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- 12/12/18--07:41: _Here's how a 'wave ...
- 12/12/18--07:43: _This startup plans ...
- 12/12/18--07:45: _Gigi Hadid wore a s...
- 12/12/18--07:45: _Ellen DeGeneres is ...
- 12/12/18--07:50: _Every traveler shou...
- 12/12/18--07:50: _This data-driven ba...
- 12/12/18--07:51: _Mika Brzezinski ask...
- 12/12/18--07:53: _LIVE: Conservative ...
- 12/12/18--07:56: _A $21 billion hedge...
- 12/12/18--07:58: _Boeing just launche...
- 12/12/18--08:01: _A new program from ...
- 12/12/18--08:04: _Bradley Cooper keep...
- 12/12/18--08:04: _IoT Report: How Int...
- 12/12/18--08:06: _'If I lost it all t...
- 12/12/18--08:06: _Japan is loading up...
- 12/12/18--08:10: _26 magical 'Harry P...
- 12/12/18--14:35: _Thomas Muller was g...
- 12/12/18--14:37: _What 7 dietitians o...
- 12/12/18--14:39: _These are the bigge...
- 12/12/18--14:39: _China hasn't approv...
- 12/12/18--07:41: Here's how a 'wave ceiling' keeps this outdoor restaurant cool
- A fintech startup is giving cash rewards for consumers who sign up for its account and then take active steps to improve their financial health.
- Status Money is pioneering a novel approach to personal financial management, effectively sharing some of the referral money with customers that it collects from suggesting credit cards or personal loans.
- The startup is one of the first to introduce techniques more akin to video games into the personal finance arena. JPMorgan is among other firms considering similar moves.
- On Tuesday, Gigi Hadid was spotted in New York City wearing an all-orange outfit.
- The model's shirt was held together by a single small button.
- But her lace-covered orange jeans, made by sustainable couture label RVDK, and $1,295 printed Christian Louboutin boots stole the show.
- Bella Hadid wore a similar style of shirt back in October during a stroll around New York City with The Weeknd.
- According to a new profile in The New York Times, Ellen DeGeneres is considering retiring from her daytime talk show she has hosted for over 15 years.
- The Times said that she has received conflicting advice, and changed her mind several times.
- DeGeneres was the second highest-paid TV host in the world this year, according to Forbes, and the highest-paid talk show host.
- Her first standup comedy special in 15 years premieres on Netflix next week.
- International overweight bag fees range from $50 to $200 depending on airline carriers and how much your bag is over the predetermined limit.
- This $9 digital luggage scale can save you hours of frustration and hundreds of dollars even if you don't consider yourself an overpacker.
- It can weigh bags and suitcases up to 100 pounds. It also weighs less than five ounces itself, so it won't add much to your overall bag weight.
- Mika Brzezinski on Wednesday ripped into Secretary of State Mike Pompeo after he deflected questions on the killing of Saudi journalist Jamal Khashoggi during an interview with "Fox & Friends."
- The MSNBC host said, "Are the pathetic deflections that we just heard – is that a patriot speaking? Or a wannabe dictator's butt boy?"
- Brzezinski later apologized for her commentary after she was accused of homophobia.
- Pompeo defended the Trump administration's response to the killing and emphasized the strategic partnership between the US and Saudi Arabia.
- Pompeo was set to brief the House on Khashoggi's killing later on Wednesday.
BlueMountain Capital Management, which manages $21 billion, told investors in a recent letter obtained by Business Insider that it increased its stake in utility company Pacific Gas & Electric, despite a November filing from the company warning of liabilities "in excess of insurance coverage" from the deadly Camp Fire in California.
BlueMountain believes the market overreacted to the company's filing and writes in its letter that estimated insured losses and private litigation claims against the company from both the Camp Fire and a 2017 fire are "overstated."
- Boeing Business Jets launched its new BBJ 777X private jet on Monday at the Middle East Business Aviation Association Show in Dubai, United Arab Emirates.
- The BBJ 777X is the private jet version of the next-generation Boeing 777X airliner.
- Boeing unveiled the BBJ 777X with a trio of interior design concepts from Greenpoint Technologies, Jet Aviation, and Unique Aircraft Design.
- The Boeing 777-8 has a list price of $394.9 million while the larger 777-9 costs $425.8 million.
- The list price does not include the cost of the custom interior.
- The Boeing 777-9 is expected to enter service in 2020 while the 777-8 is expected to follow soon after.
- Bradley Cooper keeps doing up the bottom button on his blazer.
- It breaks suit etiquette that's been tradition since the days of King Edward VII.
- It also looks bad.
- As Jack Stammers of Jack Davison Bespoke tailors in London tells INSIDER, doing up your bottom button can pull the blazer awkwardly around the midriff, which looks unflattering.
- It's not the first time the actor/director has made the mistake.
- Despite his momentary lapse, Cooper is normally something of a style icon.
- We project that there will be more than 55 billion IoT devices by 2025, up from about 9 billion in 2017.
- We forecast that there will be nearly $15 trillion in aggregate IoT investment between 2017 and 2025, with survey data showing that companies' plans to invest in IoT solutions are accelerating.
- The report highlights the opinions and experiences of IoT decision-makers on topics that include: drivers for adoption; major challenges and pain points; deployment and maturity of IoT implementations; investment in and utilization of devices; the decision-making process; and forward- looking plans.
- Provides a primer on the basics of the IoT ecosystem.
- Offers forecasts for the IoT moving forward, and highlights areas of interest in the coming years.
- Looks at who is and is not adopting the IoT, and why.
- Highlights drivers and challenges facing companies that are implementing IoT solutions.
