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- 07/21/18--13:38: _Here's which state ...
- 07/21/18--14:08: _Here are the chance...
- 07/21/18--15:34: _America's top intel...
- 07/21/18--16:25: _WHERE ARE THEY NOW?...
- 07/21/18--17:03: _How fintechs are up...
- 07/21/18--17:43: _The NYPD has filed ...
- 07/21/18--18:21: _Hillary Clinton cal...
- 07/21/18--18:47: _One woman killed, g...
- 07/21/18--19:02: _How retailers and b...
- 07/22/18--00:00: _Meet the campaigner...
- 07/22/18--00:35: _These Conservative ...
- 07/22/18--00:48: _Brexit secretary th...
- 07/22/18--01:00: _A 'Game of Thrones'...
- 07/22/18--02:00: _This 26-year-old le...
- 07/22/18--02:24: _Duck boat survivor ...
- 07/22/18--02:28: _7 things you should...
- 07/22/18--03:33: _Inside 'the reality...
- 07/22/18--04:00: _A $1.9 trillion inv...
- 07/22/18--04:27: _Elon Musk settles b...
- 07/22/18--05:00: _Microsoft CEO Satya...
- 07/21/18--13:38: Here's which state you really belong in, based on your zodiac sign
- The likelihood of being attacked and killed by a shark are 1 in 3.75 million — less than the chances of dying by lightning strike or excessive cold.
- In the wake of two shark attacks on New York’s Fire Island on Wednesday, INSIDER has examined the data behind shark attacks in the US and around the world.
- Dan Coats, the Director of National Intelligence, said in a statement Saturday that he did not intend to be disrespectful when he expressed surprise over a second summit with Russian President Vladimir Putin.
- Coats had learned of the news on Thursday in the middle of a live interview, and responded, "OK. That's gonna be special."
- Coats said Saturday his response was "admittedly awkward" and "was in now way meant to be disrespectful or criticize the actions of the president."
- 07/21/18--16:25: WHERE ARE THEY NOW? The deep and star-studded 2011 NBA Draft class
- Mortgages are among retail banks' most profitable products, but these lenders have been slow to adapt mortgages to a digital economy. This has created pain points in the customer journey, like inconvenient access channels, and difficulty switching providers.
- Ignoring these pain points is no longer an option for incumbents. The rise of alternative, digital-only mortgage firms is putting them under increasing pressure to make mortgages more attractive.
- Fintech startups have detected an opportunity in incumbents’ slowness to innovate, and have developed several strategies to help them, like broadening their distribution channels, improving customer relationships, providing attractive front-ends, and making their back-ends more efficient.
- Some incumbents have instead chosen to innovate their mortgage processes in-house. There are pros and cons to both strategies, which incumbents should weigh in order to add the most value for customers and their own businesses.
- Examines the flaws in the mortgage status quo that are upsetting consumers and dampening returns for lenders.
- Discusses why incumbent lenders can't afford to delay innovating any longer around this product.
- Outlines different ways mortgage fintechs are breathing new life into this product, including by helping incumbents.
- Looks at some mortgage efforts already underway by incumbent lenders, and some considerations that should guide their projects.
- Gives an overview of hurdles still standing in the way of large-scale change in the mortgage space, and how they can be overcome.
- The NYPD filed departmental charges against officer Daniel Pantaleo, local media outlets reported Saturday.
- A case against his supervising NYPD sergeant, Sgt Kizzy Adonis, is still pending.
- The charges come four years after 43-year-old Garner's July 2014 death, which sparked protests about police treatment of black people.
- Hillary Clinton described President Donald Trump's recent summit with Russian President Vladimir Putin as "alarming on many, many levels."
- Clinton headlined OZY Fest, a weekend of entertainment and politics, in New York City's Central Park on Saturday.
- An eclectic line-up of mostly Democratic politicians, pop artists, and Hollywood celebrity-activists, including actress Rose McGowen, New York gubernatorial candidate Cynthia Nixon, and model Naomi Campbell, catered to a largely millennial audience.
- A gunman was taken into custody Saturday evening after he opened fire outside a Los Angeles-area Trader Joe's and took hostages inside, police said. One woman inside the store was killed.
- Authorities told news outlets they believe the man first shot his grandmother and girlfriend, then opened fire on police during a pursuit, before crashing his car outside the Trader Joe's
- Gen Zers are young and only beginning to flex their muscles as consumers, but they're already an extremely valuable generation to retailers and brands. They hold billions in spending power right now, which will skyrocket as they get older.
- Gen Z currently likes shopping at physical stores, but retailers will need to capitalize on Gen Zers’ interests in retail innovations and their digital expertise to keep them coming back through adulthood.
- These young consumers have higher expectations for their online shopping experiences than any generation before them. Most won’t use slow-loading websites and apps, or hard-to-navigate ones.
- Quality is more likely to be a driver of loyalty for Gen Z, and it also provides motivation to complete a purchase. A retailer or brand trying to connect with Gen Z should look to curate an image of quality in a way that resonates with the young generation.
- Explores the current and future spending power of Gen Z.
- Examines Gen Zers' interest in brick-and-mortar shopping, and identifies how retailers and brands can capitalize on it.
- Provides insight into the generation's digital expectations, and analyzes what they mean for selling to Gen Zers online.
- Discusses the influence of quality and social media on Gen Z's purchase behavior, and considers potential courses of action for retailers and brands.
- Campaign group Freedom from Facebook protested at a congressional hearing this week by holding up an image of Mark Zuckerberg and Sheryl Sandberg as a two-headed octopus.
- It was a stunt designed to raise awareness for Freedom from Facebook's mission to break up Facebook and make it more accountable.
- Organiser Sarah Miller said the group plans to fight Facebook for as long as it takes to bring about change, telling Business Insider that the health of democracy depends on it.
- Freedom from Facebook has several coalition partners, including the Communications Workers of America union, while 10,000 people have signed its petition to the Federal Trade Commission.
- Brexit Delivery Group, newly launched by Cameron confidant Nick Boles, seeks a pragmatic approach to Brexit.
- Meanwhile, the European Research group are preparing for a busy recess, trying to promote newer MPs like ex-Conservative Vice Chair Ben Bradley.
- Three more Tory MPs are anticipated to join the People's Vote campaign soon, albeit not immediately.
- However, insiders believe a change of mood in the parliamentary party is dependent on Damian Green and Amber Rudd.
- Britain could refuse to pay the £39 billion Brexit divorce bill unless it gets a trade deal from the EU, according to Brexit Secretary Dominic Raab.
- He told The Sunday Telegraph that there should be "some conditionality" between the bill and a trade deal, but this goes against the advice of Britain's spending watchdog.
- Raab also said the government is not bluffing when it says that crashing out of the EU with no deal would be better than a bad deal.
- 26-year-old Gian Power discovered meditation after the murder of his father.
- He was juggling his job at PwC and leading the investigation at the same time — and a friend recommended he try it out.
- Now, he runs "Unwind," the UK's first surround-sound meditation experience targeted at bankers and corporates.
- Along with his other company, "The Lions Club," which gets "ordinary people with extraordinary stories" to give talks in companies like Lloyd's of London and Sony, he's trying to change work culture — and get London meditating.
- A survivor of the duck boat disaster in Missouri has given an extraordinary account of the ordeal, in which she lost nine members of her family.
- During an emotional press conference, Tia Coleman described the moment the boat sank, her swim for survival, and losing her family, including her husband and three children.
- She said passengers were told by the captain not to wear life jackets, despite the oncoming storm. Her family could have been saved, had they been strapped up with the safety devices, she added.
- Coleman said returning home will be difficult because her house has always been filled with "little feet and laughter."
- We've all been guilty of getting swept up in the whirlwind of romance.
- But there are several things you should know about your partner before you take the plunge and fully commit.
- Clare Stott, a relationship psychologist from dating app Badoo, told us the seven most important ones.
- Once you've ticked these all off, you're good to go.
- Joe Shelton joined Apple in 1979, when the company had fewer than 100 employees, and his desk was 30 feet from founder Steve Jobs. He was the first product manager for the original Mac.
