Tesla CEO Elon Musk's current net worth is $287 billion - that's $91 billion more than Amazon founder, Jeff Bezos. Elon Musk. Britta Pedersen-Pool/Getty Images Tesla CEO Elon Musk could soon become the first person ever to hit a net worth of $300 billion. Musk's current net worth is $287 billion - that's $91 billion more than Amazon founder, Jeff Bezos. Musk's wealth was bolstered by a rally in Tesla shares on Monday. Elon Musk's net worth may soon top $300 billion - which would make him the first person ever to hit the milestone.According to the Bloomberg Billionaire's Index, the Tesla CEO's total net worth stands around $287 billion currently - that's $91 billion more than Amazon founder Jeff Bezos, who is worth $196 billion.Musk's wealth was bolstered by $36 billion after a 13% rally in Tesla shares on Monday thanks to the news that Hertz had placed an order for 100,000 Teslas. That was the most significant gain Bloomberg's Billionaire Index has ever recorded in a single day.Musk's net worth is now more than Toyota's $284 billion market cap.He also receives stock options from a pay package that pays out when Tesla reaches certain financial milestones. Monday's surge in share prices increased Musk's wealth by $8 billion, as he had unlocked a new batch of stock, according to Bloomberg.Tesla shares are on a tear this year, gaining about 40% to date, propping up Musk's fortunes.Musk also added $11 billion to his net worth when he sold a stake in his aerospace company SpaceX earlier this month, Bloomberg reported.Read the original article on Business Insider.....»»

The executive director for the UN World Food Programme, David Beasley, said 42 million people across the globe are "knocking on famine's door." MANDEL NGAN/AFP via Getty Images; Joe Skipper/Reuters 42 million people are "knocking on famine's door," the director of the World Food Programme said. David Beasley is calling on billionaires like Elon Musk and Jeff Bezos to donate $6 billion to help. "Billionaires need to step up," Beasley said in an interview with CNN. The director of the UN World Food Programme called on billionaires Elon Musk and Jeff Bezos to donate 0.36% of their net worth to help save 42 million people around the globe who are facing starvation. "The governments are tapped out. This is why and this is when the billionaires need to step up now on a one-time basis. $6 billion to help 42 million people that are literally going to die if we don't reach them," Executive Director for the UN World Food Programme David Beasley said in an interview with CNN on Tuesday. He added: "It's not complicated. I'm not asking them to do this every day, every week, every year."A UN report released in May found that at least 155 million people faced crisis levels of food insecurity in 2020. Beasley said there are currently 42 million people at the direst level of food insecurity that are "knocking on famine's door." "Just help me with them, one time. That's a $6 billion price tag," he said. Beasley said the hunger crisis was a result of "a perfect storm of conflict, climate change, and COVID-19."He said Bezos, the founder of Amazon, had a net worth increase of $64 billion in the past year and he was just asking for 10% of that. He added that last week, Musk, the CEO of Tesla and SpaceX, had a $6 billion net worth increase in just one day. As of Wednesday, Musk had a net worth of $253.8 billion and Bezos was worth $196.1 billion."The top 400 billionaires in the United States the net worth increase was $1.8 trillion dollars in the past year. All I'm asking for is .36% of your net worth increase," he said. "I'm for people making money but God knows I'm all for you helping people who are in great need right now. The world is in trouble."Beasley offered to take any billionaire on just one trip so he could show them the reality. "We got a vaccine for this, it's called money, food. It's easy." Beasley said. "Billionaires need to step up."Insider has reached out to Amazon and Tesla for comment. Read the original article on Business Insider.....»»

Tesla CEO Elon Musk would owe up to $50 billion in taxes under the Democratic plan. Amazon founder Jeff Bezos faces $44 billion in taxes. Sen. Ron Wyden of Oregon speaks to reporters at the US Capitol. Drew Angerer/Getty Images Sen. Ron Wyden of Oregon unveiled a plan to hit 700 American billionaires with new taxes. Billionaires like Musk and Zuckerberg would pay tens of billions in taxes if it's implemented. Democrats argue the plan marks a big step in reversing years of growing inequality at the top. Senate Democrats are chasing the growing pile of wealth held by some of the wealthiest Americans.They rolled out a proposal on Wednesday to tax roughly 700 of the nation's billionaires to finance what will be a slimmed-down spending package containing President Joe Biden's economic agenda.The plan was authored by Sen. Ron Wyden of Oregon, chair of the Senate Finance Committee. It would apply to taxpayers earning above $100 million in annual income or those holding at least $1 billion in assets for three years. "The Billionaires Income Tax would ensure billionaires pay tax every year, just like working Americans," Wyden said in a statement. "We have a historic opportunity with the Billionaires Income Tax to restore fairness to our tax code and fund critical investments in American families." These superwealthy Americans would fall subject to the usual 23.8% capital gains tax on the increased value of unsold assets like stocks and bonds. Figures like Tesla CEO Elon Musk and Amazon founder Jeff Bezos could choose to pay their first tax bill in equal installments over a five-year period, according to Wyden's proposal. It's meant to give affected taxpayers more time to come up with the enormous sums of cash.If successfully implemented, the plan would usher in a significant overhaul of a tax code that's chiefly been focused on income up to now. Billionaires often pay much lower taxes compared to everyone else because they accumulate wealth from the climbing value of their stock and company holdings. Those aren't subject to capital-gains taxes until they are sold, known then as a realized gain. Once sold it's taxed at a lower, preferential rate compared to workers' income.What Democrats want to do is compel billionaires to pay taxes on the growing value of their assets annually, treating it as income. But the richest Americans could also take deductions if they suffer heavy losses.Gabriel Zucman, a left-leaning economist at the University of California Berkeley, projects that Musk would owe up to $50 billion in taxes during the first five-year stretch of the plan. Bezos would pay up to $44 billion in the same period, per Zucman's projection.-Gabriel Zucman (@gabriel_zucman) October 26, 2021 Democrats argue that the plan would help reverse years of growing inequality that's seen the wealthiest Americans benefit at the expense of everyone else. It also illustrates the growing appetite among Democrats to aggressively tax those at the very top, an issue brought to the fore during the 2020 presidential campaign.White House economists estimated that the wealthiest 400 American families paid an average federal income tax rate of 8.2% between 2010 and 2018.The plan sparking opposition from billionaires like Musk, whose fortune grew by $119 billion since the start of the year. "Eventually, they run out of other people's money and then they come for you," he tweeted on Monday evening.Wyden's billionaire tax plan is serving as a back-up after Sen. Kyrsten Sinema of Arizona torpedoed Democratic efforts to raise the corporate tax rate and undo the 2017 Republican tax cuts. Democrats want to approve a social spending package to expand access to healthcare and address the climate emergency relying on their narrow majorities. But internal divides are bogging down negotiations and Democrats are scrambling to strike a deal with centrist holdouts on the plan's overall price tag. There's consensus to fully pay for it with tax hikes on the rich.The Wyden proposal could generate up to $500 billion in fresh revenue, though estimates vary. While Democrats are broadly supportive of taxing the wealthy, some were cautious about fully backing the Wyden proposal."I'm anxious to look at it," Sen. Mark Warner of Virginia told Insider, adding "the devil's in the details."Some experts warn that it would be difficult for the Internal Revenue Service to set up a new layer of the tax code for billionaires, who can afford to undertake lengthy legal battles and find escape hatches to dodge taxes. Wyden and other Democrats insist the federal government is up to the task to ensure the richest Americans pay up. "We're talking around 700 people," Sen. Elizabeth Warren of Massachusetts told Insider on Tuesday. "It's not like trying to work through the dealings of millions of Americans. It's fewer people than in my high school graduating class."Read the original article on Business Insider.....»»

