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    The Future of Retail 2018

    The future of retail is looking bright.

    So bright that BI Intelligence, Business Insider’s premium research service, expects the industry to top $5.5 trillion by 2020!

    While in-store and desktop purchases are certainly helping the retail industry boom, the biggest factor for this incredible growth is in your pocket.

    Find out why the smartphone will be crucial for retailers in 2018 and beyond with the first part of a brand new slide deck from BI Intelligence called The Future of Retail 2018.

    Here are some of the key takeaways:

    • US retail is growing $200 billion year-over-year
    • In-store retail is still dwarfing e-commerce
    • But e-commerce is growing almost 4x faster than in-store
    • Mobile commerce is driving most of that growth
    • And much more

    To get your copy of the first part of this FREE slide deck, simply click here.

    Join the conversation about this story »


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    Ilana Weinstein.

    • Ilana Weinstein is the founder of The IDW Group, which focuses on recruiting investment talent for all kinds of investment strategies.
    • We asked Weinstein about the biggest trends in the hedge-fund business and how to get a senior-level job today.
    • "As the industry has become more crowded and efficient, I would argue the definition of talent has gone up," she said.


    Ilana Weinstein is a force within the hedge-fund industry, recruiting senior investment talent and C-level staffers for some of the biggest funds. Her firm's approach has gotten a reputation for being the "Don't call us, we'll call you" search firm — something Weinstein is completely fine with.

    She founded The IDW Group about 15 years ago. The New York firm recruits investment talent specializing in all kinds of investment strategies, ranging from long-short equity to credit and macro. IDW also recruits for private-equity funds, asset managers, and family offices.

    We wanted to get a sense of what it takes to get a top job in money management, and we reached out to Weinstein to get her two cents. She emailed us back with her thoughts. Following is a lightly edited transcript.

    Rachael Levy: You are coming up on your 15th year since founding IDW. How have you seen this industry evolve?

    Ilana Weinstein: When we started, in the beginning of 2003, the hedge-fund industry was still relatively nascent. There were 3,000 hedge funds compared to 9,000 today. AUM [assets under management] was $500 billion versus $3.4 trillion. That’s explosive growth. Talent doesn’t proliferate like that.

    Back then, proprietary trading desks on the sell side were where we went for talent because they were like mini hedge funds and there weren’t enough developed hedge funds to pull from. After the crisis, prop trading became a "no-go" zone at the banks and anyone who was a risk-taker (and any good) left.

    Eric Mindich, Founder and CEO of Eton Park Capital Management attends a session at the World Economic Forum (WEF) in Davos January 29, 2010.  REUTERS/Christian Hartmann

    Today the war for talent is largely hedge fund to hedge fund, and as the industry has become more crowded and efficient, I would argue the definition of talent has gone up.

    There is less alpha in the market, less volatility, less dispersion, and more market participants. If you get five consumer portfolio managers in a room with 20 ideas each, you don’t get 100 ideas. You are lucky if you get five to six. There aren’t enough factors to make 80% of hedge funds do well.

    The list of truly investable hedge funds is probably 2% of existing funds. And concentration of AUM reflects this: 10% of hedge funds control 90% of the AUM. That’s a surprising statistic to a lot of people. It also means seismic changes can happen quickly.

    We’ve seen big institutional funds like Eton Park and Perry shut down; other large players have had enormous and swift AUM drops. This leads to a recalibration of who the best funds are, and where talent wants to be.

    Levy: What is your approach to recruiting?

    Weinstein: Think of a Venn diagram with one bubble being best-in-class, stand-out talent, and the other being miserable, disenfranchised players whose résumés are papering the street. We have never cared about the second bubble. We are not in the business of helping people find jobs. The niche IDW has cultivated is to help the best funds attract exceptional talent. We only go after that first bubble. If there is overlap, it's a happy coincidence.

    Levy: What are some recent trends you have seen with regard to talent?

    Weinstein: We are all about, and only about, cultivating the most talented people in our industry.

    Historically, the overlap between those two bubbles was low; as you might expect, talented people sat at what they thought were the best funds and were not receptive to leaving. This made our job difficult because we were only as strong as our ability to create an opportunity that didn't exist where they were.

    Now many people are telling us how frustrated they are — so that overlap in my Venn diagram has never been greater. It feels like we at the center of a perfect storm.

    It feels like we at the center of a perfect storm.

    Even if fund performance is better this year, we are still coming off the back of three to four years where these people outperformed the funds in which they work. If you have multiple years of profit and loss where you were the bulk of your fund’s return — sometimes in its entirety — and then have compensation netted by poor performance in other parts of the fund, you start to question the value proposition.

    These last few years have given these investment professionals more experience and confidence and made them more willing to bet on themselves. I recently interviewed someone who referred to this as “labor arbitrage” — his view of how he was being taken advantage of at the fund in which he sits. The risk-reward dynamic of staying and leaving changes. Funds that have the resources and forward-thinking-ness to seize this moment are going to pick up the best people in our business.

    Levy: How would you describe the current hiring environment?

    Weinstein: Robust! All the doomsayers in 2016 who predicted industry AUM would fall by some big percent were dead wrong. The industry has never managed more capital that it does today. That is the yardstick of health for our business.

    Ilana Weinstein.

    However, LP patience is thin, and we are going to see more funds — big ones — shutter or become family offices. There will be a shakeout in this industry, and there should be. Yet overall AUM is growing, so that means those that remain will get bigger and there will be space for new entrants who can build something unique.

    That said, you need to be rich to start a hedge fund now, to build something attractive to institutional LPs. The industry is moving to greater scale and more sophistication. Those that can leverage scale and invest in people and systems to drive opportunities will win.

    Levy: So if once upon a time the natural progression was to leave and start a fund but that is tougher now, where do these talented people go?

    Weinstein: The best platforms are becoming more creative and bespoke about how they attract talent. I liken it to a managed account for an LP. There are accommodations made for someone truly unique — maybe more flexibility with risk parameters, concentration or the ability to invest in privates. More capital out of the gate — resources to build and train a team.

    And then economics to take a lot of the risk off the table in the near term and unlimited upside longer term. If the choice is go at it on your own — bang the tin cup for capital, have a never-ending series of marketing meetings — and even if things go well still spend 20% to 30% of your time marketing because there is a natural 10% attrition of capital every year, and on top of this fund this enterprise out of your pocket until you break even (if you ever do) versus be plug and play somewhere, which will give you incredible resources, why take that risk?

    And just to underscore that point, we are helping platforms gobble up small funds because the economics and time allocation of marketing versus investing no longer makes sense for these smaller guys.

    Similarly, funds that have a real partnership are interesting. “Partner” is an overused and often meaningless title in our industry.

    'Partner' is an overused and often meaningless title in our industry.

    I can’t tell you the number of partners we meet, from big funds who can barely articulate what it means beyond looking good on their business card. Giving someone small points and then a “jump ball” for more is still a discretionary compensation model, in my view. It’s a convoluted way of saying the same thing. Once you get to a point where you are ready to do your own thing, you want to build something or having a meaningful stake in doing so.