- Shelton told us what it was like dealing with Jobs' infamous "reality distortion field." In truth, Shelton says, Jobs' was not the master of mind control that many people made him out to be.
- And Steve Wozniak, Jobs' cofounder, was like a "big kid" who occasionally hid behind office cubes when he didn't want to get dragged into something.
- The gradual exit of major central banks from bond markets is straining global liquidity, according to Rick Rieder, the chief investment officer of global fixed income at BlackRock.
- Emerging-market assets are already showing signs of stress and there may be more volatility ahead.
- The US economy is still on a firm footing but risks an economic slowdown from the second quarter's pace, Rieder said.
- 07/22/18--04:27: Elon Musk settles bizarre fight over a farting unicorn
- Elon Musk has settled a weird argument with an artist who created a mug featuring a farting unicorn.
- Musk used the image in Tesla operating systems and other company material, prompting potter Tom Edwards to ask for his copyright to be recognised.
- Edwards blogged on Friday that the matter is now resolved "in a way that everyone feels good about."
- It's the latest twist in a tumultuous week for Musk, who said: "Always look on the bright side of life."
- For the first time ever, Microsoft has topped $100 billion in revenue.
- Wall street analysts have been swooning with delight, with at least one predicting the company will soon hit $1 trillion in market cap.
- Still, Microsoft hasn't shown many signs of shoring up its obvious weaknesses.
- CEO Satya Nadella has found a way to make those weaknesses a non-issue, by keeping Microsoft's most important customers — businesses — happy and locked in.
Many believe that zodiac signs are hugely influential and a great way to learn more about yourself. This powerful tool can offer insight that may help you to understand yourself, your pursuits, strengths, weaknesses, relationships, and even your intelligence.
It may even help you discover which state you really belong in. Of course, there is no scientific evidence that Zodiac signs guarantee you'll be happy somewhere, so this is just for fun. But for astrology fans, here’s which state you really belong in based on your Zodiac sign.
This fire sign needs to reside in a place filled with opportunities to pursue their dreams and to be active and innovative. Massachusetts offers numerous busy and beautiful cities like Boston, Springfield, and Cape Cod where those under this sign can build careers, seek out opportunities for competition, and be the trendsetterAstrostyle lists that an Aries strives to be.
This Earth sign prefers the mountains and outdoors as they tend to be drawn to the natural world. This sign is patient, hard-working, and a lover of the arts. Too, according to horoscope.com, this sign "frequently needs to get in touch with their physical self," which Colorado certainly is fitting for as one of the happiest and healthiest states in the nation.
Colorado offers endless opportunities for outdoor adventures, beautiful mountain views, and two renowned art museums, just in Denver alone —Denver Art Museum and Museum of Contemporary Art Denver.
Geminis are all about complexity — they’re bubbly and excited, and other times serious and introverted. What better a place for Geminis than a place like Idaho? Idaho has one of the most extreme temperature ranges, making it a perfect match for the Gemini. After all, you’ll get to experience it all, from the outdoor recreation opportunities and historic sites to beautiful resorts, museums, and theme parks, Idaho’s wide range of seasonal activities will inspire Gemini’s creativity and keep them on their toes.
See the rest of the story at Business Insider
Shark attacks are one of the most notoriously feared dangers to beach-going humans — but how likely is it that you'd actually get bitten?
Despite the mass fear surrounding the deadly animals, the chances of being attacked and killed by a shark are 1 in 3.75 million, according to the International Wildlife Museum.
The chances are lower than the possibility of dying by a lightning strike, a firework accident, or excessive cold.
In the wake of two shark attacks on New York’s Fire Island on Wednesday, INSIDER has examined the data behind shark attacks in the US and around the world.
The US has had 1,400 recorded shark attacks in the last 171 years
Between 1837 and 2017, there were 1,400 recorded unprovoked shark attacks in the US, according to data obtained by the University of Florida's International Shark Attack File.
The most common place to be attacked in the US is Florida, with 812 attacks since 1847.
Hawaii, California and South Carolina have all had between 100 and 200 attacks since the same year.
It appears that Wednesday's attacks on Fire Island were uncommon, with only 10 attacks recorded in New York since 1847.
The two children in the Wednesday shark attacks, aged 12 and 13, were bitten in the legs and are expected to make full recoveries.
Officials are examining a tooth found lodged in one of the teen's legs to determine what species of shark was involved.
The US had the most recorded shark attacks in 2017
Around the world, there have been more than 3,000 shark attacks recorded in the last half a century.
In 2017, the US had the most recorded shark attacks in the world with 53, but the country saw zero fatalities.
Australia, meanwhile, ranked second in most shark attacks with 14, but had one fatality.
Oceans off of Australia are known for being the habitat for deadly sharks including the Great White, Bull and Tiger sharks.
Most shark attacks occur near the shore, typically in sandbars or between sandbars were sharks can become trapped during low-tide.
In deeper areas, like spots with steep drop-offs, sharks congregate because creatures they feed on also congregate there.
Shark attacks in the US
Humans are causing more shark attacks to occur
The number of shark attacks is increasing each year as more sunbathers head to the beach.
Coastal development, tourism, and pollution are all partly to blame for an increase in shark attacks in recent years, as humans continue to interfere with sharks' habitats.
Researchers at Bond University in Queensland, Australia found in 2016 that human interference with sharks' habitat and the rise in climate change are causing more shark attacks worldwide, according to The Independent.
The destruction of their habitat has forced sharks closer to land, thus closer to humans, the researchers said.
"Coastal development and infrastructure can have major environmental implications on the distribution of sharks, and this can flow on to the number of unprovoked shark bites," they said in their research.
Their research found that 84% of attacks occur in just six territories: the US, South Africa, Australia, Brazil, the Bahamas, and Reunion island.
But the shark population is ultimately in decline because of over-fishing — approximately 100 million sharks are killed every year by fisheries.
Shark attacks around the world
The top US intelligence official said Saturday he meant no disrespect to President Donald Trump in a televised interview discussing the summit with Vladimir Putin in Helsinki.
Director of National Intelligence Dan Coats said in a statement that his Thursday comments at the Aspen Security Forum in Colorado were not intended to be critical of the president's handling of the summit.
Coats had learned mid-interview that talks were underway for Putin to visit the White House this fall at Trump's invitation, and didn't conceal his surprise.
"Say that again," Coats said when MSNBC's Andrea Mitchell informed him of the breaking news.
"OK. That's gonna be special," he said.
Coats had already been under scrutiny since he said he wished Trump had not met one-on-one with the Russian leader and expressed dismay that the president had publicly undermined US intelligence agencies.
"My admittedly awkward response was in no way meant to be disrespectful or criticize the actions of the president," Coats said in his statement.
NOW WATCH: Why Rolex watches are so expensive
The 2011 NBA Draft has proven to be one of the deepest classes in recent memory.
The class was highlighted by No. 1 pick Kyrie Irving, but perhaps most interesting is how many stars have developed from picks all over the class.
Klay Thompson was picked 11th, Kawhi Leonard was picked 15th, Jimmy Butler was picked 30th. Even Isaiah Thomas was picked 60th, the last pick of the draft!
Over time, the class has evolved into one of the deepest and most star-studded in NBA history. Here's where the picks are today.
The Cavaliers took Kyrie Irving with the No. 1 pick.
Irving spent six years with the Cavs, helping them win the 2016 championship with an epic step-back three-pointer. In 2017, he requested a trade and landed with the Boston Celtics, where he can be the No. 1 option.
The Minnesota Timberwolves took Derrick Williams with the second pick.
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.
Mortgages are valuable for retail banks, but they're also complex products. In the UK alone, mortgages account for almost 60% of retail banks' profits. But mortgage lending can be a complicated process — it involves estate agents, appraisers, and conveyance agents.
This complexity has resulted in major consumer pain points, like a lack of understanding of mortgages, inconvenient access channels, and difficulty switching providers. In an increasingly digital landscape, tech-savvy consumers are starting to demand simpler ways to take out mortgages, and legacy providers are suffering. In the US, the top three incumbent lenders together captured about 45% of the overall mortgage market in 2011; they hold just 24% in 2017.