Tesla's California leadership didn't know about the HQ moving to Texas until Elon Musk announced it to shareholders, Dee Dee Myers reportedly said. Elon Musk himself moved to Texas last year. Patrick Pleul/Pool via Reuters Elon Musk "didn't even tell his team" he was moving Tesla's HQ to Texas, a top California official said, per Bloomberg. Tesla's California leadership didn't know until Musk announced it to shareholders, Dee Dee Myers reportedly said. Tesla still plans to ramp up production in California despite moving its headquarters. Tesla's California leadership team didn't find out the electric-vehicle giant was moving its headquarters to Texas until Elon Musk announced the move during an annual shareholder meeting, a California official said, according to a report by Bloomberg.Musk said at the October 7 meeting that Tesla would move its headquarters from Palo Alto to Austin, Texas, citing house prices in the Bay Area, lengthy commutes for staff, and limits to scaling up business."Elon didn't even tell his team," Dee Dee Myers, the director of California Gov. Gavin Newsom's office of business and economic development, said during a press call, per Bloomberg."We later talked to the leadership in his offices in California, who did not know until he made that announcement," she reportedly said.Myers made the comment when asked whether Musk had told state officials about the plan in advance.Grace Gedye, a reporter for Cal Matters, also tweeted about Myers' comments in the press call.-Grace Gedye (@GraceGedye) October 26, 2021Musk has been one of the driving forces behind the tech migration from Silicon Valley to the Lone Star State.Musk moved to Texas last year and Tesla began building its Austin Gigafactory last summer. Musk's aerospace company SpaceX, his neurotechnology company Neuralink, and his infrastructure company The Boring Company all have operations in Texas, too, and Musk has said he plans to form a new city called Starbase at SpaceX's Texas launch facilities.Musk said at the shareholder meeting that the company would continue to expand its activities in California, adding that Tesla aimed to ramp up production at its Fremont factory in the Bay Area by 50%."So this is not a matter of Tesla leaving California," Musk said.Myers said at the press call that "I don't think anybody knows exactly what it means that he's moving his headquarters," per Bloomberg."From the perspective of California, they're not going anywhere," she said, per Bloomberg.Musk has repeatedly clashed with California officials, including after coronavirus restrictions forced Tesla to temporarily close its Fremont factory. Musk threatened to move its headquarters to Nevada or Texas as a result.Some have seen the tech exodus to Texas as a sign that Silicon Valley's days of dominating the industry are over.But in an opinion piece for Mercury News, Myers said that: "Tesla hasn't succeeded in spite of California. It has succeeded because of California." She credited this to California's zero-emission vehicle policies and "well over" $1 billion in direct and indirect subsidies she said the state had given Tesla.Read the original article on Business Insider.....»»

Eugene Huelsman faces a potential fine and up to five years in prison if found guilty of threatening US Rep. Matt Gaetz, R-Fla. Rep. Matt Gaetz, R-Fla., departs after attending a House Judiciary Committee closed door session with former White House counsel Don McGahn on Capitol Hill in Washington, Friday, June 4, 2021. AP Photo/Patrick Semansky Authorities say Eugene Huelsman threatened Rep. Matt Gaetz in a voicemail on January 9. A federal jury in Pensacola, Florida, indicted Huelsman for his threat against Gaetz on May 18. An initial hearing for the case will be held Friday at a US District Court in Florida. Eugene Huelsman, 58, was arrested last week in connection with a threat that was made against Florida GOP Rep. Matt Gaetz.The indictment against Huelsman charges him with one count of threatening Gaetz over the phone on Jan. 9, three days after rioters stormed the US Capitol. The charge carries a potential fine and up to five years in prison. "Tell [M.G.] to watch his back, tell him to watch his children... I'm coming for him, he's gonna f-ck-ng die... I'm gonna f-ck-ng kill him... Watch your back, I'm coming for you. I'm gonna put a bullet in you and I'm gonna put a bullet in one of your f-ck-ng kids too," Huelsman said in a voicemail, according to court documents.Huelsman was indicted on May 18 by a federal grand jury in Pensacola, Florida. However, his whereabouts at the time were unknown and the indictment was sealed. He was arrested last week, days after Gaetz criticized the Justice Department on the House floor for its handling of threats against him, claiming it is "biased against Republicans," Politico reported."I think someone may be trying to kill me and if they are successful I would like my constituents and my family to know who stopped their arrest," Gaetz said last Wednesday, according to the outlet. On Friday, Huelsman was released on $20,000 bail, a US Attorney's Office spokesperson told Politico. Read the original article on Business Insider.....»»