- Brad Katsuyama worked as an executive for the Royal Bank of Canada. Instead of retiring from the RBC, he decided to launch his own company, the Investors Exchange (IEX).
- As the cofounder and CEO of IEX, Katsuyama is determined to build a company he's proud of, but not one that defines who he is.
- He said he's learned to differentiate personal and professional success.
- Japan plans to purchase 147 F-35 Lightning II Joint Strike Fighters, Keitaro Ohno, parliamentary vice minister of defense for Japan’s ruling party, revealed Wednesday.
- 107 F-35As will replace an aging fleet of F-4 and F-15 fighters, and 40 B variants are expected to serve aboard refitted Izumo-class destroyers.
- The focus, according to Ohno, is responding to China in the Pacific.
- Thomas Muller got sent off during Bayern Munich's match at Ajax, after seemingly taekwondo-kicking Nicolas Tagliafico.
- The Ajax full back required medical treatment on the soccer pitch, but was eventually deemed fit enough to return to the game.
- The game finished 3-3 but you can watch the reckless foul below.
- Read all of Business Insider's coverage for the 2018-2019 European soccer season right here.
- 12/12/18--14:37: What 7 dietitians order at Chipotle
- INSIDER spoke to seven dietitians about what they actually order at Chipotle.
- None of the dietitians order burrito or tacos at Chipotle.
- One tortilla can add over 300 calories to your meal.
- Most of the dieticians load up on salsa.
- Regulations have helped the US, Europe, and China become the three largest potential markets in the world for commercial drone use.
- In the US, the Federal Aviation Administration (FAA) governs all commercial and consumer drone use. Meanwhile, a slew of states have their own regulations that companies deploying drones have to navigate through.
- In Europe, the lack of EU-wide drone regulations creates a patchwork of national regulations that resembles the state-level rules in the US.
- In China, the military controls over half of the airspace, confining drones to a small area of the country relative to the US and other nations.
- While on paper several of the regulations in Europe are the same as in the US, many European countries have been far more lenient in granting exemptions to their requirements.
- Commercial drone laws in most of these countries are set to change to allow for more widespread use in the next couple years, helping operators fly their aircraft in new locations and for new use cases.
- Offers an in-depth overview of the current regulatory landscapes at the national, transnational, and local levels, and discusses how they're shaping the development of the drone industry in several large markets.
- Gives examples of how companies are working with and around these regulations to deploy drones in a manner that government officials find permissible.
- Provides a look at what regulations will change in the coming years, and explains how that will impact companies operating drones.
- The Chinese government has not approved any new video games for release in the country since March 2018, and the freeze could continue into early 2019.
- China recently announced the formation of an Online Games Ethics Committe, but the committee's first batch of reviews resulted in zero approvals.
- Video game publishers are working to meet the government's criteria, even as the halt in approvals has meant they're losing money in a huge market.
A startup plans to pay you for opening a credit card with a lower rate. Or moving your money into a higher-yielding savings account. Or using a coupon at your favorite retailer.
The service is the brainchild of Status Money, a relatively new player in an industry led by larger firms like Mint or CreditKarma that recommend credit card offers, high-yield savings accounts or online personal loans within free personal finance software. In return for sharing their data, consumers get access to offers. The tech companies receive what is effectively a referral fee.
Status' rewards program, months in the making, aims to share some of that fee with users and also persuade them to improve their financial health in other ways that don't necessarily mean revenue for the startup, according to Majd Maksad, one of its founders.
"This is the first program in this space that gives people cash rewards," Maksad said. "These aren't points or some weird currency, this is real money."
Status and other firms are positioning themselves at the nexus of two prevailing global trends: the growing use of technology that's spitting out vast troves of data to mine for valuable insights and the drive to use behavioral economics findings to create policies to help persuade humans to be more healthy. Those suggestions may include nudging them to walk more, signing up for a retirement program at work or, as of Tuesday, paying them to move money into a higher-yielding savings account.
The aim isn’t entirely altruistic. Status’ rewards are likely to distinguish it from competitors and encourage people to engage more fully with the sales leads on its site. If successful, that would mean more user growth and higher revenue.
Read more: 'If you get to 700, 750, we'll cut your mortgage costs a little bit': JPMorgan is working on ways to reward you for improving your credit score, and it may be the future of consumer finance
The product works like this: an individual receives $5 for opening an account (a badge on the homepage touts the cash value) and another $2 for linking various bank and credit bureau accounts. Users can then earn additional rewards by signing up for other financial products that Status recommends, or engaging in other activity on the site. Like a game, badges identify opportunities and encourage engagement.
That could mean signing up for things like a high yield savings account or refinancing a loan, and even managing a budget. It could mean using a coupon at your favorite retailer, delivering rewards on top of the savings. And the firm is even in talks with a daily deals site to offer additional rewards to nudge consumers into using that coupon for a restaurant or sightseeing cruise that they bought months ago.
Once $10 or more has been collected, Status allows user to withdraw the funds and drop them into a linked bank account. Some products may deliver $20 or more in rewards; there's no cap on the amount of rewards that can be earned and they don't expire.
The idea is to turn a traditional technology model on its head. Rather than simply monetizing the data it collects through bank accounts and credit files and offering a free service in exchange Status aims to return some of that value to consumers. And adds transparency around how it's being used. The firm doesn't sell data or share it with third parties.
"If I’m the consumer giving you data and information, why don’t I get a share of that?" Maksad said in an interview. "What we’re trying to do is create a more of a shared business model."
Maksad, the former head of decision management for Citigroup's digital payments group, founded Status with Korash Hernandez, a colleague from Citi who had left to become one of the first employees at Goldman Sachs's online lender, Marcus. They joined up in May 2016, raising $4 million in a seed round from AltPoint Ventures. The website was unveiled in September 2017 and there's now a mobile app for the more than 200,000 users.
