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Missouri is holding highly watched Senate primaries on Tuesday. Polls in the state close at 7 p.m. local time and 8 p.m. ET.
When two-term Republican Sen. Roy Blunt announced that he was retiring last year, the prospects for the party retaining the seat appeared strong. Democratic Sen. Claire McCaskill was defeated by Josh Hawley in her bid for a third term in 2018 and Missouri voted overwhelmingly for President Donald Trump in 2020.
However, when former Gov. Eric Greitens jumped into the race, many party leaders became worried that he could endanger the seat. Greitens, a former Navy SEAL and Rhodes scholar who at one time was seen as a rising national Republican star, was elected as governor in November 2016 but stepped down from office in June 2018 amid a scandal that involved allegations of blackmail sexual assault from his former hairdresser.
Earlier this year, Sheena Greitens, the candidate's ex-wife, filed a sworn affidavit accusing him of physical abuse against her and one of their children. Eric Greitens has vehemently denied the allegations.
But the circumstances of his resignation and the accusations from his ex-wife have concerned national Republicans, who fear his nomination could make the seat vulnerable, even in the GOP-leaning Show Me State.
Besides Greitens, the leading Republicans in the primary include state Attorney General Eric Schmitt, and Reps. Billy Long and Vicky Hartzler.
Trump on Monday injected more unpredictability into the race by declaring that he was backing "ERIC" while not specifying the last name of the candidate he had just endorsed. Both Greitens and Schmitt have claimed the endorsement for their respective candidacies.
The top-name Democrats in the race are Lucas Kunce, a Marine veteran and attorney, and Trudy Busch Valentine, an heiress to the Anheuser-Busch fortune and a former nurse.
State Treasurer Scott Fitzpatrick and state Rep. David Gregory are seeking to succeed Democratic State Auditor Nicole Galloway, who didn't seek reelection this year.
Alan Green, a former state representative, is running unopposed in the Democratic primary.
Notable US House races
Hartzler vacated her seat to run for the Senate, which has attracted a large GOP field in this open-seat race.
The Republican candidates include state Sen. Rick Brattin, cattle rancher Kalena Bruce, former news anchor Mark Alford, former Boone County Clerk Taylor Burks, and former professional ice hockey player Jim Campbell.
Jack Truman is running unopposed for the Democratic nomination in this solidly Republican district.
With Long also running for the Senate, this GOP-friendly congressional district anchored in southwestern Missouri features a wide open contest.
The Republican candidates in the race include state Sens. Eric Burlison and Mike Moon; former state Sen. Jay Wasson; pastor Alex Bryant; and Dr. Sam Alexander.
The candidates in the Democratic primary include Bryce Lockwood, Kristen Radaker-Sheafer, and John Woodman.
More: Missouri Eric Greitens Eric Schmitt Vicky Hartzler
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2022-08-02T16:33:12Z
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www.businessinsider.com
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Missouri Republicans Compete to Replace Sen. Roy Blunt: Live Results
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https://www.businessinsider.com/missouri-senate-house-primary-elections-live-results-2022-8
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https://www.businessinsider.com/missouri-senate-house-primary-elections-live-results-2022-8
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1. Unreimbursed medical expenses
2. Health insurance premiums
3. College expenses
5. Home purchase or renovation
6. Birth or adoption of a child
7. Military reserves
8. Inherited IRAs
9. Special payments
Tips for early IRA withdrawals
9 ways to withdraw money early from your IRA – without paying a penalty
Investors under age 59½ can make IRA early withdrawals without incurring the usual penalty, under certain situations and for particular expenses.
Tijana Simic/Getty Images
The IRS allows penalty-free early withdrawals from traditional IRAs in certain circumstances.
Hardship provisions spare you the 10% penalty, but not taxes, on the withdrawn sum.
IRA early withdrawals that can be penalty-free include expenses for healthcare and college.
If you withdraw money from your traditional Individual Retirement Account (IRA) before age 59½, you'll likely face a penalty. The IRS imposes a 10% penalty (plus income tax in most cases) on early withdrawals, as it dubs funds taken out by those under 59½.
However, there are exceptions. The IRS names certain hardship provisions that allow you to take your money out of your IRA early without paying the 10% penalty. Here are nine ways to take traditional IRA early withdrawals without paying a penalty.
Meeting medical expenses that exceed 7.5% of your adjusted gross income and are not covered by insurance count as a hardship withdrawal, and so skip the penalty. You must pay for these expenses the same year that you take the distribution but you do not have to itemize your taxes to take advantage of the penalty exception.
If you are unemployed, you may be able to pay for health insurance for yourself, your spouse, or dependents using IRA funds. To qualify you'll need to:
Receive unemployment compensation for 12 consecutive weeks
Take the distribution either the year you received unemployment or the year after
Receive the withdrawal before you have been re-employed for 60 days
You can use penalty-free IRA withdrawals to pay for qualified college expenses for you, your spouse, or your child.
What does qualified mean? It includes tuition, fees, books, supplies, and equipment required for enrollment, and some special needs services. Room and board counts too, as long as the student is enrolled at least half-time.
The school must be an institution that is eligible to participate in government student aid programs to qualify, which includes almost all accredited colleges, universities, and vocational schools.
If you become disabled you may withdraw from your IRA at any time for any reason without paying the 10% penalty. Under IRS rules you are considered disabled if you "can't do any substantial gainful activity because of your physical or mental condition." You will likely need to show proof of your disability from a physician to your IRA administrator for these withdrawals.
You get a pass on the 10% penalty if you withdraw up to $10,000 to purchase, build, or renovate a home. Trick is, you have to be a first-time homebuyer.
But the IRS is generous on that definition. "First-time" just means you haven't owned or built a principal residence in the previous two years. What's more, you can use the funds to help out children, grandchildren or parents, provided they fall within the first-time homebuyer rule.
Your spouse can kick in another $10,000 from their IRA as well as long as they fit the first-time homebuyer definition too. Keep in mind, however, the $10,000 is a lifetime limit for each of you for the home-buying exception.
Even the IRS understands that real estate transactions often suffer delays. If your closing gets postponed, be sure to redeposit the funds within 120 days of the distribution to avoid the penalty. Then re-withdraw it when the time comes.
This is a new exception, dating from 2020. A parent may withdraw up to $5,000 without penalty within one year of the birth or adoption of a child. A couple may take a total of $10,000 if they are withdrawing from two separate accounts.
Parents can opt to redeposit the withdrawals without worrying about annual contribution limits. In other words, they can repay and still make a full contribution to their IRA ($6,000 in 2022, or $7,000 if over age 50) in the same year.
If you're in the reserves and you've been called to active duty for more than 179 days, you may take a distribution during your time of active duty and avoid the penalty.
Note: Reservists are allowed to pay back borrowed funds within two years of your active duty and still make full annual contributions to their IRAs.
Beneficiaries who inherit a traditional IRA may take penalty-free withdrawals before age 59½. In fact, they're required to: The SECURE Act says these beneficiaries have to empty an IRA inherited after January 1, 2020, within a decade of the original owner's death. This only applies to non-spousal beneficiaries — children, other relatives, friends. Husbands and wives who inherit the IRA and opt for a "spousal transfer" of the funds into their own IRA would be subject to the early withdrawal penalty (if they're under 59½).
The IRS allows penalty-free withdrawals before age 59½ for Special Equal Periodic Payments (SEPP). Under these plans, you may take a regular annual distribution for five years or until you reach 59½, whichever comes later.
So if you begin the payments at age 58, they would end when you are 63. If you begin distributions at age 45, you would continue to receive them each year for 14 years until you hit 59½. Ending the arrangement early results in you paying the 10% penalty for all of the money withdrawn.
The amount of the yearly distributions must be determined by one of three IRS approved methods and can be complicated to calculate. You'll likely need the help of a financial or tax professional.
Note: You may be able to withdraw funds from an IRA to purchase an annuity from an insurance company, without incurring the 10% penalty or income taxes. This strategy works best if it's a direct rollover — that is, the money gets transferred directly from your IRA to the annuity.
Keep in mind these important points when considering an early IRA withdrawal.
You'll likely owe taxes. These hardship provisions get you off the hook for the 10% tax penalty, but not for taxes themselves. In almost all cases you will owe federal and state income taxes on the money. Bear that in mind when figuring how much to withdraw: You may need to adjust the amount to accommodate the tax bill, too.
Read the rules. You'll need to pay special attention to the rules associated with each scenario. If you withdraw more than the maximum allowed, for instance, or fail to provide sufficient proof of your situation or take the withdrawal before or after the time specified, you may incur the 10% penalty.
You'll be sacrificing retirement savings. "The big disadvantage to withdrawing early from any retirement account is the fact that money is no longer invested for retirement," says Steve Vernon, author of "Don't Go Broke in Retirement" and research scholar at the Stanford Center on Longevity. Not only do you deplete your savings but you also lose the earnings potential on that money, which can be significant over the long run, he adds.
Consider other sources first. It always makes sense to consider other sources of funds before irrevocably withdrawing IRA money. Taking a loan from your employer-sponsored 401(k) if you have one, might be one good option. With 401(k) loans, you can borrow funds from your account — at a low interest rate, which you pay to yourself — then pay them back, usually within five years. This helps replenish your savings and limits the amount of time you're losing earnings growth.
What about Roth IRA early withdrawals?
If you're thinking of taking out IRA money, you may want to tap a Roth IRA first, you have one. The reason: Roth IRAs are less restrictive when it comes to early withdrawals.
The IRS allows penalty-free withdrawals of contributions — the amounts you actually deposited into the Roth IRA — at any time, at any age. Because you contribute after-tax funds to a Roth and have therefore already been taxed on the money you saved, you won't owe taxes on contributions you withdraw early, either.
One warning, though: Any earnings you withdraw early from an IRA may be subject to the 10% penalty if you don't qualify for one of the hardship provisions and are under age 59½.
Early IRA (and other retirement account) withdrawals "give you access to your money when your back is against the wall," says Vernon. Hardship scenarios – suffering a disability, the need for health insurance, paying medical bills, affording tuition bills, buying a home, the loss of income involved in serving in the military reserves – are certainly times when you need access to your money most. Barring other options, penalty-free withdrawals can be a godsend.
Just be sure to understand and follow the rules carefully so you don't end up paying the penalty anyway. And always remember to plan and budget for the income tax bill you will likely encounter.
PERSONAL FINANCE A bitcoin IRA lets you profit from the cryptocurrency's potential gains in a tax-advantaged way
More: Freelance early ira withdrawal tax penalty Traditional IRA
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2022-08-02T16:33:24Z
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www.businessinsider.com
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9 Ways to Make an IRA Early Withdrawal Penalty-Free: Rules, Strategies
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https://www.businessinsider.com/personal-finance/ira-early-withdrawal-without-penalty
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https://www.businessinsider.com/personal-finance/ira-early-withdrawal-without-penalty
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The TikTok dilemma: Creators say the features that make the app so attractive also hurt their ability to make money from brands and build lasting fanbases
Tanya Chen and Amanda Perelli
Creator Jack Neel's videos on TikTok and YouTube Shorts.
Jack Neel / TikTok / YouTube
TikTokers say they're not being paid high rates in brand deals because of the app's limits.
Creators also believe fans they build on YouTube or Instagram are more meaningful than TikTok.
As a result, many are investing in other platforms — despite TikTok being the trendsetter.
TikToker Jack Neel has over 8 million followers on the app, but these days he's devoting most of his time to YouTube, where he only has a fraction of that audience.
Why? Though Neel is a lot more popular and visible on TikTok, he's struggled to build a sustainable community and career on the app.
The problem, he told Insider, is both a tech and business one. TikTok is foremost a discovery app, which means it pushes relevant videos to the top of people's feeds — no matter who the creator is. That has, in some sense, democratized the creator landscape. But it's also made it harder for creators to deepen the parasocial relationship with their fans over time.
Neel has also struggled to sign branded content deals on TikTok that last more than a few months, he said. Though many brands are moving ad budgets to TikTok, the influencer-marketing deals creators have been able to strike are often less lucrative and shorter-lived.
"There's definitely not a world that exists where I can post a TikTok where I'm an affiliate, and that affiliate will generate revenue for more than three months," Neel said. "With YouTube, those videos last for years." He also makes much more from YouTube's direct monetization programs than from TikTok's Creator Fund.
Talent agents and social-media strategists who spoke with Insider flagged similar discrepancies. TikTok campaigns usually only sustain a short amount of time, because older TikTok videos typically do not generate views and revenue, they said. And many brands are paying TikTokers a fraction of what they'd pay for similar content posted to Instagram or YouTube.
This has ultimately led many managers and agents to more aggressively diversify their TikToker clients' businesses away from the app than they would with other platforms. While most popular creators try to create a presence and revenue streams on various platforms, the drive to do so is most acute among TikTokers.
TikTok is 'such a discovery platform that sometimes you don't even see what a creator is posting'
Several creators told Insider they were grateful to have their careers boosted by TikTok, but said they'd struggled to build long-term relationships with their most loyal viewers and sponsors.
A TikToker who'd been posting since the Musical.ly days in 2017 — who asked not to be named to be able to speak freely about the platform, but whose identity is known to Insider — said sustaining their career on the app was a daunting prospect. They'd had to change their content strategy to imitate the flourishing fan-creator relationships that they'd seen on other platforms.
"I started to rethink how I approach it as a business," they said of TikTok. "I started to think about: How do I balance that difficult challenge of not being able to necessarily have super consistent reach and sometimes not as deep relationship, or daily relationship with followers?"
One thing they're experimenting with is sharing more about their personal life — something that they wouldn't have chosen to do if not for these obstacles.
A core issue may be how the app's interface is designed. Unlike YouTube, where the homepage immediately directs you to new content posted by those you subscribe to, TikTok's homepage is an infinite scroll of AI-suggested videos. If you, the user, want to find what your favorite creators are posting, you generally have to search for it.
"It's such a discovery platform that sometimes you don't even see what a creator is posting — you might see it days later. A lot of talent gets frustrated by that," said Alexandra Devlin, a brand agent for music and entertainment agency WME. She represents top acts like Addison Rae, Chase Hudson, and Tinx.
Many creators and brands treat TikTok followers as less valuable
Microinfluencers grow their account and reach by partnering with agencies.
Creators have begun to perceive their followings differently on each platform.
A second creator, who also asked to remain anonymous, said she thought building a relationship with a fan on YouTube was a lot more meaningful, and could more easily convert to sales and brand deals, compared to TikTok.
"One follower or one subscriber on each platform is not made the same," the second creator said. "I think that one YouTube subscriber is really the equivalent in terms of true impact and influence, as 10 Instagram followers and 100 TikTok followers."
Neel has begun testing theories like this out. A short-form video he posted to YouTube nine months ago has continued to drive views and affiliate link sales — something he said he would have never experienced on TikTok.
Neel and other industry insiders said brand deals for YouTube will generally have a longer tail than TikTok.
"When you're buying a YouTube video as an advertiser, you're buying a five to 10-year ad campaign," he said. "The affiliate link is at the top of the description, and sales on your products will come for years to come. On TikTok, bigger brands are throwing money to create viral moments."
"Brands are still having a harder time justifying the fees that talent charge on TikTok," Devlin said. "Whereas on Instagram there are proven sales and engagement."
That may be one reason that companies usually pay less for TikTok campaigns. Another could be the flurry of new TikTokers racking up followers. Social Blade, a social-media data company, recently told The Information that over 39,000 accounts on TikTok had at least 1 million followers — thousands more than YouTube and Instagram have, despite the platform's relative infancy.
Eamon Brennan, the vice president of creator partnerships at Collab, told Insider his TikTok clients often get low-balled because of this.
"There is sort of this unspoken thing that because there are so many [TikTokers] that they should be cheaper," he told Insider. "As a result, it's kind of forced a race to the bottom. A lot of up-and-coming brands are low-balling creators. Those creators will excitedly accept those deals, and it brings the whole industry further down."
He pointed to one of his TikTok clients, Kevin Parry, a stop-motion animator with over 2 million followers, as an example. Parry has received offers for TikTok campaigns that are 1/60th of what he would be paid for a YouTube campaign.
Other strategists and agents said they see these lower offers mainly affect mid-tier and new TikTok talent, rather than megastars who are household names.
TikTok's algorithm makes monetization tricky, but some have high hopes
Some in the industry were optimistic that the market for TikTok content would improve when it matures.
Kelsey LeMunyon, the director of talent and TikTok partnerships at the media company Studio 71, said she believed many of the pricing issues were due to TikTok's newcomer status.
"Similar to the early days of YouTube, brands are having a hard time finding what a standard rate for a creator should be on the platform," LeMunyon said. "The TikTok algorithm can be less predictable, which is different than a podcast or on YouTube, which tends to have relatively stable audiences and thus easier pricing."
Creators and agents also said they hoped TikTok would build better tools and algorithms for compensating talent, and fostering relationships with their niche audiences.
"Algorithms are coming from tech teams, who are really far removed from the talent," Devlin said. "TikTok should hone in on their tech teams and have them speak with their creative and talent teams to get their feedback and implement them."
Neel said he thought having more longform TikTok videos could deepen the bond between creator and fan.
And increasing or stabilizing compensation could keep TikTokers from investing too heavily in other platforms.
"When [TikTok] established their Creator Fund, it was a good step forward, but it remains on the weaker side of platform monetization," Brennan said. "I think regulating and expanding the actual monetization system of the platform itself would help everyone out."
"All of the things that make TikTok great do also make it more challenging as a full-time revenue source," he added.
More: TikTok Creators brand deals
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2022-08-02T16:33:36Z
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www.businessinsider.com
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Why TikTokers Are Struggling to Make Money and Connect With Followers
|
https://www.businessinsider.com/why-tiktokers-are-struggling-to-make-money-connect-with-followers-2022-8
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https://www.businessinsider.com/why-tiktokers-are-struggling-to-make-money-connect-with-followers-2022-8
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$7 billion WorldQuant is launching a new competition to crowdsource talent and return-boosting code. Those battling it out can win cash — or land a job.
Igor Tulchinsky founded WorldQuant in 2007 while he was a portfolio manager for Izzy Englander's Millennium.
The Global Alphathon is a team-based competition that runs from August 15 to November 6.
The firm is also opening up its BRAIN platform, which gives quants access to tools and coaching.
The team that wins the finals will win the top cash prize, which is $20,000.
Igor Tulchinsky's WorldQuant is rolling out a new coding competition, inviting thousands of programmers to crank out new algorithms while dangling the promise of a gig at the $7 billion quant and cash prizes.
The Global Alphathon is a team-based competition that runs from August 15 to November 6, where math and quant whizzes accumulate points by building mathematical models that could give investors an edge, also known as alphas.
WorldQuant is launching the Global Alphathon while also opening up its BRAIN platform to new consultants in a bid to source top talent across the globe while also uncovering ways to boost returns. The web-based simulation platform allows quants anywhere to build and submit alphas to the fund for potential pay.
The company currently has 650 existing freelance quants across 12 countries, according to the firm. The platform includes tens-of-thousands data fields, training from top quants, and tools to help consultants and participants submit alphas.
Tulchinsky, who founded WorldQuant in 2007 while he was a portfolio manager for Izzy Englander's Millennium, is from Belarus and employees more than 750 employees spread among 23 offices in 13 countries. The Belarus native previously told Insider that as he was building his firm "it became quite obvious that talent is distributed very uniformly around the world, while opportunity is not."
The quant firm has previously hosted other competitions like the WorldQuant Challenge and Women Who Quant — which it hired 50 people from.
The WorldQuant BRAIN Global Alphathon will bring together individuals in locations around the world for a team-based competition that "will test their skills as quants," Nitish Maini, chief strategy officer for WorldQuant, said in a statement announcing the new contest.
The competition is divided into three different stages: the qualifier round, the national round, and the global finals, according to the firm. In the qualifier round teams will create alphas using the BRAIN platform. During the national round, teams will compete virtually to determine who will represent their country in the global finals. The global finals will be held from October 24 to November 6.
Teams will have the opportunity to win up to $20,000 in the finals, as well as other smaller cash prizes through the competition. Participants who impress the firm throughout the competition will be considered for internships or full-time jobs at WorldQuant.
Tulchinsky said that the event will reflect the "potential of the future" by challenging quants to refine their skills.
"I am excited to see the results of the Alphathon and the contributions that BRAIN consultants will make to WorldQuant over time," he said.
More: Hedge Funds Quants Talent
Igor Tulchinsky
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2022-08-02T16:33:42Z
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www.businessinsider.com
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WorldQuant Rolls Out Contest, Opens up Freelancing Opportunities to Quants
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https://www.businessinsider.com/worldquant-coding-competition-consulting-opportunities-quants-2022-8
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https://www.businessinsider.com/worldquant-coding-competition-consulting-opportunities-quants-2022-8
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A candy company is hiring a 'chief candy officer' to taste test 3,500 pieces a month, and it pays $78,000
"Willy Wonka and the Chocolate Factory."
Candy Funhouse, a Canadian candy company, is hiring a "Chief Candy Officer."
The person would be the lead taste tester of at least 3,500 products per month.
It pays 100,000 Canadian dollars a year, or around $78,000 in US dollars.
If you've ever wanted to be paid to eat candy, now's your chance.
Candy Funhouse, a Canadian candy company, is hiring a "chief candy officer" to be the company's lead taste tester.
The CCO would test at least 3,5000 products per month, according to the job listing, and "approve candy inventory and reward spotlight treats the official 'CCO Stamp of Approval.'"
The position pays 100,000 Canadian dollars per year (or around $78,000 in US dollars), and can either be remote or from the company's offices in Toronto if you're a Canadian resident or Newark, New Jersey if you're an American resident.
It's open to anyone five years of age or older, and no prior experience is needed. Those interested can apply until August 31.
"All you need is a passion for candy, pop culture, and a sweet tooth!," the listing said.
This wouldn't be the first outlandish "chief" hire made by a company. Favor, a Texas delivery company, hired a "chief taco officer" this year, paying him $10,000 to sample tacos in nine different regions.
Some companies have hired people just to binge watch TV. Last year, Platin Casino, an online casino company, hired someone to watch every episode of "The Simpsons" (over 700 of them) and note important events on the show that could predict real-life occurrences.
More: Candy Jobs
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2022-08-02T17:33:51Z
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www.businessinsider.com
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Candy Company Job Pays $78K for Daily Taste Tests
|
https://www.businessinsider.com/candy-compnay-taste-tester-job-high-pay-canada-us-2022-8
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https://www.businessinsider.com/candy-compnay-taste-tester-job-high-pay-canada-us-2022-8
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How much money Nas Daily makes in a month from 5 social media platforms, including YouTube, Facebook, and Snapchat
Nuseir Yassin, founder and creator behind Nas Daily, at Web Summit 2021 in Lisbon, Portugal.
Diarmuid Greene/Sportsfile for Web Summit via Getty Images
Nuseir Yassin quit his job in 2016 to start posting one-minute videos on Facebook.
Better known as Nas Daily, Yassin has millions of followers across Facebook, YouTube, TikTok, and more.
Here's how much Nas Daily earns from platforms like Facebook, YouTube, and Snapchat in a month.
Nuseir Yassin, the Israeli-Palestinian creator behind the viral "Nas Daily" social media accounts, took a bet on Facebook in 2016.
"The bet, six years ago, was, 'Hey, I think Facebook video is going to be the future,'" Yassin told Insider.
The wager was a big one. That year, Yassin quit his engineering job at Venmo and began posting one-minute-long travel videos on Facebook every day.
"The first 500 videos, money was not really there," Yassin said. "Then around day 600 or so, Facebook introduced some monetization."
At first, that monetization was a minimum revenue guarantee for four videos a month, Yassin said. In 2017, Facebook also added video-monetization tools for publishers like Yassin, such as the option to include mid-roll ads to Facebook Watch.
Nas Daily's primary page has 21 million followers on Facebook.
Screenshot/NasDaily/Facebook
Today, the original Nas Daily Facebook page — where Yassin still posts educational and lighthearted videos — has more than 21 million followers. In total, Yassin and his team manage 13 Nas Daily pages on Facebook, he told Insider.
He's also moved to other social media platforms, including YouTube, TikTok, and Snapchat. Combined, Yassin has captivated a global audience of about 40 million followers.
Facebook continues to be the highest-paying platform for the Nas Daily pages, with most of that revenue coming from ads. Halfway into 2022, the Nas Daily account has earned approximately $366,000 in ad revenue from Facebook, according to Nas Daily's creator studio, which was viewed by Insider.
Here is a breakdown of how much money Nas Daily accounts earn from ad revenue in 2022:
Platform Monthly Earnings (approx.)
Facebook $60,000 to $70,000
YouTube $50,000 to $60,000
Snapchat $20,000 to $30,000
TikTok* $0
Instagram* $0
* Nas Daily does not earn money on Instagram or TikTok currently, since the platforms do not have a fully developed ad-revenue share model yet.
Building a business beyond ad revenue
Even with millions of followers and billions of views, ad revenue is only one slice of the pie. Yassin estimates ad revenue makes up about 20% of total revenue for the entire Nas Daily operation.
"I knew that building a business on top of ad revenue was going to be very difficult and that's why I never index for that," Yassin said. "Whatever ad revenue we get is a very nice cherry on top, but I want to build a business without any ad revenue."
To supplement ad earnings, Nas Daily signs partnerships with brands, creates original content for platforms like Facebook Originals, and makes appearances at various events.
Yassin has also built Nas Studios, a media production company with an international team that creates content for clients; Nas Academy, an online course platform that recently raised a $12 million round; and Lesan, a software that helps creators translate their content.
Businesses come with costs, too. It takes about $200,000 per month to operate Nas Studios and Nas Daily, and the broader Nas organization employs about 120 staffers, Yassin said.
The Nas Daily and Nas Academy staff spans over 120 employees.
Courtesy of Nas Daily
Diversifying income as a creator has become a strategy many prioritize since ad revenue often fluctuates — Yassin said that he's seen ad revenue drop in the last few months — and monetization programs can be unreliable.
"I don't think, right now, there is a stable source of income for creators yet," Yassin said. "Both Facebook and YouTube are working on that."
Yassin has also diversified his audience across the world, something which he attributes to the global nature of certain social platforms.
Facebook and YouTube have also "truly enabled monetization globally," he said. "If you live in Dubai, you can get monetized. You live in Egypt, you can get money on Facebook — and that's amazing."
More: Influencers Creators Creator economy Facebook
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2022-08-02T17:34:03Z
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www.businessinsider.com
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How Much Money Nas Daily Earns From Video Ads: Facebook, YouTube
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https://www.businessinsider.com/how-much-money-nas-daily-earns-video-ads-facebook-youtube-2022-8
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https://www.businessinsider.com/how-much-money-nas-daily-earns-video-ads-facebook-youtube-2022-8
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Oath Keepers founder Elmer Stewart Rhodes was charged with seditious conspiracy in the January 6 investigation.
Photo by Philip Pacheco/Anadolu Agency/Getty Images
A judge said a delay of the Oath Keepers trial would "wreak havoc" on his docket.
Oath Keepers argued that the recent publicity around House January 6 hearings justified a delay.
Judge Amit Mehta said he couldn't let House hearings dictate the court's schedule.
A federal judge on Tuesday refused to push back the September trial of Oath Keepers founder Elmer Stewart Rhodes on charges related to the January 6, 2021 attack on the Capitol, rejecting arguments that the high-profile proceeding should be delayed due to the publicity around the House committee investigating the insurrection.
During a court hearing, Judge Amit Mehta said he sympathized with arguments for pushing back the trial, which is set to begin the same month the House January 6 committee is expected to release a final report and hold another public hearing. But Mehta, an Obama appointee, said he could not allow the House panel's plans to set back the Oath Keepers' criminal trial at a time when prosecutions connected to the January 6 attack on the Capitol are flooding the federal courthouse in Washington, DC.
"I don't know what they're going to do and when they're going to do it," Mehta said, referring to the House January 6 committee. "This is a court of law. We cannot wait on the legislative process to move forward."
Rhodes and four other members of the far-right group are set to stand trial beginning September 26 on seditious conspiracy charges connected to the Capitol siege, in a marque case for the Justice Department as it prosecutes hundreds of rioters who joined in the pro-Trump mob. Federal prosecutors have alleged that Rhodes and other Oath Keepers orchestrated a plan to storm the Capitol, in a scheme that included stockpiling weapons at a hotel just outside of Washington, DC.
In a bid to delay their trial, Rhodes and his codefendants pointed not only to the House January 6 committee's recent string of eight public hearings but also the panel's plan to release hundreds of interview transcripts in September. Their defense lawyers argued the transcripts could contain evidence relevant to the trial.
Prosecutors agreed to delay the trial of former Proud Boys leader Enrique Tarrio and other members of that far-right group who are facing seditious conspiracy charges. In that case, the Justice Department conceded that the publicity around the House January 6 committee hearings and uncertainty about the release of transcripts warranted a delay of the trial to December.
But federal prosecutors said that, unlike the Proud Boys, the Oath Keepers have not featured prominently in the House January 6 committee's hearings. And the uncertainty around the committee's anticipated release of transcripts is no reason to postpone the trial indefinitely, said assistant US attorney Jeffrey Nestler, who previously spearheaded the prosecution of the first Capitol rioter convicted at trial.
"[W]hether and when the Select Committee releases witness transcripts remains outside the control of the parties in this case, and the Court should not continue the trial based on speculation about whether and when such transcripts may become available," Nestler wrote in a 15-page court filing.
More: Stewart Rhodes Oath Keepers Proud Boys january 6 cases
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2022-08-02T17:34:09Z
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Oath Keepers Lose Bid to Delay Trial on Seditious Conspiracy Charges
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https://www.businessinsider.com/oath-keepers-trial-judge-refuse-delay-seditious-conspiracy-january-6-2022-7
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https://www.businessinsider.com/oath-keepers-trial-judge-refuse-delay-seditious-conspiracy-january-6-2022-7
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The 2022 Toyota Corolla SE.
The Toyota Corolla is one of America's most popular cars. In 2021, Toyota sold 249,000 of them.
The Corolla starts at $20,425, meaning it's an affordable ways to access the perks of a modern car.
I drove one for a week, and I'll never stop thinking about how much I enjoyed it.
As I drove past a group of neighborhood kids recently, their eyes latched onto my car: a $300,000 Bentley Continental GT Speed Convertible, with shiny white paint and headlights that looked like crystal glassware. They'd barely yelled "Is that a Rolls-Royce?" before I had my blinker on, dipping into a nearby parking lot to turn around and show it to them.
They circled it in awe, taking photos of its quilted blue seats and videos of me pressing a button to retract its black roof. They asked if it was mine, and I told them it wasn't. Bentley just loaned it to me to write a review.
"So you do this a lot?" they asked. "What car are you getting next?"
"A Toyota Corolla," I said. And I couldn't wait.
The Toyota Corolla lineup, including sedans and hatchbacks.
The Corolla has long been one of the best-selling cars in the US, with annual sales in the hundreds of thousands. Even as crossovers and SUVs replace small vehicles as the popular car choice for Americans, the Corolla remains near the top of the charts.
That's because the Corolla is an affordable and reliable way to access a modern car with modern perks, like backup cameras and better headlights. Backup cameras are now mandatory on all new cars in the US no matter the price, and the Corolla's bright, white LED lights replace the dim yellow halogens economy cars had a decade ago.
(Not all of the new Corolla's headlights have great safety ratings, though. You can do your research by trim level here.)
For 2022, the Corolla starts at $20,425 and comes with an array of options. Your car can have a fully gas-powered engine or a hybrid, be a sedan or a hatchback, focus on sportiness or utility, and come with a transmission you shift yourself or one you don't.
The car Toyota loaned me recently was all about utility. It came to $25,319 after fees and two optional features — a $500 black roof and $249 carpet floor mats — and its six-speed manual transmission only cost $700 more than the standard car.
—Alanis King (@alanisnking) June 2, 2022
The Corolla SE is striking, especially for its price. My car's paint was a step between royal and navy, and when I picked it up, it glowed under the ghastly lights of the airport parking garage. Every other car there was a shade of gray, white, or black.
The front-end design of the Corolla is simple but sleek: Its sharp, triangular headlights angle up and out, with a lobster-claw shape framing each side of the car's large black grille. Equally pointy taillights frame the rear, as does a large panel of fake black "mesh" over the exhaust pipes. The fake mesh is the only real downside of the styling — it just looks like a big wall of black plastic.
But even in the dim lighting of the parking garage, the Corolla's interior was polished. Cloth black seats with blue stitching sat under a deep black headliner, otherwise known as the fabric that covers the ceiling of a vehicle. Many economy cars have a light-gray headliner no matter the color of the interior, and a color-matched one is a luxury often not reserved for the $25,000 price point.
I popped open the Corolla's huge trunk for my tiny carry-on suitcase, then got in the front seat. Up there, I had a small moonroof and a simple dashboard with an eight-inch touchscreen and a basic driver-information cluster showing things like speed, outside temperature, and fuel economy. In the back, there was a fold-down armrest with cupholders for passengers.
The 2022 Toyota Corolla SE (pictured with a gray interior, not black and blue like our tester).
I hooked my phone up to the car and put my hotel address into the navigation, only to sit there for an extra 10 minutes trying to figure out why the voice giving me directions wouldn't come through the car's speakers. Phone calls worked just fine, but anytime I tried to listen to the navigation, all I got was silence.
I flipped back and forth between audio sources, but every time I selected my phone, it tried to play that U2 album Apple put in everyone's music folder in 2014. I eventually gave up and disconnected my Bluetooth, opting to blast the navigation from my phone speakers instead.
Ten minutes behind but not deterred, I popped the Corolla into reverse. Cars with manual transmissions often have little tricks for doing that, which is a safety measure that keeps the driver from accidentally throwing a car into reverse when they mean to select one of the forward gears.
One such trick involves pulling up a little ring on the shifter, and that's what you do in the Corolla. When the ring is up, it goes into reverse. When it's back down, it stops the shifter short of the reverse gear so you can push it up into first instead.
But when I tried to put the car in first gear after backing out, my backup camera kept popping up. It wasn't going into first; it was still going into reverse — even with the ring down.
After about 90 seconds, the shifter finally recognized that the ring was down and went into first. This happened almost every time I got in the car, and I eventually learned to forcefully hold the ring down each time.
Rather than having harsh, defined gates, the Corolla's shifter just flowed from one gear to the other. It felt kind of like stirring soup.
The pedals had a similar lack of feel. Releasing the clutch with my left foot and adding gas with my right to engage first gear was effortless, and it made me realize this was the perfect car for a manual novice: The hardest part about learning to drive stick is getting nervous when you feel the clutch failing to engage, because you know the car is about to stall.
In the Corolla, there's none of that. You just release the clutch and go, without fear of what may happen. It's impossible to kill the car because you're never worried you will.
The Corolla is comfortable to drive, and a modest radio volume is enough to cover road noise on the highway. If I owned it, I'd be proud to show all my friends the reasonable purchase I made — once I got my navigation settings dialed in, of course.
The Corolla isn't fast or flashy. No one screamed at me as I drove it down the road like they would in a $360,000 Bentley, yet I haven't stopped thinking about it since I parked the car at the airport and flew home a few weeks ago.
I think it's because I love a good, usable economy car. They remind me that the act of driving is spectacular in itself, even if the car isn't trying to drop my jaw. Even the Corolla's manual transmission — a dying feature of cars, often reserved for people who want the manual to feel sporty or challenging — is there for utility alone, and that resonates with me.
The Corolla simply wants to get you to your destination, not wow you along the way. In the words of my dear friend and fellow car reviewer Kristen Lee: "It isn't trying too hard to impress you."
It's just trying to serve you, and that's what makes it so charming.
Disclosure: We may receive a commission if you click on car insurance quotes from our partners.
More: Toyota Toyota Corolla Car Sedan
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2022-08-02T17:34:27Z
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2022 Toyota Corolla Review: Sleek, Modern, and Still Affordable
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https://www.businessinsider.com/toyota-corolla-car-review-sleek-modern-still-affordable-2022-7
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https://www.businessinsider.com/toyota-corolla-car-review-sleek-modern-still-affordable-2022-7
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Pelosi visited Taiwan on Tuesday in defiance of threats from Beijing.
Pelosi said the trip was an important sign of America's support for democracy.
But she visited just weeks after Biden met with Saudi Arabia's autocratic leader.
House Speaker Nancy Pelosi touched down in Taiwan on Tuesday, visiting the self-governing island democracy in spite of incendiary threats from the Chinese government.
In a Washington Post op-ed defending the controversial visit, Pelosi contended that traveling to Taiwan sent an important message about the US government's commitment to defending democracy at a time when Beijing is increasingly aggressive. China views Taiwan as a breakaway province, and said it would launch a series of military drills around the island as a response to Pelosi defying Beijing's warnings.
Pelosi's trip to Taiwan came just weeks after President Joe Biden, a fellow Democrat, visited Saudi Crown Prince Mohammed bin Salman — a leader widely regarded as an autocrat and enemy to democracy. The two trips highlight how the US government's professed values often clash with how it pursues what it perceives as the country's best interests.
"We cannot stand by as the [Chinese Communist Party] proceeds to threaten Taiwan — and democracy itself," Pelosi said, adding, "Indeed, we take this trip at a time when the world faces a choice between autocracy and democracy. As Russia wages its premeditated, illegal war against Ukraine, killing thousands of innocents — even children — it is essential that America and our allies make clear that we never give in to autocrats."
Pelosi's op-ed echoed Biden, who has routinely said that there's a global fight between democracy and autocracy. Biden has said that the US is in a competition with China to win the 21st century, framing it as part of the broader battle against autocracy.
Along these lines, Biden faced widespread criticism when he visited Saudi Arabia and met with Prince Mohammed — often referred to as MBS — whom the US explicitly implicated in the brutal murder of Washington Post columnist Jamal Khashoggi. Biden on the campaign trail pledged to make Saudi Arabia a "pariah" over Khashoggi's killing.
As he fist-bumped MBS before the world, Biden was accused of prioritizing business over human rights and democracy.
US President Joe Biden and Saudi Crown Prince Mohammed bin Salman.
Bandar Algaloud/Reuters
"MBS is in many ways a product of the American-led order of the past several decades. Our prioritization of profit over other values," Ben Rhodes, a former speechwriter and deputy national security adviser to former President Barack Obama, wrote in The Atlantic last month.
"American foreign policy often highlights the gap between the values-based story that the United States tells about itself and the reality of how a superpower pursues its interests," Rhodes wrote. He said that Biden is not the first president "who has struggled to reconcile a declared commitment to human rights with a more utilitarian definition of American interests," but added that the rationalizations the US employs to maintain relations with countries like Saudi Arabia "perpetuate a debilitating and cynical status quo."
Biden's visit to the oil-rich country and meeting with MBS occurred amid concerns over the global oil crisis linked to the Ukraine war. The president defended the visit by contending it was vital to upholding US interests, and ensuring that there wasn't a power vacuum in the Middle East filled by China and Russia.
Critics questioned why Biden would meet with MBS at a time when he's underscored the importance of defending democracy and democratic values. Aaron David Miller, a former US diplomat who advised multiple secretaries of state on the Middle East, in comments to Insider in June referred to MBS as "among the most repressive authoritarian leaders" in the region.
More: Nancy Pelosi Taiwan MBS Saudi Arabia
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2022-08-02T18:08:43Z
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www.businessinsider.com
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Pelosi Says She Visited Taiwan to Show the US Will 'Never Give in to Autocrats'
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https://www.businessinsider.com/pelosi-said-visited-taiwan-show-us-will-never-give-in-autocrats-2022-8
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https://www.businessinsider.com/pelosi-said-visited-taiwan-show-us-will-never-give-in-autocrats-2022-8
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The pitch deck a 24-year-old entrepreneur used to secure $1.2 million for her intimate-apparel startup
Annie Sherman
Emma Butler.
Morgan Hizar
Emma Butler, 24, is the founder and CEO of Liberare, an adaptive-intimate-apparel business.
She started the company as a student to help women with disabilities dress easily and feel sexy.
Here's the deck she used to close a $1.2 million round led by British Fashion Council and Venrex.
Paris, France-based entrepreneur Emma Butler thought of the idea for her company Liberare, an adaptive-intimate-apparel business, marketplace, and community forum, while blogging in her Brown University dorm room in 2018. Inspired by her mother, who deals with chronic fibromyalgia pain and limited dexterity, the Rhode Island native envisioned disabled women dressing easily, being confident, and feeling sexy.
That blog led her to launch the company as Intimately while she was a student in 2020; she rebranded to Liberare in June 2022. After graduation and in the middle of a pandemic, she crafted a preliminary pitch deck, launched a Kickstarter campaign, and won two pitch competitions: the Brown University Venture Prize and Smith College's Draper Competition, bringing in a total of $60,000.
Liberare.
Anna Neubauer
She knew she needed venture capital to raise her $1 million preseed goal, so she identified people and businesses she wanted at her capitalization table and "found a way to get to them through networking, asking somebody who knows somebody who knows somebody," she said. "I went on LinkedIn, cold-emailed people, and sought female investors."
After dispatching the deck to hundreds of venture-capital firms and early-stage sponsors, Butler closed a $1.2 million round in fall 2021, which British Fashion Council and Venrex, as well as other investors including Steph Korey, a cofounder of Away, and Michelle Kennedy, the founder of Peanut, led.
This capital allowed Butler to assemble her design team in Paris, which she said she chose as a home base because it was closer to the fashion-manufacturing industry and the high-end textiles she wanted for her garments. She launched Liberare's line of functional and fashionable front-close magnetic bras with hand loops, side-opening underwear, and pajamas in February 2022, and she sold out the first release within a few months, she said.
Butler is now planning a $1 million Series A round in 2023 to unveil a unique community-engagement app, expand Liberare's marketplace of partner brands, and introduce new products alongside patenting existing ones.
How she built her pitch deck
Heeding advisors' advice that investors typically prefer 10 slides or fewer, Butler divided her deck into sections. The first section emphasizes the challenges that getting dressed poses to women with disabilities worldwide, while the other sections focus on Liberare's technology, partnerships, community solutions, and market growth. An appendix expands on key questions preliminary investors ask about the consumer with disabilities, marketplace gaps, and how Liberare would leverage community for growth.
Because of the lack of visibility of adaptive fashion, Butler said it was critical for her to immediately demonstrate global need. The dominant number from her research is a standout: 600 million women worldwide struggle to get dressed every day. Visuals illustrate the ugliness, dehumanization, and expenses of that process, creating a poignant effect on investors who have little experience in this industry's depth and potential growth.
The slide highlighting Liberare's direct-to-consumer line of lingerie and its B2B marketplace of additional brands, which provide an international one-stop-shop for disability-inclusive fashion, is intentionally simple, she said, because of Liberare's complex, multilayered business model.
Distilling this potentially unclear lingo is high on Butler's radar, so she maintains two versions of the deck: this heavily-loaded edition with a detailed appendix that's more suited to savvy businesses and a shorter, simpler presentation that she pitches to unfamiliar investors.
"I was worried that if I sent the whole deck, which I did a lot, that investors wouldn't even open it because of confusing jargon. They might say, 'I'm not the investor for this because I don't know what this term is,'" Butler said. "I also knew that people aren't going to read a big chunk of text, so playing around with these slides was important, and a lot of the design and text is in such a way that someone who doesn't know me or my story can digest this easily."
Butler considers an honest visual representation of Liberare's products paramount to allow investors an opportunity to see how the company manufactures the garments, the technology it's crafting, and the customers who benefit. Photographs of women with disabilities modeling its bras and panties take center stage. "People, especially people who aren't disabled, are drawn to these images and videos because they have never seen anything like it — seeing people with disabilities in this way," Butler said.
Finally, Butler showcases Liberare's capabilities, including patent-pending technology, key partnerships with third-party businesses like hospitals and disability organizations, and a new app it's launching this fall that will provide direct access to — and an essential forum for — the population with disabilities.
"By now, folks are hooked on adaptive apparel, they see the problem, they know we can fix it and have a solution. Now let's talk about opportunity. Will this be a business that can only make $1 million or will it make $100 million?" Butler said. "This is also typically where investors ask, 'What is the adaptive apparel market size?' So I beat them to the punch."
Butler concludes with a showstopper: Liberare is poised to disrupt a $400 billion market. She also includes her contact information and information about the team. "Investors would rather invest in an A team with a B idea, rather than a B team with an A idea. So people matter," she said.
Here's the pitch deck in full.
Courtesy of Liberare
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2022-08-02T18:08:55Z
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www.businessinsider.com
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The Pitch Deck a 24-Year-Old Entrepreneur Used to Secure $1.2 Million
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https://www.businessinsider.com/pitch-deck-24-year-old-secure-1-million-intimate-apparel-2022-8
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https://www.businessinsider.com/pitch-deck-24-year-old-secure-1-million-intimate-apparel-2022-8
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Hannah Towey and Kate Duffy
Summer 2022 has seen mass travel return to close to pre-pandemic levels after two years of decline.
But as airports and airlines readjust, passengers are facing mass delays and lost luggage.
Insider rounded up some of the worst horror stories from travelers hit by the summer's flight chaos.
1. Qantas booked a 13-month-old baby on a separate flight than her parents from Europe to Thailand. The family was stuck in Rome for 12 days until the next available flight. They spent over 20 hours on the phone to Qantas' customer helpline.
A family of Qantas passengers were stuck in Rome for almost two weeks.
2. Delta Airlines staff forgot to put a passenger's wheelchair on his flight from New York to Dublin. The man spent two days on vacation without his wheelchair — he even thought about flying back home to collect a spare one.
Tim Kelly's wheelchair was lost and damaged in transit.
3. Air Canada revoked an employee's flying privileges after her daughter complained about poor customer service when boarding a flight with the airline.
Air Canada has suffered a series of mishaps during the summer of travel chaos.
4. A woman lost her luggage worth $1,000, which had her jewelry and wedding dress inside, when flying from Lisbon to Dublin via Frankfurt. She had to buy extra clothes for her honeymoon, she told Insider. Her maid of honor also lost her baggage but located it with an Apple AirTag.
Lisbon has been a popular spot for American tourists on vacation in 2022.
Contributor/iStock/Gett Images
5. A Delta flight was forced to make a U-turn over the Atlantic Ocean after the crew found out there was a fuel imbalance. The plane had to return to New York's JFK airport.
YouTuber Arieh Smith said he feared for his life during the ordeal in late July.
Read both stories here and here.
6. American Airlines told a passenger to collect his bag himself, despite it being found 4,000 miles away in London Heathrow airport.
Heathrow in London has seen huge queues and piles of luggage.
7. American Airlines canceled a 10-year-old passenger's connecting flight but failed to inform her parents. Her mother said she was traveling alone and was crying on the phone.
The child was given lunch vouchers but was told she had to pay for dinner herself.
8. American Airlines told passengers to get off a plane they had just boarded after a 5-hour delay because the pilots had timed out. A pilot who has worked at the airline for 23 years told Insider that pilots "absolutely hate doing this to our passengers."
With shortages of staff, some employees are working more hours than usual.
Read the full story about the flight here, and an American Airline pilot's testimony here.
9. Passengers had to wait on a plane with limited air-conditioning and food-and-drink services for six hours. American Airlines said the delay was because of maintenance issues and weather conditions.
Genna Contino, a reporter for The Charlotte Observer, said passengers were sobbing on the plane.
10. Passengers onboard a British Airways flight received an email in the middle of their flight saying their connection had been canceled. To top it off, some passengers lost their luggage.
The passengers were heading to Scotland to watch The Open golf tournament.
11. A maid of honor traveling to her sister's wedding in Greece says Air Canada lost her bridesmaid dress and turned her trip back into a four-day "nightmare." A pilot friend ended up flying her home through a thunderstorm in a four-seater plane over Lake Michigan.
12. A teacher and firefighter from Colorado only made it to their honeymoon cruise in Italy after an American Airlines crew member gave up his extra stand-by ticket. An Air Canada delay caused them to miss their layover and lose their luggage.
13. A mother-daughter vacation booked in 2019 and pushed back two years due to the pandemic was thrown into disarray after Delta delayed their flights two days. They received their baggage 32 days later.
14. A senior manager at a travel logistics firm with an $11,000 flight to a work conference in Europe says Air Canada "begged" 25 people to get off the plane because it was too heavy to take off. Then they lost his bag.
15. A 34-year-old with fibromyalgia and lupus told Insider she was "abandoned" in her wheelchair by Air Canada after her flight was canceled. Fellow passengers had to push her and other travelers with disabilities through the airport, she added.
Morgan Jones (left) Toronto Airport (right)
Morgan Jones (left) Yu Ruidong/China News Service via Getty Images (right)
16. A couple in their eighties got stuck in Mexico and ran out of heart medication after their flight was canceled twice.
Michael Romain and his wife Catherine.
Michael Romain
17. A family of four missed a $5,500 Disney cruise purchased as a birthday gift for their children after Air Canada cancelled their flight. Instead, the family spent the holiday weekend in multiple airports sleeping "on benches," they told Insider.
18. Air Canada sent a passenger's cats from Toronto to San Francisco without him – and then told him to go pick them up. The airline will no longer allow pets to travel in the baggage compartment until September 12, 2022.
Abbas Zoeb tried to board a flight from Toronto to San Francisco. He was denied, but his cat's flew anyway.
19. A man who was kicked off a Hawaiian Airlines flight over an "invalid ticket" after boarding a plane to Maui with his daughter, took his frustrations to TikTok as part of a viral cautionary tale.
TikTok/Ryan DeMarre
20. An Air Canada passenger who deliberately took only a carry-on to avoid luggage chaos says she was made to check the bag anyway, only for it to go missing.
Luggage piling up at Heathrow's Terminal 5.
More: Airline Airport plane Travel
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2022-08-02T18:09:07Z
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www.businessinsider.com
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Travel Chaos: the 20 Worst Horror Stories From a Summer of Disruption
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https://www.businessinsider.com/worst-airline-horror-stories-summer-travel-chaos-airport-passengers-2022-8
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https://www.businessinsider.com/worst-airline-horror-stories-summer-travel-chaos-airport-passengers-2022-8
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Airbnb apologized for allowing a listing on its platform that advertised an "1830s slave cabin."
The since-deleted listing was last week called out by a lawyer on TikTok.
The company said it would no longer allow listings for similar properties.
Airbnb on Monday apologized for allowing a listing on its platform that advertised an "1830s slave cabin" where enslaved people once lived. The company also stated to Insider that it would remove all listings that promoted themselves as having formerly housed enslaved people.
"Properties that formerly housed the enslaved have no place on Airbnb," a company spokesperson told Insider. "We apologize for any trauma or grief created by the presence of this listing, and others like it, and that we did not act sooner to address this issue."
The company updated its policies following days of online backlash after an entertainment lawyer posted a TikTok video on Friday that called the listing out, as The Washington Post reported.
"How is this okay in somebody's mind to rent this out — a place where human beings were kept as slaves — rent this out as a bed and breakfast," said Wynton Yates, who has 41,000 followers on TikTok, in the video. Yates' initial video calling out the listing has been viewed 2.6 million times.
The since-deleted listing, shown in Yates' TikTok video, advertised the Greenville, Mississippi, property as the Panther Burn Cabin. It boasted of features like access to Netflix and HBO. In addition to advertising the property as former slave quarters, the listing also claimed the property had been used as a "tenant sharecroppers cabin" and a "medical office."
As Yates noted in his TikTok video, the photos in the listing showed the cabin had been upgraded to feature running water, a claw-foot bathtub, and new light fixtures.
An Airbnb spokesperson confirmed to Insider on Tuesday that it had removed the listing and had updated its policies to forbid these types of properties.
In addition to removing the Mississippi listing, the company said it was "removing listings that are known to include former slave quarters in the United States" and said it's "working with experts to develop new policies that address other properties associated with slavery."
