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One map shows just how much families across the US could save on childcare under Biden"s spending plan

The Center for American Progress looked at just how much families in every state and DC would save on childcare costs under the spending plan. Cavan Images/Getty Images Families could see their weekly spending on childcare shrink under Biden's spending plan. A new analysis from the Center for American Progress examines what childcare savings under the plan could be across the US. The following map shows how much families in each state and DC could potentially save a week. See more stories on Insider's business page. Biden's spending plan could mean big savings in childcare costs for families across the nation.That's according to a new analysis from the Center for American Progress, which found families in 14 states and DC could save over $150 a week on childcare costs. The $3.5 trillion spending plan includes investing in childcare, including $450 billion for making childcare more affordable and offering universal pre-k for 3- and 4-year olds.According to a White House fact sheet, the plan includes caps on the share of parents' income needed to pay for childcare. Those making the least - under 75% of the state median income - would not pay childcare costs. For families making more than that, there's a sliding scale of what share of the family income would be used for childcare costs. The following map highlights how much families at 135% of the state median income could save a week on childcare if Biden's spending plan is passed, according to the Center for American Progress analysis. The analysis assumes based on the sliding scale that these families would go from currently spending around 10% to just 5% of their income on childcare. You can hover over each state and DC to see how much families currently spend on childcare a week and how much they could spend under the Build Back Better Act.!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r.....»»

Category: topSource: BUSINESSINSIDER4 hr. 19 min. ago Related News

Biden wanted his first call to a foreign leader to be to Angela Merkel, but she blew him off to spend time at her country house: report

The German chancellor "dismissed the symbolism" of Biden reaching out to her first as "irrelevant," per the Wall Street Journal. Getty Angela Merkel blew off Biden when he tried to call her first after taking office, per the Wall Street Journal. Merkel brushed off the "symbolism" of Biden wanting to reach out to before other world leaders as "irrelevant." The snub from Merkel, who is stepping down as chancellor, shows disillusionment with the Trans-Atlantic alliance. See more stories on Insider's business page. German chancellor Angela Merkel blew off President Joe Biden when he tried to call her shortly after his inauguration because she was spending time at her weekend country house, the Wall Street Journal reported Thursday. Biden, the Journal said, wanted to place his first call to a foreign leader to Merkel to fulfill one of his top priorities on the campaign trail of restoring the US' strong relationships with its foreign allies and partners, which were severely strained under former President Donald Trump. But Merkel, the Journal said, "dismissed the symbolism as irrelevant" and asked her aides to set up a call with Biden at a later date. Biden's first call to a foreign leader as president instead went to the United Kingdom's Prime Minister Boris Johnson. Merkel, who assumed leadership of Germany's conservative party in 2000 and became chancellor in 2005, is stepping down as the country's leader after 16 years in charge.The election to replace her and determine the country's governing coalition, one of the most unpredictable and consequential in recent German history, is taking place on Sunday. Once the results of the election are settled and a new chancellor is chosen, Merkel is planning to take some time off and potentially travel in the future. "I have decided for myself that, first of all, I will do nothing and just wait for what comes up," Merkel said an event earlier in September, Bloomberg reported.Merkel was one of the most consequential leaders shaping the course of the European Union in the past 15 years. But, the Journal reported, her snub of Biden's outreach attempt reflects her and other leaders' increasing frustration and disillusionment with the decades-old Trans-Atlantic partnership, a major challenge Biden will continue to confront.The Journal reported that Merkel and other EU leaders "share a sense that the U.S. has become a fickle and unreliable partner linked to Europe by a shrinking list of common interests," a trend that predates Trump. The Biden administration has so far struggled in its attempts to repair the US' relationship with allies, between the at-times chaotic military withdrawal from Afghanistan and a diplomatic dustup with France over its exclusion from a partnership between the US, the UK, and Australia on a nuclear submarine deal to counter China's influence.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 19 min. ago Related News

FEC threatens Rep. Lauren Boebert with legal action after she made Venmo rent payments from her campaign account

Rep. Boebert spent $6,650 in campaign funds to pay rent for her restaurant, "Shooters Grill." The campaign says it was a mistake. Rep. Lauren Boebert (R-CO) attends the Conservative Political Action Conference held in the Hyatt Regency on February 27, 2021 in Orlando, Florida. Joe Raedle/Getty Images FEC filings detail that Republican Rep. Lauren Boebert used campaign funds to pay rent and utilities via Venmo. Her campaign says she reimbursed all of the $6,650 spent by her campaign and that it was an error. The FEC says Boebert could still face "further legal action" and needs to provide more information. See more stories on Insider's business page. Freshman Republican Rep. Lauren Boebert of Colorado may face further legal action from the Federal Election Commission after she used campaign funds for a series of rent and utility payments totalling $6,250.The FEC filings for Boebert's campaign detail a series of Venmo payments at the beginning of May and June of this year made to Jon Pacheco, whose address is listed as 120 E 3rd St, Rifle, CO - the same property in the western Colorado town where Boebert's "Shooter's Grill" restaurant is located.A campaign spokesman confirmed to Forbes on Wednesday that the payments were in fact "personal expenses."In an initial report filed with the FEC in July, each Venmo payment included a note that said "personal expense of Lauren Boebert billed to campaign account in error. Expense has been reimbursed" but did not specify who the payments had been made to. In an updated report filed on Tuesday, Boebert included Pacheco's name and specified that the payments were for $2,000 monthly rent and as well as $1,325 for each month's "rent/utilities."The FEC sent a letter to Boebert's campaign in August flagging the issue, asking Boebert to amend her campaign's reports and to disclose Boebert's reimbursement on an upcoming October report. "If it is determined that the disbursement(s) constitutes the personal use of campaign funds, the Commission may consider taking further legal action," the letter said. "However, prompt action to obtain reimbursement of the funds in question will be taken into consideration."A spokesperson for the FEC declined to comment specifically on Boebert's case, but said that campaigns can still face legal action for use of personal funds even if they are reimbursed.This is not Rep. Boebert's first time failing to comply with ethics and disclosure requirements for members of Congress. Boebert previously failed to disclose her husband's nearly $1 million earnings from energy sector consulting during her campaign last year, only revealing her financial interest in a major industry in her Colorado district in financial disclosure forms filed with the House clerk in August.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 19 min. ago Related News

Trump appeared to admit in a lawsuit that the NYT report on his taxes - which his lawyer had dismissed - is actually true

Trump once said the details of a Times report on his tax affairs were inaccurate. He reversed this stance to sue the paper from a different angle. President Donald Trump at the White House in October 2018. Win McNamee/Getty Images Donald Trump's attorney in 2018 disputed the accuracy of aspects of a Times exposé on his taxes. A new lawsuit makes no arguments about its accuracy but attacks the motives of those behind it. Some see this as Trump conceding that the report was accurate. See more stories on Insider's business page. In 2018, when The New York Times published its bombshell exposé of Donald Trump's tax affairs, the president's attorney Charles Harder issued a broad denial."The New York Times' allegations of fraud and tax evasion are 100% false, and highly defamatory," Harder said in a statement to the publication. "There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate."But in launching a lawsuit this week against The Times and Mary Trump, Trump's niece, over the report, the former president seems to have shifted his position.In the suit, filed on Tuesday in a state court, Trump sued The Times, three of its reporters, and his estranged niece, seeking $100 million.It alleged that they engaged in an "insidious plot" against him in seeking out and publishing information from documents whose contents were protected by a confidentiality agreement.Mary Trump responded to the lawsuit by calling her uncle "a loser," while The Times said the former president was seeking to silence news organizations.In the lawsuit, Trump did not dispute the authenticity of the family financial records and other data that Mary Trump provided to The Times and that the newspaper based its reporting on.Among those pointing out the apparent shift in Trump's claims about the accuracy of the report was NBC's Tom Winter."As far as this lawsuit, I think an interesting thing here, Chris, is that it essentially proves the story," Winter told the host Chris Jansing. "Because if the documents were, in fact, fake, there would be no reason here to sue. The president called this totally fake news when The Times started publishing documents about his tax payments and about his tax returns, so this essentially substantiates their reporting, because otherwise why would you sue and why would you claim damages?"Trump's response at the time was a little more nuanced than Winter's account - in a tweet, Trump did not deny specific claims in the report."The Failing New York Times did something I have never seen done before," Trump said. "They used the concept of 'time value of money' in doing a very old, boring and often told hit piece on me."By referring to "time value of money," Trump seemed to have been claiming that The Times did not take into account how the value of his fortune had changed. But tax experts told NBC News they weren't entirely clear on what Trump was trying to say.A spokesperson for Trump did not immediately respond to Insider's request for comment on whether he now concedes the report was accurate.Trump did issue a more sweeping dismissal last year of The Times' reporting on his taxes and financial affairs, describing it as "totally fake news."The Pulitzer-winning 2018 report was one of a series in which The Times sought to unravel Trump's tax affairs, which he had shielded from scrutiny by refusing to release his tax returns.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 35 min. ago Related News

