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Councilwoman Fatally Shot Outside New Jersey Home Was "Targeted"

Councilwoman Fatally Shot Outside New Jersey Home Was 'Targeted' Authored by Lorenz Duchamps via The Epoch Times (emphasis ours), Eunice Dwumfour, a 30-year-old New Jersey councilwoman, was found dead outside her Sayreville home Wednesday evening in what officials believe was a “targeted” attack, authorities say. Sayreville Councilwoman Eunice Dwumfour. (Courtesy of Sayreville Borough Council) In a press release, Sayreville police chief Daniel Plumacker and Middlesex County Prosecutor Yolanda Ciccone said a woman, later identified as Dwumfour, was located by police at 7:22 p.m. inside her vehicle with multiple gunshot wounds. Police said the councilwoman was pronounced dead on the scene, noting that the incident is being investigated as a homicide. No arrests have been reported in connection with the shooting. However, an eyewitness who lives in the area saw an individual, possibly the suspect, running toward the Garden State Parkway, which is near the scene of the shooting, RLS Media reported. Authorities told news outlets that Dwumfour was believed to be the intended target, but have not given a motive. The Sayreville Police Department, meanwhile, alerted citizens in a statement on Facebook of police activity in the area while advising everyone to avoid the scene. A video shared on social media by Charlie Kratovil, a journalist and the founder of New Brunswick Today, shows police at the scene of the shooting as a white Nissan SUV is being towed away. Kratovil said on Twitter that he personally knew Dwumfour and described the councilwoman as “a very kind person and public servant.” “A huge loss for the Sayreville community,” Kratovil wrote. “May she rest in peace.” Dwumfour, a Republican and political newcomer, was elected in November 2021 and started her three-year term after winning against an incumbent Democrat in the Borough of Sayreville. Sayreville Mayor Victoria Kilpatrick said in a statement on Thursday that the community is “shocked and saddened” at the loss of the councilwoman, adding that she had personally “worked very closely” with her as she served on the Borough Council. “The fact that she was taken from us by a despicable criminal act makes this incident all the more horrifying,” Kilpatrick said, noting that she’s confident law enforcement “will bring this fast-moving investigation to a quick and successful conclusion and look forward to the identification, arrest, and successful prosecution of the person responsible.” In a statement, the New Jersey Republican Party remembered Dwumfour for her “steadfast dedication to the community, as well as her deep and abiding Christian faith.” “I would like to express our horror and deepest sorrow at the senseless violence that claimed the life of Sayreville Councilwoman Eunice Dwumfour,” said Bob Hugin, chairman of the committee. “We have the utmost confidence that law enforcement will bring the perpetrators of this heartbreaking tragedy to justice.” New Jersey Gov. Phil Murphy said in a statement that he was “stunned” after hearing about the news of Dwumfour’s murder. “Her career of public service was just beginning, and by all accounts, she had already built a reputation as a committed member of the Borough Council who took her responsibility with the utmost diligence and seriousness,” Murphy said. I am stunned by the news of Sayreville Councilwoman Eunice Dwumfour’s murder last evening in an act of gun violence. I send my condolences to her family and friends, and the entire Sayreville community. I urge anyone with information to contact Sayreville local law enforcement. pic.twitter.com/mHulQuOrVZ — Governor Phil Murphy (@GovMurphy) February 2, 2023 Tributes Friends of the councilwoman posted tributes on Facebook, saying the shooting “shocked [and] scared” them. “[Dwumfour] was killed 300 feet from my home this evening. She was shot while returning back home. She was a woman full of life,” said Mahesh Chitnis, a member of Sayreville’s Human Relations Commission (HRC), of which Dwumfour is also a former member. Read more here... Tyler Durden Fri, 02/03/2023 - 21:40.....»»

Category: smallbizSource: NYT38 min. ago Related News

Democrats Propose Abraham Lincoln Statue Removal

Democrats Propose Abraham Lincoln Statue Removal Authored by Jackson Elliott via The Epoch Times (emphasis ours), Democrat and Confederate President Jefferson may have been unable to expel President Abraham Lincoln from the capitol, but Democrat delegate Eleanor Norton (D-D.C.) might. The Emancipation Memorial in Washington's Lincoln Park depicts a freed slave kneeling at the feet of President Abraham Lincoln, June 25, 2020. (J. Scott Applewhite/AP Photo) Norton, Washington D.C.’s non-voting Congressional representative, reintroduced legislation to remove a statue of Lincoln with a kneeling freed slave. The statue has stood in Lincoln Park near the Capitol since 1876. It depicts a slave, shirtless and shackles broken, about to stand up. Lincoln stretches out his hand over the man. Freed slaves paid for its creation. But according to Norton’s press release, that’s not enough. Del. Eleanor Holmes Norton (D-D.C.) speaks on Capitol Hill in Washington on May 21, 2020. (Saul Loeb/AFP via Getty Images) “The paternalistic statue depicting a Black man on his knees in front of President Lincoln fails to recognize African Americans’ agency in pressing for their own emancipation,” the delegate’s press release reads. Norton’s bill would have the statue removed from Lincoln Park and placed in a museum “with an explanation of its origin and meaning.” She also noted that the freed slaves who paid for the statue didn’t get input in its design. “Although formerly enslaved Americans paid for this statue, the design and sculpting process was done without their input or participation, and it shows,” Norton said. “At the time, they had only recently been liberated from slavery and were grateful for any recognition of their freedom.” Norton noted that renowned abolitionist and freed slave Frederick Douglass spoke to dedicate the stature but “pointedly did not praise the statue.” Past and Present Douglass’s speech expresses a complex set of feelings. He refers to Lincoln as the “white man’s President” but also praises him as a “great man” and “liberator” who “hated slavery.” “We have done a good work for our race today,” Douglass said at the statue’s unveiling. “In doing honor to the memory of our friend and liberator, we have been doing highest honors to ourselves and those who come after us; we have been fastening ourselves to a name and fame imperishable and immortal; we have also been defending ourselves from a blighting scandal.” Read more here... Tyler Durden Fri, 02/03/2023 - 22:20.....»»

Category: smallbizSource: NYT38 min. ago Related News

How Will AI Change Our Lives?

How Will AI Change Our Lives? The meteoric rise of ChatGPT has been a watershed moment for artificial intelligence as it enabled millions of users, regular people, to experiment with AI and witness its astonishing capabilities first-hand. And. as Statista' Felix Richter notes, while there are still limitations, ChatGPT delivers impressive results, making people aware of how far artificial intelligence has already come. It's no coincidence that both Alphabet and Microsoft named the shift to AI as one of the biggest challenges their facing when they announced their restructuring plans earlier this month. Microsoft CEO Satya Nadella even spoke of an upcoming platform shift, likely referring to AI-enabled services as the next big change in tech after the shift to mobile. But what do consumers ultimately expect to change due to the increased use of artificial intelligence and which areas of life will most likely be affected in the next three to five years? Ipsos carried out a global survey on the subject in late 2021 and the following chart sums up the results. You will find more infographics at Statista “[AI] is going to change the world more than anything in the history of mankind. More than electricity.” — AI oracle and venture capitalist Dr Kai-Fu Lee, 2018   Tyler Durden Fri, 02/03/2023 - 22:40.....»»

Category: smallbizSource: NYT38 min. ago Related News

Charting Three Decades Of The World"s Working Poor

Charting Three Decades Of The World's Working Poor Poverty is often associated with unemployment - however, millions of working people around the world are living in what’s considered to be extreme poverty, or less than $1.90 per day. Thankfully, the world’s population of poor workers has decreased substantially over the last few decades. But how exactly has it changed since 1991, and where is the majority of the working poor population living today? This graphic by Visual Capitalst's Gilbert Fontana uses data from the International Labour Organization (ILO) to show the regional breakdown of the world’s working poor, and how this demographic has changed in the last few decades. From Asia to Africa In 1991, about 808 million employed people were living in extreme poverty, or nearly 15% of the global population at the time. As the graphic above shows, a majority of this population lived in Eastern Asia, most notably in China, which was the world’s most populous country until only very recently. However, thanks to China’s economic reforms, and political reforms like the National “8-7” Poverty Reduction Plan, millions of people in the country were lifted out of poverty. Today, Sub-Saharan Africa is the region with the world’s highest concentration of working poor. Below, we’ll take a closer look at the region and zoom in on select countries. Zooming in on Sub-Saharan Africa As of 2021, 11 of the 49 countries that make up Sub-Saharan Africa had a working poverty rate that made up over half their population. Here’s a look at these 11 countries, and the percentage of their working population that lives in extreme poverty:   Burundi is first on the list, with 79% of its working population living below the poverty line. One reason for this is the country’s struggling economy—Burundi has the lowest GDP per capita of any country in the world. Because of the economic conditions in the country, many people struggle to meet their basic needs. For instance, it’s estimated that 40% of urban dwellers in Burundi don’t have access to safe drinking water. But Burundi is not alone, with other countries like Madagascar and the Democratic Republic of the Congo also having more than two-thirds of their working population in extreme poverty. Which countries will be able to able to lift their people out of poverty next? Tyler Durden Fri, 02/03/2023 - 23:20.....»»

