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Brooke Shields Has Worn Many Hats. Now She’s a Labor Boss. 2024-07-01 09:03:18+00:00 - Brooke Shields has a new office. It’s empty, and she hasn’t figured out how she wants to furnish it, or even how often she’ll be there, but it’s a sign of her new and unexpected status, as president of Actors’ Equity Association, the labor union representing theater actors and stage managers in the United States. Shields’s candidacy was a surprise, even to herself. But when Kate Shindle, who had led the union for nine years, announced in April that she was stepping down, Shields’s music director suggested she consider the opening, and soon enough, she had tossed her hat in the ring, and in May she won the vote by members, defeating two more-seasoned labor activists. She’s already led her first meeting of the union’s council, and came away realizing she has a lot to learn, starting with parliamentary procedure. Shields, of course, is one of those people who has been famous for so long, and in so many ways, that even she can’t remember a different time. She was a childhood model, a preteen movie star, a sex object and an icon of beauty, all before she went off to college (Princeton, thank you very much). In the years since, she has acted onscreen and onstage, has written books, has spoken widely, particularly about depression, and has become a symbol and a subject for an evolving discussion about how women and girls have been sexualized by the entertainment and fashion industries.
How Much Does the Average 70 Year Old Have Saved? 2024-07-01 05:00:00+00:00 - how much does the average 70-year-old have in savings Part of retirement planning includes determining how much to save and invest so you can enjoy the type of lifestyle you desire. Setting your savings target by age can be a good way to organize your strategy and gauge how to track progress with your goals. You might also be interested in how much the typical retiree has saved at age 65, 70 and beyond. In this article, we’re going to focus on how much the average person has saved and possibly should have saved at the age of 70. Keep in mind, though, that your situation is still completely unique to what your goals are. You may want to work with a financial advisor to make sure your savings goals are in line with where you need to be later on. How Much Does the Average 70-Year-Old Have in Savings? According to data from the Federal Reserve’s most recent Survey of Consumer Finances, the average 65 to 74-year-old has a little over $426,000 saved. That’s money that’s specifically set aside in retirement accounts, including 401(k) plans and IRAs. The Federal Reserve also measures median and mean (average) savings across other types of financial assets. According to the data, the average 70-year-old has approximately: $60,000 in transaction accounts (including checking and savings) $127,000 in certificate of deposit (CD) accounts $17,000 in savings bonds $43,000 in cash value life insurance In terms of overall trends, the numbers show an increase over the previous Survey of Consumer Finances. According to that survey, the average 65 to 75-year-old had $381,000 saved for retirement in 2016. That figure, however, was well below the $486,000 70-year-olds had saved on average in 2013. Whether the Survey of Consumer Finances for 2022 shows an uptick in savings or a decline remains to be seen. While Social Security benefits have seen several cost-of-living increases since the last survey was completed, persistently high inflation has put more pressure on Americans’ spending power. The survey may show that 70-year-olds have less in retirement savings if they’re spending more to compensate for higher prices. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now. How Much Should a 70-Year-Old Have in Savings? Financial experts generally recommend saving anywhere from $1 million to $2 million for retirement. If you consider an average retirement savings of $426,000 for those in the 65 to 74-year-old range, the numbers obviously don’t match up. The amount a 70-year-old should save for retirement can depend on several things, including: Story continues Desired retirement lifestyle When they apply for Social Security benefits Other sources of retirement income, such as a 401(k), IRA, pension or annuity Other savings, including taxable brokerage accounts, savings accounts and CDs Overall health and life expectancy The more money you anticipate spending to cover your cost of living in retirement, the more you’ll typically need to save. Social Security benefits are a staple part of many retirees’ income picture, but those payments may only go so far. Pensions, meanwhile, are becoming more of a rarity as employers opt for defined contribution plans instead. Long-term care can put a strain on retiree budgets and increase the amount of money you need to save. Medicare doesn’t cover long-term care though Medicaid does. But to qualify for Medicaid, you’ll typically need to spend down your assets. Purchasing long-term care insurance can be a workaround so you’re not at risk of draining your savings. What Is a Good Net Worth at 70? how much does the average 70-year-old have in savings Net worth is a measure of your assets vs. your liabilities. In other words, it’s the difference between what you own and what you owe. The average net worth of Americans aged 65 to 74 hovers around $1.2 million. The median net worth is lower, at $164,000. The typical 70-year-old has around $105,000 in debt, including mortgages, home equity loans, credit cards and student loans, as measured by the Fed’s data. What constitutes a good net worth is situation-specific and largely linked to your retirement goals. There are different rules of thumb you can apply to come up with an ideal net worth calculation. For example, one rule suggests having a net worth at 70 that’s equivalent to 20 times your annual expenses. If you spend $100,000 a year to live in retirement, you should have a net worth of at least $2 million. On the other hand, if you only spend $40,000 on living expenses, then your target net worth would be much lower, at $800,000. Is Retiring at 70 a Good Idea? Whether it makes sense to retire at 70 can depend on your finances and what you envision for your dream retirement. When choosing a retirement age, it’s helpful to consider: When you’ll really need to take Social Security benefits Whether you’ll still work in a part-time capacity after retiring How long you plan to live in retirement Your desired savings goal and current savings rate If you can delay taking Social Security benefits until age 70, that can boost your benefit amount. You’ll be eligible to collect 132% of your benefit amount by waiting longer to apply. You can also continue saving and investing for retirement if you’re working longer. For example, you can continue maxing out your 401(k) each year, or at the very least, contribute enough to get your full employer match. You can also funnel money into an IRA for supplemental savings. Retiring at 70 means you’ll have a two-year gap before you’ll need to begin taking required minimum distributions (RMDs) from a traditional 401(k). You’ll also need to take RMDs if you have a Roth 401(k), but Roth IRAs are exempt from this rule. Within that window, you might decide to convert your traditional IRA to a Roth account. Doing so can mean a higher tax bill in the year of the conversion since you’re required to pay taxes on your traditional IRA earnings. But moving forward, you’d be able to take tax-free distributions from your Roth IRA. The Bottom Line how much does the average 70-year-old have in savings How much does the average 70-year-old have in savings? Just shy of $500,000, according to the Federal Reserve. The better question, however, may be whether that’s enough for a 70-year-old to live on in retirement so that you can align your budget accordingly. With no end to higher inflation in sight, retiring on $500,000 may not be realistic for everyone. The good news is that the younger you are, the more time you have to plan, save and invest for the future. Retirement Planning Tips Consider talking to your financial advisor about the pros and cons of retiring at 70 and what your personal timeline for retirement should look like. If you don’t have a financial advisor yet, finding one doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Delaying Social Security benefits could help you to collect more money in retirement. Taking benefits early, however, could reduce your monthly payment amount. The earliest you can begin taking Social Security is age 62 but it may benefit you to wait until at least your full retirement age to apply. Also, keep in mind that if you do decide to take Social Security early and you continue to work, your benefit amount may be reduced even further. Understanding how to maximize Social Security benefits can help you get the most money possible. Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid -- in an account that isn't at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks. Photo credit: ©iStock.com/kupicoo, ©iStock.com/AleksandarNakic, ©iStock.com/jeffbergen The post How Much Does the Average 70-Year-Old Have in Savings? appeared first on SmartAsset Blog.
