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A new survey found 87% of creators said they'd been paid late, an incorrect amount, or not at all
Sydney Bradley / Insider
A new survey asked 750 creators about their experiences being paid.
40% said chasing down delayed or missing payments was one of the biggest challenges of the job.
To offset these issues, creators are charging higher rates or hiring outside help with invoicing.
While figuring out sustainable ways to make money continues to be a challenge for some creators, the process of getting paid can be another added layer of stress.
According to recent data commissioned by the accounting software company Tipalti, 87% of creators said they'd experienced being paid late, being paid the wrong amount, or not being paid at all. Wakefield Research, which conducted the study, interviewed 750 content creators for the report — 500 of whom were based in the US, and 250 in the UK. Tipalti works directly with platforms like Roblox and Twitch to streamline the payment process to their creators.
Among creators who participated in the research, 40% of them cited monetization as the biggest challenge when they became creators, and 38% said making sure they were being paid accurately and timely was another major obstacle.
The researchers also dug into how creators dealt with late payments or nonpayment.
36% of creators said they'd increased their rates to compensate for payment issues, 31% said they'd hired someone to help them with administrative tasks, and 35% said they'd stopped working with a company due to payment issues.
Payment trouble can be exacerbated by economic turbulence, and could become worse if the market downturn continues.
Dozens of influencer industry sources told Insider in June that they'd seen cutbacks from brand deals, and delayed campaigns or payments. Beauty brand Vanity Planet had told one influencer it wouldn't be able to pay them for a brand campaign on time, their manager said.
"Unfortunately, the many challenges mentioned above have resulted in delayed payments to some of our vendors and partners," the company's CEO, Alex Dastmalchi, told Insider at the time.
Even at times when the industry as a whole is thriving, payment issues can plague creators.
Last year, the Australian sex toy company Ooh! Companion was publicly called out by several Instagram influencers who said they were owed thousands of dollars from the company months after their social-media campaigns ran. Many of these accounts did not sign a legal binding contract with Ooh! Companion.
Also in 2021, the social-media-marketing agency Mediakix was criticized for delayed payments to creators. At that time, some Mediakix employees also told Insider that their paychecks had been delayed or not paid in full.
While late or missed payments can be a hassle to any entrepreneur running their own business, they can be particularly daunting for creators, some of whom don't have experience or confidence handling these types of issues.
For instance, 79% of content creators in the survey indicated they were not completely confident that they could handle invoicing and payments on their own.
More: Creators Influencers Payment Venmo
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2022-07-25T17:53:24Z
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www.businessinsider.com
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87% of Creators Have Been Paid Late or Missed Payments: Survey Data
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https://www.businessinsider.com/data-survey-creators-have-been-paid-late-or-missing-payments-2022-7
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https://www.businessinsider.com/data-survey-creators-have-been-paid-late-or-missing-payments-2022-7
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Flight delays and cancellations continue to shake passengers' travel plans.
Travel agents say they're busier than ever in recent months amid surging demand for travel.
Some agents report being "overwhelmed" by the recent flood of new clients who want help planning trips.
Some agents say they'll wait on hold with airlines for clients if flights are delayed or luggage is lost.
Many travel agents say they have never been busier amid air travel chaos and a post-covid lockdown surge in demand this summer. The job, which has long been thought to be in decline due to the increasing ease of online self-booking, may be making a resurgence.
"Before the pandemic, we used to get questions all the time about, 'Oh, travel agents, do those still exist?'," said Thomas Carpenter, cofounder of Huckleberry Travel. "Since the pandemic, we don't get that question any longer," he said.
Some travel agents, or travel advisors as many prefer to be called, say they have been flooded by a deluge of new clients in recent months.
"I'm definitely working more... I feel actually a little bit overwhelmed now," said Amy Freyder, owner of Epic Away Travel.
Other travel advisors echoed Freyder. For example, Jamison Bachrach, a travel advisor based in Rome, Italy for the summer, told Insider that he has "never been busier" in his 25 years in the industry.
"I have people coming out of the woodwork from sources I've never seen. I'm happy about that," Jamison said.
The Bureau of Labor Statistics estimates that there were more than 37,000 people in the US employed as travel agents, as of May 2021. That's a significant drop from more than 80,000 tallied just 5 years before in 2016.
This smaller pool of agents is now being faced with what some say is unprecedented demand for help booking travel.
The issue is exacerbated by the recent uptick in airline mayhem. Some travel agents say they now spend more time on hold with airlines than ever, given recent cancelations, delays, and lost luggage.
"It has become long hours for us because we are doing the extra changes and keeping up and trying to be proactive when airlines cancel routes or can't fulfill a previous ticket because of staffing issues," said Shaia Bragg, a travel advisor based in Nashville, Tennessee. "I do not know a solid travel advisor that is not working overtime and long hours and weekends at this point," she added.
A recent survey by the American Society for Travel Advisors shows that 71% of respondents have seen travel as more complex since the pandemic began. It's not just airline chaos contributing to this complexity, though. Travel agents say they've seen a torrent of requests for travel to Europe and work longer to help clients figure out international covid protocols since each country in the bloc has its own covid-safety measures.
For example, international travelers coming from outside of the EU to Spain are still required to present proof of vaccination or a negative test, while Portugal lifted its vaccine and test requirements on July 1.
"There are just so many requirements and extra steps that are needed to be taken to go somewhere... I think it's gotten confusing whether you need to have a covid test or you don't need to have a covid test," Freyder said.
For many travel agents, the surge in demand is almost exclusively from vacationers. Agents who rely more heavily on arranging business trips push back on any assertion that demand for their services is stronger than ever.
"Would I tell you I'm busier than pre-covid? I don't know that I would say that," said Leslie Tillem, a travel agent at Tzell Travel Group. "What's happening is there is such a surge in travel in such a short period of time on the leisure side, but on the other hand, the corporate side has truly slowed down," she added.
More: travel agent travels Airline flight
travel advisor
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2022-07-25T17:54:04Z
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www.businessinsider.com
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Travel Agents Say They're Overwhelmed by Client Surge, Restrictions
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https://www.businessinsider.com/travel-agents-overwhelmed-client-surge-airline-chaos-covid-restrictions-travel-2022-7
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https://www.businessinsider.com/travel-agents-overwhelmed-client-surge-airline-chaos-covid-restrictions-travel-2022-7
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3 key takeaways from FaZe Clan's volatile first week as a public company, which could have big implications for creator economy startups
Dan Whateley and Geoff Weiss
Zach Katz, FaZe Clan's president & COO, and FaZe's CEO Lee Trink attend the company's "Goin' Public" party on July 22, 2022.
Esports brand FaZe Clan had a roller coaster first week as a Nasdaq-listed company.
Its public debut came at an unfavorable moment for SPACs and IPOs as the broader economy faltered.
Experts said its public performance could serve as a benchmark for the creator industry as a whole.
Esports organization FaZe Clan is off to a wild start as it navigates its first week as a public company.
Its stock (FAZE) nosedived nearly 25% on July 20 after listing at around $13 on the Nasdaq via a special purpose acquisition company (SPAC). It's since rebounded, hovering at about $13 on the afternoon of July 25.
The company's bumpy arrival comes as the broader economic downturn has made it tough for Wall Street debuts, several analysts told Insider.
Some companies are shying away from initial public offerings altogether. The number of new IPOs dipped in the first half of 2022 to levels that haven't been seen since the Great Recession in 2009, the New York Times reported.
But despite early stock volatility, one FaZe investor told Insider they're pleased with the company's decision to go public.
"They did what was right for their investors," said Marlon Nichols, founding managing partner at MaC Venture Capital, which invested in FaZe Clan in 2018. "I can say that we've made a significant profit from our initial investment to where the stock is trading at now."
Other investors in the gaming space without a stake in FaZe were less cheery about its public debut.
"At $53 million in revenue, this thing is about four times lower than the median revenue of VC-backed IPOs," said Josh Chapman, a managing partner at the video-game focused VC firm Konvoy Ventures. "The company's going public too early, with too little revenue in a bear market when SPACs are out of favor. That's a really tough spot to be in."
A spokesperson for FaZe declined to comment on the company's stock price.
Esports and influencer industry insiders are closely watching FaZe's trajectory to understand whether creator-economy startups will thrive or flop in the public markets.
The bulk of FaZe Clan's revenue comes from advertising, not esports
While the sluggish economy may have contributed to FaZe's volatile public debut, industry investors have also raised concerns about aspects of its business.
FaZe isn't profitable yet. Its SPAC, B. Riley Principal 150 Merger Corp, wrote in a public filing in June that FaZe had incurred and expected to continue to incur operating losses and that it may not establish and maintain profitability in the future. FaZe posted last year a net loss of $37 million with $53 million in revenue.
Its biggest source of revenue in 2021 was advertising and brand deals.
Brand sponsorships represented around 47% of 2021 revenue, according to the June filing. When combined with its advertising revenue from Google's AdSense and other exclusive content licensing deals, about three quarters of FaZe's revenue came from advertising and brand payouts. Despite its roots in esports, tournament prize winnings and profit-sharing agreements represented just 11% of its 2021 revenue.
Brand sponsorships $24.9 million $16.5 million
Content (ads, licensing) $16.1 million $12.1 million
Consumer products $5.8 million $5.6 million
Esports $5.9 million $2.9 million
Other $319,000 $149,000
Total revenue $53 million $37.2 million
Source: B. Riley Principal 150 Merger Corp.
FaZe's dependence on advertising could present a challenge in the second half of 2022 as the broader ad ecosystem faces a downturn.
"Sponsorship is typically more difficult during a recession," said Michael Metzger, a partner at the investment bank DrakeStar. "Sometimes advertisers just pull back on spending in general and specifically on sponsorship."
Bad press for FaZe creators could put the business at risk
Like other creator-focused media companies, FaZe's future also relies on the ability of its top talent to draw in brand deals and YouTube ad revenue. That can often mean putting your faith in the popularity of a single top-tier influencer.
The June filing said that 22% of FaZe's 2021 revenues came from a single content creator. That percentage increased in the first quarter of 2022 to 27%. When asked by Insider which FaZe member was driving more than a fifth of its revenues, the company said it was not disclosing earnings for specific talent.
Relying on influencers to drive revenue creates a point of vulnerability for the newly public company. FaZe kicked out several of its talent last year after they promoted a "Save the Kids" cryptocurrency that quickly plummeted in value. The company has also faced public contract disputes with former talent like Turner "Tfue" Tenney, creating negative press for its brand.
Avoiding scandal and maintaining fandom for its talent could be critical for FaZe's continued success as a company. "Unfavorable publicity" for its esports teams, athletes, content creators, and influencers could negatively affect FaZe's brand and reputation, the company's SPAC wrote in the risk factors section of its June filing.
"Like any other lifestyle brand, it's about your popularity,' MaC's Nichols said. "It's about you winning. It's about what you mean to popular culture."
FaZe's performance could be a harbinger for the viability of other creator-focused IPOs
Some industry insiders are watching FaZe closely as they consider what its performance could mean for the viability of other esports and creator-focused public listings.
Other brands in the space are actively considering public offerings, including esports brand ReKTGlobal (now part of metaverse company Infinite Reality) and Triller.
Rod Breslau, an esports consultant, said he's rooting for FaZe to succeed on the Nasdaq because its performance could serve as benchmark for the industry writ large.
"Across gaming, esports, and influencer culture, there are very few other organizations that have been able to hit on all three of those at the same time," Breslau said of FaZe. "We as an industry need them to succeed."
As creator companies watch FaZe's stock plummet and then rocket back up, the stakes are high.
"If FaZe can't survive this, we are fucked," he added.
More: FaZe Clan eSports Creator economy
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2022-07-25T18:37:01Z
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www.businessinsider.com
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FaZe Clan's Stock Volatility Has Big Implications for the Creator Economy
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https://www.businessinsider.com/faze-clan-stock-listing-what-it-means-for-creator-industry-2022-7
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https://www.businessinsider.com/faze-clan-stock-listing-what-it-means-for-creator-industry-2022-7
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The Fed ramping up its intense fight against inflation this week probably won't help Americans facing skyrocketing gas and food prices
Fed Chair Jerome Powell is likely to start reducing the Fed's balance sheet this year, analysts say.
The Fed is largely expected to raise interest rates by 0.75 percentage points at its Wednesday meeting.
The hike aims to cool inflation by bringing down demand, but it'll do little to ease gas and food prices.
The two categories have been major drivers of inflation and are hard to rein in with monetary policy.
The Federal Reserve is days away from another policy meeting that's all but guaranteed to end in an interest rate increase. Whether it does anything to help Americans facing skyrocketing prices at the gas pump and grocery store is less certain.
The Federal Open Market Committee is scheduled to meet on July 26 and 27 to review its monetary policy and continue its fight against high inflation. That battle has ramped up in recent weeks. Inflation accelerated to a 9.1% pace in the year through June, marking the fastest price growth since 1981. The Fed escalated its efforts in June, too, raising rates by 0.75 percentage points — three times the typical 0.25 point hike seen in the last several decades — in hopes of slowing the economy and bringing demand in line with supply.
Markets have priced in another triple-sized rate hike from the Fed's coming meeting, and economists widely expect the same. The increase will place the Fed's benchmark between 2.25% to 2.50%, well above the 0% to 0.25% range seen as recently as early March.
Higher rates represent the Fed's go-to tool for slowing price growth, but they're more of a blunt tool than a precise instrument. Rate changes affect borrowing costs throughout the economy, ranging from mortgage rates to credit-card interest. Yet much of the inflation hammering Americans today comes from necessities like food and gasoline.
Food and gas prices are still unaffected by higher rates
That leaves the Fed in an awkward spot. Food and gas inflation can fly under the Fed's radar, as Americans' demand for those must-haves holds steady no matter where rates stand. That could force the central bank to raise rates even faster, but doing so risks slowing the economy to a halt.
"Fed policy cannot directly impact food or energy inflation," Seema Shah, chief global strategist at Principal Global Investors, said in a note. "As such, the Fed must continue hiking aggressively if it wants to get a handle on the inflation problem, even if it means speeding up a recession problem."
The food-and-gas blind spot is one Powell already caught flak for last month. Lawmakers on both sides of the aisle grilled the Fed chair in a late-June hearing, raising concerns of a Fed-induced recession as the central bank rushes to pull inflation lower. When Sen. Elizabeth Warren of Massachusetts asked Powell whether higher rates would lower gas prices, Powell answered with a clear "no," adding that food costs would also go unaffected.
"The question of whether we're able to accomplish [a soft landing] is going to depend, to some extent, on factors that we don't control," he later said, referring to the central bank's goal of reining in inflation without triggering a deeper downturn.
Warren pushed back against the Fed's hiking plans again in a Sunday column in The Wall Street Journal. The senator urged the central bank to slow its roll, arguing that "low unemployment and high inflation are painful, but a Fed-manufactured recession that puts millions of Americans out of work without addressing high prices would be far worse."
The period between the Fed's June and July meetings offered some encouraging signs for the committee. Gas prices have fallen for six weeks straight, bringing much-needed relief for drivers and reversing one of the biggest contributors to headline inflation. The S&P GSCI commodities index has also fallen to levels last seen before Russia's invasion of Ukraine. The declines signal the July inflation print could show inflation slowing and give the Fed some flexibility with which to continue raising rates.
Still, that report isn't due for two weeks. The Fed is poised to bring rates close to neutral levels on Wednesday afternoon, and as recession fears loom large, July economic data will reveal whether the central bank will keep its foot firmly on the brake or enjoy some valuable breathing room.
More: Economy Jerome Powell Federal Reserve Fed
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2022-07-25T18:37:07Z
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www.businessinsider.com
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Fed's Looming Rate Hike Unlikely to Affect Gas Prices, Food Inflation
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https://www.businessinsider.com/fed-rate-hike-inflation-gas-food-prices-recession-outlook-risks-2022-7
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https://www.businessinsider.com/fed-rate-hike-inflation-gas-food-prices-recession-outlook-risks-2022-7
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What is diversification?
Diversification across asset classes
Diversification within asset classes
The importance of a diversified portfolio
Drawbacks of diversification
What is diversification? A portfolio strategy that uses a variety of investments to limit risk
The primary goal of diversification isn't to maximize investment returns, but to avoid abrupt or extreme losses.
Bloom Productions/Getty Images
Diversification is an investment strategy that means owning a mix of investments within and across asset classes.
The primary goal of diversification is to reduce a portfolio's exposure to risk and volatility.
Since it aims to smooth out investments' swings, diversification minimizes losses but also limits gains.
If you're familiar with the proverb "Don't put all your eggs in one basket," you have a basic understanding of diversification in investing.
Diversification is all about spreading out your money into multiple investments, and multiple kinds of investments. The idea is that your portfolio will be protected if one particular asset, or group of assets, loses money.
For example, if you put all of your money into one stock, your entire investment could be wiped out if that company fails. Or (less dire scenario) fail to grow much if that firm or its industry falls on hard times. However, by investing in 20 stocks, you spread out your risk. Even if five stocks go down, you may still make money overall if the other 15 appreciate in value.
Diversification can't completely eliminate risk — when it comes to investing, almost nothing is 100% safe. But it can significantly reduce your exposure to risk. Different investments are subject to different influences and different degrees of volatility (price swings). In a well-diversified portfolio, they balance each other, keeping your finances and their growth on an even keel.
When financial experts talk about diversification, they can be referring to a variety of strategies. You can diversify with an eye towards:
Risk level (from low to high)
Investment needs (income, appreciation, aggressive growth)
Liquidity (from pure cash to less marketable holdings)
Time horizon (from immediate return to long-term)
Of course, there can be overlap among these diversification goals: Aggressive growth stocks are ones you would want to keep for the long-term; highly liquid investments tend to be low-risk. Whatever the strategy, they all have the same aim — shield a portfolio from the bumps and bruises of volatile moves, especially downward ones.
And they're executed in fundamentally the same way: by the types of assets you invest in.
One of the core features of diversification is called asset allocation — which simply means, investing in different kinds of financial instruments, aka assets. When it comes to investing, assets fall into two major categories:
Traditional (what we usually think of as investments — pure money vehicles, like stocks, bonds, and cash)
Alternative (often more tangible things, like property, or exotic instruments, like derivatives)
Within these two broad areas are several sub-categories, or asset classes. Here are the leading ones for individual investors:
To be considered or well-diversified, a portfolio —or at least, your financial holdings overall — should contain assets from at least three of these classes. For example, real estate could be represented by the home you own.
In addition to diversifying across asset classes, it's important to consider diversification within asset classes. This is especially true with something like stocks, which is probably the largest, most varied of the asset classes out there.
You can parse stocks in a variety of ways. One of the most common, when it comes to diversifying, is to consider them by sector — that is, the industry they belong to.
Only investing in Facebook, Google, Apple, and Microsoft stock, for example, would be less than ideal since all of these companies are part of the Technology sector, and so are affected by the same factors, have the same strengths and weaknesses. Investing in stocks of other sectors such as Energy, Industrials, or Financials, could help you build a more well-rounded portfolio — because they would possess different characteristics, and might respond differently under different economic conditions.
Diversification offers safety by buffering the shocks that can beset particular assets. But what's especially interesting is that it can help investors limit their risk without significantly diminishing long-term returns. In a study of average portfolio returns and volatility from 1926 through 2015, Fidelity Investments compared the performance of portfolios diversified in several different ways, including "aggressive" (mainly invested in stocks, for strong growth) and "balanced" (more evenly divided between bonds for income and stocks for appreciation).
Fidelity found that the swing between best and worst 12-month returns was 79.64 percentage points higher for "aggressive" portfolios than "balanced" ones. Yet despite dramatically higher volatility, the aggressive portfolios only outperformed in average annual returns by 1.69%. So for a trade-off of 1.69% in lower returns, you could have enjoyed a smoother ride with far fewer sharp nosedives along the way.
But it's important to point out that even the most thoughtful diversification strategies can't completely eliminate losses — particularly in the short-term. In the Fidelity study, even the most conservative portfolios suffered a loss of 17.67% during their worst 12-month spans.
Diversification is, in many ways, a no-brainer. But of course, there are always drawbacks. Here are two to keep in mind:
Diversification, by design, limits your returns to the "averages." You're betting on a lot of companies/types of investments with the goal that you'll have more winners than losers. But the clunkers will drag down the stars. So while diversified portfolios should see fewer massive downturns than aggressive (less diversified) portfolios, they're also less likely to see extreme highs.
Diversification can be costly and time-consuming. It can take a lot of effort to research dozens or hundreds of stocks and bonds. Plus, buying a variety of different investments can be expensive, especially for the individual investor.
The second reason is why mutual funds, index funds, and exchange-traded funds (ETFs) have gotten to be the go-to for individual investors. Buying into these baskets of securities help you achieve instant diversification — not only within asset classes but across them.
And investors can even choose to diversify their fund holdings into funds with varying risk levels.
For example, below are three popular mutual funds types:
Growth funds: Invest in companies that are expected to enjoy faster-than-average gains and tend to be the most volatile.
Income funds: Invest primarily in dividend-paying stocks and focus on long-term income rather than short-term capital appreciation.
Balanced funds: Offer the most diversification by investing in stocks, bonds, and cash equivalents, for both capital appreciation and income.
Diversification is a simple concept, even if the ways of achieving it are many. And it's a fluid thing. Diversifying your portfolio isn't a "set it and forget it" activity. As your goals change or you age, it's likely that you'll need to tweak your asset allocation.
Here are three other tips for diversifying your portfolio:
Keep a close eye on your investing costs: Fund costs, trading commission, and advisory fees can cut into your overall returns. Try to avoid costly fund transaction fees and loads (commissions) and be sure to compare fund expense ratios.
Consider target date or asset allocation funds: Asset allocation mutual funds or ETFs invest in a preset mix of stocks and bonds (i.e. 80/20, 70/30, or 60/40) at all times and rebalance automatically. And target-date funds take things a step further by consistently adjusting towards a more conservative mix as you get closer to retirement.
Reassess regularly: As certain assets in your portfolio overperform (or underperform), your portfolio's weightings can move away from your target allocation. By rebalancing your portfolio once or twice per year, you'll ensure that your asset allocation is always consistent with your tolerance for risk.
Bear in mind that "the primary goal of diversification isn't to maximize returns. Its primary goal is to limit the impact of volatility on a portfolio," as the Fidelity study notes. In other words, diversifying is a defensive move. But it's one that every investor should make, at least to some degree.
PERSONAL FINANCE Beta can help you determine how much your portfolio will swing when the market moves
More: Yuqing Liu BI Graphics Freelance Diversification
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2022-07-25T20:10:26Z
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What Is Diversification? How It Works and How to Achieve It
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https://www.businessinsider.com/personal-finance/what-is-diversification
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https://www.businessinsider.com/personal-finance/what-is-diversification
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How Insider correspondent Marguerite Ward covers diversity and inclusion in corporate America
Marguerite Ward, an Insider correspondent, covers business leadership, CEOs, and diversity and inclusion in corporate America.
Insider is taking you behind the scenes of the best stories with our series "The Inside Story."
This week, Marguerite Ward talked about covering leadership and nuances in corporate America's diversity.
You're an Insider correspondent who covers a broad gamut of business, leadership, and diversity in corporate America. How did you get to covering these topics?
My leadership beat started back when I was a reporter at CNBC. The news outlet was launching a section called "CNBC Make It" about career, leadership, and entrepreneurship, and I was one of two reporters tasked with helping editors build the brand and start the beat. I naturally was drawn to covering stories about successful women and people of color.
That experience later came into play at Insider when the team was looking for a leadership reporter who focused on diversity in business. So it's been a natural passion of mine. I'm also the daughter of an Egyptian immigrant and someone with an invisible disability, so it's deeply personal to me.
You regularly spotlight leaders driving progressive workplaces forward in corporate America, such as these 25 HR leaders and 16 diversity officers. How do you measure success and accountability?
A big part of it comes down to getting corporate leaders to define their accomplishments and progress in real terms, to get them to toss the jargon. Once I get a clear picture of the work they're doing, I'm able to measure success based on their peers, as well as what people are demanding of leaders. Accountability is also hugely important. We have to ask executives tough questions.
Who or what have been some of the most challenging topics to report on? How did you overcome them?
I think there are two types of challenging stories for me. One is intellectually challenging, when I have to weave a lot of information about a new topic together. As a leadership correspondent who focuses on diversity, the range of issues I cover is broad. Learning about a new person or industry is fun but can be difficult when you have a matter of hours to do so.
The second type of challenging story is one I do often, where the stakes are high in getting things wrong. In some stories, there is a "right" and a "wrong," but in many others, there is a gray area where something may be done with good intention but still be harmful, or something that seems fine is actually wrong for many reasons, for example.
Showing the nuances around DEI issues is extremely important but difficult. To be clear, this is not the same thing as showing "all sides" to issues where there is clearly a right and a wrong but rather explaining the full context of an issue, the intentions, the timeline, etc.
What has it been like reporting on the intersections of race and banking, where you've followed the money of Wall Street's biggest banks and zeroed in on Wells Fargo's first diversity report? What are some of your biggest takeaways about these diversity initiatives and pledges?
It's been a real joy following the news of diversity and equity in banking, as I think it's one of the most important things happening in the world today. CEOs and executives are thinking about how they can reshape institutions and processes that have marginalized certain groups for decades, if not centuries. That's important work. The biggest takeaways I've learned are: 1. This change will not happen overnight, 2. this change is difficult, so having some empathy for leaders who make mistakes along the way is something to consider, 3. we need to keep financial leaders accountable to goals they've laid out.
You've pressed corporate executives and business leaders on their commitments to racial and social justice in Insider's "The Equity Talk," as well in a video panel on how CEOs can address climate change. How do you prepare for these events, and what are best practices in moderating conversations about challenging topics?
It's always good to research what your source has said in the news. This can help you find out what they're passionate about, as well as find any inconsistencies in their viewpoints to talk about.
I always write down bullet points of topics I want to address. I don't script out a good chunk of what I do. It's more fun when the conversation is organic. Viewers can tell. When it comes to approaching challenging topics, I remember to be sensitive. I also remember to phrase my questions in a way that shows my job isn't to attack anyone but to get to the truth.
Walk us through a day in your work life — including your reporting routines and rituals.
I work remotely, so my day starts off signing onto Slack, checking in with my editors, getting some caffeine, and figuring out my must-dos or deliverables for the day to stay on track.
I approach my day with: What story am I publishing next? What's my top priority? Then, I list off my tasks based on that — from most important to do to not as important. If I'm doing busy work like answering emails, I'll play music. It helps me concentrate. Before signing off for the day, I'll check on my schedule for the next day to help me mentally prepare and organize.
For folks trying to understand the actual gains made in diversity, equity, inclusion, and belonging, what are readings you'd recommend?
I'd say check out some of my stories. Diversity, equity, and inclusion is so broad, but some good starters are:
Jamie Dimon and other Fortune 500 CEOs reflect on how George Floyd's death forever changed their approach to leadership.
OkCupid is changing the online-dating world — a culture of inclusion is key to innovation, a top exec says.
I also recommend following Just Capital's research. Just Capital, an independent nonprofit research firm, stays on the pulse of the latest diversity trends.
How has covering progressive movements and people in the corporate world changed your own perspectives about the future of marginalized and underrepresented identities in America?
The more I cover DEI, the more I realize how intersectional these issues are. Policies and practices that uplift one marginalized group almost always benefit members of other marginalized groups. It's not a zero-sum game. People don't have to be pitted against one another.
I'm also learning how much a pushback there is to certain ideas at this moment in time. So-called progress is not a straight line. We're in a unique time where technology, capitalism, and climate change are all colliding to fuel many things at the same time: misinformation, opportunity, scapegoating, inequity, stress, and inclusion. It's a fascinating time to be a reporter.
You can read some of Ward's stories here:
The 'glass cliff' is a serious problem for women in corporate America. Here's how to dismantle it.
Volodymyr Zelenskyy is unfiltered, unadorned, and unafraid. He's writing the future of crisis leadership.
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Q&a With Marguerite Ward on Leadership and Management
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Bianca Bagnarelli for Insider
Insider's "Financing a Sustainable Future" series included stories and events designed to help companies set sustainability goals and figure out the best path to funding, measuring, and reporting outcomes.
This article surfaces eight key themes that emerged through our reporting.
Click here to view all the stories from "Financing a Sustainable Future."
Insider's "Financing a Sustainable Future" series, which was launched in partnership with Bank of America, aims to help business leaders set sustainability goals and work out the best path to funding, measuring, and reporting outcomes.
While the climate crisis is a dominant theme, we chose to look at sustainability holistically, with content dedicated to each of the four pillars of stakeholder capitalism as defined by the World Economic Forum: people, planet, prosperity, and principles of governance.
As reported in the series' launch article, the series is timely. At COP26 in November, a consortium of about 450 banks, insurance companies, and asset managers from 45 countries called Glasgow Financial Alliance for Net Zero, which launched in April that year, announced that it had committed $130 trillion in assets to transform "the economy for net zero."
Companies may have access to capital, but there is a lot more to an authentic sustainability program than simply borrowing money to put against projects. It's an ongoing and iterative process of identifying what's most important to your stakeholders and material to your business, as well as finding the best way to report on progress toward goals.
The Securities and Exchange Commission has proposed a rule that would mandate climate-risk disclosures for publicly listed companies to provide investors with consistent information about where business is vulnerable and what action is taken to mitigate that risk. The pressure has increased on leaders to assimilate and understand their risks and responsibilities and get started on their own sustainability plans.
Insider has assembled stories and virtual events that answer some of the big questions about how and what to do to get started.
We convened an experienced advisory council to help, which featured sustainability leaders from AB InBev, Bank of America, Carlyle, Cognizant, Deloitte, Dow, Ford Motor Co., Honeywell, Infosys, Just Capital, Impact Investment Exchange, Pfizer, and Walmart.
The following are eight key takeaways that have surfaced through the reporting, events, and conversations that Insider put together throughout the series.
SEC climate-risk-disclosure rules might be coming. The good news is that it could help standardize reporting.
SEC Chair Gary Gensler.
There are a wide variety of opinions about the SEC's proposed rule that would require companies to disclose climate risk in their financial filings.
But there is no doubt that investors are paying closer attention to climate risk in their decision-making, and companies have a confusing assortment of options for sharing that information with them.
SEC Chair Gary Gensler told Insider that requiring climate disclosures could bring about much-needed standardization.
"Investors are already making decisions based on climate-risk disclosures. Hundreds of companies in the US, thousands of companies around the globe, are making disclosures around climate risk," Gensler said. "We can play a role in helping bring some standardization to that, or what we like to call consistency, comparability, and decision usefulness."
A review of the comments received by the SEC on the proposed rule shows that business leaders have framework fatigue from navigating the so-called alphabet soup of guidelines and organizations.
"In our view, there are too many frameworks that companies are asked to align their reporting to," Prat Bhatt, a senior vice president at Cisco and its chief accounting officer, said in a statement. "As such, we believe a global framework would be ideal, but it may not be practicable unless there is widespread support and adoption by all stakeholders of such a global framework."
Insider Q&A: SEC Chair Gary Gensler unpacks proposed climate-change rules
6 takeaways from the massive debate about the SEC's proposed climate rule
Want to explore issuing a green bond? There are plenty of models to help.
Green bonds are what many think of when they consider sustainable finance.
Last month, Insider reported on PepsiCo's environmental, social, and governance initiatives and its 2019 bond issuance. One month after that story appeared, the company announced on July 10 yet another $1.25 billion 10-year green bond.
There's plenty of models for green or sustainability bonds out there. As companies identify their goals and put the governance frameworks in place to measure progress, they have plenty of resources available to them to tap into green bonds and other debt instruments to fund their ambitions.
The companies of several members of our advisory council had recently initiated green bonds when we published our opening feature, including Walmart and Pfizer.
"We first started talking about a green bond back in 2019," said Kathleen McLaughlin, an executive vice president and the chief sustainability officer for Walmart Inc., the president of the Walmart Foundation, and a member of the advisory council. "We wanted to do it as a way to demonstrate not only our own commitment to sustainability in a very tangible way but also providing an opportunity for investors to participate alongside us."
While Honeywell hasn't tapped into green-financing instruments through banks yet, Evan van Hook, its chief sustainability officer, said it's something the company was looking at closely.
"I think it's a great development in the financial world," he said.
Sustainable finance is poised to fund the future of the planet, addressing climate change, equity, and governance
More companies are turning to green bonds to finance their projects. Here's how they work.
PepsiCo's ESG agenda is centered on supporting people, communities, and the entire packaged-goods industry
Canada's first green bond focuses investment on sustainable solutions, infrastructure, and jobs
Diversity, equity, and inclusion are both internal and external priorities.
Companies setting diversity, equity, and inclusion goals are investing in recruitment and retention programs to ensure inclusion, and access to opportunities, at every level of the organization.
Karen Fang, the managing director and global head of sustainable finance at Bank of America, told Insider for an advisory-council roundup that the firm had invested in raising wages, building diverse talent pipelines, and setting up competitive health and wellness programs for all employees.
The investment extends to the communities in which it operates.
"We strive to advance racial equality and economic opportunity in the communities where we live and work." Fang said. "We make long-term investments through community partnerships and grants that support education and job-skill programming through our $1.25 billion five-year commitment to advance racial equality and economic opportunity."
Investors are also increasingly looking for companies to set and meet diversity, equity, and inclusion goals.
"We've seen increased expectations of investment offerings that take into account a number of DEI characteristics," Alistair Jessiman, a managing executive of PNC Institutional Asset Management, said. "Some focus on senior leadership, others on the overall employee base, and some on a broader set of programs, such as diverse-supplier initiatives, or some combinations of those."
Leaders in sustainability share their perspectives on the future of workplace wellness as normality returns
Investors have an opportunity to drive faster progress in diversity, equity, and inclusion
Americans agree — companies should invest in workers, including paying employees a livable wage
Investing in workers drives innovation and opportunity.
Members of the Bosch Internet of Things apprenticeship program in Plymouth, Michigan.
Courtesy of Bosch
The pandemic, remote working, and the so-called Great Resignation have contributed to forging a new kind of relationship between employer and employee.
Ensuring that people have fair wages, equitable opportunities, and chances to thrive is a cornerstone of the United Nations 17 Sustainable Development Goals.
It's also critical that companies manage the accelerated pace of innovation, particularly around sustainability, and bring workers along as the demands of the business evolve. Bosch, a global engineering and tech company, pledged to spend 1 billion euros over the next five years on employee reskilling.
"One thing we learned is the timing is very important," Mario Luecke, the director of human resources for powertrain solutions at Bosch in North America, told Insider. "People need a chance to apply the new skills they develop right away."
Automation sparks fear for some workers. But Ravi Kumar, the president of Infosys and a member of the advisory council, wrote in an article for Insider that companies needed to embrace artificial intelligence and automation for mundane tasks and train workers for the more rewarding and lucrative opportunities that only humans can perform.
"The path with the most prospects for advancement is upskilling workers for higher-level roles as technology takes over simple, repeatable tasks." he wrote. "In addition, there's significant payoff for broadening someone's capabilities to include digital skills that allow the person to participate in the economy that creates and deploys technology."
As companies innovate and adopt green solutions, reskilling employees becomes a top priority
Companies need to embrace an innovative path to create employment opportunities
Nonprofits hold companies accountable — and provide valuable data and guidance.
World Wildlife Fund supporters take part in the Global Day of Action for Climate Justice march through Glasgow, Scotland, during COP26.
David Bebber, WWF-UK
Nonprofits and nongovernmental organizations hold corporations accountable for polluting the environment and discriminatory behavior and are often visible at global summits like the UN General Assembly and COP26.
But nonprofits are also critical partners for driving progress toward sustainability goals. The advisory council told Insider the top organizations they turned to for guidance, with the World Wildlife Fund topping the list.
The World Wildlife Fund is doing more than encouraging companies to do the right thing; it's helping them figure out what the right thing is. During COP26, the World Wildlife Fund rolled out new guidance on nature-based interventions that companies can employ to mitigate climate impact.
"We are at a point where there is a lot of interest, particularly from multinational corporations, in investing in nature," Marcene Mitchell, WWF's senior vice president for climate, told Insider. "It's very important that it's done in a way that has high integrity and has the long-lasting impacts that we want for people, nature, and the climate."
Nonprofits like WWF give companies guidance and guardrails for going green
Sustainability goals are business goals, and reporting is a tool for growth.
A 2019 McKinsey report found that a strong ESG plan helped companies tap into new markets, reduce costs, limit legal and regulatory pressures and liabilities, and engage with employees and customers.
Companies we spoke with for the series said the same.
"We believe that if we help people and the planet flourish, so will our business, so we've always set goals to help track our progress on sustainability," Deb Geyer, the corporate-responsibility officer at Stanley Black & Decker, told Insider.
Investors are playing close attention to ESG reporting because it's relevant to their decision-making, Sophia Mendelsohn, the chief sustainability officer and global head of ESG at Cognizant, said. Mendelsohn is a member of the advisory council and spoke at Insider's virtual event "Funding the Energy Transition to Net-Zero."
Mendelsohn added that regulators were paying close attention to ESG reporting because of what it shows about the company.
"ESG has become a critical part of a company's financial structure, strategy, infrastructure investments," Mendelsohn said. "So it's, therefore, no surprise that it's now at the level of attention of large investors, and therefore the SEC."
Funding the energy transition to net zero
How a nonprofit is holding companies like Stanley Black & Decker accountable to sustainability goals using a ranking system
Social bonds, while not as common as green bonds, are growing in popularity.
Esohe Denise Odaro, International Finance Corp.'s head of investor relations and sustainable finance.
The pandemic brought into focus systemic inequities around access to healthcare, education, and community investment. Social bonds have seen a significant uptick, as companies have sought to use them as a way to address some of the gaps.
According to Refinitiv data supplied to Insider, about $192 billion worth of social bonds were priced globally last year, on top of $165 billion worth in 2020. Before that, social bonds barely registered above $10 billion a year, the data showed.
"The applicability of the social bond has come to shine in dire circumstances. And the pandemic has definitely helped kick that off," Esohe Denise Odaro, International Finance Corp.'s head of investor relations and sustainable finance, told Insider. "It takes real-life situations to educate people as to how to use it."
Nevertheless, some companies are wary of the risks of wading into social policy.
"A lot of businesses are set up as an enterprise, not a social enterprise," Odaro said. "There's this fear of putting a spotlight on your business through issuing a social bond. And if your company's strategy is not going in the right direction, you're opening yourself up to a lot of market scrutiny."
Social bonds are on the rise, but issuers and investors are still learning the merits of this new-age debt instrument
Mastercard extends its 'In Solidarity' program to support digital innovation for small businesses in St. Louis
Creating a culture of sustainability requires real accountability.
Organic cilantro crops.
Chipotle ties its executive-bonus structure to its sustainability goals across a variety of categories, including emissions, DEI, and local and organic food served in its restaurants.
Marissa Andrada, the chain's chief diversity, inclusion, and people officer, told Insider that it's an extension of the company's culture.
"For us, it's this really big commitment to living out our purpose," she said. "It's only natural that we actually put our money where our mouth is and hold ourselves accountable."
That kind of financial goal can make the sustainability targets less remote and more actionable. Eunice Heath, the global corporate director of sustainability at Dow and a member of the advisory council, wrote in an article for Insider that it's important for executives to go out into their communities and see the problems firsthand.
"It's easy to view sustainability and climate change as abstract problems — saving a rainforest from deforestation thousands of miles away or preventing invisible carbon emissions from warming the planet so that polar ice caps don't melt," she wrote. "That's why I encourage any business leader focused on impact to step away from the screen and see sustainability in action."
Chipotle incentivizes executives to support farmers going organic
Want to be a sustainability leader? Get away from the screen and go see it in action.
More: Financing a Sustainable Future People Planet Prosperity
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2022-07-25T21:42:09Z
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8 Key Insights From Insider's 'Financing a Sustainable Future' Series
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https://www.businessinsider.com/8-key-insights-from-insiders-financing-a-sustainable-future-series-2022-7
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https://www.businessinsider.com/8-key-insights-from-insiders-financing-a-sustainable-future-series-2022-7
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The 7 best reverse image search websites you can use
Delmaine Donson/Getty Images
Reverse image search tools can search for other instances of a particular photo online, or find similar photos.
Some of the most popular and effective reverse image search sites include TinEye, Google Images, and Pixy.
Here are seven of the best reverse image search sites you can use to locate images.
If you've ever wanted to know the original source of an image you've found online, or want to see all the other places a particular image appears, you need to use a reverse image search tool. Reverse image search websites and apps are a powerful way to uncover the secret history of photos online.
We've rounded up seven of the best reverse image search tools you can use today. All are free, though some may require you to register for an account or pay for premium services.
You can upload images to TinEye and find all the places online it's also published.
Even if you're somewhat unfamiliar with the world of reverse image search, you probably have heard of TinEye, one of the best-known and oldest tools for this job. You can search by entering the URL of an image, or perhaps somewhat easier, uploading the image. There's also a plugin for most popular browsers that lets you search images on webpages with a click.
There's a convenient reverse image search tool built into the Google Images website.
Google has its own highly effective reverse image search, and it's built into Google Images, a website you might regularly use anyway. To use it, open Google Images in a browser and then click the Camera icon to the right of the search box. You can search by image URL, upload an image or even drag an image onto the search window. The best part is that Google's reverse image search is tightly integrated into the rest of its search features.
Perform a reverse image search directly from the Bing homepage.
Bing's reverse image search is even easier to get to than Google's because the image search icon is available in the search box on the Bing home page — no need to go to the Image Search page. Click the Instagram-like Search using an image icon to use Bing's visual search. You can go to an image URL, drag an image into the window, or even take a photo using your computer or phone's camera. This is especially handy for shopping, because Bing can find similar products based on the image search.
Pixsy can do reverse image searches, but you need to create a free account first.
Pixsy is free, but unlike most other reverse image search services, you need to sign up for an account before you can start using it. The site can be used for general non-professional reverse image searches, but the real focus here is for pros who want to find unauthorized uses of their images leading to takedown requests, and there are premium subscription levels (starting at $19 per month) which can assist with these takedowns. The site is also interesting because it allows you to import images from social media sites for searches in addition to uploading images directly from your computer.
Reverse Image Search can perform searches at Google, Bing, and Yandex with a few clicks.
Reverse Image Search isn't a standalone search engine, but is instead akin to an image search switchboard operator. Upload an image to Reverse Image Search and you'll be able to reverse search three popular sites with a click: Google, Bing, and Yandex (the most popular search engine in Russia). It's a way to cast a wide net, performing a more expansive search for an image very easily.
Getty Images can use a photo to find similar stock images.
Getty is a household name in the marketing, advertising, and editorial universes. The site's stock photography catalog is unparalleled, and you can use a reverse image tool to look for similar images you might want to license for professional use. To use it, just go to the Getty homepage and click Search by image or video to the right of the search bar. Upload a file, and Getty will quickly show similar images and videos that are related to the one you uploaded.
Use the visual search icon to look for similar and related images on Pinterest.
If you're a regular Pinterest user, you might be surprised to learn that there's a sort of reverse image search tool built into the social media site. To use it, click any pinned image and then, in the lower right corner, click the magnifying glass icon. Pinterest will display search results of similar pins. This isn't a traditional reverse image search per se, but it is a fast and easy way to find other pins that are related to the one you searched for.
TECH 3 ways to do a reverse image search on Android using Google Chrome
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More: Websites Reverse image search Reference Optimization Reference Freelancer
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2022-07-25T21:42:15Z
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The 7 Best Reverse Image Search Websites You Can Use
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1. Reward cards, loyalty programs, and rebate apps
2. Grocery coupons
3. Buying in bulk
4. Food assistance programs
5. Meatless meals
6. Get organized and plan ahead
7. Practice meal planning
8. Consider generic or store brands
9. Pay attention to timing
10. Shop for fresh foods that are in season
11. Don't go shopping when you're hungry
12. Keep your kitchen organized
12 ways to cut your grocery bill amid soaring food prices
Having a strategy in place before you go shopping can save you big at the grocery store.
For many families, the sting of inflation is felt disproportionately in their grocery bills.
High prices have a greater impact on lower-income families, who spend a larger portion of their budgets on food.
Groceries are an unavoidable cost, but you can significantly reduce it by shopping strategically.
In times of rising inflation, one area where consumers feel the pinch the most is in their grocery bills. And the price increases disproportionately affect lower-income families who spend a larger portion of their budgets on food. In 2020, lower-income families on average paid $4,099 on food, which accounted for 27% of their income, according to the US Department of Agriculture (USDA).
Groceries are a necessary expense, like your mortgage or rent, utilities, and loan payments. You can't just cut them out of your budget when times are tough. But you can proactively reduce your grocery bill.
"You can save 5% to 10% a year on your grocery purchases if you're smart about it, and that doesn't include the cash back you can earn by paying with a credit card," says Andrew Latham, a CFP® professional and managing editor at the financial services comparison website, SuperMoney.
12 ways to save money on groceries
Groceries are an unavoidable purchase, but by shopping strategically, you can avoid paying full price at the store. Here are 12 ways you can reduce your monthly grocery bill.
A credit card that earns bonus cash back on groceries is a great way to save money and use rewards — if you find the right card and use it at the right stores.
For instance, the best grocery cards can earn up to 6% cash back at the supermarket, and some come with generous welcome bonuses or introductory 0% APR offers. But you'll want to avoid carrying a balance after your intro rate expires — otherwise, the interest charges may eat away at any rewards you earn.
You can also use loyalty programs to save money at your favorite stores. Retailers like Walmart, Target, and Kroger all offer membership programs where you can earn free delivery for groceries, save money on gas, and learn about in-store promotions.
And if you sign up for a rebate app like Ibotta, you can earn cash back on your grocery bill. You download the app, unlock the available rebates, and buy those items at the store. You'll verify your purchase by submitting a photo of your receipt, and your rebate will be deposited into your Ibotta account within 48 hours.
Couponing may sound like an outdated strategy, but it's still a valid way to save money at the store. The average American could save $122 per month by using online and mobile coupons, which adds up to $1,465 annually, according to a study by CouponFollow.com, a web platform that tracks and features coupon codes from online merchants.
And this strategy is easier than ever because instead of clipping coupons from the Sunday paper, you can find them online. Some of the best deals from coupons are on household goods like toilet paper, paper towels, or soap and shampoo. Keep an eye out for these items and stock up when prices are lowest.
You can also use coupons for canned goods and meats you can freeze. Since you can store these longer than fresh foods, you're less likely to see them go to waste.
Coupons can save you quite a bit of money, but be careful.
"Couponing can save you a big chunk of change every month, but it only works if you use them for things you were already planning to buy, and you don't waste hours on it," Latham warns. He says the key is to choose a low-cost grocery store that is close to your home and provides generous coupons for generic brands.
"Walmart, Target, Food Lion, and Publix are good examples of stores that offer coupons on store brands that already have competitive prices," Latham says.
You can save by buying household products in bulk at warehouse stores like Costco and Sam's Club. These memberships come with an upfront cost, but you'll lower your per-unit cost. And buying in bulk can help you make fewer trips to the grocery store.
Latham agrees that buying in bulk is a great way to save money. He says his family started buying items in bulk during the pandemic and, over the last year, they spent less money on groceries than they did two years ago.
But just like couponing, you don't want to overdo it and buy more than you need. A giant bag of fresh produce isn't saving you any money if it goes bad before you can go through it. And unused pantry items take up space and represent money you spent but aren't getting any benefit from.
If you're hurting financially, you may qualify for a food assistance program like the Supplemental Nutrition Assistance Program. SNAP is a federal program that provides nutrition assistance to low-income families.
To apply, you'll contact your state agency by visiting your local SNAP office. Your state agency will determine whether or not your household is eligible to receive benefits.
If you don't qualify for SNAP benefits, you may be eligible to receive free food through a food bank. You can search for one near you at FeedingAmerica.org.
Food costs are increasing across the board, but meats like beef and pork have seen some of the most significant price hikes. The price of beef was up 20% in June 2022 from a year earlier, and pork was up 14%.
To cut down on your grocery budget, try to plan a few meat-free meals per week. Instead of fixing chicken or beef, make a big salad a few nights per week, or dishes with rice and beans or tuna fish. These lower-cost alternatives to traditional meats offer healthy protein without breaking the bank.
Dinnertime also doesn't need to be a big production. You can keep it simple by fixing breakfast foods like scrambled eggs for dinner. Breakfast foods are quick, easy, and will keep most kids happy.
One of the best ways to avoid overspending is to go to the grocery store with a plan. Go to the store with a list, and don't buy anything that isn't on it. Impulse purchases may seem harmless, but they will slowly eat away at your wallet.
Keep your pantry and refrigerator organized, so you know what you have on hand and what you need. Keep track of how quickly your family goes through various grocery items.
And try to reduce the number of trips you make to the store. You can cut down on waste by eating the food you have on hand before it goes bad or expires.
Do you ever find yourself halfway through the week with no idea what to fix for dinner? Meal planning is an excellent way around this — you can create a weekly meal plan using low-cost recipes.
The USDA has hundreds of seasonal recipes listed on its website. You can also visit Nutrition.gov for additional recipe ideas.
Latham recommends combining meal planning with buying in bulk for the best results. "Meal planning and buying in bulk can save a lot of money over a year if you keep things simple and avoid waste," he explains.
"I suggest choosing six or seven recipes you love and cycling through them weekly. Then shop in bulk for those recipes. It might take a couple of weeks, but over time, you'll get a good feel for how much you need to cook those meals, allowing you to buy in bulk without wasting food and money."
If you have favorite brands, you can sign up to receive coupons directly from the manufacturer. But don't rule our generic or store-bought brands. They're often just as good as name brands, without the higher price tag.
Supermarkets regularly run promotions on certain items. Many of these sales are cyclical. Start paying attention to when items go on sale at your local store. This will give you a better sense of when to expect prices to drop.
For instance, you may be able to save more by shopping mid-week instead of on the weekends. New inventory comes in mid-week, which prompts additional sales. You can also compare prices between different grocery stores to optimize your savings.
In-season fresh fruits and vegetables will always cost less and taste better. Start looking for seasonal recipes to take advantage of produce that's in season. You can visit the farmer's market for additional incentives during the summer.
If you have the time and motivation, you might also consider growing your own fruits and vegetables. A home garden will allow you to grow herbs, tomatoes, and vegetables all summer.
Have you ever noticed that you end up spending more when you go to the grocery store on an empty stomach? You're likely to buy less nutritious food, and you might end up overspending on your grocery budget. Even eating a small snack before you go grocery shopping can make this easier.
Finally, you can save money on groceries by keeping your kitchen and pantry organized. Put perishable foods away immediately and label any items you end up freezing. Prioritize fixing older food first so that you're using it before it goes to waste.
When you keep your kitchen organized, you'll know what food you have on hand and won't buy unnecessary items at the store. This will not only help your budget, but it can cut down on food waste.
The USDA estimates that we waste roughly 30% to 40% of the food supply. This translates to approximately 133 billion pounds of food that could have gone to help families in need.
You can cut down on your monthly grocery bill with the right strategy. Small changes, like making fewer trips to the store and eliminating impulse buys, can lead to big changes in your grocery budget.
Start by taking an inventory of the food you already have on hand and think about how quickly your family goes through certain items. This awareness will help you shop smarter and regularly find the best deals.
PERSONAL FINANCE Amex Blue Cash Everyday card review: It's hard to beat for bonus cash back without an annual fee
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2022-07-25T21:42:55Z
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12 Shopping Tips to Cut Grocery Costs and Fight Inflation
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The US Air Force's new B-21 stealth bomber is to be revealed later this year, senator says
Thomas Novelly,
An artist's rendering of the B-21 bomber at Ellsworth Air Force Base.
Northrop Grumman/US Air Force
Sen. Mike Rounds says the public "can expect" the new B-21 to be revealed later this year.
The South Dakota senator recently visited the B-21 production facility and said it's on track for a first flight in 2023.
Sen. Mike Rounds, R-South Dakota, said the B-21 Raider stealth bomber will finally be revealed to the public later this year, unveiling an aircraft that has been shrouded in secrecy since the program began in 2014.
Read Next: Air Force Testing Autonomous Control on Transport Planes amid Pilot Shortage
Last year, the US Air Force released a rendering of the B-21, showing the long-range stealth bomber taking off from Edwards Air Force Base, California, where it will someday be tested before taking on worldwide operations.
An artist's rendering of the B-21 Raider stealth bomber, released July 2021.
Sen. John Thune, R-South Dakota, spoke on the floor of the Senate on Wednesday, saying he's aware that six B-21s are being developed and stressing the need for Congress to pass the annual defense spending bill because it also includes construction projects for Ellsworth to support the aircraft's mission.
— Thomas Novelly can be reached at thomas.novelly@military.com. Follow him on Twitter @TomNovelly.
Related: Air Force Releases a New Peek at the Stealthy B-21 Raider
Read the original article on Military.com. Copyright 2022. Follow Military.com on Twitter.
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2022-07-25T22:26:06Z
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Rounds: New B-21 Stealth Bomber to Be Revealed Later This Year
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Rep. Glenn Thompson, R-Pa., leaves a meeting of the House Republican Conference at the Capitol Hill Club on Wednesday, December 1, 2021
A GOP lawmaker attended his son's same-sex wedding three days after voting against same-sex marriage.
Rep. Glenn Thompson was one of 157 Republicans to vote against federal protections for the act.
A spokesperson for the lawmaker told Insider that Thompson was "thrilled" to attend his son's wedding.
Republican Rep. Glenn Thompson on Tuesday joined 156 of his GOP colleagues in voting against the Respect for Marriage Act, which if passed in the Senate and signed by President Joe Biden would codify same-sex marriage into law.
Then, three days later, the Pennsylvania lawmaker attended his gay son's same-sex marriage.
The congressman's son confirmed to NBC News this week that his father was in attendance as he "married the love of [his] life" on Friday. Insider is not publishing the name of the groom, who is not a public figure.
A spokesperson for Thompson told Insider that the Thompsons are "very happy" to welcome their new son-in-law into their family.
"Congressman and Mrs. Thompson were thrilled to attend and celebrate their son's marriage on Friday night as he began this new chapter in his life," press secretary Madison Stone said.
But just days before Thompson "celebrated" his son's marriage, his press secretary told the local Centre Daily Times that the Respect for Marriage Act was "nothing more that an election-year messaging stunt for Democrats in Congress who have failed to address historic inflation and out of control prices at gas pumps and grocery stores."
Gawker was first to report on Thompson's son's wedding in a Thursday article published before the actual nuptials.
The House of Representatives last week voted to pass the Respect for Marriage Act in a bipartisan vote that saw 47 Republicans join all 220 Democrats in favor of the legislation.
The bill now heads to the evenly-split Senate, where at least 10 Republicans need to join all 50 Democrats in order for the legislation to pass. Five GOP senators have already signaled a willingness to support the legislation.
If the bill passes the Senate and is signed into law, it would formally repeal the 1996 Defense of Marriage Act that defined marriage as between a man and a women. The courts later struck that definition down, but the original law remained on the books. The Respect for Marriage Act would prohibit any state actor from "failing to give full effect to an out of state marriage" on the basis of sex, race, gender, or national origin.
More: Rep. Glenn Thompson Respect for Marriage Act Gay Marriage
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2022-07-26T02:20:01Z
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GOP Lawmaker Attends Gay Son's Wedding After Voting No on Same-Sex Marriage
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https://www.businessinsider.com/gop-lawmaker-gay-sons-wedding-voting-no-same-sex-marriage-2022-7
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https://www.businessinsider.com/gop-lawmaker-gay-sons-wedding-voting-no-same-sex-marriage-2022-7
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Left: Arizona state Sen. Wendy Rogers, R-Flagstaff, speaks at a Save America Rally prior to former president Donald Trump speaking Saturday, Jan. 15, 2022, in Florence, Arizona. Right: Pennsylvania Republican gubernatorial candidate Doug Mastriano speaks during a campaign rally at The Fuge on May 14, 2022 in Warminster, Pennsylvania.
Left: (AP Photo/Ross D. Franklin, File) Right: (Photo by Michael M. Santiago/Getty Images)
Pennsylvania state Sen. Doug Mastriano has endorsed Arizona Republican Wendy Rogers in her reelection bid.
Rogers is a far-right conspiracy theorist who recently spoke at a white nationalist conference.
Mastriano, who is running for governor, has been criticized by Jewish leaders for his own embrace of antisemites.
Doug Mastriano, the Pennsylvania Republican facing criticism for refusing to cut ties with a social media platform popular with Christian nationalists, has endorsed the reelection bid of an Arizona Republican who has welcomed the support of white nationalists and is herself a member of the far-right Oath Keepers militia.
