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Wayfair set to open its first physical store. Here's where. 2024-04-18 22:18:00+00:00 - Wayfair is laying off more than 1,600 workers Wayfair is laying off more than 1,600 workers 00:24 Wayfair is opening its first physical store next month in suburban Chicago, the Boston-based online furniture and home furnishings seller announced on Thursday. The 150,000-square foot large-format store is located in Edens Plaza in Wilmette, Illinois, and will open its doors on May 23. Reminiscent of Ikea's store format, Wayfair's location will include a restaurant called "The Porch," the company said. Wayfair has opened test stores for some of its other brands, including Joss & Main and AllModern. Founded in 2002, the company generated $12 billion in sales in 2023. The retailer in January laid off 1,650 workers, or 13% of its global workforce. That came after the company reduced its headcount by 1,750 in 2023. It employs more than 13,000 people in North America and Europe. Wayfari has struggled with a dwindling customer based as the pandemic wound down and people returned to the office and began spending less time at home.
Trump trial live updates: A 12-person jury has been seated after three days 2024-04-18 21:52:00+00:00 - Trump ripped the jury selection process in his historic New York criminal trial yesterday, the day after the first seven jurors were selected out of a pool of almost 100 people. Posting about the hush money trial on its scheduled off-day, Trump — who has repeatedly accused the judge in the case of being biased against him — suggested incorrectly that he should be entitled to unlimited strikes of potential jurors in his criminal case. “I thought STRIKES were supposed to be ‘unlimited’ when we were picking our jury? I was then told we only had 10, not nearly enough when we were purposely given the 2nd Worst Venue in the Country,” he wrote on Truth Social before he decried the criminal cases against him as “election interference” and part of a “witch hunt.” Under New York law, each side does have an unlimited number of strikes “for cause,” but Merchan, the judge presiding over the case, can decide whether or not that cause is worthy of a strike. Show more
As electric car sales slump, Tesla shares relinquish a year's worth of gains 2024-04-18 21:38:00+00:00 - Tesla shares on Thursday dipped below $150 a piece, relinquishing a year's worth of gains as the automaker struggles with decelerating electric vehicle sales and mounting competition. Continuing a dismal year for Tesla investors, the stock on Thursday fell $5.52, or 3.5%, to close at $149.93, leaving shares down more than 39% this year. The stock last traded at the $150 level in January 2023. Tesla sales plummeted last quarter as competition increased and EV sales slow. The company said it delivered roughly 387,000 vehicles from January through March, undershooting analyst forecasts and nearly 9% below the 423,000 it sold in the year-ago period. With Tesla hitting a soft patch, news surfaced this week that the company plans to cut at least 10% of its global workforce in a bid to cut costs. "There is nothing I hate more, but it must be done," Tesla CEO Elon Musk wrote in a memo to staff. "This will enable us to be lean, innovative and hungry for the next growth phase cycle." Tesla on April 23 is expected to report a drop in first-quarter earnings, and Wall Street will be looking for answers on the company's conference call. Tesla is also under pressure to deliver on its previous pledge to roll out a more affordable EV, dubbed the Model 2, amid reports the project is delayed. "We need to hear the rational for the cost-cutting, the strategy going forward, product roadmap and an overall vision from Musk, otherwise many investors might head for the elevators during this category 5 perfect storm of weak demand that Tesla is seeing globally in 2024," Wedbush Securities analysts said in a report. Electric vehicle sales rose only 2.7% to just over 268,000 in the first quarter, down from the 47% jump that fueled record sales in 2023, according to CBS News Detroit. For Musk, the timing of the planned layoffs of thousands of workers is awkward. Tesla also filed this week to have shareholders vote again on a controversial $56 billion compensation package awarded to Musk for 2018. A Delaware judge voided the pay arrangement in January after lawyers for shareholders argued that Musk had set the terms in sham negotiations with directors beholden to him. In a proxy filing on Wednesday, Tesla also stated it would hold a vote on moving its state of incorporation to Texas from Delaware. Tesla is set to hold its annual shareholders meeting on June 13. —The Associated Press contributed to this report.
White House will 'make sure gas prices remain affordable' heading into summer, Biden advisor says 2024-04-18 21:36:00+00:00 - Gasoline futures have risen nearly 29% this year with prices at the pump currently averaging $3.67 a gallon, according to the motorist association AAA. U.S. crude oil has gained 15% year to date on stronger demand, tighter supplies due to OPEC+ production cuts and mounting geopolitical risks in the MidEast and Eastern Europe. "There are of course things that have been done in the past and we'll continue to very closely monitor, make sure that gas prices remain affordable for so many American families going into the summer driving season," National Economic Advisor Lael Brainard said at Semafor's World Economy Summit. President Joe Biden's top economic advisor said Thursday the White House will "make sure gas prices remain affordable" when asked whether the administration would consider tapping the Strategic Petroleum Reserve. "We're highly attentive to the international oil markets and domestic gas prices. We'll continue to monitor closely and want to make sure that those gas prices remain in current ranges," Brainard said. U.S. crude oil hit a high of $87.67 per barrel this year before pulling back to around $83 a barrel. Iran's unprecedented weekend air assault on Israel has raised fears that an Israeli counterattack could trigger a wider war in the region that impacts crude oil supplies. The White House is keeping a close eye on "geostrategic risk" in the Middle East, Brainard said. And Ukraine's repeated drone strikes on Russian oil refineries also have the Biden administration concerned about their effect on prices. Defense Secretary Lloyd Austin told Congress last week that those attacks could have "a knock-on effect in terms of the global energy situation." White House climate advisor John Podesta said Tuesday that Biden "will do what he can to make sure" gasoline is affordable, noting that the administration has in the past tapped the Strategic Petroleum Reserve to ease prices at the pump. The White House released 180 million barrels from the SPR in 2022 as oil and gas prices surged in the wake of the Russian invasion of Ukraine. The reserve currently stands at about 365 million barrels, the lowest level in decades, a point of contention with Republicans in Congress. Russia's decision to deepen its cuts by 470,000 barrels per day to meet its pledges to OPEC+ could prove particularly problematic, according to a March research note from JPMorgan. The price of global benchmark Brent crude oil could approach $100 by September — just two months before the November presidential election — without countermeasure, according to the firm. The chances of another release from the SPR will rise if gasoline prices move closer to $4 per gallon, which could happen as soon as May, according to JPMorgan. Despite the SPR's low levels, the Biden administration has space to release another 60 million barrels of crude oil, according to the bank. Oil prices have pulled back more than 3% this week as war fears eased along with Israel's decision not to strike back immediately against Iran, but the situation remains highly uncertain. Daniel Yergin, vice chairman of S&P Global, said oil prices above $90 a barrel presents a problem for the broader market. "It's also a problem for inflation in general, and it's a real problem if you're an incumbent running for reelection," Yergin told CNBC's "Squawk Box" earlier this month.
