• On Wednesday, Queen Elizabeth hosted her annual Christmas lunch at Buckingham Palace.
• Most of the royal family was in attendance, including Kate Middleton, Meghan Markle, Prince William, and Prince Harry.
• The two duchesses gave a glimpse of their respective styles.
• Because the royal family was not seen outside of their cars, it's difficult to tell exactly what color and outfit the duchesses were wearing.
• Middleton appeared to be wearing a bright pink shirt with a bow neckline, while Markle was pictured wearing what looked like a navy blue, lace ensemble with a high neck.

Kate Middleton and Meghan Markle appear to borrow each other's style on occasion.

For example, Middleton recently wore trousers that looked like something the Duchess of Sussex would wear, while Markle has, at times, seemingly found inspiration in her sister-in-law's travel attire.

Despite their occasional similarities in fashion, however, as glimpses of their outfits for the Queen's annual Christmas lunch at Buckingham Palace suggest, the duchesses still seem to have their own sense of style.

On Wednesday, Middleton was photographed arriving at Buckingham Palace wearing a bright pink look, while Markle was pictured wearing a darker, lace ensemble.

The Duchess of Cambridge chose what appears to be a pussy bow top

Middleton has worn nearly every color of the rainbow during royal outings. The baby-pink top she wore to the Queen's lunch might be one of her brightest looks yet.

Markle opted for a darker, lacy look with a high neck  

Because the royal family was not seen outside of their cars, it's difficult to tell exactly what the duchesses were wearing.

However, it's clear that Markle stayed true to her old Hollywood style, wearing what appeared to be a navy blue ensemble.

Unlike Middleton's flowing look, Markle's lace top has a sheer, frilled collar.

It looks somewhat similar in style to the outfit Markle wore to the 2017 Christmas lunch: the Self-Portrait Nightshade Midi Dress by Jules B., which sold out almost immediately after she was pictured wearing it.

Both Markle and Middleton accessorized with statement earrings 

Keeping in line with what are considered to be royal jewelry rules, the two duchesses wore luxurious accessories to the event. Instead of flashy gems, Middleton chose to wear long pearl earrings.

On the other hand, Markle opted for circular diamond studs (they aren't visible in the photo above) that added a touch of sparkle.

Visit INSIDER's homepage for more.

• Read more:
• 27 memorable outfits Meghan Markle has worn as a duchess that show why she's a global fashion icon
• 10 times the royals broke their own protocol in 2018
• A resurfaced video shows the awkward moment when Prince William was asked about Kate Middleton after the couple briefly broke up in 2007
• Disappointing photos that show what royal life is really like

Join the conversation about this story »

NOW WATCH: 7 things you shouldn't buy on Black Friday

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Cord-cutting is accelerating, and news networks are racing to create compelling over-the-top (OTT) news products to offset declining viewership of broadcast news.

Local news and sports are often cited as the reasons why consumers still have cable subscriptions at all — streamers still trail legacy options in terms of the breadth and quality of live content.

But even that advantage is eroding as tech giants compete for streaming rights for popular sports, livestreaming quality improves, and skinny bundles incorporate more news programming. Two major news orgs — CBS News and Fox News — are taking different to strategies to scale up audiences and monetize OTT news:

• CBS is banking on a free, ad-supported marriage of local and national live news. Earlier this month, CBS launched its first local, 24/7 streaming service for news in the New York metro area — the first of several local direct-to-consumer (DTC) services it plans to launch (Los Angeles is on deck in 2019). CBSN already has a free streaming service for national and global news coverage, but the company noticed a hole in the market for local OTT news — CBSN customers’ top requests are for additional local and international news, per Digiday. While parent company CBS also owns paid subscription products via Showtime ($10.99/month) and CBS All Access ($5.99/month) — those products include more premium entertainment like movies and shows. The company’s stance on standalone news products is that they should be free, and monetized via ads. Integrating its national news with local coverage could help it differentiate itself from incumbents like Cheddar and Newsy.
• Meanwhile, Fox is betting on a subscription model for OTT news, but incorporating more non-content perks. Launched in November, the Fox Nation subscription costs $5.99 per month or $64.99 per year, and leans more towards commentary on national news from conservative personalities like Sean Hannity, as opposed to breaking live news. Fox is reportedly positioning its paid product as a "membership" as opposed to a "subscription," according to Digiday. In practice, that means a membership fee provides discounts on merchandise and access to live events along with video content. Fox is betting its fanatic viewers will gladly dish out cash for its content, and that membership perks will sweeten the pot for those on the fence — especially as consumers start to max out on SVOD subs. The network is also reportedly forgoing advertising for the subscription, but hasn’t ruled it out for future tiers of the service.

We think that ad-supported models should be the focus as legacy news organizations navigate the shift from linear TV to OTT. There are simply too many subscription video on-demand services on the market to make even the cheapest of the bunch alluring to consumers. Especially for the news, which is freely accessible online. Acquiring OTT customers is difficult, and offering free content will help news streamers lock in a loyal audience to monetize via ads.

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• The Fountain Bookstore in Richmond, Virginia, called out shoppers for "showrooming" in a viral tweet.
• It said that customers have been coming in and taking pictures of books, then buying them on Amazon. It said some are even bragging about doing it.
• Showrooming is still a problem for small, independent retailers without an online presence, but both indie bookstores and print books are on the rise.

Fountain Bookstore has a bone to pick with some of its customers.

Well, maybe customers isn't the right word. According to a viral tweet from the bookstore, these shoppers come into the store and look around, taking pictures of books to later purchase on Amazon.

The store says that some of them even brag about it.

"This is not ok, people,"the store said in the tweet.

This idea resonated with many on Twitter, as the tweet amassed nearly 10,000 retweets and almost 50,000 likes.

