cases" — more than any other religious group. Even in conservative readings of Jewish texts, the faith largely protects — and in some cases, requires — abortion. As such, many Jewish organizations have argued that extreme abortion bans are violations of their First Amendment rights to practice their religion freely.
"Bodily autonomy is extraordinarily important and is extraordinarily valued in all walks of Judaism," Pass said. "And so the fact that the Dobbs decision limits access to abortion, it really does affect Jews' First Amendment right to freedom of religion."
After much consideration, as she held four misoprostol pills in the corners of her mouth to induce her abortion, she hummed along to a liturgy streamed by Central Synagogue Services, a reform congregation in Manhattan.
After her abortion, Pass visited a cleansing Jewish ritual bath, usually visited by observant women seven days after their period, called the mikvah, and ate challah and honey — a symbol of sweeter times ahead.
"The challah and honey was sort of the last piece of that ritual. I mean, really, everything about it was Jewish and it was progressive Judaism in some sense," Pass said. "But also, the more I learned and studied, the more I discovered that it was like, my decision was in line with more conservative Judaism as well."
Though Pass said Jewish people may face a unique violation of their religious freedom by the overturning of Roe v. Wade, removing choices for reproductive care concerns all people.
"My concern for Jews is the same concern that I have for every person with a uterus living in America."
Without access to abortion, Pass said, her life would look totally different. She worries about people who have lost choices for reproductive care and those whose physical and mental health will suffer under new laws.
Others have had 'deeply Jewish abortions' as well
Despite being raised in a pro-choice household and feeling both sure of her decision and believing it was the right one for her, Pass said she experienced some feelings of secrecy and shame following her abortion that she traced, in part, to a sense of pressure and internalized "Christian hegemony" from growing up in Kentucky, which is 76% Christian.
It was when she began feeling like she was keeping her abortion a secret, rather than just a private matter, that she decided it was important to begin sharing her story and wrote an essay about abortion rights for a Jewish publication.
As Pass began to share her experience, in sermons and at community events, she said the feelings of shame were replaced by ones of purpose. She had originally been inspired to go to rabbinical school after her own rabbi counseled her in a time of need, and found she was able to pay that support forward while counseling people about abortion and faith as they make their own choices around pregnancy.
"My abortion was deeply Jewish and I'm certainly not the only one [who has had one]," Pass said. "I know plenty of other Jews who I talk to, both in my research and in my writing of my articles, and just by people I know, who have had deeply Jewish abortions as well."
Since the overturning of Roe v. Wade, she has felt more compelled to organize, fundraise and share her perspective — that abortion can be a blessing and a choice born of great faith — with others.
"I think it's really important for people to hear a rabbinic voice who chose to have an abortion," Pass said. "Not because of a horrible medical reason, but because pregnancy wasn't right for me for a lot of other reasons."
More: Abortion abortions Jewish Jews
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2022-07-23T14:43:49Z
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www.businessinsider.com
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Abortion Is a Jewish Right and a Rabbi Says Hers Was a Blessing
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https://www.businessinsider.com/jewish-rabbi-abortion-first-amendment-religious-rights-2022-7
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https://www.businessinsider.com/jewish-rabbi-abortion-first-amendment-religious-rights-2022-7
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Tesla and its suppliers have their own lane at a Mexico border crossing point, Bloomberg reported.
The state of Nuevo Leon reached a deal to speed up transporting parts into Texas.
TechCrunch reported that the same privileges do not apply to vehicles entering the US from Mexico.
Tesla has been given its own lane at the US-Mexico border to speed up deliveries from its suppliers in Mexico, Bloomberg reported.
The pro-business state of Nuevo Leon struck a deal with Tesla and its six suppliers in the state after Elon Musk moved the company's headquarters from Silicon Valley to Texas last year.
Ivan Rivas, the economy minister of Nuevo Leon, told Bloomberg that Tesla had been given a dedicated lane at the Colombia Solidarity checkpoint to speed up the delivery of Tesla parts into the US.
"It was a simple incentive," Rivas told Bloomberg. "What we want is a crossing that's much more expedited and efficient. And maybe there will be a lane for other companies in the future like there is for Tesla."
No details have yet been given on the deal, including any contractual obligations or conditions of the agreement.
The crossing point is relatively quiet, with the longest average wait times about 20 minutes around lunchtime.
The lane may not prove to make a huge difference, however, as the US will not give the company a dedicated lane at its own checkpoint, TechCrunch reported.
Northbound trucks at the bridge must use cargo lanes unless they are enrolled in an anti-terrorism program, Rick Pauza of the US Customs and Border Protection told TechCrunch. "There is no separate, dedicated lane for Tesla or any specific company."
Tesla suppliers including APG Mexico and Taiwanese-based companies EnFlex Corp have operations in Nuevo Leon. Rivas told Bloomberg he expected the EV sector to contribute between 5% and 7% of total investment in the state this year.
Tesla didn't immediately respond to Insider's request for comment and does not have a press office.
More: Weekend BI UK Tesla Elon Musk Mexico
Tesla Texas
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2022-07-23T14:44:13Z
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Tesla Gets Its Own Lane at Mexican Border After Elon Musk Strikes Deal
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https://www.businessinsider.com/tesla-gets-own-lane-mexican-border-elon-musk-strikes-deal-2022-7
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https://www.businessinsider.com/tesla-gets-own-lane-mexican-border-elon-musk-strikes-deal-2022-7
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January 6 panel, on July 21, 2022, plays video of Donald Trump recording a public statement more than two hours after the Capitol was breached.
Jan. 6 panel on Thursday outlined 187 minutes of Donald Trump's inactivity during the Capitol riot.
Considering presidential duties, inaction during the riot arguably is a criminal act, Stanford criminal law expert says.
Hearing also helped emphasize Trump's 'horrible dereliction of responsibility,' he says.
Thursday's January 6 hearing may not have contained the same bombshell testimony as Cassidy Hutchinson's hearing, in which she alleged Donald Trump lunged at his security, but it did outline in painstaking detail evidence that could be used against the former president: Everything he didn't do in the hours during the Capitol riot.
"As the committee kept emphasizing, the real theme that was distinctive about this hearing was its emphasis on Trump's notable inaction rather than his actions," said Robert Weisberg, a criminal law professor at Stanford Law School and former clerk for Justice Potter Stewart. "Therefore supplementing the actions that were laid out in previous testimony."
The panel provided a close-up view of how Trump spent most of his time inside the White House: watching television and making calls to his attorney Rudy Giuliani and Republican senators, rather than recruiting law enforcement or immediately putting out a condemning public statement to his supporters as they were breaching the Capitol.
It continues to provide additional "character data" into Trump and what many people already feel was his "horrible dereliction of responsibility," Weisberg said.
But when it comes to evidence of a crime, there's one nuanced reading of criminal law that could argue how Trump's inaction makes him just as culpable for crimes — such as obstruction of Congress, causing physical harm, or vandalism to the Capitol — when considering presidential duties, according to Weisberg.
"The argument of his inaction would be that: In his role as president and in his role as someone who at least was already somewhat responsible for stirring up activity at the Capitol, he then had a duty to stop it when he realized how violent it was getting," Weisberg said. "Therefore, the not-doing-anything during those 187 minutes is itself a criminal act."
The law professor gave the analogy of watching a child drown. If a child was clearly in distress and ends up drowning in front of you, can you be criminally responsible for it?
The rule of thumb to consider here is if the individual had a pre-existing duty to the child, such as a parent, guardian, or lifeguard, Weisberg said. If there was some responsibility, then the individual could be culpable of a crime.
"If my omission to act is done when I'm conscious of what's happening, I can be guilty even of homicide there," he said. "I culpably caused it."
Whether this would convince a grand jury in a trial, however, is another question.
"It's an argument that could be made," Weisberg said. "I'm not sure if it would win before a jury, but there's doctrinal basis or it."
More: Donald Trump january 6 Capitol Siege Jan 6 committee
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2022-07-23T14:44:19Z
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www.businessinsider.com
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How Thursday's Jan. 6 Panel Hearing Could Be Used As Evidence for Criminal Charges Against Trump
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https://www.businessinsider.com/trumps-inaction-jan-6-panel-strengthens-case-for-criminal-charges-2022-7
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https://www.businessinsider.com/trumps-inaction-jan-6-panel-strengthens-case-for-criminal-charges-2022-7
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While the pilot shortage is wreaking havoc on airlines' flight schedules, leading to spates of delays and cancelations, one airline says it's facing additional shortages impacting customer experience onboard.
American Airlines CEO Robert Isom told investors on an earnings call this week that the company is struggling every day to provide many of the basic items provided to passengers for comfort in-flight, as first reported by Inc.
"Pilots are one piece," Isom said. "But ... there's not a day that goes by where we don't have issues with provisioning our aircraft with pillows, blankets, plastic cups, food. At various times, we have issues with fueling."
He continued: "It's just a myriad of things that all have to come together to put an aircraft in the air. And yes, the supply chain for aircraft parts is one thing that we monitor closely. But it's all these other things that we really are dependent on so many other parts of the system."
As for the pilot shortage, Isom reportedly said last month that American will hike pay for 14,000 pilots even higher than initially proposed to help mitigate staffing challenges. The news came weeks after the carrier grounded 100 regional jets because it didn't have enough pilots to fly them.
The Air Line Pilots Association (ALPA), a union representing more than 14,000 pilots at rival United Airlines, voted to approve a tentative agreement last month that would give pilots a 14.5% pay raise over 18 months, among other benefits, if ratified.
Meanwhile, Delta Air Lines has announced a new partnership with private aviation company Wheels Up to help pilots finish their training faster so airlines can hire them sooner.
More: weekend BI US American Airlines Transportation Travel
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2022-07-23T16:15:01Z
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www.businessinsider.com
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American Airlines Facing More Shortages: Pillows, Blankets, Cups, Food
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https://www.businessinsider.com/american-airlines-supply-strain-shortages-pillows-blankets-cups-food-2022-7
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https://www.businessinsider.com/american-airlines-supply-strain-shortages-pillows-blankets-cups-food-2022-7
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Sen. Mitt Romney of Utah.
Sen. Mitt Romney on Tuesday criticized Democratic efforts to bolster Republican candidates who have embraced former President Donald Trump's debunked 2020 election claims, arguing that the strategy was a "stupid" approach that could harm the country.
The Utah Republican — who was one of the first Senate Republicans to congratulate President Joe Biden on his electoral victory in November 2020 — said that Democrats spending money to elevate far-right candidates while banking on their lack of electability in the general election was a risky move that could end up backfiring.
"It's not illegal but it sure is stupid," he told The Huffington Post. "Be careful what you wish for. You may select somebody who actually wins and then you hurt the country as well as your own party."
Romney has long swatted away Trump's debunked allegations of voter fraud that have become a staple of the GOP since the former president's election loss.
And he has been highly critical of the former president's conduct and has broken away from him when many in his party refused to do so.
In 2020, Romney voted to convict Trump for abuse of power in the then-president's first impeachment trial centered on the Ukraine scandal. And the senator also voted to convict Trump for "incitement of insurrection" for his role in the January 6, 2021, riot at the US Capitol.
But he sees the Democratic push to influence GOP primary voters to back candidates who questioned the 2020 results in states like Maryland and Pennsylvania as a problematic way of winning general election races in the fall.
In Maryland, Trump-aligned state Del. Dan Cox won this week's GOP gubernatorial primary over Kelly Schulz, a former state delegate who led Maryland's labor department and commerce department under popular Gov. Larry Hogan.
Schulz's campaign, quite aware of the moves that Democrats were making in her race, even released a video pointing out the meddling — with a narrator stating that Cox as the GOP nominee would "ensure" that the party would not retain the governorship this year. (Hogan, a popular moderate Republican, is term-limited.)
Democrats feel that Cox's deep embrace of Trump's election claims will sink his general election candidacy against their party's projected nominee, author and former nonprofit executive Wes Moore, in a deep blue state that nonetheless will still send Republicans to the Governor's office.
In Pennsylvania, state Attorney General Josh Shapiro spent over $800,000 to boost state Sen. Doug Mastriano, who was endorsed by Trump in the GOP gubernatorial primary and has stood behind the former president's election claims. Mastriano won his party's primary, but he is only running a few points behind Shapiro in one of the most politically-competitive states in the country.
And Democrats — including wealthy Gov. J.B. Pritzker — invested over $35 million to influence the Illinois gubernatorial primary, where Trump-backed state Sen. Darren Bailey defeated Aurora Mayor Richard Irvin, who was supported by a slew of GOP officials and business leaders.
NOW WATCH: We asked Trump voters at a Pennsylvania rally what would happen if he loses the election. Many said they wouldn't believe it.
More: Mitt Romney Democratic Party GOP primaries Donald Trump
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2022-07-23T16:15:25Z
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Romney: Dems Boosting Trump-Backed GOP Election Deniers 'Stupid' Approach
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https://www.businessinsider.com/romney-democrats-boosting-trump-2020-election-deniers-stupid-2022-7
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https://www.businessinsider.com/romney-democrats-boosting-trump-2020-election-deniers-stupid-2022-7
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Former President Donald Trump speaks at a ‘Save America’ rally in support of Arizona GOP candidates on July 22, 2022 in Prescott Valley, Arizona. Arizona's primary election will take place August 2.
Trump spoke at a rally in Arizona the day after the latest public January 6 committee hearing.
The former president falsely said the investigation was a means to "persecute" him.
"They're coming after me because I'm standing up for you," Trump said
Former President Donald Trump slammed the House January 6 committee, claiming that its investigation into the Capitol riot is a way to attack him.
"If I announced that I was not going to run any longer for political office, the persecution of Donald Trump would immediately stop," Trump said during a speech in Arizona on Friday. "They're coming after me because I'm standing up for you."
Trump's remarks comes after the most recent House January 6 committee public hearing in which more details about how those in the former president's orbit criticized his actions that day. The former president has continuously pushed back against the testimonies and accounts of ex-aides during the hearings.
Trump allegedly that testimony was previously given by former Chief of Staff Mark Meadows aide, Cassidy Hutchinson was "total fiction," and slammed against former deputy press secretary Sarah Matthew's Thursday testimony.
"I watched this hoax last night where this young lady said, 'Oh, I'm so heartbroken,'" Trump said. "But, three weeks after January 6th, she wrote us a letter saying, 'Oh, I loved working for the President. He's so great.'"
Trump claimed the "corrupt establishment" was just trying to preserve their power.
"Where does it stop? Where does it end? Never forget: Everything this corrupt establishment is doing to me is all about preserving their power and control over the American people, for whatever reason. They want to damage me in any form so I can no longer represent you," he said.
More: Trump Arizona january 6
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2022-07-23T19:17:30Z
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Trump Says Dems Would Stop 'Persecuting' Him If He Doesn't Run in 2024
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https://www.businessinsider.com/trump-says-would-stop-being-persecuted-if-doesnt-run-president-2022-7
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https://www.businessinsider.com/trump-says-would-stop-being-persecuted-if-doesnt-run-president-2022-7
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A mural shows three "emo" renditions of the famous Wendy's logo. the public voted and the face on the right, with the edgy black highlights, was the favorite.
Wendy's revealed a new "emo" version of its iconic logo at its recently opened Camden location in London.
The logo shows an edgier, punk version of the classic pig-tailed, freckle-faced Wendy.
Wendy's made its debut in the UK earlier this year as it eyes ongoing global expansion.
The famous Wendy's logo looks a bit edgier than usual at the fast-food chain's newest UK location.
A post shared by Wendy's (@wendysuk)
—altpress (@AltPress) July 17, 2022
—dar¡an (@darianmars) July 17, 2022
—award winning emo (@yasminesummanx) July 17, 2022
—Roger (@Roger__007) July 22, 2022
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2022-07-23T19:17:42Z
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Wendy's Debuts 'Emo' Logo at Location in London's Camden Neighborhood
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https://www.businessinsider.com/wendys-debuts-emo-logo-location-londons-camden-neighborhood-2022-7
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https://www.businessinsider.com/wendys-debuts-emo-logo-location-londons-camden-neighborhood-2022-7
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Nick Bloom.
Nick Bloom LinkedIn
If the economy takes a downturn, some have speculated companies will bring workers back to the office.
Stanford economist and a leading remote work expert Nick Bloom says remote work is here to stay.
But even if a recession comes, Bloom says employers will still see the value of remote work.
The pandemic-induced recession in 2020 introduced millions of Americans to remote work. If another recession is in fact on the horizon, the work-from-home trend isn't going anywhere.
That's according to Stanford economist Nick Bloom, a leading remote work expert and co-founder of WFH Research, where he and his team publish findings on all things work from home.
Even as pandemic restrictions have eased across the country, many companies have continued to embrace fully remote or hybrid work arrangements. Per a June WFH Research survey of over 21,000 Americans, 15% of full-time employees are fully remote, 30% are hybrid, and the remaining 55% are on-site full-time. While these figures are well below their early-pandemic highs, they've remained largely flat over the last six months.
With job openings near record-highs over the last year, workers have taken advantage of their new-found leverage, quitting their jobs and joining the 'Great Resignation.' Many have used this power to push for flexible working arrangements, and in order to attract and retain talent, companies have often complied — whether they've wanted to or not.
But if inflation remains red-hot, and the Federal Reserve's rate hikes don't achieve the desired 'soft-landing,' the labor market dynamic could change. If layoffs become more widespread and the power shifts back to employers, companies might feel more comfortable demanding a return to office — parting ways with anyone who doesn't comply.
Nick Bloom, however, who has consulted with hundreds of CEOs and managers, and whose research on working from home spans nearly 20 years, believes that remote work — hybrid models in particular — won't fade away if the economic cycle takes a turn for the worse.
"It keeps employees happy" and could save companies money on salaries
Bloom's research — which includes monthly surveys of 5,000 US working age adults and 1,000 US firms — has found US workers value a hybrid working arrangement roughly the same as a 5% pay raise, suggesting they'd be willing to take a 5% pay cut to work from home two or three days per week.
The reasons for this vary. In a February survey of nearly 3,000 Americans, 60% of respondents selected "no commute" as a top-three benefit of working from home, followed by "flexible work schedule" — 49% — and "less time getting ready for work" — 47%.
A different survey of over 32,000 people conducted in January found the absence of a commute saves Americans an average of 70 minutes per day that they put towards things like television, exercise, chores, and childcare. Roughly 30 of the 70 minutes are spent working more.
Bloom adds that quit rates are "clearly down" for companies offering remote and hybrid arrangements, alluding to one study that found a hybrid arrangement reduced quit rates by 35%.
Even if a recession leads to some layoffs, the need to attract and retain talent isn't going away. If workers want a flexible work environment, Bloom expects many employers to accommodate this.
It increases productivity
Bloom's research has found that a hybrid work environment increases worker productivity. "Productivity seems to be up a little bit," he says. "It's not massive, but it's 3% to 5%.
While there is other research to support this claim, some studies have claimed the opposite — that remote work reduces productivity. Skeptics tend to focus on the ways it can be challenging to onboard and train younger employees remotely, as well as how remote work might stifle the face-to-face and inter-team interaction that can foster creativity and boost productivity.
Bloom, however, believes these concerns should be directed more towards fully remote arrangements. He acknowledges that for certain roles and individuals, being fully remote might not be best for an employee's productivity and well-being. A hybrid approach on the other hand, be believes, doesn't elicit the same concerns.
"Hybrid, if it's well-organized, I think it's a win-win."
It supports diversity
"If you look in the data," Bloom says, "people that are diverse within their workplace by race or gender or age are more likely to want to work from home."
A November 2021 WFH Research 2021 survey of over 10,000 workers from five countries including the US found 86% of Hispanic / Latinx respondents preferred a hybrid or fully remote arrangement. 81% of Asian / Asian Americans, and black respondents said the same, as well as 75% of white respondents.
To Bloom, this data signals an especially strong desire for remote work among minority communities — the reasons for this desire surely vary. He thinks embracing flexible working arrangements can help companies build the diverse workforces many of them say they aspire for.
Zooming Forward
Bloom believes the four aforementioned factors will sustain remote work, even in a recession.
"Keeping employees happy, improving productivity, focusing on diversity, cutting costs, they're all pretty acyclical," he says. "They're not things that in a recession you're like, "Sod it, we don't care about keeping employees happy or cutting costs. Some companies actually, you care more."
While he concedes that a downturn could produce "a bit of a pushback" against remote work, he says he hasn't seen any signs of it in the data yet. In the years to come, Bloom expects the technology supporting remote work to continue advancing, something he thinks will only make remote work more appealing for workers and their employers.
"Even Zoom since March 2020 is way better now than it was," he says, adding that patents mentioning 'work from home' have risen in recent years.
"The market for work from home hardware and software technologies is probably about five times bigger," Bloom continues. "All tech firms, startups, hardware companies are making products to support it."
More: Economy Remote Work work from home Recession
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2022-07-24T10:30:03Z
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4 Reasons Remote Work Will Survive a Recession: Stanford's Nick Bloom
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https://www.businessinsider.com/4-reasons-remote-work-will-survive-recession-stanfords-nick-bloom-2022-7
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https://www.businessinsider.com/4-reasons-remote-work-will-survive-recession-stanfords-nick-bloom-2022-7
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Anne Hathaway's outfit at the Valentino Haute Couture Fall/Winter 2022-2023 fashion show in Milan highlights Barbiecore's global reach.