    The best platforms get you there as do funds with a real partnership and culture of meritocracy. We recently took a senior guy out of a firm he had been at for 14 years. He left because the founder created a role around him that leveraged his ability to build a business and mentor a team. Joining a $30 billion fund as a partner with a clear path on how to grow that stake and work directly for a founder who is brilliant at what he does and always expanding in ways that complement the fund’s strengths is exciting.

    Levy: What has most surprised you in 15 years of interviewing the best people in this business?

    Weinstein: How hard it can be to get them to make a move! Even now where they are the most receptive because of this disconnect between their performance and that of their fund, I still see the economic loss-aversion theory at play. These are people who are the most talented at taking risk for a living and yet when it comes to assessing their own career they have an inherent bias to weight the risks of a new opportunity over what they are likely to gain.

    It’s amazing how lopsided their thinking can be, but luckily they are also highly rational, so once they wrap their head around what they are doing they can make the leap.

    Levy: What is the most misunderstood aspect of the hedge-fund industry by hedge-fund investors?

    Weinstein: Four things.

    • How lean these investment teams are. You can be a $10 billion-plus fund and have a team of five to 10 people if it’s a single-strategy fund. That means it is critical that everyone contribute in a meaningful way, but that is often not the case.
    • The strength of investment teams is lumpy. You may say so what but when the team is lean it matters. This is obfuscated when fund performance is good because everyone is happy and doing well and there is less individual accounting going on. Over the last few years returns were more challenging and it became clear who the stars are. If they leave it’s a problem.
    • Right now many talented people are unhappy and in-play LPs should know the hedge-fund industry is like a giant Jenga puzzle. All you need is a few key people to leave, returns drop, and the whole thing comes crashing down. If I’m an LP, I want to know who is key on the team and likelihood of them leaving. I don’t think anyone has this bird’s-eye view but us.
    • "Turnover" is not a bad word. Founders are often afraid of letting people go because of the perception of turnover by LPs. LPs should encourage founders to prune their team. This also makes room for talented people to grow and not be as vulnerable to our call. The key is for LPs to diligence who drove the turnover (founder or the person who left) and what the reputation is of the person leaving. The story that gets spun after the fact is often not the reality.

    Levy: What do you think investment professionals in this industry most underestimate about themselves?

    Weinstein: How difficult the transition is from analyst to portfolio manager to founder. These are different skill sets and people overrate their ability to make these transitions. An analyst is an idea generator. Once he becomes a portfolio manager he is no longer deploying capital through the lens of the founder. He is now responsible for portfolio construction, sizing, and hedging. The buck stops with him. I can’t tell you the number of people who don’t fully appreciate this ahead of time and flame out. As a founder you are building a team, running a business and dealing with LPs. There is little about an investment professional’s training that prepares him for this.

    My second point is one I see talent becoming savvier about and that is how quickly things can change. Now that they have seen several large funds shut down and others struggling, there is more awareness about asking the right questions about where they sit.

    Just because it’s a big, brand-name fund that doesn’t mean it is a stable seat. They need to look around and ask: "Are our returns differentiated? Are talented people likely to leave? Is the founder committed to investing in people, resources, and technology — effectively the future? Or is he just resting on his laurels?" That’s the kind of stuff we help people see through. Inertia is a killer and it’s a shame for a talented person not to be everything he can because he doesn’t have broader perspective.

    Levy: What is critical for founders to know to hang on to their best people?

    Weinstein: Founders need to provide their people with four things.

    1. Impact: Their people need to feel like they can impact the bottom line. Even if the founder is the ultimate arbiter of how capital is deployed, if he has the right team they should be able to influence these decisions in a material way.
    2. Transparency: Clarity around how they are measured; what they need to do to progress; why and how capital gets allocated. This is a pay-for-performance culture, and people need to feel connected to the results of the fund as well on their own trajectory.
    3. Scope: Measured by remit and access to capital. As people progress they want to do more — maybe it’s a sector PM who now wants to expand to other sectors. Founders need to find a way to let talented people develop, or they will lose them.
    4. Compensation: Obviously an important one and you need to know the market and be in line with that but if the above three are in good shape this one usually is too. It’s also the easiest one for a founder to fix.

    Levy: What advice would you give to a young person coming out of school who wants to join a hedge fund? What kind of educational background are funds looking for now?

    Weinstein: Focus on what lights you up — not the dollar signs. There are thousands of hedge funds, and most won’t make it.

    There are thousands of hedge funds, and most won’t make it.

    It’s like the dot-com bubble when I was coming out of school. Unless you live and breathe investing and everything that goes on in your area of interest, this is not for you. What I am most inspired by is passion. This manifests itself through someone who is on fire about what is evolving in his industry, sector, how committed he is. I know it when I see it.

    I wouldn’t worry much about majors. School is a time to expand your horizons and learn how to think. That skill set and flexibility will serve you better as an investor than any individual class. I have had a few founders disparage the value of an MBA. They would rather the person spent those two years in an investing seat going through different markets. As an MBA myself I am mixed on that, but I understand the point.

    Levy: What career advice would you give in general?

    Weinstein: Always work harder than everyone else so you know you gave it your all. Very few people consistently put in 110%. It takes discipline but it’s worth it. It goes to the concept of grit too. I always tell my 13-year-old: "Being smart doesn’t count for much unless you pair that with exceptional effort." I didn’t have much growing up — I went to Stuyvesant High, which fostered an immigrant survivor culture — there was no safety net. No one was going to help me so I had to do it myself. That sense of needing to make it work also builds confidence because you see what you can do on your own and overcome.

    That sense of needing to make it work also builds confidence because you see what you can do on your own and overcome.

    It gives you the confidence to take risks. I wouldn’t be where I am if not for that set of experiences.

    You also have to keep moving forward and not take things personally. I deal with a lot of colorful and sometimes intense personalities. I won’t deal with bad people, but other than that I can pretty much handle anything! It sounds clichéd, but it is true. If things don’t go your way, pick yourself up and move on. You will learn from it and do better next time. Don’t get bogged down in negativity.

    As my dad often said: "Don’t sweat the small stuff. It’s all small stuff." I have to remind myself of that sometimes because I care deeply about what I do, but dwelling on negative things is not productive.

    Weinstein: What was the most formative moment in your career?

    Levy: I was at a big search firm and thinking about starting my own company. I didn’t know if I could build a business but knew I was good at what I did. I asked a client if he worked with me because of me or the fact that I was part of a big firm. I don’t know if he knew what was behind my question but he said, “Ilana I don’t even know the name of your firm.” Of course he was being cute but it gave me the confidence to go for it.

    Leda Braga

    Levy: Why are there so few women in investing seats, and what needs to be done to change that?

    Weinstein: I gave a lecture on the hedge-fund industry at Wharton earlier this year, and one of the female students asked me that. I in turn asked how many women in the room wanted to join a hedge fund, and barely any hands went up. I then asked how many men, and about 70% of the guys raised their hands.