Category: smallbizSource: NYT38 min. ago Related News

Victor Davis Hanson: "Race" Everywhere

Victor Davis Hanson: 'Race' Everywhere Authored by Victor Davis Hanson via AmGreatness.com, Recently an unarmed 29-year-old African American, Tyre Nichols, was brutally beaten to death by five black Memphis police officers. They were charged with murder. All belonged to a special crime unit known as the Scorpions.  Both the victimizers and victim were black. The Memphis police chief is black. The assistant police chief is black.  Nearly 60 percent of the police force is black. The white population of Memphis is about 25 percent.  The now-disbanded Scorpion unit of mostly black officers was created as a response to grassroots appeals to stop spiraling crime in mostly black neighborhoods.  The death of Tyre Nichols could be attributed to many things: a basic lack of humanity on the part of the officers, poor police training, lax administrative supervision, and lowered hiring standards.   Instead, no sooner was the beating death announced than accusations of “systemic racism” surfaced.  Van Jones, the former Obama Administration green czar and recent recipient of Jeff Bezos’ $100 million “courage and civility award,” pronounced on CNN that the black police oppressors were acting out white racism.  Some claimed that charging the five black officers with murder was itself racist. Others alleged that creating the unit in the first place to reduce black-on-black crime was racist.   Yet, when everything becomes racist, then nothing in particular can be racist. About the same time, the city of San Francisco, along with the state of California, was exploring paying out huge cash reparations to its African-American residents for the ancestral sin of slavery.  That evil institution was abolished some 158 years ago through a Civil War that killed some 700,000 Americans.  Yet California was always a free state with no history of slavery.  No resident of America in six generations has been either a slave or slave owner.  Such multibillion-dollar payouts apparently are to be funded by a nearly bankrupt state facing a $25 billion budget shortfall.  How do we quantify either current eligibility or culpability in multiracial California where 27 percent of the residents were not born in the United States? Whites make up only 35 percent of the state’s population.  College campuses increasingly greenlight racially segregated resident housing.  These reactionaries seem eager to return to “separate but equal” apartheid, supposedly outlawed nearly 60 years ago by the 1964 Civil Right Act.  A recent National Association of Scholars study found that of some 173 schools surveyed, 42 percent provided racially segregated residences. Some 46 percent offered racially segregated orientation programs. An overwhelming 72 percent  hosted racially segregated graduation ceremonies. So-called “safe spaces” on campus exclude students on the basis of race, especially whites who are reduced to stereotyped members of a toxic collective. Race-based admissions have transmogrified from proportional representation—the entering class should reflect roughly the racial make-up of the nation—to reparatory or compensatory admittance.  So, for example, Stanford University’s incoming class of 2026 lists white students at 22 percent of the enrolled, roughly one-third of their percentage of the nation’s general population.  Ironically, current racial engineering resurrects the old quota systems used in the past to discriminate against Jews.  “Whites”—to the extent we can determine any race in an intermarried, multiracial society—do not fit the now ossified definition of an exploitive majority.  They no longer even compose a majority in most major American cities and in some states.  They rank well behind many nonwhite ethnic groups in terms of per capita income and millions of working-class Americans certainly don’t fit the tired stereotype of “privileged.”   In racist fashion, white males are often smeared as exhibiting collective “white rage.”  Yet they commit suicide at double their demographics—and more than twice as frequently as blacks and Latinos.  They were also killed in combat in Afghanistan and Iraq at twice their numbers in the general population.  In terms of hate-crime offenders, whites are demographically underrepresented. The most overrepresented victims of hate crimes are whites of Jewish background. Whites commit violent crimes against those of different races at rates below their percentages in the general population. In sum, class, not race, remains the best litmus test of being underprivileged in America. It is no longer synonymous with race. No wonder the identity politics industry now strains to attach prefixes such as “systemic” or “implicit” to “racism,” or “micro” to “aggression,” purportedly to ferret out bias that otherwise is not apparent.  Pause to reflect that America is the only successful multiracial constitutional republic in history. To survive in an increasingly dysfunctional and hostile world abroad, the unique idea of the United States requires concord.  But national cohesion is only possible through citizens subordinating their tribal interests to a common culture. Only then do they cease being automatons of warring tribes and collectives.  As the world becomes ever scarier, Americans must—as Benjamin Franklin once warned—hang together, or most certainly they will soon all hang separately. Tyler Durden Fri, 02/03/2023 - 23:40.....»»

Category: smallbizSource: NYT38 min. ago Related News

368 Arrested, 131 Rescued In California Sex Trafficking Operation

368 Arrested, 131 Rescued In California Sex Trafficking Operation Authored by Jack Bradley via The Epoch Times (emphasis ours), Authorities arrested 368 people and rescued 131 victims involved in human trafficking in a weeklong statewide multi-agency task force, announced Feb. 1. A massage parlor in Los Angeles County on Aug. 4, 2021. (John Fredricks/The Epoch Times) “We know that the sex trade is a prolific one that exists throughout this state and throughout our nation,” said Los Angeles Police Department (LAPD) Chief Michel Moore . “It’s an ugly scar against this great country that exists too oftentimes in plain sight.” Operation Reclaim and Rebuild was conducted between Jan. 22 and Jan. 28 in nine counties, including Los Angeles, Orange, and San Bernardino, Moore said at a news conference at the department’s Elysian Park Academy. Numerous federal, state, and local law enforcement agencies were involved in the effort, including the LAPD, the Los Angeles County Sheriff’s Department, and the Los Angeles County District Attorney’s Office. The victims’ ages ranged from 13 to 52, including six children, and the average age was the mid-20s, Moore said. Investigators worked with victim advocacy groups in providing services and resources “to help [victims] escape from this life-threatening environment,” he said. Investigators responded to various advertisements offering sexual services and went to massage parlors suspected of being involved in trafficking. Among the arrestees were pimps and panderers, along with customers of such services, Moore said. The victims are being exploited by “threat of death” or coercion, or threats against their family, while some are kidnapped and isolated from their former support to become dependent on the trafficker, according to Moore. Moore noted that “in the old days,” the victims of human traffickers were often regarded by law enforcement as criminals, but a more modern attitude is to regard them as having been exploited by criminals—many of them having been kidnapped and held against their will. Authorities stressed that the seven-day task force is only a part of law enforcement agencies’ everyday effort to combat sex trafficking. Los Angeles Police Chief Michel Moore speaks during a vigil with members of professional associations and the interfaith community at Los Angeles Police Department headquarters in Los Angeles, on June 5, 2020. (Mark J. Terrill/File/AP Photo) Victims are sometimes brought in from other states or countries, said David Cox, COO for ZOE International, a Los Angeles-based nonprofit that helps victims recover once rescued locally and internationally. Cox said his organization, partnering with a similar Los Angeles-based nonprofit Saving Innocents, has cared for 489 youth victims of sex trafficking this past year, with some as young as 11. “In our city, kids are being raped 20 to 30 times a day,” he said. Journey Out, another LA-based nonproft combating human trafficking, cared for 256 adult victims last year, Cox said. He said sex trade is a violent industry, as some of these victims have been pistol-whipped, jumped out of moving vehicles to escape, chased down and beaten, gone missing, or lost their lives. “Traffickers are master predators. They’re on the hunt for vulnerable kids and adults,” he said. City News Service contributed to this report. Tyler Durden Fri, 02/03/2023 - 20:20.....»»