From the beginning, the two data scientists aimed to separate themselves from the larger competitors by using machine learning to make smarter recommendations — delivering better leads to its partners — and to return real value to consumers.
The initial product was a dashboard comparing an individual's financial situation to peers based on factors such as address, age, or credit score. It delivers information about how they stack up to peers and, hopefully, persuades them to take action to save more or spend less, Maksad said.
"The equation between consumers and their tech companies is going to have to change," Maksad said. "There is no doubt in our minds that open data and financial transparency is coming. We want to be one of the ones to lead that change."
JPMorgan — the largest bank in the country – is also considering ways it can reward people for improving their financial health, CEO Jamie Dimon said in a July interview with Business Insider. The firm would provide incentives, like reducing loan costs, for lifting a credit score to a certain threshold, Dimon said. The bank is thinking about beta testing several tools around that idea, though it's unclear whether those would be tied to improving credit scores, financial education, or other things.
Gigi Hadid could not be missed as she walked around New York City on Tuesday.
Decked out in head-to-toe orange, the model was spotted wearing a leather trench coat by Moschino over a glossy long-sleeved shirt, which was held together by a single small button.
Gigi completed the monochromatic look with high-waisted, lace-covered orange jeans by sustainable couture label RVDK and $1,295 printed Christian Louboutin booties.
Gigi's younger sister, Bella, wore a similar style of shirt back in October during a stroll around New York City with The Weeknd.
That day, Bella kept warm in a $1,690 navy blue and black puffer coat by Ben Taverniti Unravel Project.
Under the jacket, she wore a matching shirt and pant set that looked like it was made of a dark-wash denim-style material from afar. (The Ellie Mae pieces are actually made mostly of cotton.)
Bella left the top unbuttoned from the chest down, exposing her midriff in a makeshift cutout.
The model accessorized the ensemble with black Dr. Martens boots and a mini Prada handbag.
Visit INSIDER's homepage for more.
NOW WATCH: 7 things you shouldn't buy on Black Friday
Ellen DeGeneres has hosted her daytime talk show, "The Ellen DeGeneres Show," for over 15 years, and that run could be ending soon.
According to a new profile in The New York Times, DeGeneres is considering retiring from the show. The Times wrote that she's received "conflicting advice" from her wife, actress Portia de Rossi, and her brother, comedian Vance DeGeneres, and that she has changed her mind "more than once."
DeGeneres is the second highest-paid TV host of 2018, according to Forbes, behind only Judge Judy. That makes her the highest-paid talk show host in the world, daytime or nightly. Between June 2017 and June 2018, Forbes estimated that DeGeneres made $87.5 million.
But even with her wealth and a large fanbase, the Times piece makes it clear that DeGeneres is looking for something different. Netflix will release her first standup comedy special since before her talk show premiered, called "Relatable," on December 18.
"After doing the show for 16 years, it’s second nature," Vance DeGeneres told the Times. "She wanted to break out of, not a rut, but a mold."
"I wanted to show all of me," DeGeneres added. "The talk show is me, but I’m also playing a character of a talk-show host. There’s a tiny, tiny bit of difference."
The Insider Picks team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.
There's no bigger rush than finding an international flight deal. There's also no bigger buzzkill than finding out that there are unreasonably low bag weights.
So, before I went on a two-week, three-city vacation to Australia, I bought this $9 digital luggage scale from Etekcity. It saved me from having to pay $80 in overweight baggage fees on that trip alone.
After booking my tickets to Australia, when I read that passengers could only bring one carry-on and one personal item that totaled to 15 pounds and check-in bags couldn't be more than 40 pounds, I knew I was going to have a hard time packing. Even though I was traveling for two weeks, you can bet that I was packing three weeks' worth of clothes, accessories, shoes, and makeup. Not to mention I had to save space for all the souvenirs I'd bring home.
The digital scale proved to be a lifesaver. I was able to weigh my bags throughout my packing process so I packed more thoughtfully (I guess I didn't need five pairs of jeans after all) and avoided paying overweight baggage fees on all the legs of my trip.
The scale is super small and weighs under five ounces so it'll barely register in your suitcase, and using it is fool-proof.
Once you've packed your bag or suitcase, loop the scale around any handle. Then lift the scale up for a few seconds, and the digital display will show how much your bag weighs. From there, you can repack as needed in the comfort of your own home — not at the airport in front of 12 annoyed passengers and future seatmates. Even if you aren't an overpacker like me, you'll have total peace of mind just in case check-in agents try to scam you and say your bag is over the weight limit.
Since I bought this scale, I've used it on trips to Iceland, Hong Kong, Turks and Caicos, Greece, and more, and have never had an issue with overweight baggage. In fact, it's helped me discover that I had more room in my suitcase for shoes.
Secure electronic banking, ubiquitous mobile technology, and an overwhelming volume of financial information available in an instant have created a demanding global audience of banking consumers — along with endless opportunities for financial institutions to reshape themselves into lean, customer-centric organizations. But only if they have the analytics they need to make truly data-driven decisions.
It might seem like the self-service business intelligence (BI) tools that have entered the marketplace in the last decade could enable this. These tools do create beautiful dashboards that look compelling and give everyone from branch managers to banking executives a snapshot answer to “What is happening?” in their branches, regions, and global markets.
Naturally, it is good to know what’s happening. But these basic BI tools can’t take the next step — the vital step — to answer “Why is it happening?”
Getting past bias and a skill gap to get to the why.
Figuring out how to give consumers what they want, creating new financial products, and understanding where to go next with your marketing all require discovering new insights within your data, and doing it in new ways. Yet basic BI tools cannot tell you why customers in Europe are moving away from your money market accounts, or what has caused a sharp increase in new account openings in Asia.