How the US Army botched a $1 billion upgrade of the Stryker armored vehicle's gun 2024-04-18 21:28:33+00:00 - The US Army moved fast to arm its Stryker armored vehicles with a powerful autocannon. The 30mm gun would even the odds with Russian and Chinese troop carriers. But the Army put in a large order before ensuring the first turrets worked properly. NEW LOOK 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. Advertisement Fearing that its Stryker armored vehicles were outgunned by Russian and Chinese designs, the US Army had an idea for a quick fix: Develop an unmanned Stryker turret with a 30-mm autocannon. But cutting corners in the $1 billion project has led to hardware and software issues that mean the more lethal Strykers won't be available until at least the end of 2024, a year later than scheduled. "In prioritizing cost savings and rapid fielding, the Army assumed additional production risks because it did not follow sound acquisition practices," according to a Government Accountability Office report. Though Army leaders said in December 2023 that software issues had been fixed, war clouds in Europe and Asia raise the prospect that Stryker units might go into battle against Russian and Chinese armored vehicles that are more heavily armed. Compared to ultra-complex projects such as the F-35 stealth fighter, developing a small remote-controlled turret for an armored vehicle should have been easy. The project began in 2015. Worried by growing tensions in Europe and more lethal Russian hardware, the Army's 2nd Cavalry Regiment — based in Germany — urgently requested heavier armament for the Stryker, a family of eight-wheel armored vehicles manufactured by General Dynamics Land Systems. Advertisement Instead of the Stryker's normal armament of a .50-caliber or 7.62-mm machine gun, or a 40-mm grenade launcher, troops wanted a cannon that can punch through enemy armor and hardened positions. Russia arms its BMP series of infantry fighting vehicles with 30-mm, 73-mm or 100-mm guns, while China's new heavy VN-20 troop carrier comes with 30-mm or 100-mm cannon. The Army obliged in 2018 with the Infantry Carrier Vehicle-Dragoon, which added a remote-controlled 30-mm gun turret — manufactured by Norwegian firm Kongsberg — to 91 flat-bottom-hull versions of the Strykers. General Dynamics did the modifications under an existing contract, which allowed the Army to develop and field the upgrade in a relatively quick two years. The Army decided the next year to buy 269 unmanned 30-mm turrets, under the Medium Caliber Weapons Systems (MCWS) program, at an estimated cost of $1.1 billion. This would be enough to upgrade Strykers in three brigades of 83 vehicles each, plus an additional 20 for testing. Related story But instead of simply fielding more Dragoons, the Army decided to make some changes. Instead of flat-bottomed Strykers, the turrets would be mounted on the double hull A1 version that is more blast-resistant and could better bear the weight and power requirements of a gun turret. Instead of a Kongsberg MCT-30 turret, the vehicles would receive a Samson turret made by Israeli firm Rafael. And instead of General Dynamics, the prime contractor would be Oshkosh Systems, whose bid was one-third or more lower than other contenders. However, the cannon would continue to be Northrop Grumman's XM813 chain gun used on the Dragoon. The Army also fast-tracked the project, which shouldn't have been an issue. "Army officials stated that they chose to accelerate production of the Stryker MCWS, rather than begin system development, because the effort integrated mature, proven technologies—the Stryker Double-V Hull A1 and the 30-millimeter cannon," GAO noted. Advertisement The problem was that the Army was in such a hurry that it neglected some basic precautions. For example, Oshkosh's turret "was not tested by soldiers in their intended environment during the evaluation of the samples," the report said. "Instead, the vendors acted as the commanders and gunners during testing on a range." US soldiers fire the Dragoon's 30mm autocannon during a 2022 exercise. Kevin Payne/US Army Nor was Oshkosh's demonstration turret built on the actual manufacturing line that would be used for full production. A big red flag should have been the glitches in the turret software that degraded the 30-mm cannon's accuracy. Because the gunner operates the cannon remotely from inside the vehicle, using a video feed rather than the naked eye, accurate targeting software is important. "The Army stated these risks were moderate because of Oshkosh Defense's assurance of a future software fix," GAO said. "Army officials acknowledged that they would not have the ability to evaluate the success of the software fix prior to awarding the production contract." A perceived need to get improved vehicles to troops in the field is understandable. But what was unusual was that the Army "put in delivery orders for all 269 vehicles before ensuring that production line issues were addressed," Mona Sehgal, acting director of GAO's contracting and national security acquisitions team, told Business Insider. The Army awarded Oshkosh the first order in June 2021 for 91 MCWS, followed by a second order for 83 in July 2021 and finally 95 in June 2022, according to GAO. The first turrets weren't actually delivered until July 2022. Advertisement Normal practice — in the Department of Defense or the business world — would be to place an initial order to judge the quality of the product, before placing further orders. "The Army had structured the agreement to allow that but chose not to execute it that way," Sehgal said. Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on Twitter and LinkedIn.
Google's CEO says its workplace isn't a place to 'fight over disruptive issues or debate politics' 2024-04-18 21:27:12+00:00 - Google doubled down on its messaging to employees about staying focused on work. Sundar Pichai said in a blog post the office isn't a place to "debate politics." Google fired 28 workers involved in protests against its $1.2 billion contract with Israel. NEW LOOK 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. Advertisement Tucked at the bottom of Google CEO Sundar Pichai's splashy 1200-word restructuring announcement is a stern reminder to employees. The CEO's message, which comes only two days after in-office protests, is loud and clear: the office isn't a place for politics. It echoes an earlier memo Google's VP of security sent out on Wednesday after the company fired 28 employees involved in sit-in protests against Google's $1.2 billion contract with Israel in Sunnyvale and New York City. That separate memo had told workers to "think again" before violating company policies with sit-in protests. Related stories Pichai doubled down on that sentiment Thursday at the end of his note in a section titled "Mission first," addressing the recent events and restating the company's "policies and expectations are clear." Advertisement "This is a business, and not a place to act in a way that disrupts coworkers or makes them feel unsafe, to attempt to use the company as a personal platform, or to fight over disruptive issues or debate politics," Pichai said in the memo. "This is too important a moment as a company for us to be distracted." Pichai also said employees have a duty to ensure the company is an "objective and trusted" provider of information that serves "all of our users globally." "When we come to work, our goal is to organize the world's information and make it universally accessible and useful," Pichai said. "That supersedes everything else and I expect us to act with a focus that reflects that." The headline news in Pichai's announcement is that Google is combining its Android and hardware teams to create a "Platforms and Devices" team to oversee Google products that include its Pixel line, Android, Chrome, Photos, and more. Advertisement The tech giant is also consolidating teams that focus on building AI models across Google Research and DeepMind to scale its AI capacity. The CEO said the change will simplify development by having all the AI model-building teams in one place, and make space for more focused research into computing systems and the science behind AI. "Excited to see what these teams accomplish in their new formation," Pichai said.
A 'deeply misguided' political belief is weakening the economy, says Secretary of Commerce Gina Raimondo 2024-04-18 21:21:00+00:00 - WASHINGTON, DC - JULY 25: U.S. Secretary of Commerce Gina Raimondo listens as U.S. President Joe Biden participates virtually in a meeting on the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, in the South Court Auditorium at the White House on July 25, 2022 in Washington, DC. "I was not prescribing a way for them to do it. What we were saying is if you want taxpayer money you must prove to us you'll be successful," Raimondo said, adding that companies won't be successful without finding and retaining the best talent. "Child care is core to enabling women to work," she said. Raimondo, who was a lawyer early in her career before rising to general partner at a venture capital firm and finally to Rhode Island governor — and who has two teenage children now — said offering access to affordable high-quality child care doesn't mean a company has to provide it on site, but it does mean that just like companies provide healthcare and paid leave and make investments in programs like continuing education, child care needs to be a core benefit. "Certain politicians on Capitol Hill didn't like my stance, but folks running these companies who know they need top talent understand," she said. "Anyone who thinks child care is social policy is deeply misguided and doesn't know how to run a business," added Raimondo , who was named to CNBC's first Changemakers list earlier this year. The interaction had a back story. The U.S. government tied CHIPs Act funding, worth billions to companies, to plans to provide access to child-care services to employees. That didn't go over well with all lawmakers. On Monday, when U.S. Secretary of Commerce Gina Raimondo was in Texas to tour a new Samsung semiconductor plant being built with financial support from the CHIPS Act, the CEO of the South Korean conglomerate's chip division pulled the Commerce Secretary aside to show her where the building would be that houses on-campus child care and an on-campus job training center. Recalling the encounter in an interview with CNBC's Sara Eisen at CNBC's inaugural Changemakers Summit in New York City on Thursday, Raimondo said the Samsung executive added, "That's what we do in Korea, and we know its works, and of course we will do it here." It is also proven in economic terms, according to Jessica Chang, co-founder & CEO of child-care services provider Upwards, which provides access to child-care benefits and services to Amazon, the U.S. Army and other corporate and government clients. During a separate session at CNBC Changemakers, she pointed to a recent study from the Boston Consulting Group that measured the return on investment from child-care access at between 90% and 425%. The same study found that it only takes preventing 1% of eligible employees from leaving their job — something she had to do when she first became a mother — to pay for the cost of child care as benefit for the total employee population. "What they don't tell you when you decide to start a family is it should be the happiest day of your life but for women you're given a choice: you can have a career or family. I was put to that choice, and the choice wasn't mine to make. It was society's," Chang said in the Changemakers interview with CNBC's Julia Boorstin. She explained that if she stayed in her career, her entire post-tax pay would have gone to child care, and all of the child care providers in her area were waitlisted. Even if she could find a spot, "I could go back to work and not spend time with my child and also not add to my family [finances]." "Enough is enough. We've got to solve this now," said Chang, who was named to CNBC's first Changemakers list earlier this year. Chang recalled that when she was fundraising for her startup, she was sitting in a final meeting with a whole partner group, "and a male partner came in and said, 'I don't understand ... is this a real issue? I didn't really go through this, so how many people are really thinking child care is an issue? And why are you calling it a crisis?' ... If I could do it again, I would say I should have just walked out of the room." There is also a history of research endorsed by the business community showing that it's not just women in the workforce but the early education of the next generation of workers that is at stake, including a 2019 study from the U.S. Chamber of Commerce, the largest business trade group. "The business community really has to raise its voice and echo it's not social policy, it's economic policy," said Raimondo, who is overseeing a Commerce Department budget that has ballooned from a historical average of $10 billion to $150 billion. "If you want a strong economy, women have to participate and in order for that to happen, we need strong child care," she said. "Companies need to have more women in top jobs and the only way to get there is to help them get there, and child care is a key piece of the puzzle." Raimondo noted that half of Americans live in a "child care desert," with not enough services available at a cost that is affordable. "I'm trying to raise my voice that this is a commercial issue, not just a women's issue or social issue," said Raimondo, who will host a Commerce Department child care summit in June.