Barbiecore is a fun, hot-pink trend, and a statement on the state of the world, enthusiasts say.
The fashion statement rejects old standards of beauty and challenges stereotypes on femininity.
Gen Z and Millennials are embracing it and LGBTQ icons like Lil Nas X are making it their own.
After the pandemic kept her indoors for two years, Imani Fahrah wanted to make a statement for her in-person birthday celebration. Her outfit had to be loud, fun, and fabulous.
The 29-year-old New Yorker finally found it after weeks of searching — a short, poofy, hot-pink chiffon dress paired with sparkly silver heels and a princess crown. Complete with glitter makeup, Fahrah posed for pictures at a Manhattan restaurant with her birthday card that read, "Sassy, classy, and so kick-assy." It was perfectly Barbiecore.
"It's a movement, an aesthetic, a vibe," Fahrah told Insider. "Barbie is diverse now, like Black Barbie. She's had many different jobs. She's a doctor, a veterinarian, a real-estate agent. That's women, that's girls. We can be anything."
A post shared by @imanifahrah
Gen Z and Millennials, specifically young women in their 20s and 30s, are leading a fashion movement defined by in-your-face pinks, short skirts, chunky high heels, long nails, and fake lashes. The bimbo aesthetic, an ode to Barbie, is making waves and also highlighting — in a loud color — how feminism, diversity, and even global politics intersect.
The trend coincides with the upcoming release of the Greta Gerwig-directed movie "Barbie" starring Margot Robbie and Ryan Gosling, but fashion professors, trend forecasters, and women say it's not just the movie driving Barbiecore, which began trending in 2020.
We're taking a dated standard of beauty and flipping it on its head.
The hot-pink wave is a statement on feminism, diversity, and global politics, according to Chazlyn Yvonne Stunson, a 21-year-old beauty-and-lifestyle blogger based in Los Angeles.
"I think we have changed the way we think about the stereotypical Barbie girl with blonde hair and the perfect body. Nowadays, we are seeing all kinds of individuals, such as myself, partake in the aesthetic," the blogger, who is Black, added.
Barbiecore is a Gen Z and Millennial response to the quarantining and social distancing from the pandemic, a sexual coming-out moment of sorts, version 2.0 of hot-girl summer. The look, which LGBTQ icons like Lil Nas X and Laverne Cox have embraced, is a feminist statement. It flips the script on stereotypes — specifically that if you wear pink, you're not smart — and expands the notion of femininity to include people beyond blonde, white, heterosexual, cisgender women, industry experts and enthusiasts said.
A post shared by Chazlyn🎀| College Blogger (@chazlyn.yvonne)
At the same time, it's an extension of these generations calling for diversity and inclusion, with young people redefining how they're showing up in society and at work, demanding respect in whatever pink outfit they want — like Elle Woods from "Legally Blonde" or Emily from "Emily in Paris" would. The trend exploded after Valentino's Fall/Winter Haute Couture 22-23 fashion show in March and could gain even more steam as Gen Z makes its mark in the working world and young people call for more diversity in corporate America.
"Barbie is a personality," Fahrah said. "Women are starting their own businesses. They're ditching the boring black suits at work. We're saying 'I'm here. I'm showing up in business, at parties, wherever I want.'"
A COVID response with a feminist kick
Lizzo rocking Barbiecore outfits sends the message that you don't have to look like the original Barbie to embrace a hyper-feminine identity, professors said.
Tara, a 26-year-old lifestyle blogger from Dublin who asked to keep her last name private for safety concerns, has been dressing in Barbiecore-style fashion since before the look had a name. For the past five years, Tara, who goes by her Instagram alias "Princess Bitch," has donned Barbie-pink dresses, high heels, Barbie shirts, and made references to the doll in her captions.
"Barbiecore is popular right now because people are tired of being kept in from COVID, they want to have fun. They're now not afraid to wear what they want," she said. "It's a feminist statement as well. It says 'It's OK to wear bright pink and stand out, you can dress however you want.'"
The shocking-hot pink is a snub to millennial pink, the previously in-vogue, soft hue that was supposed to define a generation, according to Kendall Becker, a trend forecaster who's worked with luxury stores like Bloomingdale's. Becker added that by rejecting the color, Gen Z and Millennials are also saying "no" to the muted version of femininity that society has so often ascribed to women, opting for a bolder version.
"Initially, Barbiecore was about coming out of COVID. There was an emphasis on party dressing, night dressing, and owning your sexuality," Becker said. "It spilled into workplace culture and street style with pink power suits. It's about owning your look. You're feeling great and you're feeling empowered."
The hot pink is reminiscent of the so-called "pussy hats" that tens of thousands of protestors donned during the 2017 Women's March on Washington, Shawn Grain Carter, a fashion-business consultant and professor at the Fashion Institute of Technology in New York, said.
"Pink is a color that represents new waves of feminism in terms of the world and what we're going through," Grain Carter said, citing how pink became the unofficial color of some #MeToo protests and some of the imagery activists used to show the gender-pay gap.
"Women are reclaiming this color as a way of empowerment at work, in politics, in finance, in media," she said. "It's this notion of pink being used as a tool of empowerment for women, whether they're trans women, young women, old women, middle-aged women, post-menopausal women, it doesn't matter."
Embracing diversity and inclusion
Lil Nas X's Barbiecore outfits are a statement on gender and queer identity.
Jason Koerner/Getty Images for Audacy
Barbiecore, specifically the hot-pink power suit, is a product of 2020-induced calls for diversity and inclusion in corporate America, according to Grain Carter and Jamie Ross, a former fashion executive who's now a consultant and educator who's taught at Marist College and the Fashion Institute of Technology.
Barbie is a girl boss now.
"Barbie is a girl boss now," Grain Carter said. "Barbie represents tradition, but also pushing and breaking new boundaries."
Black artists, designers, and pop-culture icons have been crucial to the proliferation of Barbiecore. Black women like pop star Lizzo and actress Ariana DeBose made headlines recently with their hot-pink getups. Hip-hop artist Lakeyah, in her recent hit "I Look Good" combines lyrics on making money, looking good, and demanding respect. "I body a bitch. Flawless, Barbie a bitch. Don't get me started. Push start in this bitch," she raps. And Black fashion designers Hanifa, Kimberly Goldson, and Rich Fresh, who have all worked with Mattel, drew on the Barbie aesthetic for their 2022 and 2023 collections.
Nicki Minaj's music video for "Super Bass," released in 2010, featured a Barbiecore aesthetic with models in pink wigs, a hot-pink convertible, and a pink airplane.
Nicki Minaj, Young Money, Cash Money, Universal Motown, VEVO
Indeed, many attribute Barbiecore's origin to rap icon Nicki Minaj's rise to fame in 2010, with her hit album "Pink Friday." Minaj paired pretty pink outfits and a big smile with bold lyrics about sex and fortune. She's called her fans "Barbz" for years and in 2021 declared that she's the "f**kin' Black barbie" in her song "Black Barbie."
Tonya Parker, 49, of Newport News, Virginia, said she loves that Barbiecore challenges the notion that blonde, thin women are the epitome of beauty.
"I think Barbiecore is definitely a statement on diversity," she said. "We're taking a dated standard of beauty and flipping it on its head. And it's certainly a response to current events. I always see joy as a form of resistance."
A post shared by Tonya|The Real Chic Life™️ (@therealchiclife)
Taking on a life of its own
The upcoming movie "Barbie" starring Margot Robbie could make the Barbiecore trend catch on even more, fashion forecasters said.
Barbiecore has the potential to get even bigger with the eponymous movie, which industry experts anticipate to debut in July 2023.
The fact that it's directed by Gerwig, known for her empowering work "Lady Bird," as well as the fact that it's expected to feature a diverse cast, including a transgender Ken, could make the movie — and thus the fashion trend — popular with more young consumers, Ross said.
For Fahrah, one thing is certain — Barbiecore is a much-needed breath of fresh air.
"I've always felt like I was judged for loving bright pink and hot pink. It was always seen as emotional and vulnerable. For it to transition to a strong color is awesome," Fahrah said. "This look says 'It's my year and I'm embracing me.'"
More: Strategy Leadership Diversity Diversity and Inclusion
Millennails
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2022-07-24T10:30:09Z
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Barbiecore: the Gen Z and Millennial Fashion Statement on Feminism
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https://www.businessinsider.com/barbiecore-gen-z-millennial-fashion-statement-diversity-feminism-pink-meaning-2022-7
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https://www.businessinsider.com/barbiecore-gen-z-millennial-fashion-statement-diversity-feminism-pink-meaning-2022-7
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Rep. Matt Gaetz addresses attendees during the Turning Point USA Student Action Summit on July 23, 2022, in Tampa, Florida.
Matt Gaetz vicioulsy mocked pro-choice women during a speech at the Turning Point USA Student Action Summit.
Video shows him saying women who "look like a thumb" shouldn't be the ones to worry about getting abortions.
Feminist media outlet Jezebel referred to his comment as "cartoonishly misogynistic."
Rep. Matt Gaetz mocked the physical appearances of women who are against the overturning of Roe V. Wade during a speech at a conservative conference in Florida on Saturday night.
Speaking to college students at the Turning Point USA Student Action Summit in Tampa, Gaetz referred to pro-choice women at rallies as "disgusting" and "odious on the inside and out."
Gaetz then argued that ugly women shouldn't be the ones to worry about access to abortions.
He said: "Why is that the women with the least likelihood of getting pregnant are the ones most worried about having abortions?"
Gaetz continued to make of pro-choice women, saying: "Nobody wants to impregnate you if you look like a thumb."
The Florida congressman sneered at women who are "5-foot-2 and 350 pounds" and marched in protests against the Supreme Court's overturning of Roe V. Wade — the 50-year-old case that federally legalized abortions.
He said: "I'm thinking, march? You look like you've got ankles weaker than the legal reasoning behind Roe V. Wade."
Gaetz continued: "They need to get up and march for like an hour a day, swing those arms, get the blood pumping, maybe mix in a salad."
The speech was slammed by feminist media outlet Jezebel which referred to it as "cartoonishly misogynist."
Jezebel noted that Gaetz, who the Justice Department is investigating over whether he violated federal sex trafficking laws with a 17-year-old girl in 2019, has previously ridiculed women protesting against the abortion ruling.
In May, Gaetz tweeted: "How many of the women rallying against overturning Roe are over-educated, under-loved millennials who sadly return from protests to a lonely microwave dinner with their cats, and no bumble matches?"
Insider reached out to Gaetz for comment on Sunday morning but did not immediately receive a response.
More: Matt Gaetz Roe v Wade Turning Points USA UK Weekend
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2022-07-24T10:30:27Z
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Matt Gaetz Says Ugly Women Shouldn't Worry About Abortions: Video
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https://www.businessinsider.com/matt-gaetz-says-ugly-women-shouldnt-worry-about-abortions-video-2022-7
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Today's mortgage and refinance rates: July 24, 2022 | Rates calmed last week
After a volatile few weeks for mortgage rates, last week remained relatively calm. The average 30-year fixed mortgage rate did increase, according to Freddie Mac, but only by 3 basis points, or 0.03 percentage points.
The Federal Reserve's Federal Open Market Committee meets this week to discuss another hike to the federal funds rate. June's Consumer Price Index data showed that inflation is still running hot, which led some to speculate that the Fed would hike rates by a full percentage point. But most experts are currently expecting a 0.75 percentage point increase.
How will this impact mortgage rates? Mortgages aren't directly tied to the federal funds rate, but can be impacted by rate hikes. Steve Kaminski, head of US residential lending at TD Bank, says we may see a slight increase in response to Fed action, after which rates should stabilize or come back down.
"Many economists are calling for longer term rates to remain close or within 50 basis points of current levels, which may prolong current housing market conditions," Kaminski says.
The current average 30-year fixed mortgage rate is 5.54%, according to Freddie Mac. This is the second week in a row that this rate has increased. Last week, it was at 5.51%,
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2022-07-24T10:30:33Z
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Today's Mortgage, Refinance Rates: July 24, 2022 | Rates Calmed Last Week
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-sunday-july-24-2022-7
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The Education Department is delaying the release of a new income-driven repayment plan for student loans.
A spokesperson told Insider the proposal will be in a separate package and unveiled at a later date.
Advocates are concerned this is pushing back needed reforms to plans for low-income borrowers.
President Joe Biden's Education Department is in the process of finalizing rules that will bring relief to millions of student-loan borrowers, but a proposal release to lower monthly bills is being pushed back.
Income-driven repayment (IDR) plans were created to give borrowers affordable monthly payments based on the income they bring home, with the promise of loan forgiveness after 20 or 25 years, depending which plan they are on. But the plans have come under scrutiny over the past years due to complicated paperwork requirements that shut out many borrowers eligible for the plans. A recent NPR investigation revealed that some loan companies had failed to track borrowers' payments, pushing them off the loan forgiveness track and creating significant administrative burdens.
As a result, the Education Department committed to creating a new repayment plan that would work better for borrowers as part of the rulemaking process, and it was slated to unveil that plan this month. However, a department spokesperson told Insider on Thursday that the release of that new plan is being delayed and will not be included in the upcoming package that will be finalized by November 1.
This will ensure measures like expanding Pell grant access to incarcerated students will be finalized, the spokesperson said. The IDR proposal will be introduced in a separate package that the department believes can still be implemented in July 2023, alongside the other proposals.
Despite the department's belief that this delay will not push back final implementation, advocates expressed concerns with this announcement. Persis Yu, policy director and managing counsel at the Student Borrower Protection Center, said in a statement that "distressed federal student loan borrowers are left waiting for President Biden to make good on his promise of delivering relief."
"Failing to deliver a finalized IDR rule by November 1st means that borrowers will either need to wait another year for the promise of a truly affordable repayment option or imperil their financial wellbeing as the Department and its servicers — with their history of incompetence and abuse — rush to implement yet another repayment plan," Yu said.
In April, the Government Accountability Office revealed that 7,700 borrowers were "potentially eligible" for loan forgiveness but were continuing to make payments due to tracking errors. As a result, in April, the department announced an adjustment to IDR plans that included a one-time revision of any past payments that may have been disqualified toward forgiveness progress, estimated to bring 3.6 million borrowers closer to relief.
While it's unclear what exactly the upcoming proposal to reform IDR will entail, the already announced adjustments are currently being implemented and borrowers may not see the effects until fall of this year. The department also noted on its website that permanent fixes include "proposals to allow more loan statuses to count toward IDR forgiveness, including certain types of deferments and forbearances."
With student-loan payments set to resume in just over a month, though, advocates want to ensure the temporary IDR adjustments are fully implemented before borrowers are once again hit with monthly bills. On Thursday, 134 organizations wrote to Education Secretary Miguel Cardona urging him to extend the payment pause until after the IDR adjustment is fully processed "to reduce confusion and ensure that borrowers whose loans will be cancelled do not needlessly resume repayment."
For now, details on when the new IDR plan will be unveiled, and what it will encompass, remain to be seen.
"Another thing that is coming out soon is a new repayment plan, and we're looking at reducing monthly payments for people with low incomes," Under Secretary of Education James Kvaal said in an interview this week. "And we think this new plan will make student loans much much more affordable, and we'll be announcing the details of that in the coming weeks."
Incomes
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2022-07-24T12:01:19Z
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Biden Is Delaying Release of Income-Driven Student-Loan Repayment Plan
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https://www.businessinsider.com/biden-education-department-delaying-student-loan-income-driven-repayment-plan-2022-7
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Anti-trans comments from Dave Chappelle and J.K. Rowling show the risk organizations face when celebrities go off script
Dave Chappelle has been dealing with backlash over his comments that critics view as anti-trans.
Eamonn M. McCormack/Stringer/Getty Images
Organizations have cut ties with Dave Chappelle and J.K. Rowling after their controversial remarks.
When celebrities draw criticism, companies that depend on big-name ties often have to respond.
Insider spoke with crisis experts who offered advice on when to sever problematic partnerships.
It sounds like the setup for a joke: Dave Chappelle, quidditch, and Paula Deen.
But for the organizations forced to deal with public backlash over celebrity ties, there's little to laugh about.
Take Chappelle, for instance: The comedian has for months been grappling with accusations that some of his jokes malign the transgender community. On Wednesday, a Minneapolis venue, facing criticism for booking Chappelle, canceled his performance for that evening.
The same day, administrators for the game quidditch — a sport inspired by J.K. Rowling's "Harry Potter" novels — announced plans to change the sport's name to quadball, in part to distance the sport from the author, who has also faced criticism for controversial comments about the trans community.
These are just the latest examples of how organizations that enjoy the benefits of celebrity ties can draw scrutiny when the boldfaced names they're linked to face a public reckoning. To avoid damage from celebrities' public-relations missteps, companies and other organizations should be ready to sever ties with problematic endorsers, experts told Insider.
"Companies have the challenge of balancing their commitment to doing the right thing against making decisions that could potentially affect their bottom line," Angela J. Reddock-Wright, a labor lawyer and expert in diversity, equity, and inclusion issues, told Insider.
Angela J. Reddock-Wright, a labor-law litigator and DEI expert, says it's important for organizations to demonstrate authenticity.
Angela J. Reddock-Wright
Authenticity is the benchmark by which companies are judged, Reddock-Wright said. This is why, she added, companies must be driven by their mission and values.
That's not always easy because for some celebs, getting into hot water seems to be a second job.
Nine years ago, a former manager at Paula Deen's restaurants in Savannah, Georgia, sued the celebrity chef and television personality, alleging sexual and racial harassment. The result: Deen, who admitted in a court deposition to using the N-word, was dropped from her contract with Food Network.
Amid the controversy, big names including Walmart, Home Depot, QVC, and Target, followed suit, ending deals with the infamous "Butter Queen."
Not all celebrities face that measure of corporate punishment.
Chappelle has been dealing with the backlash from a stand-up act streaming on Netflix in which he asserts opinions many view as inflammatory, particularly toward LGBTQ communities. Some Netflix employees staged a walkout over their displeasure with the streaming service's decision to keep Chappelle on Netflix.
But aside from the recent cancellation in Minneapolis, he's still touring.
And while Rowling has faced pushback — including from actors in the "Harry Potter" movies — for her controversial tweets about the trans community, there's been little measurable consequence. Losing the reference to the game of quidditch, invented in 2005, is likely only a symbolic hit.
Even though Chappelle and Rowling appear more or less cancel-proof, experts say that doesn't mean organizations with ties to controversial celebrities can expect to always come through unscathed.
Reddock-Wright and McKensie Mack, an executive advisor and the CEO of MMG Earth, which focuses on crisis and change management, said brands and organizations that hesitate to walk away from problematic celebs were taking a risk.
McKensie Mack, an executive advisor and the CEO of MMG Earth, says organizations need to hit the right tone and listen to diverse voices.
McKensie Mack
People can smell inauthenticity. Be real.
In a survey of consumers from the public-relations giant Edelman, 64% of respondents said they believed CEOs should take the lead on social change. But experts say inauthentic support can do more harm than good. Public outcry has caused brands to rush to the podium on sometimes divisive issues like Black Lives Matter, LGBTQ concerns, and abortion rights.
In a statement following its rebrand, the founders of Major League Quadball said: "The name change indicates a firm stance with our trans players and members."
Declarations like this demonstrate authenticity, Reddock-Wright said.
It's easy for organizations to say they support a cause, but they need to show it, Reddock-Wright said. She pointed to steps that companies took following the 2020 police killing of George Floyd. Many companies donated money to civil-rights and other nonprofit organizations. Some companies took out advertisements expressing support for Black Lives Matter.
"While this all was well and good, employees and consumers are now challenging the companies to demonstrate long-term, sustained commitments to these issues by ensuring fairness and equity in hiring, promotions, board representation, and other issues within their organizations," Reddock-Wright said.
Ultimately, companies cannot say they stand for one thing and align with someone who demonstrates another.
Be internally inclusive
In a written apology for booking Chappelle, the First Avenue venue in Minneapolis said: "To staff, artists, and our community, we hear you, and we are sorry. We know we must hold ourselves to the highest standards, and we know we let you down."
Reddock-Wright said while the venue surely lost money on the canceled show, it gained much more by way of credibility and brand loyalty.
Mack said First Avenue's statement hit the right tone and indicated leadership benefited from listening to diverse voices within the organization.
"It's important to keep in mind that often concerns around a person's problematic behavior don't start external to the company," Mack said. "In my experience, they often start within the company."
More: Dave Chappelle JK Rowling Transphobic remarks Netflix
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2022-07-24T12:01:25Z
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Some Organizations Step Back From Dave Chappelle and J.K. Rowling
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https://www.businessinsider.com/brands-distancing-from-dave-chappelle-and-jk-rowling-transphobic-remarks-2022-7
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https://www.businessinsider.com/brands-distancing-from-dave-chappelle-and-jk-rowling-transphobic-remarks-2022-7
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Buy these 5 hidden-gem robotics technology stocks which are set to crush the price gains of Big Tech names like Meta and Tesla according to a sector expert.
A robot makes a fresh pot of coffee within the closed-loop bubble.
Tech stocks are arguably the most interesting and volatile part of the financial markets.
There are giants that everyone knows like Meta and Tesla but also hidden gems to be found.
An expert on robotics and AI companies has tipped 5 under-the-radar names to buy.