But a new class of mortgage-focused startups have developed a range of business models to help incumbents update this valuable product for the digital age. Their strategies vary between geographies: In countries like the US and UK, where homeownership is culturally important, they help incumbents keep consumers interested in taking out home loans.
Meanwhile, in countries like Germany and Switzerland, where people prefer renting, they help incumbents attract new mortgage customers. Some incumbents are already partnering with these players, while others have opted to launch in-house initiatives. Each strategy has its pros and cons, but incumbents must adopt an approach to avoid losing relevancy and market share.
There are still some fundamental problems in the insurance market that present obstacles to innovation — for both startups and incumbents. But there are ways to overcome them while making mortgages more attractive for consumers and improving returns for lenders.
In a new report, Business Insider Intelligence looks at the fundamental problems dogging the current mortgage process and examines why these flaws are becoming impossible for incumbent mortgage providers to ignore. It also outlines the types of fintechs stepping in to drive innovation in the mortgage space, some current efforts by incumbent banks, and hurdles still standing in the way of large-scale change in the mortgage industry, as well as what can be done about them.
Here are some of the key takeaways from the report:
In full, the report:
The New York Police Department reportedly filed formal departmental charges against an officer who placed Staten Island man Eric Garner in a fatal chokehold.
The NYPD charged officer Daniel Pantaleo with violating department regulations, WABC reported Saturday.
A case against his supervising NYPD sergeant, Sgt Kizzy Adonis, is still pending.
The charges come four years after 43-year-old Garner's July 2014 death, which sparked protests about police treatment of black people.
Garner's dying words, "I can't breathe"— which he repeated 11 times during the arrest — became a rallying cry for the police reform movement.
Police officers had been attempting to arrest the Staten Island man on suspicion that he was illegally selling loose cigarettes.
Pantaleo is seen on video taking Garner down in a chokehold, a move that is banned under NYPD policy but one the officer's lawyer says was taught by the police department, according to the Associated Press.
A medical examiner said Garner's cause of death was a chokehold and ruled it a homicide.
Pantaleo is not currently facing criminal charges and therefore will not be arraigned following Friday's departmental charge and will not make any court appearances. The Civilian Complaint Review Board will hear and prosecute the case.
An NYPD official told CNN that disciplinary hearings for Pantaleo will likely take place in early 2019.
A New York State grand jury previously declined to indict Pantaleo, which prompted the Justice Department under the Obama administration to launch its own investigation, which is still ongoing.
The NYPD was waiting to see if the federal government would bring charges against officers before moving forward with its own.
But New York officials sent a letter to the Justice Department on Monday saying it could no longer halt internal disciplinary proceedings for the federal government.
It gave the Justice Department until August 31 to announce if it would file criminal charges before moving forward, according to NBC News.
Following a wrongful death lawsuit, the City of New York reached a $5.9 milling settlement with the Garner family in 2015.
Hillary Clinton on Saturday described President Donald Trump's recent summit with Russian President Vladimir Putin "alarming on many, many levels" and called the secrecy surrounding the president's one-on-one meeting with the Russian leader "deeply disturbing" during her appearance at a New York City festival on Saturday.
Clinton questioned the president's motives when he failed to defend the US intelligence community and blamed the US for poor relations with Russia while standing beside Putin at a press conference in Helsinki earlier this month.
"The great mystery is why this president has not spoken up for our country, and we saw this most clearly in this recent meeting with Putin," Clinton said during a talk with billionaire businesswoman Laurene Powell Jobs.
The former secretary of state said that when she and others, including President Barack Obama, met with Putin, they always had note-takers present to ensure "there's no mistake about what was said." The only person in the room with Trump and Putin was a translator.
"This idea that somehow we are not sure where our own president stands is deeply disturbing," she said, calling Russian interference in the 2016 election a "direct attack on our democracy."
Clinton added that "we still do not know" what happened in the meeting between the two world leaders and that Putin's account of their conversation hasn't been challenged by the Trump administration.
"Putin is basically telling the world what was decided," Clinton said. "And we're hearing crickets from the White House. Nothing is being put out that is in any way contradictory or replacing the Putin agenda with whatever Trump was doing."
Trump's performance in Helsinki was met with bipartisan condemnation, and even provoked some of his staunchest supporters in conservative media to demand the president correct his statements.
Director of National Intelligence Dan Coats criticized Trump's comments, revealed that he wished Trump had not met alone with Putin and was not aware of the president's plans to invite the Russian leader to Washington this fall, and called Russia's efforts to interfere in the 2016 election "undeniable" during an appearance in Aspen on Thursday.
OZY Fest's identity crisis
Clinton's talk took place amid a day of politics and music at OZY Fest, a self-described "part music festival, part TED Talk, part food fair" in Central Park, with an eclectic line-up of mostly Democratic politicians, pop musicians, Hollywood celebrity-activists, and intellectuals.
The third-annual event, put on by the five-year-old digital daily news magazine OZY, has faced ridicule for its apparent identity crisis.
One critic called this year's event "a weird hot Dada mess of Hillary's Shadow Government throwing a party at the park."
Others describe it as New York's answer to Austin's South by Southwest.
"In years past, people who purchased a ticket to see Jason Derulo have been totally wowed by Jeb Bush," festival founder and former MSNBC host Carlos Watson told The Daily News.
Ana Kasparian, a left-leaning political pundit and host of the online news outlet the Young Turks who flew in from Los Angeles to moderate two panels at the festival, called the festival concept "awesome."
On Saturday, Kasparian moderated a discussion between Grover Norquist, the conservative anti-tax activist, and South Carolina Republican Rep. Mark Sanford, who lost his primary to a right-wing challenger last month.
"I like that the discussions don't have this bloodsport feel to them," she told Business Insider.
Indeed, Sanford — the former governor of South Carolina and a staunch conservative — encouraged the crowd the keep up the anti-Trump "Resistance."
"Make noise — it's the squeaky wheels that get grease in politics," he said.
After criticizing Trump's approach to international trade, Norquist also made an attempt to appeal to the millennial crowd. "Come to Burning Man this year!" he called out at the end of the panel. (Sanford and Norquist are two of just four Republicans in the festival's lineup).
Later on Saturday, Democratic National Committee chairman Tom Perez, interviewed by CNN's Dana Bash, delivered an optimistic prediction of Democratic success in 2018. Perez declined to estimate the number of seats he thinks Democrats will pick up in the House and Senate this fall, but insisted it would exceed the 23 additional House seats and two additional Senate seats the party needs to win control of both chambers.
Perez called out Texas Democratic Rep. Beto O'Rourke, who's mounting a longshot challenge to unseat Sen. Ted Cruz, and added that Mississippi's Senate race could be important for Democrats.
"Ted Cruz has 100% name recognition and that's precisely his problem because to know him is to not like him," Perez said.
The Sunday line-up includes Sen. Kirsten Gillibrand, comedians Chelsea Handler and Michelle Wolf, GOP consultant Karl Rove, and Passion Pit.
A gunman is in police custody after opening fire outside a Los Angeles-area Trader Joe's supermarket, barricading himself inside, and taking hostages, authorities said Saturday. One woman was struck by gunfire inside the store, according to the Los Angeles Police Department and Los Angeles Mayor Eric Garcetti.
"We have successfully taken the suspect into custody without incident. The situation remains fluid as officers move forward clearing the location," the Los Angeles Police Department tweeted.
Authorities said they believe the man first shot his grandmother and girlfriend, then opened fire on police officers during a pursuit, crashed his car outside the Trader Joe's, and ran inside.
Asst. Chief Robert Arcos of the Los Angeles Police Department told the Los Angeles Times that the gunman was barricaded in the store and that at least some bystanders were also inside, though the newspaper cited another source that said the gunman and the bystanders were in separate parts of the building.
Officer Mike Lopez, a police spokesman, told the Associated Press the man had fled from the scene after the Saturday afternoon shooting in South Los Angeles.
He added that officers tried to pull the man over and were led on a pursuit. Lopez says the suspect shot multiple rounds at officers during the chase but no officers were struck. At least one officer returned fire, he added.