The best iPad deals available right now, including $100 off the iPad Air

Apple iPads are discounted for most of the year, meaning you rarely have to pay full price for one. Here are the best iPad deals available now. When you buy through our links, Insider may earn an affiliate commission. Learn more. Apple; Alyssa Powell/Insider iPads are popular tablets and for good reason: they're the best ones available. Luckily, if you're looking for an iPad, you can find most models discounted throughout the year. Right now, you can snag an iPad Air for $100 off retail price. Apple's iPads are the best tablets around. Like most Apple products, you can find any given member of the iPad family discounted throughout the year, from the compact iPad mini to the powerful iPad Pro. We'll be sure to keep you updated on the latest iPad deals as soon as they happen.Below, is a list of the best deals currently available, along with what you should pay for each model. Need help choosing with iPad is right for you? Check out our guides to the best iPads and tablets you can buy. Our reviewTypical priceDisplay sizeProcessorApple Pencil Compatible?iPad (9th Gen)TBA$329 to $42910.2-inchA13 Bionic1st GeniPad (8th Gen)Best overall$320 to $40010.2-inchA12 Bionic1st GeniPad Air (4th Gen)Best mid-range$539 to $69910.9-inchA14 Bionic1st and 2nd GeniPad Mini (6th Gen)TBA$499 to $6498.3-inchA15 Bionic1st and 2nd geniPad Mini (5th Gen)Best small iPad$395 to $5297.9-inchA12 Bionic1st GeniPad Pro (5th Gen)Best for pros$699 to $99911-inch and 12.9-inchApple M11st and 2nd GenHere are the best iPad deals available right now12.9-inch iPad Pro (2021) (medium, Preferred: Amazon)11-inch iPad Pro (2021) (medium, Preferred: Amazon)iPad Air 2020 (4th Gen, 64GB) (medium, Preferred: Amazon)iPad Air (4th Gen., 256GB) (medium, Preferred: Amazon)We'll update this list regularly to help you find the best price.Table of Contents: Masthead Sticky iPad (8th generation) deals 2020 iPad 10.2-inch (8th Gen) (medium, Preferred: Walmart)Typical price: $320 to $400Display size: 10.2-inchDisplay type: Retina DisplayAvailable colors: Silver, space gray, goldStorage capacities: 32GB, 128GBThough the ninth-generation iPad just launched, the eighth-generation 10.2-inch iPad is still our current choice as the best option for most people with its balance of performance and value.Whether you're buying your first iPad or upgrading from an older model, it's a solid choice and comes in either 32GB or 128GB storage options. It has a clear and sharp 2,160 x 1,620-pixel resolution and an A12 processor capable of most apps and tasks. If you're an artist or a fan of handwritten notes, it's also compatible with the Apple Pencil.We see deals on this iPad regularly throughout the year. More often than not, however, sales are limited to only one color or storage capacity, so if you see a good price on one that fits your needs, don't hesitate to buy. These deals also tend to sell out fast. Street price varies for each option, but for the most part: it's less than retail price. iPad Air (4th Gen) deals iPad Air 2020 (4th Gen, 64GB) (medium, Preferred: Amazon)Typical price: $539 to $699Display sizes: 10.9-inchDisplay type: Liquid Retina display with True ToneAvailable colors: Silver, space gray, rose gold, green, sky blueStorage capacities: 64GB, 256GBThe 2020 iPad Air is powerful performance encased in an updated, premium design. It features sharper edges, an A14 Bionic chip (the same chip powering the iPhone 12 series), USB-C charging, and a Touch ID sensor on the power button. It supports the second-generation Apple Pencil, a great stylus for tablet drawing; the sharp 10.9-inch Liquid Retina True Tone Screen also sweetens the build for artists. The fourth-generation iPad Air comes in five colors: green, rose gold, sky blue, silver, and space gray. A new generation hasn't been released for 2021. Deals for the latest iPad Air are becoming increasingly common. At the moment, street price is as low as $539 for select finishes, with recurring price drops down to $500.  iPad Mini (5th Gen) deals iPad Mini (5th Gen., 256GB) (medium, Preferred: Amazon)Typical price: $395 to $529Display sizes: 7.9-inchDisplay type: Retina display with True ToneAvailable colors: Silver, space gray, rose goldStorage capacities: 64GB or 256GBThough the sixth-generation model was just announced, the fifth-generation iPad Mini is still our current pick for tablet users prioritizing a compact form factor. Just like its bigger sibling (the 2020 iPad), the iPad Mini is powered by the A12 Bionic chip and is compatible with the first-generation Apple Pencil. It comes in three different finishes and you can choose between the smaller 64GB or the larger 256GB storage options. The iPad Mini sees regular deals year-round. Street price hovers around $10 or $20 less than retail price most of the time though, so never settle for paying retail price (unless you absolutely have to). iPad Pro (5th Gen) deals 11-inch iPad Pro (2021) (medium, Preferred: Amazon)12.9-inch iPad Pro (2021) (medium, Preferred: Amazon)Typical price: $799 to $1,799Display sizes: 11-inch, 12.9-inchDisplay type: Liquid Retina display with ProMotion technology and True Tone on the 11-inch, Liquid Retina XDR display with mini-LED technology on the 12.9-inchAvailable colors: Silver, space grayStorage capabilities: 128GB, 256GB, 512GB, 1TB, 2TBThe iPad Pro introduced the M1 processor to the iPad lineup for the first time. This is the same Apple-made chip that is found in Apple's newest MacBook Air and MacBook Pro. This should bring even more power to a tablet with capabilities that already rivaled those of some laptops. The iPad Pros also feature optional 5G connectivity, an updated Thunderbolt connection for enhanced accessories support, and up to 2TB of storage.The 12.9-inch model comes equipped with a Liquid Retina XDR display that uses mini-LED technology for increased brightness and clarity. So far, the newest iPad Pro has yet to see any major price drops since its launch, even during Amazon Prime Day. However, we still expect to see older generations discounted regularly throughout the year, and even more so during Black Friday and Cyber Monday.  iPad Pro (4th Gen) deals 2020 iPad Pro (12.9-inch, 256GB) (medium, Preferred: B&H Photo)Typical price: $999 to $1,450Display sizes: 11-inch, 12.9-inchDisplay type: Liquid Retina display with ProMotion technology and True ToneAvailable colors: Silver, space grayStorage capacities: 128GB, 256GB, 512GB, 1TBThe 2020 iPad Pro may be a generation old, but it performs so well it's on par with some laptops. On the outside, both the 11- and 12.9-inch 2020 iPad Pros have slim bezels, a sharp screen, and are compatible with many great add-ons like the Apple Pencil and Magic Keyboard. Internally, it's a powerhouse; it has an A12Z Bionic processor  with laptop-like power and is available in up to 1TB of storage.Apple sells updated iPad Pros featuring the laptop-grade M1 processor, which replaces the 2020 model. This means that there should be some decent deals on these models while retailers make space for the newer version. Even though Apple released a new model of the iPad Pro, don't expect to get the 2020 version at record lows just yet. Regardless of Apple's release cycle, the best deals are still usually found during major sales like Black Friday and Cyber Monday. Street price varies drastically between each screen size and storage variant, but as a rule of thumb: smaller storage variants usually run for $40 less than retail price, so never settle for paying more. iPad accessory deals Compatibility for some accessories will depend on the iPad you own, but for the most part, add-ons like the Apple Pencil and Magic Keyboard are game-changing to your tablet usage. You can find many off-brand cases and keyboards for much less (and usually with better deals), but you don't need to be an Apple aficionado to recognize the beauty of the official Apple accessories.Discounts for accessories tend to be a bit smaller compared to that of iPads. If you find $10 off an Apple Pencil or $20 off a Magic Keyboard, chances are, it's a worthwhile deal. It's just important to make note of each item's street price, as retail can often be inflated. Product Card (medium, Preferred: Amazon)Read more about how the Insider Reviews team evaluates deals and why you should trust us. Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 35 min. ago Related News