Category: smallbizSource: NYT1 hr. 54 min. ago Related News

Jim Jordan Subpoenas Garland, Wray Over School Board Memo Used Against "Domestic Terrorist" Parents

Jim Jordan Subpoenas Garland, Wray Over School Board Memo Used Against 'Domestic Terrorist' Parents House Judiciary Chairman Jim Jordan (R-OH) has fired off his first subpoenas of the new Congressional session. The recipients include Attorney General Merrick Garland, FBI Director Christopher Wray and Education Secretary Miguel Cardona, in order to get to the bottom of a controversial memo which the DOJ used to justify activating the FBI Counterterrorism Division to investigate parents voicing their opposition to a variety of topics - primarily mask and vaccine mandates, and teaching critical race theory. The Garland memo On October 4 of 2021, AG Merrick Garland issued a memorandum announcing a concentrated effort to target any threats of violence, intimidation, and harassment by parents toward school personnel. The announcement came came days after the national association of school boards asked the Biden administration to take “extraordinary measures” to prevent alleged threats against school staff that the association said was coming from parents who oppose mask mandates and the teaching of critical race theory. In late October, however, it was revealed that Garland based the memo on unsupported claims made by the National School Boards Association, which apologized for inflammatory language. Garland maintains that the letter had no bearing on the DOJ's stance. The subpoenas ask for all communications between the recipients and the National School Boards Association. Jordan, who has repeatedly claimed that the memo was used to justify labeling concerned parents as domestic terrorists, told NBC's "Meet The Press" recently that "the chilling impact on the First Amendment free speech is what we care about." "School board writes a letter on Sept. 29th. Five days later, the Attorney General of the United States issues a memorandum to 101 U.S. attorneys offices around the country saying, ‘Set up this line that they can report on.’ … When have you ever seen the federal government move that fast?" he asked. Democrats, meanwhile, have accused Jordan of peddling conspiracy theories. "The conspiracy theories underpinning today’s subpoenas have been debunked with facts time and time again, but Republicans do not want to be bothered by this inconvenient truth. There is no amount of documents that will satisfy the MAGA obsession with conspiracies," according to Del. Stacey Plaskett (VI), the top Democrat on the Judiciary subcommittee tasked with examining the "weaponization" of the federal government. A 'protected disclosure': In mid-November, 2021, House Judiciary Committee Republicans sent a letter to Garland after an FBI whistleblower came forward with "a protected disclosure" - claiming that "the FBI's Counterterrorism Division had been compiling and categorizing threat assessments related to parents, including a document directing FBI personnel to use a specific "threat tag" to track potential investigations." "This disclosure provides specific evidence that federal law enforcement operationalized counterterrorism tools at the behest of a left-wing special interest group against concerned parents," the letter continues. This is the smoking gun. Attorney General Garland provided zero evidence that parents are engaging in credible threats or acts of violence. And yet, he mobilized the FBI Counterterrorism Division to use counterterrorism tools for investigating, tracking, and tagging parents. pic.twitter.com/PHpVIqvlBw — Christopher F. Rufo ⚔️ (@realchrisrufo) November 16, 2021 According to a public statement by Grassley regarding the one-page letter:  "The Department of Justice owes the American people a better answer than just a one-page letter that says nothing about why the FBI’s Counterterrorism Division is involved in local school-board matters. Now more than ever, parents should be their kids’ strongest and best advocates. They have the God-given right to do so. And the Justice Department ought to be doing everything it can to protect that right, not scare them out of exercising that right. Attorney General Garland should withdraw his memo. And he should take Congress’s oversight, and concern for the rights of parents, more seriously."   Tyler Durden Fri, 02/03/2023 - 20:40.....»»

Category: smallbizSource: NYT1 hr. 54 min. ago Related News

Secret CCP Overseas Police Station In NYC Closed After Reported FBI Raid

Secret CCP Overseas Police Station In NYC Closed After Reported FBI Raid Authored by Andrew Thornebrooke via The Epoch Times (emphasis ours), A covert overseas police station run by the Chinese regime in New York has been shuttered following a reported raid by the FBI. “The FBI has confirmed that the ‘overseas police station’ in New York linked to Fuzhou has closed,” a State Department spokesperson said in an email to The Epoch Times. “We continue to be concerned about PRC [People’s Republic of China] transnational repression efforts around the world and are also coordinating with allies and partners on this issue.” The America ChangLe Association in New York on Oct. 6, 2022. An overseas Chinese police outpost in New York, called the Fuzhou Police Overseas Service Station, is located inside the association building. (Samira Bouaou/The Epoch Times) The closure of the facility in New York’s Chinatown comes just weeks after The New York Times reported that FBI agents raided and searched the building at an undisclosed time last fall. The facility and more than 100 others like it form a network of covert facilities from which experts believe that the Chinese Communist Party (CCP) is conducting a campaign of transnational repression. According to two reports published in October 2022 and December 2022 by Safeguard Defenders, a nonprofit organization, the overseas police outposts are used to collect intelligence and even forcibly repatriate Chinese dissidents to the mainland to be imprisoned. “We are aware of reports regarding alleged PRC ‘overseas police stations,’” the State Department spokesperson said. “We take this issue very seriously. Establishing so-called overseas police stations without the invitation or approval of the country in which they are operating raises serious issues of respect for the sovereignty of that country.” The spokesperson referred The Epoch Times to the FBI and Justice Department for further information. The Justice Department didn’t respond to a request for comment by press time, and the FBI declined to comment on the matter. China’s Communist Regime ‘Violates Sovereignty’ Chinese authorities maintain that the facilities, which operate in 53 nations, assist Chinese immigrants in foreign nations with tasks that would normally be handled by a consulate, such as renewing driver’s licenses and visas. However, the stations have been linked to the CCP’s United Front Work Department, an agency that works to advance the regime’s interests abroad by spreading propaganda, conducting foreign influence operations, suppressing dissident movements, gathering intelligence, and facilitating the transfer of technology to communist China. As such, many nations have voiced concern that the facilities are a threat to national security and a violation of sovereignty. Irish, Canadian, and Dutch officials have called for China to shut down similar police operations in their countries. Likewise, FBI Director Christopher Wray has characterized them as a violation of U.S. sovereignty. “I’m very concerned about this,” Wray said during a November 2022 hearing of the Senate Homeland Security and Governmental Affairs Committee. “I have to be careful about discussing our specific investigative work, but to me, it is outrageous to think that the Chinese police would attempt to set up shop—you know, in New York, let’s say—without proper coordination. It violates sovereignty and circumvents standard judicial and law enforcement cooperation processes.” He refrained at the time from commenting on the legality of the overseas police stations but said they were part of the CCP’s campaign of global transnational repression and linked them to CCP efforts to spy on Americans. Tyler Durden Fri, 02/03/2023 - 21:00.....»»

Category: smallbizSource: NYT1 hr. 54 min. ago Related News

Sales Of $10 Million-Plus Homes In Brooklyn Reach A Record In 2022

Sales Of $10 Million-Plus Homes In Brooklyn Reach A Record In 2022 While questions about the housing market in general continue to swirl and as we anxiously await how much deflation we are in store for in the housing industry, at least one area is on an upswing: Brooklyn. This week it was reported that a "record" number of homes in the borough sold for $10 million or more in 2022, according to Bloomberg. It once again paints a picture of people trying to get out of the heart of U.S. cities - Bloomberg noted that people were drawn to the "family friendly" neighborhoods. Last year there were 13 sales over $10 million, which was up from 3 in 2021, the report says, citing Compass.  Leonard Steinberg, a broker at Compass, commented: “A decade or so ago, people went to Brooklyn as a secondary choice because of affordability. Nowadays, a wave of people are choosing Brooklyn as a first choice and not even considering Manhattan. It has nothing to do with price. It has everything to do with quality of life, a sense of community and just that small town, big city feel that you can really only achieve there.” Of the homes that sold, six were in Brooklyn Heights, three in Park Slope and one in Cobble Hill, the report says.  Across the U.S., we are seeing a similar pattern from $10 million-plus markets. In places like Austin, sales of such homes were up from zero in 2021 to 5 in 2022. In North Florida, sales of similarly priced properties were up to four in 2022 from just one in 2021.  “What we're seeing is that wealth is spreading and wealth is very comfortable being removed from big cities because creating the wealth and maintaining the wealth can be done from multiple locations,” Steinberg continued.  Bloomberg noted that: "The most expensive deal in Brooklyn last year was at 88 Remsen St. in Brooklyn Heights, a brownstone with carriage house that traded for $18.3 million in September." Steinberg attributes the rise in prices not just to demand, but also "inflation in the prices of luxury homes and goods". “A lot of these homes have wonderful historic details that no one is going to recreate today. You'll pay an enormous premium for beautiful, move-in renovated homes,” he concluded.  Tyler Durden Fri, 02/03/2023 - 21:20.....»»

Category: smallbizSource: NYT1 hr. 54 min. ago Related News

Boeing just made its last-ever 747 jumbo jet, ending a 5-decade era. See 7 ways the Queen of the Skies changed the industry forever.