A Change.org petition requests people to sign up to "encourage Robinhood to be the first traditional brokerage" to list the shiba inu coin. Yuki Cheung/EyeEm/Getty Shiba inu hit an all-time high Wednesday after a petition urging Robinhood to list the coin topped 330,000. Robinhood is waiting for regulatory clarity to add more coins, CEO Vlad Tenev said Tuesday. The meme token's value fell on Monday after Elon Musk revealed he doesn't hold shiba inu. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Shiba inu hit a fresh record Wednesday on growing calls for trading app Robinhood to add the coin to its roster of cryptocurrencies.The token surged 38% to $0.00005763 as of 3:30 a.m. ET, according to data from CoinGecko, taking its gains over the past month to nearly 710%. With a market value of $28 billion, it is now the 11th biggest crypto asset.An online petition, created by Change.org user called Tristan Luke in May, requests people to sign up to "encourage Robinhood to be the first traditional brokerage" to list the shiba inu coin.The petition's goal is to reach 500,000 people. At the time of writing, at least 332,698 had signed up.Shiba inu is already available to trade on other platforms including Coinbase, Binance, eToro, Crypto.com, Atomic Wallet, and KuCoin. Meanwhile, users have only seven cryptocurrency options on Robinhood, including bitcoin, dogecoin, and ether."We feel very, very good about the coins that we're currently listing on our platform," Robinhood CEO Vlad Tenev said in a Q3 earnings call on Tuesday. "And for any new coins that we add, we want to feel equally, if not more, good. So we're going to be very careful. We're a regulated entity, and we're hopeful to get some clarity soon on coins."Shiba inu, which is a dogecoin spin-off, rose more than 20% on Tuesday after an anonymous crypto whale bought 276.6 billion tokens for about $11.5 million. As the third most Googled cryptocurrency in 2021, it's become impossible to ignore.An Elon Musk tweet about his Shiba Inu puppy Floki supercharged the meme token's run higher this month. But the coin's value slid briefly after Musk revealed he doesn't in fact have any personal investment in it.Read More: SIGN UP FOR OUR EVENT ON NOVEMBER 17: The future of crypto and its path to mass adoptionRead the original article on Business Insider.....»»

Strong tech earnings offset the effect of a surge in bond yields to March 2020 highs, as investors rapidly priced in rate rises to beat inflation. Hot air balloons featuring various figures glide over Goreme district. Anadolu/Getty Images US futures edged up, buoyed by optimism over tech earnings, despite a rise in government bond yields. Concern about inflation has pushed two-year Treasury yields to their highest since the start of the pandemic. In crypto, dogecoin spin-off token Shiba Inu surged another 30% to record highs. US stock futures edge higher on Wednesday, after bumper earnings from Big Tech helped offset a sharp rise in government bond yields that reflected investors' expectation of prompt rate rises to stem inflation.Futures on the S&P 500 and the Dow Jones rose 0.1%, while those on the Nasdaq 100 gained 0.2% in European trading. The benchmark indices hit all-time highs the day before following robust earnings from the likes of Microsoft and Twitter. Yields on two-year US Treasuries - the most sensitive to investor expectations for interest rates - rose to their highest since the onset of the pandemic in March last year, closing the gap with those on 10-year notes in what is referred to as a flattening of the curve. Two-year notes were last at 0.507%, up 6 basis points on the day, set for their biggest monthly gain since November 2016, while 10-year notes were yielding 1.622%, bringing the spread between the two to its narrowest in two months. "It should be obvious by now that the market's centre of attention is on the (perceived) need for central banks to get ahead of the rise in inflation," ING head of Americas regional research Padraig Garvey said."What is clear is that front-end rates are now the most important part of any yields curve. They are the proverbial tail wagging the dog: when hike conviction increases, the long-end tends to flatten, and vice versa," he said.Inflation has roared higher around the world, with the price of everything from basic foodstuff and utility bills to key raw materials soaring to multi-year or even record highs, as global activity has snapped back after the worst of the pandemic. In Europe, traders were waiting for the UK government's autumn budget, due later on Wednesday, and the outcome of a European Central Bank policy meeting on Thursday. UK Chancellor Rishi Sunak is widely expected to unveil a raft of new spending measures. "Increases to public sector pay, a huge cash injection for the NHS, investment in regional transport, skills, housing, and education, along with a freeze to fuel duty, however the devil will be in the detail, in terms of how much it is all likely to cost," CMC Markets chief markets strategist Michael Hewson said.The FTSE 100 was barely changed, down 0.1% on the day, while the pound was down around 0.1% against both the dollar and the euro. Elsewhere across the markets, the pan-European Stoxx 600 eased by 0.2%, having touched three-month highs the previous day, while in Asia, the Shanghai Composite fell 1.0% and the Hang Seng dropped 1.7%, dragged down by persistent concerns about the beleaguered property sector.In the cryptocurrency sector, dogecoin spin-off Shiba Inu rocketed up by more than 30% to new record highs above $0.00005940, after hundreds of thousands of Robinhood users petitioned the trading app to add the token to its offering. Bitcoin, meanwhile, was last down 3.2% at around $60,400, down around 10.5% from a record near $67,000 a week ago.Read more: Two of the world's largest asset managers are divided on the prospect of 1970s-style stagflation - here's why BlackRock and Deutsche Bank disagree and how retail investors can navigate the potential combination of high inflation and weak growthRead the original article on Business Insider.....»»