Where Will SoundHound AI Be in 1 Year? 2024-07-01 02:11:00+00:00 - SoundHound AI (NASDAQ: SOUN) stock has been a roller coaster. Earlier this year, shares quadrupled after chipmaker Nvidia revealed a $3.7 million investment in the company. Since hitting their peak, shares have shed over half their value. The underlying reality, however, has been much less volatile. SoundHound has been signing new customers, securing additional patents, and proving its technology through a growing list of real-world applications. Will the year ahead be the company's most exciting yet? And what will it mean for the stock price? Expect SoundHound to focus on these three growth opportunities SoundHound is an early leader in the voice AI technology space. The company already has more than 270 patents covering everything from speech recognition to natural language processing. But the company has patented more than just its AI technology -- it has also legally protected the way it integrates with use cases. For example, the company has dozens of patents that cover the way its technology augments advertising platforms, consumer electronics, and music services. SoundHound continues to advance its underlying technology, but the year ahead will be all about securing additional customers. On this front, the company already has an impressive start. In 2016, it essentially had zero major customers. Then, from 2017 to 2021, it signed dozens of contracts with global businesses, including Qualcomm, Honda, Hyundai, Snap, Pandora, and Vizio. More recently, it added new customers in additional categories such as restaurant operators (Applebee's, White Castle, and Chipotle) and tech giants (Oracle and Block). Over the next 12 months, expect it to add even more customers in three key categories: consumer products like vehicles and televisions, services like reservations and food ordering, and monetization opportunities in things like advertising and marketing platforms. SoundHound already has customers piloting its technology in each of these three categories. But it should be able to use the success of these real-world applications to sign additional customers, adding even more opportunities to further train its models, acquire more data, and prove its technology to potential adopters. If it gets this network effect started, SoundHound could become the biggest player in the voice AI industry, which the company believes could one day be worth $140 billion or more. Is SoundHound stock a buy right now? The AI voice technology industry is still in its early phases, but investors are already seeing what tech giants think of this industry. In 2022, Microsoft acquired voice AI company Nuance for nearly $20 billion. This year, Apple announced a massive partnership with OpenAI that will greatly advance its AI capabilities, including that of its virtual assistant, Siri. Story continues Over the past 12 months, SoundHound has generated $50.8 million in revenue. For full-year 2024, management expects revenue to land between $65 million and $77 million. For next year, analysts estimate revenue will jump to nearly $104 million. This strong growth has led Wall Street to give the stock an average price target of $7.43, an 88% premium to the current share price. SoundHound's growth trajectory is certainly headed in the right direction, but it won't be the next few quarters that make or break the company. And short-term price targets very often miss the mark, especially for early-stage companies like this. The main point is SoundHound should become a stronger company over the year to come. It should have more patents, more customers, and more revenue. Shares will likely be volatile in the face of short-term analyst expectations and general market sentiment, but SoundHound investors should be taking the long view. While the stock carries a lofty valuation of 19 times sales, SoundHound's overall market cap of $1.3 billion is still attractive relative to its long-term potential, especially when compared against historical voice AI acquisitions like Nuance's $20 billion buyout. The year ahead should be very positive for SoundHound from a business standpoint. But it's the decade ahead that will ultimately determine whether buying shares today pays off. If you're willing to accept the high-risk, high-reward proposition, SoundHound is a great pick for growth-focused investors looking for maximum upside potential. Should you invest $1,000 in SoundHound AI right now? Before you buy stock in SoundHound AI, 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 SoundHound AI 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 $757,001!* 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 June 24, 2024 Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Block, Chipotle Mexican Grill, Microsoft, Nvidia, Oracle, and Qualcomm. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. Where Will SoundHound AI Be in 1 Year? was originally published by The Motley Fool
How to Avoid the Social Security 'Tax Torpedo' 2024-07-01 01:00:00+00:00 - A senior couple dealing with unexpected Social Security taxes, commonly referred to as the Social Security tax torpedo. While retirees may be chagrined to discover that taxes don’t end when they leave the workforce, an unseen threat looms behind the U.S. tax code. The Social Security tax torpedo is as destructive as it sounds, blowing up the budgets of unsuspecting retired folks eagerly awaiting their first Social Security check. Having a clear understanding of your Social Security taxes could help you dodge this torpedo in retirement. Here’s what you need to know. A financial advisor can help you create a financial plan to minimize your taxes in your golden years. What Is Social Security Tax Torpedo? The Social Security tax torpedo is a spike in taxes retirees can experience after receiving Social Security income. Specifically, 50% to 85% of your Social Security check may be taxable, depending on your income level and life circumstances. In addition, your Social Security income can increase your marginal tax rate, meaning the top portion of your income enters the next tax bracket. As a result, unsuspecting retirees can pay heavier taxes than anticipated, and their Social Security benefits provide less of a financial boost than expected. Tax Torpedo Implications The government bases your taxes in retirement on your modified adjusted gross income plus any nontaxable interest (usually from municipal bonds) and half of your Social Security benefits. The resulting sum is called your ‘combined income,’ which incurs different taxes depending on the amount and the filer’s status. For instance, single filers with a combined income of $25,000 to $34,000 pay taxes on 50% of their benefits. An income above this amount results in taxes on 85% of the benefits. Likewise, those married filing jointly with combined incomes between $32,000 and $44,000 will pay taxes on 50% of their benefits. Any amount above this incurs taxes on 85% of the benefits. Remember, the tax torpedo doesn’t mean you will lose 85% of your Social Security income taxes. Instead, you’ll owe your regular income tax rate on 85 cents of every dollar you receive from Social Security. In addition, your income tax rate isn’t the same across all your income because of how tax brackets work. The US tax code incurs progressive taxes on your income the higher it is. For example, say you’re a single filer in 2023 with a total taxable income of $50,000 (putting you in the 22% tax rate for the income above $44,725). Your combined income is $35,000, and you receive $15,000 in Social Security benefits. You’re over the $34,000 combined income limit, meaning you’ll pay taxes on 85% of your Social Security benefits. Story continues This situation means applying your top marginal tax rate (22%) to 85% of your Social Security benefit ($12,750). So, your tax burden from Social Security is a $2,805 expense. If your combined income was $34,000 or less, only half your Social Security would be taxed, a $1,650 expense. A financial advisor can help you navigate Social Security and the applicable taxes in your situation. Get matched with a financial advisor today. How to Avoid the Social Security Tax Torpedo A senior calculating his taxes to avoid the Social Security tax torpedo. Losing your hard-earned Social Security benefits to Uncle Sam isn’t a foregone conclusion. Here’s how to sidestep the Social Security tax torpedo while maximizing your financial wellness and quality of life: Use a Roth IRA Roth IRAs are retirement accounts where contributions are made with after-tax dollars, meaning you don’t get a tax deduction when you contribute. However, the distributions during retirement are tax-free. As a result, your Roth IRA income doesn’t count towards your taxable income, reducing the likelihood that you’ll pass the threshold that determines whether 50% or 85% of your Social Security benefit is taxed. Live in a Tax-Friendly State Thirteen states tax your Social Security check, adding to the federal tax burden. As a result, you can save on taxes by avoiding residency in the following states: Colorado Connecticut Kansas Minnesota Missouri Montana Nebraska New Mexico North Dakota Rhode Island Utah Vermont Washington Give Your IRA Income to Charity Qualified charitable distributions (QCDs) allow you to donate money directly from your traditional IRA to charity. The government doesn’t count the first $100,000 of donations as taxable income. While doing so won’t directly affect your Social Security tax, it will lower your overall taxable income, potentially reducing the portion of your Social Security benefits subject to taxation. Remember, this advantage is solely for traditional IRAs. Buy a Qualified Longevity Annuity Contract (QLAC) A QLAC is a specialized annuity that provides a guaranteed income stream later in life. You can transfer $130,000 from a traditional IRA or 401(k) to a newly opened QLAC, reducing the required minimum distributions (RMDs) you’ll take from your retirement account. This way, the distributions from your 401(k) or IRA won’t increase your annual income as much, mitigating Social Security taxes. Your QLAC has a delayed RMD age compared to traditional retirement accounts. While the government requires RMDs from a 401(k) or IRA at age 73, you can delay distributions from your QLAC until you’re 85. Remember, you will owe taxes from QLAC distributions the year you receive them. Compare Your Income Level to Tax Brackets Understanding the income thresholds for different tax brackets can help you plan withdrawals from retirement accounts. By staying within lower tax brackets, you may reduce the portion of your Social Security benefits subject to taxation. Delay Social Security Taxes on Social Security income can’t apply until you receive your benefits. Therefore, delaying Social Security can help you avoid additional taxation through your 60s. If you can work or survive on other income until age 70, you’ll reap two benefits: first, you’ll maximize your Social Security payment amount. Second, you’ll avoid paying taxes on Social Security. Plus, if you live on a traditional IRA or 401(k) during that time, you’ll reduce your RMDs, giving you more control over your income level in your 70s. Consider speaking with a financial advisor if you're interested in building a tax-efficient retirement plan. Bottom Line A senior surprised by unexpected taxes commonly known as the Social Security tax torpedo. Understanding and proactively addressing the possibility of a Social Security tax torpedo can increase your net income during retirement. By utilizing tools like Roth IRAs, charitable donations, and QLACs, you can create a more tax-efficient retirement. Additionally, being mindful of how your income level relates to tax brackets and considering delaying Social Security can provide further avenues to optimize your financial well-being and quality of life in retirement. Consulting a financial advisor can be instrumental in tailoring these strategies to your specific circumstances, helping you maximize your hard-earned retirement benefits. Tips for Avoiding the Social Security Tax Torpedo Consulting a financial advisor is a crucial step in planning for retirement and avoiding the Social Security tax torpedo as you can get personalized guidance tailored to your specific financial situation, goals, and preferences. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Planning during your working years makes a tax-efficient retirement more doable. However, if you’re already retired, you can still lower your taxes and set yourself up for a brighter financial future. Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid -- in an account that isn't at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks. Photo credit: ©iStock.com/Inside Creative House, ©iStock.com/ljubaphoto, ©iStock.com/smartstock The post How to Avoid the Social Security Tax Torpedo appeared first on SmartReads by SmartAsset.