Also, just because people in your bank use these analytics tools, it doesn’t mean they know how to use them correctly. Even if they do have those skills, they might still use faulty analytical methods such as proving causation with correlation or explaining outcomes with key performance indicators. Then there is the most persistent danger of all: Users who look at data through the lens of their own unrecognized bias, which keeps them from seeing what’s really in the data or uncovering game-changing innovations. If you haven’t addressed these issues, you need to ask yourself: Is your financial institution hearing what it wants to hear, or what it needs to hear?
A new age of analytics is dawning for banks.
So, how can your financial institution make the unbiased decisions that anticipate the desires of the consumer? It takes a new breed of analytics that infuses traditional BI with “smarts,” a lighthearted term for serious technology: augmented intelligence. Augmented intelligence enables data analytics tools that can learn and adapt to individual needs and, more importantly, give users precise answers based on contextual recommendations. Also, automated pattern detection helps users gain access to better answers by reducing human bias.
The result? Analytics that goes far beyond descriptive dashboard reporting and puts advanced analytics, smart data discovery, natural language queries, and sophisticated data storytelling capabilities in the hands of every data-driven professional in your organization. Everyone works more efficiently and effectively, and your bank is better able to meet the needs of the markets and, most importantly, customers.
To better understand how this works, take a look at our interactive SmartPaper, “The next wave of business intelligence.” Meanwhile, imagine using patterns in your data to identify clients with a high probability of accepting marketing offers and then adjusting your campaigns accordingly. When a South American bank used smart analytics to do just that, it saw revenue from retail customers increase by close to 60%. Or consider the example of the Polish bank that uses smart analytics to provide personalized loan offers even while automating its loan-approval process.
IBM Cognos Analytics is a BI software that has been completely reconceived to include machine learning, automated pattern detection, intelligent and interactive dashboards, and simple, reusable, drag-and-drop reporting. Beautiful visualizations will show you how your marketing efforts are translating into sales, but also help you understand previously hidden relationships in the data that lead to breakthrough insights.
This post is sponsor content from IBM and was created by IBM and Insider Studios.
Mika Brzezinski on Wednesday ripped into Secretary of State Mike Pompeo after he deflected questions on the killing of Saudi journalist Jamal Khashoggi during an interview with "Fox & Friends."
The MSNBC host said, "Are the pathetic deflections that we just heard – is that a patriot speaking? Or a wannabe dictator's butt boy?"
Brzezinski later apologized for her commentary after she was accused of homophobia and equating "homosexuality with Mike Pompeo carrying water for the murderous regime in Saudi Arabia."
She said her choice of words was "SUPER BAD" and that she should've "said 'water boy' ... like for football teams or something like that." Brzezinski added that she's "SO SORRY."
.@morningmika responds to Mike Pompeo downplaying Saudi Arabia murdering dissident journalist and US resident Khashoggi by asking, "are the pathetic deflections that we just heard -- is that a patriot speaking? Or a wannabe dictator's butt boy?"pic.twitter.com/xO6VmSqVpa— Aaron Rupar (@atrupar) December 12, 2018
During his interview with "Fox & Friends" earlier in the day, the secretary of state was pressed about President Donald Trump's response to Khashoggi's killing, which has put the US-Saudi relationship in a precarious position.
Trump has been criticized for being too soft on the Saudis and accused of undermining the US intelligence community for refusing to hold Saudi Crown Prince Mohammed bin Salman accountable for the brutal killing.
The CIA has reportedly concluded with "high confidence" the crown prince ordered the killing, but Trump has continued to stand by the controversial Saudi ruler.
Pompeo refused to steer away from the Trump administration's stance on this issue when questioned on Wednesday morning.
The secretary of state said Khashoggi's killing was "heinous" and noted the Trump administration has imposed sanctions on 17 Saudis allegedly connected to the journalist's death.
"We'll continue to develop the facts," Pompeo said, adding, "But America has an important ally in the kingdom of Saudi Arabia. They work with us on issues that provide security for America and for Israel."
"Fox and Friends" host Brian Kilmeade then noted Republican lawmakers, including allies of Trump, have directly blamed the crown prince for Khashoggi's killing and questioned why the president is continuing to support the kingdom in such a forceful manner.
"But Mr. Secretary they're the ones who are putting it in peril, not us," Kilmeade said of the US-Saudi relationship.
Kilmeade added, "They're the ones who have evidently pulled this off and when you have people like Lindsey Graham, hardly an enemy of the White House, and Bob Corker, and you even have audiotapes. We know that the prince knows, right? You know – you looked him in the eye. You know that he knows."
Pompeo said the US intends to hold everyone involved accountable, but added, "The kingdom of Saudi Arabia decides who's running the country ... We are working closely with the kingdom to make sure that America is protected."
The secretary of state also said "some of the reporting you've seen" claiming the CIA has concluded the crown prince ordered the hit on Khashoggi is "inaccurate." He said the facts surrounding Khashoggi's killing, which occurred in the Saudi consulate on October 2, are still "developing."
"Fox and Friends" co-host Ainsley Earhardt then noted how "brutal" and "awful" audio tapes of the killing reportedly are and said "someone has the pay the price." Pompeo claimed the Saudis have "already paid the price" and urged the hosts to "remember" that "Iran is running rampant throughout the Middle East."
The Trump administration often turns the topic to Iran when pressed over the increasingly strained relationship between the US and Saudi Arabia.
Pompeo was set to brief the House on Khashoggi's killing later on Wednesday.