In a video posted on her Telegram, Wendy Rogers, a state senator who was censured by her party after appearing at a white nationalist conference earlier this year, touted the endorsement from Mastriano, who is himself running for governor.
"Thank you, Colonel, for your endorsement!" Rogers wrote. "We are rooting for you in Pennsylvania, too!"
Mastriano, in the video posted Monday evening, described the state senator as a "good friend."
"We need more champions for freedom like her in office," he said. "She's tough and courageous. She's a brave leader."
Rogers, who was also endorsed by former President Donald Trump, is fighting to keep the seat she first won in 2020. On August 2, GOP primary voters will pick between her and state Sen. Kelly Townsend, an ultra-conservative lawmaker who says she launched her primary challenge due to Rogers' open embrace of white nationalists.
In February, Rogers spoke at a conference organized by far-right streamer Nick Fuentes, who the Southern Poverty Law Center describes as a "white nationalist live streamer" and "outspoken admirer of fascists." The Anti-Defamation League likewise describes him as a "white supremacist leader."
Fuentes, among other things, has claimed the Republican Party "is run by Jews, atheists, and homosexuals."
Speaking to Insider's Bryan Metzger, Townsend said she watched a compilation of Fuentes' views after Rogers' participation in the conference was publicized and was "horrified" by what she saw. Previously, Metzger wrote describing Fuentes as "a 23-year-old far-right political commentator who the FBI has identified as a white supremacist and with an online following known as 'Groypers.'"
Rogers, far from distancing herself, has embraced so-called "groypers" — deeming her white nationalist audience "patriots" while describing Fuentes as "the most persecuted man in America" — and doubled down on controversy.
After Russia's invasion of Ukraine, for example, she attacked President Volodymyr Zelenskyy, who is Jewish, as a "globalist puppet for Soros," along with further antisemitic tropes: "I stand with the Christians worldwide not the global bankers who are shoving godlessness and degeneracy in our face."
"I will not apologize for being white," she added the next day.
Rogers later suggested that a white man's mass killing of Black shoppers at a supermarket in Buffalo, New York, was a "false flag" attack staged by the federal government.
In its censure, the Arizona state Senate, which is led by Republicans, said Rogers had engaged in conduct "unbecoming of a senator, including publicly issuing and promoting social media and video messages encouraging violence."
Rogers' membership in the Oath Keepers has also come under increased scrutiny since the paramilitary group's leadership was charged with a seditious conspiracy over their role in the January 6 insurrection.
Mastriano critic
Mastriano, who won a plurality in the GOP primary to become his party's Trump-backed candidate for governor, has himself been criticized for cozying up to far-right extremists and antisemites. His opponent, Pennsylvania Attorney General Josh Shapiro, is Jewish.
In a statement, the Shapiro campaign attacked Mastriano for "plunging his campaign deeper into toxic extremism and conspiracy theories."
"It's appalling to see Mastriano team up with an out-of-state politician who spends her time with white nationalists and peddles horrific antisemitism, but it's unsurprising – they're two peas in a pod," Manuel Bonder, a spokesperson for the Shapiro campaign, told Insider.
Earlier this year, HuffPost reported, Mastriano paid $5,000 in a "consulting" fee to Gab, a social network popular with extremists that was used by the man who murdered 11 Jews at the Tree of Life synagogue in Pittsburgh. Mastriano also sat down for an interview with the site's founder, Andrew Torba, a self-described Christian nationalist who has frequently posted antisemitic tirades.
"Jewish voters expect candidates to condemn antisemitism, whether it comes from the far left or the far right — and to shun those who espouse it," Matt Brooks, executive director of the Republican Jewish Coalition, said in a statement reported by The Philadelphia Inquirer. "We strongly urge Doug Mastriano to end his association with Gab, a social network rightly seen by Jewish Americans as a cesspool of bigotry and antisemitism."
Mastriano did not respond to a request for comment.
More: doug mastriano Wendy Rogers Donald Trump Nick Fuentes
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2022-07-26T03:54:18Z
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Doug Mastriano Endorses Wendy Rogers in Arizona State Senate Race
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https://www.businessinsider.com/doug-mastriano-endorses-wendy-rogers-in-arizona-state-senate-race-2022-7
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https://www.businessinsider.com/doug-mastriano-endorses-wendy-rogers-in-arizona-state-senate-race-2022-7
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Facebook employees fear job cuts as high as 10% as Meta cracks down on low performers in what one staffer says feels like a 'witch hunt'
Meta CEO Mark Zuckerberg in 2019.
Meta employees expect significant job cuts amid new performance requirements and a tougher market.
Several executives have recently sent memos and made comments suggesting cuts are on the way.
The company could reduce head count by as much as 10% this year, one person said.
Meta employees are bracing for sweeping job cuts after recent comments from executives suggested the company planned to significantly heighten performance expectations and "transition out" anyone who fell short.
Meta's human-resources chief, Lori Goler, sent a memo earlier this month suggesting cuts to employees who couldn't meet expectations as the company began to operate with "increased intensity," Insider has learned. Goler added that transitioning low performers out of Meta was the "right thing to do."
Cuts to head count could be as high as 10% this year, a person with knowledge of director-level conversations said.
"It hasn't started yet," one employee told Insider about cuts, "but it's coming."
Another employee described the feeling of a "witch hunt" at work in which engineering managers appear to be looking for people to cut as they suddenly and frequently mention performance expectations in team messages.
A different employee said Meta recently gave them an "offer to leave" the company, essentially a negotiated severance package. This person took the deal, instead of waiting to be cut later this year.
The people who spoke with Insider asked not to be identified because they were not authorized to speak publicly about the company. Their identities are known to Insider.
"We don't have any plans for layoffs at this time," a Meta spokesperson said.
"Any company that wants to have a lasting impact must practice disciplined prioritization and work with a high level of intensity to reach goals," the spokesperson added. "The reports about these efforts are consistent with this focus and what we've already shared publicly about our operating style."
Goler's memo directed managers to build high-performing teams, ruthlessly prioritize, and make the most of synchronous and asynchronous time with teams, according to an employee who viewed the memo.
Employees and investors will get more clues on the health of Facebook's business when it reports its second-quarter financial performance on Wednesday. Tech stocks have seen a widespread downturn amid inflation and fears of a recession. Facebook's stock has dropped 40% in just six months as it faces advertising challenges kicked off by Apple's privacy changes and deepened by Russia's invasion of Ukraine. Its metaverse segment lost $10 billion in a year.
Facebook, which last year changed its name to Meta Platforms, aggressively hired over the past two years. It hit more than 78,000 employees in March, an increase of about 30% from the year before. The company wanted to keep up with consumer demand amid the pandemic and remake itself as the company building "the metaverse," an immersive digital world that Mark Zuckerberg sees as the future (however distant) of the internet and his company.
In 2020, Facebook started an "adjusted expectations" program, allowing for more flexible metrics and performance targets. Employees could even choose to set their own goals below pre-pandemic expectations. But as the boom of the pandemic wanes, the company is moving away from this flexibility.
Meta employees previously said they expected layoffs in early May after the company put in place a partial hiring freeze and a companywide hiring slowdown, Insider first reported.
The company's chief financial officer, David Wehner, wrote in a memo about the freeze that the company would be "reprioritizing work" and "reviewing headcount allocation." This was soon after Zuckerberg mentioned publicly his feeling that fewer workers at Facebook would make it "a better company."
Late last month, Zuckerberg said during a weekly Q&A that the company would set "more aggressive goals" in an effort to weed out employees who couldn't meet them. About the same time, Chris Cox, Facebook's chief product officer, sent a memo saying the company would use "leaner, meaner, better executing teams."
Two weeks ago, Facebook's head of engineering, Maher Saba, directed all managers in an internal message to compile names of people on their teams seen as low or even "neutral" performers to be submitted to the company for review and then be put on a performance plan. Saba added that the process would "move to exit people who are unable to get on track."
"If a direct report is coasting or a low performer, they are not who we need; they are failing this company," Saba said. "As a manager, you cannot allow someone to be net neutral or negative for Meta."
At Meta's next earnings, Brian Nowak, a top analyst at Morgan Stanley, said he expected further revision of Facebook's revenue, estimating that the company would hit about $120 billion in revenue this year, down from a previous estimate of $125 billion. But he expects the company's TikTok rival, Reels, to start gaining traction, with revenue doubling next year to $2.6 billion, he added.
The best hope so far is that the second quarter "is the bottom" of Facebook's recent lack of user and revenue growth, Mark Shmulik, an analyst at Bernstein, said in a note.
"Expectations for Meta have tempered," he added.
Are you a Facebook employee or have insight to share? Contact Kali Hays at khays@insider.com or through the secure-messaging app Signal at 949-280-0267. Reach out using a nonwork device. Twitter DM at @hayskali. Contact Ashley Stewart via email (astewart@insider.com), or send a secure message via Signal 1-425-344-8242.
More: Facebook Meta Mark Zuckerberg Layoffs
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2022-07-26T09:16:07Z
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Facebook Employees Are Bracing for Job Cuts As High As 10%
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https://www.businessinsider.com/facebook-employees-job-cuts-meta-2022-7
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https://www.businessinsider.com/facebook-employees-job-cuts-meta-2022-7
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Ann Gehan and Carter Johnson
Eric Glyman, a founder of Ramp; Jennifer Glaspie-Lundstrom, a founder of Tandym; and Stefanie Sample, a founder of Fundid.
Ramp, Tandym, Fundid
Census data indicates a record number of new businesses were founded in 2021.
Tech companies that cater to small and medium-sized businesses, or SMBs, have also proliferated.
Here are 12 startups that help SMBs with lending, expense management, corporate cards, and more.
Starting a small business is hard — something millions of Americans have learned during the pandemic and a growing debate over the nature of work.
The number of new business applications reached a record of more than 5.3 million in 2021, an increase from about 4 million in 2020, according to the US Census Bureau.
But launching a small or medium-sized business, or SMB, comes with a wide array of challenges, such as raising the investment and capital needed to begin building and selling products, and managing expenses, vendors, and accounts as the company grows. Fortunately, there is a rising number of financial-technology companies touting services and products specifically designed to help.
These startups — often founded by entrepreneurs who know firsthand the ups and downs of launching a company — work with a wide spectrum of SMB clients, including seed-stage tech players, small government contractors, freelancers, and solopreneurs. Their goal is to offer more efficient ways of managing the critical but often overlooked aspects of running a business for the about 8 million SMBs in the US.
Even as large SMB-fintech players exit the market — for example, the business-card startup Brex said in June that it planned to close its SMB segment to focus on larger companies and tech startups — opportunities for others remain.
Stephanie Choo, a managing partner at the venture-capital firm Portage Ventures, told Insider that gaps exist where fintechs can reach smaller customers. "It's really hard to think about SMBs as one giant segment, because a hairdresser is going to have very different needs than a restaurant, which is going to have different needs than a startup," Choo said.
Here are 12 fintechs every small-business owner should know:
Matt Tait, the CEO and cofounder of Decimal.
For a small business hoping to use a range of accounting and business-management software, Decimal's back-end accounting tools promise a solution.
Decimal's core product is a tech layer to automate accounting processes and integrate with vendors used by many SMBs, such as Intuit, Expensify, Bill.com, Gusto, and Shopify.
Matt Tait, Decimal's cofounder and CEO, told Insider after the startup raised a $9 million seed round this June that once the small business takes off and has more expenses and customers, its margin of error increases and necessitates a closer eye on accounting.
Tait said Decimal's customers largely consist of professional-services companies (such as marketing firms), earlier-stage tech startups, and e-commerce players. After its fundraising, Decimal, which was founded in 2020, is looking to expand and spend more cash than it has over the past two years, during which it was bootstrapped.
Found wants to help businesses of one manage their banking and finances.
Korrawin Khanta / EyeEm/Getty
Found is a fintech offering banking, expense-management, and tax services to "solopreneurs," or individuals who run a business and are the sole employee.
This venture isn't the first time Found's leaders have focused on small-business owners' pain points — Lauren Myrick and Connor Dunn met working on Square's payroll product, leaving in 2019 to start Found.
Mark Fiorentino, an Index Ventures partner who oversees the firm's fintech practice, says the tax and accounting services Found offers are an effective hook for its all-in-one solution, which also includes banking services.
"One of the biggest problems some of these solo business owners have is that filing taxes can be quite difficult and then dealing with your month-to-month accounting as well at the end of every month," he said. "So if you can find a good, digital way to solve those two pain points for them, they might as well bank with you versus trying to use Chase business banking for a one-person company, which is not a great experience."
Found's app tracks purchases made with its business debit card, categorizing and automatically preparing tax reports that users can submit through the platform. It also offers services like invoicing, receipts, and banking.
Another venture investor, Kyle Harrison, a general partner at Contrary, described Found's all-in-one product as a boost for small businesses. "Any business forces you to go to an endless number of old-school tools to manage your banking efforts," Harrison said. "Found rolls all of that into one solution for banking, bookkeeping, and taxes."
Found's $60 million Series B, led by Founders Fund, was announced in February.
Fundid
Stefanie Sample, the founder and CEO of Fundid.
Stefanie Sample has been an entrepreneur for more than 15 years. To start her first business, she maxed out her personal credit card to pay for booth space at an expo, where her products were a hit. But she knew there must be a better way for the smallest businesses to get off the ground.
Sample is now the founder and CEO of Fundid, a fintech based in Missoula, Montana, that offers credit and lending products to businesses with fewer than 10 employees, a niche that Sample says isn't effectively addressed by other corporate-card startups.
This May, Fundid announced a $3.25 million seed round led by Nevcaut Ventures. Additional investors include the Artemis Fund and Builders and Backers.
Fundid offers a grant marketplace for business owners to find and apply for grants; a lending product, launched in April, that offers what Sample calls microloans; and a business credit card, set to launch later this summer, that would be based on business performance, would be unsecured, and would not require a personal guarantee or credit score.
Fundid says the grant marketplace has been an effective customer-acquisition tool, adding 7,000 businesses to its credit-card wait list with no additional marketing. Fundid says it also uses data from the marketplace's customer-intake surveys to inform its road map and future products.
Sample said that from the surveys she learned that small-business owners weren't necessarily looking for large lines of credit in a lending product — what they really needed was a product that could help them smooth out their cash flow as they grew their businesses. Fundid's lending product is available to businesses with annual revenue of as low as $50,000.
Howard Katzenberg, the founder and CEO of Glean.
The idea for Glean came from Howard Katzenberg's experience managing the finances of several startups, including the mortgage-lending giant Better.com, which he left in 2019, and the small-business lender OnDeck.
Glean provides automated vendor-payment tools and tech-driven insights into expenses. Choo, of Portage Ventures, an investor in Glean, said the additional layer of knowledge helps a business owner "manage your cost levers and actually dig into exactly what you're spending on."
She added that Glean's technology could be particularly valuable for startups that are quickly ramping up and seeing high growth but where "it's hard to have any level of expense intelligence."
Glean raised a $10.8 million seed round in March after launching with its first customers last year.
"As a CFO of high-growth companies, I spent a lot of time focused on revenue, and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider at the time.
"But when it came to spend, we didn't even have a management dashboard," he said. "I had to wait two to three weeks after the month-end, when the accounting closed, to get my first read on how we performed."
Lilac Bar David, the CEO and founder of Lili.
For freelancers, dealing with the challenges of managing invoices, projects, and taxes can feel like having a second job.
Lilac Bar David launched Lili in 2019, choosing to focus on entrepreneurs who've started their own businesses and are working independently.
Lili offers products like a checking account that can be segmented into savings buckets; expense-tracking tools; and a tax service through which customers can categorize expenses. A $5 monthly subscription product, Lili Pro, offers additional products like cash-back debit cards and savings accounts.
Jonathan Keidan, the founder and managing partner of Torch Capital — an investor in Lili, which last raised a $55 million Series B in May 2021 — told Insider that Lili fulfilled one of the venture fund's key fintech theses: Customers are increasingly verticalized and segmented, looking for tailored and all-in-one tools that match their small business' specific needs.
"The ideal value creator for each of these audiences bundles them all together, makes it super intuitive and seamless and simple and easy, and enables them to maximize their time doing what they want to be doing and not being on the business side," Keidan said.
"What got us excited about Lili Bank is that's exactly how they were thinking about it," Keidan continued, describing Lili as a "one-stop shop" for freelancers.
Samuel F. Poirier, a cofounder and CEO of Mercantile.
While the fintech world may seem crowded with corporate-card and expense-management startups, Mercantile is differentiating itself by building specialized, industry-specific credit cards for small businesses.
"It's difficult to treat SMBs as a monolith — a nail salon is very different from a doctor's office, and a doctor's office is very different from an auto-body shop," Fiorentino, the Index Ventures partner, said.
Mercantile is partnering with trade and professional associations to offer white-label expense-management cards to small businesses, informed by the data and insights that these associations collect. For now, Mercantile is focusing on specialty medicine providers as its main customer base.
In addition to typical credit-card perks, Mercantile's cards offer customized discounts from vendors.
Fiorentino said that by partnering with trade associations, Mercantile's customer-acquisition costs are low — an important consideration when working with clients that may not provide large margins.
"That's kind of an interesting approach to a market that is notably large — we're talking hundreds of billions of dollars of total payments volume going through it, but difficult to obtain and serve if you don't do it right," Fiorentino said.
Mercantile's backers include General Catalyst, Commerce Ventures, and First Round Capital.
OppZo
Warren Reed and Randy Garrett, OppZo's cofounders.
Warren Reed and Randy Garrett launched OppZo to focus on one SMB customer segment: small government contractors.
While most federal-government funding goes to larger companies, smaller businesses command a significant portion: In 2020, they nabbed roughly a quarter of the billions awarded in federal contracts, according to the Small Business Administration.
Founded in 2020, OppZo coordinates with financing partners to extend working-capital loans to SMBs that have been awarded contracts but need quick cash to ramp up their businesses. Interest rates on OppZo's loans, which range from $100,000 to $1 million, have a floor of 8% and a term of up to 18 months.
Reed and Garrett told Insider when the startup announced a $260 million financing round (including $5 million in equity investments) this July that a quicker underwriting timeline is key to OppZo's lending process.
"We take that entire six- to eight-week process and we condense it down to a matter of a week or two," Reed said. "The goal is to continue to compress that overall time frame down to one or two days."
Parafin
Parafin helps platforms like Mindbody and DoorDash provide cash advances to retailers selling on these platforms.
In addition to offering tools for small businesses to grow their operations and reach more customers, B2B software platforms like Shopify and Stripe now provide a key resource: funding.
Parafin is one such partner to help platforms accomplish this. The fintech partners with marketplaces and apps to provide cash advances to the retailers that do business on these platforms to help improve their cash flow.
Parafin loans are based on a business' sales and can provide $500 to $10 million in capital. Informed by its founders' experiences building fintech infrastructure at Robinhood, Parafin's "capital as a service" offering handles underwriting, support, servicing, and origination operations for its clients.
Shopify was an early mover, launching Shopify Capital in 2016, but other platforms serving small businesses have recently followed suit. Toast, Mindbody, and DoorDash have launched funding arms for their clients, with the latter two companies using Parafin to power their offerings.
The company says it works with marketplaces and providers that are used by more than half a million businesses and have over $60 billion in sales. Its backers include Ribbit Capital and Thrive Capital, which led its $34 million Series A in September, and angel investors like Zach Perret, the CEO of Plaid; Stanley Tang, DoorDash's cofounder and chief product officer; and Vlad Tenev, the CEO of Robinhood.
Jeff Arnold, Waseem Daher, and Jessica McKellar are the cofounders of Pilot.
Waseem Daher, Jeff Arnold, and Jessica McKellar are pros at working together. They've sold two companies they developed: Ksplice sold to Oracle in 2011, and Dropbox purchased Zulip, a workplace-messaging alternative to Slack, in 2014.
Investors think the trio's third venture, Pilot, seems to be similarly positioned for success.
Pilot uses a combination of software and accountants to provide what it calls "CFO services" to businesses without their own finance operations, offering bookkeeping, budgeting, tax preparation, and more.
Following its initial success working with high-growth startups, Pilot is pursuing more varied types of customers, including direct-to-consumer and e-commerce companies as well as mom-and-pop businesses. "It's an exciting Act 2 for them," said Fiorentino, whose firm, Index Ventures, invested in Pilot's Series B and Series C.
Other Pilot investors include Jeff Bezos' venture-capital firm, Bezos Expeditions; Whale Rock Capital; and Sequoia. According to Crunchbase data, Pilot has raised over $161 million in funding since its founding.
Karim Atiyeh, Eric Glyman, and Gene Lee cofounded Ramp.
Since launching in 2019 with a focus on corporate-card services, Ramp, based in New York, has built out a suite of business-management tools like bill pay and automated accounting software.
This March, Ramp announced an integration with Amazon Business through which customers could match receipts as they do through Gmail and Lyft. And in February, the startup announced the launch of Ramp for Travel, allowing customers to automatically book expenses and receipts for business-related trips.
Ramp's product set has gained traction across a swath of businesses. This July, Eric Glyman, its CEO and cofounder, wrote in a blog post that the startup counted more than 7,000 customers and that new customer sign-ups in June were double the total from six months prior.
This March, Ramp raised $750 million in financing from venture backers and major banks like Goldman Sachs and Citi.
"I've never seen a company have faster product velocity and just an ability to execute than Ramp has," Logan Bartlett, a managing director at Redpoint, told Insider at the time.
Alek Koenig, the CEO and founder of Settle.
Cash flow and working capital are the lifeblood of any small business.
Founded in 2019, Settle offers working-capital tools that startups — particularly e-commerce firms — can use to track invoices and pay vendors over time, providing more financing flexibility than is typically offered to SMBs.
"Managing finances for a fast-growing e-commerce company is hard," Harrison, of Contrary, told Insider. "Settle provides customers with all-in-one cash-flow-management tools, including bill pay, accounts payable, and financing options to help manage working capital."
Led by Alek Koenig, a former exec at Affirm, Settle has made a splash among B2B fintechs. This June, it announced it had secured a $280 million revolving credit facility from Citi and the investment firm Atalaya Capital Management.
Settle's debt raise came on the heels of the startup's $60 million Series B fundraising round last November whose participants included Ribbit Capital and Kleiner Perkins.
Tandym
Jennifer Glaspie-Lundstrom, a cofounder and CEO of Tandym.
During Jennifer Glaspie-Lundstrom's seven-year career at Capital One, she worked in the card giant's co-brand partnerships division and its tech organization.
Now she's leveraging both experiences to take on legacy private-label credit firms as the cofounder and CEO of Tandym, which offers cheaper private-label digital credit-card services to smaller merchants.
Private-label cards cut out intermediaries like issuing banks and networks by working directly with merchants, which can pass on the savings from using a closed-loop credit system to customers in the form of rewards. But private-label providers like Bread Financial and Synchrony Bank are typically expensive. Tandym targets smaller businesses with less than $1 billion in annual revenue.
Tandym says merchants can offer customers at least 5% back in rewards and pay only a 0.5% processing fee to Tandym, compared with a fee of 1.5% to 3% per transaction typical of major credit-card providers.
In June, Tandym announced the launch of its platform and a $60 million seed round backed by investors like Gradient Ventures and Obvious Ventures.
Glaspie-Lundstrom hopes Tandym's product will benefit both customers and retailers. "When you operate in the traditional value chain, there's only so many degrees of freedom," she said. "For us creating a new network, we're essentially rewriting the rules, and it allows us to reduce costs and give so much money back to merchants."
More: Features Small Businesses Fintech
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2022-07-26T11:23:08Z
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12 Must-Know Fintechs for Starting a Small Business
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https://www.businessinsider.com/12-must-know-fintechs-for-starting-a-small-business-2022-7
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https://www.businessinsider.com/12-must-know-fintechs-for-starting-a-small-business-2022-7
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4 startups that investors and the auto industry are betting on to help the electric-vehicle-battery industry navigate a massive supply shortage
A battery is installed in an electric Hummer at General Motors' Factory Zero electric-vehicle assembly plant in Detroit. As automakers need more EVs, there's a strain on the battery-making business.
Automakers need millions of batteries to make good on their ambitious electric-vehicle plans.
But there are problems in the battery-making process that need to be solved.
Here are four startups racing to help the battery industry meet the demands of electrification.
One of the most pressing issues for the auto industry's ambitious electrification goals is whether battery companies can actually make the batteries needed.
A new crop of startups is poised to tap into this challenge, and that might help car companies meet their targets sooner.
Most automakers have committed to introducing more electric-powered vehicles in the next two decades. But battery companies, crucial to making that happen, may struggle to meet soaring demand.
The capacity of the battery-making business does not align with what automakers are projecting.
Battery makers see the demand and want to meet it, said Maria Chavez, a research analyst at Guidehouse Insights. "But obviously there's a difference between wanting to make that a reality and actually being able to do so."
Making EV batteries is complex, and battery makers don't have enough capacity to meet the needs of desperate automakers while also keeping quality high.
More battery-management-system startups, or those focused on the battery's health once it's in a vehicle, have emerged in recent years to address quality concerns. But startups applying this tech to manufacturing are newer on the scene.
These startups are focused on helping manufactures improve how batteries are made, eliminate defects and issues, and quickly ramp up factories to full capacity. They're using technology to analyze different battery materials and chemistries, cut waste, and make sure battery makers can churn the most cells out as possible.
"The industry's evolving incredibly fast and innovating at just breakneck speed sometimes, and quality control has to keep up," said Steve Christensen, the executive director of the Responsible Battery Coalition. "They're making those improvements, but it's a very new industry at this level of making these types of things that's this fast for this volume."
These four startups are helping the battery-manufacturing industry ramp up production capacity at a time when it's desperately needed.
Andrew Hsieh, the CEO of Liminal.
HQ: Emeryville, California
CEO: Andrew Hsieh
Total raised: $12.5 million, according to PitchBook
The six-year-old startup wants to help automakers get a glimpse inside their battery-manufacturing process to avoid costly problems like the $800 million recall of the Chevrolet Bolt.
Using a combination of hardware and software, Liminal's ultrasound technology looks for flaws while batteries are being made and can flag defects to the manufacturer.
Liminal says it also provides insights gleaned from machine learning about how to make improvements, increasing both how many batteries manufacturers can make and how fast they can be made.
Liminal raised $8 million from Good Growth Capital earlier this year.
Titan Advanced Energy
Sean O'Day, the founder of Titan.
HQ: Salem, Massachusetts
CEO: Shawn Murphy
Total raised: $44.5 million, according to Crunchbase
Titan's ultrasound technology can be applied to battery-management systems to check on battery health in cars on the road. It can be included in second-life energy storage and battery recycling to assess the state of batteries after their first life cycle.
It can also be used in manufacturing to assess batteries before they end up in a vehicle. Titan believes that by monitoring a battery's life, especially during the manufacturing process, it can cut the time needed to produce an EV battery and bolster the capacity needed to fulfill automaker orders.
"It addresses reducing waste and improving the efficiencies of manufacturing processes that can ultimately reduce the cost of production," Sean O'Day, Titan's founder and president, told Insider.
The six-year-old company raised $33 million in a Series B led by HG Ventures last November.
Chris Van Dyke, the CEO of Overview.
HQ: San Francisco, California
CEO: Chris Van Dyke
Overview, founded in 2018 by two former Tesla employees, Chris Van Dyke and Austin Appel, developed technology to evaluate manufacturing automation and ensure quality control.
The computer-vision tech is targeted toward recognizing and preventing manufacturing problems. Its early work in the medical industry included manufacturing monitoring like making sure needles and test kits were of consistent, high quality. This could be applied to check for consistent errors in battery cells or packs.
Overview wants to eliminate the growing pains and waste that come with developing new products as complex as battery cells at the rate at which the industry needs them.
Overview raised a $10 million Series A in February.
Voltaiq
Tal Sholklapper, the CEO of Voltaiq.
HQ: Berkeley, California
CEO: Tal Sholklapper
Total raised: $9.8 million, according to Crunchbase
Founded in 2012 by Tal Sholklapper and Eli Leland, Voltaiq is a leader in battery-management systems, but its tech can also be applied to manufacturing batteries.
Voltaiq's software uses data analytics to tailor batteries to the automakers' needs. It's critical as car companies like Ford, General Motors, Tesla, and others depend on their batteries to help differentiate their electric models from those of their competitors. Factors like range, performance, and more largely depend on the car's battery makeup, including energy density, and capabilities.
Voltaiq says it can slash production ramp-up time, ensure high-quality supply, and minimize product risk.
More: Transportation Electric Vehicles batteries
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2022-07-26T11:23:32Z
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How to find a mentor in the workplace who will help your career, according to KPMG's Laura Newinski and Condoleezza Rice
Gen Z is redefining work-life balance. But having solid mentors is timeless advice.
KPMG's eighth Women's Leadership Summit focused on female business leaders.
Laura Newinski, a KPMG COO, and Condoleezza Rice, a former secretary of state, spoke on mentorship.
Newinski and Rice said women should look for mentors with careers they want to emulate.
One of the top three reasons HR professionals implement mentorship or coaching programs at their organizations is to create a more diverse workforce, a 2021 study by the human-resources insights platform HR Research Institute found.
Laura Newinski, the COO of KPMG US.
Courtesy of KPMG
This is one of the reasons KPMG sought to bring together businesswomen on the path to the C-suite at its eighth annual Women's Leadership Summit in June. Speakers, such as Condoleezza Rice, a former secretary of state, and Laura Newinski, the COO of KPMG US, discussed the importance of mentors and how to find one.
Mentors were integral to Rice's and Newinski's career success, they said. Rice, as a Black government official, and Newinski, as a woman in a high-profile role, were surrounded by colleagues who didn't look like them. Still, the pair found people who shared their career goals and were willing to guide them, they said. The mentors they recruited helped them shatter glass ceilings in their fields and grow their careers.
Here is how Rice and Newinski found their mentors, what they looked for, and their advice for women looking for similar professional relationships.
Mentors who share your journey
Condoleezza Rice chatting with guests at the KPMG Women's Leadership Summit in 2017.
Scott Halleran/Stringer/Getty Images
The demographics of the workforce are changing for the better, with more women rising through the ranks of the workforce every day, Newinski told Insider. But that doesn't mean women should wait to find a female mentor.
"I believe in situational mentors," Newinski said. Situational mentoring is when a mentee turns to an expert for advice on a specific task or topic, and it's normally short term, Kathy Wentworth Drahosz, the CEO of the workplace training program The Training Connection, wrote on LinkedIn. But Newinski's situational mentors have been lifelong coaches. "I've had a couple of very long-term mentors who were people that I turned to for help figuring something out, and in my case, one of them was a man."
Newinski sought this mentor because he had already been through steps in his career and life that she was about to embark upon, including balancing raising children and a demanding career. For example, Newinski and her husband were deciding whose career needed to take priority, and her mentor had already navigated that process with his spouse.
And sometimes, it's just about working with what's available. Rice didn't have a lot of options when it came to finding someone who shared her life experiences or identity.
"Your mentors don't always look like you," Rice said. "My mentors were actually white men, or old white men, because those were the people who dominated my field."
Mentors who tell you the truth
Outside of finding a mentor who shares your career and life paths, Newinski said, it is important to find a mentor who will be honest with you.
For example, if you believe you excel at a particular task, make sure to get your mentor's truthful input, she said. Newinski uses her mentors as a "filter" and asks them to help her answer questions like these: "What do I think I'm good at, but I'm not good at? And what am I actually good at?"
The importance of having someone who will tell you the truth and who will guide you cannot be underestimated, Rice and Newinski agreed.
"I'm a great believer that mentors make a huge difference in your life," Rice said. "The important thing is to find people who will advocate for you and who will take an interest in you."
More: KPMG Condoleezza Rice women businesses Women in Business
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2022-07-26T11:23:32Z
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How to Find a Good Mentor at Work Who Can Help Your Career
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https://www.businessinsider.com/how-to-find-good-mentor-kpmg-laura-newinski-condoleezza-rice-2022-7
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https://www.businessinsider.com/how-to-find-good-mentor-kpmg-laura-newinski-condoleezza-rice-2022-7
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Morgan Stanley: Buy these 48 inflation-fighting stocks as the Federal Reserve continues to raise interest rates to deal with surging prices everywhere
The best companies to invest in are taking steps to combat inflation, according to Morgan Stanley.
Four-decade-high inflation has hurt stocks, the economy, and consumers.
Morgan Stanley believes that price surges will cause companies to innovate.
These 48 inflation-fighting stocks should be set up well for the next decade.
Inflation has been the defining story of 2022 as investors grapple with what stratospheric price surges mean for stocks, the economy, and their day-to-day lives.
People under 40 are currently in uncharted territory, given that prices haven't grown at this rate since the early 1980s and were unusually stable in the decade prior to this year.
That uninitiated group may believe that if and when inflation eventually decreases, prices will as well. Unfortunately that's not necessarily the case, as falling inflation simply means that prices are increasing at a slower rate.
Prices can only fall back to prior levels if there's deflation, or negative inflation. Although none of the top firms on Wall Street expect inflation to fall below zero anytime soon, a team of 13 analysts and strategists at Morgan Stanley led by CIO Michael Wilson wrote in a July 20 note that surging inflation will lead companies to innovate, which will keep inflation in check and push prices down in the long term.
"Cost pressures should make companies accelerate investments in automation and productivity-enhancing technologies," Morgan Stanley analysts and strategists wrote in the note. "Many of these technologies are inherently deflationary."
This wave of "transformational investment" will occur despite a cloudy macroeconomic environment, the team wrote, as companies aim to boost productivity in the face of slowing global population growth and also cut costs as geopolitical tensions flare.
The potential for persistent wage inflation and a lack of fixed-capital investment in the US will also catalyze corporate investment in automation and digitization, according to Morgan Stanley. Rising wages threaten corporate profitability and will incentivize firms to replace workers with machines, the note read, while fading productivity growth in recent years will cause companies to spend more on innovative technologies that make it cheaper to do business.
48 deflationary stocks to target
Morgan Stanley's team compiled a list of 48 companies that use automation and other forms of technology to reduce costs and improve productivity. These firms are well-positioned for the next decade, which will likely be defined by higher nominal GDP and elevated volatility, and should see "heightened demand and greater competitive advantages," the note read.
"In an inflationary world, we believe companies that have developed deflationary products/services will become increasingly valuable, as long as those companies have significant barriers to entry with respect to those products/services," the note read.
Below are the 48 stocks that are on Morgan Stanley's "shopping list" due to their deflationary attributes. Along with each stock is its ticker, market capitalization, industry, and select analyst commentary, if available. Note that shares of Eurofin, Teradyne, Realtek and Shoals Technologies have been assigned a neutral "equal-weight" rating by the firm instead of a bullish "overweight" rating.
1. Fanuc
Ticker: FANUY
Industry: Automation (Hardware)
Commentary: This company "holds the top global share in the industrial robot market. With its attractive business model and strong competitiveness, high levels of growth look sustainable over the long term, and we think it is one of the best-positioned companies among Factory Automation (FA) equipment/robot makers in particular and in the wider machinery and capital goods industry."
2. Teradyne
Ticker: TER
Commentary: "Universal Robots has sold over 60,000 collaborative robots in diverse production environments and applications, and we estimate its collaborative robots business is larger than most of the other cobot franchises combined."
"We believe the expanded application set will allow Teradyne through Universal Robots to continue to drive strong growth beyond cyclical trends in traditional robotics sectors like automotive and electronics."
"Our US semiconductor colleagues are equal-weight the stock on the basis that they like the long term direction of the company, and continue to see a rebound in 2023 for the Apple business that recently disappointed."
"However, the downward revision to current year numbers as well as the general underperformance and more substantial multiple compression of capital equipment names leaves the team with more attractively positioned companies elsewhere within the sector."
3. Trane Technologies
Ticker: TT
Commentary: "Our top pick, Trane (TT), is a pioneer in the intersection of technology and building efficiency."
4. SmartRent
Ticker: SMRT
Commentary: "We see SmartRent (SMRT) as the best positioned 'deflation enabler' to capitalize on this theme. SmartRent is an enterprise technology company that provides a fully integrated, brand-agnostic smart home operating platform for residential property owners and operators. The SmartRent platform offers a broad range of smart home products and services ranging from Smart Lighting and HVAC Control to Water Management and Leak Detection, that have the potential to help property managers offset inflationary cost pressures."
"Based on SmartRent's latest disclosures, they believe their platform can help to reduce operating expenses by 20-30%, decrease water damage expense by 70-90%, and decrease leasing costs between 20-50%."
5. NCR Corporation
Ticker: NCR
Commentary: "NCR is a key beneficiary of this shift, with leading shares in the self-checkout market. According to RBR, NCR is the world's largest self-checkout supplier and accounted for one-third of global shipments in 2020."
"Overall, we remain bullish on this opportunity for NCR,especially given self-checkout devices are 10x the normal ASP of a typical cash register, which could be a longer-term tailwind to margins and revenue."
6. Appian Corp.
Ticker: APPN
Industry: Automation (Software)
Commentary: For Appian, Salesforce, ServiceNow, and UI Path: "These vendors have put together broad automation platforms encompassing low-code/no-code development capabilities, robotics process automation and application integration managers, which enable the automation of repetitive tasks for automation workers and improvement in productivity."
9. UiPath Inc.
Ticker: PATH
10. ArcBest
Ticker: ARCB
Industry: Autos, Logistics & Mobility
Commentary: N/A
11. Knight-Swift Transportation Holdings Inc.
Ticker: KNX
12. Schneider National
Ticker: SNDR
Commentary: "Tesla's battery day presentation identifies a range of design improvements to drive battery cost reduction on a $/KWh basis down as much as 56% by mid-decade."
14. TuSimple
Ticker: TSP
Commentary: "Leading AV player TuSimple estimates the operating cost per mile of an L4 truck could be driven to $1.50 over time vs. the ~$2.50 today, or over 60% savings."
"Amongst the tech providers we believe TuSimple(TSP) is the clear stand-out as we view TSP as the leader in autonomous trucking and possibly the leader in autonomous driving as a whole."
"We continue to believe that TSP is the leader in autonomous trucking, with commercial operations set to begin by late 2023 and commercial production by 2025."
15. Werner
Ticker: WERN
16. TFI International
Ticker: TFII
17. US Xpress
Ticker: USX
Industry: Clean & Alternative Energy
Commentary: "AES is, in our view, a low-risk way to play the growth in renewables and energy storage. The company has unusually strong, contracted cash flows from existing assets/businesses, an investment grade credit profile, a global footprint that brings key advantages (more growth options with higher return potential, ability to help global corporate customers source their energy needs from clean sources around the world), and 'hidden gems' that we think will be highly valuable over time."
20. Cheniere Energy, Inc.
Ticker: LNG
Commentary: "Cheniere remains the dominant LNG player in the US and is structurally advantaged compared to smaller independent US peers given its scale, low cost expansion opportunities, and existing platform of stable cash flows backed by long-term contracts."
"As the largest US exporter, the company is also well-positioned to benefit from higher marketing margins associated with ongoing market tightness and escalating geopolitical tensions. Over the next several years, strong FCF supports declining leverage, growing dividends, and share repurchases."
21. LONGi Green Energy Technology
Ticker: SHA: 601012
Commentary: "Our Asian Utilities Team prefers LONGI Green Energy (Overweight), the largest solar module manufacturer globally, due to its integrated business model, cost competitiveness, and global sales networks."
22. New Fortress
Ticker: NFE
Commentary: "NFE offers a highly differentiated way to play the growing penetration of gas (LNG & ultimately hydrogen) in the global energy mix. Unlike traditional LNG players that focus only on production and compete on cost — selling volumes to large and established buyers — NFE's integrated platform spans across the entire LNG supply chain."
"We continue to see NFE as one of the best ways to play robust global natural gas demand growth and the potential for low-cost clean hydrogen in the future. The company is leading the charge in opening up new markets to natural gas while simultaneously earning attractive margins, cutting end-user energy costs, and reducing emissions."
23. Plug Power Inc.
Ticker: PLUG
Commentary: "With the announcement of several strategic partnerships, $4bn of cash and cash equivalents on its balance sheet, accelerating revenue growth, and the potential for significant upside from legislative support, we believe PLUG is particularly well positioned at the outset of a significant transition point in energy with the adoption, expansion, and use of green hydrogen."
"We see a 'virtuous cycle' forming in which Plug Power's cost reductions drives greater sales. This in turn results in greater scale and lower per-unit costs, which we think should drive market share gains for PLUG."
24. Shoals Technologies Group Inc.
Ticker: SHLS
Commentary: "One of our Equal Weights provides a technology solution that is both deflationary and has significant barriers to entry: Shoals Technologies Group."
"Shoals is a leading provider of solar electric balance of system (EBOS) products. Its combine-as-you-go Big Lead Assembly (BLA) product reduces EBOS product and installation costs for its customers by 20% and 43%, respectively."
"Shoals is expanding internationally and has introduced battery storage and EV infrastructure solutions, which in our view significantly expands the addressable market for the company's solutions."
Commentary: "Sunrun is the largest US rooftop solar developer, with several trends benefitting growth and per-customer value: 1) rising utility costs,2) worsening grid reliability,and 3) falling clean energy costs, EV adoption, and the overlap between EV and rooftop solar customers."
"In our view, RUN will increase its prices to customers given the elevated utility bill environment, even as its own costs remain flat in the near term and will resume the longer term average of the company's pre-Covid 6% annual cost decline. About 58% of RUN's current market capitalization is accounted for with existing customer contracts, and we calculate that the stock is pricing in just three years of growth followed by no customer additions."
26. Certara
Ticker: CERT
Industry: Diagnostic & Drug Discovery
27. Eurofins Scientific SE
Ticker: ERFSF
Commentary: "While the recommendation on the stock is equal-weight, we nonetheless consider Eurofins as a key deflationary B2B enabler in the life sciences sector over the coming 3-5 years."
"Caution on near-term trading: While Eurofins is an interesting play on this theme over the longer-term, we are nonetheless cautious about upcoming trading, particularly as the company continues to lap against challenging Covid testing comps and Q2 will see some additional impact from shutdowns in China. This poses some challenge to guidance when external environment in general become more choppy. Inflation is challenge to margins as well."
"Shares screen expensive given these dynamics and despite its exposure to some of the best testing markets longer term, we prefer to remain on sidelines on Eurofins for now."
28. Exscientia
Ticker: EXAI
29. Schrodinger
Ticker: SDGR
30. Veeva
Commentary: "With their Development Cloud, Veeva brings together data and applications enabling the full product lifecycle for drug development,encompassing Clinical, Quality, Regulatory and Safety business processes. In one customer, AstraZeneca, the easier access to data and better integrated workflows enabled a 50% reduction in clinical trial setup time and a 80% reduction in document scanning and distribution."
31. II-VI, Inc.
Ticker: IIVI
Industry: Materials
32. Wolfspeed
Ticker: WOLF
33. Advanced Micro-Fabrication Eqp Inc. China
Commentary: "AMEC (OW), a semi equipment supplier, is enabling the wafer foundry capacity increase."
34. Hua Hong
Ticker: OTCMKTS: HHUSF
Commentary: "Hua Hong (OW), a mature node foundry, is producing cheaper MCU and power semis. MCU price had started to drop."
35. Nuvoton Technology Corporation
Ticker: TPE: 4919
Commentary: "A auto semi proxy in Asia, offering quality semi components with lower ASP in auto to enable EV adoption."
36. Realtek
Commentary: "A connectivity play in Asia, offering competitive Wifi/Bluetooth chips to enable cheaper solutions for IOT devices."
37. StarPower
Commentary: "An IGBT supplier providing high quality solutions for cost sensitive China car makers and China industrial clients with attractive pricing comparing to global Tier 1 IGBT peers."
38. Taiwan Semiconductor Manufacturing Co.
Ticker: TSM
Commentary: "TSMC (OW) is clearly one of the enablers for the car deflation, by growing the auto semi output."
39. Yangjie
Ticker: SHE: 300373
Commentary: "A leading diode and rectifier player in China, offers qualify products in China and overseas (under MCC brand) with diversified end applications from consumer electronics to industrial and new energy equipment."
40. Autodesk
Ticker: ADSK
Industry: Software (EU & US)
Commentary: "Construction is a $10 trillion industry accounting for almost 6% of Global GDP. However, estimates from the European Union suggest the industry accounts for ~30% of the world's overall waste and ~40% of carbon dioxide emissions."
"The Autodesk Construction Cloud is meant to minimize that waste by automating every step of the construction process: design, plan, build, and operate. By connecting the data and workflows across these steps, Autodesk enables significant process improvements and savings."
41. Dassault Systemes SE
Ticker: OTCMKTS: DASTY
Commentary: "While the purpose of software is intrinsically about process automation and digitalisation (which ultimately drives efficiency and lower unit costs), we see Dassault's products and services as having specific other benefits from a deflation-enabler perspective. For example, use of digital CAD and simulation tools can significantly speed up the process of moving from design concept to final production by, for example, allowing virtual-world simulation of a car crash test, rather than having to run that in a physical world. Dassault indicates that accelerating program maturity from concept to manufacturing can lead to 40-60% reductions in costs through that process."
Commentary: "With their business productivity tools (e.g. Office 365), Microsoft technology works to improve the productivity of all Information Workers. The expansion of the portfolio in recent years with the Power Platform, extends the scope of that productivity improvement from messaging and collaboration, into data analytics (PowerBI), workflow automation (Power Automate) and even citizen developer capabilities with low-code development (Power Apps)."
"Companies from all industries look to Azure to build the next generation of modern applications in order to digitally transform their businesses, yielding more efficient and effective outcomes."
43. Samsara
Ticker: IOT
Commentary: "By breaking down siloed data from physical operations and using real-time data to prevent accidents, avoid inefficient paperwork, and reduce waste, Samsara sees significant use case within its customer base for process improvements and savings. Most of the savings come from fuel monitoring, insurance exoneration, paperwork automation,and other labor efficiency improvements."
Ticker: SAP
Commentary: "SAP is one of the world's leading enterprise application software companies and is the global leader in ERP, procurement, SCM, and HCM software."
"These software solutions aim to automate and optimize business processes in companies and so we believe can have a deflationary impact. Processes can be streamlined, optimized or see a reduced need for human intervention. This should reduce the amount of labor required and also potentially optimize the use of materials in a manufacturing process."
45. C3
Ticker: AI
Industry: Supply Chain Efficiency (Software)
Commentary: For C3, Palantir, and Snowflake: "Consolidating multiple data sources and making it usable to solve some of the most difficult problems facing organizations and governments is the core functionality of all these vendors. In the context of this report, all three have talked to a significant use case within their customer base of driving logistics and supply chain efficiencies with their software."
46. Palantir
Ticker: PLTR
Ticker: SNOW
48. BT Group
Ticker: OTCMKTS: BTGOF
Commentary: "BT is the best play on rising Telco inflation, with around two-thirds of its Group revenues linked to inflation."
2022 stocks
inflation stock picks
morgan stanley stock picks
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2022-07-26T11:23:53Z
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Stock Picks to Buy: Morgan Stanley's 48 Top Anti-Inflation Investments
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RBC says the stock market bottom may have already passed — or could arrive very soon. Here's what investors should buy on the way back up.
Investors are looking for any sign of hope for a stock market that has taken a beating in 2022.
RBC says stocks have probably hit their low point for the year, or will within a few months.
Head US Equity Strategist Lori Calvasina says a recession already looks priced in.
She says that the upcoming Congressional elections could help send prices higher as well.
According to RBC, the answer to the biggest question dogging investors is yes, the stock market has hit its low for the year — or it will very soon.
The firm's head of US equity strategy, Lori Calvasina, says that if the US is headed for a continued slowdown, or even a relatively brief and mild recession, stocks won't pierce their lows established in mid-June.
"The stock market tends to bottom 4 to 5 months before the end of a recession, and our work on defensive sector valuations, which are back to peak vs. secular growth and cyclicals, has been telling us that defensives have gotten overbought, something we've typically seen when risks are priced in," Calvasina wrote in a recent research note.
There are also signs that investor sentiment is starting to bounce back, while the declines in overall stock indexes and in market price-to-earnings ratios have been large enough that a recession is already priced in. That means there probably won't be a period of more intense selling or "capitulation."
"Investors appear to have been wanting companies and sell-side analysts to "rip off the Band-Aid" when it comes to lowering 2022 and 2023 earnings guidance and outlooks," Calvasina said. "We may be facing a situation in which the Band-Aid is pulled off more slowly and not completely removed until later this year."
The upcoming midterm elections are also potential catalysts, she added, as the S&P 500 index tends to turn higher about a month before the vote. Calvasina says that if polls are correct and the elections produce a divided government, that will also encourage investors.
"The combination of a Democratic President and split-or-Republican led Congress also tends to be the most favorable backdrop for the stock market," she said. "As the mid-terms grow closer, equity investors seem likely to revisit that playbook and bake it into their 2023 views."
In keeping with her comment that defensive stocks are getting overly expensive, Calvasina says she recommends growth stocks over value equities. She says growth stocks tend to rank higher in quality factors that translate to long-term success, and since 10-year bond yields are fading, it's more likely they'll outperform.
"Growth tends to outperform when the economy is running below trend, which we think will remain the case," she wrote. "Growth is starting to look a little better than Value on the rate of upward EPS estimate revisions, suggesting that earnings sentiment is a little better in Growth at the moment."
While she didn't recommend any specific growth investments, some of growth-focused ETFs investors could use to play this theme include the Invesco S&P 500 GARP ETF (SPGP), the iShares Russell 1000 Growth ETF (IWF), and the Vanguard Mega Cap Growth Index Fund ETF (MGK).
Calvasina also thinks the strong dollar and better economic performance limit downside for US stocks, which she prefers to international stocks.
"Though the US still looks overvalued vs. non-US equities, US valuations have improved considerably. Recession expectations also remain higher for EU," she said.
Finally, she wrote that it's time for investors to overweight small-cap stocks, as recessions are good chances to buy them at rock-bottom prices.
"They tend to underperform while stocks are falling heading into / early on in a recession, and then tend to lead once the broader US equity market has bottomed mid way through the recession," Calvasina said. "Much of our work on Small Caps speaks to the idea that they've come very close to pricing in recession already."
Some small cap-focused ETFs for investors to consider include the JPMorgan Diversified Return US Small Cap Equity ETF (JPSE), the Invesco S&P Small Cap 600 Equal Weight ETF (EWSC), and the First Trust Small Cap Core Alphadex Fund (FYX).
Lori Calvasina
Lori Calvasina RBC
stock market expert
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2022-07-26T11:23:59Z
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Stocks to Buy for Market Rally: Investing Tips From Lori Calvasina RBC
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https://www.businessinsider.com/investing-stocks-to-buy-market-rally-tips-lori-calvasina-rbc-2022-7
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Mayfield's Navin Chaddha backed Lyft during an economic downturn, and is now searching for his next big, early-stage investment. Here's what he looks for in a startup pitch.
Navin Chaddha is the managing partner of venture capital fund Mayfield.
Navin Chaddha
Mayfield's Navin Chaddha has an eye for funding break out startups during a market downturn.
He backed Lyft in 2009 and has seen many of the companies he's invested in go on to IPO.
Here's what he looks for in an early-stage pitch and which models he thinks are "recession-proof."
Even after the biggest quarterly drop in the number of global venture capital deals in a decade, Navin Chaddha wants founders to know that he hasn't paused new investments.
The longtime venture capitalist has been the managing director of Mayfield, one of the oldest venture capital firms, since 2006 and founded three companies himself before breaking into early-stage investing.
During his time at Mayfield, he has backed breakout unicorns like Lyft, Poshmark, and HashiCorp, and has seen 18 of his early-stage investments go on to IPOs. And he's made the Forbes Midas list fourteen times over the course of his career, even cracking the top five in 2022.
And while someone with such a resume can certainly rely on introductions from within his network, Chaddha still reviews all of the cold reach-outs he gets via email, and invests in many of them.
"It's a people business, yes, but I do like getting the 30-second elevator pitch," he said.
In times of corrections where many startups may struggle to fundraise for the first time, Chaddha wants to back founders who can prove to investors that their company will weather the downturn by thinking big picture and identifying new trends.
"A lot of times, when markets are in transition, one has to say, 'what will the world look like in this new normal?'" he said.
When Lyft pitched Chaddha at the height of the 2009 downturn, they showed him how they could create jobs for people who were out of work by driving to make money, he said. Similarly, Poshmark identified an untapped market of people sitting on unused clothing that they could sell for extra cash, and HashiCorp smartly predicted the move away from physical data centers and into the cloud.
"Those things weren't obvious in 2009, 2010. But if you fast-forward 10 years, that's where the world went," he said.
In less frothy market conditions, it's more important than ever that founders show their startup is "must have, not just a nice to have," said Chaddha.
"My feeling is an entrepreneur needs to take the long view, realize it's a 10 to 12 year journey," he said.
When early stage founders are pitching investors and him, they should strive to articulate their values and their mission in their first pitch deck slide, said Chaddha. The pitch should highlight both the problem and the market opportunity, and that their solution is a "painkiller" rather than a "vitamin," he said.
Chaddha also said that founders should pay attention to their business model, and find ways to ensure it's as "recession-proof" as possible. That, coming from an investor who's lived through two economic downturns before — the dot-com bust in the early 2000s and the 2008 financial crisis. Though, Chaddha's not as worried about the severity of this downturn so far, he told Insider.
For models that catch his eye during this downturn, he cites "buy now, pay later" and "pay as you use" subscription models as stronger for both buyers and sellers. For buyers, you can help them save money immediately either by using these services or moving to a pay-per-use model. And for people with assets, if a startup can help unlock new ways to monetize these services, it's a win-win for both parties.
In times like now where funding opportunities seem slim for founders, Chaddha urges them to keep an open mind and think ahead 10 years from now and look for problems that need solving.
"My belief is, crisis is only an opportunity, and fear is the only thing that limits one's potential," Chaddha said. "If you want to change the world, you will be able to build an enduring company, and there is money available for you."
More: Venture Capital Strategy navin chaddha
Mayfield Fund
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2022-07-26T11:24:08Z
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www.businessinsider.com
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Here's What Mayfield's Navin Chaddha Looks for in a Startup Investment
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https://www.businessinsider.com/mayfield-vc-navin-chaddha-early-stage-startup-investment-opportunity-2022-7
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https://www.businessinsider.com/mayfield-vc-navin-chaddha-early-stage-startup-investment-opportunity-2022-7
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Mortgage rates have fluctuated a bit over the past week, but they've overall avoided any major spikes.
The Federal Reserve's Federal Open Market Committee is meeting today to discuss hiking the federal funds rate. On Wednesday, the committee will announce its decision. Most forecasters expect the Fed to hike rates by 75 basis points, or 0.75 percentage points.
The Fed has been acting more aggressively in recent months to combat inflation, which reached its highest level in June since 1981. The central bank is trying to bring price growth down without pushing the economy into a recession. If it raises rates too high and too fast, it could slow the economy enough to spark a recession. But if it doesn't raise rates enough, inflation could spiral further out of control.
Mortgage rates aren't tied to the federal funds rate, but Fed policy and investor expectations around how that policy might impact the economy can push mortgage rates up or down. If inflation continues to grow, mortgage rates may increase further. But if a recession starts to look more likely, rates could trend down.
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2022-07-26T11:24:20Z
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www.businessinsider.com
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Today's Mortgage, Refinance Rates: July 26, 2022 | Rates Hold Relatively Steady
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-july-26-2022-7
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-july-26-2022-7
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Well, well, well. If it isn't Russian energy moving markets again. I'm Phil Rosen, coming to you from Los Angeles.
Moscow is tapering gas flows to Europe for the Nth time since the war began. Today we're going over what's happening, and why there's sure to be more developments to come.
1. Russia's Gazprom slashed Nord Stream 1 gas flows again. It's been less than a week since the key pipeline restarted after maintenance.
Starting Wednesday, the state-run energy giant said it would decrease flows to 20%, after it already had been moving at only 40% before that.
The pipeline had restarted on Thursday after shutting down for 10 days for retooling, and European officials accused Moscow of weaponizing energy in retaliation for wartime sanctions.
Gazprom said Monday that a second turbine would be removed for maintenance, though Germany said there's no technical reason for a reduction in flows.
Natural gas futures in Europe spiked 10% when the news broke Monday.
All the while, Russian oil exports have fallen for five straight weeks. Those cargoes are down 13% since mid-June as customers in Asia are easing up on buying.
A rolling four-week average shows that shipments are down by 480,000 barrels a day since the middle of last month, per Bloomberg data. As a result, Moscow's revenue from export duties fell from $168 million to $155 million.
It's worth noting that Asia's biggest oil refiner dialed back its purchases of Russian crude, since it's unwilling to match the higher prices that customers in India and elsewhere are offering.