Airbnb did not answer Insider's inquiry on Tuesday about how many listings it has removed that fit that description. A report from Mic published on Friday found several listings advertising various slave quarters. All of the listings mentioned in the report have been removed by Tuesday.
Brad Hauser took ownership of the property in July and told The Washington Post it was "the previous owner's decision to market the building as the place where slaves once slept," a decision he told the outlet he "strongly opposed," according to the report.
"I am not interested in making money off slavery," he said, according to The Post.
More: AirBnB Digital Culture TikTok
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2022-08-02T19:05:01Z
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www.businessinsider.com
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Airbnb Removes 'Slave Cabin' Rental Listing After Viral TikTok
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https://www.businessinsider.com/airbnb-removes-slave-cabin-rental-listing-after-viral-tiktok-2022-8
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https://www.businessinsider.com/airbnb-removes-slave-cabin-rental-listing-after-viral-tiktok-2022-8
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FuboTV has laid off staff in the US as it takes a ‘conservative approach to growth.’ Read the full memo its CEO sent to employees.
David Gandler, co-founder and CEO, Fubo TV
Layoffs have hit streaming-TV provider FuboTV.
The company confirmed to Insider that it laid off on August 2 a "small" number of US staff.
FuboTV is due to report earnings on August 4.
FuboTV has laid off a number of staffers in the US, the streaming-TV company confirmed to Insider.
The company said in a statement that it made on August 2 a "small workforce reduction" in light of the economic downturn.
"The quickly deteriorating macroeconomic environment, coupled with the increasing level of uncertainty, is impacting all companies. FuboTV continues to focus on cost savings and taking a conservative approach to growth. As part of this, the company made a small workforce reduction across its U.S. business today. While not welcome, this reduction is an opportunity for Fubo to re-examine key initiatives and focus on profitable growth in support of its long-term vision."
FuboTV told staff about the layoffs in a memo from CEO David Gandler that was viewed by Insider. Impacted employees would be invited by 10 a.m. EST on August 2 to meet with management and the layoffs would be effective August 15, according to the memo.
The layoffs come as FuboTV is scheduled to report its Q2 financial results on Thursday after market close.
The sports-focused pay-TV and gambling operator went public in 2020. It had a divisive run as a meme-stock from late 2020 to 2021, after revealing plans to expand into the red-hot sports betting sector. But the company is not yet profitable and Wall Street has been harsh to both media and sports stocks without a healthy bottom line amid the economic downturn.
FuboTV ended 2021 with $638 million in revenue, a 144% increase from the year before, driven by its pay-TV subscriptions and advertising. And it narrowed its net loss 37% year over year to about $383 million.
But the streaming company's net loss then doubled year over year during Q1 to $140.8 million, on $242 million in revenue.
Shares of FuboTV opened at $2.46 on the morning of August 2, down roughly 80% year to date, compared with the S&P 500's 14% dip during that time.
Read the full memo that FuboTV sent to staff:
Subject: Organizational Update
While FuboTV was founded on an idea - to give consumers access to global sports content
streamed through a premium user experience at a fair price - Alberto and I, alongside our
co-founder Sung Ho Choi, could never have made it a reality without the perseverance and
drive of many dedicated, hard-working and talented people. We have always been grateful that
you have supported our vision from the very beginning.
Because we have achieved many things together, I always want to be transparent with you. So,
it is with a heavy heart that I communicate some bad news today.
As you know, all growth stage companies, and the broader tech sector overall, have been facing
financial challenges due to macroeconomic concerns and an increasing level of uncertainty.
Fubo is unfortunately not immune. We have worked hard over the last few months to achieve
cost savings by cutting unnecessary expenses across the company but, regrettably, we need to
do more.
To support the long term vision and ensure financial flexibility for the company, we have made
the very difficult decision to reduce headcount across U.S. domestic business units. Employees
impacted by the reduction will receive an invitation by 10am ET today to meet with
management, and will transition from the company effective August 15. Please support your
colleagues in this transition. I am here to help them in any way I can.
I want to be clear that this reduction is not reflective of individual performance. We made these
changes today solely to ensure the company is stronger from a financial perspective and to
support our path to profitability. Various factors were considered when deciding who would be
impacted by this reorganization. There are no further reductions planned at this time.
This has been an extremely difficult decision made by myself and the senior leadership team. I
have always been proud that we have never previously initiated any layoffs at Fubo. I always
found a way for Fubo to persevere despite any financial challenges we faced. However, it is no
longer my decision alone. There are a significant number of external forces at play here now
that we are a public company.
Senior leaders will meet with their teams today and, in the upcoming days, they will further take
their teams through the organizational changes and team realignments. They will set forth very
focused efforts around key organizational priorities. I am also here to help you in any way I can
during this process.
While we certainly don't welcome these cuts, this is an opportunity to re-examine our initiatives,
double down on our priorities and focus on profitable growth. By focusing more on fewer
priorities, and with everyone stepping up to the challenge, we must increase our productivity on
what truly moves the needle for the company. We need to make sure that Fubo is still the
innovative, fast-moving and nimble organization that we were at the beginning, always operating
with a clear sense of urgency to deliver on our goals.
Our direction remains clear: providing our customers with a best-in-class user experience that
allows them to enjoy and interact with aggregated sports, news and entertainment content. I
have no doubt that we can achieve this if we work together and commit to executing on our
goals. I look forward to doing this with you.
I will host a meeting on Wednesday for U.S. employees only to answer any questions.
Got a tip about FuboTV? Contact Colin Salao at csalao@insider.com or Ashley Rodriguez at arodriguez@insider.com using a non-work device. For secure messaging via Signal, send a Twitter DM to @ashleyrreports.
More: fuboTV
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2022-08-02T19:05:25Z
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www.businessinsider.com
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FuboTV Conducts Layoffs Amid 'Conservative Approach to Growth': Memo
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https://www.businessinsider.com/fubotv-conducts-layoffs-in-us-2022-8
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https://www.businessinsider.com/fubotv-conducts-layoffs-in-us-2022-8
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Democratic Sens. Kyrsten Sinema of Arizona, right, and Chris Murphy of Connecticut.
Republicans and Democrats are feuding over taxes, again.
Part of the debate is geared to an audience of one: Sen. Kyrsten Sinema.
She holds the make-or-break vote on Biden's big bill and hasn't commented publicly.
After Sen. Joe Manchin's surprise announcement of a deal bringing back Democrats' economic agenda from the dead, Congress is locked in a feud over who will bear the brunt of the tax increases that would pay for the proposed spending and deficit reduction.
Much of the sparring is meant to sway an audience of one: Sen. Kyrsten Sinema of Arizona, who holds the make-or-break vote on Democrats' climate, energy and tax package.
Sinema hasn't publicly weighed in on the legislation that Manchin negotiated with Senate Majority Leader Chuck Schumer yet. In April, she said she wouldn't back "any tax policies that would put a brake on any type of economic growth or forestall business and personal growth for America's industries."
Both parties are doing their utmost to woo the Arizona centrist to their point of view. Republicans are pummeling Democrats using an estimate from the nonpartisan Joint Committee on Taxation completed at their request. It indicates a proposed 15% minimum tax on large, profitable firms will amount to a tax increase on most Americans, regardless of their income. Only 150 large companies will be affected under the Democratic proposal.
Whether corporations or people bear the burden of those big business tax hikes is at the center of the debate. The GOP case against the bill relies on a view that companies will pass on tax increases to families in the form of lower wages or hits to stockholders investments. They also argue much of the burden will fall onto domestic manufacturers.
The JCT analysis, though, doesn't provide the full picture, Democrats say. It excluded many other financial benefits for taxpayers ranging from increased Obamacare subsidies and lower prescription drug costs from future Medicare negotiations they argue end up providing a big boost to plenty of American households.
"People implying that the tax will show up on tax forms for middle-class families are clearly wrong. It won't," Jason Furman, a former top economist to President Obama, wrote on Twitter. "In fact it will help."
Democrats are punching back. They say the bill doesn't run afoul of President Joe Biden's pledge to spare Americans earning less than $400,000 from new taxes. Democratic lawmakers have an ally many never expected in their corner of the ring: Sen. Joe Manchin of West Virginia.
After resisting advancing a smaller package earlier this spring, Manchin is the main salesperson for the current push. The conservative Democrat is hitting TV and radio interviews advocating for the legislation, and spending some time trying to influence Sinema.
"This is everything Kyrsten agreed to in December," Manchin told West Virginia radio host Hoppy Kercheval on Tuesday. "She's the one that kept saying we want no new taxes, no new taxes. Okay, so I agree with her — no new taxes."
"We basically just close the loopholes because they are taking their discounts all the way to zero," he said, referring to large companies paying nothing in federal income tax.
It appears possible, if not likely, that Democrats will put the bill on the Senate floor later this week without knowing which way Sinema's leaning. Both parties will get their response to the tax fight then.
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2022-08-02T19:05:31Z
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www.businessinsider.com
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GOP, Democrats Feuding Over Taxes With Eye on Kyrsten Sinema
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https://www.businessinsider.com/gop-democrats-taxes-kyrsten-sinema-manchin-2022-8
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https://www.businessinsider.com/gop-democrats-taxes-kyrsten-sinema-manchin-2022-8
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High-performing managers set harsher targets for people who work under them, a new study found
Angry boss shaking fist at sleeping businessman in office
Malte Mueller
High-performing managers can suffer experience bias when setting targets, a new study found.
They map their experiences onto their employees without taking the latter's qualities into account.
Workers who feel their targets are unrealistic can end up demotivated.
The star performer at work won't always make the best manager because they set over-harsh targets, according to a new analysis that lends weight to the "Peter Principle" observation.
Christoph Feichter, assistant professor at Vienna University of Economics and Business, conducted three experiments to investigate how managers set targets for others based on their own prior experiences. The experiments variously involved 144 European student volunteers; sub-groups of these volunteers; and 181 working volunteers sourced by Prolific, a platform for finding research participants. Feichter's preprint paper has been peer reviewed by the American Accounting Association.
In one experiment, Feichter studied how his college-age participants performed in lower-level tasks before "promoting" them to supervise others. These tasks included counting zeroes and a memory test.
When promoted and setting targets for others on these same tasks, these participants were influenced by their own experiences, he found. Those who did well on the tasks tended to set higher targets for those performing the same tasks, showing experience bias. Supervisors setting targets for tasks different to their own experiences didn't see the same level of bias.
Experience bias, Feichter told Insider, is when a manager is too reliant on their own experiences when it comes to setting goals for employees.
"People have a tendency to over-emphasize their own experiences, and often neglect other information or do not account for other information as much as they should because they think: 'I experienced it myself, I know how it works'," he said.
Experience bias risks being a "pervasive" problem in industries that are hierarchical, such as banking or law, where juniors must work hundreds of hours before progressing up, Feichter said. It also can leave employees frustrated, he found. Setting unrealistic goals means there's a "slipping point" for employees where the tasks become completely "demotivating."
"People understand they have no chance to reach them, and they simply give up," he said. "Then it becomes a really big deal. If people don't have the feeling that they can achieve the targets anymore, then it can decrease your motivation and performance."
That can hurt entire departments and companies, he added. "It's not only one employees who suffers from over-high targets, but a whole department or larger group."
Feichter said the first step to challenging this bias is raising awareness; managers who are self-aware about their own biases are less likely to set subordinates unfair goals.
More: managers UK
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2022-08-02T19:05:37Z
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www.businessinsider.com
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High-Performing Managers Set Harsher Targets for Workers: Study
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https://www.businessinsider.com/high-performing-managers-set-harsher-targets-for-workers-study-2022-8
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https://www.businessinsider.com/high-performing-managers-set-harsher-targets-for-workers-study-2022-8
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How to find and change your computer's name on a PC or Mac
Your computer has a name that you can freely change.
You can find your computer's name on a Windows PC by opening the "About" menu.
On a Mac, you'll find your computer's name in the System Preferences app, under "Sharing."
Your computer's personal name is what others will see it as on networks.
Every computer has a few different names: Its model name, its serial number, the mess of 1s and 0s that your computer calls itself in binary. But most computers also let you give your device a personal name that can be anything you want.
Both Windows PCs and Macs give you an easy way to check your computer's personal name, and then change it if you want.
Quick tip: Your computer's name isn't just an internal quirk. If your computer is part of a bigger network of computers — like in an office or school — its name is what it will show up as on that network. And if you're trying to connect a wireless device to your computer, you'll probably see its name too.
How to find your computer's name in Windows 10 or Windows 11
On Windows computers, you'll need to open the "About" menu to find — and change — your computer's name.
1. On your Windows PC keyboard, press the Windows key + I to open the Settings app.
2. Click the System option in the top-left part of the Settings page.
3. Scroll down to the bottom of the System menu and select About.
Your computer's name will be listed next to Device Name. You'll also be able to find your PC's serial number and model name on this page.
This page lists all of your PC's basic identifying information.
If you want to give your computer a new name, click the Rename this PC option.
How to find your computer's name on a Mac
You'll find your Mac's name in the "Sharing" menu. You can change it from this menu too.
1. Click the Apple icon in the top-left corner of your Mac's screen, and then click System Preferences.
2. Near the bottom of the System Preferences menu, click Sharing. Its icon looks like a blue folder.
Open the Sharing menu.
You'll find your Mac's name in the Computer Name text field at the top. You can click inside this field to edit the name however you want.
TECH 4 ways to check your PC specs on Windows 10
More: Computers Name Windows macOS
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2022-08-02T19:05:43Z
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www.businessinsider.com
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How to Find Your Computer Name on PC or Mac
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https://www.businessinsider.com/how-to-find-computer-name
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https://www.businessinsider.com/how-to-find-computer-name
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Emily Canal
Insider is launching a mentorship program for small-business owners focused on hiring.
We will pair mentees with founders and experts who have experience with these challenges.
To participate, you must be in the US or one of its territories and fill out the application by Friday, August 26th.
The last two years have spurred a record number of new businesses in the US.
Nearly 9.6 million new-business applications were filed between 2020 and 2021, according to US Census Bureau data. Many of the new entrepreneurs behind the businesses left full-time roles during the "Great Resignation" or lost their jobs in the early days of the pandemic, when lockdowns and restrictions decimated certain industries.
Now, this new class of entrepreneurs is facing a fresh challenge: hiring talent. Small-business owners are trying to compete with behemoth companies that can offer significant signing bonuses, as well as a general ennui from workers who want more control over their day-to-day and higher salaries.
Insider is launching a mentorship program for small-business owners focused on hiring, and we want to hear from you. Whether you're trying to hire in today's competitive labor market, retain your staff, offer enticing benefits, increase the diversity, equity, and inclusion within your company, or scale up by bringing on new team members, Insider wants to help.
We will partner mentees with business leaders and experts who have firsthand experience in tackling these challenges to help them navigate their talent obstacles.
To participate in Insider's 12-week mentorship program, you must be in the US or one of its territories and fill out the linked application by Friday, August 26th We can accept only five mentees at this time and will choose candidates based on how they meet the requirements.
An Insider journalist will report on your mentorship and how your mentor helps you solve a specific talent issue related to hiring, retention, benefits, DEI, or hiring to scale up. You're expected to conduct at least one hour-long call each month (September through November) as part of your experience.
Fill out the form below by August 26 if you'd like to connect with an experienced mentor who can help your business address hiring challenges!
We will read all submissions, and an editor or reporter from Insider will respond as soon as possible.
More: Entrepreneurship Small Business Hiring retention
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2022-08-02T19:05:49Z
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www.businessinsider.com
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How to Find a Mentor for Your Business to Help With Talent
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https://www.businessinsider.com/how-to-find-mentor-for-your-business-hiring-retention-benefits-2022-7
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https://www.businessinsider.com/how-to-find-mentor-for-your-business-hiring-retention-benefits-2022-7
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Credit score requirements
Other personal loans we considered
Which lender is the most trustworthy?
How did we pick the best fair credit personal loans?
How do I choose the best fair credit personal loan for me?
Personal loans are good choices for borrowers who need quick cash for expenses like home improvement projects, moving costs, or vacation. You'll pay off a personal loan in monthly installments, and your interest rate will be the same for the life of the loan.
There are many options for borrowers with fair credit, which is defined by FICO as a score between 580 to 669. We've put together a list of lenders that accept borrowers with credit histories in this range.
Look out: Even though you may qualify for a loan with these lenders, you will get a higher interest rate the lower your credit score. You may be able to get a lower rate with other options, such as a credit card (although credit cards can still charge hefty rates).
Upgrade Personal Loan
Avant Personal Loan
Best Egg Personal Loan
LendingClub Personal Loan
Navy Federal Credit Union Personal Loan
Upstart Personal Loan
PenFed Credit Union Personal Loan
Payoff Loan™
Loan amount range Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
$1,000 to $50,000
Recommended credit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
5.99% - 24.99% APR
On Upgrade's website
On Avant's website
On Best Egg's website
On Navy Federal Credit Union's website
On Upstart's website
On PenFed Credit Union's website
On Happy Money®'s website
Origination fee between 2.90% and 8% and a late fee of up to $10
Small minimum loan amount
Quick access to funds
Origination and late fees
Loan term lengths range between 2 to 7 years
You can get your money within one business day after your loan is reviewed and approved
Loans made by Upgrade's lending partners
What stands out: Low minimum loan amount. Upgrade's minimum of $1,000 is toward the lower end of the personal loan providers on the list. Other than Upgrade, credit unions are probably your only other option for such a small amount. If you just need a bit of cash to tide you over, Upgrade is a good choice.
What to watch out for: The lender isn't available in all 50 states. If you live in Iowa or West Virginia, you won't be able to take out a loan with the company.
Administration fee up to 4.75%, undisclosed late fee and returned payment fee
Funds generally deposited by the next business day
Multiple types of fees
High maximum APR
Low maximum loan limit
Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
Loans made by WebBank, member FDIC
What stands out: Quick access to funds. If your loan is approved by Avant by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day, per the company's website.
What to look out for: High fees. You'll pay an administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded. If you miss a scheduled payment, you may incur a late fee, which will vary by state.
Origination fee between 0.99% and 5.99%, late fee of $15
Fast access to funds
You may get your money by the next business day after your loan is reviewed and approved
Loans made by Best Egg's lending partners
What stands out: High customer satisfaction. Best Egg has a 95% customer satisfaction rate, which is supported by its stellar A+ Better Business Bureau trustworthiness score.
What to watch out for: Origination fees. You'll face an origination fee between 0.99% and 5.99%, which is baked into your APR. On a loan term of four years or longer, the origination fee will be at least 4.99%.
Origination fee between 1% and 6%, late fee of 5% of the minimum payment amount or $15, whichever is greater
Can add co-borrower to loan application
Slower access to funds
Origination fee between 1% to 6%
You'll get access to your funds within two to four business days
Loan amount range between $1,000 to $40,000
Loan terms are either 36 months or 60 months
Loans made through either WebBank, Member FDIC or LendingClub Bank, N.A., Member FDIC
What stands out: Add a co-borrower to your application. If you have poorer credit and are worried your loan might not be approved as a result of your standing, you can choose to add a co-borrower and may qualify for a better rate.
What to watch out for: Slower access to funds. You'll get access to your funds within two to four business days, and while that is relatively fast, you can get funds deposited more quickly from other personal loan companies.
Co-borrower allowed
Membership required to get a loan
Term lengths between six months to five years
Loans originated by Navy Federal Credit Union
What stands out: No origination fees or prepayment penalties. This could save you money on the overall cost of your loan, and other lenders on our list charge these fees.
What to watch out for: Lofty membership requirements. It's relatively hard to qualify for Navy Federal membership. You're only eligible if you are active military member, veteran, employee or retiree of the Department of Defense, or family member of someone in one of those groups.
Origination fee up to 8%, late fee of 5% or $15, whichever is greater
Small minimum loan amounts
Quick loan fund disbursement
Only three and five year terms
Potential for high origination fees
Loan term lengths are either 3 or 5 years
Can have origination fees up to 8%
Considers employment and education history when making loan approval decisions
Loans are made through one of several Upstart-powered bank partners
What stands out: Approval isn't dependent solely on credit scores. For people who have struggled with credit in the past, Upstart will factor in a few other pieces of information for a better shot at approval, including employment history and education history.
What to watch out for: Limited repayment terms. While other lenders offer several options on how long you'll have to repay, Upstart only offers three-year and five-year terms. This choice could be impractical for borrowers on either extreme of the borrowing scale. However, there is no prepayment penalty, so you can pay your loan off at any time without a fee.
Low minimum APR
No origination fees or prepayment penalties
Coborrowers allowed
Term lengths between one to five years
What stands out: Add a co-borrower to your application. If you don't have the best credit and are concerned your lender might not approve your loan as a result, you can choose to enlist a co-borrower and may qualify for a better rate.
What to watch out for: Membership requirements. You need to join the credit union to take out a loan. Members of the military and employees of qualifying organizations will be eligible, but if you don't qualify, you can join by opening a savings account with a $5 minimum deposit.
Origination fee between 0% and 5%
No prepayment or late fees
Low minimum credit score requirement
Slow access to funds
Limited loan purpose
Origination fee anywhere between 0% and 5%
Won't be able to get a loan from Happy Money if you live in Maine, Massachusetts, Nebraska, or Nevada
Can only use for credit card debt consolidation
Loans made by one of Payoff's lending partners
What stands out: Solid minimum APR. Happy Money's lowest APR of 5.99% is one of the better rates on our list, though you'll only qualify for that rate with a great credit score.
What to watch out for: Limited loan purpose. Happy Money personal loans are designed to help borrowers eliminate high-interest credit card debt. If you're looking to get a personal loan for another purpose, you should choose a different lender.
Lender Minimum credit score Learn More
620 Check rates >>
Undisclosed Check rates >>
Each lender sets its own credit score requirements to qualify for a loan, though you'll likely get a lower rate with a higher score. For our top picks, we've chosen lenders that either list low minimum credit scores or have unspecified minimums but are known to accept borrowers with poor credit.
Credit unions usually don't publicize their minimum credit score requirements, but we've picked them because they're known to be accessible to borrowers with fair credit.
You can find your score at no cost on your credit card statement or online account. You can also pay for it from a credit reporting agency.
When you look at your rates with many companies, it won't affect your credit score because most lenders will generate a soft credit inquiry when displaying personalized rates. However, if you accept a loan, lenders will likely perform a hard credit inquiry, which may negatively impact your credit score. A hard inquiry gives a lender a full look at your credit history.
If you don't qualify for a loan with the lender you prefer or are being offered a higher APR than you can afford, here are some tips you might think about to improve your credit score:
Request and review a copy of your credit report. Look for any mistakes on your report that may be hurting your score. If so, reach out to the credit bureau to talk about correcting the errors.
Rocket Loans. While Rocket Loans has fast funding and a competitive minimum APR, the lender's loans also come with multiple types of fees, limited repayment terms, and inaccessibility to borrowers in some states. Additionally, the company's recommended minimum credit score is 650.
OneMain Financial. This lender has no minimum credit requirement, but comes with extremely high fees and starting interest rates. It may be an option of last resort for borrowers who don't qualify elsewhere.
LendingPoint. LendingPoint has a low credit score minimum of 580, but has a low maximum loan amount and comes with hefty origination fees.
To help you decide on a lender, we've compared each institution's Better Business Bureau score. The BBB measures businesses based on factors like their responsiveness to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:
Lender BBB Grade
All of our top picks are rated A- or higher by the BBB, with the exception of Navy Federal. Navy Federal is not rated because the credit union is in the process of responding to formerly closed complaints. Previously, the business had an A+ rating from the BBB.
There is one recent controversy related to Navy Federal. A Navy Federal employee alleged that the lender pressured mortgage underwriters to approve loans even without proper reason to believe applicants could pay back the loans. She then filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020.
If Navy Federal's history bothers you, you may feel more comfortable with another lender on our list.
Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most comprehensive information possible.
Personal Finance Insider's mission is to help smart people make the best decisions they can with their money. With that in mind, we looked at several personal loan lenders closely. We evaluated multiple factors to determine the best personal loan lenders for people with fair credit, including:
Annual percentage rates: The lower the interest rate on your loan, the better. So we centered our choices on lenders that still offer low maximum rates for those with fair credit history.
Loan term length: We prioritized personal loans with a variety of repayment lengths.
Loan amount range: We looked for lenders with small personal loan minimums, if possible. While you may need more money, it could be a better choice to take out less and save on the high APR that may come with a lower credit score.
Minimum credit score: Depending on your credit score, you may be eligible to take out a loan from some lenders and might not qualify with others. We picked lenders with low minimum credit scores so you have the best chance of qualifying.
Trustworthiness: Borrowing from an honest lender is often a chief concern for many people. With the exception of Navy Federal, we chose lenders with an A- or above grade from the Better Business Bureau to provide the most transparent lenders possible. However, Navy Federal is not rated because the credit union is in the process of responding to previously closed complaints.
To get the best fair credit personal loan, think about what means the most to you. Many borrowers focus on the lowest interest rate, but also think about any fees, the minimum credit score needed, and the accessibility of the lender's customer service. You'll also want to make sure you're able to select a term length that works for you and that the lender you pick allows your reason for your loan.
You'll want to understand if you qualify for a loan or if you may need to add a cosigner to boost your chances of being eligible. Guides like this one will help you weigh multiple lenders to compare their pros and cons. Make sure to also read individual reviews of any lenders you're considering.
Can I get a personal loan with a fair credit score?
Yes, many lenders offer personal loans for borrowers with fair credit scores. All of the lenders on our list have options for borrowers with credit scores on the lower end of the spectrum. Improving your credit score will likely get you more favorable loan terms.
What are alternatives to personal loans?
There might be cheaper avenues available if you aren't comfortable taking out a personal loan:
Ask friends or family. While it's not easy to ask friends or family for a loan, you may be able to come to an agreement with better terms than through an official lender.
Get a paycheck advance. Some banks will let you to get your paycheck a few days early, and you're can use apps that let you get some of the money you've already earned in a pay period. You can also request a paycheck advance from your employer. However, taking a paycheck advance isn't free — you'll often be charged fees that come out of your earnings when you receive them.
Apply for a credit card. You may also think about a credit card instead of a personal loan. This might be especially helpful if your credit isn't in the best shape and you are eligible for a lower APR with a credit card than a personal loan lender. However, be careful with credit cards. They can often make it easier to rack up more and more debt, so use them responsibly.
Look for aid from a local nonprofit or charity. Many local organizations have programs designed for short-term assistance for those in need. You can find a list of some near you here.
Work part-time in the gig economy. You can make money on your own time with gig work like rideshare and food delivery apps. These extra jobs might enable you to earn enough to eliminate the need for a loan.
What can you use a personal loan for?
You're able to use a personal loan for many purposes, though the list changes depending on the lender. Some common options include:
Every reason available isn't listed here, and you should reach out to your individual lender to ask about what choices it offers.
How much will a personal loan cost?
This depends on how much you want to borrow, what APR you get from your lender, and how long you take to pay off the loan.
The higher the loan amount and APR, the more expensive a loan will be. With a longer term length, you will split up your payments over an extended period so you'll make smaller monthly payments, but it will cost you more total interest.
How quickly can you get your money?
Depending on the lender, you may be able to get your money as soon as the same day you apply. Often a lender will send the money relatively quickly after the application is approved, but there is usually no guarantee on the speed of the approval process.
PERSONAL FINANCE The best personal loans for bad credit of July 2022
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PERSONAL FINANCE The best personal loans of July 2022
More: personal loans PFI Guide Personal Loans Guide pfi
Upgrade personal loans
LendingClub personal loans
navy federal credit union personal loans
Payoff personal loans
Rocket Loans personal loans
LendingPoint personal loans
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2022-08-02T20:32:58Z
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www.businessinsider.com
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The Best Personal Loans for Fair Credit of August 2022
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https://www.businessinsider.com/personal-finance/best-personal-loans-fair-credit
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https://www.businessinsider.com/personal-finance/best-personal-loans-fair-credit
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Pinterest's new CEO sees huge potential in shopping and commerce as a revenue driver and differentiator
Bill Ready is Pinterest's new CEO.
Pinterest's second-quarter earnings call was its first with CEO Bill Ready, a Google and PayPal alum.
Ready outlined a vision for the social-media platform to expand its shopping capabilities.
Pinterest is set to invest more heavily in personalization as it seeks to stand out.
During Pinterest's second-quarter earnings call Monday, its new chief executive laid out a vision for the social-media platform to expand its shopping and commerce capabilities.
This quarter's earnings report was the first under Bill Ready, who took over as CEO from Pinterest's cofounder Ben Silbermann on June 29. Silbermann now serves as the company's executive chair.
Before Pinterest, Ready was the president of commerce, payments, and Next Billion Users at Google. Ready also served as the chief operating officer of PayPal and the CEO of Venmo. He takes over as the tech company hopes to further distinguish itself from social-media platforms like Instagram and TikTok.
Given Ready's extensive payments and commerce background, many analysts have viewed his selection as CEO as confirmation of Pinterest's ambitions in the commerce and shopping space. During Monday's call, Ready and Silbermann pointed to several areas that Pinterest was investing in to help improve the monetization of its user base and take advantage of the "high commercial intent" users come to the platform with.
"Users are coming here with a clear intent," Ready said. That clear intent drives action, he added, saying: "Whether that's shopping, buying, making, or doing, we think there's huge potential there."
Personalized shopping
A key focus for Pinterest is improving its personalization capabilities, especially when it comes to shoppable products. Pinterest would continue to expand its machine-learning and artificial-intelligence capabilities to personalize content for users, Ready said. These efforts would build on its Your Shop feature, which launched in March and recommends products to users based on their tastes and interests.
These personalization efforts should further be boosted by Pinterest's recent acquisition of The Yes, an AI-powered fashion and shopping app, which was announced on June 2.
The Yes CEO Julie Bornstein, a 25-year e-commerce veteran who has spearheaded the development of e-commerce at retailers including Nordstrom, Urban Outfitters, and Sephora, joined Pinterest as its head of shopping and strategy following the acquisition, as did the rest of The Yes' staff.
Bornstein told The Business of Fashion the main features of The Yes that sold Pinterest on the acquisition were its AI personalization tech, as well as its brand relationships and features in development, like checkout. Pinterest offers an in-app checkout tool to some Shopify merchants, but leveraging The Yes' tech could help it expand the offering to other retailers.
Ben Silbermann, Pinterest's cofounder and former CEO.
Pinterest is betting on shopping as a way to stand out from other social platforms
The investment in shopping comes at a critical time for Pinterest: User numbers are falling from a high earlier in the pandemic, and competition has become fierce among social-media platforms as ad dollars dry up.
Pinterest isn't immune from many of the pressures squeezing other tech and social-media companies. Its chief financial officer, Todd Morgenfeld, said Pinterest had "meaningfully slowed the pace of hiring" and would be "even more strategic and selective" with hiring for the rest of the year. Pinterest also saw a pullback in ad spending from consumer-packaged-goods companies, big-box retailers, and midsize businesses as those companies looked to cut spending amid rising interest rates and inflation, as well as supply-chain challenges.
On the call, Ready also pointed toward ways Pinterest was aiming to differentiate itself from other social-media platforms.
Pinterest is developing video capabilities, saying that 10% of the time users spent on the platform last quarter was spent watching video content. While other platforms like TikTok dominate the video sector, Ready said Pinterest offered a unique audience to content creators.
"We can play our own game on how we work with content creators," he said. "We believe we can attract content creators that are here for the specific users and environment that we have, as well as the intent that they have, which is very different from other platforms, where that intent may not be there."
Early signals indicate that shopping may be a successful way for Pinterest to differentiate itself and lessen its dependence on ad dollars. Morgenfeld said Monday the platform's shopping revenue was growing at a rate twice as fast as its overall revenue.
While shopping represents a large opportunity for Pinterest, Ready said the platform's growth would be measured and that the rest of 2022 would be focused on investment rather than margin expansion.
"It's worth saying that I do not subscribe to a growth-at-all-costs mentality," Ready said. "While I believe we need to invest in long-term growth, I also believe that constraints breed creativity and can lead to even better product outcomes, and we have an extremely creative team here."
Are you a current or former employee of Pinterest with a tip about the company or a story to share? Contact this reporter via email at agehan@insider.com, via Twitter direct message @anngehan, or via encrypted message on Signal at +1 (646) 374-8461 using a nonwork device.
More: Pinterest Pinterest earnings E-Commerce
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2022-08-02T20:33:10Z
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Pinterest Q2 Earnings: CEO Bill Ready Outlines Plan for Shopping Push
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https://www.businessinsider.com/pinterest-q2-earnings-ceo-bill-ready-outlines-plan-shopping-push-2022-8
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https://www.businessinsider.com/pinterest-q2-earnings-ceo-bill-ready-outlines-plan-shopping-push-2022-8
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Fulton County Georgia District Attorney Fani Willis.
District Attorney Fani Willis is expanding her probe into former President Donald Trump.
Willis has prosecuted high-profile racketeering cases.
Experts familiar with state law say racketeering charges may be her best avenue to convict Trump.
The Georgia prosecutor pursuing one of the most high-stakes investigations in US history built her career by successfully using racketeering charges, typically employed against organized crime, to convict Atlanta public school teachers for conspiring to alter student test scores.
Those RICO cases, and a key hire of a racketeering law expert to her staff, offer a window into how experts believe she is likely to build any criminal case against Donald Trump and his allies in connection with efforts to overturn the state's 2020 presidential election result.
Willis has hired a Georgia-based lawyer who wrote a national guide on RICO prosecutions, and legal experts familiar with state law believe racketeering charges may be her best avenue to convict Trump.
"I'm glad that she's using him because he's absolutely the best," Clint Rucker, a former prosecutor that worked alongside Willis during the Atlanta teacher case, said of the RICO expert.
Willis is ramping up her 17-month investigation into Trump and whether he or his associates tried to interfere in the Georgia 2020 elections. Her probe has expanded to include looking into members of Trump's inner circle and examining an alleged scheme to send a fake slate of electors to Georgia's state Capitol in Atlanta in an attempt to overturn the election result.
Willis has hinted that she could decide whether to formally charge Trump as early as this fall. Potential state criminal charges against the former president could include election fraud solicitation, interference with the performance of election duties, and racketeering. Trump has repeatedly pushed back against the investigation and Willis.
"The young, ambitious, Radical Left Democrat 'Prosecutor' from Georgia, who is presiding over one of the most Crime Ridden and Corrupt places in the USA, Fulton County, has put together a Grand Jury to investigate an absolutely 'PERFECT' phone call to the Secretary of State," Trump wrote on Truth Social, the social media platform he founded, in May.
Georgia lawyers told Insider about why the Atlanta cheating scandal — brought nearly a decade before Willis became Fulton County's district attorney, while she was an assistant DA in the office — offers a glimpse into how her Trump investigation could turn into one of the biggest cases ever brought by a local prosecutor.
Prosecutors Fani Willis and Clint Rucker speak at a news conference for the Atlanta school cheating trial.
Kent D. Johnson/Atlanta Journal-Constitution via AP
The Atlanta teacher case
In 2011, a Georgia state investigation concluded that dozens of educators had falsified standardized test results. The alleged cheating was believed to date back as far as 2001, according to state investigators. About 180 teachers and administrators were initially implicated in the scandal.
In 2013, a grand jury indicted 35 Atlanta public school educators and administrators on racketeering charges. Between 2005 and 2009, these individuals illegally altered and falsely certified students' test answers, the indictment alleged.
Rucker said they worked countless hours to prepare for the trial that began in 2014.
"We worked together every day, from 8:30 in the morning to 7:30 o'clock at night, on weekends," he said. "We canceled all our holidays, vacations, birthdays, kids events. We worked around the clock for almost two years to prepare the case."
Bob Rubin, a criminal defense attorney who represented a former elementary school teacher in the cheating scandal, said he was initially surprised that Fulton County prosecutors charged his client and others with racketeering. This kind of crime is usually associated with criminal mobs or gang organizations. But it can also apply to an individual or group of individuals who conspire to carry out crimes.
Under Georgia's Racketeer Influenced and Corrupt Organizations Act, it is a crime for an individual to commit a pattern of criminal conduct or intimidate another individual to commit any crime. Typically, prosecutors use RICO laws to help them make a broader case against an individual on the series of crimes they have committed, and Georgia law also allows prosecutors to bring RICO charges even if the crimes are not able to be "indicted separately," according to a report by the Brookings Institute.
In the case of the Atlanta school teachers, Willis argued that these teachers conspired to change the answers on their student's standardized test scores to have more favorable test results in their 50,000-student school district.
Willis had students, parents and teachers testify before the jury on the high pressure environment that former Superintendent Beverly Hall created around test results. She also had former school teachers and staff who worked alongside of the defendants testify against them and explain how some of these defendants conspired to cheat. Willis presented evidence that some of the teachers on trial gave students answers to their standardized tests and how other former Atlanta Public School executives tried covering up the cheating.
Willis was also initially opposed to charging the teachers with racketeering, Rucker told Insider.
"She thought it was too complex, and she thought it was perhaps not necessary and perhaps even overcharging the case," he said.
Rucker said then-Fulton County District Attorney Paul Howard ultimately decided to pursue these charges.
Willis' prosecutions on racketeering grounds would prove successful, and make her career. In 2015, 11 of the 12 school educators were convicted on racketeering charges. One of the defendants passed away while awaiting trial.
Willis's office did not respond to Insider's request for comment. Howard also did not respond to comment.
'Outwork anyone'
During the Atlanta teacher investigation, Howard decided to bring in John Floyd, a well-known Atlanta civil litigator who wrote a national guide on prosecuting state racketeering cases, to help on the case, Rucker said.
Willis later hired Floyd to assist in her investigation into Trump. Willis could use his expertise to help build her case to formally charge the former president with racketeering charges, legal experts say.
Floyd is a dedicated attorney and one of the best racketeering experts in Georgia and who also works on RICO cases nationally, said Richard Hyde, a former Georgia state investigator who helped expose the Atlanta cheating scandal.
"He's one of the lawyers in the country that you don't want to be on the other side of. He's good. He will outwork anybody," Hyde said.
If Willis is building a racketeering case against Trump, she'll be relying on Floyd, he added.
Legal experts say Willis could charge Trump on racketeering charges, and point to evidence that includes the calls he made to election officials after the 2020 presidential election.
For instance, Willis could use a call Trump made on December 23, 2020, to Frances Watson, who worked as a chief investigator of the investigations division for the Georgia Secretary of State, where he urged her to investigate election fraud. Then, on January 2, 2021, Trump called Georgia Secretary of State Brad Raffensperger and pressured him to "find" just enough votes to swing the Georgia vote.
Raffensperger previously testified before the US House select committee investigating the January 6 insurrection that he felt pressured by Trump and his other associates to overturn his state's election results, despite overwhelming evidence that Biden won the election in Georgia.
Willis could possibly make the argument that Trump tried to intimidate election officials and engaged in a pattern of criminal misconduct in order to interfere in Georgia's 2020 elections or to solicit election fraud.
The Fulton County district attorney could also broaden a racketeering case against Trump's associates who helped him in these efforts.
Rubin, who has monitored the developments in Willis's investigation into Trump but is not involved in the case, told Insider that RICO is the best option to successfully prosecute him.
"I'm not surprised by it," he said. "In fact, I think it's probably the only way she could try it."
More: Fani Willis Trump Georgia Investigations
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2022-08-02T22:07:40Z
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Fani Willis Teacher Cases Provide Clues How She May Prosecute Trump
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https://www.businessinsider.com/fani-willis-charging-teachers-clues-how-she-may-prosecute-trump-2022-8
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https://www.businessinsider.com/fani-willis-charging-teachers-clues-how-she-may-prosecute-trump-2022-8
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Rolling Stone reported that Trump was privately reveling in how Eric Greitens and Eric Schmitt were left scrambling to claim his ambiguous endorsement.
Trump enjoyed the chaos caused by his vague endorsement in the Missouri primary, per Rolling Stone.
Trump reveled in watching both candidates named Eric duke it out, a source told the outlet.
The source said Trump "thought it was a thing of beauty" to see both parties claim the endorsement.
Former President Donald Trump privately reveled in the chaos sparked by the vague endorsement message he posted that appeared to support two Missouri GOP primary candidates named "Eric," Rolling Stone reported on Tuesday.
The outlet spoke to a source close to Trump, who said the former president had enjoyed watching the candidates — Eric Greitens and Eric Schmitt — rush to claim the endorsement.
On Monday, Trump appeared to endorse Greitens and Schmitt in a post on Truth Social but left it ambiguous about which "Eric" he was supporting.
"I trust the Great People of Missouri, on this one, to make up their own minds, much as they did when they gave me landslide victories in the 2016 and 2020 Elections, and I am therefore proud to announce that ERIC has my Complete and Total Endorsement!" Trump wrote in his post.
Schmitt, the state's attorney general, and Greitens, a former governor, scrambled to assert that Trump was referring to them.
Politico reported that Trump's strange endorsement was due to him having run out of time after imposing a deadline for himself to decide between Greitens and Schmitt.
Per the outlet, an unnamed third party had floated the suggestion that Trump could leave the statement ambiguous and endorse "Eric" without specifying a last name.
According to Politico's sources, Trump went for the double endorsement after checking that both first names were identical.
Decision Desk has called the race for Schmitt, who at press time had pulled away from Greitens with a clear 45.7% of the vote compared to the latter's 19.22%.
Greitens' defeat could represent a victory from factions of the GOP who did not want the MAGA-linked candidate to win his race.
Missouri Republicans, for one, ran attack ads against Greitens, who was accused of blackmail by a woman with whom he had an affair, and of domestic abuse by his ex-wife.
Trump's endorsement record has come under scrutiny amid the GOP midterm primaries, particularly following the bombshell testimonies heard during the January 6 hearings about the former president's conduct on the day of the Capitol riot.
High-profile GOP figures like former Vice President Mike Pence and Sen. Ted Cruz also appear to have broken away from the former president by throwing their weight behind opponents of Trump-backed candidates.
However, a Trump endorsement still appears to hold some sway among the ranks of the MAGA-faithful.
Former Trumpworld loyalist Mo Brooks, for one, unsuccessfully appealed for Trump's re-endorsement Trump to re-endorse him. This was after Trump rescinded his backing of Brooks in March, saying the congressman "went woke" over the 2020 election.
In May, Trump claimed that his endorsement record was "unparalleled" and that Republican candidates should fear him and fall in line. However, Trump appears to have a habit of endorsing candidates who would win anyway, while his riskier picks like JD Vance and Dr. Mehmet Oz have enraged some of his supporters.
More: Donald Trump Missouri Midterms Primary
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2022-08-03T07:15:10Z
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Trump Gloated Over Chaos Caused by Vague Missouri Endorsement: Report
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https://www.businessinsider.com/trump-reveled-chaos-over-multiple-missouri-erics-endorsement-2022-8
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https://www.businessinsider.com/trump-reveled-chaos-over-multiple-missouri-erics-endorsement-2022-8
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3 ways EV startups can overcome the supply-chain crisis and win over consumers, according to a former Tesla Gigafactory exec
David Deak worked from 2014 to 2016 at Tesla, where he led supply-chain projects and battery-engineering programs for the Gigafactory 1 team.
Electric-vehicle companies old and new are facing a lot of challenges.
But a former Tesla Gigafactory manager, David Deak, says there are ways companies can navigate them.
Deak shared three signs that an EV firm is setting itself up for success.
There are a few surefire ways to tell if an electric-car company will survive the industry's current volatility, said David Deak, a former Tesla Gigafactory manager turned EV-industry board member and advisor.
Deak worked from 2014 to 2016 at Tesla, where he led supply-chain projects and battery-engineering programs for the Gigafactory 1 team as a senior engineering manager. He was formerly the chief technology officer at Lithium Americas, and was president of Lithium Nevada Corp. He now sits on the board of directors for Addionics, a four-year-old startup developing a new battery architecture. Deak is also president at the mining, energy, and tech-focused advisory firm Marbex LLC.
"There is an existential threat to their ambitions," said Deak of the EV targets being set by both entrenched and burgeoning auto companies. Those threats largely stem from the supply-chain crisis and increasing market competition from all the players desperate to get their brand-new products in front of buyers and keep Wall Street happy.
But, especially for startups, opportunities lie in building out supply chains and developing the vehicles consumers are looking for. "If you navigate those two things, you probably make it," Deak said.
Deak elaborated on the ways EV companies can succeed in skirting the industry's biggest threats.
Securing supply chains
"Everyone's going to have to source their lithium somewhere," Deak said. "It's not just going to be a question of cost. It's also going to be a question of whether that material is there."
Strategies for securing the necessary goods include vertical integration and diversifying battery chemistries and technologies to lessen the burden on certain supply chains.
Fortunately for US-based automakers, North America has a lot of the resources, and much of the manufacturing capabilities, necessary to transition to electric. But even then, there will be challenges, especially for EV startups.
"They don't have the kind of weight of a Tesla, Ford, GM," Deak said. "Suppliers will want to gravitate towards those who will have guaranteed large volumes."
Spending cash in the right places
Deak said the massive amounts of money being dropped to build gigafactories does not yet match the amount being spent to increase production of the raw materials needed for them.
"When you deploy capital to build gigafactories, you can build a gigafactory in a couple of years," Deak said. But solving supply-chain problems, breaking ground on new materials-extraction facilities, and more are multiyear processes, Deak said, adding that US automakers could take a page out of China's book in terms of speed of development.
"As the Western world more broadly navigates into the electric-vehicle world, if you want to diversify in supply chain, you're not going to get it without a lot of investment and a lot of work," Deak said.
That's where automakers of any size need to be thoughtful about aligning the capital they are spending on battery-plant development with the resources they're spending on procuring the materials they need.
Capturing consumers
"You've got to make sure that the product that you're introducing to the market really is desired," Deak said. "You want a car that can accelerate like a Porsche or a Ferrari, but then also be able to transport your family on family vacations or for regular commuting."
As always, companies have to remain mindful of their balance sheets, Deak said.
"You have to do things in a way where your burn rate, your cash spending, does not exceed your revenue."
More: Transportation Tesla Gigafactory
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2022-08-03T08:46:31Z
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Former Tesla Gigafactory Exec's 3 Key Signs EV Companies Will Succeed
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https://www.businessinsider.com/former-tesla-gigafactory-signs-electric-vehicle-startups-succeed-2022-8
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https://www.businessinsider.com/former-tesla-gigafactory-signs-electric-vehicle-startups-succeed-2022-8
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The stores are located in Maple Heights and Columbus.
Two Family Dollar stores have been fined $1.2 million for safety violations within their stores.
The Department of Labor's Occupational Safety and Health Administration (OSHA) announced the penalties.
OSHA said the stores had a "disturbing history of putting profits above employee safety."
Two Family Dollar stores in Ohio have been fined $1.2 million by federal regulators for safety violations and hazardous working conditions, Labor officials said.
The Department of Labor's Occupational Safety and Health Administration (OSHA) announced the penalties on Monday.
Family Dollar has been owned by Dollar Tree since 2015.
The stores that have been fined are located in Maple Heights and Columbus. They were found to have "hazardous conditions" such as unsafe stacks of goods, blocked exits, and inaccessible fire extinguishers, according to OSHA.
The federal regulators accused Family Dollar of "flagrantly ignoring workplace safety regulations" and continuing to "expose employees to the risk of injuries."
Representatives for Family Dollar and Dollar Tree did not immediately respond to Insider's request for comment.
The inspection at both locations was triggered by an employee complaint about unsafe working conditions, the regulators said.
On January 31, the Maple Heights location was found to have one repeat violation and four willful violations, with the federal body suggesting fines of $685,777.
The following month, a store located on Lockbourne Road, Columbus, was inspected following an employee complaint of water leaking through the ceiling. The OSHA proposed $547,587 in penalties for one serious violation, one repeat violation, and four willful violations.
This is not the first time Family Dollar and Dollar Tree, have found themselves in hot water with OSHA.
Since 2017, OSHA said it has carried out more than 500 inspections at Family Dollar and Dollar Tree locations and found more than 300 violations.
The organization said it "repeatedly" and "routinely" found blocked or dangerously obstructed exits, fire extinguishers, and electric panels, unsafe working surfaces and walkways, and unstable stacks of merchandise.
Dough Parker, assistant secretary for occupational safety and health, accused Family Dollar and Dollar Tree of having "a long and disturbing history of putting profits above employee safety."
In February, Insider's Sam Tabahriti reported that Family Dollar was temporarily closing 404 stores after more than 1,000 dead rats were found in a distribution center.
Family Dollar has 15 business days to either pay or contest the fines that were announced by OSHA on Monday.
More: Family Dollar Dollar Store Fines Working Conditions
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2022-08-03T10:17:48Z
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Family Dollar Faces $1.2M Fines for Safety Violations, Say Officials
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https://www.businessinsider.com/family-dollar-safety-violations-ohio-stores-employee-safety-labor-department-2022-8
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https://www.businessinsider.com/family-dollar-safety-violations-ohio-stores-employee-safety-labor-department-2022-8
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Today's mortgage and refinance rates: August 3, 2022 | 30-year fixed rates hold below 5%
Mortgage rates dropped over the weekend and appear to have leveled out over the past couple of days. Rates have been volatile recently due to inflation and fears of a recession.
The Federal Reserve has been raising the federal funds rate in an effort to cool price growth, but many now fear that it won't be able to succeed in doing so without slowing the economy so much it enters a mild recession.
Homebuyers have had a tough couple of years navigating a difficult housing market, first due to rapidly increasing home prices during the pandemic and then, in 2022, rapidly increasing mortgage rates. But as demand cools, those who can still afford to buy might have a little more wiggle room with slightly lower rates and less competition.
"Buyers who have been waiting on the sidelines may see an opportunity to get back into the market as things normalize a bit and volatility wanes," says Robert Heck, vice president of mortgage at Morty. "While it may take years to play out, the Fed has made it clear that they will continue taking the necessary action to bring down inflation."
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2022-08-03T10:18:12Z
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www.businessinsider.com
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Today's Mortgage, Refinance Rates: August 3, 2022 | 30-Year Fixed Rates Hold Below 5%
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-wednesday-august-3-2022-8
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-wednesday-august-3-2022-8
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Criteo completes acquisition of adtech rival Iponweb at revised-down price following Russia's invasion of Ukraine
Megan Clarken, CEO of Criteo.
Criteo said Wednesday it has completed its acquisition of fellow adtech firm Iponweb.
The deal had been thrown into jeopardy because much of Iponweb's team is based in Russia.
The restructured deal values Iponweb at $250 million, plus a potential $100 million earn-out.
NASDAQ-listed adtech company Criteo said Wednesday it has completed its acquisition of fellow adtech firm Iponweb under revised terms in a deal that was under threat of collapsing following Russia's invasion of Ukraine due to Iponweb's large Moscow office.
Criteo had initially entered an exclusive agreement to buy Iponweb for $380 million — $305 million in cash and $75 million in treasury shares — in December.
But in March, just a few days from completing the deal, Criteo said it was unclear "when or if" the acquisition would close, given the intensifying list of Western sanctions imposed on Russia as the conflict escalated.
Iponweb was founded in the UK by Russian-born Dr Boris Mouzykantskii and the majority of its engineering team was based in Moscow, although the company said it had "no revenue customers" in the country.
In mid-March, Iponweb said it would wind down its operations in Russia and support its Moscow-based employees to relocate, largely to its office in Berlin, Germany.
Under the restructured terms, Criteo acquired Iponweb for $250 million, comprising $180 million in cash and $70 million in treasury shares. The agreement also includes a potential cash earn-out of $100 million if certain performance milestones are met over the next 18 months.
The original deal had included an earnout element, though the targets were adjusted for "a new set of circumstances," Criteo CEO Megan Clarken said.
About 60% of Iponweb employees will join Criteo when the deal closes, with the expectation that about 80% will move to Criteo by the end of the year. Mouzykantskii will become Criteo's chief architect.
