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Nvidia vs. Chipotle: Which Could Be the Better Stock-Split Stock to Buy Now and Hold for the Next 10 Years? 2024-06-03 03:45:00+00:00 - Two of the most sizzling stocks so far in 2024 are Chipotle Mexican Grill (NYSE: CMG) and Nvidia (NASDAQ: NVDA). Indeed, both businesses are considered leaders in their respective industries. However, in addition to solid business performance, these two companies share something else in common that is fueling some heightened buying activity. Specifically, both Nvidia and Chipotle have upcoming stock splits scheduled for June. With shares of each continuing to soar, investors may be hard-pressed as to which company represents a more compelling position in the long run. Let's break down the benefits and opportunity costs of owning each stock, and assess which one looks like the superior choice. The case for and against Nvidia The chart below illustrates Nvidia's revenue, gross profit, and net income over the last 10 years. Clearly, the last couple of years have witnessed outsized growth compared to prior periods. NVDA Revenue (Quarterly) Chart It's no secret that Nvidia is a major player in the artificial intelligence (AI) realm. The company's H100, A100, and Blackwell graphics processing units (GPU) are in high demand with customers that include Tesla and Meta Platforms. What's really notable about the trends above is that Nvidia's growth is accelerating across both the top and bottom lines. By generating excess cash flow, Nvidia is able to reinvest profits into other growth drivers and bolster its long-term roadmap. While this is all positive, there are some risks that should be acknowledged. For now, Nvidia is estimated to have an 80% share of the AI chip market. However, rising competition from Intel, Advanced Micro Devices, and even big tech firms such as Amazon and existing customers like Meta pose a threat. Each of these companies is developing its own line of chips, which should eventually encroach on Nvidia's commanding lead. Image source: Getty Images. The case for and against Chipotle Chipotle is best known for its tasty burrito wraps and bowls. With 40 million rewards members, Chipotle has undoubtedly built a loyal customer following with strong brand equity. One of the ways that Chipotle has been able to capture the attention of so many consumers is due to the company's investments in digital sales strategies. CMG Revenue (Quarterly) Chart Similar to Nvidia, Chipotle has been able to fund an extremely profitable operation. Its digital sales channels have helped fuel meaningful margin expansion, which in turn has flowed to the bottom-line. Although these financial results are encouraging, Chipotle stock does carry some risk. Macroeconomic factors such as inflation and interest rates can impact just about any business. While Nvidia is certainly not immune to these factors, I would argue that a restaurant chain such as Chipotle is more susceptible. Story continues Consumer discretionary trends are highly sensitive and can fluctuate from year to year. I'd encourage investors to think about that dynamic as it relates to long-term growth prospects. And the winner is? The final piece of this analysis revolves around valuation. As seen in the chart below, the price-to-earnings (P/E) ratio of Chipotle and Nvidia illustrate vastly different trends. CMG PE Ratio Chart Over the last year, Chipotle's P/E has risen considerably -- now sitting at 65.7. By contrast, Nvidia's P/E is far lower than it was a year ago. Another way of looking at this is understanding that, while each stock has risen sharply in the last year, shares of Nvidia are technically cheaper than they were 12 months ago. Why? Because the company's earnings growth is outpacing the acceleration of the stock price. At the end of the day, Chipotle and Nvidia are two very different businesses. The fact of the matter is that Chipotle's fast-casual dining is a luxury purchase. While the operating results above indicate that the company can grow, it's important to remember that Chipotle sells burritos -- it's not exactly a proprietary business. On the contrary, Nvidia sells a product that businesses of all sizes need. And while competition exists, I think that there are stronger longer-term secular tailwinds fueling AI as opposed to the food industry. If anything, Chipotle could become a customer of Nvidia as the company doubles down on its technology investments. Stated differently, AI is so prolific that its applications span a variety of industry sectors, including food and beverage. I don't think the opposite is true, though. I don't see many reasons why Nvidia would ever be a Chipotle customer. Considering the growth narrative surrounding AI, coupled with Nvidia's attractive valuation, I think the company is the better option compared to Chipotle. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $671,728!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of May 28, 2024 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Adam Spatacco has positions in Amazon, Meta Platforms, Nvidia, and Tesla. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Chipotle Mexican Grill, Meta Platforms, Nvidia, and Tesla. The Motley Fool recommends Intel and recommends the following options: long January 2025 $45 calls on Intel and short May 2024 $47 calls on Intel. The Motley Fool has a disclosure policy. Nvidia vs. Chipotle: Which Could Be the Better Stock-Split Stock to Buy Now and Hold for the Next 10 Years? was originally published by The Motley Fool
A Trump Win Is Seen as a Risk to Fed Independence, Bond Market: Poll 2024-06-03 03:00:00+00:00 - (Bloomberg) -- The Federal Reserve will face a significant risk of losing its independence to ramped-up political interference if Donald Trump is elected president again, according to the latest Bloomberg Markets Live Pulse survey. Most Read from Bloomberg Forty-four percent of respondents said they expect Trump to seek to to politicize the central bank or limit its power if he returns to the White House. Overall, they put a probability of 40% on the Fed losing its autonomy under a second Trump administration. A push to roll back the central bank’s independence — a step that would face significant hurdles — would likely rock financial markets, undermining investors’ faith in the Fed as overseer of the world’s largest economy and exposing it to political pressure to cut interest rates. That concern would be especially acute now, when the central bank is keeping its benchmark rate at a more than two-decade high to curb inflation and prevent the economy from overheating. “The bond market would likely be roiled by any real attack on the Fed's independence, with fallout effects on equities," said Diane Swonk, chief economist at KPMG LLP. Bond markets may already be unsettled in the event of a Trump victory. About 24% of 484 MLIV Pulse survey participants said a Trump win would immediately cause the 10-year Treasury yields to rise more than 25 basis points, with another 23% saying a more modest increase is the most likely outcome. Just under a quarter of respondents see yields declining slightly. In his first term as president, Trump broke with decades of precedent by openly attacking Fed Chair Jerome Powell, first for raising interest rates and then for not cutting them further. More than one-third of the respondents said that Trump would likely use social media and public appearances to jawbone the Fed, though 14% anticipate that he will try to demote Powell before his term ends in 2026. Trump has made it clear that he wouldn’t reappoint Powell to another term, but hasn’t gone much beyond that. Informal advisers have floated the possibility of reforms to give the president more control over the independent central bank, though Trump officials have stressed that any such chatter is not official unless it comes directly from the campaign. Trump hasn't proposed any challenges to the Fed's independence, a campaign official said. Story continues Biden took the traditional hands-off toward the Fed even as it raised interest rates at the fastest pace since the early 1980s, hammering stock and bond markets with deep losses, and his advisors have argued that maintaining the central bank’s autonomy is crucial to its ability to control inflation. More than half of respondents said that under a second term Biden would leave the Fed alone. “The Fed's independence is paramount,” said Subadra Rajappa, head of US rates strategy at Societe Generale in New York. “We often criticize the Fed for its policy actions, but the current structure has worked well over the past century.” The survey underscores the high stakes for financial markets in the November election as most opinion polls largely signal a close rematch of the 2020 contest. It's unclear how Trump's candidacy will be affected by his recent felony conviction. With the economy exhibiting surprising strength and inflation cooling, the Fed has kept rates steady since its last increase in July. Trump has proposed steep tariffs on imports, particularly on goods from China, and an aggressive effort to deport those working in the US illegally. He has also pledged to extend across-the-board tax cuts, which would likely worsen the federal deficit and add stimulus to an economy that the Fed is seeking to restrain. Some of his informal economic advisers have argued the money raised from various tariffs would help to pay for the tax cuts. Survey respondents were somewhat divided on whether the election itself will influence the Fed’s deliberations on potential interest rate cuts this year. The plurality, or 47%, said the timing of the vote will have no impact on policymakers’ decision making; 35% said the Fed would delay any moves until after the election, while 18% predicted it would act in July to avoid doing so closer to Election Day. The survey was conducted between May 27 and May 31 among Bloomberg News readers on the terminal and online and included portfolio managers, economists and retail investors. This week, the survey asks about the market impact of the UK elections. Share your views here. What to Watch Economic data: June 3: S&P Global US Manufacturing PMI (final reading); construction spending; ISM manufacturing; Wards total vehicle sales June 4: JOLTS job openings; factory orders; durable goods (final) June 5: MBA mortgage applications; ADP employment change; S&P Global US services PMI (final); ISM Services Index June 6: Challenger job cuts; nonfarm productivity and unit labor costs (final); initial jobless claims June 7: Non-farm payrolls; wholesale trade sales; household net worth change; consumer credit Fed calendar: Fed officials are in blackout period before June 11-12 FOMC meeting June 7: Fed Governor Lisa Cook gives commencement address to the Girls Global Academy Auction calendar: June 3: 13-, 26-week bills June 4: 42-day CMB June 5: 17-week bills June 6: 4-, 8-week bills --With assistance from Nancy Cook. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