The secretary of state's remarks on "Fox and Friends" came after Trump defended Prince Mohammed yet again in an interview with Reuters on Tuesday. "He's the leader of Saudi Arabia. They've been a very good ally,"Trump said.
Trump has been accused of helping the Saudis "cover up" Khashoggi's killing.
LONDON — Theresa May will face a leadership challenge this evening after 48 Tory MPs sent letters demanding a no-confidence vote.
Conservative MP Graham Brady, the committee's chairman, said a ballot will be held between 6pm and 8pm tonight in the House of Commons.
"The votes will be counted immediately afterwards and an announcement will be made as soon as possible in the evening," Brady said.
Follow Business Insider's liveblog for the latest developments in another hectic day at Westminster.
15:49: Downing Street restores whip to MP reprimanded for sexual misconduct
In a sign that perhaps the government isn't feeling overly confident about the vote later, it has decided to restore the whip for Andrew Griffiths MP, meaning he can partake in the vote.
Griffiths had his whip removed by Conservative party authorities in July for sending 2,000 explicit messages to two women. In the text messages, he demanded explicit pictures and videos, and offered to pay for a flat where they could meet and have sex.
Dawn Butler MP, Labour's Shadow Women and Equalities Secretary said: "It is a betrayal of women for the Tories to let an MP who was suspended for sexual harassment back into their party just to allow them to vote for Theresa May in the leadership challenge."
15:24: The Brexit deal cannot be renegotiated, European Parliament says
In a statement published in the last few minutes, leaders in the European Parliament warn the UK that the Brexit deal is "fair and balanced" and will not be renegotiated.
The Withdrawal Agreement which Theresa May is struggling to sell to MPs is "the only deal possible," the statement says, adding that a recent conference of European Parliament leaders, "stressed that that renegotiating the backstop was not possible since it is the guarantee that in whatever circumstance there could be no hardening of the border on the island of Ireland."
It adds: "The Conference reiterated that without a backstop Parliament would not give its consent to the Withdrawal Agreement."
Remember, the European Parliament, like the UK Parliament, can veto the deal.
14:50: ERG Conservatives believe the vote will be close
Despite at least half of all Conservative MPs publicly declaring support for Theresa May, members of the pro-Brexit European Research Group believe it'll be a close vote.
"It'll be close and there are Cabinet ministers who will vote against her," one ERG source tells Business Insider.
Cabinet members have said they will vote for May. What they decide to do in a secret vote might be different, however...
See the rest of the story at Business Insider
BlueMountain Capital Management has doubled down on its investment into spiraling California utility company Pacific Gas & Electric, as the $21 billion hedge fund manager believes the market has overreacted to the impact of the deadly Camp Fire.
In a December letter to investors obtained by Business Insider, BlueMountain wrote that the firm increased its stake in PG&E by 88% to approximately 11 million shares over the last two weeks. The publicly traded utility company's stock price has fallen by as much as 60% since the Camp Fire began. It closed Tuesday trading at $26.06 a share.
While the manager believes liabilities will exceed the utility company's remaining insurance for this year, BlueMountain told investors that the current estimates of liabilities from the Camp Fire and 2017's Tubbs Fire in Napa have been "overstated." The market, the letter stated, also has not considered the possibility that an investigation into the cause of the 2017 fire will clear PG&E's name.
"The market assumes too high a probability that PG&E caused the Tubbs Fire, overestimates the face value of 2018 Camp Fire liabilities, and does not incorporate the several ways that the face amount of liabilities may be reduced," the letter said. The manager told investors that it had hired PA Consulting, a London-based consulting firm that specializes in the defense, energy and utilities industries, among others, to "locally investigate" the cause of the Tubbs Fire, and "their report affirmed our assessment" that PG&E did not cause the fire.
The letter includes a chart that shows that BlueMountain predicts insured losses for the two fires to be $11.7 billion total, while sell-side analysts' estimates average out to more than $19 billion. BlueMountain also said the likelihood of back-to-back years of fires of Camp and Tubbs' magnitude "was approximately 1 in 150."
The manager's target price for the stock is $59.10, while analysts' average target is $40.20, the letter stated.
The Camp Fire was the deadliest in California history, killing at least 85, according to the Butte County Sheriff Office. The Tubbs Fire killed 22 people when it tore through California's Napa wine region last October.
PG&E's stock was hit hard after it disclosed in a regulatory filing in mid-November that Camp Fire liabilities may exceed the company's insurance coverage, and BlueMountain's letter makes clear it saw that as an opportunity to buy.
The firm has hedged its bet on PG&E with a short of State Street Global Advisors Utilities Select Sector SPDR ETF, which tracks an index of utility providers, BlueMountain said in its letter.
A BlueMountain spokesman confirmed the authenticity of the letter but didn't comment further.
The upcoming Boeing 777X has some big shoes to fill. The new wide-body is set to be Boeing's next flagship and the replacement for the iconic 747 Jumbo Jet.
And now there's going to be a private jet version of the airliner.
On Monday, Boeing Business Jets launched the BBJ 777X at bi-annual Middle East Business Aviation Association Show (MEBAA) in Dubai, United Arab Emirates.
"Our most exclusive customers want to travel with the best space and comfort and fly directly to their destination," Greg Laxton, head of Boeing Business Jets, said in a statement. "The new BBJ 777X will be able to do this like no other airplane before it, redefining ultra-long range VIP travel."
Since 1996, BBJ has been turning Boeing's commercial airliners into opulent private jets for the world's wealthy elite.
BBJ doesn't sell many planes with just 261 orders in company history, but the aircraft they do turn out are works of flying art.
In addition to the 777X, BBJ has also developed private jet versions of the 737, 787 Dreamliner, and the 747.
Here's a closer look at the new BBJ 777X:
The BBJ 777X is based on the new Boeing 777X airliner.