Trump is suing Twitter and its CEO for suspending his account after the January 6 Capitol attack. Former President Donald Trump is suing Twitter for suspending his account. Thiago Prudencio/SOPA Images/LightRocket via Getty Images and James Devaney/GC Images via Getty Images Twitter's terms of service still apply to former President Donald Trump, says a Florida federal judge. Trump is suing Twitter and its CEO for suspending his account after the January 6 Capitol attack. A clause in Twitter's agreement requires the lawsuit be moved to California, but Trump's lawyers argued that he's exempt because of his presidency. On Tuesday, a Florida federal judge ruled that former President Donald Trump's status as a US president doesn't exclude him from Twitter's terms of service, according to court documents seen by Insider. In July, Trump filed a lawsuit in Florida against Twitter and its CEO for suspending his account permanently on January 7, a day after the Capitol siege. The suspension was made on the grounds of Trump inciting violence through the platform, said Twitter at the time.The former president cited censorship concerns in his lawsuit, saying that social media giants like Facebook, Twitter, and Google were "silencing" conservative voices and were being coerced by Democratic lawmakers.On Tuesday, Florida District Judge Robert N. Scola Jr granted Twitter's motion to transfer the case to the Northern District of California, as required by a clause in the social media company's user agreement signed by all Twitter users.Trump's lawyers argued that he was exempt from the clause because he was sitting president at the time of his account's suspension, and that it was in the public's interest to keep the case in Florida.They failed to convince Judge Scola. "The Court finds that Trump's status as President of the United States does not exclude him from the requirements of the forum selection clause in Twitter's Terms of Service," he said.Trump resides in Palm Beach, Florida, with his wife Melania and son Barron, at the Mar-a-Lago resort.Apart from suing Twitter, he has also launched legal action against Facebook, Google, and their CEOs for banning him on their social media platforms.Earlier this month, Trump filed a request for preliminary injunction to have his Twitter account reinstated, pointing out that the Taliban is allowed to tweet their military victories in Afghanistan while he is censored.He announced last week that he would launch his own social media network, Truth Social, to "stand up to the tyranny of big tech." A report later said that Truth Social had violated a license agreement and ripped off code, and that the platform had 30 days to resolve the violation before it would be sued.Read the original article on Business Insider.....»»

The NY Office of the AG defined symptoms of marijuana overdose as: "respiratory distress, loss of coordination, lethargy, and loss of consciousness." Getty The New York AG advised parents to look out for deceptively packaged products. She says these products contain "dangerously high concentrations of THC." It is unlikely for consumers to fatally overdose on marijuana, according to the CDC. The New York Attorney General tweeted Tuesday that New York parents should keep an eye out for "snacks and candy" in "deceptive" packaging containing "dangerously high concentrations of THC.""New York parents should be on the alert for deceptive cannabis products that look like standard snacks and candy but contain dangerously high concentrations of THC," New York Attorney General Letitia James said in a press statement Tuesday.Tuesday's statement included pictures of a bag resembling Hot Cheeto Puffs containing marijuana edibles with 600mg of THC, which is "120 times the maximum legal adult serving in most states" if the whole bag is consumed, according to the statement.The statement included other photos of THC products packaged to look like snacks such as Oreos, Sour Patch Kids, Fruity Pebbles, Nerds, and Doritos, all labeled with a THC amount. These products were not made by the brands' legitimate parent companies, like Frito-Lay, Mondelēz International, Post Consumer Brands LLC, and Ferrara Candy Company, who did not immediately respond to Insider's request for comment.Several companies, such as the Hershey Company, the Ferrara Candy Company, and the Wm. Wrigley Jr. Company have filed lawsuits for misleading packaging in the past, according to Forbes.The concern over "THC-laced" Halloween candy has appeared annually for years and often prompts social media discussion over its validity, according to Mashed and Complex. Connecticut, Arkansas, and Ohio Attorneys General also warned of similar concerns. Recreational cannabis use was made legal in New York for consumers over the age of 21, however, legal sales have yet to begin. "These unregulated and deceptive cannabis products will only confuse and harm New Yorkers, which is why they have no place in our state," said Attorney General James in a press release. "It is essential that we limit their access to protect our communities and, more specifically, our children. In light of an increase in accidental overdoses among children nationwide, it is more vital than ever that we do everything we can to curb this crisis and prevent any further harm, or even worse, death."According to the Center for Disease Control and Prevention website, it is unlikely for consumers to fatally overdose on marijuana. However, possible symptoms of overconsuming marijuana include:extreme confusionanxietyparanoiapanicfast heart ratedelusions or hallucinationsincreased blood pressuresevere nausea or vomitingMarijuana in edible form can more easily be overconsumed since it can take up to two hours for the effects to be felt, also according to the CDC website. "If you're going to use these substances just realize that they look very attractive to kids, they're oftentimes packaged in tins or other packages that look very attractive to kids," Dr. Brian Schultz told CBS News. According to CBS News, the American Association of Poison Control Centers said that the number of children under the age of 12 that have consumed edibles has increased largely in recent years - from 132 incidents in 2016 to 2,500 last year. The CDC website also says that youth who unknowingly consume marijuana "are more likely to require hospital admission compared to older children who ingest similar concentrations due to their smaller size and weight and increased severity of symptoms."Read the original article on Business Insider.....»»