Is Chipotle a No-Brainer Buy Right After Its 50-for-1 Stock Split? The Answer Might Surprise You. 2024-06-30 23:30:00+00:00 - The time has finally come. On June 16, shares of Chipotle Mexican Grill (NYSE: CMG) underwent a closely watched and historic 50-for-1 stock split. The previous four-figure price tag of the stock is currently at about $65. Management felt this was the right proposal, given how well the restaurant company's shares have been performing. They're up 44% in 2024, and in the past five years, have soared 348%. Is this magnificent restaurant stock a no-brainer investment opportunity right after its 50-for-1 stock split? No fundamental changes Stock splits typically happen after a company's nominal share price gets too high. Of course, this is a good problem to have for Chipotle because it means the stock has done well for investors over the years. But by artificially cutting the price, the stock can be accessible to more investors. Chipotle's outstanding share count expanded 50-fold to 1.4 billion. And the share price is now 1/50th what it was before this event. It's helpful to think of this situation as a pizza being cut into smaller slices. It's really important to remember that from a fundamental perspective, nothing has changed with Chipotle. This is still the same business it was yesterday. Through its fast-casual stores, this company still sells Tex-Mex food like bowls and burritos. Since the executive team first announced the stock split in March, shares have climbed 17%. Perhaps the anticipation of this happening is precisely what has driven even greater bullish sentiment from the market. Curb your appetite As we view the company and stock today to assess if Chipotle is a no-brainer investment opportunity, it's critical to consider the quality of the company. This is a stellar business. The company continues to post strong financial results, despite ongoing macro headwinds. After revenue jumped 14.3% in 2023, it rose 14.1% in Q1 2024 (ended March 31). This was boosted by same-store sales growth of 7%, as well as the opening of 47 new restaurants. Chipotle is extremely profitable, which is supported by its proven pricing power. In the past five years, the company's operating margin has averaged 11.5%. And from a store-level perspective, 27.5% of revenue turned into operating profit in the first quarter, an outstanding figure. There's still a lot of growth to be achieved. Management sees the potential to have 7,000 stores open in North America one day, roughly double the current footprint. This goal is higher than the previous target of 6,000, so it shows you that the leadership team is extremely optimistic about Chipotle's long-term prospects to further penetrate its key market. Story continues All of these positive factors might make you believe that this stock is a no-brainer buying opportunity. However, consider just how high the expectations have gotten. It seems wild to me to pay a price-to-earnings ratio (P/E) of 70.1 for the shares of this business. There's no margin of safety for investors should the company post quarterly financial results that the market isn't pleased with for whatever reason. Of course, unsustainable trends can last a lot longer than people might think. And this could be the case with Chipotle stock, as it has traded at a steep valuation for a while. Not only do I think the stock should be avoided, but I’m also not comfortable calling this a no-brainer investment opportunity right now. Maybe if the P/E multiple dropped below 30, I'd adopt this view. This might not happen for a long time, though. Should you invest $1,000 in Chipotle Mexican Grill right now? Before you buy stock in Chipotle Mexican Grill, 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 Chipotle Mexican Grill 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 $757,001!* 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 June 24, 2024 Neil Patel and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chipotle Mexican Grill. The Motley Fool has a disclosure policy. Is Chipotle a No-Brainer Buy Right After Its 50-for-1 Stock Split? The Answer Might Surprise You. was originally published by The Motley Fool
Survey details 'stark differences' between younger and older wealthy investors 2024-06-30 23:30:00+00:00 - Bank of America Private Bank’s biennial survey of wealthy Americans revealed a generational divide in the perceived greatest opportunities for asset investment and growth. “What we found was some stark differences in approaches to investing and mindset toward overall investing,” Michael Pelzar, head of investments at Bank of America Private Bank, told Yahoo Finance. Market research company Escalent surveyed 1,007 high-net-worth Americans on behalf of Bank of America Private Bank. The respondents, who were divided into a younger cohort (ages 21 to 43) and an older cohort (44 and older), had a minimum of $3 million in investable assets apart from their primary residence. (Source: 2024 Bank of America Private Bank Study of Wealthy Americans) Here's what Bank of America discovered about the younger investors surveyed: 47% of the younger cohort's portfolios are invested in stocks and bonds. That's much lower than the older cohort (74%). More younger investors are invested in alternative assets than older investors, and almost all of the younger cohort (93%) said they plan to allocate more to alternatives in the next few years. Nearly half (49%) of the young cohort own cryptocurrencies, and 38% expressed some interest. Behind real estate, this cohort ranked crypto as the top area for opportunity. 45% of the younger cohort own physical gold as an asset, and another 45% said they are interested in owning it. Differences in financial outlooks drove the disparities in investment allocations and where investors perceive opportunities to be. Notably, over 70% of younger wealthy investors no longer think it's possible to achieve above-average investment returns by investing exclusively in a mix of stocks and bonds. In contrast, only 28% of older investors share that view. Bank of America Younger investors' skepticism over traditional investments comes as the stock market has ripped higher in 2024. As Myles Udland wrote this week, the S&P 500 (^GSPC) is up 42% since the beginning of 2023, pacing an annualized rate of return near 26%, or almost three times the average 10% yearly return of the index over time. However, Pelzar saw this difference in viewpoint as “somewhat understandable,” citing the turbulence the younger generation has experienced in their investing lives. “The younger generation has seen in their investing lives two market crashes … and then over the course of the last few years, they’ve seen an increasing correlation between stocks and bonds,” Pelzar said. “And so that’s really colored their thinking around how they need to allocate assets in order to generate the returns they look for.” Story continues A fan at the 150th running of the Kentucky Oaks on May 3, 2024, at Churchill Downs in Louisville, Ky. (Jeff Moreland/Icon Sportswire via Getty Images) (Icon Sportswire via Getty Images) The survey revealed that the younger cohort focused their asset allocation on alternatives, and many expressed plans to allocate even more to these investments in the next few years. Pelzar said this projected increase is “largely reflective” of the younger cohort’s thoughts on the growth opportunities in the market. Because some of the alternative asset classes are less liquid, Pelzar said this implies that the younger generation is taking a longer-term view. “You see a much different profile between those two different cohorts, and I think that indicates lessons learned or things we need to be thinking about in terms of the investment landscape going forward,” he said. Click here for in-depth analysis of the latest stock market news and events moving stock prices Read the latest financial and business news from Yahoo Finance
