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Tesla transitioning to Tesla Vision for Model 3 and Model Y vehicles

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallMay 25th, 2021

GM and LG Electronics reach agreement on Bolt EV recall costs

General Motors Co. said Tuesday it has reached an agreement with Korea's LG Electronics Inc. over the costs of recalling Chevrolet Bolt electric vehicles and electric utility vehicles because of manufacturing defects in battery modules that LG supplied to GM. As a result of the deal, GM said it would recognize an estimated recovery in its third-quarter earnings that will offset $1.9 billion of $2.0 billion of charges stemming from the recalls. GM said in September that it was recalling the remaining 2019 and 2020 to 2022 model year vehicles, including the Bolt EUV because of the battery issue. GM shares are up 1.1% premarket and have gained 39.5% in the year to date, while the S&P 500 has gained 16%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchOct 12th, 2021

Signet Jewelers Announces Plans To Acquire Diamonds Direct And Raises Guidance

HAMILTON, Bermuda, Oct. 12, 2021 /PRNewswire/ -- Signet Jewelers Limited ("Signet") (NYSE:SIG), the world's largest retailer of diamond jewelry, today announced it has entered into an agreement to acquire Diamonds Direct USA Inc. ("Diamonds Direct"). Diamonds Direct is an off-mall, destination jeweler in the U.S. with a highly productive, efficient operating model with demonstrated growth and profitability which will be immediately accretive to Signet post-closing. Diamonds Direct's strong value proposition, extensive bridal offering and customer-centric, high-touch shopping experience is a destination for younger, luxury-oriented bridal shoppers. Signet plans to drive operating synergies by leveraging scale in purchasing, targeted marketing, Connected Commerce and jewelry services. "The accretive addition of Diamonds Direct to our portfolio will further drive shareholder value with its distinct bridal-focused shopping experience and add a new entry point as we build lifetime customer relationships and strive to reach our $9 billion revenue goal over time," said Signet CEO, Virginia C. Drosos. "The Signet team continues to deliver strong business performance as part of our Inspiring Brilliance growth strategy. We are executing on our strategic priorities and investing in our business, while also returning cash to shareholders through our previously announced reinstated dividend and share buy-back program." "I am excited about Diamonds Direct joining the Signet family as we share a passion for company culture that prioritizes our team members, our customers and our community," said Itay Berger, President, Diamonds Direct. "We are thrilled to continue to grow our business, leveraging Signet's strengths and strategic capabilities to bring even more innovation and value to our signature shopping experience." Signet plans to acquire Diamonds Direct for $490 million in an all cash transaction which is currently expected to close in the fourth quarter of Fiscal 2022, subject to customary closing conditions and regulatory approval.  Following the acquisition, Diamonds Direct's current leadership team will remain intact with Mr. Berger reporting directly to Ms. Drosos.  As a sign of commitment to the long-term vision of Signet and Diamonds Direct, Mr. Berger and other key Diamonds Direct executives have agreed, subject to the completion of the transaction, to invest a portion of their transaction proceeds in Signet shares. Signet plans to share further details regarding Diamonds Direct following the completion of the transaction. Fiscal 2022 Guidance "As results to-date have exceeded expectations, we're raising our guidance on continued strong business momentum. Customers are showing positive response to our new product launches, and the reduction in government stimulus and customer shift to spending on entertainment and travel are having less impact than we previously anticipated," said Joan Hilson, Chief Financial and Strategy Officer. "While there remain factors beyond our control, our strengthened supply chain and vendor partnerships gave us the ability to plan earlier receipt of holiday product, and we currently do not expect any material supply chain disruptions. Signet uses air freight for the transit of the vast majority of our merchandise, thus avoiding current ocean freight congestion." Updated Guidance Guidance as of 9/2/21 Third Quarter Full Year Third Quarter Full Year Total revenue (in billions) $1.42 to $1.45 $7.04 to $7.19 $1.26 to $1.31 $6.80 to $6.95 Same store sales (1) 10% to 12% 35% to 38% (3%) to 1% 30% to 33% Non-GAAP operating income (in millions) (2) $53 to $63 $680 to $735 $10 to $25 $618 to $673 (1) Same store sales include physical stores and eCommerce sales (2) See description of non-GAAP measures below Forecasted non-GAAP operating income provided above excludes potential non-recurring charges. However, given the potential impact of non-recurring charges to the GAAP operating income, we cannot provide forecasted GAAP operating income or the probable significance of such items without unreasonable efforts. As such, we do not present a reconciliation of forecasted non-GAAP operating income to corresponding GAAP operating income. The Company's Third Quarter and Fiscal 2022 guidance is based on the following ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaOct 12th, 2021

Lessons From Fathom Realty’s Successful IPO

Someone once told me that taking a company public the right way would be one of the hardest things I’d ever do in my life. As an eight-year Marine Corps Infantryman, that idea was absurd. While it certainly wasn’t harder than fast-roping onto the deck of a moving ship or clearing enemy combatants from a […] The post Lessons From Fathom Realty’s Successful IPO appeared first on RISMedia. Someone once told me that taking a company public the right way would be one of the hardest things I’d ever do in my life. As an eight-year Marine Corps Infantryman, that idea was absurd. While it certainly wasn’t harder than fast-roping onto the deck of a moving ship or clearing enemy combatants from a building, I can now fully appreciate what they meant. It’s a different kind of hard. Many people ask us why we decided to go public so early in our business, and the answer is simple: We had more opportunities than we had capital. Our biggest expense wasn’t offices, employees or technology. It was keeping up with our explosive growth. After two years and countless man-hours, plus millions of dollars spent on the process, we made our debut on the NASDAQ on July 31, 2020. During our IPO, we stated that we were raising capital for three main purposes: accelerate growth, invest in our proprietary technology, and make strategic acquisitions to include mortgage, title, insurance and smaller brokerages. We didn’t miss a beat executing on our vision. Fathom Realty has a unique business model. We charge our agents a simple, small, flat transaction fee per sale. Plus, we don’t charge monthly fees. Yet, even with taking a fraction of the fees our peers charge, we could still achieve profitability on the brokerage business at fewer than 10,000 transactions per quarter. To accomplish this, when most of our peers didn’t achieve profitability at even 30,000 transactions per quarter, is a testament to our operation, especially when we provide everything an agent needs to be successful without sacrificing anything. Running a profitable real estate business with our model requires us to keep our costs low. The best way to do that is by owning our technology and eliminating the bloat that accompanies office spaces. Our full technology platform allows us to streamline our operations, reduce required manpower, cut our costs and reliance on others, and provide a better user experience for our agents and clients. As we invested capital in our technology, we made two more strategic acquisitions: home search and CRM company Naberly, and big data aggregator and hyperlocal content creator LiveBy. In the last 15 months, we’ve grown revenue, agent count and transaction volume. We made numerous strategic acquisitions, and we’re exceeding every promise we made on our IPO roadshow. Plus, as we expand across the U.S., we’re talking to more brokerages about mergers and acquisitions. I couldn’t be prouder of our humble beginnings and the fantastic employees and agents who I’m honored to serve every day. To learn more about Fathom Realty, visit FathomCareers.com. Josh Harley is a serial entrepreneur, founder and CEO of Fathom Holdings, tech geek, innovator, disruptor, marketer, teacher, artist, U.S. Marine and Alaska-raised sweet tea fiend. He believes deeply in the principles of servant-leadership and strives to be an example to his leadership team and his agents on serving others first. The post Lessons From Fathom Realty’s Successful IPO appeared first on RISMedia......»»