    So there is self-selection going on which makes the pool shallow. You then factor in attrition, and by the time we get there we have very few talented women to pull from.

    I can tell you, founders do want more women, but this is a meritocracy — they have a fiduciary duty to their LPs to hire the best possible person. If we had more women electing to go into the industry, we would have better numbers. It’s also a circular loop — women don’t see many female role models, so this dampens their interest. That being said, I do think there is something to this industry still being relatively young.

    Look at law, medicine, banking, and consulting. They all have better female representation in senior roles. When I was at Harvard, the MBA class was roughly 30% female. Now I am told it is closer to 50%. So hopefully this is something that changes over time, but we have to do a better job of encouraging talented women to join from the get-go.

    Join the conversation about this story »

    NOW WATCH: Cryptocurrency is the next step in the digitization of everything — 'It’s sort of inevitable'


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    Interested if SDCThis is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

    The self-driving car is no longer a futuristic fantasy. Consumers can already buy vehicles that, within a few years time, will get software updates enabling them to hit the road without the need for a driver.

    This autonomous revolution will upend the automotive sector and disrupt huge swaths of the economy, while radically improving energy efficiency and changing the way people approach transport around the world.

    Automakers and tech companies are racing to develop the technology that will power self-driving cars in the coming years. That tech is advancing, but leaves observers with a bigger question: will consumers trust driverless car tech, and will they want to use autonomous cars?

    In a new report from BI Intelligence, we analyze the self-driving car market, forecasting vehicle shipments and market penetration, profile the players expected to take on a prominent role in the autonomous future, examine the barriers to autonomous car development and adoption, review developments in technology, regulation, and consumer sentiment, before finally analyzing the impact the introduction of autonomy will have on various industries and transport trends. 

    Here are some of the key takeaways from the report:

    • Self-driving cars are coming; there will be fully autonomous cars on the roads in the US in 2018, and adoption will just take off from there.
    • The technology is developing swiftly to allow fully self-driving vehicles, while the regulatory environment is adapting to the anticipated changes that this new technology will bring.
    • We conducted a survey asking our exclusive BI Insiders panel about their thoughts on self-driving cars, the future of the automotive industry, and the impact autonomous vehicles will have on their purchasing habits moving forward. The results provide a picture of consumer sentiment at the precipice of the autonomous era.

    In full, the report:

    • Sizes the current and future self-driving car market, forecasting shipments and projecting installed base.
    • Explains the current state of technology, regulation, and consumer perception.
    • Analyzes how the development of autonomous cars will impact employment and the economy.

    Interested in getting the full report? Here are two ways to access it:

    1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >>Learn More Now
    2. Purchase & download the full report from our research store. >> Purchase & Download Now

    Join the conversation about this story »

    NOW WATCH: Watch Qantas' first Boeing 787-9 Dreamliner being built


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    Carson Wentz injury

    • Philadelphia Eagles quarterback Carson Wentz went down with a left knee injury during a game against the Los Angeles Rams on Sunday.
    • While the severity of the injury is not yet known, an ominous report from the sidelines has Philadelphia fans fearing the worst.
    • Before the injury, Wentz broke the Eagles' single-season record for most touchdowns thrown with his 33rd touchdown pass of the year.


    Eagles' quarterback Carson Wentz left the Philadelphia sideline on Sunday after suffering a left knee injury.

    The injury appeared to occur during a tackle as Wentz was diving towards the end zone in the third quarter. Wentz's legs got tangled between those of the defenders,. The Eagles' quarterback was a bit slow to get up.

    While Wentz would go on to finish the series after his touchdown was called back due to a holding call, after the series he spoke with trainers on the sidelines and headed to the locker room shortly thereafter.

    Erin Andrews would later report from the sidelines that the injury was to Wentz's left knee, and that he would not return to the game. She also said that while the severity of the injury was not yet known, "as I was standing back by that Eagles locker room, all that support staff that was with Carson Wentz was just shaking their heads."

    You can watch a clip of that sideline report below.

    Shortly after, ESPN's Adam Schefter reported that according to his sources, the Eagles are concerned that Wentz tore his left ACL.

    Wentz's absence comes during a crucial game, with the Eagles and Rams facing off with the top spot in the NFC on the line. So far this year, Wentz has put together what many consider an MVP-worthy season, and just before he left the sideline he had thrown for his 33 touchdown of the season, setting a new single-season record for Eagles' quarterbacks.

    SEE ALSO: LeSean McCoy scores walk-off TD to play hero for Bills in wild finish to 'Snow Bowl'

    Join the conversation about this story »

    NOW WATCH: JIM ROSS: Hulk Hogan will make a huge comeback to the WWE in 2018 — here's why


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    ican nobel peace prize

    • The International Campaign to Abolish Nuclear Weapons, which won this year's Nobel Peace Prize, said on Sunday that the the world is "one tiny tantrum away" from a nuclear crisis.
    • The group also said a country's "moment of panic" could lead to the "destruction of cities and the deaths of millions of civilians." 
    • Tensions between the US and North Korea have spiked, bringing forth the possibility of nuclear retaliation into the global spotlight.


    The world is "one tiny tantrum away" from a nuclear crisis, the International Campaign to Abolish Nuclear Weapons said on Sunday as it accepted the Nobel Peace Prize. 

    "We have a choice, the end of nuclear weapons or the end of us," the group's executive director Beatrice Fihn said, according to a BBC report. 

    ICAN, a network of more than 400 global NGOs, won the prize for its efforts in highlighting the dangers of nuclear weapons, as well as working on a treaty to ban them.

    The possibility of nuclear retaliation has been thrust into the global spotlight in recent months as tensions between the US and North Korea continue to flare. North Korea's latest ICBM missile launch in late November demonstrated the country's expanding missile capabilities, putting the international community on edge.

    Meanwhile, many foreign policy observers have criticized US President Donald Trump for mocking and lashing out at North Korean leader Kim Jong-un on Twitter.

    Speaking at the Nobel ceremony in Oslo, Fihn said that the threat of nuclear weapons being used is "greater today than in the Cold War," and warned that a country's "moment of panic" could lead to the "destruction of cities and the deaths of millions of civilians." 

    Nobel committee chair Berit Reiss-Andersen commended ICAN's work towards eliminating nuclear weapons, and warned that "irresponsible leaders can come to power in any nuclear state."

    The group's win was announced in October, to international applaud.

    Following the statement, Izumi Nakamitsu, the UN Under-Secretary-General and High Representative for Disarmament Affairs, said in a UN broadcast that ICAN's win comes at a time when everyone "realizes the danger that we are all living in terms of nuclear peril." 

    Referencing current relations between the international community and North Korea, Nakamitsu said: "moving towards a world free of nuclear weapons is really today an urgent priority." 

    Last week, White House national security adviser H.R. McMaster said the chances for nuclear war on the peninsula were growing, CNN reported.

    "I think it's increasing every day, which means that we are in a race, really, we are in a race to be able to solve this problem," McMaster said in a conference in California, when asked whether North Korea's intercontinental ballistic missile launch had increased the chance of war.