The Boeing 747 was not only designed for passenger and cargo use, but specially-modified versions also carried the space shuttle and the president. The first Boeing 747 at the Everett assembly line.Bettmann/Contributor via Getty Images Boeing is bidding farewell to its last-ever Boeing 747 jumbo jet. The event marks the end of a revolutionary era that changed the way people travel. The enormous plane was a marvel that played many roles, like carrying the space shuttle. The Boeing 747 is one of the greatest feats of aerospace engineering and was an global success for the American planemaker.British Airways Boeing 747-400.Nicolas Economou/Getty ImagesSource: BoeingFor over 50 years, the aircraft shuttled travelers to nearly every continent across the globe, connecting people to more places than ever before.Boeing 747.BoeingSource: BoeingNo longer did customers have to stop for fuel on flights between the US and Asia or Australia — the 747 could operate these routes nonstop.Qantas used the 747 as its transpacific workhorse.REUTERS/Daniel MunozAirlines have been flying over the Pacific Ocean since the 1930s — here's how the practice evolved over the yearsIt wasn't long before the jumbo jet earned the hearts of airlines and passengers alike, becoming one the most beloved airliners in history and outliving equally popular planes like the Concorde.A British Airways and an Air France Concorde pass each other at JFK.Associated PressThe Concorde made its final flight a little more than 16 years ago and supersonic air travel has yet to return — here's a look back at its awesome historyThe jet's longtime success can be seen in the numbers, with the huge plane shuttling over 5.9 billion people across 75.5 billion miles as of 2020, which is enough to fly to the Moon and back to Earth 137,000 times.Lufthansa is one of the few airlines passengers can still fly on the 747.Lukas Wunderlich/ShutterstockSource: BoeingHowever, innovations in dual-engine planes over the years made the 747’s four fuel-hungry engines and poor economics unattractive for operators.Alexander Sidorov/EyeEm via Getty ImagesSource: InsiderWhat was once a marvel for international transport eventually became a cost liability, and most airlines worldwide have ditched the plane in favor of more efficient jets, like the Boeing 787 or the Airbus A350.Airbus A350-1000.Bryan Van Der Beek/AirbusEven more iconic planes are disappearing from the skies earlier than planned as the coronavirus continues to wreak airline havocThe coronavirus pandemic exacerbated the problem as carriers were already bleeding cash and needed to let go of expensive assets.Boeing 747's at Pinal Air Park, which is an aircraft graveyard.AirlineGeeks/Ryan EwingI went inside one of the US' largest aircraft storage facilities and saw how it isn't emptying out despite the rise in air travelAs a result, the 747 became a common casualty of COVID-19 as travel demand plummeted, with many airlines, like British Airways and Virgin Atlantic Airways, saying goodbye to the iconic double-decker forever.The last British Airways 747 to take off from London Heathrow.British AirwaysThe iconic Boeing 747 is disappearing from the British Airways fleet after 49 storied years as the pandemic thrashes the airline industryBoeing also decided to retire the program, having built over 1,550 jumbos. The final 747 rolled off the assembly line in Everett, Washington, on December 6, and was delivered to its final owner, Atlas Air, on Tuesday.Boeing's last 747 rolled out of the Everett assembly line.Paul Weatherman/BoeingSource: Boeing, Boeing's last-ever 747 just rolled off the assembly line, marking the end of an era. Here's the history of how the revolutionary plane changed the world."This is the symbol of innovation for our country," Boeing CEO Dave Calhoun told Bloomberg at the delivery ceremony. "This airplane will fly for another fifty years, so it's not as if we're putting it to bed — it's simply we're producing our last."Boeing's last 747 rolled out of the Everett assembly line.Paul Weatherman/BoeingSource: Atlas Air, Bloomberg, Boeing's iconic 747 will leave the assembly line for the last time this year. See one of last jumbo jets the planemaker will ever build.Although the 747 is ending its nearly 53-year reign, its revolutionary design changed the industry as we know it. Here are seven things that made the Queen of the Skies truly remarkable.First Boeing 747-8F flight.Boeing1: The legendary aircraft was built on request by Pan American World Airways founder and CEO Juan Trippe.New York Governor Thomas E. Dewey (right) and Juan Trippe (left) in a Clipper cockpit with their two pilots.Bettmann/ContributorSource: Northwestern UniversityAt the time, Pan Am was already flying Boeing's quad-engine 707, which was the company's first jetliner and ushered in the jet age for air travel.Pan Am Boeing 707ullstein bild Dtl./Getty ImagesMore airlines are choosing single-aisle jets for flights from North America to Europe — see the full evolution of jet-powered transatlantic flyingBut, as demand skyrocketed, the industry needed bigger and better planes that could fly farther than any other commercial aircraft could.Pan Am 747-100.aviation-images.com/Contributor via Getty ImagesSource: InsiderSo, Trippe went to Boeing in 1965 and asked for a plane more than twice the size of the 707…A Pan Am Boeing 707 next to a Pan Am Boeing 747, showing the size difference.Underwood Archives/Getty ImagesSource: Insider…and it didn't take much for the manufacturing giant to jump on the opportunity, especially after recently losing out on a contract to build the massive C-5A military transport plane.People in line to enter the 445th Airlift Wing's first C-5A Galaxy in 2005US Air Force photo by Tech. Sgt. Charlie MillerSource: Boeing2: The 747 was built by a team of some 50,000 Boeing employees, known as the "Incredibles."First Boeing 747 surrounded by employees and other admirers.-/Getty ImagesSource: BoeingThe workers were made up of engineers, mechanics, secretaries, and construction workers, among others, and built the plane in about 16 months in the late 1960s.The first Boeing 747 at the Everett assembly line.Bettmann/Contributor via Getty ImagesSource: Boeing"We assembled the first 747 in snowstorms as they were constructing the building around us," wrote Boeing Incredible Dwight Bates in a 2016 post published on the planemaker's website.Inside the factory in Washington where Boeing built its last Boeing 747s, pictured in June 2022.Taylor Rains/InsiderSource: BoeingHe explained the conditions of being an Incredible meant sleeping at their desks and working crazy overtime hours. Not to mention, they were under immense pressure after being told they'll lose the company if they didn't get the 747 FAA-certified.Boeing Incredibles building Boeing 747s in 1969.Bernard Crochet/Photo12/Universal Images Group via Getty ImagesSource: BoeingFortunately, their efforts didn’t go to waste. Led by veteran Boeing engineer Joe Sutter, who is known as the “father of the 747,” the iconic plane took its first flight in 1969 and was in commercial service with Pan Am in 1970.The flight crew after the first Pan Am 747 flight from New York to London Heathrow in 1970.AFP/Stringer via Getty ImagesSource: Boeing3: The 747 was the world's first widebody passenger aircraft and the first with a partial second level.A United Boeing 747 in the carrier's old livery.aviation-images.com/Contributor via Getty ImagesSource: Museum of FlightBoeing created five different 747 variants: the 747-100, 747-200, 747-300, 747-400, and the 747-8, which were bought by dozens of airlines, like Korean Air, Cathay Pacific Airways, and Delta Air Lines.A lineup of Boeing 747s.Museum of Flight Foundation/Contributor via Getty ImagesSource: InsiderFrom there, several models of each type were produced, like the 747-400F freighter and the 747-200C convertible, which can be used for both passenger and cargo operations.An EVA Air Cargo Boeing 747-400F aircraft.TIM CHONG/ReutersAs airlines say goodbye to the legendary Boeing 747 early, the plane still plays a vital role for cargo carriers and is aiding efforts to defeat COVID-19The planemaker's largest and highest-performing passenger variant is the 747-8i.A Boeing 747-8i.Stephen Brashear/Stringer via Getty ImagesSource: NerdWalletPowered by four General Electric engines, it can reach speeds of about 660 miles per hour and fly up 8,895 miles. This means the plane can zoom across three FIFA soccer fields in one second.A Lufthansa Boeing 747-8i engine.Stephen Brashear/Stringer via Getty ImagesSource: BoeingThe advanced specs have come a long way since Boeing's first 747-100, which could only fly up to 602 miles per hour across about 5,300 miles.An Iran Air Boeing 747-100.SOPA Images/Contributor via Getty ImagesSource: Simple FlyingBut, the original variant's innovative widebody design paved the way for high capacity, with Pan Am's carrying 347 people. The 747-8i, by comparison, can accommodate up to 467 passengers in three classes.Inside Lufthansa's Boeing 747-8i.Stephen Brashear/Getty ImagesSource: Simple FlyingNot only did the jet feature revolutionary performance and seating, but it also came with a unique "hump" that made it easily recognizable by travelers.Maiden flight of the 747-8i.Stephen Brashear/Getty ImagesSource: Smithsonian MagazineBoeing created the iconic hump on the 747 because Trippe didn't think the plane would be a commercial hit and wanted it to be easily converted into a freighter.A Boeing 747 freighter being built in Washington in June 2022.Seattle TimesSource: Smithsonian MagazineThis meant the nose needed to be able to open, which made this an unfavorable place to put the cockpit. So, Boeing moved the flight deck higher up, which also contributed to better aerodynamics.Boeing 747-400 