Category: realestateSource: rismediaOct 11th, 2021

The 4 best garage door openers of 2021

Garage door openers are safer and more convenient than ever, especially with the help of smart features. Here are the best ones you can buy in 2021. When you buy through our links, Insider may earn an affiliate commission. Learn more. Chamberlain Garage door openers are nice to have when the weather is bad and you're in your warm, dry car. We spoke with a professional installer to assemble this list of the best garage door openers. The Chamberlain B6713T is our top choice; it's reliable, works well, and has impressive features. Table of Contents: Masthead StickyFew things feel quite as good as watching a garage door open automatically as you sit inside a dry car. After a storm soaks you to the bone once or twice, you'll be ready to install one. If you haven't shopped for a garage door opener recently, you may have missed some of the advancements manufacturers have made in the last few years. They're safer to operate and run more quietly, and most can be installed without hiring a professional. I've installed several garage door openers and also reached out to an expert in the field, Nick Yahoodain of Advanced Builders and Contractors. He has been in the construction and contracting business for over 16 years and has extensive experience installing garage door openers. Based on my experience and with the help of Yahoodain, I've assembled this list of the best garage door openers you can buy. I've included a variety of types, features, and prices to make this list as useful to as many people as possible.Here are the best garage door openers you can buy:Best garage door opener overall: Chamberlain B6713T Ultra-Quiet Smart Garage Door OpenerBest garage door opener on a budget: Genie 7035-TKV Chain Drive Garage Door OpenerBest garage door opener for heavy doors: Chamberlain B4613T Belt Drive Smart Garage Door OpenerBest wall-mounted garage door opener: LiftMaster 8500 Elite Series Jackshaft Garage Door Opener Best garage door opener overall Chamberlain The Chamberlain B6713T Ultra-Quiet Smart Garage Door Opener offers a valuable combination of reliability and convenience, thanks to an impressive collection of bells and whistles.Power: 1.25 HPType: Belt driveLight source: 2,000 lumen LEDSmartphone control: YesWarranty: Lifetime for motor and belt, 5 years for partsPros: Backup battery, quiet operation, compatible with Key by Amazon to allow access for deliveriesCons: Relatively expensive, doesn't work with Alexa or Google AssistantIf you want a few extra benefits beyond what you'll find with your typical garage door opener, the Chamberlain B6713T could be a great fit. Yahoodain recommends Chamberlain models like this one, citing its value and affordability.  The LED lighting system, instead of regular incandescent bulbs, is the most prominent of these features. These LEDs generate 2,000 lumens of bright, white light. Combined with the angled body of the opener, the wide cast of the lighting makes this model very popular.Like all current Chamberlain models, the B6713T allows you to use MyQ smartphone control, letting you monitor and access your garage door from anywhere. Unlike many models, you don't need to buy a separate hub or gateway. This unit connects directly to your home WiFi network. If you plan on using a feature like this, make sure your existing smart-home system is compatible and that your WiFi signal is strong enough to reach the garage. Thanks to the motor, the Chamberlain B6713T is also an especially powerful opener. This makes it suitable for doors weighing up to 550 pounds and up to 10 feet tall. Even if you don't have an oversized heavy door, it can still be a good idea to opt for a heavy-duty unit like this. By requiring less effort, your motor won't experience the stress and strain that weaker models do, which can increase the lifespan of the unit. The Chamberlain B6713T comes with two remote controls. If your vehicle is HomeLink enabled, it can connect straight to your car, eliminating the need for remote controls altogether. Just make sure to double-check with your car manufacturer, as some older model cars can have trouble connecting to more recent openers. Yahoodain recommends Chamberlain models like this one for homeowners looking to install themselves, unlike more professional-style openers like LiftMaster.Ultra-Quiet Smart Garage Door Opener (button) Best budget garage door opener Genie Because it doesn't have advanced features, the Genie 7035-TKV Chain Drive Garage Door Opener is perfect for those on a tight budget.Power: 0.5 HPType: Chain driveLight Source: 2 LED bulbsSmartphone control: NoWarranty: Limited lifetime for motor, 5 years for chain and parts Pros: Very low price, easy to install, lightweight design, works well for standard garage door designsCons: Includes inexpensive parts, doesn't have a lot of high-end features, not as bright as other optionsMost garage door openers are fairly expensive, so if you're looking for a budget-friendly option, the Genie 7035-TKV could be a great choice. Despite the low price, this opener has several valuable features found on higher-end options. It comes with two pre-programmed remotes and is also compatible with existing HomeLink systems. A wireless keypad for mounting outside the door is also a nice perk not always found on budget-friendly models.The straightforward installation of the Genie 7035-TKV is another reason why it beat out other competitors. It uses a five-piece rail system that you snap together and includes everything else you need to mount to your ceiling, such as angle brackets and lag bolts.Although it will likely take some time (there are 76 steps), the interactive instructions make it easy to understand. I walked through the entire process and was very impressed with how helpful the instructions were.  Being a chain-drive model, the Genie 7035-TKV will be louder than the other options on our list. The ¾-HP motor is also stronger than you'd typically find on a door this affordable, making it a suitable option for heavier doors.The backup battery is strong enough to last for 50 cycles after the power goes out, and the included Safe-T-Beam sensors help reduce the chances of accident or injury. Once the infrared beam running across the door's path is broken, the door will immediately stop and reverse back up. We would have preferred that the recommended Genie LED bulbs were included, but you can find them at your local hardware store or online.7035-TKV (button) Best garage door opener for heavy doors Chamberlain The Chamberlain B4613T Belt Drive Smart Garage Door Opener has the horsepower needed to handle older garage doors while still running more quietly than other heavy-duty openers.Power: 1.25 HPType: Belt driveLight source: 1,000 Lumen LED Smartphone control: YesWarranty: Lifetime for belt and motor, 5 years for parts Pros: Remote range of 1,500 feet, control panel displays time and temperature, code encryption prevents anyone from duplicating your remote signal, quiet operationCons: Relatively expensive, doesn't work with Alexa or Google AssistantMany garage door openers can't handle the weight of heavy wooden doors found on older homes. The Chamberlain B4613T has a 1.25-horsepower motor, which is quite a bit more powerful than some other models, giving it the power to raise oversized doors. Yahoodain recommended 3/4 HP or more when dealing with especially heavy doors.  The Chamberlain B4613T is belt-driven with steel reinforcement, which allows it to run quieter than typical chain-drive garage door openers. Beyond its powerful motor, this Chamberlain model has a battery backup system, smartphone access, and long-range remote controls, all of which simplify the opener's operation.These automation capabilities of the Chamberlain B4613T are what make it such an appealing option for me. You can set a recurring schedule for opening and closing the garage door, like when you know your kids are coming home from school. You can also customize the overhead light, allowing it to turn on whenever anyone enters the garage and trips the motion sensors. (That's very nice for early mornings.)Like other Chamberlain models, the Chamberlain B4613T uses MyQ technology to allow you to use your smartphone to control the door from anywhere. This is a great feature that eliminates the need for hide-a-keys or giving out your garage code to maintenance people or dog-walkers.B4613T Belt Drive Smart Garage Door Opener (button) Best wall-mounted garage door opener Liftmaster The ultra-quiet LiftMaster 8500 Elite Series Jackshaft Garage Door Opener mounts to the wall adjacent to the garage door and leaves the ceiling free for extra storage, unlike overhead options.Power: 1/2 HPType: Jackshaft driveLight source: N/ASmartphone control: Yes, with separate hub purchaseWarranty: Lifetime for the motor, 5 years for partsPros: Motor has a lifetime warranty, compact design, ultra-quiet operationCons: Requires professional installation, expensive, backup battery must be purchased separately Because it uses a jackshaft to open and close the door instead of a chain or belt, the LiftMaster 8500 is one of the quietest garage door openers around. Yahoodain recommended professional LiftMaster models like this one because of their quiet operation. A minimal footprint is also one of the primary benefits of the LiftMaster. The extra space it creates can be used for overhead storage or for parking vehicles with roof carriers. The  LiftMaster 8500 is also easier to maintain than ceiling-mounted openers, which require lubrication and ladders to reach. Like the Chamberlains listed above, the LiftMaster 8500 is MyQ-enabled (Chamberlain Group owns both Chamberlain and LiftMaster), but you'll have to purchase a separate hub to connect your home router to the opener. If you do, you can control the LiftMaster from your smartphone, no matter where you are in the world. According to Yahoodain, the LiftMaster 8500 requires professional installation. If you don't know exactly what you're doing, you can easily injure yourself and also cause expensive damage to your garage door.Even though wall-mounted openers have a significant upside, they don't give you that built-in overhead light that comes standard with ceiling-mounted models. But since you don't have anything cluttering up the ceiling, you can install whatever lighting system you want.Another potential downside to this opener is the fact that you have to purchase the backup battery separately, which adds to the already high cost. The 8500W model comes with the backup battery included. Installing the battery is simple, though. After mounting it to the wall next to the opener, you plug it into the LiftMaster with a connector cord.  One more caveat is that the LiftMaster 8500 isn't compatible with all doors; you'll need to have a front-mount torsion bar.8500 Elite Series Jackshaft Garage Door Opener (button) What else we considered Ryobi GD201 Ultra-Quiet: Even though this Ryobi model looked interesting and featured some interesting customization modules like an extension cord reel and Ryobi battery pack compatibility, it ultimately seemed like it was too complicated. If you already have other Ryobi tools and would have a use for these accessories, it could be worth checking out. Chamberlain B2405: Even though this opener is the updated version of our old top pick, its lack of battery backup resulted in us leaving it off our list. It does feature all the MyQ capabilities of other Chamberlain models, though, and its belt drive should guarantee a quiet operation. Research methodology Based on my own personal experience helping to install garage door openers, as well as the insight and advice from Advanced Builders and Contractors' Nick Yahoodain, I developed a set of criteria to judge and compare potential picks for our list of the best garage door openers. Functionality: This category is meant to ensure that the garage door opener does its primary job effectively — to open and close your door — and performs any other features properly as well. Specifically, what specific attributes make this opener the top pick for its category, and what makes it more effective than similar options?  Installation: Through reading instruction manuals, watching online videos, and my correspondence with Yahoodain, I familiarized myself with the specific installation requirements of potential openers. I used this information to identify any issues that potential customers would need to know before buying. Special features: I noted any special features that also come with the unit, like smartphone control or app connectivity. I looked for interesting and helpful accessories too, like LED lighting or quick-release keys.  FAQs What type of garage door opener do I need?When selecting a garage door opener for your home or business, you have a few operating mechanisms to choose from. Each type of opener uses a motor to move a trolley (or the motor itself) along the rail, which lifts and lowers the door.Belt drive: A belt drive uses a steel-reinforced rubber belt to lift and lower the garage door, allowing it to run quietly and smoothly. If you have living quarters above the garage, a belt drive is a smart choice. Yahoodain explained that this type might need more maintenance than others since the belt will stretch and become worn over time. Chain drive: A chain-drive garage door opener has been the most common type for many years. It uses a metal chain to move the trolley to open and close the door. Chain drives will cause more vibration and noise than other openers, but they tend to cost less than other options. Despite their noisy operation, chain drives are stronger and longer-lasting than belt drives, according to Yahoodian.Direct drive: With a direct-drive system, the motor functions as the trolley, which means the entire motor moves along the rail. Because these systems don't have multiple moving parts, they tend to run quietly with minimal vibration.Jackshaft: For a garage door opener with a jackshaft, you'll have less maintenance and moving parts to monitor over time. This type of drive controls the torsion bar that opens and closes the door and is mounted on the left or right side of the door. Jackshaft openers tend to run more quietly than other options, although they're also usually more expensive.What features should I look for in a garage door opener?Garage door openers traditionally have been simple devices. They still are, for the most part. But as with a lot of household items, technological advances are finding their way into garage door opener hardware. There are quite a few cool features in modern garage door openers that are becoming standard offerings instead of expensive perks.Automatic close: If you commonly forget to close your garage door, you can set up some systems to automatically close it after a certain period of time.Battery backup: Some garage door openers have a battery backup so they'll still operate when the power goes out. Yahoodain stressed the importance of having a battery backup, explaining that it's one of the most important features to look for in a garage door opener. A recent California law requires all garage door openers sold in the state have a backup battery, after people were trapped in their garages during power outages related to wildfires in 2017.Controls: Most garage door openers will ship with a wall-mount button for inside the garage and remote control devices you can place in your vehicle. Some will have a keypad that you place outside the garage door so you can enter a code and open the door.Horsepower: The horsepower (HP) measurement describes the power the garage door opener motor has. A motor with a greater horsepower measurement will open and close the door more quickly, while also being able to handle larger and heavier doors. According to Yahoodain, 1/2 HP should be sufficient for most garage doors, but for heavier doors, you may want to upgrade to 3/4 HP or more.Security lights: Most newer garage door openers have at least two bright bulbs, as well as motion-activated lights. Cheaper openers may be limited to a single light bulb that doesn't illuminate your whole garage.Smartphone control: Many newer garage door openers allow you to connect the device to your home's WiFi network. You can then open and close the door through a smartphone app. Many of these apps will alert you when the garage door is open for a certain period. You should first make sure your new opener will be compatible with your existing home system and ensure your WiFi signal is strong enough to reach your garage, said Yahoodian.  Check out more tool and storage guides Worx The best power sawsThe best table sawsThe best roadside emergency kitsThe best ice scrapers and snow brushes Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 11th, 2021