Beloved by retail investors in particular, tech companies capture the imagination in ways industrials, financials and other sectors rarely can.
The prospect of being a relatively early investor in a tech company that goes on to big things is the holy grail for many investors, and can lead to life-changing wealth.
Within the broad tech sector, robotics is one of the parts where the most innovation is happening.
Zeno Mercer, research analyst at robotics and AI investing specialist ROBO Global, argues that there are better investment opportunities to be found in some of the smaller, lesser-known companies than in the giants like Meta and Tesla.
"The S&P 500 provides outsized allocation to large tech and undersized allocation to hundreds of companies," he said. "While that serves its purpose, it also doesn't provide adequate upside to the near-term wave of allocation and adoption of AI as it spreads across the world in various stages."
Mercer sees AI and robotics companies as a major driver of investment returns in the coming years due to big shifts underway in the economy.
"Being off 20% from a stimulus-induced high, in a rising-rate environment, you will see a shift away from high labor costs amidst labor shortages toward AI and automation across $30 trillion of market cap companies in the USA, expected to double in spend over the next 3 years."
"So, weighting across small, medium, large cap AI infrastructure enablers and tactical applications across areas such as fintech, design, e-commerce makes more sense than a broad market-cap weighted strategy over the next several years that could see entire industries disrupted."
Mercer added that cybersecurity, both as a direct play and built-in play from these areas also plays a huge role because "nothing works if the underlying trust isn't there."
Manufacturing reshoring for Europe and the US is another trend investors can tap into through robotics and AI stocks.
"This is good for jobs and only possible thanks to increased automation and improvements in manufacturing robots and cobots (collaborative robots)," he said.
"Cobots are relatively early in adoption still but the market has strong demand and will see tremendous growth over the next decade. There is still inherent supply chain risk and dependency on many raw goods, but controlling more and decentralizing the production of many core products, such as semiconductors, is generally good for the world at large."
He tipped Massachusetts-based collaborative robotics company Teradyne and Japan's robot maker Fanuc as two good investment options in this category.
The metaverse is another area Mercer is keen on. While Facebook may have taken Meta as its new name, there are smaller companies that could be better investments in this space.
"Meta's focus on the metaverse makes sense because smart, real-time AR/VR is within a 10-year possibility thanks to advancements in connectivity, security and energy efficiency of chip architecture," Mercer said. "[This is] enabling software advancements that cause a virtuous cycle of improving the other various parts of the ecosystem."
"However, many strong companies like Arista Networks and Pure Storage benefit from their investments and transition to the metaverse, which will require unprecedented uptime, especially as it becomes more mission-critical, from infrastructure networking and smart, scalable storage."
"Tesla's valuation contraction this year makes the company more attractive long-term again, and of course, there are other business opportunities like the consumer robot, which could be many years out."
"There are many parties willing and able to pay for automated technologies in areas that no amount of human labor could augment or replace due to the vast amount of data and automation needed to provide safe, reliable best-practice products and services."
Mercer picked out Californian tracking and analytics company Samsara as a good bet in this area. The firm designs technology that automates many different aspects of logistics and supply chain management.
"At a $7 billion market cap, it can easily 10x revenue from here as both a play to reduce costs and improve operations for government, logistics, construction and manufacturing around the globe in both recession or bull market."
"This is thanks to the ROI to customers for both business, compliance and environment for analyzing and tracking vehicle fleets and unifying the tech stack of disparate, niche products and services."
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2022-07-24T12:01:31Z
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Stock Picks to Buy: 5 Hidden-Gem Robotics and AI Tech Companies
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https://www.businessinsider.com/buy-these-5-hidden-gem-robotics-technology-stocks-sector-expert-2022-7
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https://www.businessinsider.com/buy-these-5-hidden-gem-robotics-technology-stocks-sector-expert-2022-7
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Inside the long, strange history of KFC's Colonel Sanders as a spokesperson, character, and romantic lead
Christy Radecic/AP Images
Colonel Harland Sanders founded KFC and created the original recipe.
Since then, Sanders has become an icon associated with KFC.
The role has been played by over a dozen actors and appeared in comics, books, and TV shows.
Colonel Harland Sanders famously founded KFC and developed its original fried chicken recipe.
He's also a symbol of the brand, and a larger pop culture figure.
Sanders received the title of colonel in 1950 from Kentucky's governor and began dressing in a white suit and growing a signature goatee, making him a perfect, recognizable mascot and logo.
YouTube/harlandsanders11
Sanders remained a symbol of the brand long after he sold it in 1964.
A KFC store is seen in Pittsburgh, Pennsylvania in February 2018.
Source: Food and Wine
After Sanders died in 1980, the company waited over a decade to fill his shoes in TV commercials.
KFC Facebook
In 1994, actor Henderson Forsythe was chosen from more than 200 competitors to play the colonel in a $18.4 million ad campaign.
Forsythe reportedly watched old film and read Sanders' books to prepare for the role.
In 1998, KFC tapped Randy Quaid to voice an animated character called The Colonel, which continued through 2001.
Toni Anne Barson Archive/WireImage
Source: The Tampa Bay Times
The animated ads were used to introduce popcorn chicken at the chain.
KFC fried chicken.
Patcharaporn Puttipon 636/Shutterstock
It wasn't until 2015 that KFC brought back The Colonel again, this time in live-action form played by SNL alum Darrell Hammond.
But just three months later, comedian Norm MacDonald debuted as The Colonel.
MacDonald's ads even referenced Hammond's ad campaign, calling him an impostor.
This became a period of many Colonel Sanders portrayals, with the next played by comedian Jim Gaffigan.
At this point, some actors started riffing on the original image.
George Hamilton played the "Extra Crispy Colonel."
Rob Riggle played The Colonel as coach of the fictional Kentucky Buckets in September 2016.
The series of ads was a success, and the Extra Crispy Colonel in particular was credited with boosting sales of Extra Crispy Chicken.
A bucket of KFC Extra Crispy fried chicken is displayed October 30, 2006 in San Rafael, California.
KFC executives touted their "distinctive and disruptive advertising and positioning," even though 20% of customers reportedly hated the campaigns.
Colonel Sanders ad spots grew more outlandish in 2017 with "Titanic" actor Billy Zane playing the Golden Colonel to promote Georgia Gold Chicken.
A few months later, Rob Lowe played the part of The Colonel doing an homage to former President John F Kennedy to launch the chain's Zinger sandwich.
Ray Liotta also took on the role.
2017 was also the year KFC released a romance novella featuring The Colonel, called "Tender Wings of Desire."
The Colonel has appeared in three promotional DC comics alongside The Justice League.
Source: DC
KFC got meta with the next Colonel in 2018, hiring a relatively unknown actor to play the "Value Colonel."
Source: QSR
The ads were all about showing new deals at KFC, which said it wasn't wasting extra money on hiring celebrity spokespeople.
The KFC $20 Family Fill Up.
It wasn't long before the celebrities were back though, with Reba McEntire as the first female Colonel.
Jason Alexander, best known for playing George Costanza on "Seinfeld," was next in August 2018 to promote family-sized buckets.
Colonel Sanders made an appearance on the soap opera "General Hospital" as a friend of one of the main characters.
Source: TV Guide
Later in 2018, Craig Fleming appeared as The Colonel alongside Mrs. Butterworth in an ad promoting KFC's chicken and waffles.
Sean Astin, best known for starring in the titular role in "Rudy", played Colonel Rudy in a nod to the famous 1993 film as the chain introduced chicken wings.
The pop culture referenced continued with "Game of Thrones" actor Hafþór Júlíus "Thor" Björnsson advertising the Double Crispy Colonel Sandwich.
"Game of Thrones" actor Hafþór Júlíus Björnsson is KFC's latest Colonel Sanders.
KFC debuted Colonel RoboCop in 2019 as the "latest and most enhanced security measure taken to date to protect and preserve its founder's secret blend of 11 herbs and spices."
Source: KFC
Next up was one of KFC's most bizarre uses of The Colonel to date: "I Love You Colonel Sanders: A Finger Licking Good Dating Simulator."
"I Love You Colonel Sanders"/KFC
Players took a cooking class with Colonel Sanders while also trying to win his love, according to Insider's Kevin Webb.
The next year, Lifetime made a movie starring Mario Lopez as The Colonel in "Recipe for Seduction."
A + E
Things have been quiet on the Colonel Sanders front recently, but it's a safe bet that KFC will keep bringing him back around in some form.
A mannequin of Colonel Sanders wears a mask at Kentucky Speedway in July 2020.
Christopher Hanewinckel/USA Today Sports via Reuters
More: Features Business Visual Features Retail KFC
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2022-07-24T12:01:43Z
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History of Colonel Sanders in Media: Photos
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https://www.businessinsider.com/history-colonel-sanders-media-photos-2022-7
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PetSmart employees told a controversial vlogger to leave the store after he claimed to be offended by its pride flags.
PetSmart employees refused to take down a pride flag in the face of a vlogger's protest.
Ethan Schmidt-Crockett claimed the flag was the "rainbow of Satan" but was told to leave the store.
He has previously filmed himself vowing to "hunt LGBTQ supporters."
The manager of a PetSmart store refused to take down an LGBTQ+ flag as a notorious vlogger videoed his confrontation with them.
A video filmed by Ethan Schmidt-Crockett, who previously said he would "hunt LGBT supporters", shows the provocateur challenging the employee about the pride flag above a checkout counter.
Schmidt-Crockett told staff that they supported "pedophilia and child sexualization" by displaying the flag, saying he was "very offended and would like it to be taken down." He also described it as "the rainbow of Satan."
During the two-minute video, which has been viewed more than 2 million times, he was asked to leave by a manager who said "we are supportive of LGBTQ+ people here."
After being repeatedly asked to leave, and incorrectly calling the store Petco, another PetSmart employee said he would call the police and asked Schmidt to stop filming.
"We're going to have the pride flag up. We have it all over the store," the employee said, before correcting Schmidt-Crockett that he was in PetSmart, not Petco.
Schmidt-Crockett has become notorious as a right-wing provocateur. During pride month in June, he said he planned to "hunt LGBT supporters" across Phoenix, Arizona, particularly at Target stores because of the retailer's support for LGBTQIA+ rights.
He previously filmed himself saying he loves "harassing cancer patients because they're weak and vulnerable," and people wearing masks.
Schmidt-Crockett has also videoed himself appearing alongside Kari Lake, a Trump-endorsed candidate for Arizona governor, asking if she was part of the "anti-maskers club" – a campaign started by Schmidt-Crockett which raised $930 from a $10,000 target.
A PetSmart spokesperson told Insider: "At PetSmart we strive to create an environment where every associate feels like they truly belong. We are proud of our associates who deescalated this situation and reinforced our commitment to belonging."
More: Weekend BI UK PetSmart LGBTQIA LGBT rights
right-wing populism
right-wing disinformation
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2022-07-24T12:02:07Z
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PetSmart Staff Refuse to Take Down Pride Flag Amid Homophobic Protest
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https://www.businessinsider.com/petsmart-staff-refuse-take-down-pride-flag-amid-activist-protest-2022-7
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https://www.businessinsider.com/petsmart-staff-refuse-take-down-pride-flag-amid-activist-protest-2022-7
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Image Courtesy of Alex Siegel, My Mosaic
Nonprofit Dignitymoves has completed its newest tiny home village designed to shelter unhoused people.
The new 35-room Santa Barbara community cost $1.7 million to build.
In March, the nonprofit unveiled another 70-room village in San Francisco.
Major California cities have been in an ongoing battle against the state's seemingly unending homelessness crisis.
And while some cities have taken to controversially removing encampments or converting hotels into "semi-congregate" shelters …
A cardboard sign reads: "Homeless and lonely."
Maria Noyen/Insider, Armani Syed/Insider
Source: Los Angeles Times,City and Council of San Francisco
… several nonprofits throughout the Golden State have creatively turned to building communities of prefabricated tiny homes to shelter unhoused Californians.
And now, these villages are quickly and successfully popping up around the state.
In July, California-based nonprofit Dignitymoves unveiled its latest tiny home community in Santa Barbara about 1.5 miles from the city's famous beaches.
This isn't Dignitymoves first foray into community building: In March, the nonprofit unveiled a $2.1 million 70–unit village in San Francisco.
But unlike the San Francisco opening, the Santa Barbara location is smaller and was less expensive to build
Dignitymoves worked with the County of Santa Barbara and nonprofit Good Samaritan Shelter to build the interim community.
Inside, the amenities are akin to a college dorm.
There are 35 panelized "homes" …
… restroom, shower, and laundry facilities built out of shipping containers …
… a dining hall …
… a computer lab …
… and communal gathering spaces.
The village wasn't designed to house its residents permanently.
Instead, they'll receive help from the on-site case manager and support office to find more permanent housing options.
"Our streets cannot be the waiting room," Elizabeth Funk, Dignitymoves' founder and CEO, said in a press release.
"The longer people are on the streets, trauma takes a serious toll making future successful outcomes much more challenging," Funk continued.
The community was built to mitigate a serious crisis but that doesn't mean Gensler — the architecture firm behind its look — couldn't inject some color and fun into the design.
There are small nods to Santa Barbara throughout the village, like the terracotta-colored roofs on the tiny homes …
… and the arching entryway that's reminiscent of other structures throughout the famous coastal location.
The tiny homes are definitely small, but they have all the furnishings necessary to help occupants live comfortably.
This includes a desk, bed, window, heater, air conditioner, and a lockable door.
Most people who have homes probably don't think twice about the locks on their front doors.
But for those who are unhoused, a locking door provides a sense of security and privacy that might've previously been unattainable while sleeping on the streets or at congregate shelters.
"For people who've experienced trauma, having a locking door can sometimes become the difference between accepting help getting off the street and making a step towards permanent supportive housing," Rowan Vansleve, CFO of Hope of the Valley Rescue Mission — another nonprofit that builds tiny home villages in Los Angeles — told Insider in May 2021.
The tiny homes were created by Boss (short for "built-on-site systems") Homes, which specializes in prefab tiny home kits.
Source: Boss Homes
Each unit costs about $16,000 after assembly, Funk told Insider in an email.
The additional structures — like the bathrooms, desks, and dining buildings — then brought the cost of the site up to $1.7 million.
The County of Santa Barbara provided $700,000 to help finance the build …
… while companies like Ikea and Living Spaces donated furniture.
And it takes a village to run a village: the Santa Barbara community will cost around $1.5 million to operate annually, according to Dignitymoves.
Source: Dignitymoves
The temporary site will stay in operation until the county begins building a nearby permanent housing solution.
However, the village's structures can tough out another 20 years …
… so the community will likely be moved to another location around Santa Barbara after it's no longer needed at its current site.
"While more permanent housing is critical for alleviating the housing crisis, building sufficient permanent housing is expensive and will take years, while our unhoused neighbors need help now," Elizabeth Funk, founder and executive chairman of DignityMoves, said in a press release in March.
Dignitymoves — which has more California villages in its pipeline — isn't the only nonprofit using a cluster of tiny homes to house those in need of secure shelter.
In Los Angeles, the aforementioned Hope of the Valley Rescue Mission has been successfully opening multimillion-dollar tiny home villages throughout the city since 2021, temporarily housing hundreds of Angelenos in need of homes.
Tiny homes at the Chandler Street Tiny Home Village.
More: Dignitymoves Prefab homes tiny homes Tiny Home Village
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2022-07-24T12:02:25Z
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www.businessinsider.com
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Photos: a New Prefab Tiny Home Village for the Homeless in California
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https://www.businessinsider.com/photos-new-prefab-tiny-home-village-for-homeless-california-2022-7
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https://www.businessinsider.com/photos-new-prefab-tiny-home-village-for-homeless-california-2022-7
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Non-alcoholic beer has a bit of a bad reputation.
As of about five years ago, it made up just 0.3% of the beer market. It was targeted to consumers in recovery from alcoholism, or people who were pregnant, but it never pretended to be as good as the real thing.
But sometime during the past year, I started noticing beers from non-alcoholic beer brand Athletic Brewery Company showing up in my parents' fridge, on beer lists at bars, and at my local Whole Foods. My friends were drinking Athletic beers and college athletes were hawking them on Instagram. Restaurateur David Chang and Arizona Cardinals defensive end J.J. Watt invested in the company.
Eventually, I had to ask: was someone actually making good non-alcoholic beer?
I decided to find out for myself and purchased a six-pack of the brand's Free Wave hazy IPA. I expected to have some notes about the taste or how quickly I made it through a six-pack — what I didn't expect was to re-evaluate how often I drank and why, and become, as Athletic's CEO puts it, "flex sober."
It's nearly as good as a regular IPA
Three of Athletic's beers, including the Free Wave hazy IPA.
I cracked open my first-ever NA beer after a workout one day.
When this test began, I had asked Athletic's co-founder and head brewer, John Walker, what to expect from his beers. He explained via email that I should look out for hints of mandarin and clementine, as well as honeysuckle, tropical fruits, and pine resin
Free Wave was "the first graduate of our pilot brewing program and became one of our fastest-selling flagships shortly after launch," Walker wrote. "In its pilot days, entire batches would sell out online in a matter of minutes."
Right off the bat, I noticed that Free Wave had a foamy head, a nice golden color, and that telltale hoppy aroma. It definitely had the citrusy taste Walker noted and which I love in a beer, but I did notice a slightly more bitter and metallic aftertaste than I'm used to. Still, it tasted pretty close to a normal IPA, which impressed me: NA beer has earned a reputation over the years as being, well, kind of gross, which is typically the result of the way it's made.
But Athletic CEO Bill Shufelt told Insider in a recent interview that taste was priority No. 1 when he and Walker started out.
"Our co-founder, John — 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."
Choosing 'flex sobriety'
The brand's popular Run Wild IPA.
As the weeks went by, I took note of when I reached for one of Athletic's beers. I noticed that they were becoming a treat when I did something good: Went for a long evening run? I deserved a very cold NA beer afterward. Scrubbed down my kitchen on a Saturday? A late-afternoon NA beer for me.
Athletic's beers also became a new option during the weekdays. I'm not a big fan of flavored seltzer or pop, but sometimes you just need a little something — NA beer filled that gap for me and I found myself reaching for it at happy hour, even when my partner was drinking regular beer.
But I also noticed all the occasions I didn't want to drink an NA beer. When friends came over for dinner on a Friday night, I opted for a regular, full-alcohol IPA. Same went for a night when I went out to my neighborhood beer bar: it did happen to have Athletic beer on the menu, but I felt like I would much rather sample the new sour beer on tap. Essentially, when it came time to socialize, I still liked to have one or two alcoholic drinks.
Shufelt said that this is exactly how 80% of Athletic's customers drink. He described those people as "flex sober" — people who drink, but choose to stay sober sometimes for a variety of reasons, including no hangover. The company's goal, he said, is to introduce new "occasions" for drinking, which was pretty much what I had been doing without even realizing it.
After about four weeks of this experiment, I started to realize that my brain often got the same signal — "Ahhh, let's relax" — from NA beer as it did from regular beer. It was never about the alcohol itself for me, but about the feeling of fun and relaxation that typically goes along with it, a feeling that Athletic has mostly been able to replicate, sans booze.
So while I don't plan to give up my beloved IPAs anytime soon, and I won't quit checking out new breweries, I do plan to keep incorporating NA beer into my life. After all, what Athletic and other NA brewers are offering isn't just no-alcohol beer — it's more choice.
More: Beer Alcohol Non-Alcoholic Beer Athletic Brewing Company
NA beer
experientials
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2022-07-24T13:28:35Z
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www.businessinsider.com
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I Spent a Month Drinking Athletic Brewing's NA Beer: What It's Like
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https://www.businessinsider.com/athletic-brewing-company-beer-taste-experience-2022-7
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https://www.businessinsider.com/athletic-brewing-company-beer-taste-experience-2022-7
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Snowflake CEO Frank Slootman.
Companies' valuations are being cut en masse as the market sours, with many raising down rounds and laying off employees. Insiders and investors are now expecting a big wave of acquisitions, and many machine-learning startups are prime targets.
Some of the startups most likely to get scooped up are part of what investors and insiders sometimes refer to as the "token $10 million ARR club," which refers to companies that picked up a few large initial customers but have yet to break into the mainstream. With a looming downturn, their customers may look to quickly cut costs — which would come at the expense of the startups relying on their deals.
Like with most emerging technology, new machine-learning startups typically find a sweet spot in the rapidly evolving field and build a product as a wedge into customers. Those that find success can then launch additional products and gradually expand until they own a large part of their customers' machine-learning workflows. Those that can't build a sustainable business get acquired or eventually shut down.
With the current market conditions and lower price tags on startups, this means there will likely be plenty of opportunities for acquisitions, either as "acqui-hires" or to buy up key technology. Snowflake, in particular, will likely be eyeing acquisitions after spending $800 million on a machine-learning platform called Streamlit.
"I do think the next six months, if things stay where they are, there could be interesting opportunities on the M&A front. Not necessarily big M&A, but I do think there's going to be some valuation resets on some of the private companies out there that could create interesting opportunities," Snowflake's chief financial officer, Mike Scarpelli, said on the company's most recent earnings call.
Scarpelli went on to explain there were some areas on the company's road map where it may make sense to consider acquisitions for both added staff and tech buys.
"We're not looking for revenue but good teams and technology at a more reasonable valuation," he said.