Procter & Gamble's strategic pricing shift should accelerate business growth this year 2024-04-18 21:18:00+00:00 - Consumer products giant Procter & Gamble is adjusting its pricing strategy as inflation-weary shoppers are reaching their limits on how much more they can afford to pay. Wall Street is paying attention. Historically, P & G has been able to leverage its pricing power with little resistance in both good economic times and bad because its superior products provide consumers with more value. However, two years of a crushing inflationary cycle has taken its toll. Sales volumes have suffered due to some trade down. To remedy that dynamic, the company has said pricing won't contribute as much to revenue growth as last year's increases lap and foreign exchange and commodity costs stabilize. Less reliance on pricing "should lead to a stronger rebound in volumes, offsetting the impact to sales," said Jeff Marks, director of portfolio analysts for the CNBC Investing Club. Ultimately, "the market will reward consumer goods companies that are growing sales through improving volumes, not by raising prices," he added. Those are key items to watch out for Friday morning when P & G reports its fiscal 2024 third-quarter earnings. Shares of P & G hit a multiyear high of $163 on March 28 — less than $2 per share below all-time highs reached in late April 2022. While below those levels Thursday, P & G has still managed to gain 7.3% in 2024 — ahead of the S & P 500 's 5% advance and the consumer staples sector's roughly 3% increase. PG 5Y mountain Procter & Gamble 5 years While certainly moderating over the past year, there have been recent signs of an uptick in inflation as the economy remains strong. In turn, market expectations for Federal Reserve interest rate cuts in 2024 have been dramatically reset from six at the beginning of the year to maybe one or two currently. Jim Cramer has said the Fed has no business cutting rates anytime soon because the U.S. economy doesn't need them yet. At a high level, consumer sentiment surveys are showing Americans are getting more confident in the direction of the economy. Nik Modi, analyst at RBC Capital Markets, isn't so sure. He believes there's a disconnect between what the economic data show and how consumers feel. "Things that have inflated the most are the ones we buy every day and we tend to be more sensitive, as consumers, to that type of inflation," Modi said in an interview with CNBC. "From 2019 levels, food inflation has outpaced wage inflation, so it effectively becomes less affordable." He described the consumer staples sector overall as a "stagnant, slightly soft environment" as consumers try to stretch their dollar and search for value when they shop. Against that backdrop, Modi expects Procter to feel some of that consumer pressure, which could lead to downside on the company's organic topline. "I don't think they're going to blow the roof off in the U.S. I think there's going to be some pressure from inventories and destocking in some of their categories," but P & G should make up for it with gross margin expansion. Even in an inflationary environment, Jon Anderson, analyst at William Blair, said Procter remains relevant for a broad range of consumers. "Procter has been a share gainer through its superiority strategy, innovating across price tiers," he said, specifying not just in premium but also mid-tier and value-oriented price points. Traditionally for Procter, pricing has contributed low single digits to its earnings growth. However, over the last fiscal year, prices were abnormally high as P & G and other industry players hiked prices to offset elevated commodity costs and currency fluctuations. In fiscal 2023, Procter's pricing contributed roughly 9% to topline growth — though headwinds including the strong U.S. dollar and volume declines partially offset that, leading to 2% overall sales growth. In fiscal 2024, Anderson forecasts pricing to decrease to roughly 3% to 4% of growth. When pricing is more stable, volumes should improve because consumers are getting relief from higher prices, he reasoned. In P & G's fiscal second quarter , pricing contributed 4% to sales growth, but volumes were down on a companywide basis. During the webcast, management said they expect pricing contribution to topline growth to fall by 1 to 2 percentage points in the second half of the year, which will help offset the pressure on volume growth. Anderson projects that Procter's volumes turned positive in the March quarter and will remain so throughout the second half of the fiscal year. He expects to see a healthy organic growth rate consistent with the 4% organic growth reported in the second quarter. Given Procter's excellent execution, we believe it can continue to deliver positive volumes in North America. We bought some P & G around $156 per share and upgraded the stock to a 1 earlier this month when it was pulled lower by Ulta 's downbeat comments about the beauty category. A quality stock like Procter, which sells a whole bunch of consumer products outside of beauty, should not have been taken down that much on Ulta's woes. (Jim Cramer's Charitable Trust is long PG. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. A Procter & Gamble (P&G) logo is seen during the 6th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) on November 7, 2023 in Shanghai, China. VCG | Getty Images
Netflix keeps adding tons of subscribers from its password-sharing crackdown — and it's good news for Disney 2024-04-18 21:15:58+00:00 - Netflix just blew past Wall Street's expectations for subscriber growth. A big contributor to that was its limit on password sharing and its cheaper, ad-supported tier. That bodes well for Disney and Warner Bros. Discovery, which plan to follow suit this year. NEW LOOK 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. Advertisement Netflix said it grew subscribers by 9.33 million worldwide in Q1 — double what Wall Street had expected. Boosting its performance was the company's crackdown on password sharing, which has led to new signups, as well as its cheaper, ad-supported option. The ads tier costs less ($6.99 per month) than adding a member outside your household ($7.99 per month). This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Netflix is going to stop telling the world how many subscribers it has. Why? 2024-04-18 21:12:11+00:00 - Netflix will stop regularly releasing subscriber statistics starting next year. The streaming giant added 9.3 million paying users in the last quarter — a great result that Wall Street normally rewards. But Netflix says those numbers no longer reflect its real value. Will Wall Street go for that? NEW LOOK 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. Advertisement For years, Netflix investors cared about one thing more than anything else: Go-go growth, which they measured by the number of subscribers the streaming company signed up. Now, those investors are going to have to live without that data. Starting next year, Netflix will stop releasing subscriber statistics on a regular basis, the company announced. Instead, it said in an investor letter, it will "announce major subscriber milestones as we cross them." It's a major shift in how the company interacts with Wall Street. And it comes on the same day that the company announced a huge boost in subscribers: Netflix said it added 9.3 million paying users in the last quarter — about 4 million more than the average Wall Street forecast. Advertisement What's the rationale for the change? Netflix says it's because it no longer thinks subscriber growth is a good way to understand the company's progress — something it has been saying for some time in its investor letters. Related story Here's the explanation in their words: "In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential. But now we're generating very substantial profit and free cash flow (FCF). We are also developing new revenue streams like advertising and our extra member feature, so memberships are just one component of our growth. In addition, as we've evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact." To push that point across, last year, Netflix stopped providing quarterly guidance on subscriber growth. But analysts still created their own estimates. But starting in the first quarter of next year, that's all going to grind to a halt. Advertisement Netflix shares are down a bit after the news — which could simply be a reaction to the fact that Netflix stock has been on a tear for some time, so even wowza numbers aren't enough to wow investors right now. Will Netflix be able to crush it in the future? But it's also understandable if investors think Netflix is going to stop providing subscriber numbers because the numbers aren't going to be as impressive in the future. Which, really, is a proxy for the main question about Netflix for a very long time: Just how big can the company get? Today, Netflix has nearly 270 million paid subscribers around the world, which makes it much, much bigger than its peers. But for the past few years, investors have wondered if Netflix might be stalling — either because of competition from the likes of Disney, or because there simply may not be as many people interested in paying for videos, period. Advertisement That's why Netflix's admission that it lost a million subscribers two years ago shook the entire media world and had everyone asking — was that a Netflix problem or a Streaming problem? Since then, investors have stopped telling would-be Netflix rivals to grow at all costs, and have started pushing them to worry about profits, not subscriber numbers (this also, not coincidentally, synced with the end of zero interest rates, which changed the way most investors viewed most companies, period). Netflix now looks well set up to live in that world, too: After burning money for years as it built up its streaming business, it is now consistently profitable — this quarter, it earned an eye-popping $2.3 billion on revenue of $9.4 billion, though some of that seems due to one-time accounting issues. Will that satisfy investors? On the one hand — it's going to take some getting used to, and plenty of people will reasonably be asking why now? On the other: There really aren't any rules about how this stuff works — which is why Google/Alphabet has provided next-to-no information about its business forever and has been rewarded with sky-high stock for most of that time. Let's see if it works for Netflix.
New York jury convicts man in first-ever cryptocurrency market manipulation case 2024-04-18 21:08:00+00:00 - A New York federal jury on Thursday convicted a Puerto Rico man of a $110 million scheme that was the Department of Justice's first-ever cryptocurrency open-market manipulation case, prosecutors said. The man, 28-year-old Avraham Eisenberg of San Juan, faces a maximum possible sentence of 20 years in prison for the charges of wire fraud, commodities fraud, and commodities manipulation. Prosecutors said Eisenberg fraudulently obtained about $110 million worth of cryptocurrency from the Mango Markets exchange and its customers by artificially and dramatically driving up the price of both futures contracts and the MNGO crypto token, and then borrowing cryptocurrency based on the value of the inflated assets. "When Eisenberg borrowed and withdrew this cryptocurrency, he had no intention of repaying the borrowed funds but rather intended to steal those funds," the Manhattan U.S. Attorney's Office said in a statement when he was indicted in February 2023.