The Los Angeles Police Department tweeted there was an "active incident" at a Trader Joe's in the Silver Lake area, roughly five miles east of Hollywood.
President Donald Trump tweeted Saturday evening that he was watching the situation "very closely," and that the LAPD was working alongside federal law-enforcement officials.
The Associated Press contributed reporting.
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.
Generation Z, also known as iGen or Centennials, is arguably the most pivotal generation to the future of retail. By 2026, the majority of Gen Zers will reach adulthood, and their spending power will reach new heights. Retailers and brands need to start establishing relationships with Gen Zers now to ensure success in the years to come.
But Gen Zers, who we define as those born between 1996 and 2010, are different from older generations, and understanding their characteristics and preferences is essential to capturing their attention — and their dollars. Though members of older generations have grown accustomed to using the internet, Gen Zers are the first consumers to have grown up wholly in the digital era. They're tech-savvy, heavy internet users, and mobile-first — and, most importantly, they have high standards for how they spend their time online. Retailers and brands — which have spent more than a decade trying to catch up to millennials' interests and habits after ignoring them and the digital revolution for too long — must leverage Gen Z's tendency to be online at all times, and make sure to meet the generation's heightened digital expectations.
In a new report, Business Insider Intelligence explores Gen Z's current shopping habits — both online and in-store — and how those habits might evolve over time. It looks at their spending power, both now and in the years to come, and the drivers that lead them to complete a purchase. It also assesses Gen Zers' unique traits, and the ways that retailers and brands can leverage those characteristics to make them loyal customers.
Here are some key takeaways from the report:
In full, the report:
Monika Bickert was in the witness stand ready to give evidence to Congress. As one of Facebook's most senior executives, she was about to be grilled by the House Judiciary Committee on fake news and content filtering.
Bickert, Facebook's head of global policy management, began delivering her opening remarks when at least four protestors held aloft signs featuring an image of Mark Zuckerberg and Sheryl Sandberg as a two-headed octopus. Moments later, the protestors walked out.
The bizarre moment piqued interest, with journalists following the congressional hearing, including BuzzFeed's Ryan Mac, writing about the incident. As it turned out, it was the latest stunt to be organised Freedom from Facebook, a campaign group that wants to break up the social network.
Freedom from Facebook is a coalition of privacy and anti-monopoly advocacy groups, essentially born out of the Open Markets Institute in May. It counts at least nine other groups among its coalition and last week added its most powerful ally yet: The Communications Workers of America union, which represents 700,000 US workers.
Sarah Miller, the deputy director of the Open Markets Institute and spokeswoman for Freedom from Facebook, said the group was created in the heat of Cambridge Analytica scandal, which started "animating groups that we'd never seen have any sort of shared mission."
Freedom from Facebook has three key objectives: Separating Facebook, Instagram, WhatsApp, and Messenger; forcing Facebook to be interoperable with competing social networks; and introducing strong privacy rules to protect Facebook users.
"Mark Zuckerberg has far too much power, his own shareholders called him a dictator," Miller said. "The set of positions that we're offering are returning to a more responsible, reasonable status quo."
This is not a flash in the pan issue, we are committed to finishing this job, and the health of our democracy depends on it
More than 10,000 people have signed its petition to the Federal Trade Commission, while Miller is in talks with several other organisations to join the campaign.
They intend to contribute to the FTC's public hearings on competition and consumers over the coming months. It is the first time the FTC a conducted such a consultation in more than 20 years.
Miller would not disclose Freedom from Facebook's financial backers, believing that anonymity is important when "we go up some of the most powerful organisations." She stressed, however, that the coalition is in it for the long haul.
"This is not a flash in the pan issue, we are committed to finishing this job, and we feel like the health of our democracy depends on it," Miller added.
She said the EU's record $5 billion fine of Google this week over its abuse of Android shows a growing appetite to tackle the dominance of Silicon Valley giants. It is a question of "when not if" Facebook will face scrutiny, Miller said.
So, you can expect to see more protests like the one in Congress this week, even if it attracted attention for the wrong reasons. Some observers suggested that the octopus image, with CEO Zuckerberg and COO Sandberg, was anti-Semitic, given similar imagery was used in Nazi propaganda. Both Zuckerberg and Sandberg are Jewish.
Miller said the designer, Eddie Vale, is Jewish himself and there was "no intention" for it to be anti-Semitic. She said the design was a "riff" on the classic Standard Oil cartoon by Joseph Keppler.
Facebook declined to comment, but pointed Business Insider to quotes in Axios when Freedom from Facebook launched. The company argued that regulators reviewed Facebook's acquisitions of WhatsApp and Instagram and concluded they didn't harm competition.
And speaking on to Recode's Kara Swisher this week, Zuckerberg made the case against Facebook being broken up. He said clipping the wings of firms like Facebook would open the door to companies from countries like China to fill the void. Companies which "do not share the values that we have," Zuckerberg said, and would not be willing to cooperate when things go wrong for US users.
"You can bet that if the government hears word that it’s election interference or terrorism, I don’t think Chinese companies are going to wanna cooperate as much and try to aid the national interest there," he said.
LONDON - The EU referendum result and Theresa May's struggles to agree a strategy for honouring it, has left the Conservative party in its most fractious state for decades.
In recent weeks May has suffered a series of resignations from her frontbench, growing numbers of backbench rebellions in the Commons and the prospect of an outright vote of no confidence from her parliamentary party.
Amidst the discord, a series of groups have emerged who are all battling to influence what happens next.
Here are the main groups vying for control of the Conservative government and its strategy for Brexit.
The Brexit Delivery Group
The Brexit Delivery Group is a new group of Conservative MPs which seeks to "give the Prime Minister and Government the peace to operate" and is set to be fully rolled out after recess. The group is a mix of those, such as David T. C. Davies and Andrew Percy, who voted for Leave, and Nick Boles and Simon Hart who voted for Remain.
With reportedly over twenty MPs signed up, the BDG are looking to ensure the UK leaves with a deal in March 2019, with the potential for nuanced issues to be dealt with in the transition period.
The group seeks to distinguish themselves from those on "the extremes" of the debate, and provide a voice for the "quiet and unassuming middle ground" of the Conservative Party, according to one senior figure in the BRG, who said the group oppose the "creation of new red lines only months before Brexit negotiations end".
The BDG have been in early talks with rebels, seeking to persuade them to end partisanship in favour of pragmatism. Soft Brexiteers like Stephen Hammond and Nicky Morgan are believed to have been in discussions with the group.
Rumours persist that more Conservatives are set to join the People's Vote campaign, with Amber Rudd, Antoinette Sandbach and Nicky Morgan being named as MPs who are likely to join the campaign. Morgan, the former Education secretary, has been mentioned by insiders as a future supporter of a People's Vote since Easter, when initial plans for a media rollout were being formulated.
When approached by Business Insider for comment, both Morgan and Sandbach denied that they were about to join the People's Vote Campaign. This sentiment was echoed by a source in the Open Britain, campaign who said that while they were working on securing their support, an announcement was not yet imminent.
Sandbach is currently a member of a group of Tory soft Brexiteers informally led by Stephen Hammond, of which around a dozen other MPs are members. Chiefly looking to counteract the influence of Jacob Rees-Mogg and the European Research Group, positioning in the group varies significantly, from vocally Remain MPs like Ken Clarke, to MPs who those who take a more nuanced position such as Tom Tugendhat.
European Research Group
The ERG is the most vocal of all the groups battling for control of the Brexit process. Led by Jacob Rees-Mogg, the ERG is fiercely anti-EU and is effective at using the media to get its message across. An even more increased media presence is planned over recess, with former Minister for No Deal Steve Baker having planned a media grid, designed to demonstrate a wider breadth of support amongst MPs. The group is keen for a younger and more diverse range of spokespeople with Ben Bradley and Priti Patel mentioned as figures set to appear in the media more in the coming months.
While numbers as high as eighty have been floated as the membership figure for the ERG, the number of committed members is probably closer to 40. MPs such as Glyn Davies and Paul Scully have often been cited as members who might want to keep the pressure on the Government but these are hardly partisan or factional figures, and would struggle to sign up to some of the more hardline rhetoric of Nadine Dorries or Andrea Jenkyn.