    Join the conversation about this story »

    NOW WATCH: IAN BREMMER ON NORTH KOREA: Trump could either start a war or win a Nobel Peace Prize


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    seahawks fight

    • Seattle Seahawks defensive tackle Quinton Jefferson was one of two players ejected for an on-field scuffle with the Jacksonville Jaguars late in the game.
    • As Jefferson left the field, he got into a confrontation with opposing fans and tried climbing into the stands to fight after someone threw an object at him.
    • Jefferson was stopped before he get into the stands.


    The Seattle Seahawks-Jacksonville jaguars game turned ugly late after a scuffle on field and near-scuffle between a player and fans.

    As Jaguars quarterback Blake Bortles took a knee to run out the clock in the final seconds, two Seahawks defenders hit him late, starting a fracas on the field.

    Seahawks defensive tackle Quinton Jefferson was ejected for fighting, and as he made his way into the tunnel, turned back to argue with nearby fans in the stands. As the two parties exchanged words, someone appeared to throw an object on Jefferson, setting Jefferson off. Jefferson tried climbing into the stands to fight the fan, but was stopped by security before the situation escalated.

    It was nearly an ugly moment for the Jaguars, Seahawks, NFL, and everyone involved.

    Here's video:

    Jefferson is sure to hear from the league for the incident and could even face suspension for attempting to go into the stands. Meanwhile, the fans who threw objects should be banned from arenas if they are caught.

    Join the conversation about this story »

    NOW WATCH: JIM ROSS: Hulk Hogan will make a huge comeback to the WWE in 2018 — here's why


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    Amazon Weird Products

    The INSIDER Summary:

    • From groceries to jeans, Amazon sells almost everything you need at this point.
    • The site also has a plethora of unique products, to say the least.
    • INSIDER picked the funniest reviews for 21 ridiculous products you'll find on Amazon.

     

    At this point, Amazon sells almost everything you could ever want or need. The company has made it possible for you to buy a new phone, get groceries, and shop for jeans — all in one place.

    You will also find, among the site's many gems, some truly ridiculous products. If you're looking for the perfect gag gift, or a gift for someone you just straight up hate, your search ends here.

    INSIDER rounded up the funniest reviews for 21 of the weirdest Amazon products you can buy right now, at your own risk.

    For only $39,000, you too can own these affordable "Niagara" Waterfall Diamond Glass Speakers.

    Buy on Amazon for $39,004.71



    Or, for the same amount, you can buy 1,300 tasteful peel-and-stick posters of this stock photo instead.

    Buy on Amazon for $30.30



    Another must-have product, "Crafting with Cat Hair" will teach you skills you never wanted in the first place.

    Buy on Amazon for $9.10



    See the rest of the story at Business Insider

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    roy moore

    • Roy Moore once said it would "eliminate many problems" if the US got rid of every constitutional amendment after the first 10.
    • Those amendments include ones that abolished slavery and allowed black people and women to vote.
    • The comments could give more ammunition to Moore's Democratic opponent Doug Jones.


    Alabama Senate candidate Roy Moore said in 2011 that it would "eliminate many problems" for the US government if it got rid of every constitutional amendment besides the first 10.

    Moore, a Republican, made the comments during an appearance on "Aroostook Watchmen," a radio show that traffics in conspiracy theories. CNN uncovered audio of the comments and published them on Sunday.

    "That would eliminate many problems," Moore said on the show, after the host proposed a constitutional amendment that would void all but the first 10. "You know people don't understand how some of these amendments have completely tried to wreck the form of government that our forefathers intended."

    Amendments passed after the first 10 include the 13th, which abolished slavery; the 14th, which guaranteed citizenship for former slaves; the 15th, which allowed black people to vote; and the 19th, which allowed women to vote.

    The comments could give additional ammunition to Doug Jones, Moore's Democratic rival in Tuesday's special election. Jones has seen his poll numbers spike since numerous women accused Moore of sexually harassing them or pursuing relationships with them while they were teenagers and he was in his 30s. 

    Moore's campaign spokesman told CNN that Moore does not believe all the amendments after the first 10 should be eliminated.

    "Once again, the media is taking a discussion about the overall framework for the separation of powers as laid out in the constitution to twist Roy Moore's position on specific issues," Brett Doster told CNN. "Roy Moore does not now nor has he ever favored limiting an individual's right to vote, and as a judge, he was noted for his fairness and for being a champion of civil rights.

    "Judge Moore has expressed concern, as many other conservatives have, that the historical trend since the ratification of the Bill of Rights has been for federal empowerment over state empowerment."

    Moore is already under fire for another set of racially tinged comments he made in September. When asked at a September campaign rally when he thought America was last great, Moore replied, "I think it was great at the time when families were united — even though we had slavery — they cared for one another…. Our families were strong, our country had a direction."

    Listen to Moore's comments here »

    SEE ALSO: 'I couldn't vote for Roy Moore': Alabama Republican Senator denounces his party's candidate just 2 days before the election

    Join the conversation about this story »

    NOW WATCH: Everything we know about Trump's unhealthy diet


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    This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

    Not that long ago, many home-appliance and consumer-electronics makers were gearing up for what they thought would soon be a rapidly growing market for smart home devices.

    The instant popularity of the Nest thermostat, introduced in 2011, seemed to confirm their hopes. But those expectations were dashed in the coming years as the market for connected home devices later stagnated. 

    Even with these challenges, many of the biggest consumer technology companies are now moving into the smart home market. For example, Apple, which recently released its self-installed smart home ecosystem, called the Apple Home, traditionally doesn't move into a market until it's very mature and only when it can release a perfected product. Further, Google this fall launched the Google Home and its companion ecosystem, hoping to jump into the voice-activated smart home speaker market, which Amazon currently dominates with its Echo product line. 

    In a new report, BI Intelligence examines the demographics of the average smart home device owner and discuss why current smart home device owners are appealing to tech companies. The report also examines the plans of various tech giants in the smart home market and discuss their monetization strategies, and makes suggestions for how these companies can position themselves to make their products and devices more appealing to the mass market.

    Here are some key takeaways from the report:

    • Tech companies primarily enter the market to enhance a core revenue stream or service, while device makers desire to collect data to improve their products and prevent costly recalls.
    • We forecast there will be $4.8 trillion in aggregate IoT investment between 2016 and 2021.
    • These companies are also seeking to create an early-mover advantage for themselves, where they gain an advantage by this head start on adoption.
    • Major barriers to mass market adoption that still must overcome include technological fragmentation and persistently high device prices.

    In full, the report:

    • Details the market strategy of prominent tech companies and device makers, and analyzes why which ones are best poised to succeed once adoption ticks up.
    • Offers insight into current ownership through an exclusive survey from BI Intelligence and analyzes what demographics will drive adoption moving forward.
    • Explains in detail which companies are poised to succeed in the market in the coming years as adoption increases and mass market consumers begin to purchase smart home devices.