The same tools spawning billion-dollar valuations lose their luster
The data-catalog space, which includes startups like the $1.2 billion firm Alation and the $5.25 billion company Collibra, is one of several areas in the machine-learning industry that sources say may be challenging to prove as a compelling stand-alone product, which makes it ripe for acquisitions. Another part of that workflow that comes up frequently is feature stores.
Feature stores allow developers to avoid needlessly running massive recalculations when deploying a machine-learning component of a product. The largest player is Tecton, which manages the open-source feature-store tool Feast. Tecton was founded in 2019 by the creators of Uber's Michelangelo machine-learning tools.
Tecton has since moved beyond feature stores to other products, and like many open-source tools, Feast serves as an on-ramp to a more sophisticated (and more lucrative) tool. But insiders question whether a feature store — which at the time was enough to net Tecton $60 million in funding from investors like Sequoia and Andreessen Horowitz — can be a stand-alone product. Both Tecton and Rasgo, another startup that launched on the momentum of feature stores, have since pushed into new areas.
"That terminology has been a little tricky for us. It's really easy to hear the word 'store' and think of a database table," Tecton CEO Michael Del Balso told Insider. "What we've seen is, and we see this again and again, teams who are putting machine learning into production. They underestimate this problem."
It's in many ways a return to the age-old question of whether something is a feature or a product. The machine-learning startup Dataiku, for example, has a feature-store component, while Tecton has rapidly tried to grow beyond feature stores. Both are backed by Snowflake after Tecton raised $100 million earlier this month in a round that also included Databricks.
Snowflake and Databricks could build out the same features these billion-dollar startups have
While Snowflake and Databricks have both bet on Tecton and others, a shadow exists over whether they will launch their own products. Insiders say that as long as they're serving as a way to drive usage of Snowflake and Databricks, they expect the companies to remain supported. But Snowflake and Databricks may also eye certain parts of the workflow, like a feature store, as a component they could add to their own products.
Not all machine-learning startups are in this position. Many investors and insiders have said there are several startups that have likely built enough momentum to avoid being part of a rollup. Hugging Face, recently valued at $2 billion, is one that comes up frequently because of its large community, alongside the experiment-tracking startup Weights & Biases.
At the same time, acquisitions that do crop up may provide lucrative outcomes for investors, who rarely see the lightning-in-a-bottle results of a WhatsApp or Red Hat. Smaller acquisitions and initial public offerings are largely what deliver expected results at a high-enough volume.
"Machine learning is really exciting, but sometimes it's hard to tie to ROI for some of these companies," one insider close to Tecton and other startups said. "Who knows — with this market environment, consolidation might happen really fast."
More: Machine Learning snowflake Databricks tecton
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2022-07-24T13:28:53Z
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www.businessinsider.com
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Takeover Targets: Insiders and VCs Expect Machine-Learning M&a Wave
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https://www.businessinsider.com/machine-learning-acquisition-takover-targets-snowflake-databricks-tecton-ai-7-2022
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https://www.businessinsider.com/machine-learning-acquisition-takover-targets-snowflake-databricks-tecton-ai-7-2022
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Qantas lost a passenger's luggage for a week and then charged her A$380 ($262) to board with the replacement items she purchased while she waited for her bag.
According to Sydney newspaper the Daily Telegraph, Corrinne Olsen and her husband Peter flew with Qantas to Denpasar airport in Bali on July 2, but their bag failed to appear. It contained toiletries, shoes and other essentials.
The couple, who were given A$60 ($42), a set of pyjamas, and a toothbrush by the airline when the luggage went missing, had to wait a week for their bag, during which time the online tracking system broke down.
Five days before they were due to leave Bali, Olsen told the Daily Telegraph that the bag turned up, by which point she and her husband had bought replacement items.
But when they arrived at the airport to fly back to Australia, Olsen said Qantas charged them $380 charge for 11 kilograms of excess baggage, which she attributed to the new items they had bought.
"Why should I have to pay for excess baggage when they lost the luggage?" Olsen told the newspaper.
"I was so disappointed on so many levels. I think Qantas is going down the gurgler. I will never travel with them again — ever."
A Qantas spokesperson told the Daily Telegraph: "We accept that these customers shouldn't have to pay excess baggage in these circumstances and have provided a refund for the additional charges."
An outsourced baggage handler previously told The Guardian that the airline was losing one in 10 bags on domestic flights from Sydney airport every day.
Qantas didn't immediately respond to Insider's request for comment.
More: Weekend BI UK Qantas Qantas Airways summer travel chaos
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2022-07-24T13:29:11Z
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www.businessinsider.com
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Qantas Lost Woman's Luggage and Charged a$380 Excess Baggage: Report
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https://www.businessinsider.com/qantas-lost-womans-luggage-and-charged-380-excess-baggage-report-2022-7
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https://www.businessinsider.com/qantas-lost-womans-luggage-and-charged-380-excess-baggage-report-2022-7
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Alcynna Lloyd and Jason Lalljee
A young couple buys a new home.
Over the last few years, purchasing a home has felt a lot like competing in a triathlon.
However, instead of vying for a trophy, home buyers have duked it out for the nation's limited amount of housing inventory.
Spurred on by historically low mortgage rates and the desire for larger living spaces during the pandemic, intense buyer competition led to severe bidding wars that have driven home prices to new highs.
But with inflation at a forty-year high and housing affordability at an all-time low, the housing market's white hot demand is fizzling out.
As the race to homeownership slows down, experts told Insider there are three key signs that buying a home is becoming less competitive.
There are fewer bidding wars
The Federal Reserve's efforts to bring the economy into equilibrium have effectively put an end to pandemic-era mortgage deals.
That's because their attempts to combat soaring inflation have resulted in interest rate hikes that have pushed mortgage rates to unaffordable levels.
As prospective homebuyers now face monthly mortgage payments that are more than $400 higher than they were just a year ago, many would-be buyers are putting their homeownership dreams on pause.
With fewer buyers in the market, those who can still afford to purchase a home are experiencing fewer bidding wars — and that means homebuyer competition is easing.
Indeed, the bidding-war rate dipped below 50% in June, real estate brokerage Redfin said in a housing report link. June not only represented the lowest share since May 2020 – a time when the Covid-19 pandemic nearly brought the housing market to its knees – but it was the fifth consecutive month of declines.
"Homes are now getting one to three offers, compared with five to 10 two months ago and as many as 25 to 30 six months ago," Jennifer Bowers, a Redfin agent, said in the report. "Offers also aren't coming in as high above the list price as before."
Sales prices coming in below asking prices
Almost 80% of Americans now believe it's a bad time to buy property, according to Fannie Mae's Home Purchasing Sentiment Index, citing interest rates and inflation as the big reasons.
As a result, an increasing number of home sellers are lowering their asking prices, according to Redfin — about half of the metro areas in their recent analysis showed that more than 25% of home sellers dropped their asking prices in May. And more than 10% of home sellers dropped their price in all 108 metros that they looked at.
"There are two kinds of sellers in today's market: Those who already know the market has cooled, and those who are learning about the cooling market as they go through the selling process," Daryl Fairweather, chief economist at Redfin, said in a statement.
According to her, the former is "willing to price slightly below comparable homes in their neighborhood right away" while the latter "may have to drop their price if their home doesn't attract buyers within a few weeks."
More people are backing out of contracts
The housing market was cutthroat for most of the pandemic, with aspiring homebuyers fighting to get their feet in the door — but now those feet are getting cold.
About 60,000 home-purchase agreements fell through in June, or 14.9% of homes contracted last month, according to Redfin. That's the highest rate ever recorded, except for March and April 2020, when the beginning of the COVID-19 pandemic halted nearly all homebuying.
Two factors are pushing that trend, the firm's researchers said: the cooling housing market is giving buyers room to negotiate, but others have no choice but to pull out of their contracts, because higher mortgage rates have priced them out of homeownership.
At the end of May, 78% of US homebuyers said they were pulling back from the housing market due to rising interest rates in a Forbes survey.
And many who remain in the market are adding contingencies to their housing contract, allowing them to rescind an offer if a property fails an inspection, for instance. It's a sign homebuyers are gaining the upper hand against sellers and retaking the power to back out of unsatisfactory deals.
Rising housing costs brought on by economic instability have led to less competition in the real estate market. As buyers bide their time and become more selective, sellers are losing the leverage they've wielded for the past two years. For Americans who can still afford a home purchase, this could mean they now stand a better chance at getting the homes they want.
More: Homebuyer Home Sellers Housing Market bidding war
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2022-07-24T13:29:17Z
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www.businessinsider.com
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Homebuyer Competition Is Slowing Down: What It Means for Buyers, Sellers
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https://www.businessinsider.com/real-estate-competition-slowing-down-prices-negotiating-making-an-offers-2022-7
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https://www.businessinsider.com/real-estate-competition-slowing-down-prices-negotiating-making-an-offers-2022-7
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Protestors from the action group Ultima Generazione glue their hands to the glass covering Sandro Botticelli's La Primavera at Uffizi on July 22, 2022 in Florence, Italy.
Two climate activists glued their hands to the protective glass of the iconic "Primavera" painting.
A video showed the activists being dragged away by staff at the Uffizi Gallery in Italy.
An activist group claimed responsibility, calling it "nonviolent civil disobedience."
Climate activists were dragged away by museum staff in Italy after they glued their hands to Sandro Botticelli's iconic "Primavera" painting.
A video of the incident posted to Twitter shows two protestors that each glued their right hands onto the protective glass covering the Botticelli painting at the Uffizi Gallery in Florence, Italy.
A third person helped the protesters unravel a banner that said "Ultima Generazione No Gas No Carbone" or "Last Generation, No Gas, No Coal," The Guardian reported.
The two activists near the painting were later dragged away by museum staff, according to the BBC. A video shows the pair going limp and lying on the ground as they were dragged away.
The activist group Ultima Generazione tweeted videos of the incident and claimed responsibility for the demonstration.
—Ultima Generazione (@UltimaGenerazi1) July 22, 2022
"Many criticize our actions because 'we should leave museums in peace,'" the group tweeted. "Maybe they don't understand that the inconvenience we created is nothing compared to 1 billion climate migrants and to the many deaths that the climate crisis is causing already."
In a statement on their website, Ultima Generazione said their demonstration was an act of "nonviolent civil disobedience to continue to put pressure on the government to make more courageous choices to face the climatic and social collapse underway," according to a translation.
The group is called Ultima Generazione (Last Generation) because they believe they are the last generation who can act to reverse the effects of climate change.
Two women and one man were detained by police following the incident, according to The Guardian. They face multiple charges including defacing property and staging an unauthorized demonstration, according to the magazine Wanted In Rome.
A spokesperson for the Uffizi Gallery did not immediately respond to Insider's request for comment on the incident.
Similar acts of protest have been reported in Europe before. In May, a man disguised as an elderly woman smeared Leonardo da Vinci's "Mona Lisa" with a pastry. The activist said he did it because people "are destroying the planet."
More: Italy Florence Museums Art
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2022-07-24T15:03:46Z
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www.businessinsider.com
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Climate Activists Dragged Away After Gluing Hands to Iconic Painting
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https://www.businessinsider.com/climate-activists-dragged-away-after-gluing-hands-botticelli-painting-2022-7
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https://www.businessinsider.com/climate-activists-dragged-away-after-gluing-hands-botticelli-painting-2022-7
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Luxury rental buildings offer co-working spaces, private suites and podcast booths to lure tenants working from home, report says
Phone booth at Mastercard NYC Tech Hub
Luxury residential developments are wooing tenants with co-working spaces, per The New York Times.
Office suites, podcast booths, and cubicles are being offered so residents can work from home.
One executive told The New York Times that providing such amenities is like having a pool.
Luxury rental developers are attracting prospective tenants to their new builds by offering amenities including co-working spaces, private office suites, cameras, podcasts and phone booths, a New York Times report says.
Camden Harbor View, a residential development in Long Beach, California, has a common workspace for tenants in the building. Ric Campo, the chief executive of the developer Camden Property Trust, told the New York Times that it's "like a pool" and "something you have to do today."
Developers embraced the innovative offering of turning residential spaces into areas for tenants to work from home during the pandemic. One Miami Beach development started offering private office suites to its residents in 2020 as Covid-19 restrictions drove the trend in working from home.
A McKinsey survey on remote working in June found that 35% of respondents have the option to work from home five days a week, which could make such residential co-working spaces highly sought after amenities.
Fifty-eight percent of the participants had the option to work from home at least one day a week, the report found, and 87% take the opportunity to work flexibly when given the option.
One real estate firm, DivcoWest, is opening an apartment complex with five work-from-home areas along with conference rooms this fall, per the report. DivcoWest executive John Weigel told the news outlet that it's a "significant" part of its amenity package and that it is "incentivized" for prospective tenants.
Developer Macklowe Properties is trying to tempt renters with cameras, microphones and podcast booths in its co-working space, called One Works by One Wall Street, the report says.
Another developer catching on to the trend is the Brodsky Organization, which opted to add cubicles to work from as well as phone booths to a co-working space this summer, instead of an open lounge it had planned.
More: Real Estate Luxury Apartments work from home Coworking space
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2022-07-24T15:04:06Z
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www.businessinsider.com
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Luxury Rental Buildings Offer Co-Working Spaces to Lure Tenants
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https://www.businessinsider.com/luxury-rental-buildings-co-working-spaces-lure-tenants-2022-7
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https://www.businessinsider.com/luxury-rental-buildings-co-working-spaces-lure-tenants-2022-7
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Maryland Gov. Larry Hogan on CNN on Sunday, July 24, 2022.
Outgoing Maryland Gov. Larry Hogan said GOP gubernatorial nominee Dan Cox is unfit for the office.
Hogan blamed the Democratic Governor's Association, who he said helped Cox win the nomination.
On CNN on Sunday, Hogan said he is not sure if he will vote for the Democratic nominee, Wes Moore.
Maryland's Republican Gov. Larry Hogan blasted Dan Cox, the Trump-endorsed Republican nominee for governor.
"I don't think there's any chance that he can win," Hogan said of Cox on Sunday during a CNN interview with Jake Tapper. "He really is not a serious candidate."
Cox has denied the results of the 2020 presidential election, currying former President Donald Trump's favor.
Hogan, a longtime critic of Trump, criticized the Democratic Governor's Association for spending over $1 million on TV ads in Cox's favor. In the Maryland primary elections, Cox beat a Hogan-backed, moderate GOP candidate, Kelly Schultz.
"There's no question this was a big win for the Democratic Governor's Association that I think spent over $3 million trying to promote this guy," Hogan said Sunday. "It was basically collusion between Trump and the national Democrats, who propped this guy up and got him elected."
Hogan added that the November midterm elections are "going to be a different situation," noting he does not believe Cox will get the Republican support he needs to win.
Cox will face Democratic nominee Wes Moore, a political newcomer. On CNN, Tapper asked Hogan if he will break from his Republican party and vote for Moore.
"You know, I'm going to have to make a decision about that between now and November, but I'm certainly not going to support this guy," Hogan said, referring to Cox. "He's not qualified to be governor."
More: Larry Hogan Dan Cox CNN 2022 elections
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2022-07-24T16:35:09Z
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www.businessinsider.com
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Hogan on Dan Cox: 'I Don't Think There's Any Chance That He Can Win'
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https://www.businessinsider.com/hogan-blasts-gop-candidate-dan-cox-no-chance-hell-win-2022-7
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https://www.businessinsider.com/hogan-blasts-gop-candidate-dan-cox-no-chance-hell-win-2022-7
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The yacht is an homage to yin and yang.
Daroca Design and SP.9 have designed a concept superyacht that is an homage to "yin and yang".
The 164ft concept is called "Odisye" and features a sundeck with a jacuzzi and bar.
It would be able to accommodate 10 guests and 9 crew.
The 164ft yacht "Odisye" is meant to be an homage to yin and yang, which can be described as opposite, or complementary.
A 3D rendering of the concept.
Daroca Design and SP.9 collaborated to create this concept superyacht which mixes Spanish and Chinese culture.
The founder and CEO of Daroca Design, Alejandro Crespo, said it has both "faceted angles and straight lines".
A 3D rendering of the concept
Four separate decks each with a different function. The sundeck has a jacuzzi and bar and the bridge deck caters for meals or meetings.
The main deck has a soft seating area for coffees or meetings, and the sea-level deck features a TV lounge.
"I was inspired by the strong personality of new owners, who love the antithesis of sporty chicness and curvilinear elegance with a touch of ancestral artistry," Pei Li, creative director of SP.9, said.
The yacht could accommodate ten guests and nine crew. The main salon's marble floor reflects the light along with the ceiling and offers an inviting curved sofa and a unique multi-layered dining table.
Showing one of the living room areas.
An adjacent wine-tasting room is sectioned off by a translucent glass wall.
A picture of two chairs and a table.
The vessel would have a master cabin, three guest cabins, and a twin cabin.
Each room incorporates materials such as green onyx, panels of leather, and embroidered silk.
One of the bedrooms aboard the superyacht.
This concept bathroom features a bathtub and a shower.
A bathroom onboard the vessel.
SP.9 says the drastic interaction between the interior and exterior designs surprisingly delivers a subtle harmony.
A cornered area where a 6-seaters sofa appears.
The sporty aspect of the four decks give the yacht concept an atmospheric feeling.
More: Features Weekend BI UK Superyacht Concept
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2022-07-24T16:35:10Z
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www.businessinsider.com
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This Superyacht Concept Is an Homage to Yin and Yang – Take a Look
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https://www.businessinsider.com/inside-superyacht-concept-homage-to-yin-and-yang-2022-7
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https://www.businessinsider.com/inside-superyacht-concept-homage-to-yin-and-yang-2022-7
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Trump blasted Arizona House Speaker Rusty Bowers as a "RINO coward" over his January 6 testimony.
He said Bowers "participated against the Republican Party" by testifying.
Bowers has refuted Trump's claims of electoral fraud in the 2020 election results in Arizona.
Former President Donald Trump during a Friday rally in Arizona derided the Republican state House Speaker Rusty Bowers as a "RINO coward" while boosting his GOP primary opponent in an upcoming state Senate primary.
Bowers — who has been Arizona's House speaker since 2019 — drew the ire of Trump for detailing the pressure campaign that was directed toward him over his refusal to entertain overturning now-President Joe Biden's narrow victory in the state in 2020 while appearing before the January 6 committee.
"Rusty Bowers is a RINO coward who participated against the Republican Party in the totally partisan unselect committee of political thugs and hacks the other day and disgraced himself, and he disgraced the state of Arizona," Trump said at the GOP event in Prescott Valley.
The former president then highlighted his endorsement of David Farnsworth, a fellow Republican who will face off against Bowers in a primary for the 10th district state Senate race next month.
"David Farnsworth is going to do a fantastic job. And importantly, I have to say, you have so many advantages. That would be the guy I'd most like to run against 'cause this guy's bad news," Trump told the crowd.
When Bowers testified before the House panel in June, he said that he never told the former president of any major irregularities in Arizona's vote count or raised disputes with Biden's win in the state, stating that if "anywhere, anyone, anytime has said that I said that the election was rigged, that would not be true."
Bowers also said that ex-Trump lawyer Rudy Giuliani revealed that the former president's allies could not point to firm evidence of fraud in the election.
"I don't know if that was a gaffe or maybe he didn't think through what he said, but both myself and others in my group … both remember that specifically, and afterwards we kind of laughed about it," the speaker said during the hearing.
(Earlier this year, Bowers — who backed Trump in 2020 — tabled GOP-crafted legislation that would have allowed the Arizona legislature to overturn statewide election results.)
Last week, the Arizona Republican Party's executive committee censured Bowers after his testimony before the January 6 panel, with Trump loyalist and former Senate candidate Dr. Kelli Ward announcing the decision on social media.
"The @AZGOP Executive Committee formally censured Rusty Bowers tonight — he is no longer a Republican in good standing & we call on Republicans to replace him at the ballot box in the August primary," she tweeted.
Bowers in a recent interview with Insider's Bryan Metzger said that "much of what" Trump has done recently "has been tyrannical," remarking that he would prefer to back a new candidate in the 2024 presidential election. During the conversation, the speaker brought up Florida Gov. Ron DeSantis and former Vice President Mike Pence as viable candidates.
"DeSantis has some of the Trumpian persona, but he's got some character," he told Insider. "Mr. Pence. My family is very solidly impressed with Mr. Pence."
More: Donald Trump Rusty Bowers Arizona Republican Party
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2022-07-24T16:35:28Z
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www.businessinsider.com
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Trump Calls Ariz. GOP House Speaker Rusty Bowers a 'RINO Coward'
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https://www.businessinsider.com/trump-bowers-arizona-house-speaker-2020-election-rino-gop-2022-7
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https://www.businessinsider.com/trump-bowers-arizona-house-speaker-2020-election-rino-gop-2022-7
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Ginni Thomas.
Liz Cheney said the January 6 panel was "fully prepared to contemplate a subpoena" for Ginni Thomas.
Cheney said it was "very important" for the committee to speak with the conservative activist.
Ginni Thomas has been linked to GOP efforts to overturn now-President Joe Biden's 2020 victory.
Rep. Liz Cheney on Sunday said the House January 6 committee is "fully prepared to contemplate" subpoena Ginni Thomas, the wife of Supreme Court Associate Justice Clarence Thomas, if she won't voluntarily appear before the panel.