The sentiment is rooted in the idea that independent bookstores' key attribute — what they bring to the retail table — is a curated assortment for shoppers. These showrooming shoppers realize this, so they come in to see what's on display but ultimately purchase online, where prices are almost always lower.

Independent bookstores usually charge the publisher's suggested price and have to pay overhead like rent and staff salaries, resulting in slim margins.

Read more:Amazon is encouraging shoppers to do something retailers hate on Black Friday

Most bookstores have given up the fight that Fountain is still waging, however. They realize that changing consumer behavior through shame is difficult, if not impossible.

"There’s no way to compete against Amazon, which doesn’t care if it makes a profit," Erik Sanstad, a former manager of a Wisconsin bookstore in a chain called Book World, told the New York Times in 2017. Book World went out of business at the beginning of this year. 

"I'm a little reluctant to say the internet killed Book World. We never advertised, never got our name out there," Sanstad said.

Many shoppers are sentimental about bookstores, which offer a sense of community for book reading, which is primarily a solo activity. Many independent bookstores have capitalized on that, now hosting increasingly more events with authors and industry professions.

"They're seen as authentic members of the community that have been there for, often in many cases, decades or generations," Ryan Raffaelli, a Harvard Business School professor, told Vox. People "can come not only to buy a book, but to have a conversation with other people who are interested in similar ideas."

And that focus on community could be a unique feature for bookstores that can't be replicated online, bringing repeat business and engagement with a community that is predisposed to spend. After all, it's not all bad news for the indies. Looking at the numbers, encouraging signs abound in recent years.

The number of independent bookstores in the US grew by 35% between 2009 and 2015, according to the American Booksellers Association. Sales of print books have increased every year for the past five years, and they are up over 10% since 2013, while sales of e-books have declined 10% from 2016 to 2017, according to Publishers Weekly.

Bookstores are persisting, and part of the reason may even be online communities like Instagram. It's a lot easier to post a picture of a hardcover or a beautiful display of books in a store than it is to show everyone what ebook you're reading, Vox argues.

SEE ALSO: Amazon stopped selling certain furniture designs on its website after West Elm called them 'knockoffs' in a new lawsuit

Join the conversation about this story »

NOW WATCH: This fish was sold for $1.8 million — here's why bluefin tuna is so expensive

• The president says ISIS is defeated, but the Pentagon, Department of State, and the US-led coalition in Iraq and Syria have said otherwise in recent days.
• The US, reportedly at the president's decision, has started withdrawing troops from Syria as "we transition to the next phase of this campaign."
• Critics suggest that a pre-emptive withdrawal could impair the ongoing fight against ISIS, as well as advance Russian, Iranian, and Syrian regime interests in the region.

President Donald Trump declared victory over ISIS Wednesday, contradicting recent guidance from the Pentagon, the State Department, and the US-led coalition in Iraq and Syria.

"We have defeated ISIS in Syria, my only reason for being there during the Trump Presidency," the president tweeted.

The White House followed with a more detailed statement revealing that the US has started pulling troops out of Syria, confirming earlier reports that the Trump administration has ordered the rapid withdrawal of the roughly 2,000 US military personnel serving in Syria.

"Five years ago, ISIS was a powerful and dangerous force in the Middle East," White House Press Secretary Sarah Sanders explained Wednesday. "And, now the United States has defeated the territorial caliphate ... We have started returning United States troops home as we transition to the next phase of the campaign."

Members of Trump's own party immediately blasted the decision to pull out.

"Withdrawal of this small American force in Syria would be a huge Obama-like mistake," South Carolina Sen. Lindsey Graham argued, while Florida Sen. Marco Rubio called the president's decision a "grave error."

"With all due respect, ISIS is not defeated," Graham added.

The decision, which reflects the president's long-standing desire to pull troops out of Syria, runs contrary to statements made by individuals executing the administration's Syria policy.

"ISIS must be defeated and we must fight them here, because it means our loved ones across the globe will be safer if we do, and this is where the greatest concentration of evil is located," Operation Inherent Resolve spokesman Col. Sean Ryan told reporters at the Pentagon late last month.

"To accomplish this," he further explained, "we cannot walk away, we must stay and work with our partners to develop their capabilities and capacity and ensure they can prevent this enemy from ever threatening Iraq, Syria and any other country around the world."

The coalition said just last Friday that the mission in Syria remains unchanged.

On Tuesday, just one day before Trump declared victory over ISIS in Syria, State Department Deputy Spokesperson Robert Palladino said of the ISIS fight in Syria,"We’ve made significant progress recently in the campaign, ... but the job is not yet done."

The Pentagon has repeatedly insisted on maintaining the US military presence in Syria to prevent the resurgence of ISIS, as well as derail troubling initiatives detrimental to US interests by other malign actors, such as Russia, Iran, and the Syrian regime.

"Getting rid of the caliphate doesn't mean you then blindly say okay, we got rid of it, march out, and then wonder why the caliphate comes back," Secretary of Defense Jim Mattis told reporters at the Pentagon in late September. "How many times have we seen — look at even Iraq where they're still on the hunt for them.  And they're still trying to come back."

Recent reports indicate that there could still be tens of thousands of ISIS fighters in Iraq and Syria.

Chief Pentagon spokesperson Dana White said in an email statement Wednesday that "the Coalition has liberated the ISIS-held territory, but the campaign against ISIS is not over. We will continue working with our partners and allies to defeat ISIS wherever it operates."

She said that troops are starting to return home, but refused to provide additional details for operational security reasons.

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NOW WATCH: A Harvard psychologist reveals the secret to curbing your appetite

• Though most Americans find it unacceptable for the government to shut down under a united, one-party government, 40% of conservatives would be OK with it, according to a new INSIDER poll. 
• Capitol Hill managed to avert an end-of-the-year shutdown caused, in part, by President Trump's demand for money to begging building the border wall. 
• Last week, the president said he would be "proud" to shut down the government if Democrats did not agree to his demands for $5 billion for the wall. 