cargo loading.Davide Calabresi/ShutterstockSource: Smithsonian MagazineOver time, the upper deck has grown to create more room for first and business class seats and amenities.First class passengers in a BOAC Boeing 747 Jumbo Jet are served lunch.Fox Photos/Getty ImagesSource: InsiderThe only other commercial airliner to truly compete with the Queen of the Skies was the Airbus A380, which had a second level that stretched the full length of the jet.An Emirates Airbus A380.Arnold Aaron/Shutterstock.comEmirates wants Airbus to build a new version of its A380 jet. See the full history of the superjumbo jet from marvel to reject.The mammoth plane can carry up to 545 people in four classes and became a workhorse for airlines like Emirates, complete with a shower spa onboard for first class passengers.Inside the cabin of a Lufthansa A380, which can carry up to 853 passengers in a maximum capacity layout.Lufthansa.Source: Airbus, Emirates is bringing its redesigned Airbus A380 with premium economy seating and upgrades in every cabin to the US — see insideHowever, the superjumbo has also met its own end, with Airbus ending production in 2021 and airlines worldwide speeding up the A380's retirement during the pandemic.Air France retired its A380s during the pandemic.roibu/ShutterstockSource: ReutersThis was particularly due to its inefficient four engines — similar to the 747's downfall.Belish/ShutterstockDouble-decker planes are going extinct as Airbus and Boeing discontinue their largest models. Here's why airlines are abandoning 4-engine jets.4: The revolutionary Queen of the Skies made international travel accessible for more than just the rich and famous.Lufthansa Boeing 747-8i flight deck.Stephen Brashear/Getty ImagesSource: Smithsonian MagazineThe 747 was considered a step up from the 707 with its size, range, and low operating costs, which are thanks to its more powerful bypass engines that could reduce fuel consumption by 33% compared.The TWA "Star of Paris" Boeing 747 after it landed at Orly airport in 1970.-/AFP via Getty ImagesSource: Deutsche Welle, Smithsonian National Air and Space Museum, Airline RatingsAnd, because the jet could carry twice as many people compared to its predecessor, airlines could reduce fares without sacrificing passenger comfort.Lufthansa Boeing 747-8i economy. Airlines can fit 10-abreast rows on the plane.Stephen Brashear/Getty ImagesSource: Smithsonian Magazine, Airlines RatingsThis effectively changed the way people fly, and for the first time allowed those who couldn't afford a seat on the 707 to travel to places that were previously unreachable.Passengers inside the cabin of a 747 in 1970.Gerhard Rauchwetter/Picture Alliance via Getty ImagesSource: Smithsonian Magazine5: The double-decker plane featured bars and lounges on its upper level, which was accessed via a staircase.A BOAC air hostess greets a passenger in front of a spiral staircase which leads to the upper deck lounge in a Boeing 747 MonarchFox Photos/Getty ImagesSource: Executive TravellerIn the early days of the jet age, flying was often a high-class experience with travelers dressing up for the occasion.Interior of a British European Airways' Vickers airliner showing the passenger section.Fox Images/Getty ImagesTHEN AND NOW: Photos that show how glamorous flying used to beThrough the 1960s, airlines started playing around with different cabin ideas, like business and economy, and some carriers decided to use the 747's upper level as an exclusive space reserved for premium customers.Lufthansa 747 lounge.Hutmacher/ullstein bild/GettyPan Am's first 747 had a "restaurant in the sky" for first class passengers who could sit at four-person tables with friends or strangers.Bettmann/Contributor via Getty ImagesSource: Executive Traveller, Photos show the glory days of Pan Am, a symbol of a bygone era of luxurious air travel before the airline went bust 29 years agoMeanwhile, Australian flag carrier Qantas had the Captain Cook Lounge in its 747's upper deck where premium flyers could relax, drink, or read a newspaper.QantasSource: Qantas6: Boeing built several specially-modified 747s to transport the space shuttle, the president, and parts of other commercial aircraft.Thiago B Trevisan / Shutterstock.comSource: BoeingProbably the most impressive feat is the two 747-100s that the National Aeronautics and Space Administration asked Boeing to convert into Space Carrier Aircraft.NASASource: NASAThe planes — one from American Airlines and the other from Japan Airlines — carried the shuttles from their landing sites to the Kennedy Space Center, and to other locations that were too far to travel by ground transport.NASASource: NASAThe modified jets had three strong rods protruding from the top, which is where the orbiters were attached.NASASource: NASAMoreover, most of the cabin was gutted, the pilots had special monitoring systems for the shuttle, and two extra vertical stabilizers were added to enhance the 747's "directional stability."NASASource: NASAAnother non-commercial use for the jumbo jet is presidential transport.ShutterstockSource: BoeingWhile the 707 had the job for nearly 30 years, two 747-200B variants were modified in 1990 to create Air Force One.Air Force One as a Boeing 707 carrying Eisenhower in 1959.Terry Fincher/Mirrorpix/Getty ImagesSource: BoeingHaving carried presidents like George H.W. Bush and Barack Obama, the plane can refuel midair and is considered a flying Oval Office with myriad office and conference space, as well as staterooms.President Barack Obama talks on the phone with Israeli Prime Minister Benjamin Netanyahu aboard Air Force One en route to New Orleans, La., Nov. 8, 2013.The White House31 photos that show how Air Force One has changed through the yearsHowever, both VIP jets are being upgraded to the more efficient and longer-ranged 747-8i variant, though they will not be able to refuel in the air and the timeline for delivery has been pushed from 2024 to potentially 2028.Trump exiting Air Force One.Joe Raedle/Getty ImagesSource: DefenseOne, Boeing's new Air Force One jets are so late that the old ones may need to keep flying until 2028, costing taxpayers $340 million: reportAnother impressive 747 variant is the Boeing 747-400LCF Dreamlifter.cpaulfell / Shutterstock.comBoeing's massive oversized cargo plane just flew its first COVID-19 mission from Hong Kong to South Carolina. Take a look at the 'Dreamlifter.'The jet is one of the biggest cargo planes in the world due to its oversized fuselage and was designed to transport 787 parts — like the wings — between global assembly lines.Wings being loaded into a Dreamlifter.Kyodo/GettySource: BoeingSpecifically, the four-strong fleet each has 65,000 cubic meters of capacity, where oversized cargo is loaded through the giant plane's swing-tail door.Robert Sorbo/ReutersSource: InsiderWhile Boeing's primary customer of the Dreamlifter is itself, it was also used during the pandemic to transport COVID-related supplies, like face shields, protective eye goggles, and masks.Atlas Air operated the special mission.BoeingSource: Boeing7: The 747 is one of the only cargo aircraft with the ability to load freight directly through its nose.Atlas Air 747-8 cargo loading.Thomas Frey/picture alliance via Getty ImagesSource: BoeingThe door reduces load time for carriers as they can also simultaneously load from the back of the jet, but also allows for oversized items to be loaded without first being dismantled.Boeing 747 cargo hold.M101Studio/ShutterstockSource: InsiderAirbus' Beluga, Ukraine's Antonov An-124, and the US Air Force's C-5 Galaxy cargo planes also have nose doors, but they are not widely used by multiple global carriers as the 747 is.The Antonov An-225 was the world's largest cargo plane with nose-loading capabilities, but it was destroyed during Russia's invasion of Ukraine.Russian Defense Ministry/TASS/GettyThe Ukrainian manufacturer of the world's largest plane says rebuilding it would cost $3 billion. See the full history of the famous six-engine jet that was destroyed.However, with the production of the 747 complete, the nose-loading perk with be missed as more cargo carriers ditch the jet for better cost-efficient aircraft.Air France A350F rendering.FIXION/AirbusBoeing ending production of the 747 means cargo carriers will lose a key feature and be left scrambling when it's gone"The nose loader for oversized freight is what makes her so unique and capable to transport things other planes can't," a 747 cargo pilot told Insider in 2020.A Qatar Airways Boeing 747-8F.Elaine Thompson/APBoeing just unveiled the freighter variant of its new flagship 777X jet as cargo demand continues to skyrocket — take a look at the massive planeNot only will cargo operators miss the beloved 747, but so will passengers.BOAC Boeing 747Keystone/Getty ImagesAmeer Junejo, who manages a 747 converted into a hotel in Sweden, told Insider that the jet has "memories," saying pilots and couples visit his site to reminisce about their days onboard.Lufthansa is one of the few airlines passengers can still fly on the 747.Lukas Wunderlich/ShutterstockWhile it is much harder these days to fly on the jumbo jet, several can still be explored as tourist attractions, like Delta Air Lines' 747 Museum in Atlanta, Georgia…Delta Flight Museum 747.Delta Air LinesCheck out these 6 retired Boeing 747 jumbo jets that have been converted into flightless tourist attractions and entertainment venues…and the flightless British Airways 747 "party plane" in England.British Airways 747 "party plane" in England.Negus 747A retired British Airways Boeing 747 was bought for $1.35 by an English airport and converted into a flightless 'party plane' event space — see inside the renovated Queen of the SkiesRead the original article on Business Insider.....»»