    To get your copy of this invaluable guide to the IoT, choose one of these options:

    1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
    2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

    The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of smart homes.

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    NOW WATCH: What happens when vegetarians eat meat for the first time


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    henry blodget ignition 2017

    The media landscape is almost shifting more quickly than consumers can keep up.

    But certain trends have emerged that will carry the media industry into the future.

    For the past eight years, IGNITION, Business Insider’s flagship conference, has collected the best minds in media and technology to share what they see as the future. Through unscripted interviews, cutting-edge demos, and insights from industry pioneers, attendees learn what key trends to be aware of and what they need to do to stay ahead.

    Henry Blodget opened the latest sold-out IGNITION conference with a presentation entitled 14 Things You’ll Want to Know About The Future of Media. And he should know...Blodget is co-founder, CEO, and editor-in-chief of Business Insider, one of the most-read business and tech news sites in the world with more than 80 million visitors a month worldwide.

    The presentation was put together with the help of the team at BI Intelligence, Business Insider's premium research service.

    Here are some of the key takeaways:

    • We're nearing "peak media" in the U.S.
    • This phenomenon will spread to the rest of the world as four billion more people come online
    • Digital ad spending is still growing
    • Video is not the be-all, end-all of media
    • And much more

    To get your copy of this FREE slide deck, simply click here.

    Join the conversation about this story »


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    walking dead carl 808

    Warning: There are spoilers ahead for "The Walking Dead" mid-season finale, "How It's Gotta Be."

    "The Walking Dead" mid-season finale promised a big moment that everyone would be talking about and it delivered.

    Although we saw some character deaths at the Hilltop and Oceanside, a major one wasn't immediately killed off Sunday's episode. Instead, the show ended on a somber note when it was revealed that Rick's son Carl (Chandler Riggs) suffered a walker bite at some point.

    "That is a bite on his side," showrunner Scott M. Gimple confirmed on the series aftershow "Talking Dead.""It will play out as bites play out on the show."

    As we know, unless bites are on arms or legs and can be amputated, there's not much to do to save anyone.

    "The bite is going to play out as we have seen bites play out, and it's very important to Carl's story and the entire story what happens in the next episode," Gimple added. "I'm just focused on the fact that Carl, right now, is alive and he has some business to attend to. That is a one way ticket. I'd like to think that the things that we see in the next episode are so important to his life and the other characters' lives."

    Don't hold out hope for any last minute cure.

    According to The Hollywood Reporter, Riggs is leaving the show and his death will occur when the show returns in February.

    "Yes, Carl is going to die," Riggs told THR. "There's no way he can get back from that. His story is definitely coming to an end."

    As "Talking Dead" host Chris Hardwick noted Sunday night, this is a radical departure from the comics. Carl is still alive and well in the comics and has become a leader in his own right.

    Fans were not ready for the big reveal.

    A lot of fans had one big question — how and when did this Carl get this bite?

    To get that answer, you may want to re-watch the mid-season finale. Throughout the episode, Carl is seen prepping notes for his father and for Enid, insinuating he had this bite ahead of time. 

    It's most likely that he received the bite in the episode from a few weeks ago, in which he and Siddiq encounter — and fight — a few walkers.

    carl walking dead 806

    Gimple confirmed this on "Talking Dead," but neglected to tell fans exactly where they can see it on screen.

    "It's been on screen," Gimple said on the end of Sunday's "Talking Dead.""The aftermath is very much on screen. If you watch a certain episode and see Carl's face, Chandler did it. I will say, a few of us were pretty sure that everybody knew, that everybody knew right afterwards. We were really surprised that folks didn't."

    walking dead carl 806

    Riggs expressed his thoughts on the mid-season finale.

    Riggs took to Twitter after the episode's end to thank fans for all their kind words and for tuning in to the show.

    "Throughout the series, Carl has been in Rick's shadow and learning from him and observing him," Riggs said in a pre-taped interview that appeared on "Talking Dead.""He sees when Rick does something wrong and he takes action on it. I think every moment throughout the series has led up to that moment commanding everyone in Alexandria to make this escape plan."

    "When Carl pulls up his shirt and pulls down his bandage to reveal the bite, it's a huge moment for him, for Rick and Michonne, for everyone in the group," he added. "He's definitely happy with the way things ended up with him saving everyone in Alexandria and making sure everyone's alive. It's going to be really interesting to see what happens next."

    Carl is definitely dying

    Though Carl hasn't been bit yet in the comics, some fans compared the mid-season's big reveal to a similarly heartbreaking storyline from the comic.

    In a recent issue, it was revealed that Andrea — who made it much further in the comics than her TV counterpart — was bit on the neck while out on a mission. She had to reveal her bite to Rick, and all anyone could do was keep her comfortable until she turned into a zombie.

    the walking dead andrea issue 167

    So why do we hear Carl in the future?

    There's still one big question though. Why did we hear Carl's voice in the flash-forward with an older Rick? 

    rick michonne old twd 801

    "It's possible it's a vision or another version of the future," Riggs told THR. "That whole scene was taken almost directly out of inspiration from the time jump in the comics, so it could be the future, it could be a vision or it could be something else." 

    We'll have to wait to learn more when the show returns February 25.

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    NOW WATCH: How much money you need to save each day to become a millionaire by age 65


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    This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

    Improving artificial intelligence (AI) technology and the proliferation of messaging apps — which enable users and businesses to interact through a variety of mediums, including text, voice, image, video, and file sharing — are fueling the popularity of chatbots.

    These software programs use messaging as an interface through which to carry out various tasks, like checking the weather or scheduling a meeting. Bots are still nascent and monetization models have yet to be established for the tech, but there are a number of existing strategies — like "as-a-service" or affiliate marketing — that will likely prove successful for bots used as a tool within messaging apps.

    Chatbots can also provide brands with value adds — services that don't directly generate revenue, but help increase the ability of brands and businesses to better target and serve customers, and increase productivity. These include bots used for research, lead generation, and customer service.

    A new report from BI Intelligence investigates how brands can monetize their chatbots by tailoring existing models. It also explores various ways chatbots can be used to cut businesses' operational costs. And finally, it highlights the slew of barriers that brands need to overcome in order to tap into the potentially lucrative market. 

    Here are some of the key takeaways: Screen Shot 2016 11 22 at 5.26.40 pm

    • Chatbot adoption has already taken off in the US with more than half of US users between the ages of 18 and 55 having used them, according to exclusive BI Intelligence survey data.
    • Chatbots boast a number of distinct features that make them a perfect vehicle for brands to reach consumers. These include a global presence, high retention rates, and an ability to appeal to a younger demographic.
    • Businesses and brands are looking to capitalize on the potential to monetize the software. BI Intelligence identifies four existing models that can be successfully tailored for chatbots. These models include Bots-as-a-Service, native content, affiliate marketing, and retail sales.
    • Chatbots can also provide brands with value adds, or services that don't directly generate revenue. Bots used for research, lead generation, and customer service can cut down on companies' operational costs.
    • There are several benchmarks chatbots must reach, and barriers they must overcome, before becoming successful revenue generators. 

