Why Is Coinbase (COIN) Stock Trading Lower This Month?

Shares of Coinbase (NASDAQ:COIN) are trading lower in June to reflect a bloodbath in the cryptocurrency market. Layoffs Needed to Mitigate Falling Revenues Earlier this month, Coinbase announced it is planning to reduce 18% of its workforce or around 1,100 employees, making it the latest of several crypto exchanges that have cut jobs recently. In […] Shares of Coinbase (NASDAQ:COIN) are trading lower in June to reflect a bloodbath in the cryptocurrency market. Layoffs Needed to Mitigate Falling Revenues Earlier this month, Coinbase announced it is planning to reduce 18% of its workforce or around 1,100 employees, making it the latest of several crypto exchanges that have cut jobs recently. In the company’s blog post, CEO Brian Armstrong cited recession fears, saying it could result in “another crypto winter” and stay for a long time. Armstrong reflected on how trading revenues fell sharply during previous crypto winters and that’s why the crypto exchange has to plan for the worst in order to keep its business alive. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more The company, which currently has nearly 100 million users and $256 billion in assets on its platform, is looking to complete the layoffs by the end of this month. Coinbase will spend between $40 million and $45 million to pay for staff severance and other redundancy benefits. Armstrong said Coinbase had to cut its workforce because it hired too many people over a short period of time. The company currently has around 5,000 employees, up from just 1,250 last year, added Armstrong. Why Now? The reduction of the workforce marks one of the latest in a series of challenges Coinbase faced this year. The crypto exchange posted a $430 million Q1 loss last month as the number of monthly active users dropped 19%. Furthermore, the company also recently announced it was pausing hiring and rescinding several job offers due to market conditions and “ business prioritization efforts.” Following the crypto boom last year, Coinbase accelerated its hiring pace and its executives had to determine how many new employees were needed to address that boom. "While we tried our best to get this just right, in this case it is now clear to me that we over-hired," Armstrong said. The layoffs in the crypto industry come amid a steep sell-off in 2022, with Bitcoin and Ethereum plunging more than 50% and 65% year-to-date, respectfully. This is because investors are shifting away from riskier assets as inflation hovers around its highest level in more than 40 years and global central banks continue to hike interest rates to curb the rising costs. The entire crypto market value fell below $1 trillion this month, which marks the first time it has dropped below that level since January last year. Other crypto firms including and Gemini Trust also announced layoffs over the recent weeks. plans to reduce around 5% of its workforce, while Gemini said it will reduce roughly 10%, marking the first time ever the company slashed its workforce. Mizuho Securities analyst Dan Dolev noted that recent trading patterns on Coinbase are suggesting potential crypto exhaustion. According to Dolev, the average trading volume on the Coinbase platform on Bitcoin down-days was up 15% compared to days when the cryptocurrency was in the green. However, that number nearly tripled in recent months, with down-day volumes being up around 42% more than on up-days. He also warned investors not to get too excited about the late surge in trading volume earlier this month, because the rise “appears to be fading... COIN is still tracking 10-15% below 2Q consensus and ~30% below 1Q level," he added. Competition Heats Up In another blow to Coinbase, Binance.US announced it is cutting its spot Bitcoin trading fees. Binance.US, the partner platform of the world’s largest cryptocurrency exchange Binance, said it will allow customers to trade USD, USDT, USD Coin, and Binance USD for spot bitcoin with no fees. The crypto market has been having a very difficult year as investors continue to offload their risk assets due to record-high inflation and geopolitical tensions. Bitcoin dropped to a new 2022 low when it went south of $18,000, the first time it has touched that level in a year and a half. Trading volumes, which have been one of the key revenue drivers for Coinbase, also declined sharply following the sell-off. The crypto exchange started testing a new subscription-based service dubbed Coinbase One, which is set to allow customers to trade up to $10,000 per month without any fees. Rival crypto and stock exchange Robinhood was the first to launch a zero-fee trading service, which has weighed on retail investing over the past few years as some of the largest brokers such as Interactive Brokers, Charles Schwab, Fidelity Investments, and E*Trade Financial also moved to commission-free investing. This has also been a headwind the crypto industry has been facing as an increasing number of trading platforms decide to combine crypto and stock trading. In May, cryptocurrency exchange FTX US announced its plan to launch commission-free stock trading. On the other hand, TradeStation's platform, which started as an equity trading platform, is now focusing more on crypto trading services as well. Coinbase Pro Shutting Down Coinbase will be closing down its professional crypto trading platform Coinbase Pro later this year as the company continues to add more advanced investing features on its regular platform. The company said the platform forced its customers to “rely on Coinbase Pro and for overlapping sets of features, and often experience friction when transferring balances back-and-forth between the two products.” “To resolve this friction and offer customers the best of both worlds, we have rebuilt the full Coinbase Pro advanced trading experience within the Coinbase mobile app and As we continue to add more features to Advanced Trade on Coinbase, we will sunset Coinbase Pro later this year,” it said. The Coinbase Pro move marks yet another move by the crypto company to slash costs as it seeks to survive the ‘crypto winter’. Summary Coinbase stock trades lower this month as crypto prices, as well as falling trading volumes, continue to hurt the company’s financial profile. Coinbase announced a series of moves to push costs lower while investors wait for a better outlook for the crypto market before coming back from the sidelines. Want to stay up to date on the world of digital assets? Subscribe to Tokenist’s newsletter, Five Minute Finance. Receive one email, every Friday, with the week’s most important trends in the converging worlds of traditional and digital finance. Updated on Jun 24, 2022, 4:36 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJun 24th, 2022Related News

Summer Preview: Rolling Blackouts, Higher Gas Prices, Natural Gas Rationing In Europe And A Historic Diesel Crisis

Summer Preview: Rolling Blackouts, Higher Gas Prices, Natural Gas Rationing In Europe And A Historic Diesel Crisis Authored by Michael Snyder via The Economic Collapse blog, Almost everyone has heard about the rapidly growing global energy crisis by now, but most people assume that this crisis will eventually go away because they think that authorities have everything under control.  Unfortunately, that is not true at all.  This crisis has taken our leaders by surprise, and now many of them have shifted into panic mode because they realize that there will be no easy fixes.  Decades of neglect and foolish decisions have brought us to the precipice of a nightmare, and many of us are going to be absolutely astonished by some of the things that happen in the months ahead. Here in the United States, we have neglected to properly invest in our power grids for a very long time, and now they are at a breaking point. We are being warned that there could be widespread “rolling blackouts” this summer, and the situation is particularly dire in Midwest states such as Michigan… The Lansing Board of Water and Light, or BWL, warned in a press release on Tuesday that the company is preparing for potential ‘rolling black-outs’ this summer. The Mid-Continent Independent System Operator, or MISO, is Michigan’s power grid regulator. MISO will have to ‘load-shed’ if they see expected energy shortages during peak usage times due to hot weather. Load-shedding is purposefully shutting down electric power in some areas of a power-distribution system to prevent the entire system from failing when it is strained by high demand. Meanwhile, the price of gasoline is likely to continue to go up. For quite some time, the amount of oil that is being produced around the world each day has been lower than the amount of oil that is being used around the world each day, and as a result supplies have been getting tighter and tighter… Fast forward to today, and where are we? Intrinsic demand is thought to be around 103 million barrels a day now, owing to 1% per year global population growth, plus increased wealth–and demand should keep growing at roughly that pace. But supplies aren’t nearly keeping up. We’re currently producing around 100.6 million barrels (reflecting the loss of about a million barrels from Russia), and the resulting spike in prices is already constraining demand to around 101 million barrels, according to Majcher. When demand is greater than supply, either prices go up or eventually you have shortages. And sometimes both things happen. Bank of America is telling us that oil inventories have reached a “dangerously low point”, and until that changes prices are likely to continue to rise… The result is a market that for the second straight year is under-supplied, and drawing down inventories as a result–on top of the drawdown in strategic reserves approved by political leaders to try and lower prices. Bank of America is already warning that global oil inventories have fallen to a “dangerously low point,” with certain gasoline and diesel supplies in particular at “precarious levels” as we head into peak U.S. driving season. U.S. oil inventories are already 14% below their five-year average, BofA notes, while distillates (like diesel) are 22% below. I wish that I could tell you that there is hope that things will turn around eventually. But at this point the CEO of Exxon is actually warning us to expect “up to five years of turbulent oil markets”… Consumers must be prepared to endure up to five years of turbulent oil markets, the head of ExxonMobil said Tuesday, citing under-investment and the coronavirus pandemic. Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions while Europe has announced plans to wean itself off dependency on Russian fossil fuels in coming years. If you think that things are bad now, just wait until you see what happens after a major war erupts in the Middle East. Then things will really start getting crazy. Speaking of war, over in Europe a looming natural gas shortage due to the war in Ukraine is likely to cause immense economic problems in the months ahead. Now that Russia has significantly reduced the flow of natural gas to Germany, it looks like the Germans will soon be forced to ration it, and the Wall Street Journal is telling us that authorities expect “a gas shortage by December”… The German government moved closer to rationing natural gas on Thursday after Russia cut deliveries to the country last week in an escalation of the economic war triggered by Moscow’s invasion of Ukraine. Berlin triggered the second of its three-step plan to deal with gas shortages after the Kremlin-controlled energy giant Gazprom, the country’s biggest gas exporter, throttled delivery via the Nordstream pipeline by around 60% last week. Germany’s gas reserves are at 58% capacity, and the government now expects a gas shortage by December if supplies don’t pick up, Economy Minister Robert Habeck said. It would be difficult for me to overstate the seriousness of this problem.  Energy prices have already gone completely nuts in Europe, and one German official is actually comparing this crisis to the collapse of Lehman Brothers… With energy suppliers piling up losses by being forced to cover volumes at high prices, there’s a danger of a spillover effect for local utilities and their customers, including consumers and businesses, Economy Minister Robert Habeck said Thursday after raising the country’s gas risk level to the second-highest “alarm” phase. “If this minus gets so big that they can’t carry it anymore, the whole market is in danger of collapsing at some point,” Habeck said at a news conference in Berlin, “so a Lehman effect in the energy system.” Needless to say, it isn’t just Germany that is being affected… The crisis has spilled far beyond Germany, with 12 European Union member states affected and 10 issuing an early warning under gas security regulation, Frans Timmermans, the European Union’s climate chief, said in a speech to the European Parliament. “The risk of a full gas disruption is now more real than ever before,” he said. “All this is part of Russia’s strategy to undermine our unity.” If the war in Ukraine could be brought to a peaceful resolution, that would greatly help matters. But we all know that isn’t going to happen any time soon. On top of everything else, global supplies of diesel fuel get squeezed a little bit more with each passing day.  The price of diesel fuel is 75 percent higher than it was a year ago, and here in the United States we have been warned that the Northeast “is quietly running out of diesel”… The upward pressure on diesel and jet fuel prices in particular is getting attention in the White House, Amrita Sen of Energy Aspects told Squawk Box yesterday. Diesel prices are up a whopping 75% from a year ago, and the spread between diesel and gasoline prices has also widened considerably. The high cost is creating huge strains on truckers and the supply chain; the Northeast “is quietly running out of diesel,” FreightWaves warned two weeks ago. Even though there could be a historic supply crunch, we won’t completely run out of diesel fuel. However, as I detailed in an article that has gone extremely viral, we are potentially facing really severe shortages of both diesel exhaust fluid and diesel engine oil if solutions cannot be found. Urea is required to produce diesel exhaust fluid, and the U.S. doesn’t produce enough.  We are normally one of the largest importers of urea in the entire world, and Russia and China are two of the largest exporters.  Our leaders have decided that we don’t want urea from Russia, and China has restricted exports. So that puts us in a really tough position.  If you have a diesel vehicle, I would highly recommend stocking up on diesel exhaust fluid while you still can. As for diesel engine oil, there are several key additives that are in short supply right now due to major problems at several manufacturers.  An article that Mike Adams just posted goes into the details.  This is a very serious situation that is not going to be resolved any time in the near future. The bottom line is that supplies of diesel fuel are going to get very tight, and there may be times when diesel exhaust fluid and diesel engine oil are not available at all. All three are required in order for diesel vehicles to operate, and as I explained yesterday, the U.S. economy runs on diesel. If we were suddenly unable to use our diesel vehicles, all of our supply chains would collapse and we would no longer have a functioning economy. So hopefully our leaders are working really hard to find some solutions. Because it looks like this summer could be quite difficult, and the outlook for the months beyond is even less promising. *  *  * It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon. Tyler Durden Fri, 06/24/2022 - 16:20.....»»