"It's so exciting because literally his code, that he's written himself, is sitting below so many SSP and DSPs fueling our adtech ecosystem today," Clarken said, referring to the supply-side platforms and demand-side platforms that help publishers sell digital ads and advertisers buy them.
Clarken said Iponweb will bring Criteo new capabilities in areas such first-party data and customization that will bolster its e-commerce advertising business.
News of the completed Iponweb deal coincided with Criteo's results for the three months to the end of June. Like the rest of the online advertising industry, Criteo is grappling with weaker than usual advertiser demand amid soaring inflation, ongoing supply-chain issues, and a looming recession that is causing marketers to be cautious about their spending.
Criteo's revenue, minus traffic-acquisition costs, was down 3% versus the same period last year to $215 million, lower than the roughly $219 million analysts had expected, though its $0.58 earnings per share came in above the analyst consensus of $0.43.
The company revised up its annual revenue forecast to between 11% and 14%, taking account of the Iponweb acquisition, but notched down its expected annual profit margin to now fall between approximately 30% to 31%.
Clarken acknowledged the "tricky" macroeconomic climate, but added that Criteo was well positioned because many of its clients are leaning on its platform for so-called performance advertising — designed to trigger a direct response — rather than brand advertising, where results tend to play out over a longer period of time.
"We feel good about the work we're doing in terms of how we're servicing those clients and the resilience of our business to continue to serve our clients in a really pressured environment," Clarken said.
"I think it's prudent to remain cautious and just make sure that we stay the course, we deliver against what we say we're going to deliver, and be very focused."
More: Criteo IPONWEB M&A
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2022-08-03T11:49:04Z
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Criteo Completes $250 Million Acquisition of Adtech Rival Iponweb
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https://www.businessinsider.com/criteo-completes-250-million-acquisition-of-adtech-rival-iponweb-2022-8
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https://www.businessinsider.com/criteo-completes-250-million-acquisition-of-adtech-rival-iponweb-2022-8
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Summer travel chaos has led to long queues at airports.
Thomas Banneyer/picture alliance via Getty Images
A newlywed couple claims they canceled their honeymoon because of travel disruptions, per The Mirror.
After airport delays lead to expensive rebookings, the couple said they decided to cancel the trip.
The couple said they had received compensation, but not for the full amount.
A newlywed couple claims they were forced to cancel their honeymoon after delays and missed flights ruined their plans.
The Mirror reported the news.
Soumaya Elliott and her husband Justin, who wed last month, told The Mirror they had planned a four-week trip to Asia to celebrate their marriage.
But after airport delays lead to an expensive rebooking, the couple said they decided to cancel the trip.
The newlyweds said they missed their connecting flight from Vienna to Bangkok by two minutes after being delayed by more than three hours at passport control and security in the Austrian airport.
After being told by Kiwi.com that they were not eligible for a refund, the couple rebooked a flight the next day and spent the night on the airport floor.
The couple said that when they booked the new flights they were assured by the agency they would not need new visas for the following day. However, when they attempted to check in, they said they were told otherwise.
According to Elliot, they were denied check-in for the new flight, resulting in her "having a panic attack on the floor and "being sick."
They say the travel agency still refused to offer them a refund so they decided to return to the UK. On the trip back, the couple said their luggage, containing Elliot's wedding dress, was lost when traveling from Vienna to Frankfurt.
"It was really really horrendous. It was horrible. It was the worst experience of my life, I think," Elliot said.
Kiwi.com did not immediately respond to Insider's request for comment or confirmation of the incident, which was made outside of normal working hours. Elliot could not be reached for comment.
The newlyweds and Kiwi.com say the couple has now been compensated £1,235 for the extra flights they purchased. They have also been granted around £1,000 worth of Kiwi.com vouchers.
A spokesperson from Kiwi told The Mirror: "We can't imagine the distress Mr. and Ms. Elliott went through. Once the couple missed the flight in Vienna, they contacted our Customer Support department and were advised of the Transfer Protection conditions."
They said: "The customers decided to select and buy a flight without the consultation and unfortunately missed the visa requirements information alerting them of specific conditions to be met at their transit airport.
"Given the unpleasant hassle Mr. and Ms. Elliott had to experience, we went an extra step and processed the full refund for this booking, as well as refreshments that the couple had to purchase – in total £1,319.83."
This is not the first time newlyweds have been caught up in travel disruptions plaguing the aviation and travel industry.
Insider reported that last month a newlywed passenger lost $10,000 worth of luggage on a flight to her honeymoon destination. The bag included the bride, Latrice Rubenstein's, wedding dress.
More: Flights Airline lost luggage transport
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2022-08-03T11:49:28Z
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www.businessinsider.com
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Couple Say They Had to Cancel Honeymoon After Delays, Missed Flights
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https://www.businessinsider.com/travel-chaos-newlywed-cancelled-honeymoon-flights-airport-2022-8
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https://www.businessinsider.com/travel-chaos-newlywed-cancelled-honeymoon-flights-airport-2022-8
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A Trump critic was forced from office in the Michigan GOP primary, a success for Trump's efforts to purge the party of his enemies
Rep. Peter Meijer at an event in Washington, DC, in August 2021.
Rep. Peter Meijer lost the Republican Party primary for Michigan's 3rd district.
Meijer voted to impeach Trump, and was beaten by a Trump-backed challenger.
The result is a victory for Trump, who has worked hard to purge his critics from the GOP.
Rep. Peter Meijer, a longtime critic of former President Donald Trump, lost his primary election on Wednesday to a Trump-backed challenger.
His defeat represents a victory for Trump's long campaign to purge the Republican Party of his critics.
Meijer's opponent in the race, John Gibbs, was projected the GOP primary winner in Michigan's 3rd congressional district by Insider's election partner Decision Desk HQ early on Wednesday.
—aaron navarro (@aaronlarnavarro) August 3, 2022
(For more detailed results from Meijer's election and other Michigan primaries, click here for Insider's live results page.)
Meijer was one of 10 Republicans who enraged Trump by voting to impeach him over the Jan. 6, 2021 Capitol riot.
His loss makes him the second Republican lawmaker to lose their job after taking a stand against the former president.
Trump has endorsed primary challengers to several of his Republican opponents as he seeks to reshape the party.
Gibbs served under former HUD secretary Ben Carson as a software engineer, and has pushed Trump's false claims that the 2020 election was stolen by fraud.
Meijer in a statement early Wednesday announced he was conceding to Gibbs, but said he would continue to support the GOP.
"A Constitutional Republic like ours requires leaders who are willing to take on the big challenges, to find common ground when possible, and to put their love of country before partisan advantage," Meijer said.
"Though this was not the outcome we hoped for, I will continue to do everything possible to move the Republican Party, West Michigan, and our country in a positive direction."
Meijer was elected to the seat in 2020, and the impeachment vote was one of his first major acts as a member of Congress.
Meijer criticized the Democratic Party for paying for ads backing Gibbs as part of its controversial strategy to aid the campaigns of extreme candidates which some strategists believe will be easier to defeat in the November midterms.
Of the 10 Republicans who voted to impeach Trump in 2021, four have stepped down, and two have been defeated by Trump-backed challengers. Before Meijer, Rep. Tom Rice lost the primary for his seat in South Carolina.
Tuesday's vote was the most significant test of the political futures of the House Republicans who backed Trump's impeachment, with three on the ballot, including Meijer.
The primaries for the seats of pro-impeachment Washington state Reps Jaime Herrera Beutler and Dan Newhouse had not been called as of around 6.30 a.m. ET.
The primary for the Wyoming seat of Rep. Liz Cheney, a Jan. 6 committee member, is due later in August. Rep. David Valadao won his primary in California against a Trump-endorsed challenger in June.
Gibbs is due to face Democratic nominee Hillary Scholten in November's election.
More: Peter Meijer John Gibbs Republican midterm primaries Donald Trump
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2022-08-03T11:49:34Z
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Trump Critic Meijer Loses Primary, Victory for GOP Purge
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https://www.businessinsider.com/trump-critic-meijer-loses-gop-primary-victory-for-trump-purge-2022-8
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https://www.businessinsider.com/trump-critic-meijer-loses-gop-primary-victory-for-trump-purge-2022-8
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Hi. I'm Aaron Weinman. Toronto-Dominion Bank agreed to buy investment bank Cowen for $1.3 billion on Tuesday.
Let's understand how this deal underscores the Canadian bank's investment-banking ambitions in the US, and how it reflects the broader dealmaking market for financial institutions.
TD Bank / Anthony Quintano
1. Toronto-Dominion Bank's $1.3 billion move for Cowen underscores that the Canadian lender wants more of the US investment-banking pie. The deal comes after TD agreed to buy Memphis-based First Horizon Corp. for $13.4 billion in February.
Cowen provides investment research and advisory services for M&A. TD will fund the acquisition from the $1.9 billion of proceeds it will receive from the sale of some of its stake in Charles Schwab.
TD also hopes to improve its share of business in the US capital markets by leveraging its balance sheet with Cowen's expertise in investment banking, one banker focused on M&A for financial institutions said.
While big-bank M&A is few and far between, there's room for smaller, strategic transactions like TD's move for Cowen. The small- to middle-market banking space in the US remains fragmented, and there's room for consolidation, according to Sid Khosla, a managing partner and M&A leader for financial services strategy at EY.
"There are adjacent areas where these banks may benefit from inorganic growth," Khosla said in regards to large lenders making acquisitions. "Not necessarily a scale play in consumer banking, but a play around another product set that can use the deposit base that these banks may have."
During Tuesday morning's conference call announcing the deal, Riaz Ahmed, TD Securities' group head for wholesale banking said one pressing question when determining an acquisition was finding a target with "complementary skills."
"It's difficult to time things exactly to where the markets are. When you have a long view of the business, then really what you're looking for is — can you find a party that has complementary skills, and then you worry less about the timing," Ahmed said in response to a question about why TD was making the purchase amid broader market volatility.
TD was advised by Perella Weinberg, and Simpson Thacher & Bartlett and Torys LLP were legal advisors. Ardea Partners and Perkins Advisors worked with Cowen, while Cravath, Swaine & Moore was its legal counsel.
Igor Tulchinsky has changed the way hedge funds think about quants.
2. The $7 billion WorldQuant is launching a new competition to crowdsource talent. Those battling it out can win up to $20,000 cash, or land a job.
3. Wells Fargo is reviving, and revising, a policy that led to fake job interviews, per this report from the New York Times. The bank is reactivating the practice that it paused earlier this year after a former employee revealed it was leading managers to interview non-white candidates for jobs that were already filled.
4. Andreessen Horowitz wants to manage the money of wealthy startup founders, Bloomberg reported. The venture-capital firm hired Michael Del Buono as chief investment officer for a new business that will provide wealth-management services. Meanwhile, Marc Andreessen is one of several top investors being dragged into Twitter's legal battle with Elon Musk.
5. Two investment bankers with Centerview Partners have left the firm to start their own shop, according to the Wall Street Journal. Dealmakers David Handler and David Neequaye have secured backing from Consello and 25madison to start a company focused on advising tech companies.
6. Robinhood's crypto unit was fined $30 million by the New York State Department of Financial Services. The NYDFS said the company's crypto anti-money laundering and cybersecurity program was inadequately staffed and lacked enough resources to address risks. Robinhood also said on Tuesday that it would cut 23% of its workforce.
7. This NFT-based loyalty startup just raised $16 million from Kevin Durant and investors like Paradigm and Mr. Beast. Here's the 10-slide pitch deck that Hang used to nab the funding.
8. PwC is hiring for 4,000 roles across the company. Here's what incoming associates need to know, according to PwC's head of recruiting.
9. Blockchain engineers are in major demand at companies like Google and Deloitte. Even amid crypto layoffs, recruiters said compensation and job openings for these gigs remain high.
10. HBO's "Industry" nails how much bosses at investment banks hate employees working from home. The show, about the lives of junior employees at a fictional London-based bank, returned for its second season on Monday.
Carlyle's credit platform has launched a decarbonization-linked financing program. The initiative incentivizes borrowers to reduce their greenhouse gas emissions or achieve other climate-related targets. It's among the first in the US private-credit market.
Orthodontics company Impress has merged with Uniform Teeth to create a network of orthodontic clinics. Impress is a Barcelona-headquartered company founded by Dr. Khaled Kasem, and Uniform Teeth was formed in San Francisco. Uniform is backed by investors Canaan Partners, Lerer Hippeau, Slow Ventures, and Refactor Capital.
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2022-08-03T12:23:51Z
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www.businessinsider.com
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TD Bank Acquires Cowen, Eyes More Investment-Banking Business in the US
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https://www.businessinsider.com/td-bank-mergers-acquisitions-cowen-banking-deals-capitalmarkets-2022-8
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https://www.businessinsider.com/td-bank-mergers-acquisitions-cowen-banking-deals-capitalmarkets-2022-8
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Travelers wait at Newark Liberty International Airport.
Jeenah Moon / Stringer / Getty
US fliers may be able to request full-cash refund if their flight is canceled, under a new bill.
The proposal, titled Cash Refunds for Flight Cancellations, is in response to travel chaos.
Many airlines currently offer to rebook delayed customers or provide vouchers as a default.
After a summer of flight chaos and cancellations Democratic senators want to give US travelers more control over how they're compensated by airlines.
Under a proposed bill — named Cash Refunds for Flight Cancellations — airlines would be required to offer customers a full cash refund within 30 days if their flight is canceled or significantly delayed less than 48 hours before departure, per the release published by Sen. Sheldon Whitehouse, a Rhode Island Democrat on August 1.
Under current federal and Department of Transportation rules fliers are entitled to a refund if their flight is canceled. However many airlines instead offer to rebook or provide vouchers as a default. The bill would require them to offer refunds in cash.
The bill comes in response to the thousands of flights that have been canceled or delayed this summer as the aviation industry battles with labor shortages amid a resurgence of travel demand post-pandemic.
More than 88,000 flights have been canceled in the US so far this year, according to figures from the Bureau of Transportation Statistics, with travellers sharing stories of long-queues, lost bags, broken wheelchairs, and misplaced pets.
"It's bad enough to miss out on vacation time when your flight gets canceled or an emergency pops up. You shouldn't also have to fight tooth and nail with an airline for your legally required cash refund," Whitehouse said in the release.
Senators Ed Markey, Richard Blumenthal and Elizabeth Warren, along with Representatives Steve Cohen, Chuy Garcia and Jamie Raskin are the other Democrats involved in the proposals.
The proposal also argues that passengers should be able to retroactively request refunds for flights from March 1, 2020 if they have not yet used their compensation, or been offered an alternative.
The bill would also require ticket agents to inform fliers of their rights at the time of purchase and let customers who cancel their flight 48 hours before departure request a cash refund. Airlines who fail to offer refunds within 30 days could be fined $1,000, under the proposals.
Last week, Warren along with Senator Alex Padilla wrote to transport chiefs, urging them to take greater responsibility for how the flight delays impacted customers. The letter, reported by Insider's Kate Duffy, said that the Department of Transport could issue airlines with fines of up to $37,377 per violation.
The bill will was introduced on July 28th, per the official congressional website.
More: Flight Cancellations Transportation Aviation Politics
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2022-08-03T13:20:09Z
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www.businessinsider.com
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Airline Passengers Could Get Cash Refund If Flight Canceled: Bill
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https://www.businessinsider.com/airline-passengers-could-get-cash-refund-if-flight-canceled-bill-2022-8
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https://www.businessinsider.com/airline-passengers-could-get-cash-refund-if-flight-canceled-bill-2022-8
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3 former Netflix execs reveal how they launched their own production companies and what they learned from the streamer's entrepreneurial culture
Natalie Jarvey and Ashley Rodriguez
Jenna Boyd, Ro Donnelly, and Erik Barmack.
Jenna Boyd; Ro Donnelly; Alexandre Loureiro/Getty Images
Netflix's corporate culture has encouraged employees to think like entrepreneurs.
Several Netflix veterans have gone on to start their own production companies in recent years.
One Netflix alum launched a company with Dakota Johnson; others are producing kids shows and international content.
"People would refer to it as the billion-dollar startup," recalled producer Jenna Boyd of her tenure at Netflix. "We had to kind of figure it all out but with a lot of resources."
Now Boyd is figuring it all out on her own as the founder of Field Day Entertainment, a production company that counts her former employer as a partner. She may not have Netflix's deep pockets or data troves but what she learned at the streaming giant, where she worked to build up kids and family programming from 2017 to 2019, gave her the tools and confidence to launch Field Day.
Boyd is one of several former Netflix executives who've been emboldened by their experience at the streamer — known for fostering a culture that emphasizes deep trust and accountability — to strike out on their own.
"Netflix, during the time I was there, was very entrepreneurial," said Erik Barmack, who oversaw international originals for the streamer before starting his production company, Wild Sheep Content, in 2019.
Netflix's culture, first laid out in a deck that co-CEO Reed Hastings released publicly in 2009, has influenced how many companies in Silicon Valley operate. The streamer's core values have been lauded for helping it achieve dominance in Hollywood as it began to make original programming. And though Netflix is facing a rocky period — recent subscriber losses, a revenue growth slowdown — it has transformed how entertainment companies operate, too.
Working at Netflix over the last decade gave Barmack, Boyd, and others firsthand experience of what it is like to scale a business and grow quickly — as well as knowledge of how the streamer uses data to inform programming decisions.
"I got to see the inside of streaming and understand how the data works and what audiences are responding to," said Boyd. "It gave me a lot of confidence to feel like, 'I have this insight and experience that's pretty special, and I could be valuable to them as a producer.'"
Insider spoke to Boyd, Barmack, and "Cha Cha Real Smooth" producer Ro Donnelly about how they transitioned from Netflix to starting their own shop and the lessons they learned from the innovative company.
Erik Barmack
Wild Sheep Content founder Erik Barmack.
Alexandre Loureiro/Getty Images
Company: Wild Sheep Content
Last position at Netflix: VP, head of international originals
Wild Sheep Content cofounder Erik Barmack struck out on his own after four years running international originals at Netflix, where he oversaw flagship shows including "Money Heist," "Sacred Games," and "The Witcher."
This was when Netflix was still ramping up its international slate and endeavored to have 100 non-English language series in production around the world — a staggering figure for the time.
"No one had done international originals before at the scale that Netflix was going to do it," Barmack told Insider.
During his more than eight years at Netflix, the former ESPN business-development lead said, he gained experience using data and analytics to package international shows. And he learned what streamers were looking for.
In 2020, he started producing international fare on his own through his Wild Sheep Content banner. It options and packages IP, such as books and video games, for international streamers and broadcasters — on the premise that demand for international programming will grow as streaming collapses content borders.
Barmack said he's so far sold 22 projects into development to streamers including Amazon, Disney+, Netflix, and Viaplay, as well as to broadcasters like Germany's ZDF. More than half of those projects have been greenlit to film or series.
He said Netflix instilled in him a "bias to action" that has helped him as a producer. He jumped at the chance to develop and produce the 2021 Brit List winner "Obeah" after reading the unproduced screenplay.
"We were able to put that project together because we weren't spending months deciding whether it would make sense," Barmack said. "The bias to action in production works pretty well."
Even with his Netflix background, Barmack said it was daunting to go out on his own.
"It's just this idea of, is anybody going to buy anything I put together?" Barmack said. "Do you think you're uniquely capable of packaging or putting material together, or is it just that you have had the opportunity to work for a big company?"
But he said it really clicked for him during the pandemic, when he and his team — which includes a lawyer and a production accountant — helped finance, cast, and package a movie called "Hunting Ava Bravo" that sold to Roku in the US and Amazon in Latin America.
"Once you've done that a couple of times, you start to believe that it's more about execution than it is about whether you can do it or not," Barmack said. "It's been a lot of fun."
Field Day Entertainment's Jenna Boyd.
Company: Field Day Entertainment
Last position at Netflix: Director of kids & family series
Boyd had the entrepreneurial bug long before she started her own production company.
After nearly two decades producing shows for Nickelodeon, she joined children's multimedia startup Goldieblox as its chief content officer. But when Netflix came calling in 2017, she made the jump to the streamer to help build its kids and family programming division.
While at Netflix, Boyd took the kids content pipeline from one show to around 30, including live-action projects like "Julie and The Phantoms" and "The Baby-Sitters Club."
It was an experience that helped prepare her to strike out on her own, and in 2020 she started Field Day to produce family-friendly programming in partnership with management and production firm The Cartel.
Boyd, who is passionate about elevating women into creative leadership roles in animation, chose The Cartel as her partner because she liked the company's commitment to supporting talent through its management arm. She also serves as a manager with the firm.
"You need to have some sort of foundation," said Boyd, who explained that it can take at least three years for a production company to get a slate of shows up and running. "You have to create a runway where you can try things and make mistakes."
About a year-and-a-half into the venture — which she started in the middle of the pandemic — Boyd is still in building mode, though she has projects set up at Netflix and HBO Max. "I don't feel like I'll know for another year-and-a-half if this is going to work," she said with a laugh.
What she does know is she enjoys being her own boss. "I've always felt like an entrepreneurial person stuck in a very corporate environment," she said. "I love that idea of building and this time betting on myself a little more."
Ro Donnelly
TeaTime Pictures' Ro Donnelly.
Company: TeaTime Pictures
Last position at Netflix: Development executive
Donnelly's four-and-a-half years at Netflix coincided with a pivotal moment for the streaming giant as it transitioned from a buyer of other studios' content into a producer of its own.
"I definitely saw it go through a bit of a transformation," said Donnelly, who was part of a small team that developed early scripted series like Brit Marling and Zal Batmanglij's "The OA."
While at Netflix, Donnelly realized that she had an aptitude for producing that sometimes got in the way of her ability to play the role of network executive. "I just loved working with the writers and directors," she recalled. "I would get so enmeshed on that side of things that I cared more about their vision than molding it into what we needed at Netflix."
So she hatched a plan with her friend, actor Dakota Johnson, to start their own production company, TeaTime Pictures. "Our taste just completely aligned," said Donnelly, who was eager to work with a generation of up-and-coming creators.
The name TeaTime is a callback to the long chats Donnelly and Johnson would have about the business. "We drink an enormous amount of tea," said Ireland-born Donnelly, who added, "I have been drinking strong Irish breakfast tea since I was a baby, like in my bottle."
Though Donnelly called the transition "a leap of faith," she knew it was the right move. "That's one of the big things about being entrepreneurial, is you really gotta listen to your heart and bank on yourself. That voice for me was so much louder than a really good salary and amazing health insurance and being at one of the biggest entertainment companies in the world."
Already, the pair have produced several projects. Two feature films starring Johnson, "Am I Ok?" and "Cha Cha Real Smooth," debuted at the Sundance Film Festival this year, the latter selling to Apple TV+ for a reported $15 million. And comedy series "Slip" from Zoe Lister-Jones will debut on The Roku Channel later this year.
In December, Donnelly and Johnson sold a minority stake in TeaTime to Boat Rocker Media, a Canadian entertainment company, and have started to scale the business.
"I think when you grow up supporting yourself, you're always like, 'Do I have a safety net?'" Donnelly said. "But we've been super fortunate that people have backed us and have seen what we wanted to do."
Donnelly said she's brought a few elements of Netflix culture to TeaTime, including its philosophy of transparency among employees: "I do it with everyone that we work with too because it just breeds this feeling of openness and collaboration."
More: Features Netflix Producer
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2022-08-03T13:20:33Z
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www.businessinsider.com
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3 Former Netflix Execs Reveal How They Launched Production Companies
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https://www.businessinsider.com/former-netflix-execs-entrepreneur-culture-launched-production-companies-2022-8
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https://www.businessinsider.com/former-netflix-execs-entrepreneur-culture-launched-production-companies-2022-8
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Here's an exclusive look at the pitch deck AI customer service startup Aisera used to raise $90 million from investors like Goldman Sachs and Thoma Bravo
Aisera founder Muddu Sudhakar
Aisera raised $90 million and will use it to fuel its explosive growth over the past year.
Its investors include Goldman Sachs, Thoma Bravo, Menlo Ventures, and Silicon Valley Bank.
Aisera uses AI and machine learning to direct customer inquiries to the correct applications.
Aisera, a startup that uses artificial intelligence to automate customer service and IT service tasks, has raised $90 million to fuel its explosive growth.
With the fresh capital, Aisera founder and CEO Muddu Sudhakar says the company plans to invest in improving its product engine, which uses machine learning, natural language processing, and artificial intelligence to figure out different types of workflow queries and then direct users to the correct application.
For instance, if a user has a question about their account, Aisera's system analyzes the query to determine if it's something best answered by Salesforce, Zendesk, or Atlassian.
Over the past year, the company says it has experienced drastic growth and now has over 75 million users.
"We are growing 300% and in order to grow that big we have to hire, so we are open for business," Sudhakar said. "We just added close to 100 people last year and have around 100 openings in all areas."
Aisera's investors in the Series D round include the growth equity business of Goldman Sachs Asset Management, Thoma Bravo, Khosla Ventures and Menlo Ventures.
Sudhakar said the new funding supports the idea that AI "has become necessary to support employees in today's highly inflationary, work-from-anywhere environment." He added customers continue to want their questions answered quickly wherever they are.
Here is an exclusive look at the pitch deck Aisera used to raise $90 million:
Aisera 1
Aisera slide 1
Aisera 10
Aisera slide 10
Aiera 18
More: Features Start-Up Pitch Deck
startups 2022
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2022-08-03T13:20:51Z
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www.businessinsider.com
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The Pitch Deck AI Startup Aisera Used to Raise $90 Million
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https://www.businessinsider.com/pitch-deck-ai-service-automation-company-aisera-raise-funding
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https://www.businessinsider.com/pitch-deck-ai-service-automation-company-aisera-raise-funding
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This startup enables employees to pick their own benefits. Check out the 13-slide pitch deck Ben used to raise $16 million.
Ben cofounders David Duckworth and Sebastian Fallert.
London-based employee benefits platform Ben has raised $16 million in Series A funding.
The platform gives employees a budget to pick their own benefits.
Check out the 13-slide pitch deck the cofounders used to land the fresh capital.
A startup that has built an employee benefits platform to service the world of hybrid working has raised $16 million in fresh funds from venture capital firm Atomico.
London-based Ben, founded in 2019, offers a marketplace of different benefits that enables employees to pick the ones most suitable for them. The platform includes everything from mental health support to fertility to life insurance.
Employers assign employees an allowance that can be used on health and wellbeing, learning development, or as a work-from-home stipend. Workers are set up with a Ben Mastercard, physical or digital, that can be used both on and off the platform to make any purchase a benefit, depending on the rules set by their companies.
Cofounder Sebastian Fallert had the idea while working at Secret Escapes, which acquired his former company JustBook. Secret Escapes had 1,200 staff when Fallert left, which opened his eyes to the complexity of employee benefits, he told Insider.
"Every month there were spreadsheets, manual adjustments to pension plans and health insurance plans. Oh, X is on maternity, she has a different deal this month and so on," Fallert said.
Ben, which is short for benefits, also manages pensions, life insurance, and health insurance, and allows employees to tweak their contributions and add family members to policies.
The platform frees HR departments from having to source and manage benefits, a "difficult task" that should cater to the whole team, according to cofounder David Duckworth. It also removes the need for teams to be reimbursed in a "clunky way" or taking payments out of a person's salary, Duckworth said.
"You have three generations in the workplace," Fallert added. "They are in different situations, some have families, others don't, some work remote, others work hybrid. It's become much more diverse and multifaceted. Companies increasingly want to offer choice and flexibility in order to cater for their workforces."
Different markets have different rules when it comes to benefits and what is taxable, the cofounders said. In Germany, for example, there is a tax-free non-cash benefit allowance of up to 50 euros (around $51) a month. In Spain, meal vouchers are commonplace.
"Health insurance works differently in different markets as well," Duckworth added. "In terms of what's actually allowable, what's covered, the types of underwriting, and the data the insurer needs about an employee to be able to accurately price them. It works slightly different in Australia versus South Africa versus the US."
The platform is good at dealing with this admin, he said, as it has built-in reporting tools for everything from tax to engagement.
Ben boasts a client list of over 150 companies globally, it said. They range from mid-sized, remote-first companies to large enterprises. Its sweet spot is companies with "a few 100 to a few 1000 employees."
The Series A round, which had participation from Cherry Ventures, DN Capital, Seedcamp, brings the company's total funding raised to $21 million. Angels including Remote cofounder, Job van der Voort, Peakon CEO Neil Ryland, and Personio's chief people officer Ross Seychell also joined the round.
The cash will be used to double its 35-strong headcount by the end of the year, with a focus on the commercial team. Fallert and Duckworth will also build out Ben's technology for dealing with local intricacies of how benefits work in different markets.
More: Features Pitch Deck Tech Insider
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2022-08-03T13:20:57Z
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www.businessinsider.com
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Employee Benefits Startup Ben Raises $16 Million From Atomico
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https://www.businessinsider.com/pitch-deck-startup-ben-employees-benefits-atomico-2022-8
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https://www.businessinsider.com/pitch-deck-startup-ben-employees-benefits-atomico-2022-8
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The Fed has said cooling inflation will likely involve a rise in unemployment as the labor market softens.
Higher unemployment, however, is the "first and foremost" risk to the economy, Goldman Sachs said.
Letting the US lose jobs is "pure waste," while inflation is simply "redistribution," another economist said.
It's joblessness, not inflation, that poses the biggest threat to the economic recovery, according to several top US economists.
Policymakers are walking an economic tightrope. The Federal Reserve and Congress highlight inflation as the biggest threat to the economy, and the central bank has aggressively raised interest rates in hopes of slowing price growth. Fed Chair Jerome Powell has frequently pointed to the labor market's strength as a sign that the economy can shoulder the burden of higher rates.
He reiterated his cautious optimism on Wednesday, saying the Fed sees "a path for us to be able to bring inflation down while sustaining a strong labor market." Yet cooling the price surge is also likely to involve "some softening in labor market conditions," Powell added.
Critics, however, fear the Fed is sacrificing employment to pull inflation lower. That tradeoff, even if effective, could do more harm than good. The financial cushion from stimulus and boosted saving has worn away for most Americans, and most are tapping their savings to keep spending and driving the recovery forward.
Higher unemployment, then, is the "first and foremost" risk to the recovery, as it could dramatically slow growth, Jason English, a lead analyst at Goldman Sachs, said in a Monday webinar.
"There is a propensity to spend that exists, a momentum behind it," he said, adding that strong wage growth staved off some of the long-term damage from higher prices.
Higher unemployment would likely pull the economy into a recession, as jobless Americans would pull back on spending, corporate revenues would shrink, and firms would lay workers off to cut costs. That would have a far more dramatic effect on economy-wide incomes than inflation, Josh Bivens, the director of research at the Economic Policy Institute, said in a July blog post.
Going too far with labor-market softening "represents pure waste," as it leaves the economy producing less than its potential, he said. Higher inflation, meanwhile, "is pure redistribution in the short run," and doesn't reduce overall wealth.
"One person's cost is another person's income," Bivens added.
It's not just economists who view unemployment as the bigger menace; the typical worker does, too. A 2020 paper from three economists based in New Zealand found that households polled from 2005 to 2019 feel much more pain from unemployment than inflation. Increases in unemployment were about six times as powerful at lowering people's economic moods compared to increases in inflation, according to the paper. Respondents were also nine to 13 times more likely to cite sadness or physical pain from a one-percentage-point jump in unemployment than they were from a similar jump in headline inflation.
The fallout from a recession and high unemployment is simply much worse than high inflation, Claudia Sahm, a former Federal Reserve and White House economist, said in a July newsletter. Startups and small businesses face a serious risk of closing down. State and local governments are more likely to slash jobs as tax revenues shrink. The low earners who recover slowest from downturns are also the most likely to take the brunt of the economic hit in the next one, meaning a near-term recession would deal a painful one-two punch to disadvantaged Americans.
Aggressively raising interest rates and cooling the labor market is one way to fight price growth, but it's "medicine that's worse than the disease," Sahm said.
"A lost paycheck would be a much bigger problem than covering the extra costs of inflation now. And it's the workers at the bottom who are the most likely to lose their jobs," Sahm said. "We need many things today, but a recession ain't one of them."
More: Economy Recessions Inflation Federal Reserve
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2022-08-03T14:53:26Z
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Inflation Hurts, but Layoffs, Unemployment, and Recession Are Worse
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https://www.businessinsider.com/inflation-bad-unemployment-worse-recession-fears-economic-downturn-hiring-outlook-2022-8
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https://www.businessinsider.com/inflation-bad-unemployment-worse-recession-fears-economic-downturn-hiring-outlook-2022-8
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Arizona House Speaker Rusty Bowers and former Sen. David Farnsworth, his Trump-backed opponent.
Michael Reynolds/Getty Images and AP Photo/Bob Christie
Rusty Bowers lost a state Senate primary against David Farnsworth, who was backed by Trump.
Bowers, the outgoing Arizona House speaker, testified before the January 6 committee in June.
He spoke about facing down a post-2020 pressure campaign from Trump. Now, he's paid a political price for it.
Arizona House Speaker Rusty Bowers lost his state Senate primary race on Tuesday to David Farnsworth, a former state senator who had the backing of Donald Trump.
"I would be, in one way, okay. I've lost before," Bowers told Insider ahead of the primary, in the event of a loss. "And in another way, I'm thinking 'oh my gosh, right when we need adults the most, the thugs take over.'"
Bowers gained national notoriety when he testified before the January 6 committee in June about the pressure campaign that he faced from Trump and his associates in the wake of the 2020 election. Over the course of several months, Trump and his allies sought Bowers' help in seeking to decertify the state's election results after President Joe Biden won the state.
The out-going Speaker of the Arizona House was term-limited from serving further in that chamber, prompting him to run for a newly-drawn state Senate seat in his hometown of Mesa. But he soon earned a challenge from Farnsworth, who was encouraged to run by Trump-aligned Republicans in the state.
Bowers had also incensed conservatives by killing a so-called "election integrity" bill — which would have allowed Arizona's state legislature to overturn the will of the state's voters — by assigning it to all 12 of the chamber's committees, which ensured the bill wouldn't ever make it to the floor.
Trump boasted about Bowers' loss on his Truth Social platform on Wednesday, pointing to the Mesa Republican's testimony.
"David Farnsworth trounced RINO Rusty Bowers in Arizona," he boasted. "It was a race that they said couldn't be won, but it was, easily. People didn't believe Rusty Bowers when he testified in front of the Unselect Committee."
Following his testimony, Bowers faced criticism for saying that he would vote for Trump again, despite the harassment he received from Trump supporters following the 2020 election. He later reversed, telling Insider that he would much prefer a candidate like Florida Gov. Ron DeSantis or former Vice President Mike Pence.
"I think much of what he has done has been tyrannical, especially of late," Bowers told Insider. "I think that there are elements of tyranny that anybody can practice on any given day, and I feel like I've seen a lot of it, a lot of bullying and name calling."
Farnsworth, the victor in Tuesday's primary, has indulged several conspiracy theories. In a lengthy interview with Insider last month, he spoke of his belief that Satan was behind Trump's 2020 election loss and that some of what QAnon followers have said "seemed logical to me."
He also said he has "no doubt" that the 2020 election was stolen, despite admitting that he has no evidence for that assertion.
"Everybody is scared to death of Dave Farnsworth because he doesn't listen well," Bowers previously told Insider. "I have no animosity, except that he called me a swamp rat."
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2022-08-03T14:53:56Z
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AZ House Speaker Rusty Bowers Loses Primary to Trump-Backed Opponent
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https://www.businessinsider.com/rusty-bowers-primary-loss-trump-david-farnsworth-january-6-2022-8
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Trump-backed Mark Finchem won Arizona's GOP primary for secretary of state on Tuesday.
But at an election watch party, he appeared to cast doubt on his own race, a Boston Globe journalist reported.
Finchem has supported Trump's baseless claims of voter fraud in the 2020 election.
Arizona state Rep. Mark Finchem, a Trump-endorsed conspiracy theorist who won the state's GOP primary for secretary of state on Tuesday, suggested his own election was suspicious.
At an election watch party on Tuesday night for Arizona's GOP gubernatorial candidate Kari Lake, Boston Globe journalist Jess Bidgood reported that Finchem was questioning the election he just won earlier that evening.
"I've got people all over the state saying, 'I've gotten ballots that I didn't ask for,'" Finchem said without evidence, according to Bidgood.
National and state GOP officials called out voting issues during Arizona's primary races on Tuesday, calling ballot issues in Pinal County a "comprehensive failure" after some precincts ran out of ballots.
"Stay in line. Don't let them 'run out of ballots.' Stay in line and you will be able to vote," Finchem tweeted on Tuesday.
Finchem, who embraced QAnon conspiracy theories and marched on the Capitol on January 6, 2021, received over 243,000 votes in Tuesday's race, accounting for nearly 41% of the total ballots cast and beating his nearest competitor by almost 100,000 votes.
If elected as secretary of state, Finchem would run the state's elections.
Former president Donald Trump endorsed Finchem last month, saying he "is tough, strong, and he loves his state."
Finchem has long supported Trump's baseless election fraud claims and endorsed the GOP-sanctioned controversial vote audit in Arizona's Maricopa County.
Trump allies had hoped to use the audit of Arizona's 2020 presidential election results to strengthen the baseless voter fraud claims, but the results actually ended up further validating Joe Biden's victory.
More: Speed desk Mark Finchem Arizona Trump
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2022-08-03T14:54:02Z
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Trump-Backed Finchem Who Won GOP Primary Casts Doubt on His Election
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https://www.businessinsider.com/trump-backed-mark-finchem-arizona-primary-election-doubts-2022-8
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Goldman Sachs shares 3 reasons why the US is in a historically strong position to weather a recession — and 3 places to invest your money right now
The US is in a strong position to weather a recession, Goldman Sachs says.
Analysts at the bank hosted a webinar on Monday about recessionary threats.
They shared where they see investing opportunities in the current environment.
Recession fears have grown steadily since the start of the year as the Federal Reserve has become increasingly hawkish to fight off 41-year-high inflation, now at 9.1%.
The US economy met one definition of recession after posting its second-straight quarter of negative GDP growth this year. However, many people, including Fed officials, argue that the US is not in a recession with the labor market as strong as it is: the US added 372,000 jobs in June and unemployment is still at 3.6%. Also, the National Bureau of Economic Research has not yet made its official call.
But even if the US does enter a recessionary period where the job market craters and consumer spending slows, the country is in a uniquely good position — relative to history — to weather it, according to Goldman Sachs. The bank's economists place a 48% chance on a recession unfolding in the next two years.
In a webinar on Monday focused on recessionary risks, a team of analysts and researchers at Goldman Sachs Asset Management laid out why they're optimistic about the US economy's prospects even in a recessionary scenario.
The first reason is that there is still a robust number of job openings in the economy. Higher job opening numbers signal economic strength.
"If you look at the number of job listings out there versus the number of people actually looking for a job, there's a net deficit," said Jason English, a managing director at Goldman Sachs and a consumer-exposed stocks analyst. "It's actually the biggest deficit that exists on record with that dataset."
Job openings dropped in June for the third-straight month to 10.7 million, however, according to a report from the Bureau of Labor Statistics. Still, the number of job openings remains historically elevated.
Second, English pointed to the fact that consumers still have relatively high net worths. In Q1 of 2021, consumers had a collective net worth of $149 trillion.
"The consumer is coming into this downturn with an incredibly healthy balance sheet," English said.
Consumers are starting to save less, however, as inflation and rising interest rates cut into budgets. Personal savings rates have dipped to the lowest levels since 2009, according to data from the US Bureau of Economic Analysis.
The team of analysts shared three areas of the market they see as compelling opportunities right now.
The first is the consumer staples sector, which includes food and home product producers. English said he doesn't think the sector has gotten its full due yet despite its outperformance this year. For example, year-to-date, the Consumer Staples Select Sector SPDR Fund (XLP) is down around 3% compared to -14.7% for the S&P 500.
"The group's still a safe place to hide," English said. "Don't forget that we came into this year with mutual funds the most underweight consumer staples they've been in a decade. So people were just not invested in the space, and I don't think we're all the way back to equal balance."
As far as growth stocks go, Eric Sheridan, an analyst covering internet stocks, said that more profitable growth stocks with quality balance sheets are in highest demand among investors he speaks with. Less profitable firms, meanwhile, are less in favor.
"People are still looking at more mature, safer — for lack of a better term — growth, rather than being too risky in this environment," Sheridan said.
The American Century STOXX U.S. Quality Growth ETF (QGRO) offers exposure to quality growth stocks.
Finally, Richard Ramsden, who covers large-cap bank stocks for Goldman, said banks with the following qualities are best-positioned in the current environment: those with large consumer deposit books; those that are conservative underwriters; and banks with good operating leverage.
He said the seven largest US banks — which include JPMorgan, Bank of America, Wells Fargo, Citigroup, US Bancorp, PNC Financial Services, and Truist Bank, according to Bankrate — are best-positioned against losses. They're also likely to keep their dividend payments even in a recessionary scenario, though earnings would come down significantly, especially if the Fed cuts rates lower.
Ramsden also said the current state of the labor market and the consumer give banks protection against credit defaults.
"Usually consumers default when they lose their job and they cannot get reemployed. At the moment obviously we've got a very, very tight labor markets, and people can get reemployed very, very quickly. And critically they're getting reemployed at the same, or even a higher wage than they had before."
But, Ramsden said, consumers are not likely to be in such a strong position in 18 months time, and a recession then is likely to have bigger implications for the sector.
The Financial Select Sector SPDR Fund (XLF) offers broad exposure to the financials sector.
More: Investing Goldman Sachs Recession
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2022-08-03T14:54:08Z
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3 Places to Invest Your Money Amid Recession Fears: Goldman Sachs
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https://www.businessinsider.com/where-to-invest-money-now-stock-market-recession-goldman-sachs-2022-8
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Julia Poggensee, Hendrikje Rudnick, and Nathan Rennolds,
The 3D-printed house is in Beckum, in western Germany.
A German architecture firm constructed the country's first 3D-printed house.
The firm, Mense-Korte, built the house in Beckum, near Münster, in western Germany.
See inside the 1,722-square-foot award-winning home.
The architecture firm Mense-Korte completed Germany's first 3D-printed house in Beckum, North Rhine-Westphalia, in western Germany, in August 2021. The printing process took eight months.
The company worked with Peri, a formwork and scaffolding manufacturer and supplier, and HeidelbergCement, a multinational building-materials company.
The two-story house has 1,722 square feet of living space and a modern interior with smart technology. The project has won several awards, including a 2021 German Innovation Award.
The foundation of the 3D-printed house
The 3D-printing process
The house during construction
Another view of the house during construction
Mense-Korte/EPA-EFE/FRIEDEMANN VOGEL
The living room, with the kitchen to the left
The stairs
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2022-08-03T15:28:13Z
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See Inside This 3D-Printed House With an Ultra-Modern Interior
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https://www.businessinsider.com/see-inside-3d-printed-house-ultra-modern-interior-smart-technology-2022-8
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https://www.businessinsider.com/see-inside-3d-printed-house-ultra-modern-interior-smart-technology-2022-8
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A US-made M142 High Mobility Artillery Rocket Systems (HIMARS), a weapon that Ukraine has been using to great effect against Russian forces.
The US has a veto on targets for US-supplied HIMARS, a military official hinted.
Maj. Gen.Vadym Skibitsky made the remarks to British newspaper The Telegraph on Monday.
A Pentagon spokesman confirmed data-sharing with Ukraine but did not comment on any veto.
The US has an effective veto on Russian targets hit by HIMARS artillery, a Ukrainian general suggested.
Major General Vadym Skibitsky, Ukraine's acting deputy head of military intelligence, described the target-selection process in an interview wth the UK's Daily Telegraph newspaper.
The Telegraph, paraphrasing Skibitsky's comments, reported that he suggested there were discussions before a launch "that would allow Washington to stop any potential attacks if they were unhappy with the intended target."
He did not go into further detail.
Asked to comment on this, Pentagon spokesman Robert L. Ditchey II gave a general statement, without confirming or pushing back on the veto claim.
"We provide the Ukrainians with detailed, time-sensitive information to help them understand the threats they face and defend their country against Russian aggression," he said.
The US has supplied a total of 16 HIMARS units, with the latest four having arrived on Monday.
In the early months of the war, the US resisted giving any HIMARS to Ukraine, fearing that adding longer-range weaponry to Ukraine's arsenal could be seen as an escalation.
The initial donation, which came after hard Ukrainian lobbying, was on the condition that Ukraine use them only to strike targets in Ukraine, and not anything over the border with Russia.
The mobile artillery units have been hailed as a game-changer in the war. The high-precision units can fire around 50 miles, depending on ammunition used, with Ukraine saying they have used them to kill one Russian general, knock out a crucial bridge, and destroy 50 ammunition depots.
A Wall Street Journal review of Ukrainian use of US intelligence in May described the relationship broadly as the US giving information and leaving Ukraine to decide what to hit and when.
Skibitsky's suggestion, made months later, was of a more involved exchange. Skibitsky did say the US was not providing direct targeting information — an act that could undermine the US position that it is not taking part in the war.
Nonetheless, Skibitsky's comments prompted an angry reaction from Russia, Reuters reported on Wednesday, with a spokesperson for its foreign ministry characterizing his words as "confirmation of the direct involvement of the United States in the hostilities."
More: HIMARS ukraine-russia US military aid to Ukraine mildef
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2022-08-03T16:25:03Z
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HIMARS: US Has Veto on What Targets Ukraine Hits, General Suggests
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https://www.businessinsider.com/himars-us-has-effective-veto-over-russian-targets-report-says-2022-8
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https://www.businessinsider.com/himars-us-has-effective-veto-over-russian-targets-report-says-2022-8
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JetBlue Airways is offering $25 off most one-way fares between September 7 and November 16.
This is the first time the New York-based airline has offered discounts on fall travel.
The move comes as JetBlue plans to merge with Spirit Airlines, which has mastered the low fare strategy.
JetBlue Airways is offering discounted tickets a week after announcing a merger with low-cost giant Spirit Airlines.
On Tuesday, New York-based JetBlue announced a two-day "The Get The Fall Rolling Sale" that gives customers $25 off one-way fares between September 7 and November 16, except on Fridays and Sundays. Tickets must be booked by 11:59 p.m. EST on Wednesday, August 3, using the promo code "FALLSALE."
The deal is valid on nonstop routes within the US, meaning Mint fares and transatlantic routes are excluded.
JetBlue told Insider that it has done promo code sales before, but this is the first time the carrier is offering a set dollar amount off for fall travel.
"Our past promotion code sales have been so well received by customers, we wanted to try one during a new travel period," Dave Clark, JetBlue's head of revenue and planning, told Insider.
The carrier's last big promotion was in November 2021, when it offered a promo code for $100 off roundtrip flights as part of a Cyber Monday sale.
The deal comes as ultra-low-cost carriers Frontier Airlines and Spirit Airlines promote similar offerings. Frontier recently slashed fares to as low as $19 right after Spirit said it would not be merging with the Denver-based airline.
Meanwhile, Spirit ran a one-day sale in early July that offered 70% off summer flights. The discount only applied to Tuesdays and Wednesdays.
Since the merger announcement, one of the biggest questions is how fares will be impacted. Henry Harteveldt, travel analyst and president of Atmosphere Research Group, told Insider that he believes Frontier remaining a standalone low-cost giant will put pressure on JetBlue to keep fares low.
Harteveldt also said he is watching how JetBlue handles Spirit's $9 discount club, which gives customers access to lower-priced fares and other perks. According to Harteveldt, the program is successful.
More: Travel Discounts JetBlue Spirit Airlines
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2022-08-03T16:25:15Z
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JetBlue Offering $25 Off Most One-Way Fares As It Mergers With Spirit
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Sen. Joe Manchin, Democrat of West Virginia, wearing a mask to protect himself and others from COVID-19 in May at the US Capitol.
Five former treasury secretaries backed Manchin's inflation-fighting bill in a Wednesday statement.
The group includes secretaries from the George W. Bush, Clinton, and Obama administrations.
The secretaries urged Congress to pass the plan "immediately," adding it will help cool inflation.
Sen. Joe Manchin just won valuable new backing for his plan to fight inflation.
A group of five former treasury secretaries threw their support behind the Inflation Reduction Act in a Wednesday statement. The proposal, brokered by Manchin and Senate Majority Chuck Schumer last week, offers a path forward for some of President Joe Biden's economic agenda. The signatories include secretaries from Democratic and Republican administrations alike, lending the plan bipartisan approval that it's unlikely to win in Congress.
Hank Paulson, who served under President George W. Bush
"This legislation will help increase American competitiveness, address our climate crisis, lower costs for families, and fight inflation — and should be passed immediately by Congress," the group said.
The statement comes as Democrats scramble to gather the necessary support to pass the bill in the Senate. Sen. Kyrsten Sinema of Arizona is the biggest unknown within the party's ranks, and her stance can either secure the bill's passage or tank it entirely. Sinema hasn't weighed in on the measure yet, and the plan's proposal to close the carried-interest loophole could sway her against the bill. The Arizona senator has opposed closing the loophole in the past.
That's prompted a mad dash among Democrats and Republicans to win Sinema over. Republicans have pointed to estimates from the Joint Committee on Taxation that suggests the proposed 15% minimum corporate tax on large, profitable companies will trickle down to most Americans. Democrats, meanwhile, argue the projections don't tell the entire story, and other aspects of the IRA would provide most Americans with a net financial benefit.
Other estimates tout the proposal as a boon for the US economy. The plan, if approved, "will nudge the economy and inflation in the right direction," Moody's Analytics said in a Monday note. The firm's analysts forecast the plan will modestly cool price growth and boost economic output over the next decade. Not approving the IRA, however, could worsen the inflation problem by allowing ACA credits to expire and saddling millions of Americans with higher health care costs.
If the treasury secretaries' statement is to change any senators' minds, it has little time to do so. The Senate is likely to vote on the plan later this week, and Manchin has said he'll personally pitch the IRA to Sinema in hopes of winning her over and sending the plan to Biden's desk. But with the Senate barreling toward an August recess, the Arizona senator will have considerably less time to consider the plan than Manchin did.
More: Economy Inflation Reduction Act Inflation Joe Manchin
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2022-08-03T16:25:33Z
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Five Former Treasury Secs Throw Support Behind Manchin Inflation Plan
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https://www.businessinsider.com/manchin-inflation-reduction-act-treasury-secretaries-summers-paulson-2022-8
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Sanders assailed Manchin's bill on Tuesday night as woefully inadequate.
He urged Democrats to amend the bill since it omitted many programs like childcare.
Manchin's bill also excluded universal pre-K, student debt relief, and the Biden child tax credit.
Sen. Bernie Sanders of Vermont tore into the $740 billion climate, energy, and tax package that Democrats hope to pass within days. He said it dropped a wide range of Democratic initiatives at the core of the defunct, $2 trillion House-approved Build Back Better Act.
"At a time when the United States has the highest rate of childhood poverty of almost any major nation on earth, this bill does not extend the $300 a month per child tax credit that you had last year," the Vermont independent said in a Tuesday evening floor speech, referring to the monthly cash payment program that expired last year.
"If you are a parent today paying $15,000 a year for childcare, the average cost in America, this bill ignores that crisis completely and does absolutely nothing for you," he said, pointing to the provision in last year's House bill establishing affordable childcare costs at no more than 8.5% of a family's income.
Sanders also brought up other proposals that were jettisoned from the package. Those included:
Universal pre-K
Medicare expansion to cover dental, vision, and hearing benefits
Tuition-free community college
In-home care for elderly
Affordable housing funds
He had other complaints about the bill as well. Sanders said the provision allowing Medicare to negotiate prescription drug costs were both "extremely weak" and "extremely complex." But he did concede there were "some good and important" climate programs while bashing a program that Manchin secured to free up more oil and gas leasing.