Category: smallbizSource: NYT15 hr. 22 min. ago Related News

Luxury-apartment residents who had "hundreds of thousands" of people peering through their windows each year win court case

Residents of multi-million-dollar apartments, who want visitors of London's Tate Modern to stop looking into their living spaces, won a privacy case. The viewing level of the Tate Modern gallery faces a luxury block of flats in London.REUTERS Residents of luxury homes won a legal battle against a London art museum over its viewing balcony. More than 500,000 people visit the viewing gallery each year. Residents felt like being "on display in a zoo," according to the judgment. Residents of luxury apartments across from London's Tate Modern art museum won a long-running court case on Wednesday after saying they felt like they were "on display in a zoo" when museumgoers visited its viewing balcony that displays a "360-degree panoramic view" of the city.  Residents at NEO Bankside — a luxury-apartment complex with large glass windows beside the art museum — argued that "hundreds of thousands of spectators each year" are able to peer into their homes. Visitors on the balcony, which is open to a maximum of 300 people at a time, often take photographs, post them on social media, and even occasionally use binoculars, according to the judgment.  In February 2020, a court of appeals dismissed the residents' injunction asking the museum to stop letting visitors onto the balcony, where they could possibly look into residents' homes, but it was overturned after an appeal to the British Supreme Court. The viewing deck at the Tate Modern galleryoffers 36 degree views of London.James D. Morgan/Contributor/Getty ImagesThe owners of the flats won the legal battle in a 3-2 court ruling that found that the museum's viewing terrace, which approximately 500,000 to 600,000 people visit per year, was an invasion of privacy for those living across the street.  Supreme Court Justice George Leggatt explained that he suspected the case had previously been dismissed because of the courts' "reluctance to decide that the private rights of a few wealthy property owners should prevent the general public from enjoying an unrestricted view of London."  On Wednesday, however, Leggatt ruled that the Tate's viewing terrace was a "straightforward case of nuisance" for those who brought the case.  "It is not difficult to imagine how oppressive living in such circumstances would feel for any ordinary person," he said. Luxury flats are seen from the terrace at the Tate Modern gallery in London in 2020.Hannah McKay/ReutersThree-bedroom apartments in the complex — built in 2012 on the banks of the Thames River — are worth between at least £2 million and £3 million, or about $2.5 million to $3.6 million, according to recent listings. There has been a debate around the court ruling on social media, as people critiqued the wealthy flat-owners who chose to live next to a large tourist destination. As one Twitter user joked, "Finally, justice for the super rich!" The museum's terrace on the top floor of the Blavatnik Building opened in 2016, and the distance between the two buildings is approximately 100 feet. When the new Tate building with the terrace was built, the director of the gallery at the time said the residents of the complex across from it should put up net curtains.  Those living in the luxury apartments, however, "cannot be obliged to live behind net curtains or with their blinds drawn," the judgment said.  While the terrace is now "temporarily closed to the public," the case will return to the country's high court to reach a solution between the Tate Modern and residents. "Our clients now look forward to working with the Tate as valued neighbors to find a practical solution which protects all of their interests," Natasha Rees, a lawyer for NEO Bankside residents, said, according to Sky News. Read the original article on Business Insider.....»»

Category: smallbizSource: NYT15 hr. 22 min. ago Related News

The US started 2023 with a stunning surprise labor market boom, adding 517,000 jobs in January

The unemployment rate in January was 3.4%, just below what was expected. January's gain in nonfarm payrolls was greater than job creation in December. A 'Now Hiring' sign is posted at a Verizon store on July 26, 2022 in Los Angeles, California.Mario Tama/Getty Images The US added 517,000 jobs in January, starting the year with surprisingly strong job creation. January's job growth far surpasses the forecast of 185,000 jobs added. The US unemployment rate in January was 3.4%, below the 3.6% estimate. The US started the year with a shockingly strong labor market.The US added 517,000 jobs in January, according to nonfarm payrolls data from the Bureau of Labor Statistics. That was far above the forecast 0f 185,000 jobs added from economists surveyed by Bloomberg.!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.....»»

Category: smallbizSource: NYT15 hr. 22 min. ago Related News

Silvergate shares tumble as the crypto bank"s ties to FTX come under a probe by the DOJ"s fraud squad

The US Justice Department's fraud unit is probing Silvergate's ties with crypto exchange FTX and its trading arm Alameda. Sam Bankman-Fried in federal court in Manhattan.David Dee Delgado/Getty Images The DoJ's fraud unit is probing Silvergate's linkages with FTX and its trading arm Alameda, per Bloomberg. The crypto-friendly bank hasn't been accused of any crime, but the Justice Department wants to know just how deep its ties with FTX ran.  Silvergate's shares fell more than 13% in premarket trading on Friday. The US Justice Department is investigating Silvergate Capital's ties with FTX and its trading arm Alameda Research, according to a report by Bloomberg.The focus of the probe is on the bank's hosting of accounts linked to the businesses of FTX founder Sam Bankman-Fried, according to the report, which cited people familiar with the matter. The lender has also come under pressure from US lawmakers to provide details on how much it knew about the irregularities at FTX.Silvergate's shares fell more than 13% in pre-market trading Friday.Although the publicly traded bank hasn't been accused of any wrongdoing and the probe could end without charges, the DoJ's fraud unit wants to know just how deep its ties with FTX ran. Silvergate has worked with more than a dozen crypto firms that have gone bankrupt, faced scrutiny or been under investigation, including FTX and Alameda.When FTX had its customers wire money to seemingly-fake electronics retail website if they wanted to trade — an effort to hide funds used for Alameda investments — that bank account was with Silvergate. This is not the first time the bank has been placed under the microscope. This past week, a bipartisan group of US senators in Congress sent a letter to Silvergate's CEO that said the crypto-friendly bank was "evasive" when asked earlier about its role in the improper transfer of FTX customer funds to Alameda. Read the original article on Business Insider.....»»