Nearly two-fifths of conservatives think it would be acceptable (or very acceptable) for the government to shut down under a united, one-party government, according to a new INSIDER poll. Overall, 60% of respondents wouldn't tolerate a shutdown. 

These figures come days after President Donald Trump said he'd be "proud" to shut down the government if the Democrats don't yield to him the $5 billion needed to begin building the border wall. 

"If we close down the country, I will take it because we're closing it down for border security, and I think I'd do that every single time," Trump said at a bill signing ceremony last Tuesday. His comments came the same day he sat down in a very public meeting with Senate Minority Leader Chuck Schumer of New York and Speaker of the House-designate Nancy Pelosi, where the president said he would take ownership of any shutdown. 

Read more: The White House is suddenly backing down on its border-wall demands as a government shutdown looms

The White House has since softened its stance. This week, Press Secretary Sarah Huckabee Sanders said the administration has "other ways that we can get to that $5 billion."

"At the end of the day we don't want to shut down the government, we want to shut down the border," she said.

But it seems like a good portion of Trump's base would be OK with a government shutdown. Nearly a quarter of conservatives said they don't hold a strong opinion over the shutdown, while 36% said a shutdown is unacceptable. 

SurveyMonkey Audience polls from a national sample balanced by census data of age and gender. Respondents are incentivized to complete surveys through charitable contributions. Generally speaking, digital polling tends to skew toward people with access to the internet. SurveyMonkey Audience doesn't try to weight its sample based on race or income. Total 1,136 respondents, margin of error plus or minus 2.97 percentage points with 95% confidence level.

SEE ALSO: The government shutdown clock is ticking, but Trump is still digging in over his border wall

Join the conversation about this story »

NOW WATCH: Anthony Scaramucci claims Trump isn't a nationalist: 'He likes saying that because it irks these intellectual elitists'

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. Current subscribers can read the report here.

Trucking is set to transform radically in the coming years, with innovative technologies enabling trucks to take over more and more driving responsibilities, saving time and money for operators and businesses that rely on shipping.

Autonomous trucks are being tested on roads around the world, and systems from startups like Peloton and Embark could make their way into commercial trucks as soon as next year. Fleets will be able to leverage autonomous technologies to cut costs and gain a critical edge over competitors.

But to start planning for, and to eventually implement, those technologies, companies need to know what sorts of systems will be ready and when, and what regulatory hurdles will need to be overcome to get autonomous trucks on the road. 

In The Autonomous Trucking Report, Business Insider Intelligence provides an early glimpse into the emerging autonomous trucking market. First, we look at the trucking market as it stands today, offering a basic profile of the industry and highlighting a number of the challenges and issues it faces. Then, we go through the three waves of autonomous technology that are set to upend the industry — platooning, semi-autonomous systems, and fully autonomous trucks — looking at who is making strides in each of these areas, when the technology can be expected to start making an impact, and what companies can do to get ahead of the curve.

Here are some of the key takeaways:

• Advanced and autonomous technology will enable operators and shipping firms to eradicate some of the challenges that have long plagued them. Trucks will take over more and more driving responsibilities, saving time and money for operators and businesses that rely on shipping.
• The impact of autonomous technologies on the trucking industry will come in three major waves: platooning or fuel-saving vehicle convoys, semi-autonomous highway control systems, and fully autonomous trucks.
• Change to the trucking industry will be gradual but inexorable. Companies with foresight can start to make long-term plans to account for the ways that autonomous technologies will change how goods and products move from place to place.

In full, the report:

• Analyzes the development of autonomous trucking technology.
• Explains the waves in which advanced and autonomous technologies will start to impact the trucking industry, providing detailed explanations of how a company can take advantage of the disruptive technology transforming logistics at each stage.
• Profiles the efforts of the companies that are at the forefront of new technology in trucking, looking at what they're working on and when their efforts could start to impact the market.

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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.

She's your confidante, rock, mentor, and built-in best friend. She's been there through it all and this holiday season she deserves something really special. Yet, mom can be one of the hardest people to shop for on your list. After all, what do you give someone who literally gave you life?

The good news is that the perfect gift for your mom is out there, and it doesn't have to be expensive to make her smile. When it comes to gifts for mom, whether you want to go with something big or small, thoughtfulness is key. That's why we scoured the web and collected 50 really special gifts that show your mom you care, all under $50.

Pick a gift that embraces nostalgia, her favorite hobbies, or some quality time with you — whatever you give, mom will love it. 

Most of these items are available most of these items are available with expedited or two-day shipping, so don't stress too hard about your last-minute shopping — just remember that the sooner you order, the better your chances of a timely arrival.

Looking for more gift ideas? Check out all of Insider Picks' holiday gift guides for 2018 here.

SEE ALSO: 31 clever stocking stuffers they’ll actually use — all under $10

DON'T MISS: 55 creative and unexpected gifts for her that are all under $50

A bath caddy with room for everything she might need

Pristine Bamboo Bathtub Caddy Tray, $42.90, available at Amazon

The only thing that could make a bath more relaxing than some luxurious bubbles is this bathtub caddy. It can hold a device so she can watch her favorite show, a glass full of her favorite drink, and even a candle she can light for ambiance. 

A Blue Apron meal kit for convenient, healthy meals

Blue Apron Meal Kit, two-person plan starting at $47.95, available at Blue Apron

Whether she loves to cook or is looking to improve her skills, she'll appreciate the convenience of this meal kit. Each meal kit comes with pre-portioned ingredients and easy-to-follow recipes for seriously delicious home cooked meals that can be made on busy weeknights. 