The "paramilitary Brexiteers"
There's another group of hardline Brexiteers, described by Sam Coates recently in The Times as "Paramilitary Brexiteers". With Andrew Bridgen and Phillip Bone amongst their members. This group of half a dozen or so MPs are much more outwardly aggressive to May, with Phillip Davies and Andrew Bridgen having put their letters in to trigger a vote of no confidence in May already.
Overall, insiders are keen to play down the mutual exclusivity of these factions, and the partisanship within them. For example, Foreign Affairs Select Committee Chair Tom Tugenhat has been a part of pro-Customs Union campaigns, but has never rebelled against the Government.
Other Tory Brexit insiders highlight Amber Rudd and Damian Green as figures to watch regarding Brexit movements within the Conservatives.
Despite both resigning in disgrace, Rudd and Green were senior ministers under May, and duly supported her Brexit policy when in the Cabinet. If that were to change now, it would signify a new front in the Brexit battle within the Conservative party.
Brexit Secretary Dominic Raab has become the latest member of Theresa May's government to threaten to withhold the £39 billion ($51 billion) divorce bill from the EU unless the UK gets its way in negotiations.
Speaking to The Sunday Telegraph, Raab said Britain could choose not to pay the severance settlement after leaving the European Union in March next year, if the country does not get a trade deal.
Raab, who replaced David Davis earlier this month, said some "some conditionality" between the £39 billion payment and a trade deal is needed.
"Article 50 requires, as we negotiate the withdrawal agreement, that there’s a future framework for our new relationship going forward, so the two are linked," Raab said.
"You can’t have one side fulfilling its side of the bargain and the other side not, or going slow, or failing to commit on its side. So I think we do need to make sure that there’s some conditionality between the two."
It is not the first time the British government has refused to pay the divorce bill. Raab's predecessor Davis and Prime Minister May herself have previously said they would withhold the bill if the EU denies Britain a trade deal. Davis also made threats over the payment in relation to the Northern Irish border.
But the brinkmanship conflicts somewhat with the advice of the government's spending watchdog, the National Audit Office. Sir Amyas Morse, the auditor general, told lawmakers in April that the divorce payments will become legally binding as soon as the UK signs a Withdrawal Agreement. This is because the payments are tied to Britain's two-year transition agreement with the EU.
"The payments would fall for us to pay no matter what under international law," Morse said. "The reason why that would be is the payments are primarily in respect of continuing membership for the extension period — they don't relate directly to whatever the future relationship may be."
Raab also told The Sunday Telegraph that the prime minister is not "bluffing" when she says that crashing out of the EU with no deal would be better than a bad deal. "The ball is now in the EU’s court, and don’t get me wrong, there will be plenty more negotiations, I’ve made that clear, but if they show us the same level of ambition, energy, pragmatism, this deal gets done in 12 weeks," he said.
The FBI has 41 suspects on its "Cyber’s Most Wanted" page, an identity parade of some of the most skilled hackers in the world.
Their crimes range from state-sponsored espionage to holding episodes of "Game of Thrones," and even hacking into a US dam. Although it is a distinct possibility that the hacker got the wrong dam.
Scroll on to read more about each of the suspects and the crimes they committed. They are not ranked in any particular order.
Behzad Mesri, held HBO to ransom
Mesri is an Iran-based hacker otherwise known as "Skote Vahshat" who allegedly hacked HBO's "Game of Thrones" and obtained unaired episodes, scripts, and plot outlines. He demanded a ransom of $6 million in Bitcoin. He also stole unaired episodes of "Ballers,""Curb Your Enthusiasm," and "The Deuce."
Danial Jeloudar, stole a vast amount of credit card numbers
Jeloudar is wanted for identity theft and fraud after he and his associate, Arash Amiri Abedian, allegedly used malware to steal a vast amount of credit card numbers and other personal information, and then used that information to extort money, goods, and services from victims.
Jeloudar tried to extort a California-based online merchant, threatening to disclose its customers' credit card details and other personal information unless it made him a payment in Bitcoin.
Arash Amiri Abedian, stole and passed on bank details
Along with Danial Jeloudar, Abedian is wanted for alleged identity theft and fraud. Between 2011 and 2016, Abedian used malware to capture people's credit card details and other personal information.
In February 2012, Abedian sent Jeloudar approximately 30,000 names and numbers, which he said were unauthorized credit card numbers and associated information.
See the rest of the story at Business Insider
It took hitting rock bottom for 26-year-old Gian Power to discover the thing that would power his future — meditation.
The founder of Unwind, the UK's first surround sound meditation experience aimed at helping bankers and corporates relax, Power has always had an entrepreneurial spirit in his blood.
Growing up in Durham, he set up his first business — a DVD manufacturing company — when he was just 13, partly inspired by his counsellor mother and entrepreneurial father.
"I grew up with this go-getting attitude — whatever you want to create, create it — softened by my mum's calming tone," he said.
He studied international business and German at Aston University, moving to Frankfurt for a year as part of his degree to work at Deutsche Bank.
After university, he joined the grad scheme at PwC in 2014, working with companies that were struggling or failing.
He had just completed his accountancy exams when tragedy struck in 2015, and he took three months out of work for what he calls "the most difficult time in my life."
His father, 54-year-old Ranjit Singh Power, an entrepreneur who lived between Dubai and the UK, was murdered while on a work trip to India in May 2015 — and Gian ended up leading the investigation, which is still ongoing.
"I was 23 in the foreign office, with 20 people around the table — I thought, 'If I can deal with this stuff, then I can deal with anything," he said.
While arranging a funeral for his father after a taxi driver confessed to the murder, he had the body flown back — but it wasn't his father's body that arrived in London. The Independent reported that police in India instead thought his father had been kidnapped and murdered, but his body has yet to be found.
At that point, Power said he thought: 'What am I going to do with my life? Going back to my Excel spreadsheets isn't going to make me buzz any more.'"
He told Business Insider it was a conversation with a homeless man near his office that inspired him to leave his job.
"I went back to the office and thought, "I've learnt more about myself in the last 20 minutes than I have in years,' and realised the corporate world wasn't necessarily the right route for me."
Inspiring people in the 'corporate beast'
In 2017, he decided to leave, and he joined an organisation called the New Entrepreneurs Foundation, which provides mentors, life coaches, and access to investors to people interested in working for or founding a startup.
While it was suggested that he become a blogger, he knew it wasn't for him. "I have personal experience, [but] I won't share it unless I can help someone," he explained.
He realised that instead, he wanted to interview businessmen and women and CEOs who have faced adversity and come out the other side.
"I remember speakers that used to come into PwC — they got paid so much and they didn't always leave an impact," he said.
Instead, he wanted to create an atmosphere where people could be inspired in the "corporate beast, where we go to work in our suits and ties and don't let enough emotion come out."
So, he "made a few calls to more senior people," lined up some companies and speakers, and founded TLC, or The Lions Club, titled after his middle name – Lion.
He now has 25 speakers across London and New York — and they're working with companies like Lloyd's of London, GSK, Sony, and RPC.
"They are not speakers for a living, [just] ordinary people with extraordinary stories," he said. "One is a Syrian refugee who was badly beaten, filmed his journey, and is now BAFTA award winner."
He even did his own talk for the first time at a PwC UK Alumni event in June on how to use your emotions as a super-power.
In his talk, he said: "I truly believe that everybody has a story they would like to share, if only we were willing to take the time to listen."
He told Business Insider: "It's about letting yourselves out at work, [and] taking time as leaders to get to know our teams, to get to know their problems.
"Employee engagement is a buzzword that goes out in surveys — it's [defined as] the emotional commitment staff have to a company and its goals. But there's a lack of emotion going on around the City."
Finding calm through meditation
Needless to say, Power has been through a lot — but it's a practice he discovered during the murder investigation that has helped him through.
That practice is meditation — and it's part of the routines of some of the most successful people in the world.