Category: smallbizSource: NYT15 hr. 22 min. ago Related News

ExodusPoint"s 2022 struggles is a lesson for all of Wall Street: Play the hits

ExodusPoint had a difficult 2022, thanks in large part to deviating from a strategy that had helped it find success in the first place. TGIF! Dan DeFrancesco in New York, but I'll be on my way to China shortly to pick up my new Porsche that was accidentally priced at an 88% discount. (Who am I kidding, I couldn't afford a Porsche that was discounted 99%.)Fun-fact Friday: Scotland's national animal is the unicorn (and no, it's not a VC thing). On tap, we've got stories on Bridgewater's new 37-year-old co-CIO, a new fintech CEO who is eyeing an IPO, and the first set of jobs AI is coming for. But first... if it ain't broke, don't fix it. If this was forwarded to you, sign up here. Download Insider's app here."Like a Virgin" was released on November 12, 1984.Warner Records1. Play the hits! Did you know Led Zeppelin frontman Robert Plant said he'd "break out in hives" if he had to sing "Stairway to Heaven" at every show?Oasis' Liam Gallagher said, in much more colorful language than I can use in this newsletter, that he despised being associated with "Wonderwall." (To be fair, Liam doesn't seem to like a lot of things outside his beloved Manchester City.)And Madonna once said she wouldn't perform "Like a Virgin" unless someone paid her "$30 million or something."I shudder to compare some of the greatest artists of our generation to a hedge fund, but I can't help but notice some similarities between their disdain for their biggest hits and ExodusPoint's difficult 2022. As Insider's Alex Morrell recently reported, 2022 was not kind to ExodusPoint. The hedge fund, which still holds the industry's largest launch in history, ended the year with fewer assets, employees, and PMs than it started with. So what went wrong? In short, the firm made a big bet on building out an equities business that simply fell flat. (I encourage you to read Alex's story to get all the juicy details.)For context, ExodusPoint has previously largely relied on fixed-income trading to generate most of its profits. I can appreciate firms wanting to protect themselves by developing new revenue streams. But there's something to be said for sticking to your roots and doing one thing extremely well as opposed to being mediocre at a lot of things.Look at Mark Zuckerberg. The billionaire bet big on the metaverse, much to the chagrin of investors and his own employees. But after a difficult year, the CEO has promised a "year of efficiency" and the metaverse was noticeably absent from the top priorities he outlined during Wednesday's earnings call.So yes, you can be like Madonna, Plant, and Gallagher and turn up your nose at only sticking with what works.Or you can be like Jimmy Buffett, one of the richest musicians in the world, and give the people what they want: the hits. Click here to read more about what went wrong with ExodusPoint in 2022.In other news:Yu Ruidong/China News Service/Visual China Group via Getty Images2. The world's biggest hedge fund has a new co-CIO. Karen Karniol-Tambour was tapped to join Greg Jensen and Bob Prince to help oversee the investment strategy at Bridgewater Associates. Here's everything you need to know about the 37-year-old, along with 10 other executives leading Bridgewater in the post-Ray Dalio era.3. Fintech Stash has a new CEO and she's got her eyes set on an IPO. Liza Landsman, a general partner at venture firm NEA, was named the startup's new CEO. More on Landsman's future plans for the $1.4 billion startup, including a potential public debut.4. The house looks great, I just want to move it a couple miles that way. Ken Griffin, the billionaire owner of hedge fund Citadel, is causing quite the stir over his suggestion that a historic home on a property he owns in Miami be relocated. Click here for more on the housing dispute.5. Oil, and natural gas, and wheat, oh my! Goldman Sachs' reportedly made $3 billion trading commodities in 2022. More on the group's massive year.6. Tiger Global is rethinking the whole investing-in-startups strategy these days. The firm continues to cut back on the size of a venture-capital fund its raising, The Wall Street Journal reports, with a new goal of $5 billion. Here's more on Tiger resetting expectations for its plans in the startup world.7. JPMorgan and the US Virgin Islands are pointing fingers at eachother over Jeffrey Epstein. The territory is accusing the bank of  facilitating the sex-trafficking scheme, while JPMorgan says the territory's law enforcement should have stopped Epstein. Meanwhile, Epstein's estate wants to be removed from a lawsuit filed by a woman who claims she was raped by Apollo Global Management's former CEO, Leon Black.  (The Apollo cofounder says the assault never happened.)8. Everybody needs to hand over their phones. The SEC is now asking some top hedge funds, including Point72 Asset Management, Citadel, and others, to search employees phones for discussing business on non-compliant messengers, Bloomberg reports. Read more here. 9. These are the first jobs ChatGPT will come for as part of its eventual quest for world domination. We mapped out 10 roles that are most at-risk fo getting replaced by artificial intelligence. Hint: Enjoy this newsletter while you can because I might be a goner.10. For the clout-chasers: Nobu is opening up five new locations this year and we got a tour of its newest spot. Morocco is the location of the latest luxury hotel. Check out the new property, which starts at $430 a night.  Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.  Read the original article on Business Insider.....»»

Category: smallbizSource: NYT16 hr. 6 min. ago Related News

Activist investor Ryan Cohen is building a big stake in Nordstrom, report says. The retailer"s stock has surged 37% on the news.

The Chewy cofounder and GameStop chairman is one of the department-store chain's largest non-family shareholders already, The Wall Street Journal reported. Ryan Cohen.Courtesy of Chewy.com Ryan Cohen is building a significant stake in Nordstrom, The Wall Street Journal reported. The Chewy cofounder and GameStop chairman wants to refresh the company's board, The Journal said. Cohen has made several bets on ailing retailers, including GameStop and Bed Bath & Beyond. Nordstrom shares soared as much as 37% in premarket trading on Friday, as investors cheered the news that Ryan Cohen may be building a significant stake in the luxury department-store chain.Cohen, the billionaire cofounder of Chewy and chairman of GameStop, is now one of Nordstrom's five largest non-family shareholders, The Wall Street Journal said, citing people familiar with the matter. The activist investor plans to engage with the company's board and push for at least one of its directors to be replaced, The Journal reported.Nordstrom shares have plunged by roughly 75% over the past eight years, slashing the company's market capitalization from a peak of $15 billion to below $4 billion as of Thursday's close. The shares were up 26% at $26.65 as of 7:40 a.m. ET Friday. Like many predominantly brick-and-mortar retailers, Nordstrom has struggled to navigate the shift from in-person to online shopping. Cohen has targeted several companies in similar positions, making him a key figure in the meme-stock craze, where retail investors pile into cheap, unloved stocks to punish short sellers and pocket big returns.For example, he bought into GameStop in August 2020, which helped to galvanize an epic spike in the video-game seller's stock price in January 2021. He continues to serve as the company's chairman and is working to modernize its business. Cohen also bet on Bed Bath & Beyond last spring, but sold his stake for an estimated $68 million profit in August.Cohen has ventured outside of the retail space too. He built an Alibaba stake worth hundreds of millions of dollars in the second half of 2022, The Journal reported in January. He also plowed virtually all of his profits from selling Chewy in 2017 into just two stocks, Apple and Wells Fargo.With Nordstrom, the e-commerce specialist may be seeking to emulate one of his role models, Warren Buffett, who specializes in identifying and investing in undervalued businesses. Ted Weschler, one of Buffett's deputies, made a similar play when he built a nearly 6% stake in Dillard's in 2020 (he sold the position in 2021 for a roughly five-fold return.)"Value doesn't move but stock prices do, creating an opportunity if you have the right temperament to buy stuff on sale," Cohen told Insider in a 2021 interview.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT16 hr. 6 min. ago Related News

George Santos admits he "lied to everyone" in leaked audio recorded this week by a prospective staffer

The New York representative is under pressure after a series of claims he made about his career and personal history were exposed as fabrications. Reporters surround Rep. George Santos at the US Capitol on January 31, 2023 in Washington, DC.Kent Nishimura / Los Angeles Times via Getty Images A prospective staffer secretly recorded Rep. George Santos, Talking Points Memo reported.  In the recording, Santos remarks that he "lied to everyone."  Santos is under pressure over a series of claims he made were exposed as fabrications.  Rep. George Santos said "I've obviously f***ed up and lied to him, like I lied to everyone else," in audio leaked by a prospective staffer and obtained by Talking Points Memo. The New York Republican is facing calls to resign after a series of claims he made about his career, education and personal history were exposed as fabrications. The recording was reportedly made on January 30 inside Santos' office by Derek Myers, a journalist and prospective staffer that Santos ultimately decided not to hire.Initially, they have a bizarre conversation about Brazilian candy, ties from thrift stores and Colombian Botox.Santos then veers to addressing whether he will keep Myers on as a staffer, and raises the fact that Myers faces charges in Ohio over recording court testimony."It's not concerning to us, it's concerning to this institution," said Santos. Myers told TPM the remark stunned him, given the accusations Santos faces about his own misconduct. Santos swerves to another topic, remarking that CNN host Don Lemon had just texted him. "Don Lemon just texted me — I'm sorry, I'm listening to you — Don Lemon just texted me!" Santos said on the recording.Santos  then discussed his own personal scandals, and praised his embattled chief of staff Charley Lovett, according to the recording."I've made bad judgment calls, and I'm reaping the consequences of those bad judgment calls," Santos said. "I've obviously fucked up and lied to him, like I lied to everyone else," Santos later added, apparently referring to Lovett. "And he still forgave me and gave me a second shot, unlike some other people." "I trust his judgment more than my own judgment," Santos added.Insider has contacted Santos' office for comment, Santos this week stepped down from his two committee positions, saying that he had become a distraction to congressional Republicans, but pledged to fight on and clear his name.He has admitted lying about his past, but has sought to characterise the lies as harmless embellishments of his résumé. Among the false claims he made was that his mother died as a result of 9/11. He faces a federal investigation over his financial affairs, and alleged theft of cash raised for a veteran's dying dog. He also faces an investigation by authorities in Brazil over his alleged use of a stolen checkbook. The Committee to Protect Journalists has called on authorities in Ohio to rescind charges filed against Myers for publishing recordings made of a murder trial. Read the original article on Business Insider.....»»