A boomer couple lives on Social Security and receives $23 a month from SNAP for food: 'How are we to survive?' 2024-06-03 02:03:00+00:00 - Mary Dacus, 69, said she and her husband (not pictured) live off their Social Security income. Image Source / Getty Images Mary Dacus, 69, struggles to afford basic necessities with only Social Security income. Inflation and limited income have forced Dacus and her husband to drain their savings. Older adults like Dacus face financial vulnerability, with many lacking sufficient retirement savings. Mary Dacus, 69, doesn't have a savings account anymore. She lives with her husband Stephen, 67, and their two dogs in Robinson, Illinois. They find it difficult to make ends meet, and Dacus often worries about paying for groceries and healthcare. A few years ago, Dacus said she could afford "wants," like an item at the thrift store, and she and Stephen could travel on the weekends. They even had some savings for retirement. But, with inflation and an increasingly limited income, she said they now struggle to afford basic necessities. Social Security is the couple's only source of income. Dacus receives $854 a month, and her husband receives $1,286 a month, according to documents reviewed by Business Insider. Additionally, her household qualifies for $23 a month in SNAP benefits to buy food. "If we worked a 40-hour week from Monday through Friday with my income, it would come out to like $2 an hour," she said, comparing her Social Security income to a full-time work salary. "They're paying $12 an hour or something over at McDonald's." Dacus is one of the millions of Americans who are living paycheck to paycheck. Her income places her above the federal poverty line, but her household income still isn't enough to make ends meet. Like ALICEs — people who are asset-limited, income-constrained, and employed — Dacus doesn't qualify for most forms of government assistance. Older adults are especially financially vulnerable, and many boomers worry they won't have enough money to cover living expenses in retirement. Fifty-two percent of boomers have $250,000 or less in retirement assets, per an April report from the Retirement Income Institute, the retirement-focused research arm of the Alliance for Lifetime Income. What's more, the Census Bureau's Current Population Survey found that more than half of Americans over 65 have an annual income of $30,000 or less . And, if lawmakers don't intervene, the US Social Security fund is expected to dry out by the late 2030s. "It scares us to death because we'll still be here, God-willing," Dacus said. "How are we to survive?" With no savings and credit card debt, Dacus struggles to make ends meet Last fall, the couple moved to Robinson from Blytheville, Arkansas. They wanted to be closer to Dacus' brother and were able to buy a house for less than $50,000 using settlement money from a lawsuit. She isn't sure they would be able to afford stable housing if they had to pay rent. Story continues Dacus said she never has "any extra money" anymore. The couple has nearly $10,000 in credit card debt and had to drain their savings account to afford housing, groceries, and healthcare. Sometimes, Dacus has to request an advance on her Social Security check to buy food because her SNAP benefits aren't enough. To make sure she and Stephen have enough to eat, Dacus depends on food banks. She has been turned away before for having the wrong ZIP code — food banks typically manage demand by only serving households with specific addresses — but Dacus said the nearest food bank to her is across town. Dacus is anxious about affording her car, utility, and cellphone bills. Unless they have a required vaccination, she can't take her dogs to the vet. She and her husband rarely celebrate Christmas and anniversaries because they can't afford gifts. "It's a struggle," she said. "Even our change container only has about $1.50." Most of the couple's prescriptions and basic medical bills are covered by Medicare, but they don't have Medicaid, meaning their insurance doesn't cover long-term care or other non-emergency medical expenses. And, a few weeks ago, Stephen received a cancer diagnosis. They aren't sure yet what kind of treatment he will need, but Dacus said if insurance won't cover it, it could be financially "catastrophic." She wishes there were more resources for older adults. Dacus has tried to apply for government assistance besides SNAP, but her options are limited. She said it's especially difficult to get help when you don't have children or if you live in a rural area. "A lot of people think that, with Social Security, you get this big check, and you can move to Florida, and you could buy a boat and go fishing," said said. "That's not what it is." Are you an older adult struggling to make ends meet? Are you open to sharing your story? If so, reach out to this reporter at allisonkelly@businessinsider.com. Read the original article on Business Insider
Johnny Depp Escapes Hollywood Horror: $10 Million Lifeline Saves Homes As Millions Face Zombie Foreclosure Fate 2024-06-03 02:00:00+00:00 - Johnny Depp Escapes Hollywood Horror: $10 Million Lifeline Saves Homes As Millions Face Zombie Foreclosure Fate Hollywood star Johnny Depp escaped a plight many Americans cannot avoid. Last year, the actor, known for his iconic role as Captain Jack Sparrow in Disney's "Pirates of the Caribbean" franchise, took out a $10 million loan to save his two West Hollywood, California, homes from foreclosure. However, most people don't have the financial means to save their homes if they get into trouble, and many abandon them if they can no longer afford their mortgage payments — a practice known as zombie foreclosure. According to ATTOM’s second-quarter 2024 Vacant Property and Zombie Foreclosure Report, about 1.3 million residential properties remained vacant in the United States during the second quarter, roughly the same as the previous quarter. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever. A new fund backed by Jeff Bezos offers a 7-9% target yield with monthly dividends. Here’s how you can invest today. Zombie foreclosures — preforeclosure properties abandoned by owners — plummeted by 20.6% from a year ago to 6,94. Zombie properties represent a shrinking portion of the nation's total housing stock, accounting for one in every 14,724 homes in the U.S. That's down from one in 13,905 in the previous quarter and from one in 11,577 a year ago, the lowest level since early 2021. "Predictions of a huge spike in foreclosures after the moratorium, with the potential for a surge in zombie properties, never came true. Indeed, the opposite has happened, as abandoned homes in foreclosure continue to get harder and harder to find around the country," ATTOM CEO Rob Barber said. "Some signs have popped up over the past year that the long U.S. housing market boom is giving back some of its gains, which could lead to declining equity and more foreclosures. We are still far from losing the benefit of having zombie properties nearly disappear from the housing market landscape." The number of zombie properties dropped after the housing market experienced 12 years of price increases. The median home value nationally dropped by 4% to $330,000 in early 2024 but was still up 3% from a year ago. Home values have increased yearly since 2012, more than doubling. Because of the gains, homeowner wealth has risen to historic levels. Nearly 95% of homeowners paying down mortgages have built at least some equity, and almost 50% own less than half the estimated value of their properties. Story continues Keep Reading: Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today? Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US. Investing in its booming real estate market has never been more accessible. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Johnny Depp Escapes Hollywood Horror: $10 Million Lifeline Saves Homes As Millions Face Zombie Foreclosure Fate originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ray Dalio's Blueprint For Success: Billionaire Investor Lists Out 5-Step Guide To Attain Your Goals 2024-06-02 21:56:00+00:00 - Loading... Loading... Ray Dalio, a titan in the world of investing and the founder of Bridgewater Associates, has distilled the essence of success into a 5-step process. Whether you're looking to climb the corporate ladder, enhance your personal life, or embark on a new venture, Dalio's principles offer a road map to achieving your highest ambitions. Let's dive into each step and explore how they can be applied to get what you truly want out of life. 1. Have Clear Goals Have Clear Goals. Image Credit: Dall-E 3 Setting clear, precise goals is the cornerstone of achievement. Dalio emphasizes the importance of knowing exactly what you want. This isn't about vague aspirations; it's about defining your objectives in a way that you can measure and track. Whether it's advancing in your career, improving your health, or learning a new skill, clarity is your greatest ally. 2. Identify And Don't Tolerate Problems Identify And Don't Tolerate Problems. Image Credit: Dall-E 3 Once your goals are set, obstacles are inevitable. Dalio's approach insists on not just identifying these barriers but also adopting a zero-tolerance policy towards them. This means actively working to overcome challenges rather than accepting them as immovable objects. It's about shifting your mindset to see problems as opportunities to learn and grow. 3. Accurately Diagnose The Problems Accurately Diagnose The Problems. Image Credit: Dall-E 3 Understanding a problem in its entirety is crucial, according to Dalio. It's not enough to skim the surface; you need to dive deep to uncover the root causes of obstacles. This step requires honest self-assessment and, often, feedback from others to gain different perspectives. Accurate diagnoses lead to more effective solutions. 4. Design Plans That Will Get You Around Them Design Plans That Will Get You Around Them. Image Credit: Dall-E 3 Loading... Loading... With a clear diagnosis in hand, the next step is to design actionable plans. These should be practical strategies that address the root causes of your obstacles and pave the way forward. Dalio suggests that effective planning involves setting up step-by-step actions that are both achievable and aligned with your ultimate goals. 5. Do What's Necessary To Push These Designs Through To Results Do What's Necessary To Push These Designs Through To Results. Image Credit: Dall-E 3 The final step in Dalio's process is all about execution. It's one thing to have a plan, but another to follow through with the grit and persistence required to see it to fruition. This stage is where determination and discipline come into play, ensuring that the plans you've crafted don't just remain on paper but are acted upon to produce real-world results. This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo courtesy: World Economic Forum On Flickr
‘No quid pro quo’ between Trump and oil execs at Mar-a-Lago, Gov. Burgum says 2024-06-02 21:36:00+00:00 - Kathryn Burgum aplauds as her husband Republican Governor of North Dakota Doug Burgum shakes hands with former US President and 2024 presidential hopeful Donald Trump during a Caucus Night watch party in Las Vegas, Nevada, on February 8, 2024. North Dakota Gov. Doug Burgum – a potential pick to be former President Donald Trump's running mate – is denying claims that the former president had told oil executives he'd reduce regulations if elected in exchange for helping him raise money to return to the White House. According to the Washington Post, Trump told a few of the country's top oil executives in a meeting with them earlier this year at his Mar-a-Lago club in Palm Beach, Florida, that he'd reverse dozens of environmental rules and policies that the Biden administration has put in place and prevent new ones from being implemented. That is, if they raised $1 billion to re-elect him. That donation would make it a "deal" given that they'd avoid taxation and regulation because of him, he said. Trump also reportedly told the executives that he would auction off more oil drilling leases in the Gulf of Mexico. "I was at that meeting – that did not happen," Burgum said on CBS' "Face the Nation" on Sunday. "He didn't ask for a billion dollars in donations, and there was no quid pro quo." Burgum also denied that Trump was targeting the oil industry to finance his reelection, saying that "he's not targeting anybody" and is "doing what candidates do" by going and listening to an industry that is "fundamental to the entire economy." In January, Burgum endorsed Trump for president. He ended his bid to become the Republican nominee a month earlier in December 2023 after launching his campaign in June of that year and has since become an advisor to Trump on energy policy. Burgum's family leases 200 acres of farmland in Williams County, North Dakota, to Continental Resources – the largest oil and gas leaseholder in that state – for oil and gas pumping. While his financial disclosure reveals that he's made up to $50,000 in royalties since late 2022 from the deal with Continental, experts told CNBC that he and his family business have likely made thousands more since they signed a contract with the company in 2009. When asked whether his aligning with the energy industry is alienating young voters who say that climate and environmental policy is important to them, Burgum is "not concerned about it at all," he said. Burgum, who's also a software entrepreneur, announced earlier this year that he won't be seeking a third term as governor. His second term is set to end on December 14.
PM must face questions about hedge fund at heart of financial crash, says Labour 2024-06-02 21:34:00+00:00 - Rishi Sunak must face questions about the fortune he earned at a hedge fund which engineered a deal at the heart of the financial crash, Labour has said, as it prepares to launch its first major attack on the prime minister ahead of the election debates. The party aims to turn the spotlight on Sunak’s time before politics in the days before the first TV debate between the two leaders, after a week dominated by rows over Diane Abbott’s candidacy. On Sunday, she confirmed she would stand as Labour’s candidate. Key to Labour’s attempt to get back on the front foot will be to scrutinise Sunak’s time as a partner at TCI, the hedge fund which launched an activist campaign against Dutch bank ABN Amro which resulted in its sale to RBS in 2007. The takeover was later described as “an extremely risky deal” by the independent financial regulator which said it was a key factor leading to RBS’s failure. Starmer also on Sunday promised to cut net migration by training unemployed Britons to do jobs normally taken by overseas workers. The shadow home secretary, Yvette Cooper, told broadcasters that it was clear net migration must come down, though stopped short of setting a target. Starmer and Sunak will go head-to-head on ITV at the first election debate this Tuesday. Starmer hopes to force an interrogation of Sunak on his past at TCI, after their involvement in the deal that saw a bank riddled with sub-prime mortgages sold to RBS. Separately, Sunak’s boss at the multi-billion fund, Chris Hohn, admitted to a select committee in January 2009 that the fund had bet against British banks during the crash. Sunak was a partner in TCI when it began pushing the sale of ABN Amro via its 1% stake in the Dutch bank in early 2007 and lobbied heavily for RBS’s takeover bid. The RBS-led consortium bought ABN Amro for £50bn in October 2007 – the biggest takeover in banking history. The taxpayer spent £45.5bn bailing out RBS and the independent regulator, the Financial Services Authority (FSA), said “it is clear that the acquisition undoubtedly contributed significantly to RBS’s vulnerability”. Darren Jones, the shadow chief secretary to the Treasury, told the Guardian he believed Sunak had “bet against Britain” during his time before politics. “If I was still a member of the liaison committee, I would definitely have been asking questions about his past behaviour, because I think it’s in the public interest that voters know that he essentially bet against Britain and may have profited off the back of it,” he said. “This is exactly the type of past behaviour where if you become a public official or you come into public office, you need to be accountable and transparent about that.” There is no suggestion that Sunak or TCI broke any rules during the sale of ABN Amro. But Jones said it was a matter of the integrity of the man who became chancellor and then prime minister. “I think that there is a public interest in him fessing up about his role during this period of time and people understanding the fact that when they were having to suffer the consequences of austerity that followed under the Conservatives and Liberal Democrats in coalition years, that Rishi Sunak was at the heart of this,” he said. Jones said records show Sunak was one of a very small team. TCI had 19 partners during the two years the deal took place. He said that Sunak would have been aware of the deal. “This was the biggest banking deal at the time.” The Treasury has previously said Sunak did not have a direct role in the deal. A Conservative spokesperson said in response to the attack: “This is not correct. The Labour party created the banking crisis which caused Labour’s great recession. In 2008, while Starmer chose to be in a foreign court defending terrorists, Rachel Reeves was part of the mortgage team at HBOS that had to be bailed out by the taxpayer at a cost of tens of billions and turfed thousands of families from their homes.” The BBC announced on Sunday night that the second of the leaders’ debates had been scheduled for 26 June – the last week of the campaign. Labour is unlikely to agree to any further debates for the party leader. Labour will also hope to see the end of rows over candidate selections which dominated the news agenda last week, though the ousted Chingford and Woodford Green candidate Faiza Shaheen is still considering legal action. On Tuesday morning, Labour’s national executive committee will rubber stamp all of the candidates, which include a string of key allies of Starmer. Last week, Starmer was forced to U-turn on a reported plan to engineer the retirement of Abbott and said last week she was free to stand in Hackney North and Stoke Newington. Her close friend Shami Chakrabarti raised the possibility Abbott could still retire, saying she was being encouraged to think about her political future. Abbott confirmed on Sunday afternoon she would stand again as an MP, with the party’s backing.