Caitlin Clark salary criticism a 'false narrative,' says WNBA commissioner Cathy Engelbert 2024-04-18 21:08:00+00:00 - watch now The excitement around Caitlin Clark being drafted first overall by the Indiana Fever in the 2024 WNBA Draft led 2.45 million viewers to tune in, eclipsing the league's previous high for a draft by 307%, another indication of the impact that the NCAA's all-time leading scorer in both men's and women's basketball will have on the WNBA. Clark's selection also put her future WNBA salary in the spotlight, leading to criticisms of her pay not just spreading across social media, but from the White House as well, with President Joe Biden saying on social media that "Women in sports continue to push new boundaries and inspire us all. But right now we're seeing that even if you're the best, women are not paid their fair share." Clark will earn $338,056 over four years, according to the WNBA's collective bargaining agreement. Comparatively, San Antonio Spurs rookie Victor Wembanyama — the No. 1 pick in last year's NBA draft — signed a $55 million four-year contract. However, WNBA Commissioner Cathy Engelbert, speaking at CNBC's inaugural Changemakers Summit on Thursday in New York City, said there's a "false narrative" around Clark's expected salary, likening it to the way that executive salaries are displayed for public companies. "It's proxy season; for a CEO, do you just put the base pay in there? No, you put their bonus, you put their stock options, you put everything," said Engelbert, who was named the WNBA's first commissioner in 2019 after serving as CEO of Deloitte, and was named to CNBC's first Changemakers list earlier this year. Cathy Engelbert, Commissioner of the Women's National Basketball Association (WNBA) speaking at the CNBC Changemakers Summit in New York on April 18th, 2024. Danielle DeVries | CNBC "Caitlin has the ability to make up to a half of a million dollars just in WNBA wages this year, so they're just looking at a base, which is collectively bargained and actually is low, because she's the number one pick," Engelbert said. "But she also has millions and millions of dollars in endorsements, and actually because she's declared to become pro, her endorsements are higher in dollar value – she has a global platform now, not just a U.S. platform, so she's going to do just fine as well." Clark had several sponsorship deals while she was a player at Iowa with companies like Nike , Gatorade and State Farm, part of the NCAA's name, image and likeness regulations. While many of those deals will carry over to the WNBA, her expanding platform is also helping to further grow her portfolio: Clark is expected to sign a new deal with Nike worth well over $20 million that will also include a signature sneaker, according to The Athletic. Engelbert noted that comparisons between WNBA draftee salaries and similar salaries for newly drafted NBA players or other men's leagues should note that those leagues are "75 to 120 years old; we're tipping off our 28th season." The NBA has around $13 billion in revenue while the WNBA is roughly around $200 million. "I would say if you look at them 28 seasons in, we're further ahead, but we realize we still have a lot of work to do, and it's all about the ecosystem around us that drives revenue," Engelbert said. Caitlin Clark poses with WNBA Commissioner Cathy Engelbert after being selected first overall pick by the Indiana Fever during the 2024 WNBA Draft. Sarah Stier | Getty Images Sport | Getty Images
I bought a duplex as my first home. I still have a mortgage, but I only pay around $900 a month and have no regrets. 2024-04-18 21:03:42+00:00 - Dominique Raroha bought a duplex as a first-time homebuyer instead of a traditional house. Raroha, a 29-year-old who works in insurance, figured she could collect rent while building equity. She lives in one unit with her boyfriend, and her tenant's rent cuts down her own monthly expenses. NEW LOOK 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. Advertisement This as-told-to essay is based on a conversation with Dominique Raroha, a 29-year-old working in insurance in Sicklerville, New Jersey, which is about 23 miles outside Philadelphia, who bought a duplex as her first home purchase. The conversation was edited for length and clarity. I don't regret my decision to buy a duplex. Honestly, it felt right. I always believe in going with a good gut feeling, and from start to finish throughout this whole process of buying it, I just had a good feeling. Homeownership was a huge goal of mine. I'm the type of person who likes to take on a lot more responsibility, so I was excited and ready for it. Advertisement My great-grandfather bought up a big piece of real estate in Voorhees, New Jersey, and that piece of real estate gained value so much over time. Over the years stuff was sold off, we built houses, and we were able to subdivide that piece of property. In total, I think that amount of real estate — which was once a dirt road and is now a major highway in South Jersey — had to be valued at a couple of million dollars. Raroha bought a duplex as her first home. Courtesy of Dominique Raroha. The United States is a capitalist society, and real estate goes up over time. It's how you build your retirement. It's how you build generational wealth. It gives you something to pass down to the next generation. After buying my first property, I'm already talking to my lender about buying another. Advertisement Given the financial freedom of owning a duplex, buying another makes so much sense. My tenant's $2,000-a-month rent pays most of my mortgage I looked at single-family homes, condos — I was looking at all my options. The way I view money and my personal finances comes down to what I can afford on a monthly basis. Is this purchase in my best interest? I just wanted to maximize my investment. Advertisement The single-family home I put an offer on was a really good-sized home. It was very well-priced, so that's why it made sense to put that offer in. For the condo I put an offer on, I would've been paying under $1,000 a month. But somebody else already made a higher offer and the same with the other place. Related stories I put other offers in. Many of them were not accepted because you're dealing with a multiple-offer situation. But the more offers I didn't get accepted, the better prepared I was for the next one. When this home came on the market, I didn't see it — I bought it sight unseen. That was why working with the real-estate agent I did made such a difference because I was like, "Hey, this house, are you sure?" She's like, "There's 15 other offers. You need to do the math. I don't see you losing in this situation." My lender and I talked about it and we came up with our offer number based on what I could afford on a monthly basis with rental income. And to be honest, we could have gone higher and still made a decent investment. Advertisement The total square footage is about 2,400. My unit has two bedrooms and one bath — and I also have a private garage. The upstairs unit has three bedrooms and two baths. Raroha's garage which is in the process of being turned into a "barcade." Courtesy of Dominique Raroha. I put in an offer for $335,000, and it appraised for $320,000, so I had to fill an appraisal gap. My interest rate is 6.6%. I did get it lowered because I had almost an 800 credit score at the time of closing. If it was a point more, which was the average going rate, the cost would've been that much more. The mortgage itself is about $2,900 a month— more on the $3,000 side. My upstairs tenant pays me $2,000 a month. Advertisement My boyfriend lives with me, and he helps contribute. I'm not making him pay half my mortgage, but he does. So we split half of the difference. Owning a duplex gives me a lot of options for my next move Before buying the duplex, I was living with my best friend, who had purchased a home, and she rented out a room to me to help pay for her mortgage. I was paying around $700 to her. It was a really good living situation because she knew the whole time I was looking for houses. So I wasn't like, "Oh my God, am I going to break a lease?" It's important to be proactive. You have to be in this market — especially if you're a younger buyer. Even if you don't feel like you're fit today, at least talking to a lender ahead of time will help tell you where you need to be. I started talking to my lender in June of 2022. We would discuss different houses on the market, whether or not it would make sense, or whether it would be a good investment. Then this house came up, and it was very, very quick. But because I was working with him, he already had all my financials on file. He already had everything ready to go. Advertisement If I were to rent out my unit today — I think there's a similar unit down the street from mine with the same layout that rented for $1,900 — then I would be making a profit. So there's room to make money in terms of both income coming in and then also building equity. Raroha's backyard patio. Courtesy of Dominique Raroha. If you own a home, you own that home. If you're building equity, the market doesn't go down. I do like having ownership of a duplex specifically because I feel like it's opened up doorways for more options for me. Do I want to go and buy a single-family home next? Do I want to buy another duplex? You get tax write-offs, too. I don't think I see a lot of people talk about that. I just filed my taxes, and I wrote a lot of stuff off. To accomplish buying something like a duplex in this market, it does take years of planning. Planning ahead definitely made purchasing this home a lot more satisfying and a lot more comfortable to buy. Advertisement It's not going to happen overnight, but it starts with planting the seed. Even if it is three years from now that I buy another one, it would definitely be worth it.