Like the commercial airliner on which it is based, the BBJ 777X will be available in both 777-8 and the larger 777-9 variants.
The BBJ 777-8 has a range of 13,400 miles while the larger BBJ 777-9 can go up 12,700 miles. That's several thousand miles further than the airliner versions of the planes can fly.
See the rest of the story at Business Insider
UK-based fintech solution provider Contis has launched a new fast-track program aimed at helping fellow startups get off the ground. The program was launched in partnership with Visa, and allows fintechs to roll out Visa prepaid cards and banking capabilities.
By being part of the program, these companies can go live with a proof of concept (PoC) and access to up to 1,000 customer accounts in as little as four weeks. To launch their services, fintechs can use Contis’ banking and processing platform, as well as its application programming interface (API).
Contis provides banking services to customers directly, but allowing other companies to use its technology might be a more lucrative business. Its offering for customers directly, dubbed Freedom by Contis, is available for consumers and businesses. It allows users to sign up in 2 minutes, after which they receive a Visa contactless debit card, which is connected to Freedom’s app.
However, it seems that allowing other companies to use its tech and offer these services may be a more lucrative option for Contis, as the UK’s neobank market is getting increasingly crowded. As such, it is becoming more and more important for new players to go to market as quickly as possible. That means a number of players will likely be interested in working with Contis to launch their services at a faster pace than working alone.
Other neobank players in the UK are also turning to the B2B market. Starling went down a similar route when it expanded its Banking-as-a-Service (BaaS) offering earlier this year. The neobank's B2B customers already include banking giant RBS and German savings marketplace Raisin.
It is likely that companies will choose to work with BaaS providers that they know have been successful providing their technology to other players, as this builds confidence. Hence, Contis offering a fast-track solution for fintechs now may help the company to establish itself as a BaaS player for banking capabilities before the market gets too crowded.
Will Bradley Cooper ever learn?
The A-list actor keeps making the same classic suit mistake time and time again.
Cooper arrived at the Japan premiere of "A Star Is Born,"which he directed and starred in, wearing an extremely elegant herringbone coat.
It looked like a perfectly sartorial outfit choice from Cooper, who teamed his outerwear with blue windowpane trousers, a navy patterned tie, and polished brown dress shoes.
It was all going so well — until he took his jacket off.
Cooper's elegant blue suit was marred by a textbook faux pas: his blazer's bottom button was done up.
This is basically lesson one in suit-wearing and one of the cardinal sins any man can make with his tailoring.
The tradition supposedly dates back to the days of King Edward VII (who ruled from 1901 to 1910). The story goes that the king got too fat for his waistcoat as suits were becoming in vogue, so he stopped fastening the bottom button to make it fit better.
Out of respect for him, the British court — and, eventually, everyone else in England and the British colonies — stopped buttoning their bottom buttons, too. The style has stuck ever since.
Leaving your bottom button undone also makes sense for practical purposes too, Jack Stammers of Jack Davison Bespoke tailors in London tells INSIDER.
"Leaving the bottom button undone dates back centuries. However, nowadays, many modern suits are made in a way that the front edge of the suit is more cut away, and when the second button is done up can look to be pulling and unflattering to the intended cut."
As a result, Cooper's blazer wraps awkwardly around his midriff in a way that widens him at the waist and slims his chest — not a good look.
Colin Hunter, cofounder of American menswear company Alton Lane, agreed that this is one fashion rule that should never be broken.
"There are some stylistic decisions that could be debatable based on personal preference," he said.
"This isn't one of them.
"The standard rule on a blazer or suit jacket is to always leave the last button undone. For a three-button jacket, you would button the top two buttons and for a two button jacket, you only button the top one.
"I'm surprised to see Bradley make this mistake, since his style is usually so on point."
It's also not the first time Cooper has gone rogue with his bottom button. D'Marge notes that the actor went fully-fastened to another "A Star Is Born" premiere, and to the Wimbledon tennis tournament previously.
Stammers was quick to stipulate that despite Cooper's lapse in style judgement, he's usually a figure of inspiration for all things fashion and tailoring.
Just take a look at how much better he looks with the traditional bottom button undone.
Bradley, if you're reading this, please stop doing up that bottom button.
The Internet of Things (IoT) is transforming how companies and consumers go about their days around the world. The technology that underlies this whole segment is evolving quickly, whether it’s the rapid rise of the Amazon Echo and voice assistants upending the consumer space, or growth of AI-powered analytics platforms for the enterprise market.
And Business Insider Intelligence is keeping its finger on the pulse of this ongoing revolution by conducting our second annual Global IoT Executive Survey, which provides us with critical insights on new developments within the IoT and explains how top-level perspectives are changing year-to-year. Our survey includes more than 400 responses from key executives around the world, including C-suite and director-level respondents.
Through this exclusive study and in-depth research into the field, Business Insider Intelligence details the components that make up the IoT ecosystem. We size the IoT market and use exclusive data to identify key trends in device installations and investment. And we profile the enterprise and consumer IoT segments individually, drilling down into the drivers and characteristics that are shaping each market.
Here are some key takeaways from the report:
In full, the report:
For 12 years Brad Katsuyama had worked as an executive for the Royal Bank of Canada. Instead of retiring from RBC, he decided to launch his own company, the Investors Exchange (IEX).
Katsuyama founded IEX as a stock exchange that thwarts predatory high-frequency trading, and had the idea while still working at RBC. He had seven jobs during his time there, and hadn't ever considered himself either a born financier or a born entrepreneur, he said in an episode of Business Insider's podcast "This Is Success."