The popular Korean dystopian survival drama has not been officially released in China due to the nation's strict content licensing rules. Squid Game toys at a wholesale market in Yiwu city, east China. Andrea Verdelli/Getty Images "Squid Game" keyword searches are apparently banned on online platforms in China, a new report says. Products related to the show are found with alternative keywords, such as "squid mask" and "Korea." "Squid Game" hasn't been released in China due to the nation's strict content licensing rules. "Squid Game" keyword searches on major online shopping platforms in China are yielding no results, the South China Morning Post reported Tuesday.Major Chinese e-commerce platforms Alibaba, Pinduoduo, and JD.com apparently banned the keyword search for "Squid Game" related products in China, as checked online by the Post. Online toy merchants have devised a workaround for the ban by using alternative keywords such as "squid mask," "Halloween costume," and "Korea,""We tried other words such as 'squid mask,' which worked [to search for our products]," one merchant, solely identified by his surname Zeng, told the Post. "Based on our experience, only 'Squid Game' can't be used to search on these platforms."The popular dystopian Korean survival drama, which debuted on Netflix in mid-September, follows 456 adults with mounting debt playing children's games to win 45.6 billion won (about $38 million USD).Those who are unable to complete the challenges are literally eliminated from the series of games - killed by either the deadly consequences of the activity or by the mysterious mask-donning workers operating the games.Since being picked up by Netflix two years ago, and its debut on September 17, "Squid Game" rocketed to international fame, becoming the platform's top show in more than 90 countries and its most popular show of all time. However, it has not been officially released in China due to the nation's strict content licensing rules.Wang Xiaohui, chief content officer at Chinese video streaming platform iQiyi, told local media outlet TMTPost that the Netflix original series is unlikely to be adapted for Chinese audiences because of the show's "relatively dark subject matter.""We have our own mainstream values, which are very different from Western countries," he told TMTPost. "In terms of content production, we must follow ideology and social trends, including the enthusiasm and unity of the Chinese people."Read the original article on Business Insider.....»»

The Golden Ray cargo ship was carrying about 4,000 cars when it capsized and caught fire in St. Simons Sound in September 2019. Firefighters spray water into the cut away mid-section of the cargo vessel Golden Ray, Friday, May 14, 2021, Brunswick, Ga. Stephen B. Morton/AP Photo A cargo ship carrying over 4,000 cars capsized in September 2019 off the coast of Georgia. Crews removed the last piece of the ship from the wreck site on Monday, the Coast Guard said. It took over 3 million person-hours to clean up, the largest wreck removal in US history. The removal of the Golden Ray cargo ship that capsized off the coast of Georgia was the largest wreck removal in US history requiring over three million person-hours, US Coast Guard Southeast said at a press conference on Tuesday. "Even with all the obstacles we had to face, we completed the wreck removal in a timely manner," Coast Guard Commander Efren Lopez, the federal on-scene coordinator at St. Simons Sound Incident Response said.In September 2019, the 56-foot vehicle carrier was carrying about 4,000 cars when it capsized and caught fire in St. Simons Sound off the coast of Brunswick, Georgia. There were 24 people on the ship when it capsized. All 24 were safely rescued. At the conference, Incident Commander Chris Graff of Gallagher Marine Systems said 8,000 pounds of ship-related debris and 9,500 pounds of non-ship-related trash were recovered from marshes and the shore. "The beaches and the marshes are probably as clean as they have been in many years," Graff said.The final section of the cargo ship was removed on Monday, USCGS said.In a report last month, The National Transportation Safety Board said the capsizing was caused by an "incorrect determination of the vessel's stability." Additionally, the ship was able to flood afterward because two watertight doors were left open. NTSB said the combined losses from the wreck were more than $204 million.Read the original article on Business Insider.....»»

Why Supply Chain Disruptions Will Persist Just-in-time (JIT) is a production model used by companies to create items for immediate demand. The point of JIT is to avoid the waste associated with overproduction. But when supply chain snarls appear, JIT has become a significant headache for US companies such as Ford who has had to shutter multiple vehicle plants because of their inability to source semiconductor chips.  Companies are rethinking their production model to just-in-case inventory (JICI), a more suitable model in today's challenging environment that allows more inventory to be stored and will help ensure future orders are filled.  JIT still dominates the corporate world, but JICI could make a strong comeback due to global uncertainties. Bloomberg has provided an in-depth view of various US industries and their potential disruptions in foreign supplies. Source: Bloomberg Foreign supply-chain production is the largest in textiles, basic metals, electrical equipment, motor vehicles, and electronics. Many of these industries are entirely reliant on production from China. The problem with that is Beijing has ordered energy-intensive factories to shutter operations to conserve electricity amid a massive energy crunch. This will complicate the picture for firms that source a majority of their goods from the country. On top of this all, port congestion on either side of the Pacific continues to increase to record levels. JIT is a flawed production model when supply chains break. Maybe companies will learn to transition to JICI and hold inventory in case of a rainy day. For more insight on when global supply chain bottlenecks will subside, Dubai's DP World, one of the biggest international port operators, Chairman and CEO Sultan Ahmed Bin Sulayem told Bloomberg earlier this month that disruptions could last for another two years.  "The global supply chain was in crisis at the beginning of the pandemic," Bin Sulayem said. "Maybe in 2023 we'll see an easing." So the complex, interconnectedness of the global supply chain combined with JIT is a recipe for disaster in today's brave new world. This suggests that more US corporates could embrace JICI and diversify their supply chains away from China to mitigate risk.  Tyler Durden Tue, 10/26/2021 - 21:50.....»»

A copy of documents revealing the film production's liability insurance coverage was obtained by Insider on Tuesday. Alec Baldwin, Rust set Mark Sagliocco / Getty Images for National Geographic / Jae C. Hong / AP Photo The insurance policy covered the "Rust" film production in Santa Fe, New Mexico. It provided up to $2 million in aggregate liability protection. The insurance covers financial losses for injuries and damages caused on set. Alec Baldwin's "Rust" film production was covered for up to $1 million in costs associated with injuries and damages on set, and another $1 million workers' compensation, according to a certificate of liability insurance obtained by Insider. Last week, a prop gun discharged by Baldwin on the film's set in Santa Fe, New Mexico, killed cinematographer Halyna Hutchins and injured director Joel Souza. Unbeknownst to the actor, the gun is believed to have contained a "live round."The incident took place just hours after union workers reportedly walked off set to protest what they viewed as unsafe work conditions. They were replaced by non-union staff, according to the Los Angeles Times.As the Times noted, the "Rust" production company could face a hefty lawsuit for purported negligence.Read the original article on Business Insider.....»»