"I'd be in one room with a client, the police would be next door, and the BBC would be next door — it was just nuts," he said, describing the time just after his father's murder. "I was 23 at the time. You know how much you can take, and there's a limit."
A friend suggested he try meditating, and sent him a YouTube video to guide him.
"I went into the toilets [at work] to listen to it, and after 10 minutes I came out and I felt really calm," he said.
At the same time, he also read a book by Tim Ferriss, who interviewed top business people and athletes from around the world — and he claimed 80% of them meditate daily.
He made a resolution in January 2016 to meditate every day for 15 minutes — and it stuck with him.
However, the inspiration finally came to take it further after he had left PwC and was in New York filming for The Lions Club.
He stopped by Inscape, a luxury meditation studio which uses ambient lighting and sound.
"I went by myself. For the first few minutes, there were voices coming from around the room, and I thought, 'I paid for this. Where is my teacher?' But after a few minutes, I thought, 'This is great.'"
He said he loved that it was "a space where nobody was judging you"— and he also knew that, with friends who he said were pulling all-nighters for work and some who had even been hospitalised, he wasn't the only person meditation could help.
While there were plenty of studios and yoga, he said there was nothing like it in the meditation space — so in March 2018, he started Unwind, the UK's first surround sound meditation experience.
A surround-sound experience
There is no instructor in a session, he explained — instead, he worked with a meditation teacher to write and record the meditations, which cover a number of topics to suit each client's needs.
"Every sense has got to be touched into — the smell of the room, the taste of the tea afterwards, the blankets that I've chosen," he said. "It's all these little things that make such a difference."
Unwind's first event was a pop-up, held in a darkened, underground, candlelit room in London's Finsbury Square.
It saw more than 150 people from the likes of JP Morgan, Warner Bros, PwC, and Linklaters attend across nine sessions.
"I spoke to a lot of partners at law firms and CEOs who said, 'We love it, our staff need it,'" he said.
Transforming offices across the city
Now, the company is aimed at the busy corporate worker and entrepreneur, and has plans to launch at corporations "where we can transport out candlelit oasis to help people switch off and relax."
"We've now had insurance companies, FTSE 100 companies saying 'Can you bring this in the office please?'" he said.
In answer to that, Unwind is now working to transform offices across London in under 60 minutes, allowing employees to join in a 30-minute guided meditation to fit in with their day.
Power was recently awarded the Young Innovator Award from CVC Capital for his work on Unwind — and he's set to be the subject of a BBC1 documentary later this year about his companies, and how he's looking to transform employee wellbeing and the future of work.
"The shift needs to come from the company," Power said. "They need to show they care about their [employees]."
He added that there's often a stigma attached to meditation "where people think you sit there in a certain pose and think about life."
"Hell no," he said. "It's just time out from your phone, just conscious time of appreciating what we've got, that's what it comes down to."
He added that there's no spiritual or religious element to Unwind.
"I want it to be cool and sexy," he said. "I don't want to go down the spiritual route because it's [about] switching people off."
Meditation can be simple
For those new to meditation, Power recommends trying apps like Calm or Headspace.
However, he added: "Don't think it's all about going to a session or downloading an app. Some of the people I've met do random things."
He added that one person he met watched the bubbles in a glass of Champagne for five minutes, while another who lives near at airport watches a flight landing every night at 10 p.m.
But it can be even more simple. "Sit, put your phone away, and focus on something you can see for five minutes," he said. "Just focus on it, and you'll be amazed how your thoughts align."
He added: "We walk around with a badge of pride of 'I've only had three hours sleep, I don't really need much, I'm a workaholic,'" he said. "[But] I'm proud that I meditate every morning and I feel fantastic.
"My goal is to get London meditating in whatever form that takes."
Tia Coleman, a survivor of the duck boat disaster that killed 17 in Missouri on Thursday, has given an extraordinary account of the ordeal.
Nine of Coleman's relatives, including her husband and three children, died in the accident when an amphibious boat capsized on Table Rock Lake. Coleman's 13-year-old nephew, Donovan Hall, was the only other member of her family to survive.
Speaking during an emotional press conference at the Cox Medical Center Branson, where Coleman has been receiving hospital treatment, she described the moment the boat sank, her swim for survival, losing her family, and returning home.
The family boarded the boat after having their tickets swapped from an earlier tour. She said the 31 passengers on board were told by the captain that a storm was coming, but that life jackets were not needed.
Coleman previously told local news channel KOLR that a "really huge wave" swept over the boat, and the last thing she heard was her sister-in-law shouting "grab the baby."
The water filled up the boat and blinded her, she said, but she was thinking "I got to get out, I got to get out." Coleman hit her head, but managed to free herself from the boat, entering icy water near the bottom of the lake.
"I knew I was close to the bottom," she recalled. "I just remember kicking and swimming to the top. As I was swimming up I was praying 'Lord, let me get to my babies.' The harder I fought to get to the top, I was getting pulled down.
"And I kept fighting and kept fighting, and then I said 'Lord if I can't make it, there's no use in keeping me here.' And so I just let go and I started floating and as I started floating, I felt the water temperature change and it got warmer. As it got warmer I knew I was to the top. So I stuck my hand out."
When Coleman emerged, she was eventually hauled out of the water by rescuers on a nearby riverboat. "Somehow I managed to get to the boat and these beautiful people, angels... they pulled me up. And when they pulled me up onto the boat I didn't see any of my family," she said.
Coleman said her family could have been saved by life jackets. "The biggest thing that stood out to me is I felt like if I was able to get a life jacket I could have saved my babies because they could have at least floated up to the top and somebody would have grabbed them," she explained.
Coleman is not sure if she is happy to be alive, but said: "God must have something for me because there's no way I should be here."Nearly $240,000 has been raised for the family through crowdfunding website Go Fund Me.
Coleman said returning home will be "completely difficult." She added: "I don't know how I'm going to do it. Since I've had a home it's always been filled. It's always been filled with little feet and laughter, and my husband. I don't know how I'm gonna do it."
You can watch the full Tia Coleman news conference here:
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Navigating the dating world is difficult. So when you get the chance to commit to someone you genuinely like, you won't want to let that go.
But how do you know if you've actually found the right person, or you're just settling?
With so many dating apps, it can be easy to fall into the trap of the "paradox of choice," where you reject someone amazing out of concern there's someone else out there who's even more perfect.
"The paradox of choice causes a lot of people to play the field early on," relationship psychologist Claire Stott, who is a data analyst at dating app Badoo, told Business Insider. "But I think over a bit of time of dating, and experiencing a lot of different people, you really learn to realise what's good and what's not."
If you need a bit of a helping hand, there are certain topics you should broach with your partner before you decide to stick with them long term. Settling down is a big commitment, and you don't want to do it with someone who's wrong for you, or who ends up breaking your heart. Or even worse, with someone who's right for you, but the timing is off, so you both get hurt.
1. Firstly, ask them what they're looking for.
"You don't need to ask if they want to go out with you straight away," said Stott. "But you can say 'Are you in the market for looking for something?' or 'What are you looking for?' And this gives you an indicator of whether they're looking for something a bit more than something lighthearted."
They might be honest and tell you they're not looking for anything serious — and that's fine. But they might also say they are willing to settle for the right person, which gives you the indication you're not wasting your time. It's rather that than finding out later on that you were one of seven other people they were hanging out with.
2. Are they content with life?
It sounds quite deep for the start of a relationship, when everything is supposed to be fun and carefree. But Stott said it's a good idea to find out if someone is happy with where they are in their life.
"Because being fairly content is a sign you are at least mentally ready to meet someone and have a relationship with another person," she said. "And a lot of that comes from, it sounds really cheesy, but loving yourself before you can love someone else. And if you're meeting someone who's really upset with their life... it can be a bit of a warning sign they aren't quite ready to open up their life to a relationship."
You don't have to be quite so direct about it. You can ask questions like "Are you happy in your job?" or "Do you feel at home in the city you live in?"
"You can ask these questions which signal whether that person is in a good place and whether you think they might be ready for a relationship," Stott said.
3. Do they have any major future plans?
Nobody wants to be in the position of falling for someone, then learning they plan to move half way across the world... indefinitely.