Sanders had long pushed for an expansive social and climate bill, which at one point totaled $6 trillion in spending over ten years. The party settled on a $3.5 trillion spending blueprint last summer. That was whittled down further during fall 2021 until Manchin tanked it at the end of the year.
Senate Democrats are using a maneuver called budget reconciliation to avoid a Republican filibuster and pass the bill with a simple majority in the evenly-split Senate. But all 50 Senate Democrats must coalesce around the bill to eventually send it to President Joe Biden for his signature.
Senate Minority Leader Mitch McConnell said Tuesday that Manchin struck a spending deal "only Bernie Sanders would love." That seems to be a stretch given Sanders didn't call for an immediate vote.
"Now is the time for every member of the Senate to study this bill thoroughly and to come up with amendments and suggestions as to how we can improve it," Sanders wrote on Twitter.
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2022-08-03T16:25:45Z
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Sanders Tore Into Manchin Surprise Deal As Falling Far Short
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https://www.businessinsider.com/sanders-criticizes-manchin-deal-inflation-reduction-act-2022-8
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Why veteran YouTube creators Ingrid Nilsen and Jackie Aina pivoted to candle businesses and left their channels behind
Geoff Weiss and Tanya Chen
Ingrid Nilsen pours The New Savant candles in her Brooklyn studio.
Elizabeth Shrier
Ingrid Nilsen and Jackie Aina were seminal voices in the YouTube beauty community.
Rather than lipsticks or eyeshadow palettes, both have founded indie candle brands.
Nilsen and Aina have also both stepped away from YouTube.
Throughout beauty vlogger history, different product categories have captured the online zeitgeist.
In 2015, Kylie Jenner popularized liquid lipstick, paving the way for Kylie Cosmetics' $600 million acquisition by Coty and setting the stage for competitors like Jeffree Star. In 2017, Jaclyn Hill helped usher in an era of eyeshadow palettes with Morphe, kicking into motion an avalanche of collabs from James Charles and Bretman Rock.
Now, two of the industry's most influential voices are making a case for candles. Ingrid Nilsen and Jackie Aina – early tastemakers and advocates on social issues like tampon taxation and inclusive complexion products – both unveiled candle brands in 2020.
Both are in their early thirties, launched their YouTube channels in 2009, and have amassed roughly 3.5 million subscribers. And both have stepped away from their respective channels as they pursue entrepreneurship.
Nilsen and Aina lit up the home fragrance category at the outset of the pandemic – a strange but apt moment for an industry that drove revenue of $6.8 billion in 2021, according to Vantage Market Research.
And while both have benefited from a surge of sales from their devoted fanbases, the pivot to candles – where their faces are not immediately tied to products – enables Nilsen and Aina creators to demarcate where their online personas end and their businesses begin.
'Black women deserve self-care'
Both Nilsen and Aina have stepped away from their YouTube channels.
Nilsen quit YouTube in June 2020, and hasn't looked back.
"It was the right decision for me," she said. "Inherently, I am someone who doesn't love being the center of attention or being on camera ... Now, fragrance is my creative outlet."
In YouTube retirement, she found herself wondering how candles were made while quarantining in her girlfriend's childhood basement in Indiana. That inspired a trip to the craft store and a makeshift workshop on the ping pong table. The New Savant formally launched six months later.
Forvr Mood, Aina's line, was born in August 2020 from her love of fragrance and an overarching philosophy that, "Black women don't always have to be strong," per its website. "Black women deserve self-care. Black women deserve luxury."
Aina's recent content shift embodies this axiom.
She hasn't posted to YouTube in seven months, but is active on an Instagram account called LavishlyJackie, dedicated to luxury and cleaning videos. She can often be seen lighting a candle before a Sunday reset, steaming her sheets, and mopping the floors before putting up a "caution wet floor" stand in her bedroom. This content also lives on her TikTok account.
Aina declined to comment on leaving her YouTube channel, but addressed her content evolution in an October sitdown video.
"When you're in a creative field, once you've been doing a particular type of content for so long with very little variation, you can get tapped out very early," she said.
Earlier that year, Aina signaled her gradual move away from YouTube. In a video posted in February 2021, the YouTuber said she's been focusing on posting more on Instagram and TikTok. She also hinted at not feeling like she's rewarded as equitably for the influence she's had on the platform, both paving the way for beauty vlogging, and especially for Black women in that space.
"Imagine you have a job, a career, you work for a company," she said in the video. "You've been working for over a decade. You've contributed so much to the company. Imagine you put all that in and you have to sit back and see all of your colleagues get the promotions, get better wages, get better opportunities."
'I get to be focused on making something with my hands'
Both brands blend the personal and professional. Forvr Mood was founded by Aina and her fiance, the entrepreneur Denis Asamoah. Nilsen's cofounder at The New Savant is her girlfriend Erica Anderson, a former media executive at Twitter, Google, and Vox.
Los Angeles-based Forvr Mood has seven employees, Aina said, and recently named Asha Coco, a former executive at the perfumery Givaudan, as its president.
Denis Asamoah and Jackie Aina in a Forvr Mood visual.
Brandon Lundby
The New Savant's four-person team ships product out of a former textile factory in Gowanus, Brooklyn, where Nilsen has personally poured each candle to date.
"It's very physical work, which is so different from what I was doing before," she said. "I don't have a ton of time to be online during the day, which is amazing because I get to be focused on making something with my hands."
Nilsen outlines her vision in an olfactory brief, which is then developed by Givaudan. (Perfumeries like Givaudan, Firmenich, and IFF handle scent development across the fragrance industry.) A bestseller called Mixed Feelings, for instance, was inspired by Nilsen's Thai and Norwegian heritage, and comprises notes of white jasmine, heather, steamed rice, and cedarwood bark.
Aina, for her part, works with IFF and Firmenich. Both contributed to her most recent collection, Owambe, the Yoruba word for "celebration" that marks a nod to her Nigerian heritage.
Looking beyond YouTube to promote their brands
Both The New Savant and Forvr Mood candles are priced at $38. While the former brand is exclusively sold online, Forvr Mood inked a distribution deal with Sephora last July and is available in all of its US stores.
At the time, WWD reported that Forvr Mood had sold 200,000 candles, driving $6 million in revenue. Aina confirmed to Insider that the brand has sold hundreds of thousands of candles to date.
The New Savant's distribution scope is smaller, but demand is outweighing supply, Anderson said. An initial run of 600 candles in Dec. 2020 sold out in seven minutes. At $38 apiece, that's $22,800 in revenue. Anderson said 2022 sales are on track to double year-over-year. All told, Nilsen said she's poured more than 10,000 candles to date.
These sales are happening without any sales or marketing on Nilsen's YouTube channel and minimal mentions on Instagram. It's an intentional decision – to have the brand exist separately from Nilsen's persona and foster slow growth.
"When a creator goes viral, I don't think we as human beings are wired to handle something so massive that happens oftentimes overnight," Nilsen said. "I'm not looking for viral success with this. I really want to be flexible and creative and not feel pressure."
More: Beauty YouTube Fragrance Candles
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2022-08-03T16:25:51Z
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Why YouTubers Ingrid Nilsen and Jackie Aina Pivoted to Candle Business
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FedEx's biggest contractor is pushing to redefine businesses like his as franchisees. Here's how that could help the 6,000 'Davids' fight 'Goliath.'
Spencer Patton, the FedEx contractor publicly challenging the company, is forming a trade group.
FedEx sent Patton a "cease and desist" letter after his first video 14 days ago.
Patton formed a trade organization to argue that FedEx Ground contractors should be franchisees.
FedEx's largest contractor is launching a bid to reclassify 6,000 businesses like his as franchisees rather than contractors, a change he believes will bring struggling delivery contractors more protection.
This plan, which starts with creating a trade organization for contractors, is the latest move by Spencer Patton, CEO of Route Consultant, to help his business and those doing the same job at a time when they're going bankrupt so quickly, Patton said FedEx's delivery network could collapse.
Last month, Patton made a public plea for FedEx Ground to raise contractor pay or jeopardize the functioning of the logistics network. He also announced his plan to form a 10-member committee to speak on behalf of contractors' interests and negotiate collectively, a step that FedEx Ground CEO John Smith warned would constitute a breach of contract.
Tensions between FedEx Ground and its contractors have been rising since March, when fuel prices and inflation began to hammer delivery businesses' bottom lines. Some contractors report their margins are negative, and bankruptcies are rising.
"FedEx Ground is currently using their power to bully us and their customers," Patton said in a video released Wednesday announcing the formation of the non-profit trade group, the Trade Association for Logistics Professionals. Patton said FedEx sent him a "cease and desist" letter after his first video, in which he called for a 50-cent per stop raise for delivery contractors and a 20-cent increase for long-haul trucking contractors by November 25.
"You know what all of that tells me? I've got their attention," Patton said in his new video. "You are seeing a David versus Goliath story play right in front of your eyes."
FedEx did not respond to a request for comment in time for publication.
In Wednesday's video, Patton called Smith's response "tone deaf" and "out of touch." He also invited Smith to speak at the FedEx contractor conference In Las Vegas later this month. There, contractors will elect the members of the proposed committee, which will also lead the trade group. The conference is put on by Patton's company, Route Consultant, which acts as a consultant and broker for FedEx Ground contractor businesses. Patton expects more than half of FedEx's contractors to be in attendance.
Contractors working for delivery companies other than FedEx will also be welcome in the trade group. But Patton said he worked with expert attorneys to design the organization so that joining the group doesn't violate FedEx Ground service provider contracts. One aim of the organization will be to further efforts to reclassify FedEx contractors as franchisees.
Most states have a three-pronged definition for franchisees, Patton said. They must use the franchisor's trademark. The franchisor must have substantial control of the franchisee's business. And the franchisor has to charge a fee in excess of $600. Eighteen states require only the first two.
Patton said his contract with FedEx meets all three.
"One of the things that the trade association can do is petition state and federal governments to examine things such as this," Patton told Insider Wednesday. "I think there are 18 states that might be interested in taking a look."
Being classified as franchisees would give delivery businesses like Patton's more protection, he said. Franchisors are required to disclose more information about the health of the franchisees and the broader business.
"The real risk for FedEx here is if one or some of the states find that FedEx Ground has been selling franchises without proper documentation for years," Patton told Insider.
"I truly feel that God has brought me to this industry for such a time as this," he said.
More: BITranspo Logistics FedEx
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2022-08-03T17:55:56Z
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FedEx Contractor Forming Group to Push for Franchisee Status
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https://www.businessinsider.com/activist-fedex-contractor-push-for-franchisee-status-2022-8
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https://www.businessinsider.com/activist-fedex-contractor-push-for-franchisee-status-2022-8
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My partner and I saved $100,000 in 2 years and cut our living expenses by more than 80% by moving into a van. Here's how we did it.
Courtnie Hamel and her partner lived in their van while converting it to save money.
Courtnie Hamel and her partner were working as valets in San Diego when they moved into a van.
When they were laid off during the pandemic, the couple created income streams from their lifestyle.
This is how van life has enabled them to save $108,000 since 2020, as told to PollyAnna Brown.
This as-told-to essay is based on a transcribed conversation with Courtnie Hamel, a content creator who lives and works from her van. Hamel's income and savings have been verified by Insider. It has been edited for length and clarity.
Four years ago, my partner, Nate, and I decided to take up van life to save money.
We'd been living in an apartment in Huntington Beach, California, working as valets.
Our choice to explore van life was about more than just saving money
None of the places we'd lived allowed us to have pets. With a van, we could live on our terms and get a puppy.
We also wanted to enjoy our days off while saving money, instead of spending everything we made between regular bills and the occasional night out.
We thought van life could be a good fit because it would meet all of those needs — saving money, getting a dog, and expanding our freedom.
We bought our van in December 2018. It was a big commitment because we'd have to live in it for a couple of years to pay off the van loan.
Our van was initially financed for $30,000 with no down payment.
We moved into our empty van in February 2019.
We reinvested all the rent money we saved into our van build, about $18,565. Because we paid for our renovations out of pocket, it took a long time to complete them.
We spent February 2019 to September 2019 building out the van. We worked evenings valeting at a restaurant, so we renovated the van during the day.
It sounds easy, but it was a lot of work
We'd move all of our stuff outside of the van, flip up the mattress, and do as much work as we could. Once it was time for work, we'd pack up all of the tools and put everything back. That was the routine for a while.
Nate did — and still does — most of the building. I do the design.
Nate hadn't built anything before we started our van-life journey, so he used YouTube and other resources to learn.
Even though it was a bit stressful, the experience unlocked a new skill for Nate. With that first build, he found work that he was passionate about.
Nate and I are pretty stationary, so our day-to-day routine is similar to people living in homes
A typical day is driving to the beach in the morning, then going to work for the day, and then to the gym at night to work out and use the shower.
Instead of doing all of it in a house, we're in the van.
When the pandemic hit in 2020, like many other restaurant workers, we were laid off from our valet gig.
Because we had the van, we didn't have to worry about rent — but we still needed to make our van payments, which were about $600 per month.
Before I was laid off, my Instagram had about 70,000 followers. I was creating content mostly around wellness and recipes and making less than $5,000 per year.
Once the layoff happened, I began posting a lot of van-life content, and that's when all of my social channels grew
While I grew the business, Nate picked up random handyman jobs.
We got on TikTok early, and we were also on Instagram, YouTube, and most other platforms.
There was a lot of crossover between TikTok and Instagram, so when I became popular on TikTok, it grew the other channels.
In September 2020, I got a management company to bring me brand deals for user-generated content — content that aligned my channel with sponsored items.
I went all-in on my social-media business, and Nate did trade work, such as plumbing and electrical systems work, as well as van building for other people.
It's important to note that van life isn't always a choice for people. We were fortunate enough to choose it and do it our way. But some people are forced into and face a different reality from ours.
When we started van life, we had some debt, predominantly from the van
We paid off all of our debts by early 2020 and started saving money.
By cutting our expenses, growing my business, and doing van life our way, we've saved $108,899.92 in just over two years.
Our space is already maxed out with the essentials, so we also stopped buying little things, such as clothes, knickknacks, and extra shoes.
With van living, there can be some hidden expenses — especially when people buy older vans — including repairs or things breaking down. Van life also requires more oil changes, and we had to increase our phone plan so that we could hot spot for WiFi.
You may not see a lot of initial savings when transitioning to van life because you need capital to renovate with, an emergency plan in case something happens to your van, and van insurance.
Nate and I are more stationary, which reduces our living expenses and creates some consistency. But even our van broke down at one point, and fixing it wiped out our savings. Then we were able to build our savings back up.
Here are some of the van-related expenses that we budget for every month:
$100 for our parking spot
$150 for campgrounds
$20 to $30 for dump stations
$50 for our mobile hot spot
And yearly expenses:
$200 for a state parks pass
$60 for compost medium
$100 for propane
On average, our baseline van-related expenses total about $4,320 per year. Before, our rent was $2,170.00 per month. In rent alone, we've saved 83.41% by moving into our van.
Nate opened a handyman shop here in San Diego that we rent from an existing van-conversion company, and I make six figures from my social-media business.
We are making considerably more money than when we were valets
We donate about 20% of our old rent cost to various organizations and causes. When we stay on land that is connected to Native organizations or tribes, we focus on donating to them, especially if I'm doing work on that land with sponsored content.
We also donate to community pantries and the California State Parks Foundation every month.
We don't want to just show up to a place, park, use the resources, and leave. It's important that we give back. That's how we've approached van life, and we love it.
More: UK Freelance contributor 2022 Kiera Fields
Millennails
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2022-08-03T17:56:37Z
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How My Partner and I Cut Our Living Expenses by 80% by Moving Into a Van
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https://www.businessinsider.com/how-to-cut-living-expenses-save-money-moving-into-van-2022-8
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https://www.businessinsider.com/how-to-cut-living-expenses-save-money-moving-into-van-2022-8
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Johnson suggested putting Social Security and Medicare up for potential cuts every year.
He faced a barrage of criticism from the White House and other Democrats.
The Wisconsin Republican earlier in the year suggested repealing Obamacare.
Republican Sen. Ron Johnson of Wisconsin suggested putting Social Security and Medicare up for potential spending cuts every year in an effort to rein in the national debt.
"If you qualify for the entitlement, you just get it no matter what the cost," the Wisconsin Republican said on "The Regular Joe Show" interview that aired Tuesday. "And our problem in this country is that more than 70 percent of our federal budget, of our federal spending, is all mandatory spending. It's on automatic pilot. It never — you just don't do proper oversight. You don't get in there and fix the programs going bankrupt."
He went on: "What we ought to be doing is we ought to turn everything into discretionary spending so it's all evaluated so that we can fix problems or fix programs that are broken, that are going to be going bankrupt."
His comments prompted sharp criticism from the White House later on Tuesday. White House press secretary Karine Jean-Pierre said Johnson's idea would "devastate families."
—Karine Jean-Pierre (@PressSec) August 2, 2022
A Johnson representative elaborated on his comments.
"Sen. Johnson's point was we need oversight to save these programs and Congress needs to address to ensure that seniors don't question whether the programs they depend on remain solvent," Johnson spokesperson Alexa Henning wrote on Twitter.
Both programs form the linchpin of the safety net. Social Security provides retirement benefits to elderly and disabled people while Medicare provides health coverage to Americans over the age of 65. Congress isn't required to reauthorize Social Security and Medicare spending every year.
Democrats mostly favor expanding benefits for both programs with higher taxes on the richest Americans and large corporations. Republicans have largely advocated for spending cuts to both programs over the years, though President Donald Trump mostly split the GOP from that direction.
Johnson is mounting his third bid for re-election to the Senate in the November midterms. But it's not the first time this year that Johnson prompted a wave of criticism from Democrats. He suggested Republicans should embark on another effort to repeal the Affordable Care Act if they retake control of Congress this fall.
Sen. Rick Scott of Florida put out an agenda in early March that would have prompted lawmakers to re-evaluate Social Security and Medicare every five years, fueling Democratic attacks that he aimed to jeopardize their future. Senate Minority Mitch McConnell rebuked Scott and said that would not be the intention of a Senate Republican majority.
Johnson faced a barrage of Democratic attacks for his comments. "You know what happens when we make things discretionary around here? All too often they get cut or even eliminated," Senate Majority Leader Chuck Schumer said in a floor speech on Wednesday.
More: Policy Ron Johnson Social Security Medicare
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2022-08-03T17:57:01Z
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Ron Johnson Suggests Putting Social Security, Medicare up for Cuts Every Year
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https://www.businessinsider.com/ron-johnson-social-security-medicare-congress-2022-8
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https://www.businessinsider.com/ron-johnson-social-security-medicare-congress-2022-8
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VCs share what they're looking for in creator startup investments as they get choosier during an economic downturn
Sydney Bradley, Dan Whateley, JP Mangalindan, and Lakshmi Varanasi
While the market takes a turn, VCs are still funding creator economy upstarts.
Getty Images/Sydney Bradley
Like many companies, creator startups are facing headwinds as they enter the second half of 2022.
Venture capital firms funding these companies are look to mitigate risk during an economic downturn.
Insider asked VCs what they look for in new startups and what they're telling current portfolio companies.
The creator economy has boomed in the past few years, propelled in part by hundreds of millions in funding from angel investors amd venture capital firms.
But some investors are tightening their belts in the face of a broader economic downturn that has seen many companies cut back, either through layoffs or slowed headcount growth.
Funding for creator startups is still flowing, but often in smaller sums and with a more targeted purpose, VCs told Insider.
"Capital efficiency is more important than ever now because you have fundraising risk," said Josh Constine, a venture partner at the firm SignalFire, which has invested in startups like Karat and Truffle.vip.
But it's not all bad: As funding becomes more scarce, deals are tilting in favor of investors.
"This is the first time that dynamic has shifted in the last four years," Ben Mathews, a general partner at Night Ventures, told Insider. "It's really been a much better time to be a founder than it was to be a VC."
Faraz Fatemi, a partner at Lightspeed Venture Partners, which raised another $7 billion across four funds in July, told Insider concerns over a possible recession haven't affected their investing.
For one thing, valuations are becoming more realistic, requiring founders to pitch realistic business plans when they fundraise.
"Last year, you could raise a Series A and raise 20 million bucks, and take that $20 million and figure things out and do a bunch of experimentation," said Saaya Nath, vice president at venture firm Jump Capital, which she said hasn't paused investments and is continuing to look for good deals. "We're definitely seeing more founders come to the table with a prepared plan of action."
Marlon Nichols, a cofounder and managing general partner at MaC Venture Capital, said he remains bullish on creator startups. MaC has invested in a variety of creator companies, including esports org FaZe Clan, virtual influencer upstart Brud, avatar companies Genies, and creator production studio Brat TV.
"We've made several creator-economy specific investments just this year alone," he said. "You can't put the genie back in the bottle. Instagram and TikTok stars exist. Some of them have made a lot of money. Some have built amazing brands. I don't think that's going to stop. There's a hunger for it."
Insider spoke to investors at VC firms to understand what they're looking for in creator economy upstarts, and how they're advising their existing portfolio companies in tough times. Here's what they told us.
Doubling down on tools to help creators
For some VCs who invest in the creator space, the focus now is on companies building practical tools that help influencers expand their businesses.
Jump Capital's Nath is eyeing three categories of tools in particular: fintech, CRM solutions, and traditional business tools.
"I'm excited about platforms that have cracked the challenge of distribution and monetization," Zhenni Liu, a partner at MaC Venture Capital, told Insider.
Behind Genius Ventures founding partner Paige Finn Doherty agreed, telling Insider that the company will continue to "double down" on upstarts that make "creator tools." The firm has previously invested in link-in-bio upstart Beacons, and fan-retention and analytics platform Super Fan.
Plus, these startups often don't require massive marketing budgets to grow.
"Companies that can use product-led growth, that are software-focused, and build for core functions of the economy, I think that's what matters right now," SignalFire's Constine said. "Versus startups where they can grow fast, but they have to do it by pouring millions and millions into ads."
Options — and optimism — for early-stage startups
Another strategy shift some investors are taking is to focus on earlier stage companies that require less capital.
For firms like Night Ventures, Behind Genius Ventures and CreatorLed, which focus on funding pre-seed and seed rounds, deals are somewhat business as usual.
But to win investor dollars, these companies need to prove they have a promising product or service ready to go.
"What we want to see more and more now is definitely a focus towards actionable MVPs or demos," said Eric Kullberg, cofounder and general partner at CreatorLed Ventures.
How VCs are advising their existing portfolio companies
Investors are also working closely with portfolio companies to help them survive what could be an extended period of economic decline.
Night Ventures' advice to startups under its wing is similar to its advice to creators: "Do as much as you possibly can to extend runway," Mathews said.
While some companies are cutting 5% to 10% of expenditures, Mathews thinks pushing those cutbacks to 20% or 30% will make all the difference in terms of who comes out unscathed in the next two years.
Creator startups must also prepare for a possible drop-off in business from their core customers during a possible recession.
"Creators are going to see a lot less revenue coming in their door," Mathews said. "So if your ultimate customer is a creator and you're expecting them — like Beacons, for example — to pay a certain fee, be cognizant of the fact that they're going to have less cash flow on hand."
Read more about the top VC firms funding the creator economy
More: Influencers VCs Creator economy
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2022-08-03T17:57:19Z
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What VCs Are Looking for in New Creator Economy Startups: Advice
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https://www.businessinsider.com/what-vcs-look-for-creator-economy-startups-advising-portolio-downturn-2022-8
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iOS 16 lets you add multiple stops in Apple Maps — here's how to do it on your iPhone
Apple Maps is getting a few new features in iOS 16.
A new feature in iOS 16 lets you add multiple stops when getting driving directions in the Maps app on your iPhone.
To add multiple stops in Apple Maps, start planning a driving route, and then tap the "Add Stop" button.
Once you've added a stop, you can freely change the order of destinations or delete them.
If you're running errands or taking a long car trip, being able to add multiple stops onto one set of directions can be a lifesaver. With iOS 16, Apple is adding that feature to your iPhone's default Maps app.
Here's how to plan a route with multiple stops using Apple Maps — and then completely revamp that route later if you want.
Important: This Apple Maps feature is part of iOS 16, the next big update coming to iPhones. iOS 16 won't be officially available until the Fall, but you can download the iOS 16 beta and start using it right now.
How to add multiple stops in Apple Maps
You can add multiple stops whenever you're getting driving directions. Unfortunately, every other transportation style — walking, public transit, biking — is still locked to a single destination.
To get started, find your first stop — the first place you want to arrive at. You can pick it right off the map, or use the search bar.
Once you've got it, tap the blue directions icon below the location's name. Depending on how you've traveled in the past, it might already show you a picture of a car and the estimated travel time.
It'll show you all the best routes for getting there. Above the list of routes, tap Add Stop.
Generate a route to your first stop, and then you can add another.
Use the search bar to pick your next stop. Once the correct stop appears in your search results, tap it. It'll get added to your trip's itinerary, and the route will update to show you how long the entire trip will take. If you're zoomed in enough, it might even show you how long each individual leg of the trip will take.
You can add up to 15 stops to a single Apple Maps trip, including your starting point and final destination.
How to edit a trip with multiple stops in Apple Maps
Once you've got all your stops planned out, you can edit the trip however you want — you can even replace your starting point with another stop on the trip. You just have to do it before you start navigating.
To rearrange the order of stops, tap and drag the three lines on the right side of any stop.
And to delete a stop, swipe left on it and then tap the red Delete option that appears.
If you've already started navigating, you can't rearrange the stops anymore. But you can delete them by tapping your ETA at the bottom of the screen, and then tapping the red minus sign next to any stop.
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More: Tech How To Apple Maps Maps Stops
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2022-08-03T19:23:33Z
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iOS 16 Lets You Add Multiple Stops in Apple Maps
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https://www.businessinsider.com/apple-maps-multiple-stops
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https://www.businessinsider.com/apple-maps-multiple-stops
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Sen. Joe Manchin talks to Sen. Kyrsten Sinema on the Senate floor on Tuesday, August 2.
Sens. Joe Manchin and Kyrsten Sinema spoke about the Democrats' economic agenda on Tuesday.
The two moderate Democrats appeared to be in conversation for approximately ten minutes.
Sinema is the lone Democratic holdout on the legislation in the 50-50 Senate.
Sen. Joe Manchin was spotted — down on one knee — chatting with Sen. Kyrsten Sinema on the Senate floor on Tuesday as Democrats grow increasingly anxious over the Arizona centrist's silence thus far on the party's massive spending bill.
Sinema remains the lone Democratic holdout on the multi-billion dollar Inflation Reduction Act of 2022 — legislation that was struck in a surprise deal last week between Manchin and Senate Majority Leader Chuck Schumer in an effort to revive parts of President Joe Biden's economic agenda.
Without Sinema's vote, Democrats can't pass the bill using budget reconciliation, which requires all 50 senators to be in agreement in the evenly-split Senate.
Manchin told reporters on Tuesday afternoon that he and Sinema had discussed the legislation, but declined to offer further details.
"We had a nice talk," Manchin told reporters, according to Bloomberg. "She will make her decision based on the facts. We're exchanging texts."
C-SPAN footage from Tuesday's proceedings showed Manchin waiting for an opportunity to speak with Sinema, who was presiding over Senate proceedings. Once she became available, Manchin took a knee to meet her at eye level as she remained seated in her chair.
The two moderate Democrats appeared to chat for approximately ten minutes before Senate business picked up again.
Manchin wasn't the only lawmaker who was spotted chatting with Sinema on the Senate floor. Several Republican senators could be seen talking with the Democrat during Tuesday's business, including Senate Minority Leader Mitch McConnell, who has publicly railed against the bill.
A spokesperson for Sinema on Monday told Insider that she is still reviewing the legislative text and is waiting for more guidance from the Senate parliamentarian, the top official overseeing the reconciliation process.
If passed, the legislation would allocate $369 billion to energy security and climate change in an effort to cut carbon emissions by 40% by the year 2030. The bill also includes an estimated $64 billion for an extension of the Affordable Care Act through 2025 and allows Medicare to negotiate the price of 10 prescription drugs starting in 2026, securing a top Democratic goal.
Manchin previously suggested that Sinema "has a lot" in this bill.
"She's the one that negotiated basically, and no one changed, the Medicare negotiations," Manchin told reporters earlier this week. "She's been very adamant in this bill on no tax increases. I take that very seriously."
More: Joe Manchin Kyrsten Sinema Inflation Reduction Act Democrats
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2022-08-03T19:23:51Z
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Joe Manchin Takes a Knee to Talk With Kyrsten Sinema in the Senate
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Understaffed airlines are struggling to handle the recent surge in travel demand, causing mass delays.
7 airline and airport workers told Insider how this summer's flight chaos has impacted their jobs.
Here are our top takeaways from conversations with flight attendants, pilots, baggage handlers, and ramp agents.
For some flight attendants, what was supposed to be a dream job has transformed into a "nightmare" this summer. Two JetBlue flight attendants told Insider they aren't getting assigned enough flights to pay their bills.
An Air Canada flight attendant said flight crews are jumping through hoops to be paid for boarding and ground time, and are worried that mass delays will cause a resurgence in unruly passenger incidents.
In over 20 years working for Air Canada, the flight attendant said she's never seen employee morale this low, even after 9/11 and at the peak of the pandemic.
If a pilot runs out of flight time during a delay, passengers may be asked to get off the plane if they've already boarded. An American Airlines pilot told Insider the policy is "embarrassing" and that pilots "absolutely hate" doing this to passengers.
Pilots in a cockpit.
choja/Getty Images
An Air Canada ramp worker who loads luggage on and off planes at the Toronto Pearson International Airport told Insider that "everybody's overworked," and some ramp workers are on the verge of quitting.
He said the airline is facing several issues, including new management and a security clearance backlog that's preventing recent hires from being able to work at the airport.
Workers under an Air Canada plane on the tarmac at Toronto Pearson International Airport. May 18, 2014.
Two employees at WestJet and Air Canada who handle hundreds of bags each day shared the inside scoop of what they believe is behind the surge in mishandled baggage, and 10 tips for passengers trying to minimize the risk of losing their bag.
Leah, a flight attendant for a major US airline, described how her job has changed since the pandemic. She said the position consists more of consoling, comforting, and de-escalating passengers than it did previously.
Courtesy of Leah
Are you an airline or airport worker? Have a story to share? Contact this reporter from a non-work address at htowey@insider.com.
More: Features Airlines pilots Flight Attendants
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2022-08-03T20:58:31Z
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Airline Employees Describe Working Amid This Summer's Flight Chaos
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https://www.businessinsider.com/airline-employees-describe-working-amid-this-summers-flight-chaos-2022-8
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A true crime creator has built 7 income streams on platforms like TikTok and YouTube. Here's how much he earns in a month.
Jack Neel.
Jack Neel built a following of 8.5 million on TikTok by posting true crime content.
He's since transitioned to YouTube, where he already has 2.1 million subscribers.
Here's how much he made in the month of July from seven different income streams.
For Jack Neel, posting horror and true crime content started off as an experiment.
He'd started a comedy TikTok account in 2019, and by early 2020, he had amassed nearly 1 million followers.
At the same time, he was inspired by MrBallen, a creator well-known for narrating dark stories, to change up his content.
"I have a background in acting," Neel told Insider. "I thought I'd try some theatrics, with a scary voice as a narrator, and take a different angle with it."
The videos performed well, and by the end of 2020, he had made horror and true crime stories his focus, with popular videos like "blood curdling facts" and "dirty history facts."
@fyp 🩸 Best of ʙʟᴏᴏᴅᴄᴜʀᴅʟɪɴɢ Facts 🩸 #facts #creepy #horror #jackneel #scary ♬ original sound - jack neel
While he was gaining followers, he was struggling to build a sustainable, community-based business on TikTok, and he decided to transition to YouTube, posting compilations of his TikTok videos and trying out Shorts.
"TikTok is really just a means to an end," he said. "I want to use TikTok and the success I've had there to ultimately push people to the YouTube, because it's a better creative expression for me and I think I can provide more value to the audience on YouTube."
Plus, he's able to make more money on the platform. His Shorts videos started gaining millions of views, allowing him to earn money from the Shorts Creator Fund. He also successfully transitioned to long-form and was able monetize his videos with ads, through Google's AdSense program.
At the same time, he scaled his business, hiring people to work with him on long-form content and building a variety of income streams.
Here's how much he made in July from seven of his income streams:
Type of income Amount
Brand deals $35,000
Merch $15,000
Hiring referral $5,500
Media consulting $4,000
YouTube Shorts Fund $4,000
YouTube ad revenue $2,343
TikTok Creator Fund $1,233.57
Insider verified the earnings information with documentation Neel provided.
The brand deal income comes from two long-term, high-paying contracts Neel signed — one with a crypto exchange and one with a board game company — to promote products on his YouTube channel.
Media consulting refers to work Neel is currently doing with a media company, consulting with them twice weekly about how to hone their social media and video creation skills to scale their business online.
He also earns money from ads in his long-form YouTube videos and from the Shorts Fund, a program which pays creators up to $10,000 a month to create Shorts.
While his focus is YouTube, Neel still gets paid a significant amount from the TikTok Creator Fund — unlike many other creators, who have criticized the platform's payouts. In July, he made an average of about $40 a day from his 40.5 million TikTok views.
Two of his July income streams were non-recurring.
Neel struck a deal with merch company Represent, which allowed him to work with designers to craft a personalized line of T-shirts, sweaters, and jackets. In July, the company paid him a $15,000 monthly advance, which they expect to earn back from his merch sales.
He also earned a hiring referral, which he received when he referred a person to a creator economy startup for a job.
Of course, these earnings come with expenses. Neel said that since he began focusing on long-form content, his expenses have tripled.
He pays about $15,000 a month to employees and contractors, like video editors, a researcher, and thumbnail designers. And he pays $5,000 a month for a space that double as his home and his office.
"It's really that J curve type of investment that you see in startups," he said. "Throwing a bunch of money at it and hoping it works out. And if it doesn't work out, if I have to scale back the expenses and focus on short form content again, I can do that, no problem."
More: YouTube TikTok Creator Fund
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2022-08-03T20:58:49Z
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How Much a True Crime Creator Earns in a Month on TikTok, YouTube
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https://www.businessinsider.com/how-much-true-crime-creator-earns-7-income-streams-2022-8
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https://www.businessinsider.com/how-much-true-crime-creator-earns-7-income-streams-2022-8
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Brent D. Griffiths and Warren Rojas
Rep. Jackie Walorski, Republican of Indiana in her Cannon Building office at the Capitol.
Rep. Jackie Walorski died Wednesday afternoon along with two staffers.
Tributes came in from fellow House lawmakers and other top officials like Sec. Pete Buttigieg.
Walorski's staffers Emma Thomson, and Zachery Potts were also killed in the accident.
Lawmakers on both sides of the aisle and top officials throughout Washington expressed their sorrow on Wednesday after Rep. Jackie Walorski was killed in a car crash back home in Indiana.
"Today, we lost one of our greatest members," the Republican Study Committee said in a statement. "Jackie Walorski lived a life of public service and was a friend to all who knew her."
House Minority Leader Kevin McCarthy confirmed reports that Walorski was killed in an accident as House lawmakers were on recess away from Washington. According to WSBT, her communications director, Emma Thomson, and Zachery Potts, Walorski's district director, were also killed in the accident.
Speaker Nancy Pelosi ordered the flags around the US Capitol be flown at half-staff in honor of her passing, Pelosi spokesman Drew Hammill announced on Twitter.
—Drew Hammill (@Drew_Hammill) August 3, 2022
House Minority Whip Steve Scalise recalled a "dear friend" who loved serving her state. While fellow Indiana Republican Rep. Jim Banks remembered a "true public servant –selfless, humble, and compassionate."
"She was a devout Christian, a passionate advocate for life, and a leader among Hoosier representatives. Everything Jackie did was to serve others," Banks wrote on Facebook. " She had a heart of gold, and I will miss her dearly."
Former Vice President Mike Pence said that he and former second lady Karen Pence were "heartbroken" by the news.
".@KarenPence and I are heartbroken by the tragic passing of our dear friend Rep. Jackie Walorski. She served Indiana in the Statehouse and the Congress with integrity and principle for nearly two decades and will be deeply missed," Pence, who is a former Indiana governor, wrote on Twitter.
Transportation Secretary Pete Buttigieg, who previously served as Mayor of South Bend, Indiana, added his condolences as well.
"I'm shocked and saddened to hear of the tragic death of Congresswoman Jackie Walorski," Buttigieg wrote on Twitter. "My thoughts and prayers are with her family and the other victims of this terrible crash."
Sen. Tammy Duckworth, an Illinois Democrat wrote of Walorski: "Horrific news. Jackie was always willing to listen to my perspective even if we don't always vote the same way. Rest In Peace my friend."
Walorski was first elected to the House in 2012. Before serving in Congress, she served three terms in Indiana's statehouse. In the current Congress, Walorski was a member of the House Ways and Means Committee and was also the top Republican on the House Ethics Committee.
NOW WATCH: Former congresswoman Katie Hill wants to see her husband prosecuted for cyber exploitation and is seeking 'redemption' after her relationship with a campaign staffer
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2022-08-03T20:59:13Z
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Tributes for Rep. Walorski From Pence, Buttigieg, McCarthy After Deadly Crash
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https://www.businessinsider.com/lawmakers-remember-rep-jackie-walorski-killed-in-car-crash-2022-8
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https://www.businessinsider.com/lawmakers-remember-rep-jackie-walorski-killed-in-car-crash-2022-8
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Airline customers may finally get compensation for flight delays, which is already a passenger right in the European Union.
"Since early 2020, the Department has received a flood of air travel service complaints from consumers with non-refundable tickets who did not travel because airlines canceled or significantly changed their flights or because the consumers decided not to fly for pandemic-related reasons such as health concerns," the agency said in a statement.
There were about 89,500 refund-related complaints in 2020 and about 29,500 in 2021, according to the DOT.
"Just as hotels often allow consumers to cancel their reservation and receive a full refund, the Cash Refunds for Flight Cancellations Act would extend a similar requirement for air travel," Senator Edward Markey (D-Mass.) said in a press release. "These airlines must get their heads out of the clouds and deliver the effective and accountable service that travelers deserve."
The new rulemaking comes as flight delays skyrocket during the busy travel summer season. According to Flight Aware data, about 586,000 flights flying into, out of, or within the US have been canceled or delayed since May 1.
More: Airlines Travel Aviation Flight Delays
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2022-08-03T22:21:31Z
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Flight Delays Would Mean Compensation for Customers Under Proposed Rule
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https://www.businessinsider.com/flight-delays-would-mean-compensation-for-customers-under-proposed-rule-2022-8
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https://www.businessinsider.com/flight-delays-would-mean-compensation-for-customers-under-proposed-rule-2022-8
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Netflix insiders describe a culture shift to 'fear-based' decision making, execs stretched thin, and belt tightening amid layoffs and subscriber losses
Netflix co-CEOs Reed Hastings, left, and Ted Sarandos.
David Becker/Getty Images; Lucas Jackson/Reuters
Netflix insiders, creators, and other Hollywood stakeholders told Insider the company's culture has shifted amid challenges.
Former employees described less 'candor' and more 'fear-based' decisions.
Layoffs in the spring affected departments across the company; the indie film team lost 8 of 11 members.
In March, hundreds of Netflix's highest-ranking executives congregated for a quarterly business review, a multi-day affair that has in previous years taken place at lavish locales. In 2019, for example, the company flew about 900 staffers to Iceland, ferrying them to Videy Island off the coast of Reykjavik for one post-meeting soiree that featured luxury "glamping" tents, bonfire-lit lounges, and a Viking-themed photo booth.
Not all Netflix QBRs — as the meetings are known internally — have been so Instagram-worthy. The March gathering took place at a Hilton in Anaheim, California, a block away from Disneyland.
Over the course of two days, execs were told by leadership that Netflix was losing subscribers for the first time in a decade but would stay the course. This was a few weeks before the company broke the news of its first-quarter subscriber losses to Wall Street, sending the stock plummeting. (The company surpassed its attrition expectations in the most recent quarter, losing fewer than 1 million subscribers.)
One former Netflix exec who attended the Anaheim QBR told Insider they emerged feeling optimistic, that leadership seemed humbled by the losses and vowed to be better. Others who've since left the company recalled talk of cost cutting — "We'd been told, sure, we're losing subs, but we're staying the course to compensate [and will] cut budgets," said a separate former exec — but also the explicit message that there were no plans to cut personnel.
Then in May and June came the layoffs. The first round hit about 150 employees, then another 300 in the second, affecting divisions across the company, from film, TV, and animation teams to business affairs, marketing, and legal. Other Hollywood companies, notably the new merged Warner Bros. Discovery, have also seen layoffs this year amid the current downturn.
Netflix has said that the personnel reduction related to cost growth, and the company has been among the most generous employers in the industry: Some VP-level executives make up to $2.5 million a year, and some director-level execs can earn up to $1.5 million annually, according to one former insider with knowledge of pay scales, though the top ends of those ranges are exceptions and not the norm.
The wide cuts were a first for the 11,000-person company, which has come a long way since its lean startup days in Los Gatos, California, when teams would meet every Wednesday specifically to figure out how to outsmart Blockbuster, a third Netflix alum recalled. (In those heady early days, Roku founder Anthony Wood, then part of Netflix, could be spotted padding around the office barefoot in his overalls, this person added.)
Now with 220 million paying subscribers, Netflix is the giant with the target on its back, no longer a Hollywood disruptor but the streaming leader. Some wonder whether the things that made Netflix different and daring, antithetical to legacy Hollywood studios — from taking programming risks and pioneering the binge model to flaunting its legendary nimble culture — may be fading into the rearview as the company grapples with growing pains on a new scale.
"Somewhere in the past three years, it really took a turn," said a fourth former Netflix staffer of the cultural shift. "Candor became a smaller part of the culture, or its power was significantly lessened. People would say Netflix started to act like a studio in the wrong ways. It became a lot more political."
Insider spoke with 14 people, mostly former employees, as well as Netflix creators, producers, and Hollywood agents about changes at the company as it faces fresh headwinds.
Many described a creative environment driven by "fear-based" decision making and shepherded by overworked executives who are spread thinner than ever, particularly during the pandemic. Others cited tighter oversight of budgets and a concern that layoffs on certain teams disproportionately affected people of color — a disappointing turn at a company that is notable in Hollywood for its intentionally diverse leadership team and overall workforce.
'Don't challenge, just do the thing'
Initially, COVID shutdowns were a boon for Netflix, which saw a surge in viewership of shows like "Tiger King" as people huddled at home. But inside the company, as the pandemic wore on, people began to burn out, insiders said, working longer hours than before. And working remotely made it tougher, two former staffers said, for new hires to acclimate to Netflix's unique culture, which historically has boasted a flatter hierarchy, transparency, and accountability.
"The culture became less true because there were so many new people who didn't fully understand the culture day to day: unconditionally trusting your colleagues and believing in good intent," said the fourth former staffer. "This became really difficult, being candid. And those who joined before the pandemic burned out sooner."
The 18 months leading up to the layoffs were particularly stultifying, said the first Netflix exec, who was recently laid off. Where previously the company had empowered employees to make decisions and air dissent, the message internally became, "Don't challenge, just do the thing. They don't want to hear it," this person said. "That's not the company I signed up for."
This exec felt the shift acutely after Netflix content chief Ted Sarandos was elevated to co-CEO alongside co-founder Reed Hastings in mid-2020. "Less Reed, more Ted — that's when it felt less like the Netflix I joined," continued the exec, who added that they felt the streamer began taking fewer programming risks. "It became less enjoyable. The work became really safe."
"Decisions take forever to get made, are all reactionary, are all fear-based," echoed a fifth Netflix insider, who also no longer works at the company.
'No one felt safe' after a high-profile exec departure
Shortly after Sarandos' ascent came another major turning point: the departure of OG programmer Cindy Holland, the 18-year Netflix veteran known for taking big swings on shows like "Orange Is the New Black" and developing solid relationships with talent. With the elevation of Bela Bajaria — the well-liked Universal TV alum who anchored Netflix's international content push — to global head of TV, leadership decided there was "no role" for Holland, a source familiar with the situation told Variety at the time.
Holland was Sarandos' first hire in Los Angeles in 2002, when the two split a small office in Raleigh Studios, upstairs from "Better Call Saul" star Bob Odenkirk. She has often been credited as the driving force behind Netflix's original programming strategy and its slow, steady courtship of the industry in its early, outsider years.
And she was one of the few, several insiders said, who could voice dissent to Sarandos.
"I don't know that he has that anymore — anyone to, for lack of a better term, stand up to him and say their piece," said the third former Netflix employee.
Many who spoke to Insider said morale took a massive hit after Holland's departure.
"No one felt safe," said the second former Netflix exec. "If you could get rid of Cindy, you could get rid of anybody. That permeated. I don't think [leadership] did a good job of explaining what that meant."
Sarandos, who joined the company in 2000, has a reputation for being the service's greatest advocate to Wall Street and Hollywood — and also the driver of Netflix's current strategy to make more and broader programming to draw subscribers. But he has developed something of a reputation within the company for sporadically micromanaging matters that are important to him but fall below his rank.
The first exec described internal use of the "'Ted Said' meme" — as in, "You have to do this because Ted said," regardless of whether a team believed it to be the best decision. (The Information previously reported that Netflix finance staffers have referenced the "Ted tax" on pet Sarandos projects and said "he frequently backs stars and directors over his own staff.")
Some of that same power extended to "friends of Ted," said the second former Netflix staffer, a group that includes creators like Ryan Murphy and high-profile stars such as Sandra Bullock and J. Lo.
'You could feel fear coming in' among creative executives
Around Hollywood, Netflix is nowadays seen as a buyer of big, broad shows: more poppy hits like "Emily in Paris," fewer "Master of None"-style prestige projects that speak to niche audiences. While leaders like Hastings, film chief Scott Stuber, and original series VP Jinny Howe — who championed "Bridgerton" — continue to be credited for their taste and creative judgment, producers, writers, and agents have told Insider they see less room at Netflix for slow-burn shows and movies that aren't broad and star-packed (i.e., designed to lure subscribers in big numbers).
A high-level agent told Insider that latitude for originality was what long made Netflix exciting for writers. Freed of broadcast conventions and commercial breaks, projects could be driven by story, this person said, adding that now, financial incentives seem paramount.
While many showrunners and producers who work with the streamer remain content, several have told Insider they are getting frustrated. "I think for everyone there was a period of pure joy," said one creator who has worked with Netflix for years. "It makes it that much harder.… Anyone with experience knew it was going to change at some point, but it happened very, very quickly."
Around sometime in 2021, "we knew the way they were being executives was changing," said this person, who observed that Netflix execs became increasingly hands-on in the creative process, steering projects in a direction that often felt guided by viewership metrics and not by creative choice. "You could feel fear coming in."
Former Netflix insiders, producers, and talent agents described the streamer's creative execs as an increasingly tired and dejected bunch (albeit a well-paid one), tasked with carrying forward an ever-growing slate of projects with less manpower.
"It's the numbers or nothing," said this creator of the pressures Netflix execs face. "I don't think you can be there and be immune, even in success."
As a second agent put it, "Do you guys even like your jobs anymore?"
Netflix 'didn't think anyone could catch up to us'
As the tough times approached this year, some insiders said, requests to expand teams or fill vacated positions were largely rebuffed. Netflix is not currently in a hiring freeze, but it does not intend to fill the positions it cut in the spring.
When the layoffs came, their scale caught some staffers by surprise. "I was really struck by how it was majority women and people of color [among] the creative team exec departures," said a sixth Netflix employee, who was among those laid off. "Four to five years ago, Netflix had a lot of conversations about diversity in the executive ranks. This tore the middle out of the pipeline."
Eight of the 11-person indie film team, for example, were laid off; by several former Netflix staffers' count, most of those eight were women of color.
Netflix has long outpaced many legacy studios in the diversity of its workforce and its efforts to hire from underrepresented groups. The company said the layoffs have not impacted the overall picture since Netflix's 2021 inclusion report, which said that women accounted for nearly 52% of its global workforce and over half of its U.S. employees were from "one or more historically excluded ethnic and/or racial backgrounds." In the U.S. and Canada, women accounted for 48% of the workforce.
Still, the recent cuts prompted concern that "diverse stories for underrepresented audiences are no longer getting the attention they should be getting," said the fifth former Netflix insider, who worried that such stories won't have the champions they need inside the company.
And layoffs aren't the only cost-saving measures affecting teams.
"Everybody was more sensitive to show costs," said the sixth former insider. "You could feel the belt tightening and people trying to move toward being conscientious about budget. It's a hard adjustment for execs [who historically had] a carte blanche."
Travel budgets for set visits, for instance, have been scrutinized, and not just because of COVID-19 safety measures, according to several former insiders, though the company's travel policy has not officially changed.
Another producer who works with Netflix has seen no significant cuts to their production budget. But the execs assigned to one of this person's projects were laid off and the changeover has slowed its momentum.
"There's no doubt anytime any project loses an executive, there's a pretty good chance your project's not going to move forward" or will face slimmer odds at being made, the producer told Insider.
Amid the continual M&A and turnover that have rattled the industry in recent years, this kind of stop-and-start development is "not a Netflix problem, it's a Hollywood problem," this person added.
Netflix's stumbles may represent an inevitable new chapter for a company that has grown enormously and aggressively over the last decade. Certainly as a disruptive-turned-dominant player, it has been subject to outsize scrutiny by industry observers, Wall Street, and its Hollywood peers.
But one exec attributed the company's current challenges to something else.
"It was an ego thing," said the first former Netflix insider. "We didn't think anyone could catch up to us."
More: Netflix Entertainment Streaming
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2022-08-03T22:29:54Z
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www.businessinsider.com
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Netflix Insiders Reveal Culture Shift, 'Fear-Based' Decisions
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https://www.businessinsider.com/netflix-insiders-reveal-culture-shift-fear-based-decisions-layoffs-cuts-2022-8
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https://www.businessinsider.com/netflix-insiders-reveal-culture-shift-fear-based-decisions-layoffs-cuts-2022-8
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A New York Times reporter who writes about searching for homes in the Big Apple was sued, with her landlord saying she stopped paying rent on a $3,000-a-month Upper West Side apartment
Al Yoon and Jack Newsham
Manhattan's Upper West Side as seen from Central Park.
Wojtek Zagorski for Getty.
New York Times contributor and "The Hunt" columnist Joyce Cohen is being sued for not paying rent.
Amit and Jasmine Matta say Cohen and her husband Ben Meltzer owe at least $35,000.
Owners of the Upper West Side building say Cohen and Meltzer's $3,000/month sublet is illegal.
Joyce Cohen, the writer of a popular New York Times column dedicated to the trials and tribulations of finding affordable places to live within the city's five boroughs, is facing rent troubles herself.
Cohen, who authors "The Hunt," was sued for at least $35,000 in back rent and costs by a couple that sublet her and her partner a Manhattan apartment one and a half blocks from Central Park, according to a lawsuit filed Tuesday in New York state court.
According to the complaint filed by Amit and Jasmine Matta, Cohen and Benjamin Meltzer welched on an agreement to pay $2,999 a month plus utilities for the apartment on a temporary basis, until construction work outside their apartment nearby was completed.
The Mattas, who posted their Upper West Side sublet on Craigslist in November 2020 as they sought to relocate for health reasons during the early days of the COVID-19 pandemic, signed a sublease agreement with the couple, according to the complaint.
Then, some time later, the Mattas' landlord on West 72nd Street came knocking.
The sublet, according to the landlord, which sued Cohen and the Mattas back in December, was an illegal one.