Crypto billionaire Mike Novogratz says bitcoin holding at $40,000 shows the market is in good shape - and recommends buying the dip

Mike Novogratz said investors are still very interested in crypto and that he's not nervous about the recent sell-off. Mike Novogratz is one of the biggest names in crypto. Photo by John Lamparski/Getty Images Mike Novogratz said bitcoin bouncing off $40,000 is a good sign for the crypto market. He said he's not worried about the recent sell-off and that it's a "buy-the-dip" opportunity. Bitcoin and ether fell sharply on Monday as the Evergrande crisis rattled financial markets. See more stories on Insider's business page. Billionaire crypto investor Mike Novogratz has said bitcoin holding firm at $40,000 during the recent sell-off is a good sign for the market, and recommended buying the dip in digital assets.Speaking after cryptocurrencies sold off sharply at the start of the week, Novogratz told CNBC earlier this week that he thought the market remained in good shape. Cryptocurrency prices rallied on Thursday, with bitcoin and ether rising along with altcoins."We held $40,000 overnight in bitcoin and $2,800 in ethereum. I think those are very important levels for people to watch. As long as those hold a think the crypto market is in good shape," he said.Bitcoin rallied 5% to $44,159 on Thursday, according to Coinmarketcap, while ether - the cryptocurrency on the ethereum network - rose 6.4% to $3,122.Yet both remain considerably lower than on Monday, when bitcoin stood above $47,000 and ether was above $3,300. They fell sharply on Monday, with bitcoin testing $40,000 on Tuesday, as worries about Chinese property developer Evergrande shook markets, causing investors to ditch riskier assets.Read more: 3 altcoins to buy: a crypto consultant explains why ether could surge to $15,000 and flip bitcoin, and criticizes one token as an overvalued 'joke'Novogratz said he's not nervous about the declines, however, and said he thinks it's a "buy-the-dip" situation.The crypto billionaire, a former hedge fund boss who founded the digital assets investment firm Galaxy, said he's seeing lots of engagement and activity in the crypto market. He pointed to SoftBank's participation in a $680 million funding round for sports NFT marketplace Sorare.Novogratz said he thought Monday's sell-off was also driven by concerns about regulation in the US. "The market got itself a little too long," he said.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 35 min. ago Related News

Developing companies seeking to transition to clean energy can"t get enough money

Financing is a big issue for developing countries reliant on fossil fuels that know they need to reduce emissions and transition to renewable energy. Insider It takes a lot of money to build this. Bancroft Media Developing countries want to reduce carbon emissions but need funds for clean-energy infrastructure. There are large gaps in capital, and the need is expected to grow to $300 billion by 2030. In a panel discussion at Climate Week NYC, executives from Barings highlighted financing challenges. Subscribe to our weekly newsletter, Insider Sustainability. Developing countries are often at higher risk from the effects of the climate crisis, including flooding, drought, and extreme heat. For many governments and companies in these countries, the business of sustainability has become a major issue, with concerns about the high cost of decarbonization and the financing needed for the transition to cleaner energy sources.In a panel discussion at Climate Week NYC on Tuesday, several executives from the investment firm Barings highlighted the financing challenges for this green transition in many developing countries (also known as emerging markets or lower-income countries).A major issue is insufficient funding for large-scale adaptation projects aimed at reducing carbon and increasing renewable power generation. While the Paris agreement has carbon-reduction commitments from countries, it doesn't provide a plan or guidance for how to achieve them."We need more global coordination because it's difficult for them to face these shocks by themselves," said Kawtar Ed-Dahmani, Barings' managing director of emerging-markets debt. Developing countries that want to attract capital from private sources also don't have an organized framework to operate in, said Fergus McCormick, the director of sovereign research for the Emerging Markets Investors Alliance.Some other factors that limit the interest for these green-transition infrastructure projects from private investors and financing issuers include a large amount of existing debt and a lack of standard measurement for how countries are mitigating and adapting to climate change. There is also the tension between the long-term horizon for installing a project and getting it running and the short-term window in which investors estimate the profitability of a loan or bond.Two nonprivate sources of financing are transfers from wealthy developed donor countries (known as bilateral funding) and loans and grants from developmental finance institutions like the World Bank or the International Monetary Fund (known as multilateral funding). But McCormick said these aren't enough, even with promises like the $100 billion climate-finance commitment from private and public sources."Developing countries received only $17 billion in 2018 compared to adaptation costs of $70 billion, and these costs are expected to grow to as much as $300 billion by 2030," he said during the panel, adding that while $80 billion was raised this year, there was still a $20 billion shortfall.One opportunity is the growing interest in "green finance." In addition to climate, green, and sustainable bonds, green finance includes investments focused on environmental, social-impact, and governance factors, known as ESG. The business of sustainable assets is growing rapidly - the Global Sustainable Investment Alliance estimated that ESG investing grew to more than $30 trillion in 2018.But when asked about these new lending products in helping fund the transition to lower-carbon economies, McCormick was blunt in his assessment of the lack of enforcement for their claims. "The impact, the actual effectiveness of these bonds, has been absolutely minimal," he said. "It's been a huge amount of disappointment and greenwashing."There's also a concern that developing countries aren't getting enough access to these new bonds and increasingly popular ESG funds because of low scores in one or more assessment areas. "Are we doing enough to open the market to allow emerging markets to access this pool of money, or is this a framework being set up by developed markets for developed markets that excludes emerging markets?" said Omotunde Lawal, the head of emerging-markets corporate debt at Barings. "Should we be pushing for more transition bonds?"Ultimately, the nature of carbon emissions and how the global economy functions mean funding for clean-energy infrastructure in developing countries will only become a bigger topic for investors and developed nations. El-Dahmani said that beyond the moral imperative for rich countries to assist poorer ones, issues like global insecurity, migration, and shocks to commodities and the supply chain affect everyone.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 51 min. ago Related News

40 years ago, Aston Martin gave up plans to build the world"s fastest car. Now the car"s ready to try again.

In 1979, the Aston Martin Bulldog supercar was a marvel of automotive technology. Now it's a one-of-a-kind piece of history - and a fast one, too. The Aston Martin Bulldog. Classic Motor Cars Forty years ago, Aston Martin had plans to build the fastest car in the world at nearly 240 mph. Aston wanted to make a limited run of the cars, but it never happened. The project was too expensive. The one completed car is now restored and ready to try for those speeds again. See more stories on Insider's business page. Forty years ago, Aston Martin had plans to build the fastest car in the world: the Bulldog, a long, low, wide, wedge of a thing that Aston Martin said could manage nearly 240 mph. The plan was to build a limited run of world-beating Bulldog supercars powered by V8 motors pushing out 600 horsepower. It would have put Aston Martin on top of the high-performance tree. Except it didn't happen. The Bulldog achieved a record-breaking 191 mph, but the project was deemed too expensive, and the one completed car was sold off. Fast forward to 2020, the one and only Bulldog - having dropped off the radar for many years and in a state of disrepair - found its way to an American owner who wanted to actually drive it. A restoration project was set up by Richard Gauntlett, the son of the Aston Martin chairman who sold the original car, and undertaken by the UK's Classic Motor Cars. It took 18 months to complete. The Aston Martin Bulldog. Classic Motor Cars The finished car was revealed in London at the 2021 Hampton Court Concours Of Elegance, where Insider caught up with Nigel Woodward, Classic Motor Cars' Managing Director. Woodward discussed resurrecting a lost legend to meet its original targets - a feat for the 40-year-old Bulldog, even if today's 300-mph Bugattis make it seem easy. "The owner of the car, together with Richard Gauntlett and ourselves, came up with a scheme to restore the car back to its original appearance both externally and internally," Woodward said. "Importantly, we want to get the car to perform to its designed performance. It was always designed to do 200 miles an hour, and part of this project is to get it to do it." When Classic Motor Cars took delivery of the Bulldog, it wasn't in peak condition. Woodward said it had been repainted, its trim was different to the original concept, there were some engine and fuel-injection issues, and the car had chassis damage to contend with. The Aston Martin Bulldog. Classic Motor Cars Classic Motor Cars restored the car to its original color both inside and out, strengthened its gearbox, installed a modern fuel-injection system to ensure the motor runs reliably, added ride-height lift to cope with loading the car onto trailers, reproduced the car's original brakes, and made the whole thing appear as new. While the restoration is complete and the car can move under its own steam, its 5.3-liter, twin-turbocharged V8 motor isn't quite ready for 200 mph. After its debut, the Bulldog headed back to Classic Motor Cars' HQ to have its engine tested and prepared for the stresses of high speed. The Aston Martin Bulldog. Classic Motor Cars It would have been easy for Classic Motor Cars to put an all-new engine in the Bulldog, but that's not what happened. "It's the original cylinder block from the car, but it's been massively augmented and strengthened," Woodward said. "The original engine was on the edge of what it was capable of withstanding. We're aiming for about 650 bhp as an operational power level." The Bulldog's owner hadn't seen the finished car until it was revealed and is said to be blown away. The Aston Martin Bulldog. Classic Motor Cars What next for the one-of-one Aston Martin? Aston Martin racing driver Darren Turner will pilot its 200-mph attempt - a high-speed run in such a rare car isn't a job for just anyone, after all. That'll be followed by a world tour, then the Bulldog will go home to California. Asked if there were plans for production, Woodward said: "There are no plans to reproduce it," though when pushed added: "Everything's possible, isn't it?"Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 51 min. ago Related News