Any major life-changing events, like moving to work abroad, or travelling, will likely impact your relationship. So it's handy to know about someone's plans early on.
"You don't want to be shocked a few weeks down the line, that they're moving to Australia, and you didn't ask them," Stott said. "It's good to have an idea of what people's immediate future plans are, like if they have got this burning desire to do something and they are pursuing it, it's best to know that early on."
4. What is their average Sunday like?
The way you spend your Sundays can be quite telling. Some people waste away the hours nursing a hangover, whereas others are more "get up and go" types.
"It sounds quite random but you can really get an idea of the person they are," said Stott, who recommends asking this question early on. "Quite often it's that proactive versus hungover personality. And although it seems unimportant, it does say a lot about the person... You kind of get a flavour of what that person's about."
5. How do they handle stressful situations?
"The way someone deals with things that go wrong in their life can be a real indicator of how compatible you might be with them," Stott said. "And there isn't a right or wrong way they might be."
For instance, some people retreat into themselves and need coaxing out by someone who is more in touch with their feelings. If two emotional hermits start dating, it might not be a totally healthy relationship that blossoms.
If you go through something stressful, see how the other person reacts. It doesn't have to be anything big, but it can be a good gauge for how much help they will be during the tougher things life throws at you. If they are dismissive or don't seem to care about your troubles, it could be a sign they're afraid of intimacy, or can't communicate very well.
"It is hard in the early days because usually everything is rosy and you're both being your best selves," said Stott. "But just keep it on the backburner to see if there are any indicators that they might not be compatible with you."
6. Do they have the same values as you?
People all have their certain deal breakers. For example, some will not tolerate drug use. Others are intent on not having children. Although it's hard to get into the big topics at the start of the relationship, you should find out if they have any values that are the total opposite of your own.
"There's no use screwing yourself over in the long run basically," said Stott. "People don't broach it in the right way, [or] they think maybe I'll change, and they don't. Then it just becomes an issue later. There are some certain deal breakers that should be brought up early."
7. What are their friends and family like?
People aren't always a mirror image of their friends and family, but in general, you can tell a lot about a person from who they choose to hang out with, and where they came from.
"If you meet someone's friends and you think they're the worst people you've ever met, it might be a bit of a red flag of what you're missing of the person," Stott said. "Is there a side to them I haven't quite seen yet?"
The same goes for them meeting your friends. While you're wearing the rose-tinted glasses during the honeymoon period, it can be tempting to dismiss things that would bother you further down the line. Your friends won't be so easily fooled.
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Joe Shelton joined Apple on April 30, 1979, when the company had fewer than 100 employees. "I stumbled into it" after six years in the US Navy, he told Business Insider.
"They were making something called a 'home computer' and my mother said, 'I don't know why anyone would want a home computer.'" But, "I leaped all over the job because it looked like it was going to be a lot of fun," he said.
He was right. For a few years, Shelton's desk was 30 feet from that of late founder Steve Jobs. He also worked with Steve Wozniak — the other founder of Apple who contributed most of the programming brilliance in the early Apple years.
And, with the two Steves, he also took meetings with a young Bill Gates, whose (then) little-known company Microsoft supplied part of the operating system for early versions of the Apple II computer. They worked together until Jobs and Wozniak left the company in 1985. Shelton left the company in 1992.
Business Insider asked Shelton what it was like dealing with Jobs' infamous "reality distortion field"— his ability to convince colleagues of grand, ambitious projects, even when they didn't make sense, based on the sheer intensity of his personality. In truth, Shelton says, Jobs' was not the master of mind control that many people made him out to be.
Shelton was initially hired as a marketing analyst but soon became the product manager for many of the early versions of Apple's software, such as Apple Writer, the word processing app for the Apple II.
In 1981, not many people were writing software applications for the Apple II. Shelton was worried that the Apple Software Publishing group was promising impossible-to-meet sales numbers at the expense of quality. So Shelton decided to resign. "I’d already written my resignation letter with my opinions on the company’s direction and given it to one of my bosses, the head of the Apple II and III group, and had just given a copy to Mike Markkula — chairman of the board and VP of marketing — when I ran into Steve."
Standing in the hallway at the Cupertino headquarters at Bandley Drive, Jobs asked, "So what are you doing?"
Shelton said, "Actually, I think we're going in the wrong direction and I'm leaving the company."
Jobs replied, "come with me."
The founder took him to Bandley 4 building and showed him what Steve's secret group was working on next: The Mac prototype. It was the first computer to use a point-and-click interface, with a mouse, and pull-down menus for commands and functions.
The machine was revolutionary: It swept away computers that used lines of code text as commands and replaced them with a visual environment that featured folders, icons, and trash cans — things people recognised from real life. The reason your laptop looks the way it does today is because of the Mac.
"Would you like to be the product manager?" Jobs asked. Obviously, Shelton said yes.
"Everybody in the Mac group loved Steve," Shelton said, even on the days when Jobs was wrong.
A key feature of the Mac was its 128K capacity. This tiny amount of memory was a big deal in its day. But even during Mac's development stages, it threatened to become a limit. One day, Jobs gathered the Mac team — about 40 people — in the atrium at Bandley, where there was a Bosendorfer piano, a ping-pong table and a 500cc BMW motorcycle. He wanted to address his decision to hardwire a 128K limit into the new Mac. The 128K limit meant that users could not run programs that needed more than 128K of capacity — including the operating system.
Standing in front of his employees, Jobs told them, "we want developers to write small, efficient code, not Microsoft code." His logic was that would metastasize all over the place. The limit would become Apple's advantage by forcing developers to do more with less headroom.
The staff seemed to like the logic — Jobs' reality distortion field at work — but Shelton wasn't convinced. "I was the only person who wasn't accepting it because I knew how operating systems grow, how software grows." Jobs thought developers would make their apps smaller, "but it wasn't going to go that way," Shelton says. Software code only ever balloons in size.
So Shelton visited a colleague in the Mac development group, Andy Hertzfeld, the primary software architect on the Mac. "We can't do that," Shelton told him, referring to the 128K limit. "That's really dumb. We can't design a hard stop on the software."
Hertzfeld replied, "I agree, we won't do that."
But didn't Steve Jobs just insist on a 128K limit?
Hertzfeld told Shelton, "Steve will do what he wants to do. We will do what Steve needs us to do. Except when we need to do what we need to do."
That was the moment Shelton realised the Jobs reality distortion field had holes in it. The Mac was not, ultimately, hardwired into a 128K limit although many believed it was. It had capacity beyond that, although Jobs' people did not initially inform their boss that the Mac was more powerful than the company was officially saying.
"Steve figured it out eventually," Shelton said.
Wozniak was almost the opposite of Jobs, Shelton says. Jobs regarded himself as the company's North Star, a leader who would get up in front of the entire Mac group staff and announce a difficult decision. But Wozniak — who preferred building and coding — sometimes ducked management responsibility.
Shelton remembers one time trying to get Wozniak's input on a decision as Wozniak walked through the office. Wozniak wasn't the tallest person in the room but he has distinctive bushy hair, which Shelton could see bobbing between the cubes that separated each desk.
"Hey Woz," Shelton yelled at him.
"His head would disappear when he ducked down [behind the cube walls] because he didn't want to deal with you."
Apple went public in 1980, making Woz a wealthy man. "The minute he got money Woz was mentally out of it," Shelton says. He had a child-like enthusiasm for new toys and gadgets. He bought a single-engine airplane with his new wealth (which he crashed in 1981). "Woz loved his stuff," Shelton says. "Woz was, and still is, a kid at heart [and] there are not enough adult kids in the world."
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Rick Rieder is worried about liquidity.
According to the chief investment officer of global fixed income at BlackRock, the retreat of central banks from credit markets could worsen liquidity, or complicate how smoothly other investors are able to do the same.
Rieder, who oversees $1.9 trillion in assets, has been voicing this concern for several months as central banks reduced their bond purchases.