Discovering that the Mattas had sublet the apartment, the landlord told them that it would begin a legal action, the complaint shows. The Mattas claimed that they asked Cohen and Meltzer to leave as a way to stop the litigation, but the two refused, and contended that they should only have to pay $2,558 a month, or what Cohen's attorney wrote was the "legal rent," according to the complaint.
The Mattas claimed that Cohen and Meltzer had a "scheme to live for free," which they said was all the more offensive given Cohen's "extensive real estate knowledge and abundant real estate connections" as a writer of the infamous "Hunt" column.
"I really didn't want to do this," Amit Matta told Insider. "I held on as far as possible."
Cohen's 'Hunt' column has haters, and commiserators
The column, which Cohen started writing in 2004, is a favorite of Times readers who commiserate with the people searching for shelter within a city known for high prices, tiny spaces, and cutthroat deal-making.
It often details the minefields of buying and renting, and sometimes lays out the options that apartment seekers have, one by one, and which home they ultimately choose.
In July, one of Cohen's columns featured a 31-year-old woman fed up with her high rent and finally ready to buy in Brooklyn, with a budget of $700,000.
—Carl (@HistoryBoomer) March 17, 2022
Some readers simply love to hate "The Hunt." On Twitter, they roast the articles' subjects about their preferences and wonder how they can afford the spaces.
The Mattas called Cohen's behavior 'rich with irony'
Cohen's sublet was at least $500 a month below its true value, the Mattas claimed.
"Defendant's behavior is rich with irony and hypocrisy since the rent Defendants refuse to pay is less than the current rental market value of Plaintiff's Residence," the Mattas wrote in the complaint.
Cohen and Meltzer hired a lawyer to negotiate with the building, but the relationship with the Mattas turned sour, according to this week's complaint. In an email from Cohen and Meltzer's lawyer quoted in the Mattas' complaint, the lawyer claimed Jasmine Matta threatened to "come through the apartment with a bull horn."
Matta told Insider that he and his wife "completely deny" that.
"I think [Cohen]'s just trying to build a case," he said. "My wife is in no condition to physically threaten anybody."
Such a threat might have been especially alarming to Cohen and Meltzer, who have been public about their experience with a hearing disorder called hyperacusis that makes even small noises feel painfully loud. According to the Mattas' suit, Cohen and Meltzer said they had to move because of construction near their old place.
While the subletters began paying rent into an escrow account, they eventually stopped in a row over attorneys' fees, according to snippets of communications from their lawyer and cited in the Mattas complaint.
Cohen, reached by phone Wednesday, said she couldn't discuss the lawsuit. A New York Times spokesperson said the company was aware of the lawsuit and was looking into it.
Jennifer Rozen, a lawyer representing the Mattas in the building's lawsuit, did not return a call seeking comment.
More: Real Estate Manhattan New York Times
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2022-08-03T22:30:01Z
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www.businessinsider.com
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New York Times 'Hunt' Writer Joyce Cohen Sued for Not Paying Rent
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https://www.businessinsider.com/new-york-times-hunt-writer-joyce-cohen-sued-for-not-paying-rent-2022-8
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https://www.businessinsider.com/new-york-times-hunt-writer-joyce-cohen-sued-for-not-paying-rent-2022-8
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John Haltiwanger and Kelsey Vlamis
The Senate voted in favor of adding Finland and Sweden to NATO.
The two Nordic countries moved to join NATO in response to Russia's invasion of Ukraine.
There was overwhelming bipartisan support for adding them to the powerful alliance.
The Senate on Wednesday voted in favor of ratifying NATO membership for Sweden and Finland, marking yet another rebuke of Russia over its invasion of Ukraine. There was strong bipartisan support for adding both countries to the alliance, with the resolution passing in a vote of 95-1-1.
Republican Sen. Josh Hawley of Missouri was the lone "no" vote. Republican Sen. Rand Paul of Kentucky voted "present."
"Today, at a moment when democracy in Europe is under attack, as belligerent autocrats like Putin clamor for European dominance, the US Senate is voting in overwhelming bipartisan fashion to approve Finland and Sweden's accession to the NATO alliance," Senate Majority Leader Chuck Schumer said right before the vote, which he said would send a signal to Russia that "they cannot intimidate America or Europe."
"Putin has tried to use his war in Ukraine to divide the West. Instead, our vote today shows our alliance is stronger than ever," Schumer continued, adding he was confident Finland and Sweden would be "excellent partners" in the alliance.
Prior to ordering Russia's so-called "special operation" in Ukraine, Russian President Vladimir Putin railed against NATO enlargement and blamed the alliance for his aggression toward the former Soviet republic. Putin demanded that the West agree to permanently bar Ukraine and Georgia from joining NATO, arguing that adding them to the alliance would pose unacceptable threats to Russia's security.
By launching a full-scale invasion of Ukraine, Putin has achieved the opposite of what he intended. NATO is now on the verge of adding two major European countries with strong economies and militaries. Finland also shares an 830-mile border with Russia.
Finland and Sweden were formally invited to join NATO in late June. All of the legislatures of current NATO members must vote on whether to ratify their accession.
Ahead of the vote, Schumer thanked Senate Minority Leader Mitch McConnell and touted the "amazing string of bipartisan achievements" recently passed in the Senate, noting the gun safety bill, the CHIPS Act, and the PACT Act, which expands healthcare to veterans who were exposed to toxic burn pits.
McConnell said earlier on Wednesday the vote would be a "slam dunk for national security that deserves unanimous bipartisan support."
"If any senator is looking for a defensible excuse to vote no, I wish them good luck," he said, in an apparent reference to Hawley, who on Monday revealed he opposed the addition of Sweden and Finland to NATO.
Hawley said he would vote "no" because "America's greatest foreign adversary doesn't loom over Europe. It looms in Asia. I am talking of course about the People's Republic of China."
"Expanding American security commitments in Europe now would only make that problem worse — and America, less safe," he continued, adding he did not want the US to be obliged to defend Sweden and Finland if they are attacked.
Last month the House of Representatives also voted overwhelmingly to support the two nations' accession to NATO, with 18 Republicans voting against.
More: NATO Finland Sweden Russia
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2022-08-04T00:01:17Z
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Senate Votes in Favor of Adding Finland and Sweden to NATO
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https://www.businessinsider.com/senate-votes-in-favor-adding-finland-and-sweden-to-nato-2022-8
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https://www.businessinsider.com/senate-votes-in-favor-adding-finland-and-sweden-to-nato-2022-8
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Former Trump legal adviser John Eastman was still pitching ways to overturn the vote in Georgia hours after Biden's inauguration.
John Eastman was still pitching ideas for overturning the Georgia vote on Biden's inauguration day.
Eastman suggested to Rudy Giuliani that they look for election fraud in the Georgia runoff polls.
In the same email, he asked Giuliani for advice on how to claim $270,000 in legal fees from Trump.
Former Trump lawyer John Eastman was still pitching ideas on how to overturn the election in Georgia on President Joe Biden's inauguration day, The New York Times reported on Wednesday.
Eastman is known for having penned a detailed six-page memo suggesting how then-Vice President Mike Pence should move to overturn the vote in favor of former President Donald Trump.
The Times obtained an email dated January 20, 2021, that Eastman sent to Rudy Giuliani, Trump's personal lawyer at the time. The email — which the outlet authenticated with individuals involved with the Trump campaign — was sent several hours after Biden was inaugurated.
According to The Times, Eastman pitched to Giuliani the idea that their team could uncover voter fraud in Georgia by attempting to scrutinize the results of the state's runoff elections, in which Democrats Jon Ossoff and Raphael Warnock clinched two Senate seats.
"A lot of us have now staked our reputations on the claims of election fraud, and this would be a way to gather proof," wrote Eastman in the email, per The Times.
"If we get proof of fraud on Jan. 5, it will likely also demonstrate the fraud on Nov. 3, thereby vindicating President Trump's claims and serving as a strong bulwark against Senate impeachment trial," Eastman continued, per the outlet.
Also included in Eastman's email was an appeal to Giuliani to help him to secure payment for the $270,000 in legal fees he had billed the Trump campaign for on January 19, The Times reported. This bill included $10,000 daily legal fees for working eight days in January 2021.
According to The Times, Eastman might not have received his payment.
Eastman and Giuliani did not immediately respond to Insider's requests for comment. Insider has not independently acquired or verified the authenticity of the email obtained by The Times.
In July, federal investigators obtained a search warrant for Eastman's phone — a sign that the Justice Department might be moving in on those closest to Trump.
FBI agents seized Eastman's phone in June. That same month, Eastman also dropped a lawsuit blocking his phone records from the January 6 panel investigating the Capitol riot.
The panel also revealed that Eastman, who pleaded the Fifth Amendment 100 times during his deposition to the committee, had personally asked Giuliani if he could be placed on Trump's presidential pardon list following the Capitol riot.
Sources have told Rolling Stone that Trump might be looking to distance himself from Eastman in the wake of the increased scrutiny the latter faced from the January 6 panel.
More: John Eastman Georgia Voter Fraud Donald Trump
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2022-08-04T06:06:06Z
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Trump Lawyer Pitched Overturning Georgia Vote on Biden's Inauguration
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https://www.businessinsider.com/trump-lawyer-overturn-vote-georgia-on-biden-inauguration-2022-8
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https://www.businessinsider.com/trump-lawyer-overturn-vote-georgia-on-biden-inauguration-2022-8
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Sens. John Cornyn, Jeff Merkley, and Patrick Leahy.
Anna Moneymaker/Bonnie Cash/Amanda Andrade-Rhoades / Pool / Getty Images
Sens. John Cornyn, Jeff Merkley, and Patrick Leahy missed vote on Sweden and Finland joining NATO.
All are supportive of the move and cited personal and health reasons for not being there.
Only Sen. Josh Hawley voted "no," while Sen. Rand Paul abstained, for a result of 95-1-1.
Three US senators were absent for Wednesday vote on Sweden and Finland joining NATO, which passed overwhelmingly with only one senator voting against it.
Republican Sen. Josh Hawley was the only no vote, compared to 95 in favor. Hawley was sharply criticized within the GOP for his stance.
The three absent votes were the Republican John Cornyn, and Democrats Jeff Merkley and Patrick Leahy, who cited personal reasons for not being there.
All three have previously said they support ratifying Sweden and Finland's entry to the NATO alliance, which each individual member state must separately approve.
Cornyn, a Republican, released a statement on Wednesday saying he was unable to cast a vote while isolating with COVID-19. Senators have to be physically present in the chamber to vote.
Cornyn said: "I applaud these countries for breaking with their long-standing neutrality in order to contribute to the collective security of Europe, and I back their accession unequivocally."
Merkley, a Democrat, tweeted Wednesday that he was traveling to be with his dying mother in Oregon.
—Senator Jeff Merkley (@SenJeffMerkley) August 2, 2022
In July, he tweeted approvingly about the progress of the resolution, saying: "I look forward to a stronger NATO with Sweden and Finland."
Leahy, also a Democrat, has been recovering from hip surgery, and on July 29 released a statement saying that he had been discharged from a rehabilitation facility.
He said he would return to the Senate late this week for "key votes," including the Inflation Reduction Act (IRA).
However, he was among a raft of senators, including Merkley and Cornyn, who signed a letter in May urging President Joe Biden to expedite the process of the two countries joining NATO.
The only further senator not to vote "yes" was Republican Senator Rand Paul, who voted "present" — a form of abstaining — after an amendment he had proposed didn't pass.
Merkley said that he would be in Washington, DC, to vote on the IRA despite the situation with his mother.
The $740 billion measure was negotiated by Senate Majority Leader and Sen. Joe Manchin, who had been a holdout on similar measures pushed by President Joe Biden.
Unlike the Sweden/Finland vote, the IRA is fiercely opposed by Republicans, and would almost certainly require every Democratic senator to vote in person in order to pass.
More: Senate NATO Sweden Finland
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2022-08-04T10:35:53Z
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3 Senators Skipped Vote on Finland, Sweden in NATO, but All Favored
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https://www.businessinsider.com/3-senators-skipped-nato-vote-finland-sweden-hawley-lone-dissent-2022-8
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https://www.businessinsider.com/3-senators-skipped-nato-vote-finland-sweden-hawley-lone-dissent-2022-8
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In 2022 work-from-home became a codified practice for some companies.
Some signs point to a recession, while others indicate a stable job market.
These opposing conditions have left job seekers scratching their heads.
Insider compiled a collection of career advice from career coaches, economists, and more.
In 2022, the world of work has become the Wild West.
Technology giants have laid off thousands of employees, inflation has soared, and, in the second quarter, the US gross domestic product decreased 0.9% — all signs that a recession may be coming. At the same time, consultancies, travel businesses, and healthcare companies have continued to hire, and the unemployment rate remained stable at 3.6% in June, according to the latest data from the US Bureau of Labor Statistics.
This whirlwind comes on the heels of a chaotic 2021, when employees' heads were spinning from vaccine mandates, work-from-home policies, and mass resignations.
To help employees navigate the wacky world of the workplace, Insider compiled a collection of career advice. Whether you're trying to make sense of the job market, fearing layoffs at your company, or hunting for a new gig, here are the pieces of advice career coaches, economists, psychologists, and more have to offer.
If you don't understand what's happening in the job market right now ...
America has entered a "precession," a phrase Insider coined and previously defined as "an awkward, confusing phase in which some economic indicators seem to portend a recession, while others suggest things could turn out to be OK."
While tech companies are being hit hard by the precession, education, consultancy, and nonprofit companies are more likely to boomerang back from this downturn.
The social and economic turmoil causing this precession has left many Americans feeling stressed about their physical, emotional, and financial health. This is why Insider spoke with business executives, hiring managers, career coaches, and economists to learn more about the job market and give suggestions to readers on how to navigate it.
Layoffs, inflation, and stock market swings have Americans nervous. Here's a guide to managing your career in an uncertain economy.
12 career counselors reveal the industries where hiring is still hot for new college grads — even as layoffs mount
The steps that some companies took to react to the abortion decision could prove useful for crafting other policies
If you like your job but want more from it ...
Despite bleak headlines, not everyone is unhappy in their role or fearing for their job. If you're lucky enough to fall into this category, then you may also be one of the many workers planning on asking for a raise this year.
Securing a raise means doing more than coasting — workers need to be mindful of how their colleagues perceive them and communicative with members of their team. This year, remote employees are working while traveling and logging on for nontraditional hours, which means they have to double down on efforts to stay in the loop with work.
Here's how managers and career coaches say employees can do this and land a promotion.
Almost 50% of employees work while on vacation. Here's how to take advantage of remote-work policies while being a good employee.
4 tips to landing a raise, even during a recession
Don't let your reputation be the reason you don't get the job or promotion. Career experts explain what to do.
If you're laid off ...
Nearly 62,000 technology workers — including those from companies such as Coinbase and Twitter — have been laid off in 2022, according to the tech-industry-layoffs tracker Layoffs.FYI.
Simultaneously, in a survey of 1,004 working US adults in June by the staffing-solutions firm Insight Global, 78% of respondents said they were scared of losing their jobs in the next recession.
But rest assured, layoffs do not usually come out of nowhere, Eli Joseph, a professor at the Columbia University School of Professional Studies and the author of "The Perfect Rejection Resume," previously told Insider.
And even if they do, Insider has compiled advice from top career experts on how to move forward in your career after being laid off.
Don't underestimate your exit interview. Career experts share the 6 most common questions and how to answer them.
5 steps to take if you lose your job, from leveraging social media connections to building a network
4 ways to overcome the stigma of layoffs and find a new job in today's economy
If you decide you want to job hop ...
This year, the US job market witnessed record quit rates, particularly in the retail, food-services, and hospitality industries.
Job seekers are taking advantage of high wages and job openings. In a tightening market, candidates need to put their best foot forward, develop a personal brand, and ace interviews.
But in your haste to leave, be wary that you're not overlooking red flags. In a recent survey, 72% of Gen Z respondents who just started a new job said they felt regret because the role or company was not what they believed it would be.
Here is how to find a new job in this fluctuating economy.
Should you change jobs with the market and economy in turmoil? Here's how to decide as decades-high inflation makes employers rethink their strategies.
Here are 5 tips for job hunting in a slower economic environment — even a recession
How to build an unforgettable personal brand that will help you switch careers, land your dream job, or snag a promotion, according to marketing experts
Job seekers are accepting offers only to find the reality is nothing like the recruiter sold them. Here's how to make sure it doesn't happen to you.
If you're looking for something new ...
For some, a traditional 9-to-5 role will lead to burnout, feelings of discontent, and job insecurity.
Last year, 15.5 million Americans took the leap and became digital nomads — working remotely from far-off places in the world. Meanwhile, some Americans have opted to take on two jobs at a time, balancing corporate calendars that increase their earnings and experience.
Whether you're looking to work less or more, Insider has advice on how to make the most of your unconventional career.
I worked 2 full-time corporate jobs for 4 months. Here's how I turned them into a promotion and higher salary
The digital-nomad lifestyle is more accessible than ever. Here's how to become someone who can work from anywhere.
Burned out and want to quit your job? Try being a slacker first, a career expert says.
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2022-08-04T10:36:11Z
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How to Change Jobs and Grow Your Career Right Now
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https://www.businessinsider.com/how-to-change-jobs-and-grow-your-career-right-now-2022-8
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https://www.businessinsider.com/how-to-change-jobs-and-grow-your-career-right-now-2022-8
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BlackRock warns 3 behavioral flaws will torment investors in a new era of volatility. Here's how to beat them and succeed in today's market, according to the world's largest money manager.
A new era of market volatility is here, BlackRock says.
The asset manager shared three behavioral biases that will hurt investors in the new environment.
They also shared their best ideas for overcoming them.
Psychology is often an investor's biggest downfall.
When money is at stake, people make irrational decisions, letting their so-called animal spirits drive their actions. After all, the two emotions said to drive the stock market are greed and fear.
This reality will be especially true in a new era of heightened volatility, according to BlackRock, the biggest asset manager in the world with over $5 trillion under their watch. That's because the days of stable economic growth and low, predictable inflation are gone, they say.
In a note to clients on Tuesday, the firm said three behavioral biases in particular will come into play in a highly volatile environment.
One is called the disposition effect, in which investors sell gains too soon to lock in profits and hold on to losses too long in hopes the positions will recover.
According to the theory, developed by Daniel Kahneman and Amos Tversky, investors tend to feel losses harder than gains.
"Behavioral finance finds that people feel the pain of loss twice as strongly as they experience an equivalent gain as pleasurable (the red versus green arrow in the chart)," said a BlackRock team lead by Emily Haisley. "As a result, people may hold on to losing positions to avoid the pain of a loss (bottom left in chart). Meanwhile, it's tempting to lock in gains too soon on winning positions because of a reluctance to take more risk for only marginal benefits (top right)."
The second problem Haisley and her team highlighted is inertia, or the reluctance to change.
This is a problem because of the different environment stocks are in now compared to the last decade-plus, they said.
"We see more volatility ahead as markets have rallied on hopes the Fed is about to change course and relax policy. That optimism is misplaced, in our view," they said. "All of this calls for professional investors to change their portfolios more quickly. It will be costly, in our view, to just follow playbooks such as 'buying the dip' or make slow and minimal changes."
And third, the team pointed to endowment, or the tendency to overvalue things and hold on to them for too long.
"Think of it as excessively deliberating over whether you may one day need something that sat collecting dust for years – whereas you clearly should be decluttering," they said. "People with this bias overvalue their assets. The longer they own them, the higher the price they demand to give them up."
How to beat the biases
Haisley and her team first recommended starting from scratch and building a new portfolio for the new macro environment.
"That doesn't mean abandoning long-standing investment processes," they said. "Instead, consider portfolio changes without basing it on your historical portfolio holdings and performance."
Next, they recommend identifying times to reassess one's investments. This might mean reevaluating a stock after it hits a price target, or setting times throughout the year to take stock of your portfolio.
"Think of future market events or performance thresholds that would signal when to take profit or cut losses," they said. "Making a plan can help determine how to react amid volatile markets and high emotions."
And third, they recommended taking a therapy approach, talking about losses and mistakes and trying to recognize biases and behavioral faults.
"Discuss your emotions after losses, examine mistakes even when performance is good, and weigh input from colleagues with an alternative point of view," they said.
Some books on behavioral biases include: Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing; Rational Thinking and Investing by Jaret Wilson; and Psychological Barriers to Successful Investing: Six Critical Strategies to Overcome Cognitive Biases by John Shelton.
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2022-08-04T10:36:17Z
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BlackRock: How to Correct 3 Behavioral Flaws Tormenting Investors
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https://www.businessinsider.com/how-to-invest-stock-market-tips-overcome-behavioral-biases-blackrock-2022-8
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https://www.businessinsider.com/how-to-invest-stock-market-tips-overcome-behavioral-biases-blackrock-2022-8
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Today's mortgage and refinance rates: August 4, 2022 | Rates increase
After dropping dramatically late last week, mortgage rates are ticking back up again today. However, they still remain lower than they have been in recent weeks.
Rates have been volatile this month as investors balance record levels of inflation with the growing risk of a recession.
Even though they're slightly down compared to previous weeks, they're still up 2.5 percentage points year-over-year. With so many different factors currently impacting the housing market, homebuying demand has declined.
If you're thinking about buying a home soon, familiarize yourself with all the mortgage options available to you and use a mortgage calculator to understand how different rate levels impact your buying power.
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2022-08-04T10:36:29Z
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Today's Mortgage, Refinance Rates: August 4, 2022 | Rates Increase
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-thursday-august-4-2022-8
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The Federal Reserve is 'playing with fire' as recession risk rises, says the top strategist at JPMorgan Asset Management. Here are 4 ways investors can protect their money.
David Kelly is the chief global strategist at JPMorgan Asset Management.
Although GDP fell for a second straight quarter, it's unclear if the US will fall into a recession.
David Kelly, the chief global strategist at JPMorgan Asset Management, shared his investing outlook.
Here are four stock market sectors to target, in Kelly's view — and two to avoid.
It's difficult to tell if the US is currently in a recession, is about to enter one, or will avoid one entirely, according to David Kelly, the chief global strategist at JPMorgan Asset Management.
A flurry of seemingly contradictory economic indicators means that bulls and bears can each make compelling cases for whether the 13.5% stock market rally in the past month and a half is justified or destined to unravel, the 32-year market veteran told Insider in a recent interview.
The bear case: GDP is weak, earnings have peaked, and a policy error is likely
While Kelly noted that the US isn't officially in a recession until a committee of economists says so, he said that's a technicality that shouldn't be of much comfort to investors.
Several key barometers of economic health have deteriorated quickly in the past month or so, Kelly said, including industrial production, real personal income, and inflation-adjusted sales data for retailers and wholesalers. The rolloff of fiscal stimulus, a softening real estate market, weaker consumer confidence, and a stronger dollar have also been headwinds.
"It's not overwhelming, but the odds favor a recession," Kelly told Insider. "I mean, the only straws we're clinging onto here is job growth."
But even the silver lining of employment isn't reason enough to rest easy, in Kelly's view. While a 3.6% unemployment rate is historically low, the strategy chief warned that job growth "could easily turn negative in the next two months."
"The reason employment is strong — or employment growth is strong — is not because the economy is strong," Kelly said. "It's because we had a lagged, huge pent-up demand for labor after the pandemic, which saw both increased consumer demand but also very weak supply with a lot of baby boomers retiring and much less immigration."
Kelly added: "Until you get the job openings and the number of unemployed people back into alignment, you're probably going to see positive job growth. It doesn't say the economy is strong — it's just an echo of past strength."
Earnings are another vital indicator that Kelly believes is weakening, even as corporate reports continue to beat estimates on the top and bottom lines. It's becoming harder and harder for firms to keep growing their revenue and earnings, Kelly said.
"We're still in positive surprise territory, but this is the worst earnings season for positive surprises that we've seen since the start of the pandemic," Kelly said.
Corporate weakness follows weak consumer spending, and many consumers are hurting as four-decade-high inflation erodes purchasing power. Rising food and gasoline prices disproportionately squeeze lower- and middle-income families, Kelly noted, citing Walmart's recent earnings report as an example of how that can hurt companies.
Stopping inflation is now the Federal Reserve's top priority, but Kelly worries that the US central bank will overcorrect in response to criticism that it's ignoring the threat that price surges pose.
"I think the Federal Reserve should not lose sleep about how fast it's falling," Kelly said of inflation. "It's not worth putting the economy into recession to get it to fall a little bit faster."
There's a high likelihood of a policy error from the Fed because they have less of an ability to reverse inflation, much of which is caused by supply issues, than they believe, in Kelly's view.
"I think of the Federal Reserve as thinking they're controlling the economy, but in reality, they're in a small boat with a very small paddle in a very rough sea, and they're trying to direct the boat," Kelly said. "But for the most part, it is the sea that is doing the directing, not the Fed."
The bull case: Peaking inflation causes the Fed to back down
But markets have an uncanny way of proving as many people wrong as possible, so Kelly thinks there's still a chance that the US economy can avoid a recession in the near term altogether.
Such a scenario could materialize if inflation has peaked already, as gasoline prices would suggest. Softer inflation readings would allow the Fed to justify a pivot away from its hawkish policies, Kelly said. Fewer interest rate hikes would lower borrowing costs and spur spending.
"I think people are getting more comfortable that we're moving into a lower inflation future — and one that the Federal Reserve's going to have to back off in terms of rates," Kelly said.
If inflation fades, much of the bear thesis falls apart. Economic activity would rebound, and corporate earnings would follow. Most importantly, there wouldn't be a Fed error in that scenario.
That possibility, plus the fact that stocks tend to rise in the long term, mean that the recent rally in stocks is "reasonable," Kelly said. Though the strategy chief doesn't have an official price target for the S&P 500, his colleagues in JPMorgan's research arm have a target of 4,800, which implies 15% upside. That's currently tied for the most bullish outlook on the Street.
"People are looking through whatever cyclical weakness we see here," Kelly said.
4 ways to invest now
Broadly, stocks are currently "a little less expensive than fair value" after entering the year richly valued, Kelly told Insider. He's now confident that stocks can yield 6% to 7% in the long term.
"Given the better valuations yielded by a painful first-half selloff in financial assets, there are now many ways to position portfolios to take advantage of this eventually more benign environment," Kelly wrote in the note.
But not all stock market sectors present equal opportunities, in Kelly's view.
Consumer sectors like discretionary and staples should be avoided, Kelly said, because they have expensive valuations and suffer as consumers do. Persistently high inflation is still most investors' base case and would squeeze profit margins in these sectors.
Conversely, stocks in four sectors are attractive because of reasonable valuations and/or the ability to hold up in an economic downturn, Kelly said: energy, financials, healthcare, and technology.
Portions of the tech sector looked expensive to Kelly as recently as late June, but energy names are cheap, the strategy chief said. Although the world may eventually pivot to renewable energy, Kelly isn't worried about that now.
"I get a lot of issues about energy in the long run, but they are really cheap," Kelly said.
Financials names are also cheap, Kelly said, while healthcare names are "not particularly expensive" but are well-set-up to benefit from long-term demand for health services.
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2022-08-04T10:36:41Z
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Stock Market Strategy: 4 Investments to Make Right Now, JPMorgan
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https://www.businessinsider.com/stock-market-economy-investing-recession-strategy-gdp-federal-reserve-jpmorgan-2022-8
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https://www.businessinsider.com/stock-market-economy-investing-recession-strategy-gdp-federal-reserve-jpmorgan-2022-8
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A veteran fund manager and author lays out why tech stocks are actually much cheaper than they appear — and explains the best strategy to calculate what they're really worth
Tech stocks have plummeted in 2022, but Adam Seessel thinks there's value to be found in the sector.
In his new book, Adam Seessel recommends investors view tech stocks through a value investing lens.
His book, "Where the Money Is," has received widespread acclaim from investors like Bill Ackman.
Seessel also laid out why traditional accounting makes tech stocks seem more expensive than reality.
Thanks to their unrivaled market domination over the past two decades, technology firms have long been considered the darlings of the growth stock world. Indeed, four out of the top five largest companies by market capitalization — Apple, Microsoft, Alphabet, and Amazon — all belong to this category of digital behemoths, with each commanding a consumer vertical in its own right.
That's why the title of Adam Seessel's new book, "Where the Money Is: Value Investing in the Digital Age," may seem like a bit of an oxymoron — after all, how can you invest in value within the high-growth tech sector? But Seessel, who co-founded Gravity Capital Management, has devised a framework to adapt value investing principles for tech companies, and in the process has shed some new light on their valuations. The idea has struck a chord with readers — the book has already received widespread acclaim from renowned investors such as Bill Ackman, who said it was one of the best on investing he's read in years.
According to Seessel, these value investing strategies are even more critical for investors to consider amid today's macroeconomic backdrop marked by high market volatility and uncertainty as the US economy officially slumps into a technical recession.
"The economic cycle is going to do what it's going to do," he told host Trey Lockerbie on the July 21 episode of The Investor's Podcast Network. "But if you have a strong business with a strong customer value proposition and a moat to protect that business, you are going to win, period. And that's really how I approach the market."
The best way to profit in an environment like this, Seessel continued, is for investors to seek out the individual businesses that have specific advantages over their competitors. Rising costs of properties, plants, and equipment have cast a favorable light on the traditionally capital-light tech stocks. And although the once-beloved sector has fallen from the market's top — rightfully so for the most part, said Seessel — he still sees potential in some of the companies that have been hardest hit, yet still offer competitive advantages to investors.
Seessel's three-variable investment checklist
Seessel's value-tilted strategy centers around the three most important variables for superior investing — a stock's quality of business, its quality of management, and its asset price. To make it easier to remember he's given this checklist the acronym "BMP."
According to Seessel, a firm's business quality is the most important metric investors should consider.
"If you start out with a crummy business, it doesn't matter what you pay. The business will fail and degrade and eventually go out of business," he explained. "You have to have a business that has competitive advantages — a secret sauce, an edge."
But with over 90% of technology companies "doomed to failure or mediocrity," Seessel said that it's critical for investors to recognize strong competitive advantages, which can include factors like a disruptive and innovative product, good brand recognition, and a low-cost model. During the podcast Seessel referenced Tesla, Amazon, and Google as companies that fall into this category.
On the other hand, Seessel doesn't believe Netflix has a true advantage over its competitors, calling the streaming war an "arms race." He views Meta in a similar light, referencing its "vulnerable" core business and its need to acquire numerous competitors like Instagram and WhatsApp to improve its social media presence.
A firm's management quality obviously also plays a huge role in its success, Seessel said.
While Seessel says that "Google probably has a better business pound-for-pound than Amazon" thanks to it's asset-light business model, Amazon has been a better investment — and that's all thanks to Jeff Bezos' savviness and ability to marry old school business principles with a new-age digital economy.
What investors should look for in a management team, said Seessel, are "old-time stewards" that nurture a company and position it for future growth down the line — rather than executives "skimming as much as they can" before they retire.
A good management team should also inherently understand which assets drive the most value and highest returns for a firm, Seessel continued. "There's got to be a cold-bloodedness to your management," he said.
Finally, Seessel highlighted a stock's price as the deciding factor for investors to consider.
"I couldn't call myself a value investor if I didn't think price was the veto question," he explained. "You have a great business and you have a great manager, but if the price isn't right, you're going to have a crummy investment."
For the most part, however, technology stocks have had a historical track record of expensive valuations. Despite this, they've still been able to appreciate rapidly — one central problem Seessel also addresses in his book.
"That leaves us with an existential question. Either we're overdue a dot-com bust like we've never seen before, or the metrics that we've used to calculate price are wrong. And I conclude that the second premise is true," he said.
Traditional valuation methods are outdated
According to Seessel, the technology sector looks even more promising than traditional accounting principles might show on paper because these long-adhered-to methods are actually extremely outdated.
"Every time tech makes something better, faster, cheaper, it doesn't necessarily get recorded in the stats. These measures like GDP and generally accepted accounting principles (GAAP) — they were built for the Industrial Age," Seesel explained.
Current accounting guidelines allow for physical assets like factories to depreciate over their lifetimes, which significantly cuts down annual costs for these companies. However, research and development expenditures — which are typically high for tech firms — don't follow the same principle of depreciation and must be expensed immediately, Seessel explained.
"Tech companies have underreported earnings basically, because of the outdated tech accounting rules," he said. "Until they change, we, as intelligent investors, need to make adjustments." One metric investors can use for better accuracy is to divide an expense's lifetime value over its cost of capital, he continued.
In 2020, traditional GAAP principles showed that Amazon's e-commerce margin was a mere 2% — vastly below Walmart's margin of 6% that same year.
"If you believe that, then I don't think you should be in the business, because it's absurd that a brick and mortar retailer would have three times the profitability of an e-commerce retailer who has no stores and who does all their business online," said Seessel.
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2022-08-04T10:36:47Z
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Tech Stocks Are Cheaper Than You Think, Even After This Year's Decline
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https://www.businessinsider.com/stock-market-how-to-invest-best-cheap-tech-stocks-strategy-2022-8
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https://www.businessinsider.com/stock-market-how-to-invest-best-cheap-tech-stocks-strategy-2022-8
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Buy these 10 recession-proof stocks that look cheap given their track record in weathering economic downturns, according to Morningstar
Investors are fretting about a potential recession - but these stocks have a proven track record of performing during an economic downturn.
The US has now entered a recession, according to some metrics.
Recession-resistant value stocks can still deliver returns during an economic downturn.
Morningstar highlighted 10 undervalued stock picks to add to a portfolio during a recession.
Some economists argued that the US fell into a recession last month when it registered a second consecutive quarter of negative GDP growth.
President Joe Biden has pushed back, arguing that the labor market's rebound is a sign of the nation's good economic health.
But investors are clearly still worried about a recession.
Equity chief strategists like Morgan Stanley's Mike Wilson, economists like Wells Fargo's Jay Bryson, and billionaire investors like Leon Cooperman all warned back in June that an economic downturn is becoming more likely - and the recession noise has only got louder since.
Biden is right that the US isn't experiencing a recession just yet, but a slowdown will clearly happen sooner rather than later, according to Morningstar's head of US economics.
"There's very little reason to think the U.S. economy was in a recession in the first half of 2022," Preston Caldwell said in a recent research note. "Recession risk is on the horizon, especially for 2023, as the impact of the Federal Reserve's rate hikes have yet to be fully felt."
Recession would likely badly hit the growth stocks that pulled the S&P 500 to 69 record closes last year. But certain value stocks are likely to hold up better, according to Morningstar.
The research firm identified 10 recession-proof stocks that currently look cheap because of their track record to weather an economic downturn:
Ticker: BUD
Industry: drinks and brewing
Analysis: "The largest brewer in the world, AB InBev benefits from a significant cost advantage relative to its competitors, which creates meaningful barriers to entry, and therefore provides a substantial competitive advantage, or wide economic moat."
Ticker: IMBBF
Industry: tobacco
Price: 18.24 pounds ($22)
Analysis: "One of the world's largest international tobacco companies, Imperial Brands benefits from tight government regulations that make barriers to entry almost insurmountable."
3. Zimmer Biomet
Ticker: ZBH
Analysis: "Zimmer manufactures orthopedic reconstructive implants. We award the company a wide economic moat rating thanks in part to the high switching costs orthopedic surgeons would face transitioning to another company's instrumentation."
Ticker: MDT
Analysis: "One of the largest medical device companies focused on therapeutic medical devices for chronic diseases, Medtronic (like Zimmer) enjoys high switching costs. Its intellectual property and relationship with physicians also contribute to its wide moat."
Analysis: "Specializing in therapies to treat life-threatening infectious diseases, the drugmaker has carved out a wide economic moat thanks to its patent-protected HIV regimen and continued dominance in the hepatitis C market."
Ticker: RHHBF
Price: 391.80 Swiss francs ($408)
Analysis: "Roche is a biopharmaceutical and diagnostic company that holds the leadership position in both oncology therapeutics and in vitro diagnostics; as a result, the drugmaker earns a wide economic moat rating."
Analysis: "GSK is one of the largest pharmaceutical companies worldwide by total sales. Patents, economies of scale, and a powerful distribution network support the drugmaker's wide economic moat rating."
Ticker: BTAFF
Analysis: "One of the two largest listed global tobacco companies, British American Tobacco possesses a strong franchise and cost advantages, which have led to a wide economic moat rating."
9. Ambev
Ticker: ABEV
Industry: drinks
Analysis: "The largest brewer in Latin America by volume and one of the largest beer producers in the world, Ambev enjoys customer loyalty and cost advantages that provide the company with a wide economic moat."
10. Veeva Systems
Ticker: VEEV
Analysis: "The leading provider of cloud-based software solutions tailored to the life sciences industry, Veeva enjoys a wide economic moat rating: The time and expense of switching to a competing software solution is high and can come with substantial operating risks."
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2022-08-04T10:36:53Z
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Recession Stocks to Buy: 10 Undervalued Picks From Morningstar
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https://www.businessinsider.com/stock-picks-to-buy-recession-investing-strategy-undervalued-cheap-morningstar-2022-8
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https://www.businessinsider.com/stock-picks-to-buy-recession-investing-strategy-undervalued-cheap-morningstar-2022-8
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More than 4,000 pieces of luggage had been lost or misplaced in Dublin airport.
A passenger believes he saw his lost luggage dumped in the trash at Dublin airport, per ITV news.
Fergus Mulligan said he saw his green suitcase in pictures shared with UTV last month.
Ground handlers at Dublin airport have faced increased scrutiny since the incident.
An airline passenger believes his lost luggage was dumped in the trash at Dublin airport.
Fergus Mulligan claims he spotted his green suitcase next to a large trash can in photos shared with UTV last month, per ITV news.
Mulligan returned from a holiday in late June to Dublin airport, only to find his bag didn't make the same trip.
After he saw the images shared online, Mulligan said he went to the airport for a third time to search for his lost luggage but was informed it was no longer there.
He told ITV news that he doesn't think it's likely he'll ever discover what happened to his bag.
Last month, a whistleblower, who asked to remain anonymous, shared photos with UTV that appeared to show lost luggage being placed in and around the trash can outside the Irish airport.
Some of the baggage also appeared to be opened, according to the news agency.
Dublin airport and Sky Handling, the company responsible for baggage handling at the airport, did not immediately respond to Insider's request for comment made outside of normal working hours.
The handlers told UTV: "We are not in a position to discuss an individual passenger but we will examine the circumstances of this case based on the information available to us."
After the original report was shared, Sky Handling told UTV that some cases "had to be destroyed for health and safety reasons" because they contained perishable items.
They said that "the passenger file is updated with those details to allow a claim to be processed."
Ground handlers at Dublin airport have faced increased government scrutiny since the incident.
There have been multiple reports of lost baggage at Dublin airport. More than 4,000 pieces of luggage have been lost or misplaced in the Irish airport, according to ITV news.
Simply Flying reported that members of the Irish government's Oireachtas Committee on Transport and Communications had seen the images of dumped luggage and were seeking answers about the incident.
The committee has also responded to the video by setting a deadline of two weeks for the airport to reunite passengers with their lost luggage, according to ITV news.
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2022-08-04T10:37:05Z
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Passenger Says He Spotted Lost Luggage in Trash in Image Shared Online
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https://www.businessinsider.com/travel-chaos-lost-luggage-dumped-trash-flights-travel-dublin-airport-2022-8
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https://www.businessinsider.com/travel-chaos-lost-luggage-dumped-trash-flights-travel-dublin-airport-2022-8
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13 hot chip and semiconductor startups investors are betting on to fill supply-chain gaps and compete with giants like Intel and Nvidia
Nick Harris, the CEO of Lightmatter, a light-photonics-processor company.
Manufacturing costs and big firms have made it hard for new chip players to enter the market.
But amid supply-chain woes, chip startups have emerged to fill the gaps.
Insider complied a list of 13 chip startups VCs are betting on to disrupt the chips industry.
Venture capitalists invested a record $19.4 billion in chip and semiconductor startups in 2021.
It's a huge sum of money that may have seemed impossible years ago. Historically, the semiconductor industry has a high barrier of entry. Expensive manufacturing costs and entrenched firms like Intel, Nvidia, and AMD keep new players out.
But with supply-chain constraints, new models of manufacturing have popped up. Fabless-chip firms, or when a company designs the chips but outsources the creation, and new computing needs have disrupted the old foundation of the semiconductor industry.
Plus, legislation that would infuse $52 billion into domestic chip making and development has been sent to President Joe Biden's desk for him to sign into law. That could potentially usher in a new era of chip manufacturing.
To get a better sense of why VCs are betting on chip startups, Insider compiled a list of several startups investors say are bringing new technological strides to the field.
The firms range from chips designed for artificial intelligence and machine learning to semiconductors embedded in clothes. The firms on this list were picked in consult with VCs and analysts. They were chosen for their funding, leadership, and other criteria to help determine which will stick around.
All of the valuations are according to Pitchbook data unless noted otherwise.
These are the chip startups worth betting on, in order of least to most capital raised:
Nextiles' chip-enabled fitness mat.
Headquarters: New York City
What they do: Nextiles creates fabric-embedded chips to collect fitness and sports data. The firm also has a software platform that allows users to access their data and license it out to third-party companies.
Why it's a good bet: The firm has gotten interest and investments from major sports players like Draft Kings and the NBA betting on embedded chips to bring about smart athletics. There is also potential when it comes to cloud-connected health applications, and the possibility of licensing Nextiles' technology out to sports teams.
Greg Fallon, the CEO of Geminus.
What they do: Geminus creates software that uses AI to simulate how manufacturing systems will behave and operate. The industry uses this technology for creating semiconductors. The software also predicts when systems will degrade, and estimates their potential longevity.
Why it's a good bet: While not exclusively focused in the chips field, new and efficient manufacturing processes for semiconductors are in demand amid supply constraints. In June, Lam Capital and the VC arm of SK Telecom, a South Korean telecom firm, both recently led a round where Geminus raised over $5 million.
Arduino CEO, Fabio Violante.
Headquarters: Lugano, Switzerland
What they do: Arduino produces programmable boards for enterprise clients and educators to prototype equipment like chips.
Why it's a good bet: The firm recently closed a round raising over $30 million, drawing interest and investments from big chip firms like ARM and Bosch. Arduino also is hiring for open positions across the world, including cloud engineers and sales specialists.
Nick Harris, the CEO of Lightmatter.
What they do: An emerging field in semiconductors is photonic computing, also known as optical computing, where light is used to transmit and process data on a chip. Lightmatter creates photonic-based processors, which is more energy-efficient and faster than traditional modes of processing.
Why it's a good bet: The firm has gotten attention from VCs and big-name firms like HP, Lockheed Martin, and Spark Capital, all of which invested in Lightmatter. The company also just poached Ritesh Jain, Intel's vice president of engineering and a 20-year veteran of the firm who led several key projects like Intel's Auroa Supercomputer.
Untether AI
Arun Iyengar, the CEO of Untether, as seen on his LinkedIn page.
Headquarters: Toronto, Ontario
What they do: The Canada-based firm creates chips for AI. Its designs try to bring memory data closer to the processing unit.
Why it's a good bet: Untether has gotten attention from big firms like Intel and General Motors that have invested in the startup. In April, the Association of Chinese Canadian Entrepreneurs named Untether and Raymond Chik, one of its cofounders, startup of the year for its chip designs.
Ayar Labs
Charles Wuischpard, the CEO of Ayar Labs.
Headquarters: Santa Clara, California
What they do: Ayar Labs creates chips using light photonics that help data transfer faster and lower power usage compared traditional semiconductors.
Why it's a good bet: The firm has attracted the interest of big industry players. For example, Nvidia has announced a collaboration to use Ayar's chips for AI and machine learning. The firm is also collaborating with HP, the business-enterprise firm, to develop chips for data centers. Lockheed Martin, a defense firm, Intel, a chip giant, and VCs like IAG Capital Partners and Alumni Ventures have all invested in the company.
Hailo's AI microprocessor.
What they do: Hailo creates small AI processors known as microprocessors for devices close to where software collects and sends data, known as edge devices.
Why it's a good bet: The firm has recieved industry recognition for its chip designs. The Edge AI Vision Alliance, a group made up of industry experts and insiders, named the company's product their 2021 product of the year. Halio has gotten attention from VCs and investors like NEC Corporation, a semiconductor firm, that have helped propel the company closer to unicorn status.
Menlo Micro
Russ Garcia, the CEO of Menlo Micro, as seen on his LinkedIn page.
Headquarters: Irvine, California
What they do: Menlo Micro creates electrical and signal switches that send electrical currents to devices. Customers use the firm's switches for power management — making sure enough power is going where it needs to. The firm's switches are also temperature resistant and buyers can use them for household appliances, chargers, and other electronics.
Why it's a good bet: The firm just closed a $150 million round that Tony Fadell, the cocreator of the iPhone and iPod, and his investment group, Future Shapes, led. Standard Industries and Corning, both building-supply firms, have invested in Menlo Micro as well.
Ljubisa Bajic, the CEO and founder of Tenstorrent.
Total funding: $240 million, according to the firm
What they do: Tenstorrent creates application-specific integrated circuits, or chips that do one thing. Tenstorrent's chips teach computers machine-learning models and work to produce algorithms.
Why it's a good bet: The firm has attracted the interest of several well-known VCs like Fidelity Wealth Management and Moore Capital. Earlier this year the firm also poached Matthew Mattina, the head of machine learning at ARM, the semiconductor giant, to join its team.
Ambiq
Scott Hanson, the founder and CTO of Ambiq, as seen on his LinkedIn page.
What they do: Ambiq designs integrated circuits, or tiny processors, for wearables, smart cards, and other internet-connected devices that prioritize low power consumption.
Why it's a good bet: The firm has gotten attention and investment from big-name VCs like Kliner Perkins and established firms like Cisco and ARM. The company also closed a nearly $200 million Series F earlier this year and is hiring for several open software- and design-engineer positions.
Renee James, the CEO and founder of Ampere.
What they do: Ampere designs microprocessors — tiny computer chips for specific tasks — for servers at cloud-data centers. The firm's chips are designed for clients who need access to memory-intensive programs like AI and automation.
Why it's a good bet: The founder and CEO, Renee James, the former president of Intel, is planning to make Ampere a public company later this year or next. The company has gotten attention from big firms like Oracle who have invested over $400 million in the startup. Ampere has also formed partnerships with both Microsoft and Google to provide processors for their respective cloud services.
Jonathan Ross, the CEO of Groq, as seen on his LinkedIn page.
What they do: Groq has created a processor architecture with a special focus on AI and machine learning. Unlike traditional processing where each unit has just one function, the firm's tensor-streaming processing allows for units to process multiple functions at once.
Why it's a good bet: Jonathan Ross, the creator of Google's tensor-processing architecture used for machine learning and AI, leads the firm. Groq has also received attention from VCs like TDX Ventures and Tiger Global, who have pushed its valuation to unicorn status. The company also has several openings for software engineers, product managers, and design engineers.
Andrew Feldman, the CEO and cofounder of Cerebras.
Headquarters: Sunnyvale, California
What they do: Cerebras Systems develops chips for use in artificial intelligence and machine-learning models. The firm creates chips that are the size of wafers, trays that would usually have several chips on it. The firm specializes in AI acceleration, meaning its chips try to train AI models to accomplish tasks faster.
Why it's a good bet: AI chips have been an area of focus for VCs and Cerebras has been setting records and getting attention from enterprise clients. The firm's latest Wafer Engine 2 is the largest processor ever built and set the record for the highest number of AI models trained on a single chip. Its clients include the pharmaceutical companies AstraZeneca and GSK.
More: Features Startups Processors
Graphics processors
Edge Device
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2022-08-04T12:11:10Z
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13 Hot Chip and Semiconductor Startups That Investors Are Betting on
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https://www.businessinsider.com/13-chip-and-semiconductor-startups-investors-bet-on-2022-7
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https://www.businessinsider.com/13-chip-and-semiconductor-startups-investors-bet-on-2022-7
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Tourists look on as a Chinese military helicopter flies past Pingtan Island, China, on August 4, 2022.
China is running military drills, including live-fire exercises, in several areas around Taiwan.
The drills were announced as Nancy Pelosi visited amid Beijing's warnings.
Photos show military helicopters and projectile smoke around China's Pingtan Island as tourists look on.
Photos show Chinese fighter jets and warships conducting military drills around Taiwan after House Speaker Nancy Pelosi visited earlier this week.
China announced it was conducting the exercises, which include live-fire drills, around Taiwan from Thursday to Sunday. State media said the exercises would include live-firing on waters and in the airspace of six areas surrounding the self-governing island, Reuters reported.
Taiwan — an island located around 100 miles from China's east coast — has been self-governed for decades, though Beijing claims it as its own. China has vocally opposed any recognition of Taiwan as a sovereign country.
Thursday's military exercises came after Pelosi visited Taipei, the capital of Taiwan, from Tuesday to Wednesday despite continuous warnings from the Chinese government not to do so.
Photos from Thursday showed Chinese People's Liberation Army military helicopters by Pingtan Island — one of mainland China's closest regions to Taiwan — as tourists look on.
Smoke trails from projectiles launched by the Chinese military are seen as tourists look on from Pingtan Island on August 4, 2022.
Freight ships can also be seen in the Taiwan Strait as military helicopters flew above. The strait is one of the world's busiest shipping lanes, as Insider's Huileng Tan reported.
Chinese military helicopters fly past Pingtan Island in Taiwan, on August 4, 2022.
Hong Kong's TVB news channel shows the Chinese People's Liberation Army conducting military exercises on August 4, 2022.
On Thursday morning, China's Eastern Theatre Command said it had conducted "multiple firings" of ballistic missiles during the planned drills, Reuters reported. China's state-run Global Times tabloid posted a video of missiles launching and a map claiming to show they landed in waters north, east, and south of Taiwan. Insider could not independently verify the claim.
Taiwan's defense ministry said the PLA had fired multiple Dongfeng ballistic missiles at the waters northeast and southwest of Taiwan on Thursday afternoon.
China has been flexing its military muscles since Pelosi's visit. It flew 27 warplanes, including fighter jets, into Taiwan's air defense identification zone, having done similarly the day before.
China last fired missiles into waters around Taiwan in 1996, in what was then called the third Taiwan Strait crisis. Multiple experts have warned that Pelosi's visit could trigger a fourth such crisis.
More: News UK China Taiwan
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2022-08-04T12:11:16Z
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Photos: China Starts Military Drills Around Taiwan After Pelosi Trip
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https://www.businessinsider.com/china-taiwan-military-drills-tourists-pelosi-trip-photos-2022-8
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Hi. I'm Aaron Weinman. Winter is well and truly here for the crypto space. Fintechs like Coinbase and Block have got nervous earnings coming and Wall Street is bracing for the downturn.
Before we get into that, just a kind reminder that it's the last call for nominations for Insider's 2022 class of Wall Street rising stars. Nominate here.
At the heart of the matter, however, is that popular cryptocurrencies have spiraled this year. Bitcoin, for example, has nearly halved in value.
Companies — from Coinbase to Celsius — flew too close to the sun by hiring, and then firing, thousands. Robinhood, the pandemic darling that got everyone from the Bodega attendant to seasoned Wall Streeters playing the stock market, partially blamed the crypto freefall for its latest round of job cuts.
Investors, burned by big losses, are now gearing up for court battles. Over 200 cases have been filed, some settled in the million-dollar range, some investors lost, and others are still going. Insider's Jack Newsham spoke to lawyers and investigators about what investors are doing to try to get their money back.
2. Angelo Gordon investors just learned of a rape claim against a former executive. The chief executive of a California pension fund said the litigation "raises concerns" and that the fund is "monitoring the situation closely."
3. Disgruntled lenders are fuming at the marketing process of a loan marketed by Goldman Sachs and JPMorgan, Bloomberg reported. The first-lien lenders to a loan for Avaya have hired law firm Akin Gump to examine legal options over what they viewed as inadequate disclosures about the transaction.