The "War On Cash" Endgame Is Here

The 'War On Cash' Endgame Is Here Authored by Kit Knightly via Off-Guardian.org, “Programmable Digital Currency”: The next stage of the new normal? The war on cash’s endgame is here: money replaced by vouchers subject to complete state control. Building on the bitcoin model, central banks are planning to produce their own “digital currencies”. Removing any and all remaining privacy, granting total control over every transaction, even limiting what ordinary people are allowed to spend their money on. From the moment bitcoin and other cryptocurrencies first emerged, sold as an independent and alternative medium of exchange outside the financial status quo, it was only a matter of time before the new alternative would be absorbed, modified and redeployed in service of the state. Enter “Central Bank Digital Currencies”: the mainstream answer to bitcoin. For those who have never heard of them, “Central Bank Digital Currencies” (CBDCs) are exactly what they sound like, digitized versions of the pound/dollar/euro etc. issued by central banks. Like bitcoin (and other crypto), the CBDC would be entirely digital, thus furthering the ongoing war on cash. However, unlike crypto, it would not have any encryption preserving anonymity. In fact, it would be totally the reverse, potentially ending the very idea of financial privacy. Now, you may not have heard much about the CBDC plans, lost as they are in the tangle of the ongoing “pandemic”, but the campaign is there, chugging along on the back pages for months now. There are stories about it from both Reuters and the Financial Times just today. It’s a long, slow con, but a con nonetheless. The countries where the idea progressed the furthest are China and the UK. The Chinese Digital Yuan has been in development since 2014, and is subject to ongoing and widespread testing. The UK is nowhere near that stage yet, but Chancellor Rishi Sunak is keenly pushing forward a digital pound that the press are calling “Britcoin”. Other countries, including New Zealand, Australia, South Africa and Malaysia, are not far behind. The US is also researching the idea, with Jerome Powell, head of Federal Reserve, announcing the release of a detailed report on the “digital dollar” in the near future. The proposals for how these CBDCs might work should be enough to raise red flags in even the most trusting of minds. Most people wouldn’t like the idea of the government monitoring “all spending in real-time”, but that’s not the worst it. By far the most dangerous idea is that any future digital currency should be “programmable”. Meaning the people issuing the money would have the power to control how it is spent. That’s not an interpretation or a “conspiracy theory”, just listen to Agustin Carstens, head of the International Settlement Bank, speaking earlier this year: Here’s that quote again, with some emphasis added: The key difference [with a CBDC] is that the central bank would have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and the have the technology to enforce that.” …which tells you not only that they want and are seeking this power, but how they justify it to themselves. They transform other people’s money into an “expression of their liability”, and so consider it’s only right that they control it. An article in the Telegraph, back in June, was just as candid [our emphasis]: Digital cash could be programmed to ensure it is only spent on essentials, or goods which an employer or Government deems to be sensible The article goes on to quote Tom Mutton, a director at the BoE: You could introduce programmability […] There could be some socially beneficial outcomes from that, preventing activity which is seen to be socially harmful in some way. Governments and employers making sure the money they issue can only be used on “sensible” things, and not be used in “socially harmful” ways? It doesn’t take much imagination to see just how this system could evolve and re-shape society into a truly dystopian nightmare. In China the process is already beginning, with a trademarked lack of subtlety. As they progress toward the release of their digital currency, they are banning all cryptocurrencies to remove competition and it’s already known the digital yuan will be programmable. The West’s approach will probably be less direct, but no less controlling for that. Britcoin will likely be programmed in only “special circumstances”. Starting, as the Telegraph says, with state benefits. They will be flagged to be spent only on “essentials”. (Of course, if Universal Basic Income is put in place, then it’s possible the majority of people could end up on “state benefits”.) It’s also not hard to see programmable money feeding into the “protect the NHS narrative”, where people aren’t allowed to spend state money on sugar, cigarettes or alcohol. Or people on organ waiting lists, or diagnosed with certain conditions, have their wages and spending controlled. By and large, however, it is the nature of British tyranny to be unofficial. So the UK government will make a big show of renouncing their own power to program the money, thereby positively contrasting themselves with China…but at the time will take no steps to prevent large companies “programming” the wages they issue. So, while the state controls the digital yuan in China, the digital pound will be subject to corporate control and used to enforce the unspoken state-corporate partnership that defines true fascism. It will likely start in small, predictable ways designed to “limit competition”. McDonald’s, for example, will make it impossible to spend their wages at Burger King, and vice versa. Coke and Pepsi. Starbucks and Costa. You get the idea. We’ve witnessed the rise of cancel culture, the cultivated age of identity politics, and virtue signalling. Well, imagine how programmable currency fits into that. Companies could commit to “combatting hate”, and stop their employees from donating money to black-listed political parties, religious groups, charities or individuals. In the age of Covid we have seen how authors/actors/singers who step out of line are subject to poisonous witch hunts, but imagine a world where companies could “renounce those who spread misinformation”, by making it impossible to spend wages they issue on art/films/music/books by outspoken critics of the government. Maybe companies will make it so that employees who aren’t vaccinated have more limitations placed on their wages than vaccinated ones. Maybe an unvaxxed paycheck can’t be spent at cinemas or nightclubs, to “stop the spread of the virus”. John Cunliffe, deputy director of the Bank of England, told the Telegraph: You could think of smart contracts in which the money would be programmed to be released only if something happened. So maybe employers will remove choice altogether, and make a negative test and/or a vaccine booster a prerequisite for unlocking your wages. That could be applied to all kinds of behaviours moving forward. The World Economic Forum has a clear vision of the future where people “own nothing and are happy”, combine that with a prolonged war on homeownership, and you can see employers and governments issuing money which can be spent on rent, but not on a mortgage. Now imagine the nascent “Green New Deal”. Hard limits on how much money you can spend on petrol, plastic, or meat. Only X dollars on flights per year. Only Y pounds on beef. All for the good of the planet. Money will turn from an expression of independence into nothing but a voucher system operated completely at the whim of corporate monoliths. The year is 2030. To reduce your CO2 footprint, your food purchase with digital cash been declined because you went over your car mileage limit. Its all tracked with your digital ID. 15 social credit score points have been deducted from your climate change passport. — PeterSweden (@PeterSweden7) September 29, 2021 All of this would have sounded like rampant paranoia just two years ago, but would you honestly be surprised to see that suggestion in the Guardian, these days? A programmable digital currency would have, coded into it, the ability to control our entire society. And it looks like that’s where The New Normal is heading next. Tyler Durden Sun, 10/10/2021 - 08:10.....»»

Category: dealsSource: nytOct 10th, 2021

How the F-150 Lightning and Rivian R1T electric pickups stack up

Lots of car companies are working on electric pickups. Here's how two of the most exciting new models stack up. The Rivian R1T and Ford F-150 Lightning. Rivian; Ford Slowly but surely, electric pickups are set to start hitting streets in coming months. The Rivian R1T is already in production, and the F-150 Lightning comes in spring 2022. Here's how the two e-trucks stack up across range, capability, pricing, and more. The electric-pickup wars are heating up.Electric-vehicle startup Rivian began producing its debut model, the outdoorsy R1T, in September. And Ford recently started building preproduction F-150 Lightning pickups ahead of the truck's spring 2022 launch. One could argue that these trucks are aimed at completely different buyers. The F-150 is a familiar, work-ready truck from an industry heavyweight, while the R1T is a feature-packed lifestyle vehicle from an exciting upstart. But seeing as these will be the two main options for electric truck buyers for the time-being, there's bound to be some overlap. Here's how they stack up:RangeThe Rivian R1T has an estimated range of 314 miles, according to the Environmental Protection Agency. The company says a 400-plus-mile battery is on the way. The 2022 Rivian R1T. Rivian Ford says the base F-150 Lightning will be able to travel 230 miles on a full battery, while an optional larger pack will deliver 300 miles of range. PriceLike Tesla, Rivian is aiming for the luxury end of the market. The base Explore model starts at $67,500, while a fancier Adventure trim will run you $73,000. A bigger battery pack is a $10,000 add-on. The F-150 Lightning starts at around $40,000 for a basic work truck (the Pro trim). However, like other F-150s, the Lightning can get considerably fancier and more expensive when you start looking at options and higher trim levels. A fully loaded Lightning will cost around $90,000, roughly the same as an R1T will all the bells and whistles. SizeThe F-150 Lightning is the bigger truck of the two. It's 232.7 inches long, compared with the R1T's 217.1 inches. They're about the same width with the mirrors folded in. Ford F-150 Lightning. Ford Much of that extra length comes by way of the Lightning's bed, which measures 5.5 feet. The R1T's bed is a foot shorter, but it's meant more for hauling camping equipment than lumber. Performance and CapabilityBoth trucks offer silent, forceful acceleration and excellent handling thanks to powerful electric motors and a low center of gravity. In terms of the numbers, the R1T promises more than 800 horsepower and over 900 pound-feet of torque from its four motors - one at each wheel. The F-150 Lightning's pair of electric motors put out 563 horsepower and 775 pound-feet of torque when mated to the larger battery pack, Ford says. The 2022 Rivian R1T. Tim Levin/Insider The R1T also performs tremendously well off-road, thanks to an advanced four-wheel-drive setup and adjustable air suspension. Towing and Payload CapacityThe R1T's maximum towing capacity and payload rating are 11,000 pounds and 1,760 pounds, respectively. For the Lightning it's 10,000 pounds and 2,000 pounds. FeaturesBoth pickups offer interesting features you can't get in a gas-powered vehicle. Both have spacious front trunks, though the F-150's is the roomier of the two. The R1T sports a Gear Tunnel - a horizontal storage cubby behind the rear seats - that's one of a kind. The Ford F-150 Lightning EV truck. Ford The Lightning offers up to 9.6 kw of power through outlets in the frunk and bed. And thanks to its Intelligent Backup Power feature, it can power your house in the event of a blackout. InteriorLike Tesla before it, Rivian gave the R1T a sleek and minimal interior with barely any physical buttons. A giant central touchscreen controls pretty much every vehicle feature.The Lightning's cab is mostly shared with Ford's gas-powered F-150s. While it isn't quite as tech-heavy as the Rivian, it gets a big central touchscreen as well. Both vehicles can receive over-the-air software updates. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 9th, 2021

Lauren Simmons Breaks Retail-Investing Barriers in New Docuseries, ‘Going Public’