As Hezbollah awaits Israeli retaliation, its second-in-command insists they are not seeking war 2024-04-18 21:02:00+00:00 - BEIRUT — Iran-backed Hezbollah is determined not to ramp up its monthslong firefight over Lebanon’s southern border, but will respond in kind to any Israeli escalation, the political party and militia’s second-in-command told NBC News in a rare and exclusive interview. Naim Qassem faulted Israel and the United States for perpetuating tit-for-tat attacks that have killed hundreds in southern Lebanon and displaced tens of thousands of civilians on both sides of the Israeli-Lebanese border. The conflict started with Hamas’ terror attack on Israel on Oct. 7, which killed more than 1,200 people and sparked Israel’s bloody incursion into the Gaza Strip that has since killed nearly 34,000 people, according to the Ministry of Health in Hamas-ruled Gaza. “We didn’t expect the war would last this long because we didn’t think that Netanyahu was that foolish, same for Biden and the other countries,” Qassem said, as Israel’s two-front conflict drags into its seventh month. Naim Qassem, the Shia Lebanese cleric and politician who is Hezbollah's second-in-command, speaks with NBC News on Thursday. NBC News As Hezbollah’s deputy secretary-general, Qassem ranks second behind the group’s revered leader, Hassan Nasrallah. Qassem’s comments came as Israel prepares its response to an unprecedented retaliatory Iranian missile and drone barrage against the Jewish state — an impending reprisal that would bring the Middle East closer to a region-wide war than at any time in recent memory. But the latest round of fighting between Israel and Hezbollah began months before last weekend’s direct confrontation between Israel and Iran. Hezbollah is estimated to have upward of 150,000 rockets and missiles, in addition to drones and anti-tank, anti-aircraft and anti-ship missiles, according to a Reuters report, citing data from the CIA. Hezbollah, a powerful, Iran-backed Shia political party and militant organization, was formed in the early 1980s during the Lebanese civil war and was an active force during the Israeli occupation of southern Lebanon, when it set a mission to expel Israeli forces from the country. The group has long claimed solidarity with the Palestinian cause. The U.S. considers Hezbollah a terrorist organization. Hezbollah first struck a disputed border region of northern Israel on Oct. 8, the day after Hamas’ attack on Israel. At the time, Hezbollah called that strike an act of “solidarity” with Hamas. Iran also has backed Hamas for years. Hezbollah claimed responsibility Wednesday for a missile and drone attack on northern Israel that injured 18 people, 14 of whom were Israeli soldiers, saying the strikes were retaliation for Israel killing two of the group’s commanders in a cross-border attack the day before. Among the multiple Iran-backed groups that oppose Israel in the Middle East, Hezbollah is by far the strongest and the largest beneficiary of Iranian largesse. Iran has declared that its attack Saturday night, which saw it launch more than 300 missiles and drones at Israel, marked the full extent of its retaliation for an April 1 strike by Israel on the Iranian Consulate in Syria’s capital, Damascus, that killed two senior commanders and five advisers from Iran’s Islamic Revolutionary Guard Corps. Qassem said Iran repeated its public messaging to Hezbollah. “Tehran speaks publicly and clearly. They do not want war and they have responded to the attack on their embassy and that’s it for them,” Qassem said. “I think Iran is honest. This is what they told us and this is what they keep reiterating to the media.” Qassem offered measured criticism of the three Arab countries — Jordan, Saudi Arabia and the United Arab Emirates — that assisted in Israel’s defense against the Iranian salvo Saturday night. “It wasn’t adequate for any Arab nation to support Israel no matter what justifications they had,” he said. “Their populations will hold them accountable for all those who took this decision.” Qassem laid equal blame for the civilian losses in Gaza on both Israel and the United States, dismissing a recent public rift between U.S. President Joe Biden and Israeli Prime Minister Benjamin Netanyahu as little more than cosmetic politics meant to “safeguard America’s image.” “I consider that Biden and Netanyahu are both complicit in one scheme with very minor differences,” Qassem said. In an earlier interview in November, Qassem told NBC News that Hezbollah would push more forcefully into its fight with Israel if the Jewish state continued its incursion into Gaza. But nearly six months later, both Hezbollah and Israel have mostly hewed to “rules of engagement” — an unstated understanding between both sides that has so far tempered the fighting and confined it to the two states’ border regions. “We will not accept that the Israelis transgress the rules of engagement that are currently set in the south” of Lebanon, he said. “If the Israelis increase their attacks, we will increase our attacks as well.” While Israel is playing by the rules of engagement for now, senior Israeli officials have threatened to destroy Lebanon if Hezbollah escalates. In January, an assassination by drone strike in Beirut of a Hamas leader was believed to have been carried out by Israel, ratcheting up tensions then, though Israel did not claim responsibility. Despite its limited engagement, Qassem said Hezbollah’s fight is “serving its purpose” by “luring the Israeli forces to get busy in the north,” referring to their shared border, rather than Gaza, which borders southern Israel. “Therefore, we will continue to do so, and we will not wage a full-scale war unless the Israelis decide to get into war against us,” he said. “Then we are ready for the full confrontation.”
USC’s decision to bar Asna Tabassum from her valedictorian speech has a dangerous ripple effect 2024-04-18 20:59:16+00:00 - On Monday afternoon, University of Southern California Provost Andrew T. Guzman made an announcement: “After careful consideration, we have decided that our student valedictorian will not deliver a speech at commencement. While this is disappointing, tradition must give way to safety.” While the student valedictorian wasn’t named, Guzman was referring to Asna Tabassum, a first-generation South Asian American Muslim, who was scheduled to address some 65,000 people at USC's commencement next month. While the move was made in the name of safety, the truth is that it could lead to greater danger: the chilling of free speech and further alienation of young people from the political process. If others see what happened to Tabassum — along with the mass arrests by police in riot gear of pro-Palestinian student protesters at Columbia University on Thursday — as a cautionary tale, we risk silencing some of the greatest voices of the next generation. If others see what happened to Tabassum as a cautionary tale, we risk silencing some of the greatest voices of the next generation. “Because I am not aware of any specific threats against me or the university, because my request for the details underlying the university’s threat assessment has been denied, and because I am not being provided any increased safety to be able to speak at commencement, there remain serious doubts about whether USC’s decision to revoke my invitation to speak is made solely on the basis of safety,” Tabassum wrote in a statement published Monday by the Greater Los Angeles Area Office of the Council on American-Islamic Relations (CAIR). Six months into Israel’s war in Gaza, global anger only grows more acute. Francesca Albanese, special rapporteur on the situation of human rights in the Palestinian Territories, has testified at the United Nations that “there are reasonable grounds to believe that the threshold indicating the commission of the crime of genocide…has been met.” Israel has rejected the report. The Israel Defense Forces’ killing of seven World Central Kitchen volunteers earlier this month put the indiscriminate destruction in Gaza into even sharper relief. And yet here in America, expressing support for the oppressed will still lose you privileges — as was the case for former New York Times writer Jazmine Hughes, Pulitzer Prize-winning author Viet Thanh Nguyen and Oscar-winning actor Susan Sarandon. Last week, the Instagram account @IsraelWarRoom claimed that Tabassum “promotes antisemitic views,” sharing a screenshot of her personal Instagram page, which included a link to a pro-Palestinian website, along with screenshots from the site, which was not created by Tabassum. The people behind the pro-Israel account took umbrage with the pro-Palestine site’s characterization of Zionism as a “racist settler-colonial ideology” and the belief that Palestinian liberation cannot be achieved “without the complete abolishment of the state of Israel.” Some may see this as violent; I see it as an acknowledgment that you are denying reality if you believe Palestinians have any chance to prosper under Benjamin Netanyahu’s government. The @IsraelWarRoom account has fomented hate against multiple progressive members of Congress and has called for Rashida Tlaib, the only Palestinian American member, to resign. The group doesn’t claim to be an objective source — but neither did Tabassum. As a Jewish American woman, I do not feel threatened by Tabassum’s social media activity and her silencing doesn’t make me feel any safer. While the exact characterizations of the situations for Israelis and Palestinians that she linked to are not the ones I would personally use, as the death toll in Gaza rounds 34,000 people, it’s difficult to understand how those words could still be considered so wrong. Being Jewish right now is scary, but so is being Palestinian. According to a statement from CAIR, “Tabassum was told that the school could not maintain an appropriate level of security if she spoke due to the volume of security threats and harassment from pro-Israel critics. She was told this decision ‘was not a judgment on you and your accomplishments and ambitions.; The official claimed the volume of vitriol was ‘unprecedented.’” Is silencing Muslim students the only way to protect them from vitriolic pro-Israel voices? Despite USC’s explanation, Tabassum still saw it as a rejection of her views, writing in her statement that “the University is succumbing to a campaign of hate meant to silence my voice.” When reached for comment, the provost’s office pointed me to Guzman’s published statement. This whole USC affair highlights what universities claim they are trying to do. But is silencing Muslim students the only way to protect them from vitriolic pro-Israel voices? Is this actually an attempt to keep Muslim students safe, or an attempt to create a hermetically-sealed safe space for pro-Israel students? Regardless of intent, these efforts make Muslim students targets for discrimination and hate. At UNC-Chapel Hill, a member of the board of trustees expressed concern that speeches in Arabic were a safety threat and called for that school’s chapter of Students for Justice in Palestine to be investigated. The group has filed a civil rights complaint. When someone replied to my post on social media about Tabassum saying that she’s a “bigot” who “knowingly spreads hate,” these characterizations revealed to me just how subjective all of our experiences are right now. I’m struck by the abject fear stoked by one college student's opinion. What does USC think will happen if it allows this academically gifted student who, like countless other young Americans, has earned the right through her academic achievements to speak at her own college commencement? Is it really fear of promoting antisemitic hatred or is it fear of legitimizing a different point of view? While our views — based on the very little I know of Tabassum’s from her social media — may not totally align, I still respect her right to share hers. While the university provost may say that “there is no free-speech entitlement to speak at a commencement,” it is something she rightfully earned. And now it’s been taken away. In the “State of World Jewry” speech at the 92Y in late February, right-wing activist journalist Bari Weiss spoke of freedom being “under siege” in America “by an elite culture that has so lost all sense of right and wrong, good and bad, or has so cunningly transformed those categories, that it can call a massacre ‘resistance.’ A genocidal chant, a call for ‘freedom.’ And a just war of self-defense ‘genocide.’” While Weiss’ speech was not without protests, she was ultimately given the opportunity and safety to be able to give it anyway. It’s a curious decision when the very same institution canceled a reading in late October by Viet Thanh Nguyen after he signed a letter condemning violence against Palestinians. Why is it controversial to call for the end of violence and not controversial to call a genocide a war of self-defense? Back in November, I wrote of Anti-Defamation League CEO Jonathan Greenblatt, who has continually conflated antizionism with antisemitism: “He’s decided that instead of holding people in power accountable — say, a billionaire who owns an influential social network and posts/shares harmful white supremacist and antisemitic ideas — he’s going to focus on young adults who are figuring out who they are in the midst of violence and chaos.” And USC is perpetuating that same disturbing pattern. A toxic sludge of religion and nationalism has turned so many of us inward, completely unable to tolerate viewpoints even a few degrees separated from ours. But seeking to silence them — especially young people's — will only breed more resentment and alienation. If we don’t allow others to speak, how can we possibly expect them to listen when it’s our turn?