Last week, Bloomberg reported that Russia's crude shipments to China and India have plunged 30% from their wartime peaks.
U.S. Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing of the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington, U.S., January 11, 2022.
Brendan Smialowski/Reuters
2. US stock futures fall early Tuesday, as the Federal Open Market Committee's two-day meeting begins. The Fed's interest rates decision is due tomorrow, and investors are anticipating another 75-basis point hike. Here are the latest market moves.
3. On the docket: Microsoft Corp., Alphabet, and McDonald's Corp., all reporting.
4. Goldman Sachs is recommending this batch of stocks to profit from their still-expanding returns. Certain companies still have gains ahead even as returns on equity may have peaked, according to the bank's analysts. See their 17 names here.
5. The Fed will eventually choose propping up growth over fighting inflation, according to BlackRock. And the top asset manager predicts the central bank will cut rates next year after a stretch of overtightening. "We expect more volatility, so we focus on nimble, tactical positioning."
6. "Dr. Doom," who forecasted the 2008 financial crash, said that predictions for a mild recession are "delusional" as a severe financial crisis looms. Nouriel Roubini said debt ratios are historically high while bailouts during the pandemic have resulted in "zombie corporations." Everything he's saying runs contrary to what big banks on Wall Street are expecting to happen.
7. Coinbase faces a SEC investigation over listings. As per Bloomberg, the crypto exchange is facing an investigation into whether it improperly let US customers trade digital assets that should have been registered as securities. Coinbase shares fell as much as 4.8% in premarket trading Tuesday.
8. It's time to "back the truck up" and buy stocks. That's according to the chief strategist at an $8 trillion brokerage. She laid out why investors should make their move now — and why the bear market presents a great opportunity to scoop up stocks on the cheap.
9. A senior economist said home prices are primed for a 2008-style crash. A perfect storm is brewing, José Torres of Interactive Brokers said, as housing construction booms and demand get crushed by rising mortgage rates. He explained why he expects to see something similar to what happened during the Great Financial Crisis.
10. The $7.25 federal minimum wage just turned 13 years old. Many states have since taken matters into their own hands and bumped up pay, but not all of them have. Now, as inflation continues to soar, the minimum wage's value is at its lowest point in decades.
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2022-07-26T11:24:39Z
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www.businessinsider.com
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Russia Slashed Gas Exports to Europe (Again). Here's What to Know.
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https://www.businessinsider.com/russia-slashed-gas-exports-europe-oil-crude-energy-germany-ukraine-2022-7
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https://www.businessinsider.com/russia-slashed-gas-exports-europe-oil-crude-energy-germany-ukraine-2022-7
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Shopify VP of engineering Cathy Polinsky departs for data-privacy firm DataGrail as Shopify execs continue to head for the door
Ann Gehan and Madeline Stone
Cathy Polinsky is joining data privacy firm DataGrail as its chief technology officer.
A Shopify engineering VP has departed for privacy firm DataGrail, Insider can exclusively report.
Cathy Polinsky oversaw Shopify functions like shipping, point of sale, and international sales.
In her new role, Polinsky will manage product development as DataGrail continues to scale.
A Shopify vice president of engineering, Cathy Polinsky, has departed the e-commerce platform to become the chief technology officer at the data-privacy firm DataGrail, Insider can exclusively report.
Polinsky joined Shopify in January 2021. Before that, she was the chief technology officer at Stitch Fix and held several management roles at Salesforce and Yahoo.
DataGrail helps companies manage user data and privacy through integrations with more than 1,000 apps and infrastructure systems. It helps brands see consumers' data is stored and comply with data regulations like the EU's General Data Protection Regulation.
DataGrail's customers include retailers like Overstock, the medical-device manufacturer Dexcom, and the data-cloud platform Databricks.
Polinsky said that while a key component of all of her past roles had been building trust with customers. At Stitch Fix, for example, she led teams that were using customer data to create a personalized shopping experience.
"The better experience you could provide for them," she told Insider, "the more they'd want to share."
On the flip side, she said, mishandling data has real consequences.
"The moment that you break that trust and use that data irresponsibly, or don't listen to the customer, then you've broken the flywheel, and you have a hard time repairing or building back that trust," she said.
Polinsky met DataGrail CEO Daniel Barber through her role as a limited partner in Operator Collective, a venture-capital firm that focuses on improving diversity in Silicon Valley.
She decided to come on as an angel investor in DataGrail in April 2021 and started to have conversations with the company about officially joining it as its chief technology officer.
In addition to Operator Collective, DataGrail is backed by Felicis, Cloud Apps Capital Partners, HubSpot, Okta Ventures, Next47, and American Express Ventures. Its most recent round of funding was a $30 million Series B in March 2021.
'This is a product that every Shopify customer needs'
Polinsky's move from Shopify to DataGrail is a pivot from e-commerce, where she has spent the last decade of her career. But her time at Shopify played a key role in her decision to shift to data privacy.
"The vast majority of Shopify customers are not just using Shopify, but they're using other third parties through the App Store," she said.
That means that customer data is often being handled by parties outside the merchant selling a particular product.
"This is a product that every Shopify customer needs," she said.
Data privacy has taken an increasingly important role for both retailers and customers. In April 2021, Apple announced its App Tracking Transparency update, which requires app developers to obtain users' permission to track them across apps and websites. Only about one-quarter of users opt in to tracking, which forces retailers to majorly readjust their customer-acquisition strategies.
This dynamic has also created challenges for many of Shopify's direct-to-consumer merchants. Many are having to get more creative when it comes to finding and acquiring customers.
At Shopify, Polinsky led engineering teams in Shopify's merchant-services division and was on Insider's list of power players transforming retail tech earlier this year.
Polinsky is one of several high-level executives to depart Shopify this year. Amy Hufft, its vice president and head of global brand and communications, departed Shopify for Zoom in June. Solmaz Shahalizadeh, Shopify's vice president and head of data science and engineering, left the company in February to focus on angel investing with Backbone Angels, a collective of female Shopify employees, both current and former.
In mid-2021, Shopify's chief technology officer, chief talent officer, and chief legal officer all departed. Each has since been replaced.
More: E-Commerce Shopify Data Privacy
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2022-07-26T11:24:45Z
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www.businessinsider.com
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Shopify Engineering VP Cathy Polinsky Departs for CTO Job at DataGrail
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https://www.businessinsider.com/shopify-vp-engineering-cathy-polinsky-departs-for-datagrail-2022-7
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https://www.businessinsider.com/shopify-vp-engineering-cathy-polinsky-departs-for-datagrail-2022-7
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'The second shoe has yet to fall': The CIO of a $22 billion firm breaks down why the stock market sell-off will extend into 2023 — and says inflation above 10% is coming
A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan
Stocks have rallied 8% since mid-June.
But more carnage lies ahead, warns Jason Hsu of Rayliant.
Hsu said the S&P 500 will likely fall another 20%.
The S&P 500 is up more than 8% since mid-June, leading to speculation about whether or not a bottom is in following the market turmoil that consumed the first half of 2022.
But according to Jason Hsu, the pain is a long way from over.
Hsu, the founder and CIO of Rayliant, which manages $22 billion in assets, said in a recent commentary that downward revisions to corporate earnings are ahead as the US economy moves into a recession, meaning stocks have another leg down.
Up until now, the sell-off in stocks has been drive by price multiple compression due to rapidly rising interest rates, not earnings destruction.
"The second shoe has yet to fall," Hsu said. "In a recession, especially one that follows a speculative bubble economy with mass over-investment, the decline in earnings can be precipitous. This means prices must fall more before P/E contracts back toward normality."
He continued: "I predict that once we start to see earnings decline, it will signal the most difficult part of the recession – but it will also be the period during which the best tactical buying opportunities will emerge."
Hsu said on Thursday that the downside would be another 20% following the completion of the current rally. From Thursday's levels, a 20% drawdown would put the S&P 500 around 3,150. From January's peak, that's a 34% drop.
But the rest of the decline won't be quick, he said.
Stocks are likely to finally bottom in the first half of 2023, Hsu believes.
Hsu's argument is based on his view that inflation will soar above 10% in the coming months. The premier measure of inflation, the Consumer Price Index, currently sits at 9.1% year-over-year.
The pressure this will put on the Federal Reserve to tighten policy even harder, he said, will send the economy into recession.
"There's nothing special about 10% other than it's a scary round number," Hsu said. "The Fed's going to try really hard, but I think we're going to cross that, and once we cross it, I think all hell breaks loose. The Fed will be under such pressure to put in an even more aggressive course of rate hikes, and the narrative is going to turn toward 'the Fed has lost control of inflation.'"
The bottom will come when the focus shifts from inflation to the labor market, he said. Eventually, the Fed will begin quantitative easing again, leading to another rally.
A decisive juncture for stocks
Stocks are entering a critical period as firms begin to report their second-quarter earnings. Like Hsu, many strategists see a rough road ahead for the market due to impending downward earnings revisions and negative forward guidance from companies.
Morgan Stanley, Goldman Sachs, and other Wall Street institutions have all warned of earnings being hurt by inflation and a strengthening dollar, which hurts revenue from exports.
Glenmede, a private wealth management firm, pointed out in a note earlier this month that the current bear market is the only one of the four since 2000 that hasn't seen negative earnings, but that this may change.
"So far, the ongoing bear market is the first of the millennium to feature rising earnings estimates. In each of the other three, the peak-to-trough decline in the S&P 500 could be attributed to a mix of falling earnings estimates and falling valuation multiples (e.g., price-to-earnings ratios) that are applied to those estimates," Jason Pride, Glenmede's CIO, said in the note.
Walmart, one of the largest retailers in the country and a bellwether for the health of the economy, revised downward their profit guidance on Monday. The firm now expects earnings to decline by between -11% and -13% in 2022 compared to the -1% drop they had been expecting.
The development could signal trouble for other retailers. Shares of Walmart fell nearly 10% on the news in after-hours trading.
In addition to earnings, investors will be paying close attention to the Federal Open Market Committee meeting this week, when the central bank makes decisions on rate hikes and gives guidance on how they will approach monetary policymaking going forward.
The Fed is expected to hike 75 basis points for the second meeting in a row — and just the second time since 1994 — as they attempt to cool inflation. More hawkish or dovish messaging than is expected could send the market on a more sustainably bearish or bullish path in the months ahead.
Key economic data also lies ahead. The Q2 GDP report will be released on Thursday, and if the economy posts negative growth for the second quarter in a row, the economy would be officially considered in a recession by the traditional definition. Expectations are for a 1.6% decline, according to the Atlanta Fed.
The severity of the negative growth, if that is the case, along with the results of July's CPI report in August, will inform how the Fed behaves in future meetings.
More: Investing
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2022-07-26T11:24:54Z
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www.businessinsider.com
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Expert Says Stock Market Sell-Off Will Go Into 2023, Warns of 10% CPI
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https://www.businessinsider.com/stock-market-crash-prediction-sp500-2023-inflation-10-percent-cpi-2022-7
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https://www.businessinsider.com/stock-market-crash-prediction-sp500-2023-inflation-10-percent-cpi-2022-7
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Bullish signs for stocks as UBS says earnings season has been 'far better than investors feared' so far. The bank's CIO lays out the 3 key ways you should be playing this market.
Shoppers walk through New York's Herald Square, outside Macy's on 34th Street.
Earnings season has arrived, bringing new clues on the prospects for the stock market.
The UBS CIO office has been watching closely of course, and has a relatively bullish take.
The bank gave its verdict on the numbers put out so far and laid out 3 investing plays it likes.
In making the tricky call on whether the stock market has bottomed out, or is just taking pause before a further leg down there are two broad categories; the macro picture and individual company earnings.
The macro picture has been dominating over the past couple of months, with everyone awaiting confirmation that US inflation has peaked and begun to make the long journey back to the central bank's 2% target.
Earnings season has arrived, and this is when to find new clues on the near term prospects for equities.
Some markets experts have been pointing to now as the time the penny would drop that companies are struggling and another leg down for stocks would commence.
There is little evidence for that scenario becoming a reality so far. Tesla, one of the biggest names in the stock market, set a strong tone with its better-than-expected performance that sent the shares higher.
The UBS chief investment office has been watching closely of course, and has a relatively bullish overall take.
"The US second-quarter earnings season is off to a mixed start, with results from about 25% of the S&P 500 market cap companies now in the books," CIO Mark Haefele said in a note this week.
"The results that have come in so far are better than many investors feared, and this has helped drive the recent rally in stocks. Despite giving back some gains during Friday's session, the S&P 500 rose 2.6% last week, its best weekly performance since June."
The UBS CIO team sees a few clear trends emerging from the results so far.
First, overall earnings growth is slowing, but not sinking, with 60% of companies having beaten sales estimates, and 75% topping earnings estimates.
On aggregate, earnings have been beating forecasts by 2.5%. S&P 500 earrings per share is on pace to show high-single-digit rate growth in the second quarter, UBS said.
The team expects modest earnings cuts in the third quarter, but these will be in line with historical patterns for the time of year.
The second notable things is that consumer spending has remained "mostly resilient". "Travel-related spending has been robust so far, with airlines, hotels, and credit card companies indicating that leisure demand is strong and business spending is picking up. Automobile production is getting better, and delivery times are improving," UBS said.
There was a word of warning however as UBS chimed in on the growing concern over heat in house prices.
'There are signs that higher mortgage rates are starting to have an impact on housing demand, and there is some credit deterioration at lower-income levels."
"Dollar headwind"
The decent performance of many companies in the second quarter needs to be viewed in the context of a strongly rising dollar.
"A stronger US dollar remains a headwind, but sectors with a large share of overseas earnings—especially healthcare and technology—are managing through and adjusting guidance appropriately," UBS said.
"So, the second quarter results to date are broadly in line with our expectation that profit growth will slow, but not plunge. This week will be very busy, with close to 50% of the S&P 500 market cap companies reporting."
UBS also noted that the 2022 and 2023 bottom-up consensus estimates for S&P 500 earnings still remain too high and the bank expects analysts to continue to revise their numbers lower in the coming weeks.
Turning to what investors should do with their money, the UBS has some clear preferences for the current market.
"In terms of positioning within US equities, we still believe a slightly defensive bias is appropriate, and have most preferred views on the energy and healthcare sectors. We also maintain a preference for value and quality stocks."
The bank expects inflation to decline from current levels but remain elevated for some months to come. It said analysis shows that as long as inflation is above 3%, value tends to outperform growth stocks, regardless of the economic cycle and a large price-to-earnings discount to growth is still firm in place.
Growth stocks on the S&P have lost over 25% in value this year, compared to a loss of just 5% in value stocks.
Energy stocks have fallen since early June as recession concerns have weighed on markets, but UBS expects commodity prices to stay high amid supply challenges, which will support share prices.
"Our current forecast is for Brent crude oil to end the year around $125 a barrel, versus futures contracts which price in $110. As the war continues in Ukraine, the sector also acts as a hedge against sanctions constraining supply availability across different commodities," the bank said.
More: Stocks to Buy which stocks should I buy? Best Stocks to buy Stock Market Analysis
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2022-07-26T11:25:00Z
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www.businessinsider.com
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Stock Market Outlook: 'Earnings Better Than Feared', UBS Says
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https://www.businessinsider.com/stock-market-outlook-q2-earnings-better-than-feared-ubs-2022-7
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https://www.businessinsider.com/stock-market-outlook-q2-earnings-better-than-feared-ubs-2022-7
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Happy Tuesday, folks! Aaron Weinman here. Today I want to introduce you to Paul Weiss chair Brad Karp. His Rolodex of clients includes Citi, Apollo, and the National Football League. That workload has left him cooked. The job has taken a toll on his psyche, and he's now wrestling with his future.
An investigation last year revealed Black had paid Jeffrey Epstein $158 million for financial services, a discovery that led to Black's resignation.
While Karp has stopped representing Black, lawyers have subpoenaed the lawyer, seeking evidence related to his work for the former Apollo CEO.
2. Private-equity firms are "licking their chops" at the sight of fallen company valuations. Here are 37 tech companies most likely to get snapped up by private investment firms, which are sitting on trillions of dollars in dry powder.
3. James Howells has an $11 million plan to get back some 8,000 bitcoins he accidentally threw away. Here's the quest to find $181 million in digital currency that's buried in a dump.
4. An ex-Goldman Sachs banker tipped his squash buddy on deals, Bloomberg reported. Federal prosecutors alleged that the banker sent messages about planning squash games as a coded way of asking whether his accomplice had bought call options in a company.
5. Atwater Capital has made its second investment in wiip, the entertainment studio behind HBO's "Mare of Easttown." The private-equity firm's investment — Atwater first invested in wiip in 2020 — makes it the second-largest shareholder in wiip after Studio LuluLala.
6. This fintech chief executive shared a unique path to raising a seed round through customers. Karan Kashyap, the CEO of Posh, a conversational artificial intelligence chat program, told Insider how he raised cash without venture capitalists.
7. Goldman Sachs tried to sell about $6 billion in bonds and loans to investors, but it turned into a nightmare, according to this report from the Financial Times. Here's how the buyout of UK supermarket chain Morrisons became the poster child for the excesses of the cheap-money era.
8. Kitchen United raised $100 million in Series C funding. Here's the ghost-kitchen startup's playbook that won over investors including Kroger and Burger King's parent.
9. Twitter has already racked up $33 million in expenses related to Elon Musk's proposed takeover of the company. Those costs are only going to balloon as the social-media company squares off against the billionaire in court.
10. Australia's Flying Kangaroo, Qantas, booked a 13-month-old baby on a different flight to her parents. The Braham family spent 20 hours on the phone trying to rebook. They finally found a flight home, but 12 days after the initial departure.
Street moves:
Deutsche Bank has named Bruce Evans to lead its investment-banking coverage and advisory for the Americas. Evans will continue his current role as co-head of M&A alongside Berthold Fuerst. Drew Goldman, Deutsche's current head of IBCA for the Americas, will join the Abu Dhabi Investment Authority.
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2022-07-26T12:41:50Z
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www.businessinsider.com
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Profile of Paul Weiss Chair Brad Karp
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https://www.businessinsider.com/paul-weiss-brad-karp-apollo-leon-black-lawyer-2022-7
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https://www.businessinsider.com/paul-weiss-brad-karp-apollo-leon-black-lawyer-2022-7
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Why BlackRock, which has pushed companies to go green, is throwing its weight behind fewer environmental and social proposals
BlackRock, led by Larry Fink, holds significant sway over corporate behavior as a major institutional shareholder.
BlackRock supported 24% of US environmental and social proposals, down from 43% last year.
A regulatory shift meant more proposals — with qualities BlackRock opposes — went to a vote.
Shareholder proposals, though a tiny slice of the firm's stewardship work, highlight its influence.
BlackRock, the world's largest money manager, has an unrivaled ability to prod companies in different directions through voting on closely watched issues from executive pay and climate action to the leaders who sit on boards.
Figures the company disclosed on Tuesday illustrate how it has used that power this year.
The firm's stewardship team supported fewer environmental- and social-related shareholder proposals than it did last year, it said, due in part to an obscure yet significant change in proxy voting rules by the Securities and Exchange Commission. The report BlackRock released examines activities between July 1, 2021 and June 30, 2022.
The New York-based asset management firm supported 24% of such proposals in the US for this proxy year, down from 43% the year prior. BlackRock supported 22% of environmental and social proposals that it voted on globally.
Ultimately, environmental and social proposals were broadly "less supportable" this year, BlackRock said. Fewer investors in the US voted in favor of those proposals, too, after a record year of proposal support.
The work of BlackRock's stewardship unit is closely watched because its sheer size — it managed $8.5 trillion as of June — and megaphone as a shareholder can move the needle in who gets voted off a board or what a top executive is paid, for instance.
BlackRock has strained to communicate its role as a fiduciary to investors and the general public amid a fierce backlash against the firm and the rise of ESG investing.
Republican lawmakers say BlackRock has gone too far in promoting sustainability, while climate activists say it has not gone nearly far enough in pushing companies to get to net-zero emissions. BlackRock Chief Executive Officer Larry Fink told Bloomberg News last month that he doesn't "want to be the environmental police."
How regulation impacted ESG proposals this proxy season
Companies saw a flood of social and climate proposals this year that would not have normally been on the ballot.
In the past, companies could argue that certain proposals, typically related to environmental footprint or how they address racial and gender bias in the workplace, were not relevant enough to be included on a proxy statement.
The SEC oversees the proxy voting ecosystem, from lengthy statements that companies file to shareholder proposals that big investors and organizations put forward.
Under SEC Chair Gary Gensler, the securities watchdog introduced changes to proxy voting last November. It is now assessing an issue's "broad societal impact," effectively clearing the way for more shareholder proposals with less ground for companies to argue against them.
The result: An increase of 133% in the number of environmental and social shareholder proposals, according to BlackRock's report.
Many of them did not take into account progress companies had already made, were "more prescriptive than in prior years," or "sought to dictate the pace of companies' energy transition plans" in ways BlackRock said in its report that it views as trying to micromanage corporate leadership.
For example, in April, a shareholder proposal at the Bank of Montreal asked the firm to adopt a policy where it would not finance new fossil fuel supplies. BlackRock said it did not support the proposal because it viewed it as "overly prescriptive and unduly constraining on management's and the board's decision-making."
The firm's stewardship team, run by Sandra Boss, has about 70 analysts globally and voted on more than 173,000 management and shareholder proposals at 14,100 companies.
More: BlackRock Investing Asset Management Finance
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2022-07-26T13:23:49Z
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www.businessinsider.com
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BlackRock Supported Fewer Environmental, Social Shareholder Proposals
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https://www.businessinsider.com/blackrock-environmental-social-shareholder-proposals-stewardship-2022-7
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https://www.businessinsider.com/blackrock-environmental-social-shareholder-proposals-stewardship-2022-7
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A Flybe plane landing at Amsterdam Schiphol Airport arriving from London Heathrow Airport on June 1, 2022. Not related to this piece.
A Commonwealth Games athlete's wheelchair was lost as she was traveling from Amsterdam to the UK to compete.
Her teammate reported it being lost on Monday morning, and said nine hours later that it was found.
Flybe, the airline the team used, said the wheelchair would arrive to the UK on Tuesday.
A wheelchair basketball player's chair was lost on a flight days before she was due to compete in the Commonwealth Games.
The team had flown from Amsterdam's Schipol airport to England's East Midlands airport on Monday, when the wheelchair was lost.
Robyn Love, a Scottish wheelchair basketball player, tweeted on Monday morning that her teammate's chair had been lost, and said just over nine hours later that it had been located.
She said her teammate, whom she did not name in the tweet, "CAN'T COMPETE without it." The BBC identified the athlete as Jess Whyte. A spokesperson for Team Scotland confirmed her identify to Insider.
The UK budget airline Flybe, which the team flew with, told Insider in a Tuesday statement that the wheelchair was later found by baggage-handling crew, and that both the airline and Schipol airport apologized for the loss. It did not say who was responsible for losing the wheelchair.
Flybe said the wheelchair would arrive in England's Birmingham airport on Tuesday afternoon — the day after it was lost — on another flight from Amsterdam.
The BBC reported that the wheelchair is worth £7,000, with Whyte telling the broadcaster of the chair: "It was made for me, I've trained with it since March, using anything else would be like playing in high heels."
Team Scotland's first wheelchair basketball game is scheduled for July 29.
Flybe said in its statement to Insider: "We are pleased to confirm that the passenger's wheelchair will be arriving on a flight to Birmingham Airport later this afternoon (26th July) after it was located by Swissport, the baggage handling company that assists Amsterdam Airport Schiphol with accepting and transferring wheelchairs and other important cargo to Flybe and other airlines.
"The passenger has been informed, and we are all working to ensure that the wheelchair is delivered quickly and safely. We and Amsterdam Airport would like to apologise to the passenger for the delay and any inconvenience caused."
A spokeswoman for Team Scotland told Insider in a Tuesday statement: "We are really pleased that Jess' wheelchair has been found. Incidents like this can be very stressful for an athlete in the lead up to a major competition, and but this positive outcome means Jess can now focus completely on her final preparations."
A spokesman for East Midlands Airport told Insider on Monday that the airport was helping in the search for the wheelchair, though it was not sure that the wheelchair had arrived there. The airport confirmed to Insider on Tuesday that the wheelchair had been found.
The chaos roiling the travel industry in the US and Europe has resulted in an unusually large amount of lost luggage at airports. Disabled passengers have also found themselves disproportionally affected, with many reporting having to wait for long periods of time to get off planes after everyone else had disembarked.
More: News UK Speed desk Airport Wheelchair
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2022-07-26T15:08:14Z
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www.businessinsider.com
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Athlete's Wheelchair Lost During Flybe Flight to UK, Days Before Game
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https://www.businessinsider.com/athlete-wheelchair-lost-flybe-flight-days-before-commonwealth-games-2022-7
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https://www.businessinsider.com/athlete-wheelchair-lost-flybe-flight-days-before-commonwealth-games-2022-7
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Tim Kelly and his wheelchair.
Courtesy of Tim Kelly
Delta staff forgot to put a passenger's wheelchair on his flight from New York to Dublin.
Tim Kelly's custom-fitted wheelchair didn't arrive in Dublin for another two days.
Kelly told Insider he considered flying over 3,000 miles back home to pick up a spare chair.
A passenger had to spend two days on vacation without his wheelchair after staff forgot to load it onto his flight from New York to Dublin.
Staff at John F. Kennedy International Airport tagged Tim Kelly's custom-fitted wheelchair for his flight on Saturday, July 2, and Kelly rode in the chair right to the plane's door.
Arriving in Dublin the next morning, however, Delta staff realized that Kelly's wheelchair hadn't been put on the plane.
"Being a wheelchair user, you're always the last person off the plane, so they were just waiting for my chair to come up," Kelly told Insider. "And then they said, 'we don't have your chair.'"
Kelly said that staff were unsure where it was and thought it may have gone to baggage reclaim. After a while, it became clear it wasn't in Dublin.
"It seems as if my chair was tagged by the gate agent, but she never scanned the tag," Kelly said. "So my name was never attached to the chair, it seems, or my destination."
In a statement sent to Insider, Delta apologized for the misplacement of Kelly's wheelchair, saying: "We consider a wheelchair an extension of a person and understand that any mishandling of this mobility device directly impacts their daily living."
Kelly told Insider that Delta staff provided him with a chair that had no push rims, meaning he was unable to move himself. Later, staff at JFK contacted him saying they'd found his chair and that they'd send it on the next flight so it would arrive in Dublin the next morning.
"So the plane arrives roughly at nine o'clock in the morning," Kelly told Insider. "And then they called me, 'we don't have your chair again.'"
"For some reason, JFK sent it to Boston," Kelly said.
Tim Kelly's manual titanium wheelchair, made by TiLite, wasn't flown with him to Dublin.
Courtesy of Tim Kell
Delta's flight from Boston to Dublin was set to arrive around an hour earlier than the flight from JFK.
"It sounds like JFK potentially made a judgment call to get it in earlier for me," Kelly said. "So it got tagged to go to Boston and then Boston never flipped it over to the overnight flight to come to Dublin."
Kelly said he struggled to explore Dublin in the replacement chair the airline had given him.
"I had a hard enough time just going two blocks on Sunday night to go to a restaurant," he said. He even considered flying back hime, picking up his spare wheelchair, and flying back to Dublin, a round trip of over 6,000 miles.
After his own chair failed to arrive on Monday, Delta offered to get him an electric wheelchair for his trip, something he said was "not me."
"To be put into a wheelchair that's either electric or somebody has to push me, I feel embarrassed at that point. At that point you've taken all dignity from me, to go in that type of chair."
Both Kelly and Delta reached out to a company in Dublin that supplied his brand of chairs, and on Monday afternoon he was able to get one similar to his own. Kelly said that Delta paid for the chair's rental, which was around $700 for two days.
Kelly's chair eventually arrived on Tuesday.
On the flight back, however, handlers accidentally "snapped off one of my handbrakes on the chair," Kelly told Insider.
He said that this happens occasionally and was easy to fix, and that Delta footed the bill for this.
In May, US airlines "mishandled" 1.53% of wheelchairs and scooters taken on flights, according to data from the Department of Transportation.
Staff in Dublin — who he called "fantastic" — offered Kelly, his wife, and two children $1,000 each in Delta Choice vouchers, an email viewed by Insider shows. Delta staff on the plane and at the airport also gave him 37,500 SkyMiles, he said.
But Kelly asked Delta for more compensation.
In an email viewed by Insider, Delta later offered Kelly and his family 20,000 SkyMiles each as a "goodwill gesture," then told him his case was considered closed and that he wouldn't get any more offers of compensation.
A single ticket from JFK to Dublin in late August could cost around 60,000 SkyMiles per person.
"I'm gonna squeeze them hard," Kelly said.
More: Delta Delta Air lines JFK Airport Dublin Airport
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2022-07-26T15:08:20Z
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Delta Forgot to Put Passenger's Wheelchair on Plane to Ireland From NY
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https://www.businessinsider.com/delta-forgot-break-wheelchair-jfk-new-york-plane-travel-chaos-2022-7
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https://www.businessinsider.com/delta-forgot-break-wheelchair-jfk-new-york-plane-travel-chaos-2022-7
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Restart the Messenger app
Turn off Wi-Fi
See if Messenger works on another device
See if Messenger is down
Clear your data cache
Reinstall Messenger
7 ways to troubleshoot if Facebook Messenger is not working
Thiago Prudêncio/SOPA Images/LightRocket via Getty Images
If Facebook Messenger is not working for you, you should restart the app, toggle the Wi-Fi, and try the service on another device.
You can also check to see if the Messenger service is offline using Downdetector.
Here are the top seven ways to troubleshoot a problem with the Messenger platform.
Messenger, formerly known as Facebook Messenger, is a popular messaging app that you may use to stay in touch with many of your friends, family, and coworkers. So if Messenger isn't working, that can bring your communication to a screeching halt. Here are seven of the most common ways to troubleshoot and fix your connection to Messenger.
For some people, the Messenger app has a habit of slowing down or behaving erratically if it's not restarted occasionally. The remedy is simple: Force the app to close and then restart it. Here is how to close an app on Android and how to close an app on iPhone.
The Messenger app can run into trouble if it's trying to communicate over a poor-quality Wi-Fi connection. If you're in doubt about how well your Wi-Fi is working (perhaps you're using a public Wi-Fi network), turn it off and rely on your cellular connection instead. Swipe down from the top of the screen to see the iPhone Control Center or your Android phone's shortcut panel and tap the Wi-Fi icon to temporarily disable it. Then try using the app again.
If Messenger isn't working properly, try disabling Wi-Fi so it has to use your cellular connection.
Because Messenger is cross-platform and works almost anywhere (there are apps for iPhone and Android, and you can use it in a browser for Windows, Mac, and even Chrome) you can easily see if the problem also occurs on another device. If you're using your iPhone, for example, try logging into Messenger in a browser on your laptop. If it works, great; you can keep using that second device. And that'll help you troubleshoot the problem as well, since you narrowed the glitch down to your device.
If you suspect the problem is related to your phone, restart it and see if that solves the problem. You can turn off most Android phones by holding the power button for several seconds, or you can swipe down from the top of the screen to see the shortcuts panel and tap the power icon. If you have an iPhone, here's how to restart it regardless of which iPhone model you own.
Messenger relies on an online service to communicate. If that network is down, Messenger won't work. To see if the problem resides with Facebook rather than your app, check the Facebook Messenger status page at Downdetector. You can also search "is Facebook Messenger down" in your web browser.
See if Messenger is online using the Downdetector website.
Messenger stores temporary data in a cache, and if that cache gets corrupted, the app will often not work properly. It's relatively easy to clear the cache, but the process varies depending upon whether you're using an iPhone or Android. To clear the cache on an iPhone, you need to uninstall the app and then reinstall it from the App Store. If you have an Android phone, you can clear the app's cache without removing the app:
2. If necessary, tap See all apps and then tap Messenger.
If Messenger isn't working on your Android phone, try clearing the app's cache.
If you've tried all the other troubleshooting steps in this article and Messenger is still not working, you might want to uninstall and then reinstall the app. This resets the app back to its "factory conditions" and can solve some problems with the app and its data. Here is how to uninstall an app on an iPhone, and here's what you need to know to uninstall apps on Android.
TECH 7 ways to troubleshoot if Facebook is not working on your device
TECH What a 'This person is unavailable on Messenger' error means on Facebook Messenger, and how to resolve it
TECH How to deactivate Facebook Messenger on your phone and stop receiving chat messages
TECH How to know if someone has blocked you on Facebook Messenger
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2022-07-26T15:08:25Z
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7 Ways to Troubleshoot If Facebook Messenger Is Not Working
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I'm the head of talent at Ledger, a crypto unicorn. Here's how job candidates can stand out in their application and interview.
Geraldine Hounsou.
Courtesy of Geraldine Hounsou
Geraldine Hounsou is the global talent-acquisition director at Ledger, a crypto startup.
She looks for candidates with existing knowledge of the space who demonstrate growth mindsets.
Here's her best advice for job seekers in the crypto world, as told to writer Robin Madell.
This as-told-to essay is based on a conversation with Geraldine Hounsou, the global talent-acquisition director at Ledger who's based in Paris, France. In June 2021, Ledger reportedly raised $380 million in a Series C funding round and reached a $1.5 billion valuation. The following has been edited for length and clarity.
Ledger, founded in 2014, is a global platform for cryptocurrency and Web3 assets. We're a fast-growing company of more than 700 employees with great ambitions, a few of which involve making the digital-assets world accessible and secure for everyone.
Ledger Nanos, a cryptocurrency-hardware wallet used to store private keys, secures more than 20% of the world's crypto assets. Our B2B division, Ledger Enterprise, helps organizations participate in the digital ecosystem securely and at scale.
I joined Ledger in September 2021 to lead, develop, and support the scale of Ledger's talent-acquisition organization. Of my role's different aspects, the most important one is to staff on time and attract the best talent on the market. I also design, structure, and develop our talent-acquisition organization from an org-chart standpoint, but also in terms of a tools ecosystem, processes, and best practices relating to candidate experience and hiring managers — I provide a strong employer-brand footprint. The overall challenge is to complete an aggressive recruitment plan while structuring the function in a fast-paced, competitive environment.
On average, we receive 2,500 applications a month. Here's my advice for people looking to break into crypto right now or land a job at Ledger.
There are many sources of information available to learn more about how crypto works and the market as a whole — including Ledger Academy, which provides a free digital library and "classroom" where you can search by topic and difficulty level to learn all about the industry, and Ledger Quest, a play-to-learn platform where people can earn Proof of Knowledge NFTs from their favorite communities like World of Women, Cool Cats, Deadfellaz, and even ApeCoin. Test out different products and complete your own Web3 transactions to get familiar with the process.
You should also research the companies you're interested in working for. Ask questions like, "Do they still seem to be hiring, making money, or getting funding?" and "Are they innovating or coming up with new products or services?"
Join communities and contribute
The digital-assets ecosystem — and more broadly the Web3 world — doesn't exist without its communities, and working in this area means collaborating with strangers. If you can show initiative and the ability to contribute to your community or decentralized autonomous organizations, you'll make yourself stand out as a job candidate. We love to see this information in a candidate's résumé, LinkedIn profile, or cover letter.
Browse Telegram, Discord, Reddit, or Twitter and find communities that best align with your interests and values. Raising your hand for hackathons or being visible on Github or other open-source projects can also help.
You should also build something worth showing, such as a smart contract, your own community, a tokenomics model, or a local staking pool. Crypto networks are designed to support small projects, so get involved, build something you're proud of, and get comfortable talking about it.
Demonstrate a growth mindset
Expertise matters, of course, when hiring in the Web3 ecosystem, but what's even more valuable is a growth mindset. We're always keen to onboard creative and forward-thinking individuals with a genuine interest in what we build. But it's also about your ability to do hands-on work and make things happen.
Get familiar with our domain and products and research Ledger and what we've been up to. For sure, it's about the skills you're bringing, but also your ability to embrace our core values. At the same time, while talking about your experience, show the impact you've had in previous roles and projects — things you've built, or how your previous company leveraged your work to expand, grow, or gain market shares.
Showcase resilience and an ability to communicate well, be flexible, and work with others
Things move fast at Ledger, so being able to work as a team is an important component. This is how we can deal with perpetual change and uncertainty in our industry. Resilience, flexibility, adaptability, being able to effectively communicate with others, and a sense of ownership are assets that can differentiate you from the rest of the talent pool.
When talking about their past resilience and flexibility, candidates we interview tend to explain situations where they'd had to face unknown scenarios, taken full ownership of complex challenges, adapted to changes, or found innovative solutions to make things work.
We also deeply care about how people communicate during the interview. We ask ourselves questions like: Is the candidate able to listen to others? Can they adapt their communication to questions, feedback, and the particular audience they're addressing? Is their thought process clear?
We'll also ask candidates about their relationships with their peers: How did they work together? How did they support others when required? How did they adapt to their peers' contexts and differences? How comfortable are they with sharing feedback and managing conflicts?
Ask a lot of questions
Our way of hiring is more than just a technical-and-behavioral assessment. It's also about brainstorming and defining how we can all win together. Be prepared to do your part during the interview and ask questions.
Some of the best questions candidates have asked are around roles and how they contribute to the overall business objectives of the company, the company's culture, organizational changes it's been through, and the people — what their team is like and what their challenges, impacts, and main dependencies are.
Some of the worst questions would be really basic ones, such as, "What do you do exactly?" as they show the candidate didn't do the basic homework on the company and its core business. It's also a bad sign for us when people are interviewing for a specific role and ask us about other roles we might consider them for. We want people to feel enthusiastic about the position, team, and topic they would be working on.
More: crypto cryptocurrency Ledger Job search
Job Advice
Talent Acquisitions
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2022-07-26T15:08:27Z
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I Hire at Crypto Startup Ledger. Here's What I Look for in Job Candidates.
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https://www.businessinsider.com/hire-crypto-ledger-job-candidates-interview-tips-2022-7
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https://www.businessinsider.com/hire-crypto-ledger-job-candidates-interview-tips-2022-7
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The Education Dept. told student-loan companies to halt outreach on payment resumption, WSJ first reported.
The department took the same action before the previous payment pause extension.
Lawmakers and advocates have sounded the alarm on the lack of notice on any upcoming relief.
Student-loan payments are set to resume in just over a month, but President Joe Biden's Education Department is telling loan servicers to stop communicating that with borrowers.
The Wall Street Journal first reported on Monday that the department has instructed the companies that manage federal student loans to halt sending billing statements to borrowers ahead of when payments are currently set to resume, after August 31.
Scott Buchanan, the executive director of the Student Loan Servicing Alliance — a trade group that represents all federal loan servicers — told the Journal that "we're almost 30 days away from the planned resumption and the department has been telling servicers to hold off on resumption communications for the last few months."
"Maybe the department expects that the White House will yet again kick the can down the road," Buchanan said. He also noted to NBC News that if there still isn't any guidance from the department by August, it would create an "untenable position" for servicers and borrowers due to lack of time for planning.
The Student Loan Servicing Alliance did not immediately respond to Insider's request for comment.
While the department and White House have not yet commented on another extension, it's possible it could be on the horizon. In March, when payments were scheduled to resume on May 1, the department instructed servicers to halt outreach on the payment resumption, and the pause ended up getting extended one month later.
Leading up to this point, though, the department has maintained that borrowers should still plan to resume payments in September. Biden is also in the process of making a decision on broad student-loan forgiveness, with reports suggesting it'll likely be $10,000 in relief for borrowers making under $150,000 a year.
With that relief looming, some advocates and Democratic lawmakers have been pushing for a payment pause extension to ensure any forgiveness is fully implemented before borrowers are hit with another monthly bill. 180 organizations recently wrote to Biden urging him to "enact robust student debt cancellation that is not means tested and does not require an opt-in for participation and to fully implement this policy before any student-loan bill comes due."
As Insider previously reported, if Biden does choose to subject student-loan relief to income thresholds, it will be a significant administrative burden to implement. It's unlikely relief would be automatic given borrowers would have to verify their income in some way. Democratic lawmakers have urged the president against an income cap, as well, to ensure relief is as broad as it can be.
If the pause does get extended again, though, Republican lawmakers are unlikely to be pleased. Many of them have criticized the prior extensions of the pause has unnecessary and costing taxpayers, with some going so far as to introduce legislation blocking Biden from extending the pause and canceling student debt broadly.
Regardless of what Biden decides, August is less than a week away and while Education Secretary Miguel Cardona promised borrowers "ample notice" on any relief, plans remain up in the air.
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2022-07-26T15:09:31Z
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Biden Signals Another Possible Student-Loan Payment Pause Extension
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https://www.businessinsider.com/student-loan-companies-stop-contacting-borrowers-payments-biden-education-dept-2022-7
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https://www.businessinsider.com/student-loan-companies-stop-contacting-borrowers-payments-biden-education-dept-2022-7
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An artist performs while volunteers remove debris in the village of Yahidne, Ukraine, on July 23, 2022.
Ukrainian volunteers are setting up techno raves to help clean up bombed-out buildings.
Photos show people posing with mortar shells and a DJ on turntables placed on a stack of ammunition boxes.
They told the AP they want to make people feel like life can be normal during wartime.
Ukrainian volunteers are turning bomb-site cleanups into techno raves, with photos showing people posing with mortar shells and DJs playing on top of ammunition boxes.
Russia's invasion on February 24 put an abrupt halt on daily life in Ukraine, including its nightclub scene. But a Ukrainian group called Repair Together is combining dance parties with wartime clean-up efforts in an attempt to make life feel normal again.
Last week, the group organized a clean-up event in the village of Yahidne, 87 miles northeast of the capital Kyiv, the Associated Press reported.
Volunteers dance while a DJ performs in the village of Yahidne, Ukraine, on July 23, 2022.
Yahidne was heavily bombed by the Russians in March before it was liberated by the Ukrainian military a month later, the AP reported. Around 130 people were held hostage in a local school basement for over a month in the village, leaving at 12 people dead, The New York Times reported.
More than 200 volunteers traveled to the village on Sunday to help clean up remnants of a cultural center that was destroyed by a Russian missile strike, the AP reported.
Photos published by the AP and Reuters show young people dancing on the debris with shovels in their hands while DJs play music on turntables placed on top of ammunition boxes.
Another picture shows one smiling attendee posing in front of the DJ decks with a part of a mortar shell in his hand.
A volunteer poses for a picture with a part of a mortar shell while a DJ performs in the village of Yahidne, Ukraine, on July 23, 2022.
"Volunteering is my lifestyle now," said Tania Burianova, an organizer with the group told the AP. "I like electronic music and I used to party. But now it's wartime and we want to help, and we're doing it with music."
Burianova said the raves are designed to help young people regain a sense of normalcy while contributing to wartime efforts.
"We miss [parties] and we want to come back to normal life, but our normal life now is volunteering," Burianova added.
Repair Together has managed eight cleanups so far and plans to expand events to the nearby town of Lukashivka, where they will build 12 houses for people whose homes have been destroyed, volunteers told the AP. They have already helped repair 15 damaged homes in Yahidne, the AP reported.
A DJ at work while young volunteers clear debris from a building destroyed by a Russian rocket in the village of Yahidne, Ukraine, on July 24, 2022.
Vasilisa Stepanenko/Associated Press
Oleksandr Buchinskiy, a local DJ, told the news agency: "These are all young people that still have a passion for life, but they feel pain and are very sad and angry because of the war."
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2022-07-26T15:09:43Z
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Ukrainians Turn Bomb-Site Cleanups Into Techno Raves: Photos
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https://www.businessinsider.com/ukraine-techno-raves-bomb-site-cleanup-photos-2022-7
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https://www.businessinsider.com/ukraine-techno-raves-bomb-site-cleanup-photos-2022-7
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Rep. Peter Meijer, R-Mich., speaks during a roundtable discussion with House Minority Leader Kevin McCarthy, R-Calif., and other Republicans as they criticize President Joe Biden on the Afghanistan evacuation, at the Capitol in Washington, Monday, Aug. 30, 2021.
David Axelrod admonished Democrats for boosting a primary challenger to Rep. Peter Meijer.
Meijer, one of 10 House Republicans who voted to impeach Trump, is facing a Trump-backed challenger.
House Democrats' campaign arm spent $425,000 on a TV ad tying his challenger John Gibbs to Trump.
David Axelrod, a Democratic strategist and former top adviser to President Barack Obama, admonished the House Democrats' campaign arm for boosting a right-wing primary challenger to a Republican House member who voted to impeach President Donald Trump.
"Republican @RepMeijer placed his young political career at risk by voting to impeach Trump," Axelrod tweeted on Monday, referring to Rep. Peter Meijer of Michigan. "Disappointing that Ds are trying to help Trump exact vengeance."
—David Axelrod (@davidaxelrod) July 26, 2022
Meijer, elected to office in 2020 from western Michigan, was one of 10 House Republicans who voted to impeach Trump for inciting the January 6, 2021, insurrection on the Capitol and is now facing a primary challenger in Michigan's August 2 primaries.
The Democratic Congressional Campaign Committee is spending $425,000 to air a television ad in the Grand Rapids market that describes John Gibbs, Meijer's right-wing primary challenger, as "too conservative for West Michigan" and "hand-picked by Trump" in a thinly-veiled appeal to GOP primary voters, Axios and The New York Times reported.
Gibbs, a former software developer and official in the Department of Housing and Urban Development under Trump, has been endorsed by Trump and has embraced Trump's lies that the 2020 election was stolen by massive fraud, falsely calling Trump's loss "mathematically impossible."
Democrats' spending to boost Gibbs is part of a larger pattern 0f Democratic meddling in 2022 Republican primaries. Democrats have dropped millions so far boosting far-right candidates and some election deniers in Senate and House primaries in Colorado and California and governor's races in Illinois, Maryland, and Pennsylvania.
"The DCCC boosting John Gibbs is clear evidence of who Nancy Pelosi prefers in this race," Meijer representative Emily Taylor told Axios. "Democrats don't want to face Peter Meijer in the November election because Peter is the best candidate to represent West Michigan in Congress."
A political party spending to boost the candidate they see as less electable in a general election is nothing new, and in some cases, farther-right candidates would have likely won with or without interference from the other party. But propping up far-right candidates could be especially dangerous and risky in a year where the political climate favors Republicans, especially in the House.
Some have also pointed out the seeming inconsistency between Democrats decrying election denial and conspiracies as an existential threat to democracy while boosting Republicans who embrace those very theories in what is expected to be an amicable midterm election year for the GOP.
Out of those 10, just one, Rep. Tom Rice of South Carolina, has lost their primary challenge to a Trump-backed opponent. Rep. David Valadao of California advanced to the general election in the state's top-two primary, boxing out a far-right candidate who Democrats also spent money boosting.
Four pro-impeachment Republicans are retiring, and another four — including Meijer — have their primaries in August.
Reps. Jaime Herrera Beutler and Dan Newhouse are facing Trump-backed primary challengers in Washington state, also on August 2. And Rep. Liz Cheney, the vice chair of the House Select Committee investigating January 6, is running against Trump-endorsed challenger Harriet Hageman in Wyoming's August 16 primary.
More: David Axelrod 2022 midterms Michigan Peter Meijer
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2022-07-26T17:06:51Z
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Axelrod Slams Dems for Targeting Trump Critic Peter Meijer in GOP Primary
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https://www.businessinsider.com/axelrod-slams-democrats-for-boosting-trump-challenger-to-peter-meijer-2022-7
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https://www.businessinsider.com/axelrod-slams-democrats-for-boosting-trump-challenger-to-peter-meijer-2022-7
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Daniel Kaluuya as OJ and Keke Palmer as Em in "Nope."
"Nope" marks the first time Jordan Peele shot a movie with IMAX cameras.
IMAX's head of post production, Bruce Markoe, spoke with Insider about how Peele pulled it off.
"When the image hit the screen for the first time, there was ... an audible gasp," he said of Peele seeing the movie in IMAX.
Jordan Peele's latest movie, "Nope," once again proves how talented the Oscar-winning writer-director is, as his UFO horror topped the box office its opening weekend and has fans debating its hidden meanings.
But the thing "Nope" has over Peele's two previous directing efforts is its look.
Peele is the latest filmmaker to make a movie shooting on IMAX's large-format cameras, joining the ranks of Christopher Nolan ("Dunkirk," "Tenet") and Denis Villeneuve ("Dune").
According to Bruce Markoe, head of post production at IMAX, Peele had been interested in using the cameras since his second movie, 2019's "Us," was formatted to play on IMAX screens during its theatrical run.
"He came in and watched it on IMAX and he was really taken by our format," Markoe told Business Insider. "Then we got the call from his producer about a year or so later saying they were looking to shoot the movie with our IMAX film cameras."
The result is an elevation in Peele's storytelling. The clarity and detail from IMAX's 65mm camera matched with the talents of the movie's Oscar-nominated cinematographer Hoyte Van Hoytema ("Tenet," "Ad Astra") gives "Nope" an epic feel that immerses you in this thrilling story of siblings (played by Daniel Kaluuya and Keke Palmer) determined to nab themselves the "Oprah shot" of an otherworldly object.
Because Hoytema had shot with IMAX cameras in the past, he was able to help Peele navigate how to best use it and escape its challenges — for instance, shooting coverage so the movie would still play right for non-IMAX screens, and not using the camera for intimate, dialogue-heavy indoor scenes because the camera is so loud they'd have to redo all the dialogue.
Jordan Peele on the set of "Nope."
Glen Wilson/Universal
'When the image hit the screen for the first time ... it was an audible gasp'
Markoe said Peele did many screening sessions of footage for visual effects and editorial purposes on an IMAX screen.
"In post, filmmakers are usually editing on 16-inch TVs, or maybe they will go into a screening room to watch it, but that's literally a 20-foot screen," Markoe said. "So coming into an IMAX theater and watching an assembly or a cut of the movie on an 80- or 90-foot screen, things play differently. We really push and advocate for filmmakers to do that."
And doing that allowed Markoe and his team to show Peele just how gorgeous his movie would look on a really big screen.
He recalled the first time Peele saw footage of "Nope" on an IMAX screen. It was during post production and they went to the IMAX at the Universal City Walk in Los Angeles. Like most filmmakers, at this point in the process Peele had only seen AVID outputs of the footage. But Markoe had a treat for the filmmaker.
"We went and did a color version to make it look even better," he said of the footage.
"So I said, 'Let's start with these so you can see how it looks when it's done,'" Markoe said. "When the image hit the screen for the first time, there was probably 15 people in the room, it was an audible gasp. They were like, oh my, and there was a little cheer."
Markoe said there is about 48 minutes of footage in the two-hour movie that was shot on IMAX cameras, including the thrilling final half hour. That means if you are watching the movie on an IMAX screen, those with a keen eye may notice that suddenly the entire giant screen has picture. Sequences not shot on an IMAX camera have a subtle narrow look on an IMAX screen.
A good example is the shot in the "Nope" trailer when OJ (Kaluuya) is on his horse and galloping down a dirt road while the giant UFO is behind him. That was shot on an IMAX camera and looks glorious on the screen.
Daniel Kaluuya being chased in "Nope" was shot on IMAX's 65mm film camera.
Markoe also noted the shot of when Em (Haywood) is looking out of the window of the house and the camera pushes past her and through the window. During that camera move, the aspect ratio subtly widens to full IMAX picture view.
"Jordan creatively built the change of aspect ratio into that moment to make it more powerful," Markoe said.
Markoe said regardless how you see "Nope" it's going to look great, but seeing it on IMAX is the "elevated way" to watch it.
"All filmmakers work so hard on a project to make every aspect of the movie be perfect, they obsess over it, so really the audience is going to experience the movie the way Jordan intended on an IMAX screen," he said.
Could you say Peele is an IMAX lifer now?
"I think so," Markoe said with a laugh.
"Nope" is currently playing in theaters.
More: Movies Nope Jordan Peele IMAX
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2022-07-26T17:07:22Z
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'Nope': How Jordan Peele Used IMAX Cameras to Elevate Horror Movie
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https://www.businessinsider.com/nope-jordan-peele-imax-cameras-2022-7
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https://www.businessinsider.com/nope-jordan-peele-imax-cameras-2022-7
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Read the 7-page pitch deck that three Harvard students used to raise $4 million for Web3 chat app Lines
Eli Burnes, Sahil Handa, and David Chavez-Grant are the cofounders of Lines.
Sahil Handa
The startup Lines is developing a chat app built with decentralized apps in mind.
It will allow people to sign in with their credentials across many apps, creating a single identity.
The goal is to improve how people communicate and transact while using aliases online.
The idea for Lines, a messaging app built with decentralized apps in mind, came from a pain point. Harvard student Sahil Handa and his friends got involved in online communities for crypto believers, but they found it hard to follow the people in those spaces into other apps. Someone could go by one name on Discord and another on Coinbase.
The friends saw a need for a new kind of social network that connects people's digital wallets — which are apps for securely storing and sending cryptocurrencies — and they just received $4 million in funding to build it.
Their new startup, Lines, is developing a chat app that lets people send messages from wallet to wallet. They can log in with their credentials across multiple apps and wallets to create a single online identity. This makes it easier to communicate if, say, a person wants to contact the owner of a nonfungible token they've been eyeing, Handa said. And it brings a level of trust to the ecosystem, he added. Before a person sends money to someone, for instance, they can check that the person who they're talking to on Telegram actually owns the wallet address that they provided.
Earlier this month, Lines raised $4 million in a seed round of funding led by the solo capitalist Elad Gil, an early investor in some of Silicon Valley's marquee companies, including Airbnb, Square, Stripe, and Coinbase. The cap table also includes the who's who of startup investing, including blue-chip angel investors such as Raymond Tonsing, Naval Ravikant, and Balaji Srinivasan, and high-profile executives at tech companies like Coinbase, Figma, and Adobe.
The round had all but closed when Gil reached out about investing. Handa didn't hesitate to about double the size of the round to make room for the esteemed investor to lead it. "I've read his book four times already," Handa said.
For his part, Gil said he jumped on Lines because it has the potential to change how token-gated communities, also known as DAOs, operate. Someday, members could use Lines to create group chats that require owning the group's token to enter. They could allow members to vote on proposals and manage treasuries without leaving the app.
"In general I think some aspects of social products may re-emerge on the blockchain in super interesting ways," Gil said in an email. "So this company is a uniquely strong team working in a very interesting area."
Like his cofounders, Handa has taken a leave of absence from Harvard to pursue their idea.
Check out the pitch deck that Lines used to raise a $4 million seed round.
A slide from a pitch deck that the web3 startup Lines used to raise $4 million in a seed round of funding led by the solo capitalist Elad Gil.
More: Features Startups Venture Capital Web3
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2022-07-26T17:07:51Z
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The Pitch Deck That Web3 Chat App Lines Used to Raised $4 Million
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https://www.businessinsider.com/pitch-deck-lines-chat-app-for-web3-seed-round-harvard-2022-7
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https://www.businessinsider.com/pitch-deck-lines-chat-app-for-web3-seed-round-harvard-2022-7
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A bipartisan group of senators voted to advance a bill boosting the US semiconductor industry.
By a 64-32 vote, senators advanced what is known as CHIPS plus.
The legislation would provide $52 billion to boost US semiconductor production.
A bipartisan group of senators on Tuesday advanced legislation to provide billions in federal support for the semiconductor industry and to expand some federal research grants.
The Senate voted 64-32 to move the legislation, known in Washington, DC, as CHIPS plus, to final passage. The bipartisan vote broke a filibuster, which means that the bill needed 60 votes to advance. Final Senate passage could come soon as today or Wednesday.
Senate Minority Leader Mitch McConnell was among the Republicans who voted in favor of advancing the bill.
House Speaker Nancy Pelosi has made it clear that her chamber will move to send the bill to President Joe Biden's desk as soon as possible. Passing the legislation into law would mark another bipartisan victory in the Senate that has recently passed gun law reforms and appears poised to change the centuries-old law governing how Congress formally certifies the winner of a presidential election.
Senate Majority Leader Chuck Schumer has long played a key role in pushing the legislation.
But the bill is not without its detractors. Sen. Bernie Sanders voted against it.
Sanders, an independent from Vermont, has railed against $52 billion in the legislation that would go to boosting companies expanding semiconductor manufacturing in the US. Sanders has argued the money would reward companies that have previously offshored US production and compared it to a "bribe" for manufacturers to stay in the US.
"The five biggest semi-conductor companies that will likely receive the lion's share of this taxpayer handout, Intel, Texas Instruments, Micron Technology, Global Foundries and Samsung, made $70 billion in profits last year. Does it sound like these companies really need corporate welfare," Sanders said in a recent statement.
Conservative House Republicans and some of Sanders' GOP colleagues have echoed his skepticism. Axios previously reported that an influential group of House conservatives privately called the bill a "fake so-called 'China' bill."