4. Carlyle has amassed a portfolio of 130 Brooklyn apartments. Carlyle's investment is the latest example of how cashed-up investment firms are becoming corporate landlords and replacing traditional mom-and-pop property owners.
5. Staying on real estate, mortgage rates will fall back to Earth after an unprecedented climb. The dip in rates should make homes more affordable, Bank of America analysts said.
6. Healthcare startup Calibrate's chief executive used a Zoom call to cull staff. Minutes later, the employees' company laptops were automatically wiped and rebooted.
7. Adtech firm Criteo completed the acquisition of rival Iponweb at a revised price. The deal had been jeopardized because much of Iponweb's team is based in Russia. The revised deal valued the target at $250 million, plus a $100 million earn-out.
8. New York City's comptroller has chided BlackRock over its fossil fuel holdings, according to this report from Gothamist. Brad Lander and national climate activists are calling on the asset manager to stop investing in the expansion of fossil-fuel infrastructure.
9. Here are five little-known stocks that one of Germany's foremost portfolio managers is betting on now. Andreas Strobl is a senior PM at Berenberg Bank and his job is to unearth successful, little-known firms to invest in. He shared his insights, and stocks to avoid, with Insider.
10. Goldman Sachs and Thoma Bravo just helped an artificial-intelligence startup raise $90 million. Here's a look at the pitch deck that Aisera used to raise the cash. Thoma Bravo, meanwhile, just agreed to buy ID company Ping Identity for about $2.8 billion.
More: Finance 10 Things on Wall Street Newsletters crypto
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2022-08-04T12:11:22Z
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Crypto Investors Go to Court to Get Their Money Back, Wall Street Downbeat on Fintechs
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https://www.businessinsider.com/cryptocurrency-crypto-investors-bitcoin-ponzi-schemes-coinbase-celsius-2022-8
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https://www.businessinsider.com/cryptocurrency-crypto-investors-bitcoin-ponzi-schemes-coinbase-celsius-2022-8
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G'morning Opening Bell team. Phil Rosen here — this California sun has me feeling chipper!
But that puts me in a rare company these days.
In this economy, bears abound and optimism is as hard to spot as a week without a crypto hack.
Today, I'm breaking down why everyday traders and institutional investors alike are feeling downbeat about the stock market.
1. Wall Street's confidence in the stock market hasn't been this low in over five years, if you go by Bank of America's Sell Side Indicator.
People look to this metric as a gauge of investor sentiment, and right now it signals that investors are bracing for a downturn.
"While the SSI does not catch every rally or decline in the stock market, the indicator has historically had some predictive capability with respect to subsequent 12-month S&P 500 total returns," BofA analysts said Wednesday.
But they also pointed out that a second signal — the Equity Risk Premium — shows markets are pricing in an 80% chance of a mild recession, and a 30% chance of a "full-blown" recession.
And optimism only drops when data points confirm forecasts. BofA had earlier predicted a recession to hit before 2023, and these moves support that hypothesis.
Now for a barometer of Main Street sentiment, let's turn to the retail trader's once-favorite app.
Seven million retail investors have left Robinhood over the past year. That's a 34% drop.
Investors are leaving the platform as equities and cryptos lose momentum from the easy-money days of the last two years.
And the platform is taking notice and making changes: Robinhood this week announced plans to cut 23% of its staff.
But amid all the pessimism, one name still draws the bull. Retail investors' enthusiasm for Tesla is the highest it's been in two years ahead of today's vote on a 3-for-1 stock split.
You can hear me talk more about this on today's episode of The Refresh from Insider.
2. US stock futures take a breather Thursday, following a strong rally in the previous session. Meanwhile, oil dropped to its lowest level in three weeks. Here are the latest market moves.
3. On the docket: Tesla, Toyota Motor Corp., Square, all reporting. Plus, look out for the unemployment insurance weekly claims report, expected from the US Department of Labor this morning.
4. This batch of stocks is poised to stand out while recession fears make stock-picking historically difficult. David Kostin of Goldman Sachs pointed out which companies have the best shot at outperforming a market that's becoming increasingly difficult to navigate. Here is his list of 25 names.
5. The stock market's "buy the dip" regime has returned, according to Fundstrat's Tom Lee. Any reading of over 54% of S&P 500 stocks being in a bear market has historically proven to be a great time to buy the dip, the analyst said. He pointed out five factors that will drive a stock-market rally in the second half of 2022.
6. Lumber prices are falling as the market realizes housing is "going back to normal." Lumber fell 5% yesterday, to hit a new 2022 low of $495 per thousand board feet. As one housing CEO put it: "The last couple years are going to be an outlier."
7. Solana is the latest target of a crypto hack, just days after almost $200 million was swindled in the Nomad bridge heist. In 2022, hackers have targeted blockchain bridges repeatedly and have netted nearly $1 billion. Here are the full details.
8. This veteran strategy chief warned investors not to fall for the recent stock market rally. Michael Farr expects the current rebound to lose steam as recession fears climb. Instead, he recommends taking a beat from this four-part investing playbook.
9. Wealthy international buyers poured nearly $60 billion into the US housing market over the last year. Foreign customers are showing confidence in American real estate with all-cash offers even as bearish analysts are calling for a potential crash — and these buyers aren't worried about a bidding war.
Paypal stock.
10. Paypal surged 14% Wednesday after it launched a massive $15 billion stock buyback. The fintech company also received backing from Elliott Management. Now, Bank of America is forecasting a dividend to shareholders could be announced early next year.
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2022-08-04T12:11:40Z
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Here's Why Investors From Wall Street to Main Street Aren't Optimistic
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https://www.businessinsider.com/investors-wall-street-main-sentiment-inflation-optimistic-recession-bofa-tesla-2022-8
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https://www.businessinsider.com/investors-wall-street-main-sentiment-inflation-optimistic-recession-bofa-tesla-2022-8
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Here's the 12-slide presentation that convinced Oak HC/FT and Tiger to bet on a virtual-reality startup to train surgeons
Justin Barad, the CEO of Osso VR.
Osso VR creates virtual-reality surgeries to train physicians.
Oak HC/FT, Tiger Global, and other VCs backed the startup in its $66 million Series C in March.
Medical-device companies like Johnson & Johnson use Osso VR to teach surgeons to use their products.
Dr. Justin Barad had dreamed of being a video-game developer since he was little.
So after getting his medical degree, when he first tried virtual-reality technology for himself, he had a revelation.
"I immediately was like, I could train people to do surgery with this," he said.
In 2016, Barad cofounded Osso VR, a platform that lets surgeons practice procedures in a virtual operating room without ever touching a patient.
The San Francisco startup landed a $66 million Series C funding round in March led by Oak HC/FT, with participation from Tiger Global Management, GSR Ventures, SignalFire, and Kaiser Permanente Ventures. The round brought Osso VR's total funding to $109 million.
Osso VR works with medical-device companies and residency programs to train physicians in new and old surgical techniques.
Besides giving the physician a hands-on learning experience, the platform tracks how well the provider completes the procedure, providing a more objective assessment than surgeons typically get, Barad said.
Osso VR even uses the virtual-reality tech internally both for work and for team building, Barad said.
He said he wants to "make healthcare technology more fun."
"It doesn't have to be so serious and so stale," he said. "Even though the work is quite serious, helping people is pretty fun."
Osso VR shared with Insider the presentation it used to bank $66 million in March. The slides were edited before Insider's review to remove details about the startup's financials, a company spokesperson said.
Here's the 12-slide presentation Osso VR used to raise $66 million in Series C funding led by Oak HC/FT
Osso VR's tech lets physicians practice surgical procedures in a virtual operating room.
The startup provides trainings to teach new surgical techniques and to refresh surgeons on long-used methods.
Barad said that surgical trainings aren't standardized to assess a surgeon's proficiency in performing procedures and that modern surgical techniques like minimally invasive surgeries have "a crazy steep learning curve."
Barad said that during his residency in orthopedic surgery at UCLA, the other surgeons would sometimes ask him to Google what to do when they got stuck in the operating room.
Osso VR offers more than 200 surgical-training modules across specialties like orthopedics, neurovascular surgery, and robotics.
Barad said that by the end of the year the company plans to be developing 100 modules simultaneously.
Most of Osso VR's revenue comes from companies that make medical devices, like Johnson & Johnson and Stryker. They use Osso VR to train surgeons to use their equipment, Barad said.
While Barad declined to offer further details about Osso VR's contracts with the medical-device companies, he said the startup's revenue scaled with the number of trainings a medical-device company conducts using the platform.
In a 2020 study, 75% of participants who trained to perform a given surgical procedure using Osso VR completed it, while 25% of participants who trained by reading traditional "technique guides" completed the procedure.
The study was published in Clinical Orthopaedics and Related Research.
Barad said Osso VR assesses surgical proficiency based on three major criteria: whether the physician knows the steps of the procedure (or knows what to do when something goes wrong), how accurately they perform those steps, and how efficiently they move through the procedure.
Barad said 20 residency programs internationally are using Osso VR's platform. The platform lets the surgeons-in-training learn to do procedures without putting patients at risk.
Osso VR offers team-based trainings in addition to individual trainings so surgeons in different countries can train together in a virtual operating room.
Osso VR says its platform is available in more than 20 countries and in eight languages.
Barad said the startup's ultimate vision is for Osso VR's trainings to be a mandatory part of certifying and recertifying surgeons.
"Our mission is to democratize access to surgical education to everyone, everywhere," Barad said.
More: Features Dispensed Osso VR
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2022-08-04T12:11:46Z
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Pitch Deck Osso VR Used to Grab $66 Million From Oak HC/FT
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https://www.businessinsider.com/pitch-deck-osso-vr-raised-66-million-from-oak-hcft-2022-8
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https://www.businessinsider.com/pitch-deck-osso-vr-raised-66-million-from-oak-hcft-2022-8
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Startup founders' mental health is crumbling under the stress of a turbulent economic year and uncertain funding. Yet many suffer in silence.
The startup founders are not all right.
iStock; Rebeca Zisser/Insider
Founders are struggling with their mental health as startups contend with dried-up funding.
Many of them suffer in silence because they worry talking openly will shred their credibility.
"It's like don't ask, don't tell," Josh Felser, a successful founder and outspoken investor, said.
On November 15, Mirai Labs opened access to its virtual horse-racing game, Pegaxy, the startup's foray into the world of Web3. The crypto industry at large was riding a tailwind, with venture-capital investors clamoring to back the next Coinbase or Axie Infinity. On launch day, tens of thousands people bombarded the site to race the winged, steel-plated stallions and win digital tokens, which were held in an online wallet. Employees, high off the adrenaline from taking the game public, leapt into tech support to keep the servers from melting down, while Corey Wilton, Mirai's spritely, 25-year-old cofounder, cheered them on over Telegram, feeling a rush of excitement as the token price rose.
The party didn't last. The Pegaxy token's market cap flew to $45 million in February, before plunging 96% in the crypto-market crash that unfurled later that month. Players of the game raged, hurling abuse at the employees on social media as their wealth disappeared. Wilton said he's racked with anxiety over how his team is coping with the stress of it all.
"I want to build a company that's able to provide for them," Wilton told Insider. "My decisions snowball into their life. That anxiety and pressure is something I hold on my shoulders."
Mirai Labs' cofounder Corey Wilton.
Mirai Labs
The emotional burden entrepreneurs take on is well-known across startup land. Ben Horowitz, a successful founder and legendary investor at Andreessen Horowitz, famously wrote in his book: "If you don't like choosing between horrible and cataclysmic, don't become CEO."
But being a founder in a bear market is a more challenging game. The economic fear and uncertainty of the past six months has piled stress on founders who are already trying to do the impossible: build iconic tech companies. Founders are trying to save face for employees and investors while knotted up with the anxiety of a tech crash that has sapped funding for startups. Startups like Fast and Airlift have folded in the bust. Layoffs are rampant. And in an otherwise turbulent year, founders are also reeling from a global war, mass shootings, and a lingering pandemic.
"Most people are not OK. Founders are especially not OK," said Katelin Holloway, a former human-resources leader and now an investor and partner at the venture firm Seven Seven Six. "Founders who are in the middle of a fundraise or an extension raise are extremely not OK."
The experience of being a stressed-out founder is widely shared, and still many suffer in silence, according to interviews with more than a dozen founders and investors. They worry that talking openly about their mental health could shred their credibility with their team. Investors might see their mental-health struggles as a weakness and seek to replace them. So some founders hide behind a steely, hard-driving exterior. Many tell their secret only to other founders or spouses.
"The majority of VCs don't want to hear about a founder's mental health," Josh Felser, an investor who has long been outspoken about mental health, said. "It's like don't ask, don't tell."
Burn rates and burnout
A downturn only multiplies a founder's sleepless nights. Last year, venture investors pumped cash into startups at a breakneck pace, but they're taking a more cautious approach amid current stock-market chaos. That's left many founders panicked, whether they're struggling to raise funding or received investment before the money spigot closed, founders and investors told Insider.
Two years ago, in June of 2020, Anvil, a software startup helping businesses turn paperwork into simple web forms, raised an oversized seed round from Google's Gradient Ventures and others. The money carried the company through last year, so the company's cofounder and CEO, Mang-Git Ng, pushed off the next fundraise. Then, in February, word spread of term sheets for startup funding getting pulled. Emails to investors went unreturned. The era of easy money was over.
Ng said startups have felt like "the rug has been pulled out from beneath them." For the past few months, he's lowered Anvil's ad spending and leased extra office space to renters to cut costs and extend the company's runway, postponing a new round a bit longer.
Being a founder requires some risk tolerance. But it takes a toll, said Linda Kim, a psychiatrist and therapist who has worked with many founders over the years. In times of uncertainty, the brain enters a hypervigilant state. It spins through future outcomes and makes predictions, studies show. If the uncertainty persists, the "brain gets tired," Kim said. It surrenders to stress.
Naomi Allen, the CEO of Brightline, shouldn't worry, but she does. Her startup, which provides virtual-behavioral-health services to children, closed two investments just four months apart: a mega-round of $105 million in March and an extension of $10 million in July. Even with its coffers filled and a cost-cutting plan in place, Allen said she can't ignore the pressures she's facing.
"I feel meaningfully more stressed due to the macroeconomics, simply because it puts increased pressure on CEOs to be extremely judicious around burn," Allen said. She wants to avoid a scenario where she has to go back out and fundraise before Brightline has hit key milestones.
In the beginning, investors care a lot more about the founder than their idea. They look for signs that the person has the expertise and obsession that makes them uniquely suited for the job.
"You're being told how you're built for this. This is your calling," Thomas McLeod, a serial entrepreneur and the founder of Arkive, a blockchain-powered museum.
The pep talks are meant to inspire, McLeod said, but they only made him feel more insecure. At his fourth startup, Omni, in 2014, he hustled to make it a success, clocking 12-hour days and taking very few days off. But as the company scaled from a handful of employees to a hundred, the stress he felt took a physical toll. He twice rushed from the office to a hospital in pain.
"I've had as many kidney stones as startups," said McLeod, adding three ulcers to the tally.
It seemed McLeod's prize for scaling Omni was more anxiety. Typically, the bigger a startup gets, the hairier the problems become, said Alexa von Tobel, who built the personal-finance app LearnVest and sold it for $375 million in 2015. Von Tobel, now a managing partner at Inspired Capital, said an entrepreneur's reward for success is often more mental stress.
Founders say the pressure never lets up. Employees look to them for inspiration and answers, not to mention a steady paycheck. Investors count on them to multiply the money they put in, so their firms can pay back the nonprofits, foundations, and schools that front the capital. And founders might also have partners and families fighting for their attention.
During her startup's fundraise this spring, Tricia Biggio said she would hang up the phone with one venture capitalist who explained his reasons for passing on the deal, and hop to the next investor call. Then she'd attend a team meeting and try to maintain a sunny disposition for her employees.
"You're having to assure everybody that it's all OK, but you're also reading the same articles they are," said Biggio, whose startup, Invisible Universe, develops animated characters for social media, like Serena Williams' doll, Qai Qai, and Jennifer Aniston's pet schnauzer, Clyde.
Seven Seven Six partner Katelin Holloway.
In recent years, more investors are showing founders that they have their backs. Firms like Felicis Ventures and Seven Seven Six commit 1% on top of every new investment for founders to pay for services like coaching and therapy. Founders backed by Freestyle Capital get three months of free therapy sessions and paid tuition at the Hoffman Institute, which offers a weeklong retreat to help people spot negative personality habits and learn new ways to deal with them.
Their motives aren't entirely altruistic. These firms are part of a newer generation of venture capitalists, offering founders a bevy of personal services to help them win deals, Zal Bilimoria, the cofounder of Refactor Capital, said. He pays for founders and employees of seed-stage startups in his portfolio to receive free coaching and therapy out of the firm's management fees. Doing so gives Refactor a "leg up in winning more deals," he said, "but it's also the right thing to do."
After Dan Siroker left his last startup, Optimizely, to begin something new, he had his pick of investors hungry to back a repeat founder. He chose First Round Capital, partly so he could participate in its "founder forums," where founders meet monthly with the firm's talent partner to offer each other support.
"It's a lonely job," Siroker said of running a startup.
The forum ended after six months, but Siroker still meets with his cohort. In June, they got together for four days at the home of a First Round partner in Lake Tahoe, where they stayed up late sharing stories, and getting advice on how to take positive and negative feedback from their employees.
Caleb Frankel and his EarlyBird cofounder Jordan Wexler.
In hard times, founders say they often lean on each other in loosely formed support groups and group texts. They can vent their fears and frustrations without worrying about blowback, said Rei Wang, the cofounder and chief product officer at The Grand, a startup providing group coaching to professionals. Her investor, Seven Seven Six, pays for its founders to participate.
And the challenges aren't always business-related. Caleb Frankel, whose Seven Seven Six-backed startup, EarlyBird, helps families invest in their kid's financial future, wants desperately to have kids, but he and his wife have struggled with pregnancy loss. After their first miscarriage this spring, he broke down in tears on a video call with his staff.
Frankel wasn't ready to talk about what was going on with him. But when the couple lost another pregnancy in July, he told his employees and a group of other founders in a session with The Grand. They gave him support and thanked him for his vulnerability.
"I previously had trained myself into believing it was a weakness," Frankel said of his vulnerability. "It is becoming a core strength."
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2022-08-04T12:11:52Z
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Startup Founders' Mental Health Is Crumbling Under Stress of This Year
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https://www.businessinsider.com/startup-founders-mental-health-stress-economy-funding-2022-7
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https://www.businessinsider.com/startup-founders-mental-health-stress-economy-funding-2022-7
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Flight crews are exhausted and overworked as they take on extra hours during the current airport chaos, airline staff told CNN.
A combination of understaffing at airlines and airports and soaring demand for summer travel has caused a spike in flight delays, cancellations, long lines for security, and lost luggage. Strikes, bad weather, and technical issues have made the situation even worse.
Major appears to work at British Airways, according to his LinkedIn profile.
Amid the travel chaos, flight attendants are also spending more time consoling and de-escalating upset passengers, with one saying they take their uniform off when traveling home because they don't feel safe in it.
Most major airlines only pay flight attendants for the time beginning when the aircraft doors close and the engine starts, including taxiing, meaning staff don't get compensation for boarding, delays, or unexpected hold ups at the gate, Insider previously reported.
More: flight Travel plane Airline
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2022-08-04T12:11:58Z
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Sickness, Fatigue in Flight Crews 'Through the Roof' Amid Travel Chaos
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https://www.businessinsider.com/travel-chaos-flight-crew-airlines-workers-sickness-fatigue-wellbeing-work-2022-8
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https://www.businessinsider.com/travel-chaos-flight-crew-airlines-workers-sickness-fatigue-wellbeing-work-2022-8
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2 Shopify Mafia members are taking the grunt work out of developing new apps for the e-commerce giant's app store. Here's how.
Harry Brundage and Mo Hashemi founded the company Gadget.
Courtesy of Gadget
Gadget is a tech startup founded by two former Shopify executives.
On Thursday it announced a tool designed to help developers build apps for Shopify more quickly.
Its founders, Harry Brundage and Mo Hashemi, played a role in building Shopify's checkout system.
Gadget, a technology startup founded by two former Shopify executives, announced a new product Thursday meant to further its goal of making e-commerce apps easier for developers to launch and scale.
The new tool, Connections, is designed to help app makers connect their software to the APIs of third-party platforms, starting with Shopify's app store.
"Often when you're building applications for third-party app stores, there's a lot of boilerplate work that's quite repetitive," Gadget's cofounder Mo Hashemi told Insider.
That work could include tasks like API authentication and fetching and securely storing data. Hashemi estimated that Connections could save developers four to eight weeks of grunt work.
Hashemi and his Gadget cofounder, Harry Brundage, spent years leading tech teams at Shopify. Hashemi spent more than four years in product, becoming the general manager in charge of Shopify's fintech products before leaving the company in 2018. Brundage joined Shopify in 2011 as one of the company's first interns. He rose through the ranks to become a director of engineering for Shopify's core products before leaving near the end of 2017.
Their time at the e-commerce company helped them understand the needs of the developers building for Shopify's platform, Hashemi said. Both also worked on building Shopify's checkout, an experience that inspired their decision to launch Gadget. Shopify's checkout tool grew to be widely used during their time at the company.
"Shopify's checkout is one of the highest throughput pieces of software on the internet," Hashemi said. "You have merchants like Kanye West and Kylie Jenner who wake up at 9 in the morning, put out a tweet that says, 'I have a million units of my famous lipstick kit to sell,' and then tens of millions of people on the internet hit the checkout at the same time and try to process orders."
He said Gadget's suite of offerings was "auto-scale, meaning that when you build your app in our platform, there's a framework that kind of holds your hand and makes it such that you are building with best practices and Kylie Jenner can install your app on day one."
Playing a part in 'arming the rebels'
Gadget's tools are initially free to use; once an app that was built using Gadget makes it onto Shopify's app store and is downloaded by merchants, then the startup begins earning a cut.
A company representative said Gadget had "thousands" of users and "dozens" of apps in production.
Shopify's app store is home to some 7,000 apps meant to help the platform's more than 1.75 million merchants run their businesses effectively. Third-party developers build apps that help with tasks such as product sourcing and shipping as well as marketing, discounting, and accounting.
Building apps for Shopify's ecosystem can be lucrative even for individual developers and small startups. Shopify also invests in some of its most successful partners, including the SMS and email marketing startup Klaviyo, in which it just invested $100 million.
Having a robust app ecosystem is a key for Shopify — the better tools there are for merchants, the more sales merchants can convert and the better Shopify does. The company has more than once referred to its mission as "arming the rebels" against Amazon's empire.
And though the prospect of a recession is creating a difficult environment for tech startups, Hashemi argues Gadget is offering developers good value in helping them to save time and money.
"I think that value proposition just seems to work in this new landscape we're going to," Hashemi said.
Gadget wants to eventually go beyond e-commerce and make its productivity tools available to anyone wanting to build any kind of app on the internet. All of Gadget's tools, including features that help with database management, file storage, and app-installation tracking, are at the moment available only for Shopify apps.
Gadget has raised $8.5 million in venture capital from investors including Sequoia Capital and Bessemer Venture Partners. Gadget's investors also include Cody Fauser, Shopify's former chief technology officer, and Solmaz Shahalizadeh, a former head of data science and engineering at Shopify who is now a partner at Backbone Angels.
More: Retail eCommerce Shopify
Shopify App Store
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2022-08-04T13:42:28Z
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Ex-Shopify Execs Debut Tool to Help Devs Launch Shopify Apps Faster
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https://www.businessinsider.com/former-shopify-execs-debut-tool-helping-launch-shopify-apps-faster-2022-8
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https://www.businessinsider.com/former-shopify-execs-debut-tool-helping-launch-shopify-apps-faster-2022-8
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GSK was the world's largest vaccine business but failed to make a COVID-19 shot. A new exec lays out his plans to lead the pharma giant back to the top.
Phil Dormitzer, GSK's global head of vaccines R&D.
GSK, once the world's largest vaccine business, stumbled when it came to making a COVID-19 vaccine.
The company tapped Phil Dormitzer, a former Pfizer exec, "to restore GSK vaccines to leadership."
He shared his strategy with Insider, including focusing on a new virus and retaining talent.
GSK failed to develop its own COVID-19 vaccine, and a former Pfizer leader is now charged with bringing the British pharma giant back to the top.
Despite having the world's largest vaccine business by sales in 2020, at $9.5 billion, GSK leaders said its own messenger RNA technology wasn't ready for prime time. As Insider reported last April, the disappointment led to an exodus of vaccine leaders and researchers at its US vaccine-research site in Rockville, Maryland. GSK's vaccine business fell to the fifth largest in 2021, bringing in $9.2 billion in sales and trailing Pfizer, BioNTech, Moderna, and Merck. The top-three vaccine makers — Pfizer, BioNTech, and Moderna — raked in more than $75 billion combined in revenue last year just from their COVID-19 shots, which is more than eight times GSK's entire vaccine business.
It was a dramatic change in the vaccine industry, which has long been dominated by four Big Pharmas — GSK, Merck, Sanofi, and Pfizer — with the deep pockets to run massive clinical trials and build costly manufacturing plants. The pandemic allowed smaller biotechs like Moderna and BioNTech to develop their mRNA technology, and the result has awakened what has long been seen as a sleepy and stable part of the drug industry.
Now, GSK is turning to Phil Dormitzer, a former Pfizer executive, to reinvigorate its vaccine research unit. GSK's name has long been synonymous with vaccines, with a history in vaccine R&D dating back more than a century. The company distributes hundreds of millions of shots each year and has developed the first-ever shots against 11 diseases, including rubella and hepatitis A and B. But after falling short against COVID-19, Dormitzer's ability to bring GSK back will be critical in keeping the company a leader in the field, as he helps direct GSK's R&D expenses, which totaled $6.44 billion last year.
"That was very much part of the mission when I was brought in, to restore GSK vaccines to leadership," Dormitzer, who joined GSK last December as the global head of vaccines R&D, told Insider.
New R&D chief is focused on late-stage vaccine programs and bringing in new technologies
Emma Walmsley, GSK's CEO.
Reuters via handout
Eight months into the job, Dormitzer is in a position to focus on high-priority vaccines and look to mergers and acquisitions, as the CEO, Emma Walmsley, shapes the "New GSK."
In July, the company spun off its consumer-health division, which sells brands like Sensodyne toothpaste, Advil, and Tums, into its own firm called Haleon. The remaining GSK is focused solely on drugs and vaccines. Dormitzer will play a key role in the refocused firm, particularly as a handful of top R&D executives have recently left or will soon depart, including the former R&D chief, Hal Barron, and Sally Mossman, the former head of the Rockville R&D site.
Dormitzer said turnover rates are high for people with vaccine expertise. As Insider reported last year, more than three dozen employees, many of them key scientists and leaders, departed from GSK's Rockville site since the pandemic began.
But GSK's situation has improved in recent months, Dormitzer said, attributing it to the company's recent successes, particularly with a positive late-stage-study result for a respiratory syncytial virus (RSV) vaccine candidate.
RSV has turned into the industry's next big vaccine race, behind COVID-19. The respiratory disease is responsible for millions of hospitalizations each year, particularly among kids under 5 years old and the elderly. While Sanofi, Pfizer, Merck, Johnson & Johnson, and Moderna all have RSV vaccine candidates in human studies, GSK was first to report a late-stage-study win in June. Dormitzer said his team is now working on detailed results for publication in a medical journal, and the company expects to apply for regulatory approval of the vaccine in the second half of 2022.
RSV would be a major new growth area for GSK's vaccines, which sees most of its revenues come from its shingles vaccine Shingrix and its portfolio of meningitis and flu vaccines. In a June research note, the Cowen analyst Steve Scala forecasted $1.22 billion in 2027 sales for GSK's RSV shot.
Dormitzer said GSK's "biggest retention tool is going to be continuing this run of successes we've had over the past couple of months."
He also said that GSK will consider more acquisitions to bolster its vaccine research. In May, the company acquired the Cambridge, Massachusetts-based vaccine startup Affinivax for up to $3.3 billion, including a $2.1 billion upfront payment. Affinivax is designing experimental pneumococcal vaccines that target more types of the bacterial infection than the currently approved shots.
Dormitzer's M&A focus is on bringing in technologies that allow GSK to enter new areas of vaccine research, he said. For instance, he said he's interested in therapeutic vaccines, or shots that fight an existing infection or disease in the body rather than try to prevent it in the first place.
Pandemic response is 'a very good business' for pharma, Dormitzer says
Ideally, next-generation COVID shots will be based on our knowledge of multiple viral variants, not just one sequence.
As Pfizer's chief scientific officer for RNA and viral vaccines, Dormitzer played a front-line role in the company's COVID-19 vaccine response, but the coronavirus wasn't his first time responding to a viral outbreak. The 15-year pharma veteran helped develop vaccine candidates for the H1N1 outbreak in 2009 and the H7N9 outbreak in 2013 while at the Swiss drug giant Novartis.
"For a while, the thought was pandemic response is something you do out of a sense of duty. It's not going to be successful as a business," he said.
Big Pharma's view on that has changed with the blockbuster success of COVID-19 vaccines. Pfizer's shot, for instance, notched sales of $36.8 billion in 2021, which is more than four times the size of GSK's entire vaccine business. Pfizer is forecasting $32 billion in 2022 revenue from its COVID-19 shot.
"Being prepared for pandemics is not only a public-health imperative, but it's also a very good business, even if a kind of boom-or-bust business," Dormitzer said.
GSK's team has spent years working on self-amplifying mRNA technology, nicknamed SAM. The company got access to the platform when it acquired Novartis' vaccines team in 2015. Dormitzer is familiar with the technology; he helped develop and test SAM while he was at Novartis from 2007 to 2015.
But when the pandemic started, GSK's leaders decided SAM wasn't ready for prime time. Dormitzer said he agrees with that call, adding SAM "needs more work" to consistently produce at scale.
Last year, GSK started a small human study testing a SAM-based COVID-19 vaccine candidate. While a company spokesperson previously said GSK hoped to have data last fall, no clinical data has been made public yet. Dormitzer didn't say if he's seen clinical results, but described SAM as a "trickier technology" than traditional mRNA and acknowledged the program likely won't have much impact on this pandemic. He did not say if the company plans to advance the COVID-19 SAM program into additional studies.
GSK also has been working with the German mRNA specialist CureVac on a next-generation COVID-19 vaccine, after CureVac's first-gen program failed in a large-scale study. But that effort has yet to yield meaningful results, with the companies starting a phase-one study this March with initial results expected in the second half of 2022 — almost a full two years after COVID-19 vaccines from Pfizer and Moderna first became available to the public.
Despite the lag, Dormitzer said he has "a fair amount of confidence in the ability to respond to pandemics" at GSK. He is investing more in its own mRNA vaccine research, calling the genetic technology "very important for us in the long term" and a "clear focus" for the company.
More: Healthcare GSK Vaccines
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2022-08-04T13:42:34Z
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GSK's Vaccine R&D Head on Pandemic Prep, M&a, Turnover
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https://www.businessinsider.com/gsks-vaccine-rd-head-on-pandemic-prep-ma-turnover-2022-7
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https://www.businessinsider.com/gsks-vaccine-rd-head-on-pandemic-prep-ma-turnover-2022-7
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'We were burning through money like no one's business': Fresh layoffs hit Popshop Live as it struggles to attract new funding and insiders describe runaway spending
OsakaWayne Studios/Getty , Mensent Photography/Getty , Tyler Le/Insider
Popshop Live laid off staffers in June and again last month.
Former employees said they were shocked at how quickly Popshop burned through capital.
"There's no denying we made mistakes," Popshop's founder and CEO said.
In early June, Popshop Live, a livestream-shopping platform backed by Benchmark Capital and a slew of high-profile Hollywood executives and celebrities, laid off 18% of its staff and terminated scores of contractors.
"We called it the Red Wedding," said a former employee, referring to a massacre depicted in the HBO show "Game of Thrones." The person was one of three Popshop Live employees who were recently laid off and whose accounts this story is based on; they were all granted anonymity to discuss internal company matters.
"We were completely blindsided," the person said.
Popshop Live is among the many technology startups, especially e-commerce ones, that have laid off staff amid the economic downturn. As the share prices of public tech companies have plummeted and venture capitalists have pulled back on funding, investors have put pressure on portfolio companies to cut costs, which for many has meant reducing staff.
Some of those fortunate enough to survive Popshop Live's layoffs in June assumed their jobs were safe in the pared-down company, especially after executives promised to be more transparent and said in a staff meeting on July 11 that they had enough runway to last several more months, until they could close a Series B funding round, another former employee, who attended the virtual meeting, said.
"They told us the big investors were still up in the air but they had secured small checks and were continuing conversations and expecting positive things," the former employee said. "I got super hyped. I was really excited."
Then about 25% of employees received ominous calendar invites to meet with managers in 15-minute increments on that Friday afternoon.
"At that moment I knew they were going to fire us," recalled the former employee, who said that by the time they finished their brief meeting they had already been kicked off their company email and Slack accounts. "I didn't even get a chance to say goodbye."
Danielle "Dan Dan" Li, who founded the company in 2016, declined to be interviewed but said in a statement that Popshop now has 34 full-time employees, down from about 55 at the beginning of June.
"There's no denying we made mistakes," Li said. "We optimized for hypergrowth and later-stage hires and initiatives when there were still many fundamental problems to solve in getting this platform and its creators in a good rhythm. In the excitement of our pandemic growth, we put the cart before the horse and skipped critical steps in solving the problems that make livestream shopping an accessible medium for the average retailer."
In 2020, Popshop was the subject of an intense bidding war over who would lead its Series A funding round.
Popshop
'We were burning through money like no one's business'
Li founded Popshop as a Gen Z twist on home-shopping networks like QVC and HSN that have been around for decades. Popshop appeals to a younger audience by hosting interactive mobile streams with mom-and-pop merchants hawking collectibles like "Star Wars" plush dolls or keychains featuring anime characters.
The medium has been popular in China, sometimes generating billions of dollars' worth of transactions a day. The consulting firm McKinsey forecast last year that "live-commerce-initiated sales could account for as much as 10 to 20 percent of all e-commerce by 2026."
In 2020, as people stayed home because of coronavirus restrictions and e-commerce surged in popularity, Popshop was the subject of an intense bidding war between top Sand Hill Road venture firms, The Information reported. Benchmark, Andreessen Horowitz, and Lightspeed Venture Partners jockeyed to lead Popshop's Series A funding round.
Benchmark won out, leading a $20 million round at a $100 million valuation. High-profile entertainment executives and celebrities joined in, including The Chainsmokers, Sophia Amoruso, Baron Davis, Kevin Mayer, Michael Ovitz, Hailey Bieber, and Kendall Jenner.
Investors were wowed by Popshop's exponential growth — the company boasted that the number of sellers increased by 500% over three months as it expanded into verticals including vintage fashion, furniture, collectibles, and food products.
But former employees say that growth proved difficult to sustain as Popshop quickly depleted its Series A, adding dozens of employees and increasingly offering money-losing promotions that yielded only temporary results.
"We were burning through money like no one's business," the first former employee said.
LinkedIn data indicates Popshop roughly tripled its headcount last year, expanding from 22 employees at the beginning of the year to 68 at the end.
In response to claims that Popshop spent rampantly on hiring, Li said, "We grew the team in preparation to match the expected continued hypergrowth that the platform experienced during the pandemic, as retailers began adopting more e-commerce avenues."
Li added, "However, that massive momentum of adoption slowed down post-pandemic, and we realized that there was actually a steep learning curve for retailers and brands to onboard onto livestream sale channels."
Spending heavily on promotions
Last fall, in an effort to accelerate growth, the company unveiled promotions including Free Shipping Friday.
Two former employees said Popshop also paid some sellers five-figure bonuses in exchange for bringing new users to the platform, offering $10,000 for every thousand new sign-ups.
"It was an insane amount of money for no exclusivity and commitment," one of the former employees said. "We were not even sure the users would make purchases."
The promotions and bonuses appeared to work; data provided to Insider by SensorTower indicated that app installs more than doubled, to 10,000 in November from 4,000 in October.
But two former employees said that even before the company started offering free shipping it was losing $3 to $4 on every order because its $6 shipping fee did not come close to covering the actual cost of shipping.
"No one thought much of it because we were being fed a glory story that we were raising so much money," one of the former employees said.
It didn't help that Popshop tried to undercut competitors by charging a 6% commission, lower than the 8% that Whatnot charged.
"You would think if you brought on new sellers there would be consistent growth, but it didn't look that way," a third former employee said. "That means there was probably a lot of churn."
To combat churn, Popshop layered on more promotions, such as offering $10 off when users spent $30 or more and $5 off after 5 p.m. The former employees said the promotions appeared at the end of the month and appeared to them as a frantic effort to top the previous month's revenue.
"It was a terrible problem because every month we were trying to combat previous cycles," the first former employee said.
Li said Popshop's retention was higher than the industry average even without promotions. "Our average show-over-show customer retention is 59%, compared to 27% repeat customer rate found in traditional e-commerce," Li said.
Dan Dan Li founded Popshop in 2016.
Dan Dan Li
A clash over strategy
Former employees praised Li, describing her as a leader who genuinely wanted to do the right thing.
"I loved Dan Dan," the third former employee said.
"Dan Dan is a great person," the first former employee said.
But they said that as much as they enjoyed working for Li, they felt like they were constantly being asked to go in different directions and Li could sometimes not be receptive to input from other top leaders at the startup.
"The strategy was always up in the air," the third former employee said.
The first former employee said Li clashed with two high-profile executives, Jason Droege and Rebecca Cahill, who both joined Popshop last year after being recruited from Uber and tried to "raise red flags" that Popshop was running out of money.
"Rebecca and Jason were saying we need to scale back spending," the former employee said. "Dan Dan had convictions about the company, and she wanted to run it by her standards. She didn't want to listen to anyone else."
Droege, who was tasked with heading Popshop's expansion efforts, left in May and is now a venture partner at Benchmark. Cahill, who was head of sales, also left in May. Neither Droege nor Cahill responded to multiple requests for comment. Li said the two left the startup as part of a restructuring.
Former employees also criticized Li over what they described as a lack of transparency about the company's fundraising.
The first former employee said they'd "heard from multiple executives that we were going to be valued at $500 million," which would have been a huge increase from the company's $100 million valuation.
"We were told the Series B was closing and it was successful," the former employee said.
Li did not comment on Popshop's fundraising. An investor in the company, who declined to be identified because they were not authorized to speak publicly, said there were ongoing discussions with investors about closing a Series B financing but acknowledged the round was taking much longer to close than investors and executives had hoped for.
The investor denied that employees had been misled and characterized Li as honest to a fault.
"She always wants to be 100% transparent," the investor said. "Sometimes it bugs me, but it is the culture she wants to run."
Li did not respond to Insider's questions about how she communicated with staff about Popshop's recent fundraising efforts.
After the first round of layoffs, 'morale was dead'
Some of the early excitement around livestream shopping seems to have faded — not just at Popshop but at big tech companies as well.
This week, Facebook said it would shut down its live-video-shopping feature in October. Last month, the Financial Times reported that TikTok had abandoned plans to bring a live e-commerce product to the US and Europe after operational challenges and a lack of consumer interest plagued a rollout in the UK.
Still, Whatnot last month announced a $260 million Series D funding round led by DST Global and CapitalG. It more than doubled Whatnot's valuation, to $3.7 billion from the $1.5 billion valuation it reached last year.
Former employees said that after Popshop's June layoffs, managers worked hard to project an image of calm, even as employees received a barrage of questions from sellers about whether the company would continue to exist.
"Morale was dead," the second former employee said. "Sellers started asking us questions, but we didn't know what to say, so we ended up ignoring sellers."
Former employees said Popshop quietly ended nearly all the promotions it had instituted last year. A June Pride event's promotions was scaled back .
SensorTower data indicates Popshop had only 5,000 app installs in June, down sharply from 17,000 in May though much higher than the 2,000 it reached in June 2021.
Li described the SensorTower figures as inaccurate by a "large magnitude" but did not provide alternative numbers.
She said she had shifted Popshop's focus to training sellers on how to be better at using the platform.
"Hosting a show, content production, and market education were high barrier issues many retailers were inadequately prepared to excel at," Li said. "We have now refocused our resources in helping solve these challenges."
Are you a startup employee with a story to share? Contact the reporter Ben Bergman at bbergman@insider.com or securely on Signal at 626-720-7152.
More: BI Graphics Tyler Le Venture Capital
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2022-08-04T13:42:58Z
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Another Round of Layoffs at Popshop Live After Struggles to Attract Funding
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https://www.businessinsider.com/popshop-live-lays-off-staff-after-struggling-to-raise-new-funding-2022-7
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https://www.businessinsider.com/popshop-live-lays-off-staff-after-struggling-to-raise-new-funding-2022-7
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A pandemic inception
'I'm here for a good time, not a long time'
'White glove service'
Co-owners of Sei Less on how their Asian fusion restaurant became a destination for A-list athletes, actors, and hip-hop artists
Sei Less co-owners George Karavias and Dara Mirjahangiry.
Sei Less co-owners Dara Mirjahangiry and George Karavias spoke to Insider about their Asian fusion restaurant and its rapid ascent to notability.
Opened in January, the Midtown Manhattan establishment has held listening events for several major hip-hop releases and holds a clientele of high-profile athletes, actors, and artists.
Midway through an interview with Dara Mirjahangiry and George Karavias, managing partners in the ownership group for the Asian fusion restaurant Sei Less, I learned that the private dining room we sat in had been the site of an impromptu listening party for the most recent Kanye West album.
In February, West and actress Julia Fox, who were then dating, came to the Midtown Manhattan restaurant to join 2 Chainz and Fabolous, who had been dining in the room we sat in, a graffiti art-covered space for around 25 people. Sei Less closed to the public following West's arrival, the co-owners said, and it stayed open privately until 5 a.m., as West played then-unreleased material from "Donda 2" for several hours to a small gathering that would include Dave Chappelle, Fivio Foreign, and a group of record industry executives.
"Once the press heard about that, everyone picked it up." Mirjahangiry said. "But for us, that was a regular night."
With private rooms segmented on two floors and equipped with separate sets of speakers for music, Sei Less is in effect built for such events. Similar and more formal listening parties for prominent hip-hop releases have taken place regularly since the restaurant opened in January of this year.
At the restaurant last month, I spoke at length with Mirjahangiry and Karavias and briefly with co-owner and building art director Ivi Shano to get a sense of the factors that have facilitated the restaurant's rapid ascent and its elite and growing list of athletes, actors, and artists as clientele.
A table in the aforementioned "graffiti" room.
Ivi Shano
Mirjahangiry, 39, conceived of the restaurant that would become Sei Less early on in the pandemic, and his designs were met with initial resistance from a familiar source.
"I'm Persian, so the way I was brought up, you were supposed to be a doctor or a lawyer or one of those trades," he said. "So even during the pandemic, my father was telling me, 'Okay, enough with the restaurant business. Time to get a real job.'"
Nevertheless, Mirjahangiry persisted.
Backtracking, he relayed that he had met Karavias years ago at a previous venture when Karavias' Dream Hospitality arranged a brunch party at the upscale restaurant that Mirjahangiry had managed on the Upper East Side. The pair subsequently went back and forth booking each other's clients and "quickly realized that at some point we were gonna go into business together," Mirjahangiry said.
The opportunity came together in the form of a Midtown restaurant space held by Joseph Licul and Dennis Turcinovic, owners of Harbor Rooftop Nightclub, where Karavias was handling promotion. Licul and Turcinovic offered the building to Mirjahangiry and joined him, Karavias, and Shano as managing partners and co-owners in the venture.
Mirjahangiry relayed the actuation of his vision for "a members-only club for the culture." He brought to it 15 years of professional experience in hospitality and a rolodex of countless clients in sports and entertainment that have followed him from one venture to the next.
He described landing on the name for the restaurant as the concept came together: "The name that initially popped into my head was Say No More. Say No More is obviously too wordy. So I was like, another way to say Say No More is to say, Say Less. So I wrote S-A-Y L-E-S-S on a piece of paper. And I was like, 'That looks really corny.'"
In the end, Mirjahangiry arrived at -sei from the Japanese honorific sensei as a replacement epigram, saying less.
The ownership group then turned to what Mirjahangiry called "a facelift and an aesthetic revamp" of the Midtown property's open-floor plan, one that would allow for his envisioned segmentation for private dining rooms and a range of distinctive design elements that Shano led the art direction for.
Karavias, for his part, relayed that his 18 years of experience in promoting New York City nightlife had prepared him well for the venture, though it was his first foray into restaurant ownership.
"I don't even know how to cook toast," Karavias joked. "I don't know anything about food, but I'll fill the seats. That's the big thing."
Prior to Sei Less' official opening on January 15, around 15 VIP parties took place to build buzz for the restaurant on social media, Mirjahangiry said, and Karavias' Dream Hospitality had a staff of 250 promoters putting in the groundwork of pushing the brand as it opened.
Mirjahangiry's longstanding connections to record labels and NBA players and agents and Karavias' promotional savvy and clients from the music and nightlife scenes combined to allow the restaurant to hit the ground running in its first months with a torrent of noteworthy events and reservations.
Kanye West's impromptu listening party aside, Sei Less has become known for hosting formal album release parties and private listening sessions for a growing list of high-profile acts.
In January, Gunna held the release party for his No. 1 album "DS4Ever" at Sei Less prior to the restaurant's official opening.
In June, New York City mayor Eric Adams wound up at Sei Less for French Montana's album release party. Lil Baby would later host a private listening event in the same room.
Sei Less' main dining room leading into the private room where French Montana and Lil Baby held listening events.
Even more important than the brand awareness brought to the restaurant through its public-facing events, Mirjahangiry relayed, is the fact that his famous clients know they can expect privacy from their dining experience.
"That's who we are as a restaurant, that executive or politician or music executive or father, or whoever you wanna label him as, is still a person. And at the end of the day, they're gonna go somewhere where there's a great vibe with good people, great food, and their privacy is respected," Mirjahangiry said. "And that really highlights what we do. That's really what built our name as Sei Less is, you're gonna come here, and we're gonna say less about your experience here to other people."
In the restaurant's entranceway, a physical manifestation of that M.O. appears in the form of a Drake lyric, "I'm here for a good time, not a long time," which hangs in neon lettering on a wall that fittingly precedes access to a private room, where notable guests can enter and leave the establishment discreetly. "They're in and out. Nobody even knows they're here," Karavias said.
Still, the trove of celebrity appearances on Mirjahangiry's and Karavias' Instagram accounts offer a great view into the breakneck pace with which Sei Less has accommodated prominent clients in its just under eight months of operation.
Mirjahangiry and Quavo at Sei Less.
In addition to Mirjahangiry's deep ties to the NBA, the restaurant's proximity to Madison Square Garden has allowed Sei Less to become a go-to afterhours spot for NBA stars from teams on the road in New York.
Mirjahangiry described a particular form of "white glove service" that he'll extend on occasion to players.
"If they don't have the luxury of being here for the night after the game, sometimes they go to Philly or they go to Boston or Washington really quickly, I'll deliver the food to the stadium and they'll bring it on the bus to the plane," he said, noting that he had also once dropped food off at a helipad so that a meal could fly to meet a player at his next stop.
Tracing his generational connections to the league, Mirjahangiry noted that he had now had both Kenyon Martin Sr. and Kenyon Martin Jr. as clients. He had gained Kevin Durant as a client and befriended him early on in his playing days with the Oklahoma City Thunder and hosted Durant's 24th birthday party.
For NBA players and any other notable guests that do stick around the restaurant, Mirjahangiry said he's motivated by the opportunities to "just bring good people together and introduce them."
"Sometimes I introduce music artists that go to the studio and put together a hit album or a hit single from the introduction. And then, yeah, sometimes I just introduce athletes that might not know each other, the guy that's retired to the younger guy, and they have a connection, but they're not really friends. So I think that's one thing I have the ability to do. People trust me to make introductions, based on the relationships."
As an example, Mirjahangiry relayed how he recently introduced another friend, Boston Celtics guard Jaylen Brown, to French soccer star Kylian Mbappe: "Jaylen was here having dinner. Mbappe was here. I asked Jaylen if he knew him. He said, 'No, I don't know him, but I know who he is.' And I kind of just brought him in here. The whole time Mbappe was here, he was speaking French. I would try to talk to him; he wasn't really saying anything. I bring Jaylen Brown in, and he starts speaking English. And I was like, 'Oh, the guy speaks English." Obviously Jaylen goes to Paris Fashion Week often, so they exchange information and, at some point, I'm sure they'll connect down the road."
I'm no food critic.
Despite the subheadline, I have no business reviewing the food at Sei Less, except to say that it stuck with me in the best way.
In trying a spread of the restaurant's main dishes, I could see that the food itself was clearly as much of a draw for its celebrity clientele as the intangibles and conveniences that Sei Less offers.
Sei Less' chicken satay.
Mirjahangiry noted that a peanut-sauce-covered chicken satay was the restaurant's signature dish. It was great, but I was partial to the very flavorful Beijing chicken. The range of options on its family-style "fusion" menu are extensive — a factor of accommodating diets alongside a potential expansion of the brand.
"You could eat sushi a couple times a week, but eating Chinese food a couple times a week, most people can't do that," Mirjahangiry said. "So we try to give different options for the health conscious person. Also, as we want to expand to different markets, in Miami and LA and different markets like that, you have to be a little bit more conscious about, you know, putting on a bikini. So we've tried to model the menu for those future plans."
In eyeing different markets for expansion, Mirjahangiry said Sei Less is taking "the pop-up route."
"We'll bring the concept to the market for a limited amount of time. It could be a weekend. It could be a month. Introduce it and then see how it works, determine if that's the right opportunity," he said. "Obviously making sure our flagship is always a priority, but we do plan on expanding the brand nationwide as well globally."
Another dream for Mirjahangiry and Karavias is to have a Sei Less with a "lounge" that can combine the ownership group's nightclub and hospitality experiences in one encompassing venue.
For now, Sei Less recently opened daily for lunch hours due to demand, and Mirjahangiry sees it as an opportunity to target the "lunch executives" who aren't necessarily back in an office post-COVID.
"A lot of high level people come here to conduct business. That could be having a meeting at the bar, having a private room, or just an overall dinner," he said. "Being in Midtown Manhattan, in the Garment District, I think there's gonna be some very special lunches that take place here."
More: Sei Less Restaurants Asian Cuisine Kanye West
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2022-08-04T14:35:24Z
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Sei Less Feature: a Destination for a-List Athletes, Artists
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https://www.businessinsider.com/sei-less-restaurant-feature-interview-2022-8
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https://www.businessinsider.com/sei-less-restaurant-feature-interview-2022-8
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Wall Street and the Fed are at an impasse, and the solution will almost surely hurt investors.
Stocks recently surged on hopes that the central bank will start cutting rates in 2023.
But Fed officials have clarified that the hiking cycle is far from over.
Wall Street and the Federal Reserve are once again butting heads. The latter will almost certainly win, and that will likely mean financial pain for investors.
The Fed is nowhere close to finishing its fight against inflation. Prices are still soaring at the fastest pace in four decades, and officials have hinted that several additional interest rate increases are due before the end of the year. Wall Street, however, isn't buying it. Investors wager the central bank will reverse course within a year, hanging their bets on recent Fed comments they perceive as signs of a pullback.
The brawl started on July 27. After raising interest rates by another 0.75 percentage points, the central bank signaled it could soon pivot from the fastest hiking cycle since the 1980s. It "will likely become appropriate" to slow the Fed's pace of increases as interest rates start to restrict the economy and growth slows, Chair Jerome Powell said at a press conference.