During an interview on CNN's "State of the Union," Cheney told host Jake Tapper that it was "very important" for the panel to speak with the conservative activist, who was involved in efforts to overturn the 2020 presidential election.
"The committee is engaged with her counsel. We certainly hope that she will agree to come in voluntarily but the committee is fully prepared to contemplate a subpoena if she does not," the Wyoming Republican said.
"I hope it doesn't get to that. I hope she will come in voluntarily. It's very important for us to speak with her," she added.
Last month, Ginni Thomas told The Daily Caller that she was eager to speak with the panel.
"I can't wait to clear up misconceptions. I look forward to talking to them," she said at the time.
Days later, Ginni Thomas' attorney Mark Paoletta said that he had "serious concerns" about the interview and noted that it was a "particularly stressful time" for his client given the publicity surrounding high-profile Supreme Court decisions where her husband was subject to intense scrutiny.
Thomas in recent months has come under fire for her involvement in GOP efforts to challenge the 2020 presidential election.
The January 6 panel already has a record of messages that Ginni Thomas exchanged with then-White House chief of staff Mark Meadows in the aftermath of the 2020 contest between now-President Joe Biden and Donald Trump, where she pushed for the then-president not to concede the race.
"It takes time for the army who is gathering for his back," she wrote in a text message to Meadows on November 6, 2020.
Last month, Democratic Rep. Bill Pascrell of New Jersey called on Justice Thomas to resign, pointing to a Washington Post report, where sources in the January 6 investigation said that Ginni Thomas communicated with attorney John Eastman.
Previously unreported emails between Eastman and Ginni Thomas revealed her more substantial involvement in efforts to overturn the 2020 election, per the report.
Ginni Thomas also emailed 29 Republican lawmakers in Arizona in an effort to reverse Trump's loss in the state, which Biden narrowly won in 2020 after decades of GOP dominance in presidential races, per documents obtained by The Washington Post earlier this year.
More: Liz Cheney Ginni Thomas January 6 committee 2020 Presidential Election
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2022-07-24T19:33:59Z
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www.businessinsider.com
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Cheney: Jan. 6 Panel Could Subpoena Clarence Thomas' Wife to Testify
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https://www.businessinsider.com/liz-cheney-ginni-clarence-thomas-january-6-committee-subpoena-election-2022-7
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https://www.businessinsider.com/liz-cheney-ginni-clarence-thomas-january-6-committee-subpoena-election-2022-7
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Sen. Mike Lee of Utah.
Mike Lee is locked in a close Senate race with independent Evan McMullin in Utah, per a new survey.
In the latest Deseret News/Hinckley Institute of Politics poll, Lee had a small edge over McMullin (41%-36%).
In April, McMullin earned the official backing of the state Democratic Party in this GOP stronghold.
For generations, Utah has been a Republican stronghold, consistently backing GOP presidential nominees and statewide officeholders.
However, the Senate race this fall could potentially shake up state politics in an unusual way, as incumbent Republican Sen. Mike Lee faces independent Evan McMullin in what could shape up as a proxy on the continued influence of former President Donald Trump throughout the Beehive State.
In the latest Deseret News/Hinckley Institute of Politics poll, Lee earned the support of 41% of respondents, 36% backed McMullin, while 14% opted for another candidate. According to the poll, 8% of respondents said they were undecided.
Lee's job approval rating sat at 46%, with 47% disapproving of the two-term senator's performance and seven percent with no opinion.
The poll surveyed 801 registered voters throughout mid-July and had a margin of error of plus or minus 3.46 percentage points.
Jason Perry, the director of the Hinckley Institute of Politics at the University of Utah, told Deseret News that the state "has not seen a Senate race this competitive in decades."
"Both Lee and McMullin have a base of support locked in and will spend the next few months in a contentious fight to win over the few who remain undecided. This race is going to be expensive with tremendous outside interest," he told the news outlet.
Independent Senate candidate Evan McMullin.
While Lee is looking to capitalize on the GOP base in what is expected to be a strong year for the party across the country, McMullin is banking on discontent among some Republicans concerning the incumbent's movement toward Trump's political sphere of influence in recent years.
Lee defeated former state Rep. Becky Edwards and Ally Isom — a former spokesperson for the Church of Jesus Christ of Latter-day Saints — in a GOP primary last month, but he ceded a sizeable share of the vote to his opponents. He received nearly 62% of the party vote, while Edwards earned 30% and Isom was backed by 8%.
But unlike most Republicans across the country, Edwards and Isom criticized Lee for his lack of independence from Trump, arguing that voters wanted someone who was less partisan.
McMullin hopes to fill that void; he even won the support of the state's Democratic Party, who chose not to field their own candidate and instead throw their support behind his candidacy. (Democrats have not won a Senate race in Utah since Frank Moss was reelected to a third term in 1970.)
While Lee has become an integral part of the GOP caucus, McMullin told NBC News earlier this month that he wouldn't caucus with either major party should he be elected to office this fall.
Lee supported all of Trump's Supreme Court judicial nominees (Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett) but McMullin would only say he would have backed Gorsuch while expressing heavy reservations about Kavanaugh and Barrett.
And McMullin said he would have voted for Ketanji Brown Jackson, who was nominated to the high court by President Joe Biden and confirmed by a 53-47 margin with the support of 50 Democrats and three Republicans.
Utah Sen. Mitt Romney — who has been a sharp critic of Trump — was among the small GOP group that backed Jackson.
More: Evan McMullin Mike Lee Utah Political Polls
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2022-07-24T21:08:58Z
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www.businessinsider.com
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GOP Sen. Mike Lee in Tight Race With Evan McMullin in Utah Senate Race: Poll
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https://www.businessinsider.com/mike-lee-evan-mcmullin-utah-senate-race-poll-2022-7
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https://www.businessinsider.com/mike-lee-evan-mcmullin-utah-senate-race-poll-2022-7
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Former President Donald Trump said Saturday "Americans kneel to God" alone.
His comments come as the concept of Christian nationalism grows among the far right.
GOP Rep. Lauren Boebert recently said "the church is supposed to direct the government."
Former President Donald Trump said during a speech on Saturday that "Americans kneel to God" alone, as the concept of Christian nationalism continues to gain traction among conservatives.
Trump made the comment while speaking at an event in Tampa, Florida, held by Turning Point USA, a student conservative group, and posted a clip of it on his Truth Social account.
"We will not break, we will not yield, we will never give in, we will never give up, we will never, ever, ever back down. As long as we are confident and united, the tyrants we are fighting do not stand a chance," Trump said. "Because we are Americans and Americans kneel to God, and God alone."
—RSBN 🇺🇸 (@RSBNetwork) July 24, 2022
Trump's office did not respond to Insider's request for comment, but the remark comes as Christian nationalism and some of its ideologies have spread among the GOP. Recent reports from The New York Times, The New Yorker, and CNN all suggest Christian nationalism is on the rise, particularly among the far right.
According to Christianity Today, Christian nationalism is "the belief that the American nation is defined by Christianity, and that the government should take active steps to keep it that way." Christian nationalists believe the US is and should remain a "Christian nation."
They also believe in freedom of religion, but that Christianity should have a "privileged position in the public square," the outlet reported.
A CNN report published Sunday asserts an even darker side to the ideology, claiming Christian nationalists use theology to justify sexism and racism as a means to attain an ideal White Christian America. The report said such ideas were becoming increasingly common in churches around the nation.
After Trump supporters who stormed the Capitol on January 6, 2021, carried crosses or invoked theology to justify their actions, some argued the insurrection also represented a "Christian revolt."
The concept and some of its ideologies have been touted recently by Republican lawmakers.
GOP Rep. Marjorie Taylor Greene of Georgia, who also attended the Turning Point USA event, identified herself as a Christian nationalist in an interview this weekend while explaining that Republicans need to represent their voters instead of lobbyists or big donors.
"We need to be the party of nationalism, and I'm a Christian and I say it proudly, we should be Christian nationalists," Greene said, adding that when the GOP learns to represent their voters, the party will grow.
Greene's office did not immediately respond to Insider's questions about how she personally defines the concept.
Others have been more explicit: GOP Rep. Lauren Boebert of Colorado, also a Christian and attendee at the event in Florida this weekend, said recently the church should be in charge of the government.
"The church is supposed to direct the government, the government is not supposed to direct the church," she said last month. "That is not how our founding fathers intended it. And I'm tired of this separation of church and state junk that's not in the Constitution."
However, some Republicans have pushed back on such concepts, including Illinois Rep. Adam Kinzinger, also a Christian, who blasted Boebert's remarks and compared them to the Taliban, an Islamic militant group.
More: Donald Trump Christian Nationalism Turning Point USA
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2022-07-25T01:42:41Z
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www.businessinsider.com
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Trump Says 'Americans Kneel to God' As Christian Nationalism Grows in GOP
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https://www.businessinsider.com/trump-americans-kneel-to-god-christian-nationalism-grows-in-gop-2022-7
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https://www.businessinsider.com/trump-americans-kneel-to-god-christian-nationalism-grows-in-gop-2022-7
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Dropbox is remote-first and pays senior talent up to $235,000. Here's how much you can earn in engineering, management, data science and more.
Drew Houston, CEO of Dropbox.
Dropbox allows staff to work from home permanently as of 2020.
Insider analysis of pay data showed that an engineering manager can earn as much as $235,000.
Here's what engineers, managers, and data scientists can make.
Cloud-storage firm Dropbox bills itself as a virtual-first company, joining the roster of tech companies that allow staff to work from home permanently since the pandemic.
Its offices have been converted into co-working spaces called "Dropbox Studios" where staff can choose to work with their teams and collaborate.
Dropbox was founded in 2007 by MIT students Drew Houston and Arash Ferdowsi; the company achieved unicorn status in 2018. Houston told CNN last year that working 40 hours in an office was an outdated model, a view held by a growing number of tech CEOs.
"I also see the 40-hour office workweek — an artifact of factory work — finally becoming a thing of the past," Houston said. "The workplace will now be wherever work happens, and the workweek will be whenever work happens best for each person."
The change hasn't worked for all employees. Insider's Rosalie Chan and Paayal Zaveri reported that some of Dropbox's employees dislike the shift in culture, with the loss of popular perks like posh, free food from the in-house restaurant, called Tuck Shop.
Despite that culture shift leading to some exits, Dropbox is still hiring and, according to Insider analysis of foreign-labor-disclosure data, will pay top talent well into six figures in base salary.
The firm currently has more than 100 job postings on its website, particularly in engineering, finance, product, marketing, and design.
Insider browsed through Dropbox's foreign-disclosure-hire data for 2022, which shows the base salary for a number of roles mainly at its San Francisco headquarters.One engineering manager was offered as much as $235,040, while a machine-learning engineer made $210,000.
Here's the breakdown of Dropbox's 2022 salary data for foreign hires:
Machine-learning engineers: $157,300 to $210,000
Software engineers: $105,600 to $178,500
Engineering managers: $157,000 to $235,040
Software engineering manager: $219,300
Business development leader in a business office
Product design management: $204,000
Corporate and marketing
Woman drawing a business plan
Growth program manager: $142,700
Strategic finance manager: $188,300
Freelance data scientist work remotely at home
Chaay Tee
Data scientist: $129,200 to $147,014
More: Features UK Dropbox
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2022-07-25T09:21:53Z
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www.businessinsider.com
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Dropbox 2022 Salaries: How Much Engineers, Managers, and Data Scientists Earn.
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https://www.businessinsider.com/dropbox-2022-salaries-how-much-engineers-managers-and-data-scientists-earn-2022-7
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https://www.businessinsider.com/dropbox-2022-salaries-how-much-engineers-managers-and-data-scientists-earn-2022-7
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Here's the 10-slide pitch deck Lumiform, a digital inspection startup creating safer workplaces, used to raise $6.5 million
Lumiform founders, Lukas Blasberg and Philip Blasberg.
Lumiform
Berlin-based Lumiform has raised a $6.5 million Series A from Capnamic.
The startup enables companies to carry out safety inspections through its app.
A startup that enables companies to conduct safety inspections digitally through an app has raised $6.5 million in Series A funding.
Berlin-based Lumiform bills itself as a tool for making companies compliant in creating safe workplaces. The startup automates the inspection process by digitizing records and removing the need for companies to manually carry out these paper-based processes.
"It takes a lot of time for companies and they usually leave out steps," said cofounder and CEO Lukas Blasberg. "Companies don't always make sure all the tasks are done, so they then have quality issues and work accidents."
Lumiform has designed over 12,000 ready-to-use checklists for a range of inspections, from safety checks at construction sites to hygiene documentation at food chains, and gives companies access to an app through which they can document and conduct these checks.
It has also created a troubleshooter platform through which users can collaborate over a task if there's an issue. At the end of the process, companies receive an automated report, as well as access to real-time data about the safety of the workspace, which they can share with stakeholders.
"The data is completely encrypted from Lumiform's side, but it's stored on our servers and GDPR compliant," said Blasberg. Companies can also request for the data to be transferred to their servers.
Lumiform offers a free plan to users, with limited functionality, as well as a professional plan which costs €20 per user per month. To date, it has been used by over 30,000 organizations across 188 countries.
When Blasberg first started fundraising in April, the process was initially "very smooth." But the "mood in the market switched up soon" with investors dropping off amid a downturn in the global tech landscape, he told Insider.
Lumiform's round was led by German VC firm Capnamic, which has previously backed workplace management platform Capmo and workplace coaching platform Sharpist, with participation from Equitypitcher, Westtech Ventures, and Exxeta AG. Prominent angel investors, including founders of software marketer Adjust, Christian Henschel and Paul Müller, and the founders of consumer intelligence platform Talkwater, Christophe Folschette and Thibaut Britz, also backed the round.
"The largest contributor and backbone of the world economy is the deskless worker," said Olaf Jacobi, managing partner at Capnamic. "Yet to date, this group has remained largely untouched by the recent waves of digitalization."
With the fresh funds, Lumiform will invest into its product and marketing teams as it boosts its customer base globally.
More: Features SaaS Pitch Deck
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2022-07-25T09:21:59Z
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www.businessinsider.com
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Lumiform: Digital Inspection Startup Raises $6.5 Million
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https://www.businessinsider.com/lumiform-digital-inspection-startup-raises-65-million-2022-7
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https://www.businessinsider.com/lumiform-digital-inspection-startup-raises-65-million-2022-7
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How to ask for a raise in this economy
Rebecca Knight and Rachel DuRose
Rising inflation means workers want to be making more for their hard work.
Eugene Mymrin/Getty Images
Slow growth, high inflation, and layoffs mean it's the perfect time to ask for a raise.
During hard times, workers should see themselves as an asset to their company, career coaches said.
Here are their four tips for workers looking to make more in their current roles.
Growth is slowing; inflation is rising; and layoffs are happening. In other words, it's a perfect time to ask for a raise.
It may seem counterintuitive, but experts say that even in a shaky, flaky economy like this one, most employers are apt to retain and reward their top talent. After all, hiring is difficult and while some people are losing their jobs, the quit rate — the number of workers voluntarily leaving their roles — remains at near-record-high levels.
"If there's been significant turnover at your organization — whether voluntary and involuntary — your company may be worried about retaining you," said Roy Cohen, author of "Wall Street Professional's Survival Guide" and a career coach. "You have a lot of value."
Apparently, many workers have gotten the memo: According to a survey by Robert Half, the HR consulting firm, nearly 62% of employees said they planned to ask for a raise this year.
If you're one of these workers, you need a game plan. Insider spoke with five experts on how to figure out when to make the ask, how best to make the case to your boss, and what to do if you don't get the answer you want.
Pick your spot
There's a misconception that you need to have gotten a promotion or completed something "really big" at work to even ask for a raise, Liz Tilia, the career expert and founder of a career and life coaching business, Fem Home Ec., previously told Insider.
In reality, incremental progress is often how people grow in their roles and it should be rewarded, Tilia said. As long as you can justify your reasoning with a proven track record of how you used your skills to make the company better — more profitable or more competitive — you have a case. That said, milestones can be helpful: asking for a raise on the heels of a newly completed successful project bolsters your position.
Asking for a raise can also be a matter of timing and when you need to make more money. The fact that inflation stands at 9% — the highest year-on-year rate since 1981 — makes this point especially relevant, said Kelly Lanan, a senior vice president at Fidelity.
True, it can be nerve-racking to ask for more money: according to a new Fidelity survey, 21% of women said that they felt uncomfortable negotiating their pay compared to only 12% of men, but at a time when inflation is affecting Americans' cost of living, it's not something to be embarrassed about.
"Whether you're new to the workforce or are an experienced professional, you should consider asking for a pay increase to keep up with inflation, market volatility, and rising costs," Lanan said.
Next, you need to develop an understanding of your value in the job market, Tilia said. Data is key. Experts recommend comparing your job description with your workload and responsibilities, as well as other companies' listings for similar positions. Additionally, look at pay data for your job title on websites such as Glassdoor and Indeed, which have a trove of employee-reported salary ranges and estimates.
"Treat the act of asking for a promotion like a project," Sarah Doody, the founder of the job search and career accelerator company Career Strategy Lab, told Insider. Based on the research you do for this "project" prepare a presentation, she said.
Your presentation should highlight the value you've added to your company, and provide evidence of this contribution, she said. One way to identify the achievements and the progress you've made since starting in your position is to update your résumé, Doody added.
Many people join a company in a role and at a pay level that, eight to 12 months later, doesn't reflect the level of work they are doing, Tilia said. This happens more frequently in a high-turnover job market because employees may not always get replaced right away. "You were hired as a coordinator, now you're acting as a manager, but you still have the coordinator title and pay," she added.
So, you need to ask your boss to be compensated and titled as a manager, she said. As you make the ask, Tilia recommended not using the word, "raise," but rather, "title and pay adjustment." Semantics are important.
Your case for a raise involves a mix of metrics that show your value, actions that demonstrate your commitment to your job, and a bit of horn-tooting — or what Cohen refers to as "personal evangelism."
In a souring economy, it's also important to show that you know what's what, he said. If your company has recently had layoffs or experienced heightened turnover, you need to show how the loss of your colleagues has multiplied your work.
He recommended saying something like: "I love what I do and I hope you agree I'm doing it well. Now that my position has been saved, but others have been terminated, my workload has increased. I hope that some of those cost savings can be diverted to me."
Be prepared to show proof of your productivity — and for pushback. Your boss might tell you that you're lucky you still have a job. "But remember, you have leverage," Cohen said. "If what you're doing is valuable to your organization, you're likely to be valuable elsewhere."
The fact is, you may not get the raise that you want. If the answer is no, experts advise asking for feedback about the specific things you need to do to achieve the level of performance that warrants a raise.
Also ask for a follow-up meeting on the topic, advised Tori Dunlap, a personal finance expert and founder of a consultancy that helps women reach pay parity, Her First 100K. She previously recommended, saying something like: "Thank you for having this conversation with me. I would love to set a time to revisit this conversation. Would the end of next quarter be a possibility?"
When an immediate raise is not in the cards, Doody recommended countering with requests for different types of perks. You might, for example, negotiate a professional development budget, more work-from-home days, or a gym membership, she said.
Remember, too, that getting a "no" isn't a reflection of your professional worth. "So many people take these rejections so seriously," Doody said. "But a lot of times employees are not privy to the financial reasons why they can't offer you a raise right now."
More: Raise Promotion Salary
Layofffs
Pay Check
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2022-07-25T10:51:19Z
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www.businessinsider.com
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Now Is the Perfect Time to Ask for a Raise. Here's How to Do It.
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https://www.businessinsider.com/how-to-ask-for-a-raise-in-a-recession-2022-7
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https://www.businessinsider.com/how-to-ask-for-a-raise-in-a-recession-2022-7
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I hope this newsletter finds you well, even as inflation runs amok and everything from groceries to gas is more expensive than a year ago. Phil Rosen here, coming to you from Los Angeles today.
No matter how many times the Fed told us inflation was transitory, high prices have been hard to ignore. But one top economist predicted that, finally, our wallets may get some respite.
But there's a catch. There's always a catch.
1. Inflation might have hit its peak, but there's still pain ahead even if prices start to fall, according to Mohamed El-Erian, famed economist and advisor to Allianz.
Here's what he told CNBC on Friday:
"I think inflation has peaked in the US, at least for the next three to four months…But the problem is not that inflation is going to come down — that's a really good thing. The problem is that inflation is going to come down with growth probably going into a recession, and that's not good news."
Goldman Sachs said a broad slowdown would hit Corporate America too, even though it has so far weathered 41-year high inflation without much impact to profitability.
In the first half of the year, Americans have picked up the slack for corporations. But soon US companies are going to find it increasingly difficult to pass on price hikes to consumers, Goldman said, and that's left earnings estimates far too optimistic.
"Because employment has been strong, the economy has been strong, consumers have had savings — so they've been able to pass through most of that to the consumer," a senior Goldman Sachs strategist said.
"I think it will become more difficult to pass that through to the consumer, and we are expecting margins to be squeezed," she added.
Getty Images North America/Getty Images
2. US stock futures rise early Monday, as investors brace for further interest rate decisions by the Federal Reserve later this week. Meanwhile, bitcoin fell back below the $22,000 level. Here are today's market moves.