Netflix now has nearly 270 million subscribers after another strong showing to begin 2024 2024-04-18 20:43:02+00:00 - Netflix gained another 9.3 million subscribers to start the year while its profit soared with the help of a still-emerging expansion into advertising, but caught investors off guard with a change that will make it more difficult to track the video streaming service’s future growth. The performance announced Thursday demonstrated that Netflix is still building on its momentum of last year, when a crackdown on free-loading viewers relying on shared passwords and the rollout of a low-priced option including commercials revived its growth following a post-pandemic lull. The strategy resulted in Netflix adding 30 million subscribers last year — the second largest annual increase the service’s history. Netflix’s gains during the January-March period more than quadrupled the 1.8 million subscribers that the video streaming service added at the same time last year, and was nearly three times more than analysts had projected. The Los Gatos, California, company ended March with nearly 270 million worldwide subscribers, including about 83 million in its biggest market covering the U.S. and Canada. Investors increasingly are viewing Netflix as the clear-cut winner in a fierce streaming battle that includes Apple, Amazon, Walt Disney Co. and Warner Bros. Discovery — a conclusion has caused its stock price to more than double since the end of 2022. But Netflix surprised investors by disclosing in a shareholder letter that it will stop providing quarterly updates about its subscriber totals beginning next year, a move that will make it more difficult to track the video streaming service’s growth — or contraction. The company has regularly posted its quarterly subscriber totals since going public 22 years ago. Netflix’s shares dipped more than 5% in extended trading, despite the strong financial showing. In a video meeting with analysts, Netflix co-CEO Greg Peters said management believes the company’s financial growth has become more meaningful to watch than quarter-to-quarter fluctuations in subscribers. “We think this is a better approach that reflects the evolution of the business,” Peters said. The company still intends to give annual updates on total subscribers. That plan indicates Netflix is trying to get investors focus on long-term trends rather than three-month increments that can be affected by short-term factors such as programming changes and household budgetary pressures that cause temporary cancellations, said Raj Venkatesan, a business administration professor at the University of Virginia who studies the video streaming market. Now that Netflix has been cracking down on password sharing for more than a year, management also likely realizes it has reaped most of the subscriber gains from those measures and recognizes it will be more difficult to maintain that momentum, eMarketer analyst Ross Benes said. “They are quitting while they are ahead by no longer reporting quarterly subscriber numbers,” Benes said. Netflix’s renewed subscriber growth has been coupled with a sharper focus on boosting profit and revenue — an emphasis that has led management to be more judicious about its spending on original programming and regularly raising its subscription prices. It’s a formula that helped Netflix earn $2.33 billion, or $5.28 per share, in the most recent quarter, a 79% increase from the same time last year. Revenue rose 15% from a year ago to $9.37 billion. Analysts polled by FactSet had projected earnings of $4.52 per share on revenue of $9.27 billion. Advertising sales still play a small role in Netflix’s finances, with BMO Capital Markets analyst Brian Pitz projecting the company will bring in about $1.5 billion from commercials streamed on its service this year, while foreseeing years of steady growth ahead. The low-priced option with ads is having a big impact on bringing in and retaining subscribers, according to Pitz, who expects 41 million customers paying for the commercial format.
Italy is offering "digital nomad" visas. Here's how to get one. 2024-04-18 20:41:00+00:00 - Ever dream of working from the picturesque Amalfi Coast? You might now be able to with a new "digital nomad" visa that Italy is offering foreigners who wish to pack up their laptops and venture abroad. The Italian government signed the program into law in March 2022, but only opened applications on April 5 — two years later. In doing so, Italy follows dozens of other countries in establishing a program to attract foreign remote workers who want to experience a European lifestyle while keeping their earnings tied to U.S.-based companies. Drawing foreigners in can help boost local economies, particularly in smaller Italian towns where populations are dwindling as local residents age. But some experts warn that an influx of people earning U.S. salaries could drive up prices for local residents earning far less. The new digital nomad visas are valid for one year, and can be renewed. Am I eligible? Applicants must meet a range of criteria in order to be eligible for the visas. For one, a worker must have the ability to do their job remotely, using a laptop or other tech tools. Workers must also be able to provide proof of employment or contract work with a firm based outside of Italy. Both employees of companies and freelance workers are invited to apply. Candidates must have either a college-level degree or the equivalent in job experience. Additionally, a worker must be able to demonstrate that they've perviously worked remotely for a period of at least six months. There's an income threshold, too, of roughly $30,000 to apply. And, you can't have been convicted of a crime within the past five years. You must also have health insurance, and be able to demonstrate that you have a place to live in Italy. How do I apply? Visit your local Italian consulate's website for instructions, which vary by location. While application forms vary by consulate, the Italian consulate in New York has a form on its site that asks for basic information like one's place of birth and passport information. The application fee is just over $120, according to Italian law firm Studio Legale Metta. Within eight days of arrival in Italy, digital nomads must also apply for a residence permit. Previously Italy had a 90 day rule that meant visitors could only stay for that long without a work visa.