An air plant that shows your appreciation

You Are My Rock Air Plant, starting at $26, available at Etsy

She's your rock, so let her know. This air plant, which comes in a pretty rose quartz planter, will make a cute piece of decor — and the packaging box will remind her how important she is to you. 

• Waymo, the autonomous-driving technology company, could prove to be a huge boon for Alphabet, Jefferies analysts wrote in a research note out Wednesday.
• Google's parent company, Alphabet, spun off Waymo in 2016.
• Follow Alphabet's stock price live.

"Can Waymo Drive Alphabet's Stock?" Jefferies equity analysts wondered in a research note to clients Wednesday. 

It certainly could, the analysts concluded in a sweeping report that examined the self-driving company's impact on the Google-parent Alphabet. 

Jefferies upped its long-term value estimate for Waymo to $250 billion (from a previously forecasted range of $75 to $125 billion). That's a notable price tag, compared to Alphabet's current market capitalization of $730 billion.

"Waymo is exploring many different business models, and our new estimate encompasses not only AV technology sale, but also transport services (people, goods/foods, commercial freight), ongoing AV tech support, incar services (advertising/marketing, entertainment, business), and new types of vehicles," the analysts, led by Brent Thill, wrote, referring to the autonomous-vehicle technology.

Accordingly, Jefferies said it would change its methodology in evaluating Waymo to a "revenue per mile monetization model," from an "upfront per vehicle value model." Their forecasts for Waymo's growth take into consideration the many concerns that still surround Waymo and self-driving technology more broadly.

"Questions linger around timeline, as influenced by AV tech progress, regulations, cost, and consumer concerns," Jefferies wrote, citing cities and states taking a cautious approach to allowing autonomous driving.

Still, the California-based company has appeared to progress this year. Waymo was planning to launch its first commercial rides as soon as this month, in Phoenix, Arizona, Bloomberg reported in November, citing a person familiar with the matter. And back in October, Waymo became the first company to receive permission to test unmanned, self-driving cars in California.

Other Wall Street firms have analyzed Waymo's impact on Alphabet. Earlier this year, Morgan Stanley upped its own expectations for Waymo's valuation, taking it to $175 billion from $75 billion.

And while the valuations are eye-popping, analysts note autonomous vehicles still have a long road ahead.

In a report earlier this month, UBS auto analyst Colin Langan wrote that even though Waymo had just launched its commercial autonomous car service outside of Phoenix, Arizona, the MIT professors that the firm met with believe it will be a decade before "scale AV applications in complex urban environments become commonplace."

Alphabet shares have tumbled nearly 18% from the stock's all-time high hit in July.

Now read:

• Tesla needs to raise $2.5 billion before the end of the year if it wants to keep investors happy
• Waze sold to Google for $1 billion — but its CEO says the company owes more to Apple than anything

Join the conversation about this story »

NOW WATCH: The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape

• IMDb released its list of the most anticipated movies of 2019. 
• The list includes Marvel blockbusters "Captain Marvel" and "Avengers: Endgame," as well as the next films from acclaimed filmmakers Quentin Tarantino and Martin Scorsese. 

2018 has been a record year at the box office, which has hit $11 billion in the US. That will be hard to top, but some highly anticipated blockbusters await audiences in 2019. 

IMDb released its list of the 10 most anticipated movies of 2019 this week, and the next entries in the Marvel Cinematic Universe, "Captain Marvel" and "Avengers: Endgame," top it.

IMDb said that these 10 movies were "consistently most popular with IMDb users as determined by the actual page views of the more than 250 million monthly unique visitors to IMDb worldwide."

The list also includes the long-awaited new movies from acclaimed filmmakers Martin Scorsese and Quentin Tarantino. 

Notably absent from the list, though, are movies expected to be major hits, like Disney's live-action remake of "The Lion King" and "Star Wars: Episode IX."

Below are IMDb's 10 most anticipated movies of 2019:

SEE ALSO: 'Aquaman' has already made more money than its production budget, and is looking at a big opening in the US

10. "Hellboy"— April 12

Director Guillermo del Toro and star Ron Perlman served fans two movies in 2004 and 2008 based on Dark Horse Comics' most popular property, about a demon summoned to Earth by Nazis. In 2019, director Neil Marshall and "Stranger Things" actor David Harbour will take the character by the horns for a fresh reboot.  

9. "Aladdin"— May 24

Disney is releasing three live-action remakes of animated classics in 2019, but one made the cut on this list: "Aladdin." Mena Massoud plays Aladdin, Naomi Scott plays Jasmine, and Will Smith takes over the role of the Genie, voiced by Robin Williams in the 1992 original. 

8. "Joker"— October 4

Joaquin Phoenix will play Batman's greatest foe in this origin story directed by "The Hangover" director Todd Phillips. The movie has no connection to the larger DC Extended Universe, where Jared Leto played the Joker most recently in "Suicide Squad."

• The large drugmaker Pfizer is spinning off some of its best-known brands, including Advil, ChapStick, Robitussin and Emergen-C
• The Wednesday announcement is part of a new partnership with United Kingdom-based drugmaker GlaxoSmithKline
• The move will put more emphasis on more unique, complex medicines, which Pfizer has sought to emphasize

The large US drugmaker Pfizer will be spinning off some of its best-known products, including Advil, ChapStick, Robitussin and Emergen-C, as part of a new partnership with UK pharmaceutical company, GlaxoSmithKline. 

The two companies are combining their consumer health units, which brought in nearly $13 billion in sales last year, in an all-equity deal, and plan to later make the combined entities an independent company, they announced on Wednesday.

The products involved in the deal are familiar pharmacy names, sold over-the-counter, meaning no prescription is necessary. 

But that may well be part of the point: The shift will put more of a focus on the companies’ other medicines, including more unique, complex prescription drugs, which have higher margins.