The legislation the Senate advanced on Tuesday is the latest iteration of a years-long, mostly bipartisan effort to craft legislation boosting the semiconductor industry and thwarting China's rise. More ambitious legislation previously passed the House and Senate, but the two chambers struggled to reconcile the differences between their proposals. McConnell further complicated measures when he linked the defeat of Democrats' economic agenda to the CHIPS bill advancing.
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2022-07-26T17:07:57Z
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Senate Clears Hurdle on Bill to Boost Chips, Thwart China's Rise
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https://www.businessinsider.com/senate-advances-chips-plus-semiconductors-china-bill-2022-7
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https://www.businessinsider.com/senate-advances-chips-plus-semiconductors-china-bill-2022-7
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Brent M. Eastwood,
Swedish submarine HMS Gotland with other NATO and partner-nation ships during exercise Dynamic Mongoose, May 4, 2015.
US Navy/Mass Comm. Specialist 2nd Class Amanda S. Kitchner
Sweden has developed a reputation for building sophisticated submarines.
Swedish shipbuilder SAAB just laid the keel on its new, next-generation submarine.
The first Blekinge-class sub won't enter service for years, but it will bring advanced capabilities.
Sweden's industrial base is becoming more active in delivering the military hardware that can make the country a leader in readiness as it prepares to join NATO.
Indeed, Saab may soon have another hit on its hands. Its next-generation submarine has come one step closer to fruition.
On June 30, the Royal Swedish Navy laid the keel of the A26 Blekinge-class submarine — the lead boat in a class of two. The Blekinge-class can stay submerged for 18 days and is bigger than the Gotlund-class, itself a formidable submarine, which the Blekinge-class will replace toward the end of the decade.
Saab stakes its claim
An illustration of Sweden's A26 Blekinge-class submarine.
Saab is excited about the Blekinge-class, and the company's CEO crowed about the virtues of the new sub in an interview with Naval News.
"The submarine competence places Sweden among one of few nations in the world with the capability to build modern and advanced submarines" Saab CEO Micael Johansson said. "The ceremony is not only a milestone for HMS Blekinge, it is also proof that Sweden has regained the capability. We are looking forward to when her sister HMS Skåne will follow in her tracks."
The Blekinge-class has a long way to go before entering service. Final delivery is not expected until 2027 or 2028.
Nevertheless, the keel laying is a significant milestone along its acquisition path. It has taken five years of development to get the Blekinge to this point. The Swedish military first ordered the subs in 2015. Construction began in 2017 at the Saab Kockum's shipyard in Karlskrona, where Sweden has built ships for 300 years.
The Swedes are serious about undersea warfare
Crown Princess Victoria of Sweden looks at a Swedish submarine at an event in Rotterdam, June 8, 2022.
The Swedish navy has invested $840 million into the Blekinge-class program in an effort to improve on the Cold-war era Södermanland-class of diesel-electric subs.
The Blekinge-class is planned to be as silent as ever — the Swedes excel in noise cancellation technology for undersea warfare. The Blekinge is conventionally powered, but it will have flexible mountings to help reduce transient noise, withstand shocks, and lessen the chances of detection by an enemy. The sub's frame will better absorb noise, and the air ducts and pipes will be quiet as well.
The Blekinge will be around 217 feet long. It will displace nearly 2,000 tons. These subs will also be able to sneak close to shore to insert teams of special-operations forces personnel, and this "multi-mission portal" will also deploy unmanned subs.
The Swedes hope the unmanned underwater vehicles use their intelligence, surveillance, and reconnaissance prowess to swim far ahead and gather targeting data for the Blekinge-class. The robotic craft can extend the range of sonar to give the manned submarine better survivability against enemy subs and destroyers. The drones can use active sonar as the Blekinge stays hidden.
If an enemy detects the unmanned sub, the potential destruction of that vessel will not endanger the Blekinge, which could then stealthily exit the area of operations and live to fight another day.
Saab has become a defense powerhouse
HMS Gotland in San Diego in October 2005.
US Navy/Mate 2nd Class Patricia R. Totemeier
Saab is perhaps better known for automobile production, but the firm has become an adept arms manufacturer in recent years. It has been posting more revenue and profit each quarter.
Saab has a plan for what modern undersea warfare will look like during the next 20 years. While the Swedish navy will not dominate with its numbers of submarines, its unmanned subs will serve as a force multiplier.
The Blekinge will be a robust and quiet boat that will help keep the Russian navy guessing in the waters of the Baltic Sea and beyond.
Now serving as 1945's defense and national security editor, Brent M. Eastwood, PhD, is the author of "Humans, Machines, and Data: Future Trends in Warfare." He is an emerging threats expert and former US Army infantry officer. You can follow him on Twitter @BMEastwood.
More: 19fortyfive News Contributor Sweden Swedish navy
Swedish submarine
HSMS Gotland
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2022-07-26T17:41:46Z
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Sweden's New Blekinge-Class Submarines Could Give Russia Headaches
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https://www.businessinsider.com/sweden-new-blekinge-class-submarines-could-give-russia-headaches-2022-7
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https://www.businessinsider.com/sweden-new-blekinge-class-submarines-could-give-russia-headaches-2022-7
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New-home sales slowed through June to an annual pace of 590,000 units, the US Census Bureau said.
June's number was the lowest since April 2020.
Fewer Americans are buying homes a mortgage rate hikes make it even more expensive.
Housing costs are still rising — and it's causing less Americans to buy homes.
US new home sales declined in June to the lowest level in two years as interest rates pushed housing affordability further out of reach for many prospective buyers.
During the month, sales of new single-family homes slowed to a seasonally adjusted annual rate of 590,000 units, the US Census Bureau said Tuesday morning. The reading reflected a 8.1% decrease from the prior month's rate.
New-home sales in May were revised to a pace of 642,000 from a preliminary rate of 696,000 units.
June's reading was the slowest sales pace since April 2020 – an unprecedented time in the US real estate market when the coronavirus pandemic curbed activity across the country.
New home sales are now down 13.4% compared to 2021. The downturn is attributed to the Federal Reserve's attempts to cool inflation by raising interest rates. So far in 2022, the Fed has raised rates twice, resulting in mortgage payments that are hundreds of dollars more expensive than they were just a year ago. As the Fed meets today and tomorrow, it's likely another rate hike is around the corner — and that could mean even more Americans will be priced out of homeownership.
"Buyers are balking due to deteriorating affordability conditions and growing sticker shock," Danushka Nanayakkara-Skillington, the assistant vice president for forecasting and analysis at the National Association of Homebuilders, told Insider.
According to census data, only 13% of new home sales in June were priced below $300,000, while just a year ago the number was 26%. During the month, the median sales price of new houses sold was $402,400, whereas average sales price was $456,800.
As homeownership became more expensive throughout the month, data from the Commerce Department shows that US housing starts, or the number of new homes that began construction, declined to a seasonally adjusted annual rate of 1.56 million units in June.
Although multifamily construction — units in buildings with five households or more — rose by 10.3%, single family construction dropped by 8.1% from May to the lowest reading since June 2020. The category saw annual construction fall to a pace of just under 1 million, well below the revised May figure.
"While the multifamily market remains strong on solid rental housing demand, the softening of single-family construction data should send a strong signal to the Federal Reserve that tighter financial conditions are producing a housing downturn," Robert Dietz, the chief economist at the National Association of Homebuilders, previously told Insider.
Data from NAHB shows rising inflation and interest rates have added as much as $14,000 to the construction costs of the average newly built single-family home. As costs weigh on builders – and homebuyers burdened by rising mortgage rates – there has also been an uptick in buyers cancelling deals on new home construction.
John Burns Real Estate Consulting reports the national cancellation rate among homebuilders reached 14.5% in June, marking the highest rate since April 2020 — signaling that more Americans are now struggling to afford home purchases.
More: Homebuilders Homebuyers Census Bureau New Home Sales
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2022-07-26T18:52:19Z
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Housing Market Watch: June New-Home Sales Fell 8.1% As Mortgage Rates Rise, Buyer Demand Wanes
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https://www.businessinsider.com/new-home-sales-fall-june-mortgage-rates-real-estate-market-2022-7
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https://www.businessinsider.com/new-home-sales-fall-june-mortgage-rates-real-estate-market-2022-7
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Understanding how crypto wallets work
Types of crypto wallets
Pros and cons of crypto wallets
What is a crypto wallet? Understanding the software that allows you to store and transfer crypto securely
Each type of crypto wallet has its own use case depending on the goals of the user, although they all accomplish the same things.
A crypto wallet is a device or program that allows you to transfer and store cryptocurrency.
There are different types of crypto wallets, such as paper wallets, hardware wallets, and software wallets.
A crypto wallet's security depends on how the private key is stored.
You can't fold up a bitcoin and put it in your wallet. Yet you can hold the keys to your crypto by using a crypto wallet of your own.
A crypto wallet is a software program or physical device that allows you to store your crypto and allow for the sending and receiving of crypto transactions. A crypto wallet consists of two key pairs: private keys and public keys. A public key is derived from the private key and serves as the address used to send crypto to the wallet.
Quick tip: Wallets have many public keys. This means that you can give out multiple different public addresses and use them to receive crypto to the same wallet.
The important part of a wallet — and the part where new users often find themselves getting into trouble — is the private key. A private key is like the key to a safe deposit box. Anyone who has access to the private key of a wallet can take control of the balance held there.
But unlike a safe deposit box, crypto users who hold their own private keys and make transactions using non-custodial wallets (i.e., a wallet not hosted by an exchange or other third-party) become their own bank.
"It is similar to a bank account but the main difference is it is controlled by a key that only you control. You use this [private] key to initiate transactions, which is called 'signing,'" says Joel Dietz, founder of Art Wallet and contributing developer to MetaMask.
While the idea of crypto itself is still new to many people, crypto wallets themselves are designed to be user-friendly. Web wallets like MetaMask and desktop wallets like Electrum come with a graphical user interface (GUI) that is made to be as simple as possible.
Blockchain is a public ledger that stores data in what's known as "blocks." These are records of all transactions, the balances held at any given address, and who holds the key to those balances. Crypto isn't stored "in" a wallet, per se. The coins exist on a blockchain and the wallet software allows you to interact with the balances held on that blockchain. The wallet itself stores addresses and allows their owners to move coins elsewhere while also letting others see the balance held at any given address.
Quick tip: When sending a crypto transaction, always make sure you're sending to an address for a wallet of the same type of cryptocurrency. If you send Bitcoin (BTC) to a Bitcoin Cash (BCH) address, for example, those funds will be lost forever.
"Most Crypto wallets allow users to send, receive, and store crypto. Some have a feature to buy and spend cryptocurrencies," says Utsav Dar, co-founder of Incub8 Finance. "Certain crypto wallets have additional features like swapping between tokens, staking tokens for a fixed return paid out to users, as well as access to dApps (decentralized applications) built on various networks."
While each wallet has its own specific nuances, here are the general steps involved in sending or receiving funds using a crypto wallet:
To receive funds, you need to retrieve an address (also known as a public key) from your wallet. Locate the "generate address" feature in your wallet, click it, then copy the alphanumeric address or QR code and share it with the person who wants to send you crypto.
To send funds, you need the address of the receiving wallet. Locate the "send" feature in your wallet and enter an address of the wallet you intend to send coins to. Select the amount of crypto you'd like to send, and click "confirm." Consider sending a small test transaction before sending large amounts of crypto. Note that sending coins requires a fee that will be paid to miners in exchange for processing the transaction.
Sending money via QR codes or long strings of numbers and letters may seem strange at first. But after doing it a few times, the process becomes quite simple.
Crypto wallets fall under two general categories: software wallets and hardware wallets.
Software wallets are simply desktop programs or browser extensions that make it easy for people to send, receive, and store crypto. Hardware wallets serve a similar purpose but are physical devices that can be plugged into a computer.
Software wallets are sometimes called "hot" wallets because the funds are kept online. Hardware wallets keep private keys held offline or in "cold" storage.
A hardware wallet is a small device that can store crypto offline. "A hardware wallet keeps your keys off of your phone or computer," saya Dietz. "Usually, you plug in the hardware wallet from a USB port. This is much more secure because all of the signing happens off of your computer."
The typical hardware wallet costs around $100, give or take. These tend to be slightly more complicated to use than software wallets.
Most hardware wallets interact with a computer in one of three ways:
A web-based interface
A company-created app
A separate software wallet
A software wallet is a computer program or mobile app that holds private keys online. Software wallets are unique to each cryptocurrency while hardware wallets often support multiple currencies (more on these differences later).
"[Software wallets] can either be used on the web, in which case they are custody wallets, which aren't completely secure. Or they [can come] in the form of apps that can be installed on a phone/laptop, in which case the private keys are stored on the local device," says Dar. "These may be connected to the internet, again making them less secure."
Quick tip: When using software wallets, be sure to create backups on a regular basis. If a problem occurs with your web browser or hard drive, you could lose the private keys to your wallet, resulting in permanent loss of funds.
The three main types of software wallets are:
Web-based wallets, like MetaMask, which work as a browser extension and can send ETH transactions, making it easy for users to interact with things like decentralized applications and decentralized finance (DeFi) protocols
Desktop wallets, such as the Electrum wallet, that can be used on a desktop or laptop computer
Mobile wallets, such as the Blockchain.com wallet, that allow users to store crypto, send/receive transactions, and "sweep" the private keys of an existing wallet into the app by scanning a QR code on their smartphones
Quick tip: Paper wallets are another way to store your private keys. But the creation and use of paper wallets comes with a high risk of user error, and is too dangerous for storing any significant amount of crypto. It's generally advised to use other kinds of crypto wallets.
Self-ownership of money
Censorship-resistant transactions
Quick and easy access
User responsibility
Chance of making mistakes
Some pros of using non-custodial crypto wallets include:
Self-ownership of money. If you hold your own private keys, then that crypto belongs to you and only you. By comparison, money in a bank is technically property of the bank.
The ability to send transactions to whomever you like, whenever you like. Decentralized cryptocurrencies are censorship-resistant because no one controls the network, making it hard for anyone to stop transactions.
Some cons of using crypto wallets include:
User responsibility. Becoming your own bank means you have to assume 100% liability for anything that goes wrong.
Learning curve. Using a crypto wallet requires a basic level of computer knowledge in addition to getting familiar with a new kind of financial ecosystem.
The answer to the question "what is a crypto wallet" is that it's like a crypto bank account that only you control. Software wallets are built for convenience while hardware wallets are built for security. To get started, you should research what wallet types work best for you. Research the options available to you, including cost and security.
Those interested in going a step further can invest in a hardware wallet since doing so is one of the best ways to take ownership of your own private keys. Learning to use these might take a little longer for beginners, but doing so could be worth it for the added security. For those holding large sums of money in the form of cryptocurrency, most experts agree that using a hardware wallet is a must.
More: cryptocurrency service graphics Alyssa Powell Personal Finance Insider
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2022-07-26T18:52:25Z
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What Is a Crypto Wallet? How It Works & If You Need One
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https://www.businessinsider.com/personal-finance/crypto-wallet
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https://www.businessinsider.com/personal-finance/crypto-wallet
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What is a SIMPLE IRA?
Understanding how SIMPLE IRAs work
SIMPLE IRA contribution limits
Pros and cons of a SIMPLE IRA
SIMPLE IRA vs. Traditional IRA
What to know about SIMPLE IRAs: Retirement accounts for small businesses and their employees
Just like with the traditional IRA, contributions to the SIMPLE IRA are tax-deferred.
Maskot Bildbyrå/Getty Images
A SIMPLE IRA is a type of individual retirement account offered by small businesses.
SIMPLE IRAs allow for employee contributions up to $14,000 annually ($17,000 for those 50 or older).
Employers can make matching contributions of up to 3% of the participant's salary.
SIMPLE IRAs are a great option for small business owners who want to help their employees save. "They are fairly inexpensive to set up and maintain when compared to a conventional retirement plan," says Karina Valido, vice president and private client advisor at First American Bank.
Savings Incentive Match Plans for Employees (SIMPLE) IRAs are a type of individual retirement account offered by small businesses with less than 100 employees. SIMPLE IRAs function similarly to 401(k)s, allowing both employer- and employee-side contributions.
SIMPLE IRAs are set up by employers — specifically, those with 100 workers or less. Employees can then contribute a portion of their earnings to the account, and their employer can then match those contributions up to 3% of their salary.
Employers can also choose "nonelective contributions," which essentially means they'll contribute up to 2% of the employer's salary — even if the employee never contributes to the account themselves.
"For employers, contributions are tax-deductible," Valido says. "For participants, contributions and earnings are not taxed until withdrawn."
Quick tip: As with other types of IRAs, these accounts are intended as retirement-saving tools. Employees face a 10% penalty for withdrawing funds before the age of 59 ½. This penalty goes up to 25% if made within the first two years of participation in the plan.
With SIMPLE IRAs, there are requirements both for employers and employees.
Employer requirements: Employers must be small businesses with 100 workers or less, and they cannot offer any additional retirement plans. They must agree to provide a matching contribution up to 3% of employees' salary or 2% in nonelective contributions annually.
Employee requirements: To participate in a SIMPLE IRA, employees need to have earned at least $5,000 in the prior two years and expect to receive $5,000 in compensation in the current year.
"There are no income limits for these accounts, so even high-income earners qualify for SIMPLE IRAs," says John Hagensen, founder of Keystone Wealth Partners.
SIMPLE IRAs do come with contribution limits, though, and these vary by tax year. Here are the limits for for 2022:
Participant Details Annual contribution
Employee Under age 50 Up to $14,000
Age 50 or older Up to $17,000
Employer Nonelective contributions (does not require employee contributions) 2% of employees' salary
Matching contributions (dollar-for-dollar match of employee contributions) Up to 3% of employees' salary
Quick tip: If you're 50 or older, you can take advantage of what the IRS calls "catch-up contributions." On SIMPLE IRAs, this means you can contribute an additional $3,000 per year compared to other age brackets.
As with anything, there are both pros and cons to using a SIMPLE IRA. One major advantage is that employees have full control over what their SIMPLE IRA is invested in. For employers, these accounts are easy to set up, are tax-deductible, and come with few administrative costs.
On the downside, the contribution limits are lower on SIMPLE IRAs than they are on 401(k)s, and there's no Roth version of these IRAs either. As a result, participants may pay higher taxes on their withdrawals down the line (if they're in a higher tax bracket at that point).
Here's a breakdown of all the pros and cons a SIMPLE IRA comes with:
Easy to set up and manage
Employees have full control over investments
Employees are immediately fully vested
Employer contributions are tax-deductible
Limited administrative costs
Employers can't offer additional retirement plans
No Roth IRA versions
Contribution limits are lower than 401(k) and SEP IRA retirement plans
Taxes are paid on withdrawal, which could make them more expensive if you're in a higher tax bracket by then
SIMPLE and traditional IRAs are both types of individual retirement accounts, but they're not one and the same.
"Traditional IRAs are set up by individuals and only that same individual can contribute to it, while SIMPLE IRAs are set up by small business owners," Hagensen says. "Both the employee and employer are able to contribute to that account."
There are also differences in contribution levels and income requirements, and traditional IRAs don't offer employer matching, as SIMPLE IRAs do. Here's a full look at the differences between these two types of accounts:
SIMPLE IRA Traditional IRA
Opened by the employer
$13,500 limit ($16,500 if you're 50 or older)
Up to 3% employer matching
Must have earned $5,000 in two previous years and be on track for $5,000 in earnings this year
Come with a 25% penalty if funds are withdrawn in the first two years
Opened by the participant
$6,000 limit ($7,000 if 50 or older)
No matching contributions
Must have earned some taxable compensation for the year
If you work for or own a small business, a SIMPLE IRA may be an option for you. These retirement accounts are easy to set up and manage, and they offer low administrative costs, flexible investments, and immediate vesting, too.
Keep in mind, though, they are pre-tax accounts, so if you expect your tax bracket to be higher in retirement, they could result in higher costs. They also come with smaller contribution limits than 401(k)s and SEP IRAs.
More: Investment Assets IRA retirement account SIMPLE IRA
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2022-07-26T18:52:45Z
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SIMPLE IRA: Definition, Rules, Contribution Limits
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https://www.businessinsider.com/personal-finance/simple-ira
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https://www.businessinsider.com/personal-finance/simple-ira
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What is payment for order flow?
How payment for order flow works
Does it mean your free trade isn't really free?
Should you choose an investment app that sells your orders?
Some brokerages earn PFOF by selling client orders to high frequency trading (HFT) firms for trade execution.
Payment for order flow (PFOF) is the compensation online brokerages earn when third parties execute their orders.
PFOF may impact an investor's final per-share cost.
Though PFOF can affect costs, it doesn't jeopardize your transactions or account security.
Payment for order flow (PFOF) is a common practice among discount brokerages like E*TRADE, Webull, and others. It's a business-to-business arrangement, but the entire transaction can impact the final per-share cost for the investor.
Keep reading to see how payment for order flow (PFOF) works, and how it could affect your investments.
Also known as stock order routing, PFOF is a process whereby online brokerages rely upon high-frequency trading (HFT) firms, or market makers, to execute stock and option investment transactions. This means your orders aren't being directly executed by your broker, but by a third party. Since market prices rapidly fluctuate for stocks, you could end up paying a price that's slightly higher or lower than what you'd initially bargained for.
According to investor.gov, the SEC's consumer-advice site, brokers not only have the option to direct orders to HFT firms, but they can also utilize the following order execution options:
If your stock trades in an over-the-counter (OTC) market, the brokerage can sell the order to an OTC market maker firm that executes your order
Brokers can also route orders to electronic communications networks (ECNs) that can match buy or sell orders at certain prices
Your broker may execute trades through a process known as internalization. This allows your investment app to send your order to another division of its company for execution. The firm profits due to the difference between what they paid for the security and what they're selling it to you for
If you'd like to learn more about market makers' order routing and order execution practices, you can generally find public disclosures on their websites, thanks to SEC Rule 605. This rule requires brokerages that use PFOF to provide public disclosures on their order routing practices on a quarterly basis.
When your broker sends a stock or option order to a market maker, the third-party firm pays the brokerage to execute it.
For instance, if you placed a buy order for 20 shares of Amazon (AMZN) stock with a brokerage that receives PFOF, your order will make a pit stop before it gets fulfilled. After you place the order, your brokerage will send it to a market maker who carries out the actual trade.
That depends on how fast the securities markets are moving. If you're interested in buying a hot stock whose prices are rapidly rising and falling, there's no guarantee that the amount you paid per share will be the same price at which the order is executed.
In other words, HTF firms have the power to determine when your order goes to the markets. Generally, it's in their best interest (as well as yours) to execute the trade as quickly as possible.
Still, if a stock's price changes by the time your order is fulfilled, you could end up paying more or less per share.
However, if you're looking to buy a less volatile stock, you may not have to worry about a price change at all.
Dropping an app or brokerage that uses PFOF is ultimately up to you to decide. Keep in mind that PFOF doesn't compromise the security of your investment account, nor is the money in your brokerage account being held hostage against your will. The trade you want will happen. It's the exact timing of the transaction that's affected, which then could affect the price you buy or sell the stock for.
Payment for order flow is the money a brokerage or investment app receives when they pay an outside firm to execute the investment buy or sell orders you gave them. This procedure gives the market maker firm the power to carry out your trades.
Many discount brokers and commission-free investment apps utilize PFOF to earn additional compensation, but it doesn't affect your investment choices or account safety. If you're an active trader or day trader who regularly invests in options, PFOF might impact the final costs of your trades since the third-party firms do have some control over the speed of your order's execution.
In short, the effect of PFOF on most ordinary investors is limited. Still, if you're not in love with the idea of your transactions being farmed out, you may want to consider other brokerages — such as Fidelity, and Interactive Brokers — that don't use this compensation arrangement at all.
PERSONAL FINANCE The 7 best online brokerages for investors of all kinds, from kids to pros
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2022-07-26T18:52:57Z
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Payment for Order Flow: Definition, Types, Effect on Investors
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https://www.businessinsider.com/personal-finance/what-is-payment-for-order-flow
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What faltering buy-now-pay-later fintechs can learn from Citizens Bank's model. "It's not just a way to pay."
Citizens Pay launched through a partnership with Apple in 2015.
Citizens Bank first launched Citizens Pay in 2015 through a partnership with Apple.
Gaurav Sethi, who oversees the product and its strategy, said "it's not just a way to pay."
Here's why Citizens' strategy may offer hints for struggling buy-now-pay-later fintechs.
As buy-now-pay-later, or BNPL, fintechs combat rising interest rates, falling valuations, and shrinking e-commerce demand, one established player's model may offer hints for embattled startups looking for strategies for long-term success in the sector.
Citizens Bank first launched Citizens Pay through a partnership with Apple in 2015, serving as the financing partner for Apple's iPhone-upgrade program.
The bank offers customers a deal that differs slightly from many BNPL fintechs — instead of customers breaking up a purchase into a set of interest-free payments that are usually spread out over four to six weeks, Citizens Pay offers a more traditional point-of-sale financing plan, which spreads the cost of a purchase out over time through monthly payments.
"We are not a financing or payment provider. We are a marketing extension for our partners," Gaurav Sethi, the chief strategy-and-product officer for the division, told Insider.
Citizens' focus on the retailer rather than the shopper might be the distinction that helps Citizens grow, while fintechs focused on attracting buy-now-pay-later customers are faltering.
Gaurav Sethi is the chief strategy-and-product officer for Citizens Pay.
'It's not just a way to pay'
"It's not just a way to pay," Sethi, who previously worked on lending products at JPMorgan Chase before joining Citizens in 2019, said. "We enable upgrades every year, which helps Apple reduce the upgrade cycle, instead of every two years that the typical wireless providers offer up now."
Citizens touts its financing as a marketing tool and a key difference from both BNPL fintechs and other banks. Many buy-now-pay-later fintechs also see themselves as marketing partners first and foremost, though their primary focus is typically building relationships with consumers, not retailers.
Citizens also sees its status as a bank as an advantage, especially as some fintechs feel the squeeze as interest rates rise and underwriting standards tighten, making it difficult for them to invest in developing other products like savings accounts and debit cards that can help boost revenue.
Some analysts think that in order to survive, buy-now-pay-later firms will have to become more like the old guard of competitors they're seeking to challenge. Lisa Ellis, a partner and senior equity analyst at MoffettNathanson, a research institute, told Insider that while BNPL is an attractive feature, it can't sustain a fintech as its sole offering.
"All neobanks that are successful, or digital banks, have had a hook," Ellis said. BNPL "is just a new one of those kinds of killer features that are compelling enough that it gets people to sign up for it in the first place, but then that in and of itself isn't sufficient to sustain the level of engagement you need with consumers."
As e-commerce demand declines from its pandemic high and rising interest rates and inflation squeezes consumers, some BNPL fintechs are stumbling as questions surface about their long-term viability.
In May, Klarna announced it would lay off 10% of its approximately 7,000 employees, citing the war in Ukraine, rising inflation, volatility in the stock market, and an impending recession as key reasons for the cuts. Just a few weeks later, the Swedish fintech announced that it closed an $800 million round of new funding and a post-money valuation of $6.7 billion, a fraction of the $45.6 billion valuation the company received in June 2021.
Other fintechs are facing similar slumps in performance. Affirm's share price is down more than 70% since the beginning of the year, and the Australian BNPL-provider Zip called off a planned acquisition of rival Sezzle in early July due to "current macroeconomic and market conditions."
Over the long term, Ellis expects that successful fintechs will continue to build out their offerings to resemble other digital banks more closely.
Some fintechs have already begun rolling out broader banking offerings — Affirm's Debit+ card is in its beta stages, and the company launched high-yield savings accounts in mid-2020. Klarna holds banking licenses in several of its European markets. Afterpay execs have laid out plans for more closely integrating the BNPL provider with Cash App, a service from their parent company Block, which offers debit cards, direct deposit, and tax-preparation services.
"We enable upgrades every year, which helps Apple reduce the upgrade cycle, instead of every two years that the typical wireless providers offer up now," Sethi said.
We are not bound by 'What can I sell to this customer?'
Even for items that aren't quite as pricey as a new iPhone or a Mac computer, Sethi says that financing can be a useful tool for retailers looking to sweeten their offers for shoppers.
Citizens Pay's other big-name partnership is with Microsoft, which offers the service to customers purchasing its Xbox gaming systems and other electronics.
While Microsoft's consumers aren't looking to upgrade their hardware as frequently as Apple's, its Xbox All Access product allows customers to bundle the purchase of an Xbox gaming system and two years of Xbox Game Pass Ultimate. The subscription service gives customers access to a catalog of games, and financing through Citizens Pay allows customers to spread out the cost in installments.
"If we focus all of our energy on, 'How do we be the best partner to our retailer?' then we are not bound by, 'What can I sell to this customer?' 'What is the next product?'" Sethi said. "We're really trying to optimize on what we can do for creating differentiated marketing solutions — and financing is one of them — for these retailers."
Citizens isn't the only competitor targeting merchants rather than shoppers. Bread Financial, formerly known as Alliance Data Systems, has recently expanded its traditional private-label credit offering to include white-label buy-now-pay-later offerings. Barclays, another legacy private-label and cobrand card player, announced a partnership with the fintech Amount in April 2021 that allows brands to offer white-label installment plans at their point of sale.
While Apple and Microsoft remain Citizens' biggest partners, the bank has expanded its roster of partnerships beyond electronics to include fitness equipment, healthcare, furniture, and home-improvement companies. The bank says the average ticket size for a Citizens Pay loan is around $1,500. By comparison, the average Affirm order value was $347 in May 2022, according to an investor presentation.
Sethi said Citizens' ability to offer an omnichannel solution is something merchants say is a must-have, especially as shoppers return to stores and e-commerce volumes recede from their pandemic highs.
"What they're looking for is something that's more sophisticated than just a widget at their online checkout," Sethi said of the newer Citizens Pay partnerships. "They needed something to work within their app or within their physical store just as well as on the website."
More: Fintech Finance buy-now pay-later
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2022-07-26T18:53:37Z
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What BNPL Fintechs Like Klarna and Affirm Can Learn From Citizens Bank
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https://www.businessinsider.com/what-bnpl-fintechs-like-klarna-and-affirm-can-learn-from-citizens-bank-2022-7
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https://www.businessinsider.com/what-bnpl-fintechs-like-klarna-and-affirm-can-learn-from-citizens-bank-2022-7
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The Biden administration has released crude oil from the government's stockpiles to combat skyrocketing gas prices.
Now, in addition to more releases, the administration wants to strike up contracts to replenish the stockpile.
It resembles Trump's Operation Warp Speed guarantees to buy Covid vaccines from biotech and pharmaceutical companies.
The government is releasing even more oil from its stockpile in an effort to drive gas prices down, the Biden administration announced on Tuesday.
Since March, the federal government has been releasing barrels of crude oil from the Strategic Petroleum Reserve (SPR) to put more oil on the market and attempt to ease sky-high prices at the pump.
The White House said it's already sold 125 million barrels from the reserve, and now more will be put on the market. The Department of Treasury estimates that the releases have brought prices down by about 17 to 42 cents a gallon.
The Biden administration is also planning on replenishing the SPR — and wants to do that by encouraging more production through contracts with a fixed price.
"The fixed-price contracts can give producers the assurance to make investments today, knowing that the price they receive when they sell to the SPR will be locked in place, providing them with some protection against downward movements in the market," the White House said in a fact sheet about the proposal.
Since March 2020, US oil production and refining capacity has been far below pre-pandemic levels — one may recall when crude oil had negative value in April 2020. The number of operating refineries has dipped by six since 2020, according to data from the US Energy Information Administration, and there were five idle refineries in 2022, compared to four in 2020. The number of barrels that operating refineries can pump out is still nearly 800,000 below 2020 levels.
And the end of the US's fracking boom amid the pandemic has also exacerbated production issues as drillers remain wary of rebooting expensive wells in the face of potential future price drops. Locking in current prices takes some of the risk out of the equation of starting production up again.
It resembles an earlier federal guarantee during Operation Warp Speed under President Donald Trump. The public-private partnership program poured money into vaccine development and established some security for companies like Pfizer and Moderna to undertake research that had no guarantee of success with the understanding the federal government would buy the vaccines. Now, Biden is similarly attempting to convince wary oil drillers to start pumping again with a price guarantee.
Gas prices have been tumbling over the last few weeks after peaking at a record $5 per gallon in mid-June. Today, the current average price of a regular gallon is $4.327, according to AAA. Weekly data from the US Energy Information Administration had regular gasoline at $4.330 for the week ending July 25.
That's some welcome relief for American consumers, but prices will probably still stay high for a while as the Ukraine conflict drags on, and the global economy deals with reduced oil supplies.
"The real answer is to get to a clean energy economy as soon as possible; turn this into something positive," Biden said in remarks about high gas prices on July 22. "That means cleaner renewable energy, more affordable electric vehicles, and clean energy manufactured here in the United States. That's how we'll protect the climate and create jobs."
More: Economy Gas Prices oil gas prices US gas prices
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2022-07-26T20:01:50Z
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Biden Took a Page Out of Trump's Vaccine Playbook to Solve Gas Prices
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https://www.businessinsider.com/biden-took-page-trump-vaccine-playbook-solve-high-gas-prices-2022-7
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https://www.businessinsider.com/biden-took-page-trump-vaccine-playbook-solve-high-gas-prices-2022-7
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The FEC denied Swalwell's request to spend campaign funds on overnight childcare when he travels "at the request of foreign governments."
The commission did allow him to use the funds to pay for the services when traveling for his own campaign.
The decision came just weeks after a commissioner publicly disparaged Swalwell for making the requests.
Democratic Rep. Eric Swalwell cannot use campaign funds to pay for childcare services when traveling "at the request of foreign governments" — or do so when campaigning on behalf of other political candidates, the Federal Election Commission ruled this week.
The decision comes nearly two weeks after Republican Commissioner Trey Trainor castigated Swalwell at a public meeting, calling the California congressman's request "abhorrent." The rebuke prompted Democratic Commissioner Ellen Weintraub to lambaste Trainor in a series of tweets that referenced "The Handmaid's Tale."
The commission, however, did affirm in a 5-0 vote Monday that Swalwell could use campaign funds to pay for overnight childcare when traveling for own campaign. Commissioner Steven Walther, an independent, abstained from voting on the matter.
In late May, counsel for Swalwell petitioned the bipartisan FEC to see if he could use campaign funds to pay for overnight childcare when he travels for his own campaign and his wife is unavailable, as well as when he traveled for other campaigns and went out of the country at the request of foreign governments.
Passions ran hot at an open meeting in July, when FEC commissioners initially deadlocked 3-3 when voting to allow Swalwell to use the funds as requested.
The bipartisan FEC requires four approving votes to issue what's known as an "advisory opinion" — an official interpretation of federal campaign finance law — to a petitioner.
Trainor took issue with Swalwell's parenting style.
"To be real honest with you, I'm actually going to pass judgment on it," Trainor said during the commission meeting earlier this month. "I think it's abhorrent that Congressman Swalwell would have such a young child and want to leave them in the care of someone else, for a weeklong trip overseas and using donor contributions to pay for that. I think it's inappropriate we even had to address this question."
Following the meeting, Weintraub called out Trainor on Twitter for his treatment of Swalwell.
Trainor replied on Twitter, saying "I've never seen campaign donors treated so disrespectfully! The Republic will persevere even if Swalwell doesn't get all the junkets he'd like."
—Ellen L. Weintraub (@EllenLWeintraub) July 14, 2022
Swalwell's office, campaign, and campaign counsel did not immediately respond to Insider's request for comment.
More: Eric Swalwell trey trainor Ellen Weintraub FEC
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2022-07-26T20:02:22Z
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After Fight, FEC Says Swalwell Can't Use Campaign Funds to Pay for Childcare When Abroad
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https://www.businessinsider.com/eric-swalwell-foreign-travel-money-fec-ruling-2022-7
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https://www.businessinsider.com/eric-swalwell-foreign-travel-money-fec-ruling-2022-7
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NFL+ will let you livestream local and primetime games on your phone all season long — here's how to sign up
NFL Plus is a new streaming service that will let you stream games on your phone and watch other NFL content on demand.
How do I sign up for NFL+?
How much does NFL+ cost?
Which games can I watch live with NFL+?
What else is included with NFL+?
Can I share my NFL+ subscription?
Who should sign up for NFL+?
How can I stream live NFL games on my TV?
NFL+ is a new streaming service that will let fans livestream select games on their phones and tablets.
An NFL+ subscription costs $5/month, and includes local and primetime games during the regular and postseason.
NFL+ Premium costs $10/month, and adds full game replays and access to coaches film throughout the season.
The NFL has announced a brand-new streaming service just in time for the 2022-23 football season. NFL+ will let fans livestream local regular season games, national broadcasts, and playoff games, but only on mobile devices like phones and tablets.
NFL+ replaces NFL Game Pass in the US, and current NFL Game Pass subscribers will be automatically enrolled in NFL+ Premium. International NFL fans don't have access to the new streaming service at this time.
Below, we've broken down all the basics of NFL+, including its pricing and features, to help you decide if it's a good fit for your sports streaming needs.
You can subscribe to NFL+ on the league's official website or through the NFL app. You'll be prompted to make an NFL.com account if you don't already have one, and you'll have the option to choose between NFL+ and NFL+ Premium, which both offer monthly and annual plans.
A regular NFL+ plan costs $5 a month or $40 for the full season. As part of an early access deal, members can get $10 off the annual plan for a limited time.
Meanwhile, an NFL+ Premium plan costs $10 a month or $80 a season. New subscribers to either plan can get a free seven-day trial.
NFL+ (Monthly, $4.99)
$4.99 from NFL
NFL+ Premium (Monthly, $9.99)
NFL+ Premium adds a few additional features that aren't included with a regular NFL+ subscription, like game replays and access to coach film throughout the season.
Here's a full breakdown of pricing and features for each NFL+ plan:
NFL+ NFL+ Premium
Monthly price $5 $10
Annual price $40 ($30 early access deal) $80
Live out-of-market preseason games Yes Yes
Live local regular season games on mobile Yes Yes
Live regular and postseason primetime games on mobile Yes Yes
Live game audio Yes Yes
On-demand NFL library Yes Yes
Full and condensed game replays
Coaches film No Yes
NFL+ will let you livestream regular season games that are available in your local market, as well as primetime broadcasts from CBS, ESPN, Fox, NBC, NFL Network, and Amazon Prime Video. Every playoff game and the Super Bowl will be available for streaming too. All livestreams will be restricted to viewing on your phone or tablet.
Audio broadcasts of the games are also included, and you'll be able to choose between either team's announcers or the national broadcast.
Out-of-market preseason games can also be livestreamed.
In addition to live games, NFL+ subscribers also get access to a huge library of commercial-free on-demand content, with shows like Hard Knocks, NFL Films documentaries, replays of NFL Network shows like Good Morning Football, and condensed coverage of events like the NFL combine and draft day.
NFL+ Premium adds even more content, and will let you watch full replays of NFL games without commercials after they air. You can also access coaches film throughout the season, which gives fans a view of every play from high above the field so you can track individual players, rewind the action, and watch in slow-motion. Game replays will be available in the NFL app, while coaches film is currently limited to NFL.com.
Unlike live games, on-demand NFL+ content and game replays can be viewed on connected devices, like a compatible smart TV, rather than just a phone or tablet.
The NFL says accounts cannot be shared, but there's also no limit on how many concurrent streams you can have running.
When it comes to watching live games, NFL+ is best suited for cord-cutters who don't have access to broadcast TV and don't mind watching games on their phone. Just keep in mind, the service is not a good fit for anyone who wants to watch afternoon out-of-market games since it's limited to local and primetime streaming.
Hardcore football fans will also appreciate the large catalog of NFL films and NFL Network shows, and premium subscribers will be able to review all-22 film that's usually reserved for coaches, analysts, and scouts.
Patrick Mahomes dives for a first down against the Buffalo Bills.
While NFL+ limits livestreaming to your phone, there are other options out there that will let you livestream select NFL games on your TV. NFL's broadcast partners each offer their own streaming services to watch games during the season.
Paramount Plus lets you stream local NFL games from CBS for $5 a month or $50 a year. Meanwhile, Peacock Premium streams NBC's Sunday Night Football for $5 a month or $50 per year.
Games airing on Fox and ESPN require you to log in with a TV provider for access. If you don't have cable, you can subscribe to TV streaming services like Sling TV, Fubo TV, YouTube TV, or Hulu Live + TV to stream ESPN and Fox's NFL offerings.
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2022-07-26T20:02:30Z
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NFL+ Streaming Service: Price, Plans, Devices, Games
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https://www.businessinsider.com/guides/streaming/nfl-plus-streaming
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https://www.businessinsider.com/guides/streaming/nfl-plus-streaming
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Kelsey Vlamis and Jake Epstein
Air ambulance picking up a mountain ranger in Denali National Park.
A mountain climber who witnessed a 1,000-foot fall from Alaska's Denali in May 2021 said she struggled with guilt.
Sarah Maynard told Insider that the nearly fatal fall deeply affected her: 'Every day I relive it.'
Adam Rawski fell down an icy slope near the summit and spent months in the hospital — but survived.
Sarah Maynard, a mountain climber who witnessed another mountaineer fall from Alaska's Denali, said she grappled with guilt after the harrowing disaster.
Maynard set out to climb North America's highest peak in May 2021, according to a detailed account of the fall by Insider's Kelsey Vlamis.
On the descent, another climber named Adam Rawski fell 1,000 feet down a dangerous slope. He was critically injured but miraculously survived after a helicopter rescue.
Maynard and the other climbers present didn't see or hear his fall. She described the scene as quiet without any wind.
"That's what was so spooky and haunting," she told Vlamis. "I didn't hear his ice axe hit the ground. I didn't hear his body tumble. I didn't hear a yelp from him."
The four climbers involved had tried to summit the mountain that day, but Rawski was showing signs of altitude sickness, prompting them to turn back just over 1,000 feet short of the summit.
On the descent, they approached the Autobahn: an icy slope at 18,200 feet elevation that's notorious for being deceptively dangerous and deadly. Despite Rawski's weakness, he was not roped up with protection. One moment, Rawski was beside them; the next, he was lying still at the bottom of the Autobahn.
"Even now, every day I relive it," Maynard said. "It's the exact same moment of clipping myself into the picket at the Autobahn, and then looking over and Adam's gone."
After Rawski's fall, Maynard visited him in an Anchorage hospital, where he was unconscious in the ICU. He spent two months in a coma and seven in the hospital, recovering from broken ribs, collapsed lungs, and other injuries.
Maynard spent months in therapy working through her guilt over not hearing Rawski fall or making sure he was roped up, even though he wasn't her original partner.
Maynard's climbing partner, Grant Wilson, said the fall has only strengthened his resolve to keep other mountaineers safe.
More: Speed desk Mountain Climbing Outdoor Activities
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2022-07-26T20:02:43Z
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Climber Struggled With Guilt After Companion's Fall From Denali
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https://www.businessinsider.com/mountain-climber-friend-fall-denali-alaska-2022-7
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https://www.businessinsider.com/mountain-climber-friend-fall-denali-alaska-2022-7
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Credit Suisse CEO Thomas Gottstein is set to depart after some costly mishaps. Here's who could succeed him.
Thomas Gottstein, Credit Suisse's chief executive, could depart the bank on Wednesday, the Wall Street Journal reported.
Scandals related to Greensill Capital and Archegos Capital Management took place with Gottstein at the helm.
Unicredit CEO Andrea Orcel has been talked about as Credit Suisse’s next CEO, while Francesco De Ferrari and Christian Meissner have emerged as internal replacements.
Credit Suisse's Chief Executive Officer Thomas Gottstein could depart the bank as soon as Wednesday, when the bank releases its results for the second quarter, according to a report from the Wall Street Journal.
The possibility of Gottstein's departure from the Swiss bank has been discussed for some months on Wall Street, especially as Credit Suisse has come under the microscope for costly risk management errors, two people who work for Credit Suisse, but were not authorized to speak publicly, told Insider.
Credit Suisse endured about $5.5 billion in losses from the Archegos Capital Management scandal in 2021. The bank also took a hit last year when its funds were heavily exposed to Greensill Capital, the supply-chain finance lender which went bankrupt last April.
A spokesperson for Credit Suisse declined to comment.
In the aftermath of the scandals, Gottstein has sought to improve the bank's reputation with investors, shareholders, and staff. Credit Suisse's share price remains down roughly 47% year to date, and some senior bankers have exited the firm in the last 12 to 18 months.
To be fair, at least 14 managing directors were rehired by Credit Suisse, Insider reported in March. And under Gottstein, Credit Suisse also united its corporate-banking unit with its investment bank to try to right the ship at the beginning of this year.
News of Gottstein's potential departure has bankers pondering who could be Credit Suisse's next CEO, the people who spoke to Insider said.
"I hope they bring in someone external who is strong. This institution has been drifting downwards for so long. So you need someone who will come in with an iron broom and say 'this is what we're going to do.' More of a true leader," one of the people said.
In May, there was talk that UniCredit CEO Andrea Orcel could take the top job at Credit Suisse, but the people that spoke to Insider were not convinced the Swiss bank would be able to afford him.
"I'd be surprised at Orcel. Unless they pay him a lot of money," the second person said.
UniCredit's market cap is currently €17.3 billion ($17.5 billion) and Credit Suisse's is €13.9 billion.
Internally, Francesco De Ferrari, head of Credit Suisse's global wealth business, is one name being bandied about as Gottstein's successor, the people said.
De Ferrari was appointed the head of the wealth business and joined the bank's executive board at the beginning of this year. He also took over as head of the Europe, Middle East, and Asia region on an interim basis.
Christian Meissner, the CEO of the investment bank and CEO of the Americas region, is also a potential candidate to replace Gottstein, the people said.
Credit Suisse appointed Gottstein as CEO in February 2020 after Tidjane Thiam left the bank following a spying scandal.
"The bank needs a seismic wake-up call and strong leadership. Not more of the same," the first person said.
More: Finance investment banking Credit Suisse People
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2022-07-26T20:33:27Z
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Credit Suisse's Thomas Gottstein Set to Depart Bank
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https://www.businessinsider.com/credit-suisse-thomas-gottstein-depart-investment-bank-2022-7
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https://www.businessinsider.com/credit-suisse-thomas-gottstein-depart-investment-bank-2022-7
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Rep. Liz Cheney of Wyoming.
Olivier Douliery/Pool via AP
Rep. Liz Cheney called out Tom Cotton for his criticism of Jan. 6 hearings that he hasn't watched.
The Wyoming lawmaker tweeted that Cotton should view the hearings "before rendering judgment."
Republicans, most of whom opposed the creation of the committee, have largely dismissed the panel's work.
Rep. Liz Cheney on Monday hit back at GOP Sen. Tom Cotton after the Arkansas lawmaker criticized the House January 6 committee, while admitting in an interview that he had not watched the full proceedings.
The Wyoming Republican and vice chair of the January 6 panel tweeted a message telling Cotton that she found it odd that he would critique the committee's work without having viewed the witness testimonies.
"Hey @SenTomCotton – heard you on @hughhewitt criticizing the Jan 6 hearings," Cheney wrote. "Then you said the strangest thing; you admitted you hadn't watched any of them."
While on conservative Hugh Hewitt's talk radio show on Monday, Cotton argued that a shortage of "adversarial inquiry" in the hearings concerned him.
"I think what you've seen over the last few week is why Anglo-American jurisprudence going back centuries has found that adversarial inquiry, cross-examination is the best way to get at the truth," he said during the interview.
Cotton continued: "There is no one on that committee who takes a view different from [House Speaker] Nancy Pelosi, or even a view that's like we should examine the full context of all of these statements, of all of these recordings, of all of this video."
Cheney in her tweet proceeded to slam Cotton for opining on the January 6 panel despite the fact that he had yet to view a full hearing at the time of the interview.
—Rep. Liz Cheney (@RepLizCheney) July 25, 2022
"Here's a tip: actually watching them before rendering judgment is more consistent with 'Anglo-American jurisprudence,'" she continued in her tweet.
During the interview, Cotton told Hewitt that he didn't watch last Thursday's hearing, where the panel showed video footage of GOP Sen. Josh Hawley of Missouri running away from the rioters on January 6 after he had raised his fist at pro-Trump supporters outside the Capitol earlier that day.
"I will confess that I did not watch that hearing, and I have not watched any of the hearings, so I've not seen any of them out of the context that I see a snippet here or there on the news," Cotton said.
"Liz Cheney and Adam Kinzinger, the two Republicans, clearly share the views of the Democrats on the subject of the committee's inquiry. If you had someone like Jim Jordan or Jim Banks on there, not only would they be privy to all the information, but they would be probing that information and probing witnesses to try to get at truth, which is again what the Anglo-American legal system has done for centuries," he added.
Kinzinger, who emerged as a vocal critic of former President Donald Trump alongside Cheney after the January 6 riot, is the only other Republican on the committee.
Last year, Pelosi rejected House Minority Leader Kevin McCarthy's initial selection of Jordan and Banks to the January 6 panel, citing "concern about statements made and actions taken by these Members."
More: Liz Cheney Tom Cotton Hugh Hewitt January 6 committee
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2022-07-26T21:59:06Z
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Liz Cheney Blasts Tom Cotton After He Criticized Jan. 6 Hearings He Didn't Watch
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https://www.businessinsider.com/liz-cheney-blasted-tom-cotton-january-6-hearings-criticism-2022-7
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https://www.businessinsider.com/liz-cheney-blasted-tom-cotton-january-6-hearings-criticism-2022-7
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Senators expressed deep concern about conditions at the federal prison in Atlanta.
Senators heavily criticized BOP Director Michael Carvajal during a congressional hearing.
Lawmakers expressed concerns about the problems occuring within a federal Atlanta prison.
Illegal drug use and unsanitary conditions were some of the issues at this prison.
The outgoing Federal Bureau of Prisons Director Michael Carvajal came under fire Tuesday as a bipartisan group of senators grilled the director over concerns about worsening conditions at a federal prison in Atlanta.
Democratic Sen. Jon Ossoff, chairman of the Senate Permanent Subcommittee on Investigations, said there are multiple reports documenting the unsanitary conditions and illegal drug use taking place at the prison, troubling allegations that come amid reports that the system has struggled to address suicides committed by incarcerated individuals at the facility.
"These were stunning failures of federal prison administration that likely contributed to the loss of life," the senator from Georgia said during the congressional hearing on Tuesday. "Conditions for inmates were abusive and inhumane and should concern all of us who believe in our country's constitutional traditions."
Ossoff pointed to a letter that a Georgia federal judge sent to US Penitentiary Atlanta Warden Sylvester Jenkins on January 14. In the letter, the judge stated that they had received several complaints that the prison had "rats in the building," "roaches in the food" and said that incarcerated individuals "lacked access to hygiene products in the facility."
The Georgia senator also said that between 2012 to 2020, 12 incarcerated individuals at the facility died by suicide.
Republican Sen. Ron Johnson of Wisconsin said Carvajal is displaying almost "willful ignorance" after he told lawmakers on the panel that he was not alerted early on about the unsanitary conditions at the federal prison in Atlanta.
"I'm sorry, they have not been effectively addressed," he said. "These are outstanding issues for years. Somebody has got to be held accountable."
Carvajal said that once he became aware of the conditions at the Atlanta prison last year, he took "immediate action" to address some of these problems.
"We recognize the gravity of the alleged misconduct at USP Atlanta. It is and was unacceptable—and must never happen again at that facility or any other. That is why we responded with strong steps in the summer of 2021 to address the problems at that institution. We believe it is essential that we continue improving the efficiency and effectiveness of our operations," he said during the hearing.
The hearing comes after the subcommittee announced last week that it would investigate the conditions at the Atlanta federal prison. The subcommittee also issued a subpoena to compel Carvajal to testify about these conditions and his efforts to address these problems.
In recent months, Carvajal, who was appointed during the Trump administration, has been under intense scrutiny for how the BOP handled conditions within federal prisons amid the pandemic. Insider previously reported that federal employees say prison conditions have worsened amid the pandemic despite President Joe Biden's pledge to improve them.
Earlier this year, Carvajal announced that he would step down from his position. The Justice Department recently announced it was replacing Carvajal with Colette Peters, who currently oversees Oregon's prison system. She will begin to serve as the BOP director starting next month, according to the Justice Department.
"This is clearly a diseased bureaucracy," Ossoff said. "And it speaks ill to our national values and our national spirit that we let this persist year after year and decade after decade."
More: bop Federal Prison Trump administration Prison
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2022-07-26T21:59:18Z
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Senators Criticized BOP Director for Conditions at an Atlanta Prison
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https://www.businessinsider.com/senators-criticized-bop-director-conditions-not-improving-federal-prisons-2022-7
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https://www.businessinsider.com/senators-criticized-bop-director-conditions-not-improving-federal-prisons-2022-7
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3 ways to stop overthinking at work and start making decisions faster
Overanalyzing can hold you back from doing your best work.
Executive coach Melody Wilding helps high-achievers overcome overthinking.
She suggests finding the happy medium of satisfying and sufficing: "satisficing."
Create positive constraints and lean on your intuition.
Stop overanalyzing at work. It's holding you back. Let's talk about how to spot overanalyzing and three ways to make it stop.
Overanalyzing usually looks like a pained face with an internal circular monologue going around and around on your options. It happens when your thought process becomes too complex and you get trapped in your own head.
If this sounds familiar, know that you're definitely not alone.
In my LinkedIn Learning course, "Overcome Overthinking," I share strategies to feel more confident, become less stressed, and improve your problem-solving skills so you can stop this habit of overthinking and bring more ease into your work day.
Here are a few of my favorite techniques to curb overthinking and make better decisions, faster.
3 techniques to use when you spot overanalyzing
1. Focus on 'satisficing'
"Satisficing" is a term that refers to finding the happy medium of satisfying and sufficing. "Satisficers" prioritize the "good enough" solution — one that meets key needs. Compare this to "maximizers," who examine every option and keep searching for better alternatives, deals, or outcomes — to their own detriment.
Of the two decision-making types, maximizers are more prone to overthinking, less likely to feel happy with the results of their decisions, and more likely to negatively compare themselves to others.
In order to leverage "satisficing," it's important to know what you're optimizing for. That's where key decision criteria come in. Key decision criteria — principles, guidelines, or requirements — help you prioritize the most important variables weighing into a decision. Your decision criteria can be professional or personal.
For example, let's say you're overthinking whether or not to launch a new feature for your product or service. Your decision criteria could include:
Impact on customers
Now let's say, you're trying to make a personal decision, like whether to move for a new job. You might consider criteria like:
How well the role fits your strengths
Long-term earning potential (salary)
Whether you'll acquire skills you want to learn
If the role aligns with your career goals
2. Create positive constraints
Have you ever given yourself one month to work on a project — and it took you the full month to finish? Then later on, for the same task, you only had seven days, and yet, you finished the task in just one week. Weird, right?
This happens because overthinking expands to the time we allow it. This is exactly why there is great power in creating constraints and accountability so that you don't delay or agonize over choices.
In fact, the Association of Talent Development finds that your likelihood of success increases up to 95% by simply making a commitment to do something or by sharing it with someone else.
Creating external limits disciplines your brain into taking action and taking less time to mull things over.
One way you can do this is by time-boxing how long you spend on a task. Many of my coaching clients also like the Pomodoro technique. This involves setting a timer for 25 minutes, working until the bell rings, and then taking a five-minute break. After four sessions, you've earned a 15-minute break.
Another way to short-circuit overthinking is to limit the resources you consult. Determine the number of subject-matter experts you'll speak to or create a shortlist of credible websites to reference, for instance.
Giving yourself a deadline also helps. Pick a date or time by which you'll make a choice. Put it in your calendar, set a reminder on your phone, or better yet, contact the person who's waiting for your decision and let them know when they can expect to hear from you.
Committing to a deadline publicly in a meeting or via email is one of the best ways to ensure you follow through.
You can also recruit the help of others by scheduling a chat with a coworker, your manager, a mentor, or friend if you find yourself stuck in thought. This will prompt you to organize and synthesize the information that's been bouncing around your head in a clear, concise way.
3. Listen to your gut
A hunch, an instinct, a deeper knowing. There are many names for gut feelings. A gut feeling is the ability to immediately understand something without conscious reasoning. In other words, answers and solutions come to you, but you may not be aware of exactly why or how.
In the age of big data, trusting your gut often gets a bad rap. Intuition — the term used to refer to gut feelings in research — is frequently dismissed as mystical or unreliable. While it's true that intuition can be fallible, studies show that pairing gut feelings with analytical thinking helps you make better, faster, and more accurate decisions and gives you more confidence in your choices than relying on intellect alone. This is especially true when you're overthinking or when there is no single clear-cut, "correct" option.