CEO Kathryn McLay told an audience that workers were enticed by the company's $17.30 average wage and "destination jobs and career ladders." AP Sam's Club CEO Kathryn McLay said the company is at "full employment," Yahoo reported. McLay said higher wages and "career ladders" have helped it keep workers as many companies struggle. But Walmart's wage hikes have been relatively small relative to its record pandemic earnings. Sam's Club CEO Kathryn McLay said that the company's roughly 600 stores have been at "full employment" for more than three months, Yahoo Finance reported."It's probably the statistic that I am most proud of. Our clubs have been at full staffing for probably over three months," McLay told an audience at Yahoo Finance's All Markets Summit on Tuesday.By that account, the Walmart-owned membership warehouse chain appears to be bucking the trend among its competitors, which have struggled to recruit and keep workers in recent months.McLay said Sam's Club's ability to retain workers is due to its starting pay and career advancement opportunities, Yahoo reported."A little while ago, we announced that we're at $15 [per hour] as a minimum wage, but our average wage is actually around $17.30 [per hour]," McLay said, according to Yahoo.She also cited a multi-year effort to raise wages and ensure the company has what it calls "destination jobs," such as "cake decorators, meat cutters and forklift drivers," and clear "career ladders that will start at the bottom of the rung and work their way up."Yet Walmart during the pandemic has been "among the least generous" of major US retailers, according to a Brookings report from December 2020.Brookings cited Walmart and Amazon specifically as having shared the least of their record earnings - a combined $10.7 billion in 2020 - with workers.Walmart spent $1.6 billion on hazard pay last year for around 1.5 million workers and increased their pay by 71 cents an hour, while Walton family members saw their net worth increase by $40.7 billion and pay increase by $6.2 million, according to Brookings.Walmart and Sam's Club have undergone a major restructuring over the past few years, which has reportedly included consolidating jobs into roles with more responsibility, often for the same pay, as well as layoffs for employees whose jobs got cut.Sam's Club's isn't the only large retailer feeling pressure to raise wages and improve working conditions among growing inequality, nor has it gone the furthest. Also on Tuesday, Costco said it was raising its starting hourly wage from $16 to $17, and Amazon raised its minimum wage to $15 per hour in 2018.Real wages for most Americans have remained largely stagnant for the past four decades, Pew Research Center found, and in the 15 years leading up to the pandemic, the average retail wage had slightly declined, according to the Bureau of Labor Statistics.However, the pandemic threw the US labor market into disarray, and many workers have been reluctant to return to low-paying, high-risk, and otherwise demanding jobs.At the onset of the pandemic, many large retailers laid off massive numbers of their employees, disproportionately impacting lower wage workers. Retail and other "essential" workers - more likely to face constant exposure to large numbers of coworkers and customers - were also hit especially hard by COVID-19 outbreaks.In more recent months, retailers like Sam's Club have struggled to find workers to fill those jobs, with labor experts citing factors including rude shoppers, skill mismatches, and people rethinking life and work priorities. Increased unemployment benefits and federal aid, however, haven't kept people from looking for work - though they have given Americans more choice over where they want to work. Read the original article on Business Insider.....»»

A Tinder login requires you to enter your mobile phone number. You can access Tinder from a web browser on a computer in addition to the mobile app. Thiago Prudêncio/SOPA Images/LightRocket via Getty Images A Tinder login requires you to enter your mobile phone number. You can also link your account to your Apple ID, Google, or Facebook account to log in quickly. You can access your Tinder account from a web browser on your computer, in addition to the popular mobile app. Visit Insider's Tech Reference library for more stories. Tinder, the app that popularized the concept of swiping right or left to sort through potential dating options, lets you log into your account several ways, though they're all tied to your mobile phone number. This way, Tinder ensures your account is unique and prevents people from creating multiple accounts on a single phone. How to log into Tinder on a mobile deviceLogging into Tinder is essentially the same on iOS and Android, and if you already have a Tinder account, takes just a couple of taps. If you're using an iOS device, tap Sign In, then choose how you want to sign in: Tap Sign in with Apple, Sign in with Facebook or Sign in with Phone Number. Tap the option you prefer and follow the instructions. To use the first two options, you'll need to allow Tinder to connect your account to your Apple ID or Facebook account. To sign in with your phone number, Tinder will text you a six-digit passcode. You can sign into Tinder with your mobile phone number or using Apple, Google, or Facebook. Dave Johnson To sign in with an Android device, you'll see options to Log in with Google, Log in with Facebook, or Log in with Phone Number right away. Tap the sign in method you prefer and follow the directions.How to log into Tinder on a computerYou can also log into Tinder from your computer using a web browser, though you will still need to have a Tinder account that's connected to a mobile phone number. 1. Open the Tinder website in a web browser. 2. At the top right of the page, click Log in. 3. Choose the login option you prefer: Log in with Google, Log in with Facebook, or Log in with Phone Number and follow the instructions to complete the login. Click Log in to see your sign-in options in a web browser. Dave Johnson What to do if you can't log into TinderIf you can't log into the Tinder app or website, it's likely because your phone number has changed. To log in, you can use your account recovery email address:1. Start the Tinder app or open the Tinder website in a web browser.2. Select Trouble logging in? (The link is Trouble Signing In on iOS devices).3. Enter the email address you associated with your Tinder account and send the email.4. When the recovery email comes, click the link in the message and follow the directions to enter your new phone number. Select Trouble logging in to recover your account. Dave Johnson If the problem isn't your phone number, there are a few other possible things to check:It's possible your device can't connect to the internet. Make sure you have Wi-Fi or a mobile data connection.It's possible that Tinder is having a service outage. You can check Tinder at DownDetector to see if the site is working. If you still can't connect, you can uninstall Tinder (here's how to uninstall an app on Android or uninstall an app on iOS) and then reinstall it. What is Tinder? Here's what you should know about the popular dating appHow to use Tinder's safety tools like the panic button and message screening to stay safe while matchingHow to block someone on the Tinder app by unmatching from them'Does Tinder notify users of screenshots?': No, but here's what you should know before you screenshot a conversation or profileRead the original article on Business Insider.....»»