History-making trader hosts new TV series, ‘Going Public,’ which helps companies raise capital from retail investors through Regulation A+ offerings. Q3 2021 hedge fund letters, conferences and more Lauren Simmons Is Now The Host Of Going Public Lauren Simmons is in the business of shattering glass ceilings and helping companies raise capital in untraditional ways. […] History-making trader hosts new TV series, ‘Going Public,’ which helps companies raise capital from retail investors through Regulation A+ offerings. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Lauren Simmons Is Now The Host Of Going Public Lauren Simmons is in the business of shattering glass ceilings and helping companies raise capital in untraditional ways. At just 27 years old, she’s already made waves as the youngest and only female full-time trader on Wall Street and only the second black woman to ever trade on the bustling equity trading floor. She’s now the host of Going Public, a new interactive docuseries that lets viewers click to invest in featured companies while they watch in real time. This first-of-its-kind show features companies who, through the use of Regulation A, allow everyday investors to get in on the ground floor of investing in growth-stage companies, in an approachable way typically reserved for institutional investors and venture capitalists. The show will premiere on Entrepreneur.com on October 19th. When Simmons received her 2016 Kennesaw State University degree in Genetics, Simmons didn’t let not having a traditional finance background hold her back from finding her direction in life. After moving from her Georgia hometown to New York City post-graduation, she began working with Richard Rosenblatt, CEO of Rosenblatt Securities, who thought it prudent to take a chance on a young woman willing to dive into new horizons with drive, gumption and heart. Although it was reported she made only $12,000 that year on the trading floor, she made history nonetheless and picked up an endearing moniker along the way: The Wolfette of Wall Street. Her rise to the public sphere was widely recognized; by 2018, Simmons was named to Ebony's Power 100 list, and was also awarded to the 2018 Women of Impact list by Politico. But much like her career to-date, Simmons is challenging investing norms yet again with her new role as Going Public’s host. No longer subscribing to traditional rules in order to drive financing to cutting-edge companies on the path to IPO, the new series uses an investment pathway called Regulation A+ (Reg A+). Reg A+ is a securities registration exemption that allows companies to raise up to $75 million in capital outside of traditional public offerings, market their deal broadly, and it also allows anyone over the age of 18 anywhere in the world to legally invest. Reg A+ was designed to democratize access to capital for emerging businesses and level the playing field for retail investors, something Simmons supports wholeheartedly. Mentorship is a key element of Going Public’s first season, as Simmons knows having a strong mentor is crucial to success in finance. She credits her hunger for information and the connections she has made for her success in her early days on the NYSE. She studied to pass the tests necessary to work on the trading floor to prove to others she could handle the work. Also to show her hard-working, single mother back in Georgia what she was made of and to make her proud. As Simmons told Bazaar in 2019, “Had I not advocated for myself, I think I would have been just another woman on the trading floor.” The upcoming investing docuseries also features mentors who provide valuable business feedback, advice, and at times, tough love to the company leadership looking to scale their companies and gain Reg A+ financing. Each mentor on Going Public has a strong handle on the ins and outs of retail investing, as well as what it takes to stay strong and keep fighting for your dream. Notably, Simmons mentions that all of her mentors so far in life have been men — she’s yet to have a woman mentor and is looking forward to being a strong female role model as the host of the show for others interested in finance. Another element of retail investing that calls to Simmons is that by nature, it’s a system blind to demographic aspects like race, gender and location. Underrepresented groups in the financial world are typically women and people of color. As she puts it, “It truly provides a level playing field for the everyday citizen to potentially improve their financial situation by getting in on the ground floor investing with companies whose values and mission they believe in.” The Going Public series highlights how alternative capital raising tools such as the Reg A+, paired with the power of the internet, are allowing founders to access the capital needed to hire more people, create new jobs, and scale their businesses. Previously, raising the type of capital these businesses are looking for required public listings or powerful venture capitalists who may seek greater amounts of equity than what may be required in a Reg A+. Now, through the power of retail investors, these founders have a new path. As the financial world saw earlier this year with shake-ups like Gamestop, retail investing has the legs to disrupt the entire financial landscape and allows everyday investors the opportunity to make serious money. About Going Public: Season 1 For the first time ever, viewers around the world will have the opportunity to invest in five featured companies at the Regulation A+ price. The series will allow viewers to click-to-invest right on screen, creating an interactive viewing experience and unique investing opportunity. Existing customers and new fans can now invest in the companies they believe in alongside traditional institutional investors as the series unfolds. Over the course of the show, the leadership of featured companies will share their vision, mission, product offerings and values. Viewers will gain access to behind-the-scenes footage as founders are exposed to guidance from notable mentors along the way, and then watch with anticipation to see how the journey unfolds by the end of season 1. Watch Going Public starting on October 19th right here on Entrepreneur.com. In addition to hosting Season 1 of Going Public, this year Lauren Simmons is working on releasing an upcoming book about personal finance and a new exclusive podcast on Spotify. This post first appeared on Entrepreneur Updated on Oct 8, 2021, 4:33 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 8th, 2021

The chip crisis is helping automakers and dealers do something they"ve wanted to do for decades: quit offering incentives and deals

On average US automakers are making $3,000 more per car and up to $10,000 more on pickups and SUVs because of the shortage, an analyst told Bloomberg. Mustang Mach-E GT Performance Edition. Ford With fewer new vehicles to sell, car companies are getting more money for the ones they make. A consultant told Bloomberg that US automakers are receiving up to $10,000 more on trucks and SUVs. Ford's CEO previously said the pricing power is "breathtaking" and is changing production strategy. The most elementary tenet of economics is the relationship between supply, demand, and prices. If there's suddenly less of something that a lot of people want, it's going to get more expensive.At the same time, having competition in the marketplace encourages suppliers to increase supply and lower prices in order to win a larger share of buyers in the market.Indeed, that is the game that Ford, General Motors, and the predecessors of Stellantis have been locked in for decades, with each making as many cars as they could hope to sell and cutting prices with incentives and deals to attract customers.This year's shortage of semiconductor chips turned all of that on its head.Faced with real constraints on this necessary component, automakers were forced to make fewer vehicles with the chips they did have. Naturally, they chose to prioritize those models that had the highest demand and made them the most money.At the same time, the reduction in the supply from all brands meant that dealers could make a sale without the traditional haggling over the vehicle's sticker price. The result has been a boon for automakers.Mark Wakefield, a consultant with AlixPartners in Detroit, told Bloomberg that US car companies are now making $3,000 more per car than average, and up to $10,000 more on certain pickups and SUVs.One dealer who sells upgraded pickups in Ohio told Morning Brew that his dealership recently closed a deal in 52 minutes that would have taken four hours before the chip shortage."The surprising part is the average selling price on those trucks is close to $100,000, and the consumer demand has still been sky-high," the dealer said.Ford CEO Jim Farley said in June this new pricing power was "breathtaking" and indicated that the company wouldn't be returning to the days of guessing over how many cars it should produce and then marking them down until they sell. GM CEO Mary Barra has also said that customer orders will play a larger role in her company's production strategy.Kevin Tynan, an autos analyst for Bloomberg, told Insider earlier this year that the industry has been trying to get off of the incentives and discounting model for decades."They don't totally hate this," he said, referring to the shortages. "Moving forward you're probably going to get an industry more like what we're seeing now, where supply is a little bit more managed and incentives are not as aggressive as they've been."In order for inventory to remain low and prices high after the the chip-supply problems are resolved, the automakers will be bound up in a version of one of economists' favorite games, "The Prisoners Dilemma," forced to cooperate, Wakefield says.Once that ends, the first company to sacrifice profits to gain market share will likely cause others to follow suit and they'll be right back where they were before the pandemic. (As a reminder, Federal law prohibits the companies from organizing to coordinate their strategies.)Tynan expects the better margins automakers are enjoying this year will convince them to leave the old model in the past.That may be good news for automakers and investors, but that also means consumers can expect to continue to see fewer options, higher prices, and a tighter used vehicle market going forward.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 8th, 2021

The chip crisis is helping automakers and dealers do something they"ve been wanted for decades: quit offering incentives and deals

Due to shortages, US automakers are raking in $3,000 more per car on average, and up to $10,000 more on pickups and SUVs, one analyst told Bloomberg. Mustang Mach-E GT Performance Edition. Ford With fewer new vehicles to sell, car companies are getting more money for the ones they make. One consultant told Bloomberg that US automakers are receiving up to $10,000 more on trucks and SUVs. Ford's CEO previously said the pricing power is "breathtaking" and is changing production strategy. The most elementary tenet of economics is the relationship between supply, demand, and prices. If there's suddenly less of something that a lot of people want, it's going to get more expensive.At the same time, having competition in the marketplace encourages suppliers to increase supply and lower prices in order to win a larger share of buyers in the market.Indeed, that is the game that Ford, General Motors, and the predecessors of Stellantis have been locked in for decades, with each making as many cars as they could hope to sell and cutting prices with incentives and deals to attract customers.This year's shortage of semiconductor chips turned all of that on its head.Faced with very real constraints on this necessary component, automakers were forced to make fewer vehicles with the chips they did have. Naturally they chose to prioritize those models that had the highest demand and made them the most money.At the same time, the reduction in the supply from all brands meant that dealers could make a sale without the traditional haggling over the vehicle's sticker price. The result has been a boon for automakers.Mark Wakefield, a consultant with AlixPartners in Detroit, told Bloomberg that US car companies are now making $3,000 more per car than average, and up to $10,000 more on certain pickups and SUVs.One dealer who sells upgraded pickups in Ohio told Morning Brew that his dealership recently closed a deal in 52 minutes that would have taken four hours before the chip shortage."The surprising part is the average selling price on those trucks is close to $100,000, and the consumer demand has still been sky-high," the dealer said.Ford CEO Jim Farley said in June this new pricing power was "breathtaking" and indicated that the company wouldn't be returning to the days of guessing over how many cars it should produce and then marking them down until they sell. GM CEO Mary Barra has also said that customer orders will play a larger role in her company's production strategy.Kevin Tynan, an autos analyst for Bloomberg, told Insider earlier this year that the industry has been trying to get off of the incentives and discounting model for decades."They don't totally hate this," he said, referring to the shortages. "Moving forward you're probably going to get more an industry more like what we're seeing now, where supply is a little bit more managed and incentives are not as aggressive as they've been."In order for inventory to remain low and prices high after the the chip-supply problems are resolved, the automakers will be bound up in a version of one of economists' favorite games, "The Prisoners Dilemma," forced to cooperate, Wakefield says.Once that ends, the first company to sacrifice profits to gain market share will likely cause others to follow suit and they'll be right back where they were before the pandemic. (As a reminder, Federal law prohibits the companies from organizing to coordinate their strategies.)Tynan expects the better margins automakers are enjoying this year will convince them to leave the old model in the past.That may be good news for automakers and investors, but that also means consumers can expect to continue to see fewer options, higher prices, and a tighter used vehicle market going forward.Read the original article on Business Insider.....»»

Category: dealsSource: nytOct 8th, 2021

Who"s Hiring And Who"s Firing In September... And What Was Behind The Dismal Jobs Print