With a Senator Questioning Plug Power's Government Loan, Is This an Opportunity to Buy the Stock? 2024-06-30 21:37:00+00:00 - Shares of Plug Power (NASDAQ: PLUG) surged in May after the company announced that it had received a conditional commitment for a $1.66 billion loan from the U.S. Department of Energy (DOE). However, the stock is now well below where it was before the announcement, and one U.S. senator has called the loan into question. The stock, meanwhile, is now down over 70% in the past year. Let's look at the proposed DOE loan, why it is being called into question, why it is so important for Plug Power, and whether the slide in the stock is a buying opportunity. Fixing a flawed business model Plug Power has long been grappling with a flawed business model, which it has set out to fix. The company initially found a niche selling fuel cells used in forklifts and other material-handling equipment to companies with high-volume, three-shift warehouses like Amazon and Walmart. But the flaw in its business model was that it would sell the hydrogen fuel needed to run its fuel cells at a loss. This could be seen in the company's most recent results, where negative gross margin led to a $159 million gross loss. Just to emphasize how bad this is, the loss was measured before any corporate costs. The company loses a lot of money on the hydrogen fuel it sells, although in the first quarter, it also lost money on the equipment it sold. Obviously, acquiring or making something for $3 and then selling it for $1 is not a durable business model, but that is pretty close to what Plug Power did last quarter with hydrogen fuel. Over the years, the company has mostly obtained hydrogen from third parties and sold it to its customers at a huge loss. This is why it has embarked on building a network of its own hydrogen plants that can produce fuel that it can sell to its customers for a profit. This is where the DOE loan comes in. In May, the company was given the chance to secure the loan -- if certain conditions to be negotiated by the company and the government are met -- to help it build out its hydrogen plant network. If it is approved, the loan would help fund up to six green hydrogen production facilities. Plug Power already has two plants up and running, and another is expected to be complete by the end of the year, and that would meet about 65% of where it sees demand headed. The loan would help create a large plant in Texas scheduled for next year that would meet its customer needs and allow it to expand beyond that. However, in June, Sen. John Barrasso, a Republican from Wyoming who is the ranking member of the Senate Committee on Energy and Natural Resources, asked the DOE's inspector general to investigate "any potential impropriety" by the the DOE’s Loan Programs Office and the loan program's director, Jigar Shah, due to possible conflicts of interest. The senator also questioned Plug Power's viability given its $1.4 billion in losses last year. Story continues While Plug Power could pursue financing elsewhere if the loan ultimately does not get approved, the terms and interest rates would undoubtedly be much less favorable. And given the company's financial position and negative operating cash flow, there is no guarantee it would be able to find an institution to lend it the money. Image source: Getty Images. Is the sell-off a buying opportunity? Plug Power shares shot up as much as 70%, to $4.90, in the day after the DOE loan offer was announced. Today it is trading more than 15% below where it was before the announcement. If the loan is approved, there should be some immediate upside potential given the past reaction and where the stock now trades. However, that could be short-lived. Plug Power, meanwhile, has said it is looking to get to gross margin breakeven in its fuel business in the fourth quarter, which would not be dependent on the loan. That is a potential catalyst, but a break-even gross margin is still not a complete solution because it will not make the company profitable or start generating cash. At this point, I would view Plug Power more like a lottery ticket. If it gets the loan, builds out its plants, and turns positive in gross margin and free cash flow, there could be tremendous upside in the stock. But just like most lottery tickets, there is also the chance it becomes worthless. Should you invest $1,000 in Plug Power right now? Before you buy stock in Plug Power, 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 Plug Power 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 $757,001!* 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 June 24, 2024 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Walmart. The Motley Fool has a disclosure policy. With a Senator Questioning Plug Power's Government Loan, Is This an Opportunity to Buy the Stock? was originally published by The Motley Fool
Redbox's parent company stopped paying employees for over a week before finally filing for bankruptcy 2024-06-30 21:11:18+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 Redbox's parent company hasn't paid its employees in over a week amid financial woes that ultimately resulted in Chapter 11 bankruptcy. Chicken Soup for the Soul Entertainment filed for bankruptcy protection on Friday, and Redbox Entertainment filed the following day, according to online records. Chicken Soup for the Soul Entertainment completed a $370 million deal to acquire Redbox Entertainment in 2022. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The media company's $970 million debt has trickled down to its employees, who haven't received payment since June 21 and worked without health insurance since May, according to The Verge. Related stories Several employees spoke to Deadline, including one senior executive who said management hadn't provided a clear schedule for when payroll would start again. Advertisement "We haven't heard anything over the past couple of days," the employee said in the article published June 26. "Initially, they said checks would go out Tuesday at the latest. And now here we are." The bankruptcy filing might help. A Redbox video rental kiosk from 2009. Justin Sullivan/Getty Images Employees received a message early Saturday morning announcing that court approval for the bankruptcy protection could jump-start payments. Staff medical benefits could also be reinstated, according to Deadline. "In connection with the filing, we have applied for approval of a debtor in possession [DIP] loan," the message said. "Upon court approval, we expect payroll to be funded early in the week and funding for this upcoming week's payroll to also be secured. We also expect to have the funds to reinstate medical benefits back to May 14, 2024 and going forward. We will provide regular updates." Advertisement Representatives for Chicken Soup for the Soul Entertainment did not respond to a request for comment from Business Insider. Chicken Soup for the Soul's financial issues took a turn for the worse in 2023. In addition to the debt assumed from acquiring Redbox, the company also struggled amid the Hollywood writers' and actors' strike that year, which caused a decrease in physical disc rentals. The company missed payments owed to vendors and filmmakers, prompting some to file lawsuits. Chicken Soup for the Soul recently settled with NBC Universal but missed the first payment, according to the Verge. A court order will require the company to pay the entire $16.7 million balance.