The shift was music to investors' ears. The hawkish hiking pace pummeled stocks throughout 2022, as higher rates make borrowing more expensive and, in turn, worsen companies' debt burdens. Investors took Powell's comments as a dovish tilt and quickly bid prices higher. The S&P 500 surged almost 4% across the Wednesday and Thursday trading sessions, and the benchmark now sits at its highest level since early June.
The rally, while encouraging for investors, flies in the face of the Fed's own objectives. The central bank's rate hikes aim to cool inflation by broadly tightening financial conditions. Yet the market's reaction to the July press conference explicitly loosened those conditions. Stocks rose, Treasury yields fell, and borrowing costs eased up. A Bloomberg index of US financial conditions shows the economy enjoying looser conditions than those seen in March, when the Fed first started raising rates from historic lows.
That risks undoing the central bank's efforts to fight inflation. Rising stock values and cheaper borrowing encourages Americans to spend more. That threatens to widen the gap between supply and demand and keep inflation at 40-year highs.
Fed officials have been quick to set the record straight. Projections that the Fed will dramatically slow its rate hikes and start lowering rates in 2023 are "a puzzle to me," Mary Daly, president of the San Francisco Fed, said in a Tuesday interview with CNBC's Jon Fortt, adding the central bank's hiking cycle is "nowhere near almost done."
"We have made a good start and I feel really pleased with where we've gotten to at this point," she said.
Chicago Fed President Charles Evans echoed his colleague's remarks on Tuesday. A half-point increase at the Fed's September meeting "is a reasonable assessment," but another three-quarter-point hike "could also be ok," he said. Still, it will take some time and more data to know "if we have a lot more ahead of us," he added.
Neither Evans nor Daly vote in the Federal Open Market Committee this year, meaning they don't have a direct say in the central bank's rate-setting. Still, their comments mark a considerable pushback against the market rally and serve as a healthy reminder that the Fed's fight against inflation is far from over.
The disconnect between markets and the Fed's mission could result in a nasty hangover for investors. Should financial conditions continue to loosen, the central bank will likely have to be more hawkish in order to cool inflation. The shift away from what markets perceived as dovishness will likely lead to a significant selloff as investors brace for the aggressive hiking cycle to continue. Without such a reversal, financial conditions will remain the exact opposite of what the Fed is aiming for.
"This round of Fed speak suggests markets might be a little too optimistic into pricing in a Fed pivot and that rate cut calls for next year are too optimistic," Edward Moya, a senior market analyst at OANDA, said in a Tuesday note.
More: Economy Federal Reserve Wall Street Interest Rates
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2022-08-04T14:35:36Z
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www.businessinsider.com
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Wall Street Duking It Out With Fed in Fight That Could Tank Stocks
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https://www.businessinsider.com/stock-market-inflation-wall-street-betting-on-fed-rate-cut-2022-8
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https://www.businessinsider.com/stock-market-inflation-wall-street-betting-on-fed-rate-cut-2022-8
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FanDuel is blowing away DraftKings in market share. Here's what that means for sports betting heading into the crucial second half of the year.
Ashley Rodriguez and Colin Salao
FanDuel has increased its market share lead over DraftKings in recent months, third-party data show.
That has added to the pressure facing DraftKings and other US sports-betting stocks.
DraftKings stock is down 65% YOY but could recover as it diversifies into online gambling.
FanDuel has extended its sizable lead over DraftKings as the US's top sportsbook. Amid the dog days of summer's sports slowdown and a murky economy that's impact on wagering has yet to be seen, that success is turning up the heat on US sports betting's top stock going into the second half of 2022.
FanDuel accounted for an estimated 47% of gross gaming revenues for US online sports-betting during the three months ending May 2022, according to a July report by industry research firm Eilers & Krejcik Gaming (EKG) that was published by iGaming Next. DraftKings, which had the second largest market share, made up 20%.
These daily-fantasy-sports companies have been jockeying for US market-share lead since sports betting started expanding beyond Las Vegas. But this is one of the more sizable leads that FanDuel has amassed.
By comparison, when Insider reported on US market share last summer, FanDuel had about 41% market share during the three months trailing June 2021, while DraftKings had 22%, according to EKG.
Still, that was before the NFL season, when DraftKings and its rivals ramped up marketing spend and stole some of FanDuel's lunch.
"If we see the lead shrink over Q4, then it's business as usual," said Chris Grove, a gambling industry investor, founder, and executive, who's partner emeritus at EKG. "If not, DraftKings is facing a different sort of challenge."
After a 'punishing' first half to 2022, DraftKings investors are expecting a rebound
Wall Street is pressuring US public gambling stocks to grow their bottom lines after spending aggressively on marketing to grow their customer bases. DraftKings has been hit hard.
Shares of DraftKings, which soared in 2020 and 2021 on US enthusiasm for betting, have plunged 65% year over year, trading around $16.82, while the S&P 500 fell 6% during that time. FanDuel, whose parent company Flutter Entertainment trades in Europe, has also fallen 40% over the last year to around $50.
Still, many analysts are bullish on DraftKings as the market-share leader among US sports-betting stocks.
DraftKings has trimmed customer-acquisition spending and prioritized earnings targets, which it's hit the past two quarters.
For Q2, which DraftKings is due to report August 5, Wall Street expects earnings of $0.85 per share, 12% more than a year ago, on revenue of $436.9 million, a 46% increase.
Football season could help DraftKings rebound further later in the year. The company said it expects Q4 to be its strongest.
"With a huge [total addressable market], best-in-class mobile platform, and first-mover advantage we expect DKNG to be a strong performer over the next two to three years after a punishing first half to 2022," CFRA Research equity analyst Zachary Warring said.
Another silver lining: Analysts were bracing for inflation to curb consumer spending on wagering, but so far both DraftKings execs and industry analysts have said there are no signs of a pullback.
As such, an August 3 MoffettNathanson report questioned whether DraftKings should still pump the brakes on spending.
The report said: "Is it wise for DraftKings to be re-thinking acquisition spending to help improve its path to profitability? Or is now the time, as some of its competitors pull back, for them to lean in even further and help cement their platform as a market leader going forward?"
In New York, FanDuel swept up market share left behind by competitors like Caesars Entertainment that curbed their aggressive marketing spending, the report said.
DraftKings current distractions could deliver in the future
Analysts don't seem too troubled by DraftKings' market share positioning as long as it remains in the top two.
DraftKings CEO Jason Robins described in a recent earnings call the challenges of measuring US market share.
"There are reporting nuances across each state report that makes these reports an imperfect measure of operator level share and makes comparison difficult," he said.
But other industry insiders also said that DraftKings' European-owned rival has leveled up.
FanDuel has overhauled its leadership in the last year under its new CEO, ex-Ticketmaster and Live Nation exec Amy Howe.
"Howe at FanDuel has been brilliant in execution as quantifiably measured by user and financial performance," one executive who works with the industry told Insider.
Robins, meanwhile, has focused more on diversification as of late, expanding into online gambling through the acquisition of Golden Nugget Online Gaming and experimenting with NFTs.
"Maybe it's a distraction from the block and tackling that needs to be done," sports-gaming consultant Larry Everling told Insider.
These ventures aren't boosting DraftKings' sports-betting market share. But they could still deliver.
Sports betting is a historically low-margin business. Online gambling is where the big money is, and GNOG is DraftKings ticket to it.
"Betting against DraftKings has historically been a losing bet on balance," Grove said.
More: Sports Betting FanDuel DraftKings
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2022-08-04T15:13:51Z
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FanDuel Putting Pressure on DraftKings Heading in Football Season 2022
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https://www.businessinsider.com/fanduel-draftkings-sports-betting-market-share-battle-stock-pressure-2022-8
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https://www.businessinsider.com/fanduel-draftkings-sports-betting-market-share-battle-stock-pressure-2022-8
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Lufthansa Group plans to hire 10,000 employees by 2023 in response to the staff-shortage driven summer travel chaos that saw the airline cancel thousands of flights.
Lufthansa has canceled 7,000 flights this year, per Bloomberg. On 26 July, Lufthansa canceled 678 flights at Frankfurt airport, and 345 at Munich in a single day after ground crew went on strike over pay and working conditions.
Airports have limited daily passenger numbers, while airlines have trimmed flight schedules to try and minimize the impact on passengers after airports witnessed long queues and mountains of baggage caused by the delays.
It had previously anticipated between 300 million ($305 million) and 350 million euros ($356 million), per Bloomberg.
NOW WATCH: The rise and fall of Donald Trump's $365 million airline
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2022-08-04T15:14:03Z
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Lufthansa Recruiting Thousands of Workers After Flight Cancelations
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https://www.businessinsider.com/lufthansa-recruiting-thousands-of-staff-after-flight-cancelations-travel-chaos-2022-8
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https://www.businessinsider.com/lufthansa-recruiting-thousands-of-staff-after-flight-cancelations-travel-chaos-2022-8
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5 questions that help a financial planner stop impulse spending when she needs to cut back
Most shopping experiences are designed to make it easy to buy, and to keep you coming back.
A financial planner suggests getting more intentional about purchases and resist the impulse buy.
Ask yourself questions like whether you actually need or want it, if you have it already, and if you can afford it.
The average American spends an average $155 per month on impulse purchases, which anyone who's ever seen an ad on Instagram hit "buy" without hesitating will believe.
As a financial planner, I believe that impulse purchases directly lead to overspending. Unfortunately, most shopping experiences are designed to get you to overspend or keep coming back for more.
If you struggle with overspending, I recommend asking yourself five questions before you click "buy" or swipe your card at the register. These questions have helped me almost eliminate impulse buying and kept my budget on track.
1. Do I actually need this or want this?
Sometimes the answer to this question is obvious — if you're on a tight budget and deciding if you should buy a $350 vintage Monopoly game, the answer probably is, "I don't need this."
However, deciding if something is a need or a want isn't always black and white. Some things that may seem non-essential to some people, like a gym membership, others can't live without. It's all about weighing your current priorities with your long-term goals.
If I feel like I need an item, I'll typically write it down. I'll take a picture with my phone so when I'm out shopping, I can check to see if it's on my list. If I haven't felt like I needed the item before, it's likely not on my list and is a want, not a need.
2. Do I already own this?
There's a tendency to want to keep up with the Joneses, or own the latest and greatest items. This is made especially worse by social media — seeing your friend's new car or splashy vacation may give you the feeling of missing out, pushing you to buy things you may not need or already own.
Whenever I consider buying something, I always ask myself if I own the item already. If I own it and it's in working condition, I'll skip the new item. If something I own breaks, I'll typically throw it away right then and there and put it on my list, so I will remember to buy it next time I'm out.
3. Do the benefits outweigh the cost?
Just because something is more expensive doesn't mean it's better quality. In fact, many expensive brands simply charge more for a similar-quality product thanks to branding or packaging. Studies show that we tend to value expensive items over their cheaper counterparts, known as the "marketing placebo effect."
That's not to say some things aren't worth the money. For example, I'll always splurge on a high-quality mattress. But if you're debating buying something, think through some of the benefits that item will bring you. If you don't feel like those benefits will outweigh the cost, it's not worth it.
4. Can I buy it used (or cheaper)?
I furnished my entire apartment with second-hand furniture, and saved thousands of dollars.
While it does take a little extra effort, shopping around can save you a lot of money instead of buying the first thing you see. Check out marketplaces like Craigslist or Facebook Marketplace for used items and larger retailers like Amazon to get an idea of how much the item costs. If you want to shop small and still save money, consider websites like Etsy that lets you compare items from independent sellers.
Plus, the time you spend hunting for a better deal may help you discover if you actually need the item or not. I'm a huge fan of sleeping on a purchase decision (if you can) before buying. Most of the time, you'll forget what you were even considering purchasing in the morning.
5. Can I actually afford it?
There's a difference between being able to pay for something and actually being able to afford it. Credit cards and financing options like Buy Now, Pay Later make it possible to buy something and pay for it later. However, if you don't have the money to cover your debts, you could wind up paying late fees and interest, which can quickly spiral into debt.
The last question I always ask myself is if I can actually afford the item, meaning I can comfortably pay for it without running into trouble with my budget or bills later. Even if you have enough money in your account to purchase something outright, it doesn't mean you should make the purchase.
The purpose of asking yourself these questions before making a purchase is to be more intentional with your spending. Taking some time to walk through if this purchase is the right one for you can often remove the impulsiveness — I can't tell you how many unnecessary purchases I've avoided this way.
More: Spending Personal Finance Insider Freelancer PFI Storytelling
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2022-08-04T15:14:15Z
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5 Questions to Stop Impulse Spending and Save Money
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https://www.businessinsider.com/personal-finance/stop-impulse-spending-save-money-questions-2022-8
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https://www.businessinsider.com/personal-finance/stop-impulse-spending-save-money-questions-2022-8
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Arizona state representative Mark Finchem (R-AZ) at an October 2021 rally in Iowa State Fairgrounds, in Des Moines.
Pro-Trump election deniers triumphed in GOP primaries in 2 swing states Tuesday.
If they go on to win their elections they would gain vast power over state voting processes.
Trump has longed worked to undermine faith in US elections, including by pressuring state officials.
Republican candidates who have baselessly denied the validity of the 2020 election won their primaries in two swing states, increasing the number of states where they are a step away from power.
The results mean that the candidates are poised to take control of elections in their states, including future presidential elections, if they win in November's midterms.
Election-denying candidates won in Arizona and Michigan on Tuesday, adding the prior wins in Pennsylvania and Nevada.
However in other swing states, including Georgia, attempts by pro-Trump election deniers to win office have not been as successful.
Here's a rundown of the results:
In Arizona Tuesday, Mark Finchem won the Republican nomination for Arizona secretary of state, the position that would entail extensive responsibility for administering elections. Finchem marched in the protest ahead of the Jan. 6, 2021, riot at the Capitol, and has embraced Trump's false claims the 2020 election was stolen from him. He has gone so far as to claim that even his own election victory was possibly tainted by fraud.
Kari Lake, who has also pushed Trump's election fraud conspiracy theories and says she'd not have certified the 2020 election, holds a narrow lead in the race for the GOP gubernatorial nomination.
Another election denier, Abraham Hamadeh, is the state attorney general nominee.
Tudor Dixon was nominated as the GOP's gubernatorial candidate.
Kristina Karamo and Matthew DePerno were nominated as secretary of state and attorney general.
All three have espoused Trump's election fraud conspiracy theories, baselessly disputing the validity of Biden's victory in Michigan in 2020
Doug Mastriano, another Jan. 6 protester, won the GOP gubernatorial primary in May.
Election denier Jim Marchant won the GOP secretary of state nomination in June.
Analysts believe that a clean sweep of victories for the candidates is improbable, with current Governor Gretchen Whitmer currently the favorite to win reelection in Michigan, and Democrat Katie Hobbs believed to stand a good chance of winning the Arizona governorship.
In Pennsylvania, Mastriano's candidacy is seen as a long shot even by some Republican strategists.
Indeed, Democrats appear to believe they are wll-positioned to beat pro-Trump election deniers come November.
In some races they have actively backed extreme candidates against incumbents, including the Missouri 3rd congressional district GOP primary, where spent money on ads promoting election denier John Gibbs, who triumphed Tuesday against incumbent Peter Meijer, an anti-Trump Republican.
Though election laws are set by state legislatures, their governors, secretaries of states and attorney generals have key responsibilities in assigning election officials, deciding how elections are conducted, and upholding the integrity of votes.
Election deniers could sew chaos by demanding recounts, refusing to certify results, and undermining trust in the fairness of contests in positions of power.
Trump since his defeat in 2020 has relentlessly pushed bas less claims that victory was stolen from him, and has made loyalty to his election fraud "Big Lie" a key factor in deciding who to endorse as part of his extensive 2022 endorsement strategy.
Each of the election deniers who triumphed Tuesday had secured Trump's endorsement.
In recent months, Trump allies have embarked on an extensive campaign to win elections to relatively low-level offices which involve key responsibility for administering election, in contests that until recently attracted little attention.
More: election fraud conspiracy theories News UK GOP primaries MAGA
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2022-08-04T15:14:27Z
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Pro-Trump Election Deniers May Soon Run Elections in 4 Swing States
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https://www.businessinsider.com/trump-election-deniers-likely-run-elections-arizona-michigan-pennsylvania-nevada-2022-8
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https://www.businessinsider.com/trump-election-deniers-likely-run-elections-arizona-michigan-pennsylvania-nevada-2022-8
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A person pumps gasoline at a Conoco gas station, a brand owned by Phillips 66, in Brooklyn, New York, U.S., November 11, 2021.
Gas prices sit below $4 per gallon at the majority of US stations, President Biden said Wednesday.
Prices have fallen for 49 days straight amid waning demand and rebounding supply.
The US average still sits above $4, but it should fall below that level in a few days, according to GasBuddy
After months of sky-high gas prices, Americans are finally getting some relief at the pump.
The majority of US gas stations now sell gas for less than $4 per gallon, President Joe Biden said in a Wednesday tweet. That's down from the peak average of $5.01 per gallon seen in mid-June, and is back around where it was in mid-April.
The new average is just the latest encouraging marker after several weeks of decline. The national average slid to $4.11 on Thursday, according to GasBuddy. While still above $4, that measure is boosted considerably by higher prices in California, Hawaii, and Oregon, where averages still hover above $5.
It will take less than a week for the nationwide average to fall below the $4 threshold, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a Thursday tweet. Some 85,000 stations already tout gas prices below that level, and averages in 20 states have already fallen under $4. North Dakota and Delaware could join that cohort on Wednesday if the price slump holds steady, De Haan added.
Average gas prices have fallen for 49 days straight amid a confluence of encouraging trends. Gas demand slid to 8.5 million barrels per day in the week ending July 29, according to the Energy Information Administration. That's down from the prior week's reading of 9.2 million barrels and the year-ago level of 9.4 million. The downtrend also comes amid the peak summer travel season, suggesting demand could fade faster as the school year begins and Americans drive less.
Gas supply, meanwhile, has steadily ticked higher. Total gasoline stocks rose slightly to 225.3 million barrels last week, bringing inventory within spitting distance of its historical range.
Tumbling crude oil costs have also placed downward pressure on pump prices. West Texas Intermediate crude oil futures traded at roughly $89 per barrel on Thursday, down from nearly $100 just one week ago. Lower crude prices leave gas companies with lower costs, and signals prices at the pump will likely continue to drop through August.
The decline also stands to drag overall inflation lower. Gas prices have been among the biggest contributors to the Consumer Price Index in recent months, helping push the measure to its fastest year-over-year growth rate since 1981. As such, lower gas prices could pull CPI from its four-decade high and cement June as the peak of pandemic-era inflation.
Retail gas prices are projected to fall for at least another week, meaning economists can "already pencil in gasoline detracting from August headline CPI," Conor Sen, an opinion columnist at Bloomberg and founder of Peachtree Creek Investments, said in a Tuesday tweet.
Falling gas prices, then, won't just offer relief at the pump. They could just mark the beginning of the end of the US's inflation nightmare.
More: Economy Gas Prices gasoline prices Gas stations
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2022-08-04T15:35:29Z
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Gas Prices Slide Below $4 at Majority of US Stations
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https://www.businessinsider.com/gas-prices-slide-below-4-at-majority-of-us-stations-2022-8
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https://www.businessinsider.com/gas-prices-slide-below-4-at-majority-of-us-stations-2022-8
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People in Austin and Phoenix are looking to move to cheaper places nearby, an early sign that pandemic hot spots are losing their luster and becoming unaffordable
Mark Sorvillo and his family moved from Austin to a cheaper location nearby — New Braunfels, Texas, near San Antonio.
Sinisa Kukic/Getty Images
Mark Sorvillo moved to the San Antonio area to buy a home after he was priced out of Austin, Texas.
Redfin data suggests many people in pandemic hot spots are looking to move to cheaper places nearby.
The places that seem most desirable to those in seven pandemic hot spots are cheaper and smaller.
Mark Sorvillo, who moved with his wife and two children to an Austin, Texas, suburb from Connecticut right before the coronavirus pandemic, made yet another move this past spring.
At first, Sorvillo rented a three-bedroom, two-bathroom home in Cedar Park — just northwest of Austin — for $1,900 a month, waiting for home prices to calm down. Instead, they only got higher: The houses he saw that cost $325,000 in 2019 doubled to $650,000 by 2022.
He ultimately realized that if he wanted to be a homebuyer, he was going to have to do it somewhere else. So he bought his dream home for $375,000 in New Braunfels, a one-hour drive southwest of Austin in the San Antonio area.
His realtor, Raad Alawan, said other clients of his had traded in their Austin-area rentals for homeownership in New Braunfels.
Residents in other pandemic hot spots such as Miami and Denver — where competition from out-of-state transplants sent housing costs soaring from 2020 to 2022 — seem intent on moving to more-affordable areas nearby, according to the real-estate-listings site Redfin.
Redfin tracks users' current locations and housing searches over time and then analyzes the data to try to figure out where people are plotting to move to — or perhaps just fantasizing about.
Using raw data provided by Redfin, Insider found that residents of numerous pandemic-era hot spots — Austin, Miami, and Nashville, Tennessee, as well as Raleigh, North Carolina; Portland, Maine; Phoenix; and Denver — seemed itching to get out.
The data indicates that residents of each location are largely house-hunting in a more-affordable city in the same state. In almost all of these places, this smaller, in-state city was the top outbound search for these areas. For Phoenix and Portland, the smaller, in-state city was in the top three areas searched.
To be sure, Redfin's data doesn't reveal whether these house hunters actually bought homes in the places where they looked. But the search patterns lay bare the consequences of an increasing lack of affordable housing in areas that became popular for remote workers and other transplants from the more-expensive coasts. It also hints that these booming cities could lose a bit of their luster for those who've been priced out.
Insider pulled key statistics on population, housing costs, and other economic indicators to compare the seven origin cities to the seven places where residents appeared interested in moving. All of the destination cities are smaller and have a lower median home price. Most have a lower median income as well.
Austin to San Antonio
San Antonio.
14.3% of those looking to leave Austin looked to move to San Antonio.
Austin San Antonio
Population per 2020 census 966,000 1.5 million
Median income per 2020 census $75,752 $53,430
Median home price $630,000 $300,000
Home-price growth between June 2021 and June 2022 5.90% 14.90%
Days on market 29 18
Difference in sale-to-list ratio between June 2021 and June 2022 -5.4% -0.14%
Phoenix to Tucson, Arizona
8.3% of those looking to leave Phoenix looked to move to Tucson, according to Redfin's data.
Phoenix Tucson
Population per 2020 census 1.65 million 545,340
Home-price growth between June 2021 and June 2022 21.1% -0.08%
Difference in sale-to-list ratio between June 2021 and June 2022 -1.9% -0.8%
Denver to Fort Collins, Colorado
Fort Collins.
Mona Makela Photography/Getty Images
7.6% of those looking to leave Denver looked to move to Fort Collins.
Denver Fort Collins
Population per 2020 census 715,878 166,069
Home-price growth between June 2021 and June 2022 12.5% 20%
Days on market 5 22
Difference in sale-to-list ratio between June 2021 and June 2022
Miami to Orlando, Florida
Downtown Orlando and Lake Eola Park.
12.6% of those looking to leave Miami looked to move to Orlando.
Miami Orlando
Home-price growth between June 2021 and June 2022 23.50% 1%
Days on market 44 8
Difference in sale-to-list ratio between June 2021 and June 2022 1.2% 1%
Nashville, Tennessee, to Clarksville
Clarksville.
ChrisBoswell/Getty Images
8.3% those looking to leave Nashville looked to move to Clarksville
Nashville Clarksville
Home-price growth between June 2021 and June 2022 17.7% 21.2%
Difference in sale-to-list ratio between June 2021 and June 2022 0.7% -0.69%
Portland, Maine, to Bangor
Bangor.
Lawrence Whittemore Photography/Getty Images
4.7% those looking to leave Portland looked to move to Bangor
Portland Bangor
Population per 2020 census 66,706 32,029
Raleigh, North Carolina, to Greensboro
The Greensboro skyline.
Dave5957/Getty Images
15.3% those looking to leave Raleigh looked to move to Greensboro
Raleigh Greensboro
Difference in sale-to-list ratio between June 2021 and June 2022 -0.2% 1.2%
More: Austin Nashville Denver Miami
Greensboro North Carolina
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2022-08-04T15:35:35Z
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People Look to Leave Austin, Phoenix, and More for Cheaper Spots Nearby
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Why invest in healthcare stocks?
Types of healthcare stocks for investment
The pros and cons of healthcare stocks
Drawbacks of healthcare stocks
How to invest in healthcare
How to invest in healthcare, a massive market sector that offers unparalleled diversification for portfolios
The highly diversified healthcare sector ranges from biotech and drug companies to insurers and pharmacies.
The size and variety of the healthcare sector make it suitable for almost any investor building a diversified portfolio.
Healthcare stocks fall into six categories: pharmaceuticals, biotechnology, medical equipment, sales, insurance, and facilities.
While the healthcare industry has good growth prospects and is often economy-proof, it also carries some unique investment risks.
Investing in healthcare is enticing. After all, everyone needs medical care at some point in their lives. Everyone uses health services of some kind. If you go by the adage "invest in what you know," then health stocks, which range from drug to insurance companies, certainly qualify.
They qualify for economic reasons too. For years, healthcare costs have far outpaced the rate of inflation. National health spending, which accounts for almost a fifth of total US gross domestic product, is projected to reach $6.2 trillion by 2028.
Many healthcare companies have had robust earnings and share price growth throughtout the past decade. And many economists and analysts predict continued growth in the years to come.
Actually, the question might be why not invest in healthcare stocks. In fact, the healthcare industry is hard for investors to avoid.
Health care is the second-largest sector (industry group) of the Standard & Poors 500
Health care stocks represent more than 10% of the Nasdaq Composite Index
Five of the 30 companies in the Dow Jones Industrial Average are health-care related
So, you might be hard-pressed to build a diversified portfolio of any kind that doesn't include at least some healthcare stocks.
But it goes beyond ubiquity. Ranging from robotics to insurance companies, from century-old drug makers to fresh cannabis farms, the diversity of the health care sector also makes it an important place to invest. And because the sector includes both growth and value stocks, defensive stocks, aggressive small-cap plays and more conservative large-cap companies, you can achieve a lot of diversification within your portfolio via healthcare too.
We'll get into the hows of investing in healthcare. But first, let's examine how the healthcare industry is organized, the types of companies it includes, and their characteristics.
When you invest in the healthcare sector you're actually investing in a broad range of industries. Some are manufacturing and production, others are service-oriented.
Each element of the health care sector can act like its own mini-sector, with varying degrees of volatility and performance depending on demographics, government regulation, reimbursement patterns, scientific and technological breakthroughs.
There are six generally agreed-upon healthcare subsectors, each with its own characteristics:
The six segments of the healthcare sector.
Major pharmaceutical companies, aka "Big Pharma," manufacture and market prescription and over-the-counter drugs, creating a stable stream of revenue from continued sales. These firms also conduct research and development to create new drugs that undergo clinical trials in the hopes of ultimately being approved for use. Some of these efforts can result in "blockbuster" drugs such as cholesterol-lowering agents and diabetes drugs that generate profits for years.
The fortunes of these big drugmakers wane when patents expire and generic competition eats into sales or improved drug therapies are approved and take precedent over established brands.
Leading pharmaceutical companies include names such as Novartis AG, GlaxoSmithKline PLC, and Pfizer, the company that developed a COVID-19 vaccine with BioNTech.
Generic drug manufacturers are another important member of the pharmaceutical subsector. These companies manufacture look-alike drugs that are cheaper than brand-name pharmaceuticals once the patents for those brand-name drugs expire. Because of insurer and government incentives to use less-expensive generics, these companies can benefit from increased demand for lower-priced drug alternatives.
At the same time, because of the lower prices, generic drug makers experience thinner profit margins. In addition, many manufacturers have been under fire for faulty formulas and quality standards.
Biotech firms also conduct research and development to create new drugs and therapies. However, they are often focused on one or two "breakthrough" products or treatments.
Biotech firms are sometimes classified as part of the pharmaceutical drug subsector, but they often behave differently than their Big Pharma counterparts. While the established drug-makers often offer steady returns and income, biotech firms are more akin to volatile growth stocks. Because their pipelines are concentrated and because it can take years to get FDA approval for a promising product, investors can wait years for a payoff.
Biotech firms include small startup companies and larger, more established drug makers such as Amgen and Biogen. BioNTech has become a well-known biotech name as Pfizer's partner in developing the COVID-19 vaccine.
Medical equipment makers range from firms that make everything from commodity items such as bandages and gloves to expensive, high-tech equipment such as MRI machines and surgical robots.
In the right product categories, medical equipment stocks can offer long-term growth as the growth in healthcare consumption continues to increase. Investors need to consider product innovation, patents, government approval and reimbursements, and market demand when evaluating medical equipment stocks.
Large medical equipment companies include companies such as Johnson & Johnson and Medtronic PLC.
This sector includes pharmacies and retailers and wholesalers of healthcare products. Companies can be influenced by general retail trends, but are also subject to consumer demand for medical and health goods, and to regulations affecting the healthcare industry.
With more healthcare products and drugs being produced and used, growth in distribution networks has increased significantly in recent years, making healthcare distribution a growth industry with names such as McKesson and AmerisourceBergen.
Managed Healthcare
Managed healthcare is just another way of saying insurance companies. The field includes any company that provides health insurance policies, whether it be through employer-sponsored or private insurance, the Affordable Care Act exchanges, or socialized programs like Medicare and Medicaid.
Since health-care coverage is a staple of people's lives, managed-care companies' returns tend to be steady. It also helps that this sector in the US is dominated by a quintet of companies. The "Big Five" firms are:
Unlike the firms in other healthcare sectors, like biotech, the Big Five don't face many disruptors or new competitors. However, insurers' profits are tied to both consumer demand and government actions. The creation of new laws, or prospects of changes in laws, often causes ripples in the stocks, as the market tries to assess "what that'll mean for the insurance companies."
Healthcare facilities firms operate hospitals, clinics, labs, physician offices, psychiatric facilities, and nursing homes. Major players include HCA Healthcare, which operates hospitals, and Laboratory Corp. of America.
Although the demographics are in its favor, this subsector has had problems with profitability in the past — making its business models work. It's also somewhat subject to real estate market trends.
It was particularly hard hit in 2020 by COVID-19, as consumers stayed away from routine doctor visits and hospitals wrestled with the demands of the pandemic.
The number one advantage of investing in health care stocks? To participate in a sector that's expanding at a faster rate than the economy as a whole.
Note: The US spends more than any other country in the world on healthcare, and the health share of the economy is projected to rise to 19.7% percent by 2028.
Healthcare stocks generally belong to an investment category of defensive stocks — that is, they provide consistent returns, regardless of how the stock market or economy is doing. But of course, some companies perform better than others. When investing in healthcare, look for companies that are best poised to take advantage of some underlying fundamentals that can fuel growth, including:
Treatment advances in chronic diseases and conditions, including obesity and diabetes
Technological advances such as telehealth and remote monitoring
Despite their defensive reputation, healthcare stocks do offer risks — some typical of any investment, some more unique to this industry.
Regulatory: Subsectors such as pharmaceuticals and managed care are highly regulated by the government. So FDA standards, new rules/changes in Medicare, Medicaid, and other programs, and cost controls can all play a role in how a stock performs.
Political: No industry is immune to public opinion, but healthcare is a particularly hot button item. Consumer demand for lower costs and the ongoing debate for universal insurance programs and healthcare reform all can and do impact the prospect for healthcare corporate profits, and their stocks.
Economic: Although the industry as a whole has good growth potential, many providers and facilities are experiencing dramatic competition — and consolidation trends. as consolidation continues pricing, and profits, could decline.
There are several ways to add healthcare stocks to your investments.
All types of global healthcare stocks are available on the exchanges — not just US ones, but international companies as well, like Bayer AG. You'll need to determine which subsectors best fit with your portfolio and from there determine which companies offer the best potential for appreciation, income, or whatever your main investment goal.
Mutual funds and ETFs
There are numerous healthcare sector mutual funds and ETFs. Many are index funds. Some follow the sector as a whole via an index like the S&P 500 Health Care Index. There are also subsector indices such as the S&P Pharmaceuticals Select Industry Index or the Russell 2000 Biotechnology index.
Other funds are actively managed, with the manager choosing individual stocks within the healthcare sector based on corporate performance, outlook, and other factors.
Some examples of healthcare funds include:
Fidelity Select Healthcare Portfolio
Vanguard Health Care Fund
Real estate investment trusts, publicly traded funds that hold a portfolio of properties, often specialize in healthcare facilities — the physical buildings that contain hospitals, medical offices, and senior housing. Though a more indirect play, these healthcare REITs can be a way to invest in real estate and healthcare at the same time.
Healthcare stocks offer an unusual bevy of choices and diversity. Growth, value, aggressive, and low-risk investors can all find choices within this expansive sector. Its sheer size, the growth in healthcare consumption makes this sector hard for any diversified investor to ignore.
Forecasts for healthcare consumption and spending suggest good growth prospects for this industry. As with any investment, though, healthcare has its downsides — and its own characteristic risks, such as its sensitivity to government regulation and political currents. That's why thorough research is an important part of healthcare investing.
PERSONAL FINANCE How to invest in tech stocks, a risky but fast-rising segment of the market
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Investing in Healthcare Stocks: Overview of Types, Getting Started
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Alex Jones' cell phone leak includes "intimate messages" with Roger Stone, a lawyer said.
The House committee probing the Capitol riot wants the phone contents, the attorney added.
The contents of Jones phone were inadvertently sent to an attorney for the Sandy Hook parents who sued Jones.
Alex Jones' cell phone leak includes "intimate messages" with former Trump political adviser Roger Stone, according to a lawyer for Sandy Hook parents.
And the House committee probing the Capitol riot wants the details, the attorney confirmed.
The contents of the far-right conspiracy theorist's phone were inadvertently sent to Mark Bankston, a lawyer representing the Sandy Hook parents who have sued Jones for defamation.
"Things like Mr. Jones and his intimate messages to Roger Stone are not confidential. They are not trade secrets. None of them," Bankston told a Texas judge after Jones' defense lawyer called for a mistrial in Jones' defamation damages trial.
Jones' lawyer, F. Andino Reynal, also filed for an emergency motion to protect the contents of Jones' phone that wound up in the possession of Bankston.
Bankston also disclosed during the hearing that the House Select Committee investigating the January 6, 2021, insurrection has asked him to turn over the contents of Jones' phone.
"I am under request from various federal agencies and law enforcement to provide that phone, absent a ruling from you saying, 'you cannot do that Mr. Bankston,' I intend to do so," Bankston told Travis County District Judge Maya Guerra Gamble.
The judge noted that the House committee can subpoena the contents of Jones' phone.
"They know about them. They know they exist. They know you have them. I think they're going there either way," said Gamble who denied Reynal's motion for a mistrial as she explained she won't "seal up the entire phone."
In a dramatic courtroom moment on Wednesday, Bankston announced that Jones' attorney's "messed up" and sent him a copy of Jones' entire phone contents going back two years.
Jones is in court after the judge found him liable of defaming two Sandy Hook parents by falsely claiming the 2012 massacre at the Newton, Connecticut, elementary school was a "hoax."
A jury in the civil case is now deliberating to decide how much Jones must pay in compensatory damages to Neil Heslin and Scarlett Lewis, the parents of 6-year-old Jesse Lewis — one of the 26 killed in the mass shooting.
The parents are seeking $150 million in compensatory damages from Jones.
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2022-08-04T16:10:52Z
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Alex Jones' Phone Has 'Intimate Messages With Roger Stone:' Lawyer
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https://www.businessinsider.com/alex-jones-phone-leak-intimate-messages-with-roger-stone-lawyer-2022-8
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https://www.businessinsider.com/alex-jones-phone-leak-intimate-messages-with-roger-stone-lawyer-2022-8
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Major student-loan refinancing company SoFi expects student-loan payments to remain paused through 2023.
Its CFO expressed that assumption during an early August earnings call.
SoFi has previously lobbied Congress to resume student-loan payments.
A major private lender might not want President Joe Biden to keep extending the student-loan payment pause — but thinks it'll happen anyway.
On Tuesday, SoFi — one of the largest student-loan refinancing companies — held its second quarter earnings call to discuss how the company is faring two years into the pandemic. SoFi CEO Anthony Noto said during the call that the second quarter results "demonstrate the continued resilience of both our team and business and our ability to deliver another quarter of record revenue," but when it comes to the student-loan segment, there's still uncertainty following the over-two-year pandemic pause on payments.
Borrowers and lenders alike are awaiting guidance from Biden on whether payments will resume as scheduled after August 31, and while there is speculation of another possible extension following the Education Department directing loan companies to halt messaging surrounding repayment, the president has yet to give the final word. But SoFi anticipates borrowers will have another six months of relief.
"Our outlook also assumes the federal student loan payment moratorium will last until January 2023, which would result in a late Q4 2022 benefit based on the trend experienced in 2021," SoFi CFO Chris Lapointe said during the call.
SoFi was among several lenders that were lobbying Congress in March to resume student-loan payments. They argued that another payment pause extension would be "unnecessary" because borrowers were doing better financially than they were at the start of the pandemic, and Noto also wrote in a separate blog post that borrowers are "paralyzed with uncertainty" and Biden should put the "affluent and capable" borrowers back into repayment.
"If the government needlessly extends the broad moratorium for a fourth time, not only will it add to the country's inflation woes and unnecessarily give to the wealthy who are willing and able to repay their debts, but it will severely disrupt people's ability to make long-term financial plans," he wrote.
Scott Buchanan, the executive director of the Student Loan Servicing Alliance — a trade group that represents federal student-loan servicers — previously told Insider that at this point, loan companies are preparing to restart payments on September 1 because they have not been told otherwise.
"We need to be communicating with borrowers. We should have been doing that a month ago," Buchanan said. "And that needs to happen. At this point, until the White House gives any different guidance, payments resume on September 1."
Regardless, advocates and Democratic lawmakers are pushing for Biden to extend the pause and cancel student debt, as he is reportedly considering $10,000 in relief for borrowers making under $150,000 a year. At the end of July, 107 Democratic lawmakers wrote to Biden requesting another extension because "gas prices are still high, and many borrowers still have to pay exorbitant amounts each week in order to commute to their jobs."
"Resuming student loan payments would force millions of borrowers to choose between paying their federal student loans or putting a roof over their heads, food on the table, or paying for childcare and health care—while costs continue to rise and while yet another COVID-19 variant increases hospitalizations nationwide," they wrote.
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2022-08-04T16:10:58Z
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Student Loan Lender SoFi Expects Biden Will Extend Payment Pause Again
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https://www.businessinsider.com/sofi-private-lender-assumes-student-loan-payment-pause-biden-2023-2022-8
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https://www.businessinsider.com/sofi-private-lender-assumes-student-loan-payment-pause-biden-2023-2022-8
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Just months after the fatal shooting of Breonna Taylor, two Louisville police detectives met in a parking garage and agreed to mislead investigators examining the botched raid that resulted in her death, the Justice Department alleged Thursday.
At a press conference, Attorney General Merrick Garland said the Justice Department charged four current and former Louisville police officers in connection with Taylor's death. Garland said the charges include allegations that Louisville police falsified an affidavit used to obtain a search warrant for Taylor's home, in violation of civil rights laws.
Garland said "those violations resulted in Ms. Taylor's death."
Two of those officers — former Louisville police detective Joshua Jaynes and Detective Kelly Goodlett — met in the garage as investigators were probing Taylor's death and agreed to tell a "false story," Garland said.
The charges come more than two years after the March 2020 shooting of Taylor, a 26-year-old emergency medical technician who was asleep with her boyfriend when Louisville police officers forced their way into her apartment.
Her boyfriend, believing the officers were intruders, shot at them. Two officers responded by firing 22 shots into the apartment, Garland said.
"One of those shots hit Ms. Taylor in the chest and killed her," he said.
More: Breonna Taylor Justice Department Attorney General Merrick Garland kristen clarke
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2022-08-04T16:45:08Z
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Cops Met in Garage, Made Fake Story About Breonna Taylor's Death: Feds
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https://www.businessinsider.com/breonna-taylor-fatal-shooting-louisville-police-parking-fake-story-garage-2022-8
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Wall Street firms are paying climate scientists into the millions for an investing edge on a warming planet
Rebecca Ungarino and Catherine Boudreau
Investment firms know that having better insights than the shop across the street is invaluable — and, in the case of in-demand climate experts, they are willing to pay up to get it.
Financial firms are going outside traditional talent pools to hire in-demand climate scientists.
Banks and fund managers need them to help deliver on big promises to combat global warming.
Activists say Wall Street must empower the experts they hire so their work is put to good use.
A JPMorgan sustainability executive was hired away from a leading non-profit that campaigns for climate action. BlackRock's head of climate and sustainability research came from a major conservation organization. A climate specialist with a PhD in atmospheric and environmental sciences has joined Vanguard's investment stewardship team.
Climate scientists and environmental advocates have arrived on Wall Street.
Banks and fund managers are venturing outside traditional talent pools of math whizzes, market obsessives, and finance majors to find new colleagues who can help deliver on big promises to combat the climate crisis and scrutinize investments for environmental risks.
It's a trend that has unfolded in recent years as firms face stricter regulations and shareholder pressure. But it's hardly because bank bosses and private equity executives are suddenly driven by virtue.
Investment firms know that having better insights and relationships than the shop across the street is invaluable. And they are willing to pay big bucks to draw people away from academia, nonprofits, and government agencies for their environmental expertise.
"Portfolio company leadership teams often respond quite positively to a scientist being in the room alongside a deal team," said Lauren Callaghan, a Spencer Stuart consultant who founded the executive search firm's ESG and impact-investing practice.
The pay packages vary based on employees' seniority and experience, but in New York City people with deep knowledge of climate risk working in finance can command base salaries between about $175,000 and $350,000, said Diana Retana, head of the search firm Lawson Chase's sustainability investment recruiting.
People in private-market investing, like those working at private equity firms, can make seven-figure salaries, she said. Environmental scientists' and specialists' median pay in 2021 overall was $76,530 per year, according to the Bureau of Labor Statistics. Ellen Weinreb, a veteran sustainability recruiter and founder of the Weinreb Group, said private equity clients are increasingly seeking candidates who not only have dealmaking chops but environmental expertise.
JPMorgan, BlackRock, Morgan Stanley, and Wells Fargo have all promised to slash planet-warming pollution from their loan and investment portfolios. To do that, they need technical expertise in carbon accounting to measure and track progress. Firms are also building internal climate models to assess risks such as natural disasters, deforestation, and the transition from fossil fuels to more renewable energy to integrate them into investment decisions.
Time will tell whether financial firms' endeavors actually make a difference to the climate crisis.
Some industry insiders and politicians have called ESG investing garbage and criticized asset management giants BlackRock, Vanguard, and State Street for promoting it. The same firms have also drawn ire from climate activists, as finance executives dismiss calls to divest from fossil fuel companies.
Some experts, like William Boos, an associate professor in the department of earth and planetary science at the University of California, Berkeley, are encouraged by these firms hiring climate specialists. He said it's a good thing that environmental scientists have new career options to make a positive impact and earn more money than they typically would in academia.
"There's a lot of money being made in the world by helping sell widgets to people that are not tremendously useful, or they're not making the world a better place," Boos said. It is heartening for him to see the financial services industry starting to understand that the natural environment is worth protecting and can make people less vulnerable to disasters like flooding, he said.
'I felt like I had a duty to come back'
Sarah Kapnick is one leading expert who has had a front-row seat to the intersection of finance and the climate.
She was recently appointed as chief scientist of the National Oceanic and Atmospheric Administration, which describes itself as "America's environmental intelligence agency" within the US Department of Commerce.
Kapnick left JPMorgan this summer, where she was a senior climate scientist and sustainability strategist in its wealth and asset management arm for about a year, to return to NOAA. She had previously spent a decade there.
Kapnick has a PhD in atmospheric and oceanic sciences and started her career as an investment banking analyst at Goldman Sachs about two decades ago, when climate finance was barely mainstream. Partners at the firm teased her about her interest in climate change at the time, Kapnick said: "'You should do that as a hobby — be a banker!'"
"I felt like I had a duty to come back and bring my expertise back in-house — both my technical expertise and my experience in the private sector," she told Insider, "to help ensure the data, products, and services created by NOAA and are in the pipeline are being used to underpin the future of commerce, the future of the economy."
NOAA chief scientist Sarah Kapnick returned to the government agency this year after working at JPMorgan.
The National Oceanic and Atmospheric Administration
JPMorgan hired Ben Ratner in January as executive director of sustainability after he spent nearly a decade at the Environmental Defense Fund working with oil and gas companies to reduce methane emissions.
Ratner said he's kept up those relationships at JPMorgan, which aims to reduce the carbon intensity — a measure of a company's emissions for every dollar in sales — of its oil and gas portfolio by 35% this decade as part of a broader plan to align its financing with the goals of the Paris Climate Agreement. The bank is the world's largest funder of fossil fuels, providing an estimated $382 billion in lending in underwriting to the sector since 2016, according to an analysis by The Rainforest Action Network, a climate advocacy group.
Ratner said he supports his industry relations colleagues who talk to investors every day about balancing the energy crisis sparked by the war in Ukraine with tackling climate change. Ratner also talks with nonprofit, government, and academic leaders about JPMorgan's strategy and is leading an effort to shift the bank's private grantmaking to more sustainability initiatives, such as helping communities be more climate resilient.
"I think it's a welcome sign that the financial sector is recognizing the value of both environmental expertise and environmental ambition," Ratner said. "I had a great experience at EDF and it wasn't easy to leave. But I felt the opportunity at JPMorgan was one with a very significant impact."
Attracting climate scientists from big banks
The pitch from Wall Street recruiters is fairly simple: The best-case scenario is that you use your expertise to influence where money is flowing, decide which projects deserve funding, and steer big firms toward making more informed environmental decisions.
The money doesn't hurt, either.
When banks or private equity firms come calling, candidates are seeing their companies bring counter-offers to hold onto them "in ways that we haven't ever before," said Kate Shattuck, who co-leads the impact investing practice at search giant Korn Ferry.
That could mean a raise of between 10% to 30% to stay put, or speeding up a scheduled promotion for the employee, Shattuck said, reflecting both the demand of climate experts' talent and broader wage inflation across industries.
Environmental activists are watching for the industry's next moves.
One indication that climate experts are making a difference on Wall Street: If there is a dramatic uptick in policies that ban financing for new fossil fuel projects, said Jessye Waxman, a senior campaign representative for the Fossil-Free Finance campaign at the Sierra Club, a climate advocacy group.
The International Energy Agency last year said investors shouldn't invest in new fossil fuel supplies in order to keep global warming below catastrophic levels. That's a step Wall Street has so far been unwilling to take.
"If Wall Street is going to hire scientists, it needs to empower those scientists and ensure their expertise actually influences financing decisions," Waxman said.
More: Finance Sustainability Asset Management Climate Change
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2022-08-04T16:45:14Z
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Banks, Asset Managers Paying Into the Millions for Climate Scientists
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https://www.businessinsider.com/climate-scientist-jobs-bank-asset-managers-salary-esg-2022-7
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https://www.businessinsider.com/climate-scientist-jobs-bank-asset-managers-salary-esg-2022-7
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Fifteen current and former Apple female employees say the company dismissed claims of misconduct.
The FT reports the HR unit retaliated against some of them after speaking up about the incidents.
Apple acknowledged its missteps, telling the outlet that it intends to "make changes."
Apple said it's making changes after over a dozen women reported sexual misconduct and other forms of harassment — and were met with an apathetic, sometimes hostile, Human Resources team, Financial Times reports.
In interviews with FT, one woman said a male colleague took advantage of her after a casual co-worker's happy hour, assisting her home and then removing her clothing to take photos of her when she fell asleep.
Another woman said a male colleague sent them incessant sexual messages, and her manager bullied her when she took leave to be with an ailing relative.
The 15 women, who are both current and former employees at Apple, said they took their claims to the company's HR unit, which is dubbed the People Team internally.
But the team primarily catered to the wishes of the managers instead of taking the women's claims seriously, they alleged per the report. The FT viewed email exchanges showing HR turning defensive and claiming there was nothing they could do, even if the women had hard proof.
Some women said reporting to officials eventually led to them leaving the company, with the team citing indiscretions in their performance. Others said Apple offered them lump sums of salary "for alleged emotional distress" or as an incentive not to disparage the company.
Apple did not immediately respond to Insider's request for comment. A spokesperson told the FT that while the company wants all employees to feel comfortable reporting issues, it hasn't always made it easy to do so.
"There are some accounts raised that do not reflect our intentions or our policies and we should have handled them differently, including certain exchanges reported in this story," Apple told the FT. "As a result, we will make changes to our training and processes."
Apple is grappling with an increasingly vocal workforce
Apple has been attempting to publicly highlight its efforts to empower female employees in the workplace, as has the rest of historically male-dominated Silicon Valley. Yet, reports of continued inequality and maltreatment have surfaced at tech giants like Google and Amazon.
Apple is notorious for its intense culture of secrecy, a feat challenged by the remote work-friendly pandemic, the company's adoption of the workplace messaging platform Slack, and fed-up employees taking to social media to air their grievances.
Workers have grown increasingly vocal about their concerns, creating cracks in Apple's "surprise and delight" battle cry of keeping details about their work culture under wraps.
For example, former Apple engineer Ashley Gjøvik posted claims of rampant sexism, bullying, and mismanagement on Twitter in August 2021, and was promptly put on leave. She alleged that senior employees kept a tally of votes on a whiteboard about how they could make her life at Apple a "living hell."
And in mid-2021, about 80 Apple employees wrote an internal letter to CEO Tim Cook protesting the company's return-to-office policy, which would require them to work in the office three days a week.
It was postponed due to COVID-19 until May when another group of employees wrote an open letter to Apple's top brass pushing back on the mandate that would allow two days to work from home.
"You have characterized the decision for the Hybrid Working Pilot as being about combining the need to commune in-person and the value of flexible work," the May letter reads. "But in reality, it does not recognize flexible work and is only driven by fear."
More: Apple Tech Sexual Misconduct HR
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2022-08-04T17:46:12Z
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www.businessinsider.com
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Apple to 'Make Changes' After 15 Women Report Apathetic HR
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https://www.businessinsider.com/apple-promises-changes-female-workers-reported-sexual-harassment-hr-2022-8
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https://www.businessinsider.com/apple-promises-changes-female-workers-reported-sexual-harassment-hr-2022-8
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3 pieces of advice that every recent college graduate needs to hear — especially as a recession looms
In today's world, a college degree isn't enough to secure the American dream.
Students need to take advantage of resources at their schools, including alumni networks.
Here are the three best pieces of advice, according to experts who work with new grads.
For decades, expensive college degrees have been touted as the key to unlocking the "American dream."
After all, it's a common belief that a college education could lead to a higher salary and better career prospects. Or at least that's what people always told Kalani Leifer, a Bronx-area high-school teacher, and that's what he relayed to his students.
But Leifer, the CEO and founder of COOP Careers, a nonprofit that brings together cohorts of first-generation, low-income college graduates who are unemployed or underemployed, found this promise was a hollow one. Especially when navigating a less-than-stellar job market (something Leifer is familiar with, having graduated during the 2008 recession.)
"We have a labor market that rewards access and rewards connections," Leifer, who left teaching in 2010 before starting COOP in 2014, told Insider. "And if you're the first in your family to graduate, there's a really good chance you don't have those, even though you've overcome tremendous odds to earn that bachelor's degree and have so much to offer."
Leifer and career counselors from Colby College in Maine and Rollins College in Florida told Insider how students and recent graduates can build these powerful connections, identify their passions, and develop the technical skills needed to succeed without attending an elite institution.
Nearly 50% of job seekers hear about open positions via their personal networks, and 37% learn about them via their professional network, a 2019 job-seeker national survey from Jobvite found.