The best Kindle in 2024 2024-04-18 20:40:09+00:00 - When you buy through our links, Business Insider may earn an affiliate commission. Learn more Amazon's Kindle lineup has led the e-reading space for years. In terms of design, performance, and convenience, they're nearly unrivaled by other brands. Right now, buyers can choose between four main Kindle models, and I put them all to the test to find the best Kindle for most readers. My top pick, the Kindle Paperwhite, presents the ideal balance between performance and price. It has a larger screen than the base Kindle and is one of the cheapest waterproof e-readers you can get. But if you're on a tight budget, the more affordable standard Kindle is also a great buy. It isn't waterproof but delivers the same core features that Kindles are known for without breaking the bank. After dozens of hours of reading, page-flipping, and book browsing, here's how all the best Kindle models stack up and why certain ones are better suited for specific buyers. Advertisement Our top picks for the best Kindle Best overall: Kindle Paperwhite - See at Amazon Best premium: Kindle Paperwhite Signature Edition - See at Amazon Best budget: Kindle - See at Amazon Best for notetakers: Kindle Scribe - See at Amazon Advertisement Best overall Amazon Kindle Paperwhite (11th Generation) Waterproof, full of features, and sleekly designed, the Kindle Paperwhite is the top e-reader for most buyers. Shop at Amazon Shop at Best Buy What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Waterproof Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fast performance Check mark icon A check mark. It indicates a confirmation of your intended interaction. Adjustable light temperature What we don’t like con icon Two crossed lines that form an 'X'. No automatic page orientation con icon Two crossed lines that form an 'X'. No auto-adjusting light con icon Two crossed lines that form an 'X'. No page turn buttons The Kindle Paperwhite offers everything a reader could want from a book replacement, balancing simplicity, capability, performance, and price. More than just the best Kindle, it's also our pick for the best e-reader you can buy right now. The Paperwhite is designed with all the Kindle essentials, including a beautiful paper-like display with adjustable lighting, font size settings, and a dark mode. It's also got a sharp screen with 300 pixels per inch (PPI) and Bluetooth support for Audible listening. But you can expect as much from any of our picks in this guide. Put simply, the Kindle Paperwhite is the best e-reader for most people. Sarah Saril/Insider What sets the Paperwhite apart from the rest of the Kindle lineup is its perfect set of features for the money. Unlike the standard model, the Paperwhite is waterproof and has a more modern flush-front design. After unlocking the device, you'll find the snappiest performance of all the Kindles with little to no ghosting (after-images left on the screen). Its lighting temperature is also adjustable, and it has a larger 6.8-inch screen versus the standard Kindle's 6-inch display. Starting at $150, it's reasonably priced and the cheapest waterproof Kindle available. Even better, it's often on sale for as low as $100 — which is the regular starting price of our budget pick. Whether discounted or not, the Paperwhite delivers the best Kindle value for most people. Note: Though Amazon previously sold an 8GB version of the Kindle Paperwhite for $140, that model is no longer available. As of April 2024, only the 16GB Paperwhite is listed for purchase on Amazon's site. Check out our Kindle Paperwhite review. Advertisement Best premium Amazon Kindle Paperwhite Signature Edition Get everything included with the Kindle Paperwhite, plus more, like wireless charging and an auto-adjusting front light with a battery that lasts up to 10 weeks. Shop at Amazon Shop at Best Buy What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Wireless charging Check mark icon A check mark. It indicates a confirmation of your intended interaction. Auto-adjusting front light Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flush-front, waterproof design What we don’t like con icon Two crossed lines that form an 'X'. No page turn buttons con icon Two crossed lines that form an 'X'. No automatic page orientation rotation con icon Two crossed lines that form an 'X'. Lacks ergonomic design Designed with all of the normal Paperwhite's splendor and more, the Kindle Paperwhite Signature offers additional features if you're willing to pay a little extra. It's a convenient size with a beautiful display and snappy performance that helps you stay immersed in your books. Just like the regular version, the Paperwhite Signature Edition has a 300 pixels per inch (PPI) resolution with a 17-LED backlight. That translates to crisp page fonts that are easy on the eyes, with lighting powerful enough for reading books in the sun. It's also waterproof and powered by a speedy processor for quick page turns with little to no ghosting (after images left on the screen). It gets its premium title by being the only Kindle to charge wirelessly, and it's the only model you can get with automatic light adjustment aside from the $340 Kindle Scribe. And where the normal Paperwhite has 16GB of storage, the Signature Edition comes with a whopping 32GB for building a massive library of titles and storing tons of audiobooks. Our former pick in this category, the Kindle Oasis, offered even more cool features but had an outdated design and was more expensive. However, the Oasis has been phased out of the Kindle lineup and is no longer available to buy. I wish the Paperwhite Signature Edition had the Oasis' page turn buttons and automatic page orientation flipping, but for $60 less, missing these features isn't a dealbreaker. Advertisement Best budget Amazon Kindle (2022) Whether you're trying to save money or just steer clear of extra bells and whistles, Amazon's base Kindle won't disappoint. Shop at Amazon Shop at Best Buy What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. The latest Kindle UI Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable Check mark icon A check mark. It indicates a confirmation of your intended interaction. Palm-sized What we don’t like con icon Two crossed lines that form an 'X'. Not waterproof con icon Two crossed lines that form an 'X'. No automatic light or page orientation features con icon Two crossed lines that form an 'X'. Slightly slower performance than pricier Kindles Amazon's base Kindle got an upgrade in 2022, making this model one of the newest of the bunch. That means, despite being the cheapest option, the 11th-generation Kindle now has the benefit of a modern user interface with a 300 ppi resolution. This model forgoes many extra features in exchange for a lower price point, but it still comes with a glare-free display, adjustable backlight, and customizable settings. With a 6-inch screen, it's the smallest Kindle in the lineup, but it feels great in hand. In my review, I found it to be ideal for users who just want to read and don't want to pay for all of the bells and whistles of its pricier siblings. The Kindle is easy to hold with one hand. Sarah Saril/Insider However, if a waterproof design is important to you, you'll have to get a more expensive Paperwhite. You can't read in the rain or the tub with a regular Kindle, and that's its main drawback. It also lacks extra features you might want to pay more for on another model, like lighting temperature settings, automatic adjustments, and page turn buttons. In the end, my advice is this: if the Paperwhite is on sale for the same price, opt for that, but when the regular Kindle costs less money, it's an excellent budget e-reader. Check out our Kindle review. Advertisement Best for notetakers Amazon Kindle Scribe with Basic Pen (16GB) The Scribe is Amazon's first Kindle to support handwritten notes using the included pen. The 10.2-inch screen makes it the largest Kindle yet, but its big and thin build can make it awkward to use as an e-reader. Shop at Amazon What we like Check mark icon A check mark. It indicates a confirmation of your intended interaction. Smooth and responsive stylus Check mark icon A check mark. It indicates a confirmation of your intended interaction. Large, sharp screen for writing Check mark icon A check mark. It indicates a confirmation of your intended interaction. Incredible battery life Check mark icon A check mark. It indicates a confirmation of your intended interaction. Well-organized notebooks with intuitive settings and tools What we don’t like con icon Two crossed lines that form an 'X'. High price point that may be better spent on a smarter device con icon Two crossed lines that form an 'X'. Awkwardly big to use as an e-reader con icon Two crossed lines that form an 'X'. Not waterproof con icon Two crossed lines that form an 'X'. Thin form factor is delicate and requires a case con icon Two crossed lines that form an 'X'. Can only annotate directly on a small selection of e-books Most readers don't need the Kindle Scribe, an e-reader you can write on, but it is a nice device. Starting at $340, it offers an incredible sketching and note-taking experience, as well as all of the essential e-reader features you could want. The Scribe comes with the usual Kindle glare-free display, adjustable brightness, and customizable settings, with the added bonus of automatic page orientation flips and lighting adjustments. With its paper-like feel and responsive e-ink display, writing on this device is a joy that feels leaps and bounds better than writing on an iPad with an Apple Pencil. It's also well organized with digital notebooks you can format and file away into folders. For an extra $30, you can upgrade the included stylus to the Premium Pen. After testing, I found the Premium Pen to be a nice improvement over the basic option — it adds a dedicated eraser and a shortcut button to the base design. Both can attach magnetically to the Scribe. The Kindle Scribe is Amazon's first e-reader with a surface you can write on. Sarah Saril/Insider But despite just how fun it is to use, it's tough to justify the Scribe's high price. As noted in my full review, it's uncomfortably thin, making a case a necessary investment for commuters and students to prevent any potential bending. One of the Scribe's main selling points is its annotation functionality, but you can't even write on pages without using a clunky sticky note feature, nor can you use the highlighter directly on text. Did I mention it isn't waterproof? If you have $340 to spare, the Scribe is a fun device, but if you fall into the category of "most readers," I recommend opting for a cheaper Kindle model. Check out our Kindle Scribe review. Advertisement How we test Kindles Each Kindle was evaluated using the same parameters. Sarah Saril/Insider I used several key evaluation points to judge each of the Kindles in Amazon's e-reader lineup to arrive at their final ranking, including display, responsiveness/speed, price, and lighting customization. Here's how those aspects were considered during testing for our reviews. Display: Though all Kindles share the same 300 ppi resolution, every model has a different size that makes a big difference when used. In testing, I found the Kindle (11th Generation) could be too small for some readers and the Scribe too large for others. Luckily, the sharp resolution was easy on the eyes across all of the models, even during long reading sessions. Responsiveness/speed: You don't need to be a speed reader to notice when an e-reader is slow. Page turns will take a second to stutter into view, previous screens will leave an after image, and images will load in slowly. I evaluated this by loading each device with 100 titles from my ebook library before testing. The fastest model is the Kindle Paperwhite, and the Oasis is the slowest, but this difference is small. Price: Of course, price plays a big part in judging a Kindle's value, and that's part of what brings the Paperwhite above the rest. I compared pricing between Kindle models and comparable e-readers from Kobo and Nook to see what the industry is like overall. None of the Kindles are a waste of money, but the Scribe is definitely the least cost-efficient. Lighting customization: You won't always be reading in the same room, under the same conditions, every time, and that's where lighting customization comes in. The ability to toggle the brightness based on your current environment is a godsend for eye comfort, especially for long reads. All of the Kindles offer adjustable brightness, but the base Kindle doesn't offer temperature adjustment, and only the Oasis and Scribe offer automatic lighting changes. Advertisement What to look for in a Kindle The Kindle Keyboard (2010), Kindle Paperwhite (2018), Kindle (2022), and Kindle Scribe (2022). Sarah Saril/Insider Every reader is different, but there are a handful of features that all buyers should look for when it comes to committing to a Kindle. If you ever plan to read in the bathtub or the rain, waterproofing is a must — that eliminates the 11th-generation Kindle and the Scribe from the running. Readers who like to get in a few chapters before bed can also benefit from lighting temperature adjustment to warm the screen and ease your eyes into bedtime, which is something the base Kindle doesn't offer. And if you're looking for a digital notebook that you can write on, the Scribe is the only Kindle to offer such a feature. Ultimately, the best Kindle for you is whichever one covers your needs the most without breaking the bank. That's why I recommend the Kindle Paperwhite as our top pick because it manages to offer the best balance between price and features for most people. Advertisement Kindle FAQs Writing on a Kindle Scribe is smooth with no latency. Sarah Saril/Insider Are Kindle books free? E-books typically cost money, just like physical books, but you can score titles for free in several ways. Join Kindle Unlimited : This Kindle Subscription service comes with over four million digital titles when you sign up for $12 a month. : This Kindle Subscription service comes with over four million digital titles when you sign up for $12 a month. Become an Amazon Prime member : If you're a Prime member, you have unlimited access to thousands of titles as an included benefit of your subscription. : If you're a Prime member, you have unlimited access to thousands of titles as an included benefit of your subscription. Check out a book from your Public Library: E-reader users can still take advantage of borrowing books for free from their local public library's website. Advertisement What is Kindle Unlimited? Kindle Unlimited is Amazon's e-reading subscription service. For $12 a month, it includes access to over four million books, thousands of audiobooks, magazine subscriptions, and Kindle Books you can borrow. Can the Kindle read to me? Your Kindle can read most content to you using Text-to-Speech, an option available in your Kindle's menu. If you prefer a human voice reading to you, you can also buy and download Audible Audiobooks of your favorite titles to have a narrator read to you from your e-reader. Advertisement Do I need a case for my Kindle? While most Kindles are designed with a solid build, a case is still a good idea for protecting your device from drops or scratches. The Kindle Scribe, in particular, has a very thin design, which makes it feel flimsy without a case. You should also consider buying a case if you bring your Kindle with you outside your home during trips and commutes. Cases can also help by providing a better grip on these otherwise flat devices. For less bulk, you may even want to consider attaching an adhesive phone grip, like a popsocket, to your e-reader. For top recommendations, check our picks for the best Kindle Paperwhite case. Advertisement When is the best time to buy a Kindle? Prime Day, Black Friday, and Cyber Monday are the best times of year to buy just about anything, including Kindles. During these major sales events, Kindles drop to their all-time lowest prices, making it easier than ever to make the leap and buy one. Historically, we've seen the Kindle Paperwhite on sale for as low as $95 and the Kindle (11th Generation) on sale for as low as $65. Deals can be short-lived and low in stock, so we highly recommend acting fast if you come across a great deal.