    In full, the report:

    • Explains the different ways businesses can access, utilize, and distribute content via chatbots.
    • Breaks down the pros and cons of each chatbot monetization model.
    • Identifies the additional value chatbots can provide businesses outside of direct monetization.
    • Looks at the potential barriers that could limit the growth, adoption, and use of chatbots and therefore their earning potential.

    Interested in getting the full report? Here are several ways to access it:

    1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >>Learn More Now
    2. Purchase & download the full report from our research store. >> Purchase & Download Now

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    NOW WATCH: France's $21 billion nuclear fusion reactor is now halfway complete


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    Kim Kardashian West

    • Kim Kardashian West revealed the news that she is expecting a baby girl via a surrogate on Sunday night's "Keeping Up With the Kardashians."
    • She told Kourtney, "Mom's going to have like 30 grandkids."
    • Fans speculated on Twitter that she may have been talking about Kylie Jenner and Khloe Kardashian's reported pregnancies in addition to her own baby.

    Sunday night's episode of "Keeping Up With the Kardashians" confirmed what fans have known for some time: that Kim Kardashian West is expecting a baby girl via a surrogate. A preview for season 14 showed the scene where the KKW Beauty founder reveals the news, and she let it slip that she is having a girl on "The Ellen DeGeneres Show" last month.

    Although Kardashian West has been open about her experience with surrogacy, people are still in the dark about whether there's any truth to the reports that Kylie Jenner and Khloe Kardashian are pregnant. But viewers think that Kylie and Khloe's pregnancies were hinted at on the show when Kardashian West shared the news with her family. 

    When Kourtney Kardashian expressed her excitement and said, "We're gonna have a baby number seven," Kardashian West replied, "I know, isn't it crazy? Mom's gonna have like 30 grandkids."

    A teaser for the show on Instagram used those words to get viewers excited for the episode. 

    In the comments, many users speculated that the show might reveal Kylie and Khloe's potential baby news. While some people wrote comments along the lines of "my god this is it," others called out the post for "teasing" fans.

    As expected, the show didn't deliver any confirmation on those reported pregnancies, but Kardashian West's line to Kourtney about Kris Jenner having "30 grandkids" convinced some people on Twitter that she was hinting at there being more than one new baby in the family.

    Others were hung up on Kourtney's response.

    That math doesn't quite add up, though. If Kourtney had counted her own children (Mason, Penelope, and Reign Disick), Kardashian West's other two children (North and Saint West), and Rob Kardashian's daughter (Dream), then Kardashian West's third baby would be the seventh child born into the family. If she had counted Kylie's reported baby in that number, then Kardashian West's baby would be baby number eight — not seven.

    Since nothing has been confirmed, only hinted at, on the show thus far — and neither Kylie nor Khloe has publicly addressed the reports — fans will have to continue waiting. There is a popular theory, however, that Kylie and Khloe's reported pregnancies will be revealed on the family's holiday card.

    Representatives for Kylie Jenner and Khloe Kardashian have not replied to INSIDER's requests for comment throughout our ongoing coverage.

    Viewers did learn more about Kardashian West's experience of having a surrogate, however.

    For the first time, Kardashian West opened up about how having a baby via surrogate compares to being pregnant.

    "It definitely is a different process," she said, adding that she is "really grateful" to have someone carry her child while she is unable to do so; she explained that her doctor had advised her against getting pregnant following complications while carrying both North and Saint.

    Kardashian West also revealed that it took a year altogether to find a surrogate and for her to get pregnant, and explained the choice to keep her surrogate private. "I don't want people to find my surrogate," she said, adding that she is concerned about her safety. She even mentioned that she almost had "the craziest car accident" when she pregnant while being followed by paparazzi.

    Speaking more about the process, she admitted that "it is frustrating to not be able to do it on your own," and said that she goes to her surrogate's doctors appointments to be part of it. "I really trust my surrogate and I really don't want to be that person who's controlling her every move," she said. "It's a long hard process but hopefully it just gets easier."

    Want more? Read all of our Kardashians coverage here.

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    NOW WATCH: The world's largest pyramid is not in Egypt


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    Hello! Here's what's happening on Monday. 

    1. This year's Nobel Peace Prize winners warned the world is "one tantrum away" from nuclear crisis. The International Campaign to Abolish Nuclear Weapon's comments came as tensions between North Korea and the US have spiked in recent weeks

    2. Palestinian President Mahmoud Abbas will not meet US Vice President Mike Pence. The White House said the decision was “unfortunate” as Pence prepares to visit the Middle East later this month.

    3. UK Prime Minister Theresa May hopes to usher in “a new sense of optimism” on BrexitMay will discuss moving forward with EU-UK ties on Monday, after having reached a Brexit divorce deal on Friday.

    4. Venezuela's opposition parties have been banned from running in 2018. Venezuela's President Nicolas Maduro said only parties that participated in Sunday's mayoral polls would be eligible, effectively banning the three opposition parties that boycotted the vote.

    5. Uber will defend its right to operate in London on Monday. Uber lost its London licence in September, and filed a legal appeal against the city's transport regulator shortly afterwards.

    6. Australia and China are in a war of words over new foreign influence laws. Chinese media responded to Australia's new laws targeting foreign influencers by saying Australia is "like a piece of chewing gum sticking to the sole of a Chinese shoe.”

    7.China tried to dig up dirt on German officials with fake LinkedIn profiles. More than 10,000 German citizens were contacted by fake profiles disguised as headhunters, consultants, or scholars.

    8.Several Democratic senators have called on US President Donald Trump to resign. The calls follow Democratic senator Al Franken's resignation over sexual harassment allegations and accusations from at least 16 women against Trump.

    9. An Israeli security guard was stabbed by a Palestinian man in JerusalemTensions have flared in the capital city over Trump's controversial decision to recognize Jerusalem as the Israel's capital.

    10. Apple is buying music-recognition app Shazam for $400 million. The company, which allows users to identify music playing nearby, was last valued at $1 billion.

    And finally...

    Boats full of dead people from North Korea keep showing up in Japan — here's why.

    Join the conversation about this story »

    NOW WATCH: How couples improved their sex lives in just one week


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    carl walking dead 806

    Warning: There are major spoilers ahead for "The Walking Dead."

    Sunday's mid-season finale of "The Walking Dead" promised a big, shocking moment fans would be talking about until the show returns and it made good on its word.

    The show made a huge departure from the comic series when Carl revealed in the episode's final moments he was bitten by a walker at some point earlier on the show. Showrunner Scott Gimple said Carl's bite will play out as other bites have on the series. AKA Carl's toast. In an interview with ComicBook.com, Andrew Lincoln, who plays Carl's father Rick Gimple told him Carl would be dying.

    Though many were surprised, eagle-eyed fans may have had an inkling if they were watching the show carefully or have been paying attention to actor Chandler Riggs on social media. Keep reading to see the clues that hinted that Riggs time was short on "The Walking Dead."