Pfizer, for example, has sought to emphasize its pipeline of new medicines in development, projecting up to 15 potential blockbuster approvals between 2017 and 2022, including five cancer drugs.

The drugmaker has also been trying to sell its consumer health unit since last year, and announced in July a reorganization to separate the business out from other units, including its “science-based Innovative Medicines business.”

Critics have also called on GlaxoSmithKline to sell its consumer health business for years, without any luck, Hargreaves Lansdown analyst George Salmon said.

“The separation will take away the steady cash flows of the consumer business, meaning there’s more pressure on the men and women in white coats to deliver the next generation of blockbusters,” Salmon said about GlaxoSmithKline. But the company can also shift “significant” debt onto the consumer business, “and thus buy valuable time for the pipeline to deliver.”

Combined, the two companies’ consumer health units are expected to dominate the space, with 7.3% of the global over-the-counter market, the largest share, and the top or second-best market shares in the U.S. and all other key areas, according to a financial filing.

The joint venture will additionally include Pfizer’sheartburn medication Nexium 24HR and the multivitamin Centrum, a Pfizer spokesperson said, and GlaxoSmithKline’s sensitivity toothpaste Sensodyne, anti-inflammatory product Voltaren and the pain reliever Panadol.

Read more:Pfizer executives are changing their tune on an approach for a promising new way to treat cancer, and it could be where the field is headed

It won’t include Pfizer’s Viagra Connect product, which is sold over-the-counter in the United Kingdom, or other Pfizer over-the-counter medications like Diflucan, Feldene, Ponstan, Pivalone, Sab Simplex, Ibupirac, Gelucil, Becosules and Corex, according to the Pfizer spokesperson.

The United Kingdom-based GlaxoSmithKline will have a majority interest in the new venture, or 68% in equity, while Pfizer will own a smaller, 32% stake, with the right to a portion of earnings and dividends. The deal is expected to close in the second half of next year.

GlaxoSmithKline plans to spin the combined units off into an independent, publicly-traded company within five years of the deal closing, though it can decide whether to do so and when, according to the press release.

Join the conversation about this story »

• The US may not have any rich royals, but it does have rich families with net worths in the billions.
• These billionaire clans have accumulated their fortunes in vastly different ways, from publishing and cosmetics to retail and hotels.
• See the top 25 richest families in the US, ranked by net worth, starting at $10 billion. 

America may not be home to any rich royal families, but that doesn't mean some families haven't created their own sort of empire.

In fact, the United States has quite a few billionaire clans who accumulated their fortunes in vastly different ways. There are the publishing powerhouses that built the Hearst and Newhouse family fortunes; a cosmetics giant, which laid the foundation for the Lauder family fortune; and the families that created their wealth out of household names, like Walmart for the Waltons and Hyatt Hotels for the Pritzers.

But not all of America's richest families began as entrepreneurs— some were also savvy investors.

Below, meet the richest families in the US, ranked from lowest net worth to highest net worth, starting at $10 billion. Rankings were determined by the most up-to-date estimated net worths available from Forbes and Bloomberg.

SEE ALSO: The 10 richest royal families in Europe, ranked

DON'T MISS: Meet the 10 richest billionaire royals in the world right now

25. The Gallo family

Net worth: $10.7 billion

Source of wealth: E & J Gallo Winery

The Gallo family fortune is derived from a few avenues. Brothers Ernest and Julio Gallo founded the world's largest winemaker in Modesto, California. Their other brother, Joseph, assisted with the family business until he opened his first dairy and sold cheese as "Joseph Gallow Cheese." His children currently run Joseph Farms, while the descendants of Ernest and Julio run E & J Gallo Winery, which generates estimated annual revenues of $3.8 billion. The company sells more than wine these days having added liquor to the list.

24. The Rockefeller family

Net worth: $11 billion

Source of wealth: Standard Oil

John D. Rockefeller became America's first billionaire after founding Standard Oil in 1870, which eventually controlled a majority of the country's oil refining. He and his son, John Jr., donated more than $1 billion in philanthropic efforts. The family's fortune is split among 174 members.

23. The Butt family

Net worth: $11 billion

Source of wealth: H.E. Butt

Florence Butt founded H-E-B grocery store in Texas in 1905, which her son Howard expanded throughout the state when he took over the company in the 1920s. His son, Charles, is the majority shareholder and currently runs the company, which has 400 stores in Texas and Mexico and generates $25 billion in annual sales. Charles' siblings and two nephews also have stakes in the business.

The story of 1MDB has it all: missing billions, Hollywood celebrities, and high-flying investment bankers. A scandal involving Malaysia's state-owned investment fund has become one of the most notorious alleged frauds of all time.

The fallout has been widespread. More than $4.5 billion was misappropriated from the fund during the scheme that lasted from 2009 through 2015, according to the US Department of Justice. It's also triggered investigations in at least six countries, including Singapore, Malaysia, the United States, and Switzerland.

Earlier this week, the Malaysian government filed criminal charges against four people involved in the scheme, including former employees of Goldman Sachs, a superrich Malaysian businessman, and a former executive of the fund.

Below we've listed the key figures intertwined with the scandal, from whistleblowers who sought to expose the scheme to the public to the alleged masterminds.

Najib Razak

In 2009, former Malaysian Prime Minister Najib Razak set up the state-owned investment fund 1MDB, whose full name is 1Malaysia Development Berhad. The fund was meant to attract foreign investment and boost economic development in Malaysia. But according to prosecutors for the Malaysian government, Najib and his second wife, Rosmah Mansor, funneled money from the fund to enrich themselves.

Malaysian investigators say that $681 million was transferred into Najib's personal accounts, while the country's then attorney general claimed the money was a donation from Saudi Arabia’s royal family.