Civilian interrogator defends work at Abu Ghraib, tells jury he was promoted 2024-04-18 20:29:42+00:00 - ALEXANDRIA, Va. (AP) — A civilian interrogator who worked 20 years ago at the infamous Abu Ghraib prison in Iraq denied abusing detainees Thursday, and told jurors he was actually promoted for doing a good job. Steven Stefanowicz, who worked for military contractor CACI when he was assigned to Abu Ghraib in 2003 and 2004, has long been a key figure in the abuse scandal that emerged when photos became public showing U.S. soldiers smiling as detainees were forced into shocking poses of physical and sexual humiliation. While multiple soldiers were convicted and sentenced to prison in courts-martial for their roles at Abu Ghraib, neither Stefanowicz nor any other civilian contractor who worked at the prison has ever been charged with a crime. Stefanowicz’s testimony Wednesday and Thursday in front of a federal jury in Alexandria comes as his former employer defends itself in a civil suit brought by three Abu Ghraib survivors who allege that CACI’s interrogators share responsibility for the abuse they endured. The lawsuit, delayed by more than 15 years of legal wrangling, is the first time that Abu Ghraib detainees have been able to bring their abuse claims in front of a U.S. jury. Jurors previously heard testimony from two retired Army generals who investigated Abu Ghraib, and both concluded that Stefanowicz had a role in the abuse of detainees, either by directing military police to “soften up” inmates for interrogation, by using dogs to intimidate them, and by other means of mistreatment. The reports also concluded that Stefanowicz lied to Army investigators in 2004 when he was questioned as part of those investigations. At trial Thursday, Stefanowicz acknowledged that he implemented a “sleep management plan” for a detainee he was interrogating, meaning that military police played loud music at night to prevent him from sleeping. But Stefanowicz said the sleep deprivation plan was approved by Army officers who oversaw his work. He said he hewed to the Army’s rules for interrogations and that while he requested the ability to use dogs during interrogations, he never did because he never received approval. During testimony that came in through a recorded deposition he gave last month, Stefanowicz said he never sought to abuse or humiliate detainees and said his duties were to “extrapolate information to thwart the war on terror.” Stefanowicz said he left Abu Ghraib in 2004, after photos of detainee abuse came to light, but only because his parents were receiving death threats after his work at the prison became public. In fact, he said he was promoted by CACI to become their site lead at Abu Ghraib. Jurors saw emails indicating that Stefanowicz was being promoted in April 2004 from his job as interrogator and receiving a 48% pay raise, to $140,000 annually. The pay raise and promotion came three months after the Army had begun its investigation of detainee abuse and two months after Stefanowicz had been questioned by then-Maj. Gen. Antonio Taguba about his conduct. While CACI may have been pleased with Stefanowicz’s work at Abu Ghraib, evidence introduced Thursday showed that CACI officials initially had serious doubts about his ability to work as an interrogator. An email sent by CACI official Tom Howard before the company sent interrogators to Iraq described Stefanowicz as a “NO-GO for filling an interrogator position.” “Though he has a crafty resume he is neither trained nor qualified for the interrogator position,” Howard wrote. Stefanowicz had spent time in the Navy reserves and at the U.S. Embassy in Oman, but he acknowledged that he’d never had training as an interrogator. When he first went to Abu Ghraib, he was initially classified as a screener who took information down about incoming inmates to decide how they should be classified. He testified that within a day, Army personnel decided to promote him to interrogator. Mark Billings, a contracting officer with CACI, testified Thursday that the company struggled to find qualified interrogators to fulfill its contract with the Army, which needed to rapidly increase its intelligence capabilities after the 2003 invasion and occupation of Iraq. Billings said the Army bore the responsibility for supervising the work of Stefanowicz and other contractors. On cross-examination, though, he was shown language in the CACI’s contract with the Army requiring CACI to take responsibility for supervising its own personnel. CACI continued to present evidence in its defense Thursday, though it was thwarted to some extent by the U.S. government, which invoked the state secrets privilege over evidence CACI sought to introduce. Multiple witnesses who served as civilian and military interrogators at Abu Ghraib were allowed to testify only by audio that distorted their voices. They were identified only as “interrogator C” or “interrogator G” and were not allowed to testify about their identity or their interrogations of certain detainees. CACI is seeking to show that any of the abuse suffered by the three specific plaintiffs in the case came at the hands of personnel other than CACI interrogators. U.S. District Judge Leonie Brinkema has expressed frustration throughout the case about the government’s invocation of state secrets. Earlier in the trial, government lawyers jumped up to object to an exhibit listing a series of names identified in one of the generals’ Abu Ghraib investigations, even though the names have been a public part of that report for 20 years. On Thursday, outside the jury’s presence, she said the government’s assertions over seemingly petty issues like a witness’ educational background or whether a witness had been trained about protections accorded in the Geneva Convention “makes the U.S. government look very foolish.”
Latest version of House TikTok bill gets crucial support in Senate 2024-04-18 20:03:00+00:00 - Experts weigh in on possible outcomes for users if Senate bans TikTok in U.S. Washington — Sen. Maria Cantwell, a key senator who has held up legislation regulating TikTok endorsed the House's latest version of a measure that could lead to a ban of the social media app in the U.S. Cantwell, a Democrat from Washington, announced her support late Wednesday for an updated measure that would force TikTok's Chinese parent company to divest of the widely popular short-form video platform within one year. The legislation is included in House Speaker Mike Johnson's four-part foreign aid plan, which also involves wartime assistance for Ukraine and Israel. The updated version extends the six-month window ByteDance would have to sell its stake in the company or lose access to app stores and web-hosting services in the U.S. to nine months, with the possibility of a three-month extension. Cantwell, who chairs the Senate Commerce Committee, opposed the original version of the Protecting Americans from Foreign Adversary Controlled Applications Act, which sailed through the House in March with bipartisan support but has faced headwinds in the slower-moving Senate over a number of concerns. Modifying the divestment deadline alleviated at least one of those issues. "I'm very happy that Speaker Johnson and House leaders incorporated my recommendation to extend the ByteDance divestment period from six months to a year," Cantwell said in a statement. "As I've said, extending the divestment period is necessary to ensure there is enough time for a new buyer to get a deal done. I support the updated legislation." A spokesperson for Cantwell did not immediately respond to a request for comment about whether the senator's other concerns have been addressed in the updated bill, including whether it could survive legal scrutiny. Cantwell told reporters Thursday afternoon she didn't believe any other changes were made to the legislation, but there could be more in the future. "We could look at things down the road, but for now, we support what they're doing," she said. Support from Cantwell clears one hurdle that other TikTok-related measures have failed to overcome. But some lawmakers have questioned the bill's constitutionality, making it likely other issues could emerge. The updated bill included in the plan unveiled by Johnson, a Louisiana Republican, earlier this week pairs the forced TikTok divestment with new sanctions on Iran, China and Russia. The three remaining bills would provide $26 billion to support Israel, $61 billion to bolster Ukraine and $8 billion to counter China in the Indo-Pacific. Alan He contributed reporting.