The SEC wants to kick 2,000 fraud-prone penny stocks from online brokerages, including retail favorites Sears and Blockbuster

Affected stocks include the shell companies liquidating bankrupt Sears and Blockbuster as well as Luckin Coffee, which fell to accounting fraud. Jonathan Ernst/Reuters The SEC is cracking down on trading in 2,000 penny stocks, including Sears and Blockbuster, according to Reuters. Online brokers like Schwab and Fidelity have already stopped new share purchases ahead of the SEC rule. Retail investors have piled into penny or microcap stocks in the last year, egged on by the rise of online brokerages. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The Securities and Exchange Commission is rolling out a new rule cracking down on trading in penny stocks, including Sears and Blockbuster, according to a Reuters report.The rule requires certain stocks that trade over the counter to disclose more information, such as recent financial data. That could potentially force 1,000 to 2,000 stocks to delist for some time.Online brokers including Schwab and Fidelity have already stopped new share purchases ahead of the SEC rule, according to Reuters. Shareholders will still be able to sell, but brokers are warning that liquidity will dry up.Affected stocks include the shell companies liquidating bankrupt Sears and Blockbuster as well as Luckin Coffee, the once-hyped Chinese cafe chain that fell to accounting fraud. Retail investors have piled into over-the-counter stocks, also called penny or microcap stocks, egged on by the rise of online broker platforms. Penny stock trading volume peaked at 1.9 trillion transactions in February. And even in August, volume remained more than double last year's levels, according to FINRA data cited by Reuters.The SEC argues it is ending a loophole that allowed some penny-stock companies to mislead investors by withholding key information. But Daniel Zinn, a lawyer for OTC Markets Group, which hosts the affected penny stocks, said the opposite may end up being true."We're in agreement with the SEC's goals of providing as much disclosure as possible," said Zinn. But he added that some tiny companies might not be able to pay for the cost of providing paperwork, and others may be wary of promoting trading in their stock. "In those circumstances, no quotes at all may lead to more harm than help for existing investors," said Zinn.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER4 hr. 51 min. ago Related News

This couple reimagined a Texas town"s beloved restaurant as plant-based. So far, it"s working.

Restaurant owners Marcy and Carlos Madrid told Insider they've gotten to introduce plant-based foods to people who wouldn't have tried them otherwise. Menu items from Brew St., a plant-based restaurant in Midland, Texas. Jerry Guerrero Marcy and Carlos Madrid own Brew St., the first plant-based restaurant in Midland, Texas. The Madrids took over during Brew St.'s pandemic closure, trading its old menu for a plant-based one. The move was risky but worth it for the Madrids, who get to share plant-based foods with people who might not have tried them otherwise. See more stories on Insider's business page. Shortly after being diagnosed with multiple sclerosis in 2015, restaurant owner Marcy Madrid was introduced to new research and a treatment plan by her Midland, Texas-based doctors that seemed like a radical idea: Eat a plant-based diet. New research on plant-based eating was coming out of leading medical conferences, and her doctors at Midland Memorial Hospital were eager to tell staff and patients. Since Madrid also worked at the healthcare facility, she digested the information and shared it with her husband, Carlos Madrid. At first, they wrote it off. But Marcy Madrid's condition worsened, and she became desperate for alleviation. Carlos Madrid reminded her of that bizarre research she told him about a while back, about plant-based eating. They decided she'd go all-in on a plant-based diet, and soon after, Carlos Madrid followed suit for support. Marcy Madrid started to improve drastically within months, and to this day is symptom-free and healthy. She and her doctors credit the turnaround to a plant-based diet. It was the life-changing impact plant-based eating had on her own health - as well as those around her - that led the Madrids to open Brew St., the first-ever plant-based restaurant in Midland, Texas, five years later. But Brew St. is a story of a vegan restaurant that was almost not - and, the story of a business that represents not just a trend, but an evolution in plant-based dining, driven by passionate people trying to make a positive impact on the world. Brew St. Jerry Guerrero When the opportunity to take over Brew St. during its pandemic closure in summer 2020 came about, the Madrids were interested. As owners of a few businesses in Texas already, they thought purchasing Brew St. might be a good venture. They moved forward with the deal and decided along with the former ownership that Brew St. would reopen as the same restaurant the community was expecting - and that included the same type of traditional menu offerings. They wanted to keep the familiarity of the neighborhood cafe and eatery that served as a gathering place for church meetups, student study groups, live music, and more. The Madrids began hiring back Brew St.'s staff, including the pastry chef, and bringing on a new food chef. But as the pandemic saw improvement, restrictions eased, and they neared the reopening, something didn't sit right. Friends and family were excited about their new endeavor, but questioned the Madrids having a restaurant that didn't align with their own values and practices, leaving them asking: "How can you sell something you are not yourselves?" That's how Brew St. went plant-based, and it was a major risk for the couple. Brew St.'s Street Tacos. Jerry Guerrero Everything had to be overhauled, including the pastries, which had previously been a big draw for customers. Their pastry chef spent late nights in the kitchen and eventually decided dairy butter, eggs, and milk weren't needed. The first time she finished reinventing the cinnamon roll, a community favorite, she called the couple right away to let them know she thought it was actually even better than before. The food chef was also up to the challenge, and with the help of the Madrids' shared dining experiences at vegan restaurants in Dallas, Austin, and various cities in California, they built the menu. Since this would be the first plant-based restaurant in Midland, and the concept of vegan food was still very new to people, they wanted to have some items that felt familiar - concepts made from scratch and big vegan names like Beyond Meat - while also showing off the amazing things you can do with plants. They also, for now, have a few traditional meat and cheese add-ons available to help draw people in who might normally not give a vegan restaurant a chance. Much of the inspiration for Brew St.'s menu was drawn from vegan restaurants in California, and specifically eateries in Oakland, San Francisco, Anaheim, San Diego, and Venice. Brew St.'s homemade seitan sandwich, for example, was inspired by the Madrids' favorite eatery in downtown Oakland, known for its vegan subs and sandwiches made with homemade seitan. Brew St. Jerry Guerrero The Madrids said feedback from the community has been overwhelmingly positive, with customers who were unsure of vegan food coming in and saying: "I can't believe this is not meat." The Madrids also said popular restaurant chains in the area have come into scope out what they're doing.The Madrids have also been working on an initiative in Midland to share the benefits of plant-based eating. They, along with a few other local physicians and community leaders, are the cofounders of a nonprofit called Health City, aimed at educating people about plant-based eating for health.The Madrids reflect and often think about how different life would be if Midland doctors hadn't told them about plant-based eating. Carlos and Marcy Madrid just want people to know the options, and know they have a choice - and they hope Brew St. can play a small piece in that.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 7 min. ago Related News