Category: blogSource: zerohedgeJun 24th, 2022Related News

6 LinkedIn Automation Tools for Lead Generation That You Should Try

Everyone needs a source of energy to sustain life and stay productive. A person needs food, cars need fuel, Instagram bloggers need likes, and businesses need leads. But to get such “nutrition”, you need to constantly act: buy food for cooking, come to the gas station, write posts. The same thing happens with leads: to […] Everyone needs a source of energy to sustain life and stay productive. A person needs food, cars need fuel, Instagram bloggers need likes, and businesses need leads. But to get such “nutrition”, you need to constantly act: buy food for cooking, come to the gas station, write posts. The same thing happens with leads: to find them and close a deal, you need to perform an extensive search. Only then you will find the right customers who will be interested in the product and buy it. LinkedIn, a network with 750 million followers, is a perfect place to reach your marketing goals. Let’s talk about LinkedIn automation tools that provide a 24/7 business presence on the site and speed up customer search. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more LinkedIn Automation: How Does It Function? To “catch” potential customers on LinkedIn, a marketer needs to perform four main operations. They must: visit the profile of a company representative; analyze the page of a potential client; be added to the contact list of an influential decision-maker; send a message that favorably advertises a product or service. LinkedIn automation tools for lead generation streamline these activities by mimicking the behavior of a marketer online. But unlike a human, a program works around the clock. The application not only saves time but also collects valuable information for organizing personalized and meaningful marketing campaigns. Marketers use two types of automation software: Google Chrome extensions and cloud apps. The first ones are downloaded from the Google store, connected to a LinkedIn account, and work on the page. Some robots “act” in real time, preventing a person from using their page. Others work in the background without limiting the marketer’s actions. A program performs tasks according to a given scenario while a user is browsing pages. Cloud applications are installed on the user's computer, but all actions technically take place from a remote PC via the cloud. It turns out that a marketer can work in Belgium, but parse leads from the USA. LinkedIn considers such procedures suspicious, so specialists often have to set up a proxy server so that the cloud and country IP addresses match. Despite technical nuances, such a program will work even when the computer is turned off. Lead generation automation tools “communicate” with contacts by sending them automated messages. Programs allow connecting with thousands of potential customers, which will lead them to purchase products. If you send out so many emails manually, LinkedIn may ban your account due to spam. Automation apps protect you from being blocked and allow you to complete your marketing tasks as rapidly as your company needs. 6 Best LinkedIn Automation Tools for Lead Generation Running a business is easier when a special program takes over lead generation: Marketers are focused on completing sales, and not on finding potential buyers; Programs find customers faster than a human and provide accurate contact details; Managers have time to analyze and compare marketing campaigns; A business is more likely to “hit the target”, expand and scale the enterprise; Programs exclude human errors. “The best”, however, is a very subjective concept. We will try to stay objective when giving an overview of popular lead automation software. Let’s take a look at six platforms with a user-friendly interface, useful functionality, and wide integration with other marketing services. Sales Navigator, An Invaluable Addition To LinkedIn The platform has already taken care of marketers by offering an internal tool for increasing sales - Sales Navigator. It allows you to find customers in your niche, receive important marketing information, and build strong relationships with potential buyers. The peculiarity of the application is that it allows marketers to send up to 30 messages per month to people who are not on their contact list. For users, this is an excellent opportunity, given that the platform has limitations. It is impossible to send messages to users outside your list of contacts. Sales Navigator is also unique because: it allows setting marketing preferences: the company’s industry, location, and size; offers advanced lead search with detailed filtering; helps to quickly find decision-makers in the company, who are more likely to be interested in the product; integrates with CRM to conveniently manage leads; replaces external analytics tools, helping to compare the results of marketing campaigns. Ashley Evans, Global Sales Enablement Director at Transmission, notes the exclusivity of Sales Navigator in his blog. He states that “LinkedIn has transformed SN from simply a hunter/gatherer tool to a very robust piece of martech that should be central to your stack and your strategic planning framework”. More than 3,000 firms use Sales Navigator and speak positively about it. Source: Expandi Cloud Application The creators of the program call Expandi one of the safest applications for working with LinkedIn. The developers have limited the number of simultaneous connection requests and provided intervals for sending messages to simulate human behavior. The system offers the function of excluding holidays from the parsing schedule so that account activity does not arouse suspicion. Thanks to such a mechanism, LinkedIn will not ban the account of a marketer. Source: Advantages of Expandi: it allows initiating multiple marketing campaigns from one account; integrates with such marketing tools as CRM, Zapier, and so on; has an auto warmup function: the number of daily connection requests and messages depends on the status and “age” of the profile; offers an extended list of filters in the smart inbox for incoming messages; supports dynamic personalization of messages, providing an 83% response rate; provides dedicated and local IP addresses to work from the same country. All this makes Expandi one of the best tools for growth marketers, recruiters, startup founders, and agency owners. The service has performed well and more than 12,000 companies use it to improve their marketing campaign. Phantombuster "Ghost" Assistant Phantombuster is one of those programs that help businesses to develop faster. The application becomes a "deputy" marketer on the LinkedIn network with one difference: it works around the clock. It automatically follows target profiles, likes posts, sends messages at a set interval, and performs other useful tasks. Data collection takes place in the cloud, so the program works even when the computer is turned off. A marketer needs to set the pace and trigger actions once, and they will perform automatically. Application phantoms take on valuable business functions: Network Booster automatically sends a request to establish a connection in a couple of minutes and expands the list of friends on LinkedIn; Profile Scraper extracts useful information from thousands of profiles (name, position, interest in a particular product); Message Sender is responsible for correspondence with first-level contacts; Auto Commenter/Liker comments and likes posts of target customers. These and other features make Phantombuster extremely popular among sales, marketing and development teams around the world. Source: Dux-Soup Browser Plugin This extremely simple built-in browser tool is suitable for beginners and advanced users who use LinkedIn for business purposes. To collect a client base, you only need to visit the target profiles, and the service will automatically copy them to a CSV file. The plugin will extract valuable information from the pages, such as phone number, email address, company name, location, and other details. Dux-Soup simplifies lead generation in the following way: it forms a database of target customers; downloads detailed information from LinkedIn profiles; integrates with CRM; automates profile visits and communication with customers; launches email and LinkedIn campaigns with active customer support; tags potential customers to keep in touch and know at what stage of interaction the marketer and the client are; supports advanced filtering by keywords (applicant, influencer, CEO, and others). Dux-Soup regularly publishes new user guides. The system takes into account the algorithms and programs for detecting bots, therefore, it guarantees that the marketer's profile will not be blocked. This is one of the reasons why over 70,000 people use Dux-Soup. Judging by the user reviews published on the official website of the service, in some cases, the application increases sales by seven times and provides up to 70% of the responses of potential customers. Source: MeetAlfred Professional Networking Tool MeetAlfred also offers secure lead generation automation that is compliant with LinkedIn policies. The program performs standard tasks of marketers such as profile views, sending invitations, and creating and sending personalized messages. The tool allows marketers to: adjust responses to messages from potential customers depending on their content; imitate human behavior so that it would be interesting for the target contact to maintain a dialogue; adhere to business ethics, congratulating contacts from the network on their birthday or professional anniversary; track the progress of the marketing campaign to improve the strategy; adjust the number and frequency of actions with specific clients; manage contacts through the built-in CRM and group them by filters, tags, and notes. MeetAlfread is considered one of the most “responsive” services that stimulate customer interest through personalization. Simple convenient functionality, the ability to save up to 10 hours of working time per week and increase the response rate by 10 times make MeetAlfred an indispensable assistant for more than 80,000 active users. Source: WeConnect For Smart Lead Search The creators of the WeConnect cloud tool propose to abandon the mass mailing of invitations in favor of smart customer search. The program allows you to properly build communication depending on the response of a person and increase the percentage of transactions: the platform offers seven ways to interact with customers: invite a contact, report first connections, visit a profile, endorse skills, InMails, send messages to members of groups, auto-subscribe; the program allows you to set up campaigns based on smart sequences. For example, before an invitation, view a profile, like a post, and then send a contact request. If the person accepted it, send a message; if they rejected it - visit the profile and like some posts or a skill; the cloud application has a dedicated IP address and performs actions at a set-up frequency so that LinkedIn does not mistake the marketer's actions for spam. WeConnect supports about 60 features that are constantly updated based on user feedback. Having checked the trial version of the program, more than 4,000 marketers have started to use this tool regularly. Source: Lead Generation Automation: The Future Of Potential Client Search LinkedIn is a fount of business contacts, a public database waiting to be used. More than 750 million profiles are registered on the platform with detailed indications of the place, industry, position, and other data. The percentage of responses to letters sent via the business network is 300% higher than by email. In addition, LinkedIn states that 50% of platform members are more likely to buy a product from a company they interact with online. The possibilities for building relationships with clients are endless. The main thing is to use these opportunities correctly to build a win-win marketing strategy. For example, using a suitable automation tool such as Sales Navigator, Expandi, Phantombuster, Dux-Soup, or others. A program will help you to find thousands of potential customers, without the need to contact each of them. Thus, you won’t lose them among numerous contacts and bring a lead to a purchase. It would take at least half a year to do this manually, given that LinkedIn allows you to send out up to 100 invitations per week. Marketers are often ahead of their sales schedule because LinkedIn automation tools find relevant customers. Using a cloud assistant and browser plugins, managers fill a sales funnel with quality leads who are more likely to buy products. Thanks to automation software, this work takes less effort than with the standard approach. Marketers have more time to think through the strategy: how to communicate with people so as not to put them off. With the help of automation platforms for lead generation, sellers will attract more leads and accelerate business growth. About the Author My name is Alexandr Khomich, and I data with a diverse set of interests across machine learning, finance, and technology. Currently, I work as a CEO at Andersen. Being a part of the IT family for years, I aim at transforming IT processes in support of business transformation. Updated on Jun 24, 2022, 3:15 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJun 24th, 2022Related News

A Trump-backed Arizona Senate candidate suggests he wants to privatize Social Security

"We got to cut the knot at some point," Peter Thiel-backed Republican Senate candidate Blake Masters said. "I'm a millennial." Republican Senate candidate Blake Masters speaks to supporters at an event in Chandler, Arizona on April 30, 2022.Megan Mendoza/ USA Today Network via Reuters Arizona GOP primary Senate candidate Blake Masters wants to overhaul Social Security. "We got to cut the knot at some point," he said at a conservative event. The idea dealt a bruising defeat to the Bush administration two decades ago. A Trump-backed Republican Senate candidate in Arizona suggested privatizing Social Security on Thursday, arguing the safety-net program will be long gone by the time he reaches retirement age."We got to cut the knot at some point though because I'll tell you what, I'm not going to receive Social Security," GOP Senate primary candidate Blake Masters said at a primary debate hosted by the conservative group FreedomWorks. "I'm a millennial."—Kyung Lah (@KyungLahCNN) June 24, 2022Masters argued it was time to overhaul the popular program. "We need fresh and innovative thinking, maybe we should privatize Social Security," he said. "Private retirement accounts, get the government out of it."Social Security provides retirement monthly cash benefits to elderly and disabled people. For many years, Republicans advocated to slash spending on programs like Social Security and Medicare to rein in the national debt. But President Donald Trump prevailed on Republicans in 2016 to abandon that piece of their economic agenda and instead campaigned on preserving it, though he occasionally floated ideas jeopardizing the program's future.Masters is floating a proposal that dealt a bruising political defeat to another Republican administration two decades ago. In early 2004, President George W. Bush embarked on a major push to privatize Social Security, laying out a plan for people to open their own private retirement accounts and providing the option to redirect payroll taxes into them."We should make the Social Security system a source of ownership for the American people," Bush said in his State of the Union address in January 2004.But the effort backfired. Staunch Democratic resistance and internal Republican splits kept the Bush plan from advancing. It contributed to a steep slide for Bush's approval rating on Social Security."According to the Gallup organization, public disapproval of President Bush's handling of Social Security rose by 16 points from 48 to 64 percent–between his State of the Union address and June," governance expert William Galston wrote in a 2007 Brookings Institute blog post.Masters, a venture capitalist, is among the most conservative candidates in the crowded Arizona GOP primary. He questioned the existence of a gender pay gap and blamed gun violence on Black people earlier this year. He has also promoted Trump's false claim that the 2020 election was rigged. The winner of the Republican primary will face off against Sen. Mark Kelly, who is considered a vulnerable Democrat in the November midterms.Masters recently grabbed a coveted endorsement from Trump and benefits from the strong financial support of tech billionaire and long-time business associate Peter Thiel. A Real Clear Politics average of polls show Masters taking a slight lead of five percentage points earlier this month.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 24th, 2022Related News

Friday links: ironclad economic rules

MarketsMeme stock traders love bankrupt stocks. ( market grifters are nothing new, the case of the 1901 promotion boom. ( ($TSLA) is prompting more automakers to sell their cars exclusively online. ( ($GM) and Ford ($F) are taking on Tesla in different ways. ( closely do oil and gasoline move together? ( prices have been outpacing gasoline prices. ( teachers are planning to leave education sooner than they planned. ( workers are, by definition, interchangeable. ( on Abnormal ReturnsPodcast links: moral questions. ( you missed in our Thursday linkfest. ( links: budget culture. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaWilliam Bernstein reviews "The Price of Time: Interest, Capitalism, and the Curse of Easy Money" by Edward Chancellor. ( review of "Money Men: A Hot Start-Up, A Billion Dollar Fraud, A Fight for the Truth" by Dan McCrum. (»»