In fact, surveys of top executives show that a majority of leaders leverage feelings and experience when handling crises. Even the US Navy has invested millions of dollars into helping sailors and Marines refine their sixth sense, precisely because intuition can supersede intellect in high-stakes situations like the battlefield.
Even if you've been taught to devalue your gut feelings, the good news is that intuition is like a muscle. It can be strengthened with intentional practice.
A great place to start is by making minor decisions. Choose an outfit that calls to you without weighing too many variables. Raise your hand and speak up in a meeting without censoring yourself. Taking quick, decisive actions with small consequences gets you comfortable using your intuition.
By starting small, you mitigate feelings of overwhelm and can gradually step your way up to larger, higher-pressure decisions with greater self-trust. This approach is effective because it builds your distress tolerance, or your ability to emotionally regulate in the face of discomfort.
More: Work Habits Overthinking Melody Wilding Contributor
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2022-07-26T21:59:24Z
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3 Ways to Stop Overthinking at Work and Make Decisions Faster
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https://www.businessinsider.com/ways-stop-overthinking-work-make-decisions-faster-2022-7
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https://www.businessinsider.com/ways-stop-overthinking-work-make-decisions-faster-2022-7
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After 10 rejections, I finally got into Google without a tech background. Here's the résumé that got me in.
Tennessee Watt
Tennessee Watt was rejected over 10 times before getting hired at Google.
Tennessee Watt is a 28-year-old London-Based marketing manager at Google.
She applied over 10 times before finally getting in and says tweaking her résumé to focus on transferable skills made all the difference.
Watt used the X-Y-Z format, networked to get a referral, and refined her interview elevator pitch.
From a young age, I always had a strong affinity toward technology and the internet.
Straight after college, I went to grad school for business and specialized in technological innovation. Despite having no technical skills, I was confident that my grades for classes like "The Economics of Information and Intellectual Property" would be enough to help me break into the tech industry.
But the competitive landscape for big tech jobs proved to be very challenging to navigate. The first few years after graduation I worked in marketing agency roles and frequently attempted and failed to get job offers from tech companies. I was almost out of hope.
I was particularly interested in Google because of its global, wide-reaching impact, and I also felt it was synonymous with both creativity with technology, both of which are my biggest passions. I applied over 10 times post-graduation, and all of my applications were unsuccessful.
When I decided to apply for a final time, I used a solid strategy that involved identifying the transferable skills I had gained so far and determining the most effective way to communicate them.
I finally landed my dream job just four years out of undergrad as a product marketer at Google, all without a tech background.
Here's the résumé strategy that worked for me:
My résumé.
1. Optimize your résumé using the X-Y-Z format
My first step was to improve my résumé to meet Google's standards. Previously, I had attempted to tailor my résumé to each job description, but I knew there was more I could do to strengthen my applications. I used the X-Y-Z format to structure every bullet point on my résumé, based on a tip from a coaching document I received from a Google recruiter (via a careers non-profit):
"Accomplished [X] as measured by [Y], by doing [Z]."
Achieved 700 more video views of UNPRI Climate Week 2019 campaign than with previous campaigns, by targeting hashtags like #CoveringClimateNow that were being used by target audiences (e.g. journalists) during Climate Week.
Achieved a CTR of 6% on a LinkedIn campaign (over 5 points higher than the average LinkedIn CTR) by recommending audience targeting methods that reached senior professionals at FTSE 100 banks.
Using this format will ensure that you have discussed the work you've completed, its impact (in the form of metrics), and the approach taken to achieve these results. Additionally, I opted to highlight my key achievements using italics, but formatting them as bold or in another color is equally effective. I also inserted links to some of my work, including my creative portfolio and an influencer campaign I'd helped to lead.
While, aside from a short internship, I had no experience at a tech company, I was able to showcase my passion for the tech industry by revealing my skills with using digital tools and platforms. Plus, I made sure to highlight some of my experiences outside of work, like mentoring students and joining my alma mater's advisory board. Using these tactics helped me stand out as a creative, competent and well-rounded applicant.
2. Network relentlessly
Another key factor that helped me get into tech was that I'd spoken to a many people as I could about their career paths. Many tech companies offer career-focused networking events, which provide opportunities to chat with their employees as well as attend seminars focused on their application processes. I was fortunate to gain a place on a careers program by the non-profit Sponsors for Educational Opportunity, where I spent a few days at the Google office learning about all the different career options available.
While attending these events I made an effort to ask employees questions like, "What skills helped you get your position?" and "What does a day in your role involve?". Getting answers to questions like these can help you to identify any gaps in your skillset that you might need to improve. You'll also be able to identify the kinds of roles that suit your interests, versus ones that might not be a strong fit.
Once I knew I wanted a product or brand marketing role in tech, I was able to network even more strategically in niche groups. I joined the "Product Marketing Alliance" and "Ladies Who Strategize" Slack groups to meet people working in those specific areas.
3. Apply with a referral
One of the benefits of networking consistently is that I was able to obtain a referral from a friend, a Google employee, that I had met at a Google networking event a couple of years before. I made sure to stay in contact with her by checking in on LinkedIn and posting frequently to showcase my growing skills and experience. The result was that she was keen to refer me when I asked, as she remembered my abilities and areas of expertise.
A referral is usually a link, sent by a current employee that will allow you to apply to up to three jobs with an endorsement from that employee. The benefit of using a referral is that it can help you to stand out amongst other applicants, guaranteeing that your résumé will be seen by a recruiter.
Some tips I have for securing a referral to a big tech company are:
Look on LinkedIn to find people at your target firms working in the positions you're interested in. Attach your résumé and make sure your LinkedIn profile is in good shape before sending them a message asking for a referral.
Don't reach out cold to someone you don't know without highlighting an area of common ground. This could be a shared alma mater, a previous company you have both worked at, or even an affinity group or identity.
Always state why you think the roles are a good fit for you. Tech employees don't want to waste time referring people who aren't appropriate for the positions they are applying for.
If you don't currently have people in your network who could refer you to your target tech company, find other ways to connect with some, like joining your college's alumni association or the alumni network of a company you have worked at.
4. Prepare an elevator pitch for interviews
Almost every interview process has a "Tell me about yourself"-style question. The purpose of this question is to help the interviewer to learn more about the interests, skills and achievements you have that are most relevant to the position you are applying for. It's also an opportunity for you to highlight a bit of your personality, personal values, and the impact you care about making in the world
I created a 5-minute elevator pitch to respond to this question in a succinct and memorable way. Here is the template I used:
"Hello, I'm [name]. I'm currently a [current role] at [company] where I provide [product or service area] for [target user].
In this role, I apply my skills in [3-4 skills most relevant to the job description]
My primary contributions to the team are [3 examples of contributions — below were mine]:
Creating and advising on targeted digital campaigns that reach relevant audiences and change their behavior
Providing strategic advice on best practices for organic social media channels such as LinkedIn and Twitter
Helping to grow the agency by developing new business pitches and digital marketing campaigns
A recent win I'd like to share is that I [action verb] [task completed] by [approach taken]. The result of this was that I was able to achieve [business impact quantified]
Prior to my current role, I was a [previous role] at [previous company]. While there, I [daily responsibilities and business impact].
At college, I studied [name of major]. I received a [grade] for my [thesis / class / degree] on [subject].
Overall, I think my strengths in [3 examples of competencies] strategizing B2B campaigns and events, coordinating projects, developing diversity and inclusion initiatives would be a great fit for [name of position]."
Finding a job in tech can be a challenge, but a strategic approach that considers the tips above, can go a long way in boosting your chances of landing the role of your dreams.
If I could go back to the first time I applied to a tech position, I would have requested a referral from a current employee, made an effort to learn more about my own strengths, passions and areas for growth, and conducted more research on the kinds of roles that might be a good fit for me.
My journey into tech was never linear, but by identifying the transferable skills I'd acquired along the way, I was able to craft a narrative that illustrated my potential to thrive in the industry.
Sell yourself, work hard, and most importantly, know that it's possible.
Tennessee Watt is a marketing manager at Google and a diversity, equity and inclusion consultant at Tennessee Watt Consulting.
More: BI-freelancer Google Resume Tips
Resume template
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2022-07-26T22:11:45Z
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I Finally Got Into Google After Being Rejected 10 Times
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https://www.businessinsider.com/google-resume-job-no-tech-experience-rejection-2022-7
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https://www.businessinsider.com/google-resume-job-no-tech-experience-rejection-2022-7
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Should I have more than one credit card?
How many credit cards do most people have?
Is there such a thing as too many credit cards?
How else do credit cards affect my credit score?
How to choose the right credit cards for you
4 steps to managing multiple credit cards
Andrew Dehan
The number of credit cards you should have will depend largely on your personality and financial goals.
How many credit cards you should have depends on your financial and personal goals.
Having multiple cards can come with a lot of benefits, but also added risk.
Different types of credit cards have different uses ranging from building credit to collecting rewards.
Credit cards play an important role in personal finance. For many people, a credit card is their introduction into handling debt. A long, steady credit card payment history can be a cornerstone of your credit score.
However, like with any debt, there's risk involved. With multiple credit cards to keep track of, it's easier to slip up. The right number of cards to have is a decision that will vary with everyone depending on a range of factors, including your personality and financial goals.
Since how you manage debt is a personal decision, you need to determine what you can handle. Do you want to live debt-free and only have a card for emergencies? Then maybe a single card is right for you.
On the other hand, maybe you want to take advantage of certain credit card perks, and you have no problem juggling multiple accounts. You could have cards dedicated to spending in specific areas to maximize cash back rewards. As long as you make your payments and keep your debt low, your credit score can grow.
Here's a breakdown of the main benefits and drawbacks of having multiple cards:
Pros and cons having having more than one credit card
Higher credit limit
More risk for missing a payment
Access to more rewards
Can lead to more debt if you spend too much
A backup if other cards are compromised or stolen
Multiple cards can have various fees than might be difficult to keep track of
According to 2020 data from the Consumer Financial Protection Bureau (CFPB), Americans held on average 3.8 credit cards each, down from 4 in 2018. The agency attributes this decrease to a desire to limit debt and exposure due to the uncertainty brought on by the COVID-19 pandemic.
The credit reporting company, Experian, breaks it down further. By generation, Baby Boomers have the most credit cards, with an average of 4.61 per person. Millennials average about 3.18 and those in Generation X have 4.23 credit cards each. GenZ (ages 18 - 26) has the lowest average, at 1.91 credit cards per person.
Yes, you can have too many credit cards. However, the number of cards you have isn't going to directly affect your credit score. It's all in how you manage your debt.
"The number of credit cards a consumer should consider really depends; there's no magic number or simple formula," says Shazia Virji, general manager of credit services at the online personal finance platform, Credit Sesame. "It depends on the consumer's financial situation, long-term goals, and how much debt they can responsibly take on."
In other words, past due payments and accumulating debt will be what lowers your credit score, not a specific number of credit cards.
Credit cards, along with the debt you have on them, can have both positive and negative impacts on your credit score. Remember, most credit card providers report your activity to the three major major credit-reporting companies: Experian, TransUnion, and Equifax.
That means every transaction or payment is being tracked and can make your score rise or fall depending on your actions.
Here are four ways credit cards affect your credit score that you should be aware of:
1. Credit history
The age of your credit card account matters. If you have a credit card for 15 years and every month you make the payment on time, that's establishing consistency. Your credit score will grow because you have a track record of regular payments. It's for this reason that you should keep your oldest credit card open and active. Even if it only has a $300 limit, the history you've established with it bolsters your credit score.
2. Credit mix
Credit mix is the variety of types of credit and debt you hold. For example, maybe you have a secured loan like an auto loan or a mortgage, some student loans, and two credit cards. Each of these reflects what kind of consumer you are and how responsible you are with your money.
Credit cards play an important part in your credit mix. Unlike loans, where you take out a set amount and agree to pay it off over a term, credit cards are revolving debt. The debt changes as you spend and pay it back. Having a credit card in the mix gives credit reporting agencies insight into how you handle fluctuating debt.
3. Available credit and credit utilization
Credit reporting agencies look at how much credit you have available and how much of it you're using. The way this usage is measured is through what's called your credit utilization ratio, or your credit line ratio. The higher your credit utilization, the more it will negatively affect your credit score. For example, let's say you owe $2,500 on a credit card with a limit of $10,000. Your credit utilization then is 25% because you're using 25% of the credit you have access to.
Important: The ideal credit utilization is 30% or less to maintain a good-to-great credit score.
"What's more important than how many cards you have is what your credit utilization is," Virji says. "It may be beneficial to spread your spending across various cards in order to maintain a healthy credit utilization rate." However, don't just run out and apply for more cards to spread your spend across without knowing that new credit applications will have an impact on your credit score too.
4. New credit application
Applying for a credit card can have a negative impact on your score temporarily. That's because credit reporting agencies view credit applications as a potential sign of money trouble. Even just one hard credit inquiry can drop your credit score in the short term. However, if you keep your debt low and make regular payments, your score will move higher.
Quick tip: Avoid applying for a credit card before seeking another loan, like a car loan or a mortgage. It can cause your score to drop, which can lead to you being offered worse terms or denying your application.
So how many credit cards should you have? There's no one-size-fits-all answer.
"There is no absolute number for too many or the right number of credit cards," says Freddie Huynh, vice president of data optimization at the digital personal finance company, Freedom Financial Network.
"The key is to use the cards responsibly, which means to charge no more than you can pay off in full, every month, and on time — period," Huynh says. "That goes whether you have one or many credit cards. Too many cards may be one card if you aren't able to do this."
Nevertheless, most adults need one credit card that they can manage responsibly, according to Huynh. Multiple cards typically are not necessary, he says,
Virji notes that having at least one card "makes sense to provide flexibility in case of an emergency or for large expenses that you'd like to spread out over time." However, he points out that you won't be able to access the benefits that come with multiple cards, he says.
How many credit cards you should have depends on what you need from them. Rewards and store cards can come with several perks, like sign-on bonuses, cash-back offers, free meals at restaurants, and more.
"If, for instance, a card comes from a retailer that offers free shipping with the card (which is not available with purchases made with another card), and you order enough times throughout a year that you know you'll use and benefit from that, it could be worthwhile," Huynh says. "Such a card also could be advantageous to someone interested in associated promotions, coupons, and sales."
If juggling several store and rewards cards seems like too much for you, you may want to stick to only a couple of cards. However, if you know you're capable, you can take advantage of a lot of great perks with a larger number. For most people, it's about striking a balance and remembering the value of growing your credit score.
"The better you are at managing your credit limits, the higher your credit score will be, allowing you to accomplish your more meaningful financial goals," Virji says.
There's a credit card available no matter what your goals are or where you are in building your credit. It helps to know a few basic types of credit cards to help you apply for the right one. Here's a few types to get you started:
Secured credit card
Secured credit cards are great for those with little credit history or a low credit score. These cards are tools to build a positive credit history. The way they work is that you make a deposit when you sign up, "securing" the card with collateral. This deposit usually acts as your credit limit.
Quick tip: Some secured credit cards don't report to credit bureaus. Since you're likely using this card to build credit, make sure that the issuer is reporting activity to credit bureaus.
Credit card with no annual fee
Credit cards with no annual fee are more your everyday variety of credit card. Though be aware: this is a large category with varying interest rates, credit limits, and other features. These cards may come with some cash back rewards or perks, but they're not going to have as much of those as high rewards cards.
High rewards credit card
For the credit card enthusiast, or at least for those with a higher credit score, high rewards cards come with plenty of perks. These can include points toward hotel stays, free meals at restaurants, high cash back percentages, and many more. These cards often come with annual fees, but some don't. If you're looking to apply for a high rewards card, it pays to research to find one where you can take full advantage of the rewards.
If you've decided you want to take on another credit line, there are four simple steps that will help you manage, whether you've got three cards or 13.
1. Check in weekly
A weekly check-in with each credit card keeps you aware of your spending and upcoming payment dates. Checking in regularly not only helps you avoid any surprises, but it also keeps you aware in case unfamiliar charges pop up due to your credit card information being stolen.
2. Don't carry the balance
If possible, paying off your multiple credit cards every month is the best way to go. This means you're not overspending, and because you're not carrying the balance, you're not being charged interest, which can really pile up.
3. Use a budgeting and credit monitoring app
With multiple credit cards, it's good to have a central location for information. Each of your credit card providers probably has its own app, but dealing with all of them can be tedious. Instead, link all of your cards to a budgeting and credit monitoring app to keep all the information in one place.
4. Have different purposes for different cards
To take full advantage of rewards and to keep old cards active, have specific purposes for them. Do you have a card that gives you 4% cash back on gas? Use it just for filling up. What about an old secured card with a $500 limit? Use it just on take out to keep it active. Having an assigned purpose for a card can help establish a relationship with that card and your spending, which can help you budget, make your payment, and make the most of the perks of the credit card.
Andrew Dehan is a professional writer who writes about real estate and personal finance. He's also a published poet, musician and nature-lover. He lives in metro Detroit with his wife, two kids, and dogs.
PERSONAL FINANCE I have 18 credit cards. After years of struggling to keep them straight, here's the best strategy I've found so far
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More: Personal Finance Insider PFI Reference Freelance Credit Cards
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2022-07-26T22:12:03Z
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How Many Credit Cards Should I Have?
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https://www.businessinsider.com/personal-finance/how-many-credit-cards-should-i-have
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https://www.businessinsider.com/personal-finance/how-many-credit-cards-should-i-have
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Is Vanguard Personal Advisor Services right for you?
Vanguard Personal Advisor Services vs. Betterment
Vanguard Personal Advisor Services vs. Fidelity Personalized Planning & Advice
Ways to invest with Vanguard Personal Advisor Services
Vanguard Personal Advisor Services: Is it trustworthy?
Vanguard Personal Advisor Services — Frequently Asked Questions (FAQ)
Vanguard is an online brokerage serving all types of investors. See how it works here.
Vanguard; Gilbert Espinoza/Business Insider
Bottom line: Vanguard Personal Advisor Services is best for those who want a blend of portfolio management and advisor access. Since you'll need a minimum of $50,000 to get started, it also best suits investors with higher account balances; users who hold more than $5 million can pay as little as 0.05% in annual advisory fees.
Vanguard Personal Advisor Services
0.30% balances under $5 million; those with larger balances pay less
ETFs and index funds
Access to fiduciary advisors
Supported account types include individual and joint accounts, traditional and Roth IRAs, trust accounts, and eligible employer-sponsored accounts
Account includes automatic portfolio rebalancing and specific strategies to suit different goals
No 529 plans
Promotion: None at this time
Vanguard Personal Advisor Services is one of Vanguard's key two managed accounts. The second option — Vanguard Digital Advisor — solely provides automated portfolio management.
Vanguard Personal Advisor Services takes that a step further by combining digital portfolio management with ongoing financial advice and wealth management services. The account has a $50,000 minimum requirement, and you'll incur a 0.30% annual fee (in addition to applicable fund expense ratios). Users with higher balances may be able to pay less per year, though.
The account also relies on fiduciary advisors, who are legally required to place client interests above their own (removing potential conflicts of interest).
Vanguard Personal Advisor Services and Betterment both cater to hands-off investors. But Betterment is the less expensive option for robo-advice. You don't need to meet a minimum to use its most basic account, and even if you don't have at least $100,000 for its advisor-managed premium account, you can still purchase CFP consultation packages.
When it comes to fees, you'll pay more annually at Betterment if you want to utilize unlimited CFP guidance (it charges a 0.40% fee for this). But you'll need less ($50,000) to work with a Vanguard Advisor.
Fidelity Flex mutual funds
Vanguard and Fidelity both offer an array of brokerage services in addition to portfolio management for higher-net-worth individuals (thanks to Vanguard Personal Advisor Services and Fidelity Personalized Planning & Advice). Both account types offer ongoing, one-on-one support from a financial advisor.
You'll need more to get started with Vanguard, but you'll pay less in annual advisory fees. While you'll need half of Vanguard's minimum to use Fidelity's advisor-guided account, you'll be responsible for a higher advisory fee (0.50%).
However, Fidelity makes up for this by offering expense ratio-free mutual funds as its primary investment choice. Vanguard's ETFs and mutual funds have expense ratios.
Vanguard Personal Advisor Services is best for hands-off investors who want professional guidance. The three tiers of services it provides are based on your account balance:
$50,000+: Those with at least $50,000 get access to a Vanguard advisor, personalized financial plan, investment coaching, ongoing portfolio advice, goal tracking, and exclusive actively managed funds.
$500,000+: Users with this balance can utilize all of the perks of the first tier in addition to trust services.
$5 million+: This level gives you access to a wealth management team and multiple services, including tax-advantaged investing, personal trust services, wealth and estate planning, family legacy planning, and much more. Plus, those with higher account balances will pay less per year.
Vanguard Personal Advisor Services also accepts multiple account types. These include individual and joint accounts, trusts, IRAs, and certain employer-sponsored plan accounts. Plus, the account mainly uses Vanguard ETFs and index funds.
Its funds also have expense ratios (fees that represent the annual operating costs for investment funds). This is common amongst many robo-advisors — like Betterment and Merrill Guided Investing with Advisor — that use funds as a primary investment choice. For both Vanguard's ETFs and mutual funds, its average expense ratio is 0.09%.If you're looking to skip out on additional fund costs, you might be better off with an account, like Fidelity Personalized Planning & Advice, that uses funds without expense ratios.
The standard advisory fee for Vanguard Personal Advisor Services is only 0.30%. This is very competitive for the hybrid automated investing/advisor-managed account space. Plus, individuals with higher account balances can pay even less. See its tiered fee schedule below:
Balances less than $5 million: 0.30%
Balances between $5 million and $10 million: 0.20%
Balances between $10 million and $25 million: 0.10%
Balances over $25 million: 0.05%
As mentioned earlier, those who surpass the $5 million threshold also gain access to a team of Vanguard advisors. A downside of Vanguard Personal Advisor Services, though, is that it doesn't offer tax-loss harvesting, but its wealth management team still implements tax-efficient strategies within your portfolio. For instance, it works to position your assets in both tax-advantaged and taxable accounts, while selecting investments that lower your tax bill.
You can set up your account over the phone or online, and you'll initially need to provide information on things like time horizon, risk tolerance, non-Vanguard assets, and investing goals (such as paying off debt, purchasing a home, saving for college, and other objectives).
After this, you'll have to schedule a time to speak with an advisor. That advisor will then build you a customized financial plan. This process can take a few weeks.
Prospective investors should also note that Vanguard won't advise you on investment accounts/assets held outside of the brokerage, nor will it offer advice on UGMA/UTMA custodial accounts, ineligible 401(k)s or 403(b)s, i401(k) accounts, or 529 plans. However, it will still include such accounts and assets in your overall financial plan and offer tips on steps you can take with those accounts.
The Better Business Bureau gives Vanguard a B rating. BBB ratings range from A+ to F, and this rating reflects the bureau's opinion of how well Vanguard interacts with its customers.
The BBB also considers several other factors when evaluating businesses. These include type of business, time in business, customer complaint history, advertising issues, and licensing and government actions. But ratings don't guarantee a company's reliability or performance.
Vanguard has closed more than 300 complaints in the last three years and more than 200 complaints in the last 12 months. Its BBB profile shows that it currently has two unresolved complaints.
What is the annual fee for Vanguard Personal Advisor Services?
Vanguard Personal Advisor Services has a 0.30% annual fee. This fee doesn't include the expense ratios associated with Vanguard's funds.
What is the minimum you can invest with Vanguard?
You generally won't have to meet account minimum requirements when it comes to Vanguard's self-directed accounts. Its two automated accounts — Vanguard Digital Advisor and Vanguard Personal Advisor Services — have $3,000 and $50,000 minimums, respectively.
Can you make money with Vanguard?
Yes. Vanguard offers several account types that can help its users build wealth. These include self-directed brokerage accounts, IRAs, automated investing accounts, 529 plans, trusts, and more.
ETFs: These funds usually contain a blend of stocks, bonds, and commodities. You can invest in two types of ETFs: index-based ETFs and actively managed ETFs.
Mutual funds: Like ETFs, mutual funds contain a blend of several investment types, but they're usually overseen by professional money managers.
Brokerage account: Available through investment platforms and broker-dealers, brokerage accounts let you invest in stocks, ETFs, options, and other asset types.
More: Vanguard Personal Advisor Services Vanguard Betterment Fidelity Personalized Planning & Advice
Merrill Guided Investing
Merrill Guided Investing with Advisor
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2022-07-26T22:12:09Z
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Vanguard Personal Advisor Services Review: Pros, Cons, and Who Should Set up an Account
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https://www.businessinsider.com/personal-finance/vanguard-personal-advisor-services-review
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https://www.businessinsider.com/personal-finance/vanguard-personal-advisor-services-review
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Attorney General Merrick Garland has not closed the door on possibly charging Trump over Jan. 6.
Garland told NBC News that Trump's possible 2024 candidacy would not affect his decision.
Legal and political experts are mixed on whether they think Trump will be federally indicted.
A 2024 Trump campaign would not necessarily protect the former president from federal charges in connection to the January 6 Capitol attack, US Attorney General Merrick Garland told NBC News this week.
Garland made the remarks in an exclusive interview with anchor Lester Holt on "NBC Nightly News" in a segment scheduled to air in full on Tuesday evening at 6:30 p.m. ET.
In an exchange from the interview shared early on social media, Holt pressed the attorney general on whether Donald Trump's possible candidacy in the next presidential election would impact the Justice Department's investigation into the insurrection.
"Look, we pursue justice without fear or favor. We intend to hold everyone, anyone who was criminally responsible for the events surrounding January 6, for any attempt to interfere with the lawful transfer of power from one administration to another, accountable, that's what we do," Garland said. "We don't pay any attention to other issues with respect to that."
—NBC Nightly News with Lester Holt (@NBCNightlyNews) July 26, 2022
When Holt pushed for more specificity, Garland doubled down.
"I'll say again, that we will hold accountable anyone who is criminally responsible for attempting to interfere with the transfer — legitimate, lawful transfer of power from one administration to the next."
Trump told his allies recently that part of the draw of holding the nation's top seat again would be the legal immunity it provides, according to a Rolling Stone report published earlier this month.
Garland's comments come on the heels of eight public hearings full of bombshell witness testimony presented by the House Select Committee investigating the Capitol riot and efforts to overturn the 2020 election. Legal and political experts thus far are mixed on whether they expect Trump to be indicted.
The choice of whether or not to charge Trump will ultimately fall to Garland who will have to weigh the optics of indicting a former president in a politically polarized country, Robert Weisberg, a criminal law professor at Stanford University previously told Insider. But even if Garland does conclude that he has a potentially winnable case, he could still forgo charges, thanks to prosecutorial discretion.
"Maybe people will think he shouldn't make that decision, but he has the legal power not to prosecute even if he has a legal basis for prosecution," Weisberg said.
In his NBC interview, Garland also touched on the possibility of the Jan. 6 panel issuing a criminal referral. The committee has yet to decide whether it will issue one, but Rep. Liz Cheney, who serves as vice-chair of the committee, said earlier this month that the panel could potentially make multiple criminal referrals, including one against Trump.
Garland told the outlet that a referral would be welcomed by the Justice Department, but added that the act has little concrete legal effect and serves as more of a symbolic measure.
"That's not to downgrade it or to or disparage it. It's just that that's not what, that's not the issue here," he said. "We have our own investigation, pursuing through the principles of prosecution."
More: Merrick Garland doj criminal referral Trump
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2022-07-26T23:51:36Z
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NBC: Merrick Garland Hasn't Ruled Out Charging Trump Over January 6
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https://www.businessinsider.com/merrick-garland-hasnt-ruled-out-charging-trump-over-january-6-2022-7
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https://www.businessinsider.com/merrick-garland-hasnt-ruled-out-charging-trump-over-january-6-2022-7
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Houston activist for Gen-Z for change Olivia Julianna and Florida Rep. Matt Gaetz
Courtesy of Olivia Julianna // Kevin Dietsch/Getty Images
A Houston-based activist says Rep. Matt Gaetz helped her secure abortion funds after a back-and-forth on Twitter.
Olivia Julianna responded to Gaetz after he said abortion rights activists looked like "a thumb."
Julianna also helped get the hashtag #MattGaetzisProAbortion trending on Twitter.
Houston-based abortion rights activist Olivia Julianna decided to show her appreciation to Rep. Matt Gaetz on Tuesday night with a thank you card.
Why was the activist — who got into a Twitter feud with the Florida congressman — thanking him?
She says it's because their back-and-forth helped mobilize people to donate more than $100k to abortion funds.
"Your hateful comments toward me will quite literally help pay for abortion services," Julianna wrote on the card, posted to her Twitter, signing it: "Lol. Get rekt."
—Olivia Julianna 🗳 (@0liviajulianna) July 26, 2022
Julianna told Insider that as of Tuesday night, her organization, Gen-Z for Change, raised over $115K in abortion funds within a 24-hour period. The money will go towards the Gen-Z for Choice Abortion Fund, which splits donations raised among 50 different abortion funds in states with abortion bans.
"I am truly in awe of the amount of support that has come out of this," Julianna told Insider via email. "It is so extremely heartwarming to see the outpouring of support online and to know that the appalling attitude of Matt Gaetz has been turned into tangible support for abortion funds across the country."
The public spat between Julianna and Gaetz began after a video circulated of the GOP representative body-shaming abortion rights activists during his speech at the Turning Point USA summit in Florida on Saturday.
"These people are odious from the inside out," Gaetz added. "They're like 5'2", 350 pounds."
Julianna responded to Gaetz the next day on Twitter: "I'm actually 5'11". 6'4" in heels," Julianna wrote. "I wear them so the small men like you are reminded of your place."
Gaetz then replied to a Newsmax article covering his abortion comments on Saturday with a photo of Julianna. In return, Julianna told Gaetz that she was "a little too old" for the congressman.
Gaetz is currently the subject of a federal investigation focused on child-sex-trafficking allegations against him. A spokesperson for Gaetz denied the allegations to Insider in January and called them "false rumors."
Julianna told Insider that she felt that it was important to speak out against Gaetz's body-shaming comments because of her audience of young followers. She said she had struggled with eating disorders and body image issues her whole life, but is now in a better place.
"I am more than my appearance, even though I'm totally hot, and young people everywhere should know that being treated that way is unacceptable," Julianna told Insider.
Julianna's tweets have garnered tens of thousands of likes, and she began the hashtag #MattGaetzisProAbortion trending on Twitter. She said that as someone from the Gen Z generation, the internet is her "territory."
"We know how to use it," Julianna told Insider. "We know how to win when it comes to navigating social media and digital culture."
In response to the donations raised, a spokesperson for Gaetz told Insider that America was a "pro-life nation."
"With Roe v. Wade overturned, America is now a pro-life nation," the spokesperson said. "No amount of solicitations will change that."
Julianna also told Insider that Gaetz has not responded to her thank you card personally yet.
"My mother always taught me when I was growing up that I should never start a fight, but if someone else started one against me I should finish it," she said. "and although I have a feeling this fight is far from over— I'm certain Gaetz will not be the one winning it."
More: Matt Gaetz Abortion
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2022-07-27T04:38:33Z
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Matt Gaetz Helped Abortion Rights Activist Raise Funds for Abortions
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https://www.businessinsider.com/abortion-rights-activist-matt-gaetz-helped-her-raise-funds-abortions-2022-7
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https://www.businessinsider.com/abortion-rights-activist-matt-gaetz-helped-her-raise-funds-abortions-2022-7
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An Amazon warehouse builder with ties to polygamous cult is under investigation by state labor agency
Amazon embarked on a logistics building spree in the pandemic. Pictured is an under-construction Amazon warehouse in New York.
Raychel BrightmanJr./Getty Images
Oregon State is investigating an Amazon warehouse builder linked to the Fundamentalist Church of Jesus Christ of Latter-Day Saints (FLDS).
The state's investigation centers around allegations of child labor and wage theft violations.
Other FLDS-linked companies have a string of similar violations.
The state of Oregon has subpoenaed the employee and payroll records of a construction company with ties to a fundamentalist Mormon offshoot as part of an ongoing investigation into whether the company is violating child labor and wage theft laws on an under-construction Amazon warehouse, according to documents obtained by Insider through public records requests.
The company, BZI Construction, has worked as a subcontractor on warehouses and big-box stores for household-name brands, including Amazon, Walmart, Lowe's and Kroger, according to media reports and a review of its website. BZI was involved in the construction of at least three other Amazon warehouses, two in California and one in Washington State.
Oregon's investigation, launched in April, focuses on a BZI jobsite in Woodburn, Oregon, where the company is a subcontractor on an under-construction Amazon warehouse developed by Trammell Crow Company, the documents show. Utah-headquartered Layton Construction is the general contractor on the site. Trammell Crow and Layton did not respond to repeated requests for comment.
The investigation, by Oregon's Bureau of Labor and Industries, is open and the state has not yet reached any determinations, agency spokesperson Duke Shepard said. In an email, BZI human resources director Bob Hester said that the company "operates within and follows" federal labor law.
BZI "strives to operate legally and ethically — in all aspects of the business and in all of our dealings with our employees, partners, vendors and customers," Hester wrote. "Any claims to the contrary are unfounded and unsubstantiated."
A review of employee records and business documents shows that BZI's CEO and some of its employees have deep ties to the Fundamentalist Church of Jesus Christ of Latter-Day Saints (FLDS), a radical polygamist group led by imprisoned "prophet" Warren Jeffs. Jeffs is serving a life sentence plus twenty years for presiding over arranged marriages between underage girls and FLDS members, and for sexually assaulting two underage girls he claimed were his "spiritual wives."
The FLDS is a splinter group of the mainstream Mormon church. The Mormon church abandoned the practice of polygamy over a century ago and is not affiliated with FLDS.
Previous federal Department of Labor investigations, state investigations, and media reports have described a pattern of child labor and wage theft violations at FLDS-linked companies.
Such businesses have employed children from the church and underpaid employees, the investigations found. Federal labor investigations and media reports have described how FLDS companies employed teens as young as 13 to use heavy equipment on construction sites.
Jeffs' son Wendell Jeffson previously told Insider how, starting from age 14, he was forced to work for FLDS-affiliated companies on construction sites around the country.
"I was kind of freaked out when I was 14 and they told me, 'go jump in this big piece of heavy equipment,'" Jeffson told Insider. "I was pretty scared and I remember I didn't want to, but at that point, I was like 'I got to learn sometime' so I just did it and overcame the fear."
FLDS-linked companies have previously under fire for child labor violations. Brothers of FLDS leader Warren Jeffs Lyle, foreground, and Nephi, are pictured leaving a federal courthouse in Salt Lake City during a 2015 trial over allegations that a company used child church members to labor on pecan farms.
BZI's CEO, James Barlow, was formerly an executive of another construction company, Phaze Concrete, with a string of child labor and wage-theft violations to its name. The Salt Lake Tribune reported in 2015 that Phaze was funneling profits into the FLDS.
BZI declined to make Barlow available for an interview. Hester said in an email that BZI does not have a relationship with "any religious or political organization." Asked in an interview about Barlow and other employees' links to the church, Hester said that he could only speak to the business. "To the individuals, that's personal. I respect their beliefs," he said.
Insider emailed Jeffs through the Texas penitentiary system but did not receive a response.
Amazon does not "tolerate any illegal labor practices," spokesperson Alisa Carroll said in a statement. Amazon expects "all contractors and suppliers doing business with Amazon to treat their workers with respect and dignity and to abide by respective local, state, and federal laws," Carroll said. If issues do arise, Amazon "is prepared to thoroughly investigate, and take action if substantiated."
Walmart, Lowes and Kroger did not respond to a request for comment.
Oregon's investigation was sparked by a complaint from the Ironworkers union, which has protested Amazon's use of non-unionized labor on its job sites. (BZI's workers are not unionized.)
Construction-sector unions stood to benefit from Amazon's pandemic-fueled logistics expansion, which resulted in a doubling of the company's warehouse footprint between 2020 and 2022. While Amazon has recently pulled back on building new warehouses amid softening demand, executives have said they anticipate the construction pause is temporary.
The Ironworkers' complaint is part of a nationwide onslaught of labor activism targeting Amazon. The Teamsters have sought to derail the construction of new Amazon warehouses in protest over what that union calls the company's resistance to warehouse worker organizing. Amazon is also facing union organizing campaigns, coordinated walkouts and other worker activism at roughly a dozen warehouses in the U.S.
In its subpoena, issued July 14, the state requested unredacted copies of BZI's employee and payroll records, which the company had twice refused to provide "out of concerns to maintain employee confidentiality," a BZI attorney wrote to the state in May. The state told BZI in June that the excuse was unacceptable, according to correspondence obtained through a public records request.
"We cannot conduct our review without full employees' contact information and being able to reach out to them without the employer's facilitation," a state investigator wrote to the BZI. "You must provide the agency with unredacted records, including the name and contact information for BZI employees."
The state also requested proof that BZI is depositing workers' wages in their bank accounts.
BZI complied with the subpoena last week, according to Shepard, the Oregon labor agency spokesperson. In an email, Hester said that BZI "has always timely complied with any request issued by a governing body."
BZI CEO James Barlow's previous company, Phaze Concrete, settled a child labor and wage theft case with the Department of Labor in 2016. The agency alleged that between 2011 and 2014, Phaze employed two children under the age of 16 to work in construction, paying them less than minimum wage. Phaze admitted no wrongdoing but paid $144,000 in back wages and damages.
Washington state's workplace regulator again cited Phaze for 11 child labor law violations in 2019. Phaze paid an $11,000 penalty.
Phaze did not respond to a request for comment.
Big, national contractors that hire FLDS-linked companies may benefit from cost savings, said Utah private investigator Sam Brower, who has written a book and produced two documentaries about the church, most recently Netflix's "Keep Sweet: Pray and Obey." FLDS-linked companies keep wages low by employing mostly church members, who are willing to accept lower pay on the understanding that their work is benefiting the church, Brower said.
Most of the 95 people employed by BZI at Woodburn are earning between $30-35 an hour, according to wage agreements BZI submitted to Oregon's workplace regulator, well below the state's $41.13 minimum hourly rate for ironworkers on public construction projects. BZI didn't specify a job title for every employee at Woodburn, but for the 17 employees listed as ironworkers, the median pay rate was $30 an hour. For the 24 employees listed as welders, BZI paid a median of $35 an hour.
Hester said in an email that BZI's competitive advantage lies in proprietary technology and processes that provide "significantly safer working environments for thousands of construction workers across the country."
One BZI employee died in 2020 after plummeting 41 feet while building an Amazon warehouse in Visalia, California, according to federal injury logs. Otherwise, BZI's federal injury reporting indicates that its workers get hurt at a rate well below the industry average for structural steel contractors.
In recent years, church-linked companies have grown larger and more professional, Brower said.
"Like the mob, they're trying to go legit," Brower said in an interview with Insider. "They just get better at what they do."
More: Amazon Amazon Warehouse Investigation Child Labor
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2022-07-27T09:08:33Z
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Amazon Warehouse Builder Investigated for Child Labor and Wage Theft
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https://www.businessinsider.com/amazon-warehouse-builder-investigated-for-child-labor-and-wage-theft-2022-7
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CHART: These tech-valuation metrics predicted the $10 billion Zendesk buyout. Here are the next top tech targets for private-equity acquisitions, based on the same data.
Mikkel Svane, Zendesk's CEO and cofounder.
In June, Cyndx shared data with Insider on tech-buyout possibilities.
The valuation metrics highlighted Zendesk as a likely LBO target. A deal was announced soon after.
Insider updated the data with Cyndx to spot more likely targets. The chart below shows 37 candidates.
In June, Insider asked the market researcher Cyndx to collect valuation metrics on tech companies most likely to be acquired by private-equity firms.
Tech stocks have plunged this year, and bankers have told Insider that private-equity firms are scanning the depressed sector for targets.
Cyndx's first spreadsheet, dated June 17, highlighted more than 60 companies with characteristics including a subscription-style business model capable of churning out cash even in a recession, minimal debt, and alluring valuations.
Zendesk was near the top of the first page of Cyndx's spreadsheet. Its stock had fallen almost 50% year to date. With an enterprise value of less than $7 billion, it was digestible. It had an enterprise-value-to-EBITDA ratio of 1.8, based on 2023 estimates. (This is a common way private-equity firms assess profitability and valuation.) Finally, Zendesk was still growing quickly, with 2023 revenue expected to come in at more than 15 times the company's enterprise value, according to Cyndx data at the time.
A week later, Zendesk agreed to be acquired for $10.2 billion by an investor group led by Permira and Hellman & Friedman, two leading private-equity firms.
This month, Cyndx provided Insider with updated data and a revised list of likely leveraged-buyout targets in tech.
"Private-equity firms will want to really engage in the fall," James McVeigh, a longtime investment banker and the founder and CEO of Cyndx, said. "They're doing their screenings now to know who they want target."
Check out the chart below for the full details:
More: Private Equity M&A SaaS
Cloud companies
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2022-07-27T09:08:39Z
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CHART: Zendesk-Buyout Metrics Indicate Next Tech-Acquisition Targets
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https://www.businessinsider.com/chart-zendesk-buyout-metrics-reveal-next-tech-acquisition-targets-lbo-2022-7
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Tech workers who chose to get paid in crypto are buying the dip and doubling down, even as crypto markets teeter. Here's why.
Melia Russell and Emily Quiles
The rise and crash of cryptocurrency prices in recent months has sent many investors packing, but not everyone.
Umit Turhan Coskun/Getty Images
Employers are using services to pay workers a portion of their salaries in cryptocurrency.
The demand among workers has held steady even in a market crash, payroll providers say.
Workers may want to get paid in crypto because they're worried about inflation or other instability.
Last year, when Dana Wright joined the payroll provider BitPay as a product designer, he chose to get paid 15% of his salary in bitcoin.
That was before the crypto industry entered one of the worst market crashes it's ever seen. But instead of dialing back on his bitcoin investing strategy, he doubled down. Since the price dip, Wright told Insider that he's increased the portion of salary he receives in bitcoin to 30%.
A massive sell-off of cryptocurrencies has wiped more than $2 trillion from the market since last November's peak. While the crash has sent many tourist investors packing, not everyone is fleeing. At conferences, attendees show off their nonfungible tokens and party on yachts. On Twitter, crypto fans relish the chance to buy the dip. And in the offices of tech startups, employees are still opting to get paid in bitcoin, highlighting the unbridled optimism for cryptocurrencies.
In recent years, droves of tech workers have chosen to receive a portion of their salaries in bitcoin or another popular cryptocurrency. The increasing demand has given rise to a cottage industry of companies developing payroll software with crypto in mind.
At BitPay, Wright isn't alone in his unwavering crypto enthusiasm. In fact, 74% of the startup's 85 employees get a portion or all of their salaries in crypto, with bitcoin being the most popular, according to a company representative. Even as prices tumble, they're holding firm.
That seems to be the case at other startups, too. The payroll provider Deel helps businesses hire and pay people in other countries, and last November, began giving people the option to receive their wages in crypto. In the first six months of this year, roughly 5% of all payments were issued in a cryptocurrency like bitcoin or ethereum, according to Deel data. The percentage has remained steady even as inflation soars at the fastest pace in more than 40 years.
And Bitwage, which offers bitcoin payroll services, saw its highest transaction volumes in May and June — "despite everything that's happening," Bitwage CEO Jonathan Chester told Insider. The record sums of money flowing through its system to pay employees in cryptocurrencies signals that demand remains strong.
To be sure, the cryptocurrency that workers earned last year is presumably worth a lot less now. The price of bitcoin was recently around $20,800, down about 70% from the all-time high of $68,000 in November 2021. But many people anticipate the value of their investments to grow over time, and view the latest free-fall as just another blip.
"The price of bitcoin drops, sometimes people ask for more payroll to be paid in bitcoin," said Merrick Theobald, vice president of marketing at BitPay, where Wright works.
Insider spoke to a former Coinbase designer who said he chose to take a single percentage of his salary in bitcoin. The company converted that amount of his paycheck into bitcoin at whatever the price was on payday, he said.
"I'm happy with that decision," said the designer, who asked for anonymity because Coinbase didn't authorize him to speak. "It makes total sense that a company pioneering this space would offer this as a choice to their employees."
The first companies to offer such a perk were crypto startups like Coinbase and BitPay, said Katelin Holloway, a former human-resources leader and now partner at Seven Seven Six. Late last year, she started to notice traditional tech companies pile on. They saw crypto-compensation as a way to attract candidates in a tight labor market.
From a legal standpoint, workers can choose a percentage of their after-tax earnings to be paid out in crypto using a number of services. If they later sell their holdings, they will be taxed again if the crypto is worth more than it was when they first received it, said Bruce Adams, a financial advisor at Northstar, a financial wellness benefits provider.
He tells employees to "be diligent in keeping track of the dates they receive the digital asset and the market value when they received that asset," so they can calculate the amount subject to capital gains tax.
"If an employer is withholding funds on their behalf for taxes, they can work with a tax advisor to figure out if they are withholding enough," Adams said.
Workers might prefer bitcoin to dollars for reasons other than trying to strike it rich. They may be worried about inflation or other instability in their local currency markets, Theobald said.
BitPay has a handful of independent contractors in Argentina, where the fiat currency is especially volatile. Five of the contractors receive more than 90% of their wages in crypto, according to a company representative. And Deel said that workers in Latin America accounted for roughly two-thirds of crypto payments issued through its payroll service in the first six months of this year.
It's no secret that the crypto market is finicky. Employees should do their own research to understand the risks.
Theobald tells people to invest only what they can afford to lose. "If you need this money to live off of next week, you may not want to."
More: Startups crypto Compensation
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2022-07-27T09:08:51Z
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Tech Workers Still Want to Get Paid in Crypto Even in a Market Crash
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https://www.businessinsider.com/tech-workers-get-paid-in-crypto-bitcoin-amid-market-crash-2022-7
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https://www.businessinsider.com/tech-workers-get-paid-in-crypto-bitcoin-amid-market-crash-2022-7
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Qantas diverted flights to a different airport, leaving passengers stranded overnight in another airport, reports say.
Qantas diverted flights due to fog, leaving passengers stranded overnight in an airport, per reports.
The airline said the crew had timed out and it couldn't find accommodation for the passengers.
Passengers told the media they were left to sleep in cold, uncomfortable conditions in the airport.
More than 150 passengers were forced to sleep in an airport terminal because their flights were diverted and the crew reached their working-hours limit, according to media reports on Tuesday.
Two Qantas Airways flights from Broome and Newman, in West Australia, were due to head to the southern city of Perth on Tuesday. But the plane was diverted 420 kilometers away from the passengers' intended destination, Geraldton Airport, WAtoday reported.
Passengers on the flights had to spend Tuesday night in Geraldton Airport because the cabin crew ran out of flying time, per WAToday. ABC News reported that more than 150 people were affected.
Photos posted on Twitter appear to show passengers sleeping on the floor of the airport.
Qantas confirmed in a statement to WAtoday that the crew on the two flights, which diverted to Geraldton Airport, couldn't continue to Perth because they had hit the limit on the hours they can work.
Australia's flagship carrier said the statement the flights were rerouted from Perth because fog around the airport meant it wasn't safe to land the plane, per WAtoday.
Kim Nicholls, who was on the flight from Broome, told Radio 6PR, the crew announced to the passengers at 2 a.m. that they would have to stay at Geraldton Airport overnight because there was no accommodation available.
Nicholls told Radio 6PR that she only had one hour of sleep and some passengers were sleeping on cardboard boxes or chairs.
Another passenger, Andrew Dymock, told ABC News the temperature in the airport dropped to 4.8 degrees Celcius and there was barely any food or blankets.
"We attempted to find last-minute accommodation for all customers of these flights but unfortunately, due to a shortage of available hotel rooms, customers stayed in the airport terminal overnight," Qantas said, per WAtoday.
Qantas apologized to the passengers, acknowledging they would have experienced an "uncomfortable night," but said the weather conditions made it unsafe to land in Perth and the crew couldn't safely carry on with their job.
Qantas and Geraldton Airport didn't immediately respond to Insider's request for comment made outside of normal working hours.
It's not the only travel nightmare that Qantas passengers have experienced recently. An Australian couple told Insider their 13-month-old baby was booked on a separate Qantas flight from Europe to Thailand.
After spending more than 20 hours on the phone with Qantas' helpline, they managed to book a flight home 12 days after the initial departure flight.
More: Qantas Qantas Airways Airport Airplane
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2022-07-27T10:44:12Z
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150 Delayed Travelers Forced to Sleep on Boxes, Chairs in Cold Airport
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https://www.businessinsider.com/qantas-passengers-forced-sleep-cold-airport-flights-diverted-crew-hours-2022-7
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https://www.businessinsider.com/qantas-passengers-forced-sleep-cold-airport-flights-diverted-crew-hours-2022-7
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In this May 22, 2020, file photo, a car drives past the Federal Reserve building in Washington.
China has targeted Federal Reserve employees for more than a decade, a Senate investigation said.
It repeatedly detained one man and threatened his family if he didn't give up data, the report said.
China's aim is to undermine US economic policy and steal information, the investigation said.
China repeatedly detained a US Federal Reserve employee, including in a hotel room, and threatened his family in an effort to force him to hand over sensitive US economic data, according to a new Senate investigation.
Officials in China "forcibly detained" the economist four separate times when he visited Shanghai in 2019, the investigation found.
Officials first detained him in his hotel room, where they said they had been monitoring his phone conversations, and "accused him of committing crimes against China," per the report.
Insider contacted the State Department and FBI for comment.
The report characterized the hotel incident as part of a broader attempt by China to steal information and to "target, influence, and undermine the US Federal Reserve" since at least 2013.
The investigation accused the Fed of not properly responding to these efforts, and recommended steps for the Federal Reserve and Congress to tighten security.
GOP Sen. Rob Portman, the ranking member of the committee, said in a statement: "As our investigation reveals, the Chinese government is using every tool at its disposal to infiltrate and steal valuable information."
"We cannot let the American taxpayer continue to unwittingly fund China's military and economic rise which is why our report makes strong recommendations to enhance and protect our Federal Reserve."
Federal Reserve Chairman Jerome Powell cast doubt on the investigation's overall findings in a letter to Portman, Politico reported.
Powell argued that the Fed had strong policies against interference and said its officials "respectfully reject any suggestions to the contrary."
More: News UK Speed desk China Federal Reserve
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2022-07-27T12:11:07Z
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China Detained, Threatend Fed Employee in Hotel to Get Data: Report
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https://www.businessinsider.com/china-detained-federal-reserve-employee-hotel-room-get-info-senate-2022-7
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Here's what to know as the Fed makes its 2nd hefty rate hike of the summer.
Today is significant for reasons beyond the fact it's the 208th day of the year. (Not that you were counting, but hey someone has to.)
Phil Rosen reporting from Los Angeles, where people here and across the country will feel the repercussions of today's Fed move.
At 2 p.m. ET, analysts expect the central bank to announce a hefty, 75-basis-point rate hike for the second time this summer.
Then, markets, investors, and Americans will all be watching to hear what Fed Chair Powell has to say at the press conference.
With the interest rate decision taking center stage, I stopped by The Refresh from Insider to break down the other significant number investors have their eyes on this week.
1. The Fed's favorite recession signal is flashing a warning, even before the central bank makes its Wednesday rate-hike decision.
The bond market's three-month bill premium — the difference between the current rate on the three-month Treasury bill and the expectations for it in 18 months — is typically what the Fed looks to as an indicator of a recession.
Here's the kicker: This month, the spread has seen its largest monthly drop since data on it began in 1996.
And Powell has cited this data point before as a rationale for aggressive rate hikes.
If the indicator sinks any further, it'll invert like the two-year and 10-year yield curve — which is another recession signal that has been flashing regularly over the past few months.
Stocks are prepared for whatever happens today, though, because they've already priced in a recession and found their bottom, JPMorgan said.
"With the peak in Fed pricing likely behind us, the worst for risk markets and market volatility should also be behind us," Marko Kolanovic said in a Monday note.
"In all, while recession odds are increasing given weaker economic data, we believe that at least a mild recession is already in the price," he added. "We thus remain cautiously optimistic."
2. US stock futures rise Wednesday, after investors were encouraged by better-than-feared earnings reports from Alphabet and Microsoft. Here are the latest market moves.
3. On the docket: Meta, Boeing Co., and Equinor, all reporting. Plus, look out for the advance report on durable goods from the US Census Bureau later today.
4. These inflation-fighting stocks can weather the storm even as the Fed continues to raise interest rates to tame inflation, according to Morgan Stanley. The bank named 48 companies that are good bets in the market right now — and explained why the list of names has a bright future ahead.
5. Russia's natural gas cuts have sparked hoarding of liquefied natural gas that could drive prices up even further. Japan and South Korea are increasing LNG purchases on fears that European nations will do the same, traders told Bloomberg. Here's what you want to know.
6. Cathie Wood's favorite type of stocks still face significant challenges in staging a recovery, in Goldman Sachs' view. Unprofitable growth stocks may see more headwinds ahead, as they need to raise cash at depressed valuations, the bank's analysts noted. And that's not a good sign for Ark Invest, which made a name for itself by investing in innovative companies that weren't yet profitable.
7. Russia faces "economic oblivion" as Western sanctions continue to eat away at the warring nation's GDP. A new research report said Moscow has been publishing inaccurate economic data throughout the war, and that the economy in Russia is not nearly as resilient as it may seem. The exodus of 1,000 companies from the country has reversed nearly three decades' worth of foreign investment.
8. This retired math teacher is using a specific options trading strategy to profit in the bear market. He teaches others how to trade using options too — and shared the two key variables he applies on his contracts for optimal returns while mitigating risk.
9. RBC said the stock market bottom may have already passed, or that it could arrive very soon. The firm's top US stock strategist, Lori Calvasina, said the equity market recovery is in the works. Here's what investors should be buying right now.
Shopify stock, July 27
10. Shopify shares plunged on Tuesday after the CEO admits to a "wrong" call about sustainable pandemic-driven growth of online shopping. The company also announced plans for company-wide layoffs. In CEO Tobi Lütke's words: "Ultimately, placing this bet was my call to make and I got this wrong."
You're invited: Join us on Tuesday, Aug. 9 at noon ET for a virtual panel presented by Schneider Electric, examining the challenges and opportunities of sustainability transformation. Sign up here.
Edited by Jason Ma in New York and Hallam Bullock (@hallam_bullock) in London.
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2022-07-27T12:11:19Z
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Here's What to Know As the Fed Makes Its 2nd Rate Hike of the Summer.
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https://www.businessinsider.com/fed-reserve-powell-rate-hike-interest-economy-markets-inflation-recession-2022-7
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Hi. I'm Aaron Weinman. Goldman Sachs' "Strategic Resource Assessment," or SRA, enables the bank to cull low-performing bankers at the end of the year.
Let's unpack the process, which staffers have described as a stressful exercise that piles on an already hefty workload.
1. Goldman Sachs' staffers are burning the midnight oil to determine their colleagues' jobs and bonuses. The bank's employees solicit feedback from colleagues about how they embody Goldman's culture, among other things, and it's part of how Goldman determines who gets axed at the end of the year.
Three employees described the process as a stressful, labor-intensive rite of passage. It's time consuming, and can involve currying favor among peers to ensure they vouch for you when you're under the microscope.
Reviewers must rate colleagues as "outperforming," "meeting expectations," or "underperforming" across different categories.
Some of those categories involve embodying the "One Goldman Sachs" way, which includes teamwork and collaboration across business lines, and being cognizant of risk and control-related issues.
If you're reviewing someone, you don't want to throw anyone under the bus by giving them anything less than a seven (out of 10), one person familiar with the process told Insider.
Then there are people saying they've got "25 reviews to write tonight," according to an ex-Goldman staffer, who described this kind of chat as "humble brags" around the office.
No matter what, I wouldn't want to catch anyone flushing a picture of me down Goldman analyst Jake Chasan's virtual toilet bowl app Swirly.
Here, Insider's Reed Alexander dives into Goldman Sachs' performance review.
2. Credit Suisse Chief Executive Thomas Gottstein will step down. Ulrich Körner, who runs Credit Suisse's asset-management business, will replace him. Gottstein's departure from the bank was discussed on Wall Street for months, especially as Credit Suisse has come under the microscope for costly risk management errors.
3. BlackRock's Obsidian Fund was down 19.2% year to date earlier this month. Here's how the money manager, and its peers at Pimco and Janus Henderson are performing amid the current market turmoil.
4. Sticking with BlackRock, it's pushed companies to go green. But now it's throwing its weight behind fewer environmental and social proposals.
5. Cresset became a $27 billion wealth manager in less than five years with top private bankers and aggressive M&A. Cofounder Avy Stein shared the firm's key to growth and its appeal to elite advisors.