The copyright lawsuits against OpenAI are piling up as the tech company seeks data to train its AI 2024-06-30 21:09:26+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 OpenAI uses any and all publicly available data to train ChatGPT, including books and articles from the internet. Now, those who own them want to be paid for their work. Training data is an essential part of creating the AI models that are taking over the tech world. Leading tech companies like Google, Meta, OpenAI, Anthropic, and Microsoft are all scrambling to find new sources of data. Meta at one point even considered buying Simon & Schuster, one of the world's biggest publishing houses. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Part of the problem is that publishers are increasingly accusing these companies of hoovering up copyrighted data. They'd like to be paid for their work. Meta and OpenAI have argued in comments to the US Copyright Office that putting copyrighted material on the internet makes it "publicly available" and thus under fair use. But they'll still have to make that argument in court as the company faces lawsuits from several groups over the copyrighted material. Advertisement The Center for Investigative Reporting, a news nonprofit known sometimes by its acronym CIR and which merged with Mother Jones and Reveal earlier this year, sued OpenAI and Microsoft last week in federal court. The lawsuit accuses OpenAI of being "built on the exploitation of copyrighted works belonging to creators around the world, including CIR." Lawyers for the CIR accused OpenAI and Microsoft of using copyrighted material from Mother Jones to train their GPT and Copilot AI models. "OpenAI and Microsoft started vacuuming up our stories to make their product more powerful, but they never asked for permission or offered compensation, unlike other organizations that license our material," Monika Bauerlein, CEO of the Center for Investigative Reporting, said in an announcement about the lawsuit. "This free rider behavior is not only unfair, it is a violation of copyright." Related stories The lawsuit says that "16,793 distinct URLs from Mother Jones's web domain" appeared in a published list of the top web domains present in the company's WebText training set. Advertisement In another class action lawsuit from the Author's Guild, two authors claimed that the company used information from their books to train ChatGPT. The New York Times also filed a similar lawsuit against the company in December 2023. In May, court documents in the Author's Guild lawsuit revealed that OpenAI deleted two huge datasets used to train GPT-3. Lawyers for the guild said the two sets likely contained "more than 100,000 published books." The two employees responsible for putting together the data no longer work for OpenAI, court documents say. OpenAI has begun signing licensing agreements with news organizations to fairly use their work. The company has signed such agreements with The Associated Press, publishers of The Wall Street Journal and New York Post, The Atlantic, Prisa Media, Le Monde newspaper, Financial Times, and Business Insider parent Axel Springer. Advertisement But the scale of content required for these bots to continuously learn will require far more than a handful of licensing agreements. One solution is synthetic data, which is artificially generated rather than collected from the real world, and can easily be generated by machine learning algorithms. OpenAI has considered synthetic data as an option to train its models, but CEO Sam Altman has raised concerns about producing quality data. "As long as you can get over the synthetic data event horizon, where the model is smart enough to make good synthetic data, everything will be fine," Altman said at a tech conference in May 2023. The company has also explored a process in which AI models work together — one AI system produces data, while another judges it. Advertisement OpenAI did not immediately return a request for comment from Business Insider.
Justice Department Is Said to Offer Boeing Plea Deal Over 737 Max Crashes 2024-06-30 20:34:50+00:00 - The Justice Department plans to offer Boeing a plea deal related to a pair of fatal crashes involving its 737 Max plane more than five years ago, but the agreement would fall short of what families of the victims of those crashes had sought, a lawyer representing the families said on Sunday. In a statement, the lawyers described the offer as a “sweetheart plea deal” and said that it would not force Boeing to admit fault in the deaths of the 346 people who died in the crashes in late 2018 and early 2019. “The families will strenuously object to this plea deal,” Paul G. Cassell, a lawyer representing families and a University of Utah law professor, said in the statement. He added, “The memory of 346 innocents killed by Boeing demands more justice than this.” The deal would include a fine, three years of probation and the appointment of an external monitor, Mr. Cassell said. The Justice Department was meeting with the families on Sunday afternoon.
More WestJet flight cancellations as Canadian airline strike hits tens of thousands of travelers 2024-06-30 20:23:12+00:00 - TORONTO (AP) — Canada’s second largest airline, WestJet, said Sunday that it canceled more than 800 flights affecting tens of thousands of passengers as an unexpected strike by plane mechanics entered its third day. Around 680 workers, whose daily inspections and repairs are essential to airline operations, walked off the job on Friday evening, despite a directive for binding arbitration from the federal labor minister. The strike is happening during the Canada Day long weekend, the busiest travel week of the year in the country. Both the airline and the Airplane Mechanics Fraternal Association have accused the other side of refusing to negotiate in good faith. WestJet Airlines president Diederik Pen has stressed what he calls the “continued reckless actions” of a union making “blatant efforts” to disrupt Canadians’ travel plans, while the association claimed the Calgary-Alberta, based company has refused to respond to its latest counterproposal. In an update to members Sunday, it said that mechanics were “the victim of WestJet’s virulent PR campaign that you are scofflaws,” citing “calumnies” against workers around their right to strike. The job action comes after union members voted overwhelmingly to reject a tentative deal from WestJet in mid-June and following two weeks of tense talks between the two parties. As the clock ticked down toward a Friday strike deadline, the impasse prompted Labor Minister Seamus O’Regan to step in, mandating that WestJet and the union undertake binding arbitration headed by the country’s labor tribunal. That process typically sidesteps a work stoppage. WestJet certainly thought so, stating the union had “confirmed they will abide by the direction.” “Given this, a strike or lockout will not occur, and the airline will no longer proceed in canceling flights,” the airline said Thursday. The mechanics took a different view. The union negotiating committee said it would “comply with the minister’s order and directs its members to refrain from any unlawful job action.” Less than 24 hours later, workers were on the picket lines.
US wants Boeing to plead guilty to fraud over fatal crashes, lawyers say 2024-06-30 20:11:12+00:00 - The U.S. Justice Department is pushing Boeing to plead guilty to criminal fraud in connection with two deadly plane crashes involving its 737 Max jetliners, according to several people who heard federal prosecutors detail a proposed offer Sunday. Boeing will have until the end of the coming week to accept or reject the offer, which includes the giant aerospace company agreeing to an independent monitor who would oversee its compliance with anti-fraud laws, they said. The case stems from the department’s determination that Boeing violated an agreement that was intended to resolve a 2021 charge of conspiracy to defraud the U.S. government. Prosecutors alleged at the time that Boeing misled regulators who approved the 737 Max and set pilot-training requirements to fly the plane. The company blamed two relatively low-level employees for the fraud. The Justice Department told relatives of some of the 346 people who died in the 2018 and 2019 crashes about the plea offer during a video meeting. The family members, who want Boeing to face a criminal trial and to pay a $24.8 billion fine, reacted angrily. One said prosecutors were gaslighting the families; another shouted at them for several minutes when given a chance to speak. “We are upset. They should just prosecute,” said Massachusetts resident Nadia Milleron, whose 24-year-old daughter, Samya Stumo, died in the second of two 737 Max crashes. “This is just a reworking of letting Boeing off the hook.” Prosecutors told the families that if Boeing rejects the plea offer, the Justice Department would seek a trial in the matter, meeting participants said. Justice Department officials presented the offer to Boeing during a meeting later Sunday, according to a person familiar with the situation. Boeing and the Justice Department declined to comment. The plea deal would take away the ability of U.S. District Judge Reed O’Connor to increase Boeing’s sentence for a conviction, and some of the families plan to ask the Texas judge to reject the deal if Boeing agrees to it. “The underlying outrageous piece of this deal is that it doesn’t acknowledge that Boeing’s crime killed 346 people,” said Paul Cassell, one of the lawyers for victims’ families. “Boeing is not going to be held accountable for that, and they are not going to admit that that happened.” Sanjiv Singh, a lawyer for 16 families who lost relatives in the October 2018 Lion Air crash off Indonesia, called the plea offer “extremely disappointing.” The terms, he said, “read to me like a sweetheart deal.” Another lawyer representing families who are suing Boeing, Mark Lindquist, said he asked the head of the Justice Department’s fraud section, Glenn Leon, whether the department would add additional charges if Boeing turns down the plea deal. “He wouldn’t commit one way or another,” Lindquist said. The meeting with crash victims’ families came weeks after prosecutors told O’Connor that the American aerospace giant breached the January 2021 deal that had protected Boeing from criminal prosecution in connection with the crashes. The second one took place inEthiopia less than five months after the one in Indonesia. A conviction could jeopardize Boeing’s status as a federal contractor, according to some legal experts. The company has large contracts with the Pentagon and NASA. However, federal agencies can give waivers to companies that are convicted of felonies to keep them eligible for government contracts. Lawyers for the crash victims’ families expect that would be done for Boeing. Boeing paid a $244 million fine as part of the 2021 settlement of the original fraud charge. The Justice Department is likely to seek another, similar penalty as part of the new plea offer, said a person familiar with the matter. The deal would include a monitor to oversee Boeing — but the company would put forward three nominees and have the Justice Department pick one, or ask Boeing for additional names. That provision was particularly hated by the family members on the call, participants said. It is unclear what impact the deal might have on other investigations into Boeing, including those following the blowout of a panel called a door plug from the side of a Boeing Max 9 during an Alaska Airlines flight in January.