    1. Chandler Riggs worried fans when he debuted a new haircut for a movie role.

    November 30, Riggs showed off a new mullet. Fans instantly thought it might be bad news for Carl. People started tweeting things like "rip Carl Grimes" to the actor.



    2. Riggs tweeted a few somber messages about his time on the show over the past few months.

    "Coolest part about being in la is seeing myself on billboards," Riggs tweeted in October. "Makes me really appreciate twd & the fans for giving me such an awesome opportunity and a career. Idk if I'll ever be as successful as I am right now, but I'm so glad I got this chance to help tell a story that actually impacts people."

    More recently, Riggs went down memory lane to recall his favorite moment to film on the show.

    "Saw a question somewhere about my favorite scene to film in the first 3 seasons on twd was, had me thinking," he tweeted December 1. "Tbh all of the last episode of season 2 was so much fun to film. coolest part was dropping the lighter to just obliterate a horde of zombies."

    He even trolled other outlets in November tweeting "y'all think i'm getting killed off every year."



    3. Riggs announced he was accepted into college last year.

    Last November, Riggs told fans he was accepted to go to college at Auburn University in Alabama.

    Riggs said he hoped he would be able to juggle the responsibilities of both school and filming "The Walking Dead."

    "Theoretically, I could take one or two classes on campus and maybe an online class," Riggs told The Hollywood Reporter about being a full-time student while working on the show last December. "My professors would have to be willing to cooperate. It wouldn't be easy but I think that could be possible."



    See the rest of the story at Business Insider

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    bii insurtech financing trend 2

    The global insurance industry is worth nearly $5 trillion, and insurance companies are at risk of losing a share of this valuable market to new entrants. That's because these legacy players have been even slower to modernize than their counterparts in other financial services industries. 

    This has created an opportunity for a group of firms known as insurtechs. These startups are leveraging new technology and a better understanding of consumer expectations to increase efficiencies in the insurance industry. Some are helping incumbents deliver better end products, while others are directly competing with legacy players.

    In a new report from BI Intelligence, we look at the drivers behind the increasing number of insurtech companies, how they are helping or disrupting legacy players in the insurance industry, and where legacy players are innovating off their own backs. 

    Here are some of the key takeaways:

    • The opportunity is currently biggest in the US and Europe. That's because these regions have large, very mature insurance industries. 
    • Insurtechs' products and services mostly target retail customers. This includes small businesses and consumers. 
    • Most insurtechs are acting as enablers. This means that they offer products and services that help insurers and reinsurers improve their processes and better serve customers. 
    • Of the main players in the insurance industry, brokers are most at risk of disruption. This is because insurtechs can easily replicate their services and are solving historical industry problems faster than legacy players. 
    • Legacy players are also innovating. In particular, insurers and reinsurers are investing in insurtechs and fintechs working with relevant technologies. At the same time, they are improving their own direct-to-consumer digital interfaces, increasing their disruptive threat to brokers. 

     In full, the report:Insurtech Report Cover

    • Explains the structure and current state of the insurance market.
    • Highlights areas where insurtechs can help legacy players modernize.
    • Describes where insurtechs are competing with incumbents and how their models compare.
    • Provides case studies of insurtechs.
    • Outlines the legacy response. 
    • And much more.

     Interested in getting the full report? Here are two ways to access it:

    1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >>Learn More Now
    2. Purchase & download the full report from our research store. >> Purchase & Download Now

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    NOW WATCH: Economist Jim Rickards on gold versus bitcoin — intrinsic value is meaningless for both but the bitcoin prices aren't real


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    kim kardashian kylie jenner khloe kardashian

    • Many Kardashian fans believe the family will announce Kylie Jenner and Khloe Kardashian's reported pregnancies on their holiday card. 
    • Writer Mariah Smith sparked a discussion around this theory on Twitter. 
    • Others believe that Kylie and Khloe will reveal their potential news in the 25-part card, which is being unveiled one photo per day over social media.
    • An unnamed source told Hollywood Life in October that Kris Jenner wanted to make the news official in the card.

    It's been over two months since reports surfaced alleging that Kylie Jenner and Khloe Kardashian are pregnant. Both Kylie and Khloe have remained silent about the reports, and "Keeping Up With the Kardashians" has kept fans watching in suspense by dropping potential hints without revealing anything concrete.

    The wait for confirmation may soon be over, however. That's according to a popular theory that says the family is planning to announce Kylie and Khloe's potential pregnancies on their "25 days of Christmas" holiday card.

    Writer Mariah Smith sparked a discussion around this theory on December 3, when she tweeted: "The Kardashian's 25 days of Christmas/Christmas card reveal will most likely serve as our Khloe/Kylie pregnancy announcement."

    After being asked when the pregnancies would potentially be announced, Smith — a self-proclaimed "Kardashian truther" who covers the show for The Cut's Keeping Up With the Kontinuity Errors column — tweeted that the reveal is likely to happen near Christmas.

    Other people are convinced that a holiday card announcement is forthcoming.

    It's unclear exactly where the theory started, but a source told Hollywood Life in October that Khloe and Kardashian's pregnancies would be revealed in the family's holiday card

    "The Kardashian Christmas card is something that is very important for Kris Jenner," the unnamed source exclusively told Hollywood Life. "Kris wants to take everyone’s excitement and use this year’s card to be the reveal of all the pregnancies in the family."

    Up until now, the 25-part holiday card has shown us glimpses of the Kardashian-Jenner family in surprisingly casual outfits — all denim and white basics — amid a white background. Each picture, taken by the photographer Eli Russell Linnetz, highlights a few family members in an artistic way, with some people cropped out of the frame.

    DAY 9- MASON & DREAM

    A post shared by Kim Kardashian West (@kimkardashian) on Dec 9, 2017 at 9:56am PST on

    DAY 6

    A post shared by Kim Kardashian West (@kimkardashian) on Dec 6, 2017 at 10:00am PST on

    DAY 4

    A post shared by Kim Kardashian West (@kimkardashian) on Dec 5, 2017 at 8:18am PST on

    As Kim Kardashian West told James Corden on "The Late Late Show," this year's card is limited to the women and kids in the family — which seems like a fitting way to announce any potential baby news. Kylie and Khloe haven't yet appeared in the holiday card, so we'll be keeping our eyes peeled. To keep track, check our story on every single photo in the Kardashians' holiday card here.

    INSIDER has contacted Mariah Smith for comment. Representatives for Kylie Jenner and Khloe Kardashian have not replied to INSIDER's requests for comment throughout our ongoing coverage.

    Want more? Read all of our Kardashians coverage here.

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    NOW WATCH: We tried viral food with Foodgod


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    caitlyn jenner kardashian family

    While the average American family might send the same holiday card to friends and relatives, the Kardashians are unveiling a 25-part photo series to tease their full holiday card — with one photo for every day in December leading up to Christmas.

    Like everything the Kardashians do, their "25 days of Christmas" card is carefully curated for social media, with family members including Kim Kardashian West and Kris Jenner sharing one picture from the card every day.