6. New business applications soared to a record 5.3 million in 2021, up from about 4 million in 2020. Here are 12 fintech startups every small-business owner should know.
7. Returning to Credit Suisse, the Swiss bank is offering retention pay to hold onto some of its best dealmakers, Bloomberg reported. One US-based senior banker could make $10 million over two years.
8. Faltering buy-now-pay-later fintechs can learn from Citizens Bank's model. Gaurav Sethi, who oversees the bank's Citizens Pay strategy and product, told Insider it's more than "just a way to pay."
9. Coinbase faces a probe from the US Securities and Exchange Commission, according to Bloomberg. The regulator is looking into whether the crypto firm offered unregistered securities.
10. Twitter has set a shareholder vote on Elon Musk's buyout for September 13. Twitter's board urged shareholders to vote for the deal, after Musk — who initially agreed to purchase the company for $44 billion in April — tried to terminate the agreement. Here's the latest.
Cambrian Ventures, an early-stage venture-capital firm, launched its first $20 million fintech-focused fund investing at the angel, pre-seed, and seed stage. The firm is led by former Andreessen Horowitz partner Rex Salisbury.
StoneX Group has launched its institutional credit offering in Asia. The company has created a fixed-income sales desk in Singapore, and plans to expand in Australia and Hong Kong.
Conglomerate 3M will spin off its healthcare business into a publicly-traded company. The new unit will focus on wound and oral care, healthcare IT, and biopharma filtration. Goldman Sachs and PJT Partners are advising 3M, and Wachtell, Lipton, Rosen & Katz is legal counsel.
You're invited: Join us on Tuesday, Aug. 9 at noon ET for a virtual panel presented by Schneider Electric, examining what companies and governments can do to make a sustainable future possible. Sign up here.
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2022-07-27T12:11:37Z
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www.businessinsider.com
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Goldman Sachs Scorecards Impact Jobs and Bonuses
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https://www.businessinsider.com/goldman-sachs-hiring-layoffs-performance-reviews-scorecards-banking-2022-7
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https://www.businessinsider.com/goldman-sachs-hiring-layoffs-performance-reviews-scorecards-banking-2022-7
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Royal Caribbean Group's luxury cruise line Silversea Cruises has unveiled its 2025 136-day world cruise.
The cruise line has reported "incredibly high demand" for longer itineraries.
The over four-month cruise will sail from Tokyo to New York starting at $76,000 per person.
Royal Caribbean Group's luxury Silversea Cruises has unveiled its newest 2025 136-day global sailing from Tokyo to New York as longer itineraries have continued to skyrocket in popularity.
Travelers have been flocking to global sailings since the resumption of cruises amid COVID-19, creating an "incredibly high demand for extended voyages," Roberto Martinoli, president and CEO of Silversea Cruises, said in a press release.
Source: Silversea Cruises
In March, Oceania Cruises' six-month 2024 global cruise sold out in a record-breaking 30 minutes.
The Insignia in China.
And more recently in June, Regent Seven Seas Cruises' 2025 150-night global itinerary, its longest one yet, also sold out in "record time" for the fourth consecutive year.
The demand for long-haul cruises has never been stronger.
And Silversea is looking to tap into this growing market: To accommodate this demand, the 2025 global cruise will sail aboard the 596-passenger Silver Dawn, one of the cruise line's bigger and newer vessels.
The around-the-world sailing — called the "Controtempo World Cruise 2025" — will be segmented into 10 legs organized by dates and destinations …
… starting with Tokyo to Hong Kong and ending with Reykjavik, Iceland to New York.
Along the way, travelers still stop in 59 locations across 30 countries and four continents.
Daily Life in Copenhagen
There'll also be four overnight stays in locations like Osaka, Japan, Luxor, Egypt, and Oslo, Norway to give travelers more time to explore the international destinations.
Ryan Wangman/Insider
Throughout the four months at sea, travelers will get to see tourist hot spots like Vietnam's Ha Long Bay, Egypt's bazaars, Istanbul's Turkish baths …
John W Banagan/Getty Images
… France's famous wine-making city Bordeaux, Amsterdam's tulip fields, and Picasso's hometown Malaga, Spain.
George Pachantouris/Getty Images
For unique on-land experiences, the Silver Dawn's travelers will also get to partake in exclusive events like a Bollywood performance and a tour of an Egyptian presidential palace.
Four months is a long time to spend at sea. And as with any cruise, there will inevitably be several days at sea with no planned stops.
Victoria harbour, Hong Kong
Fei Yang/Getty Images
To make the journey more comfortable and luxurious, the Silversea Dawn is lined with suites that all have views of the ocean.
To help passengers pass the time, the cruise ship also has eight restaurants, bars and lounges, Roman-inspired spa amenities …
… and typical cruise features like a casino, indoor observation lounge, pool and jacuzzi, and theater.
Along the way, the menu at the Silver Dawn's dining concept "S.A.L.T. Bar and Kitchen" will change according to its destination, giving travelers a chance to sample local cuisine without leaving the ship.
But in the age of inflation and expensive travel, luxury won't come cheap on this long-haul cruise.
The all-inclusive sailing starts at $76,000 per person in the 335-square-foot Vista Suite.
But if you're looking for something a bit more luxurious, say the 1,055-square-foot Owner's Suite, be prepared to pay at least $266,000 for the global sailing.
More: World cruise luxury cruise Luxury Travel Silversea Cruises
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2022-07-27T12:11:55Z
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Photos: Luxury Silversea Cruises' $76,000 Around the World in 2025
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8 podcasts to help you dive into the chip industry as Congress is poised to pass a $52-billion package to help American companies like Intel meet the surging global demand
Rene Haas, the CEO of Arm, which releases a podcast all about its chips.
Podcasts are a free resource that workers can use to learn more about the chip industry.
They teach listeners about current events and technical skills in the field.
Insider found eight chips-focused podcasts to help you learn more about the industry.
It's a good time to get into the semiconductor industry. From unprecedented consumer demand to market and political intrigue, chips are enjoying a status usually reserved for big blockbuster-tech products like smartphones and tablets.
In fact, the US government is planning a massive $52 billion investment in the field amid concerns of supply-chain woes. In 2021, total chip sales reached a record high of $555.9 billion, according to the Semiconductor Industry Association, and 2022 is shaping up to be an even bigger year for chips with forecasted revenue reaching over $600 billion.
But this renewed focus on chips makes it hard to know where to get started in the industry. Plus, understanding the technical aspects of how chips work can be difficult.
Free resources like podcasts can help beginners and advanced professionals alike learn more about the industry. That's why Insider, with the help of industry experts, created a list of eight podcasts to help any aspiring engineer or interested follower learn more about the industry.
The podcasts cover a wide range of the field, from industry trends to the technical details. Semicondictor experts who share career insights and help unpack the latest innovations in the field host many of these podcasts.
Here are 8 podcasts to help listeners become experts on semiconductors:
Moore's Lobby
Daniel Bogdanoff, the host of the Moore's Lobby podcast.
Daniel Bogdanoff
The Moore's Lobby podcast seeks to demystify the professionals working in all parts of the semiconductor industry today.
The host, Daniel Bogdanoff, is a longtime marketing professional in the chips space and current director of product-and-content marketing at Keysight, a test-equipment firm. He interviews industry executives from across the chip sector. Bogdanoff asks about their career journeys, what their current firms are working on, and career advice on how to get started in semiconductors.
Bogdanoff recently interviewed Bill Vass, the vice president of engineering at Amazon Web Services, and Jonathan Ross, the founder of Groq, an artificial-intelligence startup, and the designer of the AI-processing unit for Google.
Broken Silicon
The Broken Silicon Podcast.
The Broken Silicon Podcast
The Broken Silicon podcast provides context, interviews, and scoops about the graphics-chips industry.
Brothers Dan and Tom, who only go by their first names, water the technical benchmarks down to basics like discussions on differences in chip architecture and what determines processor speeds. Dan is a mechanical engineer with a computer-science background and Tom works as a scientist with a background in genetics.
The show has hosted interviews with a US government engineer discussing the latest innovations in different contexts. They've also interviewed software and game developers on what chips are doing to change how they work and create.
MakingChips
MakingChips focuses on the supply-chain-and-manufacturing industry as a whole.
The Making Chips podcast focuses on all things supply chain and manufacturing.
Jim Carr, Jason Zenger, and Nick Goellner — all leaders of their own manufacturing companies, representing three generations of leadership in the field — host the podcast. They talk about latest trends and news while also exchanging career advice for professionals.
The podcast focuses more broadly on manufacturing. That makes it a good fit for individuals looking to understand the complexities of the chip shortage.
The Arm Podcast
Arm's podcast offers small looks inside the company.
Arm, a $54.22-billion chip company, manufactures the processor architecture that powers many players in the industry, like Apple's iPhones and latest Macs and Amazon's latest Graviton server chips. The firm's podcast offers small looks inside the company.
Geof Wheelwright, a tech consultant, and Bill Sikkens, a developer, take turns interviewing executives and project leads within the company. They offer context on the latest trends in the industry and provide advice for career hopefuls.
Semiconductor Insiders
The Semiconductor Insiders podcast.
Daniel Nenni.
Daniel Nenni, the founder of the popular online forum for professionals in the chip industry Semiwiki.com, hosts The Semiconductor Insiders podcast. Nenni has over 40 years of experience working in marketing and business development.
These short episodes feature interviews from professionals across the industry like engineers and salespeople. From market-focused coverage to technical-based episodes, this podcast helps listeners zero in on a concentration in the field.
The Moore You Know
Edwards Vacuum provides a look into the manufacturing and equipment side of semiconductors.
Nitat Termmee/Getty
The Moore You Know is a podcast from Edwards Vacuum, a British-based firm that manufactures the pumps and vacuums used to make semiconductors.
Stewart Davidson, the head of marketing communications at Edwards Vacuum and the host of the podcast, has over 25 years of experience working as an engineer and project analyst.
This podcast focuses exclusively on the challenges facing semiconductor manufacturing, like the climate crisis and supply-chain issues. The host speaks with the professionals making the equipment behind the scenes to better understand how firms prioritize climate and sustainability in chip making.
Circuit Talk
The interview series Circuit Talk from Mitre, a federally funded research-and-development firm, covers a wide array of topics relating to semiconductors.
Nadia Schadlow, a former deputy national-security advisor, and Pavneet Singh, a former director of the national economic council, host the podcast. They talk to professionals in academia, mobile computing, and security to provide insights about the industry.
The hosts focus on how the semiconductor industry touches these areas and what the implications for future growth are.
Todd Baker, left, host of The Current, speaks with a guest on the right.
Todd Baker has over 20 years of experience in the semiconductor field, working as an engineer and corporate vice president. In his podcast, The Current, he unpacks and explains the more complicated topics and trends in chips currently, making them easy to understand.
He has done episodes on mobile chipsets, boards, and embedded systems.
More: Features podcasts career advice
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2022-07-27T12:12:07Z
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8 Podcasts to Help You Land a Career in the Chip Industry
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https://www.businessinsider.com/podcasts-expert-career-chip-processors-industry-arm-moores-silicon-2022-7
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https://www.businessinsider.com/podcasts-expert-career-chip-processors-industry-arm-moores-silicon-2022-7
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Home prices may be sliding, but 2 real estate experts with 35 years of collective experience explain why now is a 'very opportune time' for investors to purchase properties
Kenny Simpson and Krystle Moore collectively have 35 years of real estate experience.
Courtesy of Kenny Simpson and Krystle Moore
Real estate investors Kenny Simpson and Krystle Moore have 35 years of collective industry expertise.
They laid out why investors should buy into real estate now, despite soaring mortgage rates.
Simpson and Moore also broke down their top tips and strategies for beginning investors.
As real estate valuations skyrocketed over the past two years, the power of negotiation favored one camp: sellers.
Home sellers have had the clear advantage since spring 2020, as rocketing investor demand and dwindling housing inventories brewed the perfect storm to drive housing prices out of the stratosphere. But like all booms and busts, not all cities are favored equally. According to a study from Florida Atlantic University and Florida International University using data from April, the top three most expensive cities in the US at the time were Boise, ID; Austin, TX; and Ogden, UT at a respective 72.64%, 67%, and 64.73% overvaluation.
But the tides have started to shift, said husband-and-wife real estate experts Kenny Simpson and Krystle Moore.
"It's shifted from a seller's market to a buyer's market," Moore told Insider in a recent interview. "If you are in the market to buy, this could be a very opportune time for you to not only buy a property, but to negotiate on your terms."
Based in San Diego, CA; Simpson and Moore collectively have 35 years of experience in real estate between them. While Moore heads Pacific Shore Capital, a firm focused on commercial real estate financing, Simpson leads residential financing at his firm, The Simpson Team. According to their websites, both firms have each funded over $1 billion in loans.
Before selling their property management company in 2017, Simpson and Moore also managed over 1,000 real estate units. According to Moore, the two are also real estate investors and personally own approximately 50 units themselves, while having a small percentage of ownership in about 175 other units, she estimated.
The time to buy is now
According to Simpson and Moore, the biggest takeaway right now for investors is the urgency to read through the current fears of the "sky falling" in real estate. While rising interest rates have pushed up mortgage rates and made home buying less affordable, Simpson emphasized that investors must act now or risk engaging in ruthlessly cutthroat bidding wars if they choose to wait to invest.
"Be scared when everyone else is greedy and be greedy when everyone else is scared," said Moore, referencing the classic Warren Buffett quote. "Everyone's kind of scared right now."
Fears of a looming recession, market volatility, and a potential housing crash have also chased investors to the sidelines, but the end of the bear market and this current "wait and see" period will trigger a tidal wave of investors flooding the market, said Simpson.
"You're going to have another frenzy. Hopefully you're not buying then because you might be overpaying for a house because interest rates are low, demand is high, and people feel very confident that this is now the ultimate time to buy," he added. And even after a recession or potential real estate pullback, he believes that housing deals will never again be as cheap for investors as they were ten years ago.
But while an impending recession may drive fear in investors, real estate is considered a traditional safe haven asset during times of economic decline, said Moore, who explained it's because even the most cyclical real estate markets can generally weather the volatile market swings found in equities and cryptocurrencies.
Additionally, Simpson and Moore believe that due to rising job migration, home values will continue to appreciate. That's especially true in areas like San Diego where land is scarce, versus states with more room to build like Florida, Texas, and Arizona, they explained.
"In places like California, you just cannot build fast enough. So we are always going to have a supply problem, and then we're going to have a demand problem," said Simpson.
Opportunities lay in every market
As red-hot markets like Austin and Phoenix hit their peak, it may be difficult to understand which markets present the best opportunities for investment. But Simpson and Moore say that opportunities lay in every market, even the vastly overvalued.
Simpson and Moore also emphasized the importance of investors to understand which areas are more cyclical, citing Phoenix and Las Vegas as examples of these "boom-and-bust" markets. Part of the reason they're classified as such is because of their vast swaths of untouched land, said Moore, which means that they always have the potential to build more housing supply.
Besides job migration and demand, another factor that comes into play is a state's political climate. For instance, California isn't a particularly landlord-friendly state due to its lengthy eviction process, while states like Texas, Florida, and Arizona are known for their more business-focused environments. But with investors flocking out of states like California, that creates much less competition for the investors who choose to remain, added Simpson.
And even though cities like Phoenix may be currently facing a pullback, Simpson emphasized that market demand always eventually comes back.
"There's a price point where people will enter again and they'll feel comfortable to go," he explained. "Overall, yeah, there is a pullback and a correction, but if you look out five years, I don't think that's going to last."
Real estate investing strategies
While every market has its opportunities, Simpson and Moore recommended that real estate investors start out in a market they're familiar with to avoid being confused.
"Where you live, you know it better than any place probably on the planet," said Simpson. And even if prices crater in markets like Phoenix, Moore still emphasized investors practice caution before choosing to chase deals outside of the areas they're familiar with.
"There's plenty of deals here in my backyard that I can just buy, so I don't have to worry about flying to Phoenix and getting to know the brokers and building the relationships, because this is also a relationship business," she explained.
It's also important to be fluid and adaptable, especially since investors don't always get the properties they have in mind right off the bat, Moore added. Investors should also start small, like with a single-family home or a four-unit multifamily property, so they understand their deals and what they can qualify for.
But after gaining some experience, Moore recommended that investors transition to multifamily properties with more units due to the economies of scale principle, which she called a "huge benefit" in residential real estate. That's because as investors scale to larger buildings, vacancies and tenant turnover will decreasingly begin to negatively impact their cash flows.
According to Simpson, buyers should be in a good spot for the next six months, especially as general Wall Street consensus is for inflation to settle at a lower rate by the year's end, despite a record-high June reading. But even though interest rates have soared, Simpson said that investors have the option to refinance their mortgages to better terms once interest rates recede again.
More: Investing Real Estate Investing Real Estate Investing Strategy
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2022-07-27T12:12:13Z
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Real Estate Experts: Now Is a 'Very Opportune Time' for Buyers
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https://www.businessinsider.com/real-estate-experts-investors-should-buy-homes-now-investing-strategy-2022-7
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https://www.businessinsider.com/real-estate-experts-investors-should-buy-homes-now-investing-strategy-2022-7
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Senators want airlines to be fined for delaying or canceling flights because of staffing issues
Sen. Elizabeth Warren and Alex Padilla wrote to the DoT, asking them to fine airlines for delaying or cancelling flights that were within the carrier's control.
Senators said airlines should be fined if they delay or cancel flights due to staffing.
Elizabeth Warren and Alex Padilla told transport chiefs it could issue fines of up to $37,377.
Delaying flights for reasons within an airline's control was "an unfair and deceptive practice," they said.
US senators said on Monday that airlines should be fined if they delay or cancel flights because of staffing or operational issues.
Democratic Senators Elizabeth Warren and Alex Padilla wrote a letter to the US Transportation Department (DoT), asking it to help protect the passengers who are impacted by the travel chaos this summer.
"The Department of Transportation has the authority to take meaningful actions to hold airlines accountable for avoidable delays and cancellations," they wrote in the letter.
The senators said that although some delays were "inevitable," pushing back flights for reasons within an airline's control was "an unfair and deceptive practice."
Airlines should be held accountable, Warren and Padilla said. They urged the DoT to impose fines on the carriers that disrupt passengers' journeys and could introduce "more concrete rules" that require airlines to refund passengers with postponed flights.
"For airlines, flight cancellations may just be business as usual," the senators wrote in the letter. "For air travelers and employees, however, they represent huge disruptions to lives and livelihoods."
Warren and Padilla said in the letter that the secretary of the DoT could issue fines of up to $37,377 per violation.
"After receiving tens of billions of dollars in assistance from American taxpayers, major airlines have reciprocated by dramatically increasing ticket prices and reaching new lows in their treatment of travelers," they said in the letter.
The DoT didn't immediately respond to Insider's request for comment made outside of normal working hours.
The letter shines a light on the chaos which air passengers across the world have experienced this summer. Some have lost their luggage, others were charged more than $25 to speak to an airline's customer service. One couple told Insider they spent over 20 hours on the phone with Qantas' help line after their baby was booked on a different flight.
More: Politics Elizabeth Warren transport Airlines
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2022-07-27T12:12:25Z
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Senators Call for Airlines to Be Fined Over Delayed, Canceled Flights
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https://www.businessinsider.com/senators-airlines-fined-delay-cancel-flights-staff-elizabeth-warren-2022-7
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https://www.businessinsider.com/senators-airlines-fined-delay-cancel-flights-staff-elizabeth-warren-2022-7
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Red and blue states alike are sending out new stimulus checks to offset the pain of high inflation.
The checks probably won't worsen inflation, but they aren't a lasting solution, one economist said.
Fixing supply chains, boosting wages, and improving production are more effective measures.
Republicans have blamed President Joe Biden's stimulus checks for fueling inflation, but states controlled by both parties have recently been sending out direct payments of their own to ease the pain of rising prices.
Experts say there's little reason to worry about it making inflation worse. Instead, Americans should worry about what governments are doing to stop inflation at the source.
Eighteen states including California, Colorado, Idaho, and Indiana have rolled out tax rebates in recent months aimed at providing households much-needed cash relief. The funds, governors argue, help offset the impact of soaring prices throughout the economy. Inflation in the US is at a 41-year high, and with Americans feeling horrible about the economy, governors are betting on plain old cash to provide some support.
Garrett Watson, a senior policy analyst at the nonpartisan think tank Tax Foundation, isn't too concerned the payments will exacerbate inflation broadly at the outset, but he told Insider stimulus may not be the best way to ease the strain on people's wallets.
"Nationwide, it's unlikely that they would significantly contribute to inflation, but in terms of direction, that is where they would go" if consumers start spending money that's parked in state revenue departments.
Watson added that while some view state stimulus payments as a viable way to offset rising costs of food and gas, it's a "balancing act" for states in terms of how they're handling "this potentially being a temporary influx of cash both in terms of American Rescue Plan funding and the revenue trends that they're seeing, versus making permanent changes in state tax policy or spending."
The payments represent upside risks to inflation, but the actual effects would be "marginal," Thomas Hogan, a senior research faculty member at the American Institute for Economic Research, told Insider. State governments don't raise cash by selling debt as the federal government does, and Treasury auctions helped "crowd out" some of the inflationary effects of the pandemic stimulus packages, Hogan said.
That won't happen at the state level, but the extent to which tax rebates could lift inflation is probably minor, he added.
"It could have some effect, but it'll depend on whether people save or spend that money, and whether they spend it locally or on things from Amazon or something like that," Hogan said, later adding that there are very few studies that shine much light on the effects of state stimulus checks.
Others aren't so convinced. A new round of checks is a "nice idea," but Americans tend to spend much more when they suddenly come across a windfall of cash, Jared Dillian, an investment strategist at Mauldin Economics, said in a June 29 Bloomberg Opinion column.
California represents the worst offender, according to Dillian, as its program is among the most generous and set to deliver aid to 23 million people. At a time when inflation sits at historic highs, spurring another spending spree is an unnecessary risk, he added.
"Newsom's rebates represent economic illiteracy of the highest order," he said. "Of course, the intent is not to fight inflation. The intent is to redistribute, and curry favor with voters."
While Watson acknowledged the political benefits of delivering direct payments, he noted that both Biden's checks and the ones that states are currently carrying out were intended to combat rising costs largely caused by a public health crisis, and "no one was expecting the inflation of this magnitude" when deciding implementation.
Stimulus checks are a 'temporary bridge,' not a permanent solution
States' plans mirror the federal government's response to the coronavirus recession, which involved three rounds of stimulus checks by Presidents Trump and Biden.
Democrats said the size and scope of the plan were necessary, given pandemic uncertainty, but Republican lawmakers seized the opportunity to blame rising inflation on the stimulus.
"I think that there's no question that the $2 trillion bill last year overheated the economy, and it's why we have the mess that we have today," GOP Sen. John Thune said during a hearing last month referring to the American Rescue Plan in early 2021.
But several other factors also contributed to the extraordinary price growth seen today. The global supply chain remains badly snarled, leaving businesses under pressure to match high demand with ample inventories. Companies are passing much of the higher shipping costs on to consumers. Russia's invasion of Ukraine has also kept commodities prices elevated, affecting everything from gas prices to food costs.
But Watson noted that while stimulus checks might bring a temporary reprieve, directly tackling the elements that are causing gas and food prices to be so high is the best place to start.
"If we think people who are struggling with rising costs need support, addressing inflation issues, energy issues directly would be the way to solve that in a sustainable way," Watson said. "Because these checks were meant to be a temporary bridge getting over an issue. Not as a permanent solution to pressing problems."
A new round of tax rebates can fill some of the financial hole left by inflation, but it doesn't strike at the core problem, Jonathan Wolff, a professor of economics at Miami University of Ohio, told Forbes earlier in July. Governments should instead prioritize the supply side of the problem and try to boost production, he added.
"Give people a stronger incentive to work, and remove the disincentives to stay on the sidelines," Wolff said. "Governments can do this by temporarily reducing income taxes and ending COVID-era stimulus programs like eviction moratoriums and student loan forbearance."
Watson also noted the idea of implementing automatic stabilizers, or safety nets in place that would automatically balance out economic fluctuations — but he said such policies have not gained significant traction because policymakers want to be able to oversee those policies in times of economic crisis.
More: Economy Stimulus Stimulus checks state stimulus checks
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2022-07-27T12:12:31Z
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State Stimulus Checks Won't Make Inflation Worse, Aren't Long-Term Solution
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https://www.businessinsider.com/state-stimulus-checks-wont-make-inflation-worse-arent-longterm-solution-2022-7
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https://www.businessinsider.com/state-stimulus-checks-wont-make-inflation-worse-arent-longterm-solution-2022-7
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How a startup used a 90-second teaser video for its pitch deck to help raise its first $1.7 million in funding
BeyondPlay founder and CEO Karolina Pelc.
Filip Bonder/bonder.skweres
BeyondPlay founder Karolina Pelc said a 90-second video helped the startup first raise money.
Pelc shared and broke down for Insider the video, which teased the startup's pitch deck.
The online-gambling company closed in April 2021 on a $1.7 million initial funding round.
When Karolina Pelc raised in 2021 €1.7 million ($1.74 million in today's dollars) to start the online-gambling company BeyondPlay, she had no employees and no product — just an idea and a design.
The former LeoVegas casino director, who spent 20 years in the European gambling industry, had a vision for a product that could bring slot machines — the casino industry's cash cows — into the social era. The mobile gaming app, then called SharedPlay, would enable things like multi-player mode, the ability to pool stakes, and streaming.
Pelc consulted (free of charge) for an agency that works with sportsbooks in exchange for a design of the user interface. But she needed funding to hire a full development team to build the proof of concept. So, she put together an 11-slide pitch deck that borrowed best practices from presentations she saw in Slido from well-funded startups like Airbnb and Uber.
Still, having served as an M&A advisor, she worried the deck wasn't visually attractive enough to stand out among the sea of pitches that potential investors were undoubtedly receiving.
She thought: "Rather than trying to explain in slides, I'm going to make a video."
Pelc created a 90-second whiteboard video that portrayed her product vision and the market problems it would solve.
She hired through Fiverr an illustrator and provided basic drawings of the concept the freelancer would need to depict. She also wrote a script, and hired a voiceover artist to record it.
Pelc estimated the video cost about €600 ($613) and took two weeks to make.
In April 2020, Pelc sent a password-protected Vimeo link with the video to four people she knew in the industry, with a message saying she would follow up with an NDA and full investment deck if they were interested.
Pelc said one of those people, an investor who had previously rejected an earlier pitch by Pelc, called her after receiving the video and told her they were interested in investing, pending terms. She had also sent the video to a contact at her former employer LeoVegas, who suggested she pitch the idea to the company's venture arm.
Three of the four who received the video (including LeoVegas) ultimately invested in the startup's initial funding round, which closed in April 2021 at $1.7 million, Pelc said.
The experience showed Pelc the value of video in the fundraising process, particularly during pandemic times. She said for future pitches, she might consider a shorter pitch deck paired with a video.
"Presentation does matter," Pelc said. "If you don't present it clearly and make it visually attractive to catch your eye ... people are getting so many product pitches that a good idea might easily be missed."
Here are a few aspects of the video that Pelc said stood out to the investors she spoke with:
The video compares online slots to other forms of entertainment like Netflix and Fortnite ...
BeyondPlay Investment Deck Teaser/YouTube
The video begins by establishing the prevalence of streaming and gaming — symbolized by Netflix and Fortnite — and questioning where gambling could find its place.
It juxtaposes gambling alongside these forms of entertainment, and shows an opportunity in the market.
"That spoke to them that they need to understand that we're appealing to other players," Pelc said.
... and showed that the consumer shift to sound-off mobile experiences makes engagement challenging.
After establishing the market opportunity, the video then talks about how consumer behavior is moving away from desktop usage and toward mobile devices, which are easier to access but offer a less immersive experience.
The simple whiteboard video also visualizes how the product would look.
After establishing market opportunity and consumer behavior, BeyondPlay is revealed.
Pelc said the illustration made it easy to understand the platform's interface.
The narration lists three main components: the ability for players to "join the same game session, pool their stakes, and share the thrill of winning and losing."
The video shows where BeyondPlay would fit into the online gambling landscape.
Pelc said she thought the overall video resonated because it had a clear narrative and the drawings made it easy to understand the market opportunity and the solution that BeyondPlay hopes to provide.
More: Online Gambling Startups Fund Raising
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2022-07-27T13:42:39Z
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Pitch Deck Teaser Video That Helped Startup Raise Funding: BeyondPlay
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https://www.businessinsider.com/beyondplay-pitch-deck-teaser-video-gambling-startup-raise-first-funding-2022-7
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https://www.businessinsider.com/beyondplay-pitch-deck-teaser-video-gambling-startup-raise-first-funding-2022-7
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See the 23-slide presentation Tebra used to raise $72 million to grow the digital-health startup and prepare for an IPO
Tebra CEO Dan Rodrigues was the CEO of Kareo before its merger with PatientPop.
The practice-management startup Tebra was formed in November after Kareo and PatientPop combined.
The newly merged company banked $72 million in July, reaching a valuation of more than $1 billion.
CEO Dan Rodrigues said Tebra considered going public but it planned to explore an IPO next year.
Dan Rodrigues founded the medical-billing company Kareo in 2004. A decade later, Luke Kervin and Travis Schneider cofounded PatientPop to help providers get new patients.
Both companies wanted to power independent practices — and last year, they decided they could better serve those practices by working together.
The combined company, Tebra, offers a practice-management platform by integrating tools from both companies for patient scheduling, medical records, billing, and more. More than 800 providers are using the combined system, and Tebra hopes to sunset the individual Kareo and PatientPop brands by the end of March, Rodrigues, now the CEO of the combined firm, said.
On July 7, Tebra, headquartered in Newport Beach, California, announced it raised $72 million in a growth-funding round led by Golub Capital. The round, which included both equity and debt financing, boosted the new company to a valuation of more than $1 billion, according to Tebra.
Tebra offers tools to help doctors schedule patients and bill their insurance.
Golub Capital previously provided $65 million to Tebra to support the merger, which closed in November.
The startup's other investors include Commonfund, HLM Venture Partners, OpenView, StepStone Group, Stripes Group, Montreux Equity Partners, Toba Capital, Transformation Capital, and Vivo Capital.
Rodrigues said both Kareo and PatientPop were working toward going public before the merger, and Tebra considered going public after the companies combined. But he said Tebra was advised to put those ambitions on hold.
"We'd be better to stay private a little bit longer, get these companies integrated, and take it to market on the other side of that once the story gets even better," he said.
Once the market settles, Rodrigues said, Tebra plans to look again at an initial public offering, boosted by its larger customer base and new business opportunities enabled by the merger.
Tebra shared with Insider the presentation it used to bank $72 million in July. The slides were edited before Insider's review to remove details about Tebra's financials and information regarding certain unreleased products and features, a company spokesperson said.
Here's the 23-slide presentation Tebra used to raise a $72 million funding round led by Golub Capital.
Tebra's tech helps independent practices manage their patients and grow their businesses.
The startup's offering includes tools for website building, patient scheduling, electronic medical records, and insurance billing.
Kareo, which works to simplify medical billing, and PatientPop, which helps independent practices draw in patients, merged in November to create Tebra.
Kareo and PatientPop are operating as individual brands under Tebra.
About 20,000 practices use Tebra's products, which include both Kareo's and PatientPop's offerings, as well as the newly combined platform.
More than 800 providers have adopted Tebra's combined operating system, which integrates Kareo and PatientPop's tools, according to the company.
The two-way integration makes tasks like patient scheduling easier because patients trying to book an appointment on the practice's website can see a real-time schedule of their provider's availability, since the provider's calendar through Kareo and the website's scheduling tool through PatientPop are now linked.
The company plans to sunset the independent Kareo and PatientPop brands by the end of the first quarter of 2023, according to Rodrigues, though practices will still be able to access single products from the Tebra brand if they don't want the full operating system.
Kareo and PatientPop already have integrations with some third-party products. For example, practices can connect Kareo with their existing electronic-health-records system to handle the medical billing associated with a patient visit. Rodrigues said Tebra would continue to support those integrations.
Tebra makes money by charging practices a monthly subscription fee for each provider using the platform.
A practice using only one of Tebra's products might pay $200 a month per provider, Rodrigues said, while a practice that's using the entire Kareo or PatientPop platform might be paying more than $2,000 a month per provider.
Tebra says its revenue makes up only about 1% of the total market, leaving the company plenty of room to grow.
Rodrigues said most of Tebra's revenue comes from monthly subscription fees. Tebra also charges extra for some capabilities, like its patient-payments tool Kareo Payments, based on how much a provider uses that product, Rodrigues said.
Rodrigues said he doesn't expect Tebra to be substantially affected by a recession because the company's operating system is a "must-have" for practices, regardless of the status of the market.
"We store their electronic health records. We support their insurance and patient billing. It's really difficult to run a practice without a system like this," Rodrigues said. "It's not the type of thing a doctor would turn off in difficult times."
Rodrigues said he expects to focus on Tebra's integration through mid-2023, after which the company will reconsider going public.
Tebra's July funding round included both equity and debt financing, which Rodrigues said helped the company lower the overall cost of capital, since debt financing didn't require Tebra to give up any ownership in the company.
Golub Capital led the $72 million round, bringing its total investment in Tebra to $137 million.
Independent practices are disappearing as hospitals and private-equity companies acquire smaller competitors. But Rodrigues said about 30% of providers a month using Tebra's platform for the first time work in new practices.
As of January 1, nearly 74% of physicians worked for hospitals, health systems, or other corporate-owned healthcare practices instead of independent practices, an increase from the 69% working for those larger employers the year prior.
"You see a lot of providers that get their practice acquired, and four to five years in, they get tired of working for large organizations, so they branch out and start their own practice again," Rodrigues said, adding that those new independent practices would help fuel demand for Tebra's platform.
To accelerate its growth, Tebra is looking to opportunities in fintech, Rodrigues said. The startup is building a patient-payments business on top of its software platform to allow practices to accept credit-card payments, bank-to-bank payments, and other digital payment methods.
"If we got all of our customers adopting the solution that we have today, that'd be several hundred million in revenue on top of the core business," Rodrigues said.
Tebra also hopes to partner with life-sciences and pharmaceutical companies for initiatives like introducing therapies to patients and helping pharma companies recruit participants for clinical trials, Rodrigues said.
Right now, though, Rodrigues said Tebra is focused on integrating its business and continuing to build its software-as-a-service platform, with these opportunities on the docket for "act two or act three" of Tebra's growth.
Tebra's financials haven't been affected by the market downturn, Rodrigues said, but he said he's continuing to watch for any indicators of slipping demand.
More: Dispensed Tebra Pitch Decks Medical billing
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2022-07-27T13:42:57Z
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The Pitch Deck Tebra Used to Raise $72 Million to Fuel Its Merger
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https://www.businessinsider.com/pitch-deck-tebra-72-million-merger-ipo-2022-7
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https://www.businessinsider.com/pitch-deck-tebra-72-million-merger-ipo-2022-7
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Jim Walton, Alice Walton and Robson Walton at a Walmart event.
April Brown/AP
The Walton family's net worth fell by $11.4 billion after Walmart cut its outlook, per Bloomberg.
Five members of the Walton family own just under half of Walmart.
This is the second time the family's fortune has fallen by billions in a day this year.
The world's richest family lost $11.4 billion on Tuesday after Walmart cut its earnings outlook.
Walmart fell 7.6% in after-hours trading in New York on Tuesday after the company said earnings per share will drop by as much as 13%, Bloomberg reported.
The Walton family owns just under half of the retail giant founded by Sam Walton and the family has a combined net worth of almost $200 billion, according to the Bloomberg Billionaires Index.
Sam Walton's three children Alice, Jim, and Rob, his daughter-in-law Christy, and her son Lukas now have the biggest stakes in Walmart.
The company was more optimistic about profits in February when it predicted a modest increase. Just two months ago Walmart said earnings per share would only fall by about 1%, Bloomberg reported.
Now the retailer is seeing the effects of soaring inflation as rising prices cause shoppers to reduce spending on more expensive items.
Representatives for Walmart and the Walton family did not immediately respond to Insider's request for comment.
It is the second time the family's fortune has suffered this year. In May the Waltons lost $19 billion after Walmart shares plunged by 11.4% in their biggest one-day fall for almost 35 years, Insider reported.
In May, Brett Biggs, the chief financial officer, blamed Walmart's financial struggles on a combination of inflation affecting shopping habits, high fuel prices, inventory issues, and overstaffing, per CNBC.
More: Walmart Walton Sam Walton
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2022-07-27T13:43:09Z
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The World's Richest Family Lost More Than $11 Billion in One Day
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https://www.businessinsider.com/walmart-walton-family-worlds-richest-family-14-billion-2022-7
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https://www.businessinsider.com/walmart-walton-family-worlds-richest-family-14-billion-2022-7
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SoulCycle trolls Peloton with 'f--- riding solo' promotion that offers Peloton owners free classes if they ditch their bikes
SoulCycle is offering a package of 47 classes valued at $1,400 in exchange for pre-owned Peloton bikes.
The limited-time promotion is available through August 5 to the first 100 people who apply online.
"This offer is about saying 'we hear you' to those who want those feelings back, and giving them the chance to ride together, not solo," SoulCycle's CEO said.
SoulCycle is looking to cash in on Peloton riders who have grown weary of exercising at home alone.
In its new "f-- riding solo" campaign, SoulCycle is allowing riders to exchange their Peloton bikes for 47 in-studio SoulCycle classes that can be used at 83 locations nationwide. The package is valued at $1,400, just shy of the price for a standard, new Peloton, which retails for $1,445.
The limited-time promotion, which runs from July 27 to August 3, and includes complimentary pick-up service, is available to the first 100 people who apply through the company's website.
"Riding in a studio is an unrivaled experience, adding a much needed dose of intoxicating energy and an electric atmosphere into our workout routines, and we missed this during the pandemic," SoulCycle CEO Evelyn Webster said in a statement. "This offer is about saying 'we hear you' to those who want those feelings back, and giving them the chance to ride together, not solo."
A spokesperson for Peloton told Insider the company had no comment. SoulCycle said the program is not sponsored, endorsed by, or otherwise affiliated with Peloton.
While Peloton operates its own buy-back and resale program, riders are also increasingly opting for third-party platforms to pawn off their machinery. On Twitter, some have noticed an uptick of Peloton bikes available on sites like Craigslist and Facebook Marketplace.
—maya kosoff (@mekosoff) July 20, 2022
While SoulCycle does not publicly report sales, Peloton struggled to maintain its early-pandemic momentum. In its most recent earnings call, the company reported revenue dropped to $964.3 million in the third quarter of 2022, down from $1.3 billion during the same period the year prior.
The SoulCycle campaign also comes following a particularly rocky past few months for Peloton. Earlier this month, the company announced it would no longer manufacture its own equipment, and that for the duration of 2022 it would shutter Tonic Fitness Technology, a production facility in Taiwan the company acquired in 2019.
In February, Peloton co-founder John Foley stepped down as CEO. The company announced it was slashing 2,800 jobs, or 20% of its workforce, and was halting plans to build its own production facility in Ohio.
More: Retail SoulCycle Peloton Spinning
Digital Fitness
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2022-07-27T14:39:46Z
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SoulCycle Promotion Offers Classes in Exchange for Used Peloton Bikes
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https://www.businessinsider.com/soulcycle-promotion-offers-classes-exchange-used-peloton-bikes-2022-7
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https://www.businessinsider.com/soulcycle-promotion-offers-classes-exchange-used-peloton-bikes-2022-7
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Cryptocurrency markets have been hit with a wave of selling in recent weeks.
agnormark/Getty Images
Talos is a startup that provides a platform and tools for traditional Wall Street firms to trade crypto.
Despite the digital asset sell-off this year, Talos has seen record growth, according to CEO Anton Katz.
"It may not be the best time to trade, but it is the best time to build an infrastructure that's sustainable," Katz said.
As the air hissed out of the crypto blimp this year, and one debacle after another left investors with portfolios resembling the Hindenburg, one could've imagined traditional financial institutions taking a victory lap. After all the hoopla, decentralized finance challengers weren't looking like such superior alternatives, after all.
But for the most part, that hasn't happened. Old school Wall Street, slow to warm to digital assets, has only tightened its embrace amid the crypto winter that has seen trillions in value go up in smoke.
Anton Katz, cofounder and CEO of Talos, has seen business sure amid the crypto sell-off.
That's the lesson coming out of Talos, a unicorn startup that provides the infrastructure and tools to trade digital assets for a variety of Wall Street institutions, from banks and hedge funds to custodians and OTC dealers.
"For the vast majority of organizations, we have seen unwavering support of digital assets," Talos CEO Anton Katz told Insider in a recent interview.
Talos, which raised $105 million in a Series B round in May at a $1.25 billion valuation, has seen its business boom over the past four months even as the market has plummeted, according to Katz. Headcount over the past year has grown from 30 to 80, and it's still aggressively hiring, Katz said.
"The growth right now is the fastest we've had ever," he said, adding that second-quarter performance — across a variety of metrics including new clients and signed contracts — was the best in the company's four-year history.
"You wouldn't expect that in this kind of market," Katz said.
Katz is hoping to harness this momentum to become Wall Street's go-to platform and provider of digital asset tools, such as sourcing liquidity, price discovery, automated execution, post-trade clearing and settlement, and lending and borrowing.
Talos' growth spurt amid the digital asset sell-off is attributable to several factors, Katz said.
The company's initial client base was dominated by buy-side investors, especially quant trading shops. While hedge funds have dialed back risk as prices cratered, trading volumes have nonetheless surged amid the volatility.
That has meant increased demand among these clients for quick access to liquidity providers, price discovery, and instant trade settlement — all bread-and-butter services for Talos.
"If you're in the middle of a very busy, hardcore trading day – this is the stuff you would use," Katz said.
The company's clientele has evolved since the early days, and now nearly half of its customers are what he lumps into a bucket called service providers — banks, brokerages, lenders, OTC dealers, and custodians providing digital asset offerings to their own customers.
These types of institutions hew toward the conservative side, but they haven't been scared off by crypto crash, and business has grown from this group, too, Katz said.
It helps that much of the pain — some $2 trillion worth of crypto value lost and counting — has been shouldered not by big companies but rather individual, Main Street investors.
Talos founders Anton Katz (third from right) and Ethan Feldman (second from right) have more than doubled their team over the past year.
Eric Vitale for Talos
But additionally, many large institutions committed to the crypto space over the prior two years, allocating budget and teams to build a presence, and "those institutions don't usually switch on a dime," Katz said.
In reality, Katz said, a down market is often an easier time to get up to speed, when you can put your head down and focus on the fundamentals with fewer distractions.
After all, he points out, Talos was launched during the last crypto winter in 2018.
More: crypto talos crypto economy Edit Series
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2022-07-27T15:17:59Z
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Crypto Trading Platform Talos Soars Amid Meltdown — Thanks to Wall Street
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https://www.businessinsider.com/crypto-trading-platform-talos-soars-amid-meltdown-on-wall-street-2022-7
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https://www.businessinsider.com/crypto-trading-platform-talos-soars-amid-meltdown-on-wall-street-2022-7
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Gamer talent firm Loaded launches branded content studio and consultancy Open World after raising $20 million
Nadia Tseng, Loaded's VP of strategic partnerships.
Loaded raised $20 million from Coral Tree Partners in April.
One of its first ventures since is Open World, a consultancy and content studio to help brands grasp gaming.
Open World is also developing a non-branded slate of scripted shows and docuseries.
Six-year-old Loaded, a talent firm that reps top gaming creators like Shroud, AnneMunition, and CouRage – and which has brokered YouTube platform exclusives for Myth and Ludwig Ahgren – is launching a new division, Open World.
Open World is a brand consultancy to help non-gaming marketers better grasp the gaming space. It will also comprise a studio that produces both branded and original content.
Open World has a separate aim from Loaded's core business, which is facilitating deals (including brand deals) for talent.
"So many non-endemic brands look at gaming and don't have that Rosetta Stone to really understand where their brand can fit into the milieu," said Niles Heron, Loaded's chief communications and culture officer. "And sometimes brands have needs that are not talent needs."
Loaded has already consulted with Gilette, Journeys (which named Karl Jacobs creative ambassador in March in a deal brokered by Loaded), and Amazon Prime. Open World marks a formalization of these efforts, and the studio will enable it to realize its consulting work in-house.
The name Open World has multiple meanings. It is a nod to the gaming genre, to the as-yet-unanswered promise of web3, and it also aims to upend long held notions that gaming culture can be insular.
"Gaming has been gatekept for a really long time," Heron said. "We don't see this world as being closed. We see this world as being abundant and open."
The two divisions — Open World Solutions (the brand consultancy) and Open World Studios (the production studio) — are staffed by 14 employees, roughly a quarter of Loaded's total headcount. Twelve were already with the company, including VP of strategic partnerships Nadia Tseng, a former CAA agent who will lead the brand consultancy side, Open World Solutions.
President of Open World Studios Cesar Martinez.
Steve Tirona
Two new employees will lead the content arm at Open World Studios. Cesar Martinez (formerly of Latinx-focused media companies Remezcla and Mitú) will serve as president. Joining Martinez will be Jeremy Azevedo of (formerly of 100 Thieves).
In working with brands, Tseng said a common misperception is that gaming looks homogenous to outsiders.
"There are so many sectors of the gaming audience that like to be spoken to specific ways," she said, "from the League of Legends player to the person who likes Animal Crossing to the person who is just going to watch Karl Jacobs play Minecraft on YouTube."
In addition to branded work, Open World is developing a slate of scripted shows and docuseries, Martinez said. Short-form programming will live on YouTube and Twitch, while long-form shows could air on linear or OTT platforms.
"Storytelling for gaming needs to shift and evolve," Martinez said. "When you think about what's on YouTube, it's gaming news, reviews, and goofing around, but there isn't real storytelling."
Open World arrives in the wake of a $20 million funding round announced by Loaded in April, led by Coral Tree Partners. At the time, the company announced a flurry of executive appointments – including Paul Conroy, who oversees Open World as president of Loaded Ventures, a division dedicated to new business. At the time, the company said it was eyeing acquisitions in the data and analytics sector.
Loaded is profitable and has been for some time, Heron said.
More: Gaming Loaded Branded Content talent management
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2022-07-27T15:18:05Z
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Gamer Talent Shop Loaded Is Getting Into the Content Business
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https://www.businessinsider.com/gamer-talent-management-loaded-launches-open-world-branded-content-2022-7
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https://www.businessinsider.com/gamer-talent-management-loaded-launches-open-world-branded-content-2022-7
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5 crucial pitfalls you need to avoid during job negotiations and what to do instead, according to a negotiations expert and MBA professor
Leigh Thompson
Leigh Thompson.
Leigh Thompson is a professor at Kellogg School of Management and an adjunct professor of psychology at Northwestern University.
She says that candidates shouldn't negotiate salary before receiving a formal offer.
Instead, pivot the conversation if employers are seeking too much information before the offer.
The great resignation created a booming market for job-seekers, with many well-positioned for multiple attractive offers from employers. But it also created "negotiation fever," wherein job seekers get way ahead of themselves, thinking they can cut to the negotiation chase prematurely, even before they get an offer.
Unfortunately, negotiation fever can backfire, and many candidates make this big mistake: negotiating the terms of the job before receiving a formal offer.
Consider two stories based on real-life situations I've heard about and two major mistakes.
1. Chris tried to negotiate in the interview
Chris was thrilled to make it to the fourth and final round of interviews for a product management role with his top-choice technology company. In that round, when the interviewer turned the conversation to salary requirements, Chris, a recent MBA graduate who had just taken a negotiations course, went into full-on negotiation mode, "going big" with the terms he wanted.
The interview ended 15 minutes early, leaving Chris with a sinking feeling. He was right: the company emailed him the next day to say they were "moving forward with other candidates."
2. Jessie made salary requirements in the thank you letter
In another case, Jessie went through two rounds of interviews with a marketing consulting firm and received a verbal job offer at the end of the second. In her thank you email to the interviewer, she outlined her salary requirements and preferences for working remotely on Fridays. The formal written offer never materialized.
Chris and Jessie fell prey to "negotiation fever:" both started negotiating before they had a formal offer. The goal, then, is not to be like Jessie and Chris. Resist the temptation to launch into negotiations before receiving a formal offer, even if the employer seems to be inviting you to do just that. Not going there will significantly increase your odds of getting the offer, or at least prevent you from inadvertently taking yourself out of the running.
Here's are 5 do's and 5 don'ts when it comes to negotiating during the hiring process.
Avoid these pitfalls at all costs
1. Don't list your wants and priorities before being offered the position
This may seem like a no-brainer, but I've seen countless instances of candidates making this mistake, whether they think they have the job in hand or just get "caught up in the excitement" of the interview process or somehow get seduced by an interviewer who is turning the conversation to salary. Don't go there!
2. Don't start negotiating on the basis of a verbal offer
You've heard the phrase "That wouldn't hold up in a court of law." That's exactly the case here. Wait for a written offer before you start any negotiating.
3. Don't say, "This is what it will take to get me there" or some variety of it
Such ultimatums are, rightly, perceived as a threat at worst, a heavy-handed approach at best. Avoid any "take-it-or-leave-it" language.
4. Don't make reference to having other offers
Sure, it may be tempting to play your prospects against each other. Unfortunately, employers don't like this. This again can sound like a thinly veiled threat, and conveys a sense of arrogance ("You'd be lucky to have me, given how many others do").
If they ask about other offers, it's okay to tell them, while still emphasizing what appeals to you about the company you're interviewing with.
5. Don't refer to "market fairness"
I've spoken to several job-seekers who believe that the market owes them their worth. In fact, one man I know was planning on using the argument that "I know that other people are getting paid X and I'm better than them and so I deserve X+n." This type of conversational tone is likely to be perceived as litigious and entitled. Better to re-frame your argument along the lines of "I have unique skills which can lead to measurable results in your company and here are my thoughts on compensation."
Do these 5 things instead
1. Remember you're at the peak of your negotiation power when you have received the written offer but haven't accepted
A little patience goes a long way in this game, so remind yourself of this critical fact before an offer is formalized. If there's pressure to accept on the spot, say, "I'm delighted to receive this offer. I'm going to pore over it and get back to you ASAP."
2. Pivot the conversation if you feel they are fishing for information
Employers may try to suss out your preferred terms during the interview. If so, say something like "I can give you a salary range, but please know that this represents ideal terms for me and I'd like to continue learning more in the interview and next steps." This helps you gently steer the conversation back to the interview itself.
3. Act graciously if you receive a written offer
When you secure a verbal or written offer (hurray!) respond with some version of "I'm delighted and I thank you for the effort you devoted to this process. I look forward to reviewing the specifics in detail. Could we set a time to discuss?"
4. Aim for a synchronous conversation about terms
Again, once you get a written offer, ask for a real-time conversation (phone or Zoom) to discuss the terms. Don't type up your wants in an email.
One candidate I know had received a formal offer and responded with a long written list of "demands." Apparently, his tone raised red flags and the company rescinded the offer. Moreover, synchronous communication builds trust.
In the post-pandemic era, record numbers of companies are extending offers and record numbers of applicants who are made such offers are ghosting these companies. So, trust is low. Speaking in real-time enables you to better adjust your message to suit the audience and situation.
5. Express positivity—throughout
At every point in the process, maintain a positive, collaborative approach. For example, upon receiving a written offer, express optimism about finding a set of mutually beneficial terms. Remember: this could be a long-term relationship, and even if you're not offered the job you'll be creating an impression on someone likely within your broad network.
Salary Negotiation Tips
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2022-07-27T15:18:08Z
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How to Negotiate a Job Offer: 5 Do's and Don'ts From an Expert
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https://www.businessinsider.com/how-to-negotiate-job-offer-5-dos-and-donts-expert-2022-7
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https://www.businessinsider.com/how-to-negotiate-job-offer-5-dos-and-donts-expert-2022-7
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A portfolio manager who's crushing the S&P 500 breaks down why renewable energy stocks are poised to defy the bear market and win in the long run — and shares his 8 top picks
Michel Sznajer, portfolio manager at Ecofin, thinks that renewable energy stocks have a bright future
Renewable energy can beat the bear market due to strong fundamentals, said Ecofin's Michel Sznajer.
The sector is also characterized by low costs, resilient demand, and strong pricing power.
Sznajer shared 8 top stocks investors should buy to take advantage of the green energy revolution.
After a decade of underwhelming returns, commodities have taken a tumultuous journey to the stock market's top.
Energy stocks sold off earlier in June, betraying Wall Street's fears of an impending recession alongside escalating regulatory and geopolitical risks. But now, as commodities rally once again, Michel Sznajer stresses that investors shouldn't overlook one very important portion of the sector: renewables.
Sznajer serves as a portfolio manager at sustainable investment firm Ecofin, which manages around $1.7 billion in assets and is a subsidiary of $8.7 billion firm TortoiseEcofin. As of July 25, Sznajer's fund, The Ecofin Global Renewables Infrastructure Fund (ECOIX) — which invests in low-carbon power generation assets — is down 6.4% year-to-date, handily outperforming the broader S&P 500, which is down 16.77% in that same time period.
Renewables look attractive in the bear market
Sustainable energy stocks haven't received much attention from investors in the past, but Sznajer emphasized that buying into these names makes even more sense given the current bear market.
"The worry with the broader market is you're in a situation where you have slowing growth because of the cycle slowing down. That typically takes away the pricing power from the companies, puts pressure on margins, and depresses earnings, which drives share prices to come down," he told Insider in a recent interview. "But with renewables, the demand is not cyclical, it's really structural — so it's there and it's compounding, somewhat irrespective of what's happening around."
This structural change, explained Sznajer, is the obvious migration towards cleaner energy, whether it's driven by corporate- or government-mandated guidelines. Utility companies have even begun migrating to renewable energy sources because they're cheaper to operate than traditional coal or gas-powered electricity, he added.
"You're investing in a sector with steady growth plus pricing power, so your revenues are very much solidly growing and therefore you continue to have very good earnings margins and earnings growth, unlike the broader market," said Sznajer. Focusing on stocks with lower costs, strong pricing power, and resilient demand is why 71% of the companies in the ECOIX portfolio positively revised their earnings forecasts at the end of the first quarter this year, compared to about 54% of companies in the S&P 500, he continued.
A structural shift towards renewables
Net inflows for US-listed sustainable funds set a new annual record when they hit $70 billion in 2021, up 35% from flows in 2020, according to Morningstar. But Sznajer believes that investors have barely unlocked the renewable sector's full potential.
"Over the next 20 to 30 years, the way we produce and consume energy is going to change dramatically away from fossil fuel into electricity and so away from molecules into electrons," he said.
According to Sznajer, today about 79% of energy in the US market is derived from fossil fuels sources like coal, oil, and natural gas, while nuclear and renewable energy sources make up the other 21%. In the future, he firmly believes that this ratio will flip, citing recent survey data that 50% of car buyers under 30 years old claimed that their next purchase would be an electric vehicle. He foresees the US electric car market eventually catching up to those in China and Europe, as consumers enjoy a greater quantity of more affordable models to choose from.
More advanced technology and better scaling have been the two key drivers for lowering the costs of renewable energy sources, said Sznajer. Even though newer wind turbine blades are both higher and longer than previous models and thus more expensive to build, the amount of energy they generate per unit makes them much cheaper on the whole, with Sznajer estimating that the costs of both onshore and offshore wind farms have come down around 50% over the last 10 years.
Additionally, energy independence has become a much more urgent topic when considering the ongoing Russia-Ukraine conflict, added Sznajer.
"Europe suddenly realized it needs faster energy independence to wean off its dependence on Russian gas, and the alternative is renewables again," he explained. "The difference between the oil and gas business and the renewable business is that the latter is kind of a local business — the beauty is you're not dependent on imports of the feedstock. Most countries have some sort of resources, whether it's solar, biomass, geothermal or wind."
According to Sznajer, adopting more renewable energy sources will be massively beneficial for countries like Germany and Japan that have traditionally been net importers of natural gas. And because natural resources like wind aren't 100% reliable, in the future he predicts that countries' networks will be much more interconnected in terms of resource sharing and transmission.
Sznajer's 8 stock picks
Sustainable energy stocks may have a bad reputation, but Sznajer says that part of their relative underperformance can be attributed to what investors categorize within the "renewables" sector. For instance, the equipment manufacturers of renewable assets like wind farms or solar parks have traditionally struggled to balance supply and demand within a cutthroat industry that leaves players fighting for market share rather than profitability. These stocks, said Sznajer, have traditionally followed a boom-and-bust pattern with little-to-no value added.
For this reason, Sznajer prefers to invest in the developers and operators behind these assets, sectors which he said have performed much better than equipment manufacturers.