US stocks gain after China tells Evergrande to pay its debts and avoid default

US stocks gained on Thursday as concerns around Evergrande's debt crisis continued to cool. Drew Angerer/Getty Images US stocks gained on Thursday, continuing its rebound from Monday's Evergrande-induced sell-off.China told Evergrande to pay its upcoming US-dollar denominated debt payments and avoid default, according to a Bloomberg report.At the same time, Beijing is telling local officials across the country to prepare for a "possible storm" related to the Evergrande debt crisis, The Wall Street Journal reported.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.US stocks edged higher in Thursday trades, continuing the rebound from Monday's Evergrande-induced sell-off in which the Dow Jones fell nearly 1,000 points.The gain on Thursday came after Bloomberg reported that China told Evergrande to pay its upcoming debt payments on US-dollar denominated bonds, and to avoid default. That may be giving investors a reason for relief as the S&P 500 trades just ten points below last Friday's levels.But longer-term, Evergrande's $300 billion debt problem isn't going away, and Beijing is warning local officials across the country to prepare for a "possible storm" related to a potential default of the country's second largest property developer, The Wall Street Journal reported.Here's where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:S&P 500: 4,418.40, up 0.52%Dow Jones Industrial Average: 34,529.93, up 0.79% (271.61 points)Nasdaq Composite: 14,951.28, up 0.37%US weekly jobless claims rose to 351,000 last week as the hiring recovery continued to move forward. That's slightly higher than economist expectations of 320,000. Continuing claims increased 2.85 million for the week that ended September 11.Cathie Wood said at a Morningstar investment conference on Wednesday that Ark Invest would sell its position in Tesla if the stock hit its 5-year price target of $3,000 within the next year and little changes to its long-term thesis. Wood also reiterated her view that the stock market is not in a bubble.Altcoins surged on Thursday, with cosmos, dot, and sol jumping sharply as the Evergrande debt crisis continues to cool down. Coinbase wants to strengthen its legal and compliance team as it steps up collaboration with crypto regulators. The move comes after its recent spat with the SEC regarding a lending product. Oil prices moved higher. West Texas Intermediate crude jumped as much as 0.18%, to $72.36 per barrel. Brent crude, oil's international benchmark, jumped 0.13%, to $76.29 per barrel.Gold fell as much as 1.23%, to $1,757.00 per ounce.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 19 min. ago Related News

"We always do this": Sen. Jon Tester expressed frustration about the battle over raising the debt ceiling and avoiding a government shutdown

If Congress doesn't act in time to avert a federal default, the financial consequences could send the nation into another recession. Sen. Jon Tester. Tasos Katopodis/Getty Images Senate Democrats are struggling to raise the debt ceiling and avoid a government shutdown. Sen. Jon Tester told Politico the fight between Democrats and the GOP was "a ridiculous exercise." "We always do this fucking dance," he told the outlet. See more stories on Insider's business page. Senate Democrats are growing increasingly frustrated as they try to pressure Republicans into accepting a debt-ceiling increase that GOP leaders have forcefully rejected, all while avoiding the political catastrophe of a government shutdown next week, according to Politico.And one Democrat in particular isn't mincing words over the stalemate."We always do this fucking dance," Sen. Jon Tester, a third-generation farmer from Montana, told Politico. "I don't know if people are going to put their sane minds on and do what needs to be done, or shut it down. This is just a ridiculous exercise."He added: "I can't even compare it to anything I do on the farm that's this stupid."Senate Minority Leader Mitch McConnell on Wednesday cemented his refusal to renew the nation's ability to pay its bills, telling Democrats not to "play Russian roulette" with the economy. But even though the House passed a bill Tuesday night that included both government funding and a debt-ceiling suspension, the legislation is likely to be torpedoed in the Senate, where McConnell has said Republicans will not support it.If Congress doesn't act in time to avert a federal default, the financial consequences could send the nation into another recession.So, while Democrats are eager to keep up their public pressure on Republicans to accept their proposal, in private the politicians are said to be willing to do whatever it takes to avoid a shutdown. According to Politico, doing so would almost certainly require Democrats to drop a borrowing-limit increase from their funding package.Sen. Mark Kelly of Arizona told the outlet his party "can't allow the government to shut down." Sen. Tim Kaine of Virginia echoed his sentiments. And Sen. Ben Cardin of Maryland suggested other alternatives to raising the debt ceiling and securing the spending bill."I don't know which strategy they will use next," Cardin told Politico. "But I know there are other strategies, if this doesn't work."But time is running out. Democratic sources told the outlet the Senate was likely to vote on the House-passed funding bill on Monday, where it will almost certainly fail. Just four days later, on October 1, the government is set to shut down.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

Global stocks and cryptocurrencies rally after the Fed provides clarity on tapering, while Evergrande fears subside for now

Stock markets were unfazed by the Federal Reserve saying it was likely to cut back its bond purchases soon - which most analysts read as November. Fed boss Jerome Powell said the central bank is likely to start tapering soon. Sarah Silbiger/Getty Images Global stocks and cryptocurrencies rallied Thursday after the Federal Reserve gave more details on its tapering plan. Analysts broadly said they expect the Fed to cut back bond purchases in November, with some scope for a delay. Fears about Chinese property developer Evergrande cooled, but an offshore $83.5 million interest payment loomed on Thursday. See more stories on Insider's business page. Global stocks and cryptocurrencies rose Thursday after the Federal Reserve provided more clarity on its plan for the withdrawal of stimulus, while fears around indebted Chinese property developer Evergrande cooled for the time being.S&P 500 futures were up 0.74% at 4.50 a.m. ET, after the index snapped a four-day losing streak to close 0.95% higher Wednesday. Dow Jones futures advanced 0.71%, while Nasdaq 100 futures also put on 0.71%, signaling gains when markets open later in the day.Asian stocks advanced overnight as worries receded about risks to the wider financial system from an Evergrande debt default. China's CSI 300 index of Shanghai and Shenzhen-listed stocks rose 0.65%, while Hong Kong's Hang Seng climbed 1.01%.In Europe, the pan-continental Stoxx 600 climbed 1.02% in early trading, while London's FTSE 100 gained 0.48%.Cryptocurrencies rallied across the board after tumbling along with stocks earlier in the week. Bitcoin was up 1% to $43,891, according to Bloomberg prices. Ether, cardano, binance coin and other altcoins all rose more sharply.Stocks climbed after the US Federal Reserve, the world's most powerful central bank, on Wednesday heavily suggested that it would start cutting back on its bond purchases from November, and finish the job by the middle of 2022. Some Fed policymakers also said they'd like to see interest rates start rising as soon as next year.Analysts said markets were reassured that Fed Chair Jerome Powell left the door open to maintaining stimulus if the US economy needs it, and by his cautious approach to movement on interest rates.Jim O'Sullivan, chief US macro strategist at TD Securities, said Powell gave an "unambiguous" signal that the Fed would start tapering bond purchases in November. O'Sullivan said he doesn't expect it to start hiking interest rates until 2023.Neil Wilson, chief market analyst at trading platform Markets.com, said: "Jay Powell continues to walk the line between guiding the market to expect tightening without unduly worrying investors."Read more: Meet the 8 strategists calling for a stock market correction by the end of the year as Wall Street turns bearish. Here are their key concerns and top recommendations for positioning against a market meltdown.Still in focus for investors is the $300 billion debt crunch faced by Evergrande, China's second-biggest property developer. Fears the company could collapse and send shockwaves across the global economy helped push US stocks to their worst losses since May on Monday.Yet those concerns were easing somewhat, after Evergrande unit Hengda said it had "resolved" an onshore interest payment via negotiation and the company reassured retail investors that they were a top priority. China's injection of 90 billion yuan ($13.9 billion) into the banking system also bolstered those hoping Beijing would step in to contain any shocks.Shares in Evergrande jumped 17.62% on Thursday, although they remain more than 80% lower for the year.But the property developer is still seen as in perilous position, and investors are closely watching a key test for Evergrande Thursday, when an $83.5 million interest payment on an offshore bond is due.The US bond market was little changed after the Fed meeting, a sign that the central bank hadn't ruffled feathers. The yield on the key 10-year US Treasury note was roughly flat at 1.336% on Thursday. Yields move inversely to prices.Oil prices continued to rise as the global economy reopened and supplies tightened. Brent crude was up 0.12% to $76.29, while WTI crude was 0.1% higher at $72.28 a barrel.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