Meta's election tools have been blocked over privacy concerns ahead of European Parliament elections 2024-06-02 21:19:37+00:00 - Spain's data watchdog suspended Meta's election products ahead of an EU vote. The agency expressed alarm that products collected excessive data from Facebook and Instagram users. Though it disagreed, Meta, also facing an EU investigation, complied with the order. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement A Spanish data watchdog has put the brakes on two election products from Meta that were meant to roll out ahead of the upcoming European election. The Spanish Data Protection Agency suspended Meta's Election Day Information and Voter Information Unit products amid concerns that they collected unnecessary election data from Facebook and Instagram users, the agency announced on May 31. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Trump once backed a TikTok ban. Now he's joined the app as he races Biden for young voters. 2024-06-02 20:38:37+00:00 - Trump has joined TikTok — nearly four years after he sought to ban the app in the US as president. "It's my honor," the ex-president said in his first video. Both Trump and Biden are looking to reach young voters through the popular video-sharing app. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement As president, Donald Trump wanted to ban TikTok for its alleged ties to the Chinese government. But on Saturday, the ex-president became one of the platform's newest users, expanding his online reach to young people ahead of November. By early Sunday afternoon, Trump had amassed 2.1 million followers and his first video — taken at an Ultimate Fighting Championship event in Newark last night — had amassed over 2.5 million likes. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Rupert Murdoch marries for 5th time in ceremony at his California vineyard 2024-06-02 20:38:00+00:00 - Rupert Murdoch, 93, has married for the fifth time, his corporation, News Corp, confirmed Sunday. Murdoch, the media mogul who recently stepped down as chairman of Fox News and News Corp, married Elena Zhukova, a 67-year-old Russian-born retired molecular biologist, on Saturday in a ceremony at his vineyard estate in Bel Air, California. Photographs of the newly married couple were released by News Corp. The couple announced their engagement in March. Rupert Murdoch and Elena Zhukova pose for a photo, on Saturday, June 1, 2024 during their wedding ceremony at his vineyard estate in Bel Air, Calif. News Corp. via AP Zhukova studied at the University of California, Los Angeles, according to a New York Times report in March. In her career as a molecular biologist, she focused on diabetes. Zhukova is also the ex-wife of Alexander Zhukov, a billionaire energy investor and Russian politician. Their daughter, Dasha, was previously married to Russian billionaire Roman Abramovich, who used to own the Premier League soccer club Chelsea. Abramovich was an early target of Western sanctions after the Kremlin first invaded Ukraine in 2022. After Murdoch stepped down as leader of both Fox News' parent company and his News Corp media holdings, his son, Lachlan, took his place in a media empire that spans continents and helped to shape modern American politics. Murdoch, whose net worth is pegged at $9.77 billion, according to the Bloomberg Billionaires Index, has been married four times before. Most recently, he was engaged to retired dental hygienist Ann Lesley Smith, whom he never married. He was previously married to model Jerry Hall, whom he divorced in the summer of 2022. His first three wives include Patricia Booker, Anna Murdoch Mann, and Wendi Murdoch. In 1952, Murdoch inherited a newspaper in his native Australia from his father. Over decades, he built a news and entertainment enterprise that became prominent in the United States and Britain, including ownership of such notable newspapers as The Times of London and The Wall Street Journal. Fox News Channel, the 24-hour network founded in 1996, has profoundly influenced television, becoming a popular news source among many conservative U.S. audiences and politicians.
Rupert Murdoch ties the knot for the 5th time in ceremony at his California vineyard 2024-06-02 20:31:00+00:00 - Media magnate Rupert Murdoch, 93, has married for the fifth time, his corporation, News Corp, confirmed Sunday. Murdoch and Elena Zhukova, a 67-year-old Russian-born retired molecular biologist, wed Saturday in a ceremony at his vineyard estate in Bel Air, California. Photographs of the newly married couple were released by News Corp. The couple announced their engagement in March. Murdoch was most recently married to model and actor Jerry Hall. They were wed in 2016 and divorced in 2022. Zhukova is the ex-wife of Alexander Zhukov, a billionaire energy investor and Russian politician. Their daughter, Dasha, was previously married to Russian billionaire Roman Abramovich, who used to own the Premier League soccer club Chelsea. Last fall, Murdoch stepped down as leader of both Fox News’ parent company and his News Corp media holdings. His son, Lachlan, took his place in a media empire that spans continents and helped to shape modern American politics. In 1952, Murdoch inherited a newspaper in his native Australia from his father. Over decades, he built a news and entertainment enterprise that became prominent in the United States and Britain, including ownership of such notable newspapers as The Times of London and The Wall Street Journal. Fox News Channel, the 24-hour network founded in 1996, has profoundly influenced television, becoming a popular news source among many conservative U.S. audiences and politicians.
Google: Tech giant's leadership and financial history, products, legal troubles, career opportunities, and more 2024-06-02 19:34:01+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Google is a global technology company best known for its search engine, which is the most widely used in the world. Google's founders met as graduate students at Stanford University and set out to catalog every page on the internet. However, in the years since, the multi-billion-dollar juggernaut company's offerings have expanded greatly, necessitating the creation of its parent company, Alphabet Inc. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Here's a look at Google's history and the array of products and services it offers today. Advertisement Google's history Larry Page is the son of two academics and was enthralled with technology from an early age. A biography of Nikola Tesla that he read at the age of 12 instilled his drive to build something that would change the world. Page did his undergraduate degree at the University of Michigan and then headed to Stanford to pursue his Ph.D. Google's other founder, Sergey Brin, came from much humbler beginnings: He was born in the Soviet Union in August 1973. His father was an economist who dreamed of being an astrophysicist, but he wasn't able to pursue those dreams due to antisemitism in the USSR. Brin's family fled to the US when he was 6. Brin earned his bachelor's degree from the University of Maryland and his Ph.D. from Stanford, where he met Page. Sergey Brin and Larry Page cofounded Google, and ran the company as a triumvirate alongside Eric Schmidt in its early years. JOKER/Martin Magunia/ullstein bild via Getty Images The pair didn't click at first — they found one another "obnoxious." But the classmates eventually grew to be close friends who could geek out about computer science together. They also had a shared love for Burning Man, which was the cause for the first Google Doodle (the temporary illustration on the search engine's homepage let visitors know the founders were out of office). Brin and Page began working on the search engine that would become Google in 1996, initially calling the project "BackRub." The google.com domain was officially registered in September 1997, and the company was incorporated in 1998. Advertisement In the company's early days, Brin, Page, and Eric Schmidt, a veteran tech executive, operated as a triumvirate (though Page considered himself CEO). However, Google's investors felt the company needed more experienced management. As a result, Schmidt became the first official, solo Google CEO in 2001. Page would again serve as chief executive after learning from Schmidt for 10 years, while Brin served as the president of technology. Google's services Google is, of course, best known for its search engine. At first, Google's search engine only indexed web pages. But in July 2001, Google Images launched in response to search interest in pictures of a green Versace dress Jennifer Lopez had worn in February 2000. Former Google CEO Eric Schmidt said the invention of Google Images exemplified what Google does best — innovate in response to demand. Michelle Mark/Business Insider; Scott Gries/ImageDirect via Getty Images The tech giant has introduced numerous other internet-based services over the years, with the goal of enriching users' experience on the web. Advertisement An early introduction was Google Adwords (Google Ads, today), which lets brands, businesses, influencers, and other paying customers place advertisements on various surfaces on the internet. The type of ad internet users see, how often it's served, and the quality of its placement all depend on the user's behavior and how much the advertiser spent. Another useful service for business owners is Google Business Profile, previously called Google My Business. This free tool allows entrepreneurs to influence how their company appears in Google search results. It's especially geared toward small, local establishments. Many of those businesses may also accept contactless, mobile payments through Google Pay, a secure digital payment platform. Transactions are tokenized and customers' credit card information is protected behind a passcode or biometrics like a fingerprint or face ID. Business owners and marketing professionals may also find value in Google Trends, which provides real-time data about Google users' search interest in billions of people, places, topics, and terms. Advertisement If there are particular people or topics you're interested in keeping tabs on, you can set up Google alerts to stay on