"The labor market is so deeply nepotistic," Leifer said. "Not only could peer support be what gets people through something difficult, it can actually literally be the reason you get a job."
This is why Denisa Metko, the director of career and life planning at Rollins College, and Anne Meehan, the assistant director of career and life planning at Rollins College, encourage students to take advantage of school resources, such as the career center and alumni network.
And now that remote work has become a corporate norm, these resources — virtual hiring events, alumni panels, and more — are more accessible than ever, Meehan said.
"We had companies that were recruiting and doing sessions virtually that never had stepped foot on our campus," she said. "Now you get to connect with people at a global level."
Find your true north and don't settle
College career centers are still seeing high demand from employers for students of all majors, said Damon Yarnell, the dean of student and global advancement at Colby College's career center, DavisConnects.
Over the course of the pandemic and other difficult times, Yarnell's advice has remained largely the same: "Aim for your true north, however you define it."
Still, it's normal for economic slowdowns to make students feel like they can't follow their passion.
"What's changed is that at the depths of the COVID slowdown, some students were urgently ready to take the first available opportunity," Yarnell told Insider. In contrast, at the start of 2022, students were willing to weigh multiple offers and evaluate characteristics like pay, benefits, and company values — something students should always be doing, he added.
Enhance your digital skills
Sometimes the skills that are most vital to growing your career are the ones colleges don't teach you in a classroom, Leifer said.
"If there's one skill worth learning, it's Excel," he said. While schools, including Leifer's own alma mater Stanford, don't conventionally have courses on digital tools like Excel, Leifer says learning how to use them is valuable for most career paths.
"COVID has accelerated change and demand for what we might call future-forward skills," Yarnall said. "These are skills that many of us have expected would grow in importance over time. The time is now."
While these digital skills are important in today's job market, enduring skills — critical thinking, communication, teamwork, leadership — need to form the foundation you build upon, Yarnall added.
"Right now the job market is hungry for talent," he said. "They're hungry for what I would call evergreen skills — skills that have been important for decades and will remain important for decades."
More: Graduates College Graduates Advice
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2022-08-04T18:16:25Z
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www.businessinsider.com
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Career Advice for Recent Graduates Entering a Recession
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https://www.businessinsider.com/career-advice-for-recent-graduates-entering-recession-networking-excel-2022-8
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https://www.businessinsider.com/career-advice-for-recent-graduates-entering-recession-networking-excel-2022-8
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Billionaire Ken Griffin's Citadel has trounced rivals this year, and it added to its lead in July amid a resurgent stock market
Alex Morrell and Alyson Velati
Ken Griffin, founder and CEO of Citadel.
Citadel outperformed its hedge fund peers in July and added to its strong 2022 performance.
Citadel's flagship fund improved 3% in July and is up 21% for the year as the market rebounded.
Performance at rivals like Millennium, ExodusPoint, and Balyasny lagged behind.
Citadel topped its rivals in July with a 3.11% gain, increasing its year-to-date performance to 21.2% and dwarfing the returns at rivals including Millennium, ExodusPoint, and Balyasny, according to investor figures seen by Insider.
In July, the stock market rebounded and had its best month of a dismal year. The 9.11% return for the S&P 500 was its best performance since November 2020. The index is down 13.34% year-to-date.
Returns at the industry's top multistrategy hedge funds — which offer exposure to a diverse array of asset classes and strategies — lagged behind by comparison, though some fared better than others.
At Citadel, the $50 billion in assets fund owned by billionaire Ken Griffin, performance has been strong not just in the flagship Wellington fund but across other core strategies as well, according to investor figures seen by Insider:
Citadel Tactical Trading increased 2.23% in July and is up 15.07% year-to-date.
Citadel Global Fixed Income fund increased 2.18% in July and is up 19.04% year-to-date.
Citadel Equities fund increased 2.57% in July and is up 11.21% year-to-date.
Performance was muted at other multi-strats, according to the investor figures seen by Insider:
Millennium improved 0.4% in July and is up 6.6% year-to-date.
Balysany lost 0.2% in July and is up 5.98% year-to-date.
ExodusPoint lost 0.35% in July and is up 3.2% year-to-date.
Representatives for Millennium, Balyasny, and ExodusPoint declined to comment.
Marshall Wace's flagship Eureka fund, a $22 billion assets equity long-short strategy, was down 0.36% in July and is up 1.14% for the year, according to people familiar with the matter.
While trailing Citadel, these returns are nonetheless strong compared with the market and the dour performance at many other hedge funds, especially more traditional stock-picking funds like Tiger Global and D1 Capital. The average hedge fund returned 0.54% in July and has lost 4.54% over the year, according to analysis provider Hedge Fund Research.
Institutional investors yanked $27.5 billion from hedge funds in the second quarter and assets dipped below $4 trillion June.
More: hedge fund performance Citadel Millennium Partners
ExodusPoint
Balyasny
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2022-08-04T18:16:44Z
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www.businessinsider.com
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Citadel July Performance Tops Rival Multi-Strategy Hedge Funds
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https://www.businessinsider.com/citadel-july-performance-tops-rival-hedge-funds-2022-8
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https://www.businessinsider.com/citadel-july-performance-tops-rival-hedge-funds-2022-8
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Rep. Virginia Foxx, R-N.C., speaks during a news conference with other House Republican members in Washington on Tuesday, March 9, 2021.
GOP Reps. Foxx, Stefanik, and Banks introduced a bill to counter Biden's student-loan forgiveness plans.
It includes limiting borrowing for grad students and ending targeted loan forgiveness programs.
This comes as Biden is expected to announce broad debt relief in August.
Three Republican lawmakers think President Joe Biden is going about the $1.7 trillion student debt crisis the wrong way — and they have some ideas on what he can do instead.
On Thursday, Reps. Virginia Foxx, Elise Stefanik, and Jim Banks introduced the Responsible Education Assistance through Loan (REAL) Reforms Act, which is intended to act as an "alternative" to proposals the Education Department has put forth to reform student-loan programs.
The bill proposes a series of actions to help the borrowers "most in need," according to a fact sheet, by preventing interest from spiraling on income-driven repayment plans, capping borrowing for graduate students, and ending the Public Service Loan Forgiveness (PSLF) program for new borrowers, which the fact sheet said is costing taxpayers and favoring those with high-incomes.
"The Biden administration has been engaging in mass student loan forgiveness behind Americans' backs without the authorization of Congress," the three lawmakers said in a statement. "In total, to date, the President has already forgiven, waived, or canceled at least $217 billion in student loans through the unlawful abuse of his executive pen. Instead of placing the burden of this broken student loan system on the shoulders of American taxpayers, we are introducing this bill to fix the system."
Biden has extended the pause on student-loan payments four times. He has also wiped out student debt for targeted groups of borrowers, like those defrauded by for-profit schools and those with disabilities. And he is now in the process of deciding another extension, along with broad student-loan forgiveness — reportedly $10,000 in relief for those making under $150,000 a year. With those announcements expected this month, Republican lawmakers have been ramping up criticism on the proposals, with this bill being the latest of those efforts.
Specifically, the Republicans are proposing to:
Ensure "responsible, existing borrowers" enrolled in income-driven repayment plans only have to pay back the original amount they borrowed and ten years of interest, and offer a way for borrowers to pay down their principal if their payments have only covered interest
End the student-loan payment pause streamline income-driven repayment plans into one plan, and block Biden from issuing another plan
Eliminate PSLF for new borrowers and streamline income-driven repayment plans into one plan, block Biden from issuing another plan, and end loan forgiveness under income-driven repayment plans, which the lawmakers said both benefit high earners and graduate students
Limit the amount of debt graduate students can borrow by ending the Grad PLUS program
And allow Pell Grants to be used for short-term programs while prohibition tuition and fees from exceeding expected earnings of a certain program.
They also want to end interest capitalization, which is when accrued interest is added to the original loan balance, and future interest grows based on that higher amount. Biden's Education Department recently proposed ending that, as well, as part of its rulemaking process — a process that the Republican lawmakers want to ban in their bill if it continues without congressional approval.
Some of the proposals in the bill are not new. Republican lawmakers have previously introduced legislation to ban the president from canceling student debt and continuing to extend the pause on payments, and Foxx has criticized the confusion with income-driven repayments plans after the release of an NPR investigation highlighting their mismanagement.
Biden's Education Department, however, is planning to release a new income-driven repayment plan in the coming weeks, and it is also in the process of carrying out PSLF reforms from last year, one of which included a waiver that runs through October 31, 2022 that allows any past payments a borrower made — even those previously deemed ineligible — to count toward forgiveness progress. The waiver has so far brought $8.1 billion in relief to 145,000 borrowers.
The Republicans' proposals are emblematic of criticisms they have had toward the student-loan program in the past months, especially when it comes to their cost. A report from the Government Accountability Office last week found that the Education Department cost estimates for the federal student loan program were off by $311 billion, with the program expected to generate revenue loss rather than profit. But while the GOP have viewed the solution to those costs as ending Democrats' broad relief efforts, Chair of the House education committee Bobby Scott said the focus should be on making student loans work for everyone.
"Rather than cast blame on previous Administrations—two of which were Republican and two of which were Democratic—we should focus on solutions," Scott said in a statement. "The solution to this problem is not to eliminate the student loan program, but—rather—we should work together to address the rising cost of college, restore the value of the Pell Grant, and make meaningful reforms to the student loan program."
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2022-08-04T18:16:56Z
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www.businessinsider.com
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GOP Student Debt Relief Plan: Limit Grad School Loans, End Targeted Forgiveness
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https://www.businessinsider.com/gop-counters-bidens-student-loan-forgiveness-new-bill-income-pslf-2022-8
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https://www.businessinsider.com/gop-counters-bidens-student-loan-forgiveness-new-bill-income-pslf-2022-8
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Nike begins offering $5,000 employee bonuses for some tech job referrals, as it grapples with internal turmoil and a wave of exits
Nike's world headquarters in Beaverton, Oregon.
Nike is undergoing a digital transformation and working to establish itself as a technology leader.
Last week, the company announced it will pay employees $5,000 for referring some technology workers.
The company announced the program as it works to address attrition and employee dissatisfaction.
Insider found that Nike has internally announced a new program that will offer workers a $5,000 bonus for referring candidates for some technology jobs.
"Employee referrals make a huge impact on our brand, company and teams because you know first-hand how important our culture is and what it takes to be successful," an email announcing the program, which Ratnakar Lavu, the chief digital-information officer at Nike and Denise Hadley, the global technology vice president at Nike both signed, said.
Insider viewed a copy of the email the company sent to staffers last week, which described the program as a pilot applicable to "select roles" in the US. It's unclear if the program extends to any non-technology roles.
Nike did not respond to Insider's written questions about the new program.
Nike announced the referral program as the company works to address attrition and employee dissatisfaction during a sweeping digital transformation that accelerated in 2020. The high-stakes work includes rolling out a new global enterprise-resource planning, or ERP, system, which is the technological backbone of the company, part of an ongoing shift to more direct sales under John Donahoe, the CEO of Nike.
The ERP system went live in China in July. Donahoe recently told analysts that the system is scheduled to be online in North America in fiscal year 2024, which begins next summer.
"This year, we will begin to see value from our biggest investment in Nike's digital transformation, our new ERP," Donahoe said on a June earnings call. "As we shift to an increasingly direct-to-consumer future, a new ERP will be foundational for increasing speed and agility across our supply chain. This will give us real-time visibility to inventory across our network plus dynamic transactional capabilities to optimize consumer demand and inventory productivity."
The increased demand on Nike's IT infrastructure means the company needs more technology workers. Companies looking to fill highly skilled technology jobs will often use referral programs to try to fill those roles.
Nike is working to fill open positions in technology at its Beaverton headquarters, as well as new innovation offices in Atlanta and the Bay Area. Of the 1,732 open positions posted on Nike's website, 644 mention technology, including openings for software and data engineers and technology managers.
The referral program is drawing mixed reviews from employees
In conversations with Insider, current Nike employees gave the new referral program mixed reviews. Employees' identities are known to Insider, but they are not at liberty to speak to the press.
One Nike employee said that the company needs the referral program given the hyper-competitive market for top technology talent. Even with recent layoffs at technology companies, some workers still job-hop to drive up their compensation packages, making it harder, and more expensive, to keep highly skilled employees.
Another characterized Nike's technology-talent pipeline as strong, regardless of the referral program.
But a third said the initiative reflects ongoing dissatisfaction in the technology workforce, including lower pay relative to industry peers and a return-to-office policy that requires most workers to be in the office three days a week.
"They're struggling even getting candidates for roles because of the pay and in-person work expectations," the worker said.
In April, Nike expanded its remote work options to include up to four weeks of fully remote work per year. Employees can take the time in one-week increments and combine it with time off and sabbaticals.
The employee also worries the referral program will work against Nike's efforts to make hiring more competitive. For years, Nike has been criticized for hiring too many friends and family members of employees. Of late, it's worked to make hiring and promotions more fair.
"Many tech companies stopped doing this because it incentivized a homogenous candidate slate," the employee told Insider.
Do you work at Nike or have insight to share? Contact reporter Matthew Kish via the encrypted messaging app Signal (+1-971-319-3830) or email (mkish@insider.com). Check out Insider's source guide for other tips on sharing information securely.
More: Retail Hiring Sportswear
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2022-08-04T18:17:08Z
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www.businessinsider.com
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Nike Begins $5,000 Pilot Referral Program for Some Tech Jobs
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https://www.businessinsider.com/nike-pilots-5000-dollar-referral-program-for-some-technology-jobs-2022-8
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https://www.businessinsider.com/nike-pilots-5000-dollar-referral-program-for-some-technology-jobs-2022-8
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Virgin Atlantic's new A330-900neo.
Virgin Atlantic recently unveiled its first-ever Airbus A330-900neo aircraft that will replace its aging A330ceos.
The airline will introduce updated cabins on the new A330neos, including an innovative Retreat Suite.
Economy has new and improved amenities, like large 13.3" inch seatback screens and charging ports.
Virgin Atlantic just unveiled its newest aircraft type — the Airbus A330-900neo.
Source: Virgin Atlantic
In 2019, the carrier announced a firm order for up to 16 A330neos in an effort to modernize its fleet, becoming the first UK airline to purchase the plane. The deal is worth $4.1 billion, and all jets are scheduled for delivery between 2022 and 2026.
The new jets will replace Virgin's aging A330-300ceos and further its commitment to reducing its carbon footprint.
Virgin Atlantic A330-300s.
"We know the most impactful thing we can do as an airline is to fly the cleanest, greenest, youngest fleet possible and the A330neo is integral to achieving this goal," Virgin CCO Corneel Koster said in a press release. "It's truly a plane for the future."
According to Airbus, the A330neo is the new generation of A330 family aircraft, burning 25% less fuel per seat and flying 1,500 nautical miles further than its predecessors.
Airbus A330-900neo.
The plane's longer wing span, A350 XWB-inspired sharklets, and powerful Rolls-Royce Trent 7000 engines can be credited for its improved efficiency.
For Virgin, its new A330neos will be 11% more fuel and carbon efficient and 50% quieter than its current A330ceos.
Moreover, the A330neo has commonality with the airline's current A350-1000 fleet, which flew for the first time in 2019. Both types are approved under a "single-pilot license endorsement," according to Airbus.
Airbus A350-1000
This means that aside from about eight days’ worth of “differences-training,” Virgin pilots can fly both aircraft types on any given day without needing extra instruction in a full-flight simulator.
Virgin's first passenger A330-900neo flight will take off from London Heathrow to Boston on October 12, and tickets are currently on sale. The jet will also begin flying to Tampa, Miami, and New York-JFK by the end of the year.
Source: Virgin Atlantic, Simple Flying
The airline has emphasized the improvements it has made to the passenger experience on its A330neos. Specifically, it has improved its staple Upper Class seat with more space and storage...
…and introduced its all-new Retreat Suite.
The Upper Class cabin will feature 30 suites, all with forward-facing seats. The loungers will boast a "do not disturb" feature, a mirror, passenger-controlled mood lighting, 17.3" touchscreen TVs, and a privacy door.
According to Virgin, there are two Retreat Suites situated at the front of the Upper Class cabin. It is the most spacious suite in the airline's history, boasting wireless charging and a 6'7" fully flat bed...
...a 27" touchscreen inflight screen with Bluetooth connectivity...
…and an ottoman in each that doubles as an extra seat, so up to four people can be in the suite chatting, dining, or playing games.
The Retreat Suite is similar to JetBlue's front-row Mint Studio, which has the largest TV of any US airline.
JetBlue Mint Studio.
Source: JetBlue Airways
The A330neo will also feature Virgin's signature social space known as The Loft. Eight people can occupy the room and enjoy wireless charging stations, a Bluetooth-enabled 27" touchscreen, and a new self-serve refrigerator and drink dispenser.
Only Upper Class passengers can access the Loft, which is available on the carrier's new A330-900neo and A350.
The Loft on Virgin's Airbus A350.
David Slotnick/Insider
Virgin Atlantic, one of the world's most stylish airlines, just rolled out its incredible new seats on its newest plane — take a tour of the brand-new jet
A 46-seat Premium cabin is located behind the Upper Class section, featuring a leg rest, deep recline, a 13.3" touchscreen with Bluetooth, and in-seat wireless charging. The seats boast 38" of pitch.
Virgin's new economy seats also have large 13.3" seatback TVs with Bluetooth capabilities, as well as AC power and USB ports. The touchscreen can be controlled with the passenger's phone.
There are two economy seat pitch options: 28 Economy Delight, which offers 34" of pitch, and 156 Economy Classic, which offer 31" inches of pitch. All cabins boast fast inflight WiFi.
"We're proud to unveil our state of the art A330neo and show the evolution of our customer experience, with each of our customers receiving a premium experience regardless of the cabin they travel in," Koster said.
More: Features Business Visual Features Virgin Atlantic Virgin
A330-900neo
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2022-08-04T18:17:26Z
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www.businessinsider.com
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See Inside Virgin's Brand New A330neo Complete With Upgraded Cabins
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https://www.businessinsider.com/see-inside-virgins-brand-new-a330neo-with-retreat-suite-2022-8
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https://www.businessinsider.com/see-inside-virgins-brand-new-a330neo-with-retreat-suite-2022-8
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12 easy-to-follow background TV shows perfect for casual viewing when you're multitasking
Goran Bogicevic/Shutterstock
Background TV shows are perfect for watching when you can't devote your full attention to a series.
These simple, casual programs can be enjoyed while you're busy with other tasks around the house.
Some of our favorite series to stream as background TV include shows like "Wife Swap" and "The Office."
Though we love watching prestige dramas that challenge our minds with complex plots, sometimes we all just want to flip on the TV and enjoy some passive entertainment. This is where "Background TV" comes in.
The term gives a name to the kinds of shows we put on for nothing more than background noise and casual enjoyment. They're the type of shows that are perfect to fill the silence while you work from home, and are ideal when you want something to half-heartedly pay attention to while you cook, clean, or scroll through your phone.
Stylist describes background TV as "easily digestible," while The New Yorker says these kinds of shows typically don't require a deep next-day analysis of everything you've just watched. Instead, these are simple, often comforting programs that can be watched without worrying about missing key details here and there.
Background TV can mean different things to different people; for some, reality TV or true-crime documentaries are ideal. Episodic shows with light plotlines might qualify as background TV to others — "Seinfeld" is a great example of this, because it's famously "a show about nothing." Shows you've already seen many times can also qualify, since you're already familiar with the plot.
In an era filled with tons of new series popping up every week and never enough time to watch them all, background shows are becoming increasingly popular and they offer the perfect break from prestige TV. It doesn't matter if a line of dialogue gets drowned out by a vacuum or you miss a scene while you're busy checking TikTok, because these are the kinds of shows that don't command your full attention.
If you're searching for some streaming recommendations that are perfect for background TV, look no further. We asked our colleagues on the Insider Reviews team to recommend some of their favorite shows to put on when they just want some casual ambient entertainment.
From 'Real Housewives' to 'The Office,' these are our 12 favorite background shows:
'20/20'
Stream "20/20" on Hulu
Whenever I want to zone out and have something in the background while I play on my phone, I love to put on "20/20." As a true crime junkie, the stories are really engaging and the episodes follow a podcast-type format, so it's easy to just listen along if my eyes are engaged elsewhere. Because it also airs on TV (where folks might stumble across an episode while changing channels), there's lots of repetition of information, which is helpful if I happen to tune out. — Lauren Savoie, deputy editor
'Futurama'
Bender and Fry in "Futurama."
Stream "Futurama" on Hulu
In my opinion, the best background show is a series you've already seen that has a lot of episodes. "Futurama" perfectly fits the bill for me; I saw most of it when I was a kid, plus it has 10 seasons to trek through. The witty sci-fi comedy also has pretty self-contained adventures, so if you miss something while folding laundry or working, chances are it won't matter later on in the series. Though it's over 20 years old now, "Futurama" aged well, with jokes that are still funny without being too offensive. — Sarah Saril, reporter
'Wife Swap'
A couple from season five of "Wife Swap."
Stream "Wife Swap" on Hulu
"Wife Swap" is so structured and over-produced that it's easy to check in and out. I like to have it on in the background when scrolling on my phone at the end of the day. The premise involves matching two families with opposite character traits: a messy household with an ultra-clean home or a family of jocks with book nerds. Then, the wife from each family goes and lives with the other family, and orchestrated drama ensues. While watching, my wife and I choose which house we'd rather live in, which person is secretly a serial killer, and which of the swapped couples got romantically involved — something that doesn't actually happen (as far as we know). — James Brains, reporter
'The Real Housewives of Potomac'
"The Real Housewives of Potomac" is one of many reality shows on Bravo.
Larry French/Bravo
Stream "The Real Housewives of Potomac" on Hulu or Peacock
Reality TV is great for ambient noise, which is why I turn to all things Bravo. I consider myself an equal opportunity "Housewives" lover; I give the entire franchise a fair shot, but "Potomac" is far and away my favorite. I love putting the show on when I need to fill the silence in my house because it's great for my selective attention span. If there's a housewife or a storyline I don't personally love, I can tune it out or turn away from the TV for a few minutes to do something else. — Angela Tricarico, streaming editorial fellow
'Emily in Paris'
Stream "Emily in Paris" on Netflix
When I had COVID over Christmas, like most of my pals in NYC, "Emily in Paris" was the show I could watch for hours while aimlessly scrolling or finishing up work. The playful costumes drew me in every so often, and the plot is fun, but pointless. You don't feel guilty missing the dialogue and you never become attached to any of the characters, so it's the perfect mindless watch. If you're looking for a quintessential romantic dramedy to put on in the background, this is the one for you. — Maiya Pascouche, associate story producer
'Charmed' (2018)
Stream "Charmed" on Netflix
Even after four seasons and a few new character additions, the premise of the "Charmed" reboot stays consistent. Each episode centers around three witches who juggle saving the world from unknown terrors with everyday feuds and romantic flings. With every plot twist comes a resolution and knowing that makes it easy to tune in or out freely. Whether you've checked out for a moment to text a friend or you miss an entire episode, it's always easy to jump back in. — Kayla Bickham, style & beauty editorial fellow
'Ted Lasso'
Stream "Ted Lasso" on Apple TV Plus
Another category of background TV in my own house is "the show I've rewatched so many times I can practically quote every episode," and even though there are only 22 episodes of "Ted Lasso," it firmly falls into that category. If it's something I've seen already, I'm less likely to look up at the TV and drop everything else every other minute. Instead, I know my favorite episodes and scenes and I know when to look out for them. Even though each season has a serialized arc, it's not too complicated to follow and missing details won't ruin your enjoyment of the episode or series at large. — Angela Tricarico, streaming editorial fellow
'The Great British Baking Show'
Stream "The Great British Baking Show" on Netflix
I love shows about food, and "The Great British Baking Show" is my favorite. Each season features a new group of British amateur bakers in a weeks-long competition where contestants bake everything from Victoria sandwiches to elaborate tarts. Unlike typical competition shows, the judges here are incredibly positive with their criticism, and sometimes the contestants will even help each other out. The show's vibe is so pleasant, it's my go-to for background watching when I'm sewing or crafting. — Sarah Saril, reporter
'The Great Pottery Throw Down'
Stream "The Great Pottery Throw Down" on HBO Max
If you're wondering whether this is just a pottery version of "The Great British Baking Show," then you're on the right track. As a die-hard fan of the baking predecessor, I was thrilled to discover another wholesome, hobby-based competition show. In the series, home artisans sculpt memories, build toilets, and throw dinner sets under the watchful eye of expert potters. It's niche, it's set to calming instrumental music, and it's perfect background television. — Lily Alig, reporter
'Love on the Spectrum'
Sharnae and Jimmy in "Love on the Spectrum."
Stream "Love on the Spectrum" on Netflix
I went into this show skeptical, but was pleasantly surprised to find it so informative, considerate of individuals on the autism spectrum, and unbelievably sweet. The show follows a handful of singles (and two couples) on their journey for love as people on the spectrum. You really start rooting for the hopefuls as they embark on a series of firsts: dates, kisses, and boyfriends/girlfriends. With so much of the action happening over conversations, it's perfect to listen to while tidying up or crafting. It's super heartwarming, and there's even a US season to watch now too! — Sarah Saril, reporter
Stream "The Office" on Peacock
"The Office" is quintessential background TV in my house. I've seen every episode but it never fails to entertain me. I can just stream a few episodes here and there while eating dinner or checking emails without having to worry about missing anything. The show is filled with tons of jokes and quotable lines, so it's easy to tune in intermittently for a good laugh. — Steven Cohen, senior editor
Stream "Shark Tank" on Hulu
ABC's popular series about aspiring entrepreneurs is a favorite of mine. It's always fun to see the investors debate the merits of each new business pitch, and I love seeing all the creative product ideas. The show is easily digestible with several pitch segments in each episode, so it lends itself well to tuning in and out. I can handle other tasks and turn my attention back to the show if a particular pitch really catches my eye. — Steven Cohen, senior editor
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2022-08-04T19:47:48Z
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12 Best Background TV Shows to Stream on Netflix, Hulu, HBO, and More
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Larry Ellison, the cofounder of Oracle.
Mass layoffs hit Oracle's marketing org on Monday, sources said, leading to "complete chaos."
The marketing team has been gutted, and is being replaced by a larger revenue operations group.
Even senior level, experienced, and high-performing employees were cut recently, sources said.
Earlier this week, database giant Oracle began a sizable layoff, potentially impacting thousands of employees globally, sources told Insider.
The hardest-hit units, current and former employees said, were in the marketing and customer experience (CX) divisions, where insiders say the mood is bleak — and those who haven't yet been laid off are scrambling to figure out whether they'll be cut next.
"The people who have left are breathing a sigh of relief," a marketing employee who was laid off on Monday told Insider. "And the people who are still here are definitely running for the hills."
Some marketing teams have seen their headcount slashed by anywhere from 30% to 50%, sources said. In some cases, they said, managers were given the choice of who would get cut, while others had no say in how the layoffs would affect their teams.
Oracle's Advertising and Customer Experience team was said to have been cut to the quick, too. "The common verb to describe ACX is that they were obliterated," said a person who works at Oracle. Insider was unable to determine exactly how many ACX employees were cut, but one person familiar said it may have reached 80% of the division.
Oracle did not respond to requests for comment from Insider at the time of publication.
Most of the job cuts affected units that had been overseen by former chief marketing officer Ariel Kelman, who left Oracle in June, multiple people told Insider. Other senior marketing staffers, including those Kelman recruited from Amazon Web Services, his former employer and Oracle's rival in cloud infrastructure, have also been laid off, sources said.
Those teams now fall under the purview of Jason Maynard, who had been a senior leader of sales and marketing for Oracle's NetSuite business-management software. And Maynard wasted no time in reshuffling what was left of the marketing organization into a larger division now called "revenue operations," sources said.
"There's no marketing anymore," a senior marketing leader who was laid off on Monday told Insider. "We're not even supposed to say we're in marketing because there is no marketing division."
Layoffs at Oracle are not uncommon — it spent $191 million on restructuring costs in fiscal year 2022, primarily related to employee severance, it reported in June. It spent $431 million on such costs last year, it said.
The database company also reported better-than-expected earnings in June, with a 5% revenue increase from the year prior and cloud revenues of $2.9 billion. Oracle Cloud Infrastructure (OCI), its cloud platform, still lags AWS, Microsoft, and Google Cloud in overall market share.
However, OCI remains virtually unaffected by the layoffs, according to four people familiar with the matter. Within OCI, the cuts are viewed as Catz "wielding the axe" on businesses where expenses exceed revenues and don't have high enough growth rates.
Oracle's advertising unit also laid off about 60 employees in July, Insider previously reported, and The Information reported that the company was seeking to cut as much as $1 billion in costs via layoffs and other means.
Now, there's a sense among many at Oracle of impending doom, with more cuts and reorganizations expected through the end of the year, including soon after its CloudWorld conference in October.
"It's just a horrible environment left," a former marketing employee who worked with Kelman said. "It's complete chaos."
'We've been kind of working like zombies'
When Kelman was hired in January 2020, it was seen in the industry as something of a coup for Oracle to poach a key executive from AWS. However, three people said Kelman's departure came after a dispute with Oracle CEO Safra Catz related to cloud marketing spending. Kelman did not respond to a request for comment.
Sources say that many employees in Oracle's marketing division, which employs a few thousand staff, had been dreading a round of layoffs after Kelman's departure and the departure of Juergen Lindner, a senior vice president of marketing, who left shortly after Kelman.
"We've been kind of working like zombies the last couple of weeks because there's just this sense of 'What am I doing here?" a recently laid off marketing employee said.
That feeling has largely persisted, sources told Insider. With no formal communication from CEO Safra Catz or cofounder Larry Ellison regarding the layoffs on Monday, current and former Oracle employees said their colleagues across multiple divisions are left trying to figure out who's still around.
"The only reason that I found out anything is because one of our senior engineers has my personal phone number, and he was let go," a person who works at Oracle said. "He texted me, 'Hey, a whole bunch of us are being let go, including our manager.'"
One recently laid off marketing leader told Insider that their team was cut in half, and no successor has been appointed to take their place.
"My team is texting me; they still have no idea who they work for," the person said. "No one told them I was gone, so they're just floating in the wind."
Oracle's cuts affected some of its most seasoned employees
Some marketing employees have also been sharing their layoff notifications in external Slack channels and texts to warn others they may be next.
"We started the Slack messages before the notifications started," a former employee said. "So you could see when the calls were coming in and you could tell that you were going to get the next calls."
While the company is known for cutting workers every year, some employees said they were shocked by how many senior, experienced, and high-performing staffers were let go on Monday.
For example, Oracle's code base is so complicated that it can take years before engineers are fully up to speed with how everything works, and workers with over a decade of experience were cut, some employees said.
Other employees who were laid off in recent months have said they're furious they were cut before their restricted stock units were scheduled to vest, costing them tens of thousands of dollars in expected compensation.
"It's just deplorable," said a recently-laid off marketing leader whose primary compensation package included stock. "I know there were people on medical leave laid off. I know people on parental leave that were laid off."
The decision to cut some of its over 130,000-strong workforce comes at a critical moment for the Austin-based tech giant. Oracle last month won regulatory approval for its $28 billion purchase of the medical-records company Cerner and is absorbing its roughly 20,000 employees. It also recently won a contract to store the US user data for the ByteDance-owned video app TikTok — a deal that may boost its cloud ambitions as it seeks to overtake cloud giants like Amazon Web Services.
Do you work at Oracle or have insight to share? Contact reporters Belle Lin via encrypted email (bellelin@protonmail.com) or corporate email (blin@insider.com); Ashley Stewart (astewart@insider.com) via encrypted-text-messaging service Signal (+1-425-344-8242); Ryan Joe via Signal (+1 (310) 880-8992), email (rjoe@businessinsider.com) or Twitter DM (@threefirstnames).
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'Complete Chaos' Inside Oracle Marketing As Mass Layoffs Hit the Group
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https://www.businessinsider.com/inside-oracle-marketing-mass-layoffs-ariel-kelman-chaos-2022-8
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How many stocks should I have in my portfolio?
Why a diversified portfolio matters
The value of ETFs and mutual funds
How to diversify your portfolio
How many stocks should you own in your portfolio? Why there's no single 'right' answer
Most investors can reap the benefits of diversification from owning 20 to 30 stocks.
Bloom Productions/Getty Images
The number of stocks you should own depends on factors like time horizon and risk appetite.
While there is no "perfect" portfolio size, the generally agreed upon number is 20 to 30 stocks.
A diversification strategy ensures that your money stays safe if one or a few assets dip.
Investing in stocks can present a challenge, and curating a portfolio that suits your financial goals is no easy task. When it comes to the ideal number of stocks you should hold, diversity is a key piece of the puzzle.
Let's take a closer look at the value of diversification, how long-term versus short-term goals should lead to different investment approaches, and why market conditions should inform regular portfolio maintenance.
The exact number of stocks in your portfolio is a personal choice based on your knowledge, skills, and time horizon. Generally speaking, many sources say 20 to 30 stocks is an ideal range for most portfolios.
It's important to strike a balance between investing in a diverse array of assets and ensuring that you have the time and resources to manage these investments. While there is no one-size-fits-all answer, Chris Graff, co-chief investment officer at RMB Capital, says somewhere between 20 and 30 stocks is necessary to achieve a minimum level of diversification.
Graff says that based on statistical analysis, financial experts believe that 20 is the minimum number of stocks necessary to see the benefits of portfolio diversification, and it's best to cap it at around 30 stocks. He adds that investors who go beyond 30 "usually don't see too much of an incremental benefit to increasing amounts of diversification."
Diversification allows you to capitalize on potential growth in one area without losing out too much if another plunges, since not all of your money is concentrated in that field.
"If they're in related industries, or let's say they're in the same supply chain and have business ties amongst each other, you don't get the same benefits from just that magic number," he says.
Diversification, or spreading your money across multiple investments and investment types, ensures that your money stays safe if one or a few assets suddenly dip, since those in other industries can compensate for loss and maintain balance.
Investing in different asset classes, like stocks, bonds, and mutual funds, is only the beginning. You can and should diversify further, varying investments by sector, geographic location, and company size, among other factors.
According to former Insider personal finance correspondent Tanza Loudenback, CFP, the type of stock matters more than the number in your portfolio. "Whether you own five stocks or 250 stocks, they should come from various industries and markets," says Loudenback.
"If someone owns five tech stocks, for example, they might be happy when Apple reports stellar earnings and their stock goes up. The Apple stock represents one-fifth of their portfolio and it makes a meaningful impact. But this goes both ways. If manufacturing on the next iPhone is interrupted and the Apple stock goes down, their portfolio is in jeopardy. The greater number of diverse stocks a portfolio has, the less impact one of those stocks has on the whole thing," she says.
ETFs and mutual funds offer long-term, cost-efficient ways to diversify, allowing investors to pool their money into a collection of assets run by a professional portfolio manager.
A single fund can add dozens of stocks to your portfolio, ensuring that the performance of one company represents a smaller share of your overall holdings, and thus does not threaten your portfolio to the same degree.
Graff says that the number of individual stocks within these funds counts towards your overall portfolio count, unless it's a very specific, niche fund that's focused on one corner of an industry.
"It may be the case that even if it has, you know, 50 companies in it, they all kind of behave the same way. That ETF may be thought of as one component of a portfolio," says Graff.
Here are a few tips you may consider when curating your portfolio:
Consider time horizon: Time horizon influences risk appetite, with longer term goals generally allowing for more risk since liquidity isn't a major concern. For example, a long-term goal like retirement planning makes room for some short-term volatility, allowing you to invest in riskier sectors like commodities or real estate. In contrast, short-term goals, like establishing a rainy day fund, come with a lower risk appetite and may lead you towards safer investments like bonds or money market funds.
Maintain your portfolio regularly: Rebalancing your portfolio once or twice a year ensures that you're on track to reach your savings target as certain assets in your portfolio overperform or underperform. Know when it's time to trade by keeping track of your investments and broader market conditions.
Be mindful of fees: If your portfolio is being managed by a professional, it likely comes along with fees, like commission or transaction fees. With a bigger portfolio size, these can add up, holding you back from reaching savings goals as quickly. Be sure to account for fees when creating a plan to save, and keep track of any changes in fee structure.
What matters more than the number of stocks in a portfolio is the diversity of your holdings, in terms of both asset class and industry.
Portfolio diversification helps lower investment risk and increases your chances of yielding a higher return, and it's best to invest in a range of assets across different companies, industries, and geographic areas.
Investing can be exciting and fun, but should be directed by an informed approach that considers factors like your investment time horizon and subsequent risk appetite, as well as specific savings targets and underlying fees.
More: Investing How To portfolio size Stocks investing strategies
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2022-08-04T19:48:12Z
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How Many Stocks Should You Own? Portfolio Tips
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https://www.businessinsider.com/personal-finance/how-many-stocks-should-i-own
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https://www.businessinsider.com/personal-finance/how-many-stocks-should-i-own
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Universal Credit personal loans
Who is Universal Credit best for?
How Universal Credit personal loans compare
Is Universal Credit trustworthy?
Universal Credit personal loans review: Qualify with a low credit score, but you could pay a high interest rate
Universal Credit is open to borrowers with poor credit.
Universal Credit; Insider
The bottom line: Universal Credit funds loans quickly, but also comes with high origination fees. It could be a good choice for borrowers who have a poorer credit history and need to take out a larger loan.
5.25% to 8% origination fee, undisclosed late fee
Rate discounts available
High minimum and maximum interest rates
No cosigned loans available
Repayment term lengths are between 3 to 5 years
You'll receive money within a day of application approval
Unavailable in Iowa, West Virginia, and Washington, DC.
Rate discount if you use a loan to consolidate high-interest debts, as well as one for setting up AutoPay
Pros and cons of Universal Credit personal loans
Fast funding. After you accept your loan offer, you will likely get your money within a day of clearing the verification process.
Low minimum credit score needed. You only need a minimum credit score of 560 to get a loan from Universal Credit. However, the lower your score, the higher the likelihood you'll get a worse rate.
Wide range of loan amounts. You have the option to borrow between $1,000 to $50,000 with Universal Credit, which allows many types of borrowers to take out a loan from the company.
Multiple rate discounts available. You're able to get a rate discount if you use a loan to consolidate high-interest debts, as well as one for setting up AutoPay. The exact rate discount depends on a company algorithm.
High minimum and maximum interest rates. Universal Credit's rate are particularly high, especially when compared to some of the lenders in our best personal loan lender guide.
Hefty origination fees. You'll pay an origination fee between 5.25% and 8%, which is very high. Some other lenders don't charge an origination fee at all.
No co-signed loans available. If you're looking to add a co-borrower to increase your chance of loan approval or get a lower rate, you'll have to choose a different lender.
Not available everywhere. Universal Credit personal loans are unavailable in Iowa, West Virginia, and Washington, DC.
Compare personal loan rates:
Universal Credit is best for borrowers with poor credit who likely couldn't qualify for a loan elsewhere. Borrowers with good credit will likely find lower rates with another lender, as Universal Credit's minimum APR is higher than a lot of its competitors' APRs.
Universal Credit may also be a good choice for borrowers who need a sizable chunk of cash, as you're able to take out up to $50,000 with the lender. Its $1,000 minimum loan amount is pretty accessible to borrowers on the other end of the spectrum who only need a bit of cash to tide them over.
18% to 35.99%
All three companies offer same-day or next-day funding.
The minimum loan term for Avant and OneMain Financial is two years, and the maximum term is five years. Universal Credit has repayment lengths between three to five years. If you want a repayment term longer than five years, you'll have to look elsewhere.
OneMain Financial has an origination fee of up to 10%, while Universal Credit has an origination fee up to 8%. Avant charges an administration fee (which is their name for an origination fee) of up to 4.75%. Depending on your credit score and other financial factors, this could eat into a significant portion of your loan proceeds — Avant may be the best choice because its fee maximum is the lowest.
Universal Credit has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines its ratings by looking at a company's response to customer complaints, its honesty in advertising, and its transparency about business practices.
Universal Credit hasn't been involved in any recent controversies, so you may feel comfortable borrowing from the lender. Keep in mind that a clean history and top-notch BBB score doesn't guarantee you'll have a good relationship with the company, so also reach out to others who have used Universal Credit before to hear their first-hand experiences.
What credit score do you need for Universal Credit?
You need a minimum credit score of 560 for Universal Credit. Many other lenders require a higher score, so this could be a good choice if you have bad credit. Be careful — the lower your credit score, the more likely you'll be saddled with a high interest rate, which could cost you over the duration of your loan.
How long does it take to get a loan from Universal Credit?
After your loan application is approved and you accept its terms, you should receive your money within one business day. If you choose to have your funds sent directly to your creditors to pay them off, it may take up to two weeks for the transaction to clear.
Does Universal Credit do a hard inquiry?
When you check your rates with Universal Credit, the company will only perform a soft credit inquiry, which allows the lender to see your credit history but doesn't impact your score. After you accept your loan offer, Universal Credit will conduct a hard inquiry which may negatively impact your credit score.
Can you pay a Universal Credit loan back early?
Yes, you can repay a Universal Credit loan early with no penalty.
More: personal loans Loans pfi Personal Finance Insider
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2022-08-04T19:48:36Z
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Universal Credit Personal Loans Review 2022
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https://www.businessinsider.com/personal-finance/universal-credit-personal-loans-review
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Apple App Store has been hosting a scam app that locked advertisers out of their Facebook marketing accounts
The logos of applications, WhatsApp, Messenger, Instagram and Facebook belonging to the company Meta are displayed on the screen of an iPhone.
The app purports to help manage Facebook ad pages, but is likely a backdoor into users accounts.
It is readily available on Apple's App Store, appearing in searches for Facebook ad tools.
One user locked out of accounts said Facebook has next to no customer support. "Facebook sucks."
A search for "Facebook pages manager" in Apple's app store will turn up several legitimate apps to help people and ad agencies handle advertising on the platform. The results also turn up a new app that looks to be legit but is not. The app is purportedly a backdoor for a hacker to take complete control of a user's accounts.
The app, Pages Manager Suite is the second result in the Apple app store when looking for a Facebook ads manager, two ad agency sources told Insider, which confirmed this through its own search. Both agency sources were locked out of their accounts after using the app while the hackers began running ads through the accounts and using their budgets.
2022 Meta Inc. is listed as the company for the app (Facebook last year changed its corporate name to Meta Platforms). And the developer of the app is listed as Bronzelab SG Ltd which has no web presence. The listed seller of the app is VI DO CO., LTD, which a search of registered corporations shows is linked to numerous entities registered in Vietnam. Facebook last year sued a number of people and entities in the country for being part of a hacking ring, saying they had run up $16 million in ad costs.
A company spokesperson did not respond to a request for comment at the time of publication.
Apple boasts its app store as secure and says it "provides layers of protection to help ensure that apps are free of known malware and haven't been tampered with," according to its support site. A company spokesperson said the app at issue was originally submitted as a simple document manager with no Facebook functionality, but its functionality was changed after being admitted into the app store. After Insider's inquiry about the app, Apple removed it from the store.
Apple has long maintained it only lets the best apps into its app store, the only place an estimated 900 million active iPhone users can access and download apps. Yet, an analysis last year by The Washington Post estimated that up to two percent of Apple's most popular apps were scams.
A leader of an independent ad agency said they downloaded the Pages Manager app two weeks ago, thinking it would help them run Facebook ads from their phone. Within 10 minutes, the person had lost all access to their personal Facebook account, and several accounts they operated for clients. All emails and passwords were changed and an account reset was impossible as codes were sent to the new emails, presumably controlled by hackers. The only way to access online customer support, the person said, is by being logged into an account.
"It's infuriating and a nightmare," they said. The person, who's been running ads on Facebook for several years, remains locked out of their work accounts. They have managed to regain access to their personal account after personally emailing a Facebook director and pleading for help.
Advertising accounts for the vast majority of Facebook's nearly $120 billion a year in revenue, yet it has no direct customer service support for clients who are unable to access their accounts. The Reddit page for Facebook ads has scores of posts in recent months from ad managers saying they've been hacked and received little to no support from the platform.
"They have a number you can call," the agency leader said. But after being directed to select a number for Facebook or Instagram, a caller is simply told there is no phone support available and disconnected. "If you have a problem at Google, they will talk to you. At Amazon, they talk to you."
If the person could find an alternative to Facebook, they would, but currently, none is available. "Facebook sucks, but they kind of have the market on lock."
More: Facebook Meta Apple
scam app
Advertisting
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2022-08-04T19:48:42Z
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Scam Facebook Ads Manager App Locking Users Out of Accounts
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https://www.businessinsider.com/scam-facebook-ads-manager-app-locking-users-out-of-accounts-2022-8
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Content moderators hired to review videos for TikTok said they were shown sexually explicit material of children.
Content moderators hired to review videos for TikTok said they were shown sexually explicit material of children, they told Forbes.
The report cited moderators who worked for Teleperformance, a third-party company.
TikTok's training materials have strict access controls and do not include visual examples of CSAM, a spokesperson told Insider.
Content moderators hired to review videos for TikTok said they were shown sexually explicit material of children as part of their training materials, according to a report published Thursday by Forbes.
The report cited moderators who worked for Teleperformance, a third-party company that the platform contracts to moderate content on its platform, according to the report.
One former employee, identified in the report as Nasser, told Forbes he worked on a team that helped TikTok's artificial intelligence identify content that wasn't allowed on the platform. Nasser alleged he and his colleagues were shown sexually explicit images and videos of children as part of their training at the company..
As TikTok has grown in popularity in recent years it has outsourced much of its content moderation to outside companies that hire staff to manually review videos that may violate the platforms' policies on graphic content. Much like with Facebook before it, many of these content moderators have reported experiencing significant mental trauma and alleged that TikTok failed to adequately equip them for the job.
Another former Teleperformance employee, Whitney Turner, told Forbes she worked at the company for more than a year and left in 2021. Turner said she had access to a spreadsheet called the "Daily Required Reading," or the "DRR," which was accessible by hundreds of Teleperformance and TikTok employees, according to the report. This spreadsheet had examples of content prohibited by TikTok and included images of naked and abused children, she told the outlet.
"I was moderating and thinking: This is someone's son. This is someone's daughter. And these parents don't know that we have this picture, this video, this trauma, this crime saved," Turner told Forbes. "If parents knew that, I'm pretty sure they would burn TikTok down."
Turner said that she turned the document into the FBI and met with an agent in June, according to the report.
A TikTok spokesperson told Insider on Thursday its training materials provide textual descriptions but not visual examples of child sexual abuse material (CSAM) but added that it worked with external companies that could have unique practices.
"Content of this nature is abhorrent and has no place on or off our platform, and we aim to minimize moderators' exposure in line with industry best practices," the spokesperson said. TikTok's training materials have strict access controls and do not include visual examples of CSAM, and our specialized child safety team investigates and makes reports to NCMEC."
The NCMEC is the National Center for Missing & Exploited Children, a non-profit organization founded in the 1980s that serves as the "national clearinghouse and resource center for information about missing and exploited children," according to the organization. Companies like TikTok are legally required to report CSAM found on their platforms to the NCMEC.
Representatives for Teleperformance did not return Insider's request for comment sent Thursday. Akash Pugalia, the global president of trust & safety at Teleperformance, told Forbes it did not use explicit videos of child abuse in its training and did not have those materials in its "calibration tools."
TikTok's moderators allege PTSD and take legal action
Employees of other contractors that TikTok uses to moderate its content have also sounded the alarm on disturbing content they were forced to view for work. Several current or former moderators, who spoke to Insider in an article published in June, detailed a culture of overwork and surveillance while employees at the Nevada office of Telus International.
Two people who spoke with Insider said they had been diagnosed with PTSD since working as a TikTok moderator. Candie Frazier, a moderator who spoke to Insider, sued the company and said she was forced to view beheadings, accidents, suicides, and child abuse materials, Insider previously reported.
"Moderating for TikTok hurt," Frazier, who worked for the third-party company Telus International, told Insider earlier this year. "It made me lose my trust in people," she added.
TikTok is hardly the only social-media giant to have questions raised about its CSAM moderation practices. Meta earlier this year came under fire after a report from The New York Times said moderators working on behalf of the company were told to "err on the side of an adult" when they can't tell someone's age in a photo or video. A company spokesperson confirmed the policy to the Times.
Moderators for social-media behemoths have long sounded the alarm on the perils of moderating disturbing content for platforms. The Verge in 2019 reported that some moderators working to moderate content for Facebook were developing symptoms similar to post-traumatic stress disorder after leaving the job. A former content moderator in Kenya is currently suing Meta and one of its subcontractors, alleging that the company engaged in human trafficking and forced labor.
If you are a moderator for TikTok or any social-platform and wish to speak to this reporter, email him at cperrett@insider.com.
More: TikTok Moderation Digital Culture Facebook
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2022-08-04T19:48:48Z
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TikTok Moderators Shown Sexually Explicit Images of Children: Forbes
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https://www.businessinsider.com/tiktok-moderators-sexually-explicit-images-of-children-2022-8
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https://www.businessinsider.com/tiktok-moderators-sexually-explicit-images-of-children-2022-8
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Nick Unsworth, CEO of Life on Fire
lifeonfire.com
A business coach made $150,000 after paying $35,000 for ads and two appearances on a podcast.
He's part of a growing trend of guests paying podcasts hosts thousands of dollars to be interviewed.
While the practice happens in other industries, some think it should be disclosed in podcasts.
Nick Unsworth paid $35,000 for 12 weeks of ads and for two appearances on the Entrepreneurs on Fire podcast - and then made $150,000.
The CEO of Life on Fire, a faith-based coaching business, made the money from podcast listeners signing up for his courses after he was a guest on the show.
Unsworth is one of many guests paying podcast hosts thousands for an interview spot. According to Bloomberg, podcasts around wellness, cryptocurrency, and business most frequently have guests paying to appear.
Guestio, an online booking marketplace for podcasts, as well as other platforms like radio, and their guests, raised $1 million to build the platform. Instead of paying a public relations firm to pitch them as guests, people can connect and directly pay the podcast host for an appearance on their show. Podcasters also can pay for a guest they want for their show.
Guestio retains 20% of all booking fees made by the booker or talent. Travis Chappell, founder and CEO of Guestio, told Bloomberg that the platform has paid more than $300,000 to both podcast hosts and guests since 2020.
Entrepreneurs on Fire, the show Unsworth paid, is Guestio's top-earner. The show, hosted by John Lee Dumas, sometimes charges guests $3,500 for appearances, and mentions sponsors at the end of its podcast episodes.
Although the business model seems to be thriving for both hosts and guests, some people think there should be more transparency.
"As someone who's making money for that type of advertorial content, it should be disclosed," Craig Delsack, a media lawyer in New York, told Bloomberg, said referring to guests paying to be on a podcast. "It's just good practice and builds trust with the podcaster."
A Federal Trade Commission spokesperson, who couldn't provide specific comment to Bloomberg, told the company that guests paying to appear on a show without disclosing it in on the show can be misleading to listeners.
But for people like Unsworth, being on a podcast can be a way to build trust.
"When you're the guest, you're the star," Unsworth told Bloomberg. "If you can be in that position and make your offer, you have no barriers. No one is listening to that episode thinking it's a commercial. There's immediate trust and a perception that you're held in a high light."
Unsworth did not immediately respond to a request from Insider.
More: Podcast Advertising Revenue
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2022-08-04T19:48:54Z
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www.businessinsider.com
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The Trend of Guests Paying to Be on Podcasts Is Raising Legal Eyebrows
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https://www.businessinsider.com/trend-guests-paying-podcasts-raising-legal-eyebrows-2022-8
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https://www.businessinsider.com/trend-guests-paying-podcasts-raising-legal-eyebrows-2022-8
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