Advertisers demand agencies prove their eco credentials

In this week's Insider Advertising newsletter we're covering sustainability metrics in RFPs, supply-chain issues for ad plans, and Facebook's comms. Hello and welcome back to Insider Advertising, your weekly look at the biggest stories and trends affecting Madison Avenue and beyond. I'm Lara O'Reilly, Insider's media and advertising editor. If this was forwarded to you, sign up here.As we gear up for the big holiday quarter, Facebook advertisers are already experiencing their nightmare before Christmas as Apple's recent privacy changes take effect. In a blog post Wednesday, Facebook said some advertisers' post-iOS 14 difficulties were hitting harder than they had expected. Some of those issues could be attributed to Facebook underreporting conversions on iOS devices by about 15%, the company said. Direct-to-consumer and so-called performance advertisers in particular are bracing for a bumpy Q4.Let's get you caught up on this week's other big advertising news:Marketers are pushing their ad agencies to be eco-friendlySupply-chain shortages are affecting ad plansFacebook is embarking on a more defensive comms approachIt's not easy being green Investors can make this happen, if they want to. Frank Bienewald/LightRocket via Getty Images It's been a little over five years since big brands like General Mills and HP made headlines by setting out requirements for their ad agencies to diversify their workforces.Now, an increasing number of advertisers are also asking agencies pitching for their business to lay out their sustainability commitments, the Insider correspondent Patrick Coffee reports, quoting one agency exec who said it's now part of every pitch.But while sustainability metrics are now front and center of many RFPs, I'd wager that few advertisers are at the point where they can audit compliance with the promises being made."It's an important part of any process, but many of the areas can be quite challenging on an ongoing basis," Ryan Kangisser, the managing partner of strategy at the media-advisory firm MediaSense, told me. What's more, as the coronavirus pandemic forced nearly all businesses to significantly rev up their e-commerce operations, some advertisers could do well with turning the mirror back on themselves. Global delivery volume records that were set last year are likely to be smashed once again in the holiday quarter."As e-commerce gets bigger, we all have to recognize the energy and power required to fuel all the e-commerce sites and clicks and transactions that are exponentially exploding at the moment," said Richard Robinson, a managing director of the pitch consultancy Oystercatchers.Yet, Robinson said, when brands are leaned on to ask who is ultimately responsible for sustainable e-commerce within their companies - The CMO? CDO? IT? Supply chain? - many execs still don't have a solid answer."The e-commerce kahuna is everyone's inconvenient secret at the moment," Robinson added.Hey big spenderAs e-commerce spending continues to soar through 2021 and beyond, so too is retailer spending on digital ads.Retail has long been the biggest-spending sector on digital ads in the US - which makes sense, as it's the category with the clearest visibility about whether the ads drove a sale. eMarketer; Taylor Tyson/Insider Insider Intelligence forecasts US retailer digital ad spending will blast through the $50 billion mark in 2022 - "a mark that no other industry will approach in the next couple of years," the Insider-owned research company's analysts wrote. In fact, Insider Intelligence doesn't predict any other single category will spend more than $20 billion in digital ads a year until 2023.In the meantime, retailers and e-commerce companies like Walmart, Target, and Instacart are busily building their own ad businesses and taking on the market leader Amazon by using their valuable first-party data to help advertisers target the shoppers most likely to buy their products. Insider Intelligence estimates that US retail media ad spending will grow almost 28% to reach $24 billion this year.You can't always get what you want FILE PHOTO: A General Motors assembly worker works on assembling a V6 engine, used in a variety of GM cars, trucks and crossovers, at the GM Romulus Powertrain plant in Romulus, Michigan, U.S. August 21, 2019. Rebecca Cook/File Photo Insider's senior reporter Lauren Johnson reports: Supply-chain issues are affecting ad spend, Ad Age reported, and it's not just mom and pops grappling to stock their shelves.Automakers like GM are also contending with big issues that make it hard to get their products to people, and big names are cutting advertising spend as a result, according to four agency sources who handle ad buying for the auto industry.One ad buyer said GM brands like Ford and Chevy, as well as the Dutch automaker Stellantis, cut ad spend earlier this year in response to computer-chip shortages that slashed production cycles, adding that car brands shifted their messaging from selling new vehicles to encouraging people to buy used cars at local dealerships. Representatives for Ford, Chevy, and Stellantis did not respond to requests for comment.Agency sources said that such cuts had hit mostly TV advertising and that in cases in which only some of a brand's products were unavailable, advertisers redirected digital ad spend to promote in-stock items with performance tactics like programmatic advertising that can track sales of products.Read more: KFC isn't advertising chicken tenders on TV because of supply-chain shortagesSorry seems to be the hardest word Facebook CEO Mark Zuckerberg in New York City on Friday, October 25, 2019. AP Photo/Mark Lennihan A few years ago, as sure as spring would turn to summer and summer to fall, it felt as if the latest Facebook mea culpa was only ever a few months away. (The Washington Post even made a handy timeline.) Yet while Facebook has been significantly ramping up its own ad spend of late, don't expect to see any more full-page apology ads from the social network in your favorite newspaper anytime soon.As The New York Times reported, amid the weight of negative scrutiny on the company, Facebook's communications execs are pressing on with a different strategy: No more apologies.That attack-dog approach has been in plain view following The Wall Street Journal's explosive "Facebook Files" investigative series, which uncovered a litany of serious issues on that platform that the company appears to be aware of but has failed to fully address.Facebook's vice president of global affairs, Nick Clegg, fired back with his "What the Wall Street Journal Got Wrong" blog post. Mark Zuckerberg, who personally hasn't responded to The Journal's reporting, instead wagged his finger at The Times for implying he had posted a video of himself riding an "electric surfboard" instead of a hydrofoil. Over on Twitter, a Facebook representative sought to play down The Times' reporting of "Project Amplify," the social network's initiative to show people positive stories about the company on the platform.Meanwhile, the heat on Facebook shows no sign of petering out:Another Facebook ad boycott could be around the cornerSenators said they'd investigate Facebook's internal research into Instagram's effects on the mental health of young usersOne of Wall Street's top internet analysts says Facebook and Instagram user satisfaction just dropped to all-time lowsRecommended readingWaze CMO Erin Clift has left amid leadership shake-up at the Google-owned company - InsiderRoku is rolling out a new tool to compete with Facebook and Google for the $16 billion local advertising market - InsiderAT&T CEO John Stankey says he's unhappy with the company's brand and is planning a more future-facing refresh - CNBCVideoAmp has begun testing its cross-platform TV- and video-measurement ratings alternative with five major ad holding companies - CampaignAudi is looking for a new ad agency to handle its $185 million ad business - InsiderTikTok insiders describe how parent company ByteDance's culture principles, called 'ByteStyles,' are used to reward and reprimand - InsiderSee you next week - and in the meantime please do continue sending your feedback and news tips for this newsletter to loreilly@insider.com Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

"Rich Dad Poor Dad" author Robert Kiyosaki expects the Evergrande fiasco to batter US stocks and real estate - and warns investors to be ready for the crash

The personal-finance guru said the Chinese developer's debt woes would result in bargains for savvy investors but disaster for reckless ones. Robert Kiyosaki. The Rich Dad Channel/YouTube Robert Kiyosaki expects the Evergrande debt crunch to cause US stocks and real estate to crash. The "Rich Dad Poor Dad" author predicts the fallout will be devastating for unprepared investors. Kiyosaki has advised investors to buy gold, silver, and bitcoin to weather the downturn. See more stories on Insider's business page. "Rich Dad Poor Dad" author Robert Kiyosaki expects the Evergrande debt crisis to hammer US stocks and real estate, resulting in bargains for shrewd investors but a financial nightmare for the reckless and unprepared."HOUSE of CARDS coming down," Kiyosaki tweeted this week. "Real estate crashing with stock market," he continued, adding that he doesn't believe Evergrande can repay its roughly $300 billion of outstanding loans, and the Chinese developer's property portfolio looks overvalued to him."Will real estate crash spread to US? Yes," the personal-finance guru tweeted. "Great stock and real estate opportunities coming for smart investors. Disaster for foolish investors."Evergrande, one of the world's largest developers, took out massive loans to finance its rapid expansion in recent years. If it fails to pay them and goes bankrupt, its collapse could rattle the Chinese economy and generate shockwaves across global markets.Short seller Jim Chanos warned this week that the Chinese real estate market is on "stilts," and cautioned that Evergrande's implosion could be much worse than the downfall of Lehman Brothers, which helped spark the global financial crisis.Kiyosaki, the founder of Rich Global and Rich Dad Company, has been predicting a painful market downturn for a while."Biggest bubble in world history getting bigger. Biggest crash in world history coming," he tweeted in June.The author has repeatedly advised investors to buy gold, silver, and bitcoin before the crash. Precious metals and cryptocurrencies are more liquid than real estate, serve as a better store of value than dollars being eroded by monetary stimulus, and carry less counterparty risk, he said.Kiyosaki has also underscored the buying opportunities that emerge during sell-offs. "The best time to get rich is during a crash," he tweeted in June.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