He may not have gone into finance out of a passion for the field, but he turned out to be great at his job, and only left it to take a major gamble on his own business because he felt morally driven to combat what he considered a rigged trading system. His career path, he said, has given him a certain peace of mind he thinks anyone could benefit from.
"Knowing the risks we took to start IEX, I think partly is grounded in I don't feel that working on Wall Street identifies who I am," Katsuyama said.
"So if I lost it all tomorrow, I think I could be totally happy with my life, from that point forward, and I think a lot of people over-identify with their jobs. I don't really feel that way," he said.
There's no doubt about Katsuyama's dedication to his company and its mission. But he's learned to separate the company he cares deeply about from his personal identity.
At the end of the day, he said, "It's a business. But it's not the only thing in my life. It's certainly not the most important thing in my life." In fact, if it turns out Katsuyama isn't the best leader for IEX one day, he'd happily step down, he said.
Katsuyama said that while some people judge their success by how much money they're making, "I could not tell you if you asked me, if you had a gun to my head right now and said, 'What's the value of your stake in IEX?' I would miss it. I would be wrong. I don't know. So that tells me it's not about money."
"I think people equate success to work. I actually don't, and I learned the lesson early that identifying yourself too much with one thing in a way sets you up to be dramatically disappointed at some point," he said.
You can subscribe to "This Is Success" in Apple Podcasts or Stitcher, and listen to the full episode below:
Japan is apparently considering tripling its original F-35 order "to respond to China in the Pacific," a senior defense official in the Japanese parliament revealed Wednesday.
Japan plans to purchase as many as 147 F-35s to replace Japan's aging fleet of F-4 and F-15 fighters, as well as significantly enhance the combat capabilities of Japan's maritime forces, Keitaro Ohno, parliamentary vice minister of defense for Japan’s ruling party, explained Wednesday, confirming rumors that have been circulating for weeks.
One hundred and seven F-35As will replace Japan's older fighters, while 40 F-35Bs will serve aboard the Izumo, a flat-topped helicopter destroyer that Japan plans to convert into an aircraft carrier. The ship is similar in size to the USS Wasp, a US Navy amphibious assault ship that has been used to launch F-35 stealth fighters, according to the Military Times.
In actuality, the Izumo-class destroyers will not become true aircraft carriers; rather, they will serve as aircraft-carrying "multipurpose escort ships," the Japanese defense ministry revealed, attempting to skirt violations of the country's pacifist constitution as it strengthens its armed forces.
The "Self Defense Forces in the past were [just about] existence. Existence can have a strong deterrent," Ohno told reporters. "Now, we have to meet the real situation. We have to respond to China in the Pacific."
Japanese Prime Minister Shinzo Abe has been adamant about the need for Japan to expand its military capabilities.
"The most important responsibility of the government is to protect the people and their peaceful lives," he told a panel of security experts Tuesday. "Under the drastically changing security environment, in order to duly fulfill this responsibility, we have to fundamentally strengthen our preparedness to protect the people’s lives, property, territorial waters and airspace on our own."
Beijing has been critical of Japan's rearmament interests. The state-backed Global Times called Japan's desire to refit its helicopter destroyers to carry stealth fighters "an aggressive move" that "may drive the country to repeat its militaristic history."
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It's hard to imagine someone not being a "Harry Potter" fan, save for You-Know-Who himself. But for that one slightly obsessed friend who has a Deathly Hallows tattoo, is a total wiz at "Harry Potter" trivia, and has re-read the books multiple times, the term "fan" probably doesn't even begin to cover it.
If they have yet to receive their Hogwarts letter, the next best thing they could get for the holidays might just be one of these gifts. We rounded up something fun for every type of muggle and wizard, from the ones who just love the movies (aka the muggles) to the die-hards who can tell you the answer to what you'd get if you added powdered root of asphodel to an infusion of wormwood (the wizards). Happy Christmas, everyone!
Looking for more gift ideas? Check out all of Insider Picks' holiday gift guides for 2018 here.
A magical mug that reveals the Marauder's Map with hot liquid
To a muggle, this is just a black coffee mug. But witches and wizards know that once it's full of hot frothy butterbeer, it comes to life to reveal the Marauder's Map. If butterbeer's not their thing, any hot beverage will do — like coffee. Coffee's magic, right? And once they finish their drink, the mug will transform back to black. Mischief Managed.
If you want something more classic, you can opt for these mugs that heat change from black to the original covers of the "Harry Potter" books.
An illustrated collection of the "Harry Potter" books to make reading them again feel like a new experience
Perfect for Potterhead parents, this collection of illustrated books is a child’s perfect introduction to the series. Parents can read aloud while children marvel at the gorgeous illustrations as they too fall in love with images of Hogwarts, Diagon Alley, Buckbeak, and Dobby. But this boxed set isn’t just for kids. It’s the perfect gift for someone who would love to see their beloved universe interpreted in a new way in full color.
A Wizard Chess set that won't destroy itself every time you play
This might be one instance where I prefer the muggle version to the wizard version. This Wizard Chess set doesn’t come with the danger of bodily harm when bishop takes knight. It’s also convenient for those of use who love to play chess, but just don’t have the space in our cursed dungeon to keep the life-sized set.
See the rest of the story at Business Insider
Thomas Muller was given a red card for a flying kick that was so wild it left Ajax full back Nicolas Tagliafico in need of medical treatment.
The incident occured in the 75th minute when Bayern Munich's Champions League group stage match at Ajax was tied 1-1.
Muller, with his eyes on the ball, had his right foot head-high as he looked to control the ball on his boot before bringing the ball down to the floor.
However, he never looked where his foot was going and his studs soon scraped Tagliafico's head in a move more commonly seen in a mixed martial arts cage than on a European soccer pitch.