Category: blogSource: abnormalreturnsJun 24th, 2022Related News

Futures Surge To Two Week High As Traders Eye End Of Fed"s Hiking Cycle

Futures Surge To Two Week High As Traders Eye End Of Fed's Hiking Cycle Futures are pointing to solid close to the week - now that a recession and earlier rate cuts are assured... .... with a continuation of the rally which has pushed stocks to two week highs, with Tech continuing to lead while Chinese Tech is helping to fuel the global risk-on rally to end the week. Tech-heavy Nasdaq 100 futures added 1% while contracts on the S&P 500 gained 0.9%, trading near session highs  at 3,833 after the main US stock gauge closed near session highs Thursday, adding more than 3% in three days. In Europe, the Stoxx Europe 600 rose 1.5%, with the benchmark set for a small bounce this week. 10-year Treasury yields rose to 3.13% after earlier sliding as low as 3.04%. In premarket trading, software maker Zendesk Inc. soared over 50% on reports it’s close to reaching a deal to be acquired by a group of buyout firms led by Hellman & Friedman and Permira. Bank stocks were mostly higher as well after the latest stress test that results showed all 34 participating banks had passed (of course). In corporate news, Coinbase will launch its first crypto derivative product on Monday in the midst of the current crypto winter. US-listed Chinese stocks rise in premarket trading, on track for their best week since April as more market watchers turn positive on the group amid a gradual easing in Beijing’s crackdown on tech. Alibaba (BABA US) +3%, Nio (NIO US) +2.8%. Here are some other notable premarket movers: FedEx Corp. (FDX US) shares gained in premarket trading with analysts mostly welcoming its annual earnings forecast that was above expectations amid higher package prices and resolution on some operation issues related to labor shortage. Nevertheless, they still maintained caution amid cost pressures and macroeconomic uncertainty. US bank stocks may be volatile Friday after the Federal Reserve announced after the close of trading on Thursday that all banks had passed its annual stress test. Blackberry (BB CN) gained in postmarket trading after it reported an adjusted basic loss per share for the first quarter of 5c, in line with estimates. LendingTree (TREE US) shares dropped 10% in extended trading on Thursday, after the consumer finance company cut its second-quarter forecast for both revenue and adjusted Ebitda. Sarepta Therapeutics (SRPT US) shares may be under pressure after it announced that the FDA has placed a clinical hold on the company’s peptide-conjugated phosphorodiamidate morpholino oligomer to treat patients with Duchenne muscular dystrophy. That said, analysts believe this is mostly a hiccup and that the stock should get a lift once data from the company’s NT gene therapy is disclosed. In his market wrap note, JPM's Andrew Tyler asks "Does this rally have legs" and answers: "The next major catalyst is the June 30 PCE data. This current rally is seeing Tech and Defensive sectors as the largest outperformers. While some investors may play momentum, there seems to be a collective lack of conviction with many believing that this rally fizzles. Traders are looking for confirmation from a breakout above ~3900 resistant level." To be sure, investors are grappling with the question of what comes next if an economic downturn takes hold. One scenario - the bullish one - predicts cooling price pressures and thus scope for central banks to ease up on the pace of interest-rate hikes. In the other one, Jerome Powell hardened his resolve to cool inflation in testimony to lawmakers this week, after acknowledging that a recession may be the price to pay. “In spite of the hawkish remarks from Fed officials, the growing worries that their hikes would trigger a recession actually meant that investors priced in a shallower pace of rate hikes over the coming 12-18 months,” Deutsche Bank AG strategists led by Jim Reid wrote in a note. “That had a knock-on impact on Treasuries.” We discussed this extensively last night. The rising probability of a peak in rates put the policy-sensitive US two-year yield on course for one of its biggest weekly drops since March 2020. Meanwhile, traders are starting to price out any Fed action on rates beyond the December meeting, scaling back the additional tightening they expect and flirting with the possibility of cuts by in 2023. In Europe, equities traded well with the Stoxx rising 1.5% and the Euro Stoxx 50 1% higher back near Thursday’s highs. CAC 40 outperforms peers. Health care and media are the strongest sectors, autos and retail names lag. Here are some of the biggest European movers today: European health care stocks jump, outperforming the broader market. Societe Generale says the fundamentals of the European pharma sector are healthier than US peers. Roche rises as much as 3.4%, Novo Nordisk +3.2% and AstraZeneca +2.6% among the biggest contributors to the gain Ultra Electronics shares rise as much as 13% after a statement that the UK government is leaning toward approving Cobham’s planned takeover of the British defense-technology specialist. LVMH shares rise as much as 2.9% on Bernstein’s top luxury pick at a time of macroeconomic and geopolitical uncertanties, thanks in part to the French giant’s Dior mega-brand, which analyst Luca Solca says is one of the industry’s biggest success stories Telenet shares rise as much as 6.4%, with Barclays and New Street Research both noting that the stock is cheap and it may become more attractive for majority holder Liberty Global to consider buying the rest of the shares. Zalando shares sink as much as 18%, hitting the lowest since Jan. 2019. The online retailer warning on its sales and earnings outlook was not a total surprise, but the scale of the downgrade to its expectations was more significant than anticipated, analysts say. Fast fashion and online retailers decline in Europe following another warning in the sector, this time from Germany’s Zalando. HelloFresh slumps as much as -9.7%, Delivery Hero -6.0%, Deliveroo -2.7%. Fertilizer stocks sink in Europe with Morgan Stanley flagging the industry’s exposure to surging gas prices, gas supply uncertainties and related government measures in Europe to prevent shortages. K+S shares fall as much as 4.9%, Yara down as much as 4.8% and OCI down 3.9% Earlier in the session, Asian stocks headed for a second day of gains as technology shares staged a comeback amid falling yields, with investors continuing to weigh the prospect of higher inflation and monetary tightening. The MSCI Asia Pacific Index rose as much as 1.2%, lifted by tech-heavy markets such as South Korea. A gauge of Asian tech stocks jumped, rallying from the lowest level since September 2020. A Chinese tech measure in Hong Kong advanced 4%. Consumer and health care names also contributed to Friday’s gains amid a global shift to defensive stocks. Asian equities headed for their first weekly gain in three, as the market took a breather from intense selling pressure fueled by fears that aggressive monetary tightening will push the US economy into a recession. Federal Reserve Chair Jerome Powell in testimony to lawmakers stressed his “unconditional” commitment to bringing down inflation. Stocks have fared relatively better in Asia than in other regions as China’s move to dial back Covid restrictions supports market sentiment. Asia’s benchmark is down about 6% this month, compared with at least 8% declines in the S&P 500 Index and the Euro Stoxx 50. “The growth differentials are going to open up between China and the rest of the world,” Kinger Lau, chief China equity strategist at Goldman Sachs, said in a Bloomberg TV interview. Chinese equities “tend to do quite well going into the party congress, three to six months before that. Right now seems like we are in the sweet spot.” Japanese stocks climbed as investors assessed hawkish comments by Fed Chair Jerome Powell on further interest rate hikes and a rally in Treasuries that sent yields lower, boosting tech shares. The Topix Index rose 0.8% to 1,866.72 as of market close Tokyo time, while the Nikkei advanced 1.2% to 26,491.97. Japan’s Mothers index rallied as much as 5.8%.  Nidec Corp. contributed the most to the Topix Index gain, increasing 6.5%. Out of 2,170 shares in the index, 1,540 rose and 550 fell, while 80 were unchanged. In Australia, the S&P/ASX 200 index completed a weekly gain of 1.6% to close at 6578.70, as technology shares staged a comeback amid falling yields. The tech benchmark had a weekly gain of 8.1%, the most since August. Nine of the 11 subgauges ended Friday higher, with only energy and mining stocks sliding after a gauge of commodities retreated.   New Zealand’s market was closed for a public holiday In FX, the Bloomberg dollar spot index dipped into the red, poised for its first weekly decline in a month as investors gauge whether aggressive Federal Reserve rate hikes would tip the US economy into a recession; the Bloomberg Dollar Spot Index fell 0.5% this week while the policy-sensitive US two-year yield is on course for its biggest weekly drop since March 2020. The Japanese yen was the only Group-of-10 currency to fare worse than the dollar, sliding back under 135. “The dollar is undermined by the weakness in PMI data and growing concerns that aggressive rate hikes will eventually cause growth slowdown,” said Akira Moroga, manager of currency products at Aozora Bank in Tokyo. “US yields are also stabilizing from recent sharp climb to weigh on the dollar,” he said. NOK and SEK are the strongest in G-10 FX, JPY is the weakest. Rates erase initial gains, with Treasuries now slightly cheaper across the curve as US stock futures advance beyond Thursday’s highs, while core European bond gains fade and European stocks rally. US yields cheaper by 1bp-3bp across the curve and spreads within a basis point of Thursday’s close; 10-year higher by 1.5bp at 3.10%, bunds in the sector by an additional 3.5bp. Bunds futures complete a ~150 tick round trip, rallying near 149.00 before returning toward 147.50. Cash curves remain bear-steeper, long end bunds cheapen ~3bps having initially richened ~5bps. Cash USTs and gilts are comparatively quiet after following bunds price action in early trade. Italian bonds lag peers, widening the 10y BTP/Bund spread back above 200bps. Focal points of US session include early Bullard comments and University of Michigan inflation expectations, cited by Fed Chair Powell in latest policy decision.  In commodities, crude futures advance, albeit holding within a relatively narrow range. West Texas Intermediate crude traded near $105 a barrel after retreating over the previous two sessions. The US benchmark has lost almost 4% this week, putting prices on course for their first monthly drop since November. Base metals complex is under pressure, LME tin drops over 12%, nickel down over 6%. Spot gold rises roughly $4 to trade near $1,827/oz.  Bitcoin traded rangebound on either side of the 21,000 level. Sliding raw materials prices have contributed to a moderation in market-based measures of inflation expectations. Oil headed for its first back-to-back weekly loss since early April amid a broader selloff in commodities markets. To the day ahead now, and data releases include Germany’s Ifo business climate indicator for June, Italian consumer confidence for June, and UK retail sales for May. Over in the US, there’s also the University of Michigan’s final consumer sentiment index for June, and new home sales for May. From central banks, we’ll hear from the ECB’s Centeno and de Cos, the Fed’s Bullard and Daly, the BoE’s Pill and Haskel, and BoJ Deputy Governor Amamiya. Market snapshot S&P 500 futures up 0.7% to 3,826.75 STOXX Europe 600 up 1.1% to 406.65 German 10Y yield little changed at 1.40% Euro little changed at $1.0525 Brent Futures up 0.4% to $110.51/bbl Gold spot up 0.2% to $1,826.53 MXAP up 1.1% to 159.08 MXAPJ up 1.3% to 527.68 Nikkei up 1.2% to 26,491.97 Topix up 0.8% to 1,866.72 Hang Seng Index up 2.1% to 21,719.06 Shanghai Composite up 0.9% to 3,349.75 Sensex up 0.7% to 52,652.22 Australia S&P/ASX 200 up 0.8% to 6,578.70 Kospi up 2.3% to 2,366.60 U.S. Dollar Index little changed at 104.35 Top Overnight News from Bloomberg Global equity funds saw their biggest outflows in nine weeks as investors piled into cash amid fears that the US economy could be headed for a recession. UK consumers are starting to crumple in the face of soaring prices, according a series of reports that paint a grim picture of the nation’s cost of living crisis. Germany’s economy minister said he can’t be sure that Russia will resume shipments through a key gas pipeline following planned maintenance next month, raising the prospect of a fresh surge in prices and rationing this winter. A more detailed look at global markets from Newsquawk Asia-Pac stocks ultimately followed suit to the gains on Wall St where a decline in yields and lower commodity prices helped the major indices claw back from the opening losses which were triggered by disappointing PMI data. ASX 200 was positive with tech stocks encouraged by US counterparts which benefitted from the lower yield environment although gains in the index were capped by weakness in the commodity-related sectors after the recent pressure in energy and metal prices. Nikkei 225 found early momentum alongside currency flows and held on to gains despite the JPY reversal. Hang Seng and Shanghai Comp. were positive after officials recently suggested ample policy space to sustain a steady economic performance and with the PBoC upping its liquidity efforts. Top Asian News PBoC injected CNY 60bln via 7-day reverse repos with the rate at 2.10% for a CNY 50bln net daily injection, according to Reuters. Xi Trip to Hong Kong in Doubt After Top Officials Get Covid Hong Kong’s Jumbo Mystery Deepens as Restaurant May Be Afloat Gold Set for Weekly Drop on Powell’s Unconditional Inflation Vow Iron Ore Poised to End Wild Week Down as Steel Inventories Rise Hedge Funds Buy Dollar-Yen Downside Options on Recession Risks European bourses have coat-tailed on the positivity seen on Wall Street yesterday and across APAC overnight, with European indices firmer to varying degrees. Sectors overall project a modest defensive bias as Healthcare, Media, Consumer Products, and Food & Beverages reside among the winners, although Tech is also buoyed by the pullback in bond yields. Europe's largest online retailer Zalando (-12%) slumped following a profit warning, and in turn dragged the European Retail sector to the lowest level since March 2020. Stateside, US equity futures are firmer across the board – with the NQ narrowly leading the pack – participants also flagged the ES overcoming resistance at 3,800. Top European News UK PM Johnson's Conservatives lost the parliamentary seat in the Wakefield by-election to the Labour Party and lost the by-election in Tiverton and Honiton to the Liberal Democrats, according to Reuters. Subsequently, PM Johnson has been warned to "watch out for a coup", according to reporting in The Telegraph. Furthermore, Conservative Party Chairman Dowden has resigned following the by-elections. 1922 Committee treasurer Sir Geoffrey Clifton-Brown hints that Tory leadership rules could be changed to allow rebels another shot at the PM, according to Mail's Grove. Boris Johnson’s Party Chair Quits After Double Election Blow Zurich Insurance Sells Legacy German Life Portfolio to Viridium Ukraine Latest: Troops to Leave Key Eastern City as Russia Gains Airlines 2Q Seen Profitable for Most, Deterioration in 2023: DB FX Kiwi elevated amidst favourable crosswinds on NZ market holiday - Nzd/Usd probes 0.6300 as Aud/Nzd retreats towards 1.0950. Euro encouraged by elements of German Ifo survey and Pound shrugs off mixed UK consumption data, all time low consumer sentiment and more pain for PM Johnson on risk factors and gravitating Greenback - Eur/Usd firm on 1.0500 handle, Cable tests 1.2300 and DXY close to base of 104.120-510 range. Aussie, Loonie and Franc all bounce within ranges as Buck backs off, but Yen continues to encounter resistance after decent retracement - Aud/Usd back over 0.6900, Usd/Cad fades from pop above 1.3000 and Usd/Chf reverses through 0.9600 pivot. Scandi Crowns claw back lost ground, Yuan underpinned by PBoC liquidity injection and Peso by hawkish Banxico guidance to supplement 75 bp hike - Eur/Sek sub-10.7000, Eur/Nok near 10.4500, Usd/Cnh under 6.7000 and Usd/Mxn beneath 20.0000. Fixed Income Debt recoils after stretching recovery limits further - Bunds top out at 149.00, Gilts at 114.55 and 10 year T-note 118-00 Trading volumes pick-up on the way back down towards or to intraday lows of 147.21, 113.54 and 117-10+, as risk appetite steadily improves and focus turns to pm agenda Commodities WTI and Brent August futures are extending their modest gains in recent trade despite a lack of news flow. EIA said a status update on the weekly DOE oil inventories report will be provided on Monday. Spot gold remains uneventful under USD 1,850/oz – with the Dollar similarly contained intraday thus far. Focus has turned to base metals, with nickel, zinc, and tin among the biggest losers amid demand woes and surplus concerns. Chile state copper miner Codelco reached an agreement with workers to end the strike, according to Reuters. China is to auction 500k tonnes of imported soybeans from state reserves on July 1st, according to the trade centre cited by Reuters. US Event Calendar 10:00: June U. of Mich. Sentiment, est. 50.2, prior 50.2 10:00: June U. of Mich. Expectations, prior 46.8; Current Conditions, est. 55.4, prior 55.4 10:00: June U. of Mich. 1 Yr Inflation, est. 5.4%, prior 5.4%; 5-10 Yr Inflation, est. 3.3%, prior 3.3% 10:00: May New Home Sales, est. 590,000, prior 591,000 MoM, est. -0.2%, prior -16.6% Central Bank speakers 07:30: Fed’s Bullard Discusses Central banks and Inflation 13:15: Fed’s Daly Interviewed on Fox Business News 16:00: Fed’s Daly Speaks at Shadow Open Market Conference DB's Jim Reid concludes the overnight wrap Fears about an imminent recession have continued to dominate markets over the last 24 hours, with a combination of Chair Powell’s comments, weak economic data and renewed concerns about a European gas cutoff all helping to sound the alarm for investors. Indeed, the sudden rush for safe havens (along with doubts over how far central banks will actually hike if there’s a recession) meant that sovereign bonds rallied sharply, with yields on 10yr bunds (-20.6bps) seeing their largest daily decline in over a decade, which is quite something considering just how volatile bonds have been this year. Having said that the S&P 500 finished up +0.95% so it wasn't all doom and gloom on what was a pretty bad day for news. In terms of the various developments, weak data hampered the narrative and led to a flight to bonds from the outset, with the flash PMIs from Europe and the US painting a gloomy economic picture as we round out Q2. For instance, the Euro Area composite PMI fell to a 16-month low of 51.9 (vs. 54.0 expected), including larger-than-expected declines in both Germany and France. Later in the day, the US composite PMI also fell to 51.2 (vs. 53.0 expected), whilst the weekly initial jobless claims of the week through June 18 came in at 229k, thus taking the smoother 4-week moving average to its highest level since early February. So a bad run of numbers that at the very least add to the growing signs that we’re seeing a noticeable slowdown in growth. As the data was getting weaker, there was no sign that Fed Chair Powell was going to be put off from his challenge of restoring price stability, and he even reiterated before the House Financial Services Committee that their commitment to deal with inflation was “unconditional”. Bear in mind that he left that word out of his testimony before the Senate Banking Committee the previous day, which some had interpreted in a dovish light, so there’s no sign that the Fed are set to let up on the task ahead. Furthermore, Fed Governor Bowman became the latest member of the FOMC to endorse another 75bp hike at the next meeting in July, saying beyond that she favoured “increases of at least 50 basis points in the next few subsequent meetings”. In spite of the hawkish remarks from Fed officials, the growing worries that their hikes would trigger a recession actually meant that investors priced in a shallower pace of rate hikes over the coming 12-18 months. For instance, the rate priced in by the December meeting came down a further -5.5bps to 3.46%, whilst the terminal rate is now seen at just over 3.5%, having expected to be above 4% just before the Fed meeting. The market now sees the terminal rate being hit as early as February 2023 after most of the year so far has seen hikes priced in through the third quarter of 2023. That had a knock-on impact on Treasuries, with the 10yr yield down -6.9bps to 3.09%, and the 2s10s curve flattened -2.9bps to just 6.4bps. The Fed’s preferred indicator of the near-term forward spread also saw a large decline, with a -11.8bps move lower to 168bps, which was the lowest since early March. US equities continued trading in wide intraday ranges but were ultimately boosted by the shallower expected path of policy tightening. The S&P 500 gained +0.95%, leaving it +3.29% on the holiday-shortened week and on pace for its first weekly gain in a month. It was an interesting sector breakdown with shares sensitive to discount rates gaining, as one might expect with the rate move, sending the NASDAQ +1.62% higher. Otherwise, there was a clear delineation between defensives, which outperformed due to the slowing outlook, and cyclicals which ended the day in the red. Utilities, health care, real estate, and staples led the index and all ended in the green, while industrials, financials, materials, and energy all finished in the red. So a risk-off defensive rally in the States. Energy was particularly hit by the fall in brent crude futures, which were -1.51% lower on the day and nearly back beneath $110/bbl for the first time since mid-May. Over in Europe, there were further dramatic developments on the energy side, with German economy minister Habeck raising the country’s gas risk level to the second stage of the emergency plan. That takes them from the early warning phase to the alarm phase, with Habeck going as far as to warn about “a Lehman effect in the energy system” if the market collapsed. Our research colleagues in Frankfurt have written more about what this means (link here), but natural gas futures in Europe rose a further +3.33% yesterday to a fresh 3-month high of €131/MWh. The third and final stage of the plan would be the emergency phase, which occurs when there isn’t enough gas to meet general demand. The fears of recession and the threat of energy shortages meant that European equities took a tumble again yesterday, with the STOXX 600 (-0.82%) closing at its lowest level in 16 months with banks (-3.17%) leading the way as cyclicals also got hit hard in Europe. The DAX (-1.76%) was a regional under-performer with all the focus on the German government gas alert. Sovereign bond yields also plummeted, with those on 10yr bunds (-20.6bps) seeing their largest daily move lower in over a decade, whilst those on 10yr OATs (-20.7bps), gilts (-18.2bps) and BTPs (-15.9bps) witnessed a significant pullback as well. Our European economists don’t think that growth uncertainties will derail the near-term exit path for the ECB, but they write in a blog post yesterday (link here) that the release is another catalyst for a shift in the debate from a question of how quickly they need to catch up, to how far they will be able to go. Moving on to Asia, equity markets in the region are seeing decent gains overnight, with the Kospi (+1.66%) leading the pack followed by the Hang Seng (+1.23%), the Nikkei (+0.76%), the CSI (+0.74%) and the Shanghai Composite (+0.54%). Looking forward as well, US stock futures has risen overnight with contracts on the S&P 500 (+0.43%) and NASDAQ 100 (+0.70%) trading higher amidst the decline in bond yields. In economic data, inflation in Japan is likely to remain closely watched after the core consumer prices climbed +2.1% y/y in May as expected, following a similar rise in April, a level not seen in seven years mainly because of higher energy prices. Excluding energy, prices were up +0.8% in May, also in line with market consensus, following a 0.8% increase in the preceding month. Moving on to some political news, the Conservative party lost two parliamentary seats in yesterday’s by-elections, which will be unwelcome news for Prime Minister Johnson, who’s already seen 41% of his own MPs vote no confidence in his leadership at the start of the month. One of the losses was to Labour in the “red wall” seat of Wakefield, which had been Labour for the entire post-war period until it was won by the Conservatives in 2019, and the Conservative vote share was down from 47% at the last general election to 30% yesterday. Elsewhere, they also lost the usually safe Conservative seat of Tiverton and Honiton to the Liberal Democrats, with the Conservative vote share down from 60% in 2019 to 38% yesterday. Meanwhile, there was some bad news overnight on the economic front from the UK, with GfK’s consumer confidence reading dropping to a record low of -41 in June (vs. -40 expected), something not seen since the survey began 48 years ago. To the day ahead now, and data releases include Germany’s Ifo business climate indicator for June, Italian consumer confidence for June, and UK retail sales for May. Over in the US, there’s also the University of Michigan’s final consumer sentiment index for June, and new home sales for May. From central banks, we’ll hear from the ECB’s Centeno and de Cos, the Fed’s Bullard and Daly, the BoE’s Pill and Haskel, and BoJ Deputy Governor Amamiya. Tyler Durden Fri, 06/24/2022 - 07:53.....»»