"Because they're not taking the volatility of the equipment, they're actually beneficiaries of that declining cost curve from that equipment," he explained. "These businesses are very predictable because they install those solar parks and wind farms, and they sign long-term contracts that are indexed to inflation or set for 10, 20 years. So they provide a lot of visibility on the existing assets, and then they invest the cash flows for growth on top."
This strategy, which Sznajer has personally followed since 2015, has a track record of providing 13% in compounded returns per year to investors, he added.
Renewable firms are also able to deliver an "unusual combination of yield and growth" because they're careful to reinvest half of their returns for growth, while distributing the other half to shareholders. This strategy is more sustainable than the high dividends of traditional oil and gas companies, which have substantially reduced investments back into their businesses to afford investor payouts, Sznajer added. Even with renewable firms investing half of their returns back into their fundamental growth, the ECOIX portfolio's average dividend yield is around 3.5%, which he said was above the S&P 500's average of below 2%.
To that end, Sznajer identified his eight top stock picks within the renewable energy sector, which are listed below, along with each company's ticker, market capitalization, and applicable commentary.
1. Nextera
Ticker: NEE
Commentary: "Largest renewables developer and owner in the US and largest wind/solar operator globally, leading US utility."
"Best-in-class track record and growth prospects, leveraging its industry leadership in capturing better renewables resources, economies of scale and returns."
"Fast-rising interest rates, uncertainties around Antidumping and Countervailing Duties (AD/CVD) and the CEO transition have unsettled markets, which is a great opportunity given the upward revision in guidance and a stronger for longer outlook."
2. Nextera Energy Partners
Ticker: NEP
Commentary: See above
3. ERG
Ticker: ERGZF
Commentary: "Transformation from an Italian O&G company to a pure pan-European renewables company."
"They are capturing growth through renewables development and creating value by repowering assets (half the number of wind turbines have 2 times as much capacity and generate 3 times more electricity)."
"High visibility given assets under construction, repowering opportunities, M&A track record and strong balance sheet."
4. Transalta Renewables
Ticker: TRSWF
Commentary: "Subsidiary of the Transalta group primarily holding renewables assets."
"Transitory negative impact of a turbine defect necessitating a temporary stop of one windfarm. Expecting restart + new assets to fuel acceleration in growth."
"Potential divestment of Canadian gas assets later this year once all plants are recontracted."
"This company has an attractive growth profile coupled with a ~5.6% dividend yield and 0.5 beta."
5. Clearway Energy
Ticker: CWEN
Commentary: "Renewables owner backed by GIP and TotalEnergies providing strong flow of new projects."
"Expect to see an acceleration in growth as elevated fossil fuel electricity costs make renewables even more attractive."
"Expect divestment of the legacy natural gas assets and reinvestment of the proceeds into renewables."
"Attractive high-single digit growth until 2025 and beyond, in addition to 4% dividend yield."
6. Elia
Ticker: ELIAF
Commentary: "Regulated electricity transmission in Belgium and Germany serving 30mn end users; cable between Belgium and the UK."
"This is an indirect play on German renewable growth, benefiting from growing needs for interconnections between European countries and for connections to decentralized renewables generation sources.
"Attractive combination of growth and very low relative risk (beta 0.5)."
7. Drax Group
Ticker: DRXGY
Commentary: "Drax Group is a biomass company that has the advantage of being what you call 'baseload.' It's not intermittent like wind and solar, so they can generate electricity a hundred percent of the time, which is a very attractive feature for a renewable source of electricity."
"We think they're an amazing company that has huge potential. They're going to be very likely the first large-scale carbon capture and sequestration company in the world. So that's a space to watch; they're working on that at a really massive scale."
8. Sunrun
Commentary: "Sunrun is a more risky business model, but Sunrun is the rooftop solar company market leader in the US. So if you want to install solar panels on your rooftop at home or business, they do that. They can lease it for 20 years, or you can buy it outright from them, including the battery."
"They've done a deal with Ford. Ford launched the F-150 lightning, the electric version of their most successful truck, so they have a partnership. A little factoid on electric vehicles is that 38% of people who have electric cars have installed rooftop solar, when the penetration of rooftop solar in the market is about 4%. People want to have independence and know that they can plug clean electricity in their clean car, and 80% of people who have rooftop solar in their car charge it at home, not at the office or anything like that. So that partnership with Ford, but also that driver of electric vehicle penetration growth is just going to snowball and have that benefit."
"It's a smaller company; it's much more volatile. The business model is very different from those big utility plants, but they have a very attractive profile as well. So that's another US company that could be of interest."
More: Investing stock market investing energy sector outlook
energy stock analysis
energy stocks ESG
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2022-07-27T15:18:33Z
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8 Renewable Energy Stocks to Buy That Will Beat the Bear Market
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https://www.businessinsider.com/investing-stocks-to-buy-bear-market-energy-long-term-gains-2022-7
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https://www.businessinsider.com/investing-stocks-to-buy-bear-market-energy-long-term-gains-2022-7
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Leaked Walmart memo tells store managers to 'immediately' drop prices on summer items on the same day it slashed its profit outlook. Analysts and managers say it's not enough to combat bloated inventory.
A Walmart store in Louisville, Kentucky, featuring rollbacks on swimsuits.
Walmart expects profits to drop for Q2 and fiscal year 2023 due to inflation and overstock issues.
The company told store managers to cut summer-apparel price changes to "help with sell-through."
Analysts and store managers still think Walmart may end up with a "glut" of summer inventory.
On the same day that Walmart announced it expects a drop in profits for the second quarter and the 2023 fiscal year, the retail giant directed store managers to promptly implement rollbacks on summer apparel and merchandise to offload bloated inventories, according to an internal memo viewed by Insider.
The memo said that summer apparel and seasonal general merchandise "price changes will drop to help with sell-through. It is important these price changes are worked immediately to capture sales and make room for new fall arrivals."
The sales went into effect on Monday, and store managers have until Friday to change them on the sales floor, according to the memo. The company also told managers to "show the value where you can to drive better sell-through" by listing former prices and current prices on rollbacks "to show your customers the great savings."
But store managers and analysts alike said this move comes too little, too late.
A manager for a Walmart store in the southwest US told Insider that the rollbacks aren't "aggressive enough for how much we are sitting on, and in this current economy customers are very price sensitive."
The memo was released days after Insider published an in-depth report on Walmart's excess-inventory issues. In the report, store-level employees said pallets of merchandise have rendered floors unwalkable, towers of boxes are blocking access to places like private breastfeeding rooms and bathrooms, and outdoor trailers are stuffed with overstock.
An internal memo sent to Walmart store managers regarding rollbacks on summer clothes and general merchandise, on Monday, July 26.
On Saturday, the company said in a separate internal memo viewed by Insider that stores could temporarily turn off their automatic inventory-ordering systems in light of enormous overstock.
In a release about trimming profit projections after the stock market closed on Monday, the Walmart CEO Doug McMillon said, "The increasing levels of food and fuel inflation are affecting how customers spend."
"While we've made good progress clearing hardline categories, apparel in Walmart US is requiring more markdown dollars," McMillon said. "We're now anticipating more pressure on general merchandise in the back half."
For some Walmart stores, those markdowns came immediately. "There's a lot of push to get them done quickly and get the merchandise moving," the store manager from the southwest said.
At a Walmart store in Louisville, Kentucky, surveyed on Tuesday by an Insider reporter, men's swim trunks were listed at $13.98 — a drop of more than 28% from the previous price of $17.98. A series of color-changing summer tumblers and straw sets were marked down by more than 40%, from $9.97 to $5.98.
Rollbacks at a Walmart store in Louisville, Kentucky, on July 26.
John Zolidis, the president of Quo Vadis Capital, said the price cuts are an attempt to rectify stores ordering too much summer apparel and seasonal general merchandise.
"The issue is that they ordered too much inventory in these categories," Zolidis told Insider. "The promotions, which go beyond normal rollback activity, are reactionary and intended to correct for previous mistakes. The company hopes to clean the shelves of this product in time for the bulk of back-to-school and other seasonal fall shopping."
Mari Shor, a senior retail analyst with Columbia Threadneedle Investments, told Insider that Walmart "seems confident that they set a floor with their revised guide and will be clean on inventory" heading into the fourth quarter of the year.
"Still, it is difficult to have overwhelming conviction given the fast-changing macro backdrop," Shor said. "If inflation continues to accelerate and unemployment continues to rise, then there is risk for Walmart and all retailers into the holiday season."
Neil Saunders, the managing director of GlobalData Retail, agreed with Walmart's decision to "discount products in a bid to clear down excess inventory," but he said the company would need to make deeper cuts to "stimulate consumers who are feeling the squeeze and are more reluctant to make discretionary purchases."
"There is a particular issue in apparel where we are now coming to the end of the summer season, and the buying window for summer products is rapidly closing," Saunders said. "Walmart may find that even after extensive discounting, it still has a glut of product left. That will be unhelpful as it causes a logjam as inventory for the fall and holiday season starts to flow in."
Do you work for Walmart and have photos or experiences you'd like to share? Contact reporter Ben Tobin via the encrypted messaging app Signal +1 (703) 498-9171 or email at btobin@insider.com. Check out Insider's source guide for other tips on sharinginformation securely.
More: Walmart Retail Overstock
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2022-07-27T15:18:39Z
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Leaked Walmart Memo Shows Stores Directed to Start Rollbacks Promptly
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https://www.businessinsider.com/leaked-walmart-memo-shows-stores-directed-to-start-rollbacks-promptly-2022-7
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https://www.businessinsider.com/leaked-walmart-memo-shows-stores-directed-to-start-rollbacks-promptly-2022-7
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How to invest in penny stocks: a guide for beginners
Penny stocks can be fun to play with, but they're not for faint-of-heart investors.
jodiecoston/Getty Images
Penny stocks, stocks that trade at less than $5 a share, can be lucrative but also dangerous, their market rife with fraud.
Investors can avoid scams by investing via reputable brokers, avoiding unsolicited offers, and sticking with companies that trade on the major stock exchanges.
Even legitimate penny stocks are highly risky, so never invest more in them than you can afford to lose.
Novice investors are often lured into penny stocks by their low prices and the promise of enormous gains.
But with low liquidity, limited information, and bad actors, penny stocks are among the riskiest investments around.
Frankly, they're not a good choice for most investors. But if you're looking for a thrilling, high risk/high reward way to invest a small portion of your portfolio, they may be appropriate for you.
Penny stocks are securities that are traded on the cheap. The SEC defines any stock that is less than $5 per share as a penny stock.
They're sometimes called "over the counter" (OTC) stocks (though some do trade on stock exchanges) or referred to by the size of the capitalization of the companies that issue them: "small-cap", "micro-cap" or "nano-cap" stocks.
Why are penny stocks so low-priced?
Mainly because they are low-value. True, some penny stock companies are simply new and have little financial history. But most have fallen on hard times and are simply not worth very much. They are the opposite of blue-chip stocks — those well-established, major corporations that are by-words for slow-but-steady growth.
You can make money investing in penny stocks — but most people don't. They're a little like lottery tickets: You might win a small fortune but the great majority of investors end up losing.
Who should invest in penny stocks?
Penny stocks are for investors looking for a thrill. Or professional speculators.
They're ideal for day traders: people who heavily manage their portfolio and make quick trades to capitalize on small changes in price. If you're an adrenaline junkie, penny stocks could be a satisfying way to invest. The very definition of volatility, when penny stocks move, they move fast.
Penny stocks are risky for several reasons:
Low liquidity: Penny stocks are thinly traded, which means it can be hard to sell them at the time and price you want. Their lack of liquidity can lead you to get stuck holding a tumbling stock.
Limited information: Most are traded on OTC exchanges that have fewer rules and regulations — including for filing financial information. The limited information can make it difficult to make careful investment decisions.
Fraud: "Penny stocks are the Wild West of the financial landscape," says Robert R. Johnson, professor of finance at Creighton University. "Some market participants may conspire to distort prices and trading volumes in order to mislead other market participants."
The pump-and-dump scheme is particularly common. Bad actors trick people into buying shares in a company, only to sell out when the price rises. This leaves other investors with worthless stocks.
How to invest in penny stocks
1. Decide how much you're willing to risk
Most people benefit from a diversified portfolio that limits risk. Penny stocks can be part of one, but it's usually wise to balance them out with cash or super-low-risk investments, like US Treasuries.
Use your "mad money" for penny stocks, not your nest egg.
2. Open an account with a reputable broker
Look for brokers that follow all the SEC's regulations and that provide you with current financial information for any company they recommend. Also, look for brokers that charge an up-front, flat transaction fee/commission, rather than on a per-share basis.
If you're not sure where to start, try one of these best online brokerages for beginners.
3. Consider larger exchanges
Look for companies listed on bigger stock exchanges, like the New York Stock Exchange (NYSE and the Nasdaq, because they've met these entities' relatively strict requirements for listings — such as shares need to be consistently priced at a minimum of $1 per. Among over-the-counter marketplaces, the OTC Bulletin Board and the OTC Link LLC are also good choices.
The other OTC exchanges, like the OTC-QX and the OTC-QB, have fewer requirements and attract less legitimate companies. Steer clear of them.
To avoid scams, Asher Rogovy, chief investment officer at Magnifina LLC, emphasizes the importance of thoroughly researching the companies you're interested in. Due diligence is especially vital if you're trading on your own through a platform like Robinhood, which is particularly popular with the penny crowd (it limits its offerings to NYSE and Nasdaq-listed stocks, by the way).
Here's what you're looking for:
Financial transparency. The company should have publicly available financial reports and a reasonable strategy for growth.
A solid financial position. Look for companies that have assets and some cash on hand, that are earning money, and that are regularly audited.
High liquidity. Find stocks that have high trade volumes so you can sell easily. Adam Selita, chief executive officer of the Debt Relief Company notes, "less than a million shares traded daily is a red flag."
5. Critically evaluate your source of info
The most credible information on a company will come from SEC filings — or an analyst report published by a reputable brokerage, investment firm, or independent financial-research firm.
Be skeptical of any unsolicited contact, like cold emails or telemarketing calls. Similarly, don't trust stock picks and recommendations from sponsored content you see published on the web. Selita notes that lots of sponsored content on a certain firm may indicate that insiders are planning on dumping the stock after its price rises.
If the promotional material says "pennies to dollars instantly!"— that's a red flag and you should stay away.
Penny stocks are attractive because they're cheap and may have massive upswings.
But trading penny stocks is more like gambling than investing — most people end up losing. "Penny stocks are the stock market equivalent of betting on a horse with exceptionally long odds," says Johnson. "For practically all investors, speculating in these equities is wholly unsuitable."
That's especially true if you're a beginner or you're trying to steadily grow your retirement nest egg.
Rogovy, too, stresses caution. "It's certainly appealing to think your stock may increase to 10 times its value, but this is exceedingly rare. If an investment seems too good to be true, it probably is."
Still, an investor doesn't live by blue chips alone. If you're looking for an alternative to playing the ponies or the lottery — and you can afford to lose whatever sums you invest — penny stocks are an option.
More: Freelance penny stock Penny stocks Over the Counter
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2022-07-27T15:18:57Z
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How to Invest in Penny Stocks: Strategies and Basics for Beginners
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https://www.businessinsider.com/personal-finance/how-to-invest-in-penny-stocks
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https://www.businessinsider.com/personal-finance/how-to-invest-in-penny-stocks
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A US FA-18 hornet fighter (F) prepares to land while other fighter jets fly behind during a routine training aboard US aircraft carrier Theodore Roosevelt in the South China sea on April 10, 2018.
A top Pentagon official warned of a possible major incident if China continues its aggressive behavior.
Ely Ratner said recent intercepts from Chinese fighter jets have been "dangerous" and "unsafe."
His comments echo concerns recently raised by the top US general and the secretary of defense.
Increased aggressive Chinese behavior around the South China Sea could eventually lead to a "major incident or accident" in the region, a top Pentagon official said on Tuesday.
"We see Beijing combining its growing military power with greater willingness to take risks," Assistant Secretary of Defense for Indo-Pacific Security Affairs Ely Ratner said at a Center for Strategic & International Studies conference.
"In recent months, we've witnessed a sharp increase in unsafe and unprofessional behavior by [Chinese] ships and aircraft — implicating not only US forces, but allied forces operating in the region," he added.
He specifically mentioned recent accusations from Canada and Australia that Chinese jets performed "dangerous" intercepts near their own aircraft while carrying out routine missions. He noted that Chinese jets even released chaff containing small pieces of aluminum that went into one of the aircraft's engine.
Ratner said "these are not isolated incidents," adding that China's "aggressive and irresponsible behavior" is "one of the most significant threats to peace and stability in the region today."
Ratner said if China continues this pattern, it is "only a matter of time" before there is a "major incident or accident." Such an incident would not be unprecedented, as there have been accidents in the past. In 2001, for instance, a Chinese J-8II interceptor aircraft collided with a US EP-3 spy plane near Hainan.
Ratner's remarks echo comments from other senior Pentagon officials.
Gen. Mark Milley, chairman of the Joint Chiefs of Staff, warned in Indonesia this week that the Chinese military has "become significantly more and noticeably more aggressive in this particular region," and Secretary of Defense Lloyd Austin said in Singapore in June that there had been an "alarming increase" in unsafe intercepts of US and partner force aircraft.
Tensions between the US and China have increased in recent months amid concerns surrounding Taiwan, a self-ruled democratic island Beijing has long claimed as its own.
A particular sore spot in the relationship at the moment is a possible trip by House Speaker Nancy Pelosi to Taiwan. China has threatened possible military action if the congresswoman goes ahead with a tentative upcoming trip to Taiwan. The Pentagon has indicated it is making plans for the possible movement of fighter jets, warships, and other assets to ensure her protection.
More: Speed desk Breaking China Pentagon
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2022-07-27T16:49:21Z
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China's 'Aggressive' Military Conduct Could Spark Incident: Pentagon Official
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https://www.businessinsider.com/chinese-aggressive-behavior-south-china-sea-spark-major-incident-pentagon-2022-7
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https://www.businessinsider.com/chinese-aggressive-behavior-south-china-sea-spark-major-incident-pentagon-2022-7
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Google is preparing to push back its deadline for killing off tracking cookies until at least 2024
Lara O'Reilly and Ryan Joe
Google CEO Sundar Pichai.
Google is further delaying its plan to kill off third-party tracking cookies in its Chrome browser.
The cookie phase out is now not expected to start until 2024.
The timeline extension is designed to give the industry more time to test cookieless alternatives.
Google is preparing to further delay its plan to kill off third-party tracking cookies in its Chrome browser until at least 2024, sources familiar with the situation told Insider.
It would be the second time the company has pushed back the cookie phaseout. Google first said it would end support for third-party cookies in Chrome "within two years" in 2020 — but last year it extended the timeline to complete the process by late 2023.
The latest delay is intended to allow more time for advertisers, publishers, and other members of the online ad industry to begin formal testing of the new cookieless technologies proposed in Google's "Privacy Sandbox" initiative, those sources said.
Google pledged last year to give UK antitrust watchdog the Competition and Markets Authority oversight of its plans to roll out alternatives to the cookies. Google's commitments were offered in response to an investigation the CMA launched into the Privacy Sandbox in January last year.
Google appointed ING Bank as a "monitoring trustee" to ensure it complies with its commitments to the CMA. The CMA has said it expects to receive its latest quarterly report from Google and ING in July, signaling that the announcement could be imminent.
Google declined to comment on the record. The CMA and ING didn't immediately respond to requests for comment.
Third-party cookies are small files stored on a user's device that allow advertisers and adtech companies to track users as they browse various sites on the web. They allow a hotel, for example, to target ads to users who have previously visited their website — and they help advertisers measure whether their campaigns are working. However, other browsers like Apple's Safari and Mozilla's Firefox have moved to block third-party cookies as privacy features.
Chrome's cookie plans and Privacy Sandbox experiments sent the ad industry into a tailspin, with some experts speculating the moves could serve to cement Google's advertising dominance. Chrome is by far the most-popular global web browser, cornering two-thirds of the market, while Google is also the world's biggest seller of advertising.
News of the delay will likely be welcomed by some corners of the ad community, which are still heavily reliant on cookies to precision-target and measure ads. Companies in the ad industry are also grappling with an ad spending downturn, inflation, supply-chain issues, and fallout from Apple's recent privacy changes, which have made it more difficult to target and measure ads on iOS devices.
One source familiar with the plans, however, said many companies were likely to find the extended period of stasis and delays in testing frustrating as there is still a great deal of uncertainty about which alternative technologies they need to prepare for.
Google's commitments to the CMA are set to terminate in 2028, unless it's released at an earlier date in accordance with the UK's Competition Act. James Rosewell, founder of the coalition Marketers for an Open Web, which filed a complaint lobbying for the CMA to oversee the Privacy Sandbox initiative, said Google is unlikely to retire third-party cookies until then.
"They terminate if the CMA agree to Google's alternatives. None of Google's alternatives meet the commitments, so CMA cannot agree to them," Roswell said. "Or they terminate if the CMA reopen the investigation, which would likely prevent Google making changes."
Google's commitments to the CMA include placing limits on how it will use Chrome data for advertising, agreeing not to self-preference its own ad products over its rivals, and a 60-day "standstill period" before it introduces any changes. During that time, the watchdog would have the option of reopening its investigation, should competition issues arise.
More: Google Chrome Cookies
Ad Targeting
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2022-07-27T16:49:34Z
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www.businessinsider.com
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Google to Delay Third-Party Cookie Phase Out Until 2024
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https://www.businessinsider.com/google-to-delay-third-party-cookie-phase-out-until-2024-2022-7
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https://www.businessinsider.com/google-to-delay-third-party-cookie-phase-out-until-2024-2022-7
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'The damage is likely to have already been done': A former IMF official says that substantial home price declines are coming in the US housing market as demand-crushing dynamics continues to put buyers on the sidelines
"In terms of housing prices, the damage is likely to have already been done," says Desmond Lachman.
Home prices continue to climb in the US despite a downshift in activity in the housing market.
But price declines will come in 2023, according to Desmond Lachman of AEI.
Lachman is a former deputy director at the International Monetary Fund.
Could inflation finally be at — or very near — its peak? In recent weeks, inflation has climbed to the highest rate it's been at in decades.
However, one economist says that we may have seen the worst. According to Desmond Lachman, senior fellow at the American Enterprise Institute and a former deputy director at the International Monetary Fund, the proverbial die has already been cast.
In the next two months, inflation will have dropped to levels closer to 7.5% given falling gas prices and a stronger dollar, he told Insider. "In terms of housing prices, the damage is likely to have already been done," Lachman said on Tuesday, citing three reasons.
Some might view that as a positive sign for the housing market. With inflation coming down, the Federal Reserve might be able to back off of its uber-hawkish stance sooner than expected, and mortgage rates could be set to drop from their near 6% levels.
One reason is inflation has continued to soar over the last few months to a 41-year-high of 9.1% has forced the Fed to hike rates aggressively, and will ensure they will continue to hike at their coming meetings, Lachman said. The central bank, which last year walked back their vew that inflation would be transitory, has also started shrinking their balance sheet by not buying new Treasury bonds and mortgage-backed securities. This move creates upward pressure on mortgage rates.
"They're going to keep monetary policy tight, even if inflation peaks," he said. "They're likely to keep the breaks on because they don't want to screw up on inflation again."
The continued hawkish stance will keep mortgage rates up, Lachman said. Mortgage rates have skyrocketed since the start of the year, with 30-year fixed rates near 6%. This has slashed demand for homes significantly in recent months, and will be the biggest factor in bringing home prices down, he said.
In June, existing home sales were down more than 14% year-over-year and 5.4% from May. Homebuilder sentiment is also at its lowest level in 37 years save for April 2020, when the US was still in the early stages of the COVID-19 pandemic. This is being reflected in the falling number of homes being built.
Another reason home prices are likely to fall is because the Fed's tightening and forward guidance thus far is likely to push the US economy into recession, Lachman said. Job losses that occur during a recession will also weigh on housing demand, he said.
"If the economy goes into recession because the Fed has been too tight, housing would go down because people don't have jobs, and when they don't have jobs, they don't buy houses," he said.
And third, declines in the stock market — the S&P 500 is down 18% year-to-date — will also hurt demand as wealth gets destroyed, Lachman said. He believes the losses for equities will continue in the months ahead with corporate earnings being at risk of downward revisions.
Walmart, for example, said on Monday afternoon that they expect -11-13% profit growth in 2022 compared to the -1% they had originally expected. The stock is down more than 7% since the announcement.
"I think that that's the first of many," Lachman said of Walmart's downward revision.
But the price declines in the housing market won't happen immediately, Lachman thinks. This is because sellers will be in denial at first, but once they see their home sitting on the market for an extended time, they will be forced to lower prices.
Lachman sees home prices falling 15-20% in 2023 before eventually beginning to recover toward the end of 2023, when he thinks the Fed could start easing.
Lachman isn't the only one bearish on the housing market. Ian Shepherdson, the founder of Pantheon Macroeconomics who warned of the mid-2000s housing crisis, has said he expects to see modest home price declines due to falling demand.
Shepherdson also said in a note to clients on Tuesday that the Fed will likely have to remain hawkish until it's clear inflation is coming down.
"The Fed is boxed-in to a 75bp hike today, and the latest inflation data likely will keep the talk hawkish," he said. "Things will change by September, but Chair Powell can't claim victory yet, after the 'transitory' debacle."
Shepherdson added: "We doubt Mr. Powell will be drawn into making any predictions of a slower pace of tightening as soon as the next meeting."
José Torres, a senior economist at Interactive Brokers, also told Insider last week that he expects a drop in home prices similar to that seen during the Great Financial Crisis in the mid-2000s.
Michael Cook, an investment analyst at Penn Mutual Asset Management, also said last week that he believes home prices would start to revert back toward pre-pandemic levels.
Goldman Sachs researchers also said in June that they expect a decline of 3% in US home prices ahead.
And on Tuesday, National Association of Homebuilders CEO Jerry Howard told Bloomberg last week that "we're heading into a housing recession."
Still, some don't see price declines ahead. Morgan Stanley, for example, said last week that a lack of adequate supply should prop up prices despite tightening conditions. This has been a common argument among those saying home price declines are not in store. Median prices of homes sold continue to climb in spite of the slowing activity, hitting $428,006 in June, according to Redfin data. That's up 11% year-over-year.
To Lachman, however, tight supply dynamics will change with demand is receding as much as it is.
This is already showing up in housing supply data. Months supply of new homes is now at 9.3 months, the highest level since 2010, according to Census Bureau data.
"Right now there is a shortage of supply, but my point is if demand is falling off a cliff, it doesn't matter that there's a shortage of supply," Lachman said. "If the demand falls enough, you're then going to have those inventories going up and the price coming down."
More: Investing housing market crash Housing Market
US real estate market
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2022-07-27T16:49:53Z
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www.businessinsider.com
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Former IMF Official Says Substantial Home Price Declines Are Ahead
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https://www.businessinsider.com/housing-market-crash-former-imf-official-home-price-declines-lachman-2022-7
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https://www.businessinsider.com/housing-market-crash-former-imf-official-home-price-declines-lachman-2022-7
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The Rivian R1T and R1S
Rivian, an electric-vehicle startup, is about to start shipping its second model to customers: the R1S SUV.
I drove the new model and the R1T, Rivian's pickup truck that launched last year.
They're two of the most interesting vehicles you can buy, and each come with unique features.
Electric-vehicle startup Rivian is plotting a course to be the next Tesla.
Rivian soared on its debut on the Nasdaq on Wednesday.
After beating everyone else to the punch with its electric pickup truck, the R1T, last September, it's on the brink of launching a second model.
The Rivian R1T.
The R1S, a large SUV with Range Rover-esque looks, is expected to go out to customers next month.
I sampled both vehicles on-road and off, and checked out all of their interesting features.
Let's start with some of the similarities.
Both Rivians use the same underlying technology.
The first Launch Edition models both offer a little over 300 miles of range, and both have four motors providing all-wheel drive.
They're both supremely capable and promise outrageous specs: 835 horsepower, 908 pound-feet of torque, and a zero-to-60-mph sprint of just three seconds.
From the front door forward, they're 99.9% identical.
Both vehicles have the same sleek interior with a 15.6-inch touchscreen, wood trim, and driver display.
Read more: Ford's electric F-150 can run you anywhere from $40,000 to $90,000 — see the differences between the basic Lightning Pro and the fancy Lariat
They both have the same nifty front trunk with 11.1 cubic feet of storage …
... and the same wide-eyed headlights.
Read more: I drove Rivian's new R1S — it's like 3 dream cars wrapped up in one ultra-cool electric SUV
There's only one difference up front: The R1S has switches to control the rear wiper. The R1T doesn't have one, so no switch needed.
Behind the front seats, the vehicles start to look more different.
The R1S has bigger rear doors leading into a much more spacious interior.
It has three rows and seats up to seven people.
The R1T's 4.5-foot bed eats into passenger space somewhat.
There's seating for five and no third row. Both vehicles have glass roofs.
Its second row flips open to reveal some extra storage space, unlike in the R1S.
Overall, the SUV is about 16 inches shorter than the truck.
It has a significantly shorter wheelbase (the distance between the wheels). Rivian says that makes the R1S marginally better off-road.
But both readily climb over boulders and wade through the mud thanks to a sophisticated all-wheel-drive system, lots of drive modes, and a height-adjustable suspension.
Conversely, the R1T's longer wheelbase makes it the better choice for towing big trailers, Rivian says.
The R1T offers one of the most interesting features in the auto market: the Gear Tunnel.
It's an 11.6-cubic-foot storage area behind the back seat that spans the width of the truck. It has access doors on either side.
Read more: Tesla, GM, Rivian, and more are dependent on the $360 billion battery business for their ambitious EV plans — but battery makers are struggling to churn out enough supply
The Gear Tunnel can be optioned with a sliding platform ...
... or a full camping kitchen complete with a burner, sink, cutting board, and cookware.
The truck also offers a cable system in the bed for locking up bikes and other cargo.
But many of Rivian's coolest features come on both vehicles.
Both have an air compressor for filling up tires and the like. In the R1S, it's found in the trunk. In the R1T, it's in the bed.
The same goes for the vehicles' power outlets.
Both have four keys: A carabiner-style key fob, a key card, a bracelet, and a smartphone app.
Both have an LED flashlight that pops out of the driver door …
… and a bluetooth speaker that slots under the center console.
Neither vehicle is objectively better than the other.
If you value comfort and need room for seven people, the R1S is your best bet. If you like the idea of a snazzy Gear Tunnel and pickup-truck capability, then go for the R1T.
More: Features Transportation Rivian Rivian R1S
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2022-07-27T16:50:17Z
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Rivian's Electric Pickup Truck Versus SUV: Photos, Features
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https://www.businessinsider.com/rivian-truck-r1t-versus-r1s-electric-suv-review-comparison-photos-2022-7
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https://www.businessinsider.com/rivian-truck-r1t-versus-r1s-electric-suv-review-comparison-photos-2022-7
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President Joe Biden addresses the nation at the White House in Washington, DC on June 24, 2022.
GOP Rep. Virginia Foxx blasted the Education Department for "overstepping its authority" with student-loan relief.
She cited the payment pauses, loan forgiveness waivers, and looming forgiveness as examples.
Democrats have argued the authority is there under the Higher Education Act to cancel student debt.
A leading Republican lawmaker wants America to know she's not happy with President Joe Biden's student-loan relief actions and proposals.
Last week, top Republican on the House education committee Virginia Foxx wrote a letter to her "fellow Americans," intended to lay out the "true harm" of Biden's already-implemented policies and upcoming proposals on student debt.
She said the policies, like a potential upcoming announcement from Biden on broad-student loan forgiveness, is emblematic of Democrats' attempts to force "de facto free college through the student loan program" at the cost of taxpayers, while failing to permanently fix higher education costs.
"All of these policies were crafted behind closed doors, without providing the public any information about when the Department would implement them, who would be impacted, or how much they would cost," Foxx wrote.
"Obfuscation about the details has allowed the Department to tout alleged benefits without facing any scrutiny over what the implications of these radical changes," she added. "However, the facts—which this administration has tried to push under the rug—prove these plans are nothing more than an attempt to skirt the law and enact policies that would never pass Congress."
Here are the five ways Foxx believes the Education Department has "wildly overstepped" its authority when it comes to the student-loan program:
Extending the payment pause
Implementing temporary waivers for student-loan forgiveness programs, like Public Service Loan Forgiveness
Planning to restore defaulted borrowers to good standing before payments resume
Proposing new regulations to the student-loan industry, with an estimated cost of $85 billion
And Biden's potential broad student-loan forgiveness of $10,000 per federal borrower.
The Education Department did not immediately respond to Insider's request for comment.
Biden has extended the student-loan payment pause four times during his time in office, and Foxx wrote that the extensions are equivalent of a "stimulus" payment, leaving money in borrowers' pockets that they would have had to pay pre-pandemic. As Insider reported, it's looking likely that another extension of the payment pause is on the horizon following news that the Education Department is directing student-loan companies to halt outreach surrounding the upcoming payment resumption after August 31.
On top of that, Biden is nearing a decision on broad student-loan forgiveness — an announcement he said he will make before August 31. He is reportedly considering $10,000 in relief for borrowers making under $150,000 a year.
Foxx has been one of the most vocal critics of Biden's student-loan relief, saying in the past that the president "operates as if he can issue any decree he wants on student loan forgiveness." But Democratic lawmakers have argued he is using the proper authority under the Higher Education Act to carry out the already-implemented relief — and it's the same authority that he can use to cancel student debt broadly.
"Look, we know that the president has the authority to cancel student loan debt and the best way we know that is because President Obama did it, President Trump did it, and President Biden has now done it repeatedly," Massachusetts Sen. Elizabeth Warren said in April, referring to targeted loan forgiveness programs and the repeated payment pause extensions. "The power is clearly there."
Biden's administration isn't so confident. Redacted documents last year revealed that a memo examining the president's authority to cancel student debt broadly existed and had been circulated within the White House, but the conclusion of the memo has yet to be made public. Under Secretary of Education James Kvaal also said during a recent interview that the department is still "examining whether we might have the authority to [cancel $10,000 in student debt] even without an act of Congress."
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2022-07-27T18:20:36Z
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www.businessinsider.com
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5 Ways Biden 'Wildly Overstepped' Authority With Student-Loan Relief: Foxx
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https://www.businessinsider.com/5-ways-biden-wildly-overstepped-authority-student-loan-relief-foxx-2022-7
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https://www.businessinsider.com/5-ways-biden-wildly-overstepped-authority-student-loan-relief-foxx-2022-7
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The Fed raised interest rates by 0.75 percentage points on Wednesday, repeating the hike seen in June.
The increase triples the size of the Fed's usual hike and marks an aggressive effort to cool inflation.
Higher rates makes all kinds of debt, from credit cards to mortgages, more expensive.
The Federal Reserve raised its benchmark interest rate by 0.75 percentage points on Wednesday, extending a streak of larger-than-usual hikes amid ever-faster inflation.
The Federal Open Market Committee ended its two-day July meeting with another triple-sized rate hike, matching the one issued in mid-June. The benchmark rate now sits between 2.25% and 2.50%, roughly matching what officials estimate to be a "neutral" level for rates that's neither stimulative nor restrictive. The 0.75-point hike is only the second such increase since 1994 and reflects the Fed's still-aggressive stance toward countering high inflation.
"The Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate," the Fed said in a statement.
The increase was unanimously supported by the committee's 12 voting members.
The hike comes two weeks after government data showed price growth accelerating again last month. The Consumer Price Index — a closely watched inflation metric — soared 9.1% in the year through June, marking the fastest pace since November 1981. The print landed well above economists' forecasts and emphasized just how difficult taming inflation is proving to be. Higher rates aim to cool inflation by slowing economic activity, but they operate with a lag. As such, the effects of the June increase likely won't reverberate throughout the economy until the end of the summer at the earliest.
The report also solidified confidence in financial markets that the Fed would keep its foot firmly on the brake. Investors priced in a triple-sized rate hike earlier in July after previously wavering between a 0.75-point and 1.0-point increase. Recent commentary from Fed officials erased most bets on a full-point hike, with investors betting on the Fed to show some trepidation around slowing the economy too quickly.
"The Federal Reserve's 75 basis-point increase now means that, in the space of just four months, they have hiked rates by as much as they did over the entire 2015-2018 hiking cycle," Seema Shah, chief global strategist at Principal Global Investors, said. "This is rapidly proving to be one of the most aggressive hiking cycles we've seen in recent decades.
Such concerns are likely to be amplified in the weeks ahead. The Fed meeting comes just one day before the Commerce Department publishes its initial reading of second-quarter economic growth. Economists generally expect output to grow at an annualized rate of 0.5%, but several projections see the economy shrinking for a second consecutive quarter. A negative print would escalate concerns of an impending recession, as many regard back-to-back quarters of negative GDP as a clear sign of a downturn.
A disappointing GDP number would also constrain the Fed even further. The central bank has caught flak for its fast-paced hiking cycle, with many arguing the Fed will stifle demand too quickly and quickly sap what momentum the recovery has left. Fed Chair Jerome Powell has pushed back against the notion that a recession is inevitable, but has acknowledged that raising borrowing costs to slow inflation could inflict some pain on households.
There are some signs the Fed won't have to act as aggressively in the months ahead. The national average gas price is down roughly $0.70 from the record high seen in mid-June, signaling the energy inflation that's plagued households throughout 2022 is easing up. Prices for other commodities are similarly trending lower.
Only time will tell if the declines stick, but as the Fed moves forward with its war on inflation, the slumps offer some hope that the central bank can avoid a self-imposed recession.
This story is breaking, check back soon for updates.
More: Economy Fed Federal Reserve Interest Rates
Interest Rate Decision
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2022-07-27T18:21:00Z
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www.businessinsider.com
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Fed Hikes Interest Rates by 0.75 to Help Ease Inflation, Cool Demand
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https://www.businessinsider.com/federal-reserve-hikes-interest-rates-july-credit-loans-inflation-recession-2022-7
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https://www.businessinsider.com/federal-reserve-hikes-interest-rates-july-credit-loans-inflation-recession-2022-7
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Turn off your WiFi
Restart the McDonald's app
Sign out and in again
See if the McDonald's app servers are online
Clear your app data
Reinstall the McDonald's app
7 ways to troubleshoot if your McDonald's app is not working
If the McDonald's app is not working on your iPhone or Android, there are several ways you can solve the problem.
The first thing you should try is turning off WiFi; a poor connection can keep the app from working.
You can also restart the app, sign out and back in, and check to see if the app's online service is working.
McDonald's has a mobile app that you can use to place orders for pickup or delivery as well as claim deals and rewards. But you might occasionally encounter problems using the app. Sometimes these errors are the fault of the McDonald's servers, or the issue could be with your own phone or app. Here are seven ways to troubleshoot the McDonald's app so you can get it working again.
Perhaps the single most common problem people run into when using the McDonald's app is connectivity issues. If you're using a public WiFi network (perhaps even at a McDonald's restaurant), a low-quality connection might be interfering with the app. Swipe down from the top of the screen to see the Control Center or shortcut panel and tap the WiFi icon to temporarily disable it. Then try using the app again.
Disable Wi-Fi to see if that improves the performance of the McDonald's app.
It's also possible that your McDonald's app is misbehaving. Just force the app to close and then restart it — that may fix the problem. Here is how to close an app on Android and how to close an app on iPhone.
If there's some corrupt data cached in the McDonald's app related to your account information, another likely fix is to sign out of your account within the app and then sign in again. In the McDonald's app, tap More at the bottom of the screen and then tap Profile. To the right of your account name, tap Sign out. Then return to the More menu to sign back in.
Sign out of the app and then back in again to check for better performance.
For the McDonald's app to work properly, it needs to communicate with the restaurant's online service. It's unusual for that service to be offline, but if you're still having trouble with the app, it's a possibility. To see if the problem resides with McDonald's rather than your app, check the McDonald's app status page at Downdetector. You can also search "is McDonald's app down" in your web browser.
Check Downdetector to see if the McDonald's back end is offline.
You might be encountering a problem with the McDonald's app's data cache. If the cache has become corrupted, you might need to clear it for the app to work properly again. Unfortunately, the only way to clear an iPhone app's cache is to uninstall the app and then reinstall it from the App Store. But you can clear the McDonald's app's cache on Android without removing the app:
2. If necessary, tap See all apps and then tap McDonald's.
Clear the data cache on your Android phone.
If you're still having trouble with the McDonald's app, you might want to restart your phone. This will flush out any temporary software issues that are plaguing the app and your phone. You can turn off most Android phones by holding the power button for several seconds, or you can swipe down from the top of the screen to see the shortcuts panel and tap the power icon. If you have an iPhone, here's how to restart it regardless of which iPhone model you own.
If all else fails, you should delete and then reinstall the McDonald's app. This can not only clear out any corrupted data associated with the app, but it might solve a problem with the app installation itself. As a reminder, here is how to uninstall an app on an iPhone, and here's what you need to know to uninstall apps on Android.
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More: McDonald's Troubleshooting Reference Freelancer Tech How To
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2022-07-27T18:21:16Z
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www.businessinsider.com
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7 Ways to Troubleshoot If Your McDonald's App Is Not Working
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https://www.businessinsider.com/mcdonalds-app-not-working
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https://www.businessinsider.com/mcdonalds-app-not-working
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I came up with a credit-card strategy that's gotten me discounts of nearly 15% on my purchases, and it just takes a bit of organization
The author, Peter Rothbart.
I have credit cards that offer 5% cash back on rotating categories, but don't always shop at those stores.
To take advantage of the deal, I buy gift cards using my credit cards so I can lock in the savings for future purchases.
I have a system for cataloging which gift cards I have and how much is left on them.
As inflation hits a 40-year high and the cost of many goods and services continues to climb, I've been looking for ways to stay on budget. On top of my usual strategies for navigating leaner times (like dialing down discretionary spending and negotiating deals wherever possible), I'm increasingly using credit card bonus categories and cash back offers to save on essential purchases like gas and groceries, and even non-essential purchases like dining and travel.
I don't always prioritize maximizing credit card rewards in normal economic times, but trimming a few percent from each transaction becomes more enticing as prices go up. Here's how I do it.
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My first step is having the right credit cards
Having credit cards that earn more than the standard 1 or 2 points per dollar is essential to my strategy. Among my portfolio of credit cards, I have many that offer bonus points on select transactions. For example, my Chase Freedom® card earns 5% cash back on up to $1,500 of spending in rotating quarterly bonus categories — for Q3 of 2022, those categories are gas stations, rental car agencies, movie theaters, and select live entertainment.
Earning 5% back is easy when my shopping needs align with the available bonus categories. If I want to earn 5% back on gas purchases this quarter, I just use my Chase Freedom® card and I'm done. The real trick is getting a similar return when the bonus categories don't match what I need to buy. To do that, I have to get creative.
Buying third-party gift cards
Retailers commonly sell gift cards for use in their own stores, but many also sell gift cards you can use to shop elsewhere. Go to your local Home Depot, Kroger, Bed Bath & Beyond, or other major retail outlet, and you'll likely find racks of gift cards for everything from pizza joints, coffee shops, and streaming services to pharmacies, wireless providers, and airlines. Paired with lucrative credit card bonus categories, these gift cards create an opportunity to boost my return (and thereby cut costs) on a wide range of purchases.
Using gas again as an example, my wife and I mostly fuel up at the Shell station a few blocks from our house. I can buy Shell gift cards at a variety of stores, including Walgreen's, Safeway, Best Buy, and most notably for my purposes, Staples and Office Depot.
Since I have a Chase Ink Business Cash® Credit Card that earns 5% cash back at office supply stores, I can buy Shell gift cards at Staples or Office Depot and lock in that higher return for future gas purchases. That means I earn 5% back on gas all the time, not just when it's offered as a rotating bonus category.
This strategy extends to other purchases. Plenty of merchants we do business with have easy-to-find gift cards, including Amazon, Target, Safeway, Lowe's, REI, eBay, Best Buy, Airbnb, Guitar Center, and more. Many of these merchants aren't normally included in credit card bonus categories, even rotating ones. Buying gift cards from a store that is eligible allows me to circumvent the limits of those bonus categories and extend my savings to a broader range of purchases.
Other strategies I use to save on gift cards
Opportunities to save go beyond credit card bonus categories. Most major credit card issuers have targeted offer programs (such as Amex Offers** and Bank of America's BankAmeriDeals) that provide personalized discounts or bonuses for qualifying purchases. Many of these are for items I have no interest in and will never buy, but I routinely find useful offers that can defray the cost of planned purchases.
For example, my Amex Platinum Card currently has an offer for $10 back on purchases of $100 or more at supermarkets; the offer can be used three times, for a total of up to $30 back.
I rarely spend $100 in a single grocery trip, and I do the bulk of my food shopping at our local co-op, but the Safeway near my house sells a variety of third-party gift cards. With this Amex Offer, I can get a 10% discount on future purchases at many of the merchants mentioned above.
Another way I save is to look for discounts or bonuses on gift card purchases. For example, Best Buy might offer a 10% discount on Netflix gift cards, or Lowe's might offer a bonus $15 Lowe's gift card to customers who buy a $100 third-party gift card. So long as the eligible gift cards are ones I'll use, the discount or bonus is as good as cash to me.
Finally, I keep an eye out for deals on prepaid Visa, Mastercard, and Amex gift cards, which I can then use just about anywhere that accepts credit cards. These prepaid cards typically tack on a purchase fee, but Staples and Office Depot (among others) frequently offer promotions that waive those fees, meaning I can buy them at no additional cost while earning 5% cash back on my Chase Ink card. I then use the prepaid cards on purchases where I would earn fewer rewards otherwise, like at my gym or auto mechanic.
I stack savings for an even bigger net discount
One great aspect of these strategies is that they can be combined not only with each other, but also with other savings and rewards like online shopping portals and member discounts. One recent example is a sale Staples had in early July on several brands of gift cards, including $100 Airbnb gift cards for $90. By paying with my Chase Ink Business Cash® Credit Card, I earned an extra 5% ($4.50) back, giving me a total discount of 14.5%.
Another common example is using my Shell Fuel Rewards membership to save 5 cents per gallon on top of whatever discount I've gotten on my Shell gift cards. There are lots of creative ways to stack, depending how much effort I feel like putting into it.
The downside of gift cards
Speaking of effort, when I consider a way to save money, I try to look at the big picture. Saving money is great, but at what cost?
First and foremost, I'm protective of my time. Saving a few bucks isn't personally worthwhile if I have to squander significant time in the process, so I'm mindful of how long I spend taking advantage of deals. If I can save by purchasing a gift card online or tossing it in my cart when I'm already at the store, that's an easy win. If I have to go out of my way, then the savings need to be commensurate with the extra time spent.
Part of that calculation is the time I put into keeping my gift cards organized. I used to just toss them loose in a box, and while I don't think I ever threw out a loaded card, I can't say for sure. Now I have a system for cataloging gift cards when I get them and disposing of them when they're drained. It doesn't take long, but ignoring the time I spend on that extra step would yield a dishonest accounting of my process.
The system I use to keep my gift cards organized
There are two parts to my system. One is keeping them physically organized; to do that, I use a cardboard box that I think is meant for storing baseball cards. I arrange them alphabetically by brand so they're easy to find and all cards of the same brand stay together. I used to keep them loose in a box and I'd forget about some of them or not realize I had multiples for a single merchant, so I wouldn't use them together when the opportunity arose.
The other component to my organization is keeping track of their value, which I do on an Excel spreadsheet. When I buy a gift card, I note the brand, the dollar amount, the date of purchase, and the gift card number/PIN where applicable. This helps me track partial balances, and is useful if I ever do misplace a gift card or have to return an item I used a gift card to purchase. Once a gift card is drained and I'm confident I won't need it again, I move it to a different tab on the spreadsheet.
Apart from the effort I put into buying gift cards, I try to keep in mind a few potential pitfalls. First, shopping with a gift card means I can't rely on benefits like purchase protection or return protection that I get when I use a credit card. That's not a problem for purchases I consume quickly, like gas or groceries, but it's a concern for goods like electronics or household items, or anything I might want to return, since funds typically go back to the original method of payment. The less certain I am of a purchase, the less inclined I am to use a gift card.
Next, gift card purchases are generally reliable, but not infallible. Sometimes cards don't activate properly, or they've been compromised and the balance is drained as soon as they're loaded. Both scenarios have only happened to me once, but getting my money back was a hassle in each case.
Gift cards may also have unexpected rules or limits on redemption, such as the Shell station I frequent only accepting gift card payments inside, not at the pump. That adds time to the fueling process, which I have to factor in as discussed above.
Finally, like the gift cards themselves, the rewards or discounts I expect to earn don't always work out as planned. For example, the terms of the Amex supermarket offer described above specify that gift card purchases don't qualify. I know that in practice third-party gift cards do trigger such offers, but there's always a chance I won't get that extra cash back.
GIFTS 44 thoughtful gift card gifts they will actually appreciate
More: Gift Cards Credit Cards Credit Card Rewards Inflation
PFI Related Product Module Cash Back Cards
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2022-07-27T18:21:34Z
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My Credit-Card Strategy Has Gotten Me Discounts of Nearly 15%
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https://www.businessinsider.com/personal-finance/credit-card-strategy-gift-cards-discounts-2022-7
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https://www.businessinsider.com/personal-finance/credit-card-strategy-gift-cards-discounts-2022-7
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What is preferred stock?
How preferred stocks work
Who buys preferred stock?
Preferred stock shares pay higher dividends and their prices are less volatile.
seksan Mongkhonkhamsao/ Getty Images
Preferred stock is a type of equity (ownership) security issued by companies to raise money.
Preferred stocks pay a higher, fixed dividend than common stock, but their share prices don't appreciate as much as common shares do.
Preferreds are best for institutional investors or sophisticated individuals who want them for tax reasons and can weather the risk of the shares being recalled.
Publicly traded companies have a few ways to raise money. The usual methods include issuing common stock — part-ownership in a company that often rewards buyers with regular payments, called dividends — and selling corporate bonds, loans that come with contractual interest payments, and the full repayment when the bond finally matures.
And then there's a third option: preferred stock, which somewhat confusingly mashes up features of both common stock and bonds. The name's kind of a misnomer — preferred stock shares aren't "preferred" because they're extra-fancy. Nor are they "better" than common stock, except under limited circumstances and for certain types of investors.
If you're wondering whether preferred stocks are right for your portfolio, here's what you need to know.
As with common stock, when you buy a share of preferred stock, you're buying a small part of the company. And also like common stock, you usually get a certain percentage of money on a regular basis — that's the dividend. The dividend comes from a portion of the company's profits, assuming there are any.
Unlike common stock, preferred stock comes with limited or no voting rights — you can't use your share to vote for the board of directors, or for or against other policies.
Because preferreds don't come with those voting rights, companies sometimes issue them instead of common stock to avoid diluting ownership. Preferred shares can be sold to qualified investors and employees by privately held companies as well as public ones; if the company goes public, any preferreds can then be bought and sold on a stock exchange.
The price of a preferred share goes up and down based on demand, like common stock. But that share price doesn't wander away too far from its par value — that is, its initial offering price. It generally moves in response to general interest rates, much like bond prices do.
That's because preferred stocks resemble bonds in a key way: The dividend they pay every quarter is fixed — similar to a bond's interest payment — unlike a common share dividend, which often fluctuates each quarter.
Although that flow isn't contractually guaranteed the way it is with bonds, companies generally feel obligated to give precedence to paying preferred dividends over common dividends.
Getting to be ahead of common stockholders in the dividend line is only one of preferred shares' unique features.
Here are the basics of how preferred stocks work:
Preferred stock dividends are usually a lot higher than common-stock dividends, and their jumbo size is essentially the whole reason people buy them. The dividends, which are paid quarterly, are expressed as a percentage of their issued value (called "par"); this percentage is often called their coupon rate. For instance, a preferred stock issued at a par of $50 with a coupon of 6.75% will pay out about $0.84 a quarter, or $3.35 annually.
Most preferreds are callable, meaning that a company may decide to force investors to sell their shares back to them at the prevailing market price, plus some sort of premium.
Many preferreds are also convertible, meaning that a share can be changed into common stock. For instance, a stock's prospectus may say that one share of preferred can be changed into five shares of common stock once a certain date has passed. (In some cases, a company can even force preferred owners to make that conversion.)
What the "preferred" in preferred stock means
The price of a preferred share can fluctuate in daily trading, just like its common share counterpart. It can, and does, reflect what's happening to the company. But because most preferreds are callable, the upside is more limited, and their share price stays pretty close to par value, as noted earlier. The par value is usually akin to what a preferred share would buy in common stock.
So what's the preferred thing worth? It really only comes into play when the company's in trouble: Preferred shareholders always get their dividends before common shareholders if a company has serious financial problems affecting cash flow, or otherwise decides to suspend dividends. Creditors, employees, bondholders, and a few other groups are still ahead of them in the getting-paid line, though.
Of course, most companies make a strong effort to pay dividends through hell and high water. Suspending preferred share dividends is a pretty drastic step. One nice thing, though: when companies are able and willing to begin paying dividends again, they are obliged to start paying them on preferred shares before they can start paying them on common stock.
Loading up on common stock makes sense for lots of different kinds of investors, but the market for preferreds is more limited.
Most preferred stock is bought by institutions and pension funds. They love the higher dividends and are better equipped to assess the risks, including the fact that preferreds are less liquid (easily sold) than common stock. Institutions also get special tax advantages from preferreds in some cases.
Because the dividends are taxed as capital gains if they are held longer, they may also make sense for income-oriented individual investors who'd otherwise buy bonds. That's because bond payments are interest, which is always taxed as normal income. In contrast, stock dividends qualify for a lower tax rate if you own them as a longer-term investment (longer than a year, usually).
Still, for most investors, the downsides of preferred stock outweigh their potential. They may pay out more than bonds do, but those dividends aren't guaranteed. And if they won't ever appreciate much in value the way common stock does since a company would simply call them before that happens.
Preferred stocks are called "preferred" because their dividends have to be paid before those that would go to the common stockholders.
Preferred stock pays higher dividends than common stock, but its share price will never appreciate the way common stock might. So, the upside's more limited.
Preferreds are best for institutional investors or for more sophisticated individuals, who want them in their portfolio for tax reasons or for some other particular goal. Despite their advantages, they have several aspects to keep track of. Most individual investors don't need the hybrid features that preferreds are known for.
More: Freelance preferred stock common stock income investing
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2022-07-27T18:21:58Z
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www.businessinsider.com
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What Is Preferred Stock? Definition, Advantages, Drawbacks
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https://www.businessinsider.com/personal-finance/what-is-preferred-stock
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https://www.businessinsider.com/personal-finance/what-is-preferred-stock
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TikTok's parent company filed to trademark a 'TikTok Music' streaming app, which could bring it into greater competition with Spotify and Apple Music
Dan Whateley and Amanda Perelli
ByteDance already runs a streaming app called Resso in three markets.
TikTok parent ByteDance filed a trademark application for a service called "TikTok Music."
The service could feature an app for users to purchase, play, share, and download music.
ByteDance already runs a separate music streaming app called Resso in three markets.
TikTok is a go-to platform for discovering new music, regularly propelling songs into the mainstream and often to the top of charts like the Billboard 100 and Spotify Viral 50. Now the company appears to be inching closer to launching a standalone music streaming service of its own.
Its parent company ByteDance filed a trademark application with the US Patent and Trademark Office in May for "TikTok Music," applying the phrase to a variety of goods and services including a mobile app that would allow users to "purchase, play, share, download music, songs, albums, lyrics."
Other possible use cases for "TikTok Music" in ByteDance's application include an app that would allow users to "live stream audio and video" as well as the ability to "edit and upload photographs as the cover of playlists" and "comment on music, songs, and albums."
ByteDance first submitted its "TikTok Music" trademark application in Australia in November and later filed in the US on May 9.
The idea that ByteDance would launch a standalone "TikTok Music" streaming service in the US to compete with players like Spotify and Apple Music isn't unfounded. It already runs a streaming app called Resso in three markets — India, Brazil, and Indonesia — that has been grabbing market share from other streamers in the past year.
TikTok Music could follow the blueprint of ByteDance's streaming-music app Resso
It's easy to see a scenario in which the company could try to convert its existing TikTok user base into paying music subscribers. ByteDance followed that exact strategy to grow Resso in Brazil, adding a button for TikTok users to click into the Resso app when they stumbled upon a song they wanted to hear in full, The Information reported. The company had plans to use TikTok as a marketing tool for Resso in India before the app was banned in June 2020 as part of a geopolitical dispute between India and China, two former Resso employees told Insider.
TikTok did not respond to Insider's request for comment on what its plans were for the "TikTok Music" trademark.