Najib lost power in a general election in May and Malaysia's new government swiftly renewed investigations into the former prime minister, who is now facing a string of charges including abuse of power and money laundering related to 1MDB. Malaysian authorities raided properties linked to him and his wife earlier this year and seized luxury handbags, jewelry, watches, and other goods worth millions of dollars.

A senior Malaysian government minister told the BBC that Razak was the high-ranking “Malaysian Official #1” related to the 1MDB scheme described by the US Justice Department.

He has constantly denied any wrongdoing.

Jho Low

At the center of the 1MDB scandal is the fugitive Malaysian financier Low Taek Jho, popularly known as Jho Low. He was believed by US investigators to be the mastermind orchestrating the scandal.

Court filings show Low advised on the creation of 1MDB but didn’t hold a formal position at the fund. He is also the owner of a Swiss bank account, Good Star Limited, through which millions of dollars were funneled from the 1MDB fund into the US. The filings show the money was used by him and associates to purchase luxurious properties, artworks by Monet and Picasso, jewelry, and more.

The 37-year-old is known for his lavish lifestyle, mysterious wealth, and social circle, which included Leonardo DiCaprio, Paris Hilton, and top bankers from Goldman Sachs.

Born to a wealthy Asian family, Low was raised in Malaysia. His father founded an investment holding company called MWE Holdings Bhd, and his grandfather Low Meng Tak reportedly amassed family fortunes through mining and liquor-distilleries businesses.

Low studied at Wharton's business school. Previously he attended London’s Harrow School, during which he was believed to have met Riza Aziz, the former Malaysian prime minister’s stepson.

Now an international fugitive, Low is wanted in Malaysia for multiple criminal charges. While China is believed to be the preferred hideout for this Malaysian financier, his whereabouts remains unknown.

Low has denied wrongdoing. On December 17, a spokesman at a Australian-based PR firm released a statement through his lawyers, claiming that he "cannot get a fair trial in Malaysia." The statement came right after the Malaysian government’s move to file criminal charges against Low and three other individuals, among whom were two former partners of Goldman Sachs.

Riza Aziz

Riza Aziz is the stepson of Najib Razak, a friend of Jho Low, and a cofounder of a movie-production company called Red Granite Pictures. The Los Angeles-based company coproduced the Hollywood blockbuster "Wolf of Wall Street" starring DiCaprio.

Court filings say that he misappropriated money originating from 1MDB to finance a number of movies including the aforementioned blockbuster and "Dumb and Dumber To." The company has agreed to pay $60 million to settle the allegations.

We’re hiring a VP of Subscription Marketing to aggressively grow subscriptions and lead our marketing team from our New York office. Insider Inc.’s subscriptions team is passionate about producing research products that help industry leaders transform their organizations using emerging digital technologies, along with premium business news in finance, markets, enterprise, and tech.

Job overview

Insider Inc. is an organization of doers from the top on down. We’re looking for someone who is a fountain of good ideas, moves fast, and loves to experiment, build, and iterate. It’s a role for someone with at least 7 years of email marketing experience, who is deeply curious about what compels people to take action and who has the technical and data chops to test their theories, build a strategy, and drive results.

As a team leader you’ll be responsible for our developing our marketing strategy, driving subscriptions, optimization, and engagement through email campaigns, maintaining relationships with technology vendors, forming new partnerships, and managing our marketing team. The VP of Subscription Marketing will also collaborate with stakeholders responsible for email across Insider.

Responsibilities:

• Build the vision and growth strategy of digital subscription marketing at Insider. Meet aggressive free and paid subscription signup goals to support individual / consumer business, as well as qualification and lead generation for enterprise business. Iterate quickly, generate new ideas, and double-down on winners.
   

• Optimize and execute on email. Develop and execute email campaigns to meet engagement, lead generation, and conversion goals. Optimize email campaigns and engagement. Delight our readers and subscribers.
   

• Develop a friction-free marketing funnel. From emails to landing pages to sign-ups to product/content delivery, make it a frictionless experience for our readers. Dive into audience data to make campaigns even better and remove sources of friction from our conversion process to create hassle-free sign ups across channels.
   

• Lead and train a high-performing team of digitally-savvy marketers to support the strategic goals of the business.
   

• Stay up to date on the newest digital tools and tactics in digital marketing. Review, recommend, and manage tools, services, and vendors. Evaluate, hire, and develop relationships with existing and new platforms, partners and vendors.

Qualifications:

• 7+ years in marketing with an exceptional digital and email marketing background

• Top-notch organizational skills and attention to detail

• Goal-oriented, data-driven, and errs on the side of action

• Technical expertise in digital analytics tools (Google Analytics, Adobe Analytics, ComScore etc.)

• Ability to closely manage timelines on concurrent campaigns supporting diverse business goals

• Up-to-date on industry developments and competitors and active in the media community

• Excellent technical implementation skills in HTML, email CRM platforms, etc.

• Solid experience managing a team of dedicated marketing professionals

• Hands on experience with paid digital campaigns (PPC, display, Facebook, Twitter, etc.) and managing budgets, overseeing vendors, platforms

If this sounds like a great job for you, please apply online and include a cover letter highlighting why you’d be a good fit for the role

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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. Current subscribers can read the report here.

Consumers are finally starting to adopt smart home devices, with nearly 60% owning at least one device. This presents an opportunity for e-commerce companies to enter the smart home and encourage purchasing through the devices.

The smart speaker has become the face of the smart home in many ways, attracting the lion’s share of attention as companies look for ways to take advantage of the growing platform. But there’s a problem: Consumers aren’t using the smart speaker to actually buy products very often.

Instead, one of the clearest opportunities outside of the smart speaker is home goods and grocery replenishment through large appliances. Smart devices in the home — especially appliances — can take advantage of built-in sensors to either tell consumers when they need to buy more of a product, or make that purchase autonomously. This will create an opportunity for appliance manufacturers, e-commerce vendors, and product suppliers to ink supply agreements to meet consumers' needs.