The far-right has taken another step toward power in France's elections 2024-06-30 20:07:56+00:00 - The far-right scored a major win in the first round of parliamentary elections in France. Marine Le Pen's National Rally won roughly 34% of the vote, per projections. President Emmanuel Macron called for a snap election in early June in what was a huge gamble. 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 The far-right National Rally has opened up a lead in the first round of critical parliamentary elections in France, with results that could soon spell the end of the centrist government alliance backed by French President Emmanuel Macron. Projections in Sunday's first round showed that Marine Le Pen's National Rally had secured 34% of the national vote, followed by a roughly 29% share for the leftist alliance New Popular Front and 20% for Macron's Together alliance. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
A propane tank explosion in western Turkey has killed 5 people and injured 63 others 2024-06-30 19:17:06+00:00 - ISTANBUL (AP) — A propane tank explosion at a restaurant in the western Turkish city of Izmir on Sunday left five people dead and 63 others injured, authorities said. Security cameras recorded the explosion, which devastated the street and caused minor damage to surrounding buildings. Interior Minister Ali Yerlikaya announced on social media that dozens of rescue personnel were immediately dispatched to the scene. Izmir Gov. Suleyman Elban visited the injured at the hospital and announced that 40 of them had already been released. Authorities have detained one suspect who might be responsible. The man had replaced the propane tank with a new one on Saturday.
It's dangerously easy to 'jailbreak' AI models so they'll tell you how to build Molotov cocktails, or worse 2024-06-30 18:57:12+00:00 - A jailbreaking method called Skeleton Key can prompt AI models to reveal harmful information. The technique bypasses safety guardrails in models like Meta's Llama3 and OpenAI GPT 3.5. Microsoft advises adding extra guardrails and monitoring AI systems to counteract Skeleton Key. 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 It doesn't take much for a large language model to give you the recipe for all kinds of dangerous things. With a jailbreaking technique called "Skeleton Key," users can persuade models like Meta's Llama3, Google's Gemini Pro, and OpenAI's GPT 3.5 to give them the recipe for a rudimentary fire bomb, or worse, according to a blog post from Microsoft Azure's chief technology officer, Mark Russinovich. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Owner of Port Talbot steelworks offers fresh talks as last furnace faces closure 2024-06-30 18:35:00+00:00 - The owner of the Port Talbot steelworks has written to trade unions offering fresh talks amid a battle to delay plans that would see 2,800 jobs lost and production suspended at a site that has been in operation since 1951. The Guardian understands that a letter sent on Sunday afternoon by Rajesh Nair, the UK boss of Tata Steel, has offered a new round of discussions about future investments at the company’s plants in the UK, including Port Talbot. However, sources have said the offer to the National Trade Union Steel Coordinating Committee, which represents all three unions at the site in south Wales, is predicated on unions agreeing to suspend any future industrial action. Tata had originally planned to close the second of its two remaining blast furnaces at the end of September, while the process of shutting down the first is due to begin in the middle of this week. Other elements that will close include the harbour, sinter plant, ore yards and primary steelmaking, bringing to a halt more than 70 years of steelmaking in Port Talbot. The plans were brought forward after the Unite union announced indefinite strike action beginning on 8 July. Tata said it could not “safely and stably” operate the plant during any strike, and it has brought forward complete closure of the second furnace to as early as next Sunday, 7 July. The new electric furnace is not due to come onstream until 2027 and unions want steelmaking to continue until then. The Guardian understands the talks being offered would focus on future investments. Commenting on the letter, Alun Davies, national officer for Community, the steelworkers’ union, said there were no fresh talks being proposed, and it simply reaffirmed Tata’s position agreed by the unions and Tata at their last meeting in May. He said: “This position is that all unions will seek to conclude the negotiations on a memorandum of understanding and then put this to their members to decide whether it’s good enough.” He added that the letter from Tata confirmed that all discussions would take place through the UK Steel Committee, which is chaired by Community’s general secretary, Roy Rickhuss. Unite warned over the weekend that any closure would be “irreversible” and urged Tata not to “abandon” the workers employed at the plant. It said: “We again call on the company to wait until we have a change of government, not make any irreversible decisions, and enter into meaningful negotiations.” The shadow business secretary, Jonathan Reynolds, was reportedly in talks with the unions and Tata last week in an effort to avert the early closure. The first minister of Wales, Vaughan Gething, and the Welsh economy secretary, Jeremy Miles, said: “The news that Tata could switch off blast furnaces 4 and 5 at Port Talbot next week is extraordinary and will cause huge anxiety for the workforce, their families and the community. “The Welsh government cannot and will not support the closure of both blast furnaces.” Earlier this year, Tata struck a controversial deal with the UK government, securing a £500m grant to build a greener £1.25bn electric arc furnace. However, the company wants to mothball Port Talbot during construction, leaving thousands of local people without work in a town where Tata is the main employer. The Labour party, widely expected to win a majority in Thursday’s general election, has previously promised to invest £3bn in the UK’s steel industry in the next parliament, if elected. This would include the £500m already pledged to Port Talbot. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Last month Unite announced that its 1,500 Tata members would commence “all-out indefinite strike action” from 8 July, vowing to continue the strikes until Tata stopped its “disastrous” plan. The Community and GMB unions, which also represent staff at Port Talbot, have said they will wait until after the election before deciding whether to strike. Unite insisted on Saturday it would keep enough staff on site during the strike to ensure all safety procedures would be met, which would ensure the furnaces could function until September. Tata has also now launched a legal challenge against Unite to try to avert its planned strike action, with a decision on whether it has been successful expected on Wednesday. If successful, Tata could revert to its plan of closing the second furnace in September. Unite has hit back at the legal action, saying: “Instead of waiting for a likely change of government, Tata has decided to double down, making continued threats and hiring City lawyers to try to stop industrial action on trumped-up technicalities. If they are successful, Unite will reballot. We cannot allow these steel jobs to go.” Tata has previously said it is losing about £1m each day keeping the remaining furnaces open. A Tata spokesperson said: “In the coming days, if we cannot be certain that we are able to continue to safely and stably operate our assets through the period of strike action, we will not have any choice but to pause or stop heavy end operations (including both blast furnaces) on the Port Talbot site. “That is not a decision we would take lightly, and we recognise that it would prove extremely costly and disruptive throughout the supply chain, but the safety of people on or around our sites will always take priority over everything else.”