Category: smallbizSource: NYT16 hr. 6 min. ago Related News

Behind the EV price war is an all-out battle for the future of customer loyalty in the car business — and it could mean more discounts on the horizon

The brewing EV price war is a sign the automotive industry is returning to its age-old battle for market share and customer loyalty. 2021 Ford Mustang Mach-E.Tim Levin/Insider Car companies are duking it out for the number-one spot in the burgeoning electric vehicle market. Ceding profits to market share is an expensive game of chicken, analysts warn. This will be a 'pivotal year' for establishing customer loyalty in the EV market. Car companies are betting big on an electric future, but who owns those customers is still up in the air.In a segment that accounted for just under 6% of the US car market last year, there's still plenty of room for brands to duke it out for the number one spot, long held by Elon Musk's Tesla.A recent study conducted by car-shopping site Edmunds found that electric vehicles are convincing car buyers to change brands at much higher rates than historically seen in automotive retail. That leaves an opening for companies to snag new customers in a business ruled by loyalty."There is a window of opportunity to gain share in the burgeoning EV market," Wedbush analyst Dan Ives wrote in a recent note to clients. "2023 is a pivotal year that will establish the winners and losers in this EV landscape."Tesla took the first swing, risking some $7 billion in profits this year to slash the prices on its most popular vehicles by up to 20%. Ford hit back, cutting the price of its electric Mustang Mach-E by between 6% and 8%.Chasing market share over profitsBoth companies are opting to cede profits for market share in a pricey game of chicken, analysts said. Tesla and Ford have cited demand that exceeds supply on the models they've discounted, meaning any price cuts "defy logic," Bank of America analyst John Murphy wrote in a recent note.While there is more evidence that Tesla is actually selling down some backlogged supply since the end of last year, Murphy still called the move to lower prices "odd." He warned of long-term impact on profitability for any company undercutting the value of their vehicles."The irrational pricing spiral that appears to be beginning on EVs will hopefully be quickly remedied by criticism by investors, if heeded," he wrote. "If not, we believe there is significant risk."'The time is now' to win over EV customersThere was some immediate impact among customers for both Tesla and Ford's price cuts. Tesla saw a surge in interest from new buyers, while Ford customers said they were impressed with Ford's decision to repay them the difference for their Mach-Es bought at a higher price.Not every company duking it out for customer loyalty in the EV space is cutting prices. GM – opting out of the pricing war for now – is going after customer loyalty with an EV helpline open to all electric car owners. But if history is any guide, more companies will join in the price slashing if their market share starts to slip.However a company goes about building EV loyalty, this year is shaping up to be make-or-break for companies as they lure customers to the burgeoning electric car segment."The time is now to gain market and mind share with consumers," Ives wrote, "otherwise they might lose an EV customer forever."Read the original article on Business Insider.....»»

Category: smallbizSource: NYT16 hr. 6 min. ago Related News

Elon Musk proposes a monthly $100 charge for developers who want to access Twitter"s API, saying it would clean up "bad" bots

Elon Musk said free API was being "abused badly," and suggested a $100 fee, along with ID verification, would improve the situation. Twitter owner Elon Musk proposed charging $100 a month for access to Twitter's API.FilmMagic/FilmMagic for HBO Elon Musk proposed charging $100 a month for access to Twitter's API. He said the $100 fee along with ID verification for Twitter's API would clean up "bad" bots. Free API was being "badly abused" by bot scammers, Musk tweeted. Elon Musk on Thursday suggested charging $100 a month for access to Twitter's application program interface (API).In a tweet, Musk said free API was being "abused badly" by "bot scammers & opinion manipulators." It was easy for 100,000 bots "to do bad things" when there was no cost or verification process in place for API access, he said."Just ~$100/month for API access with ID verification will clean things up greatly," Musk added.His proposal followed Twitter's Thursday announcement that it would start charging for access to the platform's API from February 9."Twitter data are among the world's most powerful data sets," the company tweeted. "We're committed to enabling fast & comprehensive access so you can continue to build with us."Twitter didn't immediately respond to Insider's request for comment.Twitter offers free and paid packages for its API, according to its website. The Premium package costs between $149 and $2,499 a month, depending on how many tweets a developer requests.Developers can use Twitter's API to create third-party services, such as Tweetbot and Twitterrific. However, some of these tools were forced to shut down after Twitter blocked them from accessing its API in mid-January. The Information reported there was speculation Twitter may have suspended access because it failed to boost ad revenue.Some Tweetbot and Twitterrific users told Insider they were angry that access to third-party apps had been withdrawn and said they were considering leaving Twitter.Musk's proposed $100 monthly charge comes at a time when he's trying to monetize more of Twitter's features. After he acquired Twitter in late October, he introduced paid verification for Twitter Blue, costing $8 a month.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT16 hr. 6 min. ago Related News

Top economist Mohamed El-Erian says markets are embracing a "soft landing" scenario, with US 2-year bond yields in a post-Fed plunge

The US two-year bond yield has fallen 10 basis points this week as the Federal Reserve's Jerome Powell delivered encouraging comments about its fight against inflation. Mohamed El-Erian, Chief Economic Advisor of Allianz and Former Chairman of President Obama's Global Development Council, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017.Lucy Nicholson/Reuters Mohamed El-Erian said markets are embracing a "soft landing scenario" as the US two-year bond yields fell.  The yield drop followed the Federal Reserve's latest communique on inflation and interest rates on Wednesday.  Investors are optimistic the Fed will soften its rate policy, raising the odds of a mild economic downturn. Top economist Mohamed El-Erian says markets are embracing a "soft-landing scenario" for the US economy, as reflected in the latest declines in short-term bond yields. "A @markets chart illustrating the stunning 2-day move in the yield on the US 2-year as #markets embrace more the soft-landing scenario," El-Erian tweeted on Thursday, above a chart showing a drop in the bond rate after Federal Reserve chairman Jerome Powell offered encouraging comments on inflation.Two-year yields are highly sensitive to market expectations for the Federal Reserve's interest-rate policy, and the latest drop suggests investors are scaling back bets for further monetary tightening as inflation in the US cools.The central bank has boosted benchmark rates by 450 basis points since last March to rein in price pressures.The prospect of the Fed softening its policy would be good news for the economy - that would raise the odds of a milder downturn this year than many experts have warned.The stock market also reflects the optimistic sentiment, with the S&P 500 extending its 2023 gains to almost 9%. The Fed has already scaled back the size of its rate hikes, with the latest one delivering a 25 basis point increase - the smallest since last March. Consumer price pressures have been steadily easing since mid-2022, with the December inflation reading coming in at 6.5%, the lowest in over a year.A less aggressive Fed would reduce the potential severity of a widely anticipated US economic slump. Such a "soft-landing scenario" would be less damaging for corporate earnings and valuations. El-Erian has largely been pessimistic about the Fed's handling of the US economy and inflation in recent years. Previously, he has said the odds of a soft landing is possible but "meager."Read the original article on Business Insider.....»»

Category: smallbizSource: NYT16 hr. 6 min. ago Related News

Bill Gates says he was surprised at being targeted by COVID-19 conspiracy theorists and "people were looking for a boogeyman"

Bill Gates has poured billions into researching, developing, and delivering vaccines through the Bill and Melinda Gates Foundation. Bill Gates took part in a Reddit Ask Me Anything on Wednesday.Taylor Hill/Getty Images Bill Gates told the BBC he was surprised by some COVID-19 conspiracy theories. He said he thinks people were "looking for a boogeyman" around vaccines. Gates has poured billions into researching, developing, and delivering vaccines over the years. Bill Gates said he was surprised by some COVID-19 conspiracy theories about him and thinks people were "looking for a boogeyman.""During the pandemic, there were tens of millions of messages that I intentionally caused it, or I'm tracking people. It's true I'm involved with vaccines, but I'm involved with vaccines to save lives," he told journalist Amol Rajan during an interview the BBC published on Thursday."I guess people are looking for the 'boogeyman' behind the curtain, the over-simplistic explanation. Malevolence is a lot easier to understand than biology," he said. Several COVID-19 conspiracy theories have surrounded Gates in recent years. Some suggest he profited from the virus, while others blamed its entire existence on Gates. He has said previously that he's faced public harassment with people yelling at him for "putting chips into people."Gates has also joked that he was more often the target of conspiracy theories than Anthony Fauci, former chief medical advisor to the president of the United States, because he's more known internationally.The Microsoft cofounder has been a public supporter of vaccine efforts, pouring billions into researching, developing, and delivering vaccines through the Bill and Melinda Gates Foundation.Gates was also one of the confounders of the Giving Pledge, a promise by some of the world's wealthiest individuals to give away most of their wealth.Representatives for the Bill & Melinda Gates Foundation did not reply to Insider's request for comment made outside normal working hours.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT16 hr. 6 min. ago Related News