top of the latest search results for each. Google productivity tools Google Workplace boasts productivity applications like Gmail, Google Meet, Google Calendar, and more. Lea Suzuki/The San Francisco Chronicle via Getty Images Google has a host of services designed to aid productivity. Many people use Google Calendar to manage their days, whether at work or personally. The collaborative service allows users to create and manage multiple calendars, which can also be shared with others, ensuring that families, coworkers, and others can stay on top of their daily tasks. Often used with the calendar program is Google Meet. The video communication app exploded during the pandemic, cementing itself as an essential service for remote workers and long-distance loved ones. Advertisement The company's online learning platform, Google Classroom, became another staple of pandemic life for millions of people worldwide while schools were closed. The system streamlines teachers' classroom management, allowing them to share announcements, host virtual lessons, distribute learning materials, and more. Another helpful tool for students is Google Scholar, which provides a simple way to search for academic literature. Google's productivity tools make real-time collaboration possible for students and workers alike. Multiple contributors can work on a presentation simultaneously thanks to Google Slides. Advertisement If you need to collect feedback or information from your audience or create a survey, Google Forms is the right tool. Google Forms creates charts based on respondents' answers, and you can dig deeper into the data by opening it in Google Sheets. The online spreadsheet editor is useful for calculations, statistical analysis, creating charts, and more. Fun features Of course, not all of Google's tools have such serious uses. Related stories Emoji Kitchen lets you mash together some of your favorite icons to create custom combinations. Advertisement Google Doodles add some whimsy to your day by highlighting historical moments and celebrating notable figures and even everyday things like the accordion or chilaquiles. Some of these temporary illustrations have been animated and interactive. Two of the most popular Google games, Snake and Pac-Man, originated as Google Doodles, commemorating the date of the games' invention. Travel tools Some Google tools simplify your travel planning and even help you navigate the real world once you reach your destination. Travelers find the cheapest airfare by comparing multiple airlines at once with Google Flights. The service even allows you to track prices and book your flight directly, without ever visiting the airline's website. Google Street View will give you a view of your destination before you even set foot on the ground. The tech giant deploys a fleet of specially-equipped cars and even backpack-mounted cameras to capture panoramic images of many of the world's roads, even in some of the most remote, rural areas. Advertisement Google Street View uses millions of images collected from its fleet of cars to show users what destinations around the world look like. Raymond Boyd/Getty Images Google Earth takes things even further, allowing you to explore the world in 3D from satellite images. With Google Earth or Street View, you can virtually visit world-famous landmarks without ever leaving your couch. If you're traveling to a destination where you don't speak the primary language, or even if you've just landed on a foreign webpage online, Google Translate will be super helpful. The free app supports 133 languages and can interpret text, audio, or images. Google Lens is another handy tool for exploring the real world. For example, if you're trying to identify a beautiful plant you came across in your travels, simply point your camera at it and Google will pull up information about it. Finally, use Google Photos to manage all the pictures you take of your trip and share them with loved ones. Advertisement Google AI Like virtually every other tech company, Google is turning its attention to artificial intelligence. Google's Gemini AI, formerly known as Bard, is a family of multimodal large language models that can recognize and understand text, images, audio, video, and code to produce human-like responses. Google's generative AI launched in December 2023 to rival OpenAI's ChatGPT. The company claims it can help with a variety of tasks ranging from summarizing information to helping with writing to analyzing massive datasets. Google has been hard at work integrating its Gemini AI into nearly all of its products, from its productivity suite to the actual search engine itself. Sundar Pichai, the current CEO of Google and its parent company Alphabet, declared that Google would be an "AI-first company" and said Gemini is "one of the biggest science and engineering efforts we've undertaken as a company." Google is gradually incorporating its Gemini large language model into multiple products and services, including Gmail, Google Meet, and more. Michael M Santiago/Getty Images Gemini's success remains to be seen. At Google I/O 2024, the company's annual development conference, a demo showed the tech's integration into a pair of smart glasses. The demo called to mind a failed Google product: Google Glass, a set of smart glasses launched in 2012 and discontinued nearly a decade later. Perhaps the product was just ahead of its time, and Google's Gemini AI can give it new life. Advertisement Google acquisitions Not all Google products and services have been completely homegrown. The company has made numerous significant acquisitions over the years. In 2006, Google acquired the video-sharing platform YouTube for $1.65 billion. It's a major revenue source for the company, with more than 100 million subscribers globally as of early 2024. Another major purchase came in January 2013: Google bought Waze, the traffic and navigation app, for $1.3 billion. The key difference between Waze and Google's in-house navigation app, Maps, is that Waze users can report hazards like accidents, impaired vehicles, speed traps, and road closures so the app can adjust the suggested route in real time. The following year, Google acquired DeepMind, an AI research lab based in London. Google DeepMind is working to create artificial general intelligence, often called AGI, which is different from generative AI products like Gemini, chatGPT, and CoPilot. These generative AI systems can produce human-like responses to a set of specific tasks. By contrast, artificial general intelligence is designed to mimic or even surpass human intelligence for a broader range of tasks. Advertisement In 2015, Google restructured and formed a holding company called Alphabet Inc. so Google could narrow its focus and allow these acquired companies to continue operating independently. Some research projects that began their development at Google get spun off as separate subsidiaries of Alphabet, as is the case with Waymo, which began as Google's Self-Driving Car Project. Waymo is Google's robotaxi service, currently available in Phoenix, San Francisco, and Los Angeles. Patrick T. Fallon/AFP via Getty Images Legal challenges Google's leading-edge technological advancements and global dominance across so many industries have drawn criticism — and litigation. The company has faced hundreds of high-profile controversies and subsequent lawsuits over privacy, intellectual property, discrimination, advertising, and defamation. Despite being a multibillion-dollar juggernaut, it hasn't always won. The most consequential lawsuits Google faces today were brought by the US government over antitrust concerns. One case alleging Google illegally suppressed competition in the search engine industry already went to trial in 2023 but is still awaiting a verdict. The other case concerns Google's online advertising strategies and is set to go to trial in September 2024. In that lawsuit, the government claims that Google illegally abused its monopoly over the digital advertising market by acquiring competitors and forcing publishers to adopt Google's own advertising tools, thereby suppressing the growth of rival technologies. Advertisement Google has denied wrongdoing in both cases. Both lawsuits could have massive implications for internet users as well as the company. The internet as we know it could be greatly reshaped by the outcomes of these trials, especially as other major tech juggernauts Amazon, Apple, and Meta face similar litigation. Also in 2024, a federal jury ordered Google to pay $12 million in damages for infringing on internet voice-calling patents with Google Voice, its service that lets you merge multiple phone numbers into a single number. Google's financial history Google's IPO took place in August 2004 at an initial share price of $85. Alphabet (Google) stock has undergone three splits in its history, most recently in 2022. Google's earnings are reported quarterly. In its most recent earnings report, revenue was up 15% year over year to $80.5 billion. The company also issued its first-ever $0.20 per share dividend. Advertisement On the earnings call, CEO Sundar Pichai credited the revenue bump to "strong" performance from Google Search, YouTube, and Google Cloud Platform, the company's pay-as-you-go cloud computing service vendor. Despite these positive results, tens of thousands have lost jobs as part of Google layoffs in 2023 and 2024, with more job cuts expected. Pichai said in January that the company would continue "removing layers to simplify execution and drive velocity" in key areas. Working at Google Google boasts a sprawling campus in Mountain View, California, known as the Googleplex. Anadolu/Getty Images Jobs and careers at Google are highly coveted in the tech industry. Google has long reigned as one of the best companies to work for in the US. The Googleplex, Google's headquarters in Mountain View, California, famously boasts luxurious amenities like swimming pools, massage rooms, whimsical art, and more. The company's other global offices feature similarly plush perks. Advertisement It's quite difficult to become a Google employee, though: Google is notoriously selective when it comes to hiring, and its multi-step process is highly competitive.