Who's Hiring And Who's Firing In September... And What Was Behind The Dismal Jobs Print If one looks at the weeds of today's jobs report which showed just 194K jobs added, the lowest monthly increase in 2021 and missing all but one of the 72 economist forecasts, it was hardly the stinker the headline number suggested. For one, the unemployment rate slumped to 4.8% from 5.2% as the number of unemployed workers (counted by the Household Survey) plunged by 710K while the number of employed rose 526K, even as the civilian labor force declined by 183K. Another positive aspect is that hourly earnings rose 0.6% from the previous month, up from 0.4% in August. Then there were the prior revisions which added a total of 169K in the previous two months. But despite these mitigating factors, the focus was on the headline print (which comes from the Establishment Survey) and which was, for lack of a better word, dismal, and not far from where the Fed would reconsider a November taper announcement (certainly pay attention to what FOMC members will say in the coming weeks, at least those who don't day trader). Drilling down into the headline jobs print, we find several notable highlights: First, the number of private payrolls, at +317K, was actually not that bad, and was virtually unchanged from last month's 332K (post revision and 243K pre). Expect upward revisions next month as the BLS "normalizes" its seasonal adjustment rate. Of note here, while leisure and hospitality hiring was depressed in August and September due to the delta wave, at least it was above zero. Recall that the original August jobs report showed 0 gains for the sector, a number which has since risen to 38,000. In September, another 74,000 jobs were added with continued job growth in arts, entertainment, and recreation (+43,000) and while still below the run rate of the previous several months, the number is not as bad as previously feared. Second, and most important, the single biggest contributor to the lousy jobs report was the shocking drop in government workers, which tumbled by 133K. This was the biggest monthly decline since Oct 2020. This number was entirely due to a loss of 144K government education jobs. Commenting on the plunge in local government teacher, the BLS said that "hiring this September was lower than usual, resulting in a decline after seasonal adjustment. Recent employment changes are challenging to interpret, as pandemic- related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns." What this likely means is that next month the BLS will revise its seasonal adjustment model to account for the easing in the pandemic, and reverse much if not all of this report's drop. And if it doesn't, it means that even more jobs will come on line in October and November. In any case, if one excludes the plunge in local education, the jobs report was hardly terrible. With these caveats in mind, here is who was hiring and firing in September. Professional and business services added 60,000 jobs in September. Employment continued to increase in architectural and engineering services (+15,000), management and technical consulting services (+15,000), and computer systems design and related services (+9,000). Employment in professional and business services is 385,000 below its level in February 2020. Employment in retail trade rose by 56,000, following 2 months of little change. Over the month, employment gains occurred in clothing and clothing accessories stores (+27,000), general merchandise stores (+16,000), and building material and garden supply stores (+16,000). These gains were partially offset by a loss in food and beverage stores (-12,000). Retail trade employment is 202,000 lower than its level in February 2020. Employment in transportation and warehousing increased by 47,000 in September, in line with gains in the prior 2 months. In September, job gains continued in warehousing and storage (+16,000), couriers and messengers (+13,000), and air transportation (+10,000). Employment in transportation and warehousing is 72,000 above its pre-pandemic level in February 2020. Employment in the information industry increased by 32,000 in September. Gains occurred in motion picture and sound recording industries (+14,000); in publishing industries, except Internet (+11,000); and in data processing, hosting, and related services (+6,000). Employment in information is down by 108,000 since February 2020. In September, social assistance added 30,000 jobs, led by a gain in child day care services (+18,000). Employment in social assistance is 204,000 lower than in February 2020. Employment in manufacturing increased by 26,000 in September, with gains in fabricated metal products (+8,000), machinery (+6,000), and printing and related support activities (+4,000). These gains were partially offset by a decline of 6,000 in motor vehicles and parts. Manufacturing employment is down by 353,000 since February 2020. Construction employment rose by 22,000 in September but has shown little net change thus far this year. Employment in construction is 201,000 below its February 2020 level. In September, employment in wholesale trade increased by 17,000, almost entirely in the durable goods component (+16,000). Employment in wholesale trade is down by 159,000 since February 2020. Mining employment continued to trend up in September (+5,000), reflecting growth in support activities for mining (+4,000). Mining employment has risen by 59,000 since a trough in August 2020 but is 93,000 below a peak in January 2019. Employment in local government education decreased by 144,000 and by 17,000 in state government education. Employment changed little in private education (-19,000). Most back-to-school hiring typically occurs in September. Hiring this September was lower than usual, resulting in a decline after seasonal adjustment. Recent employment changes are challenging to interpret, as pandemic- related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns. Since February 2020, employment is down by 310,000 in local government education, by 194,000 in state government education, and by 172,000 in private education. Employment in health care changed little in September (-18,000). Job losses occurred in nursing and residential care facilities (-38,000) and hospitals (-8,000), while ambulatory health care services added jobs (+28,000). Employment in health care is down by 524,000 since February 2020, with nursing and residential care facilities accounting for about four-fifths of the loss.   And visually: Finally, courtesy of Bloomberg, here are the industries with the highest and lowest rates of employment growth for the most recent month. Tyler Durden Fri, 10/08/2021 - 10:15.....»»

Category: worldSource: nytOct 8th, 2021

Kyrsten Sinema is trying to become a John McCain-like "maverick," but it isn"t going to end well

John McCain's actions mistakenly landed him the title of "maverick." Kyrsten Sinema wishes that could be her. Senator Kyrsten Sinema walks down a hall of the US Capitol. Getty Kyrsten Sinema holds the Biden agenda in the palm of her hand. She's looking to the late John McCain as a model for how she'd like to be seen in Washington. Without putting in the necessary effort, it's not going to work. Eoin Higgins is a journalist in New England and a contributing opinion writer for Insider. This is an opinion column. The thoughts expressed are those of the author. It's been frustrating for progressive and establishment Democrats alike to watch Arizona Sen. Kyrsten Sinema repeatedly stymie the Biden agenda. The current back and forth over the president's reconciliation and infrastructure bills, where the Arizona senator refuses to say what she wants, has made her a temporary darling of the right and only deepened anger against her within her party. Activists confronted Sinema at a fundraiser on Saturday, in the halls and in the bathroom of Arizona State University on Sunday, on an airplane headed back to DC from Arizona, and in the airport as she de-planed on Monday. The pressure is in response to the senator's refusal to meet with constituents, activists say, and the fact that she is drawing a hard line in the sand over negotiations on the bill but won't commit to what, exactly, she'd have changed.No one knows exactly why Sinema is dancing around the Democratic-led social spending bill, and that uncertainty has cratered her popularity in her home state and shattered her credibility in the caucus. But one theory has some teeth to it: she's trying to channel former Arizona Republican Sen. John McCain, who earned a dubious reputation as a fierce independent while in the Senate that he spun into frequent media appearances and fawning coverage."She definitely would like for her legacy to be 'the maverick' like him," veteran Arizona political hand Grant Woods said.McCain's self-aggrandizing, dramatic "no" vote on the repeal of the Affordable Care Act in 2017 was clearly the inspiration for Sinema's similarly flamboyant "no" vote on increasing the minimum wage earlier this year.There are differences between the Arizona senators - the Washington Post's Dave Wiegel noted that Sinema's stubborn silence contrasts with McCain's verbosity - but Sinema isn't angling to become McCain. Rather, she's angling to get the same deferential treatment in Washington, just without the substance.Spinning McCain into the "maverick"John McCain was a stock right-wing Republican through his career, but earned a mistaken reputation as a "maverick" for occasionally expressing personal distaste for presidents in his own party while still voting with White House priorities.The senator cultivated this image after his primary loss to George W. Bush in the 2000 primary, a defeat due in no small part to one of the more racist attacks in recent electoral history, a Karl Rove-masterminded hit in South Carolina implying McCain's adopted Bangladeshi daughter was a mixed-race illegitimate child (the ad's success is certainly reflective of the GOP base, then and now).Consigned to the Senate, McCain gave early indications he'd be a swing vote for the president's agenda and a tough nut to crack - but that never happened in practice. In reality, McCain was the same inoffensive, loyal soldier he had always been for the Republican Party. He had a few moments, such as when he voted against Bush's tax cuts in 2001 and 2003 (though they still passed and he'd eventually campaign on making them permanent during his 2008 run for president) - a show of his flair for the dramatic. Otherwise McCain was largely in lockstep with the president, hitting a low of 77% in 2005 and a high of 95% support in 2007, when he was angling for the Republican presidential nomination.It was much the same during the Trump years. Though McCain's dramatic "thumbs down" moment during the vote on a bill to repeal the Affordable Care Act - one which Sinema tried to replicate, to less positive reaction, on unemployment benefits - stands out as a pivotal moment in his Trump-era career, he still voted with Trump's priorities 83% of the time, according to FiveThirtyEight. The ACA repeal was, like Bush's tax cuts, a moment for McCain to flex his dramatic muscle without substantially opposing Trump's higher priorities.But the news media took notice of the occassional theatrics. McCain became a fixture on Sunday shows and a veritable quote machine, ingratiating himself to congressional reporters in the halls of the Senate building in exchange for delivering quotes on almost every news item of the day. The symbiotic, cozy relationship between DC reporters and their sources in the halls of power was seldom as clearly on display as it was with McCain.Former Arizona Sen. Jeff Flake reaped the benefits of McCain's friendliness with the press and reputation as a maverick. The Republican senator, who rode the 2010 Tea Party wave to the upper chamber after serving in the House since 2001, adopted McCain's rhetorical iconoclasm paired with party line obedience.Flake expressed his reservations about Trump's approach to governing, but voted with the president 81% of the time. Though he delayed the nomination of Brett Kavanaugh to allow for a toothless FBI investigation, Flake ultimately voted for the judge despite serious allegations of perjury and sexual assault.Like McCain, Flake had something to offer in exchange for his inflated reputation. Despite the fact that both men were loyal creatures of their party, they were prominently and repeatedly referred to in the media and in establishment Washington as mavericks; Senators willing to push back against the conventional wisdom and come to bipartisan, moderate deals.The Gen X approachSinema wants to bask in the adoration of the DC political and media institutions too, but she doesn't want to have to do the work. The Democratic senator isn't interested in glad-handing with the press and the DC establishment, nor corresponding with her own constituents, whom she summarily ignores unless they're holding a check. Rather, Sinema appears to believe she can earn the same respect and adulation simply by frustrating her party's agenda.The senator's behavior shows that she doesn't understand the game she's trying to play. McCain, though hardly the independent voice he portrayed himself as, could at least point to his few votes bucking his party as consistent with his overall views. Sinema doesn't even have that, as a senior national Democrat told Time's Charlotte Alter: "McCain, you knew what his values were. You never had to question what his vision was for the country. And you really can't answer that question for Kyrsten."Part of the problem is that what Sinema is doing is completely unclear. Instead of parlaying her position as one of the two linchpins to a reconciliation deal into a heightened profile and more power in the Senate, she inexplicably left town last weekend to attend a fundraiser and teach a course at Arizona State University. It's unclear what Sinema even wants and she seems unwilling to tell them.Perhaps what McCain offered to his sycophants in the media isn't transferable to Generation X. Sinema's slacker approach to legislating, concentrating more on raising easy money than doing the parts of her job she doesn't care for - meeting with constituents, for example - is consistent with the worst stereotypes about the MTV Generation.Ultimately, Sinema may cast a decisive "no" vote on the reconciliation bill without giving much notice or explanation. She's given every indication that her drive to spike the legislation is stronger than anything she could wrangle out of her fellow lawmakers. If she thinks the return is going to be the same sort of respectability and reputation held by McCain, though, she's in for a surprise.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 8th, 2021

September Payrolls Preview: It Will Be A Beat, The Question Is How Big

September Payrolls Preview: It Will Be A Beat, The Question Is How Big After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when we correctly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big. Here is a snapshot of what to expect tomorrow: Total Payrolls: 500K, Last 235K Private Payrolls: 450K, Last 243K Unemployment Rate: 5.1%, Last 5.2% Labor force participation rate: 61.8%, Last 61.7% Average Hourly Earnings Y/Y: 4.6%, Last 4.3% Average Hourly Earnings M/M: 0.4%, Last 0.6% Average Weekly Hours: 34.7, Last 34.7 As Newsquawk writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases. Goldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that "labor demand remains very strong, and we believe the nationwide expiration of enhanced unemployment benefits on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal benefits early." As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally. Labor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th. POLICY: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks. PAYROLLS: The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels. MEASURES OF SLACK: The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels. EARNINGS: Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels. ADP: The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure & Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; "Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data," Pantheon Macroeconomics said. "The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients." INITIAL JOBLESS CLAIMS: Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again. BUSINESS SURVEYS: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: "Less than 5% of comments noted improvements regarding employment, compared to none in August," it said, "an overwhelming majority of panelists indicate their companies are hiring or attempting to hire," where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. "The increasing frequency of comments on turnover rates and retirements continued a trend that began in August," ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels. ARGUING FOR A BETTER-THAN-EXPECTED REPORT: End of federal enhanced unemployment benefits. The expiration of federal benefits in some states boosted labor supply and job-finding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-finding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all benefits. Some of the 6mn workers who lost some or all benefits on September 5 got a job by September 18—in time to be counted in tomorrow’s data. Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end). School reopening. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report. Job availability. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn. ADP. Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure. ARGUING FOR A WEAKER-THAN-EXPECTED REPORT: Delta variant. Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July. Employer surveys. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9. NEUTRAL FACTORS: Big Data. High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened. Seasonality. The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa). Jobless claims. Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week. Job cuts. Announced layoffs reported by Challenger, Gray & Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993). Tyler Durden Thu, 10/07/2021 - 20:10.....»»