Amazon"s planned department stores could have robots, QR codes, and touchscreens in futuristic dressing rooms, a report says

Amazon's planned department stores may have touchscreens in dressing rooms for customers to request more clothes, per The Wall Street Journal report. Amazon already runs physical stores, including its 4-star stores, and plans to open department-store-style shops in 2022, The Wall Street Journal reported. Associated Press Sources told The Wall Street Journal that Amazon's planned department stores could have robots and QR codes. Dressing rooms could have touchscreens for customers requesting more clothes, the sources said. Amazon will sell both own-label clothes and external brands in the stores, The Journal reported. See more stories on Insider's business page. Amazon's planned US department stores could feature robots, QR codes, and touch screens in futuristic dressing rooms, The Wall Street Journal reported on Wednesday.The department stores will mainly sell clothes, including Amazon's own-label T-shirts, jeans, and other items, as well as clothes from outside brands that sell on the company's website, people familiar with the matter told The Journal."As a matter of company policy, we do not comment on rumors or speculation," an Amazon spokesperson told Insider.The Journal first reported in August that Amazon planned to open several department-store-style shops in Ohio and California. They are expected to be around 30,000 square feet, smaller than normal department stores, sources told The Journal at the time.Amazon could eventually introduce robots or other automation machines into the department stores, The Journal reported Wednesday, citing one of the people familiar with the matter.Amazon has tested a feature that would let customers scan QR codes on items with their smartphone to have store assistants place those items in fitting rooms, sources told The Journal.Shoppers could request more clothes through a touch screen in the dressing rooms, sources told The Journal, adding that the screens may be able to recommend items similar to customers' previous requests.As Insider's Mary Hanbury previously reported, Amazon has leaned into its brick-and-mortar business in recent years, opening book, electronics, and grocery stores, including Amazon 4-star and Amazon Go.Critics have long predicted the death of department stores, but Insider's Hayley Peterson and Mary Hanbury argued that Amazon's reported decision to open department stores was a savvy one, and would enable the retail giant to showcase its products, reach new customers, and better compete with Walmart.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

Zoom nabs JPM banker - Citi DEI head"s plans - BofA"s new org chart

The top finance news for Sept. 23, including the latest on Zoom poaching one of JPMorgan's tech bankers, and BofA's new org chart. Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go - click here for iOS and here for Android.On the agenda today:Zoom nabbed a JPMorgan tech banker. Citi's head of diversity wants to shake up Wall Street. Bank of America revealed its new org chart after a massive leadership shakeup. Let's get started. Zoom just nabbed a JPMorgan tech banker Reuters After 16 years with JPMorgan, Sanjay Rao has joined video-conferencing company Zoom to head its M&A strategy. The tech investment banker joins following a year of record-breaking growth for Zoom. More on Rao, the latest Wall Streeter to jump to tech.Citi's new head of diversity wants to shake up Wall Street Bloomberg For Insider's first installment of The Equity Talk, we sat down with Erika Irish Brown, Citi's head of DEI. Brown discussed how she's measuring the effect of DEI at the bank - see what she told us here.Bank of America reveals its new org chart Bank of America Bank of America announced sweeping changes to its leadership team earlier this month, with more than 15 leaders seeing their roles change. We've got two charts breaking down BofA's new leadership, and who's running which business lines.BofA's CEO detailed the firm's approach to tech and ops budgeting John Lamparski/Getty Images Bank of America's Brian Moynihan explained the "constant fight" his new tech and ops leaders will face when cutting costs in their $14 billion budget. Even though the bank has cut the budget down by billions, Moynihan said it's still seeing client volumes grow. Here's what else he said.Procore just agreed to acquire Levelset Courtesy of Levelset and Procore Procore, a cloud-based construction-management software company, announced it will buy software firm Levelset for $500 million. The deal will help Procore solve one of the construction industry's biggest problems: getting paid. Here's what you need to know.A top European bank research analyst is leaving Goldman Sachs Danny Moloshok/Reuters Jernej Omahen, Goldman Sachs' head of research for its European financial institutions group, is leaving the bank. Omahen, a partner and 20-year Goldman veteran, announced his plans to retire this week, marking another partner exit from the firm. What we know so far.ExodusPoint has poached two portfolio managers Icon Sportswire ExodusPoint Capital is looking to supercharge its macro trading business - and has poached two star portfolio managers to do so. Pablo Duran Steinman, head of macro at the family office of George Soros, will join the $14 billion fund, as will Eisler Capital's Mukesh Murarka. More on that here.On our radar:When he first joined Goldman Sachs, Jernej Omahen had 42 interviews in three days, according to eFinancialCareers. More on his interview process.Page Six reports that billionaire John Paulson and wife are in the midst of what could be one of the most expensive divorces of all time.Facebook's CTO is stepping down. Here's everything we know about his departure.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