How 3 Chilean Brothers Built A Global Cannabis Platform Embraced By Big Sponsors Like Adidas And Crocs - adidas (OTC:ADDYY), Crocs (NASDAQ:CROX) 2024-06-02 19:22:00+00:00 - Loading... Loading... It was the year 2013 and Santiago, Chile’s capital, was unknowingly about to become the epicenter of a digital phenomenon that would redefine the perception of cannabis in the Spanish-speaking world. Simón, Pascual and Joaquín Espinosa, three brothers with unparalleled vision and connection, breathed life into En Volá, a project that started as an exchange of humor-filled messages and deep reflections under the influence of marijuana. This exchange, initially private, found its way into the public domain thanks to a friend who saw potential in their conversations. "I really like this story," Simón recalls, "it happened in 2013... One day, a good friend accidentally read our conversations and... emphatically told us that we should publish them." The Espinosa Brothers. COURTESY OF EN VOLÁ As En Volá began to take shape, the country's cannabis market was in a promising growth phase. While nascent at the time, it's estimated that cannabis market revenues in Chile reached $175.7 million in 2023, with an expected annual growth rate of 16.76% until 2028. This economic potential reflects not just the growing acceptance and regulation of cannabis in Chile but also in many other countries in Latin America and Spain, where the market size is even bigger. Countries like Argentina, Uruguay and Colombia have already regulated cannabis for either medical or adult use, with sales already in the hundreds of millions of dollars per year. In this context of expansion and change, En Volá positioned itself not just as a pioneer in digital cannabis content in Spanish but also as a key player in the emerging cannabis industry, connecting with an increasingly wide and diverse audience seeking information, education and cannabis-related products. The creation of En Volá wasn't just about launching a website; it was the beginning of a cultural dialogue that would address cannabis topics from a perspective never before seen in the region. With a focus on user-generated content at first, the project quickly evolved into a cannabis content platform that has now accumulated nearly 62 million views on YouTube alone. This compares to Cannacribs’ 31 million views, House of Weed’s 49 million and Forbes’ 200 million; not too shabby, right? "A community quickly began to grow around this portal," Simón notes, highlighting the rapid acceptance and explosive growth of En Volá. All one needs to do is walk the streets of Santiago de Chile with Simón to realize how beloved the platform and its team members are: not one hour will pass without Simón being stopped by a random person asking for a selfie or looking to deliver a gift. What started as a modest Tumblr blog transformed into an authoritative voice in cannabis culture, both nationally and internationally. The company’s strategy, deeply rooted in listening to its community, allowed the Espinosa brothers and their team to capture the needs and curiosities of their audience. This closeness with followers became the engine of their growth: "The base of our strategy is quite simple: we listen to our community, or read them, actually," Simón says. Humor And The Mainstreaming Of Cannabis Simón wearing Crocs. COURTESY OF EN VOLÁ The leap from a blog to becoming a phenomenon on digital platforms like YouTube and Instagram not only demonstrates the team's ability to adapt and evolve but also its commitment to creating content that educates, entertains and connects the global cannabis community, all at the same time. Authenticity and genuine interest in cannabis have been key to attracting meaningful collaborations, including renowned brands like Adidas and Crocs, which no longer see weed as a niche or fringe topic, but rather as another customer demographic to tap into through colorful winks to its culture. "That genuine interest is what makes our content organic," explains Simón, underlining how a passion for the subject has allowed En Volá to transcend the cannabis niche and capture the attention of a broader audience. Beyond content, this is a story of innovation and entrepreneurship. Simón’s curiosity and entrepreneurial spirit led him to venture into the business of importing and distributing cannabis paraphernalia, addressing the lack of quality options in the local market. "I began to research and realized that other people, in other parts of the world, had the same concern," he recalls. This entrepreneurial venture not only complemented the platform’s content but also reinforced its position as a leader in cannabis culture, showing that its commitment went beyond words and translated into concrete actions to improve the cannabis consumer experience. As En Volá solidified its digital presence, its focus expanded beyond entertainment to embrace a deeper mission: to educate and change the public perception of cannabis. This evolution reflects a commitment to empowerment through information, responding to a palpable need for knowledge in a society marked by decades of stigmatization and misinformation about cannabis. "We realized that the lack of information was absolute," comments Simón, emphasizing the importance of education in building an informed and conscious community. In this context, the venture morphed into an educational resource, using humor and creativity as tools to make information about cannabis accessible and easily digestible. It was not a lecture or a TED Talk, it was now edutainment. The strategy of combining entertainment with education proved to be a resounding success, allowing the team's message to reach a wide and diverse audience "by delivering our message to many people who probably wouldn't have been willing to listen if they hadn't been laughing while watching our videos." The collaboration with recognized brands, including Adidas, marked a milestone in En Volá's trajectory, evidencing the cultural shift around cannabis and its growing acceptance in the mainstream. These collaborations, far from diluting the platform’s essence, reinforced its identity and mission to destigmatize cannabis. "We have never felt that cannabis is a niche; quite the contrary, cannabis is mainstream," asserts Simón. As the team navigated the complex legal and social challenges inherent to the cannabis space, it remained steadfast in its commitment to education and legality. The strategy to overcome these obstacles consisted in delving into the knowledge of legislation and civil rights. "The most important thing has been to educate oneself and strictly advise on our drug law, our institutions, media law and civil rights," notes Simón, demonstrating the importance of playing by the rules, even when seeking to change the game. Loading... Loading... Global Ambitions The upward trajectory of En Volá has been marked not only by its cultural impact and innovative content approach but also by its strategic vision toward expansion and diversification. Looking to the future, Simón envisions a plethora of opportunities, not just in terms of audience growth but also in exploring new markets and diversifying its content offering. "We will continue to nurture that relationship [with our audience] and grow with new content in more and more Spanish-speaking countries," affirms Simón. Pascual Espinosa. COURTESY OF EN VOLÁ This international focus is not a distant aspiration but a reality in the making. En Volá's resonance has already crossed Chile's borders, finding echo in Latin American countries, Spain and areas where Hispanics have significant cultural and economic influence, like Florida and California, a reach that stands as a testament to the platform’s ability to adapt and resonate in different cultures, demonstrating the universality of its message and the relevance of cannabis as a subject of global interest. But En Volá's influence extends beyond content creation, positioning itself as a vital bridge between consumers and the cannabis industry. The platform has emerged as an invaluable resource, offering a unique mix of educational, informative and entertaining content. This unique position in the market has not only consolidated the business’ initial success but also broadened its impact. "We have helped foreign companies enter our market and also numerous local companies enter markets in the Northern Hemisphere," Simón comments. Adaptability and foresight have been crucial to En Volá's continued success amid the challenges of the digital content industry. "Being on all platforms is very wise, understanding that, any day, a social network could shut us down," mentions Simón, bringing up the constant closures that cannabis-related pages grapple with on social media platforms, especially on Instagram and TikTok – a topic we’ll explore in detail in an upcoming story. This strategy has allowed En Volá to remain relevant and appealing to its audience, even in a constantly evolving and hard-to-navigate digital landscape. 