Category: smallbizSource: nytJun 24th, 2022Related News

Elon Musk wants more data from Twitter

In today's edition: Elon Musk's latest request for more data, and hacks that will help you get the most out of your iPhone. Wake up, it's time for tech! I'm Jordan Parker Erb, here to fill you in on Elon Musk's latest request for more data from Twitter, and hacks that will help you get the most out of your iPhone.Ready? Let's get to it.If this was forwarded to you, sign up here. Download Insider's app here.Andrew Kelly/Reuters1. Twitter is giving Elon Musk more user data. Even after receiving a "firehose" of data from the company, Musk still wasn't satisfied: Insider has learned his lawyers sent another letter to Twitter last week, claiming what had been shared was insufficient.In response, Twitter this week agreed to give Musk even more information, this time including real-time API data, according to a person familiar with the situation. Musk has been obsessed with the number of bots on Twitter, saying their prevalence is "probably my biggest concern" given their potential impact on monetizable user metrics. Insiders see the new data as a sign Musk may try to renegotiate the deal price soon, arguing Twitter's value has changed with new information.Everything we know about Musk's latest request for data.In other news:Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images2. The "sentient" AI hired a lawyer. The Google engineer who was suspended for saying the AI was conscious, told Wired that it has hired an attorney. Here's the latest on LaMDA's alleged cognizance.3. A leaked email shows Bolt is offering to buy back shares from laid-off employees who took out loans to get stock options early. After layoffs left some employees on the hook for tens of thousands of dollars, the company is offering new repayment options, which are due in less than 90 days. Read the leaked email here.4. Netflix has confirmed another round of layoffs. The news follows layoffs in April and May. This time, about 300 roles will be cut from the streaming giant, Variety first reported. What we know so far.5. Drivers for Uber and Lyft say their earnings have shrunk considerably. Even as gas prices rise, data shows drivers' earnings have stayed mostly flat across both rideshare and delivery. Here, drivers dish on dwindling profits.6. Yelp is going fully remote. In a blog post, Yelp's CEO announced the company would be closing its offices in New York City, Chicago, and DC. More on the decision he said is "best for our employees."7. See how much you could get paid at Amazon. We compiled base pay rates for thousands of Amazon employees to see how much engineers, managers, and others can earn at the cloud and commerce giant. Take a look at what Amazon pays.8. "Pharma Bro" Martin Shkreli has launched a newsletter. Fresh out of federal prison, Shkreli has just launched his tech and investing newsletter, with the first edition filled with book reviews and predictions, including whether he would be un-banned from Twitter. Get the rundown on "Martin's Newsletter."Odds and ends:Crystal Cox/Business Insider9. If you have an iPhone, you should know these hacks. We compiled tips and tricks — like automatically closing old Safari tabs or customizing notifications for your favorite contacts — so you can get the most out of your iPhone. Here are 11 useful iPhone hacks.10. Review: Four reasons the Chevrolet Bolt is a good buy, and three ways it falls short. Insider's transportation reporter tested out the Bolt, one of the cheapest electric SUVs on the market. Even though it doesn't charge as quickly as rivals, it's still a great option for commuters and small families, he writes. Read his full review.The latest people moves in tech:Spotify named Snap exec Per Sandell as VP of ad product.Warner Music CEO Steve Cooper will step down next year, WSJ reported.Charlie Bell has hired fellow ex-AWS exec Shawn Bice to help run his new security org at Microsoft.The CEO and COO of Pornhub's parent company have both resigned.Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Jordan Parker Erb in New York. (Feedback or tips? Email or tweet @jordanparkererb.) Edited by Lisa Ryan (tweet @lisarya) in New York.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 24th, 2022Related News

Dayton’s best source of employee talent may be hidden in plain sight

Today’s seeming scarcity of employee talent reminds me of the words from a poem written by Samuel Taylor Coleridge – “Water, water, everywhere, nor any drop to drink.” It’s an unusual time in our country’s history, one in which employers need to think creatively regarding the attraction of their future employees. Many great resources are available, and we need to ensure we are all tapping into every option. Like you, I have been reading regularly in newspapers, magazines and blogs about….....»»