Category: smallbizSource: nytOct 7th, 2021

Check out 20 pitch decks that fintechs looking to disrupt trading, banking, and lending used to raise millions

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision. Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech VC funding hit a fresh quarterly record of $22.8 billion in the first three months of 2021, according to CB Insights data. While mega-rounds helped propel overall funding, new cash was spread across 614 deals. Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. Invoice financing for SMBs Stacey Abrams and Lara Hodgson, Now cofounders. Now About a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain - but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system. "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionInsurance goes digital Jamie Hale, CEO and cofounder of Ladder. Ladder Fintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionEmbedded payments for SMBs The Highnote team. Highnote Branded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingAn alternative auto lender Daniel Chu, CEO and founder of Tricolor. Tricolor An alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investorsA new way to access credit The TomoCredit team. TomoCredit Kristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AAn IRA for alternatives Henry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar. Rocket Dollar Fintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionConnecting startups and investors Hum Capital cofounder and CEO Blair Silverberg. Hum Capital Blair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Payments infrastructure for fintechs Qolo CEO and co-founder Patricia Montesi. Qolo Three years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders - who together had more than a century of combined industry experience - to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ASoftware for managing freelancers Worksome cofounder and CEO Morten Petersen. Worksome The way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPersonal finance is only a text away Yinon Ravid, the chief executive and cofounder of Albert. Albert The COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalGRethinking debt collection Jason Saltzman, founder and CEO of Relief Relief For lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process. Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundBlockchain for private-markets investing Carlos Domingo is cofounder and CEO of Securitize. Securitize Securitize, founded in 2017 by the tech industry veterans Carlos Domingo and Jamie Finn, is bringing blockchain technology to private-markets investing. The company raised $48 million in Series B funding on June 21 from investors including Morgan Stanley and Blockchain Capital.Securitize helps companies crowdfund capital from individual and institutional investors by issuing their shares in the form of blockchain tokens that allow for more efficient settlement, record keeping, and compliance processes. Morgan Stanley's Tactical Value fund, which invests in private companies, made its first blockchain-technology investment when it coled the Series B, Securitize CEO Carlos Domingo told Insider.Here's the 11-page pitch deck a blockchain startup looking to revolutionize private-markets investing used to nab $48 million from investors like Morgan StanleyE-commerce focused business banking Michael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo. Kristelle Boulos Photography Business banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series ABlockchain-based credit score tech John Sun, Anna Fridman, and Adam Jiwan are the cofounders of fintech startup Spring Labs. Spring Labs A blockchain-based fintech startup that is aiming to disrupt the traditional model of evaluating peoples' creditworthiness recently raised $30 million in a Series B funding led by credit reporting giant TransUnion.Four-year-old Spring Labs aims to create a private, secure data-sharing model to help credit agencies better predict the creditworthiness of people who are not in the traditional credit bureau system. The founding team of three fintech veterans met as early employees of lending startup Avant.Existing investors GreatPoint Ventures and August Capital also joined in on the most recent round. So far Spring Labs has raised $53 million from institutional rounds.TransUnion, a publicly-traded company with a $20 billion-plus market cap, is one of the three largest consumer credit agencies in the US. After 18 months of dialogue and six months of due diligence, TransAmerica and Spring Labs inked a deal, Spring Labs CEO and cofounder Adam Jiwan told Insider.Here's the 10-page pitch deck blockchain-based fintech Spring Labs used to snag $30 million from investors including credit reporting giant TransUnionDigital banking for freelancers JGalione/Getty Images Lance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysDigital tools for independent financial advisors Jason Wenk, founder and CEO of Altruist Altruist Jason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon. HoneyBook While countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalFraud prevention for lenders and insurers Fiordaliso/Getty Images Onboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews Saoud Khalifah, founder and CEO of Fakespot. Fakespot Marketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series ANew twists on digital banking Zach Bruhnke, cofounder and CEO of HMBradley HMBradley Consumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series ARead the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 7th, 2021

Nio jumps after Goldman Sachs upgrades EV maker to "buy" on potential of new ET7 vehicle

"We believe Nio provides the visibility of strong volume expansion in the next six months, driven by the upcoming ET7," Goldman said. NOK Nio jumped 5% on Thursday after the Chinese EV maker was upgraded to "Buy" at Goldman Sachs.The bank said Nio could surge 66% on the strategic potential of its upcoming ET7 vehicle."We believe Nio provides the visibility of strong volume expansion in the next 6 months, driven by the upcoming ET7," Goldman said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Nio surged as much as 5% on Thursday after it received an upgrade to "buy" at Goldman Sachs with a $56 price target, representing potential upside of 66% from Wednesday's close.Goldman made the upgrade after shares of Nio shed nearly $30 billion in market value amid ongoing regulatory pressures in China, supply chain constraints, and a fatal accident that took place in one of Nio's vehicle when the Navigate On Pilot system was turned on.But Nio should see renewed upside as the company begins delivering its premium ET7 sedan model early next year. The release of the ET7 could spark demand for Nio's vehicles and cement the company as a leader in the premium EV market."We believe Nio provides the visibility of strong volume expansion in the next six months, driven by the upcoming ET7, the Nio Day 2021 in Suzhou, the accelerating battery as a service build-out, and the entrance into Norway," Goldman explained.The ET7 is an important launch for Nio for four key reasons, according to Goldman.1. The product design of the ET7 is strategic, as it mirrors full-size premium sedans from Mercedes and BMW with a comparable price point. Goldman notes that the Mercedes S-class and BMW 7 series have scaled to more than 10,000 vehicle sales per month in China. Nio's ET7 could scale to similar levels, according to Goldman.2. "The price point makes ET7 China's most expensive car model ever launched by domestic manufacturers, strengthening Nio's brand equity in the premium space," Goldman said.3. Nio is offering a battery as a service plan, which lowers the purchase price of the car by allowing customers to lease the batteries that power the car.4. The continued evolution of Nio's autonomous driving technology will be on full display in the upcoming ET7, which sports 33 high-performance sensors including both LiDAR and cameras. These sensors will enable forward collision warning, automatic emergency braking, lane keeping assist, and an automatic parking system.But risks are abound for Nio, Goldman said, highlighting the intensifying competition in the EV space, potential production woes, and higher than expected prices that could limit volume. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 7th, 2021

The 11 most exciting electric vehicles hitting streets in 2022, from Ford"s electric F-150 to an ultra-sleek Cadillac SUV

A flood of new electric vehicles is coming our way. Here are 11 of the most exciting models launching in the US next year. The Genesis GV60. Genesis Uninspired by the electric cars currently available? Lots more options are coming your way. Tons of exciting EVs are hitting US streets in 2022 from startups and established car companies. The Ford F-150 Lightning, Cadillac's first EV, and Subaru's debut e-SUV all arrive next year. See more stories on Insider's business page. BMW i4 The BMW i4. BMW The new, gigantic beaver-tooth grille that adorns some of BMW's latest models is controversial, to say the least. But if you want to drive the luxury carmaker's first true electric sedan come 2022, you'll have to get on board. The i4 will deliver 335 horsepower and a range of around 300 miles, BMW says. A sportier version promises 536 horsepower - at the expense of some range, of course. Bollinger B1 The Bollinger B1. Bollinger Motors Bollinger Motors was supposed to deliver its first rugged vehicles in 2021, but now says production will start in late 2022. That means we have some chance of seeing these things on the road by the close of that year. The B1 SUV looks more like a vintage Land Rover than any sleek new EV of the 2020s, which I think is pretty neat. But these vehicles don't come cheap, despite their exposed rivets and manual crank windows. A B1 will cost you $125,000. Bollinger B2 The Bollinger B2. Bollinger Motors The B2 shares a basic platform with the B1, but has a little more space for stuff out back thanks to its bed. Like the B1, it has useful features like a pass-through that goes all the way down the center of the vehicle. Also like its fraternal twin, it's aiming for a range of 200 miles and a base price of $125,000. By the numbers, the B2 will be able to hand with the best of them. Bollinger says the dual-motor truck will be able to tow 7,500 lbs and have a payload capacity of 5,000 pounds. Cadillac Lyriq The Cadillac Lyriq. Cadillac In case you weren't aware, Cadillac is going all-electric. Its first EV, the Lyriq SUV, hits dealerships in 2022 with an attractive base price of $59,995. It'll compete with the Tesla Model Y, Jaguar I-Pace, and Audi E-Tron. The long, sleek EV will deliver more than 300 miles of range, GM says. Cadillac began accepting $100 reservations in September. Expect it to showcase all of the latest and greatest tech GM has to offer, including a 33-inch driver display and Super Cruise, the company's hands-free driving feature. Canoo Lifestyle Vehicle The Canoo Lifestyle Vehicle. Canoo Although EV startup Canoo's model names may be bland, its vehicles themselves are anything but.The Lifestyle Vehicle, a pill-shaped van that Canoo says can be adapted for all sorts of commercial and consumer uses, is set to launch in late 2022. Canoo says it has the interior space of a large SUV and the footprint of a compact car. It starts at $34,750 and promises 250 miles of range. A Premium version will come with seven seats and a panoramic glass roof, while a future Adventure trim sports roof racks and a tow hitch. Ford F-150 Lightning The Ford F-150 Lightning. Ford Ford's F-Series pickup isn't just the best-selling truck in the US - it's the most popular vehicle, period. If car companies want to bring cleaner vehicles to the masses, it's going to take electric versions of vehicles people already love. The F-150 Lightning starts at around $40,000 for a basic work truck, while the consumer-oriented XLT trim starts at around $55,000. The truck offers unique features like a giant frunk and the ability to power your house in a blackout. As I learned during a test ride, it's mighty quick, too. The F-150 Lightning promises up to 300 miles of range and deliveries start in spring 2022. Fisker Ocean The Fisker Ocean. Fisker EV startup Fisker, founded in 2016, plans to start producing its first model, the Ocean SUV, in late 2022. The SUV will be built by Magna Steyr, an Austrian contract manufacturer. Fisker is the second car company from Henrik Fisker, whose Fisker Automotive sold the hybrid Karma luxury sedan starting in 2011 and went out of business in 2014. We don't know many details about the Ocean yet, but Fisker says it'll have a starting price of $37,499.Kia EV6 The Kia EV6. Kia Plenty of battery-powered Cadillacs, BMWs, and Benzes on the way, but it's nice to see more mainstream options are in the pipeline too. The EV6, the latest EV from Kia, is an SUV-hatchback thing that the company promises will get up to 300 miles of range. Kia hasn't released pricing yet, but expect the EV6 to run you somewhere in the mid-$40,000 range to start. It'll come in all-wheel-drive and rear-wheel-drive versions. Genesis GV60 The Genesis GV60. Genesis Genesis, Hyundai's luxury brand, is getting into the EV game as well. Its first entry: the GV60, a higher-end counterpart to the Kia EV6 and Hyundai Ioniq 5. Like those two vehicles, the GV60 has a hatchback shape that's refreshing in a car market where hatchbacks are a dying breed. Plus, I actually dig its bug-like mug. It'll be available in rear-wheel-drive, all-wheel-drive, and performance variants. Mercedes-Benz EQB The Mercedes-Benz EQB. Mercedes-Benz Mercedes-Benz is preparing an onslaught of new electric SUVs and sedans over the next few years. But if any of its models are going to sell in real numbers, it won't be the $100,000 EQS sedan or the undoubtedly more expensive electric G-Wagen. The EQB, though, has a real shot. The company's first electric SUV for the US, the EQB will check a lot of boxes for a lot of people. It'll have seating for seven, a small-ish footprint, and a more approachable starting price somewhere around $50,000. Mercedes pegs range at around 260 miles and says a long-range version is in the works. Subaru Solterra The Subaru Solterra. Subaru Subaru's first EV is coming in mid-2022 through a partnership with Toyota. Accordingly, the Subaru Solterra, from what we can gather from teaser photos, looks nearly identical to Toyota's upcoming bZ4X SUV. There's not much we know about the Solterra, except that it will come standard with all-wheel drive, like most Subarus. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 7th, 2021