In this report, Business Insider Intelligence examines several areas of opportunity for e-commerce companies to leverage smart home technologies to provide new and better services to their customers. First, we explore how smart appliances, including connected dishwashers and laundry machines, are building on one-click purchasing systems to enable automated replenishment. We then discuss the smart fridge and detail how apps, cameras, and voice assistants are enabling takeout and grocery delivery through these appliances. Finally, we examine the role of the voice interface beyond smart speakers as it relates to purchasing products in the home, and how omnipresent voice will be used to organize and interact with automated services.

The companies mentioned in this report are: Amazon, Blue Apron, Costo, GE, Google, Instacart, Keurig, KitchenAid, LG, Ocado, P&G, Plated, Reynolds, Samsung, Target, Walmart, Whirlpool.

 Here are some key takeaways from the report:

• Companies have a clear opportunity to leverage sensors, cameras, and connectivity in a variety of home appliances to revolutionize the way consumers buy home goods.
• Smart appliance manufacturers, e-tailers, and CPG companies will be able to collaborate and partner to develop new methods of resupplying consumers' homes.
• The smart fridge will transform into the hub of the kitchen and become the autonomous organizing device that oversees grocery purchasing and food delivery.

In full, the report:

• Provides an overview of the key players and types of products in the smart appliance space.
• Highlights the models that companies can adopt to take advantage of the developing sector.
• Identifies the key services that will boost automated e-commerce engagement in the home.

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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.

We almost always default to Amazon when we need last-minute, well, anything. Because we love procrastinating, we use it most frantically to buy gifts.

Once you're on Amazon, you can breathe a little and remind yourself to calm down — it's virtually impossible not to find a good gift that will arrive in time.

Many of these gifts in our list are available with fast Prime shipping, so don't stress too hard about your last-minute shopping — just remember that the sooner you order, the better your chances of a timely arrival. Amazon's detailed holiday delivery calendar notes that the last day for Prime free two-day shipping is Saturday, December 22. 

If you don't already have an Amazon Prime membership, you can sign up for a free 30-day trial to take advantage of free two-day shipping and dozens of other benefits.

Looking for more last-minute gift ideas? Check out all of Insider Picks' holiday gift guides for 2018 here.

SEE ALSO: 55 creative last-minute gifts for her that are all under $50

DON'T MISS: 50 clever and practical last-minute gifts for dad under $50

A powerful portable speaker

Soundcore Flare Wireless Speaker, available at Amazon, $49.99

About the size of a soda can, the Soundcore Flare is a powerful and very portable speaker that puts on a cool LED light show.

An Instant Pot for easy weeknight meals

Instant Pot DUO80, $89.95

The Instant Pot is one of the most versatile appliances you can add to your kitchen for under $100. Help him make delicious home-cooked meals a cinch, even when he has to work late.

A recipe book for Instant Pot meal inspiration

The Instant Pot Electric Pressure Cooker Cookbook, $11.99

For meal inspiration, you may want to consider gifting the Instant Pot along with an Instant Pot-specific cookbook. This one is a #1 best seller on Amazon.

• Michael Graves, a senior portfolio manager at Cubist Systematic, the quant arm of Point72, resigned last week.
• Graves will continue to be employed at the firm for "a significant period of time," according to one source. 
• Sources told Business Insider Graves had several PMs reporting to him.

Steve Cohen's quant arm is losing one of its top portfolio managers.

Michael Graves, a senior PM in Point72's Cubist Systematic unit, resigned from the multibillion hedge fund manager last week, according to people familiar with the matter. Graves, who was at Point72 for nearly nine years according to his LinkedIn, will continue to be on the firm's payroll for a "significant amount of time," according to a source close to the firm. 

Graves has several portfolio managers underneath him, sources tell Business Insider. 

According to his LinkedIn profile, Graves joined Point72 in 2010 after working as a quant for years at firms including the former- Credit Suisse First Boston and BNP quant subsidiary Cooper Neff. His more recent positions included roles in high-frequency trading and "statistical arbitrage" hedge funds. Fortress Investment Group bought the first two hedge funds he founded, FountainHead Capital and Area51, and made Graves a managing director in 2006, where he worked until he left to found Tesseract Capital. He left Tesseract in 2010 to join Cubist. 

Quants have underperformed the rest of the industry this year, with the average systematic fund declining 2.83% through November, according to Hedge Fund Research, compared to a 2% dip for the entire industry. 

Cohen, whose two-year ban from managing outside money expired at the end of 2017, has roughly $13 billion in total assets at Point72, which includes Cohen's own personal fortune. 

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With some 50,000 troops and tens of thousands of vehicles, ships, and aircraft, exercise Trident Juncture 2018 was NATO's largest exercise since the end of the Cold War.

"NATO does a major exercise like this each year," Ben Hodges, who commanded the US Army in Europe before retiring in 2017, told Business Insider earlier this year. "The scale of this one obviously is bigger than some of the past, but nonetheless, the fact that this exercise is happening is a normal part of NATO's battle rhythm."

In 2017, NATO conducted 108 exercises, and its members held 162 national and multinational exercises. This year, the alliance had 106 NATO exercises planned, and its members were expected to lead about 180 national and multinational exercises.

Those exercises vary in scope, duration, and form, ranging from live exercises involving thousands of troops to computer-assisted exercises in a classroom.

Below you can see just a few of the exercises NATO conducted this year with its members and partners.

SEE ALSO: 'We can do better': The Navy's newest fleet commander says US ships and sailors got 'beat up' during NATO's biggest exercise since the Cold War

Dynamic Manta, conducted March 5 through March 16, is an annual NATO exercise meant to train submarines, surface ships, and maritime patrol aircraft in submarine and anti-submarine warfare.