Category: topSource: bizjournalsJun 24th, 2022Related News

The Federal Bureau Of Tweets: Twitter Is Hiring An Alarming Number Of FBI Agents

The Federal Bureau Of Tweets: Twitter Is Hiring An Alarming Number Of FBI Agents Authored by Alan MacLeod via Mint Press News, Twitter has been on a recruitment drive of late, hiring a host of former feds and spies. Studying a number of employment and recruitment websites, MintPress has ascertained that the social media giant has, in recent years, recruited dozens of individuals from the national security state to work in the fields of security, trust, safety and content. Chief amongst these is the Federal Bureau of Investigation. The FBI is generally known as a domestic security and intelligence force. However, it has recently expanded its remit into cyberspace. “The FBI’s investigative authority is the broadest of all federal law enforcement agencies,” the “About” section of its website informs readers. “The FBI has divided its investigations into a number of programs, such as domestic and international terrorism, foreign counterintelligence [and] cyber crime,” it adds. For example, in 2019, Dawn Burton (the former director of Washington operations for Lockheed Martin) was poached from her job as senior innovation advisor to the director at the FBI to become senior director of strategy and operations for legal, public policy, trust and safety at Twitter. The following year, Karen Walsh went straight from 21 years at the bureau to become director of corporate resilience at the silicon valley giant. Twitter’s deputy general counsel and vice president of legal, Jim Baker, also spent four years at the FBI between 2014 and 2018, where his resumé notes he rose to the role of senior strategic advisor. Meanwhile, Mark Jaroszewski ended his 21-year posting as a supervisory special agent in the Bay Area to take up a position at Twitter, rising to become director of corporate security and risk. And Douglas Turner spent 14 years as a senior special agent and SWAT Team leader before being recruited to serve in Twitter’s corporate and executive security services. Previously, Turner had also spent seven years as a secret service special agent with the Department of Homeland Security. When asked to comment by MintPress, former FBI agent and whistleblower Coleen Rowley said that she was “not surprised at all” to see FBI agents now working for the very tech companies the agency polices, stating that there now exists a “revolving door” between the FBI and the areas they are trying to regulate. This created a serious conflict of interests in her mind, as many agents have one eye on post-retirement jobs. “The truth is that at the FBI 50% of all the normal conversations that people had were about how you were going to make money after retirement,” she said. Many former FBI officials hold influential roles within Twitter. For instance, in 2020, Matthew W. left a 15-year career as an intelligence program manager at the FBI to take up the post of senior director of product trust at Twitter. Patrick G., a 23-year FBI supervisory special agent, is now head of corporate security. And Twitter’s director of insider risk and security investigations, Bruce A., was headhunted from his role as a supervisory special agent at the bureau. His resumé notes that at the FBI he held “[v]arious intelligence and law enforcement roles in the US, Africa, Europe, and the Middle East” and was a “human intelligence and counterintelligence regional specialist.” (On employment sites such as LinkedIn, many users choose not to reveal their full names.) Meanwhile, between 2007 and 2021 Jeff Carlton built up a distinguished career in the United States Marine Corps, rising to become a senior intelligence analyst. Between 2014 and 2017, his LinkedIn profile notes, he worked for both the CIA and FBI, authored dozens of official reports, some of which were read by President Barack Obama. Carlton describes his role as a “problem-solver” and claims to have worked in many “dynamic, high-pressure environments” such as Iraq and Korea. In May 2021, he left official service to become a senior program manager at Twitter, responsible for dealing with the company’s “highest-profile trust and safety escalations.” Other former FBI staff are employed by Twitter, such as Cherrelle Y. as a policy domain specialist and Laura D. as a senior analyst in global risk intelligence. Many of those listed above were active in the FBI’s public outreach programs, a practice sold as a community trust-building initiative. According to Rowley, however, these also function as “ways for officials to meet the important people that would give them jobs after retirement.” “It basically inserts a huge conflict of interest,” she told MintPress. “It warps and perverts the criminal investigative work that agents do when they are still working as agents because they anticipate getting lucrative jobs after retiring or leaving the FBI.” Rowley – who in 2002 was named, along with two other whistleblowers, as Time magazine’s Person of the Year – was skeptical that there was anything seriously nefarious about the hiring of so many FBI agents, suggesting that Twitter could be using them as sources of information and intelligence. She stated: Retired agents often maintained good relationships and networks with current agents. So they can call up their old buddy and find out stuff… There were certainly instances of retired agents for example trying to find out if there was an investigation of so and so. And if you are working for a company, that company is going to like that influence.” Rowley also suggested that hiring people from various three-letter agencies gave them a credibility boost. “These [tech] companies are using the mythical aura of the FBI. They can point to somebody and say ‘oh, you can trust us; our CEO or CFO is FBI,’” she explained. Twitter certainly has endorsed the FBI as a credible actor, allowing the organization to play a part in regulating the global dissemination of information on its platform. In September 2020, it put out a statement thanking the federal agency. “We wish to express our gratitude to the FBI’s Foreign Influence Task Force for their close collaboration and continued support of our work to protect the public conversation at this critical time,” the statement read. One month later, the company announced that the FBI was feeding it intelligence and that it was complying with their requests for deletion of accounts. “Based on intel provided by the FBI, last night we removed approximately 130 accounts that appeared to originate in Iran. They were attempting to disrupt the public conversation during the first 2020 U.S. Presidential Debate,” Twitter’s safety team wrote. Yet the evidence they supplied of this supposed threat to American democracy was notably weak. All four of the messages from this Iranian operation that Twitter itself shared showed that none of them garnered any likes or retweets whatsoever, meaning that essentially nobody saw them. This was, in other words, a completely routine cleanup operation of insignificant troll accounts. Yet the announcement allowed Twitter to present the FBI as on the side of democracy and place the idea into the public psyche that the election was under threat from foreign actors. Based on intel provided by the @FBI, last night we removed approximately 130 accounts that appeared to originate in Iran. They were attempting to disrupt the public conversation during the first 2020 US Presidential Debate. — Twitter Safety (@TwitterSafety) October 1, 2020 Iran has been a favorite Twitter target in the past. In 2009, at the behest of the U.S. government, it postponed routine maintenance of the site, which would have required taking it offline. This was because an anti-government protest movement in Tehran was using the app to communicate and the U.S. did not want the demonstrations’ regime-change potential to be stymied. A carnival of spooks The FBI is far from the only state security agency filling Twitter’s ranks. Shortly after leaving a 10-year career as a CIA analyst, Michael Scott Robinson was hired to become a senior policy manager for site integrity, trust and safety. The California-based app has also recruited heavily from the Atlantic Council, a NATO cutout organization that serves as the military alliance’s think tank. The council is sponsored by NATO, led by senior NATO generals and regularly plays out regime-change scenarios in enemy states, such as China. The Atlantic Council has been associated with many of the most egregious fake news plants of the last few years. It published a series of lurid reports alleging that virtually every political group in Europe challenging the status quo – from the Labour Party under Jeremy Corbyn and UKIP in Great Britain to PODEMOS and Vox in Spain and Syriza and Golden Dawn in Greece – were all secretly “the Kremlin’s Trojan Horses.” Atlantic Council employee Michael Weiss was also very likely the creator of the shadowy organization PropOrNot, a group that anonymously published a list of fake-news websites that regularly peddled Kremlin disinformation. Included in this list was virtually every anti-war alternative media outlet one could think of – from MintPress to Truthout, TruthDig and The Black Agenda Report. Also included were pro-Trump websites like The Drudge Report, and liberatarian ventures like and The Ron Paul Institute. PropOrNot’s list was immediately heralded in the corporate press, and was the basis for a wholescale algorithm shift at Google and other big tech platforms, a shift that saw traffic to alternative media sites crash overnight, never to recover. Thus, the allegation of a huge (Russian) state-sponsored attempt to influence the media was itself an intelligence op by the U.S. national security state. In 2020, Kanishk Karan left his job as a research associate at the Atlantic Council’s Digital Forensics Research (DFR) Lab to join Twitter as information integrity and safety specialist – essentially helping to control what Twitter sees as legitimate information and nefarious disinformation. Another DFR Lab graduate turned Twitter employee is Daniel Weimert, who is now a senior public policy associate for Russia – a key target of the Atlantic Council. Meanwhile, Sarah Oh is simultaneously an Atlantic Council DFR Lab non-resident senior fellow and a Twitter advisor, her social media bio noting she works on “high risk trust and safety issues.” In 2019, Twitter also hired Greg Andersen straight from NATO to work on cybercrime policy. There is sparse information on what Andersen did at NATO, but, alarmingly, his own LinkedIn profile stated simply that he worked on “psychological operations” for the military alliance. After MintPress highlighted this fact in an article in April, he removed all mention of “psychological operations” from his profile, claiming now to have merely worked as a NATO “researcher.” Andersen left Twitter in the summer of last year to work as a product policy manager for the popular video platform TikTok. Twitter also directly employs active army officers. In 2019, Gordon Macmillan, the head of editorial for the entire Europe, Middle East and Africa region was revealed to be an officer in the British Army’s notorious 77th Brigade – a unit dedicated to online warfare and psychological operations. This bombshell news was steadfastly ignored across the media. Positions of power and control With nearly 400 million global users, there is no doubt that Twitter has grown to become a platform large and influential enough to necessitate extensive security measures, as actors of all stripes attempt to use the service to influence public opinion and political actions. There is also no doubt that there is a limited pool of people qualified in these sorts of fields. But recruiting largely from the U.S. national security state fundamentally undermines claims Twitter makes about its neutrality. The U.S. government is the source of some of the largest and most extensive influence operations in the world. As far back as 2011, The Guardian reported on the existence of a massive, worldwide U.S. military online influence campaign in which it had designed software that allowed its personnel to “secretly manipulate social media sites by using fake online personas to influence internet conversations and spread pro-American propaganda.” The program boasts that the background of these personas is so convincing that psychological operations soldiers can be sure to work “without fear of being discovered by sophisticated adversaries.” Yet Twitter appears to be recruiting from the source of the problem. These former national security state officials are not being employed in politically neutral departments such as sales or customer service, but in security, trust and content, meaning that some hold considerable sway over what messages and information are promoted, and what is suppressed, demoted or deleted. It could be said that poachers-turned-gamekeepers often play a crucial role in safety and protection, as they know how bad actors think and operate. But there exists little evidence that any of these national security state operatives have changed their stances. Twitter is not hiring whistleblowers or dissidents. It appears, then, that some of these people are essentially doing the same job they were doing before, but now in the private sector. And few are even acknowledging that there is anything wrong with moving from big government to big tech, as if the U.S. national security state and the fourth estate are allies, rather than adversaries. That Twitter is already working so closely with the FBI and other agencies makes it easy for them to recruit from the federal pool. As Rowley said, “over a period of time these people will be totally in sync with the mindset of Twitter and other social media platforms. So from the company’s standpoint, they are not hiring somebody new. They already know this person. They know where they stand on things.” Is there a problem? Some might ask “What is the problem with Twitter actively recruiting from the FBI, CIA and other three-letter agencies?” They, after all, are experts in studying online disinformation and propaganda. One is optical. If a Russian-owned social media app’s trust, security and content moderation was run by former KGB or FSB agents and still insisted it was a politically neutral platform, the entire world would laugh. But apart from this, the huge influx of security state personnel into Twitter’s decision-making ranks means that the company will start to view every problem in the same manner as the U.S. government does – and act accordingly. “In terms of their outlooks on the world and on the question of misinformation and internet security, you couldn’t get a better field of professionals who are almost inherently going to be more in tune with the government’s perspective,” Rowley said. Thus, when policing the platform for disinformation and influence campaigns, the former FBI and CIA agents and Atlantic Council fellows only ever seem to find them emanating from enemy states and never from the U.S. government itself. This is because their backgrounds and outlooks condition them to consider Washington to be a unique force for good. This one-sided view of disinformation can be seen by studying the reports Twitter has published on state-linked information operations. The entire list of countries it has identified as engaging in these campaigns are as follows: Russia (in 7 reports), Iran (in 5 reports), China (4 reports), Saudi Arabia (4 reports), Venezuela (3 reports), Egypt (2 reports), Cuba, Serbia, Bangladesh, the UAE, Ecuador, Ghana, Nigeria, Honduras, Indonesia, Turkey, Thailand, Armenia, Spain, Tanzania, Mexico and Uganda. One cannot help noticing that this list correlates quite closely to a hit list of U.S. government adversaries. All countries carry out disinfo campaigns to a certain extent. But these “former” spooks and feds are unlikely to point the finger at their former colleagues or sister organizations or investigate their operations. The Cold (cyber)war Twitter has mirrored U.S. hostility towards states like Russia, China, Iran and Cuba, attempting to suppress the reach and influence of their state media by adding warning messages to the tweets of journalists and accounts affiliated with those governments. “State-affiliated media is defined as outlets where the state exercises control over editorial content through financial resources, direct or indirect political pressures, and/or control over production and distribution,” it noted. In a rather bizarre addendum, it explained that it would not be doing the same to state-affiliated media or personalities from other countries, least of all the U.S. “State-financed media organizations with editorial independence, like the BBC in the U.K. or NPR in the U.S. for example, are not defined as state-affiliated media for the purposes of this policy,” it wrote. It did not explain how it decided that Cuban, Russian, Chinese or Iranian journalists did not have editorial independence, but British and American ones did – this was taken for granted. The effect of the action has been a throttling of ideas and narratives from enemy states and an amplification of those coming from Western state media. As the U.S. ramps up tensions with Beijing, so too has Twitter aggressively shut down pro-China voices on its platform. In 2020, it banned 170,000 accounts it said were “spreading geopolitical narratives favorable to the Communist Party of China,” such as praising its handling of the Covid-19 pandemic or expressing opposition to the Hong Kong protests, both of which are majority views in China. Importantly, the Silicon Valley company did not claim that these accounts were controlled by the government; merely sharing these opinions was grounds enough for deletion. The group behind Twitter’s decision to ban those Chinese accounts was the Australian Strategic Policy Institute (ASPI), a deeply controversial think tank funded by the Pentagon, the State Department and a host of weapons manufacturers. ASPI has constantly peddled conspiracy theories about China and called for ramping up tensions with the Asian nation. ASPI - The Gov’t-Funded Conspiracist Think Tank Now Controlling Your Social Media Feed Perhaps most notable, however, was Twitter’s announcement last year that it was deleting dozens of accounts for the new violation of “undermining faith in the NATO alliance.” The statement was widely ridiculed online by users. But few noted that the decision was based upon a partnership with the Stanford Internet Observatory, a counter-disinformation think tank filled with former spooks and state officials and headed by an individual who is on the advisory board of NATO’s Collective Cybersecurity Center of Excellence. That Twitter is working so closely with organizations that are clearly intelligence industry catspaws should concern all users. Not just Twitter While some might be alarmed that Twitter is cultivating such an intimate relationship with the FBI and other groups belonging to the secret state, it is perhaps unfair to single it out, as many social media platforms are doing the same. Facebook, for example, has entered into a formal partnership with the Atlantic Council’s Digital Forensics Research Lab, whereby the latter holds significant influence over 2.9 billion users’ news feeds, helping to decide what content to promote and what content to suppress. The NATO cutout organization now serves as Facebook’s “eyes and ears,” according to a Facebook press release. Anti-war and anti-establishment voices across the world have reported massive drops in traffic on the platform. The social media giant also hired former NATO Press Secretary Ben Nimmo to be its head of intelligence. Nimmo subsequently used his power to attempt to swing the election in Nicaragua away from the leftist Sandinista Party and towards the far-right, pro-U.S. candidate, deleting hundreds of left-wing voices in the week of the election, claiming they were engaging in “inauthentic behavior.” When these individuals (including some well-known personalities) poured onto Twitter, recording video messages proving they were not bots, Twitter deleted those accounts too, in what one commentator called a Silicon Valley “double tap strike.” An April MintPress study revealed how TikTok, too, has been filling its organization with alumni of the Atlantic Council, NATO, the CIA and the State Department. As with Twitter, these new TikTok employees largely work in highly politically sensitive fields such as trust, safety, security and content moderation, meaning these state operatives hold influence over the direction of the company and what content is promoted and what is demoted. Likewise, in 2017, content aggregation site Reddit plucked Jessica Ashooh from the Atlantic Council’s Middle East Strategy Task Force to become its new director of policy, despite the fact that she had few relevant qualifications or experience in the field. Jessica Ashooh: The Taming of Reddit and the National Security State Plant Tabbed to Do It In corporate media too, we have seen a widespread infiltration of former security officials into the upper echelons of news organizations. So normalized is the penetration of the national security state into the media that is supposed to be holding it to account, that few reacted in 2015 when Dawn Scalici left her job as national intelligence manager for the Western hemisphere at the Director of National Intelligence to become the global business director of international news conglomerate Thomson Reuters. Scalici, a 33-year CIA veteran who had worked her way up to become a director in the organization, was open about what her role was. In a blog post on the Reuters website, she wrote that she was there to “meet the disparate needs of the U.S. Government” – a statement that is at odds with even the most basic journalistic concepts of impartiality and holding the powerful to account. Meanwhile, cable news outlets routinely employ a wide range of “former” agents and mandarins as trusted personalities and experts. These include former CIA Directors John Brennan (NBC, MSNBC) and Michael Hayden (CNN), ex-Director of National Intelligence James Clapper (CNN), and former Homeland Security Advisor Frances Townsend (CBS). And news for so many Americans comes delivered through ex-CIA interns like Anderson Cooper (CNN), CIA-applicants like Tucker Carlson (Fox), or by Mika Brzezinski (MSNBC), the daughter of a powerful national security advisor. The FBI has its own former agents on TV as well, with talking heads such as James Gagliano (Fox), Asha Rangappa (CNN) and Frank Figliuzzi (NBC, MSNBC) becoming household names. In short, then, the national security state once used to infiltrate the media. Today, however, the national security state is the media. Social media holds enormous influence in today’s society. While this article is not alleging that anyone mentioned is a bad actor or does not genuinely care about the spread of disinformation, it is highlighting a glaring conflict of interest. Through its agencies, the U.S. government regularly plants fake news and false information. Therefore, social media hiring individuals straight from the FBI, CIA, NATO and other groups to work on regulating disinformation is a fundamentally flawed practice. One of media’s primary functions is to serve as a fourth estate; a force that works to hold the government and its agencies to account. Yet instead of doing that, increasingly it is collaborating with them. Such are these increasing interlocking connections that it is becoming increasingly difficult to see where big government ends and big media begins. Tyler Durden Thu, 06/23/2022 - 22:20.....»»