William Raveis: The Family Advantage

How William Raveis Real Estate Responds to Market Needs in Real Time  As one of the industry’s most iconic firms, William Raveis Real Estate’s (WRRE) origin story is a classic tale of entrepreneurial moxie. Started above a Fairfield, Connecticut, grocery store by Bill Raveis in 1974, the firm now comprises 136 offices in eight states, […] The post William Raveis: The Family Advantage appeared first on RISMedia. How William Raveis Real Estate Responds to Market Needs in Real Time  As one of the industry’s most iconic firms, William Raveis Real Estate’s (WRRE) origin story is a classic tale of entrepreneurial moxie. Started above a Fairfield, Connecticut, grocery store by Bill Raveis in 1974, the firm now comprises 136 offices in eight states, and is home to 4,300 sales associates. In RISMedia’s 2021 Power Broker Report, WRRE ranked No. 7, reporting more than $16 billion in sales volume in 2020. Today, Bill and the next generation of the Raveis family—brothers and co-presidents Chris and Ryan—share leadership responsibility for increasing revenue and expanding WRRE’s footprint in the coming years and beyond. In this exclusive interview, the pair explains how operating as a family-run business provides the firm with two critical characteristics necessary for growth: cultural agility to turn on a dime to innovate; and consistent leadership with an unmatched level of pride, passion and strategic vision. “No matter how much we evolve, this is not just a business for us—it’s a family,” says CEO and Chairman Bill Raveis. “At our core, family values drive every decision we make. From the very beginning, I said our agents are our customers, and 47 years later, we continue to provide the tools, technology and mentoring to empower their success.” Here, Ryan and Chris Raveis share what’s enabled the company’s extensive growth over the years, along with how they’re helping agents and clients maximize value and experience outstanding customer service in any market. Maria Patterson: William Raveis Real Estate, Mortgage & Insurance is the No. 1 family-owned real estate company in the Northeast, and your father views the entire firm as family. Please share a bit about how you and your brother came on board. Ryan Raveis: Growing up, Chris and I saw all those yard signs and wondered why our name was in front of everyone’s homes! We definitely had an affinity for the company and saw what Dad was doing and how hard he was working. But as we grew up, Chris and I wanted to spread our wings a bit, like most young, post-college graduates. I decided to pursue management consulting and Chris worked in commercial real estate. Then, in our late 20s, we were offered the opportunity to join the family business, but with a very clear understanding. Dad sat us down and told us there were two conditions: You have to grow the company; and you can never sell it. MP: I take it you’re happy with your decision? RR: I have worked in a large public company and so has Chris. While every industry has its excitement in some way, shape or form, there’s nothing I’d rather do than work with my Dad and brother and continue to drive our goals of a family-owned real estate, mortgage and insurance powerhouse. MP: What are some of the biggest advantages of being a family firm? RR: The biggest advantage is the consistency in leadership. This is a family business, and our name is on the door. We take our reputation, professionalism and the way we support our agents very seriously, to the point where being a family business is part of our identity. We plan on passing the company down to our children, so we want to leave it in a position where it’s thriving in each of its markets and each of its businesses. The only way we do that is by delivering superior service for our clients and agents. CEO Bill Raveis (center) poses with sales associates and managers at a WRRE networking event. MP: William Raveis Inc. is one of the only privately held firms to offer mortgage and insurance services under one roof. What role have these firms played in your growth over the years? RR: I don’t look at our mortgage and insurance companies as businesses under the real estate umbrella. Each of those companies was purposefully built with the ability to stand on its own. Granted, they service our real estate clients, but they also partner with clients who used another real estate brokerage prior to doing business with the mortgage and insurance companies. We strategically built these companies to a substantial level to support the overall entity, and this helps when we’re looking to expand into new markets. MP: Does having an established mortgage and insurance business play a more significant role in today’s real estate climate? RR: I think it does. In today’s market, we see plenty of large private equity and public companies that are trying to find their way. They’re struggling to figure out how to make a profit, and it’s not that easy. We’ve been running William Raveis Mortgage and William Raveis Insurance since the ’80s, and both have well-established operations and excellent reputations. MP: How would you describe market conditions in your regions? Chris Raveis: If I’m a home seller, I’ve seen my value increase by 30% in all the markets we serve. If I’m a buyer, I’m looking for solutions to help me find a home in this market. Overall, the market has been excellent for real estate brokers and agents, and that will continue through the end of the year, particularly in Florida, where we just had some of the largest sales in our company history—$80 million and $50 million in Palm Beach and Naples, respectively. The luxury market has taken off in those areas. MP: WRRE serves luxury buyers in many of your markets. What role does the luxury market play in the company’s success? CR: The luxury market is essential to our identity. We’re recognized by Leading Real Estate Companies of the World® as the globe’s top luxury broker. We serve some of the highest-end markets in the U.S.—Naples, Florida; Fairfield County, Connecticut; Nantucket—and we have many of the finest agents in the world serving those markets. Their local knowledge and real estate expertise enable them to best connect with affluent clients, which is a priority audience for us. That said, we have a large audience base and serve other segments as well. Best practices honed by selling luxury properties are completely transferrable. We’ve fully embraced superior customer service at every point in the home-selling and -buying journeys, and consequently, invented new products and processes to support our agents. When we look at the level of service we strive to provide, we’re looking to emulate brands like The Ritz Carlton and Four Seasons. Co-Presidents Chris Raveis and Ryan Raveis snap a picture with mortgage banker Francine Silberman and VP of Business Development Lisa Theiss. MP: Tell us about some of the ways you’re supporting agents… CR: Ryan, Bill, our senior management team and I are constantly in the field, constantly listening to agents. As a family business, we make decisions very quickly. Plus, we have the resources to compete with anybody. Each branch has a full-time manager, and we have multiple layers of admin and marketing support for agents. We are the only company that provides personalized branding for our sales associates because we believe each one is an entrepreneur who cannot be fit into a single, specific mold. Every manager is extensively trained through our career development department to become a certified coach and mentor to our sales associates. And we also bring in world-renowned business coaches, like Tom Ferry and Mike Staver. On the tech side, we’re well ahead of the market, particularly with automation. We have a completely automated listing launch platform, where in 30 seconds, an agent can get a listing launched, one that is personally branded with the agent’s name. Even better, we have integrated performance tracking, giving our agents and clients customized and immediate insights with real-time analytics. MP: This year, you quickly rolled out products to help buyers and sellers navigate the unique challenges of the market. Tell us a bit about them. RR: We truly walk the talk on exceptional customer service throughout the buying and selling journey. For the seller who has their home listed but can’t financially move or can’t get the equity out, we provide a bridge loan through William Raveis Mortgage. Another option we offer is Raveis Purchase, where sellers benefit from the speed of getting out of their home and unlocking their equity to make a non-contingent offer on a new home. With this program, we buy the home from them and use Raveis Refresh to help prepare and stage the home with our certified network of designers and installation teams. And here’s the best part: When we sell the refreshed home at a higher price point on the open market, the client keeps the upside, which is different than any other model out there. We’ve moved a couple dozen customers in the 90 days since we launched this innovative offering (at press time), and the traction has been incredible. We have hundreds in the pipeline. We also just launched the Raveis CashBid program where we buy the home from the seller—on behalf of the buyer—and take title to the home. Then we help those pre-approved buyers get a mortgage and repurchase the home from us. This creates opportunities for those buyers losing out on offers, as well as first-time homebuyers who can’t put down an all-cash bid. These are just a few examples of how we are empowering our agents to take care of their clients during a competitive market. We are always thinking outside the box and partnering for success. It’s all really exciting. MP: Were programs like this borne out of the pandemic? RR: 100%. When the pandemic hit, we knew that listing inventory was going to be slim, absorption rates would be fast, and that we needed to come up with solutions. Ryan and Chris Raveis with Chief Marketing Officer Lisa Carpenter MP: It seems like only a company of your scope and size, with in-house mortgage services, could make programs like these work… RR: Yes, it wouldn’t happen without the mortgage company. When the agent understands the 360-degree view of the consumer, it makes them a better agent. We have the resources—the luxury, mortgage and insurance products—but being able to execute and help thousands of agents put those resources to use is another thing. With the breadth of our offerings and our investment in career development, our agents are better trained than anyone else in the industry. MP: Do such programs represent the future of real estate, or are they temporary solutions to market conditions sparked by the pandemic? RR: If a company’s business model is banking on programs that buy homes and resell them, that company will have a tough time in a downturn. You have to be good at recognizing the tenor of the market and actively develop the right programs because each year has different needs. We constantly listen to our agents and innovate to serve their market needs. This was true in 1974, and it remains the same today. MP: What other evolutions—to your company and to the market—do you foresee taking place in the next year or so? CR: The market will remain challenging. The fourth quarter won’t be like last year, but it will be better than we thought at the beginning of the year. We are continuing to grow—having just expanded in Sarasota, Florida. Our footprint will encompass new areas in the Northeast and down the eastern seaboard as well. MP: Finally, if you had to point to just a few keys to success that have been instrumental to the firm’s longevity and growth over the years, what would they be? CR: You have to love the business; it has to be part of your soul. If you do, there’s a palpable energy that continually motivates you. And being a family business lends a lot to that—people are proud to associate themselves with real people as opposed to a large public or private equity firm. We thrive off each other and our larger business family. Our success is truly a collective team effort all around. For more information, please visit www.raveis.com. Maria Patterson is RISMedia’s executive editor. Email her your real estate news ideas to maria@rismedia.com. The post William Raveis: The Family Advantage appeared first on RISMedia......»»