3. On the docket: Linde plc, Cadence Design Systems Inc., and Axis Bank Ltd, all reporting.
4. UBS recommended this batch of stocks that can generate strong returns during a "historically fast slowdown" that could turn into a recession. According to the firm's analysts, these are the names that they have high conviction in despite the current and brutal market. Here's the list of 22 stocks.
5. Russian oil that usually goes to China is making its way to India instead as competition for cheap crude heats up. Cargoes carrying Russian oil were en route to east India on Friday, where an Indian Oil Corp refinery is located. But that's not all — Iran and Venezuela are also ramping up competition to sell crude to India and China.
6. There's a new type of lumber contract set to shake up the futures market. And its going to allow the key commodity to be moved at one-quarter the volume compared to old contracts. A lumber broker in Colorado told Insider that the switch could skyrocket the number of orders flowing into the lumber market and smooth out price volatility.
7. "Rich Dad Poor Dad" author Robert Kiyosaki warned that raging US inflation could spark a historic depression. The personal finance guru said surging prices and workforce cuts are red flags for a steep downturn. Kiyosaki also sounded the alarm on home sales and foreclosures in a bleak prediction for US real estate.
8. Bank of America is home to the most bearish stock chief on Wall Street. Savita Subramanian has slashed her target for US indexes lower than her competitors have. But she said investors should make these 8 moves to profit from an increasingly difficult market.
9. Crypto billionaire Sam Bankman-Fried has big plans to bail out crypto companies amid the market rout. Speaking with Bloomberg, he said FTX keeps its treasury in dollars to curb risk, and explained how he assesses which troubled firms to help. Plus, he broke down why it's okay to make a "moderately bad" deal in the current landscape.
Ethereum Price on July 25
10. Ether jumped as much as 50% over the last month. And it has beaten out bitcoin's gains over the same stretch, as enthusiasm for the crypto grows after an Ethereum Foundation member sparked rumors about an upcoming update. However, ether was down 4% early Monday. Follow the latest price moves here.
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Here's Why Inflation May Have Peaked — but a Recession Could Still Loom
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https://www.businessinsider.com/inflation-peak-economy-recession-markets-mohamed-el-erian-stocks-2022-7
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https://www.businessinsider.com/inflation-peak-economy-recession-markets-mohamed-el-erian-stocks-2022-7
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Today's mortgage and refinance rates: July 25, 2022 | Rates steady but remain elevated
Mortgage rates have experienced some mild ups and downs over the past few days, but overall have held relatively steady.
But rates are still dramatically higher than they were at this point last year, when the average 30-year fixed mortgage rate was at 2.78%. Now that rate are over two percentage points higher, many hopeful homebuyers have struggled with affordability in the current market. Rates are currently at their highest point since 2008, and home prices have continued inching up even as the market has slowed somewhat.
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2022-07-25T10:51:35Z
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Today's Mortgage, Refinance Rates: July 25, 2022 | Rates Steady but Remain Elevated
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-july-25-2022-7
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I'm a Facebook advertiser — here's how Apple's privacy change is hurting my clients and how Google and TikTok are benefiting
The Facebook campus in Menlo Park, California.
Christoph Dernbach/Picture Alliance/Getty Images
Advertising agency OXG Media spends hundreds of thousands per month for ecommerce clients.
It's seen some clients' revenue drop as much as 40% since Apple's privacy crackdown.
Some clients have shifted their entire budgets from Facebook's Meta to Google and TikTok as a result.
Apple's privacy changes are making it so hard for some advertisers to see how their Facebook ads are working that they're leaving the platform altogether.
Back in April 2021, Apple started requiring apps to get people's consent to track them for advertising purposes. Many people asked not to be tracked, leaving advertisers with less visibility about who they were targeting and if their ads were reaching their intended audience.
Advertising executives and industry analysts told Insider earlier this month that they expect Facebook owner Meta to lose digital ad market share for the first time this year in part due to Apple's move.
Insider spoke to an ad agency owner, Jonathan Ng of Singapore-based OXG Media, about how the Apple change has impacted advertisers and why he thinks advertisers' shift to Google and TikTok won't be a blip.
Meta said it's set up a hub to help smaller advertisers improve their ad performance while respecting consumer privacy and that small businesses have adopted its recommendations with success. It also pointed to its ongoing work to improve its ad infrastructure to let advertisers target people in a privacy-safe way.
Here's Ng's story, as told to Lucia Moses.
I run paid advertising for ecommerce brands, mostly clients based in the US and Canada. We spend on average six figures in advertising per month for brands in the SMB market selling mainly physical products.
Since Apple's iOS change, some clients have seen their revenue fall as much as 40% due to their Facebook ad performance declining. The change especially impacted early life-stage companies — SMBs that don't have a lot of brand awareness and need to make money on the first sale. They're very, very dependent on Facebook. It's the most scalable.
Jonathan Ng, founder, OXG Media.
Jonathan Ng
Also, Facebook completely removed so many detailed targeting options, which makes it super-difficult to accurately target the customer.
But now it's very easy for advertisers to jump ship. TikTok has become a viable alternative. TikTok is also impacted by the iOS change, but its ad rates are cheaper than Facebook's, which is raising the price of its ads.
TikTok is letting advertisers target based on what people are searching for. You can also find influencers on TikTok. I really feel like they've listened to the customer. The experience is surprisingly positive. Before you even start spending, a rep will reach out and say, "How can I help you be successful, et cetera." They know the pain points of Facebook and they're just doing exactly what Facebook is not doing.
I would think eventually the ad inventory on TikTok will be much higher than Facebook because the watch time is higher and people don't mind ads cause they actually want to watch the content.
Some advertisers that perform well in search are also going all in on Google, which hasn't been as affected by Apple's privacy change. Its traffic has much higher purchase intent than Facebook. Google also performs predictably for advertisers. They also came up with Performance Max, which provides the unlimited scale that Facebook has. I think that'll be the next frontier of them taking share from Facebook.
I would say 45% to 55% of my spending has shifted out of Facebook. Probably 80% is going to Google and 20% to TikTok.
As a person who helps small businesses, I want Facebook to succeed. Not every business and its products or services can advertise on TikTok. Sometimes the audience is not suitable. So even if TikTok is taking market share aggressively now, if Facebook gets their stuff together, advertisers will have no problem going back.
It feels like an apocalypse now, with inflation, supply chain, gas prices — it's very stressful. Some people say if companies are struggling, they probably shouldn't be in business. But you're basically saying entrepreneurship is impossible. If there's a full-blown recession, lots of mid-sized businesses may go under. It's going to kill a lot of people's dreams.
NOW WATCH: Apple took another subtle jab at Facebook during its iPhone XS event
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Apple privacy updates
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2022-07-25T12:27:32Z
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Apple's Privacy Change: Hurting Small Businesses, Helping Google & TikTok
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https://www.businessinsider.com/apple-privacy-change-facebook-advertiser-shifting-spend-to-google-tiktok-2022-7
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https://www.businessinsider.com/apple-privacy-change-facebook-advertiser-shifting-spend-to-google-tiktok-2022-7
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CMOs to Watch: Marketing chiefs that Visa, Netflix, and others recently tapped to stoke demand, drive innovation, and push into new areas
Lindsay Rittenhouse, Michael Kaminer, and Lucia Moses
El Pollo Loco; Panera; Netflix; Visa. Rachel Mendelson/Insider
Insider identified 29 top marketers to watch in 2022.
They're first-time and newly named CMOs at top consumer brands like Netflix, Zappos, and Taco Bell.
They'll be closely watched as they tackle marketing's big challenges at legacy firms and startups.
The job of the chief marketing officer has never been tougher. Marketing chiefs must show growth and justify their budgets, a pressure intensified by the need to adapt to rapid social and economic upheaval. They're also often expected to master data and take on diversity, equity, and inclusion efforts. It's no wonder the chief marketer's tenure remains one of the shortest in the C-suite.
With turnover high, there's always a crop of newly minted chief marketers poised to meet the challenge. With our fourth annual list of CMOs to Watch, Insider recognized 29 such top marketers. Unlike our annual Most Innovative CMOs list, this one recognizes execs who stepped into the role in the past year.
The list is based on dozens of nominations and our own reporting. Not all have the CMO title, which has morphed as companies take growth, customer service, and digital transformation more seriously. But all bring experience to help companies tackle some of the biggest challenges in marketing, including updating legacy organizations and rewriting their road maps as pandemic restrictions ease.
They include Marcel Marcondes, tapped by AB InBev as it looks to grow beyond beer; Krystal Hauserman, who's bringing a progressive spirit to esports; and Stephanie Danzi, a first-time CMO who's repositioning Tinder as more than just a hookup app.
Check out the full list, in alphabetical order by last name.
Harris Beber, chief marketing officer, Waze
As the Google-owned navigation app seeks to rebound from pandemic declines, it's looking to Beber, whom it hired in April, to help it reach new audiences, engage with users, and expand its partnerships. To that end, Beber launched Waze's partnership and sponsorship with the Tour de France as its official traffic manager, aiming to make it easier for locals and spectators to navigate traffic during the event. Beber, a veteran of Amazon and Nature's Bounty, most recently was the CMO of Vimeo, which he helped take public in 2021.
Massimo Baratto, chief consumer officer, Under Armour
As part of a management shakeup last fall, Barrato moved from managing director of Under Armour's overseas businesses to this newly created marketing position responsible for marketing as well as e-commerce and retail. It's part of a seismic shift at the struggling athletic-apparel brand, which is overhauling its business to focus more on direct-to-consumer and less on traditional retail channels. A hypebeast-style product drop this month offered a glimpse of the new strategy: Under Armour's Curry 4 FloTro shoe, which the Golden State Warriors point guard Stephen Curry wore through the NBA Finals, will be sold exclusively through a branded website.
Jonathan Bottomley, global chief marketing officer, Calvin Klein
Instead of having to rescue an ailing brand, Bottomley's joining Calvin Klein at a time of propulsive growth. Sales soared by 27%, to nearly $1 billion, in the first quarter of 2022, and a collab with the skate brand Palace launched with a splash in April. Calvin Klein's parent company, PVH, has said it aims to boost revenue by 46%, to $5.4 billion, by 2025. Bottomley, who arrived in June, brings experience as the CMO of Ralph Lauren and the luxury-linens retailer Boll & Branch that hints at more aggressive digital programs and a focus on sustainability.
Roisin Branch, chief marketing officer, Blade
Launched in 2014 by the media vet Rob Wiesenthal, Blade, based in New York, is best known as a Hamptons helicopter shuttle for rich New Yorkers. But to grow as a public company, it needs to become much more than that. The helicopter-ride-sharing brand will look to its new marketer, Branch, a SoulCycle and AB InBev vet, to help it gain acceptance in new markets like India. As cities clamp down on noisy helicopters, it's also betting long-term on electric-vehicle aircrafts, or EVAs, to provide affordable, quiet, and emission-free travel.
Nick Chavez, chief marketing officer, KFC US
KFC US
Chavez's appointment last December after more than 10 years with Nintendo is another example of how marketers have looked to gaming to ensure they stay relevant with young consumers. He's behind the fast-food chain's introduction of novelty finger sporks and a collab with the rapper Jack Harlow. Chavez's marketing savvy helped the Nintendo Switch maintain dominance among consoles in the US, and KFC will look for him to create standout moments to fuel the company's growth.
Frank Cooper III, chief marketing officer, Visa
As CMO, Cooper can leverage Visa's stated mission of being a world leader in digital payments by removing barriers for people to connect to the global economy, like introducing payment options for electric-car drivers. Cooper most recently held the marketing-chief role at BlackRock, following stints at BuzzFeed and PepsiCo. He's known for working at companies undergoing disruption, something that will come into play at Visa, which he joined in May, as the finance industry seeks new and innovative ways to interact with consumers.
Geoff Cottrill, chief marketing officer, Topgolf
Cottrill joined Topgolf as its global CMO last August as the golf-driving-range game took off with avid and novice golfers. Topgolf has become a popular destination for company outings; last month, Mike McCarthy, the head coach of the Dallas Cowboys, canceled practice to take his team on an excursion there. Look for the former Coca-Cola marketer to build on Topgolf's efforts to transform golf from a stuffy, white-male-dominated sport into entertainment for younger, more diverse players.
Stephanie Danzi, senior vice president, global head of marketing, Tinder
As pandemic restrictions ease, dating apps have sought to capitalize on the return of in-person dating and attract users. They're also adapting to a rise in people using dating apps to make platonic connections. The answer for Match Group's Tinder was Explore, a section featuring events and ways to find people by interests that Danzi helped promote, resulting in a notable lift in signups and buzz. The first-time CMO previously led the launches of the dating apps Stir and Ship for Match Group. At Tinder, Danzi has developed other creative ways for people to connect, like Swipe Night 2, Festival Mode, and Blind Date, to ensure the app's continued relevance with Gen Z.
Cindy Gustafson, chief marketing officer, Bark
John Keon
Gustafson joined Bark, the direct-to-consumer canine-toy company that's pushing its branded products into conventional retail channels, in May. The pandemic-pet boom gave Bark a leg up last year, and Gustafson, a seasoned marketer who's had roles at WW International, Nike, American Express, and others, will be charged with maintaining that momentum, in part by growing Bark's food business. "We are now in position to become the preeminent dog company of the 21st century," Bark's CEO, Matt Meeker, said on an earnings call in May.
Krystal Hauserman, global head of marketing, Evil Geniuses
One of the oldest esports organizations, Evil Geniuses is ready for a face-lift. Since joining in October, Hauserman has been transforming the company as a values-driven entertainment outfit. That means welcoming LGBTQ and other gamers to an industry that has a poor record on inclusiveness. Early successes include landing big advertisers like Hewlett Packard Enterprise and partnerships such as one with LG Electronics and Black Girls Code for a livestream gaming battle with the R&B duo Chloe x Halle.
Tariq Hassan, chief marketing and customer experience officer, McDonald's US
McDonald's US
Hassan joined McDonald's last September to help the Golden Arches deliver on its digital-growth plan, which includes increasing in-app purchases, building out its loyalty programs, and ensuring a uniform experience for in-person and digital customers. The latest manifestation: A new summer "Camp McDonald's" campaign featuring deals, menu hacks, virtual concerts with Kid Cudi and the like aimed at tying the chain to pop culture. Industry vet Hassan most recently was the CMO of Petco, where his work repositioning the company from a pet-supply retailer to a pet-health-and-wellness brand is credited with helping its successful IPO in 2021.
Remi Kent, chief marketing officer, Progressive Insurance
Progressive Insurance
Progressive had a big role to fill when its chief marketer of 11 years, Jeff Charney, who was behind its in-house agency, Ninety6, and its mascots Flo, Jamie, and Dr. Rick, retired in 2021. It found his successor in Kent, a seasoned marketer who gained recognition for helping 3M spread the word about how to use masks and respirators during the pandemic. Her challenge: Using the insurance giant's $2 billion-some ad budget to keep pace in the cutthroat insurance business, where it takes on the likes of Geico and State Farm.
Karina Kogan, chief marketing officer, Oura Health
Oura Health
Kogan helped stoke the global Peloton craze as the brand's global marketing chief. Since jumping ship last October, she's been aiming to engineer something similar around Oura. As demand grows for connected fitness and wearable tech, Kogan's keeping Oura at the forefront with a special-edition Gucci x Oura ring and third-generation Oura ring with features like an Explore tab and blood-oxygen sensing. The wellness-tracking ring was already a celebrity must-have and pop-culture signifier; a plot line in "And Just Like That..." revolved around wearing one.
Marian Lee, CMO, Netflix
Lee has had an impressive marketing career that includes top roles at companies like Condé Nast, J. Crew, and Spotify, where she oversaw music artist marketing and all industry partnerships. She joined Netflix as vice president of its North America marketing business last year, and after six months she took over for Bozoma Saint John. It'll fall to Lee to help keep Netflix a top choice for streaming-TV consumers as competition ramps up from newer rivals like NBCUniversal's Peacock and HBO Max and as the platform readies an ad-supported tier.
Meredith Madden, chief marketing and category officer, Chobani
In her decade at Chobani, Madden's ascended from director of category management to her current role overseeing all marketing communications. Her purview includes Chobani's internal creative agency, one of the packaged-goods industry's big success stories for its experiential marketing and all-in use of platforms like TikTok and Roblox. Now, with yogurt sales overall slowing, Madden's setting her sights on expanding Chobani into new areas such as coffee, nondairy creamer, and oat milk — a task that could be complicated now that the company's delayed its much-anticipated IPO.
Doug Martin, chief brand and disruptive growth officer, General Mills
Martin shapes people's experience with General Mills' vast portfolio of brands like Cheerios, Pillsbury, and Nature Valley. He most recently was president of the North America dairy operating unit that includes the Yoplait and Liberté brands and continues to oversee its startup incubator, GWorks, and venture offering, 301 Inc — experience that'll be key to helping the legacy consumer-packaged-goods company push into new areas. With his promotion in January, his long list of responsibilities includes keeping General Mills' brands top of mind for consumers as they increasingly buy groceries online and boosting investment in minority and female entrepreneurs.
Drayton Martin, vice president of brand building, Panera Bread
"Mother Bread," watch your back. Martin, who as brand chief pushed Dunkin to drop "Donuts," is giving Panera a new look, relegating its familiar feminine logo to bread products only. A brand refresh is next, with overhauled packaging, spiffy uniforms, and renovated interiors. Martin's even commissioned advertising from the edgy agency Mother and a new "sonic logo," AdAge reported. "Crave is really important, it's part of the visceral impulse we want to evoke," she told the site.
Ginny McCormick, chief marketing officer, Zappos
Zappos.com
Until McCormick joined in April from Amazon, the footwear giant Zappos never had a CMO. On McCormick's plate now: Building a centralized marketing operation from the ground up at a company whose teams had been spread across categories and divisions. Famous for customer service, Zappos faces a much more crowded and competitive landscape these days; McCormick has said she'll focus on expanding brand partnerships and explore storytelling beyond branded content. Fun fact: McCormick's first boss was Reebok CEO Paul Fireman, who hired her out of college.
Marcel Marcondes, global chief marketing officer, AB InBev
Marcondes, who was tapped to become the global CMO in May, is a veteran Anheuser-Busch InBev marketer, having served as US CMO from 2017 to 2021. He most recently helmed Beyond Beer, AB InBev's fast-growing portfolio of non-beer products like hard seltzers — the division grew sales by 20% last year under him — an indication of where AB InBev sees its future growth. Marcondes now oversees a massive portfolio as AB InBev brings on new ad agencies to handle its global media buying, searches for an agency to revive underperforming Bud Light, and overhauls management. But as Marcondes recently told Insider, the beer category tends to be resilient: "When people have a hard time to afford more expensive and bigger things, beer becomes even more important as the affordable luxury."
Katie Nauman, chief marketing officer, Petco
Nauman, who was promoted to CMO from vice president of integrated marketing last August when Tariq Hassan left for McDonald's, has continued positioning Petco as a health-and-wellness company, an effort that gained steam during the pandemic. Nauman has added a return-to-office angle with a campaign to help pet owners deal with pets' separation anxiety; the aim is to target younger customers who are conscious of their pets' overall well-being. Nauman joined Petco in 2020 from HP, where she headed global marketing for its Z line of computers and monitors.
Linh Peters, senior vice president and chief marketing officer, Walgreens
Peters joined Walgreens as its CMO in May to help support the pharmacy chain's push into healthcare and expansion of its retail-media network. A seasoned marketer, she'll also bring her background in building out loyalty programs including Starbucks' to the role. Such programs, with their customer data, are key to a strong retail-media network. Peters most recently was the global CMO for Calvin Klein, where she helped scale its digital and physical businesses.
Andy Rebhun, CMO, El Pollo Loco
The new CMO for El Pollo Loco, a Mexican-style chain based in Los Angeles, is off to a strong start. This year he oversaw the creation and launch of its Mexican shredded beef birria, said to be the most successful limited-time item in the company's 40-year history. He promoted the rollout using TikTok, where he also launched the chain's original content series "Abuela Approved," hitting record channel engagement. This first-time CMO also moved fast early in the pandemic, introducing curbside pickup and helping triple its off-premise delivery and e-commerce business.
Shiv Singh, chief marketing and customer experience officer, LendingTree
Financing is in high demand with inflation and mortgage rates soaring, but fintechs don't have the best record when it comes to consumer trust. Enter Singh, whose long résumé includes turning around brands like Visa and Expedia. In his first few months, Singh tapped the funny and approachable Molly Shannon to be its first celebrity spokesperson in LendingTree's first big campaign in three years. He's also revamped the website with personalized features designed to make it easier for people to make complex financial decisions.
Karin Timpone, executive vice president, chief marketing officer, MLB
Timpone joined MLB in August with a big challenge: bring young fans to a league whose audience has trended older. Timpone knows a thing or two about customer loyalty and digital, having scaled up Marriott International's loyalty program and been early to introduce live streaming content to mobile devices while at Disney. Her efforts for MLB have included spotlighting player stories using social channels — look for her to tap influencer fans to help tell baseball's story next.
Benjamin Trinh, chief marketing officer, Poparazzi
Poparazzi, the "anti-selfie" social-media app, hired Trinh, its first CMO, in January. Poparazzi has soared in popularity with Gen Z, even toppling TikTok as No. 1 in the App Store when it launched last May — and Trinh, a first-time chief marketer, has kept that momentum going. He was known for cultivating celebrity partnerships at previous marketing gigs with Postmates and Uber. For Poparazzi's first anniversary, he organized an exclusive yacht party for top influencers like Jules LeBlanc and Skai Jackson, where the company announced that app downloads had hit 5 million.