Back in January, the Bank of Japan said its balance sheet shrank month-on-month for the first time since it started buying government bonds, equity exchange-traded funds, and other assets in late-2012. In June, the European Central Bank said it was set to end the €2.5 trillion ($3 trillion) bond-buying program known as quantitative easing that it initiated after the eurozone debt crisis. The Fed continues to slowly unwind its $4 trillion-plus portfolio of bonds.
As central banks work quietly and slowly, more powerful forces are brewing in the foreground, Rieder said in a recent note.
Of the US economy, he said: "We think that at some point over the next year, or so, eventual higher wages, and other higher input costs for companies (particularly if accompanied by sustained tariffs), as well as a pull-forward of capital expenditures by companies, may lead to an economic slowdown from the second quarter’s buoyant pace."
He continued: "We’ve also been quite vocal regarding our concern over the deceleration in the pace of growth of global liquidity and think that financial markets are already displaying ample "canaries in the coal mine" that suggest we may be in store for higher volatility, or financial market shocks, which hold the potential to diminish business or consumer confidence."
Some of these canaries, or warning signs, can be found in emerging markets.
On a total-return basis, the MSCI EM index is down 11% this year and is the worst performer besides gold on a Bank of America Merrill Lynch ranking of major assets.
Rieder flagged the potential for a stronger dollar as a potential setback for liquidity and calm in emerging markets, because it's the world's reserve currency and the primary way debt is funded.
The dollar's rise this year, following its worst since 2003, is already weighing on emerging-market assets, according to Erin Browne, the head of asset allocation at UBS Asset Management.
"What's interesting about that is if you look at the correlation of EM equities relative to the US dollar, it's very highly correlated, which is telling you that the move that we see in EM assets right now is largely being driven by the dollar," Browne said at a media roundtable on Friday.
EM equities fell 17.7% from their peak in early February to late-June, worse than the 14% drop during the taper tantrum of 2013, Browne said.
Meanwhile, the US economy remains on a firm footing. At least, that's the opinion of Federal Reserve Chairman Jerome Powell, who faced lawmakers in Congress last week.
The Fed is forging ahead with gradually raising its benchmark rate as long as economic conditions allow. With the unemployment rate near the lowest since 2000 and inflation under control, the Fed has much of the clearance it needs.
"The main question becomes: what is the next phase for the economy," Rieder said after Powell's testimony.
Also, investors are grappling with the implications of the shrinking spread between the 2- and 10-year note yields, which Morgan Stanley has forecast will go negative— implying a yield-curve inversion — by 2019. An inverted yield curve has preceded every recession since the 1960s, though with a time lag of nearly two years on average, according to LPL Financial.
Elon Musk has settled his bizarre dispute with an artist who created a mug featuring a farting unicorn.
The unicorn originally featured on one of Colorado-based potter Tom Edwards' mugs, which carried a positive message about electric vehicles. Musk tweeted in February 2017 that it was "maybe my favorite mug ever."
Months later, it was brought to Edwards' attention that the image was popping up inside the operating system of Tesla vehicles and on a company Christmas card.
Edwards hired a lawyer and wrote to Musk asking for a discussion about the farting unicorn's copyright. He did not want a big legal fight and said that he had always been a Musk fanboy.
But Edwards' daughter, Robin Edwards, called out the Tesla boss on Twitter. Musk, in now-deleted tweets, said legal action would be "kinda lame" and said his interest in the farting unicorn had "increased his [Edwards'] mug sales."
Edwards told Business Insider last month that Musk had been "arrogant." He added: "We're not sitting here with dollar signs in our eyes, we're really doing this because it's what right."
"We have reached an agreement with Tesla that resolves our issues in a way that everyone feels good about," he said. "It’s clear there were some misunderstandings that led to this escalating, but I’m just glad that everything has been cleared up."
Musk tweeted a link to the blog, with three emojis: A unicorn, a gust of wind, and a peace symbol.
It's the latest twist in a tumultuous week for Musk. The billionaire called Thai cave rescue diver Vernon Unsworth a "pedo" only to later delete his tweet and apologise. He was also criticised for a donation to the Republican party, which some said contradicted his support of climate change initiatives.
One of his followers observed wryly: "Dude you need to refocus and get on track! You had a rough week in the News." Musk responded: "Always look on the bright side of life …"
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For the first time ever, Microsoft has topped $100 billion in revenue.
When Microsoft reported earnings on Thursday, it was a feast for the bulls, as it showed record-breaking annual revenue of $110.4 billion, a 21% jump in operating income of $35.1 billion, with total net profits of $16.6 billion.
By Friday morning, analysts were swooning with delight.
Instinet's Christopher Eberle wrote, "The underlying strength, led by cloud and intelligent edge adoption, is expected to continue throughout the year." Eberle noted that these were the best, company-wide profit margins since 2014 and concluded that there was "not a lot for the bears to sink their claws into."
Morgan Stanley's Keith Weiss went further, predicting the stock will soar to a $1 trillion market cap, "Solid 4Q18 results keep MSFT on track to $1 trillion," he wrote and raised his price target to $130.
RBC's Ross MacMillan, who raised his target for the stock to $115, looked at Microsoft's commercial business — the products it sells to businesses — and wrote that it's "hard to see what stops the momentum."
But buried in all this wonderfulness was this tidbit: the only part of Microsoft's business that shrunk was Windows licensing for consumer PCs. Microsoft reported that Windows "OEM non-Pro revenue declined 3%, slightly below the consumer PC market, driven by continued pressure in the entry-level price category."
Windows is both sickly and strong
A few years ago, right before Satya Nadella took over as CEO, Microsoft and its Windows phone operating systems were being totally surpassed by Apple iOS and Android. Missing the boat with smartphones seemed to hurt the Windows business catastrophically, perhaps even fatally.
Ballmer tried to fix it — too much, too late — by buying its main Windows Phone supplier, Nokia. But when Nadella took the reigns not too long after, he did an about face.
Instead of doubling down on protectionist strategies, he went high, all the way to the cloud. In 2015, he tucked consumer Windows into a business unit called "More Personal Computing," which includes Windows, plus other businesses like the Xbox console and its Surface PC business. It includes ad revenue from Bing, as well, which has risen alongside usage of Windows 10 itself.
In this way, he sort of tucked the sickly Windows business out of view.
And he capped it off just over a month ago, when the company announced that long-time Windows exec Terry Myerson was out. In his place is the leader of Microsoft Office, Rajesh Jha, who will control a new group encompassing both Windows and Office.
Fast forward to the end of Microsoft's fiscal 2018, and that shrinking Windows business doesn't matter, like a gnat in a windstorm.
Windows products for business users have been selling well, including Windows Pro, enterprise Windows licenses, and Surface PC. And selling Windows to business customers means Microsoft also gets to sell all kinds of extra, high-margin cloud services to businesses too, such as security, like Windows Defender, or Software Assurance, a support contract for businesses.
Nadella goes high, to the cloud
Microsoft has always used Windows as a way to sell other products. But under Nadella, Microsoft flipped this approach on its head. Instead of leading with Windows, it now leads with Office 365, which has become the sticky product that keeps people in Microsoft sphere. This, even though Office 365 is available for just about every device under the sun,
In fact, a year ago, Microsoft bundled Office 365, Windows and security products together for businesses in a package called Microsoft 365. That combination has become "a multi-billion-dollar business," Nadella told analysts on the quarterly conference call.
When enterprise IT departments use Office 365, their enterprise contracts also encourage them to try Microsoft Azure, Microsoft's cloud competitor to Amazon Web Services, where they rent capacity from Microsoft's data center to run their own apps. Azure is still the second-place cloud behind Amazon Web Services, but is doing well and growing.
"In FY18, we closed a record number of multi-million-dollar commercial cloud agreements and more than doubled the number of $10 million-plus Azure agreements," Nadella said.
Microsoft still doesn't report Azure revenue in dollar amounts, so for whatever its worth, it said Azure revenues grew 89% over the year ago quarter. However, counting all things cloud sold to businesses, Microsoft brought in $23 billion in revenue , with gross margin expanding to 57%.
And this is now the core of what Microsoft does.
So instead of talking about Microsoft's continued absence in mobile, or its ongoing decline in consumer PCs, the company is soaring towards $1 trillion on the back of the cloud instead.