Category: blogSource: zerohedgeJun 23rd, 2022Related News

How to follow the landmark SCOTUS rulings coming out on abortion, climate, immigration, and religion

The Supreme Court still has nine cases to decide on before the term ends in late June or early July, including one that could overturn Roe v. Wade. The U.S. Supreme Court building is seen at sunset in Washington on Thursday, Dec. 2, 2021.Bill Clark/CQ-Roll Call, Inc via Getty Images The Supreme Court is releasing major decisions before it wraps up its term. The biggest decision to come involves abortion rights. Here's a guide on how to follow the Supreme Court rulings.  In typical Supreme Court fashion, the nine justices are releasing a slew of monumental rulings before the term wraps up and they recess for the summer.Each year, the nation's highest court reviews around 70 to 80 cases out of a pool of more than 7,000 petitions. The court usually saves the most high-profile, weighty, and politically contentious decisions for the end of the term, eyeing a late June or early July deadline.Just this week, the court handed down major decisions that deal with religion and guns. The court's 6-3 conservative majority, in each of the respective cases, expanded religious freedoms and gun rights.There are still nine cases for the court to issue an opinion on. The most consequential of the bunch — and the biggest challenge of this entire blockbuster term — involves abortion rights. The state of Mississippi has asked the Supreme Court to uphold a ban on abortions after 15 weeks of pregnancy and overturn Roe v. Wade, the landmark ruling that legalized abortion nationwide almost 50 years ago. Other significant remaining disputes concern climate, immigration and religion. Here's how to follow the Supreme Court as it issues its final rulings of the term:When are these rulings expected?The homepage of the Supreme Court website has a calendar that marks the days opinions come down. The calendar is frequently updated as the term goes on. The next decision day, according to the calendar, is Friday. However, the court does not preview the cases it's going to issues opinions on. That means it's unknown exactly when these final decisions will be released, but the expectation is before early July. Where can I find the Supreme Court rulings?On decision day, the Supreme Court posts its rulings to its web page titled "Opinions of the Court." Beginning at 10 a.m. ET, court watchers refresh the site to see the latest Supreme Court ruling published. SCOTUSblog, an independent law blog helmed by legal experts, usually hosts a live feed on its website on decision days and posts the rulings in near real-time along with some expert analysis. The court issues rulings in 10-minute intervals. But the court does not announce how many rulings it will release ahead of time. Court watchers have relied on a technique to determine whether the court will hand down more than one ruling in a day — looking for the "R" number.To the left of the opinion is a column titled "R" that lists the chronological number of rulings published that day. When the court posts an opinion without an "R" number, that usually means another opinion is coming. When the "R" number is filled out, that's an indication that it's the final ruling of the day.The "Opinions of the Court" page on the Supreme Court website.Screenshot via Supreme Court websiteHow do I learn more about the case and its ruling? The Supreme Court's website has several pages to find further information about a particular case, its oral arguments, and the legal briefs associated with it. On the opinion page, Supreme Court rulings are available to download and read in full. An opinion typically consists of three main parts: the syllabus, the majority opinion, and concurring and dissenting opinions.The opinion starts with the syllabus, which lays out the facts of the case and summarizes it.Next comes the majority opinion, which is the court's decision in the case. It's authored by one justice, whose name appears at the top of the opinion, and that justice provides an explanation for the court's decision. After that is any concurring opinions, which happens when the justices don't agree on everything. Justices who support the main ruling, but have a different reasoning for their support, usually explain that in a concurring opinion.At the end of the document are any dissenting opinions. This is an opinion written by a justice who does not support the decision and voted against it. In the opinion, the justice explains their disagreement, to which other justices can sign on to. Read the original article on Business Insider.....»»

Category: worldSource: nytJun 23rd, 2022Related News

The financial startups bubble is bursting and pink slips are being handed out. Here are the fintechs that have announced layoffs so far, from Coinbase to Robinhood.

Coinbase laid off 18% of its staff, or roughly 1,100 people, in June. Other financial tech companies to slash headcount include Robinhood and Better. The tech bubble is bursting and people are getting laid offPhoto by Frank Rumpenhorst/picture alliance via Getty Images Rising interest rates are hurting mortgage lenders and some stock trading platforms.  Fintech companies like Coinbase and Robinhood are reacting to the slowdown by cutting staff. Here's the list of financial technology company layoffs so far. America's tech industry enjoyed an unprecedented boom during the pandemic when Americans turned to their phones like never before to do everything from shopping to online banking. Financial technology startups that help consumers bank, trade or shop online were among the winners. But business is slowing as people increasingly return to their pre-pandemic lives.Compounding the slowdown for fintechs are rising interest rates, which hurt demand for services like mortgage lending and stock trading. Signs of distress are showing up in the form of layoffs, which have been popping up all over Silicon Valley businesses in the last few months, from no-fee trading app Robinhood to mortgage software provider Blend.Here are some of the most notable examples so far: Coinbase: Roughly 1,100 peopleCoinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesOn June 14, Coinbase CEO Brian Armstrong announced in a blog post the company was laying off 18% of its staff, or roughly 1,100 employeesEmployees who spoke to Insider say the company went overboard in hiring — and in what it paid talent."For what we did, they paid way too much and they hired too many people, honestly," said one former employee who earned $70,000 to answer phones, which is nearly double the average annual salary of a call-center representative in the US, according to employment website Indeed. See more here: Coinbase laid off 1,100 employees this week. These are some of the teams that were hit the hardest.Robinhood: More than 300 peopleRobinhood cofounders Vlad Tenev and Baiju Bhatt were "visibly shaken" in announcing jobs cuts in April.Photo by Cindy Ord/Getty Images for RobinhoodDuring the pandemic, so-called "meme stocks" from GameStop and AMC exploded as stuck-at-home investors armed with no-fee trading platforms looked for ways to spend their pandemic stimulus checks.As new users piled in, Robinhood hired rapidly. Between 2020 and 2021, the trading app's staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth ended up proving too much, too fast. In April, Robinhood was forced to slash headcount by 9% — more than 300 people altogether.See more here: Robinhood's founders were 'visibly shaken' in announcing layoffs, but insiders say the writing was on the wall. 'There was not enough work and too many people.'Robinhood has big crypto ambitions, but employees claim product delays, an overly cautious legal team, and turnover in leadership may be getting in the way of successBetter: About 4,000 CEO Vishal Garg laid off 900 employees on a video call in December.BetterStarting in late 2021 and continuing through the first several months of 2022, mortgage startup laid off approximately 4,000 people.The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people in a video call.Garg told employees via Zoom that the company, "lost $100 million last quarter," which he said, "was my mistake." He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago."Better followed up with another 3,000 layoffs in March, and is now accepting voluntary layoffs in some departments.See more here: Better locked staff out of laptops and sent severance to their bank accounts before facing the laid-off employeesInside Better's week from hell: How America's top startup fell from grace after its Zoom layoffs went viralEmbattled mortgage startup Better offers some remaining employees voluntary layoffs after terminating 4,000 people in the last 5 monthsBlend: About 200 employeesNima Ghamsari, founder and CEO of BlendBlendAlthough Blend doesn't write home loans, its technology is used by major US lenders from Wells Fargo to US Bank, so its fortunes are tied closely to theirs. Blend's layoffs this spring affected roughly 200 people, many concentrated within Blend's title insurance business. Ahead of its IPO last July, Blend bought Title365, which has been particularly exposed to swings in refinance volumes, for more than $400 million.The size and pace of rate increases "is unprecedented, certainly in modern history," Tim Mayopoulos, the president of Blend, told Insider. Prior to joining Blend, Mayopoulos spent nearly 10 years at Fannie Mae, where he ultimately served as president and CEO of the mortgage giant."These are big movements in a very, very big market," Mayopoulos added. "It shouldn't be surprising to any of us that everybody who's touching this market is having to think about how to bring their cost structure in line with market realities."See more here:Here's why mortgage players, from highflying startups like Better and Blend to traditional lenders like Wells Fargo, are laying off thousands of employees — and why it may get way worseMainstreet: About 50 employeesMainStreet's homepage as of May 4, 2022.MainStreetIn January 2022, B2B financial-services startup MainStreet flew the entire company out for a week-long working vacation in Maui. About 150 employees stayed at the luxurious Grand Wailea Hotel, attended meetings, and enjoyed free buffets at the beachfront Hawaiian resort. Workers who questioned the expense were told the startup was aiming to land a significant Series B funding round that would ensure significant runway.But the funding that ultimately materialized was smaller than originally planned, Insider has learned, and in early May the company cut around 50 employees — roughly a third of its workforce.B2B financial startup MainStreet eliminates a third of its staff, citing 'today's incredibly rough market'PayPal: 4-person emerging technology R&D teamA PayPal sign is seen at an office building in San Jose, California May 28, 2014.Thomson ReutersPayPal has laid off its security R&D team focusing on emerging technologies, Insider has learned. And a source with direct knowledge of the cuts believes it won't be the only unit to be affected as the payments giant undergoes an internal restructuring to cut spend."There's a lot of restructuring, a lot of refocusing for the company. As you know, the last quarters haven't been really great from a financial perspective. I think there's a lot of tightening going on in the company," said the source, who asked to remain anonymous for fear of retribution. The source added that employees in other advanced security topics, such as threat intelligence, were also let go.Market conditions, like supply chain issues and rising inflation, have put downward pressure on growth, Schulman said. Meanwhile, eBay's migration to managing the end-to-end payments process "put $1.4 billion of pressure on our top line," Schulman said during the earnings call. Competition from fintechs like Stripe and Shopify also continues to saturate the payments and e-commerce space.See more here:PayPal just laid off its research team responsible for quantum computing, cryptography, and distributed ledger technology as market pressures squeeze the payments giantRead the original article on Business Insider.....»»

Category: personnelSource: nytJun 23rd, 2022Related News

Cracking & Pivoting

Cracking & Pivoting Authored by Steven Vannelli via Knowledge Leaders Capital blog, The President yesterday asked Congress for a gasoline tax holiday to alleviate the cost of gasoline and diesel in the country. This is not the solution. With the exception of a 200,000 barrel/day refinery in Garyville, Louisiana, built by Marathon Petroleum in July 2020, there has not been a gasoline/diesel refinery built since 1977. Environmental concerns, permits and lawsuits have restricted the construction of new refinery capacity for 45 years. In the same month of the completion of the above refinery in 2020, refinery capacity in the US peaked. Since then, it has dropped by around one million barrels/day. Many refineries have been retooled to produce “green” energy liquids and others have been shut down. While it has been suggested that the oil companies are not cooperating with the attempt to alleviate high-refined product prices by producing more refined product, this just simply isn’t true. Refinery capacity utilization is 93.7% currently, which is actually somewhat above the average for the last decade. The result of the lack of refinery capacity is a lack of refined product production. Both gasoline and diesel production in the US, according to the Department of Energy, has been flat since 2015. For gasoline, production has been stuck at 10 million barrels/day while production for diesel has been stuck just under 5 million barrels/day. This supply crunch has manifest into higher refined product prices than would be suggested by crude oil prices. There are a couple of easy ways to illustrate this. First, we can look at the 3-2-1 crack spread to see the surge in refined products. The 3-2-1 crack spread measures the profit on three barrels of oil refined into two barrels of gasoline and one barrel of diesel. While normally in the range of $10-$20, the spread has blown out to almost $60 due to refined product shortages. Second, we can look at the difference in price between 93 octane gasoline, which is more expensive to refine, and 87 octane gasoline. The spread historically has oscillated between $10-$30, but it broke out of that range in March, right after the Russian invasion of Ukraine. While it is painful to say, I think we need to see another pivot in policy. Publicly shaming oil companies, using a false narrative of price gouging, enacting a gas tax holiday and proposing windfall profit taxes are not good ideas either. The US simply needs to pivot in its “green” policy and encourage greater domestic production of refined product. While this seems like the strikingly obvious answer, until the government pivots and actually incentivizes refined product production, this situation is likely to persist. In Commerce City, Colorado, a suburb of Denver, produced oil is refined for sale in the Denver metro area. So, supplies should be more secure…they should. I arrived home from the mountains last weekend and, as I normally do, stopped in my neighborhood to refill my tank (after a 200-mile round trip to Vail) and the gas station was OUT OF GAS. While I was born in the 1970s, I wasn’t old enough to experience first-hand the gas lines. I just got my first taste…and I did not like it. Fill ‘er up before you head out for the Fourth of July because if the Juneteenth holiday shortage is any prelude, the 4th is likely to be worse. Tyler Durden Thu, 06/23/2022 - 13:49.....»»