The US officially declared war on the Nazis on December 11, 1941, but the US Navy had already been fighting them in the Atlantic for months. US Navy destroyer USS Reuben James on the Hudson River in New York, April 29, 1939. US Navy/Wikimedia Commons On October 31, 1941, USS Reuben James became the first US warship sunk by enemy action in World War II. It was the culmination of months of fighting between the US and German navies in the Atlantic. The sinking didn't bring the US into the war, but it did solidify US leaders' support for the Allies. Around 5:30 a.m. on October 31, 1941, an explosion ripped through the US Navy destroyer USS Reuben James as it and other destroyers escorted 42 merchant ships across the Atlantic to Britain.The explosion, caused by a torpedo that detonated the destroyer's magazine, was so intense that the bow was completely blown off. The ship sank in about five minutes - so fast that no official order to abandon ship could be given.It was the first US Navy warship sunk by enemy action in World War II, and the US wasn't even at war when it happened.War closes in President Franklin Roosevelt aboard a battleship. Bettmann/Getty Images The situation on the Atlantic was tense by fall 1941. Despite the US's stated commitment to neutrality, President Franklin Roosevelt had taken a number of actions to help the Allies, especially Britain.In October 1939, weeks after the war's start, the US had established a neutrality zone extending some 300 nautical miles off the coasts of the independent countries of North and South America. US Navy patrols would broadcast the position of German U-boats, exposing them to Allied warships.The US also supplied food and military equipment to Britain through agreements like the Destroyers-for-Bases Deal and the Lend-Lease Program.By the end of September 1941, the US had expanded the neutrality zone and the patrols within it as far as Greenland, the defense of which the US had taken over. The US also occupied Iceland, at the request of Britain, and began escorting convoys there from Canada.There had also been low-level combat between US and German forces.On April 10, 1941, the destroyer USS Niblack attacked a German U-boat with depth charges near Iceland, driving the sub away from a convoy. On September 4, a German U-boat fired a torpedo at the destroyer USS Greer without hitting it.Neither incident caused casualties, but the attack on Greer led Roosevelt to issue a "shoot-on-sight" order for any German or Italian warships in waters deemed to be "necessary for American defense."On October 17, 1941, the first US blood was spilled when the destroyer USS Kearny was hit by a German torpedo while escorting a convoy in the North Atlantic. Though the ship itself survived, 11 sailors were killed and 22 wounded.USS Reuben James US Navy destroyer USS Reuben James aground at Lobos Cay, Cuba, November 30, 1939. National Archives & Records Administration A little more than a week after the Kearny attack, the U-boat U-552 was lurking off Iceland, approaching a convoy guarded by US warships. One of them was Reuben James, which was sent to investigate a suspicious signal near the convoy.The US destroyer was between an ammunition ship and the U-boat when it was struck by a torpedo. It sank so quickly that in the early-morning darkness the commander of the escort force couldn't tell which ship had been attacked until Reuben James didn't respond to a check-in call.Only two sailors from the front end of the ship survived the blast. During the five minutes Reuben James remained afloat after the attack, sailors jumped from the rear of the ship into the oil-covered water. Moments after the destroyer slipped beneath the waves, however, at least two of its depth charges detonated, killing or wounding even more sailors.Four escort ships remained, one of which was USS Niblack. Niblack and another escort were sent to search for survivors, which the darkness, oil-covered water, and the threat of another U-boat attack made more difficult.Of the ship's 144-man crew, only 44 survived. Ninety-three enlisted sailors and all seven officers were killed.After the rescue, the escort ships went on the offensive, trying to attack U-552 with dozens of depth charges. The U-boat escaped, however, and the next day, the Americans turned the convoy over to the Royal Navy and headed for Iceland.The convoy made it to England without any more attacks by U-552 or other U-boats. Reuben James was the only casualty.'The shooting has started' Crew aboard US Coast Guard cutter Spencer watch a depth charge explode, blasting a German submarine trying to break into a US convoy, April 17, 1943. (AP Photo) The attack on the Kearny and the sinking of the Reuben James solidified Roosevelt's support of the Allies."We have wished to avoid shooting, but the shooting has started, and history has recorded who has fired the first shot," Roosevelt said in a Navy Day speech on October 27. "Our ships have been sunk and our sailors have been killed. I say that we do not propose to take this lying down."Germany was unapologetic. Roosevelt denounced Germany and promised that escorts of Allied merchant ships to Iceland would continue. Secretary of the Navy Frank Knox even called the incident "worse than piracy."But Roosevelt knew most of the country was still against getting directly involved in the war in Europe, so the US took no further action in response to the sinking.Only when the US and Germany declared war on each other on December 11, 1941, did the US fully commit to the war in Europe. The US Navy, though, had effectively been at war in the Atlantic for months.Read the original article on Business Insider.....»»

US home prices rose 19.8% in August, S&P Dow Jones Indices said, but for the first time in five months, home inflation didn't hit another record high. "For Sale" signs are seen outside a home in Glenview, Ill., Tuesday, July 27, 2021. Nam Y. Huh/AP Photo US home prices rose 19.8% in August, S&P Dow Jones Indices said Tuesday, matching July's pace. It was the first time in five months that year-over-year inflation failed to hit a record high. Month-over-month price growth slowed from July's pace, signaling the housing market kept cooling off into the fall. Homebuyers have a glimmer of hope. Although US prices are still soaring at record pace, the worst of the pandemic-era price surge looks to be over.Prices for US homes rose 19.8% year-over-year in August, according to the S&P CoreLogic Case-Shiller national home-price index. That matches the record growth seen in July, but for the first time in five months, the pace of inflation was flat and didn't rise to a fresh record.Put simply, home-price growth plateaued in August. After facing faster and faster home inflation for most of the year, prospective buyers got a clear sign on Tuesday that the worst is past.!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r.....»»