Exclusive: This Web3 Game Sold $1M In NFTs Under 1 Minute 2024-06-30 18:16:00+00:00 - Loading... Loading... Wild Forest, a web3 real-time strategy game, has taken the gaming world by storm. In an exclusive interview, Artem Naseniuk, lead developer at Zillion Whales, shared insights about the game's development, unique features, and future plans. A Vision for Innovation Artem Naseniuk explained that Wild Forest began as a web2 game, inspired by the team’s passion for strategy games like "Warcraft 3." "Our team are big fans of strategy games, and we've been building them since 2013," Naseniuk said. However, the team saw the potential for greater innovation within the web3 space, prompting the transition. Transition to Web3 and Ronin Network The decision to move to blockchain was influenced by the stagnation in the web2 gaming market. "The top charts don't change much, and it became more like marketing budgets dominating the scene," Naseniuk noted. Wild Forest chose the Ronin network RON/USD for its technical sophistication and supportive community. "Ronin is beautifully done, technically sophisticated, and probably one of the best from a technological standpoint," Naseniuk said. dditionally, the Ronin community stood out for its support and connectivity. "They are very supportive, and it's a pure pleasure to interact with them. We do a lot of Community Driven development with them," he added. The Power of NFTs Recently, Wild Forest released a powerful NFT collection called the Lords, which sold $1 million worth of NFTs in under one minute. "We didn't expect it to sell out in 25 seconds," Naseniuk admitted. The NFT collection of the Lords provides early adopters with multiple benefits and forms a core part of the game's community and lore. The community response was overwhelming, leading to an additional million dollars in secondary market trading within days. "The community is super active, and we still occupy the top charts in the market," Naseniuk said. Community Engagement Building a strong community is a central part of Wild Forest’s strategy. Naseniuk emphasized the importance of creating a great user experience and involving the community in development. "Most of our marketing activities are organic. We didn't spend any money on marketing to this day," he said. This organic growth is a testament to the game’s quality and the dedication of its community. The company focuses on creating systems that are beneficial and easy to use for content creators and gamers alike, ensuring a supportive and engaged community. Future Plans and Token Launch Wild Forest’s economy is designed around a token, which will play a crucial role in the game's ecosystem. "Our token is the core element of the gameplay," Naseniuk explained. The game’s official launch on July 1 will introduce game units as NFTs, and a token release is planned for the future. "Players need to invest in the game to yield rewards, and the more they invest, the more rewards they get," Naseniuk noted. This model aims to eliminate extractor behavior by encouraging players to reinvest their time or money into the ecosystem, creating a balanced economy. "We hope to build a sustainable model and become one of the first to succeed in this area," he added. Upcoming Announcements Naseniuk shared an exciting upcoming campaign: "We're launching a Plato drop season, which will last four weeks, giving away two and a half percent of our total tokens." This campaign aims to onboard more players and further integrate the community into the game’s ecosystem. Additionally, players will have the opportunity to trade game units as NFTs, allowing them to earn benefits and share the experience of a great game. "We expect to see at least 100,000 participants in this season," Naseniuk said, highlighting the anticipated growth and engagement of the community. Closing Remarks Naseniuk concluded with a message to the community: "We have a lot of things they will definitely like, and we would love to welcome all players." With a focus on innovation, community, and player ownership, Wild Forest is set to redefine the landscape of web3 gaming. Image courtesy of Wild Forest
UK and EU horticulture firms warn of harm caused by post-Brexit border delays 2024-06-30 18:14:00+00:00 - Nurseries and garden centres across Britain and Europe have warned that new post-Brexit border posts are not working properly and are leading to delays, damage and significant extra costs for importers bringing plants into Britain. The Horticultural Trade Association, which represents 1,400 garden retailers and growers in the UK, has joined forces with several European trade bodies to write an open letter to call for urgent solutions, warning the new system was adding more than 25% to import costs. It said the checks introduced in April had held up a significant number of deliveries at the border, sometimes for as long as 44 hours, while difficulties carrying out inspections were increasing the chance of harmful pests and plant diseases entering Britain. The new rules mean certain plant and animal products coming into Britain from the EU must now be checked at border posts situated in or nearby British ports. Previously, plants were inspected in spot checks once they had reached nurseries. The trade bodies said the new system is causing delays and piling on costs. One haulage company said it experienced 93 hours of driver waiting time in the first week of the checks, costing it £38,000 in extra pay. The company calculated that this would add £1.5m to its logistics bill over the next year, an increase of 25%. Another company reported three of its trailers filled with plants were held at a border post for 44 hours after a software problem. This resulted in the majority of plants dying or wilting and the loads being rejected by the end customer. The letter was signed by International Flower Trade Association, whose membership accounts for 80% of the total value of worldwide trade of flowers and pot plants, as well as VGB, the Dutch association of wholesalers in floricultural products. It comes as importers are already having to deal with increased costs on moving plant and animal products to Britain because companies are now charged for inspections of goods at the border. The letter said in some cases providers could be paying £1,740 extra to bring in a mixed load of 12 different consignments of plants, making trade unviable for many small businesses. Under the new Brexit rules, plants for planting have been categorised as high-risk, meaning much higher rates of inspection than for businesses that import meat and dairy, which are classified as medium risk. Importers claim the posts are too small to process goods from multiple lorries, and they said there is insufficient equipment at nearly all facilities to unload plants such as large trees or those large plants not stacked into plant trolleys. Before the checks came in April, imported plants were held at nurseries and farms in controlled conditions before checks on site by government inspectors. Under the new rules these checks take place almost exclusively at both government-run and privately run border posts. The government has insisted that this would enhance the country’s biosecurity by stopping harmful diseases entering the country and damaging plants and crops. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion However, the letter raised concerns about the standard of checks at border posts. It claimed loads were being “observed, rather than intensely scrutinised”, which was increasing the chance of diseases being missed, while the lack of information on what was being checked was leaving some end customers in the dark about the health of plants they received. In one case, checks on a load of 50 mature olive trees were abandoned because of difficulties unloading. The letter said: “Olive trees are a well-known host for Xylella fastidiosa, a very high-risk and damaging bacterial disease. “The end customer would have expected and paid for the at-border check … Yet the business received no information about what had happened and why, nor was it aware that those trees had an incomplete check.” The government said it was working closely with traders to ensure checks are completed efficiently and swiftly, while also publishing guidance on how to reduce delays for companies. It added that checks were handled by fully trained staff to standard operating procedures ensuring inspections were undertaken safely. The other signatories to the letter were the European Nurserystock Association, Royal Anthos (the Dutch Association for Nursery Stock and Flower Bulbs), VBN (the Dutch Flower Auctions Association) and Transport en Logistiek Nederland (the Dutch Transport & Logistics Association).