But by applying for it in the US, it would eventually need to demonstrate that it is either actually using the trademark for its specified services or that it has a real (bona fide) intent to use it in connection with the sale of a product, according to three experts in trademark law.
"Typically a company the size of TikTok or ByteDance is only going to file trademark applications for items that they're seriously considering," trademark attorney Josh Gerben of Gerben Law Firm told Insider. "If you look back through any major company's trademark filings, you'll see ones that they filed that never came to fruition. But a lot of times they do. And a lot of times it's something they're seriously working on."
ByteDance listed out a slew of potential use cases for the "TikTok Music" trademark, including an app that lets users "live stream audio and video interactive media programming in the field of entertainment, fashion, sports, and current events," among its proposed goods and services.
The move is typical for a tech company, Michelle Cooke, a partner and co-lead of the media and entertainment industry division at the law firm Arent Fox Schiff, told Insider.
"As a tech company, your options are pretty broad," Cooke said. "If you look at some of the industry leaders and how they've expanded into a wide range of goods, products, and services that involve digital assets and the form that they can arrive in, your ability to say as a tech company, 'I have a good faith intent to be expansive' — the blueprint is there."
More: TikTok Spotify Resso
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2022-07-27T18:22:16Z
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'TikTok Music' App: Parent Company ByteDance Files for Trademark
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https://www.businessinsider.com/tiktok-bytedance-filed-trademark-for-music-streaming-app-2022-7
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https://www.businessinsider.com/tiktok-bytedance-filed-trademark-for-music-streaming-app-2022-7
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I help high-achievers at companies like Google and Lyft better manage their time. Here are my 5 best tips.
Alexis Haselberger.
Courtesy of Alexis Haselberger
Alexis Haselberger is a time-management and productivity coach based in San Francisco.
She says to work more effectively, stop relying on memory and batch communications.
Here's the advice she gives her tech clients, as told to writer Robin Madell.
This as-told-to essay is based on a conversation with Alexis Haselberger, a 41-year-old time-management and productivity coach based in San Francisco, California. It has been edited for length and clarity.
As a time-management and productivity coach, I work with people who have a lot of responsibility at work, in addition to full lives outside of work.
Most folks come to me struggling with the same core issue: They aren't sure how to get the "urgent" to stop crowding out the "important." They're feeling stuck in reactive mode without the time needed to focus on strategic work.
I spent the first 15 years of my career managing operations and HR at several early-stage startups. There was way more to do than people to do it and burnout was rampant, so I started developing strategies to improve productivity at work and in my personal life to ensure that balls weren't dropped and I stayed sane.
Since starting my time-management firm in 2018, I've taught more than 77,000 people — including employees at companies like Google, Lyft, CapitalOne, and Workday — how to take control of their time through my coaching, workshops, and online courses.
Here are some strategies I use with my clients that can benefit busy people in any industry:
1. Stop relying on memory
Manyy people spend a lot of time and energy simply trying to remember what they need to do. Keeping it all in your head is not only stressful but ineffective because you end up reacting to what's in front of you (regardless of importance) or using emotion to prioritize.
Instead, one of the first things I teach all my clients is to use a task app to capture everything that's circling in your brain — work and personal — so that you can use your brain for focusing on the task at hand. It also allows you to prioritize with all the information, instead of what's top of mind at the moment.
By far, my favorite task app for individuals is TickTick. It's what I recommend most frequently as it's easy to use, free, and syncs seamlessly between platforms and devices. However, if you're going to put your whole team or company on a shared task-management platform, I think Asana is the best bang for your buck.
Recently, I started working with an engineering leader at a top car company. Within weeks of starting to use a task app instead of his memory and multiple, fragmented lists in different places, he told me that it had been a true game changer.
Before implementing the task app, he'd been using his email as a to-do list, which meant that his actions were driven by other people's priorities and by what appeared above the fold in his email. Now he's using his time toward his highest priorities, delegating work that someone else could do — and his inbox is a mere input into his system, not the driver of his actions.
2. Batch-process your communications and turn off notifications
One of the biggest sources of frustration for many of my clients is the neverending stream of email and Slack messages. Per a classic study on interruptions and distractions, when we're interrupted by pings and dings, it takes us, on average, 23 minutes to refocus on what we were doing.
When you have notifications blaring, you're constantly engaged in a Sisyphean struggle to focus and get stuff done. Even if you've turned notifications off, the average person still checks email upward of 15 times a day.
The vast majority of my clients are checking email that many times or more when they start working with me, even if they do have the notification offs — and with notifications on, they're often checking email literally every time they get one. On average, people are getting around 120 emails per day.
It does take practice to intentionally shut email down when you're not actively processing it. Many people find that even with notifications off, if an email is open or in a tab and they can see that little red number, they're driven internally to check it many, many times a day.
I ask my clients, instead, to try two strategies: First, turn off those notifications because no one relies on written communication in a true emergency anyway. Second, batch-process your communications. I recommend checking and processing email and Slack between two and four times per day depending on your job role or company culture, getting as close to zero as you can each time, and otherwise keep email closed.
The vast majority of my clients start saving around 30 to 60 minutes per day as soon as they implement these strategies, and they're more responsive than they were when checking constantly.
3. Audit your calendar regularly
Most people are in far too many meetings and don't have nearly enough strategic thinking time. In fact, my very first client, a leader at Google, had more than 40 hours a week of recurring meetings on his calendar when we started working together. No wonder he was so stressed!
One of the first things we did together was a meeting audit. We looked at all of his meetings and used the "5 Rs":
Reflect: We decided on a set of criteria that would be required to keep a standing meeting on his calendar, then looked at each of the meetings critically. If you're not quite sure which meetings are worth keeping, then for a few weeks, every time you go to a meeting, if it isn't a good use of your time or the company's time, change the color of that meeting to grey (or some other color you don't use) on your calendar. Then you'll be able to look back over a few weeks and determine which meetings need to be cut or altered from their current form.
Remove: Based on the reflection, my client determined which meetings he could cancel altogether or simply remove himself from. Sometimes, you can send someone else in your stead or read the meeting notes.
Reduce: For the remaining meetings, my client reduced the length or frequency where possible.
Rearrange: Once assured the right meetings were on the calendar, he rearranged them so that his calendar looked less like Swiss cheese and he had larger open blocks of time for the rest of his work. This allowed him to go from almost no strategic work in a week to a few hours a week, which made an enormous difference in his impact.
Repeat: And lastly, meetings are additive — just because you've done an audit once doesn't mean you're done. Add a task to your task app to do a meetings audit every six months or so to keep your calendar in check and ensure your meetings reflect your priorities. This particular client also had a pretty amazing outcome: His HR leader approached him one day in the hall and asked what his secret was. She wanted to know how he was so much more effective than other leaders at his level who had just as much responsibility. He told her it was because of the productivity strategies and practices we'd been working on together.
4. Change default meeting notifications to 2 minutes before
I mentioned above the huge tax to our productivity that notifications cause, but not all notifications are bad. In fact, meeting notifications are increasingly more important in a virtual and hybrid world where we don't have the same visual cues of seeing others around us stand up and head to the conference room.
However, the problem with meeting notifications is that they're set, by default, to 10 or 15 minutes prior to the meeting. This is far too much time. Usually, you get interrupted from what you're doing and then find yourself wasting 10 or 15 minutes, and perhaps losing track of time anyway as you get into something new, and showing up late.
Instead, set the notification to two minutes before the meeting. That's just enough time to wrap up what you are doing without getting started on something else. This may seem like a small hack, but think about how many meetings you're in every day and how much time those notifications steal from us. This one simple hack can result in gaining back an hour or more of productive time each day.
5. Switch from reactive mode to proactive planning
Spending 10 minutes today making a plan for tomorrow is one of the most powerful strategies we have at our disposal for moving from being reactive — where the day feels like it just happens to you — to being truly proactive, where you're running your day according to your goals and priorities.
An added benefit is that having a plan allows you to better evaluate incoming items. Instead of doing something just because it shows up in your email, you'll compare that item to what you had planned for the day and either set timeline expectations around that incoming item or pivot your plan for the day. Separating the planning from the doing in this way can take you from "busy" to "actually productive."
One of my clients, an entrepreneur and comedian, told me that starting this process of planning at the end of her workday for the following day stopped her from waking up with that "Oh shit!" feeling that you don't know what your day holds, nor whether you'll be able to manage it. Instead, she knew what was on the docket and that she had only given herself what she could accomplish. More productivity, much less stress.
More: Careers Productivity Time Management Time management tips
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2022-07-27T18:22:22Z
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A Coach for Clients at Google, Lyft, on How to Better Manage Your Time
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https://www.businessinsider.com/time-management-productivity-tips-coach-google-lyft-2022-7
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https://www.businessinsider.com/time-management-productivity-tips-coach-google-lyft-2022-7
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Having a split credit report made it harder for me to get stable housing — but a new bill could change things for other trans and nonbinary people
Author Leo Aquino (left) and Congresswoman Ayanna Pressley.
Jia Nocons; Alex Wong/Getty Images News
After my gender-affirming legal name change, I had a hard time getting an apartment.
I was accused of identity theft and fraud because my credit report was split in two.
A new bill proposed by Rep. Ayanna Pressley could change things for other trans and nonbinary people.
The day the court approved my gender-affirming legal name change was one of the happiest days of my life.
After picking up my legal name change decree at the courthouse, I danced out of the building. I FaceTimed my sisters and my closest friends to tell them the good news. We cried, laughed, and celebrated this major milestone together.
Even though this was one of the happiest parts of my gender transition, I didn't yet understand that the financial systems we all depend on are unequipped to take care of transgender and nonbinary people.
I experienced housing discrimination because credit bureaus didn't process my name change correctly
After my legal name change, I took all of the recommended next steps. I updated my name and gender marker with the Social Security Administration. I dutifully waited in line at the DMV to update my driver's license and registration. I updated my name on my bank accounts.
Six months later, it was time for me to find a new apartment before undergoing a gender-affirming surgery. While I was applying for apartments, I disclosed to potential landlords that I was transgender, explaining that they might see a different name on my past financial records.
Three reputable management companies in Los Angeles completely ghosted me after I disclosed that information, even after I paid fees associated with credit and background checks. Finally, one management company told me that they were having trouble processing my application because I had split credit reports — one under my dead name, and another under my new legal name.
I was repeatedly accused of fraud, and I had to pay extra security deposits
Desperate to secure stable housing months before receiving a major surgery, I complied with the only management company who was willing to take the time to work with me. They asked for many different forms of identification, both under my new legal name and my dead name, to verify the split credit reports.
The management company asked why my Social Security number originated in 2004 if I was born in 1991. I explained that I am a Filipino immigrant who moved here in my teens. They then asked to see my certificate of naturalization to prove what I was saying. Luckily, I had it on hand, but I wondered how many cisgender people have to present their certificate of naturalization just to get an apartment in the first place.
When I finally got approved for the apartment, I had to set up utilities for my new home next. Because of my split credit reports, I had to go to a branch to set up one of my accounts in person because I wasn't allowed to do it over the phone. I was also required to put down a $200 deposit to get my utilities turned on, since my split credit reports made me seem less creditworthy.
Changing my name on my credit report could take years
Of the three major credit bureaus, only Experian has publicly expressed support for the transgender and nonbinary community. And while the process to change my legal name on my credit report with Equifax is fairly straightforward, TransUnion requires trans and nonbinary people to call every individual financial institution on their report — meaning every institution you've ever dealt with, not just your current banks and lenders — to report their legal name change.
Every time I am required to report my legal name change to a financial institution, I worry that I'll experience transphobia, homophobia, or other forms of violence by outing myself. Even after putting my own time and energy into reporting my legal name change, it can still take credit bureaus months to process the change.
Because of my split credit reports, I'm afraid to move out of my apartment and go through the same housing discrimination all over again. I'm afraid that this might prevent me from being able to buy a home one day — or, if I do qualify for a mortgage, it'll only be with a higher interest rate.
A new bill proposed by Rep. Ayanna Pressley could make things easier for trans and nonbinary people
Unfortunately, my story is common in my community. A 2016 study by the National Center for Transgender Equality shows that 19% of transgender and nonbinary people have been denied housing because of their gender identity.
But a new bill, proposed today by Rep. Ayanna Pressley (D-MA), could change things. If enacted, the Credit Reporting Accuracy After a Legal Name Change Act would make sure trans and nonbinary people don't have to jump through the same hoops I have. The bill would mandate credit bureaus to stop using dead names and start referring to trans and nonbinary people by their correct names only.
Says Pressley, "In this country, your credit score is your financial reputation. The credit reporting system has perpetuated inequities that pushed our most valuable consumers — including our trans and nonbinary siblings — further to the margins. Passing this bill would be a meaningful step as we work towards long overdue economic justice for the trans community."
PERSONAL FINANCE How to report your gender-affirming legal name change to the major credit bureaus
FINANCE As a queer woman, I never thought I'd be able to buy a home or build wealth — but I did, and a perspective shift made all the difference
PERSONAL FINANCE Being LGBTQ+ in the US presents under-the-radar financial challenges, and technology is finally catching up
PERSONAL FINANCE A 51-year-old trans woman says uplifting her community helped her gain financial stability
More: Transgender Nonbinary housing discrimination Ayanna Pressley
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2022-07-27T19:52:15Z
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Rep. Ayanna Pressley's Bill Would Fix Transgender and Nonbinary Credit Report Issues
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https://www.businessinsider.com/personal-finance/ayanna-pressley-transgender-nonbinary-credit-report-2022-7
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https://www.businessinsider.com/personal-finance/ayanna-pressley-transgender-nonbinary-credit-report-2022-7
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Sponsor content Home Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Tech
Companies must remember the human aspect of innovation. Here are 3 ways to put employees first.
Created by Insider Studios with Dell Technologies and Intel®
Companies should identify and provide intelligent devices to meet the differing needs of employees.
Innovation and improvement cannot be top-down, or just an "IT thing" – they must consider and come from all levels of the organization.
Dell's Digital Workplace Solutions, powered by Intel technologies, can reduce friction and help IT, leadership, and employees stay connected and collaborative.
The Great Resignation has shown that companies cannot retain talent with a one-size-fits-all approach. Successful organizations adapt to the individual: They must understand how and where each team member works best, and provide the hardware, software, and peripherals for them to do so smoothly and securely.
Recognizing this, many companies have focused on equipping teams with the right technology to innovate. But rather than hyper-focus on technology alone, leadership must also consider the people and processes that this technology is meant to empower. A recent global study of 10,500 individuals by Dell Technologies showed that 67% of respondents said their organization underestimates the needs of their people when planning transformation programs.
This disconnect has crucial consequences: Employees who feel that their current company does not consider their needs are likely to look for one that will.
Here are three ways your organization can select, deploy, and support technology to improve employee collaboration, connectivity, and productivity.
Create an IT culture of inclusion, innovation, and collaboration
Without an inclusive approach, even the best idea is unlikely to achieve its potential.
Innovation must come from all levels of your organization. It cannot be accomplished via top-down directives, and should not be considered solely "an IT thing."
Leadership must actively champion new initiatives and updated strategies that benefit their employees – not the other way around. When selecting new tools or software, the perspective of the people who will actually be using those tools most should take precedence.
Failure to consult rank-and-file staff in the selection process will always have consequences. If employees feel that a new solution does not meet their needs (because they weren't included in the process), they might ignore the implementation effort. With many free tools available for self-provision, they can just find something else more appropriate – resulting in more discord and less return on your investment.
When implementing new tech, collaboration and communication are key. With so many employees now working remotely, depending entirely on tech to contribute, it's imperative to ensure that IT is not stretched too thin. They'll need management and HR's help to collect feedback and keep everyone informed and coordinated.
Corporate leadership must not dismiss these responsibilities as "IT's problem," or they'll unexpectedly find themselves dealing with underperforming talent and open roles to fill.
Make selection of technology strategic and empathetic
An optimal culture of innovation places people in partnership with technology — not in opposition to it. Forcing your workplace into a cookie-cutter approach to IT service management will not succeed in today's environment.
It's essential to address the emotional needs of employees grappling with unfamiliar tools, changing protocols, and uncertainty. Failure to acknowledge how a transition might impact employee productivity will decrease adoption and increase resentment.
Instead, successful organizations leverage a more strategic, empathetic approach.
With the Great Resignation still ongoing, companies must evaluate how they select and provision technology. Employee workflows and processing demands vary dramatically within an organization so randomly provisioning equipment without considering individuals' needs can cause frustration and hurt productivity.
Each employee's equipment should reflect their use cases. Data scientists, designers, engineers, video editors, and marketers often require abundant processing power, whereas sales and HR applications are less resource intensive. Providing all employees with identical equipment means you're either wasting money (by over-equipping some) or limiting productivity (by under-equipping others).
Likewise, consider how and where each employee works. Some are stationary, whereas others split time between multiple locations. Some, like road warriors and digital nomads, are perpetually on the go. Thus you must account for not only individual processing requirements, but also for whether their work patterns call for a workstation, desktop, or laptop.
Such strategic individualization brings another issue into play: parity. Employees notice when a coworker has a "nicer" laptop or workstation. To mitigate this, treat employees equally — and generously — when it comes to peripherals. In this era of mobility and online collaboration, every employee deserves a high-quality camera, headset, external microphone, charger, ergonomic keyboard, and mouse.
If you're balking at the cost of that generosity, consider how much replacing an experienced JAVA developer, product engineer, data scientist, or marketing director costs. Invest in your employees and the tools they need to succeed — or you'll have to spend 10-20% of their salary finding a replacement.
Keep your employees connected, not distracted
Poorly timed tech hiccups can derail an employee's productivity — and if other people rely on that employee's work, a "minor" issue could have a major effect on your business.
Take the simple, essential act of sharing files or data: A recent report by Forrester found that 49% of firms struggle to enable employees to easily and securely share data, especially in the cloud.
When the secure, "official" channels for sharing data are a hassle, employees may resort to sharing files via unsecured, "unofficial" means, thereby exposing the company to much bigger problems.
Whether it's safely sharing data, securely accessing systems on the go, or obtaining IT support, a solution won't succeed if it adds hassle for the user. Dell SafeData encrypts data and governs who can access or change files, online or offline. This functionality, offered only by Dell, seamlessly protects sensitive data on the device or in the cloud, without any added steps by the user.
Furthermore, remote and hybrid workers require timely, efficient tech support. Remote service management capabilities, such as Intel® Active Management Technology, found only on the Intel vPro® platform, streamline a company's ability to discover, repair remotely, and help protect PCs in your entire organization, which will help simplify support and improve user experience.
IT solutions should be frictionless and intuitive. Cutting corners on a corporate level leads to corners being cut elsewhere. From maintaining hardware to updating software, people tend to follow the path of least resistance. If incomplete IT initiatives place obstacles in their way, the path of least resistance might lead your employees to another company. That's why it's essential to choose tools and tech that help your people move forward.
Find out more about how Dell Technologies, with Intel technologies, can help your organization's innovation initiatives.
This post was created by Insider Studios with Dell Technologies.
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2022-07-27T19:52:33Z
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Company Culture of Innovation Must Put Employees First
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https://www.businessinsider.com/sc/company-culture-of-innovation-must-put-employees-first
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https://www.businessinsider.com/sc/company-culture-of-innovation-must-put-employees-first
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Inside the frenzy for private jets as the rich flock to European charters to avoid airline chaos
Private jet supply is being squeezed as the wealthy are willing to pay skyrocketing prices for access in order to go abroad without losing their luggage.
PictureNet Corporation
Flying private became more popular during the pandemic, and airline chaos has piqued demand.
With a few jets available for sale, charter firms are inundated with customers despite price hikes.
But even private planes have to deal with air traffic delays and landing slot issues.
Private air travel has soared in demand since the onset of the COVID-19 pandemic. This summer, rich travelers to Europe have pushed the market to new heights.
Travel in Europe is expected to surpass 100,000 private aircraft movements in July by the end of the month, according to Travis Kuhn, senior vice president of aviation consultancy Argus. This is a 15% year-over-year increase, and an all-time high in the five years that Argus has tracked the European market. In 2019, the monthly average was 61,000 movements. The top destinations are France, Italy, and Spain, according to data provider WingX.
Pent-up wanderlust is the most significant factor at play, said Kuhn, but private jets have also gotten more attractive due to airline chaos, such as carriers canceling thousands of flights and mountains of misplaced luggage at airports. Companies that give the wealthy access to private jets are reaping the rewards, but industry watchers told Insider the increase in demand sees charters in facing some of the same issues as commercial flights.
"I think what's been going on with airlines on both sides of the pond this summer has definitely had an impact, and kept private travel numbers higher rather than lower," he said.
Charter companies are the big winners of the summer travel surge
Even before airline chaos made headlines, demand for private jets was high with would-be buyers getting into bidding wars. The negative publicity around commercial airlines has only compounded the interest, according to Chad Anderson, president of aircraft brokerage Jetcraft.
But even though it's a seller's market, firms like Jetcraft aren't able to fully capitalize on the boom because there are so few jets on the market, he said.
"The immediate beneficiaries of this demand are the charter companies and fractional providers," Anderson told Insider via email.
The waiting time for a new jet approaches two years, according to Jetcraft, so preowned jets are hotter commodities. But supply of preowned jets is at an all-time low.
Currently, only 3.9% of active private jets, or 959 units, are on the market today, according to Andrew Young, general manager at market data provider AMSTAT. This is a 32% drop year-over-year.
Charter and fractional ownership firms have had to institute limits in order to accommodate as many customers as possible. For instance, in October, Flexjet stopped selling jet cards – guarantees for future flights at fixed hourly rates – to new customers in order to accommodate existing ones. In June, Wheels Up reduced guaranteed availability days for pay-as-you-go members and those who deposit $100,000.
More travelers are springing for charters despite price hikes and membership changes
Due to demand and fuel price increases, the average cost for a private jet charter using a fixed-rate membership has hit $10,770 per hour, up 6% from the first quarter of 2022 and 28% from the end of 2020, according to buyer's guide Private Jet Card Comparisons
But rising prices haven't deterred customers. Wheels Up increased its prices in November 2021 and this past June. In the first quarter of 2022 through March, Wheels Up's active member count rose 26% to 12,424.
The most recent increase included a new carbon offset charge and a change in how fuel surcharges were calculated. Since the start of 2022, the price of jet fuel has spiked by 90% to about $4 a gallon and has topped $8 a gallon in high-demand areas such as the Northeast, according to McKinsey.
Wheels Up CEO Kenny Dichter told Insider that customers were understanding of the changes.
"Our members are attuned to the price of fuel," he said. "They see it every day, whether they're watching CNBC or Bloomberg."
Charters are facing some of the same problems as commercial airlines
Though flying private allows travelers to skip long security lines and fly on their own schedule, the charter industry is facing some of the same challenges as commercial airlines, Dichter said. For instance, it takes longer to get ahold of third-party maintenance providers or certain plane parts.
Wheels Up has increased its call-out time – the amount of advance notice required to book a flight.
"In today's market, a 48-hour call-out is the new 24-hour call-out," Dichter said.
Flexjet and its European sister company PrivateFly are also asking members to book as far as possible in advance during this peak period, according to managing director Marine Eugène. Private planes are still subject to air traffic delays and issues with slots – permission to land or take off a plane.
"These issues can always be a factor in the summer in Europe, but particularly so this year," Eugène said via email.
More: Finance Jets Private Jets
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2022-07-27T19:52:51Z
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Private Jet Travel Breaks Records in Europe Thanks to Rich Travelers
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https://www.businessinsider.com/wealth-private-jet-charter-sales-europe-airlines-flights-2022-7
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https://www.businessinsider.com/wealth-private-jet-charter-sales-europe-airlines-flights-2022-7
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What is Linktree?
Linktree pricing
How to make a Linktree
Linktree is a landing page service that creates a list of links for all your various social media profiles and websites.
Linktree is free, though there are premium subscription tiers which offer additional features.
After signing up, you can create a page with one or more links and explanatory text.
If you've ever been frustrated trying to share links on Instagram, forced to direct users to the "link in bio" of your account profile, you will immediately understand the value of Linktree.
Linktree is a simple social media landing page service that lets you create a page of links with descriptive text. It's not a social media platform on its own, but equips you with a page containing text and links you can use in posts on other social media sites.
Linktree is a social media landing page service that lets users build a page with any number of links to other sites and webpages. It's most often used in conjunction with social media sites like Instagram which make it difficult to share links to external sites.
Linktree started in 2016 and reportedly has more than 24 million users. As a freemium website, you can create a link-filled landing page for free and upgrade to premium plans with additional features for a monthly or annual fee.
Like many social media sites, Linktree is free to use. The service follows a freemium model; you can create an account and create a page with an unlimited number of links at no cost whatsoever. In fact, a free Linktree account allows for unlimited links, social icons, custom text, music, and more. You can access the most recent 28 days worth of analytics on your page, and even collect payments, tips, and donations (though Linktree claims a small percentage of those sales in the form of transaction fees).
Linktree also has three paid tiers of service:
Starter: In addition to what's included in the free tier, the Starter level gives you enhanced visual customization (including themes, video backgrounds, buttons, and fonts). You have access to 90 days of analytics and 24-hour technical support. This level costs $5 per month or $48 per year.
Pro: The Pro level has extensive customization options including the option to remove all Linktree logos and branding from your page. Unlimited analytics are available, as well as integration with Mailchimp and connectivity to services like Google Analytics, TikTok Pixels, and UTM tags. Get Pro for $9 per month or $90 per year.
Premium: This VIP tier includes features designed to let you perform large-scale monetization with your links page and four-hour priority tech support. Premium costs $24 per month or $234 per year.
You can stick with Linktree’s free plan or upgrade for additional features.
The process of making your own Linktree is straightforward:
1. To get started, go to Linktree in a web browser and click Sign up free.
2. On the Create an account for free page, choose a username (this will be part of your page's URL). Enter your email and pick a password. When you get an email, click the link to confirm your account.
3. On your new Linktree, click Add New Link.
4. Click the Pencil icon to the right of Title and type the text you want to appear on the page.
5. Click the Pencil icon to the right of Url and paste the link to the desired page.
You can add additional links using the Add New Link button.
In addition, you can click the panel of icons under the link. Using these icons, you can set up a temporary redirect from Linktree to another page, schedule when links go live, view analytics, and more.
There's no separate step to publish your page; it's updated in real time with every change you make, and you can use the link at the top right to share your page.
TECH How to put a link in your Instagram bio on desktop or mobile
TECH How to add a link to your Instagram Story and customize the link sticker
TECH How to edit your Instagram bio on desktop or mobile
More: Linktree Websites Reference Freelancer Tech How To
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2022-07-27T19:52:57Z
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What Is Linktree? How to Make a Landing Page for Your Links
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https://www.businessinsider.com/what-is-linktree
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https://www.businessinsider.com/what-is-linktree
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You're taking on too much at work and headed toward burnout. Here's how to stop.
Overfunctioning can lead to burnout and your team underperforming because you're always picking up their slack for them.
Jay Yuno/Getty Images
Executive coach Melody Wilding shares advice on how to stop taking on too much at work.
Overfunctioning at work can mean striving to do everything perfectly or struggling to enjoy breaks.
Wilding says pay attention to your work habits and create healthy boundaries with coworkers.
Luciana's habit of overfunctioning at work had helped build a multibillion-dollar business. She had spent more than 15 years leading, organizing, staying late, and, if necessary, doing the work for everyone else. Now, in her third year as senior vice president of communications for a manufacturing company, she felt totally and utterly burned out.
The only problem was that Luciana's self-worth was deeply intertwined with her performance and reputation at work. She moved through the office as if it were her duty to remedy every problem, even if it was below her level or required her to pitch in on a project last minute.
At the end of most days, Luciana fell into bed with her husband, who often went to sleep hours before her, after working long into the night at the dining room table. Even though she was constantly exhausted and guilty about falling short as a mother, wife, and executive, she kept going anyway, hoping her stress would eventually resolve itself.
Luciana's story exemplifies what overfunctioning at work looks like. It's a pattern I see in my work as a coach among "sensitive strivers" — high-achievers who are also highly sensitive.
What is overfunctioning?
Overfunctioning at work means you're taking on too much responsibility and trying to control things that you can't. When you overfunction, you try to "fix" or "rescue" situations and people because you fear that if you don't, no one will.
Overfunctioning can masquerade as helpfulness. For example, overfunctioners are quick to act. They're usually the first to raise their hand to volunteer for an assignment because they enjoy attacking a to-do list and seizing control. They're usually the coworker who's always willing to lend a hand and pitch in when a team is short-staffed or a project is going sideways.
But overfunctioning has a dark side. Signs of overfunctioning include:
Absorbing the emotions of your boss, team, and family and being overly focused on their problems
Worrying about other people's perceptions of you
Changing your opinions and actions in an attempt to make others happy or "keep the peace"
Being overly accommodating in rescheduling meetings or giving up your personal time
Beating yourself up for never "doing enough" or never being "productive enough"
Struggling to relax , sit still, or enjoy downtime
Perfectionism, striving to get an A+ in everything you do, and feeling like a failure if you fall short
Avoiding asking for help because it will make you appear "weak" or incompetent
Most of all, overfunctioning at work manifests as doing tasks for others that they can do for themselves. In the workplace, this can look like:
Remaining involved in basic administrative tasks or daily execution, even though you're a leader
Constantly reminding your team or coworkers about due dates instead of letting them self-manage
Researching information when someone can look it up themselves
Having goals for your team that they don't desire themselves
Overfunctioning, underfunctioning, and burnout
It may be clear why I also refer to overfunctioning as heroing. You're constantly in a fear-based, reactive mode trying to "save" everyone around you in an attempt to maintain some semblance of control, validation, or security.
However, when you assume too much responsibility, it creates a dynamic where others can underfunction. You become the consummate student in a group project who ends up doing all the work and then feeling resentful for doing so.
When you assume responsibility for "fixing" situations and rescuing other people, they don't have to do their part, which can be frustrating at best and damaging at worst. And as a result of their constant pace and self-sacrifice, overfunctioners tend to be prone to burnout.
How to stop overfunctioning at work
You may feel like you're being generous and helpful by overfunctioning, but in actuality, it's coming at the expense of your own mental health and the quality of your relationships. Overextending yourself and carrying the weight of the world on your shoulders isn't good for you — nor does it allow the people you work with or others in your life to step up, grow, and lead themselves in the way they need to.
Overfunctioning is a habit that takes years to get set in place and takes a long time to unravel. The process doesn't happen overnight. But that doesn't mean you need to continue being a victim of it. Here's how to take small steps to stop overfunctioning, starting today.
1. Observe your patterns
Self-awareness is always the first step to creating change. So pay attention — when do you find yourself taking on more than your fair share of the workload or responsibility in a project or relationship?
In particular, look for areas where you feel an outsized sense of resentment. That is, you feel overworked, underappreciated, or otherwise not recognized for your efforts. Resentment is a strong emotional signal that you're overfunctioning, and it can guide you toward specific situations that need changing.
2. Update unhelpful mental scripts
Overfunctioning is driven by deeply held — but unhelpful — beliefs about the way the world should work and your responsibilities within that. For example, you may believe that your duty as a manager is to provide air cover for your team. In other words, to take on small, monotonous tasks below your pay grade in an effort to protect your team's time.
In Luciana's case, one reframe she embraced was to consider that she was doing a disservice to her company. By spending her time on lower-value work, she wasn't fulfilling the organization's objectives and was letting the executive team and board down. She began to value her time and efforts more, freeing up more bandwidth to focus on strategic, bigger-picture work that could make a larger impact.
Consider what stories, scripts, or "rules" you've been holding yourself to. Which are no longer helpful or true? What needs updating or refreshing to allow you to be at your best professionally and personally?
3. Teach people how to treat you
You have probably conditioned your boss, coworkers, friends, and family to treat you like a push-over. They've probably come to regard you as the one who's "always there," always says "yes," and is willing to be overly accommodating to their preferences and desires.
The good news is that these relationship dynamics can be changed. But it requires that you begin to respect your time and energy. After all, you can't expect others to honor your boundaries unless you uphold them as well. That may mean:
Creating blocks on your calendar and sticking to them without allowing others to book over them
Ending work by 6 p.m. and communicating you'll not be checking emails after that
Setting clear expectations at the beginning of a project about what you can and cannot contribute
4. Recruit help from others
Get better at delegation, taking it slow at first. Look for opportunities for others to take on pieces of work that you're currently doing. Also, coach your colleagues and team members. Instead of automatically fixing an issue for them, engage them in thoughtful questioning instead. Ask about what they've already tried, solutions they've considered, and how they might approach the problem.
You'll likely be surprised by how enthusiastically the people around you step up once you step back. Delegating and taking a coaching approach empowers them to build confidence and agency and also creates greater efficiency. It's important, though, that you be comfortable letting others do things imperfectly, make mistakes, and approach them differently than you would.
Last, leave unstructured time in your schedule. Prove to yourself it's safe to exist without being productive every second of the day.
More: Burnout Productivity Work Career
Work Habits
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2022-07-27T20:01:09Z
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4 Tips to Stop Overfunctioning at Work and Avoid Burnout
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https://www.businessinsider.com/tips-stop-overfunctioning-work-avoid-burnout-2022-7
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https://www.businessinsider.com/tips-stop-overfunctioning-work-avoid-burnout-2022-7
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The Army says it has identified 2,000 potential recruits to participate in the preparatory course pilot program.
The US Army will open a prep course for recruits who fail to meet initial academic and body fat standards.
The Army hopes the 90-day pre-boot camp training program will open the doors for new recruits who want to serve.
This year, the Army is set to fall significantly short of its recruitment goals.
In a move to bring in more recruits as recruitment numbers are predicted to plummet, the US Army says it will open a 90-day preparatory course for recruits who fail to meet academic or body fat standards necessary to start boot camp but would otherwise qualify for service.
The training pilot program will start next month at South Carolina's Fort Jackson, where the 1st Battalion, 61st Infantry division has already started moving at least regular trainees to other installations to make room for these recruits.
Speaking at a town hall earlier this month, Col. Michael Stewart, commander of the 434th Field Artillery Brigade at Fort Sill in Oklahoma, said Army Training and Doctrine Command has already moved at least 500 basic trainees to Fort Sill to make room the preparatory course trainees.
This is the latest effort to curb what is expected to be massive shortfall in recruitment. Echoing senior officials, the Army said in a post that this move is a "response to the most challenging recruiting environment since the start of the all-volunteer force in 1973."
Last week, the Army said the service is predicted to fall short of its 2022 recruitment goals by about 10,000 troops and could end 2023 with as few as 445,000 soldiers — 31,000 troops short of its expected 476,000 soldier end strength goal for the year. Testifying before a House Armed Services subcommittee last week, Gen. Joseph Martin, vice chief of staff for the Army, said the service has faced "unprecedented challenges" to recruitment during the COVID-19 pandemic.
On Tuesday, Army officials said the Future Soldier Preparatory Course is being established in direct response to their recruiting shortfalls but added that it also may help the service overcome two specific trends affecting applicants: climbing obesity rates and declining scores on the Armed Forces Qualification Test.
The course will offer two separate programs for prospective soldiers, one for improved test scores and one to help recruits meet the Army's body fat standards.
Applicants who score between 21 to 30 on the AFQT — placing them in the upper portion of the Category IV recruits, who can only make up 4% of each recruitment cohort — can participate in the academic improvement course to improve their score to Category IIIB. Applicants in that category who score between 42 to 49 can "voluntarily participate" to move up to Category IIIA and improve their job selections. Participants will retest every three weeks.
Potential recruits who enlist with 2% to 6% more body fat than the military standard for their gender and age can participate in the fitness course. Troops on this track will aim to lose 1 to 2% body fat per month, Fort Jackson post commander Brig. Gen. Patrick Michaelis told Army Times. Recruits can leave the prep course once they are within 2% of the military standard for their gender and age.
The participants will be at the course on delayed training contracts, and those who still do not meet standards will be cut via entry level separation, allowing them to rejoin in six months if they can meet standards. Recruits can only attend the preparatory course once and can only go to one of the courses — meaning if they fail both the body fat standards and the AFQT, they cannot enlist.
The programs are estimated to cost about $4 million over the next year, and the Army says it has already identified 2,000 recruits who may participate in one of the courses.
Army Gen. Paul Funk II, the commanding general of Training and Doctrine Command, said those who are going to participate in the pilot program have "the desire to improve themselves and want to honorably serve their country."
"This is a great way to increase opportunities for them to serve without sacrificing the quality needed across our force," Funk said in a press release.
More: Army Training Boot Camp The US Army
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2022-07-27T21:23:18Z
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Army Will Train Recruits Who Don't Meet Initial Standards Amid Recruiting Crisis
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https://www.businessinsider.com/army-trains-recruits-who-fail-initial-standards-during-recruitment-crisis-2022-7
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https://www.businessinsider.com/army-trains-recruits-who-fail-initial-standards-during-recruitment-crisis-2022-7
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Pennsylvania state Rep. Dan Frankel, a Democrat, criticized Republican state Sen. Doug Mastriano for associating with Gab, a website popular with far-right extremists.
Jewish leaders and Democrats attacked Pennsylvania Republican Doug Mastriano over his ties to far-right
Campaign finance records show the gubernatorial candidate paid $5,000 to Gab, a hotbed of extremism.
Mastriano is backed by former President Donald Trump.
PHILADELPHIA, Pennsylvania — Speaking at a memorial for victims of the Holocaust, Jewish leaders and Democrats attacked Republican gubernatorial candidate Doug Mastriano over his ties to far-right extremists and effort to cultivate support on Gab, the social network founded by a self-described Christian nationalist.
"Doug Mastriano's support for dangerous extremism and antisemitism, and his eagerness to campaign with these violent and hateful people to earn votes is shameful," Jill Zipin, founder of Democratic Jewish Outreach Pennsylvania, said at a press conference on Wednesday.
As Insider reported, Mastriano, a state senator who was the Trump campaign's "point person" for a scheme to overturn the 2020 election, this week endorsed an Arizona Republican, Wendy Rogers, who has spoken at a white nationalist conference and openly welcomed support from white supremacists.
That endorsement came after it was revealed Mastriano paid Gab $5,000 for consulting services, per campaign finance filings. The founder has repeatedly expressed contempt for Jews, who he says have no place in his right-wing movement.
In a series of posts last fall, Andrew Torba asserted that he was "building a parallel Christian society" because he is "fed up and done with the Judeo-Bolshevik one," using a Nazi-era term attributing the rise of communism to Judaism. He then shared a cartoon blaming Jews for killing Jesus. Torba did not immediately respond to a request for comment.
"This is the kind of organization that Doug Mastriano has associated with," Rabbi George Stern said at the press conference.
Indeed, it was after that series of posts — condemned by the Anti-Defamation League — that Mastriano, in February, joined the site, where he now has more than 38,000 followers. He then sat down for an interview with Torba and received his endorsement. Campaign finance records show he subsequently paid $5,000 to Gab for campaign consulting; new users of the site, HuffPost reported, now automatically follow Mastriano's account.
Associating with Gab is a particularly sensitive issue in Pennsylvania. In 2018, a user of the website — who posted that he couldn't "sit by and watch" as Jewish groups assisted with the resettlement of refugees — gunned down 11 Jews at the Tree of Life synagogue in Pittsburgh. While the site insists it has a zero-tolerance policy on calls for violence — Torba on Wednesday attributed such rhetoric, without evidence, to federal law enforcement operatives. Visitors are greeted with recommended posts that are exclusively from far-right extremists.
Antisemitism appears endemic on Gab, per an Insider review of the website. The most popular comment on a recent post from Mastriano, for example, states that "Jews are cancer." Pennsylvania Attorney General Josh Shapiro, Mastriano's Democratic opponent, is himself Jewish.
Democratic state Rep. Dan Frankel, whose district includes the Tree of Life synagogue, said his constituents cannot go a day without thinking of the violence that beset their community — with the rise in such hate crimes attributable "in no small part" to sites like Gab.
"Doug Mastriano is now paying the platform that helped hone the killer's murderous ideology because he believes that the hatred on those message boards will translate into an election victory for him," Frankel said.
State Rep. Malcolm Kenyatta argued that Mastriano was the "most extreme and most unhinged" statewide candidate in Pennsylvania history, asserting that he could not be trusted to condemn bigotry while in the governor's office.
"When you're reaching out to people who you know harbor and promote antisemitic, racist, homophobic views, Doug Mastriano doesn't get to say, 'Well, that's not necessarily what I believe,'" Kenyatta, a Philadelphia Democrat, said Wednesday. "That is exactly what he believes — it is what his campaign is paying for And that is exactly the type of governor he would be."
It's not just Democrats who have criticized the Mastriano-Gab relationship. In a statement earlier this month, reported by The Philadelphia Inquirer, Matt Brooks, executive director of the Republican Jewish Coalition, urged the candidate to "end his association" with the platform.
"Jewish voters expect candidates to condemn antisemitism, whether it comes from the far left or the far right — and to shun those who espouse it," Brooks said.
Mastriano has not responded to requests for comment.
More: doug mastriano Gab antisemitism Pennsyvania
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2022-07-27T21:23:19Z
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Doug Mastriano: Jewish Democrats Criticize Republican's Ties to Gab
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https://www.businessinsider.com/doug-mastriano-jewish-democrats-criticize-republicans-ties-to-gab-2022-7
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https://www.businessinsider.com/doug-mastriano-jewish-democrats-criticize-republicans-ties-to-gab-2022-7
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Former Trump legal adviser John Eastman
Prosecutors revealed a new search warrant allowing a review of John Eastman's cell phone.
Federal agents seized the phone last month as Eastman, a pro-Trump lawyer, left a restaurant .
Eastman filed a lawsuit demanding the return of his phone — an iPhone Pro 12.
Federal prosecutors revealed Wednesday that the Justice Department has obtained a new search warrant to review the contents of a cell phone seized from John Eastman, a conservative lawyer who helped advise former President Donald Trump on how to overturn the 2020 election results.
In a court filing, prosecutors confirmed that it is still "in possession" of Eastman's phone, a month after seizing it as the Trump-connected lawyer was leaving a restaurant in New Mexico. Prosecutors said investigators later obtained a new warrant — dated July 12 — allowing a review of the iPhone, which the Justice Department's inspector general office has stored in Northern Virginia.
The Justice Department's two-page court filing came in response to a lawsuit Eastman filed in late June, just five days after he was stopped by federal agents, demanding the return of his iPhone. In the lawsuit, Eastman said he was frisked and his "phone—an iPhone Pro 12—was seized" before federal agents provided him with a copy of the search warrant.
Eastman argued that the warrant was "unconstitutionally overbroad" and raised the risk of "improper disclosure of privileged information." But in the court filing Wednesday, the Justice Department said the latest search warrant included a so-called "filter protocol" to sift out privileged material.
The search warrant marks just the latest indication that the Justice Department is stepping up its investigation into Trump's efforts to overturn the 2020 election — and closing in on the former president's inner circle.
Federal prosecutors in recent days have directly asked witnesses about Trump's involvement in efforts to overturn his electoral defeat, according to people familiar with the matter and multiple news reports. On Friday, a federal grand jury heard testimony from Marc Short, a onetime top aide to former Vice President Mike Pence, in connection with the investigation into the January 6, 2021 attack on the Capitol and Trump's efforts to overturn the election.
Previously, in testimony to the House committee investigating January 6, Short and Pence's chief counsel, Greg Jacob, recounted how Trump and Eastman pressured the then-vice president to singlehandedly stall or block the certification of Biden's victory. Short and Jacob both attended an Oval Office meeting on January 4, 2021, where Trump had Eastman attempt to explain to Pence how he could take steps to prevent the peaceful transfer of power.
On the same day last month, agents seized Eastman's phone and federal investigators searched the home of Jeffrey Clark, a former Justice Department official who emerged as a key ally for Trump as he pressured top appointees to endorse his baseless claims of election fraud. The Justice Department has also has issued subpoenas in connection with its inquiry into a plan to create so-called fake electors to back Trump in key swing states where now-President Joe Biden prevailed.
In its recent string of public hearings, the House January 6 committee has detailed Eastman's role and played footage of him repeatedly invoking his 5th Amendment right against self-incrimination during a closed-door, recorded interview with the panel.
The committee has also repeatedly pointed to an April court ruling in which a federal judge found that Trump and Eastman likely committed crimes — including obstruction of an official proceeding — in their effort to overturn the election. Judge David Carter characterized the scheme as a "coup in search of a legal theory."
The Justice Department's court filing Wednesday was signed by Thomas Windom, a longtime prosecutor spearheading the investigation into efforts to keep Trump in power following his loss in 2020. Windom was spotted in the federal courthouse in Washington, DC, on Friday — the same day Short testified before the grand jury hearing testimony at that courthouse.
More: John Eastman Justice Department Capitol Siege january 6
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2022-07-27T21:23:21Z
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www.businessinsider.com
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Feds Obtained a New Warrant to Search the Phone of a Trump-Tied Lawyer
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https://www.businessinsider.com/eastman-trump-lawyer-justice-department-warrant-search-phone-january-6-2022-7
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https://www.businessinsider.com/eastman-trump-lawyer-justice-department-warrant-search-phone-january-6-2022-7
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Sen. Joe Manchin of West Virginia.
Manchin has struck a deal to advance Biden's agenda.
The deal includes prescription drug negotiations, climate programs, and some tax reforms.
For months, he has swerved on whether he wanted to cut a deal after tanking Biden's agenda.
Sen. Joe Manchin of West Virginia struck a deal on Wednesday to advance a smaller version of President Joe Biden's stalled economic agenda, boosting hopes among Democrats they'll be able to deliver on key priorities on climate initiatives and tax reform before the November midterms.
"Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination," the conservative Democrat said in a lengthy statement.
Manchin said part of the bill would be paid for with a 15% domestic corporate minimum tax. In addition, he cut a deal to include climate and energy programs that many Democrats had favored.
The apparent deal provides new momentum for Democrats to resuscitate some elements of Biden's economic agenda, which ran aground in the 50-50 Senate due to Manchin's resistance. He tanked the House-approved Build Back Better bill at the end of last year after months of negotiations that laid bare bitter disagreements between the party's progressive and small but potent moderate wings.
Then Senate Majority Leader Chuck Schumer held a series of private meetings starting in April meant to gauge Manchin's appetite for a smaller bill more tailored to his priorities. He tanked those efforts only earlier this month, arguing he could not back climate programs or tax increases during a stretch of painful inflation.
Senate Democrats can't barrel past united GOP opposition without all 50 Democratic senators on board with a newer spending bill. Negotiations to revive Biden's economic agenda largely subsided over the spring with Democrats' focus shifting toward aiding Ukraine fend off a Russian invasion and another bill to increase US competitiveness with China.
Manchin has pushed to shrink the federal debt, empower Medicare to negotiate lower prescription drug prices as well as combat the climate emergency provided that it doesn't immediately phase out domestic production of oil and natural gas. In addition, he favors lifting taxes on the wealthiest Americans and large corporations.
"There's a responsibility and opportunity that we can do something," he said at the World Economic Forum in Davos, Switzerland in May.
Senate Democrats aim to pass a smaller measure before the start of the August recess in only weeks. But they will embark on that endeavor with the same narrow majorities that bedeviled them all along.
More: Policy Joe Manchin Congress Joe Biden
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2022-07-27T21:23:44Z
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www.businessinsider.com
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Manchin Strikes a Deal to Advance Biden Economic Agenda
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https://www.businessinsider.com/manchin-deal-biden-economic-agenda-democrats-2022-5
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https://www.businessinsider.com/manchin-deal-biden-economic-agenda-democrats-2022-5
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Morgan Beller.
Morgan Beller
NFX's Morgan Beller has spent years thinking about how to bring novices into the crypto market.
She says startups such as Gelt and Rocket Dollar, and even Visa, are lowering the barrier to entry.
The downturn has sent the price of cryptocurrencies crashing, erasing more than $2 trillion from the market in just eight months. But for people who are new to crypto, the collapse gives them a window into the market. They see a chance to buy digital assets while prices are low, anticipating that the long-term value of their investments will rise.
Morgan Beller, an avid crypto investor and general partner at the venture firm NFX, has spent years thinking about how to make the crypto market a warm, welcoming place for novices.
Before she crossed into startup investing, Beller was the animating spirit behind Facebook's push into cryptocurrency. She got hired after pitching a company executive her idea to integrate blockchain technology into the social network. At 26 years old, she was leading strategy for Facebook's own digital currency, called Libra, and a virtual wallet for storing it.
"Part of what got me out of bed every morning was lowering the barrier to entry for novices," Beller told Insider.
While she quit the project after a series of setbacks, Beller didn't venture far from crypto in her next gig. In 2020, she became a general partner at NFX, a seed-stage firm known for its savvy bets on Lyft, DoorDash, and Trulia. Now, the 29-year-old investor ranks among crypto's rising-star dealmakers, with investments in Ramp, Radicle, and Celestia.
In an interview with Insider, Beller shared five companies that are helping people dip their toes into crypto investing.
Rocket Dollar is a fintech that allows anyone to invest their retirement savings into alternative assets like crypto and real estate. After they set up and accrue money in a self-directed retirement account or 401(k) account, users can diversify their portfolios with investments in digital currencies, digital asset funds, and even blockchain startups. The company charges a $360 signup fee and a monthly fee of $15 to maintain the account's tax-compliant status.
The startup, Beller said, "solves a huge need for people to save cryptos in tax-preferred retirement accounts."
Total venture funding: $13.5 million
ZenLedger
It's no secret that crypto investing can be complicated. But ZenLedger helps people quickly prep their tax filings by analyzing thousands of transcations across different digital wallets, exchanges, and digital-asset marketplaces. It's "basically TurboTax for DeFi," Beller said. The firm even contracts with the Civil and Criminal Investigation Units of the IRS, making it the agency's "preferred provider" of forensic accounting and taxation software for cryptocurrency.
ZenLedger is an essential service, Beller said, "since crypto is still on the outskirts of the financial system."
Gelt
Gelt wants to make savings accounts on the blockchain easy to use for people who don't know DeFi from WiFi. The startup offers savings accounts that convert people's cash into USD Coin, a popular stablecoin, which is a type of digital money whose value is tied to a reserve asset like a fiat currency or gold. (In May, thousands of consumers saw their investments in stablecoins like Terra and Luna evaporate after losing their peg to the US dollar.) But Gelt says it insures deposits of up to $100,000 through a partnership with crypto insurance company Nexus Mutual.
Earlier this year, Beller led her firm's investment in Gelt because she said it has potential to make decentralized finance accessible to the masses. People have different risk tolerances for engaging in the crypto market, with some people preferring "hard drugs" like making direct crypto investments, Beller said. Gelt gives them a "beer" option.
Total venture funding: $4.4 million
While Visa is known for its traditional credit cards, the payments company has planted a crypto stake in a big way. It offers multiple debit and credit cards, through partnerships with Coinbase and BlockFi, that let consumers use crypto to make everyday purchases from food to clothes to plane tickets, and earn rewards in crypto. For now, Visa relies on third-party providers like Coinbase to convert the crypto into local currencies for making transactions, but the firm has said it's working toward a future where it handles the mechanics of crypto payments.
Beller described Visa as the "smartest big company I know on the crypto topic."
Zerion
Zerion makes a digital wallet with a social angle. The app lets people monitor their investments across multiple blockchains and exchanges and even execute trades without leaving the app. But what sets Zerion apart from other digital wallets, Beller said, is the ability to share a wallet address with friends and follow people to see what they're investing in. It's also useful for "whale watching," the practice of tracking how deep-pocketed crypto traders invest.
More: Master Your Crypto Startups Venture Capital Morgan Beller
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2022-07-27T21:23:50Z
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www.businessinsider.com
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Morgan Beller: 5 Companies Helping People Get Into Crypto Investing
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https://www.businessinsider.com/morgan-beller-nfx-companies-helping-people-get-into-crypto-investing-2022-7
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https://www.businessinsider.com/morgan-beller-nfx-companies-helping-people-get-into-crypto-investing-2022-7
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Jared Kushner, senior White House adviser, listens during a county sheriff listening session with U.S. President Donald Trump, not pictured, in the Roosevelt Room of the White House in Washington, D.C., U.S., on Tuesday, Feb. 7, 2017.
Andrew Harrer/AP
Jared Kushner recounts calling Rupert Murdoch on election night 2020 in his upcoming memoir.
Kushner called the media tycoon after Fox News called Arizona for President Joe Biden.
"Sorry, Jared, there is nothing I can do," Murdoch told him. "The Fox News data authority says the numbers are ironclad."
Former White House senior adviser Jared Kushner says NewsCorp owner Rupert Murdoch told him, "Sorry, Jared, there is nothing I can do," after Fox News called Arizona for President Joe Biden on election night 2020.
Kushner, President Donald Trump's son-in-law, recounts the call in his forthcoming memoir, according to a page tweeted out by The New York Times' Ken Vogel on Wednesday.
Fox News' decision desk made waves by being the first major outlet to project that Biden would win the battleground state of Arizona, making him the first Democrat to do so since President Bill Clinton in 1996.
Kushner wrote that the "shocking projection brought our momentum to a screeching halt" and "instantly changed the mood among our campaign's leaders, who were scrambling to understand the network's methodology."
Kushner writes he called up Murdoch, the powerful media tycoon and owner of Fox News' parent company, to ask why the Fox News decision desk had called Arizona so early. Murdoch initially said he needed to look into it and would call him back, Kushner wrote.
"Sorry, Jared, there is nothing I can do," Kushner says Murdoch told him. "The Fox News data authority says the numbers are ironclad — he says it won't be close."
A representative for Fox News did not immediately respond to Insider's request for comment.
Chris Stirewalt, the Fox News politics editor who made the Arizona call and was subsequently fired from the network, publicly testified to the House Committee investigating January 6 about the process behind calling Arizona.
Other top Trump campaign officials and advisors also testified to the grim mood in the campaign as more results came in.
The revelations from the January 6 hearings could mark a sea change in Trump's once-cozy relationship with the Murdoch empire, with editorial boards of two other NewsCorp-owned properties, the Wall Street Journal and New York Post, sharply denouncing Trump's inaction as the Capitol riot unfolded on January 6.
More: Jared Kushner Rupert Murdoch Fox news 2020 election
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2022-07-27T21:23:56Z
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www.businessinsider.com
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Murdoch Told Kushner 'There Is Nothing I Can Do' on Election Night 2020: Book
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https://www.businessinsider.com/murdoch-told-kushner-there-is-nothing-i-can-do-on-election-night-2020-book-2022-7
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https://www.businessinsider.com/murdoch-told-kushner-there-is-nothing-i-can-do-on-election-night-2020-book-2022-7
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Spotify has stopped manufacturing its Car Thing.
The Car Thing, a dashboard accessory for streaming music, was widely available for only five months.
According to Spotify's earnings release, the decision cost the company about $32 million.
Just a few months after it became available to the general public, Spotify is killing off its Car Thing.
The Car Thing, Spotify's first attempt at hardware, was intended to help users control the streaming service while driving. The palm-sized touchscreen device plugged into a user's car, and let them browse playlists and control music without having to look at their phone.
Spotify quietly announced its decision to stop manufacturing the device in its quarterly earnings release, disclosing that the move would cost the company about $32 million. The company's gross margins, the release said, were "negatively impacted by our decision to stop manufacturing Car Thing."
"Based on several factors, including product demand and supply chain issues, we have decided to stop further production of Car Thing units," a company spokesperson told Insider. "Existing devices will perform as intended."
Spotify first announced the Car Thing in April 2021, offering the gadget to a select few Spotify Premium subscribers on an invite-only basis. It then offered a public waitlist for the Car Thing last October, but it only went on sale for the general public in April.
According to the company's website, the Car Thing required a paid Spotify Premium subscription — it wouldn't work with a free Spotify plan. And while Spotify has said it wasn't looking to compete with other in-car infotainment systems, it was up against stiff competition from the start.
Because many new cars come with Apple CarPlay or Android Auto, which also allow drivers to control phone apps through their car's infotainment screen, Car Thing was best suited for older cars with clunky screens, or those without screens at all.
You can still buy the Car Thing from Spotify's website, for a discounted price of $49.99 (down from $89.99). An email to customers, seen by Insider, shows the discount will be available until Aug. 7, or while supplies last. Spotify said existing devices will still work and that the company will support units "for the foreseeable future."
More: Tech Spotify Spotify Car Thing Spotify earnings
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2022-07-27T21:24:50Z
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www.businessinsider.com
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Spotify Kills Off Its 'Car Thing' Less Than a Year After Debut
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https://www.businessinsider.com/spotify-car-thing-discontinued-streaming-device-2022-7
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https://www.businessinsider.com/spotify-car-thing-discontinued-streaming-device-2022-7
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