Category: realestateSource: rismediaOct 7th, 2021

Humble & Fume, Inc. Reports Fiscal 2021 Fourth Quarter and Full Year Financial Results

Fiscal year 2021 revenue increased 71% y-o-y to $74.1 million Appointed experienced cannabis industry leader, Joel Toguri, as Chief Executive Officer Company continues to execute against its plans to drive revenue with a strong focus on profit while further expanding the U.S. business TORONTO, Oct. 6, 2021 /PRNewswire/ - Humble & Fume Inc. (CSE:HMBL) ("Humble" or the "Company"), a leading North American distributor of cannabis and cannabis accessories, supported by a customer-centric sales team and strong fulfillment infrastructure, today reported its financial results for the fiscal 2021 fourth quarter and year ended June 30, 2021. "Humble bridges the gap between cannabis brands, accessory producers and the growing retail market in North America to drive increased sales and maximize financial performance for our partners. Throughout fiscal 2021, we significantly increased our new retailer accounts, which helped drive record fiscal year revenue of $74 million. Revenue increased 71% while gross margin increased by 143% year-over-year. We achieved this strong organic growth and margin enhancement while continuing to identify new opportunities to grow profitably," said Joel Toguri, Chief Executive Officer of Humble. "We believe that Humble is uniquely positioned to capitalize on actionable opportunities to expand our Canadian cannabis distribution model into the U.S., including dispensaries and partnering exclusively with leading plant touching brands. We plan to export the knowledge and experience from our Canadian operations to strategically enter new U.S. markets with a focused on measured growth," continued Mr. Toguri. "As we look ahead to the next few quarters, we are focused on rationalization of the business further to drive profitable growth. In addition to maintaining our rapid growth, we are laser focused on further improving margins and cash flow by managing expenses, finding efficiencies and streamlining our product procurement and inventory management systems. We believe that we have the vision and capital resources to continue executing during our rapid growth phase and as we move to generate sustainable profit and positive cash flow to deliver long-term shareholder value," concluded Mr. Toguri. "Fiscal 2021 resulted in significant milestones for Humble, most notably the successful closing of our go-public transaction, commencing trading on the CSE, and the introduction of new leadership, with Joel Toguri as Chief Executive Officer. As a proven leader, with strong experience in the cannabis industry, the Board is extremely pleased to have Joel at the helm as we streamline operations and continue to focus on retail distribution and sales growth over the coming year," said Shawn Dym, Executive Chairman of the Board of Humble. Operational Updates Completed its go-public transaction and commenced trading on the Canadian Stock Exchange under the symbol "HMBL." Strengthened its Board of Directors with the appointment of Jakob Ripshtein, former President of Aphria Inc., a leading global cannabis-lifestyle consumer packaged goods company that since merged with Tilray Inc. Enhanced leadership team with the appointment of Joel Toguri joining as Chief Executive Officer. Mr. Toguri, former Chief Revenue Officer at The Supreme Cannabis Company Inc., joined Humble with significant leadership experience and a proven track record of delivering superior execution and sales growth in the cannabis industry. Entered into a strategic supply agreement with ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaOct 6th, 2021

Humble & Fume, Inc. Reports Fiscal 2021 Fourth Quarter and Full Year Financial Results

Fiscal year 2021 revenue increased 71% y-o-y to $74.1 million Appointed experienced cannabis industry leader, Joel Toguri, as Chief Executive Officer Company continues to execute against its plans to drive revenue with a strong focus on profit while further expanding the U.S. business TORONTO, Oct. 6, 2021 /CNW/ - Humble & Fume Inc. (CSE:HMBL) ("Humble" or the "Company"), a leading North American distributor of cannabis and cannabis accessories, supported by a customer-centric sales team and strong fulfillment infrastructure, today reported its financial results for the fiscal 2021 fourth quarter and year ended June 30, 2021. "Humble bridges the gap between cannabis brands, accessory producers and the growing retail market in North America to drive increased sales and maximize financial performance for our partners. Throughout fiscal 2021, we significantly increased our new retailer accounts, which helped drive record fiscal year revenue of $74 million. Revenue increased 71% while gross margin increased by 143% year-over-year. We achieved this strong organic growth and margin enhancement while continuing to identify new opportunities to grow profitably," said Joel Toguri, Chief Executive Officer of Humble. "We believe that Humble is uniquely positioned to capitalize on actionable opportunities to expand our Canadian cannabis distribution model into the U.S., including dispensaries and partnering exclusively with leading plant touching brands. We plan to export the knowledge and experience from our Canadian operations to strategically enter new U.S. markets with a focused on measured growth," continued Mr. Toguri. "As we look ahead to the next few quarters, we are focused on rationalization of the business further to drive profitable growth. In addition to maintaining our rapid growth, we are laser focused on further improving margins and cash flow by managing expenses, finding efficiencies and streamlining our product procurement and inventory management systems. We believe that we have the vision and capital resources to continue executing during our rapid growth phase and as we move to generate sustainable profit and positive cash flow to deliver long-term shareholder value," concluded Mr. Toguri. "Fiscal 2021 resulted in significant milestones for Humble, most notably the successful closing of our go-public transaction, commencing trading on the CSE, and the introduction of new leadership, with Joel Toguri as Chief Executive Officer. As a proven leader, with strong experience in the cannabis industry, the Board is extremely pleased to have Joel at the helm as we streamline operations and continue to focus on retail distribution and sales growth over the coming year," said Shawn Dym, Executive Chairman of the Board of Humble. Operational Updates Completed its go-public transaction and commenced trading on the Canadian Stock Exchange under the symbol "HMBL." Strengthened its Board of Directors with the appointment of Jakob Ripshtein, former President of Aphria Inc., a leading global cannabis-lifestyle consumer packaged goods company that since merged with Tilray Inc. Enhanced leadership team with the appointment of Joel Toguri joining as Chief Executive Officer. Mr. Toguri, former Chief Revenue Officer at The Supreme Cannabis Company Inc., joined Humble with significant leadership experience and a proven track record of delivering superior execution and sales growth in the cannabis industry. Entered into a strategic supply agreement with Fire & Flower Holding Corp. to offer an expanded ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaOct 6th, 2021

Textron (TXT) is a Top-Ranked Growth Stock: Should You Buy?

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores. Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.Zacks Premium includes access to the Zacks Style Scores as well.What are the Zacks Style Scores?Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.The Style Scores are broken down into four categories:Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.How Style Scores Work with the Zacks RankThe Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.That's where the Style Scores come in.To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.Stock to Watch: Textron (TXT)Textron Inc., incorporated in 1923, is a global multi-industry company that manufactures aircraft, automotive engine components and industrial tools. It also offers solutions and services for aircraft, fastening systems, and industrial products and components. Its products include commercial and military helicopters, light- and mid-size business jets, plastic fuel tanks, automotive trim products, golf carts and utility vehicles, turf-car equipment, industrial pumps and gears, engineered fastening systems and solutions, and other industrial products. It is also a commercial finance company in select markets. Textron is known globally for its most recognizable and valuable brand names, such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee.TXT is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.Additionally, the company could be a top pick for growth investors. TXT has a Growth Style Score of A, forecasting year-over-year earnings growth of 58.5% for the current fiscal year.One analysts revised their earnings estimate higher in the last 60 days for fiscal 2021, while the Zacks Consensus Estimate has increased $0 to $3.28 per share. TXT also boasts an average earnings surprise of 37.4%.With a solid Zacks Rank and top-tier Growth and VGM Style Scores, TXT should be on investors' short list. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 6th, 2021

KBR Stock Rallies 79% in a Year: Will the Bull Run Continue?

KBR's robust backlog level and GS business are driving performance. KBR, Inc.’s KBR shares have gained 79% in the past year, outperforming the Zacks Engineering - R and D Services industry’s 64.2% rally. The company is expected to gain from solid prospects of the Government Solutions (“GS”) business and growing backlog level.Additionally, focus on restructuring activities and inorganic drive to expand market share is adding to KBR’s bliss. Although stiff competition, volatility of commodity prices and uncertainty in the global market are potential risks, high-end, technically differentiated businesses will certainly drive growth.Earnings for 2021 and 2022 are expected to grow 24.9% and 13%, respectively, year over year. Also, it has an impressive earnings surprise history, having surpassed analysts’ expectations in the trailing 14 quarters.Let’s look at the driving factors of this global engineering, construction and services firm, which currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Contribution From GS Business: The GS business is one of the major contributing units of KBR. The business has been riding on on-contract growth in logistics and engineering, take-away wins alongside new work awarded under the company’s portfolio of well-positioned contracting vehicles.Robust contribution from KBR’s overseas logistics and mission support programs on the back of higher military exercise activities, increased outsourcing of sustainment activities by the military and the ramp up of new wins led to the growth. Higher tasking for various missile defense and other military priorities in its engineering business areas under select IDIQ contracts is a major positive.The company expects healthy revenue growth from the segment in 2021, given a full year of Centauri, new wins, and strength in Science & Space, Defense & Intel, Readiness & Sustainment as well as International areas. Importantly, its 2021 guidance includes roughly $200 million in expected 2021 revenues from Middle East contingency operations.Robust Backlog: KBR’s robust backlog level indicates substantial opportunities in the upcoming quarters. Encouragingly, nearly 62% of the backlog represents work in GS. The company is optimistic about margin expansion and broad-based growth across all segments in the near term. Its primary growth drivers include high-end and differentiated government business work, and technology and consulting business.Product diversification, energy efficiency, and more sustainable technologies and solutions have been driving KBR’s overall performance. Demand for the company’s technologies across ammonia for food productions, olefins for non-single-use plastics, and in refining for product diversification and more green solutions to meet tighter environmental standards has been strong. The company continues to see increasing activity across the advisory portfolio, particularly in energy transition.Restructuring Plans: KBR — which shares space with Quanta Services, Inc. PWR in the same industry — has been executing plans to improve profitability as well as reduce the risk of its business profiles. The introduction of a restructuring program to optimize costs and improve operational efficiencies is commendable. In second-quarter 2020, management approved additional restructuring activities in connection with the decision to discontinue pursuing certain projects, principally lumpsum EPC and commoditized construction services, including LNG. The restructuring plan comprised the reorganization of KBR's management structure, primarily within the Energy Solutions business segment, during the first and second quarters of 2020.KBR has completed its portfolio review and transformed itself from a three-segment business model to a two-segment model, featuring GS and Sustainable Technology Solutions (“STS”). Strengthening of the STS business with its high-end, sustainability-focused industrial sector expertise and client relationships creates exciting synergy opportunities.Inorganic Moves: KBR has a penchant for acquisitions and strategic alliances for bolstering inorganic growth as well as expanding market share. In October 2020, it acquired Centauri, LLC, a leading independent provider of high-end space, directed energy and other advanced technology solutions.On Mar 6, 2020, the company acquired certain assets and assumed liabilities of Scientific Management Associates Pty Ltd’s government defense business to enhance its position as a provider of high-end technical training to the Australian Armed Forces and Navy. The acquired business provides technical training services to the Royal Australian Navy. This acquisition was part of its GS segment.The company is optimistic about the prospects of these buyouts, mainly on account of increased government spending across space and defense.Other Key PicksOther top-ranked stocks in the industry include Jacobs Engineering Group Inc. J and ChampionX Corporation CHX, each carrying a Zacks Rank #2. Jacobs and ChampionX’s earnings topped analysts’ expectations in the trailing four quarters, with an average of 17.5% and 72%, respectively. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quanta Services, Inc. (PWR): Free Stock Analysis Report KBR, Inc. (KBR): Free Stock Analysis Report Jacobs Engineering Group Inc. (J): Free Stock Analysis Report ChampionX Corporation (CHX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 6th, 2021