Kanye West has been hit with a lawsuit alleging Yeezy apparel broke California's business code by failing to ship products within 30 days. Kanye West's clothing brand Yeezy has filed to dismiss a trademark dispute by Walmart. Rich Fury/VF20/Getty Images for Vanity Fair Kanye West's apparel brand is heading back to court, this time over shipping delays. Yeezy failed to ship products within 30 days, violating California's business code, the state says. Meanwhile, the supply-chain crisis at LA ports continues to cause shipping delays across the US. Kanye West's apparel brand Yeezy was hit by a lawsuit from the State of California on Friday, alleging illegal shipping delays. California says Yeezy "repeatedly violated" the state's business code "by failing to ship items within thirty days and failing to provide adequate delay notices to California consumers, or provide an offer of a refund," according to the lawsuit. California's business code states that if a company does not ship products ordered online within a 30-day timeframe, it must provide a refund, send "equivalent or superior replacement goods," and send the customer a written delay notice.Regardless of whether Yeezy shipped items on time, fans of West's popular and pricey sneakers may be disappointed by lengthy shipment times referenced throughout the suit. The supply-chain crisis concentrated in California's ports continues to cause disruptions across the country. The musician has not commented on whether or not Yeezy is experiencing shipment delays, and did not immediately respond to Insider's request for comment. Yeezysupply.com, the domain listed in the suit, says customers should "allow 2-3 business days for your order to process and 3-5 days to ship."While West collaborated with Adidas to sell Yeezy apparel, Adidas was not named as a defendant in the lawsuit.However, the Adidas website does include a disclaimer on shipment times: "Due to the coronavirus's impact and the mandates in place, your order may experience a shipping delay. This delay is due to several factors, including travel restrictions, available staffing, and/or federal/state/local mandates."In August, Adidas' Chief Financial Officer Harm Ohlmeyer told journalists that supply chain constraints could cost the sportswear brand as much as $580 million in sales by the end of the year, according to a Financial Times report. This isn't the first time West's brand has been taken to court. In April, retail giant Walmart filed a complaint to the US Patent and Trademark Office, arguing that Yeezy's logo design looks too much like the retail giant's logo.Early this summer, the musician's legal team candidly argued that Walmart "certainly knows, as does the consuming public, that the last thing [Yeezy] wants to do is associate itself with [Walmart]." A few months after the feud, West sued Walmart over 'virtually indistinguishable' knockoffs of his foam Yeezy shoes, Insider's Grace Kay previously reported. Read the original article on Business Insider.....»»

Costco last raised its minimum wage to $16 in February of this year. Costco. Noam Galai/Getty Images Costco is increasing starting wages from $16 to $17. Costco has a reputation as a good workplace where workers tend to stay for years. Many businesses are complaining of a labor shortage, while workers say they aren't paying enough. Costco just raised starting wages again, this time to $17, Costco confirmed to Insider in an email. The raise went into effect on October 25.The big-box store last raised its minimum wage to $16 in February 2021, from $15 that it had been since 2019. Costco CEO W. Craig Jelinek called the last raise "good business," saying higher wages reduce turnover."We're certainly not perfect, but we try to take care of our employees, because they play such a significant role in our success," Jelinek said earlier this year. Costco has a reputation for being one of the best retail businesses to work for, ranking among companies with the happiest employees. Workers receive paid vacation, and many are eligible for healthcare. The average tenure of a Costco employee was nine years as of February, and more than half of employees make over $25 an hour. As the retail industry is hit with a continuing labor shortage, higher wages have been one way businesses have kept workers on the job. Amazon and Target have both raised minimum wages to $15 in recent years after pressure from workers and the organization Fight for $15. Experts and analysts have called the labor shortage a misnomer, implying that there aren't enough workers instead of that there aren't enough good jobs, and many people are no longer willing to work for low pay in difficult and sometimes dangerous positions. Business owners across the industry say they're unable to find staff and in some cases even cite a lack of desire to work, while workers say they can demand better pay and benefits in the tight labor market. Retail and restaurant workers have left the industry en masse to get away from low pay and difficult customers, and a growing number of openings in the labor market is making it easier to transition to new careers.Do you have a story to share about a retail or restaurant chain? Email this reporter at mmeisenzahl@businessinsider.com.Read the original article on Business Insider.....»»

WTI Dips After Unexpected Crude Inventory Build Oil prices rebounded from weakness yesterday afternoon with WTI testing back above $84.50 ahead of tonight's API inventory data to seven year highs. "There is little that can tilt oil prices away from their upwards momentum on the short term, as the only real supply source of significance is OPEC+, and there doesn't seem to be much mood for policy change on that front for the moment," said Louise Dickson, senior oil markets analyst at Rystad Energy, in daily market commentary. "There are only two offramps to the current bout of oil price volatility and one is OPEC+ taking supply action, but the group has repeatedly said it does not plan on altering its strategy," said Dickson. There's also the chance that "another round of COVID-19 breakouts and lockdowns could again dim the demand outlook," she said. "But it seems to be a last resort strategy for many economies that are tired of repeating the unpopular economy-damaging process." So all eyes on stocks and supplies... API Crude +2.318mm (-100k exp) Cushing -3.734mm - biggest draw since January 2021 Gasoline +530k (-2.7mm exp) Distillates +986k (-2mm exp) Last week saw a surprise crude inventory build (and product builds) but offset by a huge draw at Cushing... Source: Bloomberg Refiners “are drawing down on Cushing at a pretty incredible pace right now,” said Flynn. “We’re getting close to empty.” WTI hovered around $84.50 ahead of the print and dipped on the unexpected build... The crude market’s pricing structure remains deeply backwardated, a bullish pattern in which near-term prices are more costly than those further out. Meanwhile, some traders are "wondering if the oil prices have come up too far, too fast," so they were reluctant to drive prices higher "until we get a better handle on [crude] inventories this week," said Phil Flynn, senior market analyst at The Price Futures Group.. Tyler Durden Tue, 10/26/2021 - 16:41.....»»