'Trust Your Instinct' En Volá's commitment to its original roots and values remains a fundamental pillar of its long-term strategy, Simón argues. The deep connection with its origin and community is key to establishing a lasting legacy. En Volá inspires and empowers, fostering an environment of learning and collective growth. "Our editorial line has always been clear: creativity, humor, and education," he states. The legacy of En Volá, palpable in every viewed video, recommended product and challenged stigma, is a story of how passion, creativity and genuine commitment can transform a cultural space. The Espinosa Brothers and their team have navigated the complex cannabis landscape with a mix of boldness and wisdom, proving that it's possible to be a positive agent of change in an industry surrounded by controversy. What’s more, this story is a testament to the power of conscious communication and digital activism. Looking to the future, Simón does not see En Volá simply as a content platform but as a key agent helping drive the transformation of the perception and understanding of cannabis globally. "Our vision is to be a reference not just in content, but also in the way society perceives and understands cannabis," he emphasizes. This ambition reflects a commitment not just to the growth of the platform but to the broader social and cultural impact of its work. Simón Espinosa gets high. COURTESY OF EN VOLÁ The true legacy of En Volá, however, transcends follower numbers or brand collaborations. It lies in the personal stories of change, in conversations between parents and children, in the relief of those who found a medicinal solution in cannabis and in the entrepreneurs inspired by its example. "It's been very exciting, hearing the stories of thousands of children who repeat 'Thanks to you, I was able to explain to my parents why I smoke,' and thousands of parents who answer 'Thanks to you, I was able to talk about the topic with my children'," shares Simón, highlighting the emotional and personal impact of En Volá on its community. In a world where digital content is ephemeral and attention is fleeting, En Volá has managed to create something enduring: an informed, empowered and connected community. Constant adaptation to the digital content industry has been crucial, allowing the platform to not just survive but thrive. "The digital content and entertainment industry is very dynamic... change is permanent and desirable," reflects Simón. This proactive approach to innovation and adaptability has been key to its continuous growth and relevance. Finally, Simón's advice to other content creators looking to delve into niche topics like cannabis resonates with a call to authenticity and passion: "Always trust your instinct and, if you are able to identify your passion in this world, chase it." These worlds encapsulate the essence of what has made En Volá a phenomenon: an unbreakable passion for the subject, a commitment to authenticity and an unwavering dedication to education and empowering its audience. En Volá positions itself not just as a media outlet but as a catalyst for cultural and social change in the perception and understanding of cannabis. As the world moves towards greater acceptance and recognition of cannabis, the platform’s contribution to this shift cannot be underestimated. Its story is an inspiration for future generations and a shining example of how to tackle complex topics with humor, honesty and an indefatigable creative spirit. Follow me on Twitter or LinkedIn. Check out my website or some of my other work here. This article was originally published on Forbes and appears here with permission. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
Take-Two CEO seems totally over questions about 'Grand Theft Auto 6' release date 2024-06-02 19:19:52+00:00 - Take-Two's CEO often gets asked about the release date for "Grand Theft Auto 6." When asked last week about a PC release date, he seemed entirely fed up. RockStar Games has said it plans to release 'Grand Theft Auto 6' on consoles next year. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Take-Two's CEO appears to be getting tired of answering questions about when — or if — "Grand Theft Auto 6" will be released. Take-Two, which is the parent company of "GTA"-maker Rockstar Games, announced last month that "GTA 6" would be released next year. But the game's initial release will only be available on the PlayStation and Xbox. No release date for the PC has been set. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Nvidia reveals new chip named after an astronomer who discovered dark matter 2024-06-02 19:15:11+00:00 - Nvidia CEO Jensen Huang revealed the Rubin platform at Computex in Taipei. The Rubin, named after astronomer Vera Rubin, comes just months after Nvidia unveiled Blackwell. Nvidia aims to expand its customer base across various industries amid rising AI demand. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Nvidia is on a roll. CEO Jensen Huang hesitantly revealed Rubin, the company's latest AI platform, at the Computex conference in Taipei on Sunday. The announcement comes less than three months after Nvidia unveiled its predecessor, the Blackwell chip. Huang didn't offer too many specifics. He described the Rubin as the company's "next-generation platform" and said it will rely on HBM4, the next iteration of the essential high-bandwidth memory. He also noted that Nvidia plans to develop chips on a "one-year rhythm" and that the Rubin would be followed by the Rubin Ultra. The new chip will begin shipping in 2026. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
How Can Cops Tell The Difference Between Marijuana And Hemp? Feds' New Techniques Simplify The Process 2024-06-02 19:15:00+00:00 - Loading... Loading... This article was originally published on Cannabis.net and appears here with permission. Researchers funded by the federal government have unveiled novel techniques for distinguishing between marijuana and hemp by precisely measuring the THC levels in both flowers and edibles. The National Institute of Justice (NIJ), a branch of the Justice Department, is championing the findings from two research endeavors it sponsored, focusing on refining cannabis lab testing. These findings are being disseminated to specific law enforcement agencies. The primary goal of these projects was to streamline testing procedures to address the increasing backlog in crime labs, exacerbated by the federal legalization of hemp with THC levels of up to 0.3 percent under the 2018 Farm Bill. This legalization has complicated cannabis-related cases. According to a recent update by NIJ, existing testing methods fall short of accurately quantifying THC levels in samples. However, the researchers supported by NIJ have made a breakthrough by utilizing two distinct forms of mass spectrometry—gas chromatography-mass spectrometry (GC-MS) and direct analysis in real time-high-resolution mass spectrometry (DART-HRMS)—to isolate THC content, along with other cannabinoids. Pioneering Techniques The GC-MS methodology was pioneered by a team at the National Institute of Standards and Technology (NIST), enabling them to extract THC from samples and conduct precise cannabinoid content analysis. The Department of Justice (DOJ) initially disclosed in 2020 its allocation of $350,000 in funding to NIST for this research endeavor. Conversely, the DART-HRMS approach presents a solution to another complexity in cannabis testing encountered in forensic laboratories. This method facilitated the determination of THC levels in various products such as baked goods, candies, beverages, and plant materials with minimal pre-treatment requirements. Rabi Musah, the primary researcher on the DART-HRMS team, envisions that the accelerated utilization of DART-HRMS for THC detection in cannabis samples could mitigate testing backlogs, reduce chemical reagent expenses, and streamline analysis protocols, as noted by NIJ. NIST's GC-MS technique has already catalyzed the development of new standard operating procedures for laboratories, with outcomes integrated into training procedures for law enforcement entities like the Montgomery County Police Department and Maryland State Police. Furthermore, in 2022, U.S. Customs and Border Protection (CBP) issued a call for portable marijuana analyzers to expedite cannabinoid profile identification and aid in differentiating between marijuana and hemp. In a separate initiative, the Drug Enforcement Administration (DEA) announced in 2019 its pursuit of a device capable of distinguishing between hemp and marijuana, particularly since the legalization of the former crop. The ramifications of hemp legalization became evident in Texas, where marijuana possession arrests decreased by nearly 30% from 2018 to 2019 after the state legalized the non-intoxicating cannabis crop. Subsequently, prosecutors in Texas dismissed numerous low-level cannabis cases following hemp legalization. In 2020, officials announced that laboratories would no longer conduct testing in misdemeanor cases, citing capacity limitations within the Department of Public Safety. Meanwhile, stakeholders in the hemp industry and agricultural officials nationwide are urging Congress to increase the THC limit for hemp to one percent by dry weight. A researcher from the Department of Justice recently questioned the rationale behind the current 0.3 percent THC limit, suggesting it was arbitrarily based on a decades-old anecdote. Advancements in Law Enforcement Procedures The integration of novel testing methods heralds a significant shift in law enforcement strategies concerning cannabis-related cases. Crime lab forensic studies have advanced to a new level of paradigm with the use of the DART-HRMS method and the GC-MS technology developed by NIST. Law enforcement officers will be able to distinguish between marijuana and hemp with remarkable accuracy thanks to these state-of-the-art approaches, which promise increased precision and efficiency. By integrating these advanced technologies into routines for standard operating procedures and training, law enforcement organizations are providing their staff with the necessary resources to handle the complex terrain of changing cannabis laws. This revolutionary method improves the ability to conduct investigations and makes it easier to comply with state and federal laws on cannabis. Law enforcement organizations may ensure compliance with the ever-changing legal framework pertaining to cannabis cultivation, distribution, and use while efficiently upholding justice with the use of these cutting-edge tactics. Officers will be better prepared to handle the issues raised by the legalization of cannabis and its effects on law enforcement procedures as they become used to these innovative techniques. Legal and Regulatory Implications of Hemp Legalization Loading... Loading... The legalization of hemp with THC levels of up to 0.3 percent under the 2018 Farm Bill has sparked significant legal and regulatory ramifications. This legislative shift has not only complicated cannabis-related cases but has also necessitated a reevaluation of existing law enforcement protocols. As prosecutors and law enforcement officials grapple with the distinction between marijuana and hemp, the landscape of criminal justice procedures undergoes notable evolution. The dismissal of numerous low-level cannabis cases in states like Texas following hemp legalization underscores the profound impact of this legislative change on law enforcement practices. Furthermore, the proposal to raise hemp's THC limitations to 1% of dry weight is indicative of continuing discussions about federal cannabis legislation. The debate over THC restrictions highlights the necessity for a nuanced approach to cannabis regulation as advocates for legislative changes, including agricultural officials and hemp sector players, are in favor of it. In the meanwhile, the Department of Justice's examination of the present THC restriction of 0.3 percent emphasizes how crucial evidence-based policymaking is to determining how cannabis legislation will develop in the future. Stakeholders from a variety of industries must negotiate the tricky convergence of legal, scientific, and sociological factors surrounding the legalization of hemp as regulatory frameworks continue to change. Bottom Line The integration of novel cannabis testing methods, including DART-HRMS and GC-MS, marks a significant advancement in law enforcement's ability to differentiate between marijuana and hemp, streamlining investigative procedures and ensuring compliance with evolving legal frameworks. These state-of-the-art technologies promise heightened precision and efficiency, empowering law enforcement agencies to navigate the complexities of cannabis-related cases with unprecedented accuracy. As debates surrounding THC limits and federal cannabis legislation persist, stakeholders must engage in evidence-based policymaking to shape the future of hemp regulation. By staying abreast of legal and regulatory developments, law enforcement agencies can adapt their procedures accordingly, ensuring justice is served while upholding compliance with the law, thus paving the way for more effective practices in the dynamic landscape of cannabis legalization. This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