Category: blogSource: zerohedgeJun 23rd, 2022Related News

Thursday links: an impossible task

MarketsBig drops to start a year tend to see big bounces back. ('s going on with TIPS prices? ( hedge funds are feasting on crypto. ( much longer can FTX support the crypto industry? ( ($COIN) Pro is going away. ( big profile of Binance CEO Changpeng Zhao. ( interest rates are going to put fintech to the test. ('s up to Opendoor ($OPEN) to show that iBuying can work. ( startup has built voice AI to help call centers. ( ($AMZN) Alexa can now mimic a voice. ( initial unemployment claims have stopped going down. ( recession will put pressure on the work-from-home revolution. ( on Abnormal ReturnsLongform links: budget culture. ( you missed in our Wednesday linkfest. ( finance links: difficult comparisons. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaNobody escapes tradeoffs. ( you should be writing stuff longer than a tweet. ( recording every minute of your life. (»»

Category: blogSource: abnormalreturnsJun 23rd, 2022Related News

Twitter is testing "Notes" longform tweets

Twitter has announced it's working on longform posts, which can be up to 2,500 words. Happy Thursday, readers. Jordan Parker Erb here, with word that Twitter is working on longform tweets, a function that will let users surpass the 280-character limit.Let's get to it.If this was forwarded to you, sign up here. Download Insider's app here.SOPA Images/Getty Images1. Get ready to tweet your heart out. Twitter is testing a new longform blogging feature, called Twitter Notes, that could launch in the coming weeks, TechCrunch first reported.Right now, the feature is limited to just a handful of writers in the United States, Canada, Ghana, and the United Kingdom. You can see an example of a Note here.Notes can be a whopping 2,500 words, can include photos, and can be edited after they're published (a feature Twitter users have long been asking for), according to the company's blog.The update will be the biggest change to word count since 2017, when Twitter announced it'd be upping the character limit from 140 to 280.Here's the latest on Twitter Notes.In other news:An Amazon Alexa deviceShutterstock2. Amazon is working on giving Alexa the ability to mimic anyone's voice — dead or alive. An Amazon exec said his team has been instructing Alexa to pick up a voice from a short audio clip and convert it into longer audio output. Here's what we know.3. One of PayPal's first employees shared his biggest takeaway from working with Elon Musk. The former employee said one of his biggest observations of Musk, who was PayPal's CEO, is that he's never doing only one thing at a time. Here's what else he said.4. Every Wall Street firm should know these Big Tech execs. As Wall Street eyes bigger cloud projects, we put together a list of 14 experts from companies like Snowflake, Oracle, and Google Cloud who could make the jump from Silicon Valley to the Street. Meet them here.5. A former Tesla worker rejected a $15 million payout. The employee's lawyers said the payout, which was awarded after the former Tesla elevator operator filed a racial abuse lawsuit, wasn't enough. Now, the employee and Tesla are heading back to court.6. Sweetgreen is winning over Gen Z with TikTok. The salad chain already won over millennials. Now, Sweetgreen is using TikTok videos to expand its appeal to a younger generation. How Sweetgreen is wooing Gen Z.7. Mark Zuckerberg just hinted at an operating system for Meta. In an interview with CNBC's "Mad Money," Zuckerberg said a Facebook operating system may be needed "in order to deliver on what we want to build." Here's what else he said.8. These books can help you weather the crypto tailspin and become a smarter investor. Experts shared their top picks for books that can help you understand digital currencies and their current downturn. Check out their 27 book recommendations.Odds and ends:The Meta Avatars store will allow users to purchase designer outfits.Meta9. Meta just launched a store where users can buy designer clothes for their Avatars. The Meta Avatars Store will sell clothes from brands like Balenciaga, Prada, and Thom Browne — but unlike designer clothes in real life, items will range from $2.99 to $8.99. What we know so far.10. A new way to buy and sell NFTs is now available for the masses. An Insider reporter bought a superhero bunny on Coinbase's new NFT marketplace, but the experience still has her wondering what purpose NFTs truly serve. Read more from her experience.What we're watching today:FedEx and others are reporting earnings. Keep up with earnings here.Tech Live London is happening today and tomorrow.Linux Security Summit kicks off today in Austin.TechCrunch's annual summer party is happening in Menlo Park, CA.Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Jordan Parker Erb in New York. (Feedback or tips? Email or tweet @jordanparkererb.) Edited by Lisa Ryan (tweet @lisarya) in New York.Read the original article on Business Insider.....»»

Category: personnelSource: nytJun 23rd, 2022Related News

What Is Your Plan To Make It Through The Worst Global Food Crisis In Any Of Our Lifetimes?

What Is Your Plan To Make It Through The Worst Global Food Crisis In Any Of Our Lifetimes? Authored by Michael Snyder via The Economic Collapse blog, We are being warned well ahead of time that it is coming.  Joe Biden has publicly admitted that the coming food shortages are “going to be real”, and the head of the UN World Food Program is now telling us that we could soon see “hell on Earth” because the lack of food will be so severe.  Food prices are already escalating dramatically all over the globe, and food riots have already erupted in Sri Lanka and elsewhere.  But most people in the western world are treating this crisis as if it is no big deal.  Many seem to assume that our leaders have everything under control and that things will work out just fine somehow. Unfortunately, the truth is that everything is not going to be okay. So far this year, the number of hungry people around the globe has risen to more than 800 million… Currently around 811 million people are experiencing hunger. Levels of food insecurity have doubled from 2019, increasing from 135 million to 276 million. Of this total around 48.9 million people are facing acute or emergency levels of food insecurity that require humanitarian intervention. But this is just the tip of the iceberg. Much worse is ahead, and David Beasley is openly warning that “hell on Earth” is coming… The UN has warned that there could be “hell on earth” due to the global economic impacts of Russia’s invasion of Ukraine. The Guardian reports that David Beasley, director of the UN World Food Programme (WFP), has said that the war has been “devastating” in conjunction with various other factors. He said, “Even before the Ukraine crisis, we were facing an unprecedented global food crisis because of Covid and fuel price increases. Then, we thought it couldn’t get any worse, but this war has been devastating.” According to Beasley, we will soon see “frightening” shortages of food, and those shortages could potentially spark civil unrest in literally dozens of different nations… Dozens of countries risk protests, riots and political violence this year as food prices surge around the world, the head of the food-aid branch of the United Nations has warned. Speaking in Ethiopia’s capital, Addis Ababa, on Thursday, David Beasley, director of the UN World Food Programme (WFP), said the world faced “frightening” shortages that could destabilise countries that depend on wheat exports from Ukraine and Russia. But most Americans are not paying much attention to this rapidly growing crisis because they don’t think that it will really impact them personally. For the vast majority of us, a lack of food is something that we have never had to be concerned about before. During “normal” times, we could always go to the grocery store and fill up our carts with mountains of super cheap food whenever we wanted. Unfortunately, things have changed.  Food production in the U.S. is going to be way below expectations this year, and the head of the National Black Farmers Association claims that we will soon see “a lot of empty shelves and a lot more high food prices”… Three weeks ago John Boyd Jr., the President of the National Black Farmers Association, said “We are in a crisis right now as far as the food chain goes with the farmer in this country,” adding “We’re going to see a lot of empty shelves and a lot more high food prices.”  In his forty-year career as a farmer, Boyd said he never imagined he would be “paying $5.63 for a gallon of diesel fuel, $900 a ton for fertilizer, and all-time high prices for soybean seeds.” All of the prices he mentioned are at record highs, pressuring farmers’ margins. Of course we are already seeing widespread shortages of certain products around the country. For example, Fox Business is reporting on the serious shortage of tampons that has recently started making headlines… A spokesperson for Tampax, which is owned by P&G, told FOX Business in a statement that this is “a temporary situation, and the Tampax team is producing tampons 24/7 to meet the increased demand for our products.” Meanwhile, the ongoing shortage of baby formula just keeps getting even worse... Parents aren’t getting much of a break as the out-of-stock rate for baby formula rose to 73% nationwide for the week ending May 29, according to the most recent data by retail data firm Datasembly. It’s a significant increase from earlier in the month, when the national out-of-stock rate for baby formula stood at 45%. On top of everything else, we are now facing a shortage of hot sauce… In April, Huy Fong Foods, Inc., the nation’s leading sriracha sauce manufacturer, sent a letter to customers about an impending shortage, which would directly impact retailers and restaurants. “Unfortunately, we can confirm that there is an unprecedented shortage of our products,” Huy Fong Foods told Fox News Digital in an email. These shortages are just a very small preview of what is approaching. As I have been warning on my website throughout 2022, conditions are going to deteriorate quite a bit more in the months ahead. So what is your plan to make it through the worst global food crisis in any of our lifetimes? Have you been stocking up? Earlier this year, I published a list of 50 basic items that I would recommend having on hand.  The following list is certainly not exhaustive, but it will help you cover many of the essentials… #1 A Generator #2 A Berkey Water Filter #3 A Rainwater Collection System If You Do Not Have A Natural Supply Of Water Near Your Home #4 An Emergency Medical Kit #5 Rice #6 Pasta #7 Canned Soup #8 Canned Vegetables #9 Canned Fruit #10 Canned Chicken #11 Jars Of Peanut Butter #12 Salt #13 Sugar #14 Powdered Milk #15 Bags Of Flour #16 Yeast #17 Lots Of Extra Coffee (If You Drink It) #18 Buckets Of Long-Term Storable Food #19 Extra Vitamins #20 Lighters Or Matches #21 Candles #22 Flashlights Or Lanterns #23 Plenty Of Wood To Burn #24 Extra Blankets #25 Extra Sleeping Bags #26 A Sun Oven #27 An Extra Fan If You Live In A Hot Climate #28 Hand Sanitizer #29 Toilet Paper #30 Extra Soap And Shampoo #31 Extra Toothpaste #32 Extra Razors #33 Bottles Of Bleach #34 A Battery-Powered Radio #35 Extra Batteries #36 Solar Chargers #37 Trash Bags #38 Tarps #39 A Pocket Knife #40 A Hammer #41 An Axe #42 A Shovel #43 Work Gloves #44 N95 Masks #45 Seeds For A Garden #46 Canning Jars #47 Extra Supplies For Your Pets #48 An Emergency Supply Of Cash #49 Bibles For Every Member Of Your Family #50 A “Bug Out Bag” For Every Member Of Your Family Many of the items on this list are now much more expensive than they were earlier this year. And if you wait, many of them will continue to become much more expensive. If you don’t like my list, come up with your own. The important thing is to have a plan. Global events are really starting to spiral out of control, and I expect the second half of this year to be even more chaotic than the first half of this year has been. *  *  * It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon. Tyler Durden Wed, 06/22/2022 - 15:37.....»»

Category: blogSource: zerohedgeJun 22nd, 2022Related News

Our No-Win "Kobayashi Maru" Economy

Our No-Win "Kobayashi Maru" Economy Authored by Charles Hugh Smith via OfTwoMinds blog, It's time to reprogram the conditions of the economy to serve the many rather than the few. Star Trek's Kobayashi Maru training exercise tests officer candidates' response to a no-win scenario: any attempt to rescue the crippled ship's crew results in the destruction of the candidate's ship, while standing by and taking no action results in the loss of the Kobayashi Maru's crew. Captain Kirk famously defeated this no-win scenario by reprogramming the simulation to "change the conditions of the test." This can be viewed as either cheating or as creative problem-solving via "thinking outside the box." The Kobayashi Maru is a very apt description of both the U.S. and the global economies, which are currently running a real-world no-win scenario called "Profits, Infinite Growth, Low Inflation, Full Employment." (PIGLIFE). To win in the PIGLIFE scenario, you need permanent expansion of GDP, consumption, profits and employment and a permanently low limit on inflation. Anything less and you lose. Central banks and political leaders have managed to "win" the PIGLIFE scenario for decades, but at a cost that can no longer be cloaked by happy-happy statistics. The economy has been fatally hollowed out into a fragile shell of monopolies and cartels profiting from hyper-financialization and hyper-globalization, a system in which the only possible outcome is hyper-inequality and hyper-self-exploitation as the immense profits enable the purchase / capture of political and regulatory power. Now that the PIGLIFE economy has stripmined all the easy-to-exploit resources and workforces, scarcities are pushing inflation far above the "winning" low level. Oops, you lose. Now the real teeth in the Kobayashi Maru scenario are bared: if Central banks and political leaders close the spigots of "free money" that's been expanding GDP, consumption, profits and employment for decades, then all those slide from expansion into contraction. But if they keep the spigots of "free money" wide open, inflation threatens to feed back in a self-reinforcing loop of expectations of higher inflation that push inflation higher, which then justifies the expectations which then push prices, wages, etc. higher. Meanwhile, the two engines of the PIGLIFE expansion, hyper-financialization and hyper-globalization, have dived off the cliff of diminishing returns. Boosting debt, leverage and globalized supply chains aren't generating expansion, they're actively undermining whatever "growth" is still sluicing through the PIGLIFE economy. So sorry, Central banks and political leaders, you lose. The way you've rigged the system, it goes into self-reinforcing contraction if you close the spigots of "free money" even modestly. But if you don't, the Klingon ships of inflation destroy you. The more you push hyper-financialization and hyper-globalization as "solutions," the greater the destruction. Clearly, we need a new set of conditions for prosperity and well-being that do not rely solely on expanding GDP, profits, consumption and employment. Many economists, for example, Joseph Stiglitz, have proposed retiring GDP as a measure of prosperity and well-being and using more accurate and sustainable measures of well-being to inform policies. If we've learned anything, we've learned that enriching the already super-rich so they have even greater means to distort democracy to serve their private interests undermines the prosperity of the many rather than increases it. It's time to reprogram the conditions of the economy to serve the many rather than the few, and enable a truly winnable scenario of sustainable prosperity and well-being by tossing the "waste is growth / Landfill Economy" PIGLIFE model into the toxic waste dump of failed, no-win scenarios. *  *  * My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal. If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via Tyler Durden Wed, 06/22/2022 - 16:20.....»»