    Each photo highlights a different member of the brood — as Kardashian West told James Corden on "The Late Late Show," this year's card is limited to the women and kids in the family — captured by the photographer Eli Russell Linnetz.

    In the midst of reports alleging that Kylie Jenner and Khloe Kardashian are expecting babies, people are speculating that the family is leading up to a big reveal of the news in this year's card. For that reason alone, it's worth keeping track of the pictures as they are released.

    Below, take a look at every piece of the puzzle so far.

    Day One's photo set the tone for the rest of the holiday card: Saint West stood next to a stack of holiday gifts amid a white background and a Christmas tree, partially cut out of the frame.

    Instagram Embed:
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    On Day Two, North West looked up at her mom in a photo that looks more like it's from a Gap commercial than a holiday card.

    Instagram Embed:
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    Width: 800px

     



    Kourtney's son, Reign, was featured in Day Three's photo.

    Instagram Embed:
    http://instagram.com/p/BcTxtFHFP5w/embed/
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    See the rest of the story at Business Insider

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    People watch as Mount Agung spews ash and smoke during an eruption from an obeservation post in Rendang, Karangasem, Bali, Indonesia December 9, 2017 in this photo taken by Antara Foto.

    Good morning! Here's what you need to know in markets on Monday.

    1. Bitcoin futures went live on Cboe Global Markets, the Chicago-based exchange group, Sunday evening and the price of the red-hot coin shot up. Cboe's future contracts, which trade under the ticker XBT, allow investors to bet on the future price of bitcoin. Bitcoin shot up over $1,000 after investors could start purchasing contracts at 6:00 p.m. ET.

    2. Blockchain, the world's biggest provider of bitcoin wallets, saw a huge surge in new sign-ups last week as bitcoin's price skyrocketed. Blockchain CEO Peter Smith said in an email to investors seen by Business Insider that the company "added half a million new sign-ups this week alone."

    3. Japanese stocks struggled for traction on Monday as gains in financial shares were offset by drops in real estate and construction companies. The Nikkei closed up 0.61%. Elsewhere in Asia, the Hong Kong Hang Seng is up 0.81% at the time of writing (6.20 a.m. GMT/1.20 a.m. ET) and China's Shanghai Composite is up 0.75%.

    4. Troubled international retail conglomerate Steinhoff, whose shares plunged last week after disclosing accounting problems, said on Sunday it had appointed two advisory firms ahead of a meeting with lenders on December 19. The South African company said it has appointed U.S. investment bank Moelis & Co to advise the company on talks with its lenders and has asked management consultancy AlixPartners "to assist on liquidity management and operational measures."

    5. Man Group is launching a quantitative hedge fund in China that it will market to wealthy Chinese investors as it becomes the first foreign investment company to start an onshore hedge fund in the country. The Financial Times reports that the fund, to be managed by Man’s AHL quantitative trading unit in Shanghai, will trade using computer algorithms seeking to capitalise on market swings.

    6. Squeezed British consumers reined in Christmas travel plans and bought fewer new cars last month, setting the stage for the first fall in festive spending in five years, credit card company Visa said on Monday. Reuters reports that the downbeat message came alongside a cut by the British Chambers of Commerce to its economic outlook for the next two years as the business organisation sees inflation rising faster than pay.

    7. London’s property market is in for another rough ride next year, according to Rightmove. Bloomberg reports that home values in the capital are likely to fall another 2% in 2018 after a 1.8% decline this year, the real estate website operator said Monday.

    8. Uber will defend its right to operate in London in a court hearing on Monday after the app was deemed unfit to run a taxi service and stripped of its licence in its most important European market. Regulator Transport for London (TfL) shocked the Silicon Valley firm by rejecting its licence renewal bid in September, citing its approach to reporting serious criminal offences and background checks on drivers.

    9. Britain's Labour Party is considering moving some of Bank of England's functions to Birmingham, from its current home in Threadneedle Street in the City of London, according to an interim report on the British financial system released on Sunday. Launched by the opposition Labour Party's finance policy chief John McDonnell, the report was led by consultants GFC Economics.

    10. Currency traders, as a whole, still expect the US dollar to strengthen in the period ahead. However, confidence in that view appears to be slipping. That’s the finding of the latest Commitment of Traders (CoT) report released by the US Commodity Futures Trading Commission (CFTC) last Friday, with net long US dollar positioning in the greenback falling for a third consecutive week.

    Join the conversation about this story »

    NOW WATCH: These are the watches worn by the smartest and most powerful men in the world


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    wanaka new zealand

    • New Zealand is seeking further information on sexual misconduct allegations against Matt Lauer to decide if he is still fit to own property in the country.
    • The country requires foreigners who purchase land in New Zealand to be "of good character." 
    • Lauer purchased a 16,000-acre ranch worth $9.1 million on New Zealand's South Island earlier this year.
    • Last month, NBC fired Lauer after a colleague accused the TV anchor of sexual misconduct.


    New Zealand is seeking further information on Matt Lauer's sexual misconduct allegations to determine if the former TV host is still fit to own property in New Zealand.

    Matt and his wife Annette, through Orange Lakes Ltd, purchased a 16,000-acre cattle and sheep farm near Lake Wanaka on New Zealand's South Island earlier this year. But New Zealand’s Overseas Investment Office, which regulates foreign investment in New Zealand, stipulates foreigners who seek to purchase land in New Zealand must be "of good character." 

    A spokesperson for the agency, Lisa Barrett, told Business Insider it is "aware that allegations have been made in relation to Matt Lauer."

    "We are discussing this with his representative and are seeking further information," said Barrett. "A condition of the consent granted to Orange Lakes Ltd to purchase the lease for Hunter Valley Station is that the individuals with control of that company must continue to be of good character."

    Valley Station has 30 kilometers of lakefront access, a five-bedroom homestead, stables, 10 huts and four airstrips. According to the New Zealand Herald, the property is worth $9.1 million. 

    Last month, NBC fired Lauer after a colleague accused the TV anchor of sexual misconduct. Lauer had been a TV personality on the network for over two decades before his fall from grace.

    Lauer released a public statement on the allegations, saying: "Some of what is being said about me is untrue or mischaracterized, but there is enough truth in these stories to make me feel embarrassed and ashamed." 

    According to the Overseas Investment Office, when determining an investor's good character, the office takes into account any ongoing allegations or investigations into any criminal offenses.

    Barrett said the Overseas Investment Office can "seek orders, through the Courts, that require people to dispose of property," if they are deemed to lack good character.

    The New Zealand government has been cracking down on foreign investors buying property in the country in order to tackle the nation's housing crisis. In October, New Zealand's Prime Minister Jacinta Ardern introduced legislation to ban foreign buyers from purchasing existing homes.

    According to the Guardian, the country has become a hotspot for wealthy Americans, who see the country as a safe investment away from the politically unstable climate of the rest of the world.

    SEE ALSO: Megyn Kelly on Matt Lauer: 'I had heard rumors about Matt'

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