10 Things in Politics: New emails reveal Hunter Biden wanted $2M for Libya deal: exclusive

And the FDA authorized COVID-19 booster shots for older adults and people considered at high risk. Welcome back to 10 Things in Politics. Sign up here to receive this newsletter. Plus, download Insider's app for news on the go - click here for iOS and here for Android. Send tips to bgriffiths@insider.com.Here's what we're talking about:Emails reveal Hunter Biden asked for $2 million plus 'success fees' to help unfreeze Libyan assetsFDA authorizes Pfizer-BioNTech booster shots for older adults and others at high riskBiden tries to cool Democratic infighting as his agenda hangs in the balanceWith Phil Rosen. Hunter Biden. Teresa Kroeger/Getty Images for World Food Program USA; Samantha Lee/Insider 1. EXCLUSIVE: Insider obtained emails indicating that Hunter Biden asked for a $2 million annual retainer plus "success fees" to help unfreeze Libyan assets during the Obama administration. The communications offer "a window into the mechanics of Beltway influence peddling and the stock that was put in Biden's political connections," as my colleague writes.Here's a look at Insider's latest scoop:Background: The Obama administration froze up to $15 billion in assets during Muammar Gaddafi's rule. In 2015, long after Gaddafi's ouster and death, two Democratic donors with business in the Persian Gulf pitched Hunter Biden about joining their cause.The two donors were frank in discussing Hunter Biden's connections: "Since he travels with dad he is connected everywhere in Europe and Asia where M.Q. [Gaddafi, also spelled Qaddafi] and LIA [Libya Investment Authority] had money frozen. He said he has access to highest level in PRC [China], he can help there," Sam Jauhari, one donor, wrote in January 2015 to Mohammed al-Rahbani, another donor.Nothing appears to have come from the conversations: The White House declined to provide a statement to Insider. An attorney for al-Rahbani said his client "knows to a certainty that he never spoke to and has no recollection of talking about Hunter Biden."Read more about how the emails show how influence peddling works in Washington.2. FDA authorizes booster shots for older adults and others at high risk: The Food and Drug Administration authorized booster doses of Pfizer-BioNTech's COVID-19 vaccine starting six months after the second dose for older adults and others considered at high risk of falling ill. The FDA decision caps more than a month of messy debate over the US vaccination drive. Here's what still needs to happen including CDC approval, which could happen this week.3. Democrats are working feverishly to avoid a shutdown: Senate Majority Leader Chuck Schumer has yet to tell his fellow Democrats what the party's plan B will be to avoid a government shutdown at the end of the month, Politico reports. Top Senate Republicans have made clear they plan not to support a House-passed bill meant to avert a shutdown and avoid a debt default. Should Democrats elect to do something different, they'll have to move quickly to get it passed in time.Former GOP Treasury secretaries couldn't get Mitch McConnell to budge: The former Treasury secretaries Henry Paulson and Steven Mnuchin met with the Senate minority leader to attempt to resolve the debt-ceiling standoff, The Washington Post reports. But they failed to persuade McConnell to change his stance.Tensions are starting to boil over: "We always do this," Sen. Jon Tester, a Democrat from Montana, told Politico of the stalemate, calling it "a ridiculous exercise" and adding that he couldn't "even compare it to anything I do on the farm that's this stupid."4. Biden tries to cool Democratic infighting: Biden met separately with lawmakers from both wings of the Democratic Party to nudge them away from destroying his domestic agenda in the coming days over a series of disagreements, The Washington Post reports. Centrist Democrats are emphatic that Speaker Nancy Pelosi's earlier promise means the House will vote by Monday on a Senate-passed bipartisan infrastructure bill. Progressive lawmakers, though, don't want to pass the bill until the Senate moves forward on a separate $3.5 trillion plan that would drastically change the safety net. But the White House huddles ended without any new agreements, leaving no certainty that party leaders wouldn't avoid the embarrassment of lawmakers opposing the leader of their party. Democratic Rep. Karen Bass of California, Democratic Sen. Cory Booker of New Jersey, and Republican Sen. Tim Scott of South Carolina. Stefani Reynolds/Getty Images 5. Policing talks have collapsed: Sen. Cory Booker, a Democrat from New Jersey, said there was still "too wide a gulf" and significant differences remained between the two major parties. Negotiations on a sweeping federal bill began last year following the killing of George Floyd. Sen. Tim Scott, a Republican from South Carolina who is his party's lead negotiator in the talks, blamed Democrats for the failure to reach a deal. One of the key sticking points was always whether lawmakers would change the way officers should be held liable for wrongdoing, particularly the issue of so-called qualified immunity. More on the collapse and what Democrats are calling on Biden to do by himself.6. Bush seeking to boost Rep. Liz Cheney's reelection: Former President George W. Bush, in what would be his first event for the midterm cycle, plans to hold a fundraiser for Cheney in Dallas next month. The announcement comes just two weeks after former President Donald Trump endorsed Cheney's GOP primary opponent, Harriet Hageman. Trump has aggressively attacked Cheney, especially after the Wyoming lawmaker voted to impeach him following the Capitol insurrection. More on the long-running feud between the past two GOP presidents.7. James Mattis testifies that he came to doubt Theranos' claims: Mattis, a former defense secretary, testified that he and other Theranos board members were taken aback by issues with the company's technology, The Wall Street Journal reports. "There came a point when I didn't know what to believe about Theranos anymore," Mattis said while on the stand ​​​​during the Theranos founder Elizabeth Holmes' fraud trial. More on Mattis' testimony, including his disclosure that he invested $85,000 in Theranos.8. France is starting to cool off following its submarine snub: France's US ambassador is set to return to his post following his dramatic departure after the US and the UK announced a submarine deal with Australia that cut out the French. The White House and French President Emmanuel Macron released a joint statement announcing the move after a call between the two leaders. Biden and Macron are now set to meet in Europe to further hash things out.9. Texas gov. praises state troopers for erecting a "steel barrier" of vehicles along the border: Gov. Greg Abbott on Tuesday praised border officials and state troopers for positioning miles of police vehicles to deter Haitian migrants from crossing into Texas. Abbott, a Republican, laced into Biden, arguing that the president wasn't doing enough to secure the border. The latest on the situation.10. You can get into every US national park free on Saturday: Entry is free for National Public Lands Day, one of six days this year when national parks open at no entry costs to visitors. You can go look around, hike, and hang out, but the waiver won't cover fees for camping, boat launches, or special tours. Here's everything you need to know for your trip.Today's trivia question: The first memorial built on the Ellipse, an area near the White House, honors the only two American officials thought to be killed in which tragedy? Email your guess and a suggested question to me at bgriffiths@insider.com.Yesterday's answer: The famed director Alfred Hitchcock's iconic movie "North by Northwest" required Cary Grant to be secretly filmed on the UN grounds.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

A school district in Georgia has raised substitute teacher pay from $89 to $189 a day as schools struggle to find staff

Cobb County School District in metro Atlanta is also hiking pay for supply teachers by $100 a day, as schools across the US struggle to find staff. The district also raised supply teacher pay to $212 a day.rom $112. Cavan Images/Getty Images A school district in Georgia more than doubled pay for substitute teachers, reports say. They're now earning $189 a day. Teachers have been leaving the profession because of burnout and fears of catching the coronavirus. See more stories on Insider's business page. A school district in metro Atlanta has hiked substitute teachers' pay from $89 a day to $189 a day.Cobb County School District, which has 112 schools, raised wages starting September 6, as schools across the US struggle to find staff. The district also raised supply teacher pay from $112 a day to $212 a day.Substitute and supply teachers are in particularly high demand in some areas to cover for teachers who are isolating after being exposed to the coronavirus.The district said it was using funding from CARES, a federal coronavirus relief fund, to finance the raises. The higher rates of pay are set to expire in May.Some teachers have left the profession because of burnout and fears of catching the coronavirus. More than half of the 484 K-12 employees surveyed by the Center for State and Local Government Excellence in February said that "the risks I'm taking working during the COVID-19 pandemic are not on par with my compensation."Schools have been dangling massive bonuses to retain staff, with one district in South Carolina giving teachers $2,500 bonuses. Georgia offered $1,000 to all K-12 public school-level staff including teachers, nurses, and admin staff in March.Other school districts across Georgia are raising pay for substitute teachers, too.Fulton County Schools District, for example, has raised daily pay for substitute teachers from $100 to $175, and from $120 to $200 for those in long-term substitute jobs. "The incentive plan aims to counter the shortage caused by the pandemic," the district says on its website.Schools are struggling to find bus drivers, too.Georgia's Cobb County School District is offering $1,200 retention bonuses to all bus drivers and monitors. The governor of Massachusetts activated 250 National Guard members to drive school buses, and one high school in Boston was even forced to hire a party bus with a stripper pole to take pupils on a field trip.Expanded Coverage Module: what-is-the-labor-shortage-and-how-long-will-it-lastRead the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News

Global chip shortages are expected to cost automakers $210 billion in 2021 - almost double previous estimates, a consulting firm says

The chip shortage means fewer cars are being made, and US dealer lots have only 20 days' supply of vehicles left, AlixPartners said. The chip shortage is expected to cost the automotive industry $210 billion in revenue in 2021, according to consulting firm AlixPartners. Owen Humphreys - PA Images/Getty Images Chip shortages could cost automakers $210 billion in revenue this year, a consulting firm said. Consulting firm AlixPartners said there could be 7.7 million fewer vehicles made this year. US dealer lots have about 20 days' supply of vehicles, less than half the normal levels, it said. See more stories on Insider's business page. Automakers could lose $210 billion in revenue this year because of global chip shortages, consulting firm AlixPartners said Thursday.The new projection is nearly double AlixPartners' previous forecast in May, which estimated that automakers would lose $110 billion in revenue in 2021, the firm said in a press release.The firm said that there could be 7.7 million fewer vehicles made this year, almost double its previous estimate in May of 3.9 million.The new forecast comes as automakers and commercial truck manufacturers warned that semiconductor shortages and commodity price spikes have persisted, rather than eased, as the year comes to an end.US dealer lots have about 20 days' supply of vehicles, less than half the normal levels, which has led to sluggish sales, Dan Hearsch, a managing director in Alixpartners auto practice, told Reuters."We had originally assumed we would get back to normal and claw back volume" in the fourth quarter, Hearsch told Reuters. "That is not going to happen."Automakers could have tight inventories until late 2022 or early 2023, he added.Semiconductor shortages are just part of the problem: Tight supplies of materials such as steel and plastic resin are driving up costs. Backlogs at major US ports are hampering auto manufacturers' efforts to import more of the materials, Hearsch told Reuters.In response, automakers are committing to longer contracts to lock in supplies, buying as much as 40 to 50 weeks in advance, Hearsch said."They are signing up for things they would never have done a year ago," he told Reuters.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER5 hr. 35 min. ago Related News