Category: blogSource: zerohedgeJun 22nd, 2022Related News

Wednesday links: valuation compression

MarketsSeven thing that could actually go right for the markets. ( the equity risk premium stands. ( stocks is hard, the case of Meta ($META). ( problem with trying to 'buy the dip.' ( capitalA profile of Union Square Ventures and how it uses 'deep thinking and unusual discipline' to outperform its peers. ( Capital is feeling the pain of the bear market. ( SECWhy the SEC could look to regulate index providers. ( hedge funds don't want to have to disclose more about their positions. ( betting firms are betting big on content partnerships. ( NBA is not immune from a drop in viewership. ( the Boehly group overpay for Chelsea FC? ( is no longer a demographic outlier. ('s fleet of commercial aircraft is shrinking as sanctions bite. ( in Hong Kong has been effectively snuffed out. ( are rising, but are not at alarming levels. ( refinancing activity has dried up. ( on Abormal ReturnsPersonal finance links: difficult comparisons. ( you missed in our Tuesday linkfest. ( links: predicting the future. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaSebastian Mallaby tells the story of venture capital in "The Power Law." ( business books for summer reading including "Butler to the World: How Britain Became the Servant of Tycoons, Tax Dodgers, Kleptocrats and Criminals" by Oliver Bullough. ( best books of 2022, so far, including "Tracy Flick Can't Win" by Tom Perrotta. (»»

Category: blogSource: abnormalreturnsJun 22nd, 2022Related News

How to be happier at work in 5 steps, from leaning into envy to dropping perfectionism

Two experts share five tips on how to be happier at work, taken from their new book, "Big Feelings: How to Be Okay When Things Are Not Okay." Envy can reveal what you value – if you know how to decode what it's telling you.Malte Mueller/Getty Images Liz Fosslien and Mollie West Duffy co-wrote "Big Feelings: How to Be Okay When Things Are Not Okay." It looks at how people deal with difficult emotions and how they can harness them. The co-authors share 5 tips on how to be happier at work, taken from the book. Liz Fosslien is the head of content at Humu, a company that uses behavioral science to make work better. Her writing and illustrations have been featured by the Economist, the New York Times, NPR, and Freakonomics.Mollie West Duffy is an organizational and leadership development expert who has helped companies and start-ups such as Casper develop good workplace culture. She writes a blog about start-up culture, and has written for Harvard Business Review, Entrepreneur, Fast Company, and Quartz.Below, they share five key insights from their new book, "Big Feelings: How to Be Okay When Things Are Not Okay."1. Emotions can be hard, but they're not good or badStarting at a young age, most of us are taught that feeling bad is bad. In the spring of 2021, as part of our research for this book, we invited readers to take a survey about their emotional experiences. More than 1,500 people responded, and 97% said they have heard big feelings described as "bad" or "negative."While big feelings are uncomfortable — at times, they can even feel unbearable — they aren't inherently positive or negative. When we take the time to understand them, big feelings like anger and regret can serve us. Anger fuels us to advocate for what matters, and regret provides us with insight into how to craft a more meaningful life.When we change the way we relate to big feelings, we take away some of their destructive power. Research shows that when we acknowledge and accept what we feel during challenging moments, we start to feel better. As UC Berkeley researchers put it, "Feeling bad about feeling bad only makes you feel worse."2. Envy can reveal what you value — if you know how to decode what it's telling youIn your most envious moments, it's easy to wish you were making a million dollars a year from the corner office, and ignore the responsibilities, stress, and long hours that come with the job. But you need to compare specifics.A few years ago, I learned that a friend of a friend had been promoted, and would soon be leading a team of 200 people. I was overcome with envy. That night, I lay awake questioning all of my career choices. I have always found days of back-to-back meetings exhausting; I've never aspired to run a team of hundreds of people.But there I was, sleepless and miserable about not running an enormous department. "Does my jealousy mean I should shift all my plans?" I wondered. "This whole time, have I been wrong about who I am and what I want?"The next morning, I awoke with the certainty that I was still the same meeting-avoidant person — and that I didn't want to trade places with my newly promoted acquaintance. I wasn't actually longing for the day-to-day that came with being a manager of managers; I just wanted the prestige and social validation of being able to announce a big, exciting accomplishment.Thinking through a day-in-the-life helped me realize that I didn't need to shift my entire career, but instead should keep going on my current path and look for more opportunities to become more visible.It's useful to understand that you may not actually want your friend's big house, but instead covet the sign of prestige it communicates, or the financial security it symbolizes. And then you can figure out a better path forward for you.3. You have to listen to the early signs of burnoutWe think we'll be able to tell when our brains are fried. But working and living in today's world can be so emotionally consuming that we don't even realize the extent of our fatigue.That's why burnout often seems sudden: it's the fall after you've been unknowingly running on empty for too long.One of the most dangerous aspects of burnout is that it impacts self-awareness. When you're in it, you're running on adrenaline, and the momentum feels so exhilarating that you end up adding more and more to your plate.Once burnout hits, it can take weeks or even months to overcome. So what early signs should you look out for? Here are some of the subtle cues that you might need to reassess how much you're taking on:Basic activities like going to the grocery store feel overstimulatingYou feel so overwhelmed that you've started to cut activities you know are good for you (e.g. exercise or alone time)You're saying "yes" even though you're already at capacityGetting sick and being forced to shut down for a bit sounds kind of niceWe're quick to ignore these signs because we can usually muscle through them — but they're important alarm bells. As Naveed Ahmad, the founder of Flourish, a company that helps people combat burnout, told us: "Sometimes life taps you on the shoulder with a feather, sometimes it hits you with a brick, and sometimes it runs you over with a bus. Learn to listen when it's just a feather."Once you notice this, you have to set and stick to your own boundaries; no one else is going to draw them for you. You may sometimes wonder, "Why don't the people who love me help me not overdo it?" Often, it's because they want you to be successful. A marker of success in our society is being busy — and they may be just as busy as you.So the next time you're on the brink of saying "yes" to something you're not excited about, pause. Ask yourself:If I say yes, what do I gain?If I do this, what will I not be able to do instead?If I say no, what's the worst thing that would happen?4. Perfectionism doesn't serve you — it actually hinders performanceOne of the most destructive aspects of perfectionism is that it prevents us from being kind to ourselves. We fear that if we relax, we'll become complacent and indulgent.But by obsessing too much over getting it exactly right, we actually undermine our ability to succeed. When high-achievers mess up, they see it as a learning experience, course-correct, and move on.Perfectionists get stuck, revisiting even the smallest mistake over and over, and making themselves feel terrible about even trying at all.This is called the "perfection paradox." We're so afraid of failing that we have a hard time doing. But cutting ourselves some slack actually makes us more likely to improve – and less likely to give up.Here are two recommendations for how to move forward with a healthier mindset. And remember: if you slip up here and there on the path to recovery, that's okay. As with all things in life, it won't be a perfect process.Replace "avoidance goals" with "approach goals"If your goal is to not fail, you'll never feel particularly good — and you won't be thrilled when you achieve it. Instead, start setting what psychologists call "approach" goals (achieving a positive) instead of "avoidance" goals (preventing a negative).For example, if you're going to give a presentation at work, say to yourself, "I want to impress people with my compelling storytelling" (approach goal) rather than, "I want to avoid looking like I don't know what I'm doing" (avoidance goal).Get rid of "always" and "never"These words are usually signs that your self-reflection is becoming self-destructive. The next time you catch yourself thinking the words "always" and "never," reframe the situation. Let's say that you're too exhausted after work to join your friends for dinner.Instead of thinking, "I always let people down," tell yourself, "I'm skipping one event to take care of myself." You can also remind yourself of all the times you did show up.5. Regret is painful, but it can help you craft a more meaningful lifeWe feel regret when we think about how our lives could have been better had we only done something differently.But while regret can ache, it can also be a powerful internal compass for how to live an engaged, meaningful life. Learning from your past is one of the most effective ways to set yourself up for a better, less regret-filled future.Before we get to all that, let's start with a few basics. Psychologists describe regret as a "counterfactual emotion," or a feeling that happens when we dream of what might have been, had we only chosen something else – the "counterfactual."The amount of regret we feel depends on how close we came to realizing one of those alternate possibilities. If you're running to catch a train and you miss it by a few seconds, you'll feel a lot more regret watching it pull out of the station than if you had arrived an hour late.Bronze Olympic medalists were much happier than silver medalists, because the bronze medalists were thrilled to have gotten anything at all. The silver medalists just obsessed over how they could have gotten gold.Regret can help us learn from the past to improve our future. So the next time you find yourself dwelling on a sentence that starts with "I should have," try swapping in the words, "What if?"For example, if you think, "I should have been more confident in myself," ask yourself, "What if I acted with more confidence?" Then write out a few answers to your question.Read the original article on Business Insider.....»»

Category: dealsSource: nytJun 22nd, 2022Related News

Crypto winter is coming, with companies announcing more than 1,700 layoffs so far in June alone

Last year, when the cryptocurrency market boomed, some crypto exchanges shelled out millions to expand their market share. Coinbase's CEO and cofounder Brian Armstrong said an impending "crypto winter" meant that the company had to lay off about 1,100 employees.Steven Ferdman/Getty Images Crypto exchanges are announcing mass layoffs as a "crypto winter" looms. More than 1,700 crypto job cuts have been announced so far in June, per Insider's calculations. Some exchanges expanded hiring when the crypto market boomed last year. Crypto winter is coming — and so are crypto layoffs.Multiple crypto exchanges have announced layoffs that will, by Insider's calculations, add up to roughly 1,700 job cuts in total. Here's a rundown of which major crypto companies have announced layoffs so far in June:Gemini said on June 2 that it would be cutting about 10% of its workforce. The company has an estimated 1,000 employees, which means 100 stand to be laid announced on June 11 it was terminating 5% of its workforce, or 260 employees.On June 14, BlockFi said it was reducing 20% of its 850-strong workforce, or 170 employees.Coinbase said on the same day it was laying off 18% of its workforce, or 1,100 employees.Smaller exchanges were not spared, either:Argentina's Buenbit said on May 23 it had cut about 45% of its workforce, which is an estimated 80 employees, per CoinDesk's calculations. Mexico-based Bitso said on May 26 it had laid off 80 employees.The layoffs have already begun at, BlockFi, and Coinbase, according to multiple media reports and LinkedIn posts. Gemini's cofounders said in a blog post that affected employees were notified on June 2. Both Buenbit and Bitso said layoffs have begun.Company leaders have blamed the downsizing wave on market conditions."We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Coinbase's CEO and cofounder Brian Armstrong said in a June 14 blog post, in which he announced the layoffs.In a June 14 blog post in which they announced they'd be slowing headcount growth, BlockFi cofounders Zac Prince and Flori Marquez wrote that "our number one goal has been to achieve profitability so that we can own our destiny as we navigate what many expect to be an extended global recession."Crypto winter, or the multitrillion-dollar slump in cryptocurrency prices, comes after the industry hit record highs in late 2021. The global cryptocurrency market peaked at $3 trillion in November, making it more valuable than either Microsoft or Apple at the time.But now, fears of an impending recession and soaring inflation are prompting investors to flee cryptocurrencies. As of Wednesday, the crypto market is worth about $903.2 billion, per CoinMarketCap.One major crypto exchange stands apart from its competitors. Leaders at Binance said earlier this month that the company could still afford to hire more than 2,000 roles this year.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 22nd, 2022Related News

Amazon announced its first "fully autonomous" warehouse robot that doesn"t have to be caged away from human workers

Although Amazon likes to tout its robotics as a way to increase worker safety, there's some evidence to suggest robots make warehouses more dangerous. Robots in an Amazon warehouse.Isobel Hamilton/Business Insider Amazon announced its first "fully autonomous" warehouse robot called Proteus. Normally robots in Amazon warehouses have to operate in a caged area separate from human workers. Amazon says Proteus can work in amongst human workers. Amazon workers could soon see squat green robots weaving between them and their coworkers on the warehouse floor.Amazon announced in a blog post Tuesday it has created its first "fully autonomous" warehouse robot, named Proteus.Proteus looks a lot like Amazon's current warehouse robots, but whereas its regular robots have to operate in a caged area away from human workers, Amazon says Proteus will be able to roam free in the warehouse, dodging human employees as it goes.Amazon said in its blog Proteus will first be deployed in warehouses moving "GoCarts" — Amazon's term for tall, wheeled cages containing packages that need to be moved around the warehouse.You can watch Proteus moving a GoCart in the video below:Amazon did not say in its blog exactly when Proteus would be introduced to warehouses, or how widely it will be deployed.Amazon did not immediately respond when contacted by Insider for comment.Amazon said in its blog Proteus is built to improve "simple, safe interaction between technology and people."The company has a history of promoting robots as a way to make warehouse workers' lives safer.Last year Amazon introduced a suite of new robots named after characters from "Sesame Street" and "The Muppets," which it said were geared towards reducing injury rates inside warehouses.Although Amazon likes to tout its robotics as a way to reduce the physical burden on its workers, leaked internal data published by Reveal in 2020 showed robotic warehouses had higher rates of injury than warehouses that don't use robots.Reveal's investigation suggested robotic warehouses have higher production quotas than non-robotic ones, meaning the physical strain on workers is greater.Amazon's focus on robots could also be a way to reduce its reliance on its human workforce.A leaked 2021 memo reported by Recode last week showed Amazon believes it could run out of people to hire in the US by 2024. The memo listed a variety of solutions to counter the problem including increased reliance on robots, as well raising wages.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 22nd, 2022Related News