Sean Tresvant, global chief brand officer, Taco Bell
Tresvant says his role is to "fuel the cult of Taco Bell." If that sounds hyperbolic, keep in mind Tresvant spent 15 years at Nike, most recently as the CMO of the cultlike Jordan brand. He's already shaking things up at his new employer. In May, the company launched a series of drag brunches, hosted by the aptly named queen Kay Sedia. Taco Bell employees got graffiti-inspired "uniforms" by the LA collective Born x Raised in March. And Taco Bell launched membership and merchandise packages to mark its 60th year. In a brutally competitive quick-service segment, Tresvant clearly relishes a fun food fight.
Debbie Woloshin, chief marketing officer, Stitch Fix
Stitch Fix is trying to transition from a curated-clothing subscription service to a conventional online retailer. With that in mind, the company filled its CMO seat — which had been vacant for two years — with Woloshin, a fashion insider who previously led marketing at Marc Jacobs, the footwear brand Frye, Ann Inc., and the Jones Group. Woloshin, who started in May, joined at a challenging time for Stitch Fix, which laid off 15% of its salaried staff in June amid declining revenue and client numbers. Along with e-commerce, it's focusing on more precise search personalization to drive growth.
Andrea Zahumensky, chief marketing officer, senior vice president of member engagement operations, Cityblock Health
Zahumensky, KFC US's former CMO, joined the billion-dollar startup Cityblock Health as its first chief marketer in October. A spinoff of Google's Sidewalk Labs, the health-tech business focuses on lower-income consumers. Since marginalized populations can be tough to reach through traditional marketing, Zahumensky's role will involve community partnerships and using mobile tech to engage members. Her challenge is formidable; Cityblock Health, which has 70,000 members, aims to serve 10 million people within a decade.
Robin Zucker, chief marketing officer, Codecademy
Zucker is Codecademy's first CMO, a role she took on full time last November. Codecademy, a startup that offers paid and free coding classes, grew its revenue by 31% last year as the Great Resignation led people to explore careers in coding. Zucker, a former Yahoo and Playboy marketer, had been Codecademy's interim CMO since last March and launched its first ad campaign that positioned coding as a way for people to seek greater control of their work lives. Look for her to continue establishing Codecademy in an increasingly competitive edtech industry.
More: Marketing Advertising Agencies Features
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2022-07-25T12:27:42Z
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Chief Marketing Officers to Watch in 2022
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https://www.businessinsider.com/chief-marketing-officers-to-watch-in-2022-7
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Kitchen United raises $100 million Series C from new backers, including Kroger and Burger King's parent. Here's the ghost kitchen startup's playbook that won over investors.
Kitchen United recently opened a virtual food hall inside a Kroger in Dallas.
The ghost-kitchen startup Kitchen United has raised a fresh $100 million to supercharge its growth.
Backers include food-service and real-estate giants such as Simon, Kroger, RXR Realty, and Circle K.
Leveraging investor property, the startup plans to open 500 locations over the next five years.
Kitchen United, a ghost-kitchen startup backed by Google's venture arm, has raised a $100 million Series C that includes new backing from nontraditional investors in the space: Kroger, Circle K, the mall operator Simon Property Group, and Burger King's owner, Restaurant Brands International.
The round, which the company plans to announce later today, brings the ghost kitchen's total funding to about $175 million, Insider has learned.
Other new investors are Phillips Edison, B. Riley Venture Capital, and the supply-chain-management firm HAVI Group. All previous investors, including GV, RXR Realty, DivcoWest, and the former NFL superstar Peyton Manning, also participated in the round.
Kitchen United CEO Michael Montagano told Insider in an exclusive interview ahead of the announcement that his company would leverage the malls, shopping centers, and supermarkets operated by its new investors to expand the company's footprint from 15 locations to 500 over the next five years.
"What this financing reinforces is that our investors recognize and appreciate the importance of strong unit economics, achieved through collaboration, rather than blindly going at it alone," Montagano said.
Kitchen United's new financing round comes as venture-capital investments dry up amid volatility in the capital markets. Investors are now emphasizing profits over scale, forcing some food tech companies to downsize.
Yet the ghost-kitchen market is booming. Startups continue to open in various parts of the US, adopting innovative models in a global sector that may reach $1 trillion by 2030, according to Euromonitor.
Here's a breakdown of Kitchen United's playbook that won over investors in raising its Series C.
Turning mall food courts into ghost kitchens
Kitchen United opened in Southern California in September 2018, becoming one of the first startups to enter the disruptive ghost-kitchen space.
But its rent-a-kitchen model for restaurants and virtual brands has evolved over the past few years as it figures out a path to profitability.
Over the past year, Kitchen United began opening virtual food halls for delivery and pickup. These hybrid models, part ghost kitchen and part food hall, often have public-facing kitchens, on-site ordering via kiosks, delivery and pickup stations, and indoor and outdoor seating. Three have opened inside Kroger-owned stores in Los Angeles, Houston, and Dallas.
The company's tech stack, aided by last year's purchase of the tech-forward ghost kitchen Zuul, also gives Kitchen United an edge.
The mall operators Westfield and Simon began using Kitchen United's tech this year to launch e-commerce orders from their food courts and mall-based restaurants.
"It's basically turning the existing food court and restaurants into its own ghost kitchen so it can get more volume than just the walk-up traffic," Montagano said.
Kitchen United's tech also allows consumers to bundle food orders by ordering directly from its app. For example, in its mall locations, customers can order from Auntie Anne's and Cinnabon on a single ticket, saving on delivery fees and costs. The average multibrand order with tip is $60, about double the amount of an order from a single restaurant, Montagano told Insider.
Kitchen United then taps private or white-label delivery fleets, which are more economical for partner brands because their fees are lower than those charged by third-party delivery apps like DoorDash and Uber Eats.
The higher ticket, combined with added delivery efficiencies, has led to a sustainable business model, Montagano said.
"We operate our sites profitably, and our restaurant partners do well," he added.
Kitchen United CEO Michael Montagano during the grand opening of a ghost kitchen inside a Kroger-owned Ralphs store in Los Angeles.
'We're more of an enabler, as opposed to a disruptor'
With its latest backers, Kitchen United is leveraging real estate and retail partners like Simon and Kroger that operate businesses frequented by customers.
"Our thesis is to be successful, you need to be at Main and Main, and that may not always be affordable if you're trying to build a 40,000-square-foot light industrial building in the middle of Manhattan or Santa Monica," Montagano said.
Over the next few years, Kitchen United said a majority of its new locations will be in grocery stores and shopping centers operated by its investors, including RXR in New York City, Simon, Phillips Edison, DivcoWest, and Kroger.
The latter is a key partner, as the grocery giant operates 2,800 stores under various banners, including Ralphs, King Soopers, and Fred Meyer. Montagano said his vision was to be in hundreds of Kroger stores, as the retailer doesn't "hold back when a proven concept works."
By partnering with real-estate and retail partners, Montagano said Kitchen United was fast-tracking where to open ghost kitchens, while helping investors like Simon and Kroger meet consumer demand for "off-premise consumption" of food, whether that's takeout or delivery.
"We're more of an enabler, as opposed to a disruptor," Montagano said.
Few details were given by Kitchen United, RBI, and Circle K's parent, Alimentation Couche-Tard, over how their partnerships would work.
In a statement, Kevin Lewis, the chief marketing officer of Alimentation Couche-Tard, said Circle K saw "many commercial opportunities in partnering with Kitchen United as it prepares for considerable scale."
RBI, which owns the fast-food chains Burger King and Popeyes, is also a ghost-kitchen partner of Reef. The two chains have entered small pilots with Reef across several restaurants, RBI said in a statement.
In an email to Insider, RBI said, "We're always looking to partner with innovators in our industry. We're proud to be part of a world-class roster of investors and companies working with Kitchen United in building the future of ghost kitchens."
More: Fast Food food delivery Ghost Kitchens
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2022-07-25T12:27:52Z
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Kitchen United Raises $100 Million From Kroger, Burger King Parent
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https://www.businessinsider.com/kitchen-united-raises-100-million-from-kroger-burger-king-owner-2022-6
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https://www.businessinsider.com/kitchen-united-raises-100-million-from-kroger-burger-king-owner-2022-6
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Moldovan Prime Minister Natalia Gavrilita.
Moldova, a European country that borders Ukraine, said it fears an invasion by Russia.
"We are worried, of course," Moldovan Prime Minister Natalia Gavrilita told CNN in an interview aired Sunday when asked if she was worried that Russia would move into her country next.
"This is a risk, it's a hypothetical scenario for now, but if the military actions move further into the southwestern part of Ukraine and toward Odesa, then of course, we are very worried."
She highlighted the risk of Russian troops in Transnistria, a Russia-backed region that borders Ukraine and broke away from Moldova in 1992.
A senior Russian commander said in April that Russia wanted to take all of southern Ukraine, which would give it a land connection to Transnistria. Russia has since retreated from much of Ukraine, and is focusing on taking the east.
There have also been increased reports of explosions in Transnistria since Russia's invasion began.
Gavrilita said Moldova was "doing everything possible to maintain peace and stability and to ensure the fighting does not escalate" from the region.
Moldova was once part of the Soviet Union, and Gavrilita told CNN that its people backed the country to be a democracy aligned with Western values. The country also recently reached EU candidacy status.
Russia's neighbors are also worried the country may attack, and have stepped up their defenses after Russia's invasion.
Sweden and Finland have applied to join NATO, while Latvia's defense minister is looking to bring back the country's military draft.
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2022-07-25T12:27:58Z
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Moldova Fears Russia Attack As Neighbors up Defenses After Ukraine
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https://www.businessinsider.com/moldova-fears-russia-attack-neighbors-up-defenses-after-ukraine-war-2022-7
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https://www.businessinsider.com/moldova-fears-russia-attack-neighbors-up-defenses-after-ukraine-war-2022-7
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How luxury cookie brand Last Crumb's hype-drop model helped nab $3 million from VCs even as investors cut back on startup funding
Last Crumb cookies are available exclusively through the company's website.
Last Crumb
The cookie maker Last Crumb closed a $3 million seed round this month led by Electric Feel Ventures.
Like streetwear and sneaker brands, Last Crumb relies on limited drops to build demand.
More than 200,000 people have signed up for Last Crumb's email list for a chance to buy cookies.
Raising venture-capital funding as a direct-to-consumer startup is harder now than at any other point during the coronavirus pandemic. But even as investor cash dries up, some retail founders are breaking through.
This month, Last Crumb, a high-end DTC cookie company, closed a $3 million seed round led by Electric Feel Ventures, the venture arm of the music artist Post Malone's management team.
Other investors in the round included the new backers Chetrit Ventures, the hospitality veteran David Grutman, and Andrew Rosen, the CEO of the retail brand Theory.
"Everyone, no matter the economic time, wants an escape sometimes and wants to indulge," CEO Matthew Jung said. "If we can be that one moment, then there's still a massive opportunity for us to grow the brand and continue to build. I think that our investors see that."
While the high-end-cookie competitors Crumbl Cookies, Insomnia Cookies, and Levain Bakery offer delivery through third-party marketplaces and have brick-and-mortar locations in the US, Last Crumb relies on exclusive weekly releases on its website — akin to hyped luxury streetwear, shoes, or collectibles drops.
More than 200,000 people have signed up for Last Crumb's email list for an opportunity to purchase cookies, the company told Insider. The brand has served customers in the high tens of thousands since launching in August 2020.
Nik Sharma, an angel investor who is the CEO of Sharma Brands, funded both of Last Crumb's early seed rounds, including the startup's $1 million raise last September. Despite uncertain economic times, he still says Last Crumb is "underpriced as to where it's going to be in five years."
"Last Crumb isn't really a routine. It's very much like a Supreme or a clothing brand that has drops," he said. "There's an audience that's really excited to buy or, or even get the opportunity to buy, and that audience just keeps growing."
While new seed funding will go toward building up the startup's sales and marketing divisions, Last Crumb has developed its customer base organically, without paying for any outside marketing, Jung said.
Last Crumb has amassed a following of 135,000 users on TikTok and 97,000 followers on Instagram. Adopting a "drop" strategy has added to the growing hype for the product as social-media users flock to sign up for a chance to buy one of Last Crumb's 12 flavors of cookies. Many fans have done unboxing videos on social media of Last Crumb packages.
Sharma acknowledged that some investors might question Last Crumb's strategy not to make more cookies if the demand is there.
"But you know, their own way is, we're going to do it, how we want to do it, and we're going to release however many boxes we want per week and we're going to keep selling out and we're going to keep building demand," he said. "I think that's one thing that's really interesting about Last Crumb."
Last Crumb cookies cost customers $140 for a box of 12 — or about $12 a cookie, which is more than its closest competitors'. The cookies are commonly named after celebrities like Madonna, common sayings like "When Life Gives You Lemons," or the company's own spin on sexual euphemisms, such as "Netflix and Crunch."
"It's really important for us that there's one experience for everyone," Jung said. "So it doesn't matter if you're Kim Kardashian or me or you, or like someone who bought a box on a drop. Every single person gets the exact same box with the same cookies."
More: Retail DTC Investors
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2022-07-25T13:55:24Z
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How Luxury Cookie Maker Last Crumb Nabbed $3 Million From VCs
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https://www.businessinsider.com/how-startup-last-crumb-nabbed-3-million-seed-round-vc-2022-7
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https://www.businessinsider.com/how-startup-last-crumb-nabbed-3-million-seed-round-vc-2022-7
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Sports betting M&A experts explain how the economic downturn is changing dealmaking in the once red-hot sector
The days of exponential valuation growth in the US sports betting industry are over, industry experts said during a recent panel.
M&A has slowed, but should still continue at a relatively fast pace as the industry evolves.
Panelists believe the market will consolidate over the next few years.
The exponential valuation growth that the US sports betting industry has experienced in recent years is "over" now that the economy is slumping, several industry investors and M&A experts said during a panel at the SBC Summit North America conference on July 14.
But they still expect a large amount of consolidation as the young industry takes shape.
Public sports-betting stocks have been clobbered in recent months. And private companies are facing a much tougher funding environment than they were this time a year ago.
"Money was free last year, it's expensive this year," said Matt Davey, chairman and CEO of Tekkorp Capital LLC.
The public markets were bound for a correction given the extremely high valuations in the sector, Bally's Interactive's COO of North America Adi Dhandhania said.
Look no further than DraftKings to showcase this effect. The sports betting giant closed at $14.27 on Thursday, down 49% year-to-date compared to the 16% decline of the S&P 500.
Wayne Kimmel, managing partner of SeventySix Capital, said it's "a shame" that these publicly traded companies are feeling the ill effects of Wall Street because this should be a growth period for these industry leaders.
"In some cases, [companies] probably shouldn't have been public," Kimmel said. "But they are, and they have to deal with it. It's unfortunate because this is the time to build and it's still early."
Mid-tier sports betting operators are most at risk of consolidation, the experts say
The market conditions have slowed the pace of dealmaking compared to the M&A frenzy of the last few years. Still, the experts expect the nascent sports betting industry to "change drastically" in the years ahead.
"The secular trends in this industry point to years and years of M&A," Rick Arpin, who leads the gaming practice at KPMG said. "There's lots of aggregation and disaggregation that's going to happen in this industry."
The insiders say consolidation will pick back up. Public companies are currently down in market value and easier to purchase, while several private companies may not raise enough capital to survive on their own. That's when the big winners may begin to emerge.
"We will see some sort of an oligarchy," said Dhandhania.
The oligarchy may not consist of today's market leaders, like DraftKings and FanDuel. Other brands with name recognition, like Fanatics, are preparing to enter the scene and could shake it up.
Aside from the big companies, Arpin and Kimmel said some smaller players could also thrive. These are the companies that aren't striving to challenge the oligarchy, but will instead have more focused, niche roles within the industry.
Those in the middle will likely flounder, they said. Those are the ones that will be acquired by the bigger companies, or shut down.
"There will be a lot of folks doing interesting things and that'll be a more focused, smaller category, and some will get bought, some will grow," Kimmel said. "I think you've got to be wary of the middle."
But while the industry may be in flux compared to the past years, the panelists were optimistic that there is growth to be found in the evolving sport betting space.
"There's still plenty of capital out there," Dhandhania said. "People are on the sidelines, but they are looking for good assets."
For example, Kimmel said his VC firm has been securing "a deal a month."
He also said to watch Big Tech, which looms large in the sports-betting industry but has yet to fully jump in. Amazon and Apple have been acquiring media rights to sports leagues. Other tech giants like Google could also maneuver their way into the scene. And betting could help boost engagement with those rights.
"They all kind of have their toe in the water here," Kimmel said. "They recognize as we all do that the overall sports industry is truly an asset class today."
More: Sports Sports Betting DraftKings
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2022-07-25T13:55:30Z
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Sports Betting M&a: How the Economic Downturn Is Impacting Dealmaking
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https://www.businessinsider.com/sports-betting-ma-economic-downturn-impacting-deals-2022-7
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https://www.businessinsider.com/sports-betting-ma-economic-downturn-impacting-deals-2022-7
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As VC funding dries up, one fintech shares its unique path to raising a seed round through customers
Anatoliy Cherkas/Shutterstock; Rachel Mendelson/Insider
Venture capitalists are putting more emphasis on profitable startups.
Early-stage fintechs may struggle to find VC funding to grow their business.
Posh CEO Karan Kashyap told Insider how he raised a seed round without VC.
The funding environment for startups isn't flowing like it used to.
Fintech funding fell 46% to $20.4 billion in the second quarter from $37.6 billion during the same period in 2021, according to CB Insights. The market selloff in the public markets and rising interest rates are causing messy ripples throughout the tech space, including financial technology.
They're adding to the risks private market investors would take on and, in response, it's causing heightened competition for drying funding wells. But times like these prompt early-stage startups to get creative with where they find capital.
The biggest way young founders will find cash outside of venture capitalist in this market is if they bootstrap or fundraise with friends and family, said Kelly Fryer, head of FinTech Sandbox, a Boston-based nonprofit that helps fintech startups.
Posh CEO and cofounder Karan Kashyap managed to raise his own seed round three years ago through consulting work and asking his clients for what was essentially a loan. It's a unique solution for young founders either struggling to find venture funds or who want to delay the process until a better market environment emerges.
Kashyap breaks down how it raised a seed round without working with any traditional investors
Kashyap founded Posh, a conversational artificial intelligence chat program for banks and credit unions, in 2018 with his friend from college Matt McEachern, the company's CTO. The company did conversational AI for a set of bank customers.
The company used consulting work where it built prototypes or proof of concepts for banks to supplement the cash it needed to hire people and help fund its build.
Once the company's core product started generating enough money, Posh ceased its consulting work. It turned to the 15 clients using its AI program and pitched that if they paid the fees from their multi-year contracts upfront, Posh would use it to develop the product and bring it to market, and, in exchange, the startup would give them discounts.
The discounts started at 33% off the product's monthly fee. The deal they worked out was that discounts would decrease every billing cycle until the debt, which totaled over $1 million, was paid off. The fintech company is still making payments, the CEO told Insider.
Over time, the company received referrals from its bank clients that they were able to charge with its standard fees. By 2021, the company grew to 35 employees (it has 75 as of July) and had a few million dollars in revenue.
The company's first venture capital funding occurred at the end of last year. Posh raised $27.5 million in a Series A led by Canapi Ventures. Investors included CMFG Ventures, Curql, Jam Fintop, Next Level Ventures, Human Capital, and Piedmont Capital.
Another upside was that founders and employees could keep their shares undiluted throughout that period. And, according to Kashyap, Posh's employees owned a higher percentage of the fintech company compared to most Series A companies.
"The debt finance from our customers was interesting because the customers are not just treating you as a vendor. Now they're actually treating you as like a partner and almost an investment that they're making. It aligned the early clients that we had with us in a longer-term vision," said Kashyap.
More: Fintech AI Artificial Intelligence
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2022-07-25T15:33:56Z
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Posh Shares Its Unique Path to Raising a Seed Round Through Customers
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https://www.businessinsider.com/posh-fundraising-seed-round-fintech-bank-customers-2022-7
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https://www.businessinsider.com/posh-fundraising-seed-round-fintech-bank-customers-2022-7
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Former President Donald Trump is shown along with a portion of his January 7, 2021, draft remarks as released by the House January 6 committee.
Bridget Bennett/Getty Images; Screenshot/House January 6 committee
Trump declined to specifically call on the Justice Department to prosecute January 6 rioters.
A draft of his January 7, 2021 speech called for him to say that "legal consequences must be swift and firm."
The House January 6 committee revealed Trump's draft remarks on Monday.
Then-President Donald Trump didn't want to specifically call for the Justice Department to prosecute January 6 rioters or forcefully condemn those who stormed the Capitol as unrepresentative of the MAGA movement, according to draft remarks obtained by the House committee investigating the attack.
In a video posted Monday, the committee showed an excerpt of prepared remarks for Trump's January 7, 2021, pre-recorded address to the nation.
In his speech, Trump said, "To those who broke the law, you will pay."