Blink-182's Travis Barker: 'Cannabis Helps Me Find Balance In The Chaos Of My Life' 2024-06-30 17:54:00+00:00 - Loading... Loading... “My journey into the world of cannabinoids began as a way to find some balance in the chaos of my life,” says Travis Barker in an exclusive interview. Not only did Barker charge forward as the powerhouse behind the drums in Blink-182, but he also nurtured his relationship with cannabis along the way. “From the intense workouts in boxing and Muay Thai to touring and drumming with Blink-182, it's been a crazy ride,” he continues. “Cannabis, especially edibles, became my go-to for recovery and finding a peaceful state of mind.” As Barker aged and evolved within the ever-high-energy world of touring, his use of cannabis became more nuanced, as he started to use it to foster creativity and increase general well-being. “Back in the day, it was about partying and having a good time, but it's evolved into not just getting high but having cannabis work for me functionally both mentally and physically to align with the lifestyle that I’ve chosen,” he elaborates. “Today, my relationship with cannabis is much more sophisticated. It's about finding a balance that enhances creativity, promotes well-being and highlights positive vibes.” This journey is where Barker Canna Co., a business that started as a wellness venture and is now expanding into the cannabis space, “seeking to bridge the gap of quality and affordability,” comes into play, the musician explains. For him, it’s all about sharing what he’s “learned and experienced with the world (quality, balance and good vibes) [about] sparking inspiration and self-expression.” More on this, later on. ‘More Than You Know’: Barker’s Deep Connection With The Plant In early 2023, after sustaining a serious injury to his finger, not once but twice, during tour rehearsals, Barker underwent surgery to address the issue. The procedure, crucial for his ability to continue playing drums, involved repairing a torn ligament in his finger. This medical intervention marked a turning point in his approach to pain management and recovery. Barker’s life experience made him a staunch advocate for cannabis legalization. “It's time to have a real talk about cannabis,” he voices. “We must let go of outdated stigmas that have existed for too long. Cannabis leads to freedom, creative exploration and medical benefits, and it should not be looked upon as forbidden. We have come a long way in understanding the potential of cannabis, and it's about time our laws and research funding catch up. It's not about getting high, it's about finding relief.” Travis Barker. DANIEL ROAJS Addressing the “racial disparities the War on Drugs has caused,” the artist summons people to think about it in depth. “It is time for the cannabis industry and society to acknowledge the impact and take steps to rectify these disparities,” he declares. The first thing we need to do, in his view, is create more opportunities to those most affected by the War on Drugs. “We need to focus on fostering inclusivity and providing measures for education and employment within the cannabis industry. We also need to shift the narrative around cannabis. Instead of seeing it through the lens of harm, let us focus on its potential for good,” he asserts. And he adds: “Let's open up the doors and create a space where people can make educated choices about cannabis, whether it's for medical reasons or to enhance their overall well-being.” As Barker maps out the future of cannabis legislation, he remains optimistic about its potential for societal change. “I foresee a progressive shift in cannabis legislation globally," he anticipates, suggesting an impending federal legalization in the U.S. and increasing global acceptance. His love of music also plays a part in this narrative. In fact, Barker believes that legalization “will likely have a profound impact on the music industry.” As he explains, cannabis has long been intertwined with musical creativity and inspiration. “As legalization progresses, we anticipate more artists incorporating cannabis culture into their brands and projects, fostering a new era of collaboration and artistic expression.” And this rings true. Artists from Jay-Z, Snoop Dogg, Rick Ross and Berner, to Carlos Santana, Willie Nelson and Method Man, have not only overtly supported legalization over the years, but have also launched weed brands of their own. And the same trend can be seen all over the world, as evidenced by these 9 Latinx musicians who have also released cannabis-related brands. Forget ‘Dumpweed’: The Inception Of Barker Canna Co. Barker’s evolution within the cannabis world mirrors that of the burgeoning U.S. market, which boasted estimated sales of $13.2 billion in 2022 and $15.8 billion in 2023, generating an economic impact of more than $100 billion per year. Barker's venture thus aligns with an industry at the forefront of reshaping societal perspectives on wellness, creativity and economic development. Barker Canna Co. BARKER CANNA CO. Drawing on his experiences in music, Barker sees parallels in his approach to the cannabis business. “The world of music has taught me a lot about creativity, pushing boundaries and connecting with people,” he says. This philosophy is evident in Barker Canna Co.'s commitment to creating an experience that transcends the product, fostering a deep connection with the community. “The intersection of the rock music scene and cannabis culture is undeniable,” he goes on. “Both embody rebellion, creativity, and a sense of individuality. Barker Canna Co. embraces this synergy by creating products that reflect the free-spirited essence of the rock scene, offering a unique and authentic experience for cannabis enthusiasts who share our passion for music and self-expression.” In this sense, “Barker Canna Co. is [meant for] adults looking for a mindful and balanced cannabis experience... For consumers [who] appreciate quality and are open to exploring the benefits of cannabis at a price point that is accessible to all.” Barker also discusses the innovative approaches Barker Canna Co. is taking with its product line. “We're exploring unique formulations, delivery methods, and product experiences… promoting cannabis as a holistic tool for relaxation, creativity, and overall well-being,” he states, underlining his commitment to elevating the cannabis experience. Barker Canna Co. BARKER CANNA CO. Over time, Barker plans to take the brand abroad, reaching an international audience through “strategic partnerships and a phased approach.” Collaborating with other musicians and exploring the “potential to merge creative energies” is not off the table either, he adds. As he reflects on prior experiences, Barker explains how key learnings from other ventures, especially in the lifestyle and entertainment industry, “have been instrumental in shaping Barker Canna Co.” He emphasizes the importance of brand authenticity and connecting with consumers: “Barker Canna Co. is built on a foundation of transparency and genuineness,” he explains, highlighting his commitment to embodying personal values and ethics in his brand. Barker Canna Co. is not just a brand launch for him; it represents Barker's participation in a cultural and societal shift, viewing cannabis as a medium for wellness, creativity and social change: “We strive to connect with consumers on a personal level, aligning our values with theirs and fostering trust in the cannabis space.” It’s About ‘All The Small Things’ As the conversation nears its end, Barker embarks on two final topics: the journey of cannabis entrepreneurs and his ideal weed partner. Travis Barker. DANIEL ROJAS “For those entering the cannabis industry, my advice is to stay informed, be adaptable and prioritize compliance,” he says. “Embrace the evolving landscape, focus on product quality and build a brand that resonates with authenticity. Additionally, fostering positive relationships within the industry and advocating for responsible use will contribute to long-term success.” Finally, on a lighthearted note, he answers the already classic question: if you could share cannabis with anyone, dead or alive, who would that be? For Barker, the ideal cannabis companion would be 2Pac. And he’s unhesitant in his answer. However, he adds a little twist: “Instead of passing him a joint, I’d slide over [an edible].” “I'm more of an edibles guy myself,” he adds, painting a vivid picture of the situation. “Imagine vibing to Pac’s music, sharing wisdom over a chill session with (...) gummies in hand. That's the dream session right there.” 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.
Robert Kraft donates $1 million to Yeshiva University to help Jewish transfer students after axing support for Columbia University 2024-06-30 17:51:33+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 Robert Kraft, the billionaire owner of the New England Patriots, donated $1 million to Yeshiva University to establish a program for Jewish transfer students after yanking his support from Columbia University. Yeshiva University, a private Orthodox Jewish institution in New York City, said in a press release that the Blue Square Scholars program "will help the University accommodate transferring students who are switching to YU for its quality education and nurturing campus atmosphere." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The university earlier said it had seen an increase in enrollment since the start of the conflict in Gaza, which has divided universities across the country. "In the aftermath of October 7th, YU has been at the forefront of universities fighting the rise of antisemitism on college campuses across the country and has opened its doors to transfer students who feel unsafe on their current campuses," the university said. Advertisement Robert Kraft said he is "honored" to establish the Blue Square Scholars program at Yeshiva University. Getty Images The press release said Kraft's donation would aid the university's efforts to help Jewish students grappling with antisemitism. Kraft founded the Foundation to Combat Antisemitism in 2019. Related stories "I am honored to establish the Blue Square Scholars program at Yeshiva University in order to give students a welcoming place to further their education and grow into leaders who will serve as advocates for unity and respect and will push back on all hate," Kraft said in a statement. Representatives for Yeshiva University and Kraft did not respond to a request for comment from Business Insider. Kraft's $1 million donation comes two months after he severed ties with Columbia University, his alma mater. Advertisement Protesters outside Hamilton Hall at Columbia University in New York City. Selcuk Acar/Anadolu/Getty Images Kraft had been a reliable megadonor for Columbia University but criticized the school after campus protests broke out in April. Pro-Palestinian supporters held demonstrations calling for a cease-fire and demanding the school divest from Israel and any companies doing business in the country. In a full-page ad in May, Kraft accused elite universities of causing "hate" on campuses. "The leadership and faculty of so many of our leading educational institutions have failed their students," he wrote. Other universities, like Harvard, have also faced the ire of Jewish megadonors over student protests against the war. Islamophobia, meanwhile, also increased on college campuses in the wake of the war. Advertisement Despite his criticisms, Kraft told CNN he will still support The Kraft Center for Jewish Student Life at Columbia University.