Muller was given a straight red card for the offence while Tagliafico lay on the ground, clutching his wounded face. After medical treatment, though, he was deemed fit to finish the match.
Watch the reckless challenge right here:
"Everybody was kung-fu fighting!"😮— Football on BT Sport (@btsportfootball) December 12, 2018
Thomas Muller saw red for this moment of madness against Ajax...
No arguments there 👀 pic.twitter.com/nnQMoYlXkB
Or here if you are in a different region:
Before the dismissal, Robert Lewandowski had given Bayern a 13th minute lead but Dusan Tadic equalized in the 61st minute.
Read more: This is what a $10 million save looks like
After Muller was given his marching orders, Tadic then gave Ajax a 2-1 lead in the 82nd minute, but Lewandowski equalised five minutes later.
Finally, in the 90th minute, Kingsley Coman grabbed what looked like a 3-2 winner for Bayern but, not to be outdone, Ajax equalized at the very end of the game by virtue of an own goal.
In the end, the 3-3 result mattered little as Bayern remained top of Group E, with Ajax in second place — both teams had done enough to book their places in the first Champions League knockout round, to be contested over two legs February and March, 2019.
NOW WATCH: 7 things you shouldn't buy on Black Friday
INSIDER spoke to seven dietitians who all agreed that Chipotle is one of the better fast food options if you want to eat relatively healthy at a fast and affordable spot. All seven dietitians polled order a burrito bowl or a salad and are big fans of the fajita vegetables.
Here's how seven dietitians order when they dine at Chipotle.
This Whole30 Certified Coach always asks for extra lettuce.
Stuart told INSIDER that the tomato green chili salsa has the least amount of sodium out of all the salsas, plus this entire meal will get you plenty of vitamin C.
This bestselling author always springs for guacamole, because it’s a healthy monounsaturated fat.
Ann Louise Gittleman, PhD, CNS, and NY Times bestselling author of the new book "Radical Metabolism: A Powerful New Plan to Blast Fat and Reignite Your Energy in Just 21 Days" orders a burrito bowl with beef, rice, beans, fajita vegetables, tomatillo-green chili salsa, and guacamole with bottled water.
Gittleman likes that chipotle uses local and often organic vegetables, rice, beans, and meats from naturally raised animals. She also springs for guacamole because it provides a dose of healthy monounsaturated fat.
This registered dietitians gets a burrito bowl with extra fajita vegetables.
Joelle Malinowski, RD, CDE, CDN, and the Media Representative for the New York State Academy of Nutrition and Dietetics orders a burrito bowl with chicken, brown rice, black beans, guacamole, mild tomato salsa, fajita vegetables, romaine lettuce, and a dollop of sour cream.
Malinowski called this the "lower carb version of a burrito," but said to always ask for extra fajita vegetables. She chooses chicken, over steak, because it's a leaner form of protein.
See the rest of the story at Business Insider
This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.
Drone technologies continue to improve at a rapid pace and are slowly pushing the unmanned aircraft toward the mainstream. Companies in a variety of industries are now looking to use drones to cut costs, boost efficiencies, and create new revenue streams and business values, such as last-mile retail deliveries.
But regulatory roadblocks are still holding back widespread commercial drone use in most large, developed markets. Many countries still have laws on the books that regulate drones as other aircraft, such as planes or helicopters, and prevent unmanned aircraft from flying beyond a few miles from the operator. That makes laws and regulations arguably the chief determining factor in the development of the commercial drone industry worldwide.
This new report from Business Insider Intelligence, Business Insider's premium research service, will give a high-level overview of commercial drone regulations around the world. We detail the major changes in global drone regulations over the past year, and show how regulators are working to stay ahead of the nascent, yet valuable devices. In addition, we show how regulatory changes will impact the industry and allow for new enterprise use cases in the next few years.
Here are some of the key takeaways:
In full, the report:
It's been about 9 months since the Chinese government approved a new video game for release in the country, and the freeze is likely to continue well into next year. Though the country recently established an Online Games Ethics Committee, the organization has yet to find a game that fits their criteria.
South China Morning Post reported last week that while China recently formed an Online Games Ethics Committee to approve video games for sale in the country, the committee has yet to approve any of the games it has reviewed.
China has strict regulations regarding new media entering the country. Video games and movies alike must be reviewed by officials prior to their mass release, and the government has strict standards prohibiting violence and offensive content. In March, China established the State Administration of Press and Publication to handle the approval of video games and other new media. The reorganizing of the approval process led to a complete halt of video game approvals, and China has also restricted the monetization of certain games that were already approved.
According to China Central Television, a state-run channel, the committee has reviewed 20 games so far; nine of the games were rejected outright, while the other 11 will need to modify their content to be eligible for release. The committee did not identify any of the games that were reviewed. A government source told the South China Morning Post that the freeze on new approvals is expected to continue into February 2019, while the government establishes a new licensing system.
While it's unclear what standards new games need to meet for approval, Chinese officials have criticized video games as a whole for their impact on the country's youth. Those rallying against video games have suggested that they are addictive and make children unproductive.
With about one-fifth of the world's total population, China is the largest video game market on the planet. Chinese gamers spent an estimated $34 billion on video games during the 2018 fiscal year, according to New Zoo.
China also happens to be home to the world's largest video game publisher, Tencent. Tencent has been unable to release or otherwise monetize some of its most popular games this year and its total value has dropped by roughly $200 billion as a result. In an effort to quell concerns about kids getting addicted to video games, the company has implemented new age restrictions, going so far as to include facial recognition software to limit playtime.
The formation of the Online Games Ethics Committee suggests that China may soon be ready to approve new games, but publishers will still need to work through quite a bit of bureaucratic red tape to bring their game into the country.