Nvidia announces new AI chips months after latest launch as market competition heats up 2024-06-02 19:07:00+00:00 - Jensen Huang, co-founder and chief executive officer of Nvidia Corp., during the Nvidia GPU Technology Conference (GTC) in San Jose, California, US, on Tuesday, March 19, 2024. Nvidia on Sunday unveiled its next generation of artificial intelligence chips to succeed the previous model, which was announced just months earlier in March. Nvidia CEO Jensen Huang announced the new AI chip architecture, dubbed "Rubin," ahead of the COMPUTEX tech conference in Taipei. Rubin comes months after the March announcement of the upcoming "Blackwell" model, which is still in production and expected to ship to customers later in 2024. Huang's announcement of Rubin appears to quicken the company's already-accelerated pace of AI chip advancement. Nvidia has pledged to release new AI chip models on a "one-year rhythm," as Huang put it on Sunday. The company had previously been operating on a slower two-year update timeline for chips. The turnaround from Blackwell to Rubin was a matter of less than three months, underscoring the competitive frenzy in the AI chip market and Nvidia's sprint to preserve its dominant spot. AMD and Intel are two major competitors working to catch up, though their gross margins trailed Nvidia's in the most recent fiscal quarter. Companies like Microsoft , Google and Amazon are also vying for Nvidia's top spot, even as they are simultaneously some of Nvidia's biggest patrons. A flurry of startups are also working to enter the space. "Today, we're at the cusp of a major shift in computing," Huang said Sunday. "With our innovations in AI and accelerated computing, we're pushing the boundaries of what's possible and driving the next wave of technological advancement." The Rubin chip platform will have new GPUs, the crucial graphic processing technology that helps train and launch AI systems. It will come with other new features like a central processor called "Vera," though the Sunday announcement did not provide many details. Shares of Nvidia were relatively flat at Friday's market close with shares trading at $1,096.
The New York Times removes some mentions of union work from staff bios 2024-06-02 18:39:19+00:00 - The New York Times removed details about union work from its staff's bios. Language about the union's effort to make the Times "fair and equitable" was scrubbed. The Times Guild said the edits to bios post-publication were 'petty.' Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Some staffers at The New York Times say the company removed some mentions of their union work from their public-facing staff biographies. It comes after the Times asked its reporters to tell the audience a little more about themselves — and then snatched the metaphorical mic away when reporters used the opportunity to detail their union work, according to reports. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
The Guardian view on taxing billionaires: we need to talk about the super-rich | Editorial 2024-06-02 18:31:00+00:00 - In his book The Society of Equals, the leading French sociologist Pierre Rosanvallon identifies the rise of the global super-rich as inimical to a shared social order. “The secession of the wealthy,” writes Prof Rosanvallon, means that “the richest sliver of the population now lives in a world unto itself”. Tax avoidance is perhaps the most obvious and resented way in which this “separatism” of the rich manifests itself. Whether through silting their money away in tax havens, or exploiting loopholes and using creative accounting, the world’s billionaires these days pay a far smaller proportion of their income to fund public goods than the rest of us. In the 1960s, the 400 richest Americans paid more than half their income in taxes. By 2018, it was less than a quarter. At a time when governments around the world are struggling with high levels of debt, and facing dramatic challenges such as dealing with the consequences of the climate emergency, this crazy, upside down state of affairs should be seen as intolerable. Such glaring inequity undermines the bonds of reciprocity and trust that sustain healthy societies. But for too long reform has been judged too difficult and too complicated, despite being enthusiastically backed by voters. Happily, there are signs that, at least at an international level, the political mood is shifting. In July, G20 finance ministers will discuss new proposals for an annual 2% global tax on the wealth of the world’s 3,000 or so billionaires. According to the French economist Gabriel Zucman, the architect of the plan, the wealth tax could raise $250bn a year – more than the recently established global minimum tax on corporations, and roughly the cost of the economic damage wrought by extreme weather events in 2023. Ahead of the G20, the governments of Brazil (which holds the presidency), France, South Africa and Spain have expressed support for Prof Zucman’s idea. Despite such backing, the path to actually introducing such a tax is likely to be long and tortuous. Watertight criteria for assessing different types of wealth and assets would have to be worked out and, crucially, a way found to deal with non-participating tax jurisdictions. Prof Zucman believes neither of these problems to be insuperable; other sympathetic experts in the field have reservations. And as was the case with a proposed “Robin Hood” tax on financial transactions in the 2010s, there would inevitably be a ferocious resistance campaign on behalf of some of the world’s most powerful individuals. None of that should prevent a necessary and overdue debate from beginning in earnest in Brazil next month. In the UK, the refusal by both main parties to contemplate wealth taxes flies in the face both of popular sentiment and the needs of the country, following the economic shocks of the pandemic and the war in Ukraine. But globally, the successful implementation of the minimum corporation tax suggests that an age in which footloose, mobile capital could please itself may be coming to an end. States provide the healthcare, education and infrastructure that allow the very wealthy to make their money. Dodging the obligation to pay a fair share of the costs involved should not be an option. In seeking a declaration to that effect in July, Brazil will be doing the rest of the world a favour.
Mississippi officials oppose plan to house migrant children at old Harrah’s Tunica hotels 2024-06-02 18:28:14+00:00 - TUNICA, Miss. (AP) — Local officials won’t support a proposal to house unaccompanied migrant children at two former casino hotels in northwest Mississippi. The Tunica County Board of Supervisors voted 3-2 on Thursday against issuing a letter of support after opposition from Mississippi’s Republican state officials and the local sheriff, local news outlets reported. Shantrell Nicks is an attorney working for a company called Rapid Deployment, which wants to reuse the vacant hotels. She said during the meeting a letter of support from the county would have been an important part of the company’s proposal to the federal government. WHBQ-TV reported that proposal is due Monday, although it’s unclear what happens now. Nicks told people attending the meeting that the facility would hold up to 250 children aged 17 and younger, not the 2,000 previously discussed, WREG-TV reported. She said that the facility would hire local employees and operate up to five years, that there would be no visitors, and that the children and teens would stay contained inside. “There’s no strain to the local government as a result of this temporary children’s shelter,” Nicks said. “We are not going to attempt to enroll these children in local schools.” The hotels were part of the Harrah’s casino complex, which closed in 2014. The casino was demolished, and other proposals to reuse the hotels have not succeeded. Supervisors took the vote after again debating the plan in a closed session. Both of Mississippi’s U.S. senators as well as a number of other Republican officials had opposed the plan. “Many of my constituents had raised concerns about this project’s impact on the community,” U.S. Sen. Roger Wicker said in a statement Friday. “It was clear that Tunica County’s health care, transportation, and other services were not prepared for this sudden influx. I am glad this decision has been halted for now, but I am still worried about a similar proposal in the future.” Wicker send a letter to the U.S. Department of Health and Human Services on Thursday opposing the plan. Tunica County Sheriff K.C. Hamp said earlier that the county doesn’t have resources, including a hospital, to care for immigrants, and they would have to be taken to neighboring communities. Some other local officials said they preferred efforts to redevelop the complex to enhance tourism and gambling in Tunica County. Harrah’s opened in 1996 as the Grand Casino and was conceived on a grand scale, topping out with 1,356 hotel rooms across three buildings. Its now-demolished casino floor was the largest between New Jersey and Las Vegas. Tunica’s casino market has been in decline for more than a decade, While it was once the nearest gambling destination to parts of the South and Midwest, most of those states now have their own casinos. A casino in West Memphis, Arkansas, has also lured away patrons.