A copy of President Donald Trump's draft remarks for his January 7, 2021 speech following the insurrection.
Screenshot/House January 6 committee
But the president did not give a more specific and forceful call for the Justice Department to prosecute those involved.
"I am directing the Department of Justice to ensure all lawbreakers are prosecuted to the fullest extent of the law," Trump's draft remarks called for him to say. "We must send a clear message — not with mercy but with JUSTICE. Legal consequences must be swift and firm."
Trump also excised a more personal part of the speech.
"I want to be very clear you do not represent me," it was suggested Trump would say. Instead, Trump later said, "To those who engaged in acts of violence and destruction, you do not represent our country."
Rep. Elaine Luria, a Democrat who co-led the panel's hearing last week, wrote on Twitter that Trump's reticence to tell rioters to leave the Capitol was not the only thing "he was unwilling to say."
The committee's July 21 hearing outlined Trump's inaction as the riot unfolded. Lawmakers also presented evidence about how even after the riot, Trump was unwilling to formally concede the election and struggled to condemn the violent attack.
More: Donald Trump January 6 committee january 6 Capitol Siege
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2022-07-25T15:34:20Z
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Trump Refused to Specifically Call on DOJ to Prosecute Capitol Rioters
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https://www.businessinsider.com/trump-refused-say-january-6-rioters-prosecuted-fullest-extent-law-2022-7
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https://www.businessinsider.com/trump-refused-say-january-6-rioters-prosecuted-fullest-extent-law-2022-7
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A stock image of a TikTok user.
29-year-old Sania Khan was killed by her former husband on July 18 in a murder-suicide, police say.
A friend of Khan's told local media she believes he learned of her new life plans through her social media.
Khan had posted excitedly about her divorce and future life on TikTok.
A Chicago woman who posted regularly about her divorce on TikTok was killed by her former partner in a murder-suicide, multiple reports said.
29-year-old Sania Khan had split from Raheel Ahmad, 36, months before they were found dead together on July 18 at her home, according to ABC News, even though Ahmad lived hundreds of miles away in Georgia.
Both had gunshot wounds to the head, and Ahmad was holding a 9mm Glock pistol, a police report seen by Law & Crime said.
Khan, a photographer, made a series of TikToks documenting the end of her marriage. Insider reviewed an account, with the handle "@geminigirl_099 / Sania," which matched her biography.
It is unclear exactly how far the divorce had progressed. Two friends told The Chicago Sun-Times that the process had finalized, while police reports suggest it was still in process, per the paper.
Her posts were often upbeat and reflected excitement for a new stage of life despite what she said was strong disapproval from her Pakistani-American family.
In mid-June, one of her last posts, demonstrated her "#breakupglowup" with before-and-after photos titled "his wife" and "his ex" — showing a marked transition from casual to dressy clothing.
Another post, on June 14, excitedly discussed a tattoo she got to celebrate turning 29. "When you reclaim your autonomy as a 28 year old South Asian woman whose always been a people pleaser," she wrote.
@geminigirl_099 Every time I look at my arm I smile so big 🥲 #firsttattoo #MakeNightsEpic #AmazonVirtualTryOn #southasian #southasianproblems #abcdkids ♬ Healing Journey FCK Right Off - Tami
Another post on July 6, labeled "#muslimparents," reflected on her family's reaction to the divorce proceedings.
"You think you can hurt me? My family members told me if I left my husband I would be letting Shaytan [evil] 'win,' that I dress like a prostitute, and if I move back to my hometown they'll kill themselves." It was set to the song "Bulletproof" by La Roux.
"Going through a divorce as a South Asian woman feels like you failed at life sometimes," she wrote in another post in early June, saying she had had a lack of community support.
Ahmad was reported missing by his family after traveling from his home in Georgia, the Chicago Sun-Times reported, citing police.
Police there told their Chicago counterparts that he was "going through a divorce" and that Ahmad had gone to Chicago "to salvage his marriage," the paper reported.
Chicago police heard a gunshot after they knocked on the door at around 4.30 p.m. Monday, the Sun-Times reported. When they entered, they found a suicide note with Ahmad, the paper cited police as saying. Khan was already dead, and Ahmad died later in the hospital, the paper reported.
A photography portfolio identified by the Chicago Sun-Times as Khan's describes her enthusiam for "making people fall in love with themselves and one another in front of the camera," she wrote.
Khan had been planning to embark on the next stage of her life with a friend, Gabriella Bordo, and to move back to their hometown of Chattanooga, Tennessee, according to the Chattanooga Times Free Press.
Bordo, who flew to Chicago to help Khan move, learned of the death the day she landed, the paper reported. She told the paper that she believed Ahmad learned of the plans to move from her social-media pages.
"He knew that was his last opportunity, his last time to get her alone," Bordo told the paper.
More: TikTok Murder-suicide Chicago Divorce
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2022-07-25T15:34:20Z
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Woman Posts About Divorce on TikTok, Is Killed by Ex-Husband: Police
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https://www.businessinsider.com/woman-posts-about-divorce-on-tiktok-is-killed-former-husband-2022-7
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https://www.businessinsider.com/woman-posts-about-divorce-on-tiktok-is-killed-former-husband-2022-7
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Private equity firm Atwater Capital invests further in 'Mare of Easttown' and 'Dickinson' studio wiip
"Mare of Easttown" studio wiip has received an additional investment from media and entertainment-focused Atwater Capital.
Atwater Capital is adding to its investment in wiip, the studio behind Apple TV+'s "Dickinson" and HBO's "Mare of Easttown."
The private equity firm first invested in the studio in 2020.
With this investment, Atwater becomes the second-largest stakeholder in wiip after Studio LuluLala.
Two years after initially investing in wiip, Atwater Capital is reinvesting in the indie studio behind such hits as HBO's "Mare of Easttown" and Apple TV+'s "Dickinson" with an additional infusion of an undisclosed sum. The move comes as private equity firms continue to pour money into Hollywood, even as publicly held companies like Netflix experience volatility.
"We have these industry 'meta-themes,' because we're thematic investors, and when we find a great company that hits that and we vibe with the management team, we're going to continue being a supportive shareholder," Vania Schlogel, founder and managing partner at Atwater Capital, told Insider. Schlogel is also a member of wiip's advisory board.
One of those themes is "a true belief in great storytelling," Schlogel said. "I believe that there's always going to be a demand for content that is great storytelling, and I don't think that goes away with markets trading off or inflation or even a recession."
In addition to Kate Winslet starrer "Mare of Easttown" and Hailee Steinfeld-led "Dickinson," wiip's other productions include: Amazon Prime Video's "The Summer I Turned Pretty," based on the Jenny Han novel, which was renewed for Season 2; HBO's "The White House Plumbers" starring Woody Harrelson and Justin Theroux; FX limited series "Pistol," an adaptation of the Sex Pistols guitarist Steve Jones' memoir; and the upcoming Will Forte starrer "Bodkin," from the Obamas' production company Higher Ground.
Schlogel called wiip, which was created in 2018 by former ABC Entertainment head Paul Lee, a "great company that is not buoyed by industry trends but also a tastemaker and a culture creator."
With this investment, Atwater becomes the second-largest stakeholder in wiip after Studio LuluLala (also known as SLL, and formerly known as JTBC Studios), the South Korean producer behind Netflix's "Hellbound," which in June 2021 acquired a majority interest in the studio. As part of that year-ago deal, talent agency CAA transitioned its majority holding to a minority stake while Atwater held onto part of its investment and sold the rest of its position in wiip to SLL. Prior to that, Atwater had closed on a debt facility to back the studio.
"We love working with Vania and Atwater, and are thrilled that the team is committed to continuing this partnership with wiip," wiip CEO Lee said in a statement.
Jeongin Hong, the CEO of SLL holding company Contentree JoongAng, touted wiip and Atwater's "shared passion for authentic and impactful storytelling."
"Atwater brings exceptional experience and strategic insight, and we believe that this strengthened partnership will position wiip for further growth and continue creative success," Hong said.
More: studios Hollywood Private Equity
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2022-07-25T17:05:29Z
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Atwater Capital Adds to Investment in 'Mare of Easttown' Studio Wiip
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https://www.businessinsider.com/atwater-capital-investment-mare-of-easttown-studio-wiip-2022-7
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https://www.businessinsider.com/atwater-capital-investment-mare-of-easttown-studio-wiip-2022-7
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Republican Sen. Chuck Grassley of Iowa speaks with reporters in the Senate subway in Washington, DC, on April 9, 2019.
A top Senate Republican released a proposal on Friday meant to fix a major flaw in the child tax credit, pegging it to inflation so it pays out more during stretches of rising prices.
The measure would also reconfigure the child tax credit's income thresholds to reflect changes to the state of the economy.
"The relentless 40-year high inflation we're seeing today has made it increasingly difficult for Americans to afford their trips to the gas station and grocery store," Sen. Chuck Grassley of Iowa said in a press release, adding he was adamant about working on "commonsense policies" to help people plug shortfalls in their household budgets.
Currently, the child tax credit issues $2,000 per child under 17 to families with taxable earnings, plus an extra $500 per qualifying dependent. Families can get the credit as a lump-sum after filing their taxes. It is not tied to inflation, so the amount doesn't fluctuate even when prices rise, meaning its purchasing power will drop over the years.
The changes Grassley seeks are much less dramatic compared to the temporary pandemic-era Democratic program that was established in 2021.
President Joe Biden's stimulus law transformed the child tax credit into a near-universal monthly cash benefit for families, widening eligibility to the poorest households with little or no taxable income for the first time. Families received $250 per kid ages 6 to 17 or $300 for each child age 5 and under between July and December 2021.
The other half was provided during tax season, so it totaled $3,000 for older children and $3,600 annually for younger kids.
But resistance from Republicans and Sen. Joe Manchin of West Virginia kept Democrats from renewing the program in the House-approved Build Back Better bill. The nascent healthcare bill that Democrats are cobbling together with Manchin's apparent approval also won't include the child benefit.
Sen. Mitt Romney of Utah is another prominent Republican interested in redesigning the program. In June, he released a monthly child benefit plan that would send most families up to $350 per kid. But it established a $10,000 income threshold for parents to receive full checks. It lacked major GOP support.
Romney told Insider last week he had begun "preliminary" discussions with Democrats about overhauling the child tax credit. But he added Democrats must resolve the fate of their spending plan before child tax credit talks can progress to more advanced stages.
More: Chuck Grassley Child tax credit Joe Biden Mitt Romney
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2022-07-25T17:05:47Z
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GOP Senator Wants to Tie Child Tax Credit to Inflation
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https://www.businessinsider.com/gop-grassley-child-tax-credit-inflation-congress-2022-7
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https://www.businessinsider.com/gop-grassley-child-tax-credit-inflation-congress-2022-7
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How a media exec quit the corporate world and built a six-figure business as a content strategist and podcaster
Kim Rittberg, the founder of Henry Street Media.
courtesy of Rittberg
Kim Rittberg left her job as a corporate-media executive in 2019.
Today she hosts a podcast and runs her own business providing marketing services.
She shared the steps she took to achieve a work-life balance in a career she loves.
Kim Rittberg spent the first decade of her career working as a producer and writer on subjects from entertainment and true crime to hard-hitting news.
Since joining the production industry in 2005, she had been eager to advance her career at a major brand.
"I felt like I had the skills to build something," Rittberg said, which is why she reached out to leadership at Us Weekly in 2014 and pitched the concept of a new video unit. A year later, Us Weekly hired her to lead the video team.
Her corporate career lasted over a decade, and included positions at Us Weekly, People Magazine, PopSugar, and Netflix. But after an epiphany during her second pregnancy, she decided to turn that corporate success into her own.
"I was laying on the hospital bed with an IV in my arm, on my phone looking at résumés to restaff the unit," she said. "It was a real epiphany to me that I was having such an amazing, successful moment in my career, but at the same time I had zero control over my professional life."
In 2019, she launched her own business, Henry Street Media.
Since then, she's built a career in content strategy, media consultancy, and podcasting, all on a more flexible and freeing schedule. According to documents verified by Insider, last year she booked six figures in revenue by providing marketing services.
She shared what it took to launch her brand, and advice for others looking to create meaningful and balanced careers as entrepreneurs.
Plan a course of action based on your corporate skills
Rittberg constantly works to strengthen her skillset.
When you start your own business, you have to think beyond the things you've done, Rittberg said. List out the skills those experiences gave you and determine how your unique skill set will apply to running your own business, she said.
Rittberg reviewed the skills she gained, like time management, strong writing abilities, and constructive leadership. Then, she realized she could turn her concrete skills like media-appearance training and marketing production into a business.
"I feel really lucky to make a living being creative, but a lot of what I do is not just creative; it's marketing, it's production, it's media training," she said, adding that "whether it's a new platform, a new visual effect, or a new technology," you have to continue advancing yourself to succeed.
Build a client base through your network
Rittberg is based in New York City.
Networking is Rittberg's preferred method of client generation.
"Tell every single person what you do and how you help people," she said, adding that social media can be a crucial outreach point.
"I've had so many clients from LinkedIn or Instagram" without any direct sales posts, she said. Instead of traditional sales promotion, Rittberg suggests providing helpful insights for free in order to prove value and build trust.
She regularly produces informational and educational content on social media and through her podcast, Mom's Exit Interview, which shares stories of those who left full-time jobs to pursue entrepreneurship. She said each platform helps build brand awareness and attract audience members who often become clients or refer clients to her.
For example, after posting one Instagram reel about the best content ideas for your business, a viewer immediately reached out to Rittberg to become a paying client.
"A lot of people feel self-conscious putting themselves on social media or telling everybody that they're open for business, but you have to do that," she said.
Find a supportive community outside of work
As an entrepreneur, Rittberg quickly realized how common it was to feel isolated.
"When you have an office, you have your work friends," she said. "But when you're working for yourself, it is really important to find those people." She suggests connecting with other founders through former colleagues, local networking groups, or Facebook and other social-media platforms.
For Rittberg, Mom's Exit Interview has been her most successful approach to community building.
"One of the guests that I have on the podcast is a former colleague of mine who started her business several years before me and she was incredibly helpful," Rittberg said, adding that the connection not only helped her feel less alone, but allowed her to ask questions regarding company finances, landing clients, laying out contracts, and creating a work-life balance with someone who'd already done it.
Stick to a schedule, even if it's flexible
Rittberg and her children.
When leaving her nine-to-five job, Rittberg clearly laid out the goals she hoped to achieve. Life goals like regaining control, spending more time with her husband and kids, and doing satisfying work were at the top of the list.
To achieve this balance, Rittberg is intentional in setting and sticking to a schedule.
For example, Rittberg never works on Fridays in order to spend time with her kids, and Tuesday afternoons are reserved for taking her son to swim lessons.
"There's so much work, I can work from sunup to sundown," she said. "So really sticking to the calendar that I'm building helps hold myself accountable and find balance."
More: Entrepreneurs Entrepreneur Founder
Marketing Careers
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2022-07-25T17:05:53Z
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How to Quit Your Job and Become a Creative Entrepreneur
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https://www.businessinsider.com/how-to-quit-your-job-and-become-a-creative-entrepreneur-2022-7
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https://www.businessinsider.com/how-to-quit-your-job-and-become-a-creative-entrepreneur-2022-7
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Inflation and record-high rents have almost a third of Gen Z living at home — and they're not planning on leaving
Nearly a third of Gen Z is living at home or with relatives, according to a Credit Karma survey.
Those Gen Zers, who weathered pandemic turmoil, don't see it as a temporary situation.
Adults broadly are turning to multi-generational households to cut down on rising costs.
Gen Z's hottest club is their childhood homes.
A survey of 1,022 Americans ages 18 to 25 from June 10 to June 15 from Credit Karma, first reported on by the New York Times, found that 29% of Gen Zers are living at home with parents or other relatives.
The 29% of Gen Zers who are at home described it "as a long term housing solution," according to the Credit Karma survey. That might be due to how much they'd be paying otherwise: Of the Gen Zers who have left the nest for either a rental or property ownership, 32% estimated that they're putting half of what they make every month into their rent or mortgage.
Moving out is getting far more expensive for all Americans. June saw rent prices climb by 0.8% from the month prior, and shelter prices increase by 5.6% year-over-year, according to the Bureau of Labor Statistics' Consumer Price Index. Rents in Manhattan are at a record high, coming in at over $5,000.
While millennials found themselves kickstarted into growing up during the pandemic — with some leaving the cities for suburbs, others making a foray into home ownership, and still others becoming nesters in their own homes — a good chunk of Gen Z was sent back to their parents' houses.
"The pandemic had a big effect here," Colleen McCreary, a consumer financial advocate and chief people officer at Credit Karma, told The New York Times. "That age group was likely sent home from college, or didn't have the job and income security to have their own place."
Indeed, only the oldest members of Gen Z were able to experience a version of post-graduate adulthood. As Insider's Hillary Hoffower reported, the pandemic came at a formative time for Gen Zers, with those who were working at higher risk of losing their jobs, and collegiate Gen Z suddenly sent home for remote schooling. That meant more Gen Zers living with their parents, and may be part of the reason that they see it as a long-term housing option.
Now, as Gen Z finally bursts into the labor market, they're confronting a new foe: Inflation. Of the Gen Zers surveyed by Credit Karma, 28% said that they are "unable to save money right now," and over half attributed that to inflation.
Gen Z isn't alone when it comes to forming multi-generational households to cut down on costs. Insider's Madison Hoff reported that more adults are living with a parent, and, according to a Pew Research Center report, it's particularly financially beneficial for millennials.
Today's multi-generational households don't even have to include family. The Washington Post reported on the rise of Gen Z and millennial workers living with older roommates, often for a below-market value rent; the younger workers contribute around the house, and the older roommates get to forge new connections. It's something that, according to Stanford University research, is mutually beneficial for both parties. For the Gen Zers who can't afford anything else, that's a nice silver lining.
Are you living at home, or in a multi-generational household, and planning on staying there? Contact this reporter at jkaplan@insider.com.
More: Economy gen z Gen Z spending Millennials
Live At Home
Living with parents
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2022-07-25T17:05:59Z
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www.businessinsider.com
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Inflation and High Rent Have Gen Z Living at Home Permanently
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https://www.businessinsider.com/inflation-high-rent-gen-z-living-at-home-permanently-2022-7
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https://www.businessinsider.com/inflation-high-rent-gen-z-living-at-home-permanently-2022-7
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David Cenciotti,
The Aviationist
A Ukrainian Air Force Mi-24 helicopter during an exercise near the southern city of Mykolayiv, September 22, 2006.
Mi-24V helicopters donated by the Czech Republic have started lobbing rockets in eastern Ukraine.
A video shows the Ukrainian helicopter using the same tactic to fire rockets as Russia's attack helicopters.
As we reported a couple of weeks ago, two Mi-24V Hind attack helicopters, donated by the Czech Republic to Ukraine as part of "package" that includes also weapons and tanks, have been already delivered to their new operator.
And, according to footage that has appeared on social media recently, at least one of them has also started operating over the eastern part of the country, supporting the Ukrainian Army.
The identification of the helicopter is made easy by the fact that the aircraft are still wearing their original Czech camouflage, with large Ukrainian flags on the fuselage that are also covering the markings of the Czech Air Force. The choppers also received the white bands on the tail boom as the other helicopters already in service in Ukraine.
According to Czech media, the first two helicopters were taken directly from the flight lines instead of being taken from storage. In fact, the helicopters have been identified with the serials #3370 and #7353, which correspond to the newer batch of Mi-24V/Mi-35 received by the Czech Air Force between 2003 and 2005 as part of the repayment of the Russian debt towards the country. The helicopters were also reportedly recently overhauled.
The one seen in recent footage [someone stated it's DCS footage, but after multiple verifications, it appears to be genuine] should be #3362, an airframe that reportedly were being prepared for transfer to Ukrainian Army Aviation.
—Honza Beránek (@JTBcz) July 24, 2022
Interestingly, the video that is making the rounds across the social network show the Ukrainian helicopter using the same tactic as the Russian Aerospace Forces Ka-52 and Mi-28 Havoc helicopters (and Su-25 Frogfoot attack jets) have been using since the beginning of the war: The helicopters fly at low level then pull up into steep climb and launch the rockets at the top of the parabolic arc of their flightpath, sending them downrange, then they break hard left and escape fast at low altitude again to remain outside of man portable air defense systems' kill zone.
As often explained (commenting videos of Russian helicopters hit by MANPADS after using this kind of loft attack), lobbing the rockets in the air turns the helicopters into airborne MLRS (Multiple Launch Rocket System) launchers: The range of the rockets is extended but the tactic is far from accurate and could only be effectively employed against soft-area targets that do not require accuracy or be used to put psychological pressure on the enemy.
At the same time, this attack profile allows the gunships to attack their area targets from longer distance while remaining outside the range of the MANPADS.
Read the original article on The Aviationist. Copyright 2022. Follow The Aviationist on Twitter.
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More: The Aviationist News Contributor Ukraine Czech Republic
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2022-07-25T17:28:44Z
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www.businessinsider.com
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Video Shows Donated Attack Helicopter in Combat With Ukraine's Army
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https://www.businessinsider.com/video-shows-donated-attack-helicopter-in-combat-with-ukraines-army-2022-7
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https://www.businessinsider.com/video-shows-donated-attack-helicopter-in-combat-with-ukraines-army-2022-7
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