Led by NATO's Allied Maritime Command, Dynamic Manta 18 took place in the Mediterranean Sea off the coast of Sicily.

For this year's iteration, subs from Canada, Greece, Italy, Spain, Turkey, and the US, working under the control of NATO Submarine Command, joined nine surface ships from Belgium, France, Greece, Italy, Spain, Turkey, the UK, and the US.

• FedEx said on Tuesday that it will offer a buyout program for US employees.
• Earlier this year, FedEx announced $3.2 billion in wage increases, bonuses, domestic investments, and pension funding. 
• But an economic downturn in Europe has led FedEx to slash its profit outlook. 

FedEx told investors on Tuesday that it will offer a voluntary buyout program for US employees. 

Those who participate will receive four weeks of pay and healthcare coverage for every year of employment for a maximum of two years.

The Memphis, Tenn.-based company will spend $450 million to $575 million on buyouts, depending on how many participate. That will save FedEx $225 million to $275 million in fiscal 2020, it estimates. 

It's quite a different tune than what FedEx was whistling just a few months ago. 

In April, FedEx bumped compensation by $200 million among its 425,000-plus employees. Two-thirds went to hourly employees and the rest to salaried workers. The delivery company announced those annual raises, which normally take place in October, in January.

FedEx also announced contributions of $1.5 billion to its pension plan and domestic investments of $1.5 billion in January.

The announcement of $3.2 billion of increased spending followed the US tax reform that cut corporate rates. 

Read more: USPS is hemorrhaging billions of dollars a year and it might sell the rights to your mailbox to turn a profit

But unexpected economic downturns in Europe and looming troubles in China sank FedEx's profit outlook, even though its domestic business has been flourishing. On Tuesday, FedEx dropped its 2019 earnings guidance to $15.50 to $16.60 per share. Previously, the company forecasted $17.20 to $17.80 a share.

"Global trade has slowed in recent months and leading indicators point to ongoing deceleration in global trade near-term," said Alan Graf, FedEx executive vice president and chief financial officer, on Tuesday.

The buyout program is one of FedEx's planned measures to cost cuts. FedEx will also limit hiring, reduce discretionary spending, and reduce international network capacity.

Are you a FedEx employee with thoughts on the buyout program? Contact the reporter at rpremack@businessinsider.com.

SEE ALSO: FedEx just slashed its 2019 forecast because of 'global economic uncertainty'

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• I visited an iconic New York City holiday market to see if it lived up to the hype.
• The Bank of America Winter Village is at Bryant Park in Midtown Manhattan, a short walk from Times Square.
• I expected it to be overcrowded with tourists, filled with cheesy souvenir shops, and completely overrated. 
• But it was actually a lovely NYC holiday experience and I think everyone should visit.

I had low expectations going to the Bryant Park Winter Village, a holiday market in New York City.

It's in Midtown Manhattan, a short walk from Times Square, and it's on top of five subway lines, so I was sure it would be packed with people.

The market, which opened on October 27 this year, includes more than 170 holiday pop-up shops, an ice skating rink, and a heated lodge with food and a cocktail bar. There are also various eateries mixed in with the boutiques.

Read more: Disappointing photos show what iconic New York City attractions really look like during the holidays

To my surprise, the market was actually far from overcrowded. Even when it got busier as the evening wore on, I could always walk freely and I never felt like I was being surrounded by too many people. The atmosphere was calm yet festive, the shops sold artisanal wares from all over the world rather than just cheap tourist souvenirs, and everybody just genuinely seemed to be having a lovely time.

Here's what the market is actually like, and why I suggest any New York City local or visitor should give it a visit.

SEE ALSO: I went to a Veuve Clicquot holiday pop-up where you can drink $16 cocktails inside a rooftop 'snow globe,' and it seemed to be 100% made for Instagram

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Bryant Park is in Midtown Manhattan, a short walk from Times Square.

I got there a little after 4 p.m. on a weekday in mid-December, just as it was starting to get dark.

The sidewalks surrounding the park were busy with wandering tourists and with locals leaving work. You can access five subway lines at the park, so the area always gets busy around rush hour.

• Kate Middleton has worn a wide array of outfits in 2018.
• She debuted new looks from some of her go-to designers like Alexander McQueen and Jenny Packham.
• The duchess wore everything from sleek blazers to extravagant ball gowns.

Much like her new sister-in-law Meghan Markle, Kate Middleton has had an incredibly busy year. If attending two major royal weddings wasn't enough, she also gave birth to her third child Prince Louis in April and added some new roles to her list of royal duties.

The duchess also had quite a busy year in terms of fashion. While she still smartly recycled a few of her favorite pieces as usual, she also debuted brand-new ensembles that ranged from chic pantsuits to show-stopping Cinderella-style ball gowns. 

Here are her 25 best outfits of the year.

The Duchess of Cambridge started the year by debuting a new navy blue coat in January.

She visited Reach Academy wearing the double-breasted Gianna coat by Hobbs London, which she paired with the $625 Georgia pumps by Jimmy Choo, and a navy clutch by Stuart Weitzman.

Middleton then debuted another coat in a striking shade of orange-red.

According to What Kate Wore, this is the first time the duchess has been spotted in a design by Boden. She opted for the $330 Lena Coat with dark pumps and a $435 brown suede clutch by Emma London for a visit to the Mittal Children's Medical Centre in January.

Read more:Kate Middleton's mom recreated one of her daughter's outfits, and it's proof that style runs in the family

As her royal tour of Norway and Sweden kicked off, Middleton bundled up in a chic ensemble.

She wore a double-breasted black trenchcoat by Burberry while playing a round of Bandy hockey in Stockholm, Sweden. Middleton also wore a pair of $130 Tivoli III boots by Sorel.

Read more:Kate Middleton made $130 snow boots look chic